Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Sep. 24, 2018 | Jan. 31, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jul. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MTN | ||
Entity Registrant Name | VAIL RESORTS INC | ||
Entity Central Index Key | 812,011 | ||
Current Fiscal Year End Date | --07-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 40,475,511 | ||
Entity Public Float | $ 8,752,330,929 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 178,145 | $ 117,389 |
Restricted cash | 6,895 | 10,273 |
Accounts receivable, net of allowances of $1,278 and $750, respectively | 230,829 | 186,913 |
Inventories, net of reserves of $1,534 and $1,518, respectively | 85,588 | 84,814 |
Other current assets | 37,279 | 33,681 |
Total current assets | 538,736 | 433,070 |
Property, plant and equipment, net (Note 6) | 1,627,219 | 1,714,154 |
Real estate held for sale and investment | 99,385 | 103,405 |
Deferred charges and other assets | 43,386 | 45,414 |
Goodwill, net (Note 6) | 1,475,686 | 1,519,743 |
Intangible assets, net (Note 6) | 280,572 | 294,932 |
Total assets | 4,064,984 | 4,110,718 |
Liabilities and Stockholders’ Equity | ||
Accounts payable and accrued liabilities (Note 6) | 504,533 | 467,669 |
Income taxes payable | 50,632 | 98,491 |
Long-term debt due within one year (Note 4) | 38,455 | 38,397 |
Total current liabilities | 593,620 | 604,557 |
Long-term debt, net (Note 4) | 1,234,277 | 1,234,024 |
Other long-term liabilities (Note 6) | 291,506 | 301,736 |
Deferred income taxes (Note 9) | 133,918 | 171,442 |
Total liabilities | 2,253,321 | 2,311,759 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value, 100,000 shares authorized and 46,021 and 45,448 shares issued, respectively | 460 | 454 |
Exchangeable shares, $0.01 par value, 58 and 69 shares issued and outstanding, respectively (Note 5) | 1 | 1 |
Additional paid-in capital | 1,137,467 | 1,222,510 |
Accumulated other comprehensive (loss) income | (2,227) | 44,395 |
Retained earnings | 726,722 | 550,985 |
Treasury stock, at cost; 5,552 and 5,436 shares, respectively (Note 14) | (272,989) | (247,189) |
Total Vail Resorts, Inc. stockholders’ equity | 1,589,434 | 1,571,156 |
Noncontrolling interests | 222,229 | 227,803 |
Total stockholders’ equity | 1,811,663 | 1,798,959 |
Total liabilities and stockholders’ equity | $ 4,064,984 | $ 4,110,718 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Trade receivables, allowances | $ 1,278 | $ 750 |
Inventories, reserves | $ 1,534 | $ 1,518 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 46,021,000 | 45,448,000 |
Exchangeable Shares, Shares, Issued | 58,000 | 69,000 |
Treasury stock, shares | 5,552,000 | 5,436,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Net revenue: | |||
Mountain and Lodging services and other | $ 1,584,310 | $ 1,477,654 | $ 1,228,716 |
Mountain and Lodging retail and dining | 423,255 | 412,646 | 350,442 |
Resort net revenue | 2,007,565 | 1,890,300 | 1,579,158 |
Real Estate | 3,988 | 16,918 | 22,128 |
Total net revenue | 2,011,553 | 1,907,218 | 1,601,286 |
Total segment operating expense | |||
Mountain and Lodging operating expense | 966,566 | 891,135 | 775,590 |
Mountain and Lodging retail and dining cost of products sold | 174,105 | 170,824 | 143,276 |
General and administrative | 251,806 | 236,799 | 208,991 |
Resort operating expense | 1,392,477 | 1,298,758 | 1,127,857 |
Real Estate, net | 3,546 | 24,083 | 24,639 |
Total segment operating expense | 1,396,023 | 1,322,841 | 1,152,496 |
Other operating (expense) income: | |||
Depreciation and amortization | (204,462) | (189,157) | (161,488) |
Gain on sale of real property | 515 | 6,766 | 5,295 |
Change in fair value of contingent consideration (Note 8) | 1,854 | (16,300) | (4,200) |
Loss on disposal of fixed assets and other, net | (4,620) | (6,430) | (5,418) |
Income from operations | 408,817 | 379,256 | 282,979 |
Mountain equity investment income, net | 1,523 | 1,883 | 1,283 |
Investment income and other, net | 1,944 | 6,114 | 723 |
Foreign currency (loss) gain on intercompany loans (Note 4) | (8,966) | 15,285 | 0 |
Interest expense, net | (63,226) | (54,089) | (42,366) |
Income before benefit (provision) for income taxes | 340,092 | 348,449 | 242,619 |
Benefit (provision) for income taxes (Note 9) | 61,138 | (116,731) | (93,165) |
Net income | 401,230 | 231,718 | 149,454 |
Net (income) loss attributable to noncontrolling interests | (21,332) | (21,165) | 300 |
Net income attributable to Vail Resorts, Inc. | $ 379,898 | $ 210,553 | $ 149,754 |
Per share amounts (Note 3): | |||
Basic net income per share attributable to Vail Resorts, Inc. | $ 9.40 | $ 5.36 | $ 4.13 |
Diluted net income per share attributable to Vail Resorts, Inc. | 9.13 | 5.22 | 4.01 |
Cash dividends declared per share | $ 5.046 | $ 3.726 | $ 2.865 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Net income | $ (87,791) | $ 272,275 | $ 248,673 | $ (31,927) | $ (61,248) | $ 196,856 | $ 159,728 | $ (63,618) | $ 401,230 | $ 231,718 | $ 149,454 |
Foreign currency translation adjustments and other (net of tax of $1,981, ($2,831) and ($1,905), respectively) | (61,957) | 64,152 | 3,363 | ||||||||
Comprehensive income | 339,273 | 295,870 | 152,817 | ||||||||
Comprehensive (income) loss attributable to noncontrolling interests | (5,997) | (39,372) | 300 | ||||||||
Comprehensive income attributable to Vail Resorts, Inc. | $ 333,276 | $ 256,498 | $ 153,117 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Statement of Comprehensive Income (Parenthetical) [Abstract] | |||
Translation Adjustment Functional to Reporting Currency, Tax Benefit (Expense) | $ 1,981 | $ (2,831) | $ (1,905) |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ 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 Interest [Member] |
Balance at Jul. 31, 2015 | $ 880,586 | $ 415 | $ 0 | $ 623,510 | $ (4,913) | $ 440,748 | $ (193,192) | $ 866,568 | $ 14,018 |
Net income (loss) attributable to Vail Resorts, Inc. | 149,754 | 149,754 | 149,754 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (300) | (300) | |||||||
Net income, including portion attributable to noncontrolling interest | 149,454 | ||||||||
Foreign currency translation adjustments and other | 3,363 | 3,363 | 3,363 | ||||||
Comprehensive income | 153,117 | 153,117 | |||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (300) | (300) | |||||||
Total comprehensive income | 152,817 | ||||||||
Stock-based compensation (Note 15) | 17,025 | 17,025 | 17,025 | ||||||
Issuance of shares under share award plan, net of shares withheld for employee taxes (Note 15) | (10,215) | 1 | (10,216) | (10,215) | |||||
Tax benefit from share award plan | 5,667 | 5,667 | 5,667 | ||||||
Repurchases of common stock | (53,787) | (53,787) | 53,787 | ||||||
Dividends (Note 3) | (103,835) | (103,835) | (103,835) | ||||||
Noncontrolling Interest, Increase from Contributions from Noncontrolling Interest Holders | 208 | 208 | |||||||
Balance at Jul. 31, 2016 | 888,466 | 416 | $ 0 | 635,986 | (1,550) | 486,667 | (246,979) | 874,540 | 13,926 |
Net income (loss) attributable to Vail Resorts, Inc. | 210,553 | 210,553 | 210,553 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 21,165 | 21,165 | |||||||
Net income, including portion attributable to noncontrolling interest | 231,718 | ||||||||
Foreign currency translation adjustments and other | 64,152 | 45,945 | 45,945 | 18,207 | |||||
Comprehensive income | 256,498 | 256,498 | |||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 39,372 | 39,372 | |||||||
Total comprehensive income | 295,870 | ||||||||
Stock-based compensation (Note 15) | 18,315 | 18,315 | 18,315 | ||||||
Stock Issued During Period, Shares, Acquisitions | 4 | ||||||||
Measurement period adjustment (Note 5) | 574,645 | 33 | 574,608 | 574,645 | |||||
Exchangeable share transfers | 3 | $ (3) | |||||||
Issuance of shares under share award plan, net of shares withheld for employee taxes (Note 15) | (16,275) | 2 | (16,277) | (16,275) | |||||
Tax benefit from share award plan | 9,878 | 9,878 | 9,878 | ||||||
Repurchases of common stock | (210) | (210) | (210) | ||||||
Dividends (Note 3) | (146,235) | (146,235) | (146,235) | ||||||
Acquisition of Nippon noncontrolling interest | 182,579 | 182,579 | |||||||
Distributions to noncontrolling interests, net | (8,074) | (8,074) | |||||||
Balance at Jul. 31, 2017 | 1,798,959 | 454 | 1 | 1,222,510 | 44,395 | 550,985 | (247,189) | 1,571,156 | 227,803 |
Net income (loss) attributable to Vail Resorts, Inc. | 379,898 | 379,898 | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 21,332 | 21,332 | |||||||
Net income, including portion attributable to noncontrolling interest | 401,230 | ||||||||
Foreign currency translation adjustments and other | (61,957) | (46,622) | (46,622) | (15,335) | |||||
Comprehensive income | 333,276 | 333,276 | |||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 5,997 | 5,997 | |||||||
Total comprehensive income | 339,273 | ||||||||
Stock-based compensation (Note 15) | 19,040 | 19,040 | 19,040 | ||||||
Business Acquisitions, Purchase Price Allocation, Subsequent Years, Remaining Adjustments | (1,776) | (1,776) | |||||||
Issuance of shares under share award plan, net of shares withheld for employee taxes (Note 15) | (104,077) | 6 | (104,083) | (104,077) | |||||
Repurchases of common stock | (25,800) | (25,800) | (25,800) | ||||||
Dividends (Note 3) | (204,161) | (204,161) | (204,161) | ||||||
Distributions to noncontrolling interests, net | (9,795) | (9,795) | |||||||
Balance at Jul. 31, 2018 | $ 1,811,663 | $ 460 | $ 1 | $ 1,137,467 | $ (2,227) | $ 726,722 | $ (272,989) | $ 1,589,434 | $ 222,229 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 401,230 | $ 231,718 | $ 149,454 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 204,462 | 189,157 | 161,488 |
Cost of real estate sales | 3,701 | 13,097 | 15,724 |
Stock-based compensation expense | 19,040 | 18,315 | 17,025 |
Deferred income taxes, net | (45,770) | 36,437 | 7,626 |
Canyons obligation accreted interest expense | 5,723 | 5,687 | 5,644 |
Change in fair value of contingent consideration | (1,854) | 16,300 | 4,200 |
Foreign currency loss (gain) on intercompany loans | 8,966 | (15,285) | 0 |
Gain on sale of real property | (515) | (6,766) | (5,295) |
Other non-cash income, net | (13,784) | (15,063) | (8,044) |
Changes in assets and liabilities, net of effects of acquisitions: | |||
Restricted cash | 3,139 | 2,206 | 6,966 |
Accounts receivable, net | (44,261) | (36,291) | (32,991) |
Inventories, net | (963) | 8,086 | (843) |
Accounts payable and accrued liabilities | 1,879 | (22,119) | 16,025 |
Deferred revenue | 42,007 | 24,217 | 36,557 |
Income taxes payable - excess tax benefit from share award plans | (71,077) | (9,878) | (5,667) |
Income taxes payable - other | 38,453 | 27,954 | 62,220 |
Other assets and liabilities, net | 1,249 | 5,417 | 6,888 |
Net cash provided by operating activities | 551,625 | 473,189 | 436,977 |
Cash flows from investing activities: | |||
Capital expenditures | (140,611) | (144,432) | (109,237) |
Acquisition of businesses, net of cash acquired | (1,356) | (553,220) | (20,245) |
Cash received from sale of real property | 515 | 7,992 | 7,386 |
Other investing activities, net | 6,873 | 6,824 | (1,920) |
Net cash used in investing activities | (134,579) | (682,836) | (124,016) |
Cash flows from financing activities: | |||
Proceeds from borrowings under Vail Holdings Credit Agreement | 225,000 | 669,375 | 210,000 |
Proceeds from borrowings under Whistler Credit Agreement | 46,513 | 16,917 | 0 |
Repayments of borrowings under Vail Holdings Credit Agreement | (182,500) | (213,125) | (329,375) |
Repayments of borrowings under Whistler Credit Agreement | (91,941) | (53,889) | 0 |
Employee taxes paid for share award exercises | (104,077) | (16,275) | (10,215) |
Repurchases of common stock | (25,800) | (210) | (53,787) |
Dividends paid | (204,161) | (146,235) | (103,835) |
Other financing activities, net | (13,749) | (941) | 5,780 |
Net cash (used in) provided by financing activities | (350,715) | 255,617 | (281,432) |
Effect of exchange rate changes on cash and cash equivalents | (5,575) | 3,522 | 909 |
Net increase in cash and cash equivalents | 60,756 | 49,492 | 32,438 |
Cash and cash equivalents: | |||
Beginning of period | 117,389 | 67,897 | 35,459 |
End of period | 178,145 | 117,389 | 67,897 |
Cash paid for interest | 53,842 | 46,454 | 33,243 |
Taxes paid, net | 16,945 | 49,373 | 21,994 |
Accrued capital expenditures | $ 15,638 | $ 14,631 | $ 16,267 |
Organization and Business
Organization and Business | 12 Months Ended |
Jul. 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, as of July 31, 2018, the Company operated eleven 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 states the resorts operate in. 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, 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 | 12 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation-- The accompanying Consolidated Financial Statements include the accounts of the Company, its consolidated subsidiaries for which the Company has a controlling financial interest. Investments in which the Company does not have a controlling financial interest are accounted for under the equity method. All significant intercompany transactions have been eliminated in consolidation. Cash and Cash Equivalents-- The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Accounts receivable -- The Company records trade accounts receivable in the normal course of business related to the sale of products or services. The allowance for doubtful accounts is based on a specific reserve analysis and on a percentage of accounts receivable and takes into consideration such factors as historical write-offs, the economic climate and other factors that could affect collectability. Write-offs are evaluated on a case by case basis. Inventories-- The Company’s inventories consist primarily of purchased retail goods, food and beverage items and spare parts. Inventories are stated at the lower of cost or net realizable value, determined using primarily an average weighted cost method. The Company records a reserve for estimated shrinkage and obsolete or unusable inventory. Property, Plant and Equipment-- Property, plant and equipment is carried at cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property, plant and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income. Leasehold improvements are amortized on the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Depreciation is calculated on the straight-line method, including property, plant and equipment under capital leases, generally based on the following useful lives: Estimated Life in Years Land improvements 10-35 Buildings and building improvements 7-30 Machinery and equipment 2-30 Furniture and fixtures 3-10 Software 3 Vehicles 3-10 Real Estate Held for Sale and Investment -- The Company capitalizes as real estate held for sale and investment the original land acquisition cost, direct construction and development costs, property taxes, interest recorded on costs related to real estate under development and other related costs. Sales and marketing expenses are charged against income in the period incurred. Additionally, sales commission expenses are charged against income in the period that the related revenue from real estate sales is recorded. Deferred Financing Costs-- Certain costs incurred with the issuance of debt securities are capitalized and included as a reduction in the net carrying value of long-term debt, net of accumulated amortization, with the exception of costs incurred related to line-of-credit arrangements, which are included in deferred charges and other assets, net of accumulated amortization. Amortization is charged to interest expense over the respective term of the applicable debt issues. When debt is extinguished prior to its maturity date, the amortization of the remaining unamortized deferred financing costs, or pro-rata portion thereof, is charged to loss on extinguishment of debt. Goodwill and Intangible Assets -- The Company has classified as goodwill the cost in excess of estimated fair value of the net assets of businesses acquired in purchase transactions. The Company’s major intangible asset classes are trademarks, water rights, customer lists, property management contracts, Forest Service permits and excess reorganization value. Goodwill and various indefinite-lived intangible assets, including excess reorganization value, certain trademarks, water rights and certain property management contracts, are not amortized but are subject to at least annual impairment testing. The Company tests annually (or more often, if necessary) for impairment as of May 1. Amortizable intangible assets are amortized over the shorter of their contractual terms or estimated useful lives. The testing for impairment consists of a comparison of the estimated fair value of the assets with their net carrying values. If the net carrying amount of the assets exceed its estimated fair value, an impairment will be recognized for indefinite-lived intangibles, including goodwill, in an amount equal to that excess. If the net carrying amount of the assets does not exceed the estimated fair value, no impairment loss is recognized. For the testing of goodwill for impairment, the Company performs a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit exceeds the carrying amount. If it is determined, based on qualitative factors, that the fair value of the reporting unit may be more likely than not less than carrying amount, or if significant changes to macro-economic factors related to the reporting unit have occurred that could materially impact fair value, a quantitative goodwill impairment test would be required, in which the Company determines the estimated fair value of its reporting units using discounted cash flow analyses. The estimated fair value of indefinite-lived intangible assets is estimated using an income approach. The Company determined that there was no impairment to goodwill and no significant impairment to definite or indefinite-lived intangible assets for the years ended July 31, 2018 , 2017 and 2016 . Long-lived Assets-- The Company evaluates potential impairment of long-lived assets and long-lived assets to be disposed of whenever events or changes in circumstances indicate that the net carrying amount of an asset may not be fully recoverable. If the sum of the expected cash flows, on an undiscounted basis, is less than the net carrying amount of the asset, an impairment loss is recognized in the amount by which the net carrying amount of the asset exceeds its estimated fair value. The Company does not believe any events or changes in circumstances indicating an impairment of the net carrying amount of a long-lived asset occurred during the years ended July 31, 2018 , 2017 and 2016 . Revenue Recognition-- The following describes the composition of revenues for the Company: • Mountain revenue is derived from a wide variety of sources, including, among other things, sales of lift tickets (including season passes), ski school operations, other on-mountain activities, dining operations, retail sales, equipment rentals, private ski club amortized initiation fees and dues, marketing and internet advertising, commercial leasing, employee housing, municipal services and lodging and transportation operations at Perisher, and is recognized as products are delivered or services are performed. The Company records deferred revenue related to the sale of season ski passes. The number of season pass holder visits is estimated based on historical data and the deferred revenue is recognized throughout the ski season based on this estimate, or on a straight-line basis if usage patterns cannot be determined based on available historical data. • Revenue from non-refundable private club initiation fees is recognized over the estimated life of the facilities on a straight-line basis upon inception of the club. As of July 31, 2018 , the weighted average remaining period over which the private club initiation fees will be recognized is approximately 12 years . Additionally, certain club initiation fees are refundable in 30 years after the date of acceptance of a member. Under these memberships, the difference between the amount paid by the member and the present value of the refund obligation is recorded as deferred initiation fee revenue in the Company’s Consolidated Balance Sheets and recognized as revenue on a straight-line basis over 30 years . The present value of the refund obligation is recorded as an initiation deposit liability and accretes over the nonrefundable term using the effective interest method. The accretion is included in interest expense. • Lodging revenue is derived from a wide variety of sources, including, among other things, hotel operations, dining operations, property management services, managed hotel property payroll cost reimbursements, private golf club amortized initiation fees and dues, transportation services and golf course greens fees, and is recognized as products are delivered or services are performed. Revenue from payroll cost reimbursements relates to payroll costs of managed hotel properties where the Company is the employer. The reimbursements are based upon the costs incurred with no added margin; therefore, these revenues and corresponding expenses have no net effect on the Company’s operating income or net income. • Real estate revenue primarily includes the sale of land parcels, which is recorded primarily using the full accrual method and occurs only upon the following: (i) substantial completion of the entire development project, if applicable, (ii) receipt of certificates of occupancy or temporary certificates of occupancy from local governmental agencies, if applicable, (iii) closing of the sales transaction including receipt of all, or substantially all, sales proceeds (including any deposits previously received) and (iv) transfer of ownership. Real Estate Cost of Sales-- Costs of real estate transactions include direct project costs, common cost allocations (primarily determined on relative sales value) and sales commission expense. The Company utilizes the relative sales value method to determine cost of sales for condominium units sold within a project when specific identification of costs cannot be reasonably determined. Foreign Currency Translation -- The functional currency of the Company’s entities operating outside of the United States is the principal currency of the economic environment in which the entity primarily generates and expends cash, which is the local currency. The assets and liabilities of these foreign operations are translated at the exchange rate in effect as of the balance sheet dates. Income and expense items are translated using the weighted average exchange rate for the period. Translation adjustments from currency exchange, including intercompany transactions of a long-term nature, are recorded in accumulated other comprehensive (loss) income as a separate component of stockholders’ equity. Intercompany transactions that are not of a long-term nature are reported as gains and losses within “segment operating expense” and for intercompany loans within “foreign currency (loss) gain on intercompany loans” on the Company’s Consolidated Statements of Operations. Reserve Estimates-- The Company uses estimates to record reserves for certain liabilities, including medical claims, workers’ compensation claims, third-party loss contingencies and property taxes, among other items. The Company estimates the probable costs related to these liabilities that will be incurred and records that amount as a liability in its consolidated financial statements. Additionally, the Company records, as applicable, receivables related to insurance recoveries for loss contingencies if deemed probable of recovery. These estimates are reviewed and adjusted as the facts and circumstances change. The Company records legal costs related to defending claims as incurred. Advertising Costs -- Advertising costs are expensed at the time such advertising commences. Advertising expense for the years ended July 31, 2018 , 2017 and 2016 was $39.8 million , $40.0 million and $32.3 million , respectively. Income Taxes-- Income tax expense includes U.S. tax (federal and state) and foreign income taxes. Tax legislation commonly known as the Tax Cuts and Jobs Act of 2017 includes a mandatory one-time tax on accumulated earnings of foreign subsidiaries and, as a result, all previously unremitted earnings for which no U.S. deferred tax liability had been accrued have now been subject to U.S. tax. The Company’s provision for income taxes is based on pre-tax income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported in the accompanying Consolidated Balance Sheets and for operating loss and tax credit carryforwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to the tax provision or benefit in the period of enactment. The Company’s deferred tax assets have been reduced by a valuation allowance to the extent it is deemed to be more likely than not that some or all of the deferred tax assets will not be realized. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is “more-likely-than-not” to be sustained, on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the largest tax benefit that is cumulatively greater than 50% likely of being realized upon ultimate settlement. Interest and penalties accrued in connection with uncertain tax positions are recognized as a component of income tax expense (see Note 9, Income Taxes, for more information). Fair Value of Financial Instruments -- The recorded amounts for cash and cash equivalents, receivables, other current assets and accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under the Company’s credit agreements and the Employee Housing Bonds (as defined in Note 4, Long-Term Debt) approximate book value due to the variable nature of the interest rate, which is a market rate, associated with the debt. Stock-Based Compensation-- Stock-based compensation expense is measured at the grant date based upon the estimated fair value of the portion of the award that is ultimately expected to vest and is recognized as expense over the applicable vesting period of the award generally using the straight-line method (see Note 15, Stock Compensation Plan for more information). The following table shows total net stock-based compensation expense for the years ended July 31, 2018 , 2017 and 2016 included in the Consolidated Statements of Operations (in thousands): Year Ended July 31, 2018 2017 2016 Mountain stock-based compensation expense $ 15,716 $ 14,969 $ 13,404 Lodging stock-based compensation expense 3,215 3,215 3,094 Real Estate stock-based compensation expense 109 131 527 Pre-tax stock-based compensation expense 19,040 18,315 17,025 Less: benefit from income taxes 5,406 6,290 6,057 Net stock-based compensation expense $ 13,634 $ 12,025 $ 10,968 Concentration of Credit Risk-- The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company places its cash and temporary cash investments in high-quality credit institutions. The Company does not enter into financial instruments for hedging, trading or speculative purposes. Concentration of credit risk with respect to accounts and notes receivables is limited due to the wide variety of customers and markets in which the Company transacts business, as well as their dispersion across many geographical areas. The Company performs ongoing credit evaluations of its customers and generally does not require collateral, but does require advance deposits on certain transactions. Use of Estimates-- The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Recently Issued Accounting Standards Adopted Standards In March 2016, the FASB issued Accounting Standards Update (“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 an employee’s 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 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 $71.1 million of excess tax benefits within benefit from income taxes on its Consolidated Statement of Operations for the year ended July 31, 2018, resulting from vesting or exercises of equity awards during the period. As of August 1, 2017, the Company prospectively presented excess tax benefits as operating activities on its Consolidated Statement of Cash Flows for the year ended July 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 Statement of Operations for the year ended July 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 Statements of Cash Flows, which resulted in decreases to cash provided by financing activities with corresponding increases to cash provided by operating activities of approximately $16.3 million and $10.2 million , respectively, for the years ended July 31, 2017 and 2016, as shown below (in thousands). Year Ended July 31, 2017 Previously Reported (Previous Guidance) Tax Payments Change Revised Reported (New Guidance) Cash flows provided by operating activities $ 456,914 $ 16,275 $ 473,189 Cash flows used in investing activities (no change) (682,836 ) — (682,836 ) Cash flows provided by financing activities 271,892 (16,275 ) 255,617 Effect of exchange rate changes (no change) 3,522 — 3,522 Net increase in cash and cash equivalents (no change) $ 49,492 $ — $ 49,492 Year Ended July 31, 2016 Previously Reported (Previous Guidance) Tax Payments Change Revised Reported (New Guidance) Cash flows provided by operating activities $ 426,762 $ 10,215 $ 436,977 Cash flows used in investing activities (no change) (124,016 ) — (124,016 ) Cash flows used in financing activities (271,217 ) (10,215 ) (281,432 ) Effect of exchange rate changes (no change) 909 — 909 Net increase in cash and cash equivalents (no change) $ 32,438 $ — $ 32,438 In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The standard simplifies interim and annual goodwill impairment testing by eliminating step two, a hypothetical purchase price allocation, from the goodwill impairment test and leaving step one unchanged. Under the new guidance, companies will continue to complete step one by comparing the estimated fair value of their reporting units with their respective carrying amounts, and will recognize an impairment charge, if any, for the amount by which the carrying amount exceeds the reporting unit’s estimated fair value. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2019 (the Company’s first quarter of fiscal 2021), with early adoption permitted. The Company elected to early adopt this accounting standard on May 1, 2018, which did not have an impact on its consolidated financial statements. Standards Being Evaluated 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). The guidance permits two retrospective methods of adoption; adjusting each prior reporting period presented (full retrospective method) or an adjustment to retained earnings for the cumulative effect of implementing the guidance at the date of adoption (modified retrospective method). The Company has completed a review of the majority of its revenue streams consisting of (i) season pass sales, (ii) non-season pass lift ticket sales, (iii) ski school sales, (iv) retail/rental sales, (v) food and beverage sales and (vi) hospitality services and determined that the new guidance will not result in a material impact to the Company’s consolidated financial statements. The Company will adopt this guidance on August 1, 2018 under the modified retrospective transition method. Additionally, the new guidance will not have a material effect on the timing, pattern and classification of the Company’s revenue recognition. The Company expects to expand its revenue recognition related disclosures. 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. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” The standard provides guidance for eight targeted changes with respect to how cash receipts and cash payments are classified in the statements of cash flows, with the objective of reducing diversity in practice. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2017 (the Company’s first quarter of fiscal 2019), with early adoption permitted. The Company does not expect the adoption of this accounting standard to have a material impact on its consolidated financial statements. |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Jul. 31, 2018 | |
Earnings Per Share Reconciliation [Abstract] | |
Net Income Per Common Share | Net Income Per Common 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 the 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 years ended July 31, 2018 , 2017 and 2016 (in thousands, except per share amounts): Year Ended July 31, 2018 2017 2016 Basic Diluted Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 379,898 $ 379,898 $ 210,553 $ 210,553 $ 149,754 $ 149,754 Weighted-average shares outstanding 40,337 40,337 39,158 39,158 36,276 36,276 Weighted-average Exchangeco shares outstanding 60 60 93 93 — — Total Weighted-average shares outstanding 40,397 40,397 39,251 39,251 36,276 36,276 Effect of dilutive securities — 1,221 — 1,115 — 1,036 Total shares 40,397 41,618 39,251 40,366 36,276 37,312 Net income per share attributable to Vail Resorts $ 9.40 $ 9.13 $ 5.36 $ 5.22 $ 4.13 $ 4.01 The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable on the exercise of share based awards that were excluded from the calculation of diluted net income per share because the effect of their inclusion would have been anti-dilutive totaled approximately 2,000 , 9,000 and 18,000 for the years ended July 31, 2018 , 2017 and 2016 , respectively. Dividends On March 7, 2018, the Company’s Board of Directors approved an increase of approximately 40% in the annual cash dividend to an annual rate of $5.88 per share, subject to quarterly declaration. For the year ended July 31, 2018 , the Company paid cash dividends of $5.046 per share ( $204.2 million in the aggregate). On September 27, 2018 the Company’s Board of Directors approved a quarterly cash dividend of $1.47 per share payable on October 26, 2018 to stockholders of record as of October 9, 2018 . Additionally, a Canadian dollar equivalent dividend on the Exchangeco Shares will be payable on October 26, 2018 to the shareholders of record on October 9, 2018 . |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Jul. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt as of July 31, 2018 and 2017 is summarized as follows (in thousands): Maturity July 31, July 31, Vail Holdings Credit Agreement revolver (a) 2021 $ 130,000 $ 50,000 Vail Holdings Credit Agreement term loan (a) 2021 684,375 721,875 Whistler Credit Agreement revolver (b) 2022 65,353 113,119 Employee housing bonds (c) 2027-2039 52,575 52,575 Canyons obligation (d) 2063 334,509 328,786 Other (e) 2024-2028 9,270 10,166 Total debt 1,276,082 1,276,521 Less: Unamortized debt issuance costs 3,350 4,100 Less: Current maturities (f) 38,455 38,397 Long-term debt, net $ 1,234,277 $ 1,234,024 (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 Facility, 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. VHI’s obligations under the Vail Holdings Credit Agreement are guaranteed by the Company and certain of its subsidiaries and are collateralized by a pledge of all the capital stock of VHI and substantially all of its subsidiaries (with certain additional exceptions for the pledge of the capital stock of foreign subsidiaries). In addition, pursuant to the terms of the Vail Holdings Credit Agreement, VHI has the ability to increase availability (under the revolver or in the form of term loans) to an aggregate principal amount not to exceed the greater of (i) $950.0 million and (ii) the product of 2.75 and the trailing twelve-month Adjusted EBITDA, as defined in the Vail Holdings Credit Agreement. The term loan facility is subject to quarterly amortization of principal of approximately $9.4 million, which began on January 31, 2017, in equal installments, with five percent payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due in October 2021. The proceeds of the loans made under the Vail Holdings Credit Agreement may be used to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at LIBOR plus 1.125% as of July 31, 2018 (3.20% as of July 31, 2018) . Interest rate margins may fluctuate based upon the ratio of the Company’s Net Funded Debt to Adjusted EBITDA on a trailing four-quarter basis. The Vail Holdings Credit Agreement also includes a quarterly unused commitment fee, which is equal to a percentage determined by the Net Funded Debt to Adjusted EBITDA ratio, as each such term is defined in the Vail Holdings Credit Agreement, times the daily amount by which the Vail Holdings Credit Agreement commitment exceeds the total of outstanding loans and outstanding letters of credit ( 0.2% as of July 31, 2018). The unused amounts are accessible to the extent that the Net Funded Debt to Adjusted EBITDA ratio does not exceed the maximum ratio allowed at quarter-ends and the Adjusted EBITDA to interest on Funded Debt (as defined in the Vail Holdings Credit Agreement) ratio does not fall below the minimum ratio allowed at quarter-ends. 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. In addition, the Vail Holdings Credit Agreement includes the following restrictive financial covenants: Net Funded Debt to Adjusted EBITDA ratio and Adjusted EBITDA to interest on Funded Debt ratio. On August 15, 2018, VHI entered into an agreement to amend and restate in its entirety the Vail Holdings Credit Agreement, dated May 1, 2015, in the form of an Eighth Amended and Restated Credit Agreement, dated August 15, 2018 (the “Amended Vail Holdings Credit Agreement”). The Amended Vail Holdings Credit Agreement provides for (i) an unchanged revolving loan facility in an aggregate principal amount of $400.0 million and (ii) a term loan facility in an aggregate principal amount of up to $950.0 million , which was increased from the existing term loan facility of $684.4 million as of July 31, 2018. Refer to Note 17, Subsequent Events, for additional information. (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 year ended July 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 July 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 July 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% ( 3.54% as of July 31, 2018). The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of July 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) The Company has recorded the outstanding debt of four Employee Housing Entities (each an “Employee Housing Entity” and collectively the “Employee Housing Entities”): Breckenridge Terrace, Tarnes, BC Housing and Tenderfoot. The proceeds of the Employee Housing Bonds were used to develop apartment complexes designated primarily for use by the Company’s seasonal employees at its Colorado mountain resorts. The Employee Housing Bonds are variable rate, interest-only instruments with interest rates tied to LIBOR plus 0% to 0.04% ( 2.08% to 2.12% as of July 31, 2018 ). Interest on the Employee Housing Bonds is paid monthly in arrears and the interest rate is adjusted weekly. No principal payments are due on the Employee Housing Bonds until maturity. Each Employee Housing Entity’s bonds were issued in two series. The bonds for each Employee Housing Entity are backed by letters of credit issued under the Vail Holdings Credit Agreement. The table below presents the principal amounts outstanding for the Employee Housing Bonds as of July 31, 2018 (in thousands): Maturity (a) Tranche A Tranche B Total Breckenridge Terrace 2039 $ 14,980 $ 5,000 $ 19,980 Tarnes 2039 8,000 2,410 10,410 BC Housing 2027 9,100 1,500 10,600 Tenderfoot 2035 5,700 5,885 11,585 Total $ 37,780 $ 14,795 $ 52,575 (d) On May 24, 2013 , VR CPC Holdings, Inc. (“VR CPC”), a wholly-owned subsidiary of the Company, entered into a transaction agreement with affiliate companies of Talisker Corporation (“Talisker”) pursuant to which the parties entered into a master lease agreement (the “Lease”) and certain ancillary transaction documents on May 29, 2013 related to the former stand-alone Canyons Resort (“Canyons”), pursuant to which the Company assumed the resort operations of the Canyons. The Lease between VR CPC and Talisker has an initial term of 50 years with six 50-year renewal options . The Lease provides for $25 million in annual payments, which increase each year by an inflation linked index of CPI less 1%, with a floor of 2% per annum . Vail Resorts has guaranteed the payments under the Lease. The obligation at July 31, 2018 represents future lease payments for the remaining initial lease term of 50 years (including annual increases at the floor of 2%) discounted using an interest rate of 10% , and includes accumulated accreted interest expense of $29.2 million . (e) Other obligations primarily consist of a $4.2 million note outstanding to the Colorado Water Conservation Board, which matures on September 16, 2028 , and other financing arrangements. Other obligations, including the Colorado Water Conservation Board note, bear interest at rates ranging from 5.1% to 5.5% . (f) Current maturities represent principal payments due in the next 12 months . Aggregate maturities for debt outstanding, including capital lease obligations, as of July 31, 2018 reflected by fiscal year are as follows (in thousands): Total 2019 $ 38,455 2020 38,516 2021 38,580 2022 703,023 2023 66,572 Thereafter 390,936 Total debt $ 1,276,082 The Company recorded interest expense of $63.2 million , $54.1 million and $42.4 million for the years ended July 31, 2018 , 2017 and 2016 , respectively, of which $1.3 million , $1.1 million and $1.0 million , respectively, was amortization of deferred financing costs. The Company was in compliance with all of its financial and operating covenants required to be maintained under its debt instruments for all periods presented. 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 $(9.0) million and $15.3 million of non-cash foreign currency (loss) gain on the intercompany loan to Whistler Blackcomb during the years ended July 31, 2018 and 2017, respectively, on the Company’s Consolidated Statements of Operations. |
Acquisitions
Acquisitions | 12 Months Ended |
Jul. 31, 2018 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information [Table Text Block] | 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 acquisition; 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). Year Ended July 31, 2017 2016 Pro forma net revenue $ 1,929,882 $ 1,835,924 Pro forma net income attributable to Vail Resorts, Inc. $ 212,475 $ 170,855 Pro forma basic net income per share attributable to Vail Resorts, Inc. $ 5.31 $ 4.27 Pro forma diluted net income per share attributable to Vail Resorts, Inc. $ 5.16 $ 4.16 |
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 purchase price allocation and has recorded $39.2 million in property, plant and equipment; $3.0 million in intangible assets; $2.3 million in other assets; and $3.8 million of assumed liabilities on the date of acquisition. The Company recognized $2.0 million of transaction related expenses associated with the transaction in Mountain and Lodging operating expense in the Consolidated Statements of Operations for the year ended July 31, 2017. 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. 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 Statement of Operations for the year ended July 31, 2017. 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 Statement of Operations for the year ended July 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 Resorts shares issued to Whistler Blackcomb shareholders 3,746 Vail Resorts closing share price on October 14, 2016 $ 153.41 Total value of Vail Resorts 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 year ended July 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 $ 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 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 deductible for income tax purposes. The operating results of Whistler Blackcomb, which are primarily recorded in the Mountain segment, contributed $257.8 million of net revenue and $65.6 million of earnings for the year ended July 31, 2017, prospectively from the acquisition date of October 17, 2016. The Company recognized $3.2 million of Whistler Blackcomb transaction related expenses in Mountain operating expense in the Consolidated Statement of Operations for the year ended July 31, 2017. On February 23, 2017, Whistler LP, by its general partner Whistler Blackcomb Holdings Inc. (“WBHI”), a wholly-owned subsidiary of the Company, entered into a master development agreement (the “Whistler MDA”) with Her Majesty, the Queen in Right of British Columbia (the “Province”) with respect to the operation and development of Whistler Mountain. Additionally, on February 23, 2017, Blackcomb LP, by its general partner WBHI, entered into a master development agreement (the “Blackcomb MDA” and together with the Whistler MDA, the “MDAs”) with the Province with respect to the operation and development of Blackcomb Mountain. Each of Whistler LP and Blackcomb LP were operating under existing master development agreements that terminated upon execution of the new MDAs. The MDAs grant a general license to the WB Partnerships to use the Whistler Mountain lands and the Blackcomb Mountain lands for the operation and development of the Whistler Blackcomb Resort. Each WB Partnership is permitted to develop new improvements to Whistler Mountain or Blackcomb Mountain, as the case may be, within standard municipal type development control conditions. The MDAs each have a term of 60 years and are replaceable for an additional 60 years by option exercisable by the WB Partnerships after the first 30 years of the initial term. In accordance with the MDAs, each WB Partnership is obligated to pay annual fees to the Province at a percentage certain gross revenues related to the Whistler Blackcomb Resort. 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 acquisition; 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). Year Ended July 31, 2017 2016 Pro forma net revenue $ 1,929,882 $ 1,835,924 Pro forma net income attributable to Vail Resorts, Inc. $ 212,475 $ 170,855 Pro forma basic net income per share attributable to Vail Resorts, Inc. $ 5.31 $ 4.27 Pro forma diluted net income per share attributable to Vail Resorts, Inc. $ 5.16 $ 4.16 Wilmot Mountain On January 19, 2016 , the Company, through a wholly-owned subsidiary, acquired all of the assets of Wilmot, a ski area located in Wisconsin near the Illinois state line, for total cash consideration of $20.2 million . The purchase price was allocated to identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair value at the acquisition date. The Company has completed its purchase price allocation and has recorded $12.5 million in property, plant and equipment, $0.2 million in other assets, $0.4 million in other intangible assets (with a weighted-average amortization period of 10 years at the date of acquisition) and $0.3 million of assumed liabilities on the date of acquisition. The excess of the purchase price over the aggregate fair value of assets acquired and liabilities assumed was $7.4 million and was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Wilmot and other factors. The goodwill is deductible for income tax purposes. The operating results of Wilmot 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. 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 Statement of Operations for the year ended July 31, 2017. 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 Statement of Operations for the year ended July 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 Resorts shares issued to Whistler Blackcomb shareholders 3,746 Vail Resorts closing share price on October 14, 2016 $ 153.41 Total value of Vail Resorts 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 year ended July 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 $ 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 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 deductible for income tax purposes. The operating results of Whistler Blackcomb, which are primarily recorded in the Mountain segment, contributed $257.8 million of net revenue and $65.6 million of earnings for the year ended July 31, 2017, prospectively from the acquisition date of October 17, 2016. The Company recognized $3.2 million of Whistler Blackcomb transaction related expenses in Mountain operating expense in the Consolidated Statement of Operations for the year ended July 31, 2017. |
Supplementary Balance Sheet Inf
Supplementary Balance Sheet Information | 12 Months Ended |
Jul. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplementary Balance Sheet Information | Supplementary Balance Sheet Information The composition of property, plant and equipment, including capital lease assets, follows (in thousands): July 31, 2018 2017 Land and land improvements $ 552,271 $ 553,655 Buildings and building improvements 1,193,528 1,210,864 Machinery and equipment 1,007,250 987,080 Furniture and fixtures 283,694 280,292 Software 113,699 108,048 Vehicles 60,697 59,596 Construction in progress 59,579 49,359 Gross property, plant and equipment 3,270,718 3,248,894 Accumulated depreciation (1,643,499 ) (1,534,740 ) Property, plant and equipment, net $ 1,627,219 $ 1,714,154 Depreciation expense, which included depreciation of assets recorded under capital leases, for the years ended July 31, 2018 , 2017 and 2016 totaled $199.2 million , $180.8 million and $156.8 million , respectively. The following table shows the composition of property, plant and equipment recorded under capital leases as of July 31, 2018 and 2017 (in thousands): July 31, 2018 2017 Land $ 31,818 $ 31,818 Land improvements 49,228 49,228 Buildings and building improvements 42,660 42,910 Machinery and equipment 60,384 61,156 Gross property, plant and equipment 184,090 185,112 Accumulated depreciation (46,502 ) (37,000 ) Property, plant and equipment, net $ 137,588 $ 148,112 The composition of goodwill and intangible assets follows (in thousands): July 31, 2018 2017 Goodwill Goodwill $ 1,493,040 $ 1,537,097 Accumulated amortization (17,354 ) (17,354 ) Goodwill, net $ 1,475,686 $ 1,519,743 Indefinite-lived intangible assets Trademarks $ 205,083 $ 216,923 Other 41,160 41,275 Total gross indefinite-lived intangible assets 246,243 258,198 Accumulated amortization (24,713 ) (24,713 ) Indefinite-lived intangible assets, net 221,530 233,485 Amortizable intangible assets Trademarks 42,971 39,071 Other 47,604 49,804 Total gross amortizable intangible assets 90,575 88,875 Accumulated amortization (31,533 ) (27,428 ) Amortizable intangible assets, net 59,042 61,447 Total gross intangible assets 336,818 347,073 Total accumulated amortization (56,246 ) (52,141 ) Total intangible assets, net $ 280,572 $ 294,932 Amortization expense for intangible assets subject to amortization for the years ended July 31, 2018 , 2017 and 2016 totaled $5.3 million , $8.3 million and $4.7 million , respectively, and is estimated to be approximately $2.8 million annually, on average, for the next five fiscal years. The changes in the net carrying amount of goodwill allocated between the Company’s segments for the years ended July 31, 2018 and 2017 are as follows (in thousands): Mountain Lodging Goodwill, net Balance at July 31, 2016 $ 441,138 $ 67,899 $ 509,037 Acquisitions 956,739 — 956,739 Effects of changes in foreign currency exchange rates 53,967 — 53,967 Balance at July 31, 2017 1,451,844 67,899 1,519,743 Acquisitions (including measurement period adjustments) 344 — 344 Effects of changes in foreign currency exchange rates (44,401 ) — (44,401 ) Balance at July 31, 2018 $ 1,407,787 $ 67,899 $ 1,475,686 The composition of accounts payable and accrued liabilities follows (in thousands): July 31, 2018 2017 Trade payables $ 80,793 $ 71,558 Deferred revenue 282,103 240,096 Accrued salaries, wages and deferred compensation 40,034 44,869 Accrued benefits 33,963 32,505 Deposits 26,646 23,742 Other accruals 40,994 54,899 Total accounts payable and accrued liabilities $ 504,533 $ 467,669 The composition of other long-term liabilities follows (in thousands): July 31, 2018 2017 Private club deferred initiation fee revenue $ 114,319 $ 118,417 Unfavorable lease obligation, net 21,839 24,664 Other long-term liabilities 155,348 158,655 Total other long-term liabilities $ 291,506 $ 301,736 |
Investments in Affiliates
Investments in Affiliates | 12 Months Ended |
Jul. 31, 2018 | |
Long-term Investments [Abstract] | |
Investments in Affiliates | Investments in Affiliates The Company held the following investments in equity method affiliates as of July 31, 2018 : Equity Method Affiliates Ownership Interest Slifer, Smith, and Frampton/Vail Associates Real Estate, LLC (“SSF/VARE”) 50% KRED 50% Clinton Ditch and Reservoir Company 43% The Company had total net investments in equity method affiliates of $7.7 million and $7.6 million as of July 31, 2018 and 2017 , respectively, classified as “deferred charges and other assets” in the accompanying Consolidated Balance Sheets. The amount of retained earnings that represent undistributed earnings of 50-percent-or-less-owned entities accounted for by the equity method was $4.4 million and $4.3 million as of July 31, 2018 and 2017 , respectively. During the years ended July 31, 2018 , 2017 and 2016 , distributions in the amounts of $1.5 million , $1.9 million and $1.3 million , respectively, were received from equity method affiliates. SSF/VARE is a real estate brokerage with multiple locations in Eagle and Summit Counties, Colorado in which the Company has a 50% ownership interest. SSF/VARE leases space for real estate offices from the Company. The Company recognized approximately $0.4 million in revenue related to these leases for each of the years ended July 31, 2018 , 2017 and 2016 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jul. 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, other current assets, 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 July 31, 2018 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 3,021 $ 3,021 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 11,249 $ — $ 11,249 $ — Liabilities: Contingent Consideration $ 21,900 $ — $ — $ 21,900 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 $ 2,405 $ — $ 2,405 $ — Interest Rate Swap $ 236 $ — $ 236 $ — Liabilities: Contingent Consideration $ 27,400 $ — $ — $ 27,400 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 on the 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 July 31, 2018. Interest Rate Swap settlements and changes in estimated fair value were recognized in Interest expense, net on the Consolidated Statement of Operations. The following change in Contingent Consideration during the years ended July 31, 2018 and 2017 were as follows (in thousands): Balance at July 31, 2016 $ 11,100 Change in estimated fair value 16,300 Balance at July 31, 2017 27,400 Payment (3,646 ) Change in estimated fair value (1,854 ) Balance at July 31, 2018 $ 21,900 The Lease for Park City, as discussed in Note 4, Long-term Debt, 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 11.3%, volatility of 17.5% 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 $4.0 million to $5.3 million. Contingent Consideration is classified as a liability in our Consolidated Balance Sheets and is remeasured to an estimated fair value at each reporting date until the contingency is resolved. During the year ended July 31, 2018, the Company made a payment to the landlord for Contingent Consideration of approximately $3.6 million and recorded a decrease in the estimated fair value of approximately $1.9 million primarily related to the Contingent Consideration payment for the year ended July 31, 2018 and other key assumptions noted above, resulting in an estimated fair value of the Contingent Consideration of $21.9 million as of July 31, 2018 , which is reflected in other long-term liabilities in the Consolidated Balance Sheet. |
Income Taxes
Income Taxes | 12 Months Ended |
Jul. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 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 year ended July 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 resulted in a U.S. blended federal statutory income tax rate for the Company for the year ended July 31, 2018 of approximately 27% (August 2017 through December 2017 at 35% and January 2018 through July 2018 at 21% ), and which will then be reduced to 21% for the year ending July 31, 2019 and thereafter, subject to future changes in the tax laws. • 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 under “Section 162(m)” of the Internal Revenue Code. • Provides for a tax on global intangible low-taxed income (“GILTI”), a base erosion anti-abuse tax (“BEAT”) and a deduction for foreign derived intangible income (“FDII”). On December 22, 2017, the Securities and Exchange Commission (“SEC”) staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to provide guidance related to accounting for 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 established 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. The Tax Act increased limitations on the deductibility of certain executive compensation, expands the definition of a “covered employee” under Section 162(m), and, among other modifications, repeals the exception for performance-based compensation and commissions from the $1.0 million deduction limitation. The Tax Act also provides transitional guidance, which will allow certain payments made under written and binding agreements that were entered into prior to November 2, 2017 to be treated as if they were made under the provisions of Section 162(m) that were in effect prior to enactment of the Tax Act. The Company is in the process of reviewing existing compensation arrangements for covered employees as well as assessing the impact of transitional guidance on the realizability of existing deferred tax assets related to compensation arrangements of its covered employees. As a result, the Company did not made any adjustments related to the impact of the new executive compensation limitations in its consolidated financial statements for the year ended July 31, 2018. As a result of the Tax Act, the Company recorded a one-time, provisional net tax benefit of approximately $61.0 million on its Consolidated Statement of Operations for the year ended July 31, 2018, as described below. The Company continues to evaluate the impact of these provisions; however, during this provisional period, it has determined there should be no GILTI inclusion, BEAT would not apply and there is an immaterial FDII deduction. The Company has not made a policy decision regarding whether to record deferred taxes on GILTI or use the period cost method. 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 $67.0 million , as a discrete item in the benefit from income taxes for the year ended July 31, 2018, which is a reduction in net deferred tax liabilities in the accompanying Consolidated Balance Sheet as of July 31, 2018. The Company also recorded an estimated provisional charge for the Transition Tax of approximately $6.0 million as a discrete item in the benefit from income taxes for the year ended July 31, 2018. The changes included in the Tax Act are broad and complex. The final transitional impacts of the Tax Act may materially differ from the above amounts due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise with respect to the Tax Act or any updates the Company has utilized to calculate the transitional impacts. The Company will complete its analysis no later than December 22, 2018 (the end of the one-year measurement period). The Tax Act does not provide for additional income taxes for any remaining undistributed foreign earnings not subject to the Transition Tax, or for any additional outside basis differences inherent in foreign entities, as these amounts continue to be indefinitely reinvested in those foreign operations. Substantially all of the Company’s unremitted foreign earnings that have not been previously taxed have now been subjected to U.S. taxation under the Transition Tax. The Company has made no additional provision for U.S. income taxes or additional non-U.S. taxes on the remaining unremitted accumulated earnings of non-U.S. subsidiaries. It is not practical at this time to determine the income tax liability related to any remaining undistributed earnings or additional basis difference not subject to the Transition Tax. U.S. and foreign components of income before benefit (provision) for income taxes is as follows (in thousands): Year Ended July 31, 2018 2017 2016 U.S. $ 264,379 $ 251,478 $ 231,756 Foreign 75,713 96,971 10,863 Income before income taxes $ 340,092 $ 348,449 $ 242,619 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and income tax purposes. Significant components of the Company’s deferred tax liabilities and assets are as follows (in thousands): July 31, 2018 2017 Deferred income tax liabilities: Fixed assets $ 126,697 $ 180,480 Intangible assets 54,708 65,614 Other 12,865 31,191 Total 194,270 277,285 Deferred income tax assets: Canyons obligation 13,145 19,276 Stock-based compensation 9,824 17,862 Investment in Partnerships 15,113 17,511 Deferred compensation and other accrued benefits 9,220 15,215 Contingent Consideration 5,476 10,472 Unfavorable lease obligation, net 5,580 9,542 Net operating loss carryforwards and other tax credits 5,716 12,783 Other, net 11,501 19,468 Total 75,575 122,129 Valuation allowance for deferred income taxes (5,450 ) (6,955 ) Deferred income tax assets, net of valuation allowance 70,125 115,174 Net deferred income tax liability $ 124,145 $ 162,111 The components of deferred income taxes recognized in the Consolidated Balance Sheets are as follows (in thousands): July 31, 2018 2017 Non-current deferred income tax asset $ 9,773 $ 9,331 Net non-current deferred income tax liability 133,918 171,442 Net deferred income tax liability $ 124,145 $ 162,111 Significant components of the (benefit) provision for income taxes are as follows (in thousands): Year Ended July 31, 2018 2017 2016 Current: Federal $ (43,366 ) $ 55,887 $ 70,553 State 9,562 8,096 10,555 Foreign 18,436 16,311 4,431 Total current (15,368 ) 80,294 85,539 Deferred: Federal (45,922 ) 29,065 7,603 State 2,941 3,601 1,051 Foreign (2,789 ) 3,771 (1,028 ) Total deferred (45,770 ) 36,437 7,626 (Benefit) provision for income taxes $ (61,138 ) $ 116,731 $ 93,165 A reconciliation of the income tax (benefit) provision from continuing operations and the amount computed by applying the United States federal statutory income tax rate to income before income taxes is as follows: Year Ended July 31, 2018 2017 2016 At U.S. federal income tax rate 26.8 % 35.0 % 35.0 % State income tax, net of federal benefit 3.0 % 2.2 % 3.1 % Change in valuation allowance 0.3 % 0.9 % 0.1 % Excess tax benefits related to stock-based compensation (20.9 )% — % — % Impacts of the Tax Act (24.7 )% — % — % Noncontrolling interests (1.7 )% (2.1 )% — % Foreign rate differential (1.5 )% (3.4 )% (0.2 )% Other 0.7 % 0.9 % 0.4 % Effective tax rate (18.0 )% 33.5 % 38.4 % A reconciliation of the beginning and ending amount of unrecognized tax benefits associated with uncertain tax positions, excluding associated deferred tax benefits and accrued interest and penalties, if applicable, is as follows (in thousands): Year Ended July 31, 2018 2017 2016 Balance, beginning of year $ 76,111 $ 57,032 $ 38,572 Additions based on tax positions related to the current year — — — Additions for tax positions of prior years 12,394 19,079 18,460 Reductions for tax positions of prior years — — — Lapse of statute of limitations (10,263 ) — — Settlements — — — Balance, end of year $ 78,242 $ 76,111 $ 57,032 As of July 31, 2018 , the Company’s unrecognized tax benefits associated with uncertain tax positions relate to the treatment of the Talisker lease payments as payments of debt obligations and that the tax basis in Canyons goodwill is deductible, and are included within “other long-term liabilities” in the accompanying Consolidated Balance Sheets. During the year ended July 31, 2018, the Company experienced a reduction in the uncertain tax positions due to the lapse of the statute of limitations of $10.3 million , which was offset with an increase to the uncertain tax position of $12.4 million . Interest and penalties associated with the statute of limitations lapse were approximately $0.9 million . The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Additionally, the Company expects a reduction to its uncertain tax positions for the fiscal year ending July 31, 2019, due to the lapse of the statute of limitations. As of July 31, 2018 and 2017, accrued interest and penalties, net of tax, was $5.2 million and $3.6 million , respectively. For the years ended July 31, 2018, 2017 and 2016, the Company recognized as income tax expense $1.6 million , $2.0 million and $1.1 million of interest expense and penalties, net of tax, respectively. The Company’s major tax jurisdictions in which it files income tax returns is the U.S. federal jurisdiction, various state jurisdictions, Australia, and Canada. The Company is no longer subject to U.S. federal examinations for tax years prior to 2014. With few exceptions, the Company is no longer subject to examination by various U.S. state jurisdictions for tax years prior to 2012. Additionally, the Company is no longer subject to audits for the tax years prior to 2013 for Australia and Canada. The Company has NOL carryforwards totaling $9.2 million which are primarily comprised of state net operating loss (“NOL”) carryforwards that expire by the year ending July 31, 2031. As of July 31, 2018, the Company has recorded a valuation allowance on $4.3 million of these NOL carryforwards as the Company has determined that it is more likely than not that these NOL carryforwards will not be realized. Certain fully valued state NOLs have expired and were written off during the year ended July 31, 2018. Additionally, the Company has foreign tax credit carryforwards of $4.2 million , which expire by the year ending July 31, 2027. As of July 31, 2018, the Company has recorded a valuation allowance of $4.2 million on foreign tax credit carryforwards as the Company has determined that it is more likely than not that these foreign tax credit carryforwards will not be realized. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jul. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company has the right to appoint four of nine directors of the Beaver Creek Resort Company of Colorado (“BCRC”), a non-profit entity formed for the benefit of property owners and certain others in Beaver Creek. The Company has a management agreement with the BCRC, renewable for one-year periods, to provide management services on a fixed fee basis. Management fees and reimbursement of operating expenses paid to the Company under its agreement with the BCRC during the years ended July 31, 2018 , 2017 and 2016 were $9.2 million , $8.9 million and $8.4 million , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jul. 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 an $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 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 recorded a liability of $2.0 million , primarily within “other long-term liabilities” in the accompanying Consolidated Balance Sheets, as of both July 31, 2018 and 2017 with respect to the estimated present value of future RSRMD capital improvement fees. The Company estimates that it will make capital improvement fee payments under this arrangement through the year ending July 31, 2031 . Guarantees/Indemnifications As of July 31, 2018 , the Company had various other letters of credit totaling $79.3 million , consisting of $53.4 million to support the Employee Housing Bonds, $9.7 million primarily for workers’ compensation and insurance-related deductibles, and $16.2 million for resort acquisition related activities. The Company also had surety bonds of $9.4 million as of July 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 Financial Statements, either because the Company has recorded on its Consolidated Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company’s own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the 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. Commitments The operations of Northstar are conducted on land and with operating assets owned by affiliates of EPR Properties, a real-estate investment trust, primarily under operating leases which were assumed in the acquisition of Northstar by the Company. The leases provide for the payment of a minimum annual base rent over the lease term which is recognized on a straight-line basis over the remaining lease term from the date of assumption. In addition, the leases provide for the payment of percentage rent of certain gross revenues generated at the property over a revenue threshold which is incrementally adjusted annually. The initial term of the leases expires in fiscal 2027 and allows for three 10 -year extensions at the Company’s option. The operations of Perisher are conducted on land under a license and lease granted by the Office of Environment and Heritage, an agency of the New South Wales government, which initially commenced in 2008, which the Company assumed in its acquisition of Perisher. The lease and license has a term that expires in fiscal 2048 and allows for an option to renew for an additional 20 years . The lease and license provide for the payment of an initial minimum annual base rent of AUS $1.8 million , with annual CPI increases, and percentage rent of certain gross revenue generated at the property. Additionally, the Company has entered into strategic long-term season pass alliance agreements with third-party mountain resorts in which the Company has committed to pay minimum revenue guarantees over the remaining terms of these agreements. The Company has executed or assumed as lessee other operating leases for the rental of office and commercial space, employee residential units and land primarily through fiscal 2079 . Certain of these leases have renewal terms at the Company’s option, escalation clauses, rent holidays and leasehold improvement incentives. Rent holidays and rent escalation clauses are recognized on a straight-line basis over the lease term. Leasehold improvement incentives are recorded as leasehold improvements and amortized over the shorter of their economic lives or the term of the lease. For the years ended July 31, 2018 , 2017 and 2016 , the Company recorded lease expense (including Northstar and Perisher), excluding executory costs, related to these agreements of $52.8 million , $51.9 million and $44.4 million , respectively, which is included in the accompanying Consolidated Statements of Operations. As of July 31, 2018 , the Canyons obligation was $334.5 million , which represents the estimated annual lease payments for the remaining initial 50 year term of the lease assuming annual increases at the floor of 2% and discounted using an interest rate of 10% . Future minimum operating lease payments under the above leases and future minimum capital lease payments under the Canyons obligation as of July 31, 2018 reflected by fiscal year are as follows (in thousands): Operating Leases Capital Leases 2019 $ 41,438 $ 27,699 2020 38,831 28,253 2021 35,950 28,818 2022 32,444 29,394 2023 28,840 29,982 Thereafter 155,410 1,835,630 Total future minimum lease payments $ 332,913 $ 1,979,776 Less amount representing interest (1,645,267 ) Net future minimum lease payments $ 334,509 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 July 31, 2018 and 2017 , the accruals for the above loss contingencies were not material individually or in the aggregate. |
Segment Information
Segment Information | 12 Months Ended |
Jul. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment and Geographic Area 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, Colorado resort ground transportation operations 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 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 accounting policies specific to each segment are the same as those described in Note 2, Summary of Significant Accounting Policies. Following is key financial information by reportable segment which is used by management in evaluating performance and allocating resources (in thousands): Year Ended July 31, 2018 2017 2016 Net revenue: Lift tickets $ 880,293 $ 818,341 $ 658,047 Ski school 189,910 177,748 143,249 Dining 161,402 150,587 121,008 Retail/rental 296,466 293,428 241,134 Other 194,851 171,682 141,166 Total Mountain net revenue 1,722,922 1,611,786 1,304,604 Lodging 284,643 278,514 274,554 Resort 2,007,565 1,890,300 1,579,158 Real Estate 3,988 16,918 22,128 Total net revenue $ 2,011,553 $ 1,907,218 $ 1,601,286 Segment operating expense: Mountain $ 1,132,840 $ 1,047,331 $ 881,472 Lodging 259,637 251,427 246,385 Resort 1,392,477 1,298,758 1,127,857 Real Estate, net 3,546 24,083 24,639 Total segment operating expense $ 1,396,023 $ 1,322,841 $ 1,152,496 Gain on sale of real property $ 515 $ 6,766 $ 5,295 Mountain equity investment income, net $ 1,523 $ 1,883 $ 1,283 Reported EBITDA: Mountain $ 591,605 $ 566,338 $ 424,415 Lodging 25,006 27,087 28,169 Resort 616,611 593,425 452,584 Real Estate 957 (399 ) 2,784 Total Reported EBITDA $ 617,568 $ 593,026 $ 455,368 Real estate held for sale and investment $ 99,385 $ 103,405 $ 111,088 Reconciliation to net income attributable to Vail Resorts, Inc.: Total Reported EBITDA $ 617,568 $ 593,026 $ 455,368 Depreciation and amortization (204,462 ) (189,157 ) (161,488 ) Change in fair value of contingent consideration 1,854 (16,300 ) (4,200 ) Loss on disposal of fixed assets and other, net (4,620 ) (6,430 ) (5,418 ) Investment income and other, net 1,944 6,114 723 Foreign currency (loss) gain on intercompany loans (8,966 ) 15,285 — Interest expense, net (63,226 ) (54,089 ) (42,366 ) Income before benefit (provision) for income taxes 340,092 348,449 242,619 Benefit (provision) for income taxes 61,138 (116,731 ) (93,165 ) Net income 401,230 231,718 149,454 Net (income) loss attributable to noncontrolling interests (21,332 ) (21,165 ) 300 Net income attributable to Vail Resorts, Inc. $ 379,898 $ 210,553 $ 149,754 Geographic Information Net revenue and property, plant and equipment, net by geographic region are as follows (in thousands). Year Ended July 31, Net revenue 2018 2017 2016 U.S. $ 1,610,323 $ 1,578,276 $ 1,534,716 International (a) 401,230 328,942 66,570 Total net revenue $ 2,011,553 $ 1,907,218 $ 1,601,286 As of July 31, Property, plant and equipment, net 2018 2017 U.S. $ 1,210,169 $ 1,260,220 International (a) 417,050 453,933 Total property, plant and equipment, net $ 1,627,219 $ 1,714,154 (a) The only individual international country (i.e. except the U.S.) to account for more than 10% of the Company’s revenue and property plant and equipment, net was Canada. Canada accounted for $321.0 million and $257.8 million of revenue for the years ended July 31, 2018 and 2017, respectively, and for $316.8 million and $338.8 million of property, plant and equipment, net as of July 31, 2018 and 2017, respectively. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Jul. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | Selected Quarterly Financial Data (Unaudited) Year Ended July 31, 2018 (in thousands, except per share amounts) Full Year Fourth Quarter Third Quarter Second Quarter First Quarter Total net revenue $ 2,011,553 $ 211,637 $ 844,491 $ 734,575 $ 220,850 Income (loss) from operations $ 408,817 $ (112,986 ) $ 367,978 $ 257,541 $ (103,716 ) Net income (loss) $ 401,230 $ (87,791 ) $ 272,275 $ 248,673 $ (31,927 ) Net income (loss) attributable to Vail Resorts, Inc. $ 379,898 $ (83,660 ) $ 256,252 $ 235,691 $ (28,385 ) Basic net income (loss) per share attributable to Vail Resorts, Inc. $ 9.40 $ (2.07 ) $ 6.34 $ 5.82 $ (0.71 ) Diluted net income (loss) per share attributable to Vail Resorts, Inc. $ 9.13 $ (2.07 ) $ 6.17 $ 5.67 $ (0.71 ) Year Ended July 31, 2017 (in thousands, except per share amounts) Full Year Fourth Third Second First Total net revenue $ 1,907,218 $ 209,124 $ 794,631 $ 725,198 $ 178,265 Income (loss) from operations $ 379,256 $ (102,577 ) $ 320,073 $ 252,278 $ (90,518 ) Net income (loss) $ 231,718 $ (61,248 ) $ 196,856 $ 159,728 $ (63,618 ) Net income (loss) attributable to Vail Resorts, Inc. $ 210,553 $ (57,146 ) $ 181,107 $ 149,179 $ (62,587 ) Basic net income (loss) per share attributable to Vail Resorts, Inc. $ 5.36 $ (1.43 ) $ 4.52 $ 3.72 $ (1.70 ) Diluted net income (loss) per share attributable to Vail Resorts, Inc. $ 5.22 $ (1.43 ) $ 4.40 $ 3.63 $ (1.70 ) |
Stock Repurchase Plan
Stock Repurchase Plan | 12 Months Ended |
Jul. 31, 2018 | |
Payments for Repurchase of Equity [Abstract] | |
Stock Repurchase Plan | 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 shares of up to 7,500,000 total shares. During the year ended July 31, 2018 , the Company repurchased 115,422 Vail Shares (at a total cost of $25.8 million ). During the year ended July 31, 2017, the Company repurchased 1,317 Vail Shares (at a total cost of $0.2 million ). During the year ended July 31, 2016, the Company repurchased 485,866 Vail Shares (at a total cost of $53.8 million ). Since inception of this stock repurchase program through July 31, 2018 , the Company has repurchased 5,551,716 shares at a cost of approximately $273.0 million . As of July 31, 2018 , 1,948,284 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 issuance under the Company’s employee share award plan. |
Stock Compensation Plan
Stock Compensation Plan | 12 Months Ended |
Jul. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation Plan | Stock Compensation Plan The Company has a share award plan (the “Plan”) which has been approved by the Company’s stockholders. Under the Plan, up to 4.4 million shares of common stock could be issued in the form of options, stock appreciation rights, restricted shares, restricted share units, performance shares, performance share units, dividend equivalents or other share-based awards to employees, directors or consultants of the Company or its subsidiaries or affiliates. The terms of awards granted under the Plan, including exercise price, vesting period and life, are set by the Compensation Committee of the Board of Directors. All share-based awards (except for restricted shares and restricted share units) granted under the Plan have a life of ten years. Most awards vest ratably over three years ; however, some have been granted with different vesting schedules. Of the awards outstanding, none have been granted to non-employees (except those granted to non-employee members of the Board of Directors of the Company) under the Plan. At July 31, 2018 , approximately 3.8 million share based awards were available to be granted under the Plan. The fair value of stock-settled stock appreciation rights (“SARs”) granted in the years ended July 31, 2018 , 2017 and 2016 were estimated on the date of grant using a lattice-based option valuation model that applies the assumptions noted in the table below. A lattice-based model considers factors such as exercise behavior, and assumes employees will exercise equity awards at different times over the contractual life of the equity awards. As a lattice-based model considers these factors, and is more flexible, the Company considers it to be a better method of valuing equity awards than a closed-form Black-Scholes model. Because lattice-based option valuation models incorporate ranges of assumptions for inputs, those ranges are disclosed. Expected volatility is based on historical volatility of the Company’s stock. The Company uses historical data to estimate equity award exercises and employee terminations within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of equity awards granted is derived from the output of the option valuation model and represents the period of time that equity awards granted are expected to be outstanding; the range given below results from certain groups of employees exhibiting different behavior. The risk-free rate for periods within the contractual life of the equity award is based on the United States Treasury yield curve in effect at the time of grant. Year Ended July 31, 2018 2017 2016 Expected volatility 40.0% 40.3% 40.4% Expected dividends 2.0% 2.2% 2.2% Expected term (average in years) 5.8-6.4 5.5-6.2 5.3-5.9 Risk-free rate 1.2-2.3% 0.5-1.5% 0.3-2.2% The Company records actual forfeitures related to unvested awards upon employee terminations. A summary of aggregate SARs award activity under the Plan as of July 31, 2018 , 2017 and 2016 , and changes during the years then ended is presented below (in thousands, except exercise price and contractual term): Awards Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at August 1, 2015 2,385 $ 47.96 Granted 198 $ 113.67 Exercised (180 ) $ 49.79 Forfeited or expired (22 ) $ 80.42 Outstanding at July 31, 2016 2,381 $ 52.98 Granted 143 $ 174.42 Exercised (215 ) $ 60.05 Forfeited or expired (19 ) $ 108.06 Outstanding at July 31, 2017 2,290 $ 59.12 Granted 86 $ 237.86 Exercised (1,049 ) $ 33.25 Forfeited or expired (3 ) $ 172.03 Outstanding at July 31, 2018 1,324 $ 91.01 5.3 years $ 246,198 Vested and expected to vest at July 31, 2018 1,309 $ 90.07 5.3 years $ 244,711 Exercisable at July 31, 2018 1,092 $ 71.54 4.7 years $ 224,231 The weighted-average grant-date estimated fair value of SARs granted during the years ended July 31, 2018 , 2017 and 2016 was $78.07 , $50.78 and $35.20 , respectively. The total intrinsic value of SARs exercised during the years ended July 31, 2018 , 2017 and 2016 was $213.8 million , $22.6 million and $13.1 million , respectively. The Company had 169,000 , 247,000 and 302,000 SARs that vested during the years ended July 31, 2018 , 2017 and 2016 , respectively. These awards had a total estimated fair value of $18.5 million , $19.6 million and $10.8 million at the date of vesting for the years ended July 31, 2018 , 2017 and 2016 , respectively. A summary of the status of the Company’s nonvested SARs as of July 31, 2018 and changes during the year then ended is presented below (in thousands, except fair value amounts): Awards Weighted-Average Grant-Date Fair Value Outstanding at July 31, 2017 318 $ 42.46 Granted 86 $ 78.07 Vested (169) $ 38.59 Forfeited (3) $ 54.32 Nonvested at July 31, 2018 232 $ 56.72 A summary of the status of the Company’s nonvested restricted share units as of July 31, 2018 and changes during the year then ended is presented below (in thousands, except fair value amounts): Awards Weighted-Average Grant-Date Fair Value Nonvested at July 31, 2017 211 $ 119.97 Granted 77 $ 215.14 Vested (101) $ 112.42 Forfeited (11) $ 159.78 Nonvested at July 31, 2018 176 $ 163.83 The Company granted 77,000 restricted share units during the year ended July 31, 2018 with a weighted-average grant-date estimated fair value of $215.14 . The Company granted 91,000 restricted share units during the year ended July 31, 2017 with a weighted-average grant-date estimated fair value of $154.19 . The Company granted 142,000 restricted share units during the year ended July 31, 2016 with a weighted-average grant-date estimated fair value of $102.20 . The Company had 101,000 , 121,000 and 134,000 restricted share units that vested during the years ended July 31, 2018 , 2017 and 2016 , respectively. These units had a total estimated fair value of $23.5 million , $19.3 million and $14.6 million at the date of vesting for the years ended July 31, 2018 , 2017 and 2016 , respectively. As of July 31, 2018 , there was $23.0 million of total unrecognized compensation expense related to nonvested share-based compensation arrangements granted under the Plan, of which $14.0 million , $7.9 million and $1.1 million of expense is expected to be recognized in the years ending July 31, 2019 , 2020 and 2021 , respectively, assuming no future share-based awards are granted. The tax benefit realized or expected to be realized from SARs exercised and restricted stock units vested was $79.7 million , $15.5 million and $10.3 million for the years ended July 31, 2018 , 2017 and 2016 , respectively. The Company has a policy of using either authorized and unissued shares or treasury shares, including shares acquired by purchase in the open market, to satisfy equity award exercises. |
Retirement and Profit Sharing P
Retirement and Profit Sharing Plans | 12 Months Ended |
Jul. 31, 2018 | |
Retirement Benefits [Abstract] | |
Retirement and Profit Sharing Plans | Retirement and Profit Sharing Plans The Company maintains a defined contribution retirement plan (the “Retirement Plan”), qualified under Section 401(k) of the Internal Revenue Code, for its U.S. employees. Under this Retirement Plan, U.S. employees are eligible to make before-tax contributions on the first day of the calendar month following the later of: (i) their employment commencement date or (ii) the date they turn 21 . Participants may contribute up to 100% of their qualifying annual compensation up to the annual maximum specified by the Internal Revenue Code. The Company matches an amount equal to 50% of each participant’s contribution up to 6% of a participant’s bi-weekly qualifying compensation starting the pay period containing the first day of the month after obtaining the later of: (i) 12 months of employment with at least 1,000 service hours from the commencement date or (ii) if 1,000 hours within the first 12 months was not completed, then after the employee completed a cumulative 1,500 service hours. The Company’s matching contribution is entirely discretionary and may be reduced or eliminated at any time. Total Retirement Plan expense recognized by the Company for the years ended July 31, 2018 , 2017 and 2016 was $6.9 million , $5.4 million and $5.3 million , respectively. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Jul. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 17. Subsequent Events Amendment and Restatement of the Vail Holdings Credit Facility On August 15, 2018, VHI, a wholly-owned subsidiary of the Company, entered into an Amendment Agreement (the “Amendment Agreement”) to amend and restate in its entirety the Vail Holdings Credit Agreement, with VHI, as borrower, the Company and certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent (the “Agent”), and the other lenders party thereto. The Amended Vail Holdings Credit Agreement provides for (i) a revolving loan facility in an aggregate principal amount of $400.0 million and (ii) a term loan facility in an aggregate principal amount of up to $950.0 million , increased from the Vail Holdings Credit Agreement term loan facility of $684.4 million as of July 31, 2018. The Company borrowed $70.0 million on August 15, 2018, primarily to fund the Stevens Pass Acquisition (as defined below), and borrowed $195.6 million on September 27, 2018 to fund the Triple Peaks Acquisition (as defined below). Pursuant to the terms of the Amended Vail Holdings Credit Agreement, VHI has the ability to increase availability (under the revolver or in the form of term loans) to an aggregate principal amount not to exceed the greater of (i) $1.2 billion and (ii) the product of 2.75 and the trailing twelve-month Adjusted EBITDA, as defined in the Amended Vail Holdings Credit Agreement. The material terms of the Amended Vail Holdings Credit Agreement are substantially similar to those of the Vail Holdings Credit Agreement. Key modifications to the Amended Vail Holdings Credit Agreement included, among other things, the extension of the maturity on the revolving credit facility to August 2023 . VHI’s obligations under the Amended Vail Holdings Credit Agreement are guaranteed by the Company and certain of its subsidiaries and are collateralized by a pledge of all the capital stock of VHI and substantially all of its subsidiaries (with certain additional exceptions for the pledge of the capital stock of foreign subsidiaries). The proceeds of the loans made under the Amended Vail Holdings Credit Agreement may be used, in addition to funding resort acquisitions, as discussed below, to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. Borrowings under the Amended Vail Holdings Credit Agreement bear interest annually at a rate of (i) LIBOR plus a margin or (ii) the Agent’s prime lending rate plus a margin. Interest rate margins may fluctuate based upon the ratio of the Company’s Net Funded Debt to Adjusted EBITDA on a trailing four-quarter basis. Acquisitions Stevens Pass Resort On August 15, 2018 , the Company, through a wholly-owned subsidiary, acquired Stevens Pass in the State of Washington from Ski Resort Holdings, LLC for a total purchase price of $64.0 million , subject to certain adjustments. The Company borrowed $70.0 million on August 15, 2018 under its Amended Vail Holdings Credit Agreement term loan, as discussed above, and 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 initial accounting for Stevens Pass is incomplete as the Company is in the process of obtaining and reviewing additional information related to the acquisition, including an analysis of the estimated fair value of assets acquired and liabilities assumed. Okemo Mountain Resort, Crested Butte Mountain Resort, Mount Sunapee Resort On September 27, 2018 , the Company, through a wholly-owned subsidiary, acquired Triple Peaks, LLC (“Triple Peaks”), the parent company of Okemo Mountain Resort in Vermont, Crested Butte Mountain Resort in Colorado, and Mount Sunapee Resort in New Hampshire, for a cash purchase price of approximately $74.0 million , after adjustments for certain agreed-upon terms (the “Triple Peaks Acquisition”). In addition, at closing, Triple Peaks paid $155.0 million to pay off the leases that all three resorts had with Ski Resort Holdings, LLC, an affiliate of Oz Real Estate, with funds provided by the Company. The Company acquired all of the assets related to the mountain operations of the resorts, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities). The Company borrowed the remaining capacity of its term load under the Amended Vail Holdings Credit Agreement, as discussed above, to fund the acquisition. The Company obtained a new Special Use Permit from the U.S. Forest Service for Crested Butte, and assumed the state land leases for Okemo and Mount Sunapee. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation-- The accompanying Consolidated Financial Statements include the accounts of the Company, its consolidated subsidiaries for which the Company has a controlling financial interest. Investments in which the Company does not have a controlling financial interest are accounted for under the equity method. All significant intercompany transactions have been eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents-- The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. |
Accounts Receivable | Accounts receivable -- The Company records trade accounts receivable in the normal course of business related to the sale of products or services. The allowance for doubtful accounts is based on a specific reserve analysis and on a percentage of accounts receivable and takes into consideration such factors as historical write-offs, the economic climate and other factors that could affect collectability. Write-offs are evaluated on a case by case basis. |
Inventories | Inventories-- The Company’s inventories consist primarily of purchased retail goods, food and beverage items and spare parts. Inventories are stated at the lower of cost or net realizable value, determined using primarily an average weighted cost method. The Company records a reserve for estimated shrinkage and obsolete or unusable inventory. |
Property, Plant and Equipment | Property, Plant and Equipment-- Property, plant and equipment is carried at cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property, plant and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income. Leasehold improvements are amortized on the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Depreciation is calculated on the straight-line method, including property, plant and equipment under capital leases, generally based on the following useful lives: Estimated Life in Years Land improvements 10-35 Buildings and building improvements 7-30 Machinery and equipment 2-30 Furniture and fixtures 3-10 Software 3 Vehicles 3-10 |
Real Estate Held for Sale and Investment | Real Estate Held for Sale and Investment -- The Company capitalizes as real estate held for sale and investment the original land acquisition cost, direct construction and development costs, property taxes, interest recorded on costs related to real estate under development and other related costs. Sales and marketing expenses are charged against income in the period incurred. Additionally, sales commission expenses are charged against income in the period that the related revenue from real estate sales is recorded. |
Deferred Financing Costs | Deferred Financing Costs-- Certain costs incurred with the issuance of debt securities are capitalized and included as a reduction in the net carrying value of long-term debt, net of accumulated amortization, with the exception of costs incurred related to line-of-credit arrangements, which are included in deferred charges and other assets, net of accumulated amortization. Amortization is charged to interest expense over the respective term of the applicable debt issues. When debt is extinguished prior to its maturity date, the amortization of the remaining unamortized deferred financing costs, or pro-rata portion thereof, is charged to loss on extinguishment of debt. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets -- The Company has classified as goodwill the cost in excess of estimated fair value of the net assets of businesses acquired in purchase transactions. The Company’s major intangible asset classes are trademarks, water rights, customer lists, property management contracts, Forest Service permits and excess reorganization value. Goodwill and various indefinite-lived intangible assets, including excess reorganization value, certain trademarks, water rights and certain property management contracts, are not amortized but are subject to at least annual impairment testing. The Company tests annually (or more often, if necessary) for impairment as of May 1. Amortizable intangible assets are amortized over the shorter of their contractual terms or estimated useful lives. The testing for impairment consists of a comparison of the estimated fair value of the assets with their net carrying values. If the net carrying amount of the assets exceed its estimated fair value, an impairment will be recognized for indefinite-lived intangibles, including goodwill, in an amount equal to that excess. If the net carrying amount of the assets does not exceed the estimated fair value, no impairment loss is recognized. For the testing of goodwill for impairment, the Company performs a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit exceeds the carrying amount. If it is determined, based on qualitative factors, that the fair value of the reporting unit may be more likely than not less than carrying amount, or if significant changes to macro-economic factors related to the reporting unit have occurred that could materially impact fair value, a quantitative goodwill impairment test would be required, in which the Company determines the estimated fair value of its reporting units using discounted cash flow analyses. The estimated fair value of indefinite-lived intangible assets is estimated using an income approach. The Company determined that there was no impairment to goodwill and no significant impairment to definite or indefinite-lived intangible assets for the years ended July 31, 2018 , 2017 and 2016 |
Long-lived Assets | Long-lived Assets-- The Company evaluates potential impairment of long-lived assets and long-lived assets to be disposed of whenever events or changes in circumstances indicate that the net carrying amount of an asset may not be fully recoverable. If the sum of the expected cash flows, on an undiscounted basis, is less than the net carrying amount of the asset, an impairment loss is recognized in the amount by which the net carrying amount of the asset exceeds its estimated fair value. The Company does not believe any events or changes in circumstances indicating an impairment of the net carrying amount of a long-lived asset occurred during the years ended July 31, 2018 , 2017 and 2016 . |
Revenue Recognition | Revenue Recognition-- The following describes the composition of revenues for the Company: • Mountain revenue is derived from a wide variety of sources, including, among other things, sales of lift tickets (including season passes), ski school operations, other on-mountain activities, dining operations, retail sales, equipment rentals, private ski club amortized initiation fees and dues, marketing and internet advertising, commercial leasing, employee housing, municipal services and lodging and transportation operations at Perisher, and is recognized as products are delivered or services are performed. The Company records deferred revenue related to the sale of season ski passes. The number of season pass holder visits is estimated based on historical data and the deferred revenue is recognized throughout the ski season based on this estimate, or on a straight-line basis if usage patterns cannot be determined based on available historical data. • Revenue from non-refundable private club initiation fees is recognized over the estimated life of the facilities on a straight-line basis upon inception of the club. As of July 31, 2018 , the weighted average remaining period over which the private club initiation fees will be recognized is approximately 12 years . Additionally, certain club initiation fees are refundable in 30 years after the date of acceptance of a member. Under these memberships, the difference between the amount paid by the member and the present value of the refund obligation is recorded as deferred initiation fee revenue in the Company’s Consolidated Balance Sheets and recognized as revenue on a straight-line basis over 30 years . The present value of the refund obligation is recorded as an initiation deposit liability and accretes over the nonrefundable term using the effective interest method. The accretion is included in interest expense. • Lodging revenue is derived from a wide variety of sources, including, among other things, hotel operations, dining operations, property management services, managed hotel property payroll cost reimbursements, private golf club amortized initiation fees and dues, transportation services and golf course greens fees, and is recognized as products are delivered or services are performed. Revenue from payroll cost reimbursements relates to payroll costs of managed hotel properties where the Company is the employer. The reimbursements are based upon the costs incurred with no added margin; therefore, these revenues and corresponding expenses have no net effect on the Company’s operating income or net income. • Real estate revenue primarily includes the sale of land parcels, which is recorded primarily using the full accrual method and occurs only upon the following: (i) substantial completion of the entire development project, if applicable, (ii) receipt of certificates of occupancy or temporary certificates of occupancy from local governmental agencies, if applicable, (iii) closing of the sales transaction including receipt of all, or substantially all, sales proceeds (including any deposits previously received) and (iv) transfer of ownership. |
Real Estate Cost of Sales | Real Estate Cost of Sales-- Costs of real estate transactions include direct project costs, common cost allocations (primarily determined on relative sales value) and sales commission expense. The Company utilizes the relative sales value method to determine cost of sales for condominium units sold within a project when specific identification of costs cannot be reasonably determined. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation -- The functional currency of the Company’s entities operating outside of the United States is the principal currency of the economic environment in which the entity primarily generates and expends cash, which is the local currency. The assets and liabilities of these foreign operations are translated at the exchange rate in effect as of the balance sheet dates. Income and expense items are translated using the weighted average exchange rate for the period. Translation adjustments from currency exchange, including intercompany transactions of a long-term nature, are recorded in accumulated other comprehensive (loss) income as a separate component of stockholders’ equity. Intercompany transactions that are not of a long-term nature are reported as gains and losses within “segment operating expense” and for intercompany loans within “foreign currency (loss) gain on intercompany loans” on the Company’s Consolidated Statements of Operations. |
Reserve Estimates | Reserve Estimates-- The Company uses estimates to record reserves for certain liabilities, including medical claims, workers’ compensation claims, third-party loss contingencies and property taxes, among other items. The Company estimates the probable costs related to these liabilities that will be incurred and records that amount as a liability in its consolidated financial statements. Additionally, the Company records, as applicable, receivables related to insurance recoveries for loss contingencies if deemed probable of recovery. These estimates are reviewed and adjusted as the facts and circumstances change. The Company records legal costs related to defending claims as incurred. |
Advertising Costs | Advertising Costs -- Advertising costs are expensed at the time such advertising commences. Advertising expense for the years ended July 31, 2018 , 2017 and 2016 was $39.8 million , $40.0 million and $32.3 million , respectively. |
Income Taxes | Income Taxes-- Income tax expense includes U.S. tax (federal and state) and foreign income taxes. Tax legislation commonly known as the Tax Cuts and Jobs Act of 2017 includes a mandatory one-time tax on accumulated earnings of foreign subsidiaries and, as a result, all previously unremitted earnings for which no U.S. deferred tax liability had been accrued have now been subject to U.S. tax. The Company’s provision for income taxes is based on pre-tax income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported in the accompanying Consolidated Balance Sheets and for operating loss and tax credit carryforwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to the tax provision or benefit in the period of enactment. The Company’s deferred tax assets have been reduced by a valuation allowance to the extent it is deemed to be more likely than not that some or all of the deferred tax assets will not be realized. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is “more-likely-than-not” to be sustained, on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the largest tax benefit that is cumulatively greater than 50% likely of being realized upon ultimate settlement. Interest and penalties accrued in connection with uncertain tax positions are recognized as a component of income tax expense (see Note 9, Income Taxes, for more information). |
Fair Value of Financial Instruments | Fair Value of Financial Instruments -- The recorded amounts for cash and cash equivalents, receivables, other current assets and accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under the Company’s credit agreements and the Employee Housing Bonds (as defined in Note 4, Long-Term Debt) approximate book value due to the variable nature of the interest rate, which is a market rate, associated with the debt. |
Stock-Based Compensation | Stock-Based Compensation-- Stock-based compensation expense is measured at the grant date based upon the estimated fair value of the portion of the award that is ultimately expected to vest and is recognized as expense over the applicable vesting period of the award generally using the straight-line method (see Note 15, Stock Compensation Plan for more information). The following table shows total net stock-based compensation expense for the years ended July 31, 2018 , 2017 and 2016 included in the Consolidated Statements of Operations (in thousands): Year Ended July 31, 2018 2017 2016 Mountain stock-based compensation expense $ 15,716 $ 14,969 $ 13,404 Lodging stock-based compensation expense 3,215 3,215 3,094 Real Estate stock-based compensation expense 109 131 527 Pre-tax stock-based compensation expense 19,040 18,315 17,025 Less: benefit from income taxes 5,406 6,290 6,057 Net stock-based compensation expense $ 13,634 $ 12,025 $ 10,968 |
Concentration of Credit Risk | Concentration of Credit Risk-- The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company places its cash and temporary cash investments in high-quality credit institutions. The Company does not enter into financial instruments for hedging, trading or speculative purposes. Concentration of credit risk with respect to accounts and notes receivables is limited due to the wide variety of customers and markets in which the Company transacts business, as well as their dispersion across many geographical areas. The Company performs ongoing credit evaluations of its customers and generally does not require collateral, but does require advance deposits on certain transactions. |
Use of Estimates | Use of Estimates-- The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
New Accounting Standards | Recently Issued Accounting Standards Adopted Standards In March 2016, the FASB issued Accounting Standards Update (“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 an employee’s 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 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 $71.1 million of excess tax benefits within benefit from income taxes on its Consolidated Statement of Operations for the year ended July 31, 2018, resulting from vesting or exercises of equity awards during the period. As of August 1, 2017, the Company prospectively presented excess tax benefits as operating activities on its Consolidated Statement of Cash Flows for the year ended July 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 Statement of Operations for the year ended July 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 Statements of Cash Flows, which resulted in decreases to cash provided by financing activities with corresponding increases to cash provided by operating activities of approximately $16.3 million and $10.2 million , respectively, for the years ended July 31, 2017 and 2016, as shown below (in thousands). Year Ended July 31, 2017 Previously Reported (Previous Guidance) Tax Payments Change Revised Reported (New Guidance) Cash flows provided by operating activities $ 456,914 $ 16,275 $ 473,189 Cash flows used in investing activities (no change) (682,836 ) — (682,836 ) Cash flows provided by financing activities 271,892 (16,275 ) 255,617 Effect of exchange rate changes (no change) 3,522 — 3,522 Net increase in cash and cash equivalents (no change) $ 49,492 $ — $ 49,492 Year Ended July 31, 2016 Previously Reported (Previous Guidance) Tax Payments Change Revised Reported (New Guidance) Cash flows provided by operating activities $ 426,762 $ 10,215 $ 436,977 Cash flows used in investing activities (no change) (124,016 ) — (124,016 ) Cash flows used in financing activities (271,217 ) (10,215 ) (281,432 ) Effect of exchange rate changes (no change) 909 — 909 Net increase in cash and cash equivalents (no change) $ 32,438 $ — $ 32,438 In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The standard simplifies interim and annual goodwill impairment testing by eliminating step two, a hypothetical purchase price allocation, from the goodwill impairment test and leaving step one unchanged. Under the new guidance, companies will continue to complete step one by comparing the estimated fair value of their reporting units with their respective carrying amounts, and will recognize an impairment charge, if any, for the amount by which the carrying amount exceeds the reporting unit’s estimated fair value. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2019 (the Company’s first quarter of fiscal 2021), with early adoption permitted. The Company elected to early adopt this accounting standard on May 1, 2018, which did not have an impact on its consolidated financial statements. Standards Being Evaluated 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). The guidance permits two retrospective methods of adoption; adjusting each prior reporting period presented (full retrospective method) or an adjustment to retained earnings for the cumulative effect of implementing the guidance at the date of adoption (modified retrospective method). The Company has completed a review of the majority of its revenue streams consisting of (i) season pass sales, (ii) non-season pass lift ticket sales, (iii) ski school sales, (iv) retail/rental sales, (v) food and beverage sales and (vi) hospitality services and determined that the new guidance will not result in a material impact to the Company’s consolidated financial statements. The Company will adopt this guidance on August 1, 2018 under the modified retrospective transition method. Additionally, the new guidance will not have a material effect on the timing, pattern and classification of the Company’s revenue recognition. The Company expects to expand its revenue recognition related disclosures. 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. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” The standard provides guidance for eight targeted changes with respect to how cash receipts and cash payments are classified in the statements of cash flows, with the objective of reducing diversity in practice. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2017 (the Company’s first quarter of fiscal 2019), with early adoption permitted. The Company does not expect the adoption of this accounting standard to have a material impact on its consolidated financial statements. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary On Estimated Useful Life Of Property, Plant And Equipment | Depreciation is calculated on the straight-line method, including property, plant and equipment under capital leases, generally based on the following useful lives: Estimated Life in Years Land improvements 10-35 Buildings and building improvements 7-30 Machinery and equipment 2-30 Furniture and fixtures 3-10 Software 3 Vehicles 3-10 |
Allocation Of Stock-Based Compensation Expense | The following table shows total net stock-based compensation expense for the years ended July 31, 2018 , 2017 and 2016 included in the Consolidated Statements of Operations (in thousands): Year Ended July 31, 2018 2017 2016 Mountain stock-based compensation expense $ 15,716 $ 14,969 $ 13,404 Lodging stock-based compensation expense 3,215 3,215 3,094 Real Estate stock-based compensation expense 109 131 527 Pre-tax stock-based compensation expense 19,040 18,315 17,025 Less: benefit from income taxes 5,406 6,290 6,057 Net stock-based compensation expense $ 13,634 $ 12,025 $ 10,968 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Earnings Per Share Reconciliation [Abstract] | |
Summary Of Calculation On Basic And Diluted EPS | Presented below is basic and diluted EPS for the years ended July 31, 2018 , 2017 and 2016 (in thousands, except per share amounts): Year Ended July 31, 2018 2017 2016 Basic Diluted Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 379,898 $ 379,898 $ 210,553 $ 210,553 $ 149,754 $ 149,754 Weighted-average shares outstanding 40,337 40,337 39,158 39,158 36,276 36,276 Weighted-average Exchangeco shares outstanding 60 60 93 93 — — Total Weighted-average shares outstanding 40,397 40,397 39,251 39,251 36,276 36,276 Effect of dilutive securities — 1,221 — 1,115 — 1,036 Total shares 40,397 41,618 39,251 40,366 36,276 37,312 Net income per share attributable to Vail Resorts $ 9.40 $ 9.13 $ 5.36 $ 5.22 $ 4.13 $ 4.01 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | Long-term debt as of July 31, 2018 and 2017 is summarized as follows (in thousands): Maturity July 31, July 31, Vail Holdings Credit Agreement revolver (a) 2021 $ 130,000 $ 50,000 Vail Holdings Credit Agreement term loan (a) 2021 684,375 721,875 Whistler Credit Agreement revolver (b) 2022 65,353 113,119 Employee housing bonds (c) 2027-2039 52,575 52,575 Canyons obligation (d) 2063 334,509 328,786 Other (e) 2024-2028 9,270 10,166 Total debt 1,276,082 1,276,521 Less: Unamortized debt issuance costs 3,350 4,100 Less: Current maturities (f) 38,455 38,397 Long-term debt, net $ 1,234,277 $ 1,234,024 (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 Facility, 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. VHI’s obligations under the Vail Holdings Credit Agreement are guaranteed by the Company and certain of its subsidiaries and are collateralized by a pledge of all the capital stock of VHI and substantially all of its subsidiaries (with certain additional exceptions for the pledge of the capital stock of foreign subsidiaries). In addition, pursuant to the terms of the Vail Holdings Credit Agreement, VHI has the ability to increase availability (under the revolver or in the form of term loans) to an aggregate principal amount not to exceed the greater of (i) $950.0 million and (ii) the product of 2.75 and the trailing twelve-month Adjusted EBITDA, as defined in the Vail Holdings Credit Agreement. The term loan facility is subject to quarterly amortization of principal of approximately $9.4 million, which began on January 31, 2017, in equal installments, with five percent payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due in October 2021. The proceeds of the loans made under the Vail Holdings Credit Agreement may be used to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at LIBOR plus 1.125% as of July 31, 2018 (3.20% as of July 31, 2018) . Interest rate margins may fluctuate based upon the ratio of the Company’s Net Funded Debt to Adjusted EBITDA on a trailing four-quarter basis. The Vail Holdings Credit Agreement also includes a quarterly unused commitment fee, which is equal to a percentage determined by the Net Funded Debt to Adjusted EBITDA ratio, as each such term is defined in the Vail Holdings Credit Agreement, times the daily amount by which the Vail Holdings Credit Agreement commitment exceeds the total of outstanding loans and outstanding letters of credit ( 0.2% as of July 31, 2018). The unused amounts are accessible to the extent that the Net Funded Debt to Adjusted EBITDA ratio does not exceed the maximum ratio allowed at quarter-ends and the Adjusted EBITDA to interest on Funded Debt (as defined in the Vail Holdings Credit Agreement) ratio does not fall below the minimum ratio allowed at quarter-ends. 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. In addition, the Vail Holdings Credit Agreement includes the following restrictive financial covenants: Net Funded Debt to Adjusted EBITDA ratio and Adjusted EBITDA to interest on Funded Debt ratio. On August 15, 2018, VHI entered into an agreement to amend and restate in its entirety the Vail Holdings Credit Agreement, dated May 1, 2015, in the form of an Eighth Amended and Restated Credit Agreement, dated August 15, 2018 (the “Amended Vail Holdings Credit Agreement”). The Amended Vail Holdings Credit Agreement provides for (i) an unchanged revolving loan facility in an aggregate principal amount of $400.0 million and (ii) a term loan facility in an aggregate principal amount of up to $950.0 million , which was increased from the existing term loan facility of $684.4 million as of July 31, 2018. Refer to Note 17, Subsequent Events, for additional information. (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 year ended July 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 July 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 July 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% ( 3.54% as of July 31, 2018). The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of July 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) The Company has recorded the outstanding debt of four Employee Housing Entities (each an “Employee Housing Entity” and collectively the “Employee Housing Entities”): Breckenridge Terrace, Tarnes, BC Housing and Tenderfoot. The proceeds of the Employee Housing Bonds were used to develop apartment complexes designated primarily for use by the Company’s seasonal employees at its Colorado mountain resorts. The Employee Housing Bonds are variable rate, interest-only instruments with interest rates tied to LIBOR plus 0% to 0.04% ( 2.08% to 2.12% as of July 31, 2018 ). Interest on the Employee Housing Bonds is paid monthly in arrears and the interest rate is adjusted weekly. No principal payments are due on the Employee Housing Bonds until maturity. Each Employee Housing Entity’s bonds were issued in two series. The bonds for each Employee Housing Entity are backed by letters of credit issued under the Vail Holdings Credit Agreement. The table below presents the principal amounts outstanding for the Employee Housing Bonds as of July 31, 2018 (in thousands): Maturity (a) Tranche A Tranche B Total Breckenridge Terrace 2039 $ 14,980 $ 5,000 $ 19,980 Tarnes 2039 8,000 2,410 10,410 BC Housing 2027 9,100 1,500 10,600 Tenderfoot 2035 5,700 5,885 11,585 Total $ 37,780 $ 14,795 $ 52,575 (d) On May 24, 2013 , VR CPC Holdings, Inc. (“VR CPC”), a wholly-owned subsidiary of the Company, entered into a transaction agreement with affiliate companies of Talisker Corporation (“Talisker”) pursuant to which the parties entered into a master lease agreement (the “Lease”) and certain ancillary transaction documents on May 29, 2013 related to the former stand-alone Canyons Resort (“Canyons”), pursuant to which the Company assumed the resort operations of the Canyons. The Lease between VR CPC and Talisker has an initial term of 50 years with six 50-year renewal options . The Lease provides for $25 million in annual payments, which increase each year by an inflation linked index of CPI less 1%, with a floor of 2% per annum . Vail Resorts has guaranteed the payments under the Lease. The obligation at July 31, 2018 represents future lease payments for the remaining initial lease term of 50 years (including annual increases at the floor of 2%) discounted using an interest rate of 10% , and includes accumulated accreted interest expense of $29.2 million . (e) Other obligations primarily consist of a $4.2 million note outstanding to the Colorado Water Conservation Board, which matures on September 16, 2028 , and other financing arrangements. Other obligations, including the Colorado Water Conservation Board note, bear interest at rates ranging from 5.1% to 5.5% . (f) Current maturities represent principal payments due in the next 12 months . |
Schedule Of Aggregate Maturities For Debt Outstanding | Aggregate maturities for debt outstanding, including capital lease obligations, as of July 31, 2018 reflected by fiscal year are as follows (in thousands): Total 2019 $ 38,455 2020 38,516 2021 38,580 2022 703,023 2023 66,572 Thereafter 390,936 Total debt $ 1,276,082 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information [Table Text Block] | 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 acquisition; 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). Year Ended July 31, 2017 2016 Pro forma net revenue $ 1,929,882 $ 1,835,924 Pro forma net income attributable to Vail Resorts, Inc. $ 212,475 $ 170,855 Pro forma basic net income per share attributable to Vail Resorts, Inc. $ 5.31 $ 4.27 Pro forma diluted net income per share attributable to Vail Resorts, Inc. $ 5.16 $ 4.16 |
Supplementary Balance Sheet I31
Supplementary Balance Sheet Information (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Composition Of Property, Plant And Equipment | The composition of property, plant and equipment, including capital lease assets, follows (in thousands): July 31, 2018 2017 Land and land improvements $ 552,271 $ 553,655 Buildings and building improvements 1,193,528 1,210,864 Machinery and equipment 1,007,250 987,080 Furniture and fixtures 283,694 280,292 Software 113,699 108,048 Vehicles 60,697 59,596 Construction in progress 59,579 49,359 Gross property, plant and equipment 3,270,718 3,248,894 Accumulated depreciation (1,643,499 ) (1,534,740 ) Property, plant and equipment, net $ 1,627,219 $ 1,714,154 |
Composition Of Goodwill And Intangible Assets | The composition of goodwill and intangible assets follows (in thousands): July 31, 2018 2017 Goodwill Goodwill $ 1,493,040 $ 1,537,097 Accumulated amortization (17,354 ) (17,354 ) Goodwill, net $ 1,475,686 $ 1,519,743 Indefinite-lived intangible assets Trademarks $ 205,083 $ 216,923 Other 41,160 41,275 Total gross indefinite-lived intangible assets 246,243 258,198 Accumulated amortization (24,713 ) (24,713 ) Indefinite-lived intangible assets, net 221,530 233,485 Amortizable intangible assets Trademarks 42,971 39,071 Other 47,604 49,804 Total gross amortizable intangible assets 90,575 88,875 Accumulated amortization (31,533 ) (27,428 ) Amortizable intangible assets, net 59,042 61,447 Total gross intangible assets 336,818 347,073 Total accumulated amortization (56,246 ) (52,141 ) Total intangible assets, net $ 280,572 $ 294,932 |
Changes In Goodwill Amount | The changes in the net carrying amount of goodwill allocated between the Company’s segments for the years ended July 31, 2018 and 2017 are as follows (in thousands): Mountain Lodging Goodwill, net Balance at July 31, 2016 $ 441,138 $ 67,899 $ 509,037 Acquisitions 956,739 — 956,739 Effects of changes in foreign currency exchange rates 53,967 — 53,967 Balance at July 31, 2017 1,451,844 67,899 1,519,743 Acquisitions (including measurement period adjustments) 344 — 344 Effects of changes in foreign currency exchange rates (44,401 ) — (44,401 ) Balance at July 31, 2018 $ 1,407,787 $ 67,899 $ 1,475,686 |
Components Of Accounts Payable And Accrued Liabilities | The composition of accounts payable and accrued liabilities follows (in thousands): July 31, 2018 2017 Trade payables $ 80,793 $ 71,558 Deferred revenue 282,103 240,096 Accrued salaries, wages and deferred compensation 40,034 44,869 Accrued benefits 33,963 32,505 Deposits 26,646 23,742 Other accruals 40,994 54,899 Total accounts payable and accrued liabilities $ 504,533 $ 467,669 |
Components Of Other Long-Term Liabilities | The composition of other long-term liabilities follows (in thousands): July 31, 2018 2017 Private club deferred initiation fee revenue $ 114,319 $ 118,417 Unfavorable lease obligation, net 21,839 24,664 Other long-term liabilities 155,348 158,655 Total other long-term liabilities $ 291,506 $ 301,736 |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Long-term Investments [Abstract] | |
Disclosure Of Equity Method Investments In Affiliates | The Company held the following investments in equity method affiliates as of July 31, 2018 : Equity Method Affiliates Ownership Interest Slifer, Smith, and Frampton/Vail Associates Real Estate, LLC (“SSF/VARE”) 50% KRED 50% Clinton Ditch and Reservoir Company 43% |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary Of Cash Equivalents Measured At Fair Value | The table below summarizes the Company’s cash equivalents, other current assets, 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 July 31, 2018 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 3,021 $ 3,021 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 11,249 $ — $ 11,249 $ — Liabilities: Contingent Consideration $ 21,900 $ — $ — $ 21,900 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 $ 2,405 $ — $ 2,405 $ — Interest Rate Swap $ 236 $ — $ 236 $ — Liabilities: Contingent Consideration $ 27,400 $ — $ — $ 27,400 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components Of Deferred Tax Liabilities And Assets | Significant components of the Company’s deferred tax liabilities and assets are as follows (in thousands): July 31, 2018 2017 Deferred income tax liabilities: Fixed assets $ 126,697 $ 180,480 Intangible assets 54,708 65,614 Other 12,865 31,191 Total 194,270 277,285 Deferred income tax assets: Canyons obligation 13,145 19,276 Stock-based compensation 9,824 17,862 Investment in Partnerships 15,113 17,511 Deferred compensation and other accrued benefits 9,220 15,215 Contingent Consideration 5,476 10,472 Unfavorable lease obligation, net 5,580 9,542 Net operating loss carryforwards and other tax credits 5,716 12,783 Other, net 11,501 19,468 Total 75,575 122,129 Valuation allowance for deferred income taxes (5,450 ) (6,955 ) Deferred income tax assets, net of valuation allowance 70,125 115,174 Net deferred income tax liability $ 124,145 $ 162,111 |
Balance Sheet Summary of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred income taxes recognized in the Consolidated Balance Sheets are as follows (in thousands): July 31, 2018 2017 Non-current deferred income tax asset $ 9,773 $ 9,331 Net non-current deferred income tax liability 133,918 171,442 Net deferred income tax liability $ 124,145 $ 162,111 |
Components Of Provision (Benefit) For Income Taxes | Significant components of the (benefit) provision for income taxes are as follows (in thousands): Year Ended July 31, 2018 2017 2016 Current: Federal $ (43,366 ) $ 55,887 $ 70,553 State 9,562 8,096 10,555 Foreign 18,436 16,311 4,431 Total current (15,368 ) 80,294 85,539 Deferred: Federal (45,922 ) 29,065 7,603 State 2,941 3,601 1,051 Foreign (2,789 ) 3,771 (1,028 ) Total deferred (45,770 ) 36,437 7,626 (Benefit) provision for income taxes $ (61,138 ) $ 116,731 $ 93,165 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | U.S. and foreign components of income before benefit (provision) for income taxes is as follows (in thousands): Year Ended July 31, 2018 2017 2016 U.S. $ 264,379 $ 251,478 $ 231,756 Foreign 75,713 96,971 10,863 Income before income taxes $ 340,092 $ 348,449 $ 242,619 |
Reconciliation Of Effective Income Tax Rate And Effective Rate From Continuing Operation | A reconciliation of the income tax (benefit) provision from continuing operations and the amount computed by applying the United States federal statutory income tax rate to income before income taxes is as follows: Year Ended July 31, 2018 2017 2016 At U.S. federal income tax rate 26.8 % 35.0 % 35.0 % State income tax, net of federal benefit 3.0 % 2.2 % 3.1 % Change in valuation allowance 0.3 % 0.9 % 0.1 % Excess tax benefits related to stock-based compensation (20.9 )% — % — % Impacts of the Tax Act (24.7 )% — % — % Noncontrolling interests (1.7 )% (2.1 )% — % Foreign rate differential (1.5 )% (3.4 )% (0.2 )% Other 0.7 % 0.9 % 0.4 % Effective tax rate (18.0 )% 33.5 % 38.4 % |
Reconciliation Of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits associated with uncertain tax positions, excluding associated deferred tax benefits and accrued interest and penalties, if applicable, is as follows (in thousands): Year Ended July 31, 2018 2017 2016 Balance, beginning of year $ 76,111 $ 57,032 $ 38,572 Additions based on tax positions related to the current year — — — Additions for tax positions of prior years 12,394 19,079 18,460 Reductions for tax positions of prior years — — — Lapse of statute of limitations (10,263 ) — — Settlements — — — Balance, end of year $ 78,242 $ 76,111 $ 57,032 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments | Future minimum operating lease payments under the above leases and future minimum capital lease payments under the Canyons obligation as of July 31, 2018 reflected by fiscal year are as follows (in thousands): Operating Leases Capital Leases 2019 $ 41,438 $ 27,699 2020 38,831 28,253 2021 35,950 28,818 2022 32,444 29,394 2023 28,840 29,982 Thereafter 155,410 1,835,630 Total future minimum lease payments $ 332,913 $ 1,979,776 Less amount representing interest (1,645,267 ) Net future minimum lease payments $ 334,509 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Segment Reporting [Abstract] | |
Summary Of Financial Information By Reportable Segment | Following is key financial information by reportable segment which is used by management in evaluating performance and allocating resources (in thousands): Year Ended July 31, 2018 2017 2016 Net revenue: Lift tickets $ 880,293 $ 818,341 $ 658,047 Ski school 189,910 177,748 143,249 Dining 161,402 150,587 121,008 Retail/rental 296,466 293,428 241,134 Other 194,851 171,682 141,166 Total Mountain net revenue 1,722,922 1,611,786 1,304,604 Lodging 284,643 278,514 274,554 Resort 2,007,565 1,890,300 1,579,158 Real Estate 3,988 16,918 22,128 Total net revenue $ 2,011,553 $ 1,907,218 $ 1,601,286 Segment operating expense: Mountain $ 1,132,840 $ 1,047,331 $ 881,472 Lodging 259,637 251,427 246,385 Resort 1,392,477 1,298,758 1,127,857 Real Estate, net 3,546 24,083 24,639 Total segment operating expense $ 1,396,023 $ 1,322,841 $ 1,152,496 Gain on sale of real property $ 515 $ 6,766 $ 5,295 Mountain equity investment income, net $ 1,523 $ 1,883 $ 1,283 Reported EBITDA: Mountain $ 591,605 $ 566,338 $ 424,415 Lodging 25,006 27,087 28,169 Resort 616,611 593,425 452,584 Real Estate 957 (399 ) 2,784 Total Reported EBITDA $ 617,568 $ 593,026 $ 455,368 Real estate held for sale and investment $ 99,385 $ 103,405 $ 111,088 Reconciliation to net income attributable to Vail Resorts, Inc.: Total Reported EBITDA $ 617,568 $ 593,026 $ 455,368 Depreciation and amortization (204,462 ) (189,157 ) (161,488 ) Change in fair value of contingent consideration 1,854 (16,300 ) (4,200 ) Loss on disposal of fixed assets and other, net (4,620 ) (6,430 ) (5,418 ) Investment income and other, net 1,944 6,114 723 Foreign currency (loss) gain on intercompany loans (8,966 ) 15,285 — Interest expense, net (63,226 ) (54,089 ) (42,366 ) Income before benefit (provision) for income taxes 340,092 348,449 242,619 Benefit (provision) for income taxes 61,138 (116,731 ) (93,165 ) Net income 401,230 231,718 149,454 Net (income) loss attributable to noncontrolling interests (21,332 ) (21,165 ) 300 Net income attributable to Vail Resorts, Inc. $ 379,898 $ 210,553 $ 149,754 |
Revenue and Properties, Plant and Equipment from External Customers by Geographic Areas [Table Text Block] | Geographic Information Net revenue and property, plant and equipment, net by geographic region are as follows (in thousands). Year Ended July 31, Net revenue 2018 2017 2016 U.S. $ 1,610,323 $ 1,578,276 $ 1,534,716 International (a) 401,230 328,942 66,570 Total net revenue $ 2,011,553 $ 1,907,218 $ 1,601,286 As of July 31, Property, plant and equipment, net 2018 2017 U.S. $ 1,210,169 $ 1,260,220 International (a) 417,050 453,933 Total property, plant and equipment, net $ 1,627,219 $ 1,714,154 (a) The only individual international country (i.e. except the U.S.) to account for more than 10% of the Company’s revenue and property plant and equipment, net was Canada. Canada accounted for $321.0 million and $257.8 million of revenue for the years ended July 31, 2018 and 2017, respectively, and for $316.8 million and $338.8 million of property, plant and equipment, net as of July 31, 2018 and 2017, respectively. |
Selected Quarterly Financial 37
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | Year Ended July 31, 2018 (in thousands, except per share amounts) Full Year Fourth Quarter Third Quarter Second Quarter First Quarter Total net revenue $ 2,011,553 $ 211,637 $ 844,491 $ 734,575 $ 220,850 Income (loss) from operations $ 408,817 $ (112,986 ) $ 367,978 $ 257,541 $ (103,716 ) Net income (loss) $ 401,230 $ (87,791 ) $ 272,275 $ 248,673 $ (31,927 ) Net income (loss) attributable to Vail Resorts, Inc. $ 379,898 $ (83,660 ) $ 256,252 $ 235,691 $ (28,385 ) Basic net income (loss) per share attributable to Vail Resorts, Inc. $ 9.40 $ (2.07 ) $ 6.34 $ 5.82 $ (0.71 ) Diluted net income (loss) per share attributable to Vail Resorts, Inc. $ 9.13 $ (2.07 ) $ 6.17 $ 5.67 $ (0.71 ) Year Ended July 31, 2017 (in thousands, except per share amounts) Full Year Fourth Third Second First Total net revenue $ 1,907,218 $ 209,124 $ 794,631 $ 725,198 $ 178,265 Income (loss) from operations $ 379,256 $ (102,577 ) $ 320,073 $ 252,278 $ (90,518 ) Net income (loss) $ 231,718 $ (61,248 ) $ 196,856 $ 159,728 $ (63,618 ) Net income (loss) attributable to Vail Resorts, Inc. $ 210,553 $ (57,146 ) $ 181,107 $ 149,179 $ (62,587 ) Basic net income (loss) per share attributable to Vail Resorts, Inc. $ 5.36 $ (1.43 ) $ 4.52 $ 3.72 $ (1.70 ) Diluted net income (loss) per share attributable to Vail Resorts, Inc. $ 5.22 $ (1.43 ) $ 4.40 $ 3.63 $ (1.70 ) |
Stock Compensation Plan (Tables
Stock Compensation Plan (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule Of Share Based Compensation Valuation Model | The risk-free rate for periods within the contractual life of the equity award is based on the United States Treasury yield curve in effect at the time of grant. Year Ended July 31, 2018 2017 2016 Expected volatility 40.0% 40.3% 40.4% Expected dividends 2.0% 2.2% 2.2% Expected term (average in years) 5.8-6.4 5.5-6.2 5.3-5.9 Risk-free rate 1.2-2.3% 0.5-1.5% 0.3-2.2% |
Schedule Of Share Based Compensation Option And SARs Award Activity | A summary of aggregate SARs award activity under the Plan as of July 31, 2018 , 2017 and 2016 , and changes during the years then ended is presented below (in thousands, except exercise price and contractual term): Awards Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at August 1, 2015 2,385 $ 47.96 Granted 198 $ 113.67 Exercised (180 ) $ 49.79 Forfeited or expired (22 ) $ 80.42 Outstanding at July 31, 2016 2,381 $ 52.98 Granted 143 $ 174.42 Exercised (215 ) $ 60.05 Forfeited or expired (19 ) $ 108.06 Outstanding at July 31, 2017 2,290 $ 59.12 Granted 86 $ 237.86 Exercised (1,049 ) $ 33.25 Forfeited or expired (3 ) $ 172.03 Outstanding at July 31, 2018 1,324 $ 91.01 5.3 years $ 246,198 Vested and expected to vest at July 31, 2018 1,309 $ 90.07 5.3 years $ 244,711 Exercisable at July 31, 2018 1,092 $ 71.54 4.7 years $ 224,231 |
Schedule of Share Based Compensation SARs Activity | A summary of the status of the Company’s nonvested SARs as of July 31, 2018 and changes during the year then ended is presented below (in thousands, except fair value amounts): Awards Weighted-Average Grant-Date Fair Value Outstanding at July 31, 2017 318 $ 42.46 Granted 86 $ 78.07 Vested (169) $ 38.59 Forfeited (3) $ 54.32 Nonvested at July 31, 2018 232 $ 56.72 |
Schedule Of Share Based Compensation Restricted Stock Units Activity | A summary of the status of the Company’s nonvested restricted share units as of July 31, 2018 and changes during the year then ended is presented below (in thousands, except fair value amounts): Awards Weighted-Average Grant-Date Fair Value Nonvested at July 31, 2017 211 $ 119.97 Granted 77 $ 215.14 Vested (101) $ 112.42 Forfeited (11) $ 159.78 Nonvested at July 31, 2018 176 $ 163.83 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018USD ($)yr | Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) | |
Impact of Tax Reform | $ 71,077 | $ 9,878 | $ 5,667 |
Impairment to goodwill or intangible assets | $ 0 | 0 | 0 |
Average remaining period (in years) for initiation fees recognized | yr | 12 | ||
Refundable period (in years) for initiation fees | yr | 30 | ||
Advertising expense | $ 39,800 | 40,000 | 32,300 |
Net Cash Provided by (Used in) Operating Activities | 551,625 | 473,189 | 436,977 |
Net Cash Provided by (Used in) Investing Activities | (134,579) | (682,836) | (124,016) |
Net Cash Provided by (Used in) Financing Activities | (350,715) | 255,617 | (281,432) |
Effect of exchange rate changes on cash and cash equivalents | (5,575) | 3,522 | 909 |
Cash and Cash Equivalents, Period Increase (Decrease) | $ 60,756 | 49,492 | 32,438 |
Prior Period Reclassification Adjustment | $ (16,275) | $ (10,215) |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Summary On Estimated Useful Life Of Property, Plant And Equipment) (Details) | 12 Months Ended |
Jul. 31, 2018 | |
Software and Software Development Costs [Member] | |
Estimated life in years | 3 years |
Minimum [Member] | Land Improvements [Member] | |
Estimated life in years | 10 years |
Minimum [Member] | Buildings and Building Improvements [Member] | |
Estimated life in years | 7 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Estimated life in years | 2 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Estimated life in years | 3 years |
Minimum [Member] | Vehicles [Member] | |
Estimated life in years | 3 years |
Maximum [Member] | Land Improvements [Member] | |
Estimated life in years | 35 years |
Maximum [Member] | Buildings and Building Improvements [Member] | |
Estimated life in years | 30 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Estimated life in years | 30 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Estimated life in years | 10 years |
Maximum [Member] | Vehicles [Member] | |
Estimated life in years | 10 years |
Summary of Significant Accoun41
Summary of Significant Accounting Policies (Allocation Of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Pre-tax stock-based compensation expense | $ 19,040 | $ 18,315 | $ 17,025 |
Less: benefit for income taxes | 5,406 | 6,290 | 6,057 |
Net stock-based compensation expense | 13,634 | 12,025 | 10,968 |
Mountain Operating Expense [Member] | |||
Pre-tax stock-based compensation expense | 15,716 | 14,969 | 13,404 |
Lodging Operating Expense [Member] | |||
Pre-tax stock-based compensation expense | 3,215 | 3,215 | 3,094 |
Real Estate Operating Expense [Member] | |||
Pre-tax stock-based compensation expense | $ 109 | $ 131 | $ 527 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 26, 2018 | Oct. 09, 2018 | Sep. 27, 2018 | Mar. 07, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 |
Net income | $ (83,660) | $ 256,252 | $ 235,691 | $ (28,385) | $ (57,146) | $ 181,107 | $ 149,179 | $ (62,587) | $ 379,898 | $ 210,553 | $ 149,754 | ||||
Weighted Average Number of Shares Outstanding, Common | 40,337,000 | 39,158,000 | 36,276,000 | ||||||||||||
Weighted Average Number of Shares Outstanding, Exchangeable | 60,000 | 93,000 | 0 | ||||||||||||
Weighted-average shares outstanding, basic (in shares) | 40,397,000 | 39,251,000 | 36,276,000 | ||||||||||||
Effect of dilutive securities, diluted (in shares) | 1,221,000 | 1,115,000 | 1,036,000 | ||||||||||||
Weighted-average shares outstanding, diluted (in shares) | 41,618,000 | 40,366,000 | 37,312,000 | ||||||||||||
Basic net income per share attributable to Vail Resorts, Inc. | $ (2.07) | $ 6.34 | $ 5.82 | $ (0.71) | $ (1.43) | $ 4.52 | $ 3.72 | $ (1.70) | $ 9.40 | $ 5.36 | $ 4.13 | ||||
Diluted net income per share attributable to Vail Resorts, Inc. | $ (2.07) | $ 6.17 | $ 5.67 | $ (0.71) | $ (1.43) | $ 4.40 | $ 3.63 | $ (1.70) | $ 9.13 | $ 5.22 | $ 4.01 | ||||
Anti-dilutive securities (in shares) | 2,000 | 9,000 | 18,000 | ||||||||||||
Estimated annual dividend amount (in dollars per share) | $ 5.880 | ||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 5.046 | ||||||||||||||
Increase to annual cash dividend rate | 40.00% | ||||||||||||||
Cash dividends declared per share (in dollars per share) | $ 5.046 | $ 3.726 | $ 2.865 | ||||||||||||
Dividends (Note 3) | $ 204,161 | $ 146,235 | $ 103,835 | ||||||||||||
Scenario, Forecast [Member] | |||||||||||||||
Cash dividends declared per share (in dollars per share) | $ 1.4700 | ||||||||||||||
Dividends Payable, Date to be Paid | Oct. 26, 2018 | ||||||||||||||
Dividends Payable, Date of Record | Oct. 9, 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 |
Long-Term Debt (Schedule Of Deb
Long-Term Debt (Schedule Of Debt Instruments) (Details) - USD ($) | May 29, 2013 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 |
Long-term Debt | $ 1,276,082,000 | $ 1,276,521,000 | ||
Unamortized Debt Issuance Expense | 3,350,000 | 4,100,000 | ||
Less: Current maturities | 38,455,000 | 38,397,000 | ||
Long-term debt, net | 1,234,277,000 | 1,234,024,000 | ||
Interest Expense, Debt | 63,200,000 | 54,100,000 | $ 42,400,000 | |
Accretion Expense | 5,723,000 | 5,687,000 | 5,644,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | 400,000,000 | |||
Debt Instrument, Unused Borrowing Capacity, Fee | 0.002 | |||
Amortization of Financing Costs | 1,300,000 | 1,100,000 | 1,000,000 | |
Intercompany Foreign Currency Balance, Amount | 210,000,000 | |||
Foreign currency (loss) gain on intercompany loans (Note 4) | (8,966,000) | 15,285,000 | $ 0 | |
Credit Facility Revolver [Member] | ||||
Long-term Debt | $ 130,000,000 | 50,000,000 | ||
Fiscal year maturity | 2,021 | |||
Basis spread on LIBOR rate | 1.125% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 | |||
Whistler Credit Agreement revolver [Member] | ||||
Long-term Debt | $ 65,353,000 | 113,119,000 | ||
Line of Credit Facility, Initiation Date | Nov. 12, 2013 | |||
Fiscal year maturity | 2,022 | |||
Long-term debt, maturity date | Nov. 12, 2021 | |||
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 July 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, Interest Rate, Stated Percentage | 3.54% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.3937% | |||
Term Loan [Member] | ||||
Long-term Debt | $ 684,375,000 | 721,875,000 | ||
Line of Credit Facility, Increase (Decrease), Net | $ 509,400,000 | |||
Line of Credit Facility, Initiation Date | Oct. 14, 2016 | |||
Fiscal year maturity | 2,021 | |||
Long-term debt, maturity date | Oct. 14, 2021 | |||
Long-term Debt, Description | In addition, pursuant to the terms of the Vail Holdings Credit Agreement, VHI has the ability to increase availability (under the revolver or in the form of term loans) to an aggregate principal amount not to exceed the greater of (i) $950.0 million and (ii) the product of 2.75 and the trailing twelve-month Adjusted EBITDA, as defined in the Vail Holdings Credit Agreement. The term loan facility is subject to quarterly amortization of principal of approximately $9.4 million, which began on January 31, 2017, in equal installments, with five percent payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due in October 2021. The proceeds of the loans made under the Vail Holdings Credit Agreement may be used to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at LIBOR plus 1.125% as of July 31, 2018 (3.20% as of July 31, 2018) | |||
Long-term Line of Credit | $ 750,000,000 | |||
Employee Housing Bonds [Member] | ||||
Long-term Debt | 52,575,000 | 52,575,000 | ||
Canyons Obligation [Member] | ||||
Long-term Debt | $ 334,509,000 | 328,786,000 | ||
Fiscal year maturity | 2,063 | |||
Other [Member] | ||||
Long-term Debt | $ 9,270,000 | $ 10,166,000 | ||
Colorado Water Conservation Board Note Outstanding [Member] | Other [Member] | ||||
Long-term debt, maturity date | Sep. 16, 2028 | |||
Long-term debt, outstanding amount | $ 4,200,000 | |||
Breckenridge Terrace [Member] | Employee Housing Bonds [Member] | ||||
Long-term Debt | $ 19,980,000 | |||
Fiscal year maturity | 2,039 | |||
Tarnes [Member] | Employee Housing Bonds [Member] | ||||
Long-term Debt | $ 10,410,000 | |||
Fiscal year maturity | 2,039 | |||
BC Housing [Member] | Employee Housing Bonds [Member] | ||||
Long-term Debt | $ 10,600,000 | |||
Fiscal year maturity | 2,027 | |||
Tenderfoot [Member] | Employee Housing Bonds [Member] | ||||
Long-term Debt | $ 11,585,000 | |||
Fiscal year maturity | 2,035 | |||
Tranche A [Member] | Employee Housing Bonds [Member] | ||||
Long-term Debt | $ 37,780,000 | |||
Reference for interest rate determination | LIBOR plus 0% to 0.04% | |||
Tranche A [Member] | Breckenridge Terrace [Member] | Employee Housing Bonds [Member] | ||||
Long-term Debt | $ 14,980,000 | |||
Tranche A [Member] | Tarnes [Member] | Employee Housing Bonds [Member] | ||||
Long-term Debt | 8,000,000 | |||
Tranche A [Member] | BC Housing [Member] | Employee Housing Bonds [Member] | ||||
Long-term Debt | 9,100,000 | |||
Tranche A [Member] | Tenderfoot [Member] | Employee Housing Bonds [Member] | ||||
Long-term Debt | 5,700,000 | |||
Tranche B [Member] | Employee Housing Bonds [Member] | ||||
Long-term Debt | $ 14,795,000 | |||
Reference for interest rate determination | LIBOR plus 0% to 0.05% | |||
Tranche B [Member] | Breckenridge Terrace [Member] | Employee Housing Bonds [Member] | ||||
Long-term Debt | $ 5,000,000 | |||
Tranche B [Member] | Tarnes [Member] | Employee Housing Bonds [Member] | ||||
Long-term Debt | 2,410,000 | |||
Tranche B [Member] | BC Housing [Member] | Employee Housing Bonds [Member] | ||||
Long-term Debt | 1,500,000 | |||
Tranche B [Member] | Tenderfoot [Member] | Employee Housing Bonds [Member] | ||||
Long-term Debt | $ 5,885,000 | |||
Maximum [Member] | Employee Housing Bonds [Member] | ||||
Fiscal year maturity, end | May 1, 2039 | |||
Maximum [Member] | Other [Member] | ||||
Fiscal year maturity, end | Jul. 31, 2028 | |||
Long term debt interest rate | 5.50% | |||
Maximum [Member] | Tranche A [Member] | Employee Housing Bonds [Member] | ||||
Basis spread on LIBOR rate | 0.09% | |||
Long term debt interest rate | 2.12% | |||
Minimum [Member] | Employee Housing Bonds [Member] | ||||
Fiscal year maturity, start | Jun. 1, 2027 | |||
Minimum [Member] | Other [Member] | ||||
Fiscal year maturity, start | Jul. 31, 2024 | |||
Long term debt interest rate | 5.10% | |||
Minimum [Member] | Tranche A [Member] | Employee Housing Bonds [Member] | ||||
Basis spread on LIBOR rate | 0.00% | |||
Long term debt interest rate | 2.08% | |||
Canyons [Member] | ||||
Accretion Expense | $ 29,000,000 | |||
Business Acquisition, Effective Date of Acquisition | May 24, 2013 | |||
Initial Capital Lease Term | 50 years | |||
Optional Lease Renewal Term | six 50-year renewal options | |||
Minimum Capital Lease Payment, Annual | $ 25,000,000 | |||
Adjustments to Capital Lease Annual Payments | inflation linked index of CPI less 1%, with a floor of 2% per annum | |||
Talisker Canyons Obligation, Interest Rate | 10.00% | |||
Canada, Dollars | Whistler Credit Agreement revolver [Member] | ||||
Optional Commitment Increase | $ 75,000,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 |
Long-Term Debt (Schedule Of Agg
Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Long-term Debt, Other Disclosures [Abstract] | |||
2,019 | $ 38,455 | ||
2,020 | 38,516 | ||
2,021 | 38,580 | ||
2,022 | 703,023 | ||
2,023 | 66,572 | ||
Thereafter | 390,936 | ||
Long-term Debt | 1,276,082 | $ 1,276,521 | |
Interest Expense, Debt | 63,200 | 54,100 | $ 42,400 |
Amortization of Financing Costs | $ 1,300 | $ 1,100 | $ 1,000 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ / shares in Units, $ in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2016 | Jul. 31, 2018USD ($) | Jul. 31, 2017USD ($)$ / sharesshares | Jul. 31, 2017CAD ($)shares | Jul. 31, 2016USD ($) | Oct. 17, 2016USD ($) | Jan. 19, 2016USD ($) | |
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,356 | $ 553,220 | $ 20,245 | ||||
Canyons Obligation, Interest Rate | 10.00% | ||||||
Goodwill, Acquired During Period | $ 344 | $ 956,739 | |||||
Stowe [Member] | |||||||
Business Acquisition, Effective Date of Acquisition | Jun. 7, 2017 | Jun. 7, 2017 | |||||
Business Combination, Cash Consideration Transferred | $ 40,700 | ||||||
Whistler Blackcomb [Member] | |||||||
Business Acquisition, Effective Date of Acquisition | Oct. 17, 2016 | Oct. 17, 2016 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 3,746,000 | 3,746,000 | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | ||||||
Wilmot [Member] | |||||||
Business Acquisition, Effective Date of Acquisition | Jan. 19, 2016 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 400 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||||
Business Combination, Consideration Transferred | $ 20,200 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 12,500 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 200 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | $ 300 | ||||||
Goodwill, Acquired During Period | $ 7,400 | ||||||
United States of America, Dollars | Stowe [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 3,000 | ||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 2,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 39,200 | ||||||
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 | 3,800 | ||||||
United States of America, Dollars | Whistler Blackcomb [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 150,681 | ||||||
Net operation revenue from acquiree | 257,800 | ||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 65,600 | ||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 3,200 | ||||||
Business Combination, Cash Consideration Transferred | 512,558 | ||||||
Business Combination, Consideration Transferred | 1,087,203 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 332,609 | ||||||
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 | ||||||
Payments to Acquire Businesses, Gross | 509,200 | ||||||
Foreign Currency Transaction Gain (Loss), Realized | 3,400 | ||||||
Business Combination, Consideration Transferred, Other | 4,308 | ||||||
Realized Investment Gains (Losses) | $ 800 | ||||||
Canada, Dollars | Whistler Blackcomb [Member] | |||||||
Business Combination, Cash Consideration Transferred | $ 673.8 | ||||||
Business Acquisition, Share Price | $ / shares | $ 17.50 | ||||||
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 | 12 Months Ended | |||
Oct. 31, 2016USD ($) | Jul. 31, 2018USD ($) | Jul. 31, 2017USD ($)shares | Oct. 17, 2016USD ($) | Oct. 14, 2016$ / shares | |
Business Acquisition [Line Items] | |||||
Indefinite-Lived Trademarks | $ 205,083 | $ 216,923 | |||
Unfavorable lease obligations, net | 21,839 | 24,664 | |||
Goodwill, Acquired During Period | 344 | $ 956,739 | |||
Whistler Blackcomb [Member] | |||||
Business Acquisition [Line Items] | |||||
Shares Purchased to Acquire Business | shares | 38,500 | ||||
Share Exchange Ratio | 0.097294 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 3,746 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||
Canyons [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Purchase Price Allocation, Land | 31,818 | $ 31,818 | |||
Business Acquisition, Purchase Price Allocation, Land Improvements | 49,228 | 49,228 | |||
Business Acquisition, Purchase Price Allocation, Buildings and Building Improvements | 42,660 | 42,910 | |||
Business Acquisition, Purchase Price Allocation, Machinery and Equipment | 60,384 | 61,156 | |||
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment Gross (under Capital Lease) | 184,090 | 185,112 | |||
Business Acquisition, Purchase Price Allocation, Accumulated Depreciation | (46,502) | (37,000) | |||
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment Net (under Capital Lease) | 137,588 | 148,112 | |||
Mountain [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill, Acquired During Period | $ 344 | 956,739 | |||
United States of America, Dollars | Whistler Blackcomb [Member] | |||||
Business Acquisition [Line Items] | |||||
Indefinite-Lived Trademarks | $ 139,977 | ||||
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, 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 Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 7,992 | ||||
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, Liabilities | 74,358 | ||||
Business Combination, Consideration Transferred | 1,087,203 | ||||
Business Combination, Consideration Transferred, Other | 4,308 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 1,272,314 | 1,272,314 | |||
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, Noncurrent Liabilities, Long-term Debt | 144,922 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 3,156 | ||||
Finite-Lived Customer Relationships, Gross | $ 6,596 | ||||
Payments to Acquire Management Contract Rights | $ 4,108 | ||||
United States of America, Dollars | Mountain [Member] | Whistler Blackcomb [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill, Acquired During Period | 956,459 | ||||
Noncontrolling Interest [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition of noncontrolling interest (Note 5) | $ 180,803 |
Acquisitions (Summary Pro Forma
Acquisitions (Summary Pro Forma Financial Information) (Details) - United States of America, Dollars - Whistler Blackcomb [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Pro Forma Financial Information [Line Items] | ||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 65,600 | |
Pro forma net revenue | 1,929,882 | $ 1,835,924 |
Pro forma net income attributable to Vail Resorts, Inc. | $ 212,475 | $ 170,855 |
Pro forma basic net income per share attributable to Vail Resorts, Inc. | $ 5.31 | $ 4.27 |
Pro forma diluted net income per share attributable to Vail Resorts, Inc. | $ 5.16 | $ 4.16 |
Supplementary Balance Sheet I48
Supplementary Balance Sheet Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |||
Depreciation expense | $ 199.2 | $ 180.8 | $ 156.8 |
Amortization of Intangible Assets | $ 5.3 | $ 8.3 | $ 4.7 |
Supplementary Balance Sheet I49
Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |||
Depreciation | $ 199,200 | $ 180,800 | $ 156,800 |
Land and land improvements | 552,271 | 553,655 | |
Buildings and building improvements | 1,193,528 | 1,210,864 | |
Machinery and equipment | 1,007,250 | 987,080 | |
Furniture and fixtures | 283,694 | 280,292 | |
Software | 113,699 | 108,048 | |
Vehicles | 60,697 | 59,596 | |
Construction in progress | 59,579 | 49,359 | |
Gross property, plant and equipment | 3,270,718 | 3,248,894 | |
Accumulated depreciation | (1,643,499) | (1,534,740) | |
Property, plant and equipment, net | $ 1,627,219 | $ 1,714,154 |
Supplementary Balance Sheet I50
Supplementary Balance Sheet Information Composition of Property, Plant and Equipment under Capital Lease (Details) - Canyons [Member] - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Capital Leased Assets, Land | $ 31,818 | $ 31,818 |
Capital Leased Assets, Land Improvements | 49,228 | 49,228 |
Capital Leased Assets, Buildings and Building Improvements | 42,660 | 42,910 |
Capital Leased Assets, Machinery and Equipment | 60,384 | 61,156 |
Capital Leased Assets, Gross | 184,090 | 185,112 |
Capital Leased Assets, Accumulated Depreciation | (46,502) | (37,000) |
Capital Leased Assets, Net | $ 137,588 | $ 148,112 |
Supplementary Balance Sheet I51
Supplementary Balance Sheet Information (Composition Of Goodwill And Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Goodwill | $ 1,493,040 | $ 1,537,097 | |
Accumulated amortization | (17,354) | (17,354) | |
Goodwill, net | 1,475,686 | 1,519,743 | $ 509,037 |
Indefinite-Lived Trademarks | 205,083 | 216,923 | |
Other Indefinite-lived Intangible Assets | 41,160 | 41,275 | |
Gross indefinite-lived intangible assets | 246,243 | 258,198 | |
Accumulated amortization | (24,713) | (24,713) | |
Indefinite-lived intangible assets, net | 221,530 | 233,485 | |
Gross amortizable intangible assets | 42,971 | 39,071 | |
Other Finite-Lived Intangible Assets, Gross | 47,604 | 49,804 | |
Finite-Lived Intangible Assets, Gross | 90,575 | 88,875 | |
Accumulated amortization | (31,533) | (27,428) | |
Amortizable intangible assets, net | 59,042 | 61,447 | |
Total gross intangible assets | 336,818 | 347,073 | |
Total accumulated amortization | (56,246) | (52,141) | |
Net Intangible Assets Excluding Goodwill | 280,572 | 294,932 | |
Amortization of Intangible Assets | 5,300 | $ 8,300 | $ 4,700 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 2,756 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 2,756 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2,756 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2,756 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 2,756 |
Supplementary Balance Sheet I52
Supplementary Balance Sheet Information (Changes In Goodwill Amount) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Goodwill, beginning balance | $ 1,519,743 | $ 509,037 |
Acquisition | 344 | 956,739 |
Goodwill, Translation Adjustments | (44,401) | 53,967 |
Goodwill, ending balance | 1,475,686 | 1,519,743 |
Mountain [Member] | ||
Goodwill, beginning balance | 1,451,844 | 441,138 |
Acquisition | 344 | 956,739 |
Goodwill, Translation Adjustments | (44,401) | 53,967 |
Goodwill, ending balance | 1,407,787 | 1,451,844 |
Lodging [Member] | ||
Goodwill, beginning balance | 67,899 | 67,899 |
Acquisition | 0 | 0 |
Goodwill, Translation Adjustments | 0 | 0 |
Goodwill, ending balance | $ 67,899 | $ 67,899 |
Supplementary Balance Sheet I53
Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Balance Sheet Related Disclosures [Abstract] | ||
Trade payables | $ 80,793 | $ 71,558 |
Deferred revenue | 282,103 | 240,096 |
Accrued salaries, wages and deferred compensation | 40,034 | 44,869 |
Accrued benefits | 33,963 | 32,505 |
Deposits | 26,646 | 23,742 |
Other accruals | 40,994 | 54,899 |
Total accounts payable and accrued liabilities | $ 504,533 | $ 467,669 |
Supplementary Balance Sheet I54
Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Balance Sheet Related Disclosures [Abstract] | ||
Private club deferred initiation fee revenue | $ 114,319 | $ 118,417 |
Unfavorable lease obligations, net | 21,839 | 24,664 |
Other long-term liabilities | 155,348 | 158,655 |
Total other long-term liabilities | $ 291,506 | $ 301,736 |
Investments in Affiliates (Deta
Investments in Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Investments in equity method affiliates | $ 7.7 | $ 7.6 | |
Undistributed earnings of equity method affiliates | 4.4 | 4.3 | |
Distributions received from equity method affiliates | $ 1.5 | $ 1.9 | $ 1.3 |
Slifer, Smith, and Frampton/Vail Associates Real Estate, LLC ("SSF/VARE") [Member] | |||
Ownership interest | 50.00% | ||
KRED [Member] | |||
Ownership interest | 50.00% | ||
Clinton Ditch and Reservoir Company [Member] | |||
Ownership interest | 43.00% | ||
Slifer Smith and Frampton and Vail Associates Real Estate Llc Ssf and Vare [Member] | |||
Real estate revenue from leases | $ 0.4 | ||
Ownership interest | 50.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands, $ in Millions | 12 Months Ended | |||
Jul. 31, 2018USD ($) | Jul. 31, 2017USD ($) | Jul. 31, 2018CAD ($) | Jul. 31, 2016USD ($) | |
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. | |||
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 11.3%, volatility of 17.5% and future period Park City EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs. | |||
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 $4.0 million to $5.3 million. | |||
Liabilities, Fair Value Disclosure | $ 21,900 | $ 27,400 | $ 11,100 | |
Payments for Rent | (3,646) | |||
Change in Fair Value of Contingent Consideration | 1,854 | (16,300) | ||
Level 3 [Member] | ||||
Liabilities, Fair Value Disclosure | 21,900 | 27,400 | ||
Money Market Funds [Member] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 3,021 | 3,008 | ||
Money Market Funds [Member] | Level 1 [Member] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 3,021 | 3,008 | ||
Commercial Paper [Member] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 2,401 | 2,401 | ||
Commercial Paper [Member] | Level 2 [Member] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 2,401 | 2,401 | ||
Certificates of Deposit [Member] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 11,249 | 2,405 | ||
Certificates of Deposit [Member] | Level 2 [Member] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | $ 11,249 | 2,405 | ||
Interest Rate Swap [Member] | ||||
Interest Rate Cash Flow Hedge Liability at Fair Value | 236 | |||
Interest Rate Swap [Member] | Level 2 [Member] | ||||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 236 | |||
Canada, Dollars | ||||
Derivative, Notional Amount | $ 125 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Excess tax benefits related to stock-based compensation | (20.90%) | ||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 10,263 | $ 0 | $ 0 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 12,394 | 19,079 | 18,460 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 900 | ||
Impact of Tax Reform | 61,000 | ||
Deferred Tax Assets, Net | 67,000 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 5,200 | 3,600 | |
Income tax examination, penalties and interest expense | (1,600) | $ (2,000) | $ (1,100) |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 4,200 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 4,200 | ||
Transition Tax Provisional Charge | $ 6,000 | ||
Impacts of the Tax Act | (24.70%) | ||
Interest Expense [Member] | |||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 10,300 | ||
State and Local Jurisdiction [Member] | |||
State operating loss carryforwards | 9,200 | ||
Operating loss carryforwards, valuation allowance | $ 4,300 |
Income Taxes (Components Of Def
Income Taxes (Components Of Deferred Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 9,773 | $ 9,331 |
Deferred Tax Liabilities, Net, Noncurrent | 133,918 | 171,442 |
Fixed assets | 126,697 | 180,480 |
Intangible assets | 54,708 | 65,614 |
Deferred Tax Liabilities, Other | 12,865 | 31,191 |
Deferred Tax Liabilities, Gross | 194,270 | 277,285 |
Total | 124,145 | 162,111 |
Deferred Tax Asset, Talisker Canyons Obligation | 13,145 | 19,276 |
Stock-based compensation | 9,824 | 17,862 |
Deferred Tax Assets, Investments | 15,113 | 17,511 |
Deferred compensation and other accrued benefits | 9,220 | 15,215 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Contingencies | 5,476 | 10,472 |
Unfavorable lease obligation, net | 5,580 | 9,542 |
Net operating loss carryforwards other tax credits | 5,716 | 12,783 |
Other, net | 11,501 | 19,468 |
Total | 75,575 | 122,129 |
Valuation allowance for deferred income taxes | (5,450) | (6,955) |
Deferred income tax assets, net of valuation allowance | $ 70,125 | $ 115,174 |
Income Taxes (Components Of Pro
Income Taxes (Components Of Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Current federal | $ (43,366) | $ 55,887 | $ 70,553 |
Current state | 9,562 | 8,096 | 10,555 |
Current Foreign Tax Expense (Benefit) | 18,436 | 16,311 | 4,431 |
Total current | (15,368) | 80,294 | 85,539 |
Deferred federal | (45,922) | 29,065 | 7,603 |
Deferred state | 2,941 | 3,601 | 1,051 |
Deferred Foreign Income Tax Expense (Benefit) | (2,789) | 3,771 | (1,028) |
Deferred Income Tax Expense (Benefit) | (45,770) | 36,437 | 7,626 |
Provision for income taxes | $ (61,138) | $ 116,731 | $ 93,165 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Effective Income Tax Rate And Effective Rate From Continuing Operation) (Details) | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
At U.S. federal income tax rate | 26.80% | 35.00% | 35.00% |
State income tax, net of federal benefit | 3.00% | 2.20% | 3.10% |
Change in valuation allowance | 0.30% | 0.90% | 0.10% |
Excess tax benefits related to stock-based compensation | (20.90%) | ||
Impacts of the Tax Act | (24.70%) | ||
Noncontrolling interests | (1.70%) | (2.10%) | 0.00% |
Foreign rate differential | (1.50%) | (3.40%) | (0.20%) |
Other | 0.70% | 0.90% | 0.40% |
Effective tax rate | (18.00%) | 33.50% | 38.40% |
Income Taxes (Reconciliation 61
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income Tax Examination, Penalties and Interest Expense | $ 1,600 | $ 2,000 | $ 1,100 |
Unrecognized tax benefits, beginning balance | 76,111 | 57,032 | 38,572 |
Additions based on tax positions related to the current year | 0 | 0 | 0 |
Additions for tax positions of prior years | 12,394 | 19,079 | 18,460 |
Reductions for tax positions of prior years | 0 | 0 | 0 |
Lapse of statute of limitations | (10,263) | 0 | 0 |
Settlements | 0 | 0 | 0 |
Unrecognized tax benefits, ending balance | $ 78,242 | $ 76,111 | $ 57,032 |
Income Taxes Components of Inco
Income Taxes Components of Income before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Components of Income Before Income Taxes [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 264,379 | $ 251,478 | $ 231,756 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 75,713 | 96,971 | 10,863 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 340,092 | $ 348,449 | $ 242,619 |
Income Taxes Presentation of Ne
Income Taxes Presentation of Net Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Presentation of Net Deferred Tax Liabilities and Assets [Abstract] | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 9,773 | $ 9,331 |
Deferred Tax Liabilities, Net, Noncurrent | 133,918 | 171,442 |
Deferred Tax Liabilities, Net | $ 124,145 | $ 162,111 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | 12 Months Ended | ||
Jul. 31, 2018USD ($)yrdirector | Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) | |
BCRC [Member] | |||
Right to appoint the number of directors | director | 4 | ||
Number of directors | director | 9 | ||
Management agreement renewable period, years | yr | 1 | ||
Management fees and reimbursement of operating expenses | $ | $ 9.2 | $ 8.9 | $ 8.4 |
Slifer Smith and Frampton and Vail Associates Real Estate Llc Ssf and Vare [Member] | |||
Ownership interest | 50.00% | ||
Real estate revenue from leases | $ | $ 0.4 |
Commitments and Contingencies65
Commitments and Contingencies (Narrative) (Details) $ in Thousands | May 29, 2013 | Jul. 31, 2018USD ($) | Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) |
Amount outstanding in letters of credit | $ 79,300 | |||
Outstanding Letters of Credit for Acquisitions | 16,200 | |||
Surety Bonds Outstanding | $ 9,400 | |||
Number of optional renewal terms | 3 | |||
Lease expense, excluding executory costs | $ 52,800 | $ 51,900 | $ 44,400 | |
Long-term Debt | $ 1,276,082 | 1,276,521 | ||
Canyons Obligation, Interest Rate | 10.00% | |||
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 | |||
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 | $ 9,700 | |||
Northstar [Member] | ||||
Lease Expiration Date | Jan. 19, 2027 | |||
Optional Lease Renewal Term | P10Y | |||
Perisher [Member] | ||||
Lease Expiration Date | Jan. 1, 2048 | |||
Optional Lease Renewal Term | P20Y | |||
Operating Leases, Rent Expense, Contingent Rentals | of certain gross revenue | |||
Canyons [Member] | ||||
Lease Expiration Date | Jan. 1, 2079 | |||
Optional Lease Renewal Term | six 50-year renewal options | |||
Australia, Dollars | Perisher [Member] | ||||
Lease expense, excluding executory costs | $ 1,800 | |||
Canyons Obligation [Member] | ||||
Long-term Debt | $ 334,509 | $ 328,786 |
Commitments and Contingencies66
Commitments and Contingencies (Future Minimum Lease Payment) (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Debt Instrument [Line Items] | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 41,438 | |
Operating Leases, Future Minimum Payments Due in Two Years | 38,831 | |
Operating Leases, Future Minimum Payments Due in Three Years | 35,950 | |
Operating Leases, Future Minimum Payments Due in Four Years | 32,444 | |
Operating Leases, Future Minimum Payments Due in Five Years | 28,840 | |
Operating Leases, Future Minimum Payments Due Thereafter | 155,410 | |
Operating Leases, Future Minimum Payments Due | 332,913 | |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 27,699 | |
Capital Leases, Future Minimum Payments Due in Two Years | 28,253 | |
Capital Leases, Future Minimum Payments Due in Three Years | 28,818 | |
Capital Leases, Future Minimum Payments Due in Four Years | 29,394 | |
Capital Leases, Future Minimum Payments Due in Five Years | 29,982 | |
Capital Leases, Future Minimum Payments Due Thereafter | 1,835,630 | |
Capital Leases, Future Minimum Payments Due | 1,979,776 | |
Capital Leases, Future Minimum Payments, Interest Included in Payments | (1,645,267) | |
Long-term Debt | 1,276,082 | $ 1,276,521 |
Canyons Obligation [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 334,509 | $ 328,786 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Total Mountain net revenue | $ 1,722,922 | $ 1,611,786 | $ 1,304,604 | ||||||||
Lodging | 284,643 | 278,514 | 274,554 | ||||||||
Resort | 2,007,565 | 1,890,300 | 1,579,158 | ||||||||
Real Estate | 3,988 | 16,918 | 22,128 | ||||||||
Total net revenue | $ 211,637 | $ 844,491 | $ 734,575 | $ 220,850 | $ 209,124 | $ 794,631 | $ 725,198 | $ 178,265 | 2,011,553 | 1,907,218 | 1,601,286 |
Mountain | 1,132,840 | 1,047,331 | 881,472 | ||||||||
Lodging | 259,637 | 251,427 | 246,385 | ||||||||
Resort | 1,392,477 | 1,298,758 | 1,127,857 | ||||||||
Real estate | 3,546 | 24,083 | 24,639 | ||||||||
Total segment operating expense | 1,396,023 | 1,322,841 | 1,152,496 | ||||||||
Gain on sale of real property | 515 | 6,766 | 5,295 | ||||||||
Mountain equity investment income, net | 1,523 | 1,883 | 1,283 | ||||||||
Total Reported EBITDA | 617,568 | 593,026 | 455,368 | ||||||||
Real estate held for sale and investment | 99,385 | 103,405 | 99,385 | 103,405 | 111,088 | ||||||
Depreciation and amortization | (204,462) | (189,157) | (161,488) | ||||||||
Change in Fair Value of Contingent Consideration | 1,854 | (16,300) | (4,200) | ||||||||
Loss on disposal of fixed assets and other, net | (4,620) | (6,430) | (5,418) | ||||||||
Investment income and other, net | 1,944 | 6,114 | 723 | ||||||||
Foreign currency (loss) gain on intercompany loans (Note 4) | (8,966) | 15,285 | 0 | ||||||||
Interest expense | (63,226) | (54,089) | (42,366) | ||||||||
Income before provision for income taxes | 340,092 | 348,449 | 242,619 | ||||||||
Benefit (provision) for income taxes (Note 9) | 61,138 | (116,731) | (93,165) | ||||||||
Net income | (87,791) | 272,275 | 248,673 | (31,927) | (61,248) | 196,856 | 159,728 | (63,618) | 401,230 | 231,718 | 149,454 |
Net (income) loss attributable to noncontrolling interests | (21,332) | (21,165) | 300 | ||||||||
Net income | (83,660) | $ 256,252 | $ 235,691 | $ (28,385) | (57,146) | $ 181,107 | $ 149,179 | $ (62,587) | 379,898 | 210,553 | 149,754 |
Property, Plant and Equipment, Net | $ 1,627,219 | $ 1,714,154 | 1,627,219 | 1,714,154 | |||||||
Lift Tickets [Member] | |||||||||||
Total Mountain net revenue | 880,293 | 818,341 | 658,047 | ||||||||
Ski School [Member] | |||||||||||
Total Mountain net revenue | 189,910 | 177,748 | 143,249 | ||||||||
Dining [Member] | |||||||||||
Total Mountain net revenue | 161,402 | 150,587 | 121,008 | ||||||||
Retail/Rental [Member] | |||||||||||
Total Mountain net revenue | 296,466 | 293,428 | 241,134 | ||||||||
Other [Member] | |||||||||||
Total Mountain net revenue | 194,851 | 171,682 | 141,166 | ||||||||
Resort [Member] | |||||||||||
Total Reported EBITDA | 616,611 | 593,425 | 452,584 | ||||||||
Mountain [Member] | |||||||||||
Total Reported EBITDA | 591,605 | 566,338 | 424,415 | ||||||||
Lodging [Member] | |||||||||||
Total Reported EBITDA | 25,006 | 27,087 | 28,169 | ||||||||
Real Estate [Member] | |||||||||||
Total Reported EBITDA | $ 957 | $ (399) | $ 2,784 |
Segment Information Geographic
Segment Information Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 211,637 | $ 844,491 | $ 734,575 | $ 220,850 | $ 209,124 | $ 794,631 | $ 725,198 | $ 178,265 | $ 2,011,553 | $ 1,907,218 | $ 1,601,286 |
Property, Plant and Equipment, Net | 1,627,219 | 1,714,154 | 1,627,219 | 1,714,154 | |||||||
Canadian [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 321,000 | 257,800 | |||||||||
Property, Plant and Equipment, Net | 316,800 | 338,800 | 316,800 | 338,800 | |||||||
Geographic Distribution, Foreign [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 401,230 | 328,942 | 66,570 | ||||||||
Property, Plant and Equipment, Net | 417,050 | 453,933 | 417,050 | 453,933 | |||||||
Geographic Distribution, Domestic [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,610,323 | 1,578,276 | $ 1,534,716 | ||||||||
Property, Plant and Equipment, Net | $ 1,210,169 | $ 1,260,220 | $ 1,210,169 | $ 1,260,220 |
Selected Quarterly Financial 69
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Mountain revenue | $ 1,722,922 | $ 1,611,786 | $ 1,304,604 | ||||||||
Lodging revenue | 284,643 | 278,514 | 274,554 | ||||||||
Revenues | $ 211,637 | $ 844,491 | $ 734,575 | $ 220,850 | $ 209,124 | $ 794,631 | $ 725,198 | $ 178,265 | 2,011,553 | 1,907,218 | 1,601,286 |
Income (loss) from operations | (112,986) | 367,978 | 257,541 | (103,716) | (102,577) | 320,073 | 252,278 | (90,518) | 408,817 | 379,256 | 282,979 |
Net income | (87,791) | 272,275 | 248,673 | (31,927) | (61,248) | 196,856 | 159,728 | (63,618) | 401,230 | 231,718 | 149,454 |
Net income (loss) attributable to Vail Resorts, Inc. | $ (83,660) | $ 256,252 | $ 235,691 | $ (28,385) | $ (57,146) | $ 181,107 | $ 149,179 | $ (62,587) | $ 379,898 | $ 210,553 | $ 149,754 |
Basic net income (loss) per share attributable to Vail Resorts, Inc. (in dollars per share) | $ (2.07) | $ 6.34 | $ 5.82 | $ (0.71) | $ (1.43) | $ 4.52 | $ 3.72 | $ (1.70) | $ 9.40 | $ 5.36 | $ 4.13 |
Diluted net income (loss) per share attributable to Vail Resorts, Inc. (in dollars per share) | $ (2.07) | $ 6.17 | $ 5.67 | $ (0.71) | $ (1.43) | $ 4.40 | $ 3.63 | $ (1.70) | $ 9.13 | $ 5.22 | $ 4.01 |
Stock Repurchase Plan (Details)
Stock Repurchase Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | Dec. 04, 2015 | Jul. 16, 2008 | Mar. 09, 2006 | |
Accelerated Share Repurchases [Line Items] | ||||||
Treasury Stock, Shares, Acquired | 115,422 | 1,317 | 485,866 | |||
Repurchases of Common Stock | $ 25,800 | $ 210 | $ 53,787 | |||
Number of shares authorized to repurchase | 7,500,000 | 3,000,000 | ||||
Additional number of shares authorized to repurchase | 1,500,000 | 3,000,000 | ||||
Number of shares repurchased since inception | 5,552,000 | 5,436,000 | ||||
Value of stock repurchased since inception | $ 272,989 | $ 247,189 | ||||
Remaining shares available for repurchase under existing program | 1,948,284 |
Stock Compensation Plan (Narrat
Stock Compensation Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Shares issued for stock based compensation (in shares) | 4,400,000 | |||||
Stock based compensation award life | 10 years | |||||
Stock based compensation award vesting period | 3 years | |||||
Stock based compensation, shares available for grant (in shares) | 3,800,000 | |||||
Total unrecognized compensation expense | $ 23 | |||||
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | $ 79.7 | $ 15.5 | $ 10.3 | |||
Stock Appreciation Rights (SARs) [Member] | ||||||
Weighted-average grant-date fair value (in dollars per share) | $ 78.07 | $ 50.78 | $ 35.20 | |||
Intrinsic value of options and SARs exercised | $ 213.8 | $ 22.6 | $ 13.1 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 169,000 | 247,000 | 302,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 18.5 | $ 19.6 | $ 10.8 | |||
Restricted Stock Units (RSUs) [Member] | ||||||
Weighted-average grant-date fair value (in dollars per share) | $ 215.14 | $ 154.19 | $ 102.20 | |||
Stock based compensation, restricted shares granted (in shares) | 77,000 | 91,000 | 142,000 | |||
Stock based compensation, restricted shares vested (in shares) | 101,000 | 121,000 | 134,000 | |||
Stock based compensation, total fair value of restricted shares | $ 23.5 | $ 19.3 | $ 14.6 | |||
Expected to be Recognized in One Year [Member] | Scenario, Forecast [Member] | ||||||
Total unrecognized compensation expense | $ 1.1 | $ 7.9 | $ 14 |
Stock Compensation Plan (Schedu
Stock Compensation Plan (Schedule Of Share Based Compensation Valuation Model) (Details) | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 40.00% | 40.31% | 40.40% |
Expected dividends | 1.98% | 2.24% | 2.20% |
Risk-free rate, minimum | 1.20% | 0.50% | 0.30% |
Risk-free rate, maximum | 2.30% | 1.50% | 2.20% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (average in years) | 5 years 10 months | 5 years 6 months | 5 years 4 months |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (average in years) | 6 years 5 months | 6 years 2 months | 5 years 11 months |
Stock Compensation Plan (Sche73
Stock Compensation Plan (Schedule Of Share Based Compensation Option And SARs Award Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Awards, outstanding beginning balance (in shares) | 2,290 | 2,381 | 2,385 |
Awards, granted (in shares) | 86 | 143 | 198 |
Awards, exercised (in shares) | (1,049) | (215) | (180) |
Awards, forfeited or expired (in shares) | (3) | (19) | (22) |
Awards, outstanding ending balance (in shares) | 1,324 | 2,290 | 2,381 |
Awards, exercisable ending balance (in shares) | 1,092 | ||
Weighted-average exercise price, outstanding beginning balance (in dollars per share) | $ 59.12 | $ 52.98 | $ 47.96 |
Weighted-average exercise price, granted (in dollars per share) | 237.86 | 174.42 | 113.67 |
Weighted-average exercise price, exercised (in dollars per share) | 33.25 | 60.05 | 49.79 |
Weighted-average exercise price, forfeited or expired (in dollars per share) | 172.03 | 108.06 | 80.42 |
Weighted-average exercise price, outstanding ending balance (in dollars per share) | 91.01 | $ 59.12 | $ 52.98 |
Weighted-average exercise price, exercisable ending balance (in dollars per share) | $ 71.54 | ||
Weighted-average remaining contractual term, outstanding ending balance (in years) | 5 years 4 months | ||
Weighted-average remaining contractual term, exercisable ending balance (in years) | 4 years 8 months | ||
Aggregate intrinsic value, outstanding ending balance | $ 246,198 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 1,309 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 90.07 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 5 years 4 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 244,711 | ||
Aggregate intrinsic value, exercisable ending balance | $ 224,231 |
Stock Compensation Plan (Sche74
Stock Compensation Plan (Schedule of Share Based Compensation SARs Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | |||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,324 | 2,290 | 2,381 | 2,385 |
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 232 | 318 | ||
Awards, granted (in shares) | 86 | |||
Awards, vested (in shares) | (169) | |||
Awards, forfeited (in shares) | (3) | |||
Weighted-average grant-date fair value, outstanding beginning balance (in dollars per share) | $ 42.46 | |||
Weighted-average grant-date fair value, granted (in dollars per share) | 78.07 | |||
Weighted-average grant-date fair value, vested (in dollars per share) | 38.59 | |||
Weighted-average grant-date fair value, forfeited (in dollars per share) | 54.32 | |||
Weighted-average grant-date fair value, outstanding ending balance (in dollars per share) | $ 56.72 |
Stock Compensation Plan (Sche75
Stock Compensation Plan (Schedule Of Share Based Compensation Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 12 Months Ended |
Jul. 31, 2018$ / sharesshares | |
Awards, outstanding beginning balance (in shares) | shares | 211 |
Awards, granted (in shares) | shares | 77 |
Awards, vested (in shares) | shares | (101) |
Awards, forfeited (in shares) | shares | (11) |
Awards, outstanding ending balance (in shares) | shares | 176 |
Weighted-average grant-date fair value, outstanding beginning balance (in dollars per share) | $ / shares | $ 119.97 |
Weighted-average grant-date fair value, granted (in dollars per share) | $ / shares | 215.14 |
Weighted-average grant-date fair value, vested (in dollars per share) | $ / shares | 112.42 |
Weighted-average grant-date fair value, forfeited (in dollars per share) | $ / shares | 159.78 |
Weighted-average grant-date fair value, outstanding ending balance (in dollars per share) | $ / shares | $ 163.83 |
Retirement and Profit Sharing76
Retirement and Profit Sharing Plans (Details) $ in Millions | 12 Months Ended | ||
Jul. 31, 2018USD ($)hour | Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) | |
Retirement Benefits [Abstract] | |||
Employee contribution percentage | 100.00% | ||
Company match amount equal to participant's contribution | 50.00% | ||
Employer contribution matching equal to 50% | 6.00% | ||
Employment period (in months) | 12 months | ||
Service period (in hours) | 1,000 | ||
Total service period (in hours) | 1,500 | ||
Retirement plan expense | $ | $ 6.9 | $ 5.4 | $ 5.3 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Sep. 27, 2018 | Aug. 15, 2018 | Oct. 31, 2018 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 |
Subsequent Event [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | |||||
Long-term Debt | 1,276,082 | $ 1,276,521 | ||||
Proceeds from borrowings under Vail Holdings Credit Agreement | 225,000 | 669,375 | $ 210,000 | |||
Term Loan [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Long-term Debt | $ 684,375 | $ 721,875 | ||||
Scenario, Forecast [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Other Payments to Acquire Businesses | $ 155,000 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 950,000 | |||||
Proceeds from borrowings under Vail Holdings Credit Agreement | $ 195,600 | $ 70,000 | ||||
Scenario, Forecast [Member] | Stevens Pass [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Business Combination, Cash Consideration Transferred | 64,000 | |||||
Scenario, Forecast [Member] | Triple Peaks, LLC [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Business Combination, Cash Consideration Transferred | $ 74,000 |