Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jul. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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, 2013
	Asset Derivatives (included in Other Assets)				Liability Derivatives (included in Accounts Payable, Accrued Expenses and Other Liabilities)
	Current Notional		Fair Value		Current Notional		Fair Value
	(in thousands)
Derivatives Designated as Hedging Instruments
Interest rate caps	$	—	$	—	$	—	$	—
Interest rate swap agreements	—		—		1,151,054		108,228
TRS	18,970		903		266,875		9,627
Total	$	18,970	$	903	$	1,417,929	$	117,855
Derivatives Not Designated as Hedging Instruments
Interest rate caps	$	477,674	$	15	$	—	$	—
Interest rate swap agreements	—		—		—		—
TRS	140,800		13,888		39,521		18,320
Total	$	618,474	$	13,903	$	39,521	$	18,320

	January 31, 2013
	(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

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 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, 2013
Interest rate caps, interest rate swaps and Treasury options	$	25,552		Interest expense	$	(953	)	$	(597	)
Interest rate caps, interest rate swaps and Treasury options	—			Equity in earnings	(15		)	2
Total	$	25,552			$	(968	)	$	(595	)
Six Months Ended July 31, 2013
Interest rate caps, interest rate swaps and Treasury options	$	25,240		Interest expense	$	(1,907	)	$	(597	)
Interest rate caps, interest rate swaps and Treasury options	—			Equity in earnings	(62		)	4
Total	$	25,240			$	(1,969	)	$	(593	)
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 earnings	(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 earnings	(181		)	8
Total	$	1,706			$	(2,128	)	$	8

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,
	2013			2012			2013			2012
	(in thousands)
Derivatives Designated as Fair Value Hedging Instruments
TRS ⁽¹⁾	$	1,320		$	(225	)	$	1,226		$	(370	)
Derivatives Not Designated as Hedging Instruments
Interest rate caps and interest rate swaps	$	—		$	(241	)	$	(242	)	$	(446	)
TRS	(7,641		)	3,348			(9,247		)	7,651
Total	$	(7,641	)	$	3,107		$	(9,489	)	$	7,205


(1)	The net gain (loss) recognized in interest expense from the change in fair value of the underlying TRS borrowings was $(1,320) and $(1,226) for the three and six months ended July 31, 2013, respectively, and $225 and $370 for the three and six months ended July 31, 2012, respectively, offsetting the gain (loss) recognized on the TRS (see Note F – Fair Value Measurements).