Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Apr. 30, 2015 | Jun. 03, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Voluntary Filers | No | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Apr-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | MTN | |
Entity Registrant Name | VAIL RESORTS INC | |
Entity Central Index Key | 812011 | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 36,361,683 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Current Reporting Status | Yes |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Apr. 30, 2015 | Jul. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | |||
Assets | |||
Cash and cash equivalents | $125,214 | $44,406 | $307,431 |
Restricted cash | 13,139 | 13,181 | 13,057 |
Trade receivables, net | 105,617 | 95,977 | 79,815 |
Inventories, net | 62,167 | 67,183 | 60,409 |
Other current assets | 64,054 | 54,299 | 58,696 |
Total current assets | 370,191 | 275,046 | 519,408 |
Property, plant and equipment, net (Note 6) | 1,259,093 | 1,147,990 | 1,164,387 |
Real estate held for sale and investment | 137,740 | 157,858 | 170,818 |
Goodwill, net | 470,286 | 378,148 | 378,220 |
Intangible assets, net | 141,127 | 117,523 | 118,507 |
Other assets | 41,068 | 97,284 | 97,104 |
Total assets | 2,419,505 | 2,173,849 | 2,448,444 |
Liabilities and Stockholders' Equity | |||
Accounts payable and accrued liabilities (Note 6) | 293,056 | 289,218 | 264,777 |
Income taxes payable | 36,161 | 33,966 | 39,043 |
Long-term debt due within one year (Note 4) | 256,953 | 1,022 | 879 |
Total current liabilities | 586,170 | 324,206 | 304,699 |
Long-term debt (Note 4) | 379,796 | 625,600 | 799,223 |
Other long-term liabilities (Note 6) | 235,932 | 260,681 | 239,934 |
Deferred income taxes | 240,133 | 128,562 | 183,473 |
Commitments and contingencies (Note 9) | |||
Stockholders' equity: | |||
Preferred stock, $0.01 par value, 25,000,000 shares authorized, no shares issued and outstanding | 0 | 0 | 0 |
Common stock, $0.01 par value, 100,000,000 shares authorized, 40,855,859 (unaudited), 40,531,204 and 40,477,796 (unaudited) shares issued, respectively | 413 | 412 | 411 |
Additional paid-in capital | 623,274 | 612,322 | 608,153 |
Accumulated other comprehensive income (loss) | -623 | -199 | -101 |
Retained earnings | 533,618 | 401,500 | 491,878 |
Treasury stock, at cost; 4,949,111 (unaudited), 4,949,111 and 4,468,181 (unaudited) shares, respectively (Note 11) | -193,192 | -193,192 | -193,192 |
Total Vail Resorts, Inc. stockholders' equity | 963,490 | 820,843 | 907,149 |
Noncontrolling interests | 13,984 | 13,957 | 13,966 |
Total stockholders' equity (Note 2) | 977,474 | 834,800 | 921,115 |
Total liabilities and stockholders' equity | $2,419,505 | $2,173,849 | $2,448,444 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parenthetical) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 | Apr. 30, 2014 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares issued | 41,309,969 | 41,152,800 | 41,129,041 |
Treasury stock, shares | 4,949,111 | 4,949,111 | 4,949,111 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Net revenue: | ||||
Mountain | $499,551 | $460,587 | $1,022,968 | $909,574 |
Lodging | 67,323 | 66,293 | 185,180 | 179,694 |
Real Estate | 12,469 | 16,167 | 29,694 | 29,890 |
Total net revenue | 579,343 | 543,047 | 1,237,842 | 1,119,158 |
Segment operating expense (exclusive of depreciation and amortization shown separately below): | ||||
Mountain | 244,675 | 233,301 | 645,593 | 601,587 |
Lodging | 54,726 | 53,182 | 166,407 | 163,346 |
Real Estate | 14,028 | 18,445 | 35,513 | 35,682 |
Total segment operating expense | 313,429 | 304,928 | 847,513 | 800,615 |
Other operating expense: | ||||
Depreciation and amortization | -38,242 | -35,588 | -111,587 | -105,948 |
Gain on sale of real property | 151 | 0 | 151 | 0 |
Gain (Loss) Related to Litigation Settlement | 0 | 0 | 16,400 | 0 |
Change in Fair Value of Contingent Consideration | 0 | 0 | 4,550 | 0 |
Loss on disposal of fixed assets, net | -71 | 634 | -852 | -839 |
Income (loss) from operations | 227,752 | 203,165 | 298,991 | 211,756 |
Mountain equity investment income, net | -129 | 665 | 396 | 1,282 |
Investment income, net | 119 | 124 | 155 | 289 |
Interest expense, net | -13,735 | -16,408 | -41,110 | -48,745 |
Income (loss) before (provision) benefit from income taxes | 214,007 | 187,546 | 258,432 | 164,582 |
(Provision) benefit from income taxes | -80,605 | -69,680 | -73,654 | -60,953 |
Net income (loss) | 133,402 | 117,866 | 184,778 | 103,629 |
Net loss (income) attributable to noncontrolling interests | 8 | 80 | 118 | 204 |
Net income (loss) attributable to Vail Resorts, Inc. | $133,410 | $117,946 | $184,896 | $103,833 |
Per share amounts (Note 3): | ||||
Basic net income (loss) per share attributable to Vail Resorts, Inc. | $3.67 | $3.26 | $5.09 | $2.88 |
Diluted net income (loss) per share attributable to Vail Resorts, Inc. | $3.56 | $3.18 | $4.95 | $2.80 |
Cash dividends declared per share | $0.62 | $0.42 | $1.45 | $0.83 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Net income (loss) | $133,402 | $117,866 | $184,778 | $103,629 |
Foreign currency translation adjustments | 23 | 85 | -424 | -34 |
Comprehensive income (loss) | 133,425 | 117,951 | 184,354 | 103,595 |
Comprehensive loss (income) attributable to noncontrolling interests | 8 | 80 | 118 | 204 |
Comprehensive income (loss) attributable to Vail Resorts, Inc. | 133,433 | 118,031 | 184,472 | 103,799 |
Parent Company [Member] | ||||
Net income (loss) | 133,410 | 117,946 | 184,896 | 103,833 |
Foreign currency translation adjustments | 23 | 85 | -424 | -34 |
Comprehensive income (loss) | 133,433 | 118,031 | 184,472 | 103,799 |
Comprehensive loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Vail Resorts, Inc. | 133,433 | 118,031 | 184,472 | 103,799 |
100% Owned Guarantor Subsidiaries [Member] | ||||
Net income (loss) | 135,810 | 122,088 | 168,361 | 116,111 |
Foreign currency translation adjustments | -23 | 85 | 424 | -34 |
Comprehensive income (loss) | 135,787 | 122,173 | 168,785 | 116,077 |
Comprehensive loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Vail Resorts, Inc. | 135,787 | 122,173 | 168,785 | 116,077 |
Other Subsidiaries [Member] | ||||
Net income (loss) | 229 | -112 | -1,582 | -2,284 |
Foreign currency translation adjustments | -23 | 85 | 424 | -34 |
Comprehensive income (loss) | 206 | -27 | -1,158 | -2,318 |
Comprehensive loss (income) attributable to noncontrolling interests | 8 | 80 | 118 | 204 |
Comprehensive income (loss) attributable to Vail Resorts, Inc. | 214 | 53 | -1,040 | -2,114 |
Eliminating Entries [Member] | ||||
Net income (loss) | -136,047 | -122,056 | -166,897 | -114,031 |
Foreign currency translation adjustments | 46 | -170 | -848 | 68 |
Comprehensive income (loss) | -136,001 | -122,226 | -167,745 | -113,963 |
Comprehensive loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Vail Resorts, Inc. | ($136,001) | ($122,226) | ($167,745) | ($113,963) |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Capital Expenditures Incurred but Not yet Paid | $4,257 | $3,130 |
Non-cash capital expenditures under long-term financing | 7,037 | 0 |
Cash flows from operating activities: | ||
Net income (loss) | 184,778 | 103,629 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 111,587 | 105,948 |
Cost of real estate sales | 23,058 | 22,635 |
Stock-based compensation expense | 11,718 | 10,539 |
Deferred income taxes, net | 114,795 | 60,953 |
Change in Fair Value of Contingent Consideration | -4,550 | 0 |
Gain (Loss) Related to Litigation Settlement | -16,400 | 0 |
Park City litigation payment to Talisker | -10,000 | 0 |
Other non-cash income, net | -3,009 | -2,423 |
Changes in assets and liabilities: | ||
Trade receivables, net | -7,761 | -822 |
Inventories, net | 5,380 | 8,089 |
Accounts payable and accrued liabilities | -203 | 326 |
Other assets and liabilities, net | -14,917 | -2,677 |
Net cash provided by operating activities | 394,476 | 306,197 |
Cash flows from investing activities: | ||
Capital expenditures | -85,583 | -108,100 |
Acquisition of businesses | -182,500 | 0 |
Other investing activities, net | 3,274 | 920 |
Net cash used in investing activities | -264,809 | -107,180 |
Proceeds from Issuance of Other Long-term Debt | 253,000 | 0 |
Repayments of Long-term Debt | -254,013 | -977 |
Cash flows from financing activities: | ||
Dividends paid | -52,778 | -29,998 |
Other financing activities, net | 5,041 | 732 |
Net cash used in financing activities | -48,750 | -30,243 |
Effect of exchange rate changes on cash and cash equivalents | -109 | 53 |
Net decrease in cash and cash equivalents | 80,808 | 168,827 |
Cash and cash equivalents: | ||
Beginning of period | 44,406 | 138,604 |
End of period | $125,214 | $307,431 |
Organization_and_Business
Organization and Business | 9 Months Ended |
Apr. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | Organization and Business |
Vail Resorts, Inc. (“Vail Resorts” or the “Parent Company”) is organized as a holding company and operates through various subsidiaries. Vail Resorts and its subsidiaries (collectively, the “Company”) operate in three business segments: Mountain, Lodging and Real Estate. | |
In the Mountain segment, the Company operates nine world-class mountain resort properties at the Vail, Breckenridge, Keystone and Beaver Creek mountain resorts in Colorado; Canyons and Park City Mountain Resort ("Park City" acquired on September 11, 2014) in Utah; the Heavenly, Northstar, and Kirkwood mountain resorts in the Lake Tahoe area of California and Nevada; and the ski areas of Afton Alps in Minnesota and Mount Brighton in Michigan ("Urban" ski areas); as well as ancillary services, primarily including ski school, dining and retail/rental operations. These resorts (except for Northstar, Canyons, Park City and the Urban ski areas) operate primarily on federal land under the terms of Special Use Permits granted by the USDA Forest Service (the “Forest Service”). | |
In the Lodging segment, the Company owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand, as well as other strategic lodging properties and a large number of condominiums located in proximity to the Company’s mountain resorts, National Park Service (“NPS”) concessionaire properties including the Grand Teton Lodge Company (“GTLC”), which operates destination resorts in the Grand Teton National Park, Colorado Mountain Express (“CME”), a Colorado resort ground transportation company, and mountain resort golf courses. | |
Vail Resorts Development Company (“VRDC”), a wholly-owned subsidiary, conducts the operations of the Company’s Real Estate segment, which owns and develops real estate in and around the Company’s resort communities. | |
The Company’s mountain business and its lodging properties at or around the Company’s mountain resorts are seasonal in nature with peak operating seasons primarily from mid-November through mid-April. The Company’s operations at its NPS concessionaire properties and its golf courses generally operate from mid-May through mid-October. The Company also has non-majority owned investments in various other entities, some of which are consolidated (see Note 7, Variable Interest Entities). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | ||||||||||||||||||||||||
Basis of Presentation | |||||||||||||||||||||||||
Consolidated Condensed Financial Statements— In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2014. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2014 was derived from audited financial statements. | |||||||||||||||||||||||||
Use of Estimates— The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||||||||||
Noncontrolling Interests in Consolidated Condensed Financial Statements— Net loss attributable to noncontrolling interests along with net income attributable to the stockholders of the Company are reported separately in the Consolidated Condensed Statement of Operations. Additionally, noncontrolling interests in the consolidated subsidiaries of the Company are reported as a separate component of equity in the Consolidated Condensed Balance Sheet, apart from the Company’s equity. The following table summarizes the changes in total stockholders’ equity (in thousands): | |||||||||||||||||||||||||
For the Nine Months Ended April 30, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Vail Resorts | Noncontrolling | Total | Vail Resorts | Noncontrolling | Total | ||||||||||||||||||||
Stockholders’ | Interests | Stockholders' Equity | Stockholders’ | Interests | Stockholders' Equity | ||||||||||||||||||||
Equity | Equity | ||||||||||||||||||||||||
Balance, beginning of period | $ | 820,843 | $ | 13,957 | $ | 834,800 | $ | 823,868 | $ | 14,001 | $ | 837,869 | |||||||||||||
Net income (loss) | 184,896 | (118 | ) | 184,778 | 103,833 | (204 | ) | 103,629 | |||||||||||||||||
Stock-based compensation expense | 11,718 | — | 11,718 | 10,539 | — | 10,539 | |||||||||||||||||||
Issuance of shares under share award plans, net of shares withheld for taxes | (4,629 | ) | — | (4,629 | ) | (4,797 | ) | — | (4,797 | ) | |||||||||||||||
Tax benefit from share award plans | 3,864 | — | 3,864 | 3,738 | — | 3,738 | |||||||||||||||||||
Cash dividends paid on common stock | (52,778 | ) | — | (52,778 | ) | (29,998 | ) | — | (29,998 | ) | |||||||||||||||
Contributions from noncontrolling interests, net | — | 145 | 145 | — | 169 | 169 | |||||||||||||||||||
Foreign currency translation adjustments, net of tax | (424 | ) | — | (424 | ) | (34 | ) | — | (34 | ) | |||||||||||||||
Balance, end of period | $ | 963,490 | $ | 13,984 | $ | 977,474 | $ | 907,149 | $ | 13,966 | $ | 921,115 | |||||||||||||
Fair Value Instruments— The recorded amounts for cash and cash equivalents, trade receivables, other current assets, and accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under the Employee Housing Bonds (Note 4, Long-Term Debt) approximate book value due to the variable nature of the interest rate associated with that debt. The fair values of the 6.50% Senior Subordinated Notes due 2019 (“6.50% Notes”) and the Company’s Industrial Development Bonds are based on their redemption prices as of April 30, 2015; determined by their outstanding aggregate principal amounts as of April 30, 2015, plus redemption premiums to be paid on the redemption date of May 1, 2015 (refer to Note 4, Long-Term Debt for further discussion). The fair value of other long-term debt has been estimated using discounted cash flow analyses based on current borrowing rates for debt with similar remaining maturities and ratings (a Level 3 input). The estimated fair values of the 6.50% Notes, Industrial Development Bonds and other long-term debt as of April 30, 2015 are presented below (in thousands): | |||||||||||||||||||||||||
30-Apr-15 | |||||||||||||||||||||||||
Carrying | Fair | ||||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||
6.50% Notes | $ | 215,000 | $ | 221,988 | |||||||||||||||||||||
Industrial Development Bonds | $ | 41,200 | $ | 42,848 | |||||||||||||||||||||
Other long-term debt | $ | 11,875 | $ | 12,521 | |||||||||||||||||||||
New Accounting Standards— In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition”. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This standard will be effective for the first interim period within fiscal years beginning after December 15, 2016 (the Company's 2018 first fiscal quarter), using one of two retrospective application methods. On April 1, 2015, the FASB voted to defer the effective date of the new revenue standard by one year, which is subject to a period for public comments, and would allow entities the option to early adopt the new revenue standard as of the original effective date. The Company is evaluating the impacts, if any, the adoption of this accounting standard will have on the Company's financial position or results of operations. | |||||||||||||||||||||||||
In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis", which amends the consolidation requirements in ASC 810, "Consolidation". This ASU affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidated analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships and (iv) provide a scope exception for certain entities. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company's 2017 first fiscal quarter). The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company is evaluating the impacts, if any, the adoption of this accounting standard will have on the Company's financial position or results of operations. | |||||||||||||||||||||||||
In April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." The new standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance in the new standard is limited to the presentation of debt issuance costs and does not affect the recognition and measurement of debt issuance costs. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company’s 2017 first fiscal quarter) and early adoption is permitted for financial statements that have not been previously issued. The standard should be applied on a retrospective basis. The adoption of this new accounting standard will amend presentation and disclosure requirements concerning debt issuance costs, and as such the adoption will not affect the Company’s financial position or results of operations. | |||||||||||||||||||||||||
In April 2015, the FASB issued ASU No. 2015-05, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement." The standard provides guidance about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the software license element of the arrangement should be accounted for as an acquisition of a software license. If a cloud computing arrangement does not include a software license, it should be accounted for as a service contract. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company’s 2017 first fiscal quarter) and may be adopted either retrospectively or prospectively. The Company is evaluating the impacts, if any, the adoption of this accounting standard will have on the Company's financial position or results of operations. |
Net_Income_Per_Common_Share
Net Income Per Common Share | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Earnings Per Share Reconciliation [Abstract] | |||||||||||||||||
Net Income Per Common Share | Net Income Per Common Share | ||||||||||||||||
Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then participate in the earnings of Vail Resorts. Presented below is basic and diluted EPS for the three months ended April 30, 2015 and 2014 (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended April 30, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||
Net income per share: | |||||||||||||||||
Net income attributable to Vail Resorts | $ | 133,410 | $ | 133,410 | $ | 117,946 | $ | 117,946 | |||||||||
Weighted-average shares outstanding | 36,354 | 36,354 | 36,159 | 36,159 | |||||||||||||
Effect of dilutive securities | — | 1,099 | — | 895 | |||||||||||||
Total shares | 36,354 | 37,453 | 36,159 | 37,054 | |||||||||||||
Net income per share attributable to Vail Resorts | $ | 3.67 | $ | 3.56 | $ | 3.26 | $ | 3.18 | |||||||||
The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable on the exercise of share based awards excluded from the calculation of diluted net income per share because the effect of their inclusion would have been anti-dilutive totaled 15,000 and 4,000 for the three months ended April 30, 2015 and 2014, respectively. | |||||||||||||||||
Presented below is basic and diluted EPS for the nine months ended April 30, 2015 and 2014 (in thousands, except per share amounts): | |||||||||||||||||
Nine Months Ended April 30, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||
Net income per share: | |||||||||||||||||
Net income attributable to Vail Resorts | $ | 184,896 | $ | 184,896 | $ | 103,833 | $ | 103,833 | |||||||||
Weighted-average shares outstanding | 36,310 | 36,310 | 36,105 | 36,105 | |||||||||||||
Effect of dilutive securities | — | 1,052 | — | 920 | |||||||||||||
Total shares | 36,310 | 37,362 | 36,105 | 37,025 | |||||||||||||
Net income per share attributable to Vail Resorts | $ | 5.09 | $ | 4.95 | $ | 2.88 | $ | 2.8 | |||||||||
The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable on the exercise of share based awards excluded from the calculation of diluted net income per share because the effect of their inclusion would have been anti-dilutive totaled 5,000 and 11,000 for the nine months ended April 30, 2015 and 2014, respectively. | |||||||||||||||||
During the three and nine months ended April 30, 2015, the Company paid dividends of $0.6225 and $1.4525 per share, respectively ($22.6 million and $52.8 million, respectively, in the aggregate). During the three and nine months ended April 30, 2014, the Company paid dividends of $0.4150 and $0.8300 per share, respectively ($15.0 million and $30.0 million, respectively, in the aggregate). On June 5, 2015 the Company’s Board of Directors declared a quarterly cash dividend of $0.6225 per share payable on July 10, 2015 to stockholders of record as of June 25, 2015. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||||||||
Apr. 30, 2015 | |||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||
Long-Term Debt | ong-Term Debt | ||||||||||||||
Long-term debt as of April 30, 2015, July 31, 2014 and April 30, 2014 is summarized as follows (in thousands): | |||||||||||||||
Maturity (a) | 30-Apr-15 | 31-Jul-14 | 30-Apr-14 | ||||||||||||
Credit Facility Revolver (b) | 2019 | $ | — | $ | — | $ | — | ||||||||
Industrial Development Bonds (c) | 2020 | 41,200 | 41,200 | 41,200 | |||||||||||
Employee Housing Bonds | 2027-2039 | 52,575 | 52,575 | 52,575 | |||||||||||
6.50% Notes (c) | 2019 | 215,000 | 215,000 | 390,000 | |||||||||||
Canyons obligation | 2063 | 316,056 | 311,858 | 310,472 | |||||||||||
Other | 2015-2029 | 11,918 | 5,989 | 5,855 | |||||||||||
Total debt | 636,749 | 626,622 | 800,102 | ||||||||||||
Less: Current maturities (d) | 256,953 | 1,022 | 879 | ||||||||||||
Long-term debt | $ | 379,796 | $ | 625,600 | $ | 799,223 | |||||||||
(a) | Maturities are based on the Company’s July 31 fiscal year end. | ||||||||||||||
(b) | On May 1, 2015, Vail Holdings, Inc. (“VHI”), a wholly-owned subsidiary of the Company, amended and restated its senior credit facility, the Sixth Amended and Restated Credit Agreement (the “Prior Credit Agreement”). The amended credit facility is now referred to as the Seventh Amended and Restated Credit Agreement (the “Credit Agreement”) with VHI, as borrower, the Company and certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent, and the other Lenders party thereto. The Credit Agreement provides for a term loan facility in an aggregate principal amount of $250.0 million. The term loan facility is subject to quarterly amortization of principal, commencing on January 31, 2016, in equal installments, with five percent payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due on May 1, 2020. | ||||||||||||||
Pursuant to the terms of the Credit Agreement, VHI has the ability to increase availability (under the revolver or in the form of term loans) to an aggregate principal amount not to exceed the greater of (i) $950.0 million and (ii) the product of 2.75 and the trailing twelve-month Adjusted EBITDA, as defined in the Credit Agreement. The material terms of the Credit Agreement are substantially similar to those of the Prior Credit Agreement described in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2014. Key modifications to the Prior Credit Agreement included, among other things, the extension of the maturity on the revolving credit facility from March 2019 to May 2020 and increases in certain baskets for and improved flexibility to incur debt and make distributions. VHI’s obligations under the Credit Agreement are guaranteed by the Company and certain of its subsidiaries and are collateralized by a pledge of all the capital stock of VHI and substantially all of its subsidiaries (with certain additional exceptions for the pledge of the capital stock of foreign subsidiaries). The proceeds of the loans made under the Credit Agreement may be used, in addition to the redemption of the 6.50% Notes and Industrial Development Bonds, to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. Borrowings under the Credit Agreement, including the term loan facility, bear interest annually at a rate of (i) LIBOR plus a margin or (ii) the Agent’s prime lending rate plus a margin. Interest rate margins may fluctuate based upon the ratio of the Company’s Net Funded Debt to Adjusted EBITDA on a trailing four-quarter basis. | |||||||||||||||
(c) | On March 13, 2015, the Company submitted redemption notices to the trustees to redeem the outstanding $215.0 million aggregate principal amount of the 6.50% Notes and the $41.2 million aggregate principal amount of Industrial Development Bonds. As a result, the Company classified the aggregate principal amounts outstanding as long-term debt due within one year. On May 1, 2015, the Company redeemed the outstanding aggregate principal amounts of its 6.50% Notes and Industrial Development Bonds which was funded by the $250.0 million term loan facility and cash on hand. The redemption premium for the 6.50% Notes was 103.250%, plus accrued and unpaid interest to the redemption date of May 1, 2015. The redemption premium for the Industrial Development Bonds was 104.000%, plus accrued and unpaid interest to the redemption date of May 1, 2015. As a result, the Company incurred an early redemption premium of $8.6 million, which will be recorded, along with a write-off of $2.4 million of unamortized debt issuance costs, as a loss on extinguishment of debt in the fourth quarter of the fiscal year ending July 31, 2015. Upon completion of the redemptions, no amounts of the 6.50% Notes or Industrial Development Bonds remained outstanding. | ||||||||||||||
(d) | Current maturities represent principal payments due in the next 12 months. | ||||||||||||||
Aggregate maturities for debt outstanding as of April 30, 2015 reflected by fiscal year are as follows (in thousands): | |||||||||||||||
Total | |||||||||||||||
2015 | $ | 256,319 | |||||||||||||
2016 | 779 | ||||||||||||||
2017 | 854 | ||||||||||||||
2018 | 897 | ||||||||||||||
2019 | 955 | ||||||||||||||
Thereafter | 376,945 | ||||||||||||||
Total debt | $ | 636,749 | |||||||||||||
The Company incurred gross interest expense of $13.7 million and $16.4 million for the three months ended April 30, 2015 and 2014, respectively, of which $0.4 million and $0.5 million, respectively, were amortization of deferred financing costs. The Company incurred gross interest expense of $41.1 million and $48.7 million for the nine months ended April 30, 2015 and 2014, respectively, of which $1.1 million and $1.5 million, respectively, were amortization of deferred financing costs. |
Acquisitions
Acquisitions | 9 Months Ended | |||||||
Apr. 30, 2015 | ||||||||
Business Combinations [Abstract] | ||||||||
Acquisitions | Acquisitions | |||||||
Park City Mountain Resort | ||||||||
On September 11, 2014, VR CPC Holdings, Inc. ("VR CPC"), a wholly-owned subsidiary of the Company, and Greater Park City Company, Powdr Corp., Greater Properties, Inc., Park Properties, Inc., and Powdr Development Company (collectively, “Park City Sellers”) entered into a Purchase and Sale Agreement (the “Purchase Agreement”) providing for the acquisition of substantially all of the assets related to Park City in Park City, Utah. The cash purchase price was $182.5 million, subject to certain post-closing adjustments. The Company funded the cash purchase price through borrowings under the revolver portion of its existing credit facility. | ||||||||
As provided under the Purchase Agreement, the Company acquired the property, assets and operations of Park City, which includes the ski area and related amenities, from Park City Sellers and assumed leases of certain realty, acquired certain assets, and assumed certain liabilities of Park City Sellers relating to Park City. In addition to the Purchase Agreement, the parties settled the litigation related to the validity of a lease of certain land owned by Talisker Land Holdings, LLC under the ski terrain of Park City (the "Park City Litigation"). In connection with settling the Park City Litigation, the Company recorded a non-cash gain of $16.4 million in the Mountain segment for the nine months ended April 30, 2015. The gain on litigation settlement represents the estimated fair value of the rents (including damages and interest) due the Company from the Park City Sellers for their use of land and improvements from the Canyons transaction date of May 29, 2013 to the Park City acquisition date. Additionally, the Company assigned a fair value of $10.1 million to the settlement of the Park City Litigation that applied to the period prior to the Canyons transaction. The combined fair value of the Park City Litigation settlement of $26.5 million was determined by applying market capitalization rates to the estimated fair market value of the land and improvements, plus an estimate of statutory damages and interest. The estimated fair value of the Park City Litigation settlement was not received in cash, but was instead reflected as part of the cash price negotiated for the Park City acquisition. Accordingly, the estimated fair value of the Park City Litigation settlement was included in the total consideration for the acquisition of Park City. Under an agreement entered into in conjunction with the Canyons transaction, the Company made a $10.0 million payment to Talisker in the nine months ended April 30, 2015, resulting from the settlement of the Park City Litigation. | ||||||||
The following summarizes the preliminary estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands). | ||||||||
Estimates of Fair Value at Effective Date of Transaction | ||||||||
Accounts receivable | $ | 1,024 | ||||||
Other assets | 3,075 | |||||||
Property, plant and equipment | 76,605 | |||||||
Deferred income tax assets, net | 7,444 | |||||||
Real estate held for sale and investment | 7,000 | |||||||
Intangible assets | 27,650 | |||||||
Goodwill | 92,431 | |||||||
Total identifiable assets acquired | $ | 215,229 | ||||||
Accounts payable and accrued liabilities | $ | 1,960 | ||||||
Deferred revenue | 4,319 | |||||||
Total liabilities assumed | $ | 6,279 | ||||||
Total purchase price | $ | 208,950 | ||||||
The estimated fair values of assets acquired and liabilities assumed in the acquisition of Park City are preliminary and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed. The Company believes that information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the Company is obtaining additional information necessary to finalize those fair values. Therefore, the preliminary measurements of fair value reflected are subject to change. The Company expects to finalize the valuation and complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. During the three months ended January 31, 2015, the Company recorded an adjustment to its preliminary purchase price allocation of $13.0 million, which reduced real estate held for sale and investment with a corresponding increase to goodwill and will reflect this as a retrospective adjustment as of October 31, 2014. | ||||||||
The excess of the purchase price over the aggregate fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Park City and other factors. The majority of goodwill is expected to be deductible for income tax purposes. The intangible assets primarily consist of trademarks, water rights, and customer lists. The intangible assets have a weighted-average amortization period of approximately 46 years. The operating results of Park City, which are recorded in the Mountain segment, contributed $35.4 million and $63.8 million of net revenue (including an allocation of season pass revenue) for the three and nine months ended April 30, 2015, respectively. The Company has recognized $0.8 million of transaction related expenses in Mountain operating expense in the Consolidated Condensed Statements of Operations for the nine months ended April 30, 2015. | ||||||||
Certain land and improvements in the Park City ski area (excluding the base area) were part of the Talikser leased premises to Park City and was subject to the Park City Litigation as of the Canyons transaction date, and as such, was recorded as a deposit ("Park City Deposit") for the potential future interests in the land and associated improvements at its estimated fair value in conjunction with the Canyons transaction. Upon settlement of the Park City Litigation, the land and improvements associated with the Talisker leased premises became subject to the Canyons lease, and as a result, the Company reclassified the Park City Deposit to the respective assets within property, plant and equipment in the nine months ended April 30, 2015. The inclusion of the land and certain land improvements that was subject to the Park City Litigation and now included in the Canyons lease requires no additional consideration from the Company to Talisker, but the financial contribution from the operations of Park City will be included as part of the calculation of EBITDA for the resort operations, and as a result, factor into the participating contingent payments (see Note 8, Fair Value Measurements). The majority of the assets acquired under the Park City acquisition, although not under lease, are subject to the terms and conditions of the Canyons lease. | ||||||||
The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisition of Park City was completed on August 1, 2013. The following unaudited pro forma financial information includes adjustments for (i) depreciation on acquired property, plant and equipment; (ii) amortization of intangible assets recorded at the date of the transaction; (iii) related-party land leases; and (iv) transaction and business integration related costs. This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on August 1, 2013 (in thousands, except per share amounts). | ||||||||
Three Months Ended April 30, | ||||||||
2014 | ||||||||
Pro forma net revenue | $ | 575,637 | ||||||
Pro forma net income attributable to Vail Resorts, Inc. | $ | 127,625 | ||||||
Pro forma basic net income per share attributable to Vail Resorts, Inc. | $ | 3.53 | ||||||
Pro forma diluted net income per share attributable to Vail Resorts, Inc. | $ | 3.44 | ||||||
Nine Months Ended | ||||||||
April 30, | ||||||||
2015 | 2014 | |||||||
Pro forma net revenue | $ | 1,239,878 | $ | 1,175,694 | ||||
Pro forma net income attributable to Vail Resorts, Inc. | $ | 185,565 | $ | 113,179 | ||||
Pro forma basic net income per share attributable to Vail Resorts, Inc. | $ | 5.11 | $ | 3.13 | ||||
Pro forma diluted net income per share attributable to Vail Resorts, Inc. | $ | 4.97 | $ | 3.06 | ||||
Perisher Ski Resort | ||||||||
On March 30, 2015, VR Australia Holdings Pty Limited, a wholly-owned subsidiary of the Company, and Murray Publishers Pty Ltd, Consolidated Press Holdings Pty Limited, Transfield Corporate Pty Limited and Transfield Pty Limited (collectively, “Perisher Sellers”) entered into a Purchase and Sale Agreement (the “Perisher Purchase Agreement”) providing for the acquisition of 100% of the stock in the entities that operate Perisher Ski Resort ("Perisher") in New South Wales, Australia for cash consideration of approximately AU$176 million. Perisher holds a long-term lease and license with the New South Wales Government under the National Parks and Wildlife Act, which expires in 2048 with a 20-year renewal option. As provided under the Perisher Purchase Agreement, the Company will acquire the entities that hold the assets and operations that include the long-term lease and license with the New South Wales government for the ski area and related amenities of Perisher, including assumed liabilities, from Perisher Sellers. The acquisition is expected to close following the approval by the New South Wales government under the long-term lease and license. The Company expects the transaction to be recorded as a business combination in its consolidated financial statements. |
Supplementary_Balance_Sheet_In
Supplementary Balance Sheet Information | 9 Months Ended | ||||||||||||
Apr. 30, 2015 | |||||||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||||||
Supplementary Balance Sheet Information | Supplementary Balance Sheet Information | ||||||||||||
The composition of property, plant and equipment follows (in thousands): | |||||||||||||
30-Apr-15 | 31-Jul-14 | 30-Apr-14 | |||||||||||
Land and land improvements | $ | 413,775 | $ | 348,328 | $ | 350,674 | |||||||
Buildings and building improvements | 957,594 | 907,280 | 908,829 | ||||||||||
Machinery and equipment | 777,011 | 700,745 | 701,825 | ||||||||||
Furniture and fixtures | 284,403 | 269,209 | 273,202 | ||||||||||
Software | 105,482 | 98,653 | 99,958 | ||||||||||
Vehicles | 59,708 | 55,724 | 55,324 | ||||||||||
Construction in progress | 20,245 | 31,487 | 19,453 | ||||||||||
Gross property, plant and equipment | 2,618,218 | 2,411,426 | 2,409,265 | ||||||||||
Accumulated depreciation | (1,359,125 | ) | (1,263,436 | ) | (1,244,878 | ) | |||||||
Property, plant and equipment, net | $ | 1,259,093 | $ | 1,147,990 | $ | 1,164,387 | |||||||
The composition of accounts payable and accrued liabilities follows (in thousands): | |||||||||||||
30-Apr-15 | 31-Jul-14 | 30-Apr-14 | |||||||||||
Trade payables | $ | 52,371 | $ | 71,823 | $ | 48,406 | |||||||
Deferred revenue | 115,300 | 110,566 | 93,135 | ||||||||||
Accrued salaries, wages and deferred compensation | 38,594 | 29,833 | 35,221 | ||||||||||
Accrued benefits | 26,459 | 21,351 | 25,468 | ||||||||||
Deposits | 18,199 | 15,272 | 17,772 | ||||||||||
Accrued interest | 7,865 | 5,429 | 13,549 | ||||||||||
Other accruals | 34,268 | 34,944 | 31,226 | ||||||||||
Total accounts payable and accrued liabilities | $ | 293,056 | $ | 289,218 | $ | 264,777 | |||||||
The composition of other long-term liabilities follows (in thousands): | |||||||||||||
30-Apr-15 | 31-Jul-14 | 30-Apr-14 | |||||||||||
Private club deferred initiation fee revenue | $ | 128,295 | $ | 128,824 | $ | 130,543 | |||||||
Unfavorable lease obligation, net | 29,325 | 31,338 | 32,034 | ||||||||||
Other long-term liabilities | 78,312 | 100,519 | 77,357 | ||||||||||
Total other long-term liabilities | $ | 235,932 | $ | 260,681 | $ | 239,934 | |||||||
The changes in the net carrying amount of goodwill allocated between the Company's segments for the nine months ended April 30, 2015 are as follows (in thousands): | |||||||||||||
Mountain | Lodging | Goodwill, net | |||||||||||
Balance at July 31, 2014 | $ | 310,249 | $ | 67,899 | $ | 378,148 | |||||||
Acquisition | 92,431 | — | 92,431 | ||||||||||
Effects of changes in foreign currency exchange rates | (293 | ) | — | (293 | ) | ||||||||
Balance at April 30, 2015 | $ | 402,387 | $ | 67,899 | $ | 470,286 | |||||||
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended |
Apr. 30, 2015 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities |
The Company is the primary beneficiary of four employee housing entities (collectively, the “Employee Housing Entities”), Breckenridge Terrace, LLC, The Tarnes at BC, LLC, BC Housing, LLC and Tenderfoot Seasonal Housing, LLC, which are variable interest entities (“VIEs”), and the Company has consolidated them in its Consolidated Condensed Financial Statements. As a group, as of April 30, 2015, the Employee Housing Entities had total assets of $26.8 million (primarily recorded in property, plant and equipment, net) and total liabilities of $63.8 million (primarily recorded in long-term debt as “Employee Housing Bonds”). The Company’s lenders have issued letters of credit totaling $53.4 million under the Company's Credit Agreement related to Employee Housing Bonds. Payments under the letters of credit would be triggered in the event that one of the entities defaults on required payments. The letters of credit have no default provisions. | |
The Company is the primary beneficiary of Avon Partners II, LLC (“APII”), which is a VIE. APII owns commercial space and the Company leases substantially all of that space. APII had total assets of $4.3 million (primarily recorded in property, plant and equipment, net) and no debt as of April 30, 2015. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||
Apr. 30, 2015 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||
The Financial Accounting Standards Board issued fair value guidance that establishes how reporting entities should measure fair value for measurement and disclosure purposes. The guidance establishes a common definition of fair value applicable to all assets and liabilities measured at fair value and prioritizes the inputs into valuation techniques used to measure fair value. Accordingly, the Company uses valuation techniques which maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value. The three levels of the hierarchy are as follows: | ||||||||||||||||||
Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities; | ||||||||||||||||||
Level 2: Inputs include quoted prices for similar assets and liabilities in active and inactive markets or that are observable for the asset or liability either directly or indirectly; and | ||||||||||||||||||
Level 3: Unobservable inputs which are supported by little or no market activity. | ||||||||||||||||||
The table below summarizes the Company’s cash equivalents and Contingent Consideration measured at fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands): | ||||||||||||||||||
Fair Value Measurement as of April 30, 2015 | ||||||||||||||||||
Description | Balance at April 30, 2015 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | ||||||||||||||||||
Money Market | $ | 7,578 | $ | 7,578 | $ | — | $ | — | ||||||||||
Commercial Paper | $ | 2,401 | $ | — | $ | 2,401 | $ | — | ||||||||||
Certificates of Deposit | $ | 2,651 | $ | — | $ | 2,651 | $ | — | ||||||||||
Liabilities: | ||||||||||||||||||
Contingent Consideration | $ | 6,000 | $ | — | $ | — | $ | 6,000 | ||||||||||
Fair Value Measurement as of July 31, 2014 | ||||||||||||||||||
Description | Balance at July 31, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | ||||||||||||||||||
Money Market | $ | 9,022 | $ | 9,022 | $ | — | $ | — | ||||||||||
Commercial Paper | $ | 630 | $ | — | $ | 630 | $ | — | ||||||||||
Certificates of Deposit | $ | 880 | $ | — | $ | 880 | $ | — | ||||||||||
Liabilities: | ||||||||||||||||||
Contingent Consideration | $ | 10,500 | $ | — | $ | — | $ | 10,500 | ||||||||||
Fair Value Measurement as of April 30, 2014 | ||||||||||||||||||
Description | Balance at April 30, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | ||||||||||||||||||
Money Market | $ | 78,851 | $ | 78,851 | $ | — | $ | — | ||||||||||
Commercial Paper | $ | 630 | $ | — | $ | 630 | $ | — | ||||||||||
Certificates of Deposit | $ | 630 | $ | — | $ | 630 | $ | — | ||||||||||
Liabilities: | ||||||||||||||||||
Contingent Consideration | $ | 9,100 | $ | — | $ | — | $ | 9,100 | ||||||||||
The Company’s cash equivalents are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. | ||||||||||||||||||
The changes in Contingent Consideration during the nine months ended April 30, 2015 and 2014 were as follows: | ||||||||||||||||||
Balance as of July 31, 2014 and 2013, respectively | $ | 10,500 | $ | 9,100 | ||||||||||||||
Change in fair value | (4,500 | ) | — | |||||||||||||||
Balance as of April 30, 2015 and 2014, respectively | $ | 6,000 | $ | 9,100 | ||||||||||||||
The lease for Canyons provides for participating contingent payments to Talisker of 42% of the amount by which EBITDA for the resort operations, as calculated under the lease, exceed approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company (the "Contingent Consideration"). The fair value of Contingent Consideration includes the resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, and increases the EBITDA threshold before which participating contingent payments are made equal to 10% of the purchase price paid by the Company, plus future capital expenditures. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 11.5%, volatility of 20.0%, and credit risk of 3.0%. The model also incorporates assumptions for EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs. As Contingent Consideration is classified as a liability, the liability is remeasured to fair value at each reporting date until the contingency is resolved. During the nine months ended April 30, 2015, the Company recorded a decrease of $4.5 million in the estimated fair value of the participating contingent payments, and recorded the related gain in income from operations. The estimated fair value of the contingent consideration is $6.0 million as of April 30, 2015 and this liability is recorded in other long-term liabilities in the Consolidated Condensed Balance Sheets. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Apr. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Metropolitan Districts | |
The Company credit-enhances $8.0 million of bonds issued by Holland Creek Metropolitan District (“HCMD”) through an $8.1 million letter of credit issued under the Credit Agreement. HCMD’s bonds were issued and used to build infrastructure associated with the Company’s Red Sky Ranch residential development. The Company has agreed to pay capital improvement fees to Red Sky Ranch Metropolitan District (“RSRMD”) until RSRMD’s revenue streams from property taxes are sufficient to meet debt service requirements under HCMD’s bonds, and the Company has recorded a liability of $1.8 million primarily within “other long-term liabilities” in the accompanying Consolidated Condensed Balance Sheets, as of April 30, 2015, July 31, 2014 and April 30, 2014, respectively, with respect to the estimated present value of future RSRMD capital improvement fees. The Company estimates it will make capital improvement fee payments under this arrangement through the year ending July 31, 2029. | |
Guarantees/Indemnifications | |
As of April 30, 2015, the Company had various other letters of credit for $64.3 million, consisting primarily of $53.4 million to support the Employee Housing Bonds and $10.9 million for workers’ compensation, general liability construction related deductibles and other activities. | |
In addition to the guarantees noted above, the Company has entered into contracts in the normal course of business that include certain indemnifications under which it could be required to make payments to third parties upon the occurrence or non-occurrence of certain future events. These indemnities include indemnities to licensees in connection with the licensees’ use of the Company’s trademarks and logos, indemnities for liabilities associated with the infringement of other parties’ technology and software products, indemnities related to liabilities associated with the use of easements, indemnities related to employment of contract workers, the Company’s use of trustees, indemnities related to the Company’s use of public lands and environmental indemnifications. The duration of these indemnities generally is indefinite and generally do not limit the future payments the Company could be obligated to make. | |
As permitted under applicable law, the Company and certain of its subsidiaries have agreed to indemnify their directors and officers over their lifetimes for certain events or occurrences while the officer or director is, or was, serving the Company or its subsidiaries in such a capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that should enable the Company to recover a portion of any future amounts paid. | |
Unless otherwise noted, the Company has not recorded any significant liabilities for the letters of credit, indemnities and other guarantees noted above in the accompanying Consolidated Condensed Financial Statements, either because the Company has recorded on its Consolidated Condensed Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company’s own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the fair value of the indemnification or guarantee to be immaterial based upon the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications it is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material. | |
As noted above, the Company makes certain indemnifications to licensees for their use of the Company's trademarks and logos. The Company does not record any liabilities with respect to these indemnifications. | |
Self Insurance | |
The Company is self-insured for claims under its health benefit plans and for the majority of workers’ compensation claims, subject to stop loss policies. The self-insurance liability related to workers’ compensation is determined actuarially based on claims filed. The self-insurance liability related to claims under the Company’s health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of accrued benefits in accounts payable and accrued liabilities (see Note 6, Supplementary Balance Sheet Information). | |
Legal | |
The Company is a party to various lawsuits arising in the ordinary course of business. Management believes the Company has adequate insurance coverage and/or has accrued for loss contingencies for all known matters deemed to be probable losses and estimable. As of April 30, 2015, July 31, 2014 and April 30, 2014, the accrual for the above loss contingencies was not material individually and in the aggregate. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment Information | Segment Information | |||||||||||||||
The Company has three reportable segments: Mountain, Lodging and Real Estate. The Mountain segment includes the operations of the Company’s mountain resorts and Urban ski areas and related ancillary services. The Lodging segment includes the operations of all of the Company’s owned hotels, RockResorts, NPS concessionaire properties, condominium management, CME and mountain resort golf operations. The Real Estate segment owns and develops real estate in and around the Company’s resort communities. The Company’s reportable segments, although integral to the success of each other, offer distinctly different products and services and require different types of management focus. As such, these segments are managed separately. | ||||||||||||||||
The Company reports its segment results using Reported EBITDA (defined as segment net revenue less segment operating expenses, plus or minus segment equity investment income or loss, plus gain on litigation settlement and for the Real Estate segment, plus gain on sale of real property), which is a non-GAAP financial measure. The Company reports segment results in a manner consistent with management’s internal reporting of operating results to the chief operating decision maker (the Chief Executive Officer) for purposes of evaluating segment performance. | ||||||||||||||||
Reported EBITDA is not a measure of financial performance under GAAP. Items excluded from Reported EBITDA are significant components in understanding and assessing financial performance. Reported EBITDA should not be considered in isolation or as an alternative to, or substitute for, net income, net change in cash and cash equivalents or other financial statement data presented in the Consolidated Condensed Financial Statements as indicators of financial performance or liquidity. Because Reported EBITDA is not a measurement determined in accordance with GAAP and thus is susceptible to varying calculations, Reported EBITDA as presented may not be comparable to other similarly titled measures of other companies. | ||||||||||||||||
The Company utilizes Reported EBITDA in evaluating performance of the Company and in allocating resources to its segments. Mountain Reported EBITDA consists of Mountain net revenue less Mountain operating expense plus or minus Mountain equity investment income or loss plus gain on litigation settlement. Lodging Reported EBITDA consists of Lodging net revenue less Lodging operating expense. Real Estate Reported EBITDA consists of Real Estate net revenue less Real Estate operating expense plus gain on sale of real property. All segment expenses include an allocation of corporate administrative expenses. Assets are not allocated between segments, or used to evaluate performance, except as shown in the table below. | ||||||||||||||||
The following table presents financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands): | ||||||||||||||||
Three Months Ended April 30, | Nine Months Ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net revenue: | ||||||||||||||||
Lift | $ | 285,249 | $ | 251,914 | $ | 524,537 | $ | 447,271 | ||||||||
Ski school | 66,216 | 62,512 | 123,511 | 109,442 | ||||||||||||
Dining | 44,003 | 42,303 | 90,661 | 82,369 | ||||||||||||
Retail/rental | 71,078 | 73,785 | 195,563 | 188,401 | ||||||||||||
Other | 33,005 | 30,073 | 88,696 | 82,091 | ||||||||||||
Total Mountain net revenue | 499,551 | 460,587 | 1,022,968 | 909,574 | ||||||||||||
Lodging | 67,323 | 66,293 | 185,180 | 179,694 | ||||||||||||
Total Resort net revenue | 566,874 | 526,880 | 1,208,148 | 1,089,268 | ||||||||||||
Real estate | 12,469 | 16,167 | 29,694 | 29,890 | ||||||||||||
Total net revenue | $ | 579,343 | $ | 543,047 | $ | 1,237,842 | $ | 1,119,158 | ||||||||
Operating expense: | ||||||||||||||||
Mountain | $ | 244,675 | $ | 233,301 | $ | 645,593 | $ | 601,587 | ||||||||
Lodging | 54,726 | 53,182 | 166,407 | 163,346 | ||||||||||||
Total Resort operating expense | 299,401 | 286,483 | 812,000 | 764,933 | ||||||||||||
Real estate | 14,028 | 18,445 | 35,513 | 35,682 | ||||||||||||
Total segment operating expense | $ | 313,429 | $ | 304,928 | $ | 847,513 | $ | 800,615 | ||||||||
Gain on litigation settlement | $ | — | $ | — | $ | 16,400 | $ | — | ||||||||
Gain on sale of real property | $ | 151 | $ | — | $ | 151 | $ | — | ||||||||
Mountain equity investment (loss) income, net | $ | (129 | ) | $ | 665 | $ | 396 | $ | 1,282 | |||||||
Reported EBITDA: | ||||||||||||||||
Mountain | $ | 254,747 | $ | 227,951 | $ | 394,171 | $ | 309,269 | ||||||||
Lodging | 12,597 | 13,111 | 18,773 | 16,348 | ||||||||||||
Resort | 267,344 | 241,062 | 412,944 | 325,617 | ||||||||||||
Real estate | (1,408 | ) | (2,278 | ) | (5,668 | ) | (5,792 | ) | ||||||||
Total Reported EBITDA | $ | 265,936 | $ | 238,784 | $ | 407,276 | $ | 319,825 | ||||||||
Real estate held for sale and investment | $ | 137,740 | $ | 170,818 | $ | 137,740 | $ | 170,818 | ||||||||
Reconciliation to net income attributable to Vail Resorts, Inc.: | ||||||||||||||||
Total Reported EBITDA | $ | 265,936 | $ | 238,784 | $ | 407,276 | $ | 319,825 | ||||||||
Depreciation and amortization | (38,242 | ) | (35,588 | ) | (111,587 | ) | (105,948 | ) | ||||||||
Change in fair value of contingent consideration | — | — | 4,550 | — | ||||||||||||
(Loss) gain on disposal of fixed assets and other, net | (71 | ) | 634 | (852 | ) | (839 | ) | |||||||||
Investment income, net | 119 | 124 | 155 | 289 | ||||||||||||
Interest expense | (13,735 | ) | (16,408 | ) | (41,110 | ) | (48,745 | ) | ||||||||
Income before provision for income taxes | 214,007 | 187,546 | 258,432 | 164,582 | ||||||||||||
Provision for income taxes | (80,605 | ) | (69,680 | ) | (73,654 | ) | (60,953 | ) | ||||||||
Net income | $ | 133,402 | $ | 117,866 | $ | 184,778 | $ | 103,629 | ||||||||
Net loss attributable to noncontrolling interests | 8 | 80 | 118 | 204 | ||||||||||||
Net income attributable to Vail Resorts, Inc. | $ | 133,410 | $ | 117,946 | $ | 184,896 | $ | 103,833 | ||||||||
Stock_Repurchase_Plan
Stock Repurchase Plan | 9 Months Ended |
Apr. 30, 2015 | |
Payments for Repurchase of Equity [Abstract] | |
Stock Repurchase Plan | Stock Repurchase Plan |
On March 9, 2006, the Company’s Board of Directors approved the repurchase of up to 3,000,000 shares of common stock and on July 16, 2008 approved an increase of the Company’s common stock repurchase authorization by an additional 3,000,000 shares. During the three and nine months ended April 30, 2015 and 2014, the Company did not repurchase any shares of common stock. Since inception of its stock repurchase program through April 30, 2015, the Company has repurchased 4,949,111 shares at a cost of approximately $193.2 million. As of April 30, 2015, 1,050,889 shares remained available to repurchase under the existing repurchase authorization. Shares of common stock purchased pursuant to the repurchase program will be held as treasury shares and may be used for the issuance of shares under the Company’s employee share award plan. |
Guarantor_Subsidiaries_And_Non
Guarantor Subsidiaries And Non-Guarantor Subsidiaries | 9 Months Ended | ||||||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||||||
Guarantor Subsidiaries And Non Guarantor Subsidiaries | |||||||||||||||||||||
Guarantor Subsidiaries And Non-Guarantor Subsidiaries | Guarantor Subsidiaries and Non-Guarantor Subsidiaries | ||||||||||||||||||||
The Company’s payment obligations under the 6.50% Notes (see Note 4, Long-Term Debt) are fully and unconditionally guaranteed on a joint and several, senior subordinated basis by substantially all of the Company’s consolidated subsidiaries (collectively, and excluding Non-Guarantor Subsidiaries (as defined below), the “Guarantor Subsidiaries”), except for Eagle Park Reservoir Company, Larkspur Restaurant & Bar, LLC, Black Diamond Insurance, Inc., Skiinfo AS and certain other insignificant entities (together, the “Non-Guarantor Subsidiaries”). APII and the Employee Housing Entities are included with the Non-Guarantor Subsidiaries for purposes of the consolidated financial information, but are not considered subsidiaries under the indenture governing the 6.50% Notes. On May 1, 2015, the Company redeemed the outstanding aggregate principal amount of its 6.50% Notes (see Note 4, Long-Term Debt) which upon redemption released the Company's consolidated subsidiary guarantees. | |||||||||||||||||||||
Presented below is the consolidated financial information of the Parent Company, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries. Financial information for the Non-Guarantor Subsidiaries is presented in the column titled “Other Subsidiaries.” Balance sheets are presented as of April 30, 2015, July 31, 2014, and April 30, 2014. Statements of operations and statements of comprehensive income are presented for the three and nine months ended April 30, 2015 and 2014. Statements of cash flows are presented for the nine months ended April 30, 2015 and 2014. As of April 30, 2014, the Company revised its classification of advances to Parent in the amount of $520.1 million to properly present it as contra equity in the Supplemental Consolidating Condensed Balance Sheet from advances to Parent within total assets. The Company has determined that this revision is not material to the Supplemental Consolidating Condensed Balance Sheet. | |||||||||||||||||||||
Investments in subsidiaries are accounted for by the Parent Company and Guarantor Subsidiaries using the equity method of accounting. Net income (loss) of Guarantor Subsidiaries and Non-Guarantor Subsidiaries is, therefore, reflected in the Parent Company’s and Guarantor Subsidiaries’ investments in and advances to (from) subsidiaries. Net income (loss) of the Guarantor Subsidiaries and Non-Guarantor Subsidiaries is reflected in Guarantor Subsidiaries and Parent Company as equity in consolidated subsidiaries. The elimination entries eliminate investments in Other Subsidiaries and intercompany balances and transactions for consolidated reporting purposes. | |||||||||||||||||||||
Supplemental Consolidating Condensed Balance Sheet | |||||||||||||||||||||
As of April 30, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Owned | Subsidiaries | Entries | ||||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 117,569 | $ | 7,645 | $ | — | $ | 125,214 | |||||||||||
Restricted cash | — | 10,672 | 2,467 | — | 13,139 | ||||||||||||||||
Trade receivables, net | — | 102,290 | 3,327 | — | 105,617 | ||||||||||||||||
Inventories, net | — | 62,007 | 160 | — | 62,167 | ||||||||||||||||
Other current assets | 33,732 | 30,016 | 306 | — | 64,054 | ||||||||||||||||
Total current assets | 33,732 | 322,554 | 13,905 | — | 370,191 | ||||||||||||||||
Property, plant and equipment, net | — | 1,219,273 | 39,820 | — | 1,259,093 | ||||||||||||||||
Real estate held for sale and investment | — | 137,740 | — | — | 137,740 | ||||||||||||||||
Goodwill, net | — | 468,922 | 1,364 | — | 470,286 | ||||||||||||||||
Intangible assets, net | — | 122,064 | 19,063 | — | 141,127 | ||||||||||||||||
Other assets | 2,374 | 43,639 | 5,036 | (9,981 | ) | 41,068 | |||||||||||||||
Investments in subsidiaries | 2,112,937 | (8,625 | ) | — | (2,104,312 | ) | — | ||||||||||||||
Advances to affiliates | — | — | 4,027 | (4,027 | ) | — | |||||||||||||||
Total assets | $ | 2,149,043 | $ | 2,305,567 | $ | 83,215 | $ | (2,118,320 | ) | $ | 2,419,505 | ||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 7,262 | $ | 275,979 | $ | 9,815 | $ | — | $ | 293,056 | |||||||||||
Income taxes payable | 36,161 | — | — | — | 36,161 | ||||||||||||||||
Long-term debt due within one year | 215,000 | 41,709 | 244 | — | 256,953 | ||||||||||||||||
Total current liabilities | 258,423 | 317,688 | 10,059 | — | 586,170 | ||||||||||||||||
Advances from affiliates | 665,400 | 4,027 | — | (669,427 | ) | — | |||||||||||||||
Long-term debt | — | 322,533 | 57,263 | — | 379,796 | ||||||||||||||||
Other long-term liabilities | 21,211 | 213,782 | 10,920 | (9,981 | ) | 235,932 | |||||||||||||||
Deferred income taxes | 240,519 | — | (386 | ) | — | 240,133 | |||||||||||||||
Total Vail Resorts, Inc. stockholders’ equity (deficit) | 963,490 | 2,112,937 | (8,625 | ) | (2,104,312 | ) | 963,490 | ||||||||||||||
Advances to Parent | — | (665,400 | ) | — | 665,400 | — | |||||||||||||||
Noncontrolling interests | — | — | 13,984 | — | 13,984 | ||||||||||||||||
Total stockholders’ equity | 963,490 | 1,447,537 | 5,359 | (1,438,912 | ) | 977,474 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,149,043 | $ | 2,305,567 | $ | 83,215 | $ | (2,118,320 | ) | $ | 2,419,505 | ||||||||||
Supplemental Consolidating Condensed Balance Sheet | |||||||||||||||||||||
As of July 31, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Owned | Subsidiaries | Entries | ||||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 35,070 | $ | 9,336 | $ | — | $ | 44,406 | |||||||||||
Restricted cash | — | 11,321 | 1,860 | — | 13,181 | ||||||||||||||||
Trade receivables, net | — | 94,390 | 1,587 | — | 95,977 | ||||||||||||||||
Inventories, net | — | 66,988 | 195 | — | 67,183 | ||||||||||||||||
Other current assets | 29,249 | 24,736 | 314 | — | 54,299 | ||||||||||||||||
Total current assets | 29,249 | 232,505 | 13,292 | — | 275,046 | ||||||||||||||||
Property, plant and equipment, net | — | 1,105,830 | 42,160 | — | 1,147,990 | ||||||||||||||||
Real estate held for sale and investment | — | 157,858 | — | — | 157,858 | ||||||||||||||||
Goodwill, net | — | 376,491 | 1,657 | — | 378,148 | ||||||||||||||||
Intangible assets, net | — | 98,227 | 19,296 | — | 117,523 | ||||||||||||||||
Other assets | 2,762 | 100,365 | 4,137 | (9,980 | ) | 97,284 | |||||||||||||||
Investments in subsidiaries | 1,945,001 | (7,188 | ) | — | (1,937,813 | ) | — | ||||||||||||||
Advances to affiliates | — | — | 2,621 | (2,621 | ) | — | |||||||||||||||
Total assets | $ | 1,977,012 | $ | 2,064,088 | $ | 83,163 | $ | (1,950,414 | ) | $ | 2,173,849 | ||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 3,803 | $ | 277,738 | $ | 7,677 | $ | — | $ | 289,218 | |||||||||||
Income taxes payable | 33,966 | — | — | — | 33,966 | ||||||||||||||||
Long-term debt due within one year | — | 791 | 231 | — | 1,022 | ||||||||||||||||
Total current liabilities | 37,769 | 278,529 | 7,908 | — | 324,206 | ||||||||||||||||
Advances from affiliates | 725,839 | 2,621 | — | (728,460 | ) | — | |||||||||||||||
Long-term debt | 215,000 | 353,093 | 57,507 | — | 625,600 | ||||||||||||||||
Other long-term liabilities | 48,875 | 210,683 | 11,103 | (9,980 | ) | 260,681 | |||||||||||||||
Deferred income taxes | 128,686 | — | (124 | ) | — | 128,562 | |||||||||||||||
Total Vail Resorts, Inc. stockholders’ equity (deficit) | 820,843 | 1,945,001 | (7,188 | ) | (1,937,813 | ) | 820,843 | ||||||||||||||
Advances to Parent | — | (725,839 | ) | — | 725,839 | — | |||||||||||||||
Noncontrolling interests | — | — | 13,957 | — | 13,957 | ||||||||||||||||
Total stockholders’ equity | 820,843 | 1,219,162 | 6,769 | (1,211,974 | ) | 834,800 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,977,012 | $ | 2,064,088 | $ | 83,163 | $ | (1,950,414 | ) | $ | 2,173,849 | ||||||||||
Supplemental Consolidating Condensed Balance Sheet | |||||||||||||||||||||
As of April 30, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Owned | Subsidiaries | Entries | ||||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 298,642 | $ | 8,789 | $ | — | $ | 307,431 | |||||||||||
Restricted cash | — | 11,285 | 1,772 | — | 13,057 | ||||||||||||||||
Trade receivables, net | — | 77,108 | 2,707 | — | 79,815 | ||||||||||||||||
Inventories, net | — | 60,229 | 180 | — | 60,409 | ||||||||||||||||
Other current assets | 29,217 | 28,961 | 518 | — | 58,696 | ||||||||||||||||
Total current assets | 29,217 | 476,225 | 13,966 | — | 519,408 | ||||||||||||||||
Property, plant and equipment, net | — | 1,121,251 | 43,136 | — | 1,164,387 | ||||||||||||||||
Real estate held for sale and investment | — | 170,818 | — | — | 170,818 | ||||||||||||||||
Goodwill, net | — | 376,491 | 1,729 | — | 378,220 | ||||||||||||||||
Intangible assets, net | — | 99,149 | 19,358 | — | 118,507 | ||||||||||||||||
Other assets | 5,274 | 97,136 | 4,154 | (9,460 | ) | 97,104 | |||||||||||||||
Investments in subsidiaries | 2,046,019 | (4,984 | ) | — | (2,041,035 | ) | — | ||||||||||||||
Advances to affiliates | — | — | 3,379 | (3,379 | ) | — | |||||||||||||||
Total assets | $ | 2,080,510 | $ | 2,336,086 | $ | 85,722 | $ | (2,053,874 | ) | $ | 2,448,444 | ||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 13,014 | $ | 243,284 | $ | 8,479 | $ | — | $ | 264,777 | |||||||||||
Income taxes payable | 39,043 | — | — | — | 39,043 | ||||||||||||||||
Long-term debt due within one year | — | 648 | 231 | — | 879 | ||||||||||||||||
Total current liabilities | 52,057 | 243,932 | 8,710 | — | 304,699 | ||||||||||||||||
Advances from affiliates | 520,096 | 3,379 | — | (523,475 | ) | — | |||||||||||||||
Long-term debt | 390,000 | 351,716 | 57,507 | — | 799,223 | ||||||||||||||||
Other long-term liabilities | 27,673 | 211,136 | 10,585 | (9,460 | ) | 239,934 | |||||||||||||||
Deferred income taxes | 183,535 | — | (62 | ) | — | 183,473 | |||||||||||||||
Total Vail Resorts, Inc. stockholders’ equity (deficit) | 907,149 | 2,046,019 | (4,984 | ) | (2,041,035 | ) | 907,149 | ||||||||||||||
Advances to Parent | — | (520,096 | ) | — | 520,096 | — | |||||||||||||||
Noncontrolling interests | — | — | 13,966 | — | 13,966 | ||||||||||||||||
Total stockholders’ equity | 907,149 | 1,525,923 | 8,982 | (1,520,939 | ) | 921,115 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,080,510 | $ | 2,336,086 | $ | 85,722 | $ | (2,053,874 | ) | $ | 2,448,444 | ||||||||||
Supplemental Consolidating Condensed Statement of Operations | |||||||||||||||||||||
For the three months ended April 30, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Guarantor | Subsidiaries | Entries | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Total net revenue | $ | — | $ | 577,461 | $ | 6,493 | $ | (4,611 | ) | $ | 579,343 | ||||||||||
Total operating expense | 64 | 350,193 | 5,907 | (4,573 | ) | 351,591 | |||||||||||||||
(Loss) income from operations | (64 | ) | 227,268 | 586 | (38 | ) | 227,752 | ||||||||||||||
Other expense, net | (3,593 | ) | (9,743 | ) | (318 | ) | 38 | (13,616 | ) | ||||||||||||
Equity investment loss, net | — | (129 | ) | — | — | (129 | ) | ||||||||||||||
(Loss) income before benefit (provision) for income taxes | (3,657 | ) | 217,396 | 268 | — | 214,007 | |||||||||||||||
Benefit (provision) for income taxes | 1,257 | (81,823 | ) | (39 | ) | — | (80,605 | ) | |||||||||||||
Net (loss) income before equity in income of consolidated subsidiaries | (2,400 | ) | 135,573 | 229 | — | 133,402 | |||||||||||||||
Equity in income of consolidated subsidiaries | 135,810 | 237 | — | (136,047 | ) | — | |||||||||||||||
Net income | 133,410 | 135,810 | 229 | (136,047 | ) | 133,402 | |||||||||||||||
Net loss attributable to noncontrolling interests | — | — | 8 | — | 8 | ||||||||||||||||
Net income attributable to Vail Resorts, Inc. | $ | 133,410 | $ | 135,810 | $ | 237 | $ | (136,047 | ) | $ | 133,410 | ||||||||||
Supplemental Consolidating Condensed Statement of Operations | |||||||||||||||||||||
For the three months ended April 30, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Guarantor | Subsidiaries | Entries | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Total net revenue | $ | — | $ | 539,704 | $ | 6,494 | $ | (3,151 | ) | $ | 543,047 | ||||||||||
Total operating expense | 106 | 336,623 | 6,266 | (3,113 | ) | 339,882 | |||||||||||||||
(Loss) income from operations | (106 | ) | 203,081 | 228 | (38 | ) | 203,165 | ||||||||||||||
Other expense, net | (6,600 | ) | (9,331 | ) | (391 | ) | 38 | (16,284 | ) | ||||||||||||
Equity investment income, net | — | 665 | — | — | 665 | ||||||||||||||||
(Loss) income before benefit (provision) for income taxes | (6,706 | ) | 194,415 | (163 | ) | — | 187,546 | ||||||||||||||
Benefit (provision) for income taxes | 2,564 | (72,295 | ) | 51 | — | (69,680 | ) | ||||||||||||||
Net (loss) income before equity in income (loss) of consolidated subsidiaries | (4,142 | ) | 122,120 | (112 | ) | — | 117,866 | ||||||||||||||
Equity in income (loss) of consolidated subsidiaries | 122,088 | (32 | ) | — | (122,056 | ) | — | ||||||||||||||
Net income (loss) | 117,946 | 122,088 | (112 | ) | (122,056 | ) | 117,866 | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | 80 | — | 80 | ||||||||||||||||
Net income (loss) attributable to Vail Resorts, Inc. | $ | 117,946 | $ | 122,088 | $ | (32 | ) | $ | (122,056 | ) | $ | 117,946 | |||||||||
Supplemental Consolidating Condensed Statement of Operations | |||||||||||||||||||||
For the nine months ended April 30, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Guarantor | Subsidiaries | Entries | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Total net revenue | $ | — | $ | 1,235,712 | $ | 15,710 | $ | (13,580 | ) | $ | 1,237,842 | ||||||||||
Total operating expense | 285 | 956,630 | 16,352 | (13,466 | ) | 959,801 | |||||||||||||||
Gain on litigation settlement | — | 16,400 | — | — | 16,400 | ||||||||||||||||
Change in fair value of contingent consideration | — | 4,550 | — | — | 4,550 | ||||||||||||||||
(Loss) income from operations | (285 | ) | 300,032 | (642 | ) | (114 | ) | 298,991 | |||||||||||||
Other expense, net | (10,871 | ) | (29,197 | ) | (1,001 | ) | 114 | (40,955 | ) | ||||||||||||
Equity investment income, net | — | 396 | — | — | 396 | ||||||||||||||||
(Loss) income before benefit (provision) for income taxes | (11,156 | ) | 271,231 | (1,643 | ) | — | 258,432 | ||||||||||||||
Benefit (provision) for income taxes | 27,691 | (101,406 | ) | 61 | — | (73,654 | ) | ||||||||||||||
Net income (loss) before equity in income (loss) of consolidated subsidiaries | 16,535 | 169,825 | (1,582 | ) | — | 184,778 | |||||||||||||||
Equity in income (loss) of consolidated subsidiaries | 168,361 | (1,464 | ) | — | (166,897 | ) | — | ||||||||||||||
Net income (loss) | 184,896 | 168,361 | (1,582 | ) | (166,897 | ) | 184,778 | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | 118 | — | 118 | ||||||||||||||||
Net income (loss) attributable to Vail Resorts, Inc. | $ | 184,896 | $ | 168,361 | $ | (1,464 | ) | $ | (166,897 | ) | $ | 184,896 | |||||||||
Supplemental Consolidating Condensed Statement of Operations | |||||||||||||||||||||
For the nine months ended April 30, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Guarantor | Subsidiaries | Entries | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Total net revenue | $ | — | $ | 1,113,141 | $ | 15,840 | $ | (9,823 | ) | $ | 1,119,158 | ||||||||||
Total operating expense | 286 | 899,631 | 17,194 | (9,709 | ) | 907,402 | |||||||||||||||
(Loss) income from operations | (286 | ) | 213,510 | (1,354 | ) | (114 | ) | 211,756 | |||||||||||||
Other expense, net | (19,802 | ) | (27,630 | ) | (1,138 | ) | 114 | (48,456 | ) | ||||||||||||
Equity investment income, net | — | 1,282 | — | — | 1,282 | ||||||||||||||||
(Loss) income before benefit (provision) for income taxes | (20,088 | ) | 187,162 | (2,492 | ) | — | 164,582 | ||||||||||||||
Benefit (provision) for income taxes | 7,810 | (68,971 | ) | 208 | — | (60,953 | ) | ||||||||||||||
Net (loss) income before equity in income (loss) of consolidated subsidiaries | (12,278 | ) | 118,191 | (2,284 | ) | — | 103,629 | ||||||||||||||
Equity in income (loss) of consolidated subsidiaries | 116,111 | (2,080 | ) | — | (114,031 | ) | — | ||||||||||||||
Net income (loss) | 103,833 | 116,111 | (2,284 | ) | (114,031 | ) | 103,629 | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | 204 | — | 204 | ||||||||||||||||
Net income (loss) attributable to Vail Resorts, Inc. | $ | 103,833 | $ | 116,111 | $ | (2,080 | ) | $ | (114,031 | ) | $ | 103,833 | |||||||||
Supplemental Consolidating Condensed Statement of Comprehensive Income | |||||||||||||||||||||
For the three months ended April 30, 2015 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Guarantor | Subsidiaries | Entries | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net income | $ | 133,410 | $ | 135,810 | $ | 229 | $ | (136,047 | ) | $ | 133,402 | ||||||||||
Foreign currency translation adjustments, net of tax | 23 | (23 | ) | (23 | ) | 46 | 23 | ||||||||||||||
Comprehensive income | 133,433 | 135,787 | 206 | (136,001 | ) | 133,425 | |||||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 8 | — | 8 | ||||||||||||||||
Comprehensive income attributable to Vail Resorts, Inc. | $ | 133,433 | $ | 135,787 | $ | 214 | $ | (136,001 | ) | $ | 133,433 | ||||||||||
Supplemental Consolidating Condensed Statement of Comprehensive Income (Loss) | |||||||||||||||||||||
For the three months ended April 30, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Guarantor | Subsidiaries | Entries | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net income (loss) | $ | 117,946 | $ | 122,088 | $ | (112 | ) | $ | (122,056 | ) | $ | 117,866 | |||||||||
Foreign currency translation adjustments, net of tax | 85 | 85 | 85 | (170 | ) | 85 | |||||||||||||||
Comprehensive income (loss) | 118,031 | 122,173 | (27 | ) | (122,226 | ) | 117,951 | ||||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 80 | — | 80 | ||||||||||||||||
Comprehensive income attributable to Vail Resorts, Inc. | $ | 118,031 | $ | 122,173 | $ | 53 | $ | (122,226 | ) | $ | 118,031 | ||||||||||
Supplemental Consolidating Condensed Statement of Comprehensive Income (Loss) | |||||||||||||||||||||
For the nine months ended April 30, 2015 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Guarantor | Subsidiaries | Entries | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net income (loss) | $ | 184,896 | $ | 168,361 | $ | (1,582 | ) | $ | (166,897 | ) | $ | 184,778 | |||||||||
Foreign currency translation adjustments, net of tax | (424 | ) | 424 | 424 | (848 | ) | (424 | ) | |||||||||||||
Comprehensive income (loss) | 184,472 | 168,785 | (1,158 | ) | (167,745 | ) | 184,354 | ||||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 118 | — | 118 | ||||||||||||||||
Comprehensive income (loss) attributable to Vail Resorts, Inc. | $ | 184,472 | $ | 168,785 | $ | (1,040 | ) | $ | (167,745 | ) | $ | 184,472 | |||||||||
Supplemental Consolidating Condensed Statement of Comprehensive Income (Loss) | |||||||||||||||||||||
For the nine months ended April 30, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Guarantor | Subsidiaries | Entries | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net income (loss) | $ | 103,833 | $ | 116,111 | $ | (2,284 | ) | $ | (114,031 | ) | $ | 103,629 | |||||||||
Foreign currency translation adjustments, net of tax | (34 | ) | (34 | ) | (34 | ) | 68 | (34 | ) | ||||||||||||
Comprehensive income (loss) | 103,799 | 116,077 | (2,318 | ) | (113,963 | ) | 103,595 | ||||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 204 | — | 204 | ||||||||||||||||
Comprehensive income (loss) attributable to Vail Resorts, Inc. | $ | 103,799 | $ | 116,077 | $ | (2,114 | ) | $ | (113,963 | ) | $ | 103,799 | |||||||||
Supplemental Consolidating Condensed Statement of Cash Flows | |||||||||||||||||||||
For the nine months ended April 30, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Consolidated | ||||||||||||||||||
Company | Guarantor | Subsidiaries | |||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 109,692 | $ | 285,406 | $ | (622 | ) | $ | 394,476 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | — | (84,941 | ) | (642 | ) | (85,583 | ) | ||||||||||||||
Acquisition of business | — | (182,500 | ) | — | (182,500 | ) | |||||||||||||||
Other investing activities, net | — | 3,288 | (14 | ) | 3,274 | ||||||||||||||||
Net cash used in investing activities | — | (264,153 | ) | (656 | ) | (264,809 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from borrowings under long-term debt | — | 253,000 | — | 253,000 | |||||||||||||||||
Payments of other long-term debt | — | (253,782 | ) | (231 | ) | (254,013 | ) | ||||||||||||||
Dividends paid | (52,778 | ) | — | — | (52,778 | ) | |||||||||||||||
Other financing activities, net | 3,878 | 1,018 | 145 | 5,041 | |||||||||||||||||
Advances | (60,792 | ) | 60,792 | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (109,692 | ) | 61,028 | (86 | ) | (48,750 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 218 | (327 | ) | (109 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 82,499 | (1,691 | ) | 80,808 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
Beginning of period | — | 35,070 | 9,336 | 44,406 | |||||||||||||||||
End of period | $ | — | $ | 117,569 | $ | 7,645 | $ | 125,214 | |||||||||||||
Supplemental Consolidating Condensed Statement of Cash Flows | |||||||||||||||||||||
For the nine months ended April 30, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Consolidated | ||||||||||||||||||
Company | Guarantor | Subsidiaries | |||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net cash provided by operating activities | $ | 52,146 | $ | 252,610 | $ | 1,441 | $ | 306,197 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | — | (107,208 | ) | (892 | ) | (108,100 | ) | ||||||||||||||
Other investing activities, net | — | 912 | 8 | 920 | |||||||||||||||||
Net cash used in investing activities | — | (106,296 | ) | (884 | ) | (107,180 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments of other long-term debt | — | (758 | ) | (219 | ) | (977 | ) | ||||||||||||||
Dividends paid | (29,998 | ) | — | — | (29,998 | ) | |||||||||||||||
Other financing activities, net | 3,880 | (3,891 | ) | 743 | 732 | ||||||||||||||||
Advances | (26,028 | ) | 26,028 | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (52,146 | ) | 21,379 | 524 | (30,243 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (21 | ) | 74 | 53 | ||||||||||||||||
Net increase in cash and cash equivalents | — | 167,672 | 1,155 | 168,827 | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
Beginning of period | — | 130,970 | 7,634 | 138,604 | |||||||||||||||||
End of period | $ | — | $ | 298,642 | $ | 8,789 | $ | 307,431 | |||||||||||||
Income_Taxes_Notes
Income Taxes (Notes) | 9 Months Ended |
Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 12. Income Taxes |
The Company had Federal net operating loss (“NOL”) carryforwards that expired in the year ended July 31, 2008 and were limited in deductibility each year under Section 382 of the Internal Revenue Code. The Company had only been able to use these NOL carryforwards to the extent of approximately $8.0 million per year through December 31, 2007 (the “Section 382 Amount”). However, during the year ended July 31, 2005, the Company amended previously filed tax returns (for tax years 1997-2002) in an effort to remove the restrictions under Section 382 of the Internal Revenue Code on approximately $73.8 million of NOL carryforwards to reduce future taxable income. As a result, the Company requested a refund related to the amended returns in the amount of $6.2 million and reduced its federal tax liability in the amount of $19.6 million in subsequent returns. These NOL carryforwards relate to fresh start accounting from the Company’s reorganization in 1992. During the year ended July 31, 2006, the Internal Revenue Service (“IRS”) completed its examination of the Company’s filing position in these amended returns and disallowed the Company’s request for refund and its position to remove the restrictions under Section 382 of the Internal Revenue Code. The Company appealed the examiner’s disallowance of these NOL carryforwards to the Office of Appeals. In December 2008, the Office of Appeals denied the Company’s appeal, as well as a request for mediation. The Company disagreed with the IRS interpretation disallowing the utilization of the NOL’s and in August 2009, the Company filed a complaint in the United States District Court for the District of Colorado against the United States of America seeking a refund of approximately $6.2 million in Federal income taxes paid, plus interest. On July 1, 2011, the District Court granted the Company summary judgment, concluding that the IRS’s decision disallowing the utilization of the NOLs was inappropriate. The computations themselves, however, remained in dispute, and the District Court's ruling was subject to appeal by the IRS. Subsequently, the District Court proceedings were continued pending settlement discussions between the parties. | |
The Company also filed two related tax proceedings in the United States Tax Court regarding calculation of NOL carryover deductions for tax years 2006, 2007, and 2008. The two proceedings involved substantially the same issues as the litigation in the District Court for tax years 2000 and 2001 in which the Company disagreed with the IRS as to the utilization of NOLs. Like the District Court proceedings, the Tax Court proceedings were continued pending settlement discussions between the parties. | |
On January 29, 2015, the parties completed the execution of a comprehensive settlement agreement resolving all issues and computations in the above mentioned pending proceedings, which allowed the Company to utilize a significant portion of the NOLs. As a result, the Company reversed $27.7 million of other long-term liabilities related to uncertain tax benefits, and recorded income tax benefits of $23.8 million for the utilization of the NOLs, including the reversal of accrued interest and penalties, within its Consolidated Condensed Statements of Operations for the nine months ended April 30, 2015. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | New Accounting Standards— In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition”. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This standard will be effective for the first interim period within fiscal years beginning after December 15, 2016 (the Company's 2018 first fiscal quarter), using one of two retrospective application methods. On April 1, 2015, the FASB voted to defer the effective date of the new revenue standard by one year, which is subject to a period for public comments, and would allow entities the option to early adopt the new revenue standard as of the original effective date. The Company is evaluating the impacts, if any, the adoption of this accounting standard will have on the Company's financial position or results of operations. | ||||||||||||||||||||||||
In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis", which amends the consolidation requirements in ASC 810, "Consolidation". This ASU affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidated analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships and (iv) provide a scope exception for certain entities. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company's 2017 first fiscal quarter). The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company is evaluating the impacts, if any, the adoption of this accounting standard will have on the Company's financial position or results of operations. | |||||||||||||||||||||||||
In April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." The new standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance in the new standard is limited to the presentation of debt issuance costs and does not affect the recognition and measurement of debt issuance costs. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company’s 2017 first fiscal quarter) and early adoption is permitted for financial statements that have not been previously issued. The standard should be applied on a retrospective basis. The adoption of this new accounting standard will amend presentation and disclosure requirements concerning debt issuance costs, and as such the adoption will not affect the Company’s financial position or results of operations. | |||||||||||||||||||||||||
In April 2015, the FASB issued ASU No. 2015-05, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement." The standard provides guidance about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the software license element of the arrangement should be accounted for as an acquisition of a software license. If a cloud computing arrangement does not include a software license, it should be accounted for as a service contract. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company’s 2017 first fiscal quarter) and may be adopted either retrospectively or prospectively. The Company is evaluating the impacts, if any, the adoption of this accounting standard will have on the Company's financial position or results of operations. | |||||||||||||||||||||||||
Consolidated Financial Statements Policy [Table Text Block] | Consolidated Condensed Financial Statements— In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2014. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2014 was derived from audited financial statements. | ||||||||||||||||||||||||
Use of Estimates | Use of Estimates— The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||||||||||
Noncontrolling Interests In Consolidated Financial Statements | Noncontrolling Interests in Consolidated Condensed Financial Statements— Net loss attributable to noncontrolling interests along with net income attributable to the stockholders of the Company are reported separately in the Consolidated Condensed Statement of Operations. Additionally, noncontrolling interests in the consolidated subsidiaries of the Company are reported as a separate component of equity in the Consolidated Condensed Balance Sheet, apart from the Company’s equity. The following table summarizes the changes in total stockholders’ equity (in thousands): | ||||||||||||||||||||||||
For the Nine Months Ended April 30, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Vail Resorts | Noncontrolling | Total | Vail Resorts | Noncontrolling | Total | ||||||||||||||||||||
Stockholders’ | Interests | Stockholders' Equity | Stockholders’ | Interests | Stockholders' Equity | ||||||||||||||||||||
Equity | Equity | ||||||||||||||||||||||||
Balance, beginning of period | $ | 820,843 | $ | 13,957 | $ | 834,800 | $ | 823,868 | $ | 14,001 | $ | 837,869 | |||||||||||||
Net income (loss) | 184,896 | (118 | ) | 184,778 | 103,833 | (204 | ) | 103,629 | |||||||||||||||||
Stock-based compensation expense | 11,718 | — | 11,718 | 10,539 | — | 10,539 | |||||||||||||||||||
Issuance of shares under share award plans, net of shares withheld for taxes | (4,629 | ) | — | (4,629 | ) | (4,797 | ) | — | (4,797 | ) | |||||||||||||||
Tax benefit from share award plans | 3,864 | — | 3,864 | 3,738 | — | 3,738 | |||||||||||||||||||
Cash dividends paid on common stock | (52,778 | ) | — | (52,778 | ) | (29,998 | ) | — | (29,998 | ) | |||||||||||||||
Contributions from noncontrolling interests, net | — | 145 | 145 | — | 169 | 169 | |||||||||||||||||||
Foreign currency translation adjustments, net of tax | (424 | ) | — | (424 | ) | (34 | ) | — | (34 | ) | |||||||||||||||
Balance, end of period | $ | 963,490 | $ | 13,984 | $ | 977,474 | $ | 907,149 | $ | 13,966 | $ | 921,115 | |||||||||||||
Fair Value of Financial Instruments | Fair Value Instruments— The recorded amounts for cash and cash equivalents, trade receivables, other current assets, and accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under the Employee Housing Bonds (Note 4, Long-Term Debt) approximate book value due to the variable nature of the interest rate associated with that debt. The fair values of the 6.50% Senior Subordinated Notes due 2019 (“6.50% Notes”) and the Company’s Industrial Development Bonds are based on their redemption prices as of April 30, 2015; determined by their outstanding aggregate principal amounts as of April 30, 2015, plus redemption premiums to be paid on the redemption date of May 1, 2015 (refer to Note 4, Long-Term Debt for further discussion). The fair value of other long-term debt has been estimated using discounted cash flow analyses based on current borrowing rates for debt with similar remaining maturities and ratings (a Level 3 input). The estimated fair values of the 6.50% Notes, Industrial Development Bonds and other long-term debt as of April 30, 2015 are presented below (in thousands): | ||||||||||||||||||||||||
30-Apr-15 | |||||||||||||||||||||||||
Carrying | Fair | ||||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||
6.50% Notes | $ | 215,000 | $ | 221,988 | |||||||||||||||||||||
Industrial Development Bonds | $ | 41,200 | $ | 42,848 | |||||||||||||||||||||
Other long-term debt | $ | 11,875 | $ | 12,521 | |||||||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
Schedule of Changes in Total Stockholders Equity | The following table summarizes the changes in total stockholders’ equity (in thousands): | ||||||||||||||||||||||||
For the Nine Months Ended April 30, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Vail Resorts | Noncontrolling | Total | Vail Resorts | Noncontrolling | Total | ||||||||||||||||||||
Stockholders’ | Interests | Stockholders' Equity | Stockholders’ | Interests | Stockholders' Equity | ||||||||||||||||||||
Equity | Equity | ||||||||||||||||||||||||
Balance, beginning of period | $ | 820,843 | $ | 13,957 | $ | 834,800 | $ | 823,868 | $ | 14,001 | $ | 837,869 | |||||||||||||
Net income (loss) | 184,896 | (118 | ) | 184,778 | 103,833 | (204 | ) | 103,629 | |||||||||||||||||
Stock-based compensation expense | 11,718 | — | 11,718 | 10,539 | — | 10,539 | |||||||||||||||||||
Issuance of shares under share award plans, net of shares withheld for taxes | (4,629 | ) | — | (4,629 | ) | (4,797 | ) | — | (4,797 | ) | |||||||||||||||
Tax benefit from share award plans | 3,864 | — | 3,864 | 3,738 | — | 3,738 | |||||||||||||||||||
Cash dividends paid on common stock | (52,778 | ) | — | (52,778 | ) | (29,998 | ) | — | (29,998 | ) | |||||||||||||||
Contributions from noncontrolling interests, net | — | 145 | 145 | — | 169 | 169 | |||||||||||||||||||
Foreign currency translation adjustments, net of tax | (424 | ) | — | (424 | ) | (34 | ) | — | (34 | ) | |||||||||||||||
Balance, end of period | $ | 963,490 | $ | 13,984 | $ | 977,474 | $ | 907,149 | $ | 13,966 | $ | 921,115 | |||||||||||||
Summary Of Estimated Fair Value Of Financial Instruments | The estimated fair values of the 6.50% Notes, Industrial Development Bonds and other long-term debt as of April 30, 2015 are presented below (in thousands): | ||||||||||||||||||||||||
30-Apr-15 | |||||||||||||||||||||||||
Carrying | Fair | ||||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||
6.50% Notes | $ | 215,000 | $ | 221,988 | |||||||||||||||||||||
Industrial Development Bonds | $ | 41,200 | $ | 42,848 | |||||||||||||||||||||
Other long-term debt | $ | 11,875 | $ | 12,521 | |||||||||||||||||||||
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Earnings Per Share Reconciliation [Abstract] | |||||||||||||||||
Summary Of Calculation On Basic And Diluted EPS | Presented below is basic and diluted EPS for the nine months ended April 30, 2015 and 2014 (in thousands, except per share amounts): | ||||||||||||||||
Nine Months Ended April 30, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||
Net income per share: | |||||||||||||||||
Net income attributable to Vail Resorts | $ | 184,896 | $ | 184,896 | $ | 103,833 | $ | 103,833 | |||||||||
Weighted-average shares outstanding | 36,310 | 36,310 | 36,105 | 36,105 | |||||||||||||
Effect of dilutive securities | — | 1,052 | — | 920 | |||||||||||||
Total shares | 36,310 | 37,362 | 36,105 | 37,025 | |||||||||||||
Net income per share attributable to Vail Resorts | $ | 5.09 | $ | 4.95 | $ | 2.88 | $ | 2.8 | |||||||||
Presented below is basic and diluted EPS for the three months ended April 30, 2015 and 2014 (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended April 30, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||
Net income per share: | |||||||||||||||||
Net income attributable to Vail Resorts | $ | 133,410 | $ | 133,410 | $ | 117,946 | $ | 117,946 | |||||||||
Weighted-average shares outstanding | 36,354 | 36,354 | 36,159 | 36,159 | |||||||||||||
Effect of dilutive securities | — | 1,099 | — | 895 | |||||||||||||
Total shares | 36,354 | 37,453 | 36,159 | 37,054 | |||||||||||||
Net income per share attributable to Vail Resorts | $ | 3.67 | $ | 3.56 | $ | 3.26 | $ | 3.18 | |||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||||||||
Apr. 30, 2015 | |||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||
Schedule Of Long-Term Debt | Long-term debt as of April 30, 2015, July 31, 2014 and April 30, 2014 is summarized as follows (in thousands): | ||||||||||||||
Maturity (a) | 30-Apr-15 | 31-Jul-14 | 30-Apr-14 | ||||||||||||
Credit Facility Revolver (b) | 2019 | $ | — | $ | — | $ | — | ||||||||
Industrial Development Bonds (c) | 2020 | 41,200 | 41,200 | 41,200 | |||||||||||
Employee Housing Bonds | 2027-2039 | 52,575 | 52,575 | 52,575 | |||||||||||
6.50% Notes (c) | 2019 | 215,000 | 215,000 | 390,000 | |||||||||||
Canyons obligation | 2063 | 316,056 | 311,858 | 310,472 | |||||||||||
Other | 2015-2029 | 11,918 | 5,989 | 5,855 | |||||||||||
Total debt | 636,749 | 626,622 | 800,102 | ||||||||||||
Less: Current maturities (d) | 256,953 | 1,022 | 879 | ||||||||||||
Long-term debt | $ | 379,796 | $ | 625,600 | $ | 799,223 | |||||||||
(a) | Maturities are based on the Company’s July 31 fiscal year end. | ||||||||||||||
(b) | On May 1, 2015, Vail Holdings, Inc. (“VHI”), a wholly-owned subsidiary of the Company, amended and restated its senior credit facility, the Sixth Amended and Restated Credit Agreement (the “Prior Credit Agreement”). The amended credit facility is now referred to as the Seventh Amended and Restated Credit Agreement (the “Credit Agreement”) with VHI, as borrower, the Company and certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent, and the other Lenders party thereto. The Credit Agreement provides for a term loan facility in an aggregate principal amount of $250.0 million. The term loan facility is subject to quarterly amortization of principal, commencing on January 31, 2016, in equal installments, with five percent payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due on May 1, 2020. | ||||||||||||||
Pursuant to the terms of the Credit Agreement, VHI has the ability to increase availability (under the revolver or in the form of term loans) to an aggregate principal amount not to exceed the greater of (i) $950.0 million and (ii) the product of 2.75 and the trailing twelve-month Adjusted EBITDA, as defined in the Credit Agreement. The material terms of the Credit Agreement are substantially similar to those of the Prior Credit Agreement described in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2014. Key modifications to the Prior Credit Agreement included, among other things, the extension of the maturity on the revolving credit facility from March 2019 to May 2020 and increases in certain baskets for and improved flexibility to incur debt and make distributions. VHI’s obligations under the Credit Agreement are guaranteed by the Company and certain of its subsidiaries and are collateralized by a pledge of all the capital stock of VHI and substantially all of its subsidiaries (with certain additional exceptions for the pledge of the capital stock of foreign subsidiaries). The proceeds of the loans made under the Credit Agreement may be used, in addition to the redemption of the 6.50% Notes and Industrial Development Bonds, to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. Borrowings under the Credit Agreement, including the term loan facility, bear interest annually at a rate of (i) LIBOR plus a margin or (ii) the Agent’s prime lending rate plus a margin. Interest rate margins may fluctuate based upon the ratio of the Company’s Net Funded Debt to Adjusted EBITDA on a trailing four-quarter basis. | |||||||||||||||
(c) | On March 13, 2015, the Company submitted redemption notices to the trustees to redeem the outstanding $215.0 million aggregate principal amount of the 6.50% Notes and the $41.2 million aggregate principal amount of Industrial Development Bonds. As a result, the Company classified the aggregate principal amounts outstanding as long-term debt due within one year. On May 1, 2015, the Company redeemed the outstanding aggregate principal amounts of its 6.50% Notes and Industrial Development Bonds which was funded by the $250.0 million term loan facility and cash on hand. The redemption premium for the 6.50% Notes was 103.250%, plus accrued and unpaid interest to the redemption date of May 1, 2015. The redemption premium for the Industrial Development Bonds was 104.000%, plus accrued and unpaid interest to the redemption date of May 1, 2015. As a result, the Company incurred an early redemption premium of $8.6 million, which will be recorded, along with a write-off of $2.4 million of unamortized debt issuance costs, as a loss on extinguishment of debt in the fourth quarter of the fiscal year ending July 31, 2015. Upon completion of the redemptions, no amounts of the 6.50% Notes or Industrial Development Bonds remained outstanding. | ||||||||||||||
(d) | Current maturities represent principal payments due in the next 12 months. | ||||||||||||||
Schedule Of Aggregate Maturities For Debt Outstanding | Aggregate maturities for debt outstanding as of April 30, 2015 reflected by fiscal year are as follows (in thousands): | ||||||||||||||
Total | |||||||||||||||
2015 | $ | 256,319 | |||||||||||||
2016 | 779 | ||||||||||||||
2017 | 854 | ||||||||||||||
2018 | 897 | ||||||||||||||
2019 | 955 | ||||||||||||||
Thereafter | 376,945 | ||||||||||||||
Total debt | $ | 636,749 | |||||||||||||
Acquisitions_Acquisitions_Tabl
Acquisitions Acquisitions (Tables) (PCMR [Member]) | 9 Months Ended | |||||||
Apr. 30, 2015 | ||||||||
PCMR [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on August 1, 2013 (in thousands, except per share amounts). | |||||||
Three Months Ended April 30, | ||||||||
2014 | ||||||||
Pro forma net revenue | $ | 575,637 | ||||||
Pro forma net income attributable to Vail Resorts, Inc. | $ | 127,625 | ||||||
Pro forma basic net income per share attributable to Vail Resorts, Inc. | $ | 3.53 | ||||||
Pro forma diluted net income per share attributable to Vail Resorts, Inc. | $ | 3.44 | ||||||
Nine Months Ended | ||||||||
April 30, | ||||||||
2015 | 2014 | |||||||
Pro forma net revenue | $ | 1,239,878 | $ | 1,175,694 | ||||
Pro forma net income attributable to Vail Resorts, Inc. | $ | 185,565 | $ | 113,179 | ||||
Pro forma basic net income per share attributable to Vail Resorts, Inc. | $ | 5.11 | $ | 3.13 | ||||
Pro forma diluted net income per share attributable to Vail Resorts, Inc. | $ | 4.97 | $ | 3.06 | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following summarizes the preliminary estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands). | |||||||
Estimates of Fair Value at Effective Date of Transaction | ||||||||
Accounts receivable | $ | 1,024 | ||||||
Other assets | 3,075 | |||||||
Property, plant and equipment | 76,605 | |||||||
Deferred income tax assets, net | 7,444 | |||||||
Real estate held for sale and investment | 7,000 | |||||||
Intangible assets | 27,650 | |||||||
Goodwill | 92,431 | |||||||
Total identifiable assets acquired | $ | 215,229 | ||||||
Accounts payable and accrued liabilities | $ | 1,960 | ||||||
Deferred revenue | 4,319 | |||||||
Total liabilities assumed | $ | 6,279 | ||||||
Total purchase price | $ | 208,950 | ||||||
Supplementary_Balance_Sheet_In1
Supplementary Balance Sheet Information (Tables) | 9 Months Ended | ||||||||||||
Apr. 30, 2015 | |||||||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||||||
Composition Of Property, Plant And Equipment | The composition of property, plant and equipment follows (in thousands): | ||||||||||||
30-Apr-15 | 31-Jul-14 | 30-Apr-14 | |||||||||||
Land and land improvements | $ | 413,775 | $ | 348,328 | $ | 350,674 | |||||||
Buildings and building improvements | 957,594 | 907,280 | 908,829 | ||||||||||
Machinery and equipment | 777,011 | 700,745 | 701,825 | ||||||||||
Furniture and fixtures | 284,403 | 269,209 | 273,202 | ||||||||||
Software | 105,482 | 98,653 | 99,958 | ||||||||||
Vehicles | 59,708 | 55,724 | 55,324 | ||||||||||
Construction in progress | 20,245 | 31,487 | 19,453 | ||||||||||
Gross property, plant and equipment | 2,618,218 | 2,411,426 | 2,409,265 | ||||||||||
Accumulated depreciation | (1,359,125 | ) | (1,263,436 | ) | (1,244,878 | ) | |||||||
Property, plant and equipment, net | $ | 1,259,093 | $ | 1,147,990 | $ | 1,164,387 | |||||||
Components Of Accounts Payable And Accrued Liabilities | The composition of accounts payable and accrued liabilities follows (in thousands): | ||||||||||||
30-Apr-15 | 31-Jul-14 | 30-Apr-14 | |||||||||||
Trade payables | $ | 52,371 | $ | 71,823 | $ | 48,406 | |||||||
Deferred revenue | 115,300 | 110,566 | 93,135 | ||||||||||
Accrued salaries, wages and deferred compensation | 38,594 | 29,833 | 35,221 | ||||||||||
Accrued benefits | 26,459 | 21,351 | 25,468 | ||||||||||
Deposits | 18,199 | 15,272 | 17,772 | ||||||||||
Accrued interest | 7,865 | 5,429 | 13,549 | ||||||||||
Other accruals | 34,268 | 34,944 | 31,226 | ||||||||||
Total accounts payable and accrued liabilities | $ | 293,056 | $ | 289,218 | $ | 264,777 | |||||||
Components Of Other Long-Term Liabilities | The composition of other long-term liabilities follows (in thousands): | ||||||||||||
30-Apr-15 | 31-Jul-14 | 30-Apr-14 | |||||||||||
Private club deferred initiation fee revenue | $ | 128,295 | $ | 128,824 | $ | 130,543 | |||||||
Unfavorable lease obligation, net | 29,325 | 31,338 | 32,034 | ||||||||||
Other long-term liabilities | 78,312 | 100,519 | 77,357 | ||||||||||
Total other long-term liabilities | $ | 235,932 | $ | 260,681 | $ | 239,934 | |||||||
Schedule of Goodwill [Table Text Block] | The changes in the net carrying amount of goodwill allocated between the Company's segments for the nine months ended April 30, 2015 are as follows (in thousands): | ||||||||||||
Mountain | Lodging | Goodwill, net | |||||||||||
Balance at July 31, 2014 | $ | 310,249 | $ | 67,899 | $ | 378,148 | |||||||
Acquisition | 92,431 | — | 92,431 | ||||||||||
Effects of changes in foreign currency exchange rates | (293 | ) | — | (293 | ) | ||||||||
Balance at April 30, 2015 | $ | 402,387 | $ | 67,899 | $ | 470,286 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||
Apr. 30, 2015 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||
Summary Of Cash Equivalents Measured At Fair Value | The table below summarizes the Company’s cash equivalents and Contingent Consideration measured at fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands): | |||||||||||||||||
Fair Value Measurement as of April 30, 2015 | ||||||||||||||||||
Description | Balance at April 30, 2015 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | ||||||||||||||||||
Money Market | $ | 7,578 | $ | 7,578 | $ | — | $ | — | ||||||||||
Commercial Paper | $ | 2,401 | $ | — | $ | 2,401 | $ | — | ||||||||||
Certificates of Deposit | $ | 2,651 | $ | — | $ | 2,651 | $ | — | ||||||||||
Liabilities: | ||||||||||||||||||
Contingent Consideration | $ | 6,000 | $ | — | $ | — | $ | 6,000 | ||||||||||
Fair Value Measurement as of July 31, 2014 | ||||||||||||||||||
Description | Balance at July 31, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | ||||||||||||||||||
Money Market | $ | 9,022 | $ | 9,022 | $ | — | $ | — | ||||||||||
Commercial Paper | $ | 630 | $ | — | $ | 630 | $ | — | ||||||||||
Certificates of Deposit | $ | 880 | $ | — | $ | 880 | $ | — | ||||||||||
Liabilities: | ||||||||||||||||||
Contingent Consideration | $ | 10,500 | $ | — | $ | — | $ | 10,500 | ||||||||||
Fair Value Measurement as of April 30, 2014 | ||||||||||||||||||
Description | Balance at April 30, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | ||||||||||||||||||
Money Market | $ | 78,851 | $ | 78,851 | $ | — | $ | — | ||||||||||
Commercial Paper | $ | 630 | $ | — | $ | 630 | $ | — | ||||||||||
Certificates of Deposit | $ | 630 | $ | — | $ | 630 | $ | — | ||||||||||
Liabilities: | ||||||||||||||||||
Contingent Consideration | $ | 9,100 | $ | — | $ | — | $ | 9,100 | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Summary Of Financial Information By Reportable Segment | The following table presents financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands): | |||||||||||||||
Three Months Ended April 30, | Nine Months Ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net revenue: | ||||||||||||||||
Lift | $ | 285,249 | $ | 251,914 | $ | 524,537 | $ | 447,271 | ||||||||
Ski school | 66,216 | 62,512 | 123,511 | 109,442 | ||||||||||||
Dining | 44,003 | 42,303 | 90,661 | 82,369 | ||||||||||||
Retail/rental | 71,078 | 73,785 | 195,563 | 188,401 | ||||||||||||
Other | 33,005 | 30,073 | 88,696 | 82,091 | ||||||||||||
Total Mountain net revenue | 499,551 | 460,587 | 1,022,968 | 909,574 | ||||||||||||
Lodging | 67,323 | 66,293 | 185,180 | 179,694 | ||||||||||||
Total Resort net revenue | 566,874 | 526,880 | 1,208,148 | 1,089,268 | ||||||||||||
Real estate | 12,469 | 16,167 | 29,694 | 29,890 | ||||||||||||
Total net revenue | $ | 579,343 | $ | 543,047 | $ | 1,237,842 | $ | 1,119,158 | ||||||||
Operating expense: | ||||||||||||||||
Mountain | $ | 244,675 | $ | 233,301 | $ | 645,593 | $ | 601,587 | ||||||||
Lodging | 54,726 | 53,182 | 166,407 | 163,346 | ||||||||||||
Total Resort operating expense | 299,401 | 286,483 | 812,000 | 764,933 | ||||||||||||
Real estate | 14,028 | 18,445 | 35,513 | 35,682 | ||||||||||||
Total segment operating expense | $ | 313,429 | $ | 304,928 | $ | 847,513 | $ | 800,615 | ||||||||
Gain on litigation settlement | $ | — | $ | — | $ | 16,400 | $ | — | ||||||||
Gain on sale of real property | $ | 151 | $ | — | $ | 151 | $ | — | ||||||||
Mountain equity investment (loss) income, net | $ | (129 | ) | $ | 665 | $ | 396 | $ | 1,282 | |||||||
Reported EBITDA: | ||||||||||||||||
Mountain | $ | 254,747 | $ | 227,951 | $ | 394,171 | $ | 309,269 | ||||||||
Lodging | 12,597 | 13,111 | 18,773 | 16,348 | ||||||||||||
Resort | 267,344 | 241,062 | 412,944 | 325,617 | ||||||||||||
Real estate | (1,408 | ) | (2,278 | ) | (5,668 | ) | (5,792 | ) | ||||||||
Total Reported EBITDA | $ | 265,936 | $ | 238,784 | $ | 407,276 | $ | 319,825 | ||||||||
Real estate held for sale and investment | $ | 137,740 | $ | 170,818 | $ | 137,740 | $ | 170,818 | ||||||||
Reconciliation to net income attributable to Vail Resorts, Inc.: | ||||||||||||||||
Total Reported EBITDA | $ | 265,936 | $ | 238,784 | $ | 407,276 | $ | 319,825 | ||||||||
Depreciation and amortization | (38,242 | ) | (35,588 | ) | (111,587 | ) | (105,948 | ) | ||||||||
Change in fair value of contingent consideration | — | — | 4,550 | — | ||||||||||||
(Loss) gain on disposal of fixed assets and other, net | (71 | ) | 634 | (852 | ) | (839 | ) | |||||||||
Investment income, net | 119 | 124 | 155 | 289 | ||||||||||||
Interest expense | (13,735 | ) | (16,408 | ) | (41,110 | ) | (48,745 | ) | ||||||||
Income before provision for income taxes | 214,007 | 187,546 | 258,432 | 164,582 | ||||||||||||
Provision for income taxes | (80,605 | ) | (69,680 | ) | (73,654 | ) | (60,953 | ) | ||||||||
Net income | $ | 133,402 | $ | 117,866 | $ | 184,778 | $ | 103,629 | ||||||||
Net loss attributable to noncontrolling interests | 8 | 80 | 118 | 204 | ||||||||||||
Net income attributable to Vail Resorts, Inc. | $ | 133,410 | $ | 117,946 | $ | 184,896 | $ | 103,833 | ||||||||
Guarantor_Subsidiaries_And_Non1
Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Tables) | 9 Months Ended | ||||||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||||||
Guarantor Subsidiaries And Non Guarantor Subsidiaries | |||||||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | Supplemental Consolidating Condensed Balance Sheet | ||||||||||||||||||||
As of April 30, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Owned | Subsidiaries | Entries | ||||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 117,569 | $ | 7,645 | $ | — | $ | 125,214 | |||||||||||
Restricted cash | — | 10,672 | 2,467 | — | 13,139 | ||||||||||||||||
Trade receivables, net | — | 102,290 | 3,327 | — | 105,617 | ||||||||||||||||
Inventories, net | — | 62,007 | 160 | — | 62,167 | ||||||||||||||||
Other current assets | 33,732 | 30,016 | 306 | — | 64,054 | ||||||||||||||||
Total current assets | 33,732 | 322,554 | 13,905 | — | 370,191 | ||||||||||||||||
Property, plant and equipment, net | — | 1,219,273 | 39,820 | — | 1,259,093 | ||||||||||||||||
Real estate held for sale and investment | — | 137,740 | — | — | 137,740 | ||||||||||||||||
Goodwill, net | — | 468,922 | 1,364 | — | 470,286 | ||||||||||||||||
Intangible assets, net | — | 122,064 | 19,063 | — | 141,127 | ||||||||||||||||
Other assets | 2,374 | 43,639 | 5,036 | (9,981 | ) | 41,068 | |||||||||||||||
Investments in subsidiaries | 2,112,937 | (8,625 | ) | — | (2,104,312 | ) | — | ||||||||||||||
Advances to affiliates | — | — | 4,027 | (4,027 | ) | — | |||||||||||||||
Total assets | $ | 2,149,043 | $ | 2,305,567 | $ | 83,215 | $ | (2,118,320 | ) | $ | 2,419,505 | ||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 7,262 | $ | 275,979 | $ | 9,815 | $ | — | $ | 293,056 | |||||||||||
Income taxes payable | 36,161 | — | — | — | 36,161 | ||||||||||||||||
Long-term debt due within one year | 215,000 | 41,709 | 244 | — | 256,953 | ||||||||||||||||
Total current liabilities | 258,423 | 317,688 | 10,059 | — | 586,170 | ||||||||||||||||
Advances from affiliates | 665,400 | 4,027 | — | (669,427 | ) | — | |||||||||||||||
Long-term debt | — | 322,533 | 57,263 | — | 379,796 | ||||||||||||||||
Other long-term liabilities | 21,211 | 213,782 | 10,920 | (9,981 | ) | 235,932 | |||||||||||||||
Deferred income taxes | 240,519 | — | (386 | ) | — | 240,133 | |||||||||||||||
Total Vail Resorts, Inc. stockholders’ equity (deficit) | 963,490 | 2,112,937 | (8,625 | ) | (2,104,312 | ) | 963,490 | ||||||||||||||
Advances to Parent | — | (665,400 | ) | — | 665,400 | — | |||||||||||||||
Noncontrolling interests | — | — | 13,984 | — | 13,984 | ||||||||||||||||
Total stockholders’ equity | 963,490 | 1,447,537 | 5,359 | (1,438,912 | ) | 977,474 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,149,043 | $ | 2,305,567 | $ | 83,215 | $ | (2,118,320 | ) | $ | 2,419,505 | ||||||||||
Supplemental Consolidating Condensed Balance Sheet | |||||||||||||||||||||
As of July 31, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Owned | Subsidiaries | Entries | ||||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 35,070 | $ | 9,336 | $ | — | $ | 44,406 | |||||||||||
Restricted cash | — | 11,321 | 1,860 | — | 13,181 | ||||||||||||||||
Trade receivables, net | — | 94,390 | 1,587 | — | 95,977 | ||||||||||||||||
Inventories, net | — | 66,988 | 195 | — | 67,183 | ||||||||||||||||
Other current assets | 29,249 | 24,736 | 314 | — | 54,299 | ||||||||||||||||
Total current assets | 29,249 | 232,505 | 13,292 | — | 275,046 | ||||||||||||||||
Property, plant and equipment, net | — | 1,105,830 | 42,160 | — | 1,147,990 | ||||||||||||||||
Real estate held for sale and investment | — | 157,858 | — | — | 157,858 | ||||||||||||||||
Goodwill, net | — | 376,491 | 1,657 | — | 378,148 | ||||||||||||||||
Intangible assets, net | — | 98,227 | 19,296 | — | 117,523 | ||||||||||||||||
Other assets | 2,762 | 100,365 | 4,137 | (9,980 | ) | 97,284 | |||||||||||||||
Investments in subsidiaries | 1,945,001 | (7,188 | ) | — | (1,937,813 | ) | — | ||||||||||||||
Advances to affiliates | — | — | 2,621 | (2,621 | ) | — | |||||||||||||||
Total assets | $ | 1,977,012 | $ | 2,064,088 | $ | 83,163 | $ | (1,950,414 | ) | $ | 2,173,849 | ||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 3,803 | $ | 277,738 | $ | 7,677 | $ | — | $ | 289,218 | |||||||||||
Income taxes payable | 33,966 | — | — | — | 33,966 | ||||||||||||||||
Long-term debt due within one year | — | 791 | 231 | — | 1,022 | ||||||||||||||||
Total current liabilities | 37,769 | 278,529 | 7,908 | — | 324,206 | ||||||||||||||||
Advances from affiliates | 725,839 | 2,621 | — | (728,460 | ) | — | |||||||||||||||
Long-term debt | 215,000 | 353,093 | 57,507 | — | 625,600 | ||||||||||||||||
Other long-term liabilities | 48,875 | 210,683 | 11,103 | (9,980 | ) | 260,681 | |||||||||||||||
Deferred income taxes | 128,686 | — | (124 | ) | — | 128,562 | |||||||||||||||
Total Vail Resorts, Inc. stockholders’ equity (deficit) | 820,843 | 1,945,001 | (7,188 | ) | (1,937,813 | ) | 820,843 | ||||||||||||||
Advances to Parent | — | (725,839 | ) | — | 725,839 | — | |||||||||||||||
Noncontrolling interests | — | — | 13,957 | — | 13,957 | ||||||||||||||||
Total stockholders’ equity | 820,843 | 1,219,162 | 6,769 | (1,211,974 | ) | 834,800 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,977,012 | $ | 2,064,088 | $ | 83,163 | $ | (1,950,414 | ) | $ | 2,173,849 | ||||||||||
Supplemental Consolidating Condensed Balance Sheet | |||||||||||||||||||||
As of April 30, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Owned | Subsidiaries | Entries | ||||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 298,642 | $ | 8,789 | $ | — | $ | 307,431 | |||||||||||
Restricted cash | — | 11,285 | 1,772 | — | 13,057 | ||||||||||||||||
Trade receivables, net | — | 77,108 | 2,707 | — | 79,815 | ||||||||||||||||
Inventories, net | — | 60,229 | 180 | — | 60,409 | ||||||||||||||||
Other current assets | 29,217 | 28,961 | 518 | — | 58,696 | ||||||||||||||||
Total current assets | 29,217 | 476,225 | 13,966 | — | 519,408 | ||||||||||||||||
Property, plant and equipment, net | — | 1,121,251 | 43,136 | — | 1,164,387 | ||||||||||||||||
Real estate held for sale and investment | — | 170,818 | — | — | 170,818 | ||||||||||||||||
Goodwill, net | — | 376,491 | 1,729 | — | 378,220 | ||||||||||||||||
Intangible assets, net | — | 99,149 | 19,358 | — | 118,507 | ||||||||||||||||
Other assets | 5,274 | 97,136 | 4,154 | (9,460 | ) | 97,104 | |||||||||||||||
Investments in subsidiaries | 2,046,019 | (4,984 | ) | — | (2,041,035 | ) | — | ||||||||||||||
Advances to affiliates | — | — | 3,379 | (3,379 | ) | — | |||||||||||||||
Total assets | $ | 2,080,510 | $ | 2,336,086 | $ | 85,722 | $ | (2,053,874 | ) | $ | 2,448,444 | ||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 13,014 | $ | 243,284 | $ | 8,479 | $ | — | $ | 264,777 | |||||||||||
Income taxes payable | 39,043 | — | — | — | 39,043 | ||||||||||||||||
Long-term debt due within one year | — | 648 | 231 | — | 879 | ||||||||||||||||
Total current liabilities | 52,057 | 243,932 | 8,710 | — | 304,699 | ||||||||||||||||
Advances from affiliates | 520,096 | 3,379 | — | (523,475 | ) | — | |||||||||||||||
Long-term debt | 390,000 | 351,716 | 57,507 | — | 799,223 | ||||||||||||||||
Other long-term liabilities | 27,673 | 211,136 | 10,585 | (9,460 | ) | 239,934 | |||||||||||||||
Deferred income taxes | 183,535 | — | (62 | ) | — | 183,473 | |||||||||||||||
Total Vail Resorts, Inc. stockholders’ equity (deficit) | 907,149 | 2,046,019 | (4,984 | ) | (2,041,035 | ) | 907,149 | ||||||||||||||
Advances to Parent | — | (520,096 | ) | — | 520,096 | — | |||||||||||||||
Noncontrolling interests | — | — | 13,966 | — | 13,966 | ||||||||||||||||
Total stockholders’ equity | 907,149 | 1,525,923 | 8,982 | (1,520,939 | ) | 921,115 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,080,510 | $ | 2,336,086 | $ | 85,722 | $ | (2,053,874 | ) | $ | 2,448,444 | ||||||||||
Supplemental Condensed Consolidating Statement Of Operations | Supplemental Consolidating Condensed Statement of Operations | ||||||||||||||||||||
For the three months ended April 30, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Guarantor | Subsidiaries | Entries | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Total net revenue | $ | — | $ | 577,461 | $ | 6,493 | $ | (4,611 | ) | $ | 579,343 | ||||||||||
Total operating expense | 64 | 350,193 | 5,907 | (4,573 | ) | 351,591 | |||||||||||||||
(Loss) income from operations | (64 | ) | 227,268 | 586 | (38 | ) | 227,752 | ||||||||||||||
Other expense, net | (3,593 | ) | (9,743 | ) | (318 | ) | 38 | (13,616 | ) | ||||||||||||
Equity investment loss, net | — | (129 | ) | — | — | (129 | ) | ||||||||||||||
(Loss) income before benefit (provision) for income taxes | (3,657 | ) | 217,396 | 268 | — | 214,007 | |||||||||||||||
Benefit (provision) for income taxes | 1,257 | (81,823 | ) | (39 | ) | — | (80,605 | ) | |||||||||||||
Net (loss) income before equity in income of consolidated subsidiaries | (2,400 | ) | 135,573 | 229 | — | 133,402 | |||||||||||||||
Equity in income of consolidated subsidiaries | 135,810 | 237 | — | (136,047 | ) | — | |||||||||||||||
Net income | 133,410 | 135,810 | 229 | (136,047 | ) | 133,402 | |||||||||||||||
Net loss attributable to noncontrolling interests | — | — | 8 | — | 8 | ||||||||||||||||
Net income attributable to Vail Resorts, Inc. | $ | 133,410 | $ | 135,810 | $ | 237 | $ | (136,047 | ) | $ | 133,410 | ||||||||||
Supplemental Consolidating Condensed Statement of Operations | |||||||||||||||||||||
For the three months ended April 30, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Guarantor | Subsidiaries | Entries | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Total net revenue | $ | — | $ | 539,704 | $ | 6,494 | $ | (3,151 | ) | $ | 543,047 | ||||||||||
Total operating expense | 106 | 336,623 | 6,266 | (3,113 | ) | 339,882 | |||||||||||||||
(Loss) income from operations | (106 | ) | 203,081 | 228 | (38 | ) | 203,165 | ||||||||||||||
Other expense, net | (6,600 | ) | (9,331 | ) | (391 | ) | 38 | (16,284 | ) | ||||||||||||
Equity investment income, net | — | 665 | — | — | 665 | ||||||||||||||||
(Loss) income before benefit (provision) for income taxes | (6,706 | ) | 194,415 | (163 | ) | — | 187,546 | ||||||||||||||
Benefit (provision) for income taxes | 2,564 | (72,295 | ) | 51 | — | (69,680 | ) | ||||||||||||||
Net (loss) income before equity in income (loss) of consolidated subsidiaries | (4,142 | ) | 122,120 | (112 | ) | — | 117,866 | ||||||||||||||
Equity in income (loss) of consolidated subsidiaries | 122,088 | (32 | ) | — | (122,056 | ) | — | ||||||||||||||
Net income (loss) | 117,946 | 122,088 | (112 | ) | (122,056 | ) | 117,866 | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | 80 | — | 80 | ||||||||||||||||
Net income (loss) attributable to Vail Resorts, Inc. | $ | 117,946 | $ | 122,088 | $ | (32 | ) | $ | (122,056 | ) | $ | 117,946 | |||||||||
Supplemental Consolidating Condensed Statement of Operations | |||||||||||||||||||||
For the nine months ended April 30, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Guarantor | Subsidiaries | Entries | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Total net revenue | $ | — | $ | 1,235,712 | $ | 15,710 | $ | (13,580 | ) | $ | 1,237,842 | ||||||||||
Total operating expense | 285 | 956,630 | 16,352 | (13,466 | ) | 959,801 | |||||||||||||||
Gain on litigation settlement | — | 16,400 | — | — | 16,400 | ||||||||||||||||
Change in fair value of contingent consideration | — | 4,550 | — | — | 4,550 | ||||||||||||||||
(Loss) income from operations | (285 | ) | 300,032 | (642 | ) | (114 | ) | 298,991 | |||||||||||||
Other expense, net | (10,871 | ) | (29,197 | ) | (1,001 | ) | 114 | (40,955 | ) | ||||||||||||
Equity investment income, net | — | 396 | — | — | 396 | ||||||||||||||||
(Loss) income before benefit (provision) for income taxes | (11,156 | ) | 271,231 | (1,643 | ) | — | 258,432 | ||||||||||||||
Benefit (provision) for income taxes | 27,691 | (101,406 | ) | 61 | — | (73,654 | ) | ||||||||||||||
Net income (loss) before equity in income (loss) of consolidated subsidiaries | 16,535 | 169,825 | (1,582 | ) | — | 184,778 | |||||||||||||||
Equity in income (loss) of consolidated subsidiaries | 168,361 | (1,464 | ) | — | (166,897 | ) | — | ||||||||||||||
Net income (loss) | 184,896 | 168,361 | (1,582 | ) | (166,897 | ) | 184,778 | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | 118 | — | 118 | ||||||||||||||||
Net income (loss) attributable to Vail Resorts, Inc. | $ | 184,896 | $ | 168,361 | $ | (1,464 | ) | $ | (166,897 | ) | $ | 184,896 | |||||||||
Supplemental Consolidating Condensed Statement of Operations | |||||||||||||||||||||
For the nine months ended April 30, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Guarantor | Subsidiaries | Entries | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Total net revenue | $ | — | $ | 1,113,141 | $ | 15,840 | $ | (9,823 | ) | $ | 1,119,158 | ||||||||||
Total operating expense | 286 | 899,631 | 17,194 | (9,709 | ) | 907,402 | |||||||||||||||
(Loss) income from operations | (286 | ) | 213,510 | (1,354 | ) | (114 | ) | 211,756 | |||||||||||||
Other expense, net | (19,802 | ) | (27,630 | ) | (1,138 | ) | 114 | (48,456 | ) | ||||||||||||
Equity investment income, net | — | 1,282 | — | — | 1,282 | ||||||||||||||||
(Loss) income before benefit (provision) for income taxes | (20,088 | ) | 187,162 | (2,492 | ) | — | 164,582 | ||||||||||||||
Benefit (provision) for income taxes | 7,810 | (68,971 | ) | 208 | — | (60,953 | ) | ||||||||||||||
Net (loss) income before equity in income (loss) of consolidated subsidiaries | (12,278 | ) | 118,191 | (2,284 | ) | — | 103,629 | ||||||||||||||
Equity in income (loss) of consolidated subsidiaries | 116,111 | (2,080 | ) | — | (114,031 | ) | — | ||||||||||||||
Net income (loss) | 103,833 | 116,111 | (2,284 | ) | (114,031 | ) | 103,629 | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | 204 | — | 204 | ||||||||||||||||
Net income (loss) attributable to Vail Resorts, Inc. | $ | 103,833 | $ | 116,111 | $ | (2,080 | ) | $ | (114,031 | ) | $ | 103,833 | |||||||||
SupplementalCondensedStatementofComprehensiveIncome [Text Block] | Statement of Comprehensive Income | ||||||||||||||||||||
For the three months ended April 30, 2015 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Guarantor | Subsidiaries | Entries | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net income | $ | 133,410 | $ | 135,810 | $ | 229 | $ | (136,047 | ) | $ | 133,402 | ||||||||||
Foreign currency translation adjustments, net of tax | 23 | (23 | ) | (23 | ) | 46 | 23 | ||||||||||||||
Comprehensive income | 133,433 | 135,787 | 206 | (136,001 | ) | 133,425 | |||||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 8 | — | 8 | ||||||||||||||||
Comprehensive income attributable to Vail Resorts, Inc. | $ | 133,433 | $ | 135,787 | $ | 214 | $ | (136,001 | ) | $ | 133,433 | ||||||||||
Supplemental Consolidating Condensed Statement of Comprehensive Income (Loss) | |||||||||||||||||||||
For the three months ended April 30, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Guarantor | Subsidiaries | Entries | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net income (loss) | $ | 117,946 | $ | 122,088 | $ | (112 | ) | $ | (122,056 | ) | $ | 117,866 | |||||||||
Foreign currency translation adjustments, net of tax | 85 | 85 | 85 | (170 | ) | 85 | |||||||||||||||
Comprehensive income (loss) | 118,031 | 122,173 | (27 | ) | (122,226 | ) | 117,951 | ||||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 80 | — | 80 | ||||||||||||||||
Comprehensive income attributable to Vail Resorts, Inc. | $ | 118,031 | $ | 122,173 | $ | 53 | $ | (122,226 | ) | $ | 118,031 | ||||||||||
Supplemental Consolidating Condensed Statement of Comprehensive Income (Loss) | |||||||||||||||||||||
For the nine months ended April 30, 2015 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Guarantor | Subsidiaries | Entries | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net income (loss) | $ | 184,896 | $ | 168,361 | $ | (1,582 | ) | $ | (166,897 | ) | $ | 184,778 | |||||||||
Foreign currency translation adjustments, net of tax | (424 | ) | 424 | 424 | (848 | ) | (424 | ) | |||||||||||||
Comprehensive income (loss) | 184,472 | 168,785 | (1,158 | ) | (167,745 | ) | 184,354 | ||||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 118 | — | 118 | ||||||||||||||||
Comprehensive income (loss) attributable to Vail Resorts, Inc. | $ | 184,472 | $ | 168,785 | $ | (1,040 | ) | $ | (167,745 | ) | $ | 184,472 | |||||||||
Supplemental Consolidating Condensed Statement of Comprehensive Income (Loss) | |||||||||||||||||||||
For the nine months ended April 30, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Eliminating | Consolidated | |||||||||||||||||
Company | Guarantor | Subsidiaries | Entries | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net income (loss) | $ | 103,833 | $ | 116,111 | $ | (2,284 | ) | $ | (114,031 | ) | $ | 103,629 | |||||||||
Foreign currency translation adjustments, net of tax | (34 | ) | (34 | ) | (34 | ) | 68 | (34 | ) | ||||||||||||
Comprehensive income (loss) | 103,799 | 116,077 | (2,318 | ) | (113,963 | ) | 103,595 | ||||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 204 | — | 204 | ||||||||||||||||
Comprehensive income (loss) attributable to Vail Resorts, Inc. | $ | 103,799 | $ | 116,077 | $ | (2,114 | ) | $ | (113,963 | ) | $ | 103,799 | |||||||||
Supplemental Condensed Consolidating Statement Of Cash Flows | Supplemental Consolidating Condensed Statement of Cash Flows | ||||||||||||||||||||
For the nine months ended April 30, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Consolidated | ||||||||||||||||||
Company | Guarantor | Subsidiaries | |||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 109,692 | $ | 285,406 | $ | (622 | ) | $ | 394,476 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | — | (84,941 | ) | (642 | ) | (85,583 | ) | ||||||||||||||
Acquisition of business | — | (182,500 | ) | — | (182,500 | ) | |||||||||||||||
Other investing activities, net | — | 3,288 | (14 | ) | 3,274 | ||||||||||||||||
Net cash used in investing activities | — | (264,153 | ) | (656 | ) | (264,809 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from borrowings under long-term debt | — | 253,000 | — | 253,000 | |||||||||||||||||
Payments of other long-term debt | — | (253,782 | ) | (231 | ) | (254,013 | ) | ||||||||||||||
Dividends paid | (52,778 | ) | — | — | (52,778 | ) | |||||||||||||||
Other financing activities, net | 3,878 | 1,018 | 145 | 5,041 | |||||||||||||||||
Advances | (60,792 | ) | 60,792 | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (109,692 | ) | 61,028 | (86 | ) | (48,750 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 218 | (327 | ) | (109 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 82,499 | (1,691 | ) | 80,808 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
Beginning of period | — | 35,070 | 9,336 | 44,406 | |||||||||||||||||
End of period | $ | — | $ | 117,569 | $ | 7,645 | $ | 125,214 | |||||||||||||
Supplemental Consolidating Condensed Statement of Cash Flows | |||||||||||||||||||||
For the nine months ended April 30, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Parent | 100% Owned | Other | Consolidated | ||||||||||||||||||
Company | Guarantor | Subsidiaries | |||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net cash provided by operating activities | $ | 52,146 | $ | 252,610 | $ | 1,441 | $ | 306,197 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | — | (107,208 | ) | (892 | ) | (108,100 | ) | ||||||||||||||
Other investing activities, net | — | 912 | 8 | 920 | |||||||||||||||||
Net cash used in investing activities | — | (106,296 | ) | (884 | ) | (107,180 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments of other long-term debt | — | (758 | ) | (219 | ) | (977 | ) | ||||||||||||||
Dividends paid | (29,998 | ) | — | — | (29,998 | ) | |||||||||||||||
Other financing activities, net | 3,880 | (3,891 | ) | 743 | 732 | ||||||||||||||||
Advances | (26,028 | ) | 26,028 | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (52,146 | ) | 21,379 | 524 | (30,243 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (21 | ) | 74 | 53 | ||||||||||||||||
Net increase in cash and cash equivalents | — | 167,672 | 1,155 | 168,827 | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
Beginning of period | — | 130,970 | 7,634 | 138,604 | |||||||||||||||||
End of period | $ | — | $ | 298,642 | $ | 8,789 | $ | 307,431 | |||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) | 9 Months Ended |
Apr. 30, 2015 | |
Debt Instrument, Year of Maturity | 2019 |
Canyons Obligation [Member] | |
Debt Instrument, Year of Maturity | 2063 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Summary Of Changes In Stockholders Equity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Balance, beginning of period | $834,800 | $837,869 | ||
Net (loss) income | 133,402 | 117,866 | 184,778 | 103,629 |
Stock-based compensation expense | 11,718 | 10,539 | ||
Issuance of shares under share award plan net of shares withheld for taxes | -4,629 | -4,797 | ||
Tax benefit from share award plan | 3,864 | 3,738 | ||
Cash dividends paid on common stock | -52,778 | -29,998 | ||
Contributions (distributions) from/to noncontrolling interests, net | 145 | 169 | ||
Foreign currency translation adjustments | 23 | 85 | -424 | -34 |
Balance, end of period | 977,474 | 921,115 | 977,474 | 921,115 |
Total Vail Resorts, Inc. Stockholders' Equity [Member] | ||||
Balance, beginning of period | 820,843 | 823,868 | ||
Net (loss) income | 184,896 | 103,833 | ||
Stock-based compensation expense | 11,718 | 10,539 | ||
Issuance of shares under share award plan net of shares withheld for taxes | -4,629 | -4,797 | ||
Tax benefit from share award plan | 3,864 | 3,738 | ||
Cash dividends paid on common stock | -52,778 | -29,998 | ||
Contributions (distributions) from/to noncontrolling interests, net | 0 | 0 | ||
Balance, end of period | 963,490 | 907,149 | 963,490 | 907,149 |
Noncontrolling Interests [Member] | ||||
Balance, beginning of period | 13,957 | 14,001 | ||
Net (loss) income | -118 | -204 | ||
Stock-based compensation expense | 0 | 0 | ||
Issuance of shares under share award plan net of shares withheld for taxes | 0 | 0 | ||
Tax benefit from share award plan | 0 | 0 | ||
Cash dividends paid on common stock | 0 | 0 | ||
Contributions (distributions) from/to noncontrolling interests, net | 145 | 169 | ||
Foreign currency translation adjustments | 0 | 0 | ||
Balance, end of period | $13,984 | $13,966 | $13,984 | $13,966 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Summary Of Estimated Fair Value Of Financial Instruments) (Details) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | |||
Carrying value | $379,796 | $625,600 | $799,223 |
6.50% Notes [Member] | |||
Carrying value | 215,000 | ||
Fair value | 221,988 | ||
Industrial Development Bonds [Member] | |||
Carrying value | 41,200 | ||
Fair value | 42,848 | ||
Other Long-Term Debt [Member] | |||
Carrying value | 11,875 | ||
Fair value | $12,521 |
Net_Income_Per_Common_Share_Ne
Net Income Per Common Share Net Loss per Common Share (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Jul. 10, 2015 | Jun. 25, 2015 | Jun. 05, 2015 |
Anti-dilutive securities (in shares) | 15,000 | 4,000 | 5,000 | 11,000 | |||
Cash dividends declared per share | $0.62 | $0.42 | $1.45 | $0.83 | |||
Payments of Dividends | $22,634 | $15,000 | $52,778 | $29,998 | |||
Scenario, Forecast [Member] | |||||||
Cash dividends declared per share | $0.62 | ||||||
Dividends Payable, Date to be Paid | 10-Jul-15 | ||||||
Dividends Payable, Date of Record | 25-Jun-15 |
Net_Loss_Per_Common_Share_Summ
Net Loss Per Common Share (Summary of Calculation of Basic and Diluted EPS) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Net income (loss) attributable to Vail Resorts, Inc. | $133,410 | $117,946 | $184,896 | $103,833 |
Weighted-average shares outstanding, basic (in shares) | 36,354 | 36,159 | 36,310 | 36,105 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,099 | 895 | 1,052 | 920 |
Weighted Average Number of Shares Outstanding, Diluted | 37,453 | 37,054 | 37,362 | 37,025 |
Basic net income (loss) per share attributable to Vail Resorts, Inc. | $3.67 | $3.26 | $5.09 | $2.88 |
Diluted net income (loss) per share attributable to Vail Resorts, Inc. | $3.56 | $3.18 | $4.95 | $2.80 |
LongTerm_Debt_LongTerm_Debt_Na
Long-Term Debt Long-Term Debt (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Jul. 31, 2014 | 1-May-15 | |
Gross interest expense | $13,700,000 | $16,400,000 | $41,100,000 | $48,700,000 | ||
Long-term Debt | 636,749,000 | 800,102,000 | 636,749,000 | 800,102,000 | 626,622,000 | |
Amortization of deferred financing costs | 400,000 | 500,000 | 1,100,000 | 1,500,000 | ||
Interest costs incurred, capitalized | 0 | 0 | ||||
Industrial Development Bonds [Member] | ||||||
Long-term Debt | $215,000,000 | $390,000,000 | $215,000,000 | $390,000,000 | $215,000,000 | $0 |
LongTerm_Debt_Schedule_Of_Debt
Long-Term Debt (Schedule Of Debt Instruments) (Details) (USD $) | 9 Months Ended | 3 Months Ended | |||
Apr. 30, 2015 | Jul. 31, 2015 | 1-May-15 | Jul. 31, 2014 | Apr. 30, 2014 | |
Long-term Line of Credit | $250,000,000 | ||||
Total debt | 636,749,000 | 626,622,000 | 800,102,000 | ||
Less: Current maturities | 256,953,000 | 1,022,000 | 879,000 | ||
Long-term debt | 379,796,000 | 625,600,000 | 799,223,000 | ||
Fiscal year maturity | 2019 | ||||
Stated percentage in the debt instrument | 6.50% | ||||
Credit Facility Revolver [Member] | |||||
Total debt | 0 | 0 | 0 | ||
Fiscal year maturity | 2019 | ||||
Industrial Development Bonds [Member] | |||||
Extinguishment of Debt, Amount | 41,000,000 | ||||
Debt Instrument, Redemption Date | 1-May-15 | ||||
Debt Instrument, Redemption Price, Percentage | 104.00% | ||||
Total debt | 41,200,000 | 0 | 41,200,000 | 41,200,000 | |
Long-term debt | 41,200,000 | ||||
Fiscal year maturity | 2020 | ||||
Employee Housing Bonds [Member] | |||||
Total debt | 52,575,000 | 52,575,000 | 52,575,000 | ||
6.50% Notes [Member] | |||||
Extinguishment of Debt, Amount | 215,000,000 | ||||
Debt Instrument, Redemption Date | 1-May-15 | ||||
Debt Instrument, Redemption Price, Percentage | 103.25% | ||||
Total debt | 215,000,000 | 0 | 215,000,000 | 390,000,000 | |
Long-term debt | 215,000,000 | ||||
Fiscal year maturity | 2019 | ||||
Stated percentage in the debt instrument | 6.50% | ||||
Long term debt interest rate | 6.50% | ||||
Canyons Obligation [Member] | |||||
Total debt | 316,056,000 | 311,858,000 | 310,472,000 | ||
Fiscal year maturity | 2063 | ||||
Other [Member] | |||||
Total debt | 11,918,000 | 5,989,000 | 5,855,000 | ||
Maximum [Member] | Employee Housing Bonds [Member] | |||||
Fiscal year maturity, end | 1-May-39 | ||||
Maximum [Member] | Other [Member] | |||||
Fiscal year maturity, end | 31-Jul-29 | ||||
Minimum [Member] | Employee Housing Bonds [Member] | |||||
Fiscal year maturity, start | 1-Jun-27 | ||||
Minimum [Member] | Other [Member] | |||||
Fiscal year maturity, start | 31-Jul-15 | ||||
Scenario, Forecast [Member] | |||||
Redemption Premium | 9,000,000 | ||||
Write off of Deferred Debt Issuance Cost | $2,400,000 |
LongTerm_Debt_Schedule_Of_Aggr
Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Jul. 31, 2014 | |
Debt Instrument [Line Items] | |||||
Interest Expense, Debt | $13,700,000 | $16,400,000 | $41,100,000 | $48,700,000 | |
Amortization of Financing Costs | 400,000 | 500,000 | 1,100,000 | 1,500,000 | |
2013 | 256,319,000 | 256,319,000 | |||
2014 | 779,000 | 779,000 | |||
2015 | 854,000 | 854,000 | |||
2016 | 897,000 | 897,000 | |||
2017 | 955,000 | 955,000 | |||
Thereafter | 376,945,000 | 376,945,000 | |||
Total debt | $636,749,000 | $800,102,000 | $636,749,000 | $800,102,000 | $626,622,000 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Jan. 31, 2015 | Jul. 31, 2014 | Mar. 30, 2015 | |
Payments to Acquire Businesses, Net of Cash Acquired | $182,500,000 | $0 | |||||
Long-term Debt | 636,749,000 | 800,102,000 | 636,749,000 | 800,102,000 | 626,622,000 | ||
Gain (Loss) Related to Litigation Settlement | 0 | 0 | 16,400,000 | 0 | |||
Park City litigation payment to Talisker | -10,000,000 | 0 | |||||
PCMR [Member] | |||||||
Goodwill, Purchase Accounting Adjustments | 13,000,000 | ||||||
Business Acquisition, Pro Forma Revenue | 575,637,000 | 1,239,878,000 | 1,175,694,000 | ||||
Business Acquisition, Effective Date of Acquisition | 11-Sep-14 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 46 years | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 35,400,000 | 63,800,000 | |||||
Business Acquisition, Pro Forma Net Income (Loss) | 127,625,000 | 185,565,000 | 113,179,000 | ||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $3.53 | $5.11 | $3.13 | ||||
Business Combination, Consideration Transferred | 182,500,000 | ||||||
Gain (Loss) Related to Litigation Settlement | 16,400,000 | ||||||
Fair value of litigation settlement | 10,100,000 | ||||||
Business Combination, Consideration Transferred, Other | 26,500,000 | ||||||
Park City litigation payment to Talisker | 10,000,000 | ||||||
Business Acquisition, Transaction Costs | 800,000 | ||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $3.44 | $4.97 | $3.06 | ||||
Perisher [Member] | |||||||
Business Acquisition, Date of Acquisition Agreement | 30-Mar-15 | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||
Lease Expiration Date | 1-Jan-48 | ||||||
Optional Lease Renewal Term | 20-year renewal option | ||||||
Canyons Obligation [Member] | |||||||
Long-term Debt | 316,056,000 | 310,472,000 | 316,056,000 | 310,472,000 | 311,858,000 | ||
Australia, Dollars | Perisher [Member] | |||||||
Business Combination, Consideration Transferred | $176,000,000 |
Acquisitions_Summary_Of_Estima
Acquisitions (Summary Of Estimate Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed) (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Sep. 11, 2014 |
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Net of Cash Acquired | $182,500 | $0 | |
Goodwill, Acquired During Period | 92,431 | ||
PCMR [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Purchase Price Allocation, Current Assets, Accounts Receivable | 1,024 | ||
Business Acquisition, Purchase Price Allocation, Current Assets, Other Current Assets | 3,075 | ||
Business Acquisition, Purchase Price Allocation, Property Plant and Equipment Acquired | 76,605 | ||
Business Acquisition, Purchase Price Allocation, Deferred Taxes Asset (Liab), Net, Noncurrent | 7,444 | ||
Business Acquisition, Purchase Price Allocation, Real estate held for sale and investment | 7,000 | ||
Business Acquisition, Purchase Price Allocation, Intangible Assets besides Goodwill | 27,650 | ||
Business Acquisition, Purchase Price Allocation, Total Assets Acquired | 215,229 | ||
Business Acquisition, Purchase Price Allocation, Current Liabilities, Trade Payables | 1,960 | ||
Business Acquisitions, Purchase Price Allocation, Current Liabilities, Deferred Revenue | 4,319 | ||
Business Acquisition, Purchase Price Allocation, Total Liabilities Assumed | 6,279 | ||
Business Combination, Consideration Transferred | $208,950 |
Acquisitions_Summary_Pro_Forma
Acquisitions (Summary Pro Forma Financial Information) (Details) (PCMR [Member], USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
PCMR [Member] | |||
Pro Forma Financial Information [Line Items] | |||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $3.44 | $4.97 | $3.06 |
Pro forma net revenue | $575,637 | $1,239,878 | $1,175,694 |
Pro forma basic net income per share attributable to Vail Resorts, Inc. | $3.53 | $5.11 | $3.13 |
Business Acquisition, Pro Forma Net Income (Loss) | $127,625 | $185,565 | $113,179 |
Supplementary_Balance_Sheet_In2
Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | |||
Balance Sheet Related Disclosures [Abstract] | |||
Land and land improvements | $413,775 | $348,328 | $350,674 |
Buildings and building improvements | 957,594 | 907,280 | 908,829 |
Machinery and equipment | 777,011 | 700,745 | 701,825 |
Furniture and fixtures | 284,403 | 269,209 | 273,202 |
Software | 105,482 | 98,653 | 99,958 |
Vehicles | 59,708 | 55,724 | 55,324 |
Construction in progress | 20,245 | 31,487 | 19,453 |
Gross property, plant and equipment | 2,618,218 | 2,411,426 | 2,409,265 |
Accumulated depreciation | -1,359,125 | -1,263,436 | -1,244,878 |
Property, plant and equipment, net | $1,259,093 | $1,147,990 | $1,164,387 |
Supplementary_Balance_Sheet_In3
Supplementary Balance Sheet Information (Changes In Goodwill Amount) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Goodwill, beginning balance | $378,148 | $378,220 |
Acquisition | -92,431 | |
Effects of changes in foreign currency exchange rates | -293 | |
Goodwill, ending balance | 470,286 | 378,220 |
Mountain [Member] | ||
Goodwill, beginning balance | 310,249 | |
Effects of changes in foreign currency exchange rates | -293 | |
Goodwill, ending balance | 402,387 | |
Lodging [Member] | ||
Goodwill, beginning balance | 67,899 | |
Acquisition | 0 | |
Effects of changes in foreign currency exchange rates | 0 | |
Goodwill, ending balance | 67,899 | |
PCMR [Member] | Mountain [Member] | ||
Acquisition | ($92,431) |
Supplementary_Balance_Sheet_In4
Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | |||
Balance Sheet Related Disclosures [Abstract] | |||
Trade payables | $52,371 | $71,823 | $48,406 |
Deferred revenue | 115,300 | 110,566 | 93,135 |
Accrued salaries, wages and deferred compensation | 38,594 | 29,833 | 35,221 |
Accrued benefits | 26,459 | 21,351 | 25,468 |
Deposits | 18,199 | 15,272 | 17,772 |
Accrued interest | 7,865 | 5,429 | 13,549 |
Other accruals | 34,268 | 34,944 | 31,226 |
Total accounts payable and accrued liabilities | $293,056 | $289,218 | $264,777 |
Supplementary_Balance_Sheet_In5
Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | |||
Balance Sheet Related Disclosures [Abstract] | |||
Private club deferred initiation fee revenue | $128,295 | $128,824 | $130,543 |
Unfavorable lease obligation, net | 29,325 | 31,338 | 32,034 |
Other long-term liabilities | 78,312 | 100,519 | 77,357 |
Total other long-term liabilities | $235,932 | $260,681 | $239,934 |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | Apr. 30, 2015 |
entities | |
Employee Housing Entities [Member] | |
Number of Variable Interest Entities | 4 |
Carrying amount of consolidated VIE assets | $26,800,000 |
Carrying amount of consolidated VIE liabilities | 63,800,000 |
Amount outstanding in letters of credit | 53,400,000 |
Avon Partners II LLC [Member] | |
Carrying amount of consolidated VIE assets | 4,300,000 |
Carrying amount of consolidated VIE liabilities | $0 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Jul. 31, 2014 | Jul. 31, 2013 |
Business Combination, Contingent Consideration Arrangements, Description | 42% of the amount by which EBITDA for the resort operations, as calculated under the lease, exceed approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company (the "Contingent Consideration"). | |||
Contingent Consideration, Key Assumptions for Valuation | The fair value of Contingent Consideration includes the resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, and increases the EBITDA threshold before which participating contingent payments are made equal to 10% of the purchase price paid by the Company, plus future capital expenditures. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 11.5%, volatility of 20.0%, and credit risk of 3.0%. The model also incorporates assumptions for EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs. | |||
Contingent Consideration, Fair Value Disclosure | $6,000 | $9,100 | $10,500 | $9,100 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 4,500 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Contingent Consideration, Fair Value Disclosure | 6,000 | 9,100 | 10,500 | |
Money Market [Member] | ||||
Cash equivalents measured at fair value | 7,578 | 78,851 | 9,022 | |
Money Market [Member] | Level 1 [Member] | ||||
Cash equivalents measured at fair value | 7,578 | 78,851 | 9,022 | |
Commercial Paper [Member] | ||||
Cash equivalents measured at fair value | 2,401 | 630 | 630 | |
Commercial Paper [Member] | Level 2 [Member] | ||||
Cash equivalents measured at fair value | 2,401 | 630 | 630 | |
Certificates of Deposit [Member] | ||||
Cash equivalents measured at fair value | 2,651 | 630 | 880 | |
Certificates of Deposit [Member] | Level 2 [Member] | ||||
Cash equivalents measured at fair value | $2,651 | $630 | $880 |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (USD $) | 9 Months Ended | ||
Apr. 30, 2015 | Jul. 31, 2014 | Apr. 30, 2014 | |
Holland Creek Metropolitan District [Member] | |||
Credit-enhanced bonds issued amount | $8,000,000 | ||
Amount outstanding in letters of credit | 8,100,000 | ||
Red Sky Ranch Metropolitan District [Member] | |||
Other long-term liabilities | 1,800,000 | 1,800,000 | 1,800,000 |
Estimated cessation date of capital improvement fee payment obligation | 31-Jul-29 | ||
Various Other [Member] | |||
Amount outstanding in letters of credit | 64,300,000 | ||
Employee Housing Bonds [Member] | |||
Amount outstanding in letters of credit | 53,400,000 | ||
Workers' Compensation and General Liability Related to Construction and Development Activities [Member] | |||
Amount outstanding in letters of credit | $10,900,000 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Jul. 31, 2014 |
Total Mountain net revenue | $499,551 | $460,587 | $1,022,968 | $909,574 | |
Lodging | 67,323 | 66,293 | 185,180 | 179,694 | |
Total Resort net revenue | 566,874 | 526,880 | 1,208,148 | 1,089,268 | |
Real Estate | 12,469 | 16,167 | 29,694 | 29,890 | |
Total net revenue | 579,343 | 543,047 | 1,237,842 | 1,119,158 | |
Mountain | 244,675 | 233,301 | 645,593 | 601,587 | |
Lodging | 54,726 | 53,182 | 166,407 | 163,346 | |
Total Resort operating expense | 299,401 | 286,483 | 812,000 | 764,933 | |
Real estate | 14,028 | 18,445 | 35,513 | 35,682 | |
Total segment operating expense | 313,429 | 304,928 | 847,513 | 800,615 | |
Gain (Loss) Related to Litigation Settlement | 0 | 0 | 16,400 | 0 | |
Gain on sale of real property | 151 | 0 | 151 | 0 | |
Mountain equity investment income, net | -129 | 665 | 396 | 1,282 | |
Total Reported EBITDA | 265,936 | 238,784 | 407,276 | 319,825 | |
Real estate held for sale and investment | 137,740 | 170,818 | 137,740 | 170,818 | 157,858 |
Depreciation and amortization | -38,242 | -35,588 | -111,587 | -105,948 | |
Change in Fair Value of Contingent Consideration | 0 | 0 | 4,550 | 0 | |
Loss on disposal of fixed assets, net | -71 | 634 | -852 | -839 | |
Investment income, net | 119 | 124 | 155 | 289 | |
Interest expense, net | -13,735 | -16,408 | -41,110 | -48,745 | |
Income (loss) before (provision) benefit from income taxes | 214,007 | 187,546 | 258,432 | 164,582 | |
(Provision) benefit from income taxes | -80,605 | -69,680 | -73,654 | -60,953 | |
Net income (loss) | 133,402 | 117,866 | 184,778 | 103,629 | |
Net loss (income) attributable to noncontrolling interests | 8 | 80 | 118 | 204 | |
Net income (loss) attributable to Vail Resorts, Inc. | 133,410 | 117,946 | 184,896 | 103,833 | |
Lift Tickets [Member] | |||||
Total Mountain net revenue | 285,249 | 251,914 | 524,537 | 447,271 | |
Ski School [Member] | |||||
Total Mountain net revenue | 66,216 | 62,512 | 123,511 | 109,442 | |
Dining [Member] | |||||
Total Mountain net revenue | 44,003 | 42,303 | 90,661 | 82,369 | |
Retail/Rental [Member] | |||||
Total Mountain net revenue | 71,078 | 73,785 | 195,563 | 188,401 | |
Other [Member] | |||||
Total Mountain net revenue | 33,005 | 30,073 | 88,696 | 82,091 | |
Resort [Member] | |||||
Total Reported EBITDA | 267,344 | 241,062 | 412,944 | 325,617 | |
Mountain [Member] | |||||
Total Reported EBITDA | 254,747 | 227,951 | 394,171 | 309,269 | |
Lodging [Member] | |||||
Total Reported EBITDA | 12,597 | 13,111 | 18,773 | 16,348 | |
Real Estate [Member] | |||||
Total Reported EBITDA | ($1,408) | ($2,278) | ($5,668) | ($5,792) |
Stock_Repurchase_Plan_Details
Stock Repurchase Plan (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Jul. 31, 2014 | Jul. 16, 2008 | Mar. 09, 2006 |
Payments for Repurchase of Equity [Abstract] | |||||||
Number of shares authorized to repurchase | 3,000,000 | ||||||
Additional number of shares authorized to repurchase | 3,000,000 | ||||||
Treasury Stock, Shares, Acquired | 0 | 0 | 0 | 0 | |||
Number of shares repurchased since inception | 4,949,111 | 4,949,111 | 4,949,111 | 4,949,111 | 4,949,111 | ||
Value of stock repurchased since inception | ($193,192) | ($193,192) | ($193,192) | ($193,192) | ($193,192) | ||
Remaining shares available for repurchase under existing program | 1,050,889 | 1,050,889 |
Guarantor_Subsidiaries_And_Non2
Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Supplemental Condensed Consolidating Balance Sheet) (Details) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 | Apr. 30, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents | $125,214 | $44,406 | $307,431 | $138,604 |
Restricted cash | 13,139 | 13,181 | 13,057 | |
Trade receivables, net | 105,617 | 95,977 | 79,815 | |
Inventories, net | 62,167 | 67,183 | 60,409 | |
Other Assets, Current | 64,054 | 54,299 | 58,696 | |
Total current assets | 370,191 | 275,046 | 519,408 | |
Property, plant and equipment, net | 1,259,093 | 1,147,990 | 1,164,387 | |
Real estate held for sale and investment | 137,740 | 157,858 | 170,818 | |
Goodwill, net | 470,286 | 378,148 | 378,220 | |
Intangible assets, net | 141,127 | 117,523 | 118,507 | |
Other assets | 41,068 | 97,284 | 97,104 | |
Investments in subsidiaries | 0 | 0 | 0 | |
Advances | 0 | 0 | 0 | |
Total assets | 2,419,505 | 2,173,849 | 2,448,444 | |
Accounts payable and accrued liabilities | 293,056 | 289,218 | 264,777 | |
Income taxes payable | 36,161 | 33,966 | 39,043 | |
Long-term debt due within one year | 256,953 | 1,022 | 879 | |
Total current liabilities | 586,170 | 324,206 | 304,699 | |
Advances to Affiliate | 0 | 0 | 0 | |
Advances To From Parent Liability | 0 | 0 | 0 | |
Long-term debt | 379,796 | 625,600 | 799,223 | |
Other long-term liabilities | 235,932 | 260,681 | 239,934 | |
Deferred income taxes | 240,133 | 128,562 | 183,473 | |
Total Vail Resorts, Inc. stockholders' equity (deficit) | 963,490 | 820,843 | 907,149 | |
Noncontrolling interests | 13,984 | 13,957 | 13,966 | |
Total stockholders' equity | 977,474 | 834,800 | 921,115 | 837,869 |
Total liabilities and stockholders' equity | 2,419,505 | 2,173,849 | 2,448,444 | |
Parent Company [Member] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | 0 | |
Trade receivables, net | 0 | 0 | 0 | |
Inventories, net | 0 | 0 | 0 | |
Other Assets, Current | 33,732 | 29,249 | 29,217 | |
Total current assets | 33,732 | 29,249 | 29,217 | |
Property, plant and equipment, net | 0 | 0 | 0 | |
Real estate held for sale and investment | 0 | 0 | 0 | |
Goodwill, net | 0 | 0 | 0 | |
Intangible assets, net | 0 | 0 | 0 | |
Other assets | 2,374 | 2,762 | 5,274 | |
Investments in subsidiaries | 2,112,937 | 1,945,001 | 2,046,019 | |
Advances | 0 | 0 | 0 | |
Total assets | 2,149,043 | 1,977,012 | 2,080,510 | |
Accounts payable and accrued liabilities | 7,262 | 3,803 | 13,014 | |
Income taxes payable | 36,161 | 33,966 | 39,043 | |
Long-term debt due within one year | 215,000 | 0 | 0 | |
Total current liabilities | 258,423 | 37,769 | 52,057 | |
Advances to Affiliate | 665,400 | 725,839 | 520,096 | |
Advances To From Parent Liability | 0 | 0 | 0 | |
Long-term debt | 0 | 215,000 | 390,000 | |
Other long-term liabilities | 21,211 | 48,875 | 27,673 | |
Deferred income taxes | 240,519 | 128,686 | 183,535 | |
Total Vail Resorts, Inc. stockholders' equity (deficit) | 963,490 | 820,843 | 907,149 | |
Noncontrolling interests | 0 | 0 | 0 | |
Total stockholders' equity | 963,490 | 820,843 | 907,149 | |
Total liabilities and stockholders' equity | 2,149,043 | 1,977,012 | 2,080,510 | |
100% Owned Guarantor Subsidiaries [Member] | ||||
Cash and cash equivalents | 117,569 | 35,070 | 298,642 | 130,970 |
Restricted cash | 10,672 | 11,321 | 11,285 | |
Trade receivables, net | 102,290 | 94,390 | 77,108 | |
Inventories, net | 62,007 | 66,988 | 60,229 | |
Other Assets, Current | 30,016 | 24,736 | 28,961 | |
Total current assets | 322,554 | 232,505 | 476,225 | |
Property, plant and equipment, net | 1,219,273 | 1,105,830 | 1,121,251 | |
Real estate held for sale and investment | 137,740 | 157,858 | 170,818 | |
Goodwill, net | 468,922 | 376,491 | 376,491 | |
Intangible assets, net | 122,064 | 98,227 | 99,149 | |
Other assets | 43,639 | 100,365 | 97,136 | |
Investments in subsidiaries | -8,625 | -7,188 | -4,984 | |
Advances | 0 | 0 | 0 | |
Total assets | 2,305,567 | 2,064,088 | 2,336,086 | |
Accounts payable and accrued liabilities | 275,979 | 277,738 | 243,284 | |
Income taxes payable | 0 | 0 | 0 | |
Long-term debt due within one year | 41,709 | 791 | 648 | |
Total current liabilities | 317,688 | 278,529 | 243,932 | |
Advances to Affiliate | 4,027 | 2,621 | 3,379 | |
Advances To From Parent Liability | -665,400 | -725,839 | -520,096 | |
Long-term debt | 322,533 | 353,093 | 351,716 | |
Other long-term liabilities | 213,782 | 210,683 | 211,136 | |
Deferred income taxes | 0 | 0 | 0 | |
Total Vail Resorts, Inc. stockholders' equity (deficit) | 2,112,937 | 1,945,001 | 2,046,019 | |
Noncontrolling interests | 0 | 0 | 0 | |
Total stockholders' equity | 1,447,537 | 1,219,162 | 1,525,923 | |
Total liabilities and stockholders' equity | 2,305,567 | 2,064,088 | 2,336,086 | |
Other Subsidiaries [Member] | ||||
Cash and cash equivalents | 7,645 | 9,336 | 8,789 | 7,634 |
Restricted cash | 2,467 | 1,860 | 1,772 | |
Trade receivables, net | 3,327 | 1,587 | 2,707 | |
Inventories, net | 160 | 195 | 180 | |
Other Assets, Current | 306 | 314 | 518 | |
Total current assets | 13,905 | 13,292 | 13,966 | |
Property, plant and equipment, net | 39,820 | 42,160 | 43,136 | |
Real estate held for sale and investment | 0 | 0 | 0 | |
Goodwill, net | 1,364 | 1,657 | 1,729 | |
Intangible assets, net | 19,063 | 19,296 | 19,358 | |
Other assets | 5,036 | 4,137 | 4,154 | |
Investments in subsidiaries | 0 | 0 | 0 | |
Advances | 4,027 | 2,621 | 3,379 | |
Total assets | 83,215 | 83,163 | 85,722 | |
Accounts payable and accrued liabilities | 9,815 | 7,677 | 8,479 | |
Income taxes payable | 0 | 0 | 0 | |
Long-term debt due within one year | 244 | 231 | 231 | |
Total current liabilities | 10,059 | 7,908 | 8,710 | |
Advances to Affiliate | 0 | 0 | 0 | |
Advances To From Parent Liability | 0 | 0 | 0 | |
Long-term debt | 57,263 | 57,507 | 57,507 | |
Other long-term liabilities | 10,920 | 11,103 | 10,585 | |
Deferred income taxes | -386 | -124 | -62 | |
Total Vail Resorts, Inc. stockholders' equity (deficit) | -8,625 | -7,188 | -4,984 | |
Noncontrolling interests | 13,984 | 13,957 | 13,966 | |
Total stockholders' equity | 5,359 | 6,769 | 8,982 | |
Total liabilities and stockholders' equity | 83,215 | 83,163 | 85,722 | |
Eliminating Entries [Member] | ||||
Cash and cash equivalents | 0 | 0 | 0 | |
Restricted cash | 0 | 0 | 0 | |
Trade receivables, net | 0 | 0 | 0 | |
Inventories, net | 0 | 0 | 0 | |
Other Assets, Current | 0 | 0 | 0 | |
Total current assets | 0 | 0 | 0 | |
Property, plant and equipment, net | 0 | 0 | 0 | |
Real estate held for sale and investment | 0 | 0 | 0 | |
Goodwill, net | 0 | 0 | 0 | |
Intangible assets, net | 0 | 0 | 0 | |
Other assets | -9,981 | -9,980 | -9,460 | |
Investments in subsidiaries | -2,104,312 | -1,937,813 | -2,041,035 | |
Advances | -4,027 | -2,621 | -3,379 | |
Total assets | -2,118,320 | -1,950,414 | -2,053,874 | |
Accounts payable and accrued liabilities | 0 | 0 | 0 | |
Income taxes payable | 0 | 0 | 0 | |
Long-term debt due within one year | 0 | 0 | 0 | |
Total current liabilities | 0 | 0 | 0 | |
Advances to Affiliate | -669,427 | -728,460 | -523,475 | |
Advances To From Parent Liability | 665,400 | 725,839 | 520,096 | |
Long-term debt | 0 | 0 | 0 | |
Other long-term liabilities | -9,981 | -9,980 | -9,460 | |
Deferred income taxes | 0 | 0 | 0 | |
Total Vail Resorts, Inc. stockholders' equity (deficit) | -2,104,312 | -1,937,813 | -2,041,035 | |
Noncontrolling interests | 0 | 0 | 0 | |
Total stockholders' equity | -1,438,912 | -1,211,974 | -1,520,939 | |
Total liabilities and stockholders' equity | ($2,118,320) | ($1,950,414) | ($2,053,874) |
Guarantor_Subsidiaries_And_Non3
Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Supplemental Condensed Consolidating Statement Of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Total net revenue | $579,343 | $543,047 | $1,237,842 | $1,119,158 |
Total operating expense | 351,591 | 339,882 | 959,801 | 907,402 |
(Loss) income from operations | 227,752 | 203,165 | 298,991 | 211,756 |
Other expense, net | -13,616 | -16,284 | -40,955 | -48,456 |
Equity investment income, net | -129 | 665 | 396 | 1,282 |
Gain (Loss) Related to Litigation Settlement | 0 | 0 | 16,400 | 0 |
Change in Fair Value of Contingent Consideration | 0 | 0 | 4,550 | 0 |
(Loss) income before benefit (provision) for income taxes | 214,007 | 187,546 | 258,432 | 164,582 |
Benefit (provision) from income taxes | -80,605 | -69,680 | -73,654 | -60,953 |
Net (loss) income before equity in income (loss) of consolidated subsidiaries | 133,402 | 117,866 | 184,778 | 103,629 |
Equity in income (loss) of consolidated subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | 133,402 | 117,866 | 184,778 | 103,629 |
Net loss (income) attributable to noncontrolling interests | 8 | 80 | 118 | 204 |
Net income (loss) attributable to Vail Resorts, Inc. | 133,410 | 117,946 | 184,896 | 103,833 |
Parent Company [Member] | ||||
Total net revenue | 0 | 0 | 0 | 0 |
Total operating expense | 64 | 106 | 285 | 286 |
(Loss) income from operations | -64 | -106 | -285 | -286 |
Other expense, net | -3,593 | -6,600 | -10,871 | -19,802 |
Equity investment income, net | 0 | 0 | 0 | 0 |
Gain (Loss) Related to Litigation Settlement | 0 | |||
Change in Fair Value of Contingent Consideration | 0 | |||
(Loss) income before benefit (provision) for income taxes | -3,657 | -6,706 | -11,156 | -20,088 |
Benefit (provision) from income taxes | 1,257 | 2,564 | 27,691 | 7,810 |
Net (loss) income before equity in income (loss) of consolidated subsidiaries | -2,400 | -4,142 | 16,535 | -12,278 |
Equity in income (loss) of consolidated subsidiaries | 135,810 | 122,088 | 168,361 | 116,111 |
Net income (loss) | 133,410 | 117,946 | 184,896 | 103,833 |
Net loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Vail Resorts, Inc. | 133,410 | 117,946 | 184,896 | 103,833 |
100% Owned Guarantor Subsidiaries [Member] | ||||
Total net revenue | 577,461 | 539,704 | 1,235,712 | 1,113,141 |
Total operating expense | 350,193 | 336,623 | 956,630 | 899,631 |
(Loss) income from operations | 227,268 | 203,081 | 300,032 | 213,510 |
Other expense, net | -9,743 | -9,331 | -29,197 | -27,630 |
Equity investment income, net | -129 | 665 | 396 | 1,282 |
Gain (Loss) Related to Litigation Settlement | 16,400 | |||
Change in Fair Value of Contingent Consideration | -4,550 | |||
(Loss) income before benefit (provision) for income taxes | 217,396 | 194,415 | 271,231 | 187,162 |
Benefit (provision) from income taxes | -81,823 | -72,295 | -101,406 | -68,971 |
Net (loss) income before equity in income (loss) of consolidated subsidiaries | 135,573 | 122,120 | 169,825 | 118,191 |
Equity in income (loss) of consolidated subsidiaries | 237 | -32 | -1,464 | -2,080 |
Net income (loss) | 135,810 | 122,088 | 168,361 | 116,111 |
Net loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Vail Resorts, Inc. | 135,810 | 122,088 | 168,361 | 116,111 |
Other Subsidiaries [Member] | ||||
Total net revenue | 6,493 | 6,494 | 15,710 | 15,840 |
Total operating expense | 5,907 | 6,266 | 16,352 | 17,194 |
(Loss) income from operations | 586 | 228 | -642 | -1,354 |
Other expense, net | -318 | -391 | -1,001 | -1,138 |
Equity investment income, net | 0 | 0 | 0 | 0 |
Gain (Loss) Related to Litigation Settlement | 0 | |||
Change in Fair Value of Contingent Consideration | 0 | |||
(Loss) income before benefit (provision) for income taxes | 268 | -163 | -1,643 | -2,492 |
Benefit (provision) from income taxes | -39 | 51 | 61 | 208 |
Net (loss) income before equity in income (loss) of consolidated subsidiaries | 229 | -112 | -1,582 | -2,284 |
Equity in income (loss) of consolidated subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | 229 | -112 | -1,582 | -2,284 |
Net loss (income) attributable to noncontrolling interests | 8 | 80 | 118 | 204 |
Net income (loss) attributable to Vail Resorts, Inc. | 237 | -32 | -1,464 | -2,080 |
Eliminating Entries [Member] | ||||
Total net revenue | -4,611 | -3,151 | -13,580 | -9,823 |
Total operating expense | -4,573 | -3,113 | -13,466 | -9,709 |
(Loss) income from operations | -38 | -38 | -114 | -114 |
Other expense, net | 38 | 38 | 114 | 114 |
Equity investment income, net | 0 | 0 | 0 | 0 |
Gain (Loss) Related to Litigation Settlement | 0 | |||
Change in Fair Value of Contingent Consideration | 0 | |||
(Loss) income before benefit (provision) for income taxes | 0 | 0 | 0 | 0 |
Benefit (provision) from income taxes | 0 | 0 | 0 | 0 |
Net (loss) income before equity in income (loss) of consolidated subsidiaries | 0 | 0 | 0 | 0 |
Equity in income (loss) of consolidated subsidiaries | -136,047 | -122,056 | -166,897 | -114,031 |
Net income (loss) | -136,047 | -122,056 | -166,897 | -114,031 |
Net loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Vail Resorts, Inc. | ($136,047) | ($122,056) | ($166,897) | ($114,031) |
Guarantor_Subsidiaries_And_Non4
Guarantor Subsidiaries And Non-Guarantor Subsidiaries Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Supplemental Condensed Consolidating Statements of Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Guarantor Obligations [Line Items] | ||||
Net income (loss) | $133,402 | $117,866 | $184,778 | $103,629 |
Foreign currency translation adjustments | 23 | 85 | -424 | -34 |
Comprehensive income (loss) | 133,425 | 117,951 | 184,354 | 103,595 |
Comprehensive loss (income) attributable to noncontrolling interests | 8 | 80 | 118 | 204 |
Comprehensive income (loss) attributable to Vail Resorts, Inc. | 133,433 | 118,031 | 184,472 | 103,799 |
Parent Company [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net income (loss) | 133,410 | 117,946 | 184,896 | 103,833 |
Foreign currency translation adjustments | 23 | 85 | -424 | -34 |
Comprehensive income (loss) | 133,433 | 118,031 | 184,472 | 103,799 |
Comprehensive loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Vail Resorts, Inc. | 133,433 | 118,031 | 184,472 | 103,799 |
100% Owned Guarantor Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net income (loss) | 135,810 | 122,088 | 168,361 | 116,111 |
Foreign currency translation adjustments | -23 | 85 | 424 | -34 |
Comprehensive income (loss) | 135,787 | 122,173 | 168,785 | 116,077 |
Comprehensive loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Vail Resorts, Inc. | 135,787 | 122,173 | 168,785 | 116,077 |
Other Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net income (loss) | 229 | -112 | -1,582 | -2,284 |
Foreign currency translation adjustments | -23 | 85 | 424 | -34 |
Comprehensive income (loss) | 206 | -27 | -1,158 | -2,318 |
Comprehensive loss (income) attributable to noncontrolling interests | 8 | 80 | 118 | 204 |
Comprehensive income (loss) attributable to Vail Resorts, Inc. | 214 | 53 | -1,040 | -2,114 |
Eliminating Entries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net income (loss) | -136,047 | -122,056 | -166,897 | -114,031 |
Foreign currency translation adjustments | 46 | -170 | -848 | 68 |
Comprehensive income (loss) | -136,001 | -122,226 | -167,745 | -113,963 |
Comprehensive loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Vail Resorts, Inc. | ($136,001) | ($122,226) | ($167,745) | ($113,963) |
Guarantor_Subsidiaries_And_Non5
Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Supplemental Condensed Consolidating Statement Of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Net cash (used in) provided by operating activities | $394,476 | $306,197 |
Capital expenditures | -85,583 | -108,100 |
Acquisition of businesses | -182,500 | 0 |
Other investing activities, net | 3,274 | 920 |
Net cash used in investing activities | -264,809 | -107,180 |
Proceeds from Issuance of Other Long-term Debt | 253,000 | 0 |
Repayments of Long-term Debt | -254,013 | -977 |
Dividends paid | -52,778 | -29,998 |
Other financing activities, net | 5,041 | 732 |
Advances | 0 | 0 |
Net cash provided by (used in) financing activities | -48,750 | -30,243 |
Effect of exchange rate changes on cash and cash equivalents | -109 | 53 |
Net increase (decrease) in cash and cash equivalents | 80,808 | 168,827 |
Beginning of period | 44,406 | 138,604 |
End of period | 125,214 | 307,431 |
Parent Company [Member] | ||
Net cash (used in) provided by operating activities | 109,692 | 52,146 |
Capital expenditures | 0 | 0 |
Acquisition of businesses | 0 | |
Other investing activities, net | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Proceeds from Issuance of Other Long-term Debt | 0 | |
Repayments of Long-term Debt | 0 | 0 |
Dividends paid | -52,778 | -29,998 |
Other financing activities, net | 3,878 | 3,880 |
Advances | -60,792 | -26,028 |
Net cash provided by (used in) financing activities | -109,692 | -52,146 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Beginning of period | 0 | 0 |
End of period | 0 | 0 |
100% Owned Guarantor Subsidiaries [Member] | ||
Net cash (used in) provided by operating activities | 285,406 | 252,610 |
Capital expenditures | -84,941 | -107,208 |
Acquisition of businesses | -182,500 | |
Other investing activities, net | 3,288 | 912 |
Net cash used in investing activities | -264,153 | -106,296 |
Proceeds from Issuance of Other Long-term Debt | 253,000 | |
Repayments of Long-term Debt | -253,782 | -758 |
Dividends paid | 0 | 0 |
Other financing activities, net | 1,018 | -3,891 |
Advances | 60,792 | 26,028 |
Net cash provided by (used in) financing activities | 61,028 | 21,379 |
Effect of exchange rate changes on cash and cash equivalents | 218 | -21 |
Net increase (decrease) in cash and cash equivalents | 82,499 | 167,672 |
Beginning of period | 35,070 | 130,970 |
End of period | 117,569 | 298,642 |
Other Subsidiaries [Member] | ||
Net cash (used in) provided by operating activities | -622 | 1,441 |
Capital expenditures | -642 | -892 |
Acquisition of businesses | 0 | |
Other investing activities, net | -14 | 8 |
Net cash used in investing activities | -656 | -884 |
Proceeds from Issuance of Other Long-term Debt | 0 | |
Repayments of Long-term Debt | -231 | -219 |
Dividends paid | 0 | 0 |
Other financing activities, net | 145 | 743 |
Advances | 0 | 0 |
Net cash provided by (used in) financing activities | -86 | 524 |
Effect of exchange rate changes on cash and cash equivalents | -327 | 74 |
Net increase (decrease) in cash and cash equivalents | -1,691 | 1,155 |
Beginning of period | 9,336 | 7,634 |
End of period | $7,645 | $8,789 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 1 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2007 | Apr. 30, 2015 |
Income Tax Disclosure [Abstract] | ||
Net Operating Loss Carryforwards Recognized | $8 | |
Operating Loss Carryforward | 73.8 | |
Tax Refund on Amended Returns | 6.2 | |
Unrecognized Tax Benefits, Period Increase (Decrease) | 27.7 | |
Reduction in Federal Tax Liability | 19.6 | |
Tax Adjustments, Settlements, and Unusual Provisions | $23.80 |