Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jul. 31, 2011

Derivative Instruments and Hedging Activities (Tables) [Abstract]

Fair value of derivative instruments

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

			Fair Value of Derivative Instruments
	July 31, 2011
					Liability Derivatives
	Asset Derivatives				(included in Accounts Payable
	(included in Other Assets)				and Accrued Expenses)
	Current Notional		Fair Value		Current Notional		Fair Value
			(in thousands)
Derivatives Designated as Hedging Instruments
Interest rate caps	$	105,882	$	1	$	-	$	-
Interest rate swap agreements		-		-		1,196,149		128,547
TRS		9,130		15		251,852		13,586
Total derivatives designated as hedging instruments	$	115,012	$	16	$	1,448,001	$	142,133
Derivatives Not Designated as Hedging Instruments
Interest rate caps	$	1,311,593	$	39	$	-	$	-
Interest rate swap agreements		20,117		1,523		-		-
TRS		140,800		3,824		30,600		10,466
Total derivatives not designated as hedging instruments	$	1,472,510	$	5,386	$	30,600	$	10,466
	January 31, 2011
			(in thousands)
Derivatives Designated as Hedging Instruments
Interest rate caps	$	476,100	$	184	$	-	$	-
Interest rate swap agreements		300,000		716		1,285,000		110,398
TRS		-		-		280,885		21,938
Total derivatives designated as hedging instruments	$	776,100	$	900	$	1,565,885	$	132,336
Derivatives Not Designated as Hedging Instruments
Interest rate caps and floors	$	1,943,202	$	11	$	-	$	-
Interest rate swap agreements		20,117		1,801		60,900		14,011
TRS		140,800		2,144		30,600		10,240
Total derivatives not designated as hedging instruments	$	2,104,119	$	3,956	$	91,500	$	24,251

Derivative Instruments Gain Loss In Statement Of Financial Performance

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 loss of unconsolidated entities and interest expense in the Consolidated Statements of Operations:

				Gain (Loss) Reclassified from
				Accumulated OCI
				(Effective Portion)
	Gain (Loss)							Ineffectiveness
	Recognized			Location on				Recognized in
	in OCI			Consolidated				Interest
Derivatives Designated as	(Effective			Statements of				Expense
Cash Flow Hedging Instruments	Portion)			Operations	Amount			on Derivatives
				(in thousands)
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	)

				Gain (Loss) Reclassified from
				Accumulated OCI
				(Effective Portion)
	Gain (Loss)							Ineffectiveness
	Recognized			Location on				Recognized in
	in OCI			Consolidated				Interest
Derivatives Designated as	(Effective			Statements of				Expense
Cash Flow Hedging Instruments	Portion)			Operations	Amount			on Derivatives
				(in thousands)
Three Months Ended July 31, 2010
Interest rate caps, interest rate swaps and Treasury options	$	(40,966	)	Interest expense	$	(697	)	$	3
Treasury options		-		Equity in loss of unconsolidated entities		(20	)		-
Total	$	(40,966	)		$	(717	)	$	3
Six Months Ended July 31, 2010
Interest rate caps, interest rate swaps and Treasury options	$	(40,114	)	Interest expense	$	(1,448	)	$	1
Treasury options		-		Equity in loss of unconsolidated entities		(38	)		(2	)
Total	$	(40,114	)		$	(1,486	)	$	(1	)

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 (1)
	Three Months Ended July 31,						Six Months Ended July 31,
	2011			2010			2011			2010
				(in thousands)
Derivatives Designated as Fair Value Hedging Instruments
TRS	$	5,982		$	3,573		$	7,464		$	5,872
Derivatives Not Designated as Hedging Instruments
Interest rate caps, interest rate swaps and floors	$	(201	)	$	(4,526	)	$	(397	)	$	(5,302	)
TRS		414			(3,939	)		1,454			(3,778	)
Total	$	213		$	(8,465	)	$	1,057		$	(9,080	)

(1) The net loss recognized in interest expense from the change in fair value of the underlying TRS borrowings was $5,982 and $7,464 for the three and six months ended July 31, 2011, respectively, and $3,573 and $5,872 for the three and six months ended July 31, 2010, respectively, offsetting the gain recognized on the TRS (see Note H — Fair Value Measurements).