Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Oct. 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
	October 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	—		—		961,438		106,571
TRS	47,900		994		227,785		7,854
Total	$	47,900	$	994	$	1,189,223	$	114,425
Derivatives Not Designated as Hedging Instruments
Interest rate caps	$	450,068	$	12	$	—	$	—
Interest rate swap agreements	—		—		—		—
TRS	140,800		19,200		39,066		17,201
Total	$	590,868	$	19,212	$	39,066	$	17,201

	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 October 31, 2013
Interest rate caps, interest rate swaps and Treasury options	$	802	Interest expense	$	(851	)	$	(2,366	)
Interest rate caps, interest rate swaps and Treasury options	—		Equity in earnings	(14		)	—
Total	$	802		$	(865	)	$	(2,366	)
Nine Months Ended October 31, 2013
Interest rate caps, interest rate swaps and Treasury options	$	26,042	Interest expense	$	(2,758	)	$	(2,963	)
Interest rate caps, interest rate swaps and Treasury options	—		Equity in earnings	(76		)	4
Total	$	26,042		$	(2,834	)	$	(2,959	)
Three Months Ended October 31, 2012
Interest rate caps, interest rate swaps and Treasury options	$	8,423	Interest expense	$	(994	)	$	—
Interest rate caps, interest rate swaps and Treasury options	—		Equity in earnings	(91		)	2
Total	$	8,423		$	(1,085	)	$	2
Nine Months Ended October 31, 2012
Interest rate caps, interest rate swaps and Treasury options	$	10,129	Interest expense	$	(2,941	)	$	—
Interest rate caps, interest rate swaps and Treasury options	—		Equity in earnings	(272		)	10
Total	$	10,129		$	(3,213	)	$	10

Impact of gains and losses related to derivative instruments

The following table presents the impact of gains and losses related to derivatives instruments not designated as cash flow hedges in the Consolidated Statements of Operations:



	Net Gain (Loss) Recognized
	Three Months Ended October 31,					Nine Months Ended October 31,
	2013		2012			2013			2012
	(in thousands)
Derivatives Designated as Fair Value Hedging Instruments
TRS ⁽¹⁾	$	1,864	$	(148	)	$	3,090		$	(518	)
Derivatives Not Designated as Hedging Instruments
Interest rate caps and interest rate swaps	$	—	$	(243	)	$	(242	)	$	(689	)
TRS	6,432		2,672			(2,815		)	10,323
Total	$	6,432	$	2,429		$	(3,057	)	$	9,634


(1)	The net gain (loss) recognized in interest expense from the change in fair value of the underlying TRS borrowings was $(1,864) and $(3,090) for the three and nine months ended October 31, 2013, respectively, and $148 and $518 for the three and nine months ended October 31, 2012, respectively, offsetting the gain (loss) recognized on the TRS (see Note F – Fair Value Measurements).