Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Jan. 31, 2013

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
	January 31, 2013
	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	—		—		1,019,920		129,522
TRS	28,000		965		238,395		10,915
Total	$	28,000	$	965	$	1,258,315	$	140,437
Derivatives Not Designated as Hedging Instruments
Interest rate caps	$	479,085	$	7	$	—	$	—
Interest rate swap agreements	18,877		241		—		—
TRS	140,800		20,101		39,562		15,287
Total	$	638,762	$	20,349	$	39,562	$	15,287
	January 31, 2012
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	$	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	$	596,425	$	10,630	$	30,360	$	15,367

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

The following tables present 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 earnings (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)
Year Ended January 31, 2013
Interest rate caps, interest rate swaps and Treasury options	$	21,601		Interest expense	$	(3,916	)	$	—
Interest rate caps, interest rate swaps and Treasury options	—			Equity in loss of unconsolidated entities	(342		)	14
Total	$	21,601			$	(4,258	)	$	14
Year Ended January 31, 2012
Interest rate caps, interest rate swaps and Treasury options	$	(48,087	)	Interest expense	$	(3,514	)	$	1
Treasury options	—			Equity in loss of unconsolidated entities	(372		)	(565		)
Total	$	(48,087	)		$	(3,886	)	$	(564	)
Year Ended January 31, 2011
Interest rate caps, interest rate swaps and Treasury options	$	(14,854	)	Interest expense	$	(2,841	)	$	1
Treasury options	—			Equity in loss of unconsolidated entities	(80		)	(5		)
Total	$	(14,854	)		$	(2,921	)	$	(4	)

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
	Years Ended January 31,
	2013			2012			2011
	(in thousands)
Derivatives Designated as Fair Value Hedging Instruments
TRS (1)	$	(770	)	$	11,855		$	1,924
Derivatives Not Designated as Hedging Instruments
Interest rate caps, interest rate swaps and floors	$	(922	)	$	(1,037	)	$	(2,158	)
TRS	12,568			2,264			1,341
Total	$	11,646		$	1,227		$	(817	)

(1) The net gain (loss) recognized in interest expense from the change in fair value of the underlying TRS borrowings was $770, $(11,855) and $(1,924) for the years ended January 31, 2013, 2012 and 2011, respectively, offsetting the gain recognized on the TRS (see Note J – Fair Value Measurements).