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Other Credit Arrangements
3 Months Ended
Apr. 30, 2011
Other Credit Arrangements [Abstract]  
Other Credit Arrangements
8. Other Credit Arrangements
The Company has borrowing agreements with four separate financial institutions under which it may borrow an aggregate of $310.0 million United States Dollars (“USD”) and $25.0 million Canadian Dollars (“CAD”). Of this amount, $200.0 million USD can be used for demand letter of credit issuances, $50.0 million USD and $25.0 million CAD can be used for demand line borrowings and the remaining $60.0 million USD can be used for either letters of credit or demand line borrowings at the Company’s discretion.
The letters of credit facilities of $150.0 million USD and $50.0 million USD expire November 1, 2011 and May 27, 2011, respectively. The $50.0 million USD and $25.0 million CAD demand lines expire on April 19, 2012 and December 13, 2011, respectively. The remaining $60.0 million USD facility expires on May 22, 2011.
As of April 30, 2011, the Company had outstanding demand letters of credit of $36.0 million USD and no demand line borrowings. The availability of any future borrowings is subject to acceptance by the respective financial institutions.
Refer to Note 14 to the Consolidated Financial Statements for subsequent events related to the Company’s credit facilities.