Vail Resorts (MTN) 10-Q 10 Mar 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jan. 31, 2016	Mar. 07, 2016
Document And Entity Information [Abstract]
Entity Voluntary Filers	No
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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 Common Stock, Shares Outstanding		36,252,217
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015	Jan. 31, 2015
Assets
Cash and cash equivalents	$ 45,368	$ 35,459	$ 36,578
Restricted cash	6,118	13,012	12,864
Trade receivables, net	87,055	113,990	68,454
Inventories, net	78,770	73,485	72,905
Other current assets	60,965	52,197	67,001
Total current assets	278,276	288,143	257,802
Property, plant and equipment, net (Note 6)	1,391,889	1,386,275	1,284,215
Real estate held for sale and investment	117,999	129,825	151,103
Goodwill, net	506,957	500,433	469,678
Intangible assets, net	141,942	144,149	142,440
Other assets	38,089	40,796	40,914
Total assets	2,475,152	2,489,621	2,346,152
Liabilities and Stockholders' Equity
Accounts payable and accrued liabilities (Note 6)	447,770	331,299	420,829
Income taxes payable	34,278	57,194	48,304
Long-term debt due within one year (Note 4)	13,340	10,154	1,196
Total current liabilities	495,388	398,647	470,329
Long-term debt (Note 4)	682,195	806,676	634,739
Other long-term liabilities (Note 6)	252,606	255,916	229,313
Deferred income taxes	190,441	147,796	148,309
Liabilities	$ 1,620,630	$ 1,609,035	$ 1,482,690
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized, no shares issued and outstanding	$ 0	$ 0	$ 0
Common stock, $0.01 par value, 100,000,000 shares authorized, 40,855,859 (unaudited), 40,531,204 and 40,477,796 (unaudited) shares issued, respectively	416	415	413
Additional paid-in capital	628,168	623,510	620,083
Accumulated other comprehensive income (loss)	(7,707)	(4,913)	(646)
Retained earnings	452,922	440,748	422,845
Treasury stock, at cost; 4,949,111 (unaudited), 4,949,111 and 4,468,181 (unaudited) shares, respectively (Note 11)	(233,192)	(193,192)	(193,192)
Total Vail Resorts, Inc. stockholders' equity	840,607	866,568	849,503
Noncontrolling interests	13,915	14,018	13,959
Total stockholders' equity (Note 2)	854,522	880,586	863,462
Total liabilities and stockholders' equity	$ 2,475,152	$ 2,489,621	$ 2,346,152

Consolidated Condensed Balance3

Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2016	Jul. 31, 2015	Jan. 31, 2015
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000	25,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000	100,000,000
Common stock, shares issued	41,578,019	41,462,941	41,294,906
Treasury stock, shares	5,326,941	4,949,111	4,949,111

Consolidated Condensed Statemen

Consolidated Condensed Statements Of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Net revenue:
Mountain	$ 532,872	$ 463,031	$ 633,805	$ 523,417
Lodging	62,807	59,364	127,093	117,857
Real Estate	3,684	7,842	13,032	17,225
Total net revenue	599,363	530,237	773,930	658,499
Segment operating expense (exclusive of depreciation and amortization shown separately below):
Mountain	296,256	268,966	447,414	400,918
Lodging	57,311	53,927	118,748	111,681
Real Estate	4,617	9,871	13,958	21,485
Total segment operating expense	358,184	332,764	580,120	534,084
Other operating expense:
Depreciation and amortization	(40,541)	(37,376)	(79,241)	(73,345)
Gain on sale of real property	632	0	1,791	0
Gain (Loss) Related to Litigation Settlement	0	0	0	16,400
Change in Fair Value of Contingent Consideration	0	0	0	4,550
Loss on disposal of fixed assets, net	(1,206)	(26)	(2,985)	(781)
Income (loss) from operations	200,064	160,071	113,375	71,239
Mountain equity investment income, net	(61)	200	781	525
Investment income, net	161	62	359	36
Interest expense, net	(10,910)	(13,807)	(21,505)	(27,375)
Income (loss) before (provision) benefit from income taxes	189,254	146,526	93,010	44,425
(Provision) benefit from income taxes	(72,383)	(30,826)	(35,809)	6,951
Net income (loss)	116,871	115,700	57,201	51,376
Net loss (income) attributable to noncontrolling interests	111	62	194	110
Net income (loss) attributable to Vail Resorts, Inc.	$ 116,982	$ 115,762	$ 57,395	$ 51,486
Per share amounts (Note 3):
Basic net income (loss) per share attributable to Vail Resorts, Inc.	$ 3.23	$ 3.19	$ 1.58	$ 1.42
Diluted net income (loss) per share attributable to Vail Resorts, Inc.	3.14	3.10	1.54	1.38
Cash dividends declared per share	$ 0.6225	$ 0.4150	$ 1.2450	$ 0.8300

Consolidated Condensed Stateme5

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Net income (loss)	$ 116,871	$ 115,700	$ 57,201	$ 51,376
Foreign currency translation adjustments	(386)	(307)	(2,794)	(447)
Comprehensive income (loss)	116,485	115,393	54,407	50,929
Comprehensive loss (income) attributable to noncontrolling interests	111	62	194	110
Comprehensive income (loss) attributable to Vail Resorts, Inc.	$ 116,596	$ 115,455	$ 54,601	$ 51,039

Consolidated Condensed Stateme6

Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015
Capital Expenditures Incurred but Not yet Paid	$ 4,425	$ 4,016
Non-cash capital expenditures under long-term financing	0	7,037
Cash flows from operating activities:
Net income (loss)	57,201	51,376
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	79,241	73,345
Cost of real estate sales	9,444	12,620
Stock-based compensation expense	8,390	8,226
Deferred income taxes, net	35,937	24,321
Change in Fair Value of Contingent Consideration	0	(4,550)
Gain (Loss) Related to Litigation Settlement	0	(16,400)
Park City litigation payment to Talisker	0	(10,000)
Other non-cash income, net	(2,134)	(2,577)
Increase (Decrease) in Restricted Cash	(6,894)	(311)
Changes in assets and liabilities:
Trade receivables, net	27,696	28,742
Inventories, net	(5,263)	(5,358)
Accounts payable and accrued liabilities	111,778	129,655
Other assets and liabilities, net	(19,716)	(15,526)
Net cash provided by operating activities	309,468	274,185
Cash flows from investing activities:
Capital expenditures	(77,237)	(74,020)
Acquisition of businesses	(20,245)	(182,500)
Other investing activities, net	3,961	704
Net cash used in investing activities	(93,521)	(255,816)
Proceeds from Issuance of Other Long-term Debt	105,000	243,000
Line of Credit Facility, Periodic Payment	225,500	243,000
Repayments of Term Loan	(3,125)	0
Repayments of Long-term Debt	(257)	(536)
Cash flows from financing activities:
Dividends paid	(45,221)	(30,141)
Payments for Repurchase of Common Stock	(40,000)	0
Other financing activities, net	3,925	4,593
Net cash used in financing activities	(205,178)	(26,084)
Effect of exchange rate changes on cash and cash equivalents	(860)	(113)
Net decrease in cash and cash equivalents	9,909	(7,828)
Cash and cash equivalents:
Beginning of period	35,459	44,406
End of period	$ 45,368	$ 36,578

Consolidated Condensed Stateme7

Consolidated Condensed Statements of Stockholders' Equity Statement - USD ($) $ in Thousands	Total	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total Vail Resorts, Inc. Stockholders' Equity [Member]	Noncontrolling Interests [Member]	Common Stock [Member]
Shares, Issued								41,152,800,000
Balance	$ 834,800	$ (193,192)	$ 612,322	$ 401,500	$ (199)	$ 820,843	$ 13,957	$ 412
Net income (loss) attributable to Vail Resorts, Inc.	51,486			51,486		51,486
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	51,376
Net Income (Loss) Attributable to Noncontrolling Interest	(110)						(110)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(447)				(447)	(447)
Comprehensive income (loss)	50,929					51,039	(110)
Stock Granted, Value, Share-based Compensation, Net of Forfeitures	8,226		8,226			8,226
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures								142,106,000
Issuance of shares under share award plan net of shares withheld for taxes	(3,705)		(3,706)			(3,705)		$ (1)
Tax benefit from share award plan	3,241		3,241			3,241
Dividends, Common Stock	(30,141)			(30,141)		(30,141)
Contributions (distributions) from/to noncontrolling interests, net	112						112
Payments for Repurchase of Common Stock	0
Shares, Issued								41,294,906,000
Balance	863,462	(193,192)	620,083	422,845	(646)	849,503	13,959	$ 413
Shares, Issued								41,462,941,000
Balance	880,586	(193,192)	623,510	440,748	(4,913)	866,568	14,018	$ 415
Net income (loss) attributable to Vail Resorts, Inc.	57,395			57,395		57,395
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	57,201
Net Income (Loss) Attributable to Noncontrolling Interest	(194)						(194)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(2,794)				(2,794)	(2,794)
Comprehensive income (loss)	54,407					54,601	(194)
Stock Granted, Value, Share-based Compensation, Net of Forfeitures	8,390		8,390			8,390
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures								115,078,000
Issuance of shares under share award plan net of shares withheld for taxes	(7,286)		(7,287)			(7,286)		$ (1)
Tax benefit from share award plan	3,555		3,555			3,555
Dividends, Common Stock	(45,221)			(45,221)		(45,221)
Contributions (distributions) from/to noncontrolling interests, net	91						91
Payments for Repurchase of Common Stock	(40,000)	(40,000)				(40,000)
Shares, Issued								41,578,019,000
Balance	$ 854,522	$ (233,192)	$ 628,168	$ 452,922	$ (7,707)	$ 840,607	$ 13,915	$ 416

Organization and Business

Organization and Business	6 Months Ended
	Jan. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Vail Resorts, Inc. (“Vail Resorts” or the “Parent Company”) is organized as a holding company and operates through various subsidiaries. Vail Resorts and its subsidiaries (collectively, the “Company”) operate in three business segments: Mountain, Lodging and Real Estate. In the Mountain segment, the Company operates nine world-class mountain resort properties at the Vail, Breckenridge, Keystone and Beaver Creek mountain resorts in Colorado; Park City in Utah (comprised of the former standalone Park City Mountain Resort acquired in September 2014 and the former Canyons Resort in Park City, Utah); the Heavenly, Northstar, and Kirkwood mountain resorts in the Lake Tahoe area of California and Nevada; Perisher Ski Resort (“Perisher” acquired in June 2015) in New South Wales, Australia; and, the ski areas of Wilmot Mountain in Wisconsin (acquired in January 2016), 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, and for Perisher including lodging and transportation operations. The resorts located in the United States (except for Northstar, Park City and the Urban ski areas) operate primarily on federal land under the terms of Special Use Permits granted by the USDA Forest Service (the “Forest Service”). 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 U.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 season at Perisher, its NPS concessionaire properties and its golf courses generally occur from June to early October. The Company also has non-majority owned investments in various other entities, some of which are consolidated (see Note 7, Variable Interest Entities).

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jan. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation Consolidated Condensed Financial Statements— In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2015 . Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2015 was derived from audited financial statements. Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. 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 first quarter of fiscal 2019 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 and related disclosures and is determining the appropriate transition method. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which amends the consolidation requirements in ASC 810, “Consolidation.” This ASU affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidated analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships and (iv) provide a scope exception for certain entities. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company’s first quarter of fiscal 2017). The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company is evaluating the impacts, if any, the adoption of this accounting standard will have on the Company’s financial position or results of operations 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 first quarter of fiscal 2017) 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; but will not affect the Company’s overall 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 first quarter of fiscal 2017) and may be adopted either retrospectively or prospectively. The adoption of this accounting standard is not expected to have a material impact 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 first quarter of fiscal 2018) and is required to be adopted prospectively and early adoption is permitted. The adoption of this accounting standard is not expected to have a material impact on the Company’s financial position or results of operations and cash flows. In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments.” The standard requires that adjustments to provisional amounts identified during the measurement period of a business combination be recognized in the reporting period in which those adjustments are determined, including the effect on earnings, if any, calculated as if the accounting had been completed at the acquisition date. The standard eliminates the previous requirement to retrospectively account for such adjustments but requires additional disclosures related to the income statement effects of adjustments to provisional amounts identified during the measurement period. The standard is effective for the annual period beginning after December 15, 2015 and interim periods within those annual periods (the Company’s first quarter of fiscal 2017), with early adoption permitted, and is to be applied prospectively. The Company has adopted this standard and will apply this standard, as applicable, on any future measurement period adjustments. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” The standard changes how deferred taxes are classified on an entity’s balance sheets. The standard eliminates the current requirement for entities to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, entities will be required to classify all deferred tax assets and liabilities as noncurrent. The standard is effective for financial statements issued for annual periods beginning after December 15, 2016 (the Company’s first quarter of fiscal 2018), with early adoption permitted, and may be applied prospectively or retrospectively. The adoption of this new accounting standard will amend presentation requirements, but will not affect the Company’s overall financial position or results of operations and cash flows. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which supersedes “Leases (Topic 840).” The standard requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet and disclose key information about leasing arrangements. The standard also allows for an accounting policy election not to recognize on the balance sheet lease assets and liabilities for leases with a term of 12 months or less. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will be largely unchanged. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those years (the Company’s first quarter of fiscal 2020), and must be applied using a modified retrospective transition approach to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows and related disclosures.

Net Income Per Common Share

Net Income Per Common Share	6 Months Ended
	Jan. 31, 2016
Earnings Per Share Reconciliation [Abstract]
Net Income Per Common Share	Net Income Per Common Share Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then participate in the earnings of Vail Resorts. Presented below is basic and diluted EPS for the three months ended January 31, 2016 and 2015 (in thousands, except per share amounts): Three Months Ended January 31, 2016 2015 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 116,982 $ 116,982 $ 115,762 $ 115,762 Weighted-average shares outstanding 36,246 36,246 36,329 36,329 Effect of dilutive securities — 1,010 — 1,038 Total shares 36,246 37,256 36,329 37,367 Net income per share attributable to Vail Resorts $ 3.23 $ 3.14 $ 3.19 $ 3.10 The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable on the exercise of share based awards excluded from the calculation of diluted net income per share because the effect of their inclusion would have been anti-dilutive totaled 19,000 and 8,000 for the three months ended January 31, 2016 and 2015 , respectively. Presented below is basic and diluted EPS for the six months ended January 31, 2016 and 2015 (in thousands, except per share amounts): Six Months Ended January 31, 2016 2015 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 57,395 $ 57,395 $ 51,486 $ 51,486 Weighted-average shares outstanding 36,359 36,359 36,289 36,289 Effect of dilutive securities — 999 — 1,024 Total shares 36,359 37,358 36,289 37,313 Net income per share attributable to Vail Resorts $ 1.58 $ 1.54 $ 1.42 $ 1.38 The number of shares issuable on the exercise of share based awards excluded from the calculation of diluted net income per share because the effect of their inclusion would have been anti-dilutive totaled 10,000 and 4,000 for the six months ended January 31, 2016 and 2015 , respectively. During the three and six months ended January 31, 2016, the Company paid cash dividends of $0.6225 and $1.2450 per share ( $22.6 million and $45.2 million , respectively, in the aggregate). During the three and six months ended January 31, 2015, the Company paid cash dividends of $0.4150 and $0.8300 per share ( $15.1 million and $30.1 million , respectively, in the aggregate). On March 9, 2016, the Company’s Board of Directors declared a quarterly cash dividend of $0.81 per share payable on April 13, 2016 to stockholders of record as of March 29, 2016 .

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jan. 31, 2016
Debt Disclosure [Abstract]
Long-Term Debt	ong-Term Debt Long-term debt as of January 31, 2016 , July 31, 2015 and January 31, 2015 is summarized as follows (in thousands): Maturity (a) January 31, 2016 July 31, 2015 January 31, 2015 Credit Facility Revolver 2020 $ 64,500 $ 185,000 $ — Credit Facility Term Loan 2020 246,875 250,000 — Industrial Development Bonds 2020 — — 41,200 Employee Housing Bonds 2027-2039 52,575 52,575 52,575 6.50% Notes 2019 — — 215,000 Canyons obligation 2063 320,277 317,455 314,657 Other 2016-2029 11,308 11,800 12,503 Total debt 695,535 816,830 635,935 Less: Current maturities (b) 13,340 10,154 1,196 Long-term debt $ 682,195 $ 806,676 $ 634,739 (a) Maturities are based on the Company’s July 31 fiscal year end. (b) Current maturities represent principal payments due in the next 12 months. Aggregate maturities for debt outstanding as of January 31, 2016 reflected by fiscal year are as follows (in thousands): Total 2016 $ 6,537 2017 13,354 2018 13,397 2019 13,455 2020 268,641 Thereafter 380,151 Total debt $ 695,535 The Company incurred gross interest expense of $10.9 million and $13.8 million for the three months ended January 31, 2016 and 2015 , respectively, of which $0.2 million and $0.4 million , respectively, were amortization of deferred financing costs. The Company had no capitalized interest during the three months ended January 31, 2016 and 2015. The Company incurred gross interest expense of $21.5 million and $27.4 million for the six months ended January 31, 2016 and 2015 , respectively, of which $0.5 million and $0.7 million , respectively, were amortization of deferred financing costs. The Company had no capitalized interest during the six months ended January 31, 2016 and 2015.

Acquisitions

Acquisitions	6 Months Ended
	Jan. 31, 2016
Business Combinations [Abstract]
Acquisitions	Acquisitions Wilmot Mountain On January 19, 2016 , the Company, through a wholly-owned subsidiary, acquired all of the assets of Wilmot Mountain (“Wilmot”), a ski area located in Wisconsin near the Illinois state line, for total cash consideration of $20.2 million . 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 has completed its preliminary purchase price allocation and has recorded $12.5 million in property, plant and equipment, $0.2 million in other assets, $0.4 million in other intangible assets (with a weighted-average amortization period of 10 years ), and $0.4 million of assumed liabilities on the date of acquisition. The excess of the purchase price over the aggregate fair values of assets acquired and liabilities assumed was $7.5 million and was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Wilmot and other factors. The goodwill is expected to be deductible for income tax purposes. The operating results of Wilmot are reported within the Mountain segment. Perisher Ski Resort On June 30, 2015 , the Company, through a wholly-owned subsidiary, acquired all of the entities that operate Perisher Ski Resort (“Perisher”) in New South Wales, Australia 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 senior credit facility (“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 . 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. 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 . Park City Mountain Resort On September 11, 2014 , VR CPC Holdings, Inc. (“VR CPC”), a wholly-owned subsidiary of the Company, and Greater Park City Company, Powdr Corp., Greater Properties, Inc., Park Properties, Inc., and Powdr Development Company (collectively, “Park City Sellers”) entered into a Purchase and Sale Agreement (the “Purchase Agreement”) providing for the acquisition of substantially all of the assets related to Park City Mountain Resort in Park City, Utah. The cash purchase price was $182.5 million and was funded through borrowings under the revolver portion of the Credit Agreement. As provided under the Purchase Agreement, the Company acquired the property, assets and operations of Park City Mountain Resort, 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 Mountain Resort. 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 Mountain Resort (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 six months ended January 31, 2015. The gain on litigation settlement represented 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 Mountain Resort 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 Mountain Resort acquisition. Accordingly, the estimated fair value of the Park City Litigation settlement was included in the total consideration for the acquisition of Park City Mountain Resort. However, the gain on the Park City Litigation settlement was recorded as a separate transaction, as discussed above. Under an agreement entered into in conjunction with the Canyons transaction, the Company made a $10.0 million payment to Talisker in the six months ended January 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 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 Mountain Resort and other factors. The majority of goodwill is expected to be deductible for income tax purposes. The intangible assets primarily consist of trademarks, water rights, and customer lists. The intangible assets have a weighted-average amortization period of approximately 46 years . The operating results of Park City, which are recorded in the Mountain segment, contributed $27.6 million and $28.4 million of net revenue (including an allocation of season pass revenue) for the three and six months ended January 31, 2015, respectively. The Company recognized $0.8 million of transaction related expenses in Mountain operating expense in the Consolidated Condensed Statements of Operations for the six months ended January 31, 2015. Certain land and improvements in the Park City Mountain Resort ski area (excluding the base area) were part of the Talisker leased premises to Park City Mountain Resort and were subject to the Park City Litigation as of the Canyons transaction date (May 29, 2013), and as such, were recorded as a deposit (“Park City Deposit”) for the potential future interests in the land and associated improvements at its estimated fair value in conjunction with the Canyons transaction. Upon settlement of the Park City Litigation, the land and improvements associated with the Talisker leased premises became subject to the Canyons lease, and as a result, the Company reclassified the Park City Deposit to the respective assets within property, plant and equipment in the six months ended January 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 Mountain Resort will be included as part of the calculation of EBITDA for the resort operations, and as a result, factor into the participating contingent payments (see Note 8, Fair Value Measurements). The majority of the assets acquired under the Park City Mountain Resort acquisition, although not under lease, are subject to the terms and conditions of the Canyons lease. Perisher and Park City Mountain Resort 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 Mountain Resort were completed on August 1, 2014. 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, 2014 (in thousands, except per share amounts). Three Months Ended January 31, Six Months Ended January 31, 2015 2015 Pro forma net revenue $ 530,678 $ 703,254 Pro forma net income attributable to Vail Resorts, Inc. $ 111,850 $ 57,624 Pro forma basic net income per share attributable to Vail Resorts, Inc. $ 3.08 $ 1.59 Pro forma diluted net income per share attributable to Vail Resorts, Inc. $ 2.99 $ 1.54

Supplementary Balance Sheet Inf

Supplementary Balance Sheet Information	6 Months Ended
	Jan. 31, 2016
Balance Sheet Related Disclosures [Abstract]
Supplementary Balance Sheet Information	Supplementary Balance Sheet Information The composition of property, plant and equipment follows (in thousands): January 31, 2016 July 31, 2015 January 31, 2015 Land and land improvements $ 438,373 $ 431,854 $ 411,148 Buildings and building improvements 1,024,065 1,006,821 959,863 Machinery and equipment 873,045 815,946 774,791 Furniture and fixtures 302,077 286,863 281,869 Software 111,118 106,433 104,511 Vehicles 62,093 61,036 58,760 Construction in progress 24,767 53,158 16,676 Gross property, plant and equipment 2,835,538 2,762,111 2,607,618 Accumulated depreciation (1,443,649 ) (1,375,836 ) (1,323,403 ) Property, plant and equipment, net $ 1,391,889 $ 1,386,275 $ 1,284,215 The composition of accounts payable and accrued liabilities follows (in thousands): January 31, 2016 July 31, 2015 January 31, 2015 Trade payables $ 82,913 $ 62,099 $ 87,864 Deferred revenue 190,976 145,949 163,253 Accrued salaries, wages and deferred compensation 43,916 33,461 41,710 Accrued benefits 26,199 24,436 22,304 Deposits 36,995 19,336 33,709 Other accruals 66,771 46,018 71,989 Total accounts payable and accrued liabilities $ 447,770 $ 331,299 $ 420,829 The composition of other long-term liabilities follows (in thousands): January 31, 2016 July 31, 2015 January 31, 2015 Private club deferred initiation fee revenue $ 123,886 $ 126,104 $ 129,315 Unfavorable lease obligation, net 28,593 29,997 30,096 Other long-term liabilities 100,127 99,815 69,902 Total other long-term liabilities $ 252,606 $ 255,916 $ 229,313

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jan. 31, 2016
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities The Company is the primary beneficiary of four employee housing entities (collectively, the “Employee Housing Entities”), Breckenridge Terrace, LLC, The Tarnes at BC, LLC, BC Housing, LLC and Tenderfoot Seasonal Housing, LLC, which are variable interest entities (“VIEs”), and the Company has consolidated them in its Consolidated Condensed Financial Statements. As a group, as of January 31, 2016 , the Employee Housing Entities had total assets of $25.8 million (primarily recorded in property, plant and equipment, net) and total liabilities of $64.4 million (primarily recorded in long-term debt as “Employee Housing Bonds”). The Company’s lenders have issued letters of credit totaling $53.4 million under the Company’s Credit Agreement related to Employee Housing Bonds. Payments under the letters of credit would be triggered in the event that one of the entities defaults on required payments. The letters of credit have no default provisions. The Company is the primary beneficiary of Avon Partners II, LLC (“APII”), which is a VIE. APII owns commercial space and the Company leases substantially all of that space. APII had total assets of $4.3 million (primarily recorded in property, plant and equipment, net) and no debt as of January 31, 2016 .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jan. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Financial Accounting Standards Board issued fair value guidance that establishes how reporting entities should measure fair value for measurement and disclosure purposes. The guidance establishes a common definition of fair value applicable to all assets and liabilities measured at fair value and prioritizes the inputs into valuation techniques used to measure fair value. Accordingly, the Company uses valuation techniques which maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value. The three levels of the hierarchy are as follows: Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities; Level 2: Inputs include quoted prices for similar assets and liabilities in active and inactive markets or that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs which are supported by little or no market activity. The table below summarizes the Company’s cash equivalents and Contingent Consideration (as defined below) measured at fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands): Fair Value Measurement as of January 31, 2016 Description Balance at January 31, 2016 Level 1 Level 2 Level 3 Assets: Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 2,401 $ — $ 2,401 $ — Liabilities: Contingent Consideration $ 6,900 $ — $ — $ 6,900 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 January 31, 2015 Description Balance at January 31, 2015 Level 1 Level 2 Level 3 Assets: Money Market $ 7,578 $ 7,578 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 2,900 $ — $ 2,900 $ — Liabilities: Contingent Consideration $ 6,000 $ — $ — $ 6,000 The Company’s cash equivalents are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. The changes in Contingent Consideration during the six months ended January 31, 2016 and 2015 were as follows (in thousands): Balance as of July 31, 2015 and 2014, respectively $ 6,900 $ 10,500 Change in fair value — (4,500 ) Balance as of January 31, 2016 and 2015, respectively $ 6,900 $ 6,000 The lease for Canyons provides for participating contingent payments to Talisker of 42% of the amount by which EBITDA for the resort operations, as calculated under the lease, exceed approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company (the “Contingent Consideration”). The fair value of Contingent Consideration includes the resort operations of Park City Mountain Resort, 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 Mountain Resort along with all future capital expenditures associated with Park City Mountain Resort. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. As of January 31, 2016, 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 six months ended January 31, 2016 , the Company did not record a change in the estimated fair value of the participating contingent payments. The estimated fair value of the Contingent Consideration is $6.9 million as of January 31, 2016 , and this liability is recorded in other long-term liabilities in the Consolidated Condensed Balance Sheets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jan. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Metropolitan Districts The Company credit-enhances $8.0 million of bonds issued by Holland Creek Metropolitan District (“HCMD”) through an $8.1 million letter of credit issued under the Credit Agreement. HCMD’s bonds were issued and used to build infrastructure associated with the Company’s Red Sky Ranch residential development. The Company has agreed to pay capital improvement fees to Red Sky Ranch Metropolitan District (“RSRMD”) until RSRMD’s revenue streams from property taxes are sufficient to meet debt service requirements under HCMD’s bonds, and the Company has recorded a liability of $1.8 million primarily within “other long-term liabilities” in the accompanying Consolidated Condensed Balance Sheets, as of January 31, 2016 , July 31, 2015 and January 31, 2015 , respectively, with respect to the estimated present value of future RSRMD capital improvement fees. The Company estimates it will make capital improvement fee payments under this arrangement through the fiscal year ending July 31, 2029 . Guarantees/Indemnifications As of January 31, 2016 , the Company had various other letters of credit for $64.6 million , consisting primarily of $53.4 million to support the Employee Housing Bonds and $11.2 million for workers’ compensation, general liability construction related deductibles and other activities. The Company also had surety bonds of $9.3 million as of January 31, 2016, primarily to provide collateral for its workers compensation self-insurance programs. In addition to the guarantees noted above, the Company has entered into contracts in the normal course of business that include certain indemnifications under which it could be required to make payments to third parties upon the occurrence or non-occurrence of certain future events. These indemnities include indemnities to licensees in connection with the licensees’ use of the Company’s trademarks and logos, indemnities for liabilities associated with the infringement of other parties’ technology and software products, indemnities related to liabilities associated with the use of easements, indemnities related to employment of contract workers, the Company’s use of trustees, indemnities related to the Company’s use of public lands and environmental indemnifications. The duration of these indemnities generally is indefinite and generally do not limit the future payments the Company could be obligated to make. As permitted under applicable law, the Company and certain of its subsidiaries have agreed to indemnify their directors and officers over their lifetimes for certain events or occurrences while the officer or director is, or was, serving the Company or its subsidiaries in such a capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that should enable the Company to recover a portion of any future amounts paid. Unless otherwise noted, the Company has not recorded any significant liabilities for the letters of credit, indemnities and other guarantees noted above in the accompanying Consolidated Condensed Financial Statements, either because the Company has recorded on its Consolidated Condensed Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company’s own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the fair value of the indemnification or guarantee to be immaterial based upon the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications it is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material. As noted above, the Company makes certain indemnifications to licensees for their use of the Company’s trademarks and logos. The Company does not record any liabilities with respect to these indemnifications. Self Insurance The Company is self-insured for claims under its health benefit plans and for the majority of workers’ compensation claims. Workers compensation claims are subject to stop loss policies. The self-insurance liability related to workers’ compensation is determined actuarially based on claims filed. The self-insurance liability related to claims under the Company’s health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of accrued benefits in accounts payable and accrued liabilities (see Note 6, Supplementary Balance Sheet Information). Legal The Company is a party to various lawsuits arising in the ordinary course of business. Management believes the Company has adequate insurance coverage and/or has accrued for loss contingencies for all known matters deemed to be probable losses and estimable. As of January 31, 2016 , July 31, 2015 and January 31, 2015 , the accrual for the above loss contingencies was not material individually and in the aggregate.

Segment Information

Segment Information	6 Months Ended
	Jan. 31, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has three reportable segments: Mountain, Lodging and Real Estate. The Mountain segment includes the operations of the Company’s mountain resorts and Urban ski areas and related ancillary services. The Lodging segment includes the operations of all of the Company’s owned hotels in the U.S., RockResorts, NPS concessionaire properties, condominium management, CME and mountain resort golf operations. The Real Estate segment owns and develops real estate in and around the Company’s resort communities. The Company’s reportable segments, although integral to the success of each other, offer distinctly different products and services and require different types of management focus. As such, these segments are managed separately. The Company reports its segment results using Reported EBITDA (defined as segment net revenue less segment operating expenses, plus or minus segment equity investment income or loss, plus gain on litigation settlement and for the Real Estate segment, plus gain on sale of real property), which is a non-GAAP financial measure. The Company reports segment results in a manner consistent with management’s internal reporting of operating results to the chief operating decision maker (the Chief Executive Officer) for purposes of evaluating segment performance. Reported EBITDA is not a measure of financial performance under GAAP. Items excluded from Reported EBITDA are significant components in understanding and assessing financial performance. Reported EBITDA should not be considered in isolation or as an alternative to, or substitute for, net income, net change in cash and cash equivalents or other financial statement data presented in the Consolidated Condensed Financial Statements as indicators of financial performance or liquidity. Because Reported EBITDA is not a measurement determined in accordance with GAAP and thus is susceptible to varying calculations, Reported EBITDA as presented may not be comparable to other similarly titled measures of other companies. The Company utilizes Reported EBITDA in evaluating performance of the Company and in allocating resources to its segments. Mountain Reported EBITDA consists of Mountain net revenue less Mountain operating expense plus or minus Mountain equity investment income or loss plus gain on litigation settlement. Lodging Reported EBITDA consists of Lodging net revenue less Lodging operating expense. Real Estate Reported EBITDA consists of Real Estate net revenue less Real Estate operating expense plus gain on sale of real property. All segment expenses include an allocation of corporate administrative expenses. Assets are not allocated between segments, or used to evaluate performance, except as shown in the table below. The following table presents financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands): Three Months Ended January 31, Six Months Ended January 31, 2016 2015 2016 2015 Net revenue: Lift $ 287,685 $ 239,288 $ 307,838 $ 239,288 Ski school 62,040 57,295 65,424 57,295 Dining 44,738 38,619 57,093 46,658 Retail/rental 102,975 95,012 135,364 124,485 Other 35,434 32,817 68,086 55,691 Total Mountain net revenue 532,872 463,031 633,805 523,417 Lodging 62,807 59,364 127,093 117,857 Total Resort net revenue 595,679 522,395 760,898 641,274 Real estate 3,684 7,842 13,032 17,225 Total net revenue $ 599,363 $ 530,237 $ 773,930 $ 658,499 Operating expense: Mountain $ 296,256 $ 268,966 $ 447,414 $ 400,918 Lodging 57,311 53,927 118,748 111,681 Total Resort operating expense 353,567 322,893 566,162 512,599 Real estate 4,617 9,871 13,958 21,485 Total segment operating expense $ 358,184 $ 332,764 $ 580,120 $ 534,084 Gain on litigation settlement $ — $ — — 16,400 Gain on sale of real property $ 632 $ — 1,791 — Mountain equity investment (loss) income, net $ (61 ) $ 200 781 525 Reported EBITDA: Mountain $ 236,555 $ 194,265 $ 187,172 $ 139,424 Lodging 5,496 5,437 8,345 6,176 Resort 242,051 199,702 195,517 145,600 Real estate (301 ) (2,029 ) 865 (4,260 ) Total Reported EBITDA $ 241,750 $ 197,673 $ 196,382 $ 141,340 Real estate held for sale and investment $ 117,999 $ 151,103 $ 117,999 $ 151,103 Reconciliation to net income attributable to Vail Resorts, Inc.: Total Reported EBITDA $ 241,750 $ 197,673 $ 196,382 $ 141,340 Depreciation and amortization (40,541 ) (37,376 ) (79,241 ) (73,345 ) Change in fair value of Contingent Consideration — — — 4,550 Loss on disposal of fixed assets and other, net (1,206 ) (26 ) (2,985 ) (781 ) Investment income, net 161 62 359 36 Interest expense (10,910 ) (13,807 ) (21,505 ) (27,375 ) Income before (provision) benefit from income taxes 189,254 146,526 93,010 44,425 (Provision) benefit from income taxes (72,383 ) (30,826 ) (35,809 ) 6,951 Net income $ 116,871 $ 115,700 $ 57,201 $ 51,376 Net loss attributable to noncontrolling interests 111 62 194 110 Net income attributable to Vail Resorts, Inc. $ 116,982 $ 115,762 $ 57,395 $ 51,486

Stock Repurchase Plan

Stock Repurchase Plan	6 Months Ended
	Jan. 31, 2016
Payments for Repurchase of Equity [Abstract]
Stock Repurchase Plan	Repurchase Program On March 9, 2006, the Company’s Board of Directors approved the repurchase of up to 3,000,000 shares of common stock, on July 16, 2008 approved an increase of the Company’s common stock repurchase authorization by an additional 3,000,000 shares, and on December 4, 2015, the Company’s Board of Directors approved an increase in the number of shares authorized to be repurchased under the share repurchase program by an additional 1,500,000 shares. The Company repurchased zero shares of common stock during both the three months ended January 31, 2016 and 2015. During the six months ended January 31, 2016 and 2015 , the Company repurchased 377,830 shares (at a total cost of $40.0 million ) and zero shares of common stock, respectively. Since inception of its share repurchase program through January 31, 2016 , the Company has repurchased 5,326,941 shares at a cost of approximately $233.2 million . As of January 31, 2016 , 2,173,059 shares remained available to repurchase under the existing share repurchase program which has no expiration date. Shares of common stock purchased pursuant to the repurchase program will be held as treasury shares and may be used for the issuance of shares under the Company’s employee share award plan.

Income Taxes (Notes)

Income Taxes (Notes)	6 Months Ended
	Jan. 31, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	12. Income Taxes The Company had Federal net operating loss (“NOL”) carryforwards that expired in the year ended July 31, 2008 and were limited in deductibility each year under Section 382 of the Internal Revenue Code. The Company had only been able to use these NOL carryforwards to the extent of approximately $8.0 million per year through December 31, 2007 (the “Section 382 Amount”). However, during the year ended July 31, 2005, the Company amended previously filed tax returns (for tax years 1997-2002) in an effort to remove the restrictions under Section 382 of the Internal Revenue Code on approximately $73.8 million of NOL carryforwards to reduce future taxable income. As a result, the Company requested a refund related to the amended returns in the amount of $6.2 million and reduced its federal tax liability in the amount of $19.6 million in subsequent returns. These NOL carryforwards relate to fresh start accounting from the Company’s reorganization in 1992. During the year ended July 31, 2006, the Internal Revenue Service (“IRS”) completed its examination of the Company’s filing position in these amended returns and disallowed the Company’s request for refund and its position to remove the restrictions under Section 382 of the Internal Revenue Code. The Company appealed the examiner’s disallowance of these NOL carryforwards to the Office of Appeals. In December 2008, the Office of Appeals denied the Company’s appeal, as well as a request for mediation. The Company disagreed with the IRS interpretation disallowing the utilization of the NOL’s and in August 2009, the Company filed a complaint in the United States District Court for the District of Colorado against the United States of America seeking a refund of approximately $6.2 million in Federal income taxes paid, plus interest. On July 1, 2011, the District Court granted the Company summary judgment, concluding that the IRS’s decision disallowing the utilization of the NOLs was inappropriate. The computations themselves, however, remained in dispute, and the District Court’s ruling was subject to appeal by the IRS. Subsequently, the District Court proceedings were continued pending settlement discussions between the parties. The Company also filed two related tax proceedings in the United States Tax Court regarding calculation of NOL carryover deductions for tax years 2006, 2007, and 2008. The two proceedings involved substantially the same issues as the litigation in the District Court for tax years 2000 and 2001 in which the Company disagreed with the IRS as to the utilization of NOLs. Like the District Court proceedings, the Tax Court proceedings were continued pending settlement discussions between the parties. On January 29, 2015, the parties completed the execution of a comprehensive settlement agreement resolving all issues and computations in the above mentioned pending proceedings, which allowed the Company to utilize a significant portion of the NOLs. As a result, the Company reversed $27.7 million of other long-term liabilities related to uncertain tax benefits, and recorded income tax benefits of $23.8 million for the utilization of the NOLs, including the reversal of accrued interest and penalties, within its Consolidated Condensed Statements of Operations for the three and six months ended January 31, 2015.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jan. 31, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	New Accounting Standards— In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition.” This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. 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 first quarter of fiscal 2019 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 and related disclosures and is determining the appropriate transition method. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which amends the consolidation requirements in ASC 810, “Consolidation.” This ASU affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidated analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships and (iv) provide a scope exception for certain entities. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company’s first quarter of fiscal 2017). The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company is evaluating the impacts, if any, the adoption of this accounting standard will have on the Company’s financial position or results of operations 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 first quarter of fiscal 2017) 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; but will not affect the Company’s overall 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 first quarter of fiscal 2017) and may be adopted either retrospectively or prospectively. The adoption of this accounting standard is not expected to have a material impact 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 first quarter of fiscal 2018) and is required to be adopted prospectively and early adoption is permitted. The adoption of this accounting standard is not expected to have a material impact on the Company’s financial position or results of operations and cash flows. In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments.” The standard requires that adjustments to provisional amounts identified during the measurement period of a business combination be recognized in the reporting period in which those adjustments are determined, including the effect on earnings, if any, calculated as if the accounting had been completed at the acquisition date. The standard eliminates the previous requirement to retrospectively account for such adjustments but requires additional disclosures related to the income statement effects of adjustments to provisional amounts identified during the measurement period. The standard is effective for the annual period beginning after December 15, 2015 and interim periods within those annual periods (the Company’s first quarter of fiscal 2017), with early adoption permitted, and is to be applied prospectively. The Company has adopted this standard and will apply this standard, as applicable, on any future measurement period adjustments. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” The standard changes how deferred taxes are classified on an entity’s balance sheets. The standard eliminates the current requirement for entities to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, entities will be required to classify all deferred tax assets and liabilities as noncurrent. The standard is effective for financial statements issued for annual periods beginning after December 15, 2016 (the Company’s first quarter of fiscal 2018), with early adoption permitted, and may be applied prospectively or retrospectively. The adoption of this new accounting standard will amend presentation requirements, but will not affect the Company’s overall financial position or results of operations and cash flows. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which supersedes “Leases (Topic 840).” The standard requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet and disclose key information about leasing arrangements. The standard also allows for an accounting policy election not to recognize on the balance sheet lease assets and liabilities for leases with a term of 12 months or less. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will be largely unchanged. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those years (the Company’s first quarter of fiscal 2020), and must be applied using a modified retrospective transition approach to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows and related disclosures.
Consolidated Financial Statements Policy [Table Text Block]	Consolidated Condensed Financial Statements— In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2015 . Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2015 was derived from audited financial statements.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	6 Months Ended
	Jan. 31, 2016
Earnings Per Share Reconciliation [Abstract]
Summary Of Calculation On Basic And Diluted EPS	Presented below is basic and diluted EPS for the six months ended January 31, 2016 and 2015 (in thousands, except per share amounts): Six Months Ended January 31, 2016 2015 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 57,395 $ 57,395 $ 51,486 $ 51,486 Weighted-average shares outstanding 36,359 36,359 36,289 36,289 Effect of dilutive securities — 999 — 1,024 Total shares 36,359 37,358 36,289 37,313 Net income per share attributable to Vail Resorts $ 1.58 $ 1.54 $ 1.42 $ 1.38

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jan. 31, 2016
Debt Disclosure [Abstract]
Schedule Of Long-Term Debt	Long-term debt as of January 31, 2016 , July 31, 2015 and January 31, 2015 is summarized as follows (in thousands): Maturity (a) January 31, 2016 July 31, 2015 January 31, 2015 Credit Facility Revolver 2020 $ 64,500 $ 185,000 $ — Credit Facility Term Loan 2020 246,875 250,000 — Industrial Development Bonds 2020 — — 41,200 Employee Housing Bonds 2027-2039 52,575 52,575 52,575 6.50% Notes 2019 — — 215,000 Canyons obligation 2063 320,277 317,455 314,657 Other 2016-2029 11,308 11,800 12,503 Total debt 695,535 816,830 635,935 Less: Current maturities (b) 13,340 10,154 1,196 Long-term debt $ 682,195 $ 806,676 $ 634,739 (a) Maturities are based on the Company’s July 31 fiscal year end. (b) Current maturities represent principal payments due in the next 12 months.
Schedule Of Aggregate Maturities For Debt Outstanding	Aggregate maturities for debt outstanding as of January 31, 2016 reflected by fiscal year are as follows (in thousands): Total 2016 $ 6,537 2017 13,354 2018 13,397 2019 13,455 2020 268,641 Thereafter 380,151 Total debt $ 695,535

Acquisitions Acquisitions (Tabl

Acquisitions Acquisitions (Tables)	6 Months Ended
	Jan. 31, 2016
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Information [Table Text Block]	This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on August 1, 2014 (in thousands, except per share amounts). Three Months Ended January 31, Six Months Ended January 31, 2015 2015 Pro forma net revenue $ 530,678 $ 703,254 Pro forma net income attributable to Vail Resorts, Inc. $ 111,850 $ 57,624 Pro forma basic net income per share attributable to Vail Resorts, Inc. $ 3.08 $ 1.59 Pro forma diluted net income per share attributable to Vail Resorts, Inc. $ 2.99 $ 1.54
PCMR [Member]
Business Acquisition [Line Items]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	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

Supplementary Balance Sheet I24

Supplementary Balance Sheet Information (Tables)	6 Months Ended
	Jan. 31, 2016
Balance Sheet Related Disclosures [Abstract]
Composition Of Property, Plant And Equipment	The composition of property, plant and equipment follows (in thousands): January 31, 2016 July 31, 2015 January 31, 2015 Land and land improvements $ 438,373 $ 431,854 $ 411,148 Buildings and building improvements 1,024,065 1,006,821 959,863 Machinery and equipment 873,045 815,946 774,791 Furniture and fixtures 302,077 286,863 281,869 Software 111,118 106,433 104,511 Vehicles 62,093 61,036 58,760 Construction in progress 24,767 53,158 16,676 Gross property, plant and equipment 2,835,538 2,762,111 2,607,618 Accumulated depreciation (1,443,649 ) (1,375,836 ) (1,323,403 ) Property, plant and equipment, net $ 1,391,889 $ 1,386,275 $ 1,284,215
Components Of Accounts Payable And Accrued Liabilities	The composition of accounts payable and accrued liabilities follows (in thousands): January 31, 2016 July 31, 2015 January 31, 2015 Trade payables $ 82,913 $ 62,099 $ 87,864 Deferred revenue 190,976 145,949 163,253 Accrued salaries, wages and deferred compensation 43,916 33,461 41,710 Accrued benefits 26,199 24,436 22,304 Deposits 36,995 19,336 33,709 Other accruals 66,771 46,018 71,989 Total accounts payable and accrued liabilities $ 447,770 $ 331,299 $ 420,829
Components Of Other Long-Term Liabilities	The composition of other long-term liabilities follows (in thousands): January 31, 2016 July 31, 2015 January 31, 2015 Private club deferred initiation fee revenue $ 123,886 $ 126,104 $ 129,315 Unfavorable lease obligation, net 28,593 29,997 30,096 Other long-term liabilities 100,127 99,815 69,902 Total other long-term liabilities $ 252,606 $ 255,916 $ 229,313

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jan. 31, 2016
Fair Value Disclosures [Abstract]
Summary Of Cash Equivalents Measured At Fair Value	The table below summarizes the Company’s cash equivalents and Contingent Consideration (as defined below) measured at fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands): Fair Value Measurement as of January 31, 2016 Description Balance at January 31, 2016 Level 1 Level 2 Level 3 Assets: Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 2,401 $ — $ 2,401 $ — Liabilities: Contingent Consideration $ 6,900 $ — $ — $ 6,900 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 January 31, 2015 Description Balance at January 31, 2015 Level 1 Level 2 Level 3 Assets: Money Market $ 7,578 $ 7,578 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 2,900 $ — $ 2,900 $ — Liabilities: Contingent Consideration $ 6,000 $ — $ — $ 6,000

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jan. 31, 2016
Segment Reporting [Abstract]
Summary Of Financial Information By Reportable Segment	The following table presents financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands): Three Months Ended January 31, Six Months Ended January 31, 2016 2015 2016 2015 Net revenue: Lift $ 287,685 $ 239,288 $ 307,838 $ 239,288 Ski school 62,040 57,295 65,424 57,295 Dining 44,738 38,619 57,093 46,658 Retail/rental 102,975 95,012 135,364 124,485 Other 35,434 32,817 68,086 55,691 Total Mountain net revenue 532,872 463,031 633,805 523,417 Lodging 62,807 59,364 127,093 117,857 Total Resort net revenue 595,679 522,395 760,898 641,274 Real estate 3,684 7,842 13,032 17,225 Total net revenue $ 599,363 $ 530,237 $ 773,930 $ 658,499 Operating expense: Mountain $ 296,256 $ 268,966 $ 447,414 $ 400,918 Lodging 57,311 53,927 118,748 111,681 Total Resort operating expense 353,567 322,893 566,162 512,599 Real estate 4,617 9,871 13,958 21,485 Total segment operating expense $ 358,184 $ 332,764 $ 580,120 $ 534,084 Gain on litigation settlement $ — $ — — 16,400 Gain on sale of real property $ 632 $ — 1,791 — Mountain equity investment (loss) income, net $ (61 ) $ 200 781 525 Reported EBITDA: Mountain $ 236,555 $ 194,265 $ 187,172 $ 139,424 Lodging 5,496 5,437 8,345 6,176 Resort 242,051 199,702 195,517 145,600 Real estate (301 ) (2,029 ) 865 (4,260 ) Total Reported EBITDA $ 241,750 $ 197,673 $ 196,382 $ 141,340 Real estate held for sale and investment $ 117,999 $ 151,103 $ 117,999 $ 151,103 Reconciliation to net income attributable to Vail Resorts, Inc.: Total Reported EBITDA $ 241,750 $ 197,673 $ 196,382 $ 141,340 Depreciation and amortization (40,541 ) (37,376 ) (79,241 ) (73,345 ) Change in fair value of Contingent Consideration — — — 4,550 Loss on disposal of fixed assets and other, net (1,206 ) (26 ) (2,985 ) (781 ) Investment income, net 161 62 359 36 Interest expense (10,910 ) (13,807 ) (21,505 ) (27,375 ) Income before (provision) benefit from income taxes 189,254 146,526 93,010 44,425 (Provision) benefit from income taxes (72,383 ) (30,826 ) (35,809 ) 6,951 Net income $ 116,871 $ 115,700 $ 57,201 $ 51,376 Net loss attributable to noncontrolling interests 111 62 194 110 Net income attributable to Vail Resorts, Inc. $ 116,982 $ 115,762 $ 57,395 $ 51,486

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Narrative) (Details)	6 Months Ended
	Jan. 31, 2016
Canyons Obligation [Member]
Debt Instrument, Year of Maturity	2,063

Summary of Significant Accoun28

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Summary Of Changes In Stockholders Equity) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Balance, beginning of period			$ 880,586	$ 834,800
Net (loss) income	$ 116,871	$ 115,700	57,201	51,376
Stock-based compensation expense			8,390	8,226
Issuance of shares under share award plan net of shares withheld for taxes			(7,286)	(3,705)
Tax benefit from share award plan			3,555	3,241
Cash dividends paid on common stock			(45,221)	(30,141)
Contributions (distributions) from/to noncontrolling interests, net			91	112
Foreign currency translation adjustments	(386)	(307)	(2,794)	(447)
Balance, end of period	854,522	863,462	854,522	863,462
Total Vail Resorts, Inc. Stockholders' Equity [Member]
Balance, beginning of period			866,568	820,843
Issuance of shares under share award plan net of shares withheld for taxes			(7,286)	(3,705)
Tax benefit from share award plan			3,555	3,241
Cash dividends paid on common stock			(45,221)	(30,141)
Foreign currency translation adjustments			(2,794)	(447)
Balance, end of period	840,607	849,503	840,607	849,503
Noncontrolling Interests [Member]
Balance, beginning of period			14,018	13,957
Contributions (distributions) from/to noncontrolling interests, net			91	112
Balance, end of period	$ 13,915	$ 13,959	$ 13,915	$ 13,959

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Summary Of Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015	Jan. 31, 2015
Carrying value	$ 682,195	$ 806,676	$ 634,739

Net Income Per Common Share Net

Net Income Per Common Share Net Loss per Common Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 13, 2016	Mar. 29, 2016	Mar. 09, 2016	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Anti-dilutive securities (in shares)				19,000	8,000	10,000	4,000
Cash dividends declared per share				$ 0.6225	$ 0.4150	$ 1.2450	$ 0.8300
Payments of Dividends				$ 22,600	$ 15,100	$ 45,221	$ 30,141
Scenario, Forecast [Member]
Cash dividends declared per share			$ 0.8100
Dividends Payable, Date to be Paid	Apr. 13, 2016
Dividends Payable, Date of Record		Mar. 29, 2016

Net Loss Per Common Share (Summ

Net Loss Per Common Share (Summary of Calculation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Net income (loss) attributable to Vail Resorts, Inc.	$ 116,982	$ 115,762	$ 57,395	$ 51,486
Weighted-average shares outstanding, basic (in shares)	36,246	36,329	36,359	36,289
Weighted Average Number Diluted Shares Outstanding Adjustment	1,010	1,038	999	1,024
Weighted Average Number of Shares Outstanding, Diluted	37,256	37,367	37,358	37,313
Basic net income (loss) per share attributable to Vail Resorts, Inc.	$ 3.23	$ 3.19	$ 1.58	$ 1.42
Diluted net income (loss) per share attributable to Vail Resorts, Inc.	$ 3.14	$ 3.10	$ 1.54	$ 1.38

Long-Term Debt Long-Term Debt (

Long-Term Debt Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Jul. 31, 2015
Gross interest expense	$ 10,900	$ 13,800	$ 21,500	$ 27,400
Long-term Debt	695,535	635,935	695,535	635,935	$ 816,830
Amortization of deferred financing costs	200	400	500	700
Interest costs incurred, capitalized	0	0	0	0
Industrial Development Bonds [Member]
Long-term Debt	$ 0	$ 215,000	$ 0	$ 215,000	$ 0

Long-Term Debt (Schedule Of Deb

Long-Term Debt (Schedule Of Debt Instruments) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2016	Jul. 31, 2015	Jan. 31, 2015
Total debt	$ 695,535	$ 816,830	$ 635,935
Less: Current maturities	13,340	10,154	1,196
Long-term debt	$ 682,195	806,676	634,739
Stated percentage in the debt instrument	6.50%
Credit Facility Revolver [Member]
Total debt	$ 64,500	185,000	0
Fiscal year maturity	2,020
Term Loan [Member]
Total debt	$ 246,875	250,000	0
Fiscal year maturity	2,020
Industrial Development Bonds [Member]
Total debt	$ 0	0	41,200
Fiscal year maturity	2,020
Employee Housing Bonds [Member]
Total debt	$ 52,575	52,575	52,575
6.50% Notes [Member]
Total debt	$ 0	0	215,000
Fiscal year maturity	2,019
Stated percentage in the debt instrument	6.50%
Long term debt interest rate	6.50%
Canyons Obligation [Member]
Total debt	$ 320,277	317,455	314,657
Fiscal year maturity	2,063
Other [Member]
Total debt	$ 11,308	$ 11,800	$ 12,503
Maximum [Member] | Employee Housing Bonds [Member]
Fiscal year maturity, end	May 1, 2039
Maximum [Member] | Other [Member]
Fiscal year maturity, end	Jul. 31, 2029
Minimum [Member] | Employee Housing Bonds [Member]
Fiscal year maturity, start	Jun. 1, 2027
Minimum [Member] | Other [Member]
Fiscal year maturity, start	Jul. 31, 2016

Long-Term Debt (Schedule Of Agg

Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Jul. 31, 2015
Debt Instrument [Line Items]
Interest Expense, Debt	$ 10,900	$ 13,800	$ 21,500	$ 27,400
Amortization of Financing Costs	200	400	500	700
2,013	6,537		6,537
2,014	13,354		13,354
2,015	13,397		13,397
2,016	13,455		13,455
2,017	268,641		268,641
Thereafter	380,151		380,151
Total debt	$ 695,535	$ 635,935	$ 695,535	$ 635,935	$ 816,830

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jan. 31, 2016	Jul. 31, 2015	Jan. 31, 2015	Oct. 31, 2014	Jan. 31, 2016	Jan. 31, 2015	Jan. 19, 2016	Jun. 30, 2015	Sep. 11, 2014
Business Acquisition, Pro Forma Revenue			$ 530,678			$ 703,254
Payments to Acquire Businesses, Net of Cash Acquired					$ 20,245	182,500
Long-term Debt	$ 695,535	$ 816,830	635,935		695,535	635,935
Business Acquisition, Pro Forma Net Income (Loss)			$ 111,850			$ 57,624
Business Acquisition, Pro Forma Earnings Per Share, Basic			$ 3.08			$ 1.59
Gain (Loss) Related to Litigation Settlement	$ 0		$ 0		0	$ 16,400
Park City litigation payment to Talisker					$ 0	$ (10,000)
Business Acquisition, Pro Forma Earnings Per Share, Diluted			$ 2.99			$ 1.54
Wilmot [Member]
Business Acquisition, Effective Date of Acquisition	Jan. 19, 2016
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment							$ 12,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill							400
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets							200
Goodwill, Acquired During Period	$ 7,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable							$ 400
PCMR [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables									$ 930
Business Acquisition, Effective Date of Acquisition				Sep. 11, 2014
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				46 years
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual			$ 27,600			$ 28,400
Business Combination, Consideration Transferred				$ 182,500
Gain (Loss) Related to Litigation Settlement				16,400
Fair value of litigation settlement				10,100
Business Combination, Consideration Transferred, Other				26,500
Park City litigation payment to Talisker				10,000
Business Acquisition, Transaction Costs						800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment									76,605
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill									27,650
Goodwill, Acquired During Period				$ 92,516
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
Perisher [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables								$ 1,494
Business Acquisition, Effective Date of Acquisition					Jun. 30, 2015
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		4 years
Lease Expiration Date					Jan. 1, 2048
Optional Lease Renewal Term					20-year renewal option
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory								4,859
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
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets								525
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
Canyons Obligation [Member]
Long-term Debt	$ 320,277	$ 317,455	$ 314,657		$ 320,277	$ 314,657

Acquisitions (Summary Of Estima

Acquisitions (Summary Of Estimate Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jan. 31, 2016	Jul. 31, 2015	Oct. 31, 2014	Jan. 31, 2016	Jan. 31, 2015	Jan. 19, 2016	Jun. 30, 2015	Sep. 11, 2014
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired				$ 20,245	$ 182,500
Wilmot [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment						$ 12,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill						400
Goodwill, Acquired During Period	$ 7,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable						$ 400
Business Combination, Consideration Transferred	$ 20,200
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, Liabilities							$ 45,729
Business Combination, Consideration Transferred		$ 124,551
PCMR [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables								$ 930
Business Acquisition, Purchase Price Allocation, Current Assets, Other Current Assets								3,075
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment								76,605
Business Acquisition, Purchase Price Allocation, Deferred Taxes Asset (Liab), Net, 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
Goodwill, Acquired During Period			$ 92,516
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

Acquisitions (Summary Pro Forma

Acquisitions (Summary Pro Forma Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jan. 31, 2015	Jan. 31, 2015
Pro Forma Financial Information [Line Items]
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$ 2.99	$ 1.54
Pro forma net revenue	$ 530,678	$ 703,254
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$ 3.08	$ 1.59
Business Acquisition, Pro Forma Net Income (Loss)	$ 111,850	$ 57,624

Supplementary Balance Sheet I38

Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015	Jan. 31, 2015
Property, Plant and Equipment [Line Items]
Land and land improvements	$ 438,373	$ 431,854	$ 411,148
Buildings and building improvements	1,024,065	1,006,821	959,863
Machinery and equipment	873,045	815,946	774,791
Furniture and fixtures	302,077	286,863	281,869
Software	111,118	106,433	104,511
Vehicles	62,093	61,036	58,760
Construction in progress	24,767	53,158	16,676
Gross property, plant and equipment	2,835,538	2,762,111	2,607,618
Accumulated depreciation	(1,443,649)	(1,375,836)	(1,323,403)
Property, plant and equipment, net	$ 1,391,889	$ 1,386,275	$ 1,284,215

Supplementary Balance Sheet I39

Supplementary Balance Sheet Information (Changes In Goodwill Amount) (Details) - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015
Goodwill, beginning balance	$ 500,433	$ 469,678
Goodwill, ending balance	$ 506,957	$ 500,433

Supplementary Balance Sheet I40

Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015	Jan. 31, 2015
Balance Sheet Related Disclosures [Abstract]
Trade payables	$ 82,913	$ 62,099	$ 87,864
Deferred revenue	190,976	145,949	163,253
Accrued salaries, wages and deferred compensation	43,916	33,461	41,710
Accrued benefits	26,199	24,436	22,304
Deposits	36,995	19,336	33,709
Other accruals	66,771	46,018	71,989
Total accounts payable and accrued liabilities	$ 447,770	$ 331,299	$ 420,829

Supplementary Balance Sheet I41

Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015	Jan. 31, 2015
Balance Sheet Related Disclosures [Abstract]
Private club deferred initiation fee revenue	$ 123,886	$ 126,104	$ 129,315
Unfavorable lease obligation, net	28,593	29,997	30,096
Other long-term liabilities	100,127	99,815	69,902
Total other long-term liabilities	$ 252,606	$ 255,916	$ 229,313

Variable Interest Entities (Det

Variable Interest Entities (Details)	Jan. 31, 2016USD ($)entities
Employee Housing Entities [Member]
Number of Variable Interest Entities | entities	4
Carrying amount of consolidated VIE assets	$ 25,800,000
Carrying amount of consolidated VIE liabilities	64,400,000
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	6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jul. 31, 2015	Jul. 31, 2014
Business Combination, Contingent Consideration Arrangements, Description	42% of the amount by which EBITDA for the resort operations, as calculated under the lease, exceed approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company (the “Contingent Consideration”).
Contingent Consideration, Key Assumptions for Valuation	The fair value of Contingent Consideration includes the resort operations of Park City Mountain Resort, 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 Mountain Resort along with all future capital expenditures associated with Park City Mountain Resort. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. As of January 31, 2016, 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.
Contingent Consideration, Fair Value Disclosure	$ 6,900	$ 6,000	$ 6,900	$ 10,500
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	0	4,500
Fair Value, Inputs, Level 3 [Member]
Contingent Consideration, Fair Value Disclosure	6,900	6,000	6,900
Money Market [Member]
Cash equivalents measured at fair value		7,578	7,577
Money Market [Member] | Level 1 [Member]
Cash equivalents measured at fair value		7,578	7,577
Commercial Paper [Member]
Cash equivalents measured at fair value	2,401	2,401	2,401
Commercial Paper [Member] | Level 2 [Member]
Cash equivalents measured at fair value	2,401	2,401	2,401
Certificates of Deposit [Member]
Cash equivalents measured at fair value	2,401	2,900	2,651
Certificates of Deposit [Member] | Level 2 [Member]
Cash equivalents measured at fair value	$ 2,401	$ 2,900	$ 2,651

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2016	Jul. 31, 2015	Jan. 31, 2015
Surety Bonds Outstanding	$ 9,300
Holland Creek Metropolitan District [Member]
Credit-enhanced bonds issued amount	8,000
Amount outstanding in letters of credit	8,100
Red Sky Ranch Metropolitan District [Member]
Other long-term liabilities	$ 1,800	$ 1,800	$ 1,800
Estimated cessation date of capital improvement fee payment obligation	Jul. 31, 2029
Various Other [Member]
Amount outstanding in letters of credit	$ 64,600
Employee Housing Bonds [Member]
Amount outstanding in letters of credit	53,400
Workers' Compensation and General Liability Related to Construction and Development Activities [Member]
Amount outstanding in letters of credit	$ 11,200

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Jul. 31, 2015
Total Mountain net revenue	$ 532,872	$ 463,031	$ 633,805	$ 523,417
Lodging	62,807	59,364	127,093	117,857
Total Resort net revenue	595,679	522,395	760,898	641,274
Real Estate	3,684	7,842	13,032	17,225
Total net revenue	599,363	530,237	773,930	658,499
Mountain	296,256	268,966	447,414	400,918
Lodging	57,311	53,927	118,748	111,681
Total Resort operating expense	353,567	322,893	566,162	512,599
Real estate	4,617	9,871	13,958	21,485
Total segment operating expense	358,184	332,764	580,120	534,084
Gain (Loss) Related to Litigation Settlement	0	0	0	16,400
Gain on sale of real property	632	0	1,791	0
Mountain equity investment income, net	(61)	200	781	525
Total Reported EBITDA	241,750	197,673	196,382	141,340
Real estate held for sale and investment	117,999	151,103	117,999	151,103	$ 129,825
Depreciation and amortization	(40,541)	(37,376)	(79,241)	(73,345)
Change in Fair Value of Contingent Consideration	0	0	0	4,550
Loss on disposal of fixed assets, net	(1,206)	(26)	(2,985)	(781)
Investment income, net	161	62	359	36
Interest expense, net	(10,910)	(13,807)	(21,505)	(27,375)
Income (loss) before (provision) benefit from income taxes	189,254	146,526	93,010	44,425
(Provision) benefit from income taxes	(72,383)	(30,826)	(35,809)	6,951
Net income (loss)	116,871	115,700	57,201	51,376
Net loss (income) attributable to noncontrolling interests	111	62	194	110
Net income (loss) attributable to Vail Resorts, Inc.	116,982	115,762	57,395	51,486
Lift Tickets [Member]
Total Mountain net revenue	287,685	239,288	307,838	239,288
Ski School [Member]
Total Mountain net revenue	62,040	57,295	65,424	57,295
Dining [Member]
Total Mountain net revenue	44,738	38,619	57,093	46,658
Retail/Rental [Member]
Total Mountain net revenue	102,975	95,012	135,364	124,485
Other [Member]
Total Mountain net revenue	35,434	32,817	68,086	55,691
Resort [Member]
Total Reported EBITDA	242,051	199,702	195,517	145,600
Mountain [Member]
Total Reported EBITDA	236,555	194,265	187,172	139,424
Lodging [Member]
Total Reported EBITDA	5,496	5,437	8,345	6,176
Real Estate [Member]
Total Reported EBITDA	$ (301)	$ (2,029)	$ 865	$ (4,260)

Stock Repurchase Plan (Details)

Stock Repurchase Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Dec. 04, 2015	Jul. 31, 2015	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					1,500,000		3,000,000
Treasury Stock, Shares, Acquired	0	0	377,830	0
Payments for Repurchase of Common Stock			$ 40,000	$ 0
Number of shares repurchased since inception	5,326,941	4,949,111	5,326,941	4,949,111		4,949,111
Value of stock repurchased since inception	$ (233,192)	$ (193,192)	$ (233,192)	$ (193,192)		$ (193,192)
Remaining shares available for repurchase under existing program	2,173,059		2,173,059

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Dec. 31, 2007	Jan. 31, 2015
Income Tax Disclosure [Abstract]
Net Operating Loss Carryforwards Recognized	$ 8
Operating Loss Carryforwards		$ 73.8
Tax Refund on Amended Returns		6.2
Reduction in Federal Tax Liability		19.6
Unrecognized Tax Benefits, Period Increase (Decrease)		27.7
Tax Adjustments, Settlements, and Unusual Provisions		$ 23.8