Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jul. 31, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair value of derivative instruments

The following table presents the fair values and location in the Consolidated Balance Sheets of all derivative instruments.

	Fair Value of Derivative Instruments
	July 31, 2012
	Asset Derivatives (included in Other Assets)				Liability Derivatives (included in Accounts Payable and Accrued Expenses)
	Current Notional		Fair Value		Current Notional		Fair Value
	(in thousands)
Derivatives Designated as Hedging Instruments
Interest rate caps	$	—	$	—	$	—	$	—
Interest rate swap agreements	—		—		1,020,446		146,703
TRS	28,100		987		238,560		10,536
Total derivatives designated as hedging instruments	$	28,100	$	987	$	1,259,006	$	157,239
Derivatives Not Designated as Hedging Instruments
Interest rate caps	$	534,585	$	13	$	—	$	—
Interest rate swap agreements	19,521		673		—		—
TRS	140,800		18,692		30,360		16,874
Total derivatives not designated as hedging instruments	$	694,906	$	19,378	$	30,360	$	16,874
	January 31, 2012
	(in thousands)
Derivatives Designated as Hedging Instruments
Interest rate caps	$	—	$	—	$	—	$	—
Interest rate swap agreements	—		—		897,193		148,699
TRS	27,197		774		243,560		9,954
Total derivatives designated as hedging instruments	$	27,197	$	774	$	1,140,753	$	158,653
Derivatives Not Designated as Hedging Instruments
Interest rate caps	$	435,201	$	13	$	—	$	—
Interest rate swap agreements	19,521		1,083		—		—
TRS	141,703		9,534		30,360		15,367
Total derivatives not designated as hedging instruments	$	596,425	$	10,630	$	30,360	$	15,367

Derivative Instruments Gain Loss in Statement of Financial Performance and Financial Position

The following table presents the impact of gains and losses related to derivative instruments designated as cash flow hedges included in the accumulated OCI section of the Consolidated Balance Sheets and in equity in loss of unconsolidated entities and interest expense in the Consolidated Statements of Operations:

				Gain (Loss) Reclassified from Accumulated OCI
Derivatives Designated as Cash Flow Hedging Instruments	Gain (Loss) Recognized in OCI (Effective Portion)			Location on Consolidated Statements of Operations	Effective Amount			Ineffective Amount
	(in thousands)
Three Months Ended July 31, 2012
Interest rate caps, interest rate swaps and Treasury options	$	(7,019	)	Interest expense	$	(980	)	$	—
Interest rate caps, interest rate swaps and Treasury options	—			Equity in loss of  unconsolidated entities	(93		)	6
Total	$	(7,019	)		$	(1,073	)	$	6
Six Months Ended July 31, 2012
Interest rate caps, interest rate swaps and Treasury options	$	1,706		Interest expense	$	(1,947	)	$	—
Interest rate caps, interest rate swaps and Treasury options	—			Equity in loss of  unconsolidated entities	(181		)	8
Total	$	1,706			$	(2,128	)	$	8
Three Months Ended July 31, 2011
Interest rate caps, interest rate swaps and Treasury options	$	(20,850	)	Interest expense	$	(944	)	$	—
Interest rate caps and Treasury options	—			Equity in loss of unconsolidated entities	(94		)	(555		)
Total	$	(20,850	)		$	(1,038	)	$	(555	)
Six Months Ended July 31, 2011
Interest rate caps, interest rate swaps and Treasury options	$	(22,889	)	Interest expense	$	(1,635	)	$	—
Interest rate caps and Treasury options	—			Equity in loss of unconsolidated entities	(182		)	(555		)
Total	$	(22,889	)		$	(1,817	)	$	(555	)

Impact of gains and losses related to derivative instruments

The following table presents the impact of gains and losses in the Consolidated Statements of Operations related to derivative instruments:

	Net Gain (Loss) Recognized
	Three Months Ended July 31,						Six Months Ended July 31,
	2012			2011			2012			2011
	(in thousands)
Derivatives Designated as Fair Value Hedging Instruments
TRS (1)	$	(225	)	$	5,982		$	(370	)	$	7,464
Derivatives Not Designated as Hedging Instruments
Interest rate caps and interest rate swaps	$	(241	)	$	(201	)	$	(446	)	$	(397	)
TRS	3,348			414			7,651			1,454
Total	$	3,107		$	213		$	7,205		$	1,057

(1) The net gain (loss) recognized in interest expense from the change in fair value of the underlying TRS borrowings was $225 and $370 for the three and six months ended July 31, 2012, respectively, and $(5,982) and $(7,464) for the three and six months ended July 31, 2011, respectively, offsetting the gain (loss) recognized on the TRS (see Note F – Fair Value Measurements).