Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Oct. 31, 2011

Derivative Instruments and Hedging Activities [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 October 31, 2011
					Liability Derivatives
	Asset Derivatives				(included in Accounts Payable, Accrued
	(included in Other Assets)				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		–		–		1,197,320		140,465
TRS		27,197		414		233,785		11,795
Total derivatives designated as hedging instruments	$	27,197	$	414	$	1,431,105	$	152,260
Derivatives Not Designated as Hedging Instruments
Interest rate caps	$	1,273,268	$	26	$	–	$	–
Interest rate swap agreements		20,117		1,330		–		–
TRS		141,703		5,507		30,360		13,728
Total derivatives not designated as hedging instruments	$	1,435,088	$	6,863	$	30,360	$	13,728
	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 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 loss of unconsolidated entities and interest expense in the Consolidated Statements of Operations:

			Gain (Loss) Reclassified  from Accumulated OCI (Effective Portion)
Derivatives Designated as Cash Flow Hedging Instruments	Gain (Loss) Recognized in OCI (Effective Portion)		Location on Consolidated Statements of Operations	Amount		Ineffectiveness Recognized in Interest Expense on Derivatives
Three Months Ended October 31, 2011	(in thousands)
Interest rate caps, interest rate swaps and Treasury options	$	(14,867)	Interest expense	$	(934)	$	1
Interest rate caps, interest rate swaps and Treasury options		–	Equity in loss of unconsolidated entities		(100)		(17)
Total	$	(14,867)		$	(1,034)	$	(16)
Nine Months Ended October 31, 2011
Interest rate caps, interest rate swaps and Treasury options	$	(37,756)	Interest expense	$	(2,569)	$	1
Interest rate caps, interest rate swaps and Treasury options		–	Equity in loss of unconsolidated entities		(282)		(572)
Total	$	(37,756)		$	(2,851)	$	(571)

			Gain (Loss) Reclassified  from Accumulated OCI (Effective Portion)
Derivatives Designated as Cash Flow Hedging Instruments	Gain (Loss) Recognized in OCI (Effective Portion)		Location on Consolidated Statements of Operations	Amount		Ineffectiveness Recognized in Interest Expense on Derivatives
Three Months Ended October 31, 2010	(in thousands)
Interest rate caps, interest rate swaps and Treasury options	$	(13,633)	Interest expense	$	(696)	$	1
Treasury options		–	Equity in loss of unconsolidated entities		(19)		(3)
Total	$	(13,633)		$	(715)	$	(2)
Nine Months Ended October 31, 2010
Interest rate caps, interest rate swaps and Treasury options	$	(53,747)	Interest expense	$	(2,144)	$	2
Treasury options		–	Equity in loss of unconsolidated entities		(57)		(5)
Total	$	(53,747)		$	(2,201)	$	(3)

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 October 31,				Nine Months Ended October 31,
	2011		2010		2011		2010
Derivatives Designated as Fair Value Hedging Instruments	(in thousands)
TRS	$	2,190	$	2,620	$	9,654	$	8,492
Derivatives Not Designated as Hedging Instruments
Interest rate caps, interest rate swaps and floors	$	(235)	$	(1,502)	$	(632)	$	(6,804)
TRS		(1,579)		2,541		(125)		(1,237)
Total	$	(1,814)	$	1,039	$	(757)	$	(8,041)

(1) The net loss recognized in interest expense from the change in fair value of the underlying TRS borrowings was $2,190 and $9,654 for the three and nine months ended October 31, 2011, respectively, and $2,620 and $8,492 for the three and nine months ended October 31, 2010, respectively, offsetting the gain recognized on the TRS (see Note H - Fair Value Measurements).