Accounting Policies (Tables)

6 Months Ended

Jul. 31, 2011

Accounting Policies (Table) [Abstract]

The components of accumulated other comprehensive income (loss) (accumulated OCI)

The following table summarizes the components of accumulated other comprehensive income (loss) (“accumulated OCI”).

	July 31, 2011			January 31, 2011
	(in thousands)
Unrealized losses on securities	$	489		$	485
Unrealized losses on foreign currency translation		1,283			1,516
Unrealized losses on interest rate contracts (1)		171,808			153,432
		173,580			155,433
Noncontrolling interest and income tax benefit		(67,421	)		(61,004	)
Accumulated Other Comprehensive Loss	$	106,159		$	94,429

(1) Included in the amounts as of July 31 and January 31, 2011 are $121,459 and $102,387, respectively, of unrealized losses on an interest rate swap associated with New York Times, an office building in Manhattan, New York, on its nonrecourse mortgage debt with a notional amount of $640,000. This swap effectively fixes the mortgage at an all in lender interest rate of 6.40% (5.50% swap rate plus 0.90% lender spread) and expires in September 2017. Approximately $33,168 is expected to be reclassified from accumulated OCI to interest expense within the next twelve months.

The schedule of fair value of nonrecourse mortgage debt and notes payable, bank revolving credit facility and senior and subordinated debt

The following table summarizes the fair value of nonrecourse mortgage debt and notes payable, bank revolving credit facility and senior and subordinated debt:

	July 31, 2011				January 31, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)				(in thousands)
Fixed	$	4,462,968	$	4,691,889	$	4,649,129	$	4,802,728
Variable		2,243,550		2,309,148		3,468,924		3,519,566
Total	$	6,706,518	$	7,001,037	$	8,118,053	$	8,322,294

See Note H for fair values of other financial instruments.