RECEIVABLES

12 Months Ended

Jan. 31, 2024

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 at least annually. The rates may also be adjusted to the extent future events are expected to differ from historical results. Given that the credit terms for these receivables are short-term, changes in credit loss percentages due to future events may not occur on a frequent basis. 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.


	January 31, 2024		January 31, 2023
	(in thousands)
Trade and unbilled receivables from contracts with customers
Trade receivables due from customers	$	83,187	$	47,298
Unbilled receivables	22,324		19,764
Less allowance for expected credit losses	3,038		3,080
	102,473		63,982

Short-term receivables due from finance companies	28,486		11,212

Trade and unbilled receivables from rental contracts
Trade receivables	3,101		3,629
Unbilled receivables	666		776
Less allowance for expected credit losses	465		360
	3,302		4,045

Other receivables
Due from manufacturers	18,775		15,007
Other	621		1,598
	19,396		16,605
Receivables, net of allowance for expected credit losses	$	153,657	$	95,844

Following is a summary of allowance for credit losses on trade and unbilled accounts receivable by segment:


	Agriculture		Construction		Europe		Australia		Total
	(in thousands)
Balance at January 31, 2022	$	244	$	193	$	1,542	$	—	$	1,979
Current expected credit loss provision	190		84		1,273		—		1,547
Write-offs charged against allowance	93		166		184		—		443
Credit loss recoveries collected	26		13		—		—		39
Foreign exchange impact	—		—		(42)		—		(42)
Balance at January 31, 2023	367		124		2,589		—		3,080
Current expected credit loss provision	42		171		449		56		718
Write-offs charged against allowance	265		134		478		—		877
Credit loss recoveries collected	20		16		52		—		88

Foreign exchange impact	—		—		26		3		29
Balance at January 31, 2024	$	164	$	177	$	2,638	$	59	$	3,038

The following table presents impairment losses on receivables arising from sales contracts with customers and receivables arising from rental contracts:


	Year Ended January 31,
	2024		2023
	(in thousands)
Impairment losses on:
Receivables from sales contracts with customers	$	669	$	1,490
Receivables from rental contracts	247		127
	$	916	$	1,617