v3.22.2.2
REVENUE (Notes)
 6 Months Ended
Jul. 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 July 31, 2022Six Months Ended July 31, 2022
AgricultureConstructionInternationalTotalAgricultureConstructionInternationalTotal
(in thousands)(in thousands)
Equipment$270,472 $43,184 $61,560 $375,216 $521,565 $87,002 $123,015 $731,582 
Parts52,548 11,816 13,329 77,693 97,054 23,879 25,322 146,255 
Service24,730 6,302 2,333 33,365 46,683 12,125 4,079 62,887 
Other880 500 246 1,626 1,679 803 451 2,933 
Revenue from contracts with customers
348,630 61,802 77,468 487,900 666,981 123,809 152,867 943,657 
Rental326 8,220 97 8,643 522 13,177 193 13,892 
Total revenues$348,956 $70,022 $77,565 $496,543 $667,503 $136,986 $153,060 $957,549 
Three Months Ended July 31, 2021Six Months Ended July 31, 2021
AgricultureConstructionInternationalTotalAgricultureConstructionInternationalTotal
(in thousands)(in thousands)
Equipment$156,408 $54,020 $62,305 $272,733 $325,664 $98,832 $124,217 $548,713 
Parts40,742 11,928 12,647 65,317 80,425 24,036 23,481 127,942 
Service21,150 6,585 1,941 29,676 40,904 12,954 3,521 57,379 
Other758 490 188 1,436 1,478 855 281 2,614 
Revenue from contracts with customers
219,058 73,023 77,081 369,162 448,471 136,677 151,500 736,648 
Rental306 7,920 242 8,468 444 12,873 369 13,686 
Total revenues$219,364 $80,943 $77,323 $377,630 $448,915 $149,550 $151,869 $750,334 
Unbilled Receivables and Deferred Revenue
    Unbilled receivables from contracts with customers amounted to $24.4 million and $17.1 million as of July 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 $90.7 million and $132.2 million as of July 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 six months ended July 31, 2022 and 2021, the Company recognized $105.1 million and $50.8 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 six months ended July 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.