Vail Resorts (MTN) 10-Q 8 Mar 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jan. 31, 2018	Mar. 05, 2018
Document And Entity Information [Abstract]
Entity Voluntary Filers	No
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 31, 2018
Document Fiscal Year Focus	2,018
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		40,422,047
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2018	Jul. 31, 2017	Jan. 31, 2017
Assets
Cash and cash equivalents	$ 235,460	$ 117,389	$ 140,909
Restricted cash	23,566	10,273	17,132
Trade receivables, net	85,428	186,913	80,758
Inventories, net	97,480	84,814	93,396
Other current assets	39,075	33,681	41,519
Total current assets	481,009	433,070	373,714
Property, plant and equipment, net (Note 6)	1,702,213	1,714,154	1,694,746
Real estate held for sale and investment	103,212	103,405	112,633
Goodwill, net	1,533,980	1,519,743	1,469,756
Intangible assets, net	293,149	294,932	289,208
Other assets	43,243	45,414	42,410
Total assets	4,156,806	4,110,718	3,982,467
Liabilities
Accounts payable and accrued liabilities (Note 6)	588,563	467,669	541,335
Income taxes payable	32,497	98,491	51,056
Long-term debt due within one year (Note 4)	38,433	38,397	38,379
Total current liabilities	659,493	604,557	630,770
Long-term debt, net (Note 4)	1,182,349	1,234,024	1,216,721
Other long-term liabilities (Note 6)	289,793	301,736	271,935
Deferred income taxes, net (Note 2)	144,393	171,442	182,472
Total liabilities	2,276,028	2,311,759	2,301,898
Commitments and contingencies (Note 8)
Stockholders' Equity
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding	0	0	0
Common stock, $0.01 par value, 100,000 shares authorized, 45,857, 45,448 and 45,419 shares issued, respectively	458	454	454
Exchangeable shares, $0.01 par value, 60, 69 and 73 shares issued and outstanding, respectively (Note 5)	1	1	1
Additional paid-in capital	1,160,243	1,222,510	1,214,064
Accumulated other comprehensive income (loss)	58,750	44,395	(914)
Retained earnings	673,065	550,985	511,487
Treasury stock, at cost, 5,436 shares (Note 10)	(247,189)	(247,189)	(247,189)
Total Vail Resorts, Inc. stockholders’ equity	1,645,328	1,571,156	1,477,903
Noncontrolling interests	235,450	227,803	202,666
Total stockholders’ equity	1,880,778	1,798,959	1,680,569
Total liabilities and stockholders’ equity	$ 4,156,806	$ 4,110,718	$ 3,982,467

Consolidated Condensed Balance3

Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2018	Jul. 31, 2017	Jan. 31, 2017
Preferred Stock, Par or Stated Value 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	45,857,000	45,448,000	45,419,000
Exchangeable Shares, Par Value Per Share	$ 0.01	$ 0.01	$ 0.01
Exchangeable Shares, Shares, Issued	60,000	69,000	73,000
Treasury stock, shares	5,436,000	5,436,000	5,436,000

Consolidated Condensed Statemen

Consolidated Condensed Statements Of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Net revenue:
Mountain and Lodging services and other	$ 594,372	$ 570,640	$ 737,720	$ 685,326
Mountain and Lodging retail and dining	140,069	149,343	216,935	212,826
Resort net revenue	734,441	719,983	954,655	898,152
Real estate	134	5,215	770	5,311
Total net revenue	734,575	725,198	955,425	903,463
Operating expense (exclusive of depreciation and amortization shown separately below):
Mountain and Lodging operating expense	297,503	282,895	478,779	435,540
Mountain and Lodging retail and dining cost of products sold	57,237	60,809	92,916	89,749
General and administrative	70,736	71,218	128,599	121,966
Resort operating expense	425,476	414,922	700,294	647,255
Real estate	1,207	5,841	2,898	7,326
Total segment operating expense	426,683	420,763	703,192	654,581
Other operating (expense) income:
Depreciation and amortization	(51,404)	(49,626)	(100,028)	(90,207)
Gain on sale of real property	515	0	515	6,466
Change in estimated fair value of contingent consideration (Note 7)	0	(300)	0	(600)
Gain (loss) on disposal of fixed assets and other, net	538	(2,231)	1,105	(2,781)
Income from operations	257,541	252,278	153,825	161,760
Mountain equity investment (loss) income, net	(35)	157	487	989
Investment income and other, net	397	1,148	780	5,671
Foreign currency gain on intercompany loans (Note 4)	10,337	5,166	2,991	5,166
Interest expense, net	(15,973)	(14,214)	(31,147)	(26,178)
Income before (provision) benefit from income taxes	252,267	244,535	126,936	147,408
(Provision) benefit from income taxes (Note 2)	(3,594)	(84,807)	89,810	(51,298)
Net income	248,673	159,728	216,746	96,110
Net income attributable to noncontrolling interests	(12,982)	(10,549)	(9,440)	(9,518)
Net income attributable to Vail Resorts, Inc.	$ 235,691	$ 149,179	$ 207,306	$ 86,592
Per share amounts (Note 3):
Basic net income per share attributable to Vail Resorts, Inc.	$ 5.82	$ 3.72	$ 5.14	$ 2.25
Diluted net income per share attributable to Vail Resorts, Inc.	5.67	3.63	4.97	2.19
Cash dividends declared per share	$ 1.053	$ 0.810	$ 2.106	$ 1.620

Consolidated Condensed Stateme5

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Net income	$ 248,673	$ 159,728	$ 216,746	$ 96,110
Foreign currency translation adjustments, net of tax	65,008	25,650	19,603	1,238
Comprehensive income	313,681	185,378	236,349	97,348
Comprehensive income attributable to noncontrolling interests	(29,831)	(17,329)	(14,688)	(10,120)
Comprehensive income attributable to Vail Resorts, Inc.	$ 283,850	$ 168,049	$ 221,661	$ 87,228

Consolidated Condensed Stateme6

Consolidated Condensed Statements of Stockholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Exchangeable Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total Vail Resorts, Inc. Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Balance	$ 888,466	$ 416	$ 0	$ 635,986	$ (1,550)	$ 486,667	$ (246,979)	$ 874,540	$ 13,926
Net income attributable to Vail Resorts, Inc.	86,592					86,592		86,592
Net (income) loss attributable to noncontrolling interests	9,518								9,518
Net income	96,110
Foreign currency translation adjustments, net of tax	1,238				636			636	602
Total comprehensive income	87,228							87,228
Comprehensive (income) loss attributable to noncontrolling interests	10,120								10,120
Total comprehensive income	97,348
Stock-based compensation expense	9,151			9,151				9,151
Shares issued for acquisition (Note 5)	574,645	33	4	574,608				574,645
Exchangeable shares transfers		3	(3)
Issuance of shares under share award plans, net of shares withheld for employee taxes	(12,975)	2		(12,977)				(12,975)
Tax benefit from share award plans	7,296			7,296				7,296
Repurchase of common stock (Note 10)	(210)						(210)	(210)
Dividends (Note 3)	(61,772)					(61,772)		(61,772)
Acquisition of noncontrolling interest (Note 5)	182,579								182,579
Distributions to noncontrolling interests, net	(3,959)								(3,959)
Balance	1,680,569	454	1	1,214,064	(914)	511,487	(247,189)	1,477,903	202,666
Balance	1,798,959	454	1	1,222,510	44,395	550,985	(247,189)	1,571,156	227,803
Net income attributable to Vail Resorts, Inc.	207,306					207,306		207,306
Net (income) loss attributable to noncontrolling interests	9,440								9,440
Net income	216,746
Foreign currency translation adjustments, net of tax	19,603				14,355			14,355	5,248
Total comprehensive income	221,661							221,661
Comprehensive (income) loss attributable to noncontrolling interests	14,688								14,688
Total comprehensive income	236,349
Stock-based compensation expense	9,412			9,412				9,412
Measurement period adjustment (Note 5)	(1,776)								(1,776)
Issuance of shares under share award plans, net of shares withheld for employee taxes	(71,675)	4		(71,679)				(71,675)
Dividends (Note 3)	(85,226)					(85,226)		(85,226)
Distributions to noncontrolling interests, net	(5,265)								(5,265)
Balance	$ 1,880,778	$ 458	$ 1	$ 1,160,243	$ 58,750	$ 673,065	$ (247,189)	$ 1,645,328	$ 235,450

Consolidated Condensed Stateme7

Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
Cash flows from operating activities:
Net income	$ 216,746	$ 96,110
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	100,028	90,207
Cost of Real Estate Sales	479	4,203
Stock-based compensation expense	9,412	9,151
Deferred income taxes, net	(36,728)	51,298
Gain on sale of real property	(515)	(6,466)
Foreign Currency Transaction Gain, before Tax	(2,991)	(5,215)
Other non-cash expense, net	(3,967)	(7,678)
Changes in assets and liabilities:
Restricted cash	(12,843)	(4,695)
Trade receivables, net	103,691	68,554
Inventories, net	(11,541)	(1,739)
Accounts payable and accrued liabilities	73,148	44,912
Deferred revenue	52,240	43,333
Income taxes payable - excess tax benefit from share award exercises	(53,081)	(7,296)
Income taxes payable - other	(12,623)	(43,407)
Other assets and liabilities, net	(550)	(1,379)
Net cash provided by operating activities	420,905	329,893
Cash flows from investing activities:
Capital expenditures	(87,367)	(93,436)
Acquisition of businesses, net of cash acquired	(1,356)	(512,348)
Cash received from the sale of real property	515	7,692
Other investing activities, net	6,443	6,271
Net cash used in investing activities	(81,765)	(591,821)
Cash flows from financing activities:
Proceeds from borrowings under Vail Holdings Credit Agreement	95,000	619,375
Proceeds from borrowings under Whistler Credit Agreement	11,920	2,229
Repayments of borrowings under Vail Holdings Credit Agreement	(133,750)	(194,375)
Repayments of borrowings under Whistler Credit Agreement	(29,140)	(17,573)
Issuance of shares under share award plans, net of shares withheld for employee taxes	71,675	12,975
Dividends paid	(85,226)	(61,772)
Other financing activities, net	(9,277)	401
Net cash (used in) provided by financing activities	(222,148)	335,310
Effect of exchange rate changes on cash and cash equivalents	1,079	(370)
Net increase in cash and cash equivalents	118,071	73,012
Cash and cash equivalents:
Beginning of period	117,389	67,897
End of period	235,460	140,909
Accrued capital expenditures	$ 12,097	$ 11,102

Organization and Business

Organization and Business	6 Months Ended
	Jan. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Vail Resorts, Inc. (“Vail Resorts”) 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. The Company refers to “Resort” as the combination of the Mountain and Lodging segments. In the Mountain segment, the Company operates eleven world-class mountain resort properties and three urban ski areas including: Mountain Resorts: Location: 1. Vail Mountain Resort (“Vail Mountain”) Colorado 2. Breckenridge Ski Resort (“Breckenridge”) Colorado 3. Keystone Resort (“Keystone”) Colorado 4. Beaver Creek Resort (“Beaver Creek”) Colorado 5. Park City Resort (“Park City”) Utah 6. Heavenly Mountain Resort (“Heavenly”) Lake Tahoe area of Nevada and California 7. Northstar Resort (“Northstar”) Lake Tahoe area of California 8. Kirkwood Mountain Resort (“Kirkwood”) Lake Tahoe area of California 9. Perisher Ski Resort (“Perisher”) New South Wales, Australia 10. Whistler Blackcomb Resort (“Whistler Blackcomb”) British Columbia, Canada 11. Stowe Mountain Resort (“Stowe”) Vermont Urban Ski Areas (“Urban”): Location: 1. Wilmot Mountain (“Wilmot”) Wisconsin 2. Afton Alps Ski Area (“Afton Alps”) Minnesota 3. Mount Brighton Ski Area (“Mt. Brighton”) Michigan Additionally, the Mountain segment includes 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 (“U.S.”), except for Northstar, Park City, Stowe and the Urban ski areas, operate primarily on federal land under the terms of Special Use Permits granted by the U.S. Department of Agriculture Forest Service. The operations of Whistler Blackcomb are conducted on land owned by the government of the Province of British Columbia, Canada within the traditional territory of the Squamish and Lil’wat Nations. 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. Stowe operates on land owned by the Company as well as land it leases from the State of Vermont. 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 North American mountain resorts, National Park Service (“NPS”) concessionaire properties including the Grand Teton Lodge Company (“GTLC”), which operates destination resorts in 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, develops and sells 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 North America. The Company’s operating season at Perisher, its NPS concessionaire properties and its golf courses generally occur from June to early October.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jan. 31, 2018
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, particularly given the significant seasonality to the Company’s operating cycle. 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, 2017 . 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 U.S. (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2017 was derived from audited financial statements. The Consolidated Condensed Statements of Operations for the three and six months ended January 31, 2017 have been revised to separately disclose revenues and costs from retail and dining operations, as well as general and administrative costs. Retail and dining revenues were previously included within Mountain and Lodging revenues, and the related costs were previously included in Mountain and Lodging operating costs. Management considers the change in presentation of its Consolidated Condensed Statements of Operations to be immaterial to the periods presented. There is no change to previously reported total net revenue, operating expense, income from operations, net income attributable to Vail Resorts, Inc., per share amounts or segment results for either period. 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 periods. Actual results could differ from those estimates. Fair Value Instruments— The recorded amounts for cash and cash equivalents, receivables, other current assets, and accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under the Vail Holdings Credit Agreement revolver and term loan, Whistler Credit Agreement revolver and the Employee Housing Bonds (all as defined in Note 4, Long-Term Debt) approximate book value due to the variable nature of the interest rate, which is a market rate, associated with the debt. Income Taxes — On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act includes broad and complex changes to the U.S. tax code that impacted the Company’s accounting and reporting for income taxes during the three and six months ended January 31, 2018. These changes primarily consist of the following: • A reduction in the U.S. federal corporate income tax rate from 35% to 21%, effective January 1, 2018, which the Company expects will result in a fiscal 2018 U.S. blended federal statutory income tax rate for the Company of approximately 27% , and then will be reduced to 21% in fiscal 2019 and thereafter. • The remeasurement of U.S. net deferred tax liabilities as of the effective date utilizing the new U.S. federal corporate income tax rate of 21%. • A territorial tax regime resulting in a one-time transitional repatriation tax on unremitted foreign earnings (“Transition Tax”), which may be paid over an eight-year period. • The elimination of the domestic production activities deduction as well as revised limitations on certain business expenses and executive compensation deductions. On December 22, 2017, the Securities and Exchange Commission (“SEC”) staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to provide guidance that companies should apply each reporting period related to the income tax effects of the Tax Act. SAB 118 provides that companies (i) should record the effects of the changes from the Tax Act for which the accounting is complete (not provisional), (ii) should record provisional amounts for the effects of the changes from the Tax Act for which the accounting is not complete, and for which reasonable estimates can be determined, in the period they are identified, and (iii) should not record provisional amounts if reasonable estimates cannot be made for the effects of the changes from the Tax Act, and should continue to apply guidance based on the tax law in effect prior to the enactment on December 22, 2017. In addition, SAB 118 establishes a one-year measurement period (through December 22, 2018) where a provisional amount could be subject to adjustment, and requires certain qualitative and quantitative disclosures related to provisional amounts and accounting during the measurement period. As a result of the Tax Act, the Company recorded a one-time, provisional net tax benefit of approximately $64.6 million on its Consolidated Condensed Statements of Operations for the three and six months ended January 31, 2018 (or approximately $1.55 per diluted share), as described below. Due to the reduction in the U.S. corporate tax rate, the Company remeasured its U.S. net deferred tax liabilities as of the effective date and recognized an estimated provisional benefit of approximately $71.0 million, as a discrete item in the (provision) benefit from income taxes for the three and six months ended January 31, 2018, which is a reduction in net deferred tax liabilities in the accompanying Consolidated Condensed Balance Sheet as of January 31, 2018. The measurement of U.S. net deferred tax liabilities is provisional as the final remeasurement cannot be determined until the underlying temporary differences are known, rather than estimated. The Company also recorded an estimated provisional charge for the Transition Tax of approximately $6.4 million as a discrete item in the (provision) benefit from income taxes for the three and six months ended January 31, 2018. The Transition Tax recorded is provisional pending the finalization of earnings estimates of the Company’s foreign subsidiaries. The Company is continuing to analyze the impact of the Tax Act. Adjustments to the provisional charges will be recorded as discrete items in the (provision) benefit from income taxes in the period in which those adjustments become reasonably estimable and/or the accounting is complete. Such adjustments may result from, among other things, future guidance, interpretations and regulatory changes from the Internal Revenue Service, the SEC, the FASB and/or various tax jurisdictions. The Company will complete its analysis no later than December 22, 2018 (the end of the one-year measurement period). Recently Issued Accounting Standards Adopted Standards In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The new guidance requires companies to record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement when the awards vest or are settled, as applicable, rather than within additional paid in capital which was required under the previous guidance. The guidance also requires companies to present excess tax benefits as an operating activity and cash paid to a taxing authority to satisfy employee statutory withholding as a financing activity on the statement of cash flows. Additionally, the guidance allows companies to make a policy election to account for forfeitures either upon occurrence or by estimating forfeitures. The Company adopted this standard on August 1, 2017, and is prospectively recording excess tax benefits and deficiencies within the provision or benefit for income taxes on its Consolidated Condensed Statements of Operations when stock-based compensation awards vest or are exercised. The Company expects this will increase volatility of the provision or benefit for income taxes as the amount of excess tax benefits or deficiencies from stock-based compensation awards are dependent on the Company’s stock price at the date the awards vest or are exercised. As a result of adopting this provision of the standard, the Company recorded $1.3 million and $53.1 million , respectively, of excess tax benefits within (provision) benefit from income taxes on its Consolidated Condensed Statements of Operations for the three and six months ended January 31, 2018, (or approximately $0.03 and $1.27 , respectively, per diluted share), resulting from vesting or exercises of equity awards during the respective periods. As of August 1, 2017, the Company prospectively presented excess tax benefits as operating activities on its Consolidated Condensed Statement of Cash Flows for the six months ended January 31, 2018. Additionally, the Company has elected to record actual forfeitures for recording stock-based compensation expense when they occur, rather than estimate expected forfeitures, which did not have a material impact to the Consolidated Condensed Statements of Operations for both the three and six months ended January 31, 2018. In accordance with the disclosure provisions of the new guidance, the Company retrospectively adopted the new presentation. Cash paid to taxing authorities on an employee’s behalf was changed to be classified as a financing activity in the Consolidated Condensed Statements of Cash Flows, which resulted in a decrease of approximately $13.0 million to cash provided by financing activities with a corresponding increase to cash provided by operating activities for the six months ended January 31, 2017, as shown below (in thousands). Six Months Ended January 31, 2017 Previously Reported (Previous Guidance) Tax Payments Change Revised Reported (New Guidance) Cash flows provided by operating activities $ 316,918 $ 12,975 $ 329,893 Cash flows used in investing activities (no change) (591,821 ) — (591,821 ) Cash flows provided by financing activities 348,285 (12,975 ) 335,310 Effect of exchange rate changes (no change) (370 ) — (370 ) Net increase in cash and cash equivalents (no change) $ 73,012 $ — $ 73,012 Standards Being Evaluated The authoritative guidance listed below is currently being evaluated for its impact to Company policies upon adoption as well as any significant implementation matters yet to be addressed. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in Accounting Standards Codification 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 company 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. Subsequent to the issuance of ASU 2014-09, the FASB has issued several amendments, which do not change the core principle of the guidance and are intended to clarify and improve understanding of certain topics included within the revenue standard. 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), using one of two retrospective application methods. The Company will not early adopt this standard and 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. The Company has completed the review of revenue streams consisting of (i) season pass sales, (ii) non-season pass lift ticket sales, (iii) retail/rental sales and (iv) dining sales and determined the recognition and measurement shall remain unchanged under the revised standard as compared to the prior guidance. The Company is continuing to evaluate its remaining revenue streams as well as disclosure requirements of the new standard in advance of the required date of adoption. 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. Additionally, the Company is evaluating the impacts of the standard beyond accounting, including system, data and process changes required to comply with the standard and has selected an information system application that will centralize the Company’s lease information and be utilized for accounting under the new standard.

Net Income Per Common Share

Net Income Per Common Share	6 Months Ended
	Jan. 31, 2018
Earnings Per Share Reconciliation [Abstract]
Summary of Calculation of Basic And Diluted EPS	Presented below is basic and diluted EPS for the three months ended January 31, 2018 and 2017 (in thousands, except per share amounts): Three Months Ended January 31, 2018 2017 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 235,691 $ 235,691 $ 149,179 $ 149,179 Weighted-average Vail Shares outstanding 40,414 40,414 39,888 39,888 Weighted-average Exchangeco Shares outstanding 61 61 162 162 Total Weighted-average shares outstanding 40,475 40,475 40,050 40,050 Effect of dilutive securities — 1,119 — 1,057 Total shares 40,475 41,594 40,050 41,107 Net income per share attributable to Vail Resorts $ 5.82 $ 5.67 $ 3.72 $ 3.63 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 upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 5,000 and 2,000 for the three months ended January 31, 2018 and 2017 , respectively. Presented below is basic and diluted EPS for the six months ended January 31, 2018 and 2017 (in thousands, except per share amounts): Six Months Ended January 31, 2018 2017 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 207,306 $ 207,306 $ 86,592 $ 86,592 Weighted-average Vail Shares outstanding 40,281 40,281 38,327 38,327 Weighted-average Exchangeco Shares outstanding 62 62 115 115 Total Weighted-average shares outstanding 40,343 40,343 38,442 38,442 Effect of dilutive securities — 1,346 — 1,087 Total shares 40,343 41,689 38,442 39,529 Net income per share attributable to Vail Resorts $ 5.14 $ 4.97 $ 2.25 $ 2.19 The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 5,000 and 1,000 for the six months ended January 31, 2018 and 2017 , respectively.
Net Income Per Common Share	Net Income per Share Earnings per Share Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then share in the earnings of Vail Resorts. In connection with the Company’s acquisition of Whistler Blackcomb in October 2016 (see Note 5, Acquisitions), the Company issued consideration in the form of shares of Vail Resorts common stock (the “Vail Shares”) and shares of the Company’s wholly-owned Canadian subsidiary (“Exchangeco”). Whistler Blackcomb shareholders elected to receive 3,327,719 Vail Shares and 418,095 shares of Exchangeco (the “Exchangeco Shares”). Both Vail Shares and Exchangeco Shares have a par value of $ 0.01 per share, and Exchangeco Shares, while outstanding, are substantially the economic equivalent of Vail Shares and are exchangeable, at any time prior to the seventh anniversary of the closing of the acquisition, into Vail Shares. The Company’s calculation of weighted-average shares outstanding includes the Exchangeco Shares. Presented below is basic and diluted EPS for the three months ended January 31, 2018 and 2017 (in thousands, except per share amounts): Three Months Ended January 31, 2018 2017 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 235,691 $ 235,691 $ 149,179 $ 149,179 Weighted-average Vail Shares outstanding 40,414 40,414 39,888 39,888 Weighted-average Exchangeco Shares outstanding 61 61 162 162 Total Weighted-average shares outstanding 40,475 40,475 40,050 40,050 Effect of dilutive securities — 1,119 — 1,057 Total shares 40,475 41,594 40,050 41,107 Net income per share attributable to Vail Resorts $ 5.82 $ 5.67 $ 3.72 $ 3.63 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 upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 5,000 and 2,000 for the three months ended January 31, 2018 and 2017 , respectively. Presented below is basic and diluted EPS for the six months ended January 31, 2018 and 2017 (in thousands, except per share amounts): Six Months Ended January 31, 2018 2017 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 207,306 $ 207,306 $ 86,592 $ 86,592 Weighted-average Vail Shares outstanding 40,281 40,281 38,327 38,327 Weighted-average Exchangeco Shares outstanding 62 62 115 115 Total Weighted-average shares outstanding 40,343 40,343 38,442 38,442 Effect of dilutive securities — 1,346 — 1,087 Total shares 40,343 41,689 38,442 39,529 Net income per share attributable to Vail Resorts $ 5.14 $ 4.97 $ 2.25 $ 2.19 The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 5,000 and 1,000 for the six months ended January 31, 2018 and 2017 , respectively. Dividends During the three and six months ended January 31, 2018 , the Company paid cash dividends of $1.053 and $2.106 per share ( $42.6 million and $85.2 million , respectively, in the aggregate). During the three and six months ended January 31, 2017 , the Company paid cash dividends of $0.81 and $1.62 per share ( $32.4 million and $61.8 million , respectively, in the aggregate). On March 7, 2018, the Company’s Board of Directors declared a quarterly cash dividend of $1.47 per share, for Vail Shares, payable on April 11, 2018 to stockholders of record as of March 27, 2018 . Additionally, a Canadian dollar equivalent dividend on the Exchangeco Shares will be payable on April 11, 2018 to the shareholders of record on March 27, 2018 .

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jan. 31, 2018
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt, net as of January 31, 2018 , July 31, 2017 and January 31, 2017 is summarized as follows (in thousands): Maturity January 31, 2018 July 31, 2017 January 31, 2017 Vail Holdings Credit Agreement term loan (a) 2021 $ 703,125 $ 721,875 $ 740,625 Vail Holdings Credit Agreement revolver (a) 2021 30,000 50,000 — Whistler Credit Agreement revolver (b) 2022 97,571 113,119 129,966 Employee housing bonds 2027-2039 52,575 52,575 52,575 Canyons obligation 2063 331,647 328,786 325,942 Other 2024-2028 9,590 10,166 10,468 Total debt 1,224,508 1,276,521 1,259,576 Less: Unamortized debt issuance costs 3,726 4,100 4,476 Less: Current maturities (c) 38,433 38,397 38,379 Long-term debt, net $ 1,182,349 $ 1,234,024 $ 1,216,721 (a) On October 14, 2016 , in order to finance the cash portion of the consideration and payment of associated fees and expenses of the Whistler Blackcomb acquisition (see Note 5, Acquisitions), the Company’s wholly owned subsidiary, Vail Holdings, Inc. (“VHI”), entered into the Second Amendment to the Seventh Amended and Restated Credit Agreement, dated as of May 1, 2015 (the “Vail Holdings Credit Agreement”), with Bank of America, N.A., as administrative agent, and other lenders named therein, through which these lenders provided an additional $509.4 million in incremental term loans and agreed, on behalf of all lenders, to extend the maturity date for the outstanding term loans and revolver facility under the Vail Holdings Credit Agreement to October 14, 2021 (the “Amendment”). The Vail Holdings Credit Agreement consists of a $400.0 million revolving credit facility and a $750.0 million term loan facility. The other material terms of the Vail Holdings Credit Agreement were not altered by the Amendment. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at the rate of LIBOR plus 1.25% ( 2.82% , as of January 31, 2018), and interest payments are due monthly. Additionally, the term loan facility is subject to quarterly principal payments of approximately $9.4 million, which began on January 31, 2017. Final payment of the remaining principal outstanding plus accrued and unpaid interest is due upon maturity in October 2021. The Vail Holdings Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the Company’s ability to incur indebtedness, dispose of assets, make capital expenditures, make distributions and make investments. (b) The WB Partnerships (as defined in Note 5, Acquisitions) are party to a credit agreement, dated as of November 12, 2013 (as amended, the “Whistler Credit Agreement”), by and among Whistler Mountain Resort Limited Partnership (“Whistler LP”), Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP”), certain subsidiaries of Whistler LP and Blackcomb LP party thereto as guarantors (the “Whistler Subsidiary Guarantors”), the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. The Whistler Credit Agreement consists of a C$300.0 million revolving credit facility, and during the six months ended January 31, 2018, the Company exercised its right under the Whistler Credit Agreement, with the consent of the lender parties thereto, to extend the maturity date for the Whistler Credit Agreement from November 12, 2021 to November 12, 2022 . No other terms of the Whistler Credit agreement were altered. The WB Partnerships’ obligations under the Whistler Credit Agreement are guaranteed by the Whistler Subsidiary Guarantors and are collateralized by a pledge of the capital stock of the Whistler Subsidiary Guarantors and a pledge of substantially all of the assets of Whistler LP, Blackcomb LP and the Whistler Subsidiary Guarantors. In addition, pursuant to the terms of the Whistler Credit Agreement, the WB Partnerships have the ability to increase the commitment amount by up to C$75.0 million subject to lender approval. Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships’ Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of January 31, 2018, in the case of borrowings (i) in Canadian dollars, at the WB Partnerships’ option, either (a) at the Canadian Prime Rate plus 0.75% per annum or (b) by way of the issuance of bankers’ acceptances plus 1.75% per annum; and (ii) in U.S. dollars, at the WB Partnerships option, either at (a) the U.S. Base Rate plus 0.75% per annum or (b) Bankers Acceptance Rate plus 1.75% per annum . As of January 31, 2018 all borrowings under the Whistler Credit Agreement were made in Canadian dollars and by way of the issuance of bankers’ acceptances plus 1.75% (approximately 3.36% ). The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of January 31, 2018 is equal to 0.3937% per annum. The Whistler Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the WB Partnerships’ ability to incur indebtedness and liens, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Whistler Credit Agreement includes the restrictive financial covenants (leverage ratios and interest coverage ratios) customary for facilities of this type. (c) Current maturities represent principal payments due in the next 12 months. Aggregate maturities of debt outstanding as of January 31, 2018 reflected by fiscal year (August 1 through July 31) are as follows (in thousands): Total 2018 (February 2018 through July 2018) $ 19,069 2019 38,455 2020 38,516 2021 38,580 2022 603,023 Thereafter 486,865 Total debt $ 1,224,508 The Company recorded gross interest expense of $16.0 million and $14.2 million for the three months ended January 31, 2018 and 2017 , respectively, of which $0.3 million was amortization of deferred financing costs in both periods. The Company recorded gross interest expense of $ 31.1 million and $26.2 million for the six months ended January 31, 2018 and 2017 , respectively, of which $0.6 million and $0.5 million , respectively, were amortization of deferred financing costs. The Company was in compliance with all of its financial and operating covenants required to be maintained under its debt instruments for all periods presented. In connection with the acquisition of Whistler Blackcomb, VHI funded a portion of the purchase price through an intercompany loan to Whistler Blackcomb of $210.0 million , which was effective as of November 1, 2016, and requires foreign currency remeasurement to Canadian dollars, the functional currency for Whistler Blackcomb. As a result, foreign currency fluctuations associated with the loan are recorded within the Company’s results of operations. The Company recognized approximately $10.3 million and $3.0 million , respectively, of non-cash foreign currency gains on the intercompany loan to Whistler Blackcomb for the three and six months ended January 31, 2018 on the Company’s Consolidated Condensed Statements of Operations. The Company recognized approximately $5.2 million in foreign currency gains on the intercompany loan to Whistler Blackcomb for both the three and six months ended January 31, 2017 on the Company’s Consolidated Condensed Statements of Operations.

Acquisitions

Acquisitions	6 Months Ended
	Jan. 31, 2018
Business Combinations [Abstract]
Acquisitions	Acquisitions Stowe On June 7, 2017 , the Company, through a wholly-owned subsidiary, acquired Stowe Mountain Resort in Stowe, Vermont, from Mt. Mansfield Company, Inc., a wholly-owned subsidiary of American International Group, Inc., for total cash consideration of $40.7 million . The Company acquired all of the assets related to the mountain operations of the resort, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities). The purchase price was allocated to identifiable tangible and intangible assets acquired based on their estimated fair values at the acquisition date. The Company has completed its preliminary purchase price allocation and has recorded $39.1 million in property, plant and equipment; $3.0 million in intangible assets; $2.3 million in other assets; and $3.7 million of assumed liabilities on the date of acquisition. The operating results of Stowe are reported within the Mountain segment. Whistler Blackcomb On October 17, 2016 , the Company, through Exchangeco, acquired all of the outstanding common shares of Whistler Blackcomb, for aggregate purchase consideration paid to Whistler Blackcomb shareholders of $1.09 billion . The consideration paid consisted of (i) approximately C$673.8 million ( $512.6 million ) in cash (or C$17.50 per Whistler Blackcomb share), (ii) 3,327,719 Vail Shares and (iii) 418,095 Exchangeco Shares. Each Exchangeco Share is exchangeable by the holder thereof for one Vail Share (subject to customary adjustments for stock splits or other reorganizations). In addition, the Company may require all outstanding Exchangeco Shares to be exchanged into an equal number of Vail Shares upon the occurrence of certain events and at any time following the seventh anniversary of the closing of the acquisition. While outstanding, holders of Exchangeco Shares are entitled to cast votes on matters for which holders of Vail Shares are entitled to vote and are entitled to receive dividends economically equivalent to the dividends declared by the Company with respect to the Vail Shares. Whistler Blackcomb owns a 75% interest in each of Whistler LP and Blackcomb LP (the “WB Partnerships”), which together operate Whistler Blackcomb Resort, a year round mountain resort in British Columbia, Canada with a comprehensive offering of recreational activities, including both snow sports and summer activities. The remaining 25% limited partnership interest in each of the WB Partnerships is owned by Nippon Cable Co. Ltd. (“Nippon Cable”), an unrelated party to the Company. The WB Partnerships hold land leases and rights-of-way under long-term agreements with the government of the province of British Columbia, Canada within the traditional territory of the Squamish and Lil’wat Nations, which provide for the use of land at Whistler Mountain and Blackcomb Mountain. The Company executed forward contracts for the underlying Canadian dollar cash consideration to economically hedge the risk associated with the U.S. dollar to Canadian dollar exchange rates. The Company’s total cost was $509.2 million to accumulate C$673.8 million which was required for the cash component of the purchase consideration. The estimated fair value of the Canadian dollars was approximately $512.6 million upon settlement. Accordingly, the Company realized a gain of $3.4 million on foreign currency exchange rate changes during the six months ended January 31, 2017. The gain on foreign currency is a separate transaction as it primarily benefited the Company and therefore the Company recorded this gain within Investment income and other, net in its Consolidated Condensed Statements of Operations. The estimated fair value of $512.6 million is considered the cash component of the purchase consideration. The Company held shares of Whistler Blackcomb common stock prior to the acquisition and, as such, the acquisition-date estimated fair value of this previously held investment was a component of the purchase consideration. Based on the acquisition-date estimated fair value of this investment of $4.3 million , the Company recorded a gain of $0.8 million within Investment income and other, net in its Consolidated Condensed Statements of Operations during the six months ended January 31, 2017. Nippon Cable’s 25% limited partnership interest is a noncontrolling economic interest containing certain protective rights and no ability to participate in the day to day operations of the WB Partnerships. The WB Partnership agreements provide that distributions made out of the partnerships be made on the basis of 75% to Whistler Blackcomb and 25% to Nippon Cable. In addition, based upon the terms of the WB Partnership agreements, the annual distribution rights are non-transferable and transfer of the limited partnership interest is limited to Nippon Cable’s entire interest. Accordingly, the estimate of fair value associated with the noncontrolling interest at the date of acquisition has been determined based on expected underlying cash flows of the WB Partnerships discounted at a rate commensurate with a market participant’s expected rate of return for an equity instrument with these associated restrictions. The following summarizes the purchase consideration and the estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands, except exchange ratio and share price): (in thousands, except exchange ratio and share price amounts) Acquisition Date Estimated Fair Value Total Whistler Blackcomb shares acquired 38,500 Exchange ratio as of October 14, 2016 0.097294 Total Vail Shares issued to Whistler Blackcomb shareholders 3,746 Vail Resorts closing share price on October 14, 2016 $ 153.41 Total value of Vail Shares issued $ 574,645 Total cash consideration paid at C$17.50 ($13.31 on October 17, 2016) per Whistler Blackcomb share 512,558 Total purchase consideration to Whistler Blackcomb shareholders 1,087,203 Estimated fair value of previously held investment in Whistler Blackcomb 4,308 Estimated fair value of Nippon Cable’s 25% interest in Whistler Blackcomb 180,803 Total estimated purchase consideration $ 1,272,314 Allocation of total estimated purchase consideration: Estimated fair values of assets acquired: Current assets $ 36,820 Property, plant and equipment 332,609 Real estate held for sale and investment 8,216 Goodwill 956,459 Identifiable intangibles 150,681 Deferred income taxes, net 7,992 Other assets 1,973 Current liabilities (74,358 ) Assumed long-term debt (144,922 ) Other long-term liabilities (3,156 ) Net assets acquired $ 1,272,314 During the six months ended January 31, 2018, the Company recorded adjustments in the measurement period to its purchase price allocation which decreased the estimated fair value of noncontrolling interest and season pass holder relationships intangible asset with a corresponding net decrease to goodwill. The estimated fair values of definite-lived and indefinite-lived identifiable intangible assets were determined using significant estimates and assumptions. The estimated fair value and estimated useful lives of identifiable intangible assets, where applicable, are as follows. Estimated Fair Value Weighted Average Amortization Period ($ in thousands) (in years) (1) Trademarks and trade names $ 139,977 n/a Season pass holder relationships 6,596 5 Property management contracts 4,108 n/a Total acquired identifiable intangible assets $ 150,681 (1) Trademarks and trade names and property management contracts are indefinite-lived intangible assets. The excess of the purchase consideration over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected cost efficiencies from the elimination of certain public company costs as well as other select areas of general and administrative functions, synergies (including utilization of the Company’s yield management strategies at Whistler Blackcomb and increased season pass sales and visitation across the Company’s resort portfolio) the assembled workforce of Whistler Blackcomb and other factors. The goodwill is not expected to be deductible for income tax purposes. The operating results of Whistler Blackcomb, which are primarily recorded in the Mountain segment, contributed $105.5 million of net revenue for the six months ended January 31, 2017, prospectively from the acquisition date (acquired on October 17, 2016). The Company recognized $3.0 million of transaction related expenses in Mountain operating expense in the Consolidated Condensed Statements of Operations for the six months ended January 31, 2017. Whistler Blackcomb Pro Forma Financial Information The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisition of Whistler Blackcomb was completed on August 1, 2015. 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) transaction and business integration related costs; (iv) interest expense associated with financing the cash portion of the transaction; and (v) total weighted average shares outstanding related to the acquisition; and excludes the impact of the intercompany loan. 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, 2015 (in thousands, except per share amounts). Six Months Ended January 31, 2017 Pro forma net revenue $ 926,127 Pro forma net income attributable to Vail Resorts, Inc. $ 85,126 Pro forma basic net income per share attributable to Vail Resorts, Inc. $ 2.13 Pro forma diluted net income per share attributable to Vail Resorts, Inc. $ 2.07

Supplementary Balance Sheet Inf

Supplementary Balance Sheet Information	6 Months Ended
	Jan. 31, 2018
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, 2018 July 31, 2017 January 31, 2017 Land and land improvements $ 559,135 $ 553,655 $ 535,577 Buildings and building improvements 1,206,465 1,210,864 1,180,941 Machinery and equipment 1,046,134 987,080 997,225 Furniture and fixtures 298,932 280,292 302,446 Software 116,210 108,048 114,750 Vehicles 62,172 59,596 69,723 Construction in progress 25,556 49,359 23,704 Gross property, plant and equipment 3,314,604 3,248,894 3,224,366 Accumulated depreciation (1,612,391 ) (1,534,740 ) (1,529,620 ) Property, plant and equipment, net $ 1,702,213 $ 1,714,154 $ 1,694,746 The composition of accounts payable and accrued liabilities follows (in thousands): January 31, 2018 July 31, 2017 January 31, 2017 Trade payables $ 94,680 $ 71,558 $ 88,814 Deferred revenue 292,336 240,096 259,212 Accrued salaries, wages and deferred compensation 52,329 44,869 50,923 Accrued benefits 35,109 32,505 32,269 Deposits 43,457 23,742 42,024 Other liabilities 70,652 54,899 68,093 Total accounts payable and accrued liabilities $ 588,563 $ 467,669 $ 541,335 The composition of other long-term liabilities follows (in thousands): January 31, 2018 July 31, 2017 January 31, 2017 Private club deferred initiation fee revenue $ 116,726 $ 118,417 $ 120,659 Unfavorable lease obligation, net 23,309 24,664 25,953 Other long-term liabilities 149,758 158,655 125,323 Total other long-term liabilities $ 289,793 $ 301,736 $ 271,935

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jan. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The FASB issued fair value guidance that establishes how reporting entities should measure fair value for measurement and disclosure purposes. The guidance establishes a common definition of fair value applicable to all assets and liabilities measured at fair value and prioritizes the inputs into valuation techniques used to measure fair value. Accordingly, the Company uses valuation techniques which maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value. The three levels of the hierarchy are as follows: Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities; Level 2: Inputs include quoted prices for similar assets and liabilities in active and inactive markets or that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs which are supported by little or no market activity. The table below summarizes the Company’s cash equivalents, Contingent Consideration and Interest Rate Swap measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands). Estimated Fair Value Measurement as of January 31, 2018 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 3,013 $ 3,013 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 7,162 $ — $ 7,162 $ — Liabilities: Contingent Consideration $ 23,754 $ — $ — $ 23,754 Estimated Fair Value Measurement as of July 31, 2017 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 3,008 $ 3,008 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 2,403 $ — $ 2,403 $ — Interest Rate Swap $ 236 $ — $ 236 $ — Liabilities: Contingent Consideration $ 27,400 $ — $ — $ 27,400 Estimated Fair Value Measurement as of January 31, 2017 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 3,003 $ 3,003 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 2,626 $ — $ 2,626 $ — Liabilities: Contingent Consideration $ 11,700 $ — $ — $ 11,700 Interest Rate Swap $ 1,060 $ — $ 1,060 $ — The Company’s cash equivalents and Interest Rate Swap are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. The Interest Rate Swap was an instrument assumed in the Whistler Blackcomb acquisition that was a C$125.0 million fixed swap on the floating interest rate for the assumed Whistler Credit Agreement, and was originally set to expire in September 2020 . However, the Company settled the Interest Rate Swap in September 2017 and therefore no longer utilized an Interest Rate Swap as of January 31, 2018. Interest Rate Swap settlements and changes in estimated fair value were recognized in interest expense, net on the Consolidated Condensed Statements of Operations. The changes in Contingent Consideration during the six months ended January 31, 2018 and 2017 were as follows (in thousands): Balance as of July 31, 2017 and 2016, respectively $ 27,400 $ 11,100 Payments (3,646 ) — Change in estimated fair value — 600 Balance as of January 31, 2018 and 2017, respectively $ 23,754 $ 11,700 The lease for Park City provides for participating contingent payments (the “Contingent Consideration”) to the landlord of 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds 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 estimated fair value of Contingent Consideration includes the future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed growth factor. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 10.2%, volatility of 16.0% and future period Park City EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs. The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance would result in a change in the estimated fair value within the range of approximately $4.5 million to $6.5 million . Contingent Consideration is classified as a liability, which is remeasured to fair value at each reporting date until the contingency is resolved. During the six months ended January 31, 2018 , the Company made a payment to the landlord for Contingent Consideration of approximately $3.6 million , resulting in an estimated fair value of the Contingent Consideration of approximately $23.8 million , which is reflected in other long-term liabilities in the Consolidated Condensed Balance Sheet.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jan. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Metropolitan Districts The Company credit-enhances $6.3 million of bonds issued by Holland Creek Metropolitan District (“HCMD”) through a $6.4 million letter of credit issued under the Vail Holdings 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 the 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. The Company has recorded a liability of $2.0 million primarily within other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets, as of January 31, 2018 , July 31, 2017 and January 31, 2017 , 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, 2031 . Guarantees/Indemnifications As of January 31, 2018 , the Company had various other letters of credit totaling $64.7 million , consisting of $53.4 million to support the Employee Housing Bonds and $11.3 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, 2018 , primarily to provide collateral for its U.S. 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 related to licensees in connection with third-parties’ use of the Company’s trademarks and logos, liabilities associated with the infringement of other parties’ technology and software products, liabilities associated with the use of easements, liabilities associated with employment of contract workers and the Company’s use of trustees, and liabilities associated with the Company’s use of public lands and environmental matters. 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 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 estimated fair value of the indemnification or guarantee to be immaterial based on 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 U.S. health benefit plans and for the majority of workers’ compensation claims in the U.S. Workers compensation claims in the U.S. 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 U.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 all loss contingencies for asserted and unasserted matters deemed to be probable losses and estimable. As of January 31, 2018 , July 31, 2017 and January 31, 2017 , the accruals for the above loss contingencies were not material individually or in the aggregate.

Segment Information

Segment Information	6 Months Ended
	Jan. 31, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has three reportable segments: Mountain, Lodging and Real Estate. The Company refers to “Resort” as the combination of the Mountain and Lodging segments. The Mountain segment includes the operations of the Company’s mountain resorts/ski areas and related ancillary activities. The Lodging segment includes the operations of the Company’s owned hotels, RockResorts, NPS concessionaire properties, condominium management, CME and mountain resort golf operations. The Real Estate segment owns, develops and sells real estate in and around the Company’s resort communities. The Company’s reportable segments, although integral to the success of the others, offer distinctly different products and services and require different types of management focus. As such, these segments are managed separately. The Company reports its segment results using Reported EBITDA (defined as segment net revenue less segment operating expenses, plus or minus segment equity investment income or loss, and for the Real Estate segment, plus gain or loss on sale of real property). The Company reports segment results in a manner consistent with management’s internal reporting of operating results to the chief operating decision maker (Chief Executive Officer) for purposes of evaluating segment performance. 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. The Company utilizes Reported EBITDA in evaluating the 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. 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 or loss on sale of real property. All segment expenses include an allocation of corporate administrative expense. Assets are not allocated between segments, or used to evaluate performance, except as shown in the table below. The 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, 2018 2017 2018 2017 Net revenue: Lift $ 381,912 $ 358,251 $ 407,380 $ 379,677 Ski school 80,116 78,119 84,554 81,970 Dining 53,910 54,366 72,212 67,734 Retail/rental 115,446 123,233 160,853 159,712 Other 39,518 40,130 94,028 75,773 Total Mountain net revenue 670,902 654,099 819,027 764,866 Lodging 63,539 65,884 135,628 133,286 Total Resort net revenue 734,441 719,983 954,655 898,152 Real Estate 134 5,215 770 5,311 Total net revenue $ 734,575 $ 725,198 $ 955,425 $ 903,463 Segment operating expense: Mountain $ 365,605 $ 355,239 $ 572,689 $ 523,492 Lodging 59,871 59,683 127,605 123,763 Resort 425,476 414,922 700,294 647,255 Real Estate 1,207 5,841 2,898 7,326 Total segment operating expense $ 426,683 $ 420,763 $ 703,192 $ 654,581 Gain on sale of real property $ 515 $ — $ 515 $ 6,466 Mountain equity investment (loss) income, net $ (35 ) $ 157 $ 487 $ 989 Reported EBITDA: Mountain $ 305,262 $ 299,017 $ 246,825 $ 242,363 Lodging 3,668 6,201 8,023 9,523 Resort 308,930 305,218 254,848 251,886 Real Estate (558 ) (626 ) (1,613 ) 4,451 Total Reported EBITDA $ 308,372 $ 304,592 $ 253,235 $ 256,337 Real estate held for sale and investment $ 103,212 $ 112,633 $ 103,212 $ 112,633 Reconciliation to net income attributable to Vail Resorts, Inc.: Total Reported EBITDA $ 308,372 $ 304,592 $ 253,235 $ 256,337 Depreciation and amortization (51,404 ) (49,626 ) (100,028 ) (90,207 ) Change in estimated fair value of contingent consideration — (300 ) — (600 ) Gain (loss) on disposal of fixed assets and other, net 538 (2,231 ) 1,105 (2,781 ) Investment income and other, net 397 1,148 780 5,671 Foreign currency gain on intercompany loans 10,337 5,166 2,991 5,166 Interest expense, net (15,973 ) (14,214 ) (31,147 ) (26,178 ) Income before (provision) benefit from income taxes 252,267 244,535 126,936 147,408 (Provision) benefit from income taxes (3,594 ) (84,807 ) 89,810 (51,298 ) Net income 248,673 159,728 216,746 96,110 Net income attributable to noncontrolling interests (12,982 ) (10,549 ) (9,440 ) (9,518 ) Net income attributable to Vail Resorts, Inc. $ 235,691 $ 149,179 $ 207,306 $ 86,592

Share Repurchase Program

Share Repurchase Program	6 Months Ended
	Jan. 31, 2018
Payments for Repurchase of Equity [Abstract]
Share Repurchase Program	Share Repurchase Program On March 9, 2006, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 Vail Shares. On July 16, 2008, the Company’s Board of Directors increased the authorization by an additional 3,000,000 Vail Shares, and on December 4, 2015, the Company’s Board of Directors increased the authorization by an additional 1,500,000 Vail Shares for a total authorization to repurchase up to 7,500,000 total shares. The Company did not repurchase any Vail Shares during the three or six months ended January 31, 2018. The Company repurchased 1,317 Vail Shares (at a total cost of $0.2 million ) during the three and six months ended January 31, 2017. Since inception of its share repurchase program through January 31, 2018 , the Company has repurchased 5,436,294 Vail Shares for $247.2 million . As of January 31, 2018 , 2,063,706 Vail Shares remained available to repurchase under the existing share repurchase program, which has no expiration date. Vail Shares purchased pursuant to the repurchase program will be held as treasury shares and may be used for the issuance of Vail Shares under the Company’s employee share award plan.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jan. 31, 2018
Accounting Policies [Abstract]
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, particularly given the significant seasonality to the Company’s operating cycle. 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, 2017 . 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 U.S. (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2017 was derived from audited financial statements. The Consolidated Condensed Statements of Operations for the three and six months ended January 31, 2017 have been revised to separately disclose revenues and costs from retail and dining operations, as well as general and administrative costs. Retail and dining revenues were previously included within Mountain and Lodging revenues, and the related costs were previously included in Mountain and Lodging operating costs. Management considers the change in presentation of its Consolidated Condensed Statements of Operations to be immaterial to the periods presented. There is no change to previously reported total net revenue, operating expense, income from operations, net income attributable to Vail Resorts, Inc., per share amounts or segment results for either period.
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 periods. Actual results could differ from those estimates.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Instruments— The recorded amounts for cash and cash equivalents, receivables, other current assets, and accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under the Vail Holdings Credit Agreement revolver and term loan, Whistler Credit Agreement revolver and the Employee Housing Bonds (all as defined in Note 4, Long-Term Debt) approximate book value due to the variable nature of the interest rate, which is a market rate, associated with the debt.
Income Tax, Policy [Policy Text Block]	Income Taxes — On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act includes broad and complex changes to the U.S. tax code that impacted the Company’s accounting and reporting for income taxes during the three and six months ended January 31, 2018. These changes primarily consist of the following: • A reduction in the U.S. federal corporate income tax rate from 35% to 21%, effective January 1, 2018, which the Company expects will result in a fiscal 2018 U.S. blended federal statutory income tax rate for the Company of approximately 27% , and then will be reduced to 21% in fiscal 2019 and thereafter. • The remeasurement of U.S. net deferred tax liabilities as of the effective date utilizing the new U.S. federal corporate income tax rate of 21%. • A territorial tax regime resulting in a one-time transitional repatriation tax on unremitted foreign earnings (“Transition Tax”), which may be paid over an eight-year period. • The elimination of the domestic production activities deduction as well as revised limitations on certain business expenses and executive compensation deductions. On December 22, 2017, the Securities and Exchange Commission (“SEC”) staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to provide guidance that companies should apply each reporting period related to the income tax effects of the Tax Act. SAB 118 provides that companies (i) should record the effects of the changes from the Tax Act for which the accounting is complete (not provisional), (ii) should record provisional amounts for the effects of the changes from the Tax Act for which the accounting is not complete, and for which reasonable estimates can be determined, in the period they are identified, and (iii) should not record provisional amounts if reasonable estimates cannot be made for the effects of the changes from the Tax Act, and should continue to apply guidance based on the tax law in effect prior to the enactment on December 22, 2017. In addition, SAB 118 establishes a one-year measurement period (through December 22, 2018) where a provisional amount could be subject to adjustment, and requires certain qualitative and quantitative disclosures related to provisional amounts and accounting during the measurement period. As a result of the Tax Act, the Company recorded a one-time, provisional net tax benefit of approximately $64.6 million on its Consolidated Condensed Statements of Operations for the three and six months ended January 31, 2018 (or approximately $1.55 per diluted share), as described below. Due to the reduction in the U.S. corporate tax rate, the Company remeasured its U.S. net deferred tax liabilities as of the effective date and recognized an estimated provisional benefit of approximately $71.0 million, as a discrete item in the (provision) benefit from income taxes for the three and six months ended January 31, 2018, which is a reduction in net deferred tax liabilities in the accompanying Consolidated Condensed Balance Sheet as of January 31, 2018. The measurement of U.S. net deferred tax liabilities is provisional as the final remeasurement cannot be determined until the underlying temporary differences are known, rather than estimated. The Company also recorded an estimated provisional charge for the Transition Tax of approximately $6.4 million as a discrete item in the (provision) benefit from income taxes for the three and six months ended January 31, 2018. The Transition Tax recorded is provisional pending the finalization of earnings estimates of the Company’s foreign subsidiaries. The Company is continuing to analyze the impact of the Tax Act. Adjustments to the provisional charges will be recorded as discrete items in the (provision) benefit from income taxes in the period in which those adjustments become reasonably estimable and/or the accounting is complete. Such adjustments may result from, among other things, future guidance, interpretations and regulatory changes from the Internal Revenue Service, the SEC, the FASB and/or various tax jurisdictions. The Company will complete its analysis no later than December 22, 2018 (the end of the one-year measurement period).
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Recently Issued Accounting Standards Adopted Standards In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The new guidance requires companies to record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement when the awards vest or are settled, as applicable, rather than within additional paid in capital which was required under the previous guidance. The guidance also requires companies to present excess tax benefits as an operating activity and cash paid to a taxing authority to satisfy employee statutory withholding as a financing activity on the statement of cash flows. Additionally, the guidance allows companies to make a policy election to account for forfeitures either upon occurrence or by estimating forfeitures. The Company adopted this standard on August 1, 2017, and is prospectively recording excess tax benefits and deficiencies within the provision or benefit for income taxes on its Consolidated Condensed Statements of Operations when stock-based compensation awards vest or are exercised. The Company expects this will increase volatility of the provision or benefit for income taxes as the amount of excess tax benefits or deficiencies from stock-based compensation awards are dependent on the Company’s stock price at the date the awards vest or are exercised. As a result of adopting this provision of the standard, the Company recorded $1.3 million and $53.1 million , respectively, of excess tax benefits within (provision) benefit from income taxes on its Consolidated Condensed Statements of Operations for the three and six months ended January 31, 2018, (or approximately $0.03 and $1.27 , respectively, per diluted share), resulting from vesting or exercises of equity awards during the respective periods. As of August 1, 2017, the Company prospectively presented excess tax benefits as operating activities on its Consolidated Condensed Statement of Cash Flows for the six months ended January 31, 2018. Additionally, the Company has elected to record actual forfeitures for recording stock-based compensation expense when they occur, rather than estimate expected forfeitures, which did not have a material impact to the Consolidated Condensed Statements of Operations for both the three and six months ended January 31, 2018. In accordance with the disclosure provisions of the new guidance, the Company retrospectively adopted the new presentation. Cash paid to taxing authorities on an employee’s behalf was changed to be classified as a financing activity in the Consolidated Condensed Statements of Cash Flows, which resulted in a decrease of approximately $13.0 million to cash provided by financing activities with a corresponding increase to cash provided by operating activities for the six months ended January 31, 2017, as shown below (in thousands). Six Months Ended January 31, 2017 Previously Reported (Previous Guidance) Tax Payments Change Revised Reported (New Guidance) Cash flows provided by operating activities $ 316,918 $ 12,975 $ 329,893 Cash flows used in investing activities (no change) (591,821 ) — (591,821 ) Cash flows provided by financing activities 348,285 (12,975 ) 335,310 Effect of exchange rate changes (no change) (370 ) — (370 ) Net increase in cash and cash equivalents (no change) $ 73,012 $ — $ 73,012
Accounting Standards Being Evaluated	Standards Being Evaluated The authoritative guidance listed below is currently being evaluated for its impact to Company policies upon adoption as well as any significant implementation matters yet to be addressed. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in Accounting Standards Codification 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 company 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. Subsequent to the issuance of ASU 2014-09, the FASB has issued several amendments, which do not change the core principle of the guidance and are intended to clarify and improve understanding of certain topics included within the revenue standard. 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), using one of two retrospective application methods. The Company will not early adopt this standard and 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. The Company has completed the review of revenue streams consisting of (i) season pass sales, (ii) non-season pass lift ticket sales, (iii) retail/rental sales and (iv) dining sales and determined the recognition and measurement shall remain unchanged under the revised standard as compared to the prior guidance. The Company is continuing to evaluate its remaining revenue streams as well as disclosure requirements of the new standard in advance of the required date of adoption. 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. Additionally, the Company is evaluating the impacts of the standard beyond accounting, including system, data and process changes required to comply with the standard and has selected an information system application that will centralize the Company’s lease information and be utilized for accounting under the new standard.

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	6 Months Ended
	Jan. 31, 2018
Earnings Per Share Reconciliation [Abstract]
Summary of Calculation of Basic And Diluted EPS	Presented below is basic and diluted EPS for the three months ended January 31, 2018 and 2017 (in thousands, except per share amounts): Three Months Ended January 31, 2018 2017 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 235,691 $ 235,691 $ 149,179 $ 149,179 Weighted-average Vail Shares outstanding 40,414 40,414 39,888 39,888 Weighted-average Exchangeco Shares outstanding 61 61 162 162 Total Weighted-average shares outstanding 40,475 40,475 40,050 40,050 Effect of dilutive securities — 1,119 — 1,057 Total shares 40,475 41,594 40,050 41,107 Net income per share attributable to Vail Resorts $ 5.82 $ 5.67 $ 3.72 $ 3.63 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 upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 5,000 and 2,000 for the three months ended January 31, 2018 and 2017 , respectively. Presented below is basic and diluted EPS for the six months ended January 31, 2018 and 2017 (in thousands, except per share amounts): Six Months Ended January 31, 2018 2017 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 207,306 $ 207,306 $ 86,592 $ 86,592 Weighted-average Vail Shares outstanding 40,281 40,281 38,327 38,327 Weighted-average Exchangeco Shares outstanding 62 62 115 115 Total Weighted-average shares outstanding 40,343 40,343 38,442 38,442 Effect of dilutive securities — 1,346 — 1,087 Total shares 40,343 41,689 38,442 39,529 Net income per share attributable to Vail Resorts $ 5.14 $ 4.97 $ 2.25 $ 2.19 The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 5,000 and 1,000 for the six months ended January 31, 2018 and 2017 , respectively.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jan. 31, 2018
Debt Disclosure [Abstract]
Schedule Of Long-Term Debt	Long-term debt, net as of January 31, 2018 , July 31, 2017 and January 31, 2017 is summarized as follows (in thousands): Maturity January 31, 2018 July 31, 2017 January 31, 2017 Vail Holdings Credit Agreement term loan (a) 2021 $ 703,125 $ 721,875 $ 740,625 Vail Holdings Credit Agreement revolver (a) 2021 30,000 50,000 — Whistler Credit Agreement revolver (b) 2022 97,571 113,119 129,966 Employee housing bonds 2027-2039 52,575 52,575 52,575 Canyons obligation 2063 331,647 328,786 325,942 Other 2024-2028 9,590 10,166 10,468 Total debt 1,224,508 1,276,521 1,259,576 Less: Unamortized debt issuance costs 3,726 4,100 4,476 Less: Current maturities (c) 38,433 38,397 38,379 Long-term debt, net $ 1,182,349 $ 1,234,024 $ 1,216,721 (a) On October 14, 2016 , in order to finance the cash portion of the consideration and payment of associated fees and expenses of the Whistler Blackcomb acquisition (see Note 5, Acquisitions), the Company’s wholly owned subsidiary, Vail Holdings, Inc. (“VHI”), entered into the Second Amendment to the Seventh Amended and Restated Credit Agreement, dated as of May 1, 2015 (the “Vail Holdings Credit Agreement”), with Bank of America, N.A., as administrative agent, and other lenders named therein, through which these lenders provided an additional $509.4 million in incremental term loans and agreed, on behalf of all lenders, to extend the maturity date for the outstanding term loans and revolver facility under the Vail Holdings Credit Agreement to October 14, 2021 (the “Amendment”). The Vail Holdings Credit Agreement consists of a $400.0 million revolving credit facility and a $750.0 million term loan facility. The other material terms of the Vail Holdings Credit Agreement were not altered by the Amendment. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at the rate of LIBOR plus 1.25% ( 2.82% , as of January 31, 2018), and interest payments are due monthly. Additionally, the term loan facility is subject to quarterly principal payments of approximately $9.4 million, which began on January 31, 2017. Final payment of the remaining principal outstanding plus accrued and unpaid interest is due upon maturity in October 2021. The Vail Holdings Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the Company’s ability to incur indebtedness, dispose of assets, make capital expenditures, make distributions and make investments. (b) The WB Partnerships (as defined in Note 5, Acquisitions) are party to a credit agreement, dated as of November 12, 2013 (as amended, the “Whistler Credit Agreement”), by and among Whistler Mountain Resort Limited Partnership (“Whistler LP”), Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP”), certain subsidiaries of Whistler LP and Blackcomb LP party thereto as guarantors (the “Whistler Subsidiary Guarantors”), the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. The Whistler Credit Agreement consists of a C$300.0 million revolving credit facility, and during the six months ended January 31, 2018, the Company exercised its right under the Whistler Credit Agreement, with the consent of the lender parties thereto, to extend the maturity date for the Whistler Credit Agreement from November 12, 2021 to November 12, 2022 . No other terms of the Whistler Credit agreement were altered. The WB Partnerships’ obligations under the Whistler Credit Agreement are guaranteed by the Whistler Subsidiary Guarantors and are collateralized by a pledge of the capital stock of the Whistler Subsidiary Guarantors and a pledge of substantially all of the assets of Whistler LP, Blackcomb LP and the Whistler Subsidiary Guarantors. In addition, pursuant to the terms of the Whistler Credit Agreement, the WB Partnerships have the ability to increase the commitment amount by up to C$75.0 million subject to lender approval. Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships’ Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of January 31, 2018, in the case of borrowings (i) in Canadian dollars, at the WB Partnerships’ option, either (a) at the Canadian Prime Rate plus 0.75% per annum or (b) by way of the issuance of bankers’ acceptances plus 1.75% per annum; and (ii) in U.S. dollars, at the WB Partnerships option, either at (a) the U.S. Base Rate plus 0.75% per annum or (b) Bankers Acceptance Rate plus 1.75% per annum . As of January 31, 2018 all borrowings under the Whistler Credit Agreement were made in Canadian dollars and by way of the issuance of bankers’ acceptances plus 1.75% (approximately 3.36% ). The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of January 31, 2018 is equal to 0.3937% per annum. The Whistler Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the WB Partnerships’ ability to incur indebtedness and liens, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Whistler Credit Agreement includes the restrictive financial covenants (leverage ratios and interest coverage ratios) customary for facilities of this type. (c) Current maturities represent principal payments due in the next 12 months.
Schedule Of Aggregate Maturities For Debt Outstanding	Aggregate maturities of debt outstanding as of January 31, 2018 reflected by fiscal year (August 1 through July 31) are as follows (in thousands): Total 2018 (February 2018 through July 2018) $ 19,069 2019 38,455 2020 38,516 2021 38,580 2022 603,023 Thereafter 486,865 Total debt $ 1,224,508

Acquisitions Acquisitions (Tabl

Acquisitions Acquisitions (Tables)	6 Months Ended
	Jan. 31, 2018
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Information [Table Text Block]	The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisition of Whistler Blackcomb was completed on August 1, 2015. 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) transaction and business integration related costs; (iv) interest expense associated with financing the cash portion of the transaction; and (v) total weighted average shares outstanding related to the acquisition; and excludes the impact of the intercompany loan. 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, 2015 (in thousands, except per share amounts). Six Months Ended January 31, 2017 Pro forma net revenue $ 926,127 Pro forma net income attributable to Vail Resorts, Inc. $ 85,126 Pro forma basic net income per share attributable to Vail Resorts, Inc. $ 2.13 Pro forma diluted net income per share attributable to Vail Resorts, Inc. $ 2.07
Stowe [Member]
Business Acquisition [Line Items]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Stowe On June 7, 2017 , the Company, through a wholly-owned subsidiary, acquired Stowe Mountain Resort in Stowe, Vermont, from Mt. Mansfield Company, Inc., a wholly-owned subsidiary of American International Group, Inc., for total cash consideration of $40.7 million . The Company acquired all of the assets related to the mountain operations of the resort, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities). The purchase price was allocated to identifiable tangible and intangible assets acquired based on their estimated fair values at the acquisition date. The Company has completed its preliminary purchase price allocation and has recorded $39.1 million in property, plant and equipment; $3.0 million in intangible assets; $2.3 million in other assets; and $3.7 million of assumed liabilities on the date of acquisition. The operating results of Stowe are reported within the Mountain segment.
Whistler Blackcomb [Member]
Business Acquisition [Line Items]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Whistler Blackcomb On October 17, 2016 , the Company, through Exchangeco, acquired all of the outstanding common shares of Whistler Blackcomb, for aggregate purchase consideration paid to Whistler Blackcomb shareholders of $1.09 billion . The consideration paid consisted of (i) approximately C$673.8 million ( $512.6 million ) in cash (or C$17.50 per Whistler Blackcomb share), (ii) 3,327,719 Vail Shares and (iii) 418,095 Exchangeco Shares. Each Exchangeco Share is exchangeable by the holder thereof for one Vail Share (subject to customary adjustments for stock splits or other reorganizations). In addition, the Company may require all outstanding Exchangeco Shares to be exchanged into an equal number of Vail Shares upon the occurrence of certain events and at any time following the seventh anniversary of the closing of the acquisition. While outstanding, holders of Exchangeco Shares are entitled to cast votes on matters for which holders of Vail Shares are entitled to vote and are entitled to receive dividends economically equivalent to the dividends declared by the Company with respect to the Vail Shares. Whistler Blackcomb owns a 75% interest in each of Whistler LP and Blackcomb LP (the “WB Partnerships”), which together operate Whistler Blackcomb Resort, a year round mountain resort in British Columbia, Canada with a comprehensive offering of recreational activities, including both snow sports and summer activities. The remaining 25% limited partnership interest in each of the WB Partnerships is owned by Nippon Cable Co. Ltd. (“Nippon Cable”), an unrelated party to the Company. The WB Partnerships hold land leases and rights-of-way under long-term agreements with the government of the province of British Columbia, Canada within the traditional territory of the Squamish and Lil’wat Nations, which provide for the use of land at Whistler Mountain and Blackcomb Mountain. The Company executed forward contracts for the underlying Canadian dollar cash consideration to economically hedge the risk associated with the U.S. dollar to Canadian dollar exchange rates. The Company’s total cost was $509.2 million to accumulate C$673.8 million which was required for the cash component of the purchase consideration. The estimated fair value of the Canadian dollars was approximately $512.6 million upon settlement. Accordingly, the Company realized a gain of $3.4 million on foreign currency exchange rate changes during the six months ended January 31, 2017. The gain on foreign currency is a separate transaction as it primarily benefited the Company and therefore the Company recorded this gain within Investment income and other, net in its Consolidated Condensed Statements of Operations. The estimated fair value of $512.6 million is considered the cash component of the purchase consideration. The Company held shares of Whistler Blackcomb common stock prior to the acquisition and, as such, the acquisition-date estimated fair value of this previously held investment was a component of the purchase consideration. Based on the acquisition-date estimated fair value of this investment of $4.3 million , the Company recorded a gain of $0.8 million within Investment income and other, net in its Consolidated Condensed Statements of Operations during the six months ended January 31, 2017. Nippon Cable’s 25% limited partnership interest is a noncontrolling economic interest containing certain protective rights and no ability to participate in the day to day operations of the WB Partnerships. The WB Partnership agreements provide that distributions made out of the partnerships be made on the basis of 75% to Whistler Blackcomb and 25% to Nippon Cable. In addition, based upon the terms of the WB Partnership agreements, the annual distribution rights are non-transferable and transfer of the limited partnership interest is limited to Nippon Cable’s entire interest. Accordingly, the estimate of fair value associated with the noncontrolling interest at the date of acquisition has been determined based on expected underlying cash flows of the WB Partnerships discounted at a rate commensurate with a market participant’s expected rate of return for an equity instrument with these associated restrictions. The following summarizes the purchase consideration and the estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands, except exchange ratio and share price): (in thousands, except exchange ratio and share price amounts) Acquisition Date Estimated Fair Value Total Whistler Blackcomb shares acquired 38,500 Exchange ratio as of October 14, 2016 0.097294 Total Vail Shares issued to Whistler Blackcomb shareholders 3,746 Vail Resorts closing share price on October 14, 2016 $ 153.41 Total value of Vail Shares issued $ 574,645 Total cash consideration paid at C$17.50 ($13.31 on October 17, 2016) per Whistler Blackcomb share 512,558 Total purchase consideration to Whistler Blackcomb shareholders 1,087,203 Estimated fair value of previously held investment in Whistler Blackcomb 4,308 Estimated fair value of Nippon Cable’s 25% interest in Whistler Blackcomb 180,803 Total estimated purchase consideration $ 1,272,314 Allocation of total estimated purchase consideration: Estimated fair values of assets acquired: Current assets $ 36,820 Property, plant and equipment 332,609 Real estate held for sale and investment 8,216 Goodwill 956,459 Identifiable intangibles 150,681 Deferred income taxes, net 7,992 Other assets 1,973 Current liabilities (74,358 ) Assumed long-term debt (144,922 ) Other long-term liabilities (3,156 ) Net assets acquired $ 1,272,314 During the six months ended January 31, 2018, the Company recorded adjustments in the measurement period to its purchase price allocation which decreased the estimated fair value of noncontrolling interest and season pass holder relationships intangible asset with a corresponding net decrease to goodwill. The estimated fair values of definite-lived and indefinite-lived identifiable intangible assets were determined using significant estimates and assumptions. The estimated fair value and estimated useful lives of identifiable intangible assets, where applicable, are as follows. Estimated Fair Value Weighted Average Amortization Period ($ in thousands) (in years) (1) Trademarks and trade names $ 139,977 n/a Season pass holder relationships 6,596 5 Property management contracts 4,108 n/a Total acquired identifiable intangible assets $ 150,681 (1) Trademarks and trade names and property management contracts are indefinite-lived intangible assets. The excess of the purchase consideration over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected cost efficiencies from the elimination of certain public company costs as well as other select areas of general and administrative functions, synergies (including utilization of the Company’s yield management strategies at Whistler Blackcomb and increased season pass sales and visitation across the Company’s resort portfolio) the assembled workforce of Whistler Blackcomb and other factors. The goodwill is not expected to be deductible for income tax purposes. The operating results of Whistler Blackcomb, which are primarily recorded in the Mountain segment, contributed $105.5 million of net revenue for the six months ended January 31, 2017, prospectively from the acquisition date (acquired on October 17, 2016). The Company recognized $3.0 million of transaction related expenses in Mountain operating expense in the Consolidated Condensed Statements of Operations for the six months ended January 31, 2017.

Supplementary Balance Sheet I22

Supplementary Balance Sheet Information (Tables)	6 Months Ended
	Jan. 31, 2018
Balance Sheet Related Disclosures [Abstract]
Composition Of Property, Plant And Equipment	The composition of property, plant and equipment follows (in thousands): January 31, 2018 July 31, 2017 January 31, 2017 Land and land improvements $ 559,135 $ 553,655 $ 535,577 Buildings and building improvements 1,206,465 1,210,864 1,180,941 Machinery and equipment 1,046,134 987,080 997,225 Furniture and fixtures 298,932 280,292 302,446 Software 116,210 108,048 114,750 Vehicles 62,172 59,596 69,723 Construction in progress 25,556 49,359 23,704 Gross property, plant and equipment 3,314,604 3,248,894 3,224,366 Accumulated depreciation (1,612,391 ) (1,534,740 ) (1,529,620 ) Property, plant and equipment, net $ 1,702,213 $ 1,714,154 $ 1,694,746
Components Of Accounts Payable And Accrued Liabilities	The composition of accounts payable and accrued liabilities follows (in thousands): January 31, 2018 July 31, 2017 January 31, 2017 Trade payables $ 94,680 $ 71,558 $ 88,814 Deferred revenue 292,336 240,096 259,212 Accrued salaries, wages and deferred compensation 52,329 44,869 50,923 Accrued benefits 35,109 32,505 32,269 Deposits 43,457 23,742 42,024 Other liabilities 70,652 54,899 68,093 Total accounts payable and accrued liabilities $ 588,563 $ 467,669 $ 541,335
Components Of Other Long-Term Liabilities	The composition of other long-term liabilities follows (in thousands): January 31, 2018 July 31, 2017 January 31, 2017 Private club deferred initiation fee revenue $ 116,726 $ 118,417 $ 120,659 Unfavorable lease obligation, net 23,309 24,664 25,953 Other long-term liabilities 149,758 158,655 125,323 Total other long-term liabilities $ 289,793 $ 301,736 $ 271,935

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jan. 31, 2018
Fair Value Disclosures [Abstract]
Summary Of Cash Equivalents Measured At Fair Value	The table below summarizes the Company’s cash equivalents, Contingent Consideration and Interest Rate Swap measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands). Estimated Fair Value Measurement as of January 31, 2018 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 3,013 $ 3,013 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 7,162 $ — $ 7,162 $ — Liabilities: Contingent Consideration $ 23,754 $ — $ — $ 23,754 Estimated Fair Value Measurement as of July 31, 2017 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 3,008 $ 3,008 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 2,403 $ — $ 2,403 $ — Interest Rate Swap $ 236 $ — $ 236 $ — Liabilities: Contingent Consideration $ 27,400 $ — $ — $ 27,400 Estimated Fair Value Measurement as of January 31, 2017 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 3,003 $ 3,003 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 2,626 $ — $ 2,626 $ — Liabilities: Contingent Consideration $ 11,700 $ — $ — $ 11,700 Interest Rate Swap $ 1,060 $ — $ 1,060 $ —

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jan. 31, 2018
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, 2018 2017 2018 2017 Net revenue: Lift $ 381,912 $ 358,251 $ 407,380 $ 379,677 Ski school 80,116 78,119 84,554 81,970 Dining 53,910 54,366 72,212 67,734 Retail/rental 115,446 123,233 160,853 159,712 Other 39,518 40,130 94,028 75,773 Total Mountain net revenue 670,902 654,099 819,027 764,866 Lodging 63,539 65,884 135,628 133,286 Total Resort net revenue 734,441 719,983 954,655 898,152 Real Estate 134 5,215 770 5,311 Total net revenue $ 734,575 $ 725,198 $ 955,425 $ 903,463 Segment operating expense: Mountain $ 365,605 $ 355,239 $ 572,689 $ 523,492 Lodging 59,871 59,683 127,605 123,763 Resort 425,476 414,922 700,294 647,255 Real Estate 1,207 5,841 2,898 7,326 Total segment operating expense $ 426,683 $ 420,763 $ 703,192 $ 654,581 Gain on sale of real property $ 515 $ — $ 515 $ 6,466 Mountain equity investment (loss) income, net $ (35 ) $ 157 $ 487 $ 989 Reported EBITDA: Mountain $ 305,262 $ 299,017 $ 246,825 $ 242,363 Lodging 3,668 6,201 8,023 9,523 Resort 308,930 305,218 254,848 251,886 Real Estate (558 ) (626 ) (1,613 ) 4,451 Total Reported EBITDA $ 308,372 $ 304,592 $ 253,235 $ 256,337 Real estate held for sale and investment $ 103,212 $ 112,633 $ 103,212 $ 112,633 Reconciliation to net income attributable to Vail Resorts, Inc.: Total Reported EBITDA $ 308,372 $ 304,592 $ 253,235 $ 256,337 Depreciation and amortization (51,404 ) (49,626 ) (100,028 ) (90,207 ) Change in estimated fair value of contingent consideration — (300 ) — (600 ) Gain (loss) on disposal of fixed assets and other, net 538 (2,231 ) 1,105 (2,781 ) Investment income and other, net 397 1,148 780 5,671 Foreign currency gain on intercompany loans 10,337 5,166 2,991 5,166 Interest expense, net (15,973 ) (14,214 ) (31,147 ) (26,178 ) Income before (provision) benefit from income taxes 252,267 244,535 126,936 147,408 (Provision) benefit from income taxes (3,594 ) (84,807 ) 89,810 (51,298 ) Net income 248,673 159,728 216,746 96,110 Net income attributable to noncontrolling interests (12,982 ) (10,549 ) (9,440 ) (9,518 ) Net income attributable to Vail Resorts, Inc. $ 235,691 $ 149,179 $ 207,306 $ 86,592

Summary of Significant Accoun25

Summary of Significant Accounting Policies Recently Issued Accounting Standards (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jan. 31, 2018	Jan. 31, 2018	Jan. 31, 2017	Jul. 31, 2019	Jul. 31, 2018
Impact of Tax Reform		$ 64,600
Impact of Excess Tax Benefits on EPS	$ 0.03	$ 1.27
Excess Tax Benefit from Share-based Compensation, Operating Activities	$ 1,277	$ 53,081	$ 7,296
Issuance of shares under share award plans, net of shares withheld for employee taxes		$ 71,675	$ 12,975
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				21.00%	27.00%

Net Income Per Common Share Net

Net Income Per Common Share Net Income per Common Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 11, 2018	Mar. 27, 2018	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017	Jul. 31, 2017
Anti-dilutive securities (in shares)			5,000	2,000	5,000	1,000
Cash dividends declared per share			$ 1.053	$ 0.810	$ 2.106	$ 1.620
Payments of Dividends			$ 42,600	$ 32,400	$ 85,226	$ 61,772
Preferred Stock, Par or Stated Value Per Share			$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Scenario, Forecast [Member]
Cash dividends declared per share	$ 1.470
Dividends Payable, Date to be Paid	Apr. 11, 2018
Dividends Payable, Date of Record		Mar. 27, 2018
Common Stock [Member]
Stock Issued During Period, Shares, New Issues						3,327,719
Exchangeable Shares [Member]
Stock Issued During Period, Shares, New Issues						418,095

Net Income Per Common Share (Su

Net Income 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, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Net income attributable to Vail Resorts, Inc.	$ 235,691	$ 149,179	$ 207,306	$ 86,592
Weighted-average Vail Shares outstanding	40,414	39,888	40,281	38,327
Weighted-average Exchangeco Shares outstanding	61	162	62	115
Total Weighted-average shares outstanding	40,475	40,050	40,343	38,442
Effect of dilutive securities	1,119	1,057	1,346	1,087
Total shares	41,594	41,107	41,689	39,529
Basic net income per share attributable to Vail Resorts, Inc.	$ 5.82	$ 3.72	$ 5.14	$ 2.25
Diluted net income per share attributable to Vail Resorts, Inc.	$ 5.67	$ 3.63	$ 4.97	$ 2.19

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, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017	Jul. 31, 2017
Gross interest expense	$ 16,000	$ 14,200	$ 31,100	$ 26,200
Long-term Debt	1,224,508	1,259,576	1,224,508	1,259,576	$ 1,276,521
Amortization of deferred financing costs	300	300	600	500
Intercompany Foreign Currency Balance, Amount	210,000		210,000
Unamortized Debt Issuance Expense	3,726	4,476	3,726	4,476	4,100
Foreign currency gain on intercompany loans (Note 4)	10,337	5,166	$ 2,991	5,166
Term Loan [Member]
Line of Credit Facility, Initiation Date			Oct. 14, 2016
Line of Credit Facility, Increase (Decrease), Net			$ 509,400
Debt Instrument, Maturity Date			Oct. 14, 2021
Long-term Line of Credit	750,000		$ 750,000
Long-term Debt	$ 703,125	740,625	$ 703,125	740,625	721,875
Debt Instrument, Interest Rate, Stated Percentage	2.82%		2.82%
Long-term Debt, Description			the term loan facility is subject to quarterly principal payments of approximately $9.4 million, which began on January 31, 2017. Final payment of the remaining principal outstanding plus accrued and unpaid interest is due upon maturity in October 2021.
Credit Facility Revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 400,000		$ 400,000
Long-term Debt	30,000	0	$ 30,000	0	50,000
Whistler Credit Agreement revolver [Member]
Line of Credit Facility, Initiation Date			Nov. 12, 2013
Debt Instrument, Maturity Date			Nov. 12, 2022
Long-term Debt	$ 97,571	$ 129,966	$ 97,571	$ 129,966	$ 113,119
Debt Instrument, Interest Rate, Stated Percentage	3.36%		3.36%
Long-term Debt, Description			Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships’ Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of January 31, 2018, in the case of borrowings (i) in Canadian dollars, at the WB Partnerships’ option, either (a) at the Canadian Prime Rate plus 0.75% per annum or (b) by way of the issuance of bankers’ acceptances plus 1.75% per annum; and (ii) in U.S. dollars, at the WB Partnerships option, either at (a) the U.S. Base Rate plus 0.75% per annum or (b) Bankers Acceptance Rate plus 1.75% per annum
Debt Instrument, Unused Borrowing Capacity, Fee			0.3937%
Canada, Dollars | Whistler Credit Agreement revolver [Member]
Line of Credit Facility, Remaining Borrowing Capacity	$ 75,000		$ 75,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 300,000		$ 300,000

Long-Term Debt (Schedule Of Deb

Long-Term Debt (Schedule Of Debt Instruments) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2018	Jul. 31, 2017	Jan. 31, 2017
Total debt	$ 1,224,508	$ 1,276,521	$ 1,259,576
Unamortized Debt Issuance Expense	3,726	4,100	4,476
Long-term debt due within one year (Note 4)	38,433	38,397	38,379
Long-term debt, net (Note 4)	1,182,349	1,234,024	1,216,721
Credit Facility Revolver [Member]
Total debt	$ 30,000	50,000	0
Fiscal year maturity	2,021
Whistler Credit Agreement revolver [Member]
Total debt	$ 97,571	113,119	129,966
Fiscal year maturity	2,022
Term Loan [Member]
Total debt	$ 703,125	721,875	740,625
Fiscal year maturity	2,021
Employee Housing Bonds [Member]
Total debt	$ 52,575	52,575	52,575
Canyons Obligation [Member]
Total debt	$ 331,647	328,786	325,942
Fiscal year maturity	2,063
Other [Member]
Total debt	$ 9,590	$ 10,166	$ 10,468
Maximum [Member] | Employee Housing Bonds [Member]
Fiscal year maturity, end	Dec. 31, 2039
Maximum [Member] | Other [Member]
Fiscal year maturity, end	Dec. 31, 2028
Minimum [Member] | Employee Housing Bonds [Member]
Fiscal year maturity, start	Dec. 31, 2027
Minimum [Member] | Other [Member]
Fiscal year maturity, start	Dec. 31, 2024

Long-Term Debt (Schedule Of Agg

Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($) $ in Thousands	Jan. 31, 2018	Jul. 31, 2017	Jan. 31, 2017
Debt Instrument [Line Items]
2018 (February 2018 through July 2018)	$ 19,069
2,019	38,455
2,020	38,516
2,021	38,580
2,022	603,023
Thereafter	486,865
Total debt	$ 1,224,508	$ 1,276,521	$ 1,259,576

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ / shares in Units, $ in Thousands, CAD in Millions	3 Months Ended			6 Months Ended
	Jul. 31, 2017USD ($)	Oct. 31, 2016USD ($)$ / sharesshares	Oct. 31, 2016CADshares	Jan. 31, 2018USD ($)	Jan. 31, 2017USD ($)	Oct. 17, 2016USD ($)$ / shares	Oct. 14, 2016$ / shares
Payments to Acquire Businesses, Net of Cash Acquired				$ 1,356	$ 512,348
Stowe [Member]
Business Acquisition, Effective Date of Acquisition	Jun. 7, 2017
Business Combination, Consideration Transferred	$ 40,700
Whistler Blackcomb [Member]
Shares Purchased to Acquire Business | shares		38,500,000	38,500,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares		3,746,000	3,746,000
Business Acquisition, Effective Date of Acquisition		Oct. 17, 2016	Oct. 17, 2016
Noncontrolling Interest, Ownership Percentage by Parent						75.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners						25.00%
United States of America, Dollars | Whistler Blackcomb [Member]
Business Combination, Consideration Transferred		$ 1,087,203
Business Acquisition, Share Price | $ / shares		$ 13.31
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual		$ 105,500
Business Combination, Consideration Transferred		512,558
Business Combination, Consideration Transferred, Other		4,308
Total Estimated Purchase Consideration						$ 1,272,314
Realized Investment Gains (Losses)		800
Payments to Acquire Businesses, Gross		509,200
Foreign Currency Transaction Gain (Loss), Realized		3,400
Business Acquisition, Transaction Costs		$ 3,000
Share Price | $ / shares							$ 153.41
Canada, Dollars | Whistler Blackcomb [Member]
Business Acquisition, Share Price | $ / shares						$ 17.50
Business Combination, Consideration Transferred | CAD			CAD 673.8
Common Stock [Member] | Whistler Blackcomb [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares		3,327,719	3,327,719
Exchangeable Shares [Member] | Whistler Blackcomb [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares		418,095	418,095

Acquisitions (Summary Of Estima

Acquisitions (Summary Of Estimate Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2017USD ($)	Oct. 31, 2016USD ($)shares	Jan. 31, 2018USD ($)	Jan. 31, 2017USD ($)	Oct. 17, 2016USD ($)	Oct. 14, 2016$ / shares
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired			$ 1,356	$ 512,348
Stowe [Member]
Business Acquisition [Line Items]
Business Combination, Cash Consideration Transferred	$ 40,700
Whistler Blackcomb [Member]
Business Acquisition [Line Items]
Shares Purchased to Acquire Business | shares		38,500
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		5 years
Foreign Currency Exchange Rate, Translation						0.097294
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares		3,746
United States of America, Dollars | Stowe [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	39,100
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	3,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	2,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	$ (3,700)
United States of America, Dollars | Whistler Blackcomb [Member]
Business Acquisition [Line Items]
Indefinite-Lived Trademarks					$ 139,977
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables					36,820
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					332,609
Business Acquisition, Purchase Price Allocation, Real estate held for sale and investment					8,216
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					150,681
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent					7,992
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets					1,973
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities					(74,358)
Business Combination, Consideration Transferred		$ 1,087,203
Finite-Lived Customer Relationships, Gross					6,596
Payments to Acquire Management Contract Rights		4,108
Share Price | $ / shares						$ 153.41
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned					574,645
Business Combination, Cash Consideration Transferred		512,558
Business Combination, Consideration Transferred, Other		4,308
Total Estimated Purchase Consideration					1,272,314
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt					(144,922)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other					$ (3,156)
Noncontrolling Interests [Member]
Business Acquisition [Line Items]
Noncontrolling Interest, Increase from Business Combination		180,803
Mountain [Member] | United States of America, Dollars | Whistler Blackcomb [Member]
Business Acquisition [Line Items]
Goodwill Acquired During Period		$ 956,459

Acquisitions (Summary Pro Forma

Acquisitions (Summary Pro Forma Financial Information) (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jan. 31, 2017USD ($)$ / shares
Pro Forma Financial Information [Line Items]
Pro forma net revenue | $	$ 926,127
Pro forma net income attributable to Vail Resorts, Inc. | $	$ 85,126
Pro forma basic net income per share attributable to Vail Resorts, Inc. | $ / shares	$ 2.13
Pro forma diluted net income per share attributable to Vail Resorts, Inc. | $ / shares	$ 2.07

Supplementary Balance Sheet I34

Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Jan. 31, 2018	Jul. 31, 2017	Jan. 31, 2017
Property, Plant and Equipment [Line Items]
Land and land improvements	$ 559,135	$ 553,655	$ 535,577
Buildings and building improvements	1,206,465	1,210,864	1,180,941
Machinery and equipment	1,046,134	987,080	997,225
Furniture and fixtures	298,932	280,292	302,446
Software	116,210	108,048	114,750
Vehicles	62,172	59,596	69,723
Construction in progress	25,556	49,359	23,704
Gross property, plant and equipment	3,314,604	3,248,894	3,224,366
Accumulated depreciation	(1,612,391)	(1,534,740)	(1,529,620)
Property, plant and equipment, net	$ 1,702,213	$ 1,714,154	$ 1,694,746

Supplementary Balance Sheet I35

Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands	Jan. 31, 2018	Jul. 31, 2017	Jan. 31, 2017
Balance Sheet Related Disclosures [Abstract]
Trade payables	$ 94,680	$ 71,558	$ 88,814
Deferred revenue	292,336	240,096	259,212
Accrued salaries, wages and deferred compensation	52,329	44,869	50,923
Accrued benefits	35,109	32,505	32,269
Deposits	43,457	23,742	42,024
Other liabilities	70,652	54,899	68,093
Total accounts payable and accrued liabilities	$ 588,563	$ 467,669	$ 541,335

Supplementary Balance Sheet I36

Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands	Jan. 31, 2018	Jul. 31, 2017	Jan. 31, 2017
Balance Sheet Related Disclosures [Abstract]
Private club deferred initiation fee revenue	$ 116,726	$ 118,417	$ 120,659
Unfavorable lease obligation, net	23,309	24,664	25,953
Other long-term liabilities	149,758	158,655	125,323
Total other long-term liabilities	$ 289,793	$ 301,736	$ 271,935

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands, CAD in Millions	6 Months Ended
	Jan. 31, 2018USD ($)	Jan. 31, 2017USD ($)	Jan. 31, 2018CAD	Jul. 31, 2017USD ($)	Jul. 31, 2016USD ($)
Contingent Consideration	$ 23,754	$ 11,700		$ 27,400	$ 11,100
Payments for Rent	(3,646)	0
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 0	600
Business Combination, Contingent Consideration Arrangements, Description	42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds 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.
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Adverse Change in Other Assumption, Description	The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance would result in a change in the estimated fair value within the range of approximately $4.5 million to $6.5 million
Contingent Consideration, Key Assumptions for Valuation	The estimated fair value of Contingent Consideration includes the future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed growth factor. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 10.2%, volatility of 16.0% and future period Park City EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs.
Derivative, Maturity Date	Sep. 1, 2020
Money Market	$ 3,013	3,003		3,008
Interest Rate Swap		1,060
Level 2 [Member]
Interest Rate Swap		1,060		236
Fair Value, Inputs, Level 3 [Member]
Contingent Consideration	23,754	11,700		27,400
Money Market Funds [Member] | Level 1 [Member]
Money Market	3,013	3,003		3,008
Commercial Paper [Member]
Commercial Paper	2,401	2,401		2,401
Commercial Paper [Member] | Level 2 [Member]
Commercial Paper	2,401	2,401		2,401
Certificates of Deposit [Member]
Commercial Paper	7,162	2,626		2,403
Interest Rate Swap				236
Certificates of Deposit [Member] | Level 2 [Member]
Commercial Paper	$ 7,162	$ 2,626		$ 2,403
Canada, Dollars
Interest Rate Swap (in millions) | CAD			CAD 125

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2018	Jul. 31, 2017	Jan. 31, 2017
Amount outstanding in letters of credit	$ 64,700
Surety Bonds Outstanding	9,300
Holland Creek Metropolitan District [Member]
Credit-enhanced bonds issued amount	6,300
Amount outstanding in letters of credit	6,400
Red Sky Ranch Metropolitan District [Member]
Other long-term liabilities	$ 2,000	$ 2,000	$ 2,000
Estimated cessation date of capital improvement fee payment obligation	Jul. 31, 2031
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	$ 11,300

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017	Jul. 31, 2017
Total Mountain net revenue	$ 670,902	$ 654,099	$ 819,027	$ 764,866
Lodging	63,539	65,884	135,628	133,286
Total Resort net revenue	734,441	719,983	954,655	898,152
Real estate	134	5,215	770	5,311
Total net revenue	734,575	725,198	955,425	903,463
Mountain	365,605	355,239	572,689	523,492
Lodging	59,871	59,683	127,605	123,763
Resort	425,476	414,922	700,294	647,255
Real Estate	1,207	5,841	2,898	7,326
Total segment operating expense	426,683	420,763	703,192	654,581
Gain on sale of real property	515	0	515	6,466
Mountain equity investment (loss) income, net	(35)	157	487	989
Total Reported EBITDA	308,372	304,592	253,235	256,337
Real estate held for sale and investment	103,212	112,633	103,212	112,633	$ 103,405
Depreciation and amortization	(51,404)	(49,626)	(100,028)	(90,207)
Change in estimated fair value of contingent consideration (Note 7)	0	(300)	0	(600)
Gain (loss) on disposal of fixed assets and other, net	538	(2,231)	1,105	(2,781)
Investment income and other, net	397	1,148	780	5,671
Foreign Currency Transaction Gain (Loss), before Tax	10,337	5,166	2,991	5,166
Interest expense, net	(15,973)	(14,214)	(31,147)	(26,178)
Income before (provision) benefit from income taxes	252,267	244,535	126,936	147,408
(Provision) benefit from income taxes (Note 2)	(3,594)	(84,807)	89,810	(51,298)
Net income	248,673	159,728	216,746	96,110
Net income attributable to noncontrolling interests	(12,982)	(10,549)	(9,440)	(9,518)
Net income attributable to Vail Resorts, Inc.	235,691	149,179	207,306	86,592
Lift Tickets [Member]
Total Mountain net revenue	381,912	358,251	407,380	379,677
Ski School [Member]
Total Mountain net revenue	80,116	78,119	84,554	81,970
Dining [Member]
Total Mountain net revenue	53,910	54,366	72,212	67,734
Retail/Rental [Member]
Total Mountain net revenue	115,446	123,233	160,853	159,712
Other [Member]
Total Mountain net revenue	39,518	40,130	94,028	75,773
Resort [Member]
Total Reported EBITDA	308,930	305,218	254,848	251,886
Mountain [Member]
Total Reported EBITDA	305,262	299,017	246,825	242,363
Lodging [Member]
Total Reported EBITDA	3,668	6,201	8,023	9,523
Real Estate [Member]
Total Reported EBITDA	$ (558)	$ (626)	$ (1,613)	$ 4,451

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2017	Jan. 31, 2018	Jul. 31, 2017	Dec. 04, 2015	Jul. 16, 2008	Mar. 09, 2006
Accelerated Share Repurchases [Line Items]
Number of shares authorized to repurchase		7,500,000				3,000,000
Treasury Stock, Shares, Acquired	1,317
Additional number of shares authorized to repurchase				1,500,000	3,000,000
Number of shares repurchased since inception	5,436,000	5,436,000	5,436,000
Payments for Repurchase of Common Stock	$ 210
Value of stock repurchased since inception	$ 247,189	$ 247,189	$ 247,189
Remaining shares available for repurchase under existing program		2,063,706