Vail Resorts (MTN) 10-K 28 Sep 15 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Jul. 31, 2015	Sep. 23, 2015	Jan. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jul. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	MTN
Entity Registrant Name	VAIL RESORTS INC
Entity Central Index Key	812,011
Current Fiscal Year End Date	--07-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		36,546,790
Entity Public Float			$ 3,160,590,658

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014
Assets
Cash and cash equivalents	$ 35,459	$ 44,406
Restricted cash	13,012	13,181
Trade receivables, net of allowances of $4,553 and $3,423, respectively	113,990	95,977
Inventories, net of reserves of $1,864 and $1,552, respectively	73,485	67,183
Deferred income taxes (Note 11)	27,962	29,249
Other Assets, Current	24,235	25,050
Total current assets	288,143	275,046
Property, plant and equipment, net (Note 6)	1,386,275	1,147,990
Real estate held for sale and investment	129,825	157,858
Other Assets, Noncurrent	40,796	97,284
Goodwill, net (Note 6)	500,433	378,148
Intangible assets, net (Note 6)	144,149	117,523
Total assets	2,489,621	2,173,849
Liabilities and Stockholders' Equity
Accounts payable and accrued liabilities (Note 6)	331,299	289,218
Income taxes payable	57,194	33,966
Long-term debt due within one year (Note 4)	10,154	1,022
Total current liabilities	398,647	324,206
Long-term debt (Note 4)	806,676	625,600
Other long-term liabilities (Note 6)	255,916	260,681
Deferred income taxes (Note 11)	$ 147,796	$ 128,562
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized, no shares issued and outstanding	$ 0	$ 0
Common stock, $0.01 par value, 100,000,000 shares authorized, and 40,531,204 and 40,334,973 shares issued, respectively	415	412
Additional paid-in capital	623,510	612,322
Accumulated other comprehensive loss	(4,913)	(199)
Retained earnings	440,748	401,500
Treasury stock, at cost; 4,949,111 and 4,264,804 shares, respectively (Note 16)	(193,192)	(193,192)
Total Vail Resorts, Inc. stockholders' equity	866,568	820,843
Noncontrolling interests	14,018	13,957
Total stockholders' equity	880,586	834,800
Total liabilities and stockholders' equity	$ 2,489,621	$ 2,173,849

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014
Statement of Financial Position [Abstract]
Trade receivables, allowances	$ 746	$ 681
Inventories, reserves	$ 1,915	$ 2,136
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	41,462,941	41,152,800
Treasury stock, shares	4,949,111	4,949,111

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jul. 31, 2015	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2014	Jul. 31, 2014	Apr. 30, 2014	Jan. 31, 2014	Oct. 31, 2013	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Net revenue:
Mountain	$ 81,061	$ 499,551	$ 463,031	$ 60,386	$ 53,999	$ 460,587	$ 391,656	$ 57,331	$ 1,104,029	$ 963,573	$ 867,514
Lodging	69,373	67,323	59,364	58,493	62,593	66,293	56,187	57,214	254,553	242,287	210,974
Real Estate	11,648	12,469	7,842	9,383	18,896	16,167	4,877	8,846	41,342	48,786	42,309
Total net revenue	162,082	579,343	530,237	128,262	135,488	543,047	452,720	123,391	1,399,924	1,254,646	1,120,797
Segment operating expense (exclusive of depreciation and amortization shown separately below):
Mountain									777,147	712,785	639,706
Lodging									232,877	225,563	198,813
Real Estate									48,408	55,826	58,090
Total segment operating expense									1,058,432	994,174	896,609
Other operating (expense) income:
Depreciation and amortization									(149,123)	(140,601)	(132,688)
Loss on disposal of fixed assets, net									(2,057)	(1,208)	(1,222)
Gain on sale of real property									151	0	6,675
Gain (Loss) Related to Litigation Settlement									16,400	0	0
Change in Fair Value of Contingent Consideration									3,650	(1,400)	0
Income from operations	(88,478)	227,752	160,071	(88,832)	(94,493)	203,165	110,695	(102,104)	210,513	117,263	96,953
Mountain equity investment income, net									822	1,262	891
Investment income, net									246	375	351
Interest expense, net									(51,241)	(63,997)	(38,966)
Loss on extinguishment of debt (Note 4)									(11,012)	(10,831)	0
Income before provision for income taxes									149,328	44,072	59,229
Provision for income taxes (Note 11)									(34,718)	(15,866)	(21,619)
Net income	(70,168)	133,402	115,700	(64,324)	(75,423)	117,866	59,200	(73,437)	114,610	28,206	37,610
Net loss (income) attributable to noncontrolling interests									144	272	133
Net income attributable to Vail Resorts, Inc.	$ (70,142)	$ 133,410	$ 115,762	$ (64,276)	$ (75,355)	$ 117,946	$ 59,263	$ (73,376)	$ 114,754	$ 28,478	$ 37,743
Per share amounts (Note 3):
Basic net income per share attributable to Vail Resorts, Inc. (in dollars per share)	$ (1.92)	$ 3.67	$ 3.19	$ (1.77)	$ (2.08)	$ 3.26	$ 1.64	$ (2.04)	$ 3.16	$ 0.79	$ 1.05
Diluted net income per share attributable to Vail Resorts, Inc. (in dollars per share)	$ (1.92)	$ 3.56	$ 3.10	$ (1.77)	$ (2.08)	$ 3.18	$ 1.60	$ (2.04)	3.07	0.77	1.03
Cash dividends declared per share (in dollars per share)									$ 2.0750	$ 1.2450	$ 0.7900

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Net income	$ 114,610	$ 28,206	$ 37,610
Foreign currency translation adjustments (net of tax of $2,578, $82 and $41, respectively)	(4,714)	(132)	188
Comprehensive income (loss)	109,896	28,074	37,798
Comprehensive loss attributable to noncontrolling interests	144	272	133
Comprehensive income attributable to Vail Resorts, Inc.	$ 110,040	$ 28,346	$ 37,931

Consolidated Statements Of Stoc

Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Loss [Member]	Total Vail Resorts, Inc. Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Net income (loss) attributable to Vail Resorts, Inc.	$ 37,743
Net Income (Loss) Attributable to Noncontrolling Interest	(133)
Balance at Jul. 31, 2012	816,328	$ 405	$ 586,691	$ 408,662	$ (193,192)	$ (255)	$ 802,311	$ 14,017
Balance, Shares at Jul. 31, 2012		40,531,204
Net income	37,610			37,743			37,743	(133)
Foreign currency translation adjustments	188					188	188
Comprehensive income (loss)	37,798						37,931	(133)
Stock-based compensation (Note 17)	12,349		12,349				12,349
Issuance of shares under share award plan net of shares withheld for taxes (Note 17)	(4,602)	$ (4)	(4,606)				(4,602)
Issuance of shares under share award plan net of shares withheld for taxes (Note 17), Shares		372,527
Tax (expense) benefit from share award plan	4,241		4,241				4,241
Dividends	(28,362)			(28,362)			(28,362)
Contributions from noncontrolling interests, net	117							117
Balance at Jul. 31, 2013	837,869	$ 409	598,675	418,043	(193,192)	(67)	823,868	14,001
Balance, Shares at Jul. 31, 2013		40,903,731
Net income (loss) attributable to Vail Resorts, Inc.	28,478			28,478
Net Income (Loss) Attributable to Noncontrolling Interest	(272)							(272)
Net income	28,206						28,478
Foreign currency translation adjustments	(132)					(132)	(132)
Comprehensive income (loss)	28,074						28,346	(272)
Stock-based compensation (Note 17)	14,224		14,224				14,224
Issuance of shares under share award plan net of shares withheld for taxes (Note 17)	(4,735)	$ (3)	(4,738)				(4,735)
Issuance of shares under share award plan net of shares withheld for taxes (Note 17), Shares		249,069
Tax (expense) benefit from share award plan	4,161		4,161				4,161
Dividends	(45,021)			(45,021)			(45,021)
Contributions from noncontrolling interests, net	228							228
Balance at Jul. 31, 2014	834,800	$ 412	612,322	401,500	(193,192)	(199)	820,843	13,957
Balance, Shares at Jul. 31, 2014		41,152,800
Net income (loss) attributable to Vail Resorts, Inc.	114,754			114,754
Net Income (Loss) Attributable to Noncontrolling Interest	(144)							(144)
Net income	114,610						114,754
Foreign currency translation adjustments	(4,714)					(4,714)	(4,714)
Comprehensive income (loss)	109,896						110,040	(144)
Stock-based compensation (Note 17)	15,753		15,753				15,753
Issuance of shares under share award plan net of shares withheld for taxes (Note 17)	(17,186)	$ (3)	(17,189)				(17,186)
Issuance of shares under share award plan net of shares withheld for taxes (Note 17), Shares		310,141
Tax (expense) benefit from share award plan	12,624		12,624				12,624
Dividends	(75,506)			(75,506)			(75,506)
Contributions from noncontrolling interests, net	205							205
Balance at Jul. 31, 2015	$ 880,586	$ 415	$ 623,510	$ 440,748	$ (193,192)	$ (4,913)	$ 866,568	$ 14,018
Balance, Shares at Jul. 31, 2015		41,462,941

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Cash flows from operating activities:
Net income	$ 114,610	$ 28,206	$ 37,610
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	149,123	140,601	132,688
Cost of real estate sales	32,190	37,400	32,076
Stock-based compensation expense	15,753	14,224	12,349
Deferred income taxes, net	12,968	6,219	(8,125)
Accretion Expense	5,596	5,544	985
Change in Fair Value of Contingent Consideration	(3,650)	1,400	0
Gain (Loss) Related to Litigation Settlement	(16,400)	0	0
Park City litigation payment to Talisker	(10,000)	0	0
Gain on sale of real property	(151)	0	(6,675)
Loss on extinguishment of debt	11,012	10,831	0
Payments on tender premium	(8,636)	(8,531)	0
Other non-cash income, net	(6,930)	(8,570)	(8,093)
Changes in assets and liabilities:
Restricted cash	162	(559)	1,647
Accounts receivable, net	(15,350)	(17,007)	(11,715)
Inventories, net	(1,304)	1,332	(105)
Accounts payable and accrued liabilities	4,498	20,724	19,774
Income taxes payable	41,783	12,198	21,717
Other assets and liabilities, net	(21,614)	1,866	(1,710)
Net cash provided by operating activities	303,660	245,878	222,423
Cash flows from investing activities:
Capital expenditures	(123,884)	(118,305)	(94,946)
Acquisition of businesses	(307,051)	0	(19,958)
Cash received from sale of real property	2,541	0	11,090
Other investing activities, net	1,326	399	(4,424)
Net cash used in investing activities	(427,068)	(117,906)	(108,238)
Cash flows from financing activities:
Payments on tender of 6.50% Notes	(215,000)	(175,000)	0
Payments on tender of Industrial Development Bonds	(41,200)	0	0
Proceeds from borrowings under Credit Facility Term Loan	250,000	0	0
Proceeds from borrowings under Credit Facility Revolver	438,000	0	96,000
Payments on Credit Facility Revolver	(253,000)	0	(96,000)
Payments of other long-term debt	(1,022)	(998)	(1,011)
Dividends paid	(75,506)	(45,021)	(28,362)
Other financing activities, net	12,979	(1,193)	7,583
Net cash used in financing activities	115,251	(222,212)	(21,790)
Effect of exchange rate changes on cash and cash equivalents	(790)	42	156
Net (decrease) increase in cash and cash equivalents	(8,947)	(94,198)	92,551
Cash and cash equivalents:
Beginning of period	44,406	138,604	46,053
End of period	35,459	44,406	138,604
Cash paid for interest, net of amounts capitalized	46,483	57,217	34,222
Taxes paid (refunded), net	(4,421)	(6,787)	3,984
Capital Expenditures Incurred but Not yet Paid	6,267	12,254	12,775
Non-cash capital expenditures under long-term financing	$ 7,037	$ 0	$ 0

Organization and Business

Organization and Business	12 Months Ended
	Jul. 31, 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 ten world-class mountain resort properties at the Vail, Breckenridge, Keystone and Beaver Creek mountain resorts in Colorado; Park City Mountain Resort ("Park City" acquired on September 11, 2014) and Canyons mountain resorts in Utah; the Heavenly, Northstar, and Kirkwood mountain resorts in the Lake Tahoe area of California and Nevada; Perisher Ski Resort ("Perisher" acquired on June 30, 2015) in New South Wales, Australia; 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. The resorts located in the United States (except for Northstar, Park City, Canyons 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”). The operations of Perisher are conducted pursuant to a long-term lease and license on land owned by the government of New South Wales, Australia. 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 in the United States. The Company’s peak operating seasons at Perisher, its NPS concessionaire properties and its golf courses generally occur from June to the end of September. The Company also has non-majority owned investments in various other entities, some of which are consolidated (see Note 8, Variable Interest Entities).

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Jul. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation-- The accompanying Consolidated Financial Statements include the accounts of the Company, its majority-owned subsidiaries and all variable interest entities for which the Company is the primary beneficiary. Investments in which the Company does not have a controlling interest or is not the primary beneficiary are accounted for under the equity method. All significant intercompany transactions have been eliminated in consolidation. Cash and Cash Equivalents-- The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Restricted Cash-- Restricted cash primarily represents amounts held as state-regulated reserves for self-insured workers’ compensation claims. Trade Receivables -- The Company records trade accounts receivable in the normal course of business related to the sale of products or services. The Company generally charges interest on past due accounts at a rate of 18% per annum. The allowance for doubtful accounts is based on a specific reserve analysis and on a percentage of accounts receivable, and takes into consideration such factors as historical write-offs, the economic climate and other factors that could affect collectability. Write-offs are evaluated on a case by case basis. Inventories-- The Company’s inventories consist primarily of purchased retail goods, food and beverage items and spare parts. Inventories are stated at the lower of cost or fair value, determined using primarily an average weighted cost method. The Company records a reserve for estimated shrinkage and obsolete or unusable inventory. Property, Plant and Equipment-- Property, plant and equipment is carried at cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property, plant and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income. Leasehold improvements are amortized on the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Depreciation is calculated on the straight-line method, including property, plant and equipment under capital leases, generally based on the following useful lives: Estimated Life in Years Land improvements 10-35 Buildings and building improvements 7-30 Machinery and equipment 2-30 Furniture and fixtures 3-10 Software 3 Vehicles 3-10 Real Estate Held for Sale and Investment -- The Company capitalizes as real estate held for sale and investment the original land acquisition cost, direct construction and development costs, property taxes, interest recorded on costs related to real estate under development and other related costs. Additionally, the Company records depreciation on completed condominium units that are placed in rental programs until such units are sold. Sales and marketing expenses are charged against income in the period incurred. Sales commission expenses are charged against income in the period that the related revenue from real estate sales is recorded. The Company records capitalized interest once construction activities commence and real estate deposits have been utilized in construction. The Company did not capitalize interest on real estate development projects, as it had no projects under construction during the years ended July 31, 2015 , 2014 and 2013 . Deferred Financing Costs-- Certain costs incurred with the issuance of debt securities are capitalized and included in deferred charges and other assets, net of accumulated amortization. Amortization is charged to interest expense over the respective term of the applicable debt issues. When debt is extinguished prior to its maturity date, the amortization of the remaining unamortized deferred financing costs, or pro-rata portion thereof, is also charged to interest expense. Goodwill and Intangible Assets -- The Company has classified as goodwill the cost in excess of fair value of the net assets of businesses acquired in purchase transactions. The Company’s major intangible asset classes are trademarks, water rights, customer lists, property management contracts, Forest Service permits and excess reorganization value. Goodwill and various indefinite-lived intangible assets, including excess reorganization value and certain trademarks and water rights, are not amortized, but are subject to at least annual impairment testing. The Company tests annually (or more often, if necessary) for impairment as of May 1. Amortizable intangible assets are amortized over the shorter of their contractual terms or estimated useful lives. The testing for impairment consists of a comparison of the fair value of the assets with their carrying values. If the carrying amount of the assets exceed its fair value, an impairment will be recognized in an amount equal to that excess. If the carrying amount of the assets does not exceed the fair value, no impairment loss is recognized. For the testing of goodwill for impairment, the Company determines the estimated fair value of its reporting units using discounted cash flow analyses. The fair value of indefinite-lived intangible assets is estimated using an income approach. The Company determined that there was no impairment to goodwill or significant intangible assets for the years ended July 31, 2015 , 2014 and 2013 . Long-lived Assets-- The Company evaluates potential impairment of long-lived assets and long-lived assets to be disposed of whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If the sum of the expected cash flows, on an undiscounted basis, is less than the carrying amount of the asset, an impairment loss is recognized in the amount by which the carrying amount of the asset exceeds its fair value. The Company does not believe any events or changes in circumstances indicating an impairment of the carrying amount of a long-lived asset occurred during the years ended July 31, 2015 , 2014 and 2013 . Revenue Recognition-- The following describes the composition of revenues for the Company: • Mountain revenue is derived from a wide variety of sources, including, among other things, sales of lift tickets (including season passes), ski school operations, other on-mountain activities, dining operations, retail sales, equipment rentals, private ski club amortized initiation fees and dues, marketing and internet advertising, commercial leasing, employee housing, municipal services, and lodging and transportation operations at Perisher, and is recognized as products are delivered or services are performed. The Company records deferred revenue related to the sale of season ski passes. The number of season pass holder visits is estimated based on historical data and the deferred revenue is recognized throughout the ski season based on this estimate, or on a straight-line basis if usage patterns cannot be determined based on available historical data. • Lodging revenue is derived from a wide variety of sources, including, among other things, hotel operations, dining operations, property management services, managed hotel property payroll cost reimbursements, private golf club amortized initiation fees and dues, transportation services and golf course greens fees, and is recognized as products are delivered or services are performed. Revenue from payroll cost reimbursements relates to payroll costs of managed hotel properties where the Company is the employer. The reimbursements are based upon the costs incurred with no added margin; therefore, these revenues and corresponding expenses have no net effect on the Company’s operating income or net income. • Revenue from non-refundable private club initiation fees is recognized over the estimated life of the facilities on a straight-line basis upon inception of the club. As of July 31, 2015 , the weighted average remaining period over which the private club initiation fees will be recognized is approximately 14 years . Additionally, certain club initiation fees are refundable in 30 years after the date of acceptance of a member. Under these memberships, the difference between the amount paid by the member and the present value of the refund obligation is recorded as deferred initiation fee revenue in the Company’s Consolidated Balance Sheets and recognized as revenue on a straight-line basis over 30 years . The present value of the refund obligation is recorded as an initiation deposit liability and accretes over the nonrefundable term using the effective interest method. The accretion is included in interest expense. • Real estate revenue primarily includes the sale of condominium units and land parcels and is recorded primarily using the full accrual method and occurs only upon the following: (i) substantial completion of the entire development project, (ii) receipt of certificates of occupancy or temporary certificates of occupancy from local governmental agencies, if applicable, (iii) closing of the sales transaction including receipt of all, or substantially all, sales proceeds (including any deposits previously received), and (iv) transfer of ownership. Real Estate Cost of Sales-- Costs of real estate transactions include direct project costs, common cost allocations (primarily determined on relative sales value) and sales commission expense. The Company utilizes the relative sales value method to determine cost of sales for condominium units sold within a project, when specific identification of costs cannot be reasonably determined. Foreign Currency Translation -- The functional currency of the Company's entities operating outside of the United States is the principal currency of the economic environment in which the entity primarily generates and expends cash, which is the local currency. The assets and liabilities of these foreign operations are translated at the exchange rate in effect as of the balance sheet dates. Income and expense items are translated using the weighted average exchange rate for the period. Translation adjustments from currency exchange are recorded in accumulated other comprehensive income as a separate component of stockholders’ equity. Reserve Estimates-- The Company uses estimates to record reserves for certain liabilities, including medical claims, workers’ compensation claims, third-party loss contingencies, property taxes and loyalty reward programs among other items. The Company estimates the probable costs related to these liabilities that will be incurred and records that amount as a liability in its consolidated financial statements. Additionally, the Company records, as applicable, receivables related to insurance recoveries for loss contingencies if deemed probable of recovery. These estimates are reviewed and adjusted as the facts and circumstances change. The Company records legal costs related to defending claims as incurred. Advertising Costs -- Advertising costs are expensed at the time such advertising commences. Advertising expense for the years ended July 31, 2015 , 2014 and 2013 was $27.5 million , $25.7 million and $25.5 million , respectively. Prepaid advertising costs as of July 31, 2015 and 2014 was $0.3 million and $0.2 million , respectively and are reported within “other current assets” in the Company’s Consolidated Balance Sheets. Income Taxes-- The Company’s provision for income taxes is based on current pre-tax income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported in the accompanying Consolidated Balance Sheets and for operating loss and tax credit carryforwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to the tax provision or benefit in the period of enactment. The Company provides for taxes that may be payable if undistributed earnings of foreign subsidiaries were to be remitted to the U.S. The Company’s deferred tax assets have been reduced by a valuation allowance to the extent it is deemed to be more likely than not that some or all of the deferred tax assets will not be realized. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is “more-likely-than-not” to be sustained, on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the largest tax benefit that is cumulatively greater than 50% likely of being realized upon ultimate settlement. Interest and penalties accrued in connection with uncertain tax positions are recognized as a component of income tax expense (see Note 10, Income Taxes, for more information). Fair Value of Financial Instruments -- The recorded amounts for cash and cash equivalents, 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 Credit Facility Revolver, Credit Facility Term Loan and the Employee Housing Bonds (as defined in Note 4, Long-Term Debt) approximate book value due to the variable nature of the interest rate associated with the debt. The fair value of the 6.50% Senior Subordinated Notes due 2019 (“6.50% Notes”) (Note 4, Long-Term Debt) are based on quoted market prices (a Level 1 input). The fair value of the Company’s Industrial Development Bonds and other long-term debt (Note 4, Long-Term Debt) have been estimated using discounted cash flow analyses based on borrowing rates for debt with similar remaining maturities and ratings (a Level 3 input). The estimated fair value of the 6.50% Notes, Industrial Development Bonds and other long-term debt as of July 31, 2015 and 2014 is presented below (in thousands): July 31, 2015 July 31, 2014 Carrying Value Fair Value Carrying Value Fair Value 6.50% Notes $ — $ — $ 215,000 $ 223,600 Industrial Development Bonds $ — $ — $ 41,200 $ 48,003 Other long-term debt $ 11,765 $ 12,328 $ 5,163 $ 5,758 Stock-Based Compensation-- Stock-based compensation expense is measured at the grant date based upon the fair value of the portion of the award that is ultimately expected to vest and is recognized as expense over the applicable vesting period of the award generally using the straight-line method (see Note 16, Stock Compensation Plan for more information). The following table shows total stock-based compensation expense for the years ended July 31, 2015 , 2014 and 2013 included in the Consolidated Statements of Operations (in thousands): Year Ended July 31, 2015 2014 2013 Mountain stock-based compensation expense $ 11,841 $ 10,292 $ 9,007 Lodging stock-based compensation expense 2,621 2,203 1,917 Real Estate stock-based compensation expense 1,291 1,729 1,425 Pre-tax stock-based compensation expense 15,753 14,224 12,349 Less: benefit from income taxes 6,026 5,435 4,709 Net stock-based compensation expense $ 9,727 $ 8,789 $ 7,640 Concentration of Credit Risk-- The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company places its cash and temporary cash investments in high quality credit institutions, but these investments may be in excess of FDIC insurance limits. The Company does not enter into financial instruments for hedging, trading or speculative purposes. Concentration of credit risk with respect to trade and notes receivables is limited due to the wide variety of customers and markets in which the Company transacts business, as well as their dispersion across many geographical areas. The Company performs ongoing credit evaluations of its customers and generally does not require collateral, but does require advance deposits on certain transactions. Use of Estimates-- The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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. 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. In August 2015, the FASB issued ASU No. 2015-14, which defers the effective date of the new revenue standard by one year, and would allow entities the option to early adopt the new revenue standard as of the original effective date. This standard will be effective for the first interim period within fiscal years beginning after December 15, 2017 (the Company's 2019 first fiscal quarter if it does not early adopt), using one of two retrospective application methods. 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 and cash flows. 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. In June 2015, the FASB issued ASU No. 2015-15, "Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements." The guidance in ASU No. 2015-03 does not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU No. 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff stated that they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. 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 and cash flows. 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 and cash flows. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” This standard provides guidance on the measurement of inventory that is measured using first-in, first-out or average cost. An entity should measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2016 (the Company’s 2018 first fiscal quarter) and is required to be adopted prospectively and early adoption is permitted. 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 and cash flows.

Net Income Per Common Share

Net Income Per Common Share	12 Months Ended
	Jul. 31, 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 share in the earnings of Vail Resorts. Presented below is basic and diluted EPS for the years ended July 31, 2015 , 2014 and 2013 (in thousands, except per share amounts): Year Ended July 31, 2015 2014 2013 Basic Diluted Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 114,754 $ 114,754 $ 28,478 $ 28,478 $ 37,743 $ 37,743 Weighted-average shares outstanding 36,342 36,342 36,127 36,127 35,859 35,859 Effect of dilutive securities — 1,064 — 930 — 874 Total shares 36,342 37,406 36,127 37,057 35,859 36,733 Net income per share attributable to Vail Resorts $ 3.16 $ 3.07 $ 0.79 $ 0.77 $ 1.05 $ 1.03 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 that were excluded from the calculation of diluted net income per share because the effect of their inclusion would have been anti-dilutive totaled approximately 11,000 , 17,000 and 19,000 for the years ended July 31, 2015 , 2014 and 2013 , respectively. In fiscal 2011, the Company’s Board of Directors approved the commencement of a regular quarterly cash dividend on the Company's common stock at an annual rate of $0.60 per share, subject to quarterly declaration. Since the initial commencement of a regular quarterly cash dividend, the Company's Board of Directors has annually approved an increase to the cash dividend on the Company's common stock and on March 11, 2015, the Company’s Board of Directors approved an increase of 50% in the annual cash dividend to an annual rate of $2.49 per share, subject to quarterly declaration. For the year ended July 31, 2015 , the Company paid cash dividends of $2.075 per share ( $75.5 million in the aggregate). On September 25, 2015 the Company’s Board of Directors approved a quarterly cash dividend of $0.6225 per share payable on October 26, 2015 to stockholders of record as of October 9, 2015 .

Long-Term Debt

Long-Term Debt	12 Months Ended
	Jul. 31, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt as of July 31, 2015 and 2014 is summarized as follows (in thousands): Fiscal Year Maturity (a) July 31, July 31, Credit Facility Revolver (b) 2020 $ 185,000 $ — Credit Facility Term Loan (b) 2020 250,000 — Industrial Development Bonds (c) 2020 — 41,200 Employee Housing Bonds (d) 2027-2039 52,575 52,575 6.50% Notes (e) 2019 — 215,000 Canyons obligation (f) 2063 317,455 311,858 Other (g) 2016-2029 11,800 5,989 Total debt 816,830 626,622 Less: Current maturities (h) 10,154 1,022 Long-term debt $ 806,676 $ 625,600 (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. Key modifications to the senior credit facility 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. 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, and consists of a $400 million revolving credit facility. The Credit Agreement also provides for a term loan facility in an aggregate principal amount of $250.0 million . 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). In addition, 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 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. The proceeds of the loans made under the Credit Agreement may be used, in addition to the redemptions of the 6.50% Notes and industrial development bonds (as discussed below), to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. The Credit Agreement matures in May 2020. Borrowings under the Credit Agreement, including the term loan facility, bear interest annually at the Company's option at the rate of (i) LIBOR plus 1.125% as of July 31, 2015 (1.32% as of July 31, 2015) or (ii) the Agent's prime lending rate plus a margin (3.50% as of July 31, 2015). 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. The Credit Agreement also includes a quarterly unused commitment fee, which is equal to a percentage determined by the Net Funded Debt to Adjusted EBITDA ratio, as each such term is defined in the Credit Agreement, times the daily amount by which the Credit Agreement commitment exceeds the total of outstanding loans and outstanding letters of credit. The unused amounts are accessible to the extent that the Net Funded Debt to Adjusted EBITDA ratio does not exceed the maximum ratio allowed at quarter-ends and the Adjusted EBITDA to interest on Funded Debt (as defined in the Credit Agreement) ratio does not fall below the minimum ratio allowed at quarter-ends. The Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the Company’s ability to incur indebtedness, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Credit Agreement includes the following restrictive financial covenants: Net Funded Debt to Adjusted EBITDA ratio and Adjusted EBITDA to interest on Funded Debt ratio. (c) At July 31, 2014, the Company had outstanding $41.2 million of industrial development bonds, which were issued by Eagle County, Colorado (the “Eagle County Bonds”) and mature, subject to prior redemption, on August 1, 2019. These bonds accrued interest at 6.95% per annum, with interest being payable semi-annually on February 1 and August 1. The promissory note with respect to the Eagle County Bonds between Eagle County and the Company was collateralized by the Forest Service permits for Vail and Beaver Creek. On May 1, 2015 , the Company redeemed the outstanding aggregate principal amounts of the industrial development bonds, which was funded by the $250.0 million term loan under our senior credit facility and cash on hand. As a result, the Company incurred an early redemption premium of 4.0% , or $1.6 million , for the portion of the principal redeemed, which was recorded, along with a write-off of $0.1 million of unamortized debt issuance costs, as a loss on extinguishment of debt during the year ended July 31, 2015. As of July 31, 2015, no amount of the industrial development bonds remain outstanding. (d) The Company has recorded for financial reporting purposes the outstanding debt of four Employee Housing Entities (each an “Employee Housing Entity” and collectively the “Employee Housing Entities”): Breckenridge Terrace, Tarnes, BC Housing and Tenderfoot. The proceeds of the Employee Housing Bonds were used to develop apartment complexes designated primarily for use by the Company’s seasonal employees at its mountain resorts. The Employee Housing Bonds are variable rate, interest-only instruments with interest rates tied to LIBOR plus 0% to 0.05% ( 0.19% to 0.24% as of July 31, 2015 ). Interest on the Employee Housing Bonds is paid monthly in arrears and the interest rate is adjusted weekly. No principal payments are due on the Employee Housing Bonds until maturity. Each Employee Housing Entity’s bonds were issued in two series. The bonds for each Employee Housing Entity are backed by letters of credit issued under the Credit Agreement. The table below presents the principal amounts outstanding for the Employee Housing Bonds as of July 31, 2015 (in thousands): Maturity (a) Tranche A Tranche B Total Breckenridge Terrace 2039 $ 14,980 $ 5,000 $ 19,980 Tarnes 2039 8,000 2,410 10,410 BC Housing 2027 9,100 1,500 10,600 Tenderfoot 2035 5,700 5,885 11,585 Total $ 37,780 $ 14,795 $ 52,575 (e) On April 25, 2011, the Company completed a private offering for $390 million of 6.50% Notes. The 6.50% Notes had a fixed annual interest rate of 6.50% and would have matured May 1, 2019 with no principal payments due until maturity. The Company had certain early redemption options under the terms of the 6.50% Notes. The premium for early redemption of the 6.50% Notes ranged from 4.875% to 0% , depending on the date of redemption. The 6.50% Notes were subordinated to certain of the Company’s debts, including the senior credit facility. On July 7, 2014, the Company redeemed $175.0 million of the 6.50% Notes. As a result, the Company incurred an early redemption premium of 4.875% , or $8.5 million , for the portion of the principal redeemed, which was recorded, along with a write-off of $2.3 million of unamortized debt issuance costs, as a loss on extinguishment of debt during the year ended July 31, 2014. As of July 31, 2014, $215.0 million of the 6.50% Notes remained outstanding. On May 1, 2015, the Company redeemed the remaining outstanding aggregate principal amount of its 6.50% Notes, which was funded by the $250.0 million term loan under its senior credit facility and cash on hand. As a result, the Company incurred an early redemption premium of 3.250% , or $7.0 million , for the portion of the principal redeemed, which was recorded, along with a write-off of $2.3 million of unamortized debt issuance costs, as a loss on extinguishment of debt during the year ended July 31, 2015. As of July 31, 2015, no amount of the 6.50% Notes remain outstanding. (f) On May 24, 2013 , VR CPC Holdings, Inc. (“VR CPC”), a wholly-owned subsidiary of the Company, entered into a transaction agreement (the "Transaction Agreement") with affiliate companies of Talisker Corporation ("Talisker") pursuant to which the parties entered into a master lease agreement (the "Lease") and certain ancillary transaction documents on May 29, 2013 related to the Canyons mountain resort (see Note 5, Acquisitions), pursuant to which the Company assumed the resort operations of Canyons mountain resort in Park City, Utah. The Lease between VR CPC and Talisker has an initial term of 50 years with six 50-year renewal options . The Lease provides for $25 million in annual payments, which increase each year by an inflation linked index of CPI less 1%, with a floor of 2% per annum . The Parent Company has guaranteed the payments under the Lease. The obligation at July 31, 2015 represents future lease payments for the remaining initial lease term of 50 years (including annual increases at the floor of 2%) discounted using an interest rate of 10% , and includes accumulated accreted interest expense of $12.1 million . (g) Other obligations primarily consist of a $4.9 million note outstanding to the Colorado Water Conservation Board, which matures on September 16, 2028 , capital leases and other financing arrangements. Other obligations, including the Colorado Water Conservation Board note and the capital leases, bear interest at rates ranging from 0.2% to 5.5% and have maturities ranging from in the year ending July 31, 2016 to the year ending July 31, 2029 . (h) Current maturities represent principal payments due in the next 12 months . Aggregate maturities for debt outstanding, including capital lease obligations, as of July 31, 2015 reflected by fiscal year are as follows (in thousands): Total 2016 $ 10,154 2017 13,354 2018 13,397 2019 13,455 2020 389,141 Thereafter 377,329 Total debt $ 816,830 The Company recorded gross interest expense of $51.2 million , $64.0 million and $39.0 million for the years ended July 31, 2015 , 2014 and 2013 , respectively, of which $1.3 million , $1.9 million and $2.0 million was amortization of deferred financing costs. The Company was in compliance with all of its financial and operating covenants required to be maintained under its debt instruments for all periods presented.

Acquisitions

Acquisitions	12 Months Ended
	Jul. 31, 2015
Business Acquisition [Line Items]
Acquisitions	Acquisitions 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 and units in the entities that operate Perisher Ski Resort ("Perisher") in New South Wales, Australia. On June 30, 2015 , the Company closed on the acquisition of Perisher, for total cash consideration of $124.6 million , net of cash acquired. The Company funded the cash purchase price through borrowings under the revolver portion of its Credit Agreement. 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 acquired the entities that hold the assets, conduct operations and includes 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 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 $ 1,494 Inventory 4,859 Property, plant and equipment 126,287 Intangible assets 5,458 Other assets 525 Goodwill 31,657 Total identifiable assets acquired $ 170,280 Accounts payable and accrued liabilities $ 11,394 Deferred revenue 15,906 Deferred income tax liability, net 18,429 Total liabilities assumed $ 45,729 Total purchase price, net of cash acquired $ 124,551 The estimated fair values of assets acquired and liabilities assumed in the acquisition of Perisher 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. 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 Perisher and other factors. None of the goodwill is expected to be deductible for income tax purposes under Australian tax law. The intangible assets primarily consist of trademarks and customer lists. The definite-lived intangible assets have a weighted-average amortization period of approximately 4 years . The operating results of Perisher, which are recorded in the Mountain segment, contributed $21.8 million of net revenue for the year ended July 31, 2015. The Company has recognized $5.2 million of transaction related expenses, including duties, in Mountain operating expense in the Consolidated Statements of Operations for the year ended July 31, 2015. Park City 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 and was funded through borrowings under the revolver portion of the Company's senior 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 year ended July 31, 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 as discussed below, the Company made a $10.0 million payment to Talisker in the year ended July 31, 2015, resulting from the settlement of the Park City Litigation. The following summarizes the fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands). Acquisition Date Fair Value Accounts receivable $ 930 Other assets 3,075 Property, plant and equipment 76,605 Deferred income tax assets, net 7,428 Real estate held for sale and investment 7,000 Intangible assets 27,650 Goodwill 92,516 Total identifiable assets acquired $ 215,204 Accounts payable and accrued liabilities $ 1,935 Deferred revenue 4,319 Total liabilities assumed $ 6,254 Total purchase price $ 208,950 During the year ended July 31, 2015, the Company recorded an adjustment in the measurement period to its 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 at the date of acquisition. The operating results of Park City, which are recorded in the Mountain segment, contributed $67.1 million of net revenue (including an allocation of season pass revenue) for the year ended July 31, 2015. The Company has recognized $0.8 million of transaction related expenses in Mountain operating expense in the Consolidated Condensed Statements of Operations for the year ended July 31, 2015. Certain land and improvements in the Park City ski area (excluding the base area) were part of the Talisker 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 (refer to the Canyons Transaction Agreement below). 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 year ended July 31, 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 9, 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. Perisher and Park City Pro Forma Financial Information The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisitions of Perisher and Park City were 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 transactions; (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). Year Ended July 31, 2015 2014 Pro forma net revenue $ 1,452,542 $ 1,383,141 Pro forma net income attributable to Vail Resorts, Inc. $ 120,201 $ 35,367 Pro forma basic net income per share attributable to Vail Resorts, Inc. $ 3.31 $ 0.98 Pro forma diluted net income per share attributable to Vail Resorts, Inc. $ 3.21 $ 0.95 Canyons In May 2013 , VR CPC and Talisker entered into the Transaction Agreement, the Lease and ancillary transaction documents, pursuant to which the Company assumed the resort operations of Canyons mountain resort in Park City, Utah, which includes the ski area, property management and related amenities. Canyons is a year round mountain resort providing a comprehensive offering of recreational activities, including both snow sports and summer activities. The Lease between VR CPC and Talisker has an initial term of 50 years with six 50-year renewal options . The Lease provides for $25 million in annual payments, which increase each year by an inflation linked index of CPI less 1%, with a floor of 2% per annum . In addition, the Lease includes participating contingent payments (described more fully below). The Parent Company has guaranteed the payments under the Lease. Additionally, the transaction documents set forth the rights and obligations of the parties with respect to the acquisition of certain real estate and personal property, future resort development, access, water rights, intellectual property, transition services, and rights with respect to the Park City Litigation. The following summarizes the fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands). Acquisition Date Fair Value Accounts receivable $ 2,211 Other current assets 1,698 Property, plant and equipment 5,475 Property, plant and equipment (under capital lease) 127,885 Deferred income tax assets, net 11,869 Intangible assets 30,700 Park City deposit 57,800 Goodwill 106,414 Total identifiable assets acquired $ 344,052 Accounts payable and accrued liabilities $ 6,723 Deferred revenue 1,134 Other liabilities 21,766 Canyons obligation 305,329 Contingent consideration 9,100 Total liabilities assumed $ 344,052 Land and certain improvements under the Park City ski area was subject to the Park City Litigation at the transaction date. As such, the Company recorded the Park City Deposit for the potential future interests (at the Canyons transaction date) in the land and associated improvements at its estimated fair value at the transaction date. Refer to the discussion on the Park City Deposit above. The excess of the aggregate fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized was attributable primarily to expected synergies, including the potential inclusion of a portion of the ski terrain of Park City in the Lease, the assembled workforce of Canyons and other factors. The Company believes that for income tax purposes the lease payments should primarily be treated as payments of a debt obligation and that the tax basis of the goodwill is deductible. The intangible assets have a weighted-average amortization period of approximately 50 years (at the transaction date). Additionally, the Company recorded $20.3 million at the transaction date in additional consideration associated with certain Talisker obligations, primarily related to resort development. The following table shows the composition of Canyons property, plant and equipment recorded under capital leases as of July 31, 2015 and 2014: July 31, 2015 2014 Land $ 31,818 $ 18,500 Land improvements 49,228 29,980 Buildings and building improvements 42,910 32,800 Machinery and equipment 61,175 46,605 Gross property, plant and equipment 185,131 127,885 Accumulated depreciation (17,212 ) (7,596 ) Property, plant and equipment, net $ 167,919 $ 120,289 As of July 31, 2015, the Canyons obligation was $317.5 million , which represents the estimated annual lease payments for the remaining initial 50 year term of the lease assuming annual increases at the floor of 2% and discounted using an interest rate of 10% . Future minimum lease payments under the Lease as of July 31, 2015 reflected by fiscal year are as follows (in thousands): 2016 $ 26,101 2017 26,623 2018 27,156 2019 27,699 2020 28,253 Thereafter 1,923,824 Total future minimum lease payments 2,059,656 Less amount representing interest (1,742,201 ) Net future minimum lease payments $ 317,455 The Lease also provides for participating contingent payments to Talisker of 42% of the amount by which EBITDA for the resort operations, as calculated under the Lease, exceeds approximately $35 million, with such threshold amount increased 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") . At the date of the transaction the Company estimated the likelihood and timing of achieving the relevant thresholds for the Contingent Consideration payments. The Company determined the estimated fair value of the Contingent Consideration to be $9.1 million as of the transaction date (see Note 9, Fair Value Measurements). The operating results of Canyons which are recorded in the Mountain and Lodging segments contributed $3.9 million of net revenue for the year ended July 31, 2013. Additionally, the Company recognized $4.4 million of transaction related expenses in the Consolidated Statements of Operations for the year ended July 31, 2013. The following presents the unaudited pro forma consolidated financial information of the Company as if the Canyons transaction was completed on August 1, 2012. 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) interest expense relating to the Canyons obligation; 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, 2012 (in thousands, except per share amounts). Year Ended July 31, 2013 Pro forma net revenue $ 1,172,159 Pro forma net income (loss) attributable to Vail Resorts, Inc. $ 20,714 Pro forma basic net income (loss) per share attributable to Vail Resorts, Inc. $ 0.58 Pro forma diluted net income (loss) per share attributable to Vail Resorts, Inc. $ 0.56 Urban Ski Areas In December 2012 , the Company acquired all of the assets of two ski areas in the Midwest, Afton Alps in Minnesota and Mount Brighton in Michigan, for total cash consideration of $20.0 million , net of cash acquired. The purchase price was allocated to identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The Company completed its purchase price allocation and recorded $17.8 million in property, plant and equipment, $1.0 million in other assets, $2.0 million in goodwill, $1.0 million in other intangible assets (with a weighted-average amortization period of 10 years ), and $1.8 million of assumed liabilities on the date of acquisition. The operating results of Afton Alps and Mount Brighton are reported within the Mountain segment.

Supplementary Balance Sheet Inf

Supplementary Balance Sheet Information	12 Months Ended
	Jul. 31, 2015
Balance Sheet Related Disclosures [Abstract]
Supplementary Balance Sheet Information	Supplementary Balance Sheet Information The composition of property, plant and equipment, including capital lease assets, follows (in thousands): July 31, 2015 2014 Land and land improvements $ 431,854 $ 348,328 Buildings and building improvements 1,006,821 907,280 Machinery and equipment 815,946 700,745 Furniture and fixtures 286,863 269,209 Software 106,433 98,653 Vehicles 61,036 55,724 Construction in progress 53,158 31,487 Gross property, plant and equipment 2,762,111 2,411,426 Accumulated depreciation (1,375,836 ) (1,263,436 ) Property, plant and equipment, net $ 1,386,275 $ 1,147,990 Depreciation expense, which included depreciation of assets recorded under capital leases, for the years ended July 31, 2015 , 2014 and 2013 totaled $144.0 million , $136.6 million and $130.2 million , respectively. The composition of goodwill and intangible assets follows (in thousands): July 31, 2015 2014 Goodwill Goodwill $ 517,787 $ 395,502 Accumulated amortization (17,354 ) (17,354 ) Goodwill, net 500,433 378,148 Indefinite-lived intangible assets Gross indefinite-lived intangible assets 105,150 100,834 Accumulated amortization (24,713 ) (24,713 ) Indefinite-lived intangible assets, net 80,437 76,121 Amortizable intangible assets Gross amortizable intangible assets 118,482 91,233 Accumulated amortization (54,770 ) (49,831 ) Amortizable intangible assets, net 63,712 41,402 Total gross intangible assets 223,632 192,067 Total accumulated amortization (79,483 ) (74,544 ) Total intangible assets, net $ 144,149 $ 117,523 Amortization expense for intangible assets subject to amortization for the years ended July 31, 2015 , 2014 and 2013 totaled $5.1 million , $4.0 million and $2.5 million , respectively, and is estimated to be approximately $3.1 million annually, on average, for the next five fiscal years. The changes in the net carrying amount of goodwill allocated between the Company’s segments for the years ended July 31, 2015 and 2014 are as follows (in thousands): Mountain Lodging Goodwill, net Balance at July 31, 2013 $ 313,558 $ 68,141 $ 381,699 Acquisition (measurement period adjustments) (3,220 ) (242 ) (3,462 ) Effects of changes in foreign currency exchange rates (89 ) — (89 ) Balance at July 31, 2014 310,249 67,899 378,148 Acquisitions 124,173 — 124,173 Effects of changes in foreign currency exchange rates (1,888 ) — (1,888 ) Balance at July 31, 2015 $ 432,534 $ 67,899 $ 500,433 The composition of accounts payable and accrued liabilities follows (in thousands): July 31, 2015 2014 Trade payables $ 62,099 $ 71,823 Deferred revenue 145,949 110,566 Accrued salaries, wages and deferred compensation 33,461 29,833 Accrued benefits 24,436 21,351 Deposits 19,336 15,272 Other accruals 46,018 40,373 Total accounts payable and accrued liabilities $ 331,299 $ 289,218 The composition of other long-term liabilities follows (in thousands): July 31, 2015 2014 Private club deferred initiation fee revenue $ 126,104 $ 128,824 Unfavorable lease obligation, net 29,997 31,338 Other long-term liabilities 99,815 100,519 Total other long-term liabilities $ 255,916 $ 260,681

Investments in Affiliates

Investments in Affiliates	12 Months Ended
	Jul. 31, 2015
Long-term Investments [Abstract]
Investments in Affiliates	Investments in Affiliates The Company held the following investments in equity method affiliates as of July 31, 2015 : Equity Method Affiliates Ownership Interest Slifer, Smith, and Frampton/Vail Associates Real Estate, LLC (“SSF/VARE”) 50% KRED 50% Clinton Ditch and Reservoir Company 43% The Company had total net investments in equity method affiliates of $7.4 million and $7.5 million as of July 31, 2015 and 2014 , respectively, classified as “deferred charges and other assets” in the accompanying Consolidated Balance Sheets. The amount of retained earnings that represent undistributed earnings of 50-percent-or-less-owned entities accounted for by the equity method was $4.1 million and $4.2 million as of July 31, 2015 and 2014 , respectively. During the years ended July 31, 2015 , 2014 and 2013 , distributions in the amounts of $1.0 million , $1.0 million and $0.7 million , respectively, were received from equity method affiliates. SSF/VARE is a real estate brokerage with multiple locations in Eagle and Summit Counties, Colorado in which the Company has a 50% ownership interest. SSF/VARE has been the broker for several of the Company’s developments. The Company recorded net real estate commissions expense of zero , zero and $0.3 million for payments made to SSF/VARE during the years ended July 31, 2015 , 2014 and 2013 , respectively. SSF/VARE leases space for real estate offices from the Company. The Company recognized approximately $0.5 million in revenue related to these leases for each of the years ended July 31, 2015 , 2014 and 2013 .

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Jul. 31, 2015
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities The Company is the primary beneficiary of the Employee Housing Entities, which are Variable Interest Entities (“VIEs”), and has consolidated them in its Consolidated Financial Statements. As a group, as of July 31, 2015 , the Employee Housing Entities had total assets of $26.4 million (primarily recorded in property, plant and equipment, net) and total liabilities of $64.0 million (primarily recorded in long-term debt as “Employee Housing Bonds”). The Company has issued under its Credit Agreement $53.4 million letters of credit related to Employee Housing Bonds. 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 currently leases substantially all of that space. APII had total assets of $4.3 million (primarily recorded in property, plant and equipment) and no debt as of July 31, 2015 .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Jul. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The FASB 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 July 31, 2015 Description Balance at July 31, 2015 Level 1 Level 2 Level 3 Assets: Money Market $ 7,577 $ 7,577 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 2,651 $ — $ 2,651 $ — Liabilities: Contingent Consideration $ 6,900 $ — $ — $ 6,900 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 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 following change in Contingent Consideration during the years ended July 31, 2014 and 2015 were as follows: Balance at July 31, 2013 $ 9,100 Change in fair value 1,400 Balance at July 31, 2014 $ 10,500 Change in fair value (3,600 ) Balance at July 31, 2015 $ 6,900 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 fair value of Contingent Consideration includes the resort operations of Park City, following completion of the acquisition, in the calculation of EBITDA on which participating contingent payments are made, and increases the EBITDA threshold before which participating contingent payments are made by 10% of the purchase price paid by the Company for Park City along with all future capital expenditures associated with Canyons, Park City or the combined resort. 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 2.5%. 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 year ended July 31, 2015, the Company recorded a decrease of $3.6 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 $6.9 million as of July 31, 2015 and this liability is recorded in other long-term liabilities in the Consolidated Condensed Balance Sheets.

Income Taxes

Income Taxes	12 Months Ended
	Jul. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	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 year ended July 31, 2015. U.S. and foreign components of income before provision for income taxes is as follows (in thousands): Year Ended July 31, 2015 2014 2013 U.S. $ 142,190 $ 45,895 $ 60,906 Foreign 7,138 (1,823 ) (1,677 ) Income before income taxes $ 149,328 $ 44,072 $ 59,229 The Company has NOL carryforwards totaling $34.3 million which are primarily comprised of state NOL carryforwards that expire by the year ending July 31, 2031. As of July 31, 2015 , the Company recorded a valuation allowance on $29.4 million of these NOL carryforwards as the Company has determined that it is more likely than not that these NOL carryforwards will not be realized. Additionally, the Company has foreign tax credit carryforwards of $0.7 million which expire by the year ending July 31, 2026. As of July 31, 2015, the Company has recorded a valuation allowance of $0.7 million on foreign tax credit carryforwards as the Company has determined that it is more likely than not that these foreign tax credit carryforwards will not be realized. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and income tax purposes. Significant components of the Company’s deferred tax liabilities and assets are as follows (in thousands): July 31, 2015 2014 Deferred income tax liabilities: Fixed assets $ 173,908 $ 154,874 Intangible assets 53,654 46,980 Total 227,562 201,854 Deferred income tax assets: Canyons obligation 18,687 18,481 Deferred private club membership revenue 18,085 19,643 Real estate and other investments 7,771 7,130 Deferred compensation and other accrued benefits 12,590 11,180 Stock-based compensation 15,896 15,309 Unfavorable lease obligation, net 11,510 12,995 Net operating loss carryforwards and other tax credits 3,610 3,984 Other, net 23,066 16,836 Total 111,215 105,558 Valuation allowance for deferred income taxes (3,487 ) (3,017 ) Deferred income tax assets, net of valuation allowance 107,728 102,541 Net deferred income tax liability $ 119,834 $ 99,313 The net current and non-current components of deferred income taxes recognized in the Consolidated Balance Sheets are as follows (in thousands): July 31, 2015 2014 Net current deferred income tax asset $ 27,962 $ 29,249 Net non-current deferred income tax asset — — Net non-current deferred income tax liability 147,796 128,562 Net deferred income tax liability $ 119,834 $ 99,313 Significant components of the provision (benefit) for income taxes are as follows (in thousands): Year Ended July 31, 2015 2014 2013 Current: Federal $ 12,668 $ 8,082 $ 25,753 State 5,501 1,565 3,991 Foreign 3,581 — — Total current 21,750 9,647 29,744 Deferred: Federal 11,534 5,470 (7,175 ) State 1,623 749 (950 ) Foreign (189 ) — — Total deferred 12,968 6,219 (8,125 ) Provision for income taxes $ 34,718 $ 15,866 $ 21,619 A reconciliation of the income tax provision from continuing operations and the amount computed by applying the United States federal statutory income tax rate to income before income taxes is as follows: Year Ended July 31, 2015 2014 2013 At U.S. federal income tax rate 35.0 % 35.0 % 35.0 % State income tax, net of federal benefit 3.2 % 3.4 % 3.3 % Nondeductible meals or entertainment 0.2 % 0.7 % 0.4 % General business credits (0.5 )% (1.7 )% (1.2 )% IRS settlement on NOL utilization (16.0 )% — % — % Domestic production deduction (0.7 )% (1.4 )% (1.2 )% Change in valuation allowance 0.5 % — % — % Other 1.5 % — % 0.2 % Effective tax rate 23.2 % 36.0 % 36.5 % A reconciliation of the beginning and ending amount of unrecognized tax benefits associated with uncertain tax positions, excluding associated deferred tax benefits and accrued interest and penalties, if applicable, is as follows (in thousands): Year Ended July 31, 2015 2014 2013 Balance, beginning of year $ 46,973 $ 26,205 $ 26,271 Additions based on tax positions related to the current year — 21,082 — Additions for tax positions of prior years 17,443 — — Reductions for tax positions of prior years (21,574 ) — — Lapse of statute of limitations — (314 ) (66 ) Settlements (4,270 ) — — Balance, end of year $ 38,572 $ 46,973 $ 26,205 As of July 31, 2015 the Company's unrecognized tax benefits associated with uncertain tax positions relate to the treatment of the Talisker lease payments as payments of debt obligations and that the tax basis in Canyons goodwill is deductible, and are included within “other long-term liabilities” in the accompanying Consolidated Balance Sheets. The Company does not anticipate a significant change to its unrecognized tax benefits recorded as of July 31, 2015 during the twelve months ending July 31, 2016 . As of July 31, 2015 and 2014 , accrued interest and penalties, net of tax, was $0.5 million and $1.9 million , respectively. For the years ended July 31, 2015 , 2014 and 2013 , the Company recognized as income tax (benefit) expense $(1.4) million , $0.1 million and zero of interest (income) expense and penalties, net of tax, respectively. The Company's major tax jurisdictions in which it files income tax returns is the U.S. federal jurisdiction, various state jurisdictions and Australia. As discussed above, on January 29, 2015, all issues and computations were resolved upon the completion of a comprehensive settlement agreement with the IRS in regards to the federal NOL carryforward dispute. The Company is no longer subject to U.S. federal examinations for tax years prior to 2012. With few exceptions, the Company is no longer subject to examination by various state jurisdictions for tax years prior to 2006.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Jul. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has the right to appoint four of nine directors of the Beaver Creek Resort Company of Colorado (“BCRC”), a non-profit entity formed for the benefit of property owners and certain others in Beaver Creek. The Company has a management agreement with the BCRC, renewable for one-year periods, to provide management services on a fixed fee basis. Management fees and reimbursement of operating expenses paid to the Company under its agreement with the BCRC during the years ended July 31, 2015 , 2014 and 2013 were $7.1 million , $7.0 million , and $7.0 million , respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jul. 31, 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 Company’s 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 Balance Sheets as of July 31, 2015 and 2014 , respectively, with respect to the estimated present value of future RSRMD capital improvement fees. The Company estimates that it will make capital improvement fee payments under this arrangement through the year ending July 31, 2029 . Guarantees/Indemnifications As of July 31, 2015 , the Company had various other letters of credit in the amount of $65.2 million , consisting primarily of $53.4 million in support of the Employee Housing Bonds and $11.8 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 which 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 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 Financial Statements, either because the Company has recorded on its Consolidated 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 guarantees due to the unique set of facts and circumstances that are 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 in connection with their use of the Company’s trademarks and logos. The Company does not record any product warranty liability with respect to these indemnifications. Commitments The operations of Northstar are conducted on land and with operating assets owned by affiliates of CNL Lifestyle Properties, Inc., a real-estate investment trust, primarily under operating leases which were assumed in the acquisition of Northstar by the Company. The leases provide for the payment of a minimum annual base rent with a rate of 10.25% increasing to 11% of assets under lease over the lease term which is recognized on a straight-line basis over the remaining lease term from the date of assumption. In addition, beginning in fiscal 2013 the leases provide for the payment of percentage rent at a rate of 11.5% of certain gross revenues generated at the property over a revenue threshold which is incrementally adjusted annually. The initial term of the leases expires in fiscal 2027 and allows for three 10 -year extensions at the Company’s option. The operations of Perisher are conducted on land under a license and lease granted by the Office of Environment and Heritage, an agency of the New South Wales government, that initially commenced in 2008, which the Company assumed in its acquisition of Perisher. The lease and license has a term that expires in fiscal 2048 and allows for an option to renew for an additional 20 years . The lease and license provide for the payment of an initial minimum annual base rent of AUS $1.8 million , with annual CPI increases, and percentage rent at a rate of 2% of certain gross revenue generated at the property. In addition, the Company has executed or assumed as lessee other operating leases for the rental of office and commercial space, employee residential units and land primarily through fiscal 2079 . Certain of these leases have renewal terms at the Company’s option, escalation clauses, rent holidays and leasehold improvement incentives. Rent holidays and rent escalation clauses are recognized on a straight-line basis over the lease term. Leasehold improvement incentives are recorded as leasehold improvements and amortized over the shorter of their economic lives or the term of the lease. For the years ended July 31, 2015 , 2014 and 2013 , the Company recorded lease expense (including Northstar and Perisher), excluding executory costs, related to these agreements of $39.5 million , $37.3 million and $35.1 million , respectively, which is included in the accompanying Consolidated Statements of Operations. Future minimum operating lease payments under the above leases as of July 31, 2015 reflected by fiscal year are as follows (in thousands): 2016 $ 34,937 2017 31,417 2018 28,701 2019 25,447 2020 22,698 Thereafter 148,750 Total $ 291,950 Self Insurance The Company in the U.S. is self-insured for claims under its health benefit plans and for 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 that are deemed to be probable losses and estimable. As of July 31, 2015 and 2014 , the accrual for loss contingencies was not material individually and in the aggregate.

Segment Information

Segment Information	12 Months Ended
	Jul. 31, 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/ski areas and related ancillary activities. The Lodging segment includes the operations 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 the others, 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 (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 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 expense. Assets are not allocated between segments, or used to evaluate performance, except as shown in the table below. The accounting policies specific to each segment are the same as those described in Note 2, Summary of Significant Accounting Policies. Following is key financial information by reportable segment which is used by management in evaluating performance and allocating resources (in thousands): Year Ended July 31, 2015 2014 2013 Net revenue: Lift tickets $ 536,458 $ 447,271 $ 390,820 Ski school 126,206 109,442 95,254 Dining 101,010 89,892 81,175 Retail/rental 219,153 210,387 199,418 Other 121,202 106,581 100,847 Total Mountain net revenue 1,104,029 963,573 867,514 Lodging 254,553 242,287 210,974 Resort 1,358,582 1,205,860 1,078,488 Real Estate 41,342 48,786 42,309 Total net revenue $ 1,399,924 $ 1,254,646 $ 1,120,797 Segment operating expense: Mountain $ 777,147 $ 712,785 $ 639,706 Lodging 232,877 225,563 198,813 Resort 1,010,024 938,348 838,519 Real Estate 48,408 55,826 58,090 Total segment operating expense $ 1,058,432 $ 994,174 $ 896,609 Gain on litigation settlement $ 16,400 $ — $ — Gain on sale of real property $ 151 $ — $ 6,675 Mountain equity investment income, net $ 822 $ 1,262 $ 891 Reported EBITDA: Mountain $ 344,104 $ 252,050 $ 228,699 Lodging 21,676 16,724 12,161 Resort 365,780 268,774 240,860 Real Estate (6,915 ) (7,040 ) (9,106 ) Total Reported EBITDA $ 358,865 $ 261,734 $ 231,754 Real estate held for sale and investment $ 129,825 $ 157,858 $ 195,230 Reconciliation to net income attributable to Vail Resorts, Inc.: Total Reported EBITDA $ 358,865 $ 261,734 $ 231,754 Depreciation and amortization (149,123 ) (140,601 ) (132,688 ) Change in fair value of contingent consideration 3,650 (1,400 ) — Loss on disposal of fixed assets and other, net (2,057 ) (1,208 ) (1,222 ) Investment income, net 246 375 351 Interest expense (51,241 ) (63,997 ) (38,966 ) Loss on extinguishment of debt (11,012 ) (10,831 ) — Income before provision for income taxes 149,328 44,072 59,229 Provision for income taxes (34,718 ) (15,866 ) (21,619 ) Net income 114,610 28,206 37,610 Net loss attributable to noncontrolling interests 144 272 133 Net income attributable to Vail Resorts, Inc. $ 114,754 $ 28,478 $ 37,743

Selected Quarterly Financial Da

Selected Quarterly Financial Data	12 Months Ended
	Jul. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data	Selected Quarterly Financial Data (Unaudited--in thousands, except per share amounts) 2015 Year Ended July 31, 2015 Quarter Ended, July 31, 2015 Quarter Ended, April 30, 2015 Quarter Ended, January 31, 2015 Quarter Ended, October 31, 2014 Mountain revenue $ 1,104,029 $ 81,061 $ 499,551 $ 463,031 $ 60,386 Lodging revenue 254,553 69,373 67,323 59,364 58,493 Real Estate revenue 41,342 11,648 12,469 7,842 9,383 Total net revenue 1,399,924 162,082 579,343 530,237 128,262 Income (loss) from operations 210,513 (88,478 ) 227,752 160,071 (88,832 ) Net income (loss) 114,610 (70,168 ) 133,402 115,700 (64,324 ) Net income (loss) attributable to Vail Resorts, Inc. $ 114,754 $ (70,142 ) $ 133,410 $ 115,762 $ (64,276 ) Basic net income (loss) per share attributable to Vail Resorts, Inc. $ 3.16 $ (1.92 ) $ 3.67 $ 3.19 $ (1.77 ) Diluted net income (loss) per share attributable to Vail Resorts, Inc. $ 3.07 $ (1.92 ) $ 3.56 $ 3.10 $ (1.77 ) 2014 Year Ended July 31, 2014 Quarter Ended, July 31, 2014 Quarter Ended, April 30, 2014 Quarter Ended, January 31, 2014 Quarter Ended, October 31, 2013 Mountain revenue $ 963,573 $ 53,999 $ 460,587 $ 391,656 $ 57,331 Lodging revenue 242,287 62,593 66,293 56,187 57,214 Real Estate revenue 48,786 18,896 16,167 4,877 8,846 Total net revenue 1,254,646 135,488 543,047 452,720 123,391 Income (loss) from operations 117,263 (94,493 ) 203,165 110,695 (102,104 ) Net income (loss) 28,206 (75,423 ) 117,866 59,200 (73,437 ) Net income (loss) attributable to Vail Resorts, Inc. $ 28,478 $ (75,355 ) $ 117,946 $ 59,263 $ (73,376 ) Basic net income (loss) per share attributable to Vail Resorts, Inc. $ 0.79 $ (2.08 ) $ 3.26 $ 1.64 $ (2.04 ) Diluted net income (loss) per share attributable to Vail Resorts, Inc. $ 0.77 $ (2.08 ) $ 3.18 $ 1.60 $ (2.04 )

Stock Repurchase Plan

Stock Repurchase Plan	12 Months Ended
	Jul. 31, 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. The Company did not repurchase any shares of common stock during the years ended July 31, 2015 , 2014 or 2013. Since inception of this stock repurchase program through July 31, 2015 , the Company has repurchased 4,949,111 shares at a cost of approximately $193.2 million . As of July 31, 2015 , 1,050,889 shares remained available to repurchase under the existing repurchase authorization. These authorizations have no expiration date. Shares of common stock purchased pursuant to the repurchase program will be held as treasury shares and may be used for issuance under the Company’s employee share award plan.

Stock Compensation Plan

Stock Compensation Plan	12 Months Ended
	Jul. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation Plan	Stock Compensation Plan The Company has a share award plan (the “Plan”) which has been approved by the Company’s stockholders. Under the Plan, up to 7.5 million shares of common stock could be issued in the form of options, stock appreciation rights, restricted shares, restricted share units, performance shares, performance share units, dividend equivalents or other share-based awards to employees, directors or consultants of the Company or its subsidiaries or affiliates. The terms of awards granted under the Plan, including exercise price, vesting period and life, are set by the Compensation Committee of the Board of Directors. All share-based awards (except for restricted shares and restricted share units) granted under the Plan have a life of ten years. Most awards vest ratably over three years ; however, some have been granted with different vesting schedules. Of the awards outstanding, none have been granted to non-employees (except those granted to non-employee members of the Board of Directors of the Company) under the Plan. At July 31, 2015 , approximately 2.1 million share based awards were available to be granted under the Plan. The fair value of stock-settled stock appreciation rights (“SARs”) granted in the years ended July 31, 2015 , 2014 and 2013 were estimated on the date of grant using a lattice-based option valuation model that applies the assumptions noted in the table below. A lattice-based model considers factors such as exercise behavior, and assumes employees will exercise equity awards at different times over the contractual life of the equity awards. As a lattice-based model considers these factors, and is more flexible, the Company considers it to be a better method of valuing equity awards than a closed-form Black-Scholes model. Because lattice-based option valuation models incorporate ranges of assumptions for inputs, those ranges are disclosed. Expected volatility is based on historical volatility of the Company’s stock. The Company uses historical data to estimate equity award exercises and employee terminations within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of equity awards granted is derived from the output of the option valuation model and represents the period of time that equity awards granted are expected to be outstanding; the range given below results from certain groups of employees exhibiting different behavior. The risk-free rate for periods within the contractual life of the equity award is based on the United States Treasury yield curve in effect at the time of grant. Year Ended July 31, 2015 2014 2013 Expected volatility 40.6% 41.2% 42.6% Expected dividends 1.9% 1.2% 1.5% Expected term (average in years) 4.9-5.6 5.5-5.9 6.0-6.2 Risk-free rate 0.1-2.6% 0.1-2.8% 0.2-1.6% The Company has estimated forfeiture rates that range from 0.0% to 21.3% based upon the class of employees receiving stock-based compensation in its calculation of stock-based compensation expense for the year ended July 31, 2015 . These estimates are based on historical forfeiture behavior exhibited by employees of the Company. A summary of aggregate option and SARs award activity under the Plan as of July 31, 2013 , 2014 and 2015 , and changes during the years then ended is presented below (in thousands, except exercise price and contractual term): Awards Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at August 1, 2012 3,170 $ 34.20 Granted 412 57.43 Exercised (735 ) 33.22 Forfeited or expired (94 ) 43.21 Outstanding at July 31, 2013 2,753 $ 37.63 Granted 352 73.13 Exercised (321 ) 37.62 Forfeited or expired (28 ) 48.87 Outstanding at July 31, 2014 2,756 $ 42.06 Granted 242 91.64 Exercised (575 ) 36.20 Forfeited or expired (38 ) 75.99 Outstanding at July 31, 2015 2,385 $ 47.96 5.7 years $ 147,196 Vested and expected to vest at July 31, 2015 2,355 $ 47.63 5.7 years $ 146,176 Exercisable at July 31, 2015 1,817 $ 38.80 4.9 years $ 128,829 The weighted-average grant-date fair value of SARs granted during the years ended July 31, 2015 , 2014 and 2013 was $29.12 , $23.60 and $18.38 , respectively. The total intrinsic value of options and SARs exercised during the years ended July 31, 2015 , 2014 and 2013 was $37.4 million , $10.8 million and $18.6 million , respectively. The Company had 420,000 , 421,000 and 414,000 SARs that vested during the years ended July 31, 2015 , 2014 and 2013 , respectively. These awards had a total fair value of $13.6 million , $9.8 million and $6.5 million at the date of vesting for the years ended July 31, 2015 , 2014 and 2013 , respectively. A summary of the status of the Company’s nonvested SARs as of July 31, 2015 , and changes during the year then ended, is presented below (in thousands, except fair value amounts): Awards Weighted-Average Grant-Date Fair Value Outstanding at July 31, 2014 783 $ 19.42 Granted 242 29.12 Vested (420) 17.41 Forfeited (38) 26.57 Nonvested at July 31, 2015 567 $ 24.56 A summary of the status of the Company’s nonvested restricted share units as of July 31, 2015 , and changes during the year then ended, is presented below (in thousands, except fair value amounts): Awards Weighted-Average Grant-Date Fair Value Outstanding at July 31, 2014 274 $ 58.68 Granted 143 83.50 Vested (113) 54.38 Forfeited (33) 70.91 Nonvested at July 31, 2015 271 $ 72.10 The Company granted 143,000 restricted share units during the year ended July 31, 2015 with a weighted-average grant-date fair value of $83.50 . The Company granted 152,000 restricted share units during the year ended July 31, 2014 with a weighted-average grant-date fair value of $67.48 . The Company granted 159,000 restricted share units during the year ended July 31, 2013 with a weighted-average grant-date fair value of $52.94 . The Company had 113,000 , 166,000 and 134,000 restricted share units that vested during the years ended July 31, 2015 , 2014 and 2013 , respectively. These units had a total fair value of $9.9 million , $6.9 million and $5.0 million at the date of vesting for the years ended July 31, 2015 , 2014 and 2013 , respectively. As of July 31, 2015 , there was $18.2 million of total unrecognized compensation expense related to nonvested share-based compensation arrangements granted under the Plan, of which $11.2 million , $6.1 million and $0.9 million of expense is expected to be recognized in the years ending July 31, 2016 , 2017 and 2018 , respectively, assuming no future share-based awards are granted. Cash received from options exercised under all share-based payment arrangements was $1.1 million , $1.8 million and $3.0 million for the years ended July 31, 2015 , 2014 and 2013 , respectively. The tax benefit realized or to be realized from options/SARs exercised and restricted stock units vested was $18.1 million , $8.5 million and $9.8 million for the years ended July 31, 2015 , 2014 and 2013 , respectively. The Company has a policy of using either authorized and unissued shares or treasury shares, including shares acquired by purchase in the open market, to satisfy equity award exercises.

Retirement and Profit Sharing P

Retirement and Profit Sharing Plans	12 Months Ended
	Jul. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Retirement and Profit Sharing Plans	Retirement and Profit Sharing Plans The Company maintains a defined contribution retirement plan (the “Retirement Plan”), qualified under Section 401(k) of the Internal Revenue Code, for its employees. Under this Retirement Plan, employees are eligible to make before-tax contributions on the first day of the calendar month following the later of: (i) their employment commencement date or (ii) the date they turn 21 . Participants may contribute up to 100% of their qualifying annual compensation up to the annual maximum specified by the Internal Revenue Code. The Company matches an amount equal to 50% of each participant’s contribution up to 6% of a participant’s bi-weekly qualifying compensation upon obtaining the later of: (i) 12 consecutive months of employment and 1,000 service hours or (ii) 1,500 service hours since the employment commencement date. The Company’s matching contribution is entirely discretionary and may be reduced or eliminated at any time. Total Retirement Plan expense recognized by the Company for the years ended July 31, 2015 , 2014 and 2013 was $4.5 million , $4.1 million and $3.7 million , respectively.

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts and Reserves	12 Months Ended
	Jul. 31, 2015
Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts and Reserves	Consolidated Financial Statement Schedule Schedule II - Valuation and Qualifying Accounts and Reserves (in thousands) For the Years Ended July 31, Balance at Beginning of Period Charged to Costs and Expenses Deductions Balance at End of Period 2013 Inventory Reserves $ 1,864 $ 2,203 $ (2,307 ) $ 1,760 Valuation Allowance on Income Taxes 1,588 1,474 — 3,062 Trade Receivable Allowances 4,553 773 (4,848 ) 478 2014 Inventory Reserves 1,760 2,279 (1,903 ) 2,136 Valuation Allowance on Income Taxes 3,062 — (45 ) 3,017 Trade Receivable Allowances 478 914 (711 ) 681 2015 Inventory Reserves 2,136 2,643 (2,864 ) 1,915 Valuation Allowance on Income Taxes 3,017 470 — 3,487 Trade Receivable Allowances $ 681 $ 1,303 $ (1,238 ) $ 746

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jul. 31, 2015
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation-- The accompanying Consolidated Financial Statements include the accounts of the Company, its majority-owned subsidiaries and all variable interest entities for which the Company is the primary beneficiary. Investments in which the Company does not have a controlling interest or is not the primary beneficiary are accounted for under the equity method. All significant intercompany transactions have been eliminated in consolidation.
Cash and Cash Equivalents	Cash and Cash Equivalents-- The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.
Restricted Cash	Restricted Cash-- Restricted cash primarily represents amounts held as state-regulated reserves for self-insured workers’ compensation claims.
Trade Receivables	Trade Receivables -- The Company records trade accounts receivable in the normal course of business related to the sale of products or services. The Company generally charges interest on past due accounts at a rate of 18% per annum. The allowance for doubtful accounts is based on a specific reserve analysis and on a percentage of accounts receivable, and takes into consideration such factors as historical write-offs, the economic climate and other factors that could affect collectability. Write-offs are evaluated on a case by case basis.
Inventories	Inventories-- The Company’s inventories consist primarily of purchased retail goods, food and beverage items and spare parts. Inventories are stated at the lower of cost or fair value, determined using primarily an average weighted cost method. The Company records a reserve for estimated shrinkage and obsolete or unusable inventory.
Property, Plant and Equipment	Property, Plant and Equipment-- Property, plant and equipment is carried at cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property, plant and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income. Leasehold improvements are amortized on the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Depreciation is calculated on the straight-line method, including property, plant and equipment under capital leases, generally based on the following useful lives: Estimated Life in Years Land improvements 10-35 Buildings and building improvements 7-30 Machinery and equipment 2-30 Furniture and fixtures 3-10 Software 3 Vehicles 3-10
Real Estate Held for Sale and Investment	Real Estate Held for Sale and Investment -- The Company capitalizes as real estate held for sale and investment the original land acquisition cost, direct construction and development costs, property taxes, interest recorded on costs related to real estate under development and other related costs. Additionally, the Company records depreciation on completed condominium units that are placed in rental programs until such units are sold. Sales and marketing expenses are charged against income in the period incurred. Sales commission expenses are charged against income in the period that the related revenue from real estate sales is recorded. The Company records capitalized interest once construction activities commence and real estate deposits have been utilized in construction. The Company did not capitalize interest on real estate development projects, as it had no projects under construction during the years ended July 31, 2015 , 2014 and 2013 .
Deferred Financing Costs	Deferred Financing Costs-- Certain costs incurred with the issuance of debt securities are capitalized and included in deferred charges and other assets, net of accumulated amortization. Amortization is charged to interest expense over the respective term of the applicable debt issues. When debt is extinguished prior to its maturity date, the amortization of the remaining unamortized deferred financing costs, or pro-rata portion thereof, is also charged to interest expense.
Goodwill and Intangible Assets	Goodwill and Intangible Assets -- The Company has classified as goodwill the cost in excess of fair value of the net assets of businesses acquired in purchase transactions. The Company’s major intangible asset classes are trademarks, water rights, customer lists, property management contracts, Forest Service permits and excess reorganization value. Goodwill and various indefinite-lived intangible assets, including excess reorganization value and certain trademarks and water rights, are not amortized, but are subject to at least annual impairment testing. The Company tests annually (or more often, if necessary) for impairment as of May 1. Amortizable intangible assets are amortized over the shorter of their contractual terms or estimated useful lives. The testing for impairment consists of a comparison of the fair value of the assets with their carrying values. If the carrying amount of the assets exceed its fair value, an impairment will be recognized in an amount equal to that excess. If the carrying amount of the assets does not exceed the fair value, no impairment loss is recognized. For the testing of goodwill for impairment, the Company determines the estimated fair value of its reporting units using discounted cash flow analyses. The fair value of indefinite-lived intangible assets is estimated using an income approach. The Company determined that there was no impairment to goodwill or significant intangible assets for the years ended July 31, 2015 , 2014 and 2013
Long-lived Assets	Long-lived Assets-- The Company evaluates potential impairment of long-lived assets and long-lived assets to be disposed of whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If the sum of the expected cash flows, on an undiscounted basis, is less than the carrying amount of the asset, an impairment loss is recognized in the amount by which the carrying amount of the asset exceeds its fair value. The Company does not believe any events or changes in circumstances indicating an impairment of the carrying amount of a long-lived asset occurred during the years ended July 31, 2015 , 2014 and 2013 .
Revenue Recognition	Revenue Recognition-- The following describes the composition of revenues for the Company: • Mountain revenue is derived from a wide variety of sources, including, among other things, sales of lift tickets (including season passes), ski school operations, other on-mountain activities, dining operations, retail sales, equipment rentals, private ski club amortized initiation fees and dues, marketing and internet advertising, commercial leasing, employee housing, municipal services, and lodging and transportation operations at Perisher, and is recognized as products are delivered or services are performed. The Company records deferred revenue related to the sale of season ski passes. The number of season pass holder visits is estimated based on historical data and the deferred revenue is recognized throughout the ski season based on this estimate, or on a straight-line basis if usage patterns cannot be determined based on available historical data. • Lodging revenue is derived from a wide variety of sources, including, among other things, hotel operations, dining operations, property management services, managed hotel property payroll cost reimbursements, private golf club amortized initiation fees and dues, transportation services and golf course greens fees, and is recognized as products are delivered or services are performed. Revenue from payroll cost reimbursements relates to payroll costs of managed hotel properties where the Company is the employer. The reimbursements are based upon the costs incurred with no added margin; therefore, these revenues and corresponding expenses have no net effect on the Company’s operating income or net income. • Revenue from non-refundable private club initiation fees is recognized over the estimated life of the facilities on a straight-line basis upon inception of the club. As of July 31, 2015 , the weighted average remaining period over which the private club initiation fees will be recognized is approximately 14 years . Additionally, certain club initiation fees are refundable in 30 years after the date of acceptance of a member. Under these memberships, the difference between the amount paid by the member and the present value of the refund obligation is recorded as deferred initiation fee revenue in the Company’s Consolidated Balance Sheets and recognized as revenue on a straight-line basis over 30 years . The present value of the refund obligation is recorded as an initiation deposit liability and accretes over the nonrefundable term using the effective interest method. The accretion is included in interest expense. • Real estate revenue primarily includes the sale of condominium units and land parcels and is recorded primarily using the full accrual method and occurs only upon the following: (i) substantial completion of the entire development project, (ii) receipt of certificates of occupancy or temporary certificates of occupancy from local governmental agencies, if applicable, (iii) closing of the sales transaction including receipt of all, or substantially all, sales proceeds (including any deposits previously received), and (iv) transfer of ownership.
Real Estate Cost of Sales	Real Estate Cost of Sales-- Costs of real estate transactions include direct project costs, common cost allocations (primarily determined on relative sales value) and sales commission expense. The Company utilizes the relative sales value method to determine cost of sales for condominium units sold within a project, when specific identification of costs cannot be reasonably determined.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation -- The functional currency of the Company's entities operating outside of the United States is the principal currency of the economic environment in which the entity primarily generates and expends cash, which is the local currency. The assets and liabilities of these foreign operations are translated at the exchange rate in effect as of the balance sheet dates. Income and expense items are translated using the weighted average exchange rate for the period. Translation adjustments from currency exchange are recorded in accumulated other comprehensive income as a separate component of stockholders’ equity.
Reserve Estimates	Reserve Estimates-- The Company uses estimates to record reserves for certain liabilities, including medical claims, workers’ compensation claims, third-party loss contingencies, property taxes and loyalty reward programs among other items. The Company estimates the probable costs related to these liabilities that will be incurred and records that amount as a liability in its consolidated financial statements. Additionally, the Company records, as applicable, receivables related to insurance recoveries for loss contingencies if deemed probable of recovery. These estimates are reviewed and adjusted as the facts and circumstances change. The Company records legal costs related to defending claims as incurred.
Advertising Costs	Advertising Costs -- Advertising costs are expensed at the time such advertising commences. Advertising expense for the years ended July 31, 2015 , 2014 and 2013 was $27.5 million , $25.7 million and $25.5 million , respectively. Prepaid advertising costs as of July 31, 2015 and 2014 was $0.3 million and $0.2 million , respectively and are reported within “other current assets” in the Company’s Consolidated Balance Sheets.
Income Taxes	Income Taxes-- The Company’s provision for income taxes is based on current pre-tax income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported in the accompanying Consolidated Balance Sheets and for operating loss and tax credit carryforwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to the tax provision or benefit in the period of enactment. The Company provides for taxes that may be payable if undistributed earnings of foreign subsidiaries were to be remitted to the U.S. The Company’s deferred tax assets have been reduced by a valuation allowance to the extent it is deemed to be more likely than not that some or all of the deferred tax assets will not be realized. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is “more-likely-than-not” to be sustained, on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the largest tax benefit that is cumulatively greater than 50% likely of being realized upon ultimate settlement. Interest and penalties accrued in connection with uncertain tax positions are recognized as a component of income tax expense (see Note 10, Income Taxes, for more information).
Fair Value of Financial Instruments	Fair Value of Financial Instruments -- The recorded amounts for cash and cash equivalents, 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 Credit Facility Revolver, Credit Facility Term Loan and the Employee Housing Bonds (as defined in Note 4, Long-Term Debt) approximate book value due to the variable nature of the interest rate associated with the debt. The fair value of the 6.50% Senior Subordinated Notes due 2019 (“6.50% Notes”) (Note 4, Long-Term Debt) are based on quoted market prices (a Level 1 input). The fair value of the Company’s Industrial Development Bonds and other long-term debt (Note 4, Long-Term Debt) have been estimated using discounted cash flow analyses based on borrowing rates for debt with similar remaining maturities and ratings (a Level 3 input). The estimated fair value of the 6.50% Notes, Industrial Development Bonds and other long-term debt as of July 31, 2015 and 2014 is presented below (in thousands): July 31, 2015 July 31, 2014 Carrying Value Fair Value Carrying Value Fair Value 6.50% Notes $ — $ — $ 215,000 $ 223,600 Industrial Development Bonds $ — $ — $ 41,200 $ 48,003 Other long-term debt $ 11,765 $ 12,328 $ 5,163 $ 5,758
Stock-Based Compensation	Stock-Based Compensation-- Stock-based compensation expense is measured at the grant date based upon the fair value of the portion of the award that is ultimately expected to vest and is recognized as expense over the applicable vesting period of the award generally using the straight-line method (see Note 16, Stock Compensation Plan for more information). The following table shows total stock-based compensation expense for the years ended July 31, 2015 , 2014 and 2013 included in the Consolidated Statements of Operations (in thousands): Year Ended July 31, 2015 2014 2013 Mountain stock-based compensation expense $ 11,841 $ 10,292 $ 9,007 Lodging stock-based compensation expense 2,621 2,203 1,917 Real Estate stock-based compensation expense 1,291 1,729 1,425 Pre-tax stock-based compensation expense 15,753 14,224 12,349 Less: benefit from income taxes 6,026 5,435 4,709 Net stock-based compensation expense $ 9,727 $ 8,789 $ 7,640
Concentration of Credit Risk	Concentration of Credit Risk-- The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company places its cash and temporary cash investments in high quality credit institutions, but these investments may be in excess of FDIC insurance limits. The Company does not enter into financial instruments for hedging, trading or speculative purposes. Concentration of credit risk with respect to trade and notes receivables is limited due to the wide variety of customers and markets in which the Company transacts business, as well as their dispersion across many geographical areas. The Company performs ongoing credit evaluations of its customers and generally does not require collateral, but does require advance deposits on certain transactions.
Use of Estimates	Use of Estimates-- The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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.
New Accounting Standards	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. In August 2015, the FASB issued ASU No. 2015-14, which defers the effective date of the new revenue standard by one year, and would allow entities the option to early adopt the new revenue standard as of the original effective date. This standard will be effective for the first interim period within fiscal years beginning after December 15, 2017 (the Company's 2019 first fiscal quarter if it does not early adopt), using one of two retrospective application methods. 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 and cash flows. 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. In June 2015, the FASB issued ASU No. 2015-15, "Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements." The guidance in ASU No. 2015-03 does not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU No. 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff stated that they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. 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 and cash flows. 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 and cash flows. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” This standard provides guidance on the measurement of inventory that is measured using first-in, first-out or average cost. An entity should measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2016 (the Company’s 2018 first fiscal quarter) and is required to be adopted prospectively and early adoption is permitted. 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 and cash flows.

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Jul. 31, 2015
Accounting Policies [Abstract]
Summary On Estimated Useful Life Of Property, Plant And Equipment	Depreciation is calculated on the straight-line method, including property, plant and equipment under capital leases, generally based on the following useful lives: Estimated Life in Years Land improvements 10-35 Buildings and building improvements 7-30 Machinery and equipment 2-30 Furniture and fixtures 3-10 Software 3 Vehicles 3-10
Summary Of Estimated Fair Value Of Financial Instruments	The estimated fair value of the 6.50% Notes, Industrial Development Bonds and other long-term debt as of July 31, 2015 and 2014 is presented below (in thousands): July 31, 2015 July 31, 2014 Carrying Value Fair Value Carrying Value Fair Value 6.50% Notes $ — $ — $ 215,000 $ 223,600 Industrial Development Bonds $ — $ — $ 41,200 $ 48,003 Other long-term debt $ 11,765 $ 12,328 $ 5,163 $ 5,758
Allocation Of Stock-Based Compensation Expense	The following table shows total stock-based compensation expense for the years ended July 31, 2015 , 2014 and 2013 included in the Consolidated Statements of Operations (in thousands): Year Ended July 31, 2015 2014 2013 Mountain stock-based compensation expense $ 11,841 $ 10,292 $ 9,007 Lodging stock-based compensation expense 2,621 2,203 1,917 Real Estate stock-based compensation expense 1,291 1,729 1,425 Pre-tax stock-based compensation expense 15,753 14,224 12,349 Less: benefit from income taxes 6,026 5,435 4,709 Net stock-based compensation expense $ 9,727 $ 8,789 $ 7,640

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	12 Months Ended
	Jul. 31, 2015
Earnings Per Share Reconciliation [Abstract]
Summary Of Calculation On Basic And Diluted EPS	Presented below is basic and diluted EPS for the years ended July 31, 2015 , 2014 and 2013 (in thousands, except per share amounts): Year Ended July 31, 2015 2014 2013 Basic Diluted Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 114,754 $ 114,754 $ 28,478 $ 28,478 $ 37,743 $ 37,743 Weighted-average shares outstanding 36,342 36,342 36,127 36,127 35,859 35,859 Effect of dilutive securities — 1,064 — 930 — 874 Total shares 36,342 37,406 36,127 37,057 35,859 36,733 Net income per share attributable to Vail Resorts $ 3.16 $ 3.07 $ 0.79 $ 0.77 $ 1.05 $ 1.03

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Jul. 31, 2015
Debt Disclosure [Abstract]
Schedule Of Long-Term Debt	Long-term debt as of July 31, 2015 and 2014 is summarized as follows (in thousands): Fiscal Year Maturity (a) July 31, July 31, Credit Facility Revolver (b) 2020 $ 185,000 $ — Credit Facility Term Loan (b) 2020 250,000 — Industrial Development Bonds (c) 2020 — 41,200 Employee Housing Bonds (d) 2027-2039 52,575 52,575 6.50% Notes (e) 2019 — 215,000 Canyons obligation (f) 2063 317,455 311,858 Other (g) 2016-2029 11,800 5,989 Total debt 816,830 626,622 Less: Current maturities (h) 10,154 1,022 Long-term debt $ 806,676 $ 625,600 (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. Key modifications to the senior credit facility 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. 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, and consists of a $400 million revolving credit facility. The Credit Agreement also provides for a term loan facility in an aggregate principal amount of $250.0 million . 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). In addition, 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 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. The proceeds of the loans made under the Credit Agreement may be used, in addition to the redemptions of the 6.50% Notes and industrial development bonds (as discussed below), to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. The Credit Agreement matures in May 2020. Borrowings under the Credit Agreement, including the term loan facility, bear interest annually at the Company's option at the rate of (i) LIBOR plus 1.125% as of July 31, 2015 (1.32% as of July 31, 2015) or (ii) the Agent's prime lending rate plus a margin (3.50% as of July 31, 2015). 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. The Credit Agreement also includes a quarterly unused commitment fee, which is equal to a percentage determined by the Net Funded Debt to Adjusted EBITDA ratio, as each such term is defined in the Credit Agreement, times the daily amount by which the Credit Agreement commitment exceeds the total of outstanding loans and outstanding letters of credit. The unused amounts are accessible to the extent that the Net Funded Debt to Adjusted EBITDA ratio does not exceed the maximum ratio allowed at quarter-ends and the Adjusted EBITDA to interest on Funded Debt (as defined in the Credit Agreement) ratio does not fall below the minimum ratio allowed at quarter-ends. The Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the Company’s ability to incur indebtedness, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Credit Agreement includes the following restrictive financial covenants: Net Funded Debt to Adjusted EBITDA ratio and Adjusted EBITDA to interest on Funded Debt ratio. (c) At July 31, 2014, the Company had outstanding $41.2 million of industrial development bonds, which were issued by Eagle County, Colorado (the “Eagle County Bonds”) and mature, subject to prior redemption, on August 1, 2019. These bonds accrued interest at 6.95% per annum, with interest being payable semi-annually on February 1 and August 1. The promissory note with respect to the Eagle County Bonds between Eagle County and the Company was collateralized by the Forest Service permits for Vail and Beaver Creek. On May 1, 2015 , the Company redeemed the outstanding aggregate principal amounts of the industrial development bonds, which was funded by the $250.0 million term loan under our senior credit facility and cash on hand. As a result, the Company incurred an early redemption premium of 4.0% , or $1.6 million , for the portion of the principal redeemed, which was recorded, along with a write-off of $0.1 million of unamortized debt issuance costs, as a loss on extinguishment of debt during the year ended July 31, 2015. As of July 31, 2015, no amount of the industrial development bonds remain outstanding. (d) The Company has recorded for financial reporting purposes the outstanding debt of four Employee Housing Entities (each an “Employee Housing Entity” and collectively the “Employee Housing Entities”): Breckenridge Terrace, Tarnes, BC Housing and Tenderfoot. The proceeds of the Employee Housing Bonds were used to develop apartment complexes designated primarily for use by the Company’s seasonal employees at its mountain resorts. The Employee Housing Bonds are variable rate, interest-only instruments with interest rates tied to LIBOR plus 0% to 0.05% ( 0.19% to 0.24% as of July 31, 2015 ). Interest on the Employee Housing Bonds is paid monthly in arrears and the interest rate is adjusted weekly. No principal payments are due on the Employee Housing Bonds until maturity. Each Employee Housing Entity’s bonds were issued in two series. The bonds for each Employee Housing Entity are backed by letters of credit issued under the Credit Agreement. The table below presents the principal amounts outstanding for the Employee Housing Bonds as of July 31, 2015 (in thousands): Maturity (a) Tranche A Tranche B Total Breckenridge Terrace 2039 $ 14,980 $ 5,000 $ 19,980 Tarnes 2039 8,000 2,410 10,410 BC Housing 2027 9,100 1,500 10,600 Tenderfoot 2035 5,700 5,885 11,585 Total $ 37,780 $ 14,795 $ 52,575 (e) On April 25, 2011, the Company completed a private offering for $390 million of 6.50% Notes. The 6.50% Notes had a fixed annual interest rate of 6.50% and would have matured May 1, 2019 with no principal payments due until maturity. The Company had certain early redemption options under the terms of the 6.50% Notes. The premium for early redemption of the 6.50% Notes ranged from 4.875% to 0% , depending on the date of redemption. The 6.50% Notes were subordinated to certain of the Company’s debts, including the senior credit facility. On July 7, 2014, the Company redeemed $175.0 million of the 6.50% Notes. As a result, the Company incurred an early redemption premium of 4.875% , or $8.5 million , for the portion of the principal redeemed, which was recorded, along with a write-off of $2.3 million of unamortized debt issuance costs, as a loss on extinguishment of debt during the year ended July 31, 2014. As of July 31, 2014, $215.0 million of the 6.50% Notes remained outstanding. On May 1, 2015, the Company redeemed the remaining outstanding aggregate principal amount of its 6.50% Notes, which was funded by the $250.0 million term loan under its senior credit facility and cash on hand. As a result, the Company incurred an early redemption premium of 3.250% , or $7.0 million , for the portion of the principal redeemed, which was recorded, along with a write-off of $2.3 million of unamortized debt issuance costs, as a loss on extinguishment of debt during the year ended July 31, 2015. As of July 31, 2015, no amount of the 6.50% Notes remain outstanding. (f) On May 24, 2013 , VR CPC Holdings, Inc. (“VR CPC”), a wholly-owned subsidiary of the Company, entered into a transaction agreement (the "Transaction Agreement") with affiliate companies of Talisker Corporation ("Talisker") pursuant to which the parties entered into a master lease agreement (the "Lease") and certain ancillary transaction documents on May 29, 2013 related to the Canyons mountain resort (see Note 5, Acquisitions), pursuant to which the Company assumed the resort operations of Canyons mountain resort in Park City, Utah. The Lease between VR CPC and Talisker has an initial term of 50 years with six 50-year renewal options . The Lease provides for $25 million in annual payments, which increase each year by an inflation linked index of CPI less 1%, with a floor of 2% per annum . The Parent Company has guaranteed the payments under the Lease. The obligation at July 31, 2015 represents future lease payments for the remaining initial lease term of 50 years (including annual increases at the floor of 2%) discounted using an interest rate of 10% , and includes accumulated accreted interest expense of $12.1 million . (g) Other obligations primarily consist of a $4.9 million note outstanding to the Colorado Water Conservation Board, which matures on September 16, 2028 , capital leases and other financing arrangements. Other obligations, including the Colorado Water Conservation Board note and the capital leases, bear interest at rates ranging from 0.2% to 5.5% and have maturities ranging from in the year ending July 31, 2016 to the year ending July 31, 2029 . (h) Current maturities represent principal payments due in the next 12 months .
Schedule Of Aggregate Maturities For Debt Outstanding	Aggregate maturities for debt outstanding, including capital lease obligations, as of July 31, 2015 reflected by fiscal year are as follows (in thousands): Total 2016 $ 10,154 2017 13,354 2018 13,397 2019 13,455 2020 389,141 Thereafter 377,329 Total debt $ 816,830

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Jul. 31, 2015
Business Acquisition [Line Items]
Schedule of Capital Leased Assets [Table Text Block]	The following table shows the composition of Canyons property, plant and equipment recorded under capital leases as of July 31, 2015 and 2014: July 31, 2015 2014 Land $ 31,818 $ 18,500 Land improvements 49,228 29,980 Buildings and building improvements 42,910 32,800 Machinery and equipment 61,175 46,605 Gross property, plant and equipment 185,131 127,885 Accumulated depreciation (17,212 ) (7,596 ) Property, plant and equipment, net $ 167,919 $ 120,289
Canyons [Member]
Business Acquisition [Line Items]
Summary Pro Forma Financial Information	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, 2012 (in thousands, except per share amounts). Year Ended July 31, 2013 Pro forma net revenue $ 1,172,159 Pro forma net income (loss) attributable to Vail Resorts, Inc. $ 20,714 Pro forma basic net income (loss) per share attributable to Vail Resorts, Inc. $ 0.58 Pro forma diluted net income (loss) per share attributable to Vail Resorts, Inc. $ 0.56
Summary Of Estimate Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed	The following summarizes the fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands). Acquisition Date Fair Value Accounts receivable $ 2,211 Other current assets 1,698 Property, plant and equipment 5,475 Property, plant and equipment (under capital lease) 127,885 Deferred income tax assets, net 11,869 Intangible assets 30,700 Park City deposit 57,800 Goodwill 106,414 Total identifiable assets acquired $ 344,052 Accounts payable and accrued liabilities $ 6,723 Deferred revenue 1,134 Other liabilities 21,766 Canyons obligation 305,329 Contingent consideration 9,100 Total liabilities assumed $ 344,052
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]	uture minimum lease payments under the Lease as of July 31, 2015 reflected by fiscal year are as follows (in thousands): 2016 $ 26,101 2017 26,623 2018 27,156 2019 27,699 2020 28,253 Thereafter 1,923,824 Total future minimum lease payments 2,059,656 Less amount representing interest (1,742,201 ) Net future minimum lease payments $ 317,455

Supplementary Balance Sheet I31

Supplementary Balance Sheet Information (Tables)	12 Months Ended
	Jul. 31, 2015
Balance Sheet Related Disclosures [Abstract]
Composition Of Property, Plant And Equipment	The composition of property, plant and equipment, including capital lease assets, follows (in thousands): July 31, 2015 2014 Land and land improvements $ 431,854 $ 348,328 Buildings and building improvements 1,006,821 907,280 Machinery and equipment 815,946 700,745 Furniture and fixtures 286,863 269,209 Software 106,433 98,653 Vehicles 61,036 55,724 Construction in progress 53,158 31,487 Gross property, plant and equipment 2,762,111 2,411,426 Accumulated depreciation (1,375,836 ) (1,263,436 ) Property, plant and equipment, net $ 1,386,275 $ 1,147,990
Composition Of Goodwill And Intangible Assets	The composition of goodwill and intangible assets follows (in thousands): July 31, 2015 2014 Goodwill Goodwill $ 517,787 $ 395,502 Accumulated amortization (17,354 ) (17,354 ) Goodwill, net 500,433 378,148 Indefinite-lived intangible assets Gross indefinite-lived intangible assets 105,150 100,834 Accumulated amortization (24,713 ) (24,713 ) Indefinite-lived intangible assets, net 80,437 76,121 Amortizable intangible assets Gross amortizable intangible assets 118,482 91,233 Accumulated amortization (54,770 ) (49,831 ) Amortizable intangible assets, net 63,712 41,402 Total gross intangible assets 223,632 192,067 Total accumulated amortization (79,483 ) (74,544 ) Total intangible assets, net $ 144,149 $ 117,523
Changes In Goodwill Amount	The changes in the net carrying amount of goodwill allocated between the Company’s segments for the years ended July 31, 2015 and 2014 are as follows (in thousands): Mountain Lodging Goodwill, net Balance at July 31, 2013 $ 313,558 $ 68,141 $ 381,699 Acquisition (measurement period adjustments) (3,220 ) (242 ) (3,462 ) Effects of changes in foreign currency exchange rates (89 ) — (89 ) Balance at July 31, 2014 310,249 67,899 378,148 Acquisitions 124,173 — 124,173 Effects of changes in foreign currency exchange rates (1,888 ) — (1,888 ) Balance at July 31, 2015 $ 432,534 $ 67,899 $ 500,433
Components Of Accounts Payable And Accrued Liabilities	The composition of accounts payable and accrued liabilities follows (in thousands): July 31, 2015 2014 Trade payables $ 62,099 $ 71,823 Deferred revenue 145,949 110,566 Accrued salaries, wages and deferred compensation 33,461 29,833 Accrued benefits 24,436 21,351 Deposits 19,336 15,272 Other accruals 46,018 40,373 Total accounts payable and accrued liabilities $ 331,299 $ 289,218
Components Of Other Long-Term Liabilities	The composition of other long-term liabilities follows (in thousands): July 31, 2015 2014 Private club deferred initiation fee revenue $ 126,104 $ 128,824 Unfavorable lease obligation, net 29,997 31,338 Other long-term liabilities 99,815 100,519 Total other long-term liabilities $ 255,916 $ 260,681

Investments in Affiliates (Tabl

Investments in Affiliates (Tables)	12 Months Ended
	Jul. 31, 2015
Long-term Investments [Abstract]
Disclosure Of Equity Method Investments In Affiliates	The Company held the following investments in equity method affiliates as of July 31, 2015 : Equity Method Affiliates Ownership Interest Slifer, Smith, and Frampton/Vail Associates Real Estate, LLC (“SSF/VARE”) 50% KRED 50% Clinton Ditch and Reservoir Company 43%

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Jul. 31, 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 July 31, 2015 Description Balance at July 31, 2015 Level 1 Level 2 Level 3 Assets: Money Market $ 7,577 $ 7,577 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 2,651 $ — $ 2,651 $ — Liabilities: Contingent Consideration $ 6,900 $ — $ — $ 6,900 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

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jul. 31, 2015
Income Tax Disclosure [Abstract]
Components Of Deferred Tax Liabilities And Assets	Significant components of the Company’s deferred tax liabilities and assets are as follows (in thousands): July 31, 2015 2014 Deferred income tax liabilities: Fixed assets $ 173,908 $ 154,874 Intangible assets 53,654 46,980 Total 227,562 201,854 Deferred income tax assets: Canyons obligation 18,687 18,481 Deferred private club membership revenue 18,085 19,643 Real estate and other investments 7,771 7,130 Deferred compensation and other accrued benefits 12,590 11,180 Stock-based compensation 15,896 15,309 Unfavorable lease obligation, net 11,510 12,995 Net operating loss carryforwards and other tax credits 3,610 3,984 Other, net 23,066 16,836 Total 111,215 105,558 Valuation allowance for deferred income taxes (3,487 ) (3,017 ) Deferred income tax assets, net of valuation allowance 107,728 102,541 Net deferred income tax liability $ 119,834 $ 99,313
Net Current And Non-Current Components Of Deferred Income Taxes	The net current and non-current components of deferred income taxes recognized in the Consolidated Balance Sheets are as follows (in thousands): July 31, 2015 2014 Net current deferred income tax asset $ 27,962 $ 29,249 Net non-current deferred income tax asset — — Net non-current deferred income tax liability 147,796 128,562 Net deferred income tax liability $ 119,834 $ 99,313
Components Of Provision (Benefit) For Income Taxes	Significant components of the provision (benefit) for income taxes are as follows (in thousands): Year Ended July 31, 2015 2014 2013 Current: Federal $ 12,668 $ 8,082 $ 25,753 State 5,501 1,565 3,991 Foreign 3,581 — — Total current 21,750 9,647 29,744 Deferred: Federal 11,534 5,470 (7,175 ) State 1,623 749 (950 ) Foreign (189 ) — — Total deferred 12,968 6,219 (8,125 ) Provision for income taxes $ 34,718 $ 15,866 $ 21,619
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]	U.S. and foreign components of income before provision for income taxes is as follows (in thousands): Year Ended July 31, 2015 2014 2013 U.S. $ 142,190 $ 45,895 $ 60,906 Foreign 7,138 (1,823 ) (1,677 ) Income before income taxes $ 149,328 $ 44,072 $ 59,229
Reconciliation Of Effective Income Tax Rate And Effective Rate From Continuing Operation	A reconciliation of the income tax provision from continuing operations and the amount computed by applying the United States federal statutory income tax rate to income before income taxes is as follows: Year Ended July 31, 2015 2014 2013 At U.S. federal income tax rate 35.0 % 35.0 % 35.0 % State income tax, net of federal benefit 3.2 % 3.4 % 3.3 % Nondeductible meals or entertainment 0.2 % 0.7 % 0.4 % General business credits (0.5 )% (1.7 )% (1.2 )% IRS settlement on NOL utilization (16.0 )% — % — % Domestic production deduction (0.7 )% (1.4 )% (1.2 )% Change in valuation allowance 0.5 % — % — % Other 1.5 % — % 0.2 % Effective tax rate 23.2 % 36.0 % 36.5 %
Reconciliation Of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits associated with uncertain tax positions, excluding associated deferred tax benefits and accrued interest and penalties, if applicable, is as follows (in thousands): Year Ended July 31, 2015 2014 2013 Balance, beginning of year $ 46,973 $ 26,205 $ 26,271 Additions based on tax positions related to the current year — 21,082 — Additions for tax positions of prior years 17,443 — — Reductions for tax positions of prior years (21,574 ) — — Lapse of statute of limitations — (314 ) (66 ) Settlements (4,270 ) — — Balance, end of year $ 38,572 $ 46,973 $ 26,205

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Jul. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Lease Payments	Future minimum operating lease payments under the above leases as of July 31, 2015 reflected by fiscal year are as follows (in thousands): 2016 $ 34,937 2017 31,417 2018 28,701 2019 25,447 2020 22,698 Thereafter 148,750 Total $ 291,950

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Jul. 31, 2015
Segment Reporting [Abstract]
Summary Of Financial Information By Reportable Segment	Following is key financial information by reportable segment which is used by management in evaluating performance and allocating resources (in thousands): Year Ended July 31, 2015 2014 2013 Net revenue: Lift tickets $ 536,458 $ 447,271 $ 390,820 Ski school 126,206 109,442 95,254 Dining 101,010 89,892 81,175 Retail/rental 219,153 210,387 199,418 Other 121,202 106,581 100,847 Total Mountain net revenue 1,104,029 963,573 867,514 Lodging 254,553 242,287 210,974 Resort 1,358,582 1,205,860 1,078,488 Real Estate 41,342 48,786 42,309 Total net revenue $ 1,399,924 $ 1,254,646 $ 1,120,797 Segment operating expense: Mountain $ 777,147 $ 712,785 $ 639,706 Lodging 232,877 225,563 198,813 Resort 1,010,024 938,348 838,519 Real Estate 48,408 55,826 58,090 Total segment operating expense $ 1,058,432 $ 994,174 $ 896,609 Gain on litigation settlement $ 16,400 $ — $ — Gain on sale of real property $ 151 $ — $ 6,675 Mountain equity investment income, net $ 822 $ 1,262 $ 891 Reported EBITDA: Mountain $ 344,104 $ 252,050 $ 228,699 Lodging 21,676 16,724 12,161 Resort 365,780 268,774 240,860 Real Estate (6,915 ) (7,040 ) (9,106 ) Total Reported EBITDA $ 358,865 $ 261,734 $ 231,754 Real estate held for sale and investment $ 129,825 $ 157,858 $ 195,230 Reconciliation to net income attributable to Vail Resorts, Inc.: Total Reported EBITDA $ 358,865 $ 261,734 $ 231,754 Depreciation and amortization (149,123 ) (140,601 ) (132,688 ) Change in fair value of contingent consideration 3,650 (1,400 ) — Loss on disposal of fixed assets and other, net (2,057 ) (1,208 ) (1,222 ) Investment income, net 246 375 351 Interest expense (51,241 ) (63,997 ) (38,966 ) Loss on extinguishment of debt (11,012 ) (10,831 ) — Income before provision for income taxes 149,328 44,072 59,229 Provision for income taxes (34,718 ) (15,866 ) (21,619 ) Net income 114,610 28,206 37,610 Net loss attributable to noncontrolling interests 144 272 133 Net income attributable to Vail Resorts, Inc. $ 114,754 $ 28,478 $ 37,743

Selected Quarterly Financial 37

Selected Quarterly Financial Data (Tables)	12 Months Ended
	Jul. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data	2015 Year Ended July 31, 2015 Quarter Ended, July 31, 2015 Quarter Ended, April 30, 2015 Quarter Ended, January 31, 2015 Quarter Ended, October 31, 2014 Mountain revenue $ 1,104,029 $ 81,061 $ 499,551 $ 463,031 $ 60,386 Lodging revenue 254,553 69,373 67,323 59,364 58,493 Real Estate revenue 41,342 11,648 12,469 7,842 9,383 Total net revenue 1,399,924 162,082 579,343 530,237 128,262 Income (loss) from operations 210,513 (88,478 ) 227,752 160,071 (88,832 ) Net income (loss) 114,610 (70,168 ) 133,402 115,700 (64,324 ) Net income (loss) attributable to Vail Resorts, Inc. $ 114,754 $ (70,142 ) $ 133,410 $ 115,762 $ (64,276 ) Basic net income (loss) per share attributable to Vail Resorts, Inc. $ 3.16 $ (1.92 ) $ 3.67 $ 3.19 $ (1.77 ) Diluted net income (loss) per share attributable to Vail Resorts, Inc. $ 3.07 $ (1.92 ) $ 3.56 $ 3.10 $ (1.77 ) 2014 Year Ended July 31, 2014 Quarter Ended, July 31, 2014 Quarter Ended, April 30, 2014 Quarter Ended, January 31, 2014 Quarter Ended, October 31, 2013 Mountain revenue $ 963,573 $ 53,999 $ 460,587 $ 391,656 $ 57,331 Lodging revenue 242,287 62,593 66,293 56,187 57,214 Real Estate revenue 48,786 18,896 16,167 4,877 8,846 Total net revenue 1,254,646 135,488 543,047 452,720 123,391 Income (loss) from operations 117,263 (94,493 ) 203,165 110,695 (102,104 ) Net income (loss) 28,206 (75,423 ) 117,866 59,200 (73,437 ) Net income (loss) attributable to Vail Resorts, Inc. $ 28,478 $ (75,355 ) $ 117,946 $ 59,263 $ (73,376 ) Basic net income (loss) per share attributable to Vail Resorts, Inc. $ 0.79 $ (2.08 ) $ 3.26 $ 1.64 $ (2.04 ) Diluted net income (loss) per share attributable to Vail Resorts, Inc. $ 0.77 $ (2.08 ) $ 3.18 $ 1.60 $ (2.04 )

Stock Compensation Plan (Tables

Stock Compensation Plan (Tables)	12 Months Ended
	Jul. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule Of Share Based Compensation Valuation Model	The risk-free rate for periods within the contractual life of the equity award is based on the United States Treasury yield curve in effect at the time of grant. Year Ended July 31, 2015 2014 2013 Expected volatility 40.6% 41.2% 42.6% Expected dividends 1.9% 1.2% 1.5% Expected term (average in years) 4.9-5.6 5.5-5.9 6.0-6.2 Risk-free rate 0.1-2.6% 0.1-2.8% 0.2-1.6%
Schedule Of Share Based Compensation Option And SARs Award Activity	A summary of aggregate option and SARs award activity under the Plan as of July 31, 2013 , 2014 and 2015 , and changes during the years then ended is presented below (in thousands, except exercise price and contractual term): Awards Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at August 1, 2012 3,170 $ 34.20 Granted 412 57.43 Exercised (735 ) 33.22 Forfeited or expired (94 ) 43.21 Outstanding at July 31, 2013 2,753 $ 37.63 Granted 352 73.13 Exercised (321 ) 37.62 Forfeited or expired (28 ) 48.87 Outstanding at July 31, 2014 2,756 $ 42.06 Granted 242 91.64 Exercised (575 ) 36.20 Forfeited or expired (38 ) 75.99 Outstanding at July 31, 2015 2,385 $ 47.96 5.7 years $ 147,196 Vested and expected to vest at July 31, 2015 2,355 $ 47.63 5.7 years $ 146,176 Exercisable at July 31, 2015 1,817 $ 38.80 4.9 years $ 128,829
Schedule of Share Based Compensation SARs Activity	A summary of the status of the Company’s nonvested SARs as of July 31, 2015 , and changes during the year then ended, is presented below (in thousands, except fair value amounts): Awards Weighted-Average Grant-Date Fair Value Outstanding at July 31, 2014 783 $ 19.42 Granted 242 29.12 Vested (420) 17.41 Forfeited (38) 26.57 Nonvested at July 31, 2015 567 $ 24.56
Schedule Of Share Based Compensation Restricted Stock Units Activity	A summary of the status of the Company’s nonvested restricted share units as of July 31, 2015 , and changes during the year then ended, is presented below (in thousands, except fair value amounts): Awards Weighted-Average Grant-Date Fair Value Outstanding at July 31, 2014 274 $ 58.68 Granted 143 83.50 Vested (113) 54.38 Forfeited (33) 70.91 Nonvested at July 31, 2015 271 $ 72.10

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands	12 Months Ended
	Jul. 31, 2015USD ($)yr	Jul. 31, 2014USD ($)	Jul. 31, 2013USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (4,913)	$ (199)
Translation Adjustment Functional to Reporting Currency, Tax Benefit (Expense)	$ 2,578	82	$ 41
Interest rate charged on past due accounts	18.00%
Document Fiscal Year Focus	2,015
Interest capitalized on real estate development	$ 0	0	0
Impairment to goodwill or intangible assets	$ 0	0	0
Average remaining period (in years) for initiation fees recognized | yr	14
Refundable period (in years) for initiation fees | yr	30
Advertising expense	$ 27,500	25,700	$ 25,500
Prepaid advertising costs	$ 300	$ 200
Stated percentage in the debt instrument	6.50%

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Summary On Estimated Useful Life Of Property, Plant And Equipment) (Details)	12 Months Ended
	Jul. 31, 2015
Software [Member]
Estimated life in years	3 years
Minimum [Member] | Land Improvements [Member]
Estimated life in years	10 years
Minimum [Member] | Buildings and Building Improvements [Member]
Estimated life in years	7 years
Minimum [Member] | Machinery and Equipment [Member]
Estimated life in years	2 years
Minimum [Member] | Furniture and Fixtures [Member]
Estimated life in years	3 years
Minimum [Member] | Vehicles [Member]
Estimated life in years	3 years
Maximum [Member] | Land Improvements [Member]
Estimated life in years	35 years
Maximum [Member] | Buildings and Building Improvements [Member]
Estimated life in years	30 years
Maximum [Member] | Machinery and Equipment [Member]
Estimated life in years	30 years
Maximum [Member] | Furniture and Fixtures [Member]
Estimated life in years	10 years
Maximum [Member] | Vehicles [Member]
Estimated life in years	10 years

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Summary Of Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014
Carrying value	$ 806,676	$ 625,600
6.50% Notes [Member]
Carrying value	0	215,000
Fair value	0	223,600
Industrial Development Bonds [Member]
Carrying value	0	41,200
Fair value	0	48,003
Other Long-Term Debt [Member]
Carrying value	11,765	5,163
Fair value	$ 12,328	$ 5,758

Summary of Significant Accoun42

Summary of Significant Accounting Policies (Allocation Of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Pre-tax stock-based compensation expense	$ 15,753	$ 14,224	$ 12,349
Less: benefit for income taxes	6,026	5,435	4,709
Net stock-based compensation expense	9,727	8,789	7,640
Mountain Operating Expense [Member]
Pre-tax stock-based compensation expense	11,841	10,292	9,007
Lodging Operating Expense [Member]
Pre-tax stock-based compensation expense	2,621	2,203	1,917
Real Estate Operating Expense [Member]
Pre-tax stock-based compensation expense	$ 1,291	$ 1,729	$ 1,425

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 26, 2015	Oct. 09, 2015	Sep. 25, 2015	Mar. 11, 2015	Jun. 08, 2011	Jul. 31, 2015	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2014	Jul. 31, 2014	Apr. 30, 2014	Jan. 31, 2014	Oct. 31, 2013	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Net income attributable to Vail Resorts, Inc.						$ (70,142)	$ 133,410	$ 115,762	$ (64,276)	$ (75,355)	$ 117,946	$ 59,263	$ (73,376)	$ 114,754	$ 28,478	$ 37,743
Weighted-average shares outstanding, basic (in shares)														36,342,000	36,127,000	35,859,000
Effect of dilutive securities, diluted (in shares)														1,064,000	930,000	874,000
Weighted-average shares outstanding, diluted (in shares)														37,406,000	37,057,000	36,733,000
Basic net income per share attributable to Vail Resorts, Inc. (in dollars per share)						$ (1.92)	$ 3.67	$ 3.19	$ (1.77)	$ (2.08)	$ 3.26	$ 1.64	$ (2.04)	$ 3.16	$ 0.79	$ 1.05
Diluted net income per share attributable to Vail Resorts, Inc. (in dollars per share)						$ (1.92)	$ 3.56	$ 3.10	$ (1.77)	$ (2.08)	$ 3.18	$ 1.60	$ (2.04)	$ 3.07	$ 0.77	$ 1.03
Anti-dilutive securities (in shares)														11,000	17,000	19,000
Estimated annual dividend amount (in dollars per share)				$ 2.49	$ 0.60
Common Stock, Dividends, Per Share, Cash Paid														$ 2.0750
Increase to annual cash dividend rate				50.00%
Cash dividends declared per share (in dollars per share)														$ 2.0750	$ 1.2450	$ 0.7900
Payments of Dividends														$ 75,506	$ 45,021	$ 28,362
Scenario, Forecast [Member]
Cash dividends declared per share (in dollars per share)			$ 0.6225
Dividends Payable, Date to be Paid	Oct. 26, 2015
Dividends Payable, Date of Record		Oct. 9, 2015

Long-Term Debt (Schedule Of Deb

Long-Term Debt (Schedule Of Debt Instruments) (Details) - USD ($) $ in Thousands	May. 29, 2013	Jul. 31, 2015	Apr. 30, 2015	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013	May. 01, 2015	Apr. 25, 2011
Accretion Expense				$ 5,596	$ 5,544	$ 985
Total debt		$ 816,830		816,830	626,622
Less: Current maturities		10,154		10,154	1,022
Long-term debt		$ 806,676		$ 806,676	625,600
Stated percentage in the debt instrument		6.50%		6.50%
Issuance of 6.50% senior subordinated notes								$ 390,000
Loss on extinguishment of debt				$ 11,012	10,831	$ 0
Initial Capital Lease Term	50 years
Optional Lease Renewal Term				P20Y
Talisker Canyons Obligation, Interest Rate		10.00%		10.00%
Line of Credit Facility, Maximum Borrowing Capacity		$ 400,000		$ 400,000
Long-term Line of Credit							$ 250,000
Credit Facility Revolver [Member]
Total debt		185,000		$ 185,000	0
Fiscal year maturity				2,020
Basis spread on LIBOR rate				1.25%
Term Loan [Member]
Total debt		250,000		$ 250,000	0
Fiscal year maturity				2,020
Long-term debt, maturity date				May 1, 2020
Long-term Debt, Description				In addition, 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 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. The proceeds of the loans made under the Credit Agreement may be used, in addition to the redemptions of the 6.50% Notes and industrial development bonds (as discussed below), to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. The Credit Agreement matures in May 2020. Borrowings under the Credit Agreement, including the term loan facility, bear interest annually at the Company's option at the rate of (i) LIBOR plus 1.125% as of July 31, 2015 (1.32% as of July 31, 2015) or (ii) the Agent's prime lending rate plus a margin (3.50% as of July 31, 2015).
Industrial Development Bonds [Member]
Total debt		0		$ 0	41,200
Long-term debt		0		$ 0	41,200
Fiscal year maturity				2,020
Long term debt interest rate				6.95%
Extinguishment of Debt, Amount					41,000
Redemption Premium		2,000
Write off of Deferred Debt Issuance Cost		100
Debt Instrument, Redemption Price, Percentage			4.00%
Employee Housing Bonds [Member]
Total debt		52,575		$ 52,575	52,575
6.50% Notes [Member]
Total debt		0		0	215,000
Long-term debt		$ 0		$ 0	215,000
Fiscal year maturity				2,019
Stated percentage in the debt instrument		6.50%		6.50%				6.50%
Long term debt interest rate				6.50%
Debt Instrument, Redemption Date				May 1, 2015
Extinguishment of Debt, Amount					175,000
Redemption Premium		$ 7,000			9,000
Write off of Deferred Debt Issuance Cost		2,300			$ 2,300
Debt Instrument, Redemption Price, Percentage				3.25%	4.875%
Talisker Canyons Obligation [Member]
Total debt		$ 317,455		$ 317,455	$ 311,858
Fiscal year maturity				2,063
6.75% Notes [Member]
Stated percentage in the debt instrument		6.75%		6.75%
Other [Member]
Total debt		$ 11,800		$ 11,800	$ 5,989
Fiscal year maturity, start				Jul. 31, 2016
Fiscal year maturity, end				Jul. 31, 2029
Colorado Water Conservation Board Note Outstanding [Member] | Other [Member]
Long-term debt, maturity date				Sep. 16, 2028
Long-term debt, outstanding amount		4,900		$ 4,900
Breckenridge Terrace [Member] | Employee Housing Bonds [Member]
Total debt		19,980		$ 19,980
Fiscal year maturity				2,039
Tarnes [Member] | Employee Housing Bonds [Member]
Total debt		10,410		$ 10,410
Fiscal year maturity				2,039
BC Housing [Member] | Employee Housing Bonds [Member]
Total debt		10,600		$ 10,600
Fiscal year maturity				2,027
Tenderfoot [Member] | Employee Housing Bonds [Member]
Total debt		11,585		$ 11,585
Fiscal year maturity				2,035
Tranche A [Member] | Employee Housing Bonds [Member]
Total debt		37,780		$ 37,780
Reference for interest rate determination				LIBOR plus 0% to 0.05%
Tranche A [Member] | Breckenridge Terrace [Member] | Employee Housing Bonds [Member]
Total debt		14,980		$ 14,980
Tranche A [Member] | Tarnes [Member] | Employee Housing Bonds [Member]
Total debt		8,000		8,000
Tranche A [Member] | BC Housing [Member] | Employee Housing Bonds [Member]
Total debt		9,100		9,100
Tranche A [Member] | Tenderfoot [Member] | Employee Housing Bonds [Member]
Total debt		5,700		5,700
Tranche B [Member] | Employee Housing Bonds [Member]
Total debt		14,795		$ 14,795
Reference for interest rate determination				LIBOR plus 0% to 0.05%
Tranche B [Member] | Breckenridge Terrace [Member] | Employee Housing Bonds [Member]
Total debt		5,000		$ 5,000
Tranche B [Member] | Tarnes [Member] | Employee Housing Bonds [Member]
Total debt		2,410		2,410
Tranche B [Member] | BC Housing [Member] | Employee Housing Bonds [Member]
Total debt		1,500		1,500
Tranche B [Member] | Tenderfoot [Member] | Employee Housing Bonds [Member]
Total debt		$ 5,885		$ 5,885
Maximum [Member] | Employee Housing Bonds [Member]
Fiscal year maturity, end				May 1, 2039
Maximum [Member] | 6.50% Notes [Member]
Debt Instrument, Redemption Price, Percentage					4.875%
Maximum [Member] | Other [Member]
Fiscal year maturity, end				Jul. 31, 2029
Long term debt interest rate				5.50%
Maximum [Member] | Tranche A [Member] | Employee Housing Bonds [Member]
Basis spread on LIBOR rate				0.05%
Long term debt interest rate				0.24%
Minimum [Member] | Employee Housing Bonds [Member]
Fiscal year maturity, start				Jun. 1, 2027
Minimum [Member] | 6.50% Notes [Member]
Debt Instrument, Redemption Price, Percentage					0.00%
Minimum [Member] | Other [Member]
Fiscal year maturity, start				Aug. 1, 2016
Long term debt interest rate				0.17%
Minimum [Member] | Tranche A [Member] | Employee Housing Bonds [Member]
Basis spread on LIBOR rate				0.00%
Long term debt interest rate				0.19%
Canyons [Member]
Accretion Expense				$ 12,000
Business Acquisition, Effective Date of Acquisition	May 24, 2013
Initial Capital Lease Term	50 years
Optional Lease Renewal Term	six 50-year renewal options
Minimum Capital Lease Payment, Annual	$ 25,000
Adjustments to Capital Lease Annual Payments	inflation linked index of CPI less 1%, with a floor of 2% per annum

Long-Term Debt (Schedule Of Agg

Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Long-term Debt, Other Disclosures [Abstract]
2,013	$ 10,154
2,014	13,354
2,015	13,397
2,016	13,455
2,017	389,141
Thereafter	377,329
Total debt	816,830	$ 626,622
Gross interest expense	51,200	64,000	$ 39,000
Amortization of deferred financing costs	$ 1,300	$ 1,900	$ 2,000

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - USD ($) $ in Thousands	May. 29, 2013	Dec. 17, 2012	Jan. 31, 2015	Apr. 30, 2015	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013	Jun. 30, 2015	Mar. 30, 2015	Sep. 11, 2014
Contingent Consideration, Key Assumptions for Valuation					The fair value of Contingent Consideration includes the resort operations of Park City, following completion of the acquisition, in the calculation of EBITDA on which participating contingent payments are made, and increases the EBITDA threshold before which participating contingent payments are made by 10% of the purchase price paid by the Company for Park City along with all future capital expenditures associated with Canyons, Park City or the combined resort. 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 2.5%. The model also incorporates assumptions for EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs.
Business Acquisition, Contingent Consideration, at Fair Value					$ 6,900	$ 10,500	$ 9,100
Change in Fair Value of Contingent Consideration					(3,600)	1,400
Business Acquisition, Purchase Price Allocation, Talisker Canyons Obligation					816,830	626,622
Capital Leases, Future Minimum Payments Due, Next Twelve Months					26,101
Business Acquisition, Purchase Price Allocation, Current Assets, Other Current Assets	$ 1,698
Business Acquisition, Purchase Price Allocation, Goodwill	106,414
Payments to Acquire Businesses, Net of Cash Acquired					307,051	0	19,958
Business Acquisition, Purchase Price Allocation, Property Plant and Equipment Acquired	5,475
Business Acquisition, Purchase Price Allocation, Total Liabilities Assumed	$ 344,052
Capital Leases, Future Minimum Payments Due in Two Years					26,623
Capital Leases, Future Minimum Payments Due in Three Years					27,156
Capital Leases, Future Minimum Payments Due in Four Years					27,699
Capital Leases, Future Minimum Payments Due in Five Years					28,253
Capital Leases, Future Minimum Payments Due Thereafter					1,923,824
Capital Leases, Future Minimum Payments Due					2,059,656
Capital Leases, Future Minimum Payments, Interest Included in Payments					$ (1,742,201)
Initial Capital Lease Term	50 years
Optional Lease Renewal Term					P20Y
Talisker Canyons Obligation, Interest Rate					10.00%
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.
Gain (Loss) Related to Litigation Settlement					$ 16,400	0	0
Park City litigation payment to Talisker					$ (10,000)	0	0
Canyons [Member]
Business Acquisition, Effective Date of Acquisition	May 24, 2013
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life					50 years
Net operation revenue from acquiree							3,900
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed							$ 4,400
Initial Capital Lease Term	50 years
Optional Lease Renewal Term	six 50-year renewal options
Minimum Capital Lease Payment, Annual	$ 25,000
Adjustments to Capital Lease Annual Payments	inflation linked index of CPI less 1%, with a floor of 2% per annum
Business Combination, Contingent Consideration Arrangements, Description					42% of the amount by which EBITDA for the resort operations, as calculated under the Lease, exceeds approximately $35 million, with such threshold amount increased 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")
Business Acquisition, Purchase Price Allocation, Commitment Liabilities	$ 20,300
Lease Expiration Date					Jan. 1, 2079
PCMR [Member]
Business Acquisition, Effective Date of Acquisition					Sep. 11, 2014
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill										$ 27,650
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life					46 years
Net operation revenue from acquiree					$ 67,100
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed				$ 800
Goodwill, Purchase Accounting Adjustments			$ 13,000
Business Combination, Cash Consideration Transferred					182,500
Gain (Loss) Related to Litigation Settlement					16,400
Fair value of litigation settlement					10,100
Litigation settlement accounted for as consideration					26,500
Park City litigation payment to Talisker					$ 10,000
Perisher [Member]
Business Acquisition, Date of Acquisition Agreement					Mar. 30, 2015
Business Acquisition, Effective Date of Acquisition					Jun. 30, 2015
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill								$ 5,458
Payments to Acquire Businesses, Net of Cash Acquired					$ 124,551
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life					4 years
Net operation revenue from acquiree					$ 21,800
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed				$ 5,200
Optional Lease Renewal Term					20-year renewal option
Business Acquisition, Percentage of Voting Interests Acquired									100.00%
Lease Expiration Date					Jan. 1, 2048
Urban Ski Areas [Member]
Business Acquisition, Effective Date of Acquisition		Dec. 17, 2012
Business Acquisition, Purchase Price Allocation, Current Assets, Other Current Assets		$ 1,000
Business Acquisition, Purchase Price Allocation, Goodwill		2,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill		1,000
Payments to Acquire Businesses, Net of Cash Acquired		20,000
Business Acquisition, Purchase Price Allocation, Property Plant and Equipment Acquired		$ 17,800
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		10 years
Business Acquisition, Purchase Price Allocation, Total Liabilities Assumed		$ 1,800
Talisker Canyons Obligation [Member]
Business Acquisition, Purchase Price Allocation, Talisker Canyons Obligation					$ 317,455	$ 311,858

Acquisitions (Summary Of Estima

Acquisitions (Summary Of Estimate Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Apr. 30, 2015	Jul. 31, 2015	Jul. 31, 2014	Jun. 30, 2015	Sep. 11, 2014	May. 29, 2013
Business Acquisition [Line Items]
Accounts receivable, net						$ 2,211
Deferred income tax assets, net						11,869
Goodwill						106,414
Total identifiable assets acquired						344,052
Unfavorable lease obligations, net		$ 29,997	$ 31,338
Business Acquisition, Purchase Price Allocation, Current Assets, Prepaid Expense and Other Assets						1,698
Business Acquisition, Purchase Price Allocation, Property Plant and Equipment Acquired						5,475
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment Gross (under Capital Lease)						127,885
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill						30,700
Business Acquisition, Purchase Price Allocation, PCMR Deposit						57,800
Business Acquisition, Purchase Price Allocation, Current Liabilities, Accounts Payable						6,723
Business Acquisition, Purchase Price Allocation, Commitment Liabilities						21,766
Business Acquisition, Purchase Price Allocation, Talisker Canyons Obligation						305,329
Business Acquisition, Purchase Price Allocation, Contingent Consideration						9,100
Goodwill, Acquired During Period		124,173	(3,462)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue						$ 1,134
Perisher [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables				$ 1,494
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				126,287
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				5,458
Goodwill, Acquired During Period		31,657
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets				170,280
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable				11,394
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue				15,906
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent				18,429
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities				45,729
Business Combination, Consideration Transferred		124,551
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory				4,859
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets				$ 525
PCMR [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables					$ 930
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets					3,075
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					76,605
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent					7,428
Business Acquisition, Purchase Price Allocation, Real estate held for sale and investment					7,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					27,650
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets					215,204
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable					1,935
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue					4,319
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities					$ 6,254
Business Combination, Consideration Transferred	$ 208,950
Canyons [Member]
Business Acquisition [Line Items]
Business Acquisition, Purchase Price Allocation, Land		31,818	18,500
Business Acquisition, Purchase Price Allocation, Land Improvements		49,228	29,980
Business Acquisition, Purchase Price Allocation, Buildings and Building Improvements		42,910	32,800
Business Acquisition, Purchase Price Allocation, Machinery and Equipment		61,175	46,605
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment Gross (under Capital Lease)		185,131	127,885
Business Acquisition, Purchase Price Allocation, Accumulated Depreciation		(17,212)	(7,596)
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment Net (under Capital Lease)		167,919	120,289
Mountain [Member]
Business Acquisition [Line Items]
Goodwill, Acquired During Period		$ 124,173	$ (3,220)
Mountain [Member] | PCMR [Member]
Business Acquisition [Line Items]
Goodwill, Acquired During Period	$ 92,516

Acquisitions (Summary Pro Forma

Acquisitions (Summary Pro Forma Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Pro Forma Financial Information [Line Items]
Pro forma net revenue	$ 1,452,542	$ 1,383,141
Pro forma net income attributable to Vail Resorts, Inc.	$ 120,201	$ 35,367
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$ 3.31	$ 0.98
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$ 3.21	$ 0.95
Canyons [Member]
Pro Forma Financial Information [Line Items]
Pro forma net revenue			$ 1,172,159
Pro forma net income attributable to Vail Resorts, Inc.			$ 20,714
Pro forma basic net income per share attributable to Vail Resorts, Inc.			$ 0.58
Pro forma diluted net income per share attributable to Vail Resorts, Inc.			$ 0.56

Supplementary Balance Sheet I49

Supplementary Balance Sheet Information (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Balance Sheet Related Disclosures [Abstract]
Depreciation expense	$ 144,000	$ 136,600	$ 130,200
Amortization expense for intangible assets	5,100	$ 4,000	$ 2,500
Estimated amortization expense for intangible assets, year one	3,117
Estimated amortization expense for intangible assets, year two	2,566
Estimated amortization expense for intangible assets, year three	2,566
Estimated amortization expense for intangible assets, year four	2,566
Estimated amortization expense for intangible assets, year five	$ 2,566

Supplementary Balance Sheet I50

Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014
Balance Sheet Related Disclosures [Abstract]
Land and land improvements	$ 431,854	$ 348,328
Buildings and building improvements	1,006,821	907,280
Machinery and equipment	815,946	700,745
Furniture and fixtures	286,863	269,209
Software	106,433	98,653
Vehicles	61,036	55,724
Construction in progress	53,158	31,487
Gross property, plant and equipment	2,762,111	2,411,426
Accumulated depreciation	(1,375,836)	(1,263,436)
Property, plant and equipment, net	$ 1,386,275	$ 1,147,990

Supplementary Balance Sheet I51

Supplementary Balance Sheet Information (Composition Of Goodwill And Intangible Assets) (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Balance Sheet Related Disclosures [Abstract]
Goodwill	$ 517,787	$ 395,502
Accumulated amortization	(17,354)	(17,354)
Goodwill, net	500,433	378,148	$ 381,699
Gross indefinite-lived intangible assets	105,150	100,834
Accumulated amortization	(24,713)	(24,713)
Indefinite-lived intangible assets, net	80,437	76,121
Gross amortizable intangible assets	118,482	91,233
Accumulated amortization	(54,770)	(49,831)
Amortizable intangible assets, net	63,712	41,402
Total gross intangible assets	223,632	192,067
Total accumulated amortization	(79,483)	(74,544)
Net Intangible Assets Excluding Goodwill	$ 144,149	$ 117,523

Supplementary Balance Sheet I52

Supplementary Balance Sheet Information (Changes In Goodwill Amount) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Goodwill, beginning balance	$ 378,148	$ 381,699
Acquisition	(124,173)	3,462
Goodwill, ending balance	500,433	378,148
Goodwill, Translation Adjustments	(1,888)	(89)
Mountain [Member]
Goodwill, beginning balance	310,249	313,558
Acquisition	(124,173)	3,220
Goodwill, ending balance	432,534	310,249
Goodwill, Translation Adjustments	(1,888)	(89)
Lodging [Member]
Goodwill, beginning balance	67,899	68,141
Acquisition	0	242
Goodwill, ending balance	67,899	67,899
Goodwill, Translation Adjustments	$ 0	$ 0

Supplementary Balance Sheet I53

Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014
Balance Sheet Related Disclosures [Abstract]
Trade payables	$ 62,099	$ 71,823
Deferred revenue	145,949	110,566
Accrued salaries, wages and deferred compensation	33,461	29,833
Accrued benefits	24,436	21,351
Deposits	19,336	15,272
Other accruals	46,018	40,373
Total accounts payable and accrued liabilities	$ 331,299	$ 289,218

Supplementary Balance Sheet I54

Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014
Balance Sheet Related Disclosures [Abstract]
Private club deferred initiation fee revenue	$ 126,104	$ 128,824
Unfavorable lease obligations, net	29,997	31,338
Other long-term liabilities	99,815	100,519
Total other long-term liabilities	$ 255,916	$ 260,681

Investments in Affiliates (Deta

Investments in Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Investments in equity method affiliates	$ 7.4	$ 7.5
Undistributed earnings of equity method affiliates	4.1	4.2
Distributions received from equity method affiliates	$ 1	1	$ 0.7
Slifer, Smith, and Frampton/Vail Associates Real Estate, LLC ("SSF/VARE") [Member]
Ownership interest	50.00%
KRED [Member]
Ownership interest	50.00%
Clinton Ditch and Reservoir Company [Member]
Ownership interest	43.00%
Slifer Smith and Frampton and Vail Associates Real Estate Llc Ssf and Vare [Member]
Real estate revenue from leases	$ 0.5	0.5	0.5
Ownership interest	50.00%
Real Estate Commission Expense	$ 0	$ 0	$ 0.3

Variable Interest Entities (Det

Variable Interest Entities (Details)	Jul. 31, 2015USD ($)
Employee Housing Entities [Member]
Carrying amount of consolidated VIE assets	$ 26,400,000
Carrying amount of consolidated VIE liabilities	64,000,000
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 ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	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.
Contingent Consideration, Key Assumptions for Valuation	The fair value of Contingent Consideration includes the resort operations of Park City, following completion of the acquisition, in the calculation of EBITDA on which participating contingent payments are made, and increases the EBITDA threshold before which participating contingent payments are made by 10% of the purchase price paid by the Company for Park City along with all future capital expenditures associated with Canyons, Park City or the combined resort. 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 2.5%. The model also incorporates assumptions for EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs.
Liabilities, Fair Value Disclosure	$ 6,900	$ 10,500	$ 9,100
Change in Fair Value of Contingent Consideration	(3,600)	1,400
Level 3 [Member]
Liabilities, Fair Value Disclosure	$ 6,900	10,500
Canyons [Member]
Business Combination, Contingent Consideration Arrangements, Description	42% of the amount by which EBITDA for the resort operations, as calculated under the Lease, exceeds approximately $35 million, with such threshold amount increased 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")
Money Market Funds [Member]
Cash and Cash Equivalents, Fair Value Disclosure	$ 7,577	9,022
Money Market Funds [Member] | Level 1 [Member]
Cash and Cash Equivalents, Fair Value Disclosure	7,577	9,022
Commercial Paper [Member]
Cash and Cash Equivalents, Fair Value Disclosure	2,401	630
Commercial Paper [Member] | Level 2 [Member]
Cash and Cash Equivalents, Fair Value Disclosure	2,401	630
Certificates of Deposit [Member]
Cash and Cash Equivalents, Fair Value Disclosure	2,651	880
Certificates of Deposit [Member] | Level 2 [Member]
Cash and Cash Equivalents, Fair Value Disclosure	$ 2,651	$ 880

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2007	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Net operating loss carryforwards recognized	$ 8
Net operating loss carryforwards amount		$ 73.8
Tax refund on amended returns		6.2
Reduction in federal tax liability		19.6
Unrecognized tax benefits, income tax penalties and interest accrued		0.5	$ 1.9
Income tax examination, penalties and interest expense		(1.4)	$ (0.1)	$ 0
Unrecognized Tax Benefits, Period Increase (Decrease)		(27.7)
Tax Adjustments, Settlements, and Unusual Provisions		23.8
Deferred Tax Assets, Tax Credit Carryforwards, Foreign		1
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount		0.7
State and Local Jurisdiction [Member]
State operating loss carryforwards		34.3
Operating loss carryforwards, valuation allowance		$ 29.4

Income Taxes (Components Of Def

Income Taxes (Components Of Deferred Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014
Income Tax Disclosure [Abstract]
Fixed assets	$ 173,908	$ 154,874
Intangible assets	53,654	46,980
Total	227,562	201,854
Deferred Tax Asset, Talisker Canyons Obligation	18,687	18,481
Deferred membership revenue	18,085	19,643
Real estate and other investments	(7,771)	(7,130)
Deferred compensation and other accrued benefits	12,590	11,180
Stock-based compensation	15,896	15,309
Unfavorable lease obligation, net	11,510	12,995
Net operating loss carryforwards other tax credits	3,610	3,984
Other, net	23,066	16,836
Total	111,215	105,558
Valuation allowance for deferred income taxes	(3,487)	(3,017)
Deferred income tax assets, net of valuation allowance	107,728	102,541
Net deferred income tax liability	$ 119,834	$ 99,313

Income Taxes (Net Current And N

Income Taxes (Net Current And Non-Current Components Of Deferred Income Taxes) (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014
Income Tax Disclosure [Abstract]
Net current deferred income tax asset	$ 27,962	$ 29,249
Net non-current deferred income tax asset	0	0
Net non-current deferred income tax liability	147,796	128,562
Net deferred income tax liability	$ 119,834	$ 99,313

Income Taxes (Components Of Pro

Income Taxes (Components Of Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Income Tax Disclosure [Abstract]
Current federal	$ 12,668	$ 8,082	$ 25,753
Current state	5,501	1,565	3,991
Current Foreign Tax Expense (Benefit)	3,581	0	0
Total current	21,750	9,647	29,744
Deferred federal	11,534	5,470	(7,175)
Deferred state	1,623	749	(950)
Deferred Foreign Income Tax Expense (Benefit)	(189)	0	0
Deferred Income Tax Expense (Benefit)	12,968	6,219	(8,125)
Provision for income taxes	$ 34,718	$ 15,866	$ 21,619

Income Taxes (Reconciliation Of

Income Taxes (Reconciliation Of Effective Income Tax Rate And Effective Rate From Continuing Operation) (Details)	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Income Tax Disclosure [Abstract]
At U.S. Federal income tax rate	35.00%	35.00%	35.00%
State income tax, net of Federal benefit	3.20%	3.40%	3.30%
Nondeductible meals or entertainment	0.20%	0.70%	0.40%
General business credits	(0.50%)	(1.70%)	(1.20%)
Effective Income Tax Rate Reconciliation, Tax Settlement, Other, Amount	(16.00%)	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	0.50%	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Domestic Production Deduction	(0.70%)	(1.40%)	(1.20%)
Other	1.50%	0.00%	0.20%
Effective income tax rate	23.20%	36.00%	36.50%

Income Taxes (Reconciliation 63

Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Income Tax Disclosure [Abstract]
Income Tax Examination, Penalties and Interest Expense	$ 1,400	$ 100	$ 0
Unrecognized tax benefits, beginning balance	46,973	26,205	26,271
Additions based on tax positions related to the current year	0	21,082	0
Additions for tax positions of prior years	17,443	0	0
Reductions for tax positions of prior years	(21,574)	0	0
Lapse of statute of limitations	0	(314)	(66)
Settlements	(4,270)	0	0
Unrecognized tax benefits, ending balance	$ 38,572	$ 46,973	$ 26,205

Income Taxes Components of Inco

Income Taxes Components of Income before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Components of Income Before Income Taxes [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Domestic	$ 142,190	$ 45,895	$ 60,906
Income (Loss) from Continuing Operations before Income Taxes, Foreign	7,138	(1,823)	(1,677)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	$ 149,328	$ 44,072	$ 59,229

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	12 Months Ended
	Jul. 31, 2015USD ($)yrdirector	Jul. 31, 2014USD ($)	Jul. 31, 2013USD ($)
BCRC [Member]
Right to appoint the number of directors | director	4
Number of directors | director	9
Management agreement renewable period, years | yr	1
Management fees and reimbursement of operating expenses	$ 7.1	$ 7	$ 7
Slifer Smith and Frampton and Vail Associates Real Estate Llc Ssf and Vare [Member]
Ownership interest	50.00%
Real Estate Commission Expense	$ 0	0	0.3
Real estate revenue from leases	$ 0.5	$ 0.5	$ 0.5

Commitments and Contingencies66

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	May. 29, 2013	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Contingent rent percentage		11.50%
Number of optional renewal terms		3
Optional Lease Renewal Term		P20Y
Lease expense, excluding executory costs		$ 39.5	$ 37.3	$ 35.1
Holland Creek Metropolitan District [Member]
Credit-enhanced bonds issued amount		8
Amount outstanding in letters of credit		8.1
Red Sky Ranch Metropolitan District [Member]
Other long-term liabilities		$ 1.8	$ 1.8
Estimated cessation date of capital improvement fee payment obligation		Jul. 31, 2029
Various Other [Member]
Amount outstanding in letters of credit		$ 65.2
Employee Housing Bonds [Member]
Amount outstanding in letters of credit		53.4
Workers' Compensation and General Liability Related to Construction and Development Activities [Member]
Amount outstanding in letters of credit		$ 11.8
Maximum [Member]
Annual base rent rate		11.00%
Minimum [Member]
Annual base rent rate		10.25%
Northstar [Member]
Lease Expiration Date		Jan. 19, 2027
Optional Lease Renewal Term		P10Y
Perisher [Member]
Lease Expiration Date		Jan. 1, 2048
Optional Lease Renewal Term		20-year renewal option
Operating Leases, Rent Expense, Contingent Rentals		2% of certain gross revenue
Canyons [Member]
Lease Expiration Date		Jan. 1, 2079
Optional Lease Renewal Term	six 50-year renewal options
Australia, Dollars | Perisher [Member]
Lease expense, excluding executory costs		$ 1.8

Commitments and Contingencies67

Commitments and Contingencies (Future Minimum Lease Payment) (Details) $ in Thousands	Jul. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,013	$ 34,937
2,014	31,417
2,015	28,701
2,016	25,447
2,017	22,698
Thereafter	148,750
Total	$ 291,950

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jul. 31, 2015	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2014	Jul. 31, 2014	Apr. 30, 2014	Jan. 31, 2014	Oct. 31, 2013	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Total Mountain net revenue	$ 81,061	$ 499,551	$ 463,031	$ 60,386	$ 53,999	$ 460,587	$ 391,656	$ 57,331	$ 1,104,029	$ 963,573	$ 867,514
Lodging	69,373	67,323	59,364	58,493	62,593	66,293	56,187	57,214	254,553	242,287	210,974
Resort									1,358,582	1,205,860	1,078,488
Real Estate	11,648	12,469	7,842	9,383	18,896	16,167	4,877	8,846	41,342	48,786	42,309
Total net revenue	162,082	579,343	530,237	128,262	135,488	543,047	452,720	123,391	1,399,924	1,254,646	1,120,797
Mountain									777,147	712,785	639,706
Lodging									232,877	225,563	198,813
Resort									1,010,024	938,348	838,519
Real estate									48,408	55,826	58,090
Total segment operating expense									1,058,432	994,174	896,609
Gain on sale of real property									151	0	6,675
Mountain equity investment income, net									822	1,262	891
Total Reported EBITDA									358,865	261,734	231,754
Real estate held for sale and investment	129,825				157,858				129,825	157,858	195,230
Depreciation and amortization									(149,123)	(140,601)	(132,688)
Gain (Loss) Related to Litigation Settlement									16,400	0	0
Change in Fair Value of Contingent Consideration									3,650	(1,400)	0
Loss on disposal of fixed assets, net									(2,057)	(1,208)	(1,222)
Investment income, net									246	375	351
Interest expense, net									(51,241)	(63,997)	(38,966)
Loss on extinguishment of debt									(11,012)	(10,831)	0
Income before provision for income taxes									149,328	44,072	59,229
Provision for income taxes (Note 11)									(34,718)	(15,866)	(21,619)
Net income	(70,168)	133,402	115,700	(64,324)	(75,423)	117,866	59,200	(73,437)	114,610	28,206	37,610
Net loss (income) attributable to noncontrolling interests									144	272	133
Net income attributable to Vail Resorts, Inc.	$ (70,142)	$ 133,410	$ 115,762	$ (64,276)	$ (75,355)	$ 117,946	$ 59,263	$ (73,376)	114,754	28,478	37,743
Lift Tickets [Member]
Total Mountain net revenue									536,458	447,271	390,820
Ski School [Member]
Total Mountain net revenue									126,206	109,442	95,254
Dining [Member]
Total Mountain net revenue									101,010	89,892	81,175
Retail/Rental [Member]
Total Mountain net revenue									219,153	210,387	199,418
Other [Member]
Total Mountain net revenue									121,202	106,581	100,847
Resort [Member]
Total Reported EBITDA									365,780	268,774	240,860
Mountain [Member]
Total Reported EBITDA									344,104	252,050	228,699
Lodging [Member]
Total Reported EBITDA									21,676	16,724	12,161
Real Estate [Member]
Total Reported EBITDA									$ (6,915)	$ (7,040)	$ (9,106)

Selected Quarterly Financial 69

Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jul. 31, 2015	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2014	Jul. 31, 2014	Apr. 30, 2014	Jan. 31, 2014	Oct. 31, 2013	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Mountain revenue	$ 81,061	$ 499,551	$ 463,031	$ 60,386	$ 53,999	$ 460,587	$ 391,656	$ 57,331	$ 1,104,029	$ 963,573	$ 867,514
Lodging revenue	69,373	67,323	59,364	58,493	62,593	66,293	56,187	57,214	254,553	242,287	210,974
Real estate revenue	11,648	12,469	7,842	9,383	18,896	16,167	4,877	8,846	41,342	48,786	42,309
Total net revenue	162,082	579,343	530,237	128,262	135,488	543,047	452,720	123,391	1,399,924	1,254,646	1,120,797
Income (loss) from operations	(88,478)	227,752	160,071	(88,832)	(94,493)	203,165	110,695	(102,104)	210,513	117,263	96,953
Net income	(70,168)	133,402	115,700	(64,324)	(75,423)	117,866	59,200	(73,437)	114,610	28,206	37,610
Net income (loss) attributable to Vail Resorts, Inc.	$ (70,142)	$ 133,410	$ 115,762	$ (64,276)	$ (75,355)	$ 117,946	$ 59,263	$ (73,376)	$ 114,754	$ 28,478	$ 37,743
Basic net income (loss) per share attributable to Vail Resorts, Inc. (in dollars per share)	$ (1.92)	$ 3.67	$ 3.19	$ (1.77)	$ (2.08)	$ 3.26	$ 1.64	$ (2.04)	$ 3.16	$ 0.79	$ 1.05
Diluted net income (loss) per share attributable to Vail Resorts, Inc. (in dollars per share)	$ (1.92)	$ 3.56	$ 3.10	$ (1.77)	$ (2.08)	$ 3.18	$ 1.60	$ (2.04)	$ 3.07	$ 0.77	$ 1.03

Stock Repurchase Plan (Details)

Stock Repurchase Plan (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014	Jul. 16, 2008	Mar. 09, 2006
Accelerated Share Repurchases [Line Items]
Number of shares authorized to repurchase				3,000,000
Additional number of shares authorized to repurchase			3,000,000
Number of shares repurchased since inception	4,949,111	4,949,111
Value of stock repurchased since inception	$ (193,192)	$ (193,192)
Remaining shares available for repurchase under existing program	1,050,889

Stock Compensation Plan (Narrat

Stock Compensation Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013	Jul. 31, 2018	Jul. 31, 2017	Jul. 31, 2016
Shares issued for stock based compensation (in shares)	7,500,000
Stock based compensation award life	10 years
Stock based compensation award vesting period	3 years
Stock based compensation, shares available for grant (in shares)	2,100,000
Total unrecognized compensation expense	$ 18.2
Cash received from exercise of stock option	1.1	$ 1.8	$ 3
Tax benefit from exercise of stock options	$ 18.1	$ 8.5	$ 9.8
Stock Appreciation Rights (SARs) [Member]
Weighted-average grant-date fair value (in dollars per share)	$ 29.12	$ 23.60	$ 18.38
Intrinsic value of options and SARs exercised	$ 37.4	$ 10.8	$ 18.6
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	420,000	421,000	414,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 13.6	$ 9.8	$ 6.5
Restricted Stock Units (RSUs) [Member]
Weighted-average grant-date fair value (in dollars per share)	$ 83.50	$ 67.48	$ 52.94
Stock based compensation, restricted shares granted (in shares)	143,000	152,000	159,000
Stock based compensation, restricted shares vested (in shares)	113,000	166,000	134,000
Stock based compensation, total fair value of restricted shares	$ 9.9	$ 6.9	$ 5
Expected to be Recognized in 2011 [Member] | Scenario, Forecast [Member]
Total unrecognized compensation expense						$ 11.2
Expected to be Recognized in 2012 [Member] | Scenario, Forecast [Member]
Total unrecognized compensation expense					$ 6.1
Expected to be Recognized in 2013 [Member] | Scenario, Forecast [Member]
Total unrecognized compensation expense				$ 0.9
Maximum [Member]
Stock based compensation, estimated forfeiture rates	21.30%
Minimum [Member]
Stock based compensation, estimated forfeiture rates	0.00%

Stock Compensation Plan (Schedu

Stock Compensation Plan (Schedule Of Share Based Compensation Valuation Model) (Details)	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	40.60%	41.20%	42.60%
Expected dividends	1.90%	0.00%	0.00%
Risk-free rate, minimum	0.10%	0.10%	0.20%
Risk-free rate, maximum	2.60%	2.80%	1.60%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (average in years)	4 years 11 months	5 years 6 months	5 years 11 months 20 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (average in years)	5 years 7 months	5 years 10 months 23 days	6 years 2 months 21 days

Stock Compensation Plan (Sche73

Stock Compensation Plan (Schedule Of Share Based Compensation Option And SARs Award Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Awards, outstanding beginning balance (in shares)	2,756	2,753	3,170
Awards, granted (in shares)	242	352	412
Awards, exercised (in shares)	(575)	(321)	(735)
Awards, forfeited or expired (in shares)	(38)	(28)	(94)
Awards, outstanding ending balance (in shares)	2,385	2,756	2,753
Awards, exercisable ending balance (in shares)	1,817
Weighted-average exercise price, outstanding beginning balance (in dollars per share)	$ 42.06	$ 37.63	$ 34.20
Weighted-average exercise price, granted (in dollars per share)	91.64	73.13	57.43
Weighted-average exercise price, exercised (in dollars per share)	36.20	37.62	33.22
Weighted-average exercise price, forfeited or expired (in dollars per share)	75.99	48.87	43.21
Weighted-average exercise price, outstanding ending balance (in dollars per share)	47.96	$ 42.06	$ 37.63
Weighted-average exercise price, exercisable ending balance (in dollars per share)	$ 38.80
Weighted-average remaining contractual term, outstanding ending balance (in years)	5 years 8 months 14 days
Weighted-average remaining contractual term, exercisable ending balance (in years)	4 years 10 months 24 days
Aggregate intrinsic value, outstanding ending balance	$ 147,196
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	2,355
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 47.63
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	5 years 8 months 14 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	$ 146,176
Aggregate intrinsic value, exercisable ending balance	$ 128,829

Stock Compensation Plan (Sche74

Stock Compensation Plan (Schedule of Share Based Compensation SARs Activity) (Details) - $ / shares shares in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013	Jul. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	2,385	2,756	2,753	3,170
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		783
Awards, granted (in shares)	242
Awards, vested (in shares)	(420)
Awards, forfeited (in shares)	(38)
Awards, outstanding ending balance (in shares)	567
Weighted-average grant-date fair value, outstanding beginning balance (in dollars per share)	$ 19.42
Weighted-average grant-date fair value, granted (in dollars per share)	29.12
Weighted-average grant-date fair value, vested (in dollars per share)	17.41
Weighted-average grant-date fair value, forfeited (in dollars per share)	26.57
Weighted-average grant-date fair value, outstanding ending balance (in dollars per share)	$ 24.56

Stock Compensation Plan (Sche75

Stock Compensation Plan (Schedule Of Share Based Compensation Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	12 Months Ended
	Jul. 31, 2015$ / sharesshares
Awards, outstanding beginning balance (in shares) | shares	274
Awards, granted (in shares) | shares	143
Awards, vested (in shares) | shares	(113)
Awards, forfeited (in shares) | shares	(33)
Awards, outstanding ending balance (in shares) | shares	271
Weighted-average grant-date fair value, outstanding beginning balance (in dollars per share)	$ 58.68
Weighted-average grant-date fair value, granted (in dollars per share)	83.50
Weighted-average grant-date fair value, vested (in dollars per share)	54.38
Weighted-average grant-date fair value, forfeited (in dollars per share)	70.91
Weighted-average grant-date fair value, outstanding ending balance (in dollars per share)	$ 72.10

Retirement and Profit Sharing76

Retirement and Profit Sharing Plans (Details) $ in Millions	12 Months Ended
	Jul. 31, 2015USD ($)hour	Jul. 31, 2014USD ($)	Jul. 31, 2013USD ($)
Compensation and Retirement Disclosure [Abstract]
Employee contribution percentage	100.00%
Company match amount equal to participant's contribution	50.00%
Employer contribution matching equal to 50%	6.00%
Employment period (in months)	12 months
Service period (in hours)	1,000
Total service period (in hours)	1,500
Retirement plan expense | $	$ 4.5	$ 4.1	$ 3.7

Valuation and Qualifying Acco77

Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Inventory Reserves [Member]
Balance at Beginning of Period	$ 2,136	$ 1,760	$ 1,864
Charged to Costs and Expenses	2,643	2,279	2,203
Deductions	(2,864)	(1,903)	(2,307)
Balance at End of Period	1,915	2,136	1,760
Valuation Allowance On Income Taxes [Member]
Balance at Beginning of Period	3,017	3,062	1,588
Charged to Costs and Expenses	470	0	1,474
Deductions		45	0
Balance at End of Period		3,017	3,062
Trade Receivable Allowances [Member]
Balance at Beginning of Period	681	478	4,553
Charged to Costs and Expenses	1,303	914	773
Deductions	(1,238)	(711)	(4,848)
Balance at End of Period	$ 746	$ 681	$ 478