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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Jul. 31, 2014	Sep. 17, 2014	Jan. 31, 2014
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jul. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	MTN
Entity Registrant Name	VAIL RESORTS INC
Entity Central Index Key	0000812011
Current Fiscal Year End Date	--07-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		36,218,867
Entity Public Float			$ 2,441,712,957

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2014	Jul. 31, 2013
Assets
Cash and cash equivalents	$ 44,406	$ 138,604
Restricted cash	13,181	12,624
Trade receivables, net of allowances of $4,553 and $3,423, respectively	95,977	79,037
Inventories, net of reserves of $1,864 and $1,552, respectively	67,183	68,318
Deferred income taxes (Note 11)	29,249	25,190
Other Assets, Current	25,050	19,696
Total current assets	275,046	343,469
Property, plant and equipment, net (Note 6)	1,147,990	1,169,288
Real estate held for sale and investment	157,858	195,230
Other Assets, Noncurrent	97,284	97,267
Goodwill, net (Note 6)	378,148	381,699
Intangible assets, net (Note 6)	117,523	121,344
Total assets	2,173,849	2,308,297
Liabilities and Stockholders' Equity
Accounts payable and accrued liabilities (Note 6)	289,218	269,519
Income taxes payable	33,966	42,822
Long-term debt due within one year (Note 4)	1,022	994
Total current liabilities	324,206	313,335
Long-term debt (Note 4)	625,600	795,928
Other long-term liabilities (Note 6)	260,681	242,906
Deferred income taxes (Note 11)	128,562	118,259
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 par value, 100,000,000 shares authorized, and 40,531,204 and 40,334,973 shares issued, respectively	412	409
Additional paid-in capital	612,322	598,675
Accumulated other comprehensive loss	(199)	(67)
Retained earnings	401,500	418,043
Treasury stock, at cost; 4,949,111 and 4,264,804 shares, respectively (Note 16)	(193,192)	(193,192)
Total Vail Resorts, Inc. stockholders' equity	820,843	823,868
Noncontrolling interests	13,957	14,001
Total stockholders' equity	834,800	837,869
Total liabilities and stockholders' equity	$ 2,173,849	$ 2,308,297

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2014	Jul. 31, 2013
Statement of Financial Position [Abstract]
Trade receivables, allowances	$ 681	$ 478
Inventories, reserves	$ 2,136	$ 1,760
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	41,152,800	40,903,731
Treasury stock, shares	4,949,111	4,949,111

Consolidated Statements Of Operations - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jul. 31, 2014	Apr. 30, 2014	Jan. 31, 2014	Oct. 31, 2013	Jul. 31, 2013	Apr. 30, 2013	Jan. 31, 2013	Oct. 31, 2012	Jul. 31, 2014	Jul. 31, 2013	Jul. 31, 2012
Net revenue:
Mountain	$ 53,999	$ 460,587	$ 391,656	$ 57,331	$ 51,844	$ 402,017	$ 361,741	$ 51,912	$ 963,573	$ 867,514	$ 766,608
Lodging	62,593	66,293	56,187	57,214	58,089	53,834	46,543	52,508	242,287	210,974	210,623
Real Estate	18,896	16,167	4,877	8,846	2,372	13,840	14,167	11,930	48,786	42,309	47,163
Total net revenue	135,488	543,047	452,720	123,391	112,305	469,691	422,451	116,350	1,254,646	1,120,797	1,024,394
Segment operating expense (exclusive of depreciation and amortization shown separately below):
Mountain									712,785	639,706	568,578
Lodging									225,563	198,813	204,270
Real Estate									55,826	58,090	63,170
Total segment operating expense									994,174	896,609	836,018
Other operating (expense) income:
Depreciation and amortization									(140,601)	(132,688)	(127,581)
Change in Fair Value of Contingent Consideration									1,400
Loss on disposal of fixed assets, net									(1,208)	(1,222)	(1,464)
Gain on sale of real property									0	6,675	0
Change in Fair Value and Loss on Contingent Consideration										0	0
Income from operations	(94,493)	203,165	110,695	(102,104)	(84,053)	165,342	105,963	(90,299)	117,263	96,953	59,331
Mountain equity investment income, net									1,262	891	878
Investment income, net									375	351	469
Interest expense, net									(63,997)	(38,966)	(33,586)
Loss on extinguishment of debt (Note 4)									(10,831)	0	0
Income before provision for income taxes									44,072	59,229	27,092
Provision for income taxes (Note 11)									(15,866)	(21,619)	(10,701)
Net income	(75,423)	117,866	59,200	(73,437)	(59,904)	97,588	60,529	(60,603)	28,206	37,610	16,391
Net loss (income) attributable to noncontrolling interests									272	133	62
Net income attributable to Vail Resorts, Inc.	$ (75,355)	$ 117,946	$ 59,263	$ (73,376)	$ (59,868)	$ 97,640	$ 60,551	$ (60,580)	$ 28,478	$ 37,743	$ 16,453
Per share amounts (Note 3):
Basic net income per share attributable to Vail Resorts, Inc. (in dollars per share)	$ (2.08)	$ 3.26	$ 1.64	$ (2.04)	$ (1.67)	$ 2.72	$ 1.69	$ (1.70)	$ 0.79	$ 1.05	$ 0.46
Diluted net income per share attributable to Vail Resorts, Inc. (in dollars per share)	$ (2.08)	$ 3.18	$ 1.60	$ (2.04)	$ (1.67)	$ 2.66	$ 1.65	$ (1.70)	0.77	1.03	0.45
Cash dividends declared per share (in dollars per share)									$ 1.2450	$ 0.7900	$ 0.675

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jul. 31, 2014	Apr. 30, 2014	Jan. 31, 2014	Oct. 31, 2013	Jul. 31, 2013	Apr. 30, 2013	Jan. 31, 2013	Oct. 31, 2012	Jul. 31, 2014	Jul. 31, 2013	Jul. 31, 2012
Net income	$ (75,423)	$ 117,866	$ 59,200	$ (73,437)	$ (59,904)	$ 97,588	$ 60,529	$ (60,603)	$ 28,206	$ 37,610	$ 16,391
Foreign currency translation adjustments, net of tax									(132)	188	(255)
Comprehensive income (loss)									28,074	37,798	16,136
Comprehensive loss attributable to noncontrolling interests									272	133	62
Comprehensive income attributable to Vail Resorts, Inc.									$ 28,346	$ 37,931	$ 16,198

Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Loss [Member]	Total Vail Resorts, Inc. Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Net income (loss) attributable to Vail Resorts, Inc.	$ 16,453
Net Income (Loss) Attributable to Noncontrolling Interest	(62)
Balance at Jul. 31, 2011	843,719	$ 403	$ 575,689	$ 416,458	$ (162,827)		$ 829,723	$ 13,996
Balance, Shares at Jul. 31, 2011		40,334,973
Net income	16,391			16,453			16,453	(62)
Foreign currency translation adjustments	(255)					$ (255)	(255)
Comprehensive income (loss)	16,136						16,198	(62)
Stock-based compensation (Note 17)	11,999		11,999				11,999
Issuance of shares under share award plan net of shares withheld for taxes (Note 17)	(2,548)	$ (2)	(2,550)				(2,548)
Issuance of shares under share award plan net of shares withheld for taxes (Note 17), Shares		196,231
Tax (expense) benefit from share award plan	1,553		1,553				1,553
Treasury Stock, Value, Acquired, Cost Method	30,365				30,365		30,365
Dividends	(24,249)			(24,249)			(24,249)
Contributions from noncontrolling interests, net	83							83
Balance at Jul. 31, 2012	816,328	$ 405	586,691	408,662	(193,192)	(255)	802,311	14,017
Balance, Shares at Jul. 31, 2012		40,531,204.000
Net income (loss) attributable to Vail Resorts, Inc.	37,743			37,743
Net Income (Loss) Attributable to Noncontrolling Interest	(133)							(133)
Net income	37,610						37,743
Foreign currency translation adjustments	188					188	188
Comprehensive income (loss)	37,798						37,931	(133)
Stock-based compensation (Note 17)	12,349		12,349				12,349
Issuance of shares under share award plan net of shares withheld for taxes (Note 17)	(4,602)	$ (4)	(4,606)				(4,602)
Issuance of shares under share award plan net of shares withheld for taxes (Note 17), Shares		372,527
Tax (expense) benefit from share award plan	4,241		4,241				4,241
Dividends	(28,362)			(28,362)			(28,362)
Contributions from noncontrolling interests, net	117							117
Balance at Jul. 31, 2013	837,869	$ 409	598,675	418,043	(193,192)	(67)	823,868	14,001
Balance, Shares at Jul. 31, 2013		40,903,731.000
Net income (loss) attributable to Vail Resorts, Inc.	28,478			28,478
Net Income (Loss) Attributable to Noncontrolling Interest	(272)							(272)
Net income	28,206						28,478
Foreign currency translation adjustments	(132)					(132)	(132)
Comprehensive income (loss)	28,074						28,346	(272)
Stock-based compensation (Note 17)	14,224		14,224				14,224
Issuance of shares under share award plan net of shares withheld for taxes (Note 17)	(4,735)	$ (3)	(4,738)				(4,735)
Issuance of shares under share award plan net of shares withheld for taxes (Note 17), Shares		249,069
Tax (expense) benefit from share award plan	4,161		4,161				4,161
Dividends	(45,021)			(45,021)			(45,021)
Contributions from noncontrolling interests, net	228							228
Balance at Jul. 31, 2014	$ 834,800	$ 412	$ 612,322	$ 401,500	$ (193,192)	$ (199)	$ 820,843	$ 13,957
Balance, Shares at Jul. 31, 2014		41,152,800.0

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2014	Jul. 31, 2013	Jul. 31, 2012
Cash flows from operating activities:
Net income	$ 28,206	$ 37,610	$ 16,391
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	140,601	132,688	127,581
Cost of real estate sales	37,400	32,076	34,912
Stock-based compensation expense	14,224	12,349	11,999
Deferred income taxes, net	6,219	(8,125)	9,243
Accretion Expense	5,544	985	0
Change in Fair Value of Contingent Consideration	1,400
Gain on sale of real property	0	(6,675)	0
Loss on extinguishment of debt	10,831	0	0
Payments on tender premium	(8,531)	0	0
Other non-cash income, net	(8,570)	(8,093)	(6,041)
Changes in assets and liabilities:
Restricted cash	(559)	1,647	(1,733)
Accounts receivable, net	(17,007)	(11,715)	(2,577)
Inventories, net	1,332	(105)	(10,853)
Investments in real estate	(642)	(2,145)	(2,160)
Accounts payable and accrued liabilities	20,724	19,774	(2,515)
Income taxes payable	12,198	21,717	(305)
Other assets and liabilities, net	2,508	435	11,477
Net cash provided by operating activities	245,878	222,423	185,419
Cash flows from investing activities:
Capital expenditures	(118,305)	(94,946)	(132,625)
Acquisition of businesses	0	(19,958)	(23,479)
Cash received from sale of real property	0	11,090	0
Other investing activities, net	399	(4,424)	150
Net cash used in investing activities	(117,906)	(108,238)	(155,954)
Repayments of Subordinated Debt	175,000	0	0
Cash flows from financing activities:
Proceeds from borrowings under other long-term debt	0	96,000	56,000
Payments of other long-term debt	(998)	(97,011)	(57,052)
Repurchases of common stock	0	0	(30,365)
Dividends paid	(45,021)	(28,362)	(24,249)
Other financing activities, net	(1,193)	7,583	2,144
Net cash used in financing activities	(222,212)	(21,790)	(53,522)
Effect of exchange rate changes on cash and cash equivalents	42	156	(33)
Net (decrease) increase in cash and cash equivalents	(94,198)	92,551	(24,090)
Cash and cash equivalents:
Beginning of period	138,604	46,053	70,143
End of period	44,406	138,604	46,053
Cash paid for interest, net of amounts capitalized	57,217	34,222	30,212
Taxes paid (refunded), net	$ (6,787)	$ 3,984	$ 216

Organization and Business	12 Months Ended
Organization and Business	Jul. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Vail Resorts, Inc. (“Vail Resorts” or the “Parent Company”) is organized as a holding company and operates through various subsidiaries. Vail Resorts and its subsidiaries (collectively, the “Company”) currently operate in three business segments: Mountain, Lodging and Real Estate. In the Mountain segment, the Company operates eight world-class mountain resort properties at the Vail, Breckenridge, Keystone and Beaver Creek mountain resorts in Colorado; the Heavenly, Northstar, and Kirkwood mountain resorts in the Lake Tahoe area of California and Nevada; the Canyons mountain resort in Park City, Utah; and the ski areas of Afton Alps in Minnesota and Mount Brighton in Michigan ("Urban" ski areas); as well as ancillary services, primarily including ski school, dining and retail/rental operations. These mountain resorts (with the exception of Northstar, Canyons and the Urban ski areas) operate primarily on Federal land under the terms of Special Use Permits granted by the USDA Forest Service (the “Forest Service”). In the Lodging segment, the Company owns and/or manages a collection of luxury hotels under its RockResorts brand, as well as other strategic lodging properties and a large number of condominiums located in proximity to the Company’s mountain resorts, National Park Service (“NPS”) concessionaire properties including the Grand Teton Lodge Company (“GTLC”), which operates destination resorts in the Grand Teton National Park, Colorado Mountain Express (“CME”), a Colorado resort ground transportation company, and mountain resort golf courses. Vail Resorts Development Company (“VRDC”), a wholly-owned subsidiary, conducts the operations of the Company’s Real Estate segment, which owns and develops real estate in and around the Company’s resort communities. The Company’s mountain business and its lodging properties at or around the Company’s mountain resorts are seasonal in nature with peak operating seasons primarily from mid-November through mid-April. The Company’s operations at its NPS concessionaire properties and its golf courses generally operate from mid-May through mid-October. The Company also has non-majority owned investments in various other entities, some of which are consolidated (see Note 8, Variable Interest Entities).

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Jul. 31, 2014

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of Consolidation-- The accompanying Consolidated Financial Statements include the accounts of the Company, its majority-owned subsidiaries and all variable interest entities for which the Company is the primary beneficiary. Investments in which the Company does not have a controlling interest or is not the primary beneficiary are accounted for under the equity method. All significant intercompany transactions have been eliminated in consolidation.

Cash and Cash Equivalents-- The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.

Restricted Cash-- Restricted cash primarily represents amounts held as state-regulated reserves for self-insured workers’ compensation claims.

Trade Receivables-- The Company records trade accounts receivable in the normal course of business related to the sale of products or services. The Company generally charges interest on past due accounts at a rate of 18% per annum. The allowance for doubtful accounts is based on a specific reserve analysis and on a percentage of accounts receivable, and takes into consideration such factors as historical write-offs, the economic climate and other factors that could affect collectability. Write-offs are evaluated on a case by case basis.

Inventories-- The Company’s inventories consist primarily of purchased retail goods, food and beverage items and spare parts. Inventories are stated at the lower of cost or fair value, determined using primarily an average weighted cost method. The Company records a reserve for estimated shrinkage and obsolete or unusable inventory.

Property, Plant and Equipment-- Property, plant and equipment is carried at cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property, plant and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income. 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

The Company capitalizes interest on non-real estate construction projects expected to take longer than one year to complete and cost more than $1.0 million. The Company capitalized zero, zero and $0.1 million of interest on non-real estate projects during the years ended July 31, 2014, 2013 and 2012, respectively.

The Company has certain assets being used in resort operations that were constructed as amenities in conjunction with real estate development and included in project costs and expensed as the real estate was sold. Accordingly, there is no carrying value and no depreciation expense related to these assets in the Company’s Consolidated Financial Statements. These assets were primarily placed in service from 1995 to 1997 with an original cost of approximately $33.0 million and an average estimated useful life of 15 years.

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, including costs that will be capitalized as resort depreciable assets associated with mixed-use real estate development projects for which the Company cannot specifically identify the components at the time of incurring such cash outflows until the property reaches its intended use. Additionally, the Company records depreciation on completed condominium units that are placed in rental programs until such units are sold. Sales and marketing expenses are charged against income in the period incurred. Sales commission expenses are charged against income in the period that the related revenue from real estate sales is recorded. The Company records capitalized interest once construction activities commence and real estate deposits have been utilized in construction. The Company did not capitalize interest on real estate development projects during the years ended July 31, 2014 , 2013 and 2012.

Deferred Financing Costs-- Certain costs incurred with the issuance of debt securities are capitalized and included in deferred charges and other assets, net of accumulated amortization. Amortization is charged to interest expense over the respective term of the applicable debt issues.

Goodwill and Intangible Assets-- The Company has classified as goodwill the cost in excess of fair value of the net assets of businesses acquired in purchase transactions. The Company’s major intangible asset classes are trademarks, water rights, customer lists, property management contracts, Forest Service permits and excess reorganization value. Goodwill and various indefinite-lived intangible assets, including excess reorganization value and certain trademarks and water rights, are not amortized, but are subject to at least annual impairment testing. The Company tests annually (or more often, if necessary) for impairment as of May 1. Amortizable intangible assets are amortized over the shorter of their contractual terms or estimated useful lives.

The testing for impairment consists of a comparison of the fair value of the assets with their carrying values. If the carrying amount of the assets exceed its fair value, an impairment will be recognized in an amount equal to that excess. If the carrying amount of the assets does not exceed the fair value, no impairment loss is recognized. For the testing of goodwill for impairment, the Company determines the estimated fair value of its reporting units using discounted cash flow analyses. The fair value of indefinite-lived intangible assets is estimated using an income approach. The Company determined that there was no impairment to goodwill or significant intangible assets during the years ended July 31, 2014, 2013 and 2012.

Long-lived Assets-- The Company evaluates potential impairment of long-lived assets and long-lived assets to be disposed of whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If the sum of the expected cash flows, on an undiscounted basis, is less than the carrying amount of the asset, an impairment loss is recognized in the amount by which the carrying amount of the asset exceeds its fair value. The Company does not believe any events or changes in circumstances indicating an impairment of the carrying amount of a long-lived asset occurred during the years ended July 31, 2014, 2013 and 2012.

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, dining operations, retail sales, equipment rentals, private ski club amortized initiation fees and dues, marketing and internet advertising, commercial leasing, employee housing and municipal services, and are recognized as products are delivered or services are performed.

•

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 are recognized as products are delivered or services are performed. Revenue from payroll cost reimbursements relates to payroll costs of managed hotel properties where the Company is the employer. The reimbursements are based upon the costs incurred with no added margin; therefore, these revenues and corresponding expenses have no net effect on the Company’s operating income or net income.

•

Revenue from non-refundable private club initiation fees are recognized over the estimated life of the facilities on a straight-line basis upon inception of the club. As of July 31, 2014, the weighted average remaining period over which the private club initiation fees will be recognized is approximately 19 years. Additionally, certain club initiation fees are refundable in 30 years after the date of acceptance of a member. Under these memberships, the difference between the amount paid by the member and the present value of the refund obligation is recorded as deferred initiation fee revenue in the Company’s Consolidated Balance Sheets and recognized as revenue on a straight-line basis over 30 years. The present value of the refund obligation is recorded as an initiation deposit liability and accretes over the nonrefundable term using the effective interest method. The accretion is included in interest expense.

•

Real estate revenue primarily includes the sale of condominium units and are recorded using the full accrual method and occurs only upon the following: (i) substantial completion of the entire development project, (ii) receipt of certificates of occupancy or temporary certificates of occupancy from local governmental agencies, if applicable, (iii) closing of the sales transaction including receipt of all, or substantially all, sales proceeds (including any deposits previously received), and (iv) transfer of ownership.

Real Estate Cost of Sales-- Costs of real estate transactions include direct project costs, common cost allocations (primarily determined on relative sales value) and may include accrued liabilities for costs to be incurred subsequent to the sales transaction. 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.

Deferred Revenue-- In addition to deferring certain revenue related to private club initiation fees, 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.

Reserve Estimates-- The Company uses estimates to record reserves for certain liabilities, including medical claims, workers’ compensation claims, third-party loss contingencies, property taxes and loyalty reward programs among other items. The Company estimates the probable costs related to these liabilities that will be incurred and records that amount as a liability in its consolidated financial statements. Additionally, the Company records, as applicable, receivables related to insurance recoveries for loss contingencies if deemed probable of recovery. These estimates are reviewed and adjusted as the facts and circumstances change. The Company records legal costs related to defending claims as incurred.

Advertising Costs-- Advertising costs are expensed at the time such advertising commences. Advertising expense for the years ended July 31, 2014, 2013 and 2012 was $25.7 million, $25.5 million and $22.2 million, respectively. Prepaid advertising costs as of July 31, 2014 and 2013 was $0.2 million and $0.4 million, respectively and are reported within “other current assets” in the Company’s Consolidated Balance Sheets.

Income Taxes-- The Company’s provision for income taxes is based on current pre-tax income, changes in deferred tax assets and liabilities and changes in estimates with regard to some 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 (see Note 10, Income Taxes, for more information).

Fair Value of Financial Instruments-- The recorded amounts for cash and cash equivalents, receivables, other current assets, and accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under the Employee Housing Bonds (as defined in Note 4, Long-Term Debt) approximate book value due to the variable nature of the interest rate associated with that debt. The fair value of the 6.50% Senior Subordinated Notes due 2019 (“6.50% Notes”) (Note 4, Long-Term Debt) are based on quoted market prices (a Level 1 input). The fair value of the Company’s Industrial Development Bonds and other long-term debt (Note 4, Long-Term Debt) have been estimated using discounted cash flow analyses based on current borrowing rates for debt with similar remaining maturities and ratings (a Level 3 input). The estimated fair value of the 6.50% Notes, Industrial Development Bonds and other long-term debt as of July 31, 2014 and 2013 is presented below (in thousands):



	July 31, 2014				July 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
6.50% Notes	$	215,000	$	223,600	$	390,000	$	409,500
Industrial Development Bonds	$	41,200	$	48,003	$	41,200	$	47,512
Other long-term debt	$	5,163	$	5,758	$	5,383	$	5,852

Stock-Based Compensation-- Stock-based compensation expense is measured at the grant date based upon the fair value of the portion of the award that is ultimately expected to vest and is recognized as expense over the applicable vesting period of the award generally using the straight-line method (see Note 16, Stock Compensation Plan for more information). The following table shows total stock-based compensation expense for the years ended July 31, 2014, 2013 and 2012 included in the Consolidated Statements of Operations (in thousands):



	Year Ended July 31,
	2014		2013		2012
Mountain stock-based compensation expense	$	10,292	$	9,007	$	7,614
Lodging stock-based compensation expense	2,203		1,917		1,744
Real estate stock-based compensation expense	1,729		1,425		2,641
Pre-tax stock-based compensation expense	14,224		12,349		11,999
Less: benefit from income taxes	5,435		4,709		4,567
Net stock-based compensation expense	$	8,789	$	7,640	$	7,432

Concentration of Credit Risk-- The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company places its cash and temporary cash investments in high quality credit institutions, but these investments may be in excess of FDIC insurance limits. The Company does not enter into financial instruments for hedging, trading or speculative purposes. Concentration of credit risk with respect to trade and notes receivables is limited due to the wide variety of customers and markets in which the Company transacts business, as well as their dispersion across many geographical areas. The Company performs ongoing credit evaluations of its customers and generally does not require collateral, but does require advance deposits on certain transactions.

Use of Estimates-- The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

New Accounting Standards-- In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition”. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2016 (the Company's 2018 first fiscal quarter), using one of two retrospective application methods. The Company is evaluating the impacts, if any, the adoption of ASU No. 2014-09 will have on the Company's financial position or results of operations.

Net Income Per Common Share

12 Months Ended

Jul. 31, 2014

Earnings Per Share Reconciliation [Abstract]

Net Income Per Common Share

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then share in the earnings of Vail Resorts. Presented below is basic and diluted EPS for the years ended July 31, 2014, 2013 and 2012 (in thousands, except per share amounts):



	Year Ended July 31,
	2014				2013				2012
	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	28,478	$	28,478	$	37,743	$	37,743	$	16,453	$	16,453
Weighted-average shares outstanding	36,127		36,127		35,859		35,859		36,004		36,004
Effect of dilutive securities	—		930		—		874		—		669
Total shares	36,127		37,057		35,859		36,733		36,004		36,673
Net income per share attributable to Vail Resorts	$	0.79	$	0.77	$	1.05	$	1.03	$	0.46	$	0.45

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 17,000, 19,000 and 36,000 for the years ended July 31, 2014, 2013 and 2012, respectively.

In fiscal 2011, the Company’s Board of Directors approved the commencement of a regular quarterly cash dividend on the Company's common stock at an annual rate of $0.60 per share, subject to quarterly declaration. Since the initial commencement of a regular quarterly cash dividend, the Company's Board of Directors has annually approved an increase to the cash dividend on the Company's common stock and on March 10, 2014, the Company’s Board of Directors approved an increase of 100% in the annual cash dividend to an annual rate of $1.66 per share, subject to quarterly declaration. For the year ended July 31, 2014, the Company paid cash dividends of $1.245 per share ($45.0 million in the aggregate). On September 23, 2014 the Company’s Board of Directors approved a quarterly cash dividend of $0.4150 per share payable on October 22, 2014 to stockholders of record as of October 7, 2014.

Long-Term Debt

12 Months Ended

Jul. 31, 2014

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt as of July 31, 2014 and 2013 is summarized as follows (in thousands):



	Fiscal Year Maturity (a)	July 31, 2014		July 31, 2013
Credit Facility Revolver (b)	2019	$	—	$	—
Industrial Development Bonds (c)	2020	41,200		41,200
Employee Housing Bonds (d)	2027-2039	52,575		52,575
6.50% Notes (e)	2019	215,000		390,000
Canyons obligation (f)	2063	311,858		306,320
Other (g)	2015-2029	5,989		6,827
Total debt		626,622		796,922
Less: Current maturities (h)		1,022		994
Long-term debt		$	625,600	$	795,928


(a)	Maturities are based on the Company’s July 31 fiscal year end.

(b)

On March 13, 2014, The Vail Corporation, a wholly-owned subsidiary of the Company, amended and restated its senior credit facility. As part of this amendment and restatement, Vail Holdings, Inc. (“VHI”), a wholly-owned subsidiary of the Company, assumed the rights and obligations of The Vail Corporation, the former borrower under the senior credit facility. The Company continues to be a guarantor under the amended credit facility.

Key modifications to the senior credit facility included, among other things, the extension of the maturity on the revolving credit facility from January 2016 to March 2019; decreased grid pricing for interest rate margins (as of July 31, 2014, under the amended credit facility, at LIBOR plus 1.25%) and commitment fees (as of July 31, 2014, under the amended credit facility, at 0.25%); increased letter of credit availability (under the amended credit facility, to $200 million); increased swing line loan availability (under the amended credit facility, to $75 million); and the expansion of baskets for improved flexibility in the Company’s ability to incur debt, pay, prepay, redeem and repurchase unsecured debt, dispose of assets, and make investments and distributions. In addition, under the amended credit facility and subject to VHI meeting all compliance restrictions, VHI has the ability to increase availability (under the revolver or in the form of term loans) to an aggregate amount not to exceed the greater of (i) $700 million and (ii) the product of 2.75 and the trailing twelve-month Adjusted EBITDA, as defined in the Credit Agreement.

The amended credit facility is now referred to as the Sixth Amended and Restated Credit Agreement (the “Credit Agreement”) among VHI, Bank of America, N.A., as administrative agent (the “Agent”), U.S. Bank National Association and Wells Fargo Bank, National Association, as co-syndication agents, BBVA Compass, as documentation agent, Merrill Lynch Pierce, Fenner & Smith Incorporated and U.S. Bank National Association, as joint lead arrangers and joint bookrunners, Wells Fargo Securities, LLC, as joint lead arranger, and the Lenders (as defined in the Credit Agreement) party thereto, and consists of a $400 million revolving credit facility. VHI’s obligations under the Credit Agreement are guaranteed by the Company and certain of its subsidiaries and are collateralized by a pledge of all of 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 loans made under the 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. The Credit Agreement matures in March 2019. Borrowings under the 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. The Credit Agreement also includes a quarterly unused commitment fee, which is equal to a percentage determined by the Net Funded Debt to Adjusted EBITDA ratio, as each such term is defined in the Credit Agreement, times the daily amount by which the Credit Agreement commitment exceeds the total of outstanding loans and outstanding letters of credit. The unused amounts are accessible to the extent that the Net Funded Debt to Adjusted EBITDA ratio does not exceed the maximum ratio allowed at quarter-ends and the Adjusted EBITDA to interest on Funded Debt (as defined in the Credit Agreement) ratio does not fall below the minimum ratio allowed at quarter-ends. The Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the Company’s ability to incur indebtedness, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Credit Agreement includes the following restrictive financial covenants: Net Funded Debt to Adjusted EBITDA ratio and Adjusted EBITDA to interest on Funded Debt ratio.

(c)

The Company has outstanding $41.2 million of industrial development bonds, which were issued by Eagle County, Colorado (the “Eagle County Bonds”) and mature, subject to prior redemption, on August 1, 2019. These bonds accrue interest at 6.95% per annum, with interest being payable semi-annually on February 1 and August 1. The promissory note with respect to the Eagle County Bonds between Eagle County and the Company is collateralized by the Forest Service permits for Vail and Beaver Creek.

(d)

The Company has recorded for financial reporting purposes the outstanding debt of four Employee Housing Entities (each an “Employee Housing Entity” and collectively the “Employee Housing Entities”): Breckenridge Terrace, Tarnes, BC Housing and Tenderfoot. The proceeds of the Employee Housing Bonds were used to develop apartment complexes designated primarily for use by the Company’s seasonal employees at its mountain resorts. The Employee Housing Bonds are variable rate, interest-only instruments with interest rates tied to LIBOR plus 0% to 0.05% (0.16% to 0.21% as of July 31, 2014).

Interest on the Employee Housing Bonds is paid monthly in arrears and the interest rate is adjusted weekly. No principal payments are due on the Employee Housing Bonds until maturity. Each Employee Housing Entity’s bonds were issued in two series. The bonds for each Employee Housing Entity are backed by letters of credit issued under the Credit Agreement. The table below presents the principal amounts outstanding for the Employee Housing Bonds as of July 31, 2014 (in thousands):



	Maturity (a)	Tranche A		Tranche B		Total
Breckenridge Terrace	2039	$	14,980	$	5,000	$	19,980
Tarnes	2039	8,000		2,410		10,410
BC Housing	2027	9,100		1,500		10,600
Tenderfoot	2035	5,700		5,885		11,585
Total		$	37,780	$	14,795	$	52,575

(e)

On April 25, 2011, the Company completed a private offering for $390 million of 6.50% Notes the proceeds of which, along with available cash resources, were used to purchase the outstanding $390 million principal amount of the 6.75% Senior Subordinated Notes ("6.75% Notes") and pay related premiums, fees and expenses. The 6.50% Notes have a fixed annual interest rate of 6.50% and will mature May 1, 2019 with no principal payments due until maturity. The Company has certain early redemption options under the terms of the 6.50% Notes. The premium for early redemption of the 6.50% Notes ranges from 4.875% to 0%, depending on the date of redemption. The 6.50% Notes are subordinated to certain of the Company’s debts, including the Credit Agreement, and will be subordinated to certain of the Company’s future debts. The Company’s payment obligations under the 6.50% Notes are jointly and severally guaranteed by substantially all of the Company’s current and future domestic subsidiaries. The indenture governing the 6.50% Notes contains restrictive covenants, which, among other things, limit the ability of Vail Resorts and its Restricted Subsidiaries (as defined in the Indenture) to (i) borrow money or sell preferred stock, (ii) create liens, (iii) pay dividends on or redeem or repurchase stock, (iv) make certain types of investments, (v) sell stock in the Restricted Subsidiaries, (vi) create restrictions on the ability of the Restricted Subsidiaries to pay dividends or make other payments to the Parent Company, (vii) enter into transactions with affiliates, (viii) issue guarantees of debt and (ix) sell assets or merge with other companies. Pursuant to the registration rights agreement executed as part of the offering of the 6.50% Notes, the Company agreed to file a registration statement for an exchange offer registered under the Securities Act of 1933. The registration statement was declared effective on November 16, 2011, and on November 17, 2011, the Company commenced its offer to exchange up to $390.0 million principal amount of newly issued 6.50% Notes, registered under the Securities Act of 1933, for a like principal amount of its outstanding privately placed 6.50% Notes. The exchange offer expired on December 16, 2011 and all of the 6.50% Notes were tendered and exchanged for the new substantially identical registered notes.

On July 7, 2014, the Company redeemed $175.0 million of the 6.50% Notes. As a result, the Company incurred an early redemption premium of 4.875%, or $8.5 million, for the portion of the principal redeemed, which was recorded, along with a write-off of $2.3 million of unamortized debt issuance costs, as a loss on extinguishment of debt during the year ended July 31, 2014. As of July 31, 2014, $215.0 million of the 6.50% Notes remain outstanding.

(f)

On May 24, 2013, VR CPC Holdings, Inc. (“VR CPC”), a wholly-owned subsidiary of the Company, entered into a transaction agreement (the "Transaction Agreement") with affiliate companies of Talisker Corporation ("Talisker") pursuant to which the parties entered into a master lease agreement (the "Lease") and certain ancillary transaction documents on May 29, 2013 related to the Canyons mountain resort (see Note 5, Acquisitions), pursuant to which the Company assumed the resort operations of Canyons mountain resort in Park City, Utah. The Lease between VR CPC and Talisker has an initial term of 50 years with six 50-year renewal options. The Lease provides for $25 million in annual fixed payments, which increase each year by an inflation linked index of CPI less 1%, with a floor of 2% per annum. The Parent Company has guaranteed the payments under the Lease. The obligation at July 31, 2014 represents future fixed 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 $6.5 million.

(g)

Other obligations primarily consist of a $5.2 million note outstanding to the Colorado Water Conservation Board, which matures on September 16, 2028, and capital leases totaling $0.8 million. Other obligations, including the Colorado Water Conservation Board note and the capital leases, bear interest at rates ranging from 0.2% to 6.0% and have maturities ranging from in the year ending July 31, 2015 to the year ending July 31, 2029.


(h)	Current maturities represent principal payments due in the next 12 months.

Aggregate maturities for debt outstanding, including capital lease obligations, as of July 31, 2014 reflected by fiscal year are as follows (in thousands):



	Total
2015	$	1,022
2016	266
2017	270
2018	271
2019	215,286
Thereafter	409,507
Total debt	$	626,622

The Company recorded gross interest expense of $64.0 million, $39.0 million and $33.7 million for the years ended July 31, 2014, 2013 and 2012, respectively, of which $1.9 million, $2.0 million and $1.9 million was amortization of deferred financing costs. The Company capitalized zero, zero and $0.1 million of interest during the years ended July 31, 2014, 2013 and 2012, respectively. The Company was in compliance with all of its financial and operating covenants required to be maintained under its debt instruments for all periods presented.

Acquisitions

12 Months Ended

Jul. 31, 2014

Business Acquisition [Line Items]

Acquisitions

Canyons

In May 2013, VR CPC and Talisker entered into the Transaction Agreement, the Lease and ancillary transaction documents, pursuant to which the Company assumed the resort operations of Canyons mountain resort in Park City, Utah, which includes the ski area, property management and related amenities. Canyons is a year round mountain resort providing a comprehensive offering of recreational activities, including both snow sports and summer activities. The Lease between VR CPC and Talisker has an initial term of 50 years with six 50-year renewal options. The Lease provides for $25 million in annual fixed payments, which increase each year by an inflation linked index of CPI less 1%, with a floor of 2% per annum. In addition, the Lease includes participating contingent payments (described more fully below). The Parent Company has guaranteed the payments under the Lease.

Additionally, the transaction documents set forth the rights and obligations of the parties with respect to the acquisition of certain real estate and personal property, future resort development, access, water rights, intellectual property, transition services, and rights with respect to litigation between the then current operator of the Park City Mountain Resort ("PCMR") and Talisker related to the validity of a lease of the Talisker owned land under the ski terrain of PCMR (excluding the base area).

The following summarizes the fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands).



	Acquisition Date Fair Value
Accounts receivable	$	2,211
Other current assets	1,698
Property, plant and equipment	5,475
Property, plant and equipment (under capital lease)	127,885
Deferred income tax assets, net	11,869
Intangible assets	30,700
PCMR deposit	57,800
Goodwill	106,414
Total identifiable assets acquired	$	344,052
Accounts payable and accrued liabilities	$	6,723
Deferred revenue	1,134
Other liabilities	21,766
Canyons obligation	305,329
Contingent consideration	9,100
Total liabilities assumed	$	344,052

Land and certain improvements under the PCMR ski area was subject to litigation at the transaction date. As such, the Company recorded a deposit ("PCMR deposit") for the potential future interests in the land and associated improvements at its estimated fair value at the transaction date. The excess of the aggregate fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized was attributable primarily to expected synergies, including the potential inclusion of a portion of the ski terrain of PCMR in the Lease, the assembled workforce of Canyons and other factors. The Company believes that for income tax purposes the lease payments should primarily be treated as payments of a debt obligation and that the tax basis of the goodwill is deductible. As a result, the Company recorded an adjustment to its preliminary purchase price allocation of $32.9 million, which reduced deferred income tax assets, net with a corresponding increase to goodwill and has reflected this as a retrospective adjustment as of July 31, 2013 (including the Supplemental Consolidating Condensed Balance Sheet - see Note 12, Guarantor Subsidiaries and Non-Guarantor Subsidiaries). The intangible assets have a weighted-average amortization period of approximately 50 years. Additionally, the Company recorded $20.3 million at the transaction date in additional consideration associated with certain Talisker obligations, primarily related to resort development.

The following table shows the composition of Canyons property, plant and equipment recorded under capital leases as of July 31, 2014 and 2013:



	July 31,
	2014			2013
Land	$	18,500		$	18,500
Land improvements	29,980			29,980
Buildings and building improvements	32,800			32,800
Machinery and equipment	46,605			44,774
Gross property, plant and equipment	127,885			126,054
Accumulated depreciation	(7,596		)	(1,065		)
Property, plant and equipment, net	$	120,289		$	124,989

As of July 31, 2014, the Canyons obligation was $311.9 million, which represents the estimated annual fixed lease payments for the remaining 50 year term of the lease assuming annual increases at the floor of 2% and discounted using an interest rate of 10%. Future minimum lease payments under the Lease as of July 31, 2014 reflected by fiscal year are as follows (in thousands):



2015	$	25,589
2016	26,101
2017	26,623
2018	27,156
2019	27,699
Thereafter	1,952,077
Total future minimum lease payments	2,085,245
Less amount representing interest	(1,773,387		)
Net future minimum lease payments	$	311,858

The Lease also provides for participating contingent payments to Talisker of 42% of the amount by which EBITDA for the resort operations, as calculated under the Lease, exceeds approximately $35 million, with such threshold amount increased by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the Lease by the Company (the "Contingent Consideration"). The Company estimated the likelihood and timing of achieving the relevant thresholds for the Contingent Consideration payments using discounted cash flow projection valuation models. The Company considered two probability weighed models to calculate projected EBITDA performance; (1) Canyons on a standalone basis, and (2) Canyons plus the inclusion of the ski terrain of PCMR (excluding the base area) in the Lease. The models considered the following factors: (i) an estimation of the long-term rate of EBITDA growth at 5.5% after the initial five years of operations; (ii) estimated annual capital expenditures between $10.0 million to $15.0 million in the initial five years of operations, subsequently growing at inflation of 3%; (iii) threshold amount increased by an inflation linked index of 2%; and (iv) a discount rate of 15%. During the year ended July 31, 2014, the Company recorded an increase of $1.4 million in the estimated fair value of the participating contingent payments, and recorded a related charge to income from operations. The estimated fair value of the contingent consideration is $10.5 million as of July 31, 2014 and this liability is recorded in other long-term liabilities in the Consolidated Balance Sheets.

The operating results of Canyons which are recorded in the Mountain and Lodging segments contributed $67.2 million of net revenue, including an allocated portion of season pass revenue based on skier visits, for the year ended July 31, 2014 and $3.9 million of net revenue for the year ended July 31, 2013.

The following presents the unaudited pro forma consolidated financial information of the Company as if the Canyons transaction was completed on August 1, 2011. The following unaudited pro forma financial information includes adjustments for (i) depreciation on acquired property, plant and equipment; (ii) amortization of intangible assets recorded at the date of the transaction; (iii) interest expense relating to the Canyons obligation; and (iv) transaction and business integration related costs. This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on August 1, 2011 (in thousands, except per share amounts).



	Year Ended July 31,
	2013		2012
Pro forma net revenue	$	1,172,159	$	1,074,859
Pro forma net income (loss) attributable to Vail Resorts, Inc.	$	20,714	$	(6,525	)
Pro forma basic net income (loss) per share attributable to Vail Resorts, Inc.	$	0.58	$	(0.18	)
Pro forma diluted net income (loss) per share attributable to Vail Resorts, Inc.	$	0.56	$	(0.18	)

Urban Ski Areas

In December 2012, the Company acquired all of the assets of two ski areas in the Midwest, Afton Alps in Minnesota and Mount Brighton in Michigan, for total cash consideration of $20.0 million, net of cash assumed. The purchase price was allocated to identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The Company completed its purchase price allocation and recorded $17.8 million in property, plant and equipment, $1.0 million in other assets, $2.0 million in goodwill, $1.0 million in other intangible assets (with a weighted-average amortization period of 10 years), and $1.8 million of assumed liabilities on the date of acquisition. The operating results of Afton Alps and Mount Brighton are reported within the Mountain segment.

Kirkwood Mountain Resort

On April 12, 2012, the Company acquired substantially all of the assets of Kirkwood Mountain Resort (“Kirkwood”), a mountain resort located in Lake Tahoe, California, for total cash consideration of approximately $18.2 million, net of cash assumed, subject to certain working capital adjustments as provided for in the purchase agreement. The purchase price was allocated to identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The Company completed its purchase price allocation and recorded $16.8 million in property, plant and equipment, $2.5 million in other assets, $0.8 million in indefinite-lived intangible assets, $1.2 million in other intangible assets (with a weighted-average amortization period of 21.5 years), and $3.1 million of assumed liabilities on the date of acquisition. The operating results of Kirkwood are primarily reported within the Mountain segment.

Skiinfo

On February 1, 2012, the Company acquired the capital stock of Skiinfo, AS, a Norwegian company which owns and operates several European websites focused on the ski and snowboarding industry, for total cash consideration of $5.7 million, net of cash assumed. The purchase price was allocated to identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The Company completed its purchase price allocation and recorded $2.4 million in property plant and equipment, $2.7 million in other assets, $1.8 million in goodwill, $0.7 million in indefinite-lived intangible assets, $0.5 million in other intangible assets (with a weighted-average amortization period of 6.7 years), and $2.6 million of assumed liabilities on the date of acquisition. The operating results of Skiinfo are reported within the Mountain segment.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Publisher FASB
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+ Details

Supplementary Balance Sheet Information

12 Months Ended

Jul. 31, 2014

Balance Sheet Related Disclosures [Abstract]

Supplementary Balance Sheet Information

The composition of property, plant and equipment, including capital lease assets, follows (in thousands):



	July 31,
	2014			2013
Land and land improvements	$	348,328		$	343,982
Buildings and building improvements	907,280			884,307
Machinery and equipment	700,745			646,102
Furniture and fixtures	269,209			259,693
Software	98,653			92,553
Vehicles	55,724			49,356
Construction in progress	31,487			49,102
Gross property, plant and equipment	2,411,426			2,325,095
Accumulated depreciation	(1,263,436		)	(1,155,807		)
Property, plant and equipment, net	$	1,147,990		$	1,169,288

Depreciation expense, which included depreciation of assets recorded under capital leases, for the years ended July 31, 2014, 2013 and 2012 totaled $136.6 million, $130.2 million and $124.5 million, respectively.

The composition of goodwill and intangible assets follows (in thousands):



	July 31,
	2014			2013
Goodwill
Goodwill	$	395,502		$	399,053
Accumulated amortization	(17,354		)	(17,354		)
Goodwill, net	378,148			381,699
Indefinite-lived intangible assets
Gross indefinite-lived intangible assets	100,834			100,889
Accumulated amortization	(24,713		)	(24,713		)
Indefinite-lived intangible assets, net	76,121			76,176
Amortizable intangible assets
Gross amortizable intangible assets	91,233			90,990
Accumulated amortization	(49,831		)	(45,822		)
Amortizable intangible assets, net	41,402			45,168
Total gross intangible assets	192,067			191,879
Total accumulated amortization	(74,544		)	(70,535		)
Total intangible assets, net	$	117,523		$	121,344

Amortization expense for intangible assets subject to amortization for the years ended July 31, 2014, 2013 and 2012 totaled $4.0 million, $2.5 million and $3.1 million, respectively, and is estimated to be approximately $2.6 million annually, on average, for the next five fiscal years.

The Company recorded a measurement period adjustment to its Canyons preliminary purchase price allocation of $32.9 million which resulted in an increase to goodwill with a corresponding reduction to deferred income tax assets, net and has reflected this as a retrospective adjustment as of July 31, 2013.

The changes in the net carrying amount of goodwill allocated between the Company’s segments for the years ended July 31, 2014 and 2013 are as follows (in thousands):



	Mountain			Lodging			Goodwill, net
Balance at July 31, 2012	$	209,299		$	60,470		$	269,769
Acquisitions	104,224			7,671			111,895
Effects of changes in foreign currency exchange rates	35			—			35
Balance at July 31, 2013	313,558			68,141			381,699
Acquisition (measurement period adjustments)	(3,220		)	(242		)	(3,462		)
Effects of changes in foreign currency exchange rates	(89		)	—			(89		)
Balance at July 31, 2014	$	310,249		$	67,899		$	378,148

The composition of accounts payable and accrued liabilities follows (in thousands):



	July 31,
	2014		2013
Trade payables	$	71,823	$	61,364
Deferred revenue	110,566		93,759
Accrued salaries, wages and deferred compensation	29,833		27,946
Accrued benefits	21,351		19,787
Deposits	15,272		14,331
Accrued interest	5,429		8,018
Other accruals	34,944		44,314
Total accounts payable and accrued liabilities	$	289,218	$	269,519

The composition of other long-term liabilities follows (in thousands):



	July 31,
	2014		2013
Private club deferred initiation fee revenue	$	128,824	$	131,760
Unfavorable lease obligation, net	31,338		34,037
Other long-term liabilities	100,519		77,109
Total other long-term liabilities	$	260,681	$	242,906

Investments in Affiliates

12 Months Ended

Jul. 31, 2014

Long-term Investments [Abstract]

Investments in Affiliates

The Company held the following investments in equity method affiliates as of July 31, 2014:



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 $7.5 million and $7.1 million as of July 31, 2014 and 2013, 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 $4.2 million and $3.8 million as of July 31, 2014 and 2013, respectively. During the years ended July 31, 2014, 2013 and 2012, distributions in the amounts of $1.0 million, $0.7 million and $0.8 million, respectively, were received from equity method affiliates.

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Jul. 31, 2014
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities The Company is the primary beneficiary of the Employee Housing Entities, which are Variable Interest Entities (“VIEs”), and has consolidated them in its Consolidated Financial Statements. As a group, as of July 31, 2014, the Employee Housing Entities had total assets of $27.6 million (primarily recorded in property, plant and equipment, net) and total liabilities of $63.5 million (primarily recorded in long-term debt as “Employee Housing Bonds”). The Company has issued under its Credit Agreement $53.4 million letters of credit related to Employee Housing Bonds. The letters of credit would be triggered in the event that one of the entities defaults on required payments. The letters of credit have no default provisions. The Company is the primary beneficiary of Avon Partners II, LLC (“APII”), which is a VIE. APII owns commercial space and the Company currently leases substantially all of that space. APII had total assets of $4.3 million (primarily recorded in property, plant and equipment) and no debt as of July 31, 2014.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Fair Value Measurements

12 Months Ended

Jul. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

The FASB issued fair value guidance that establishes how reporting entities should measure fair value for measurement and disclosure purposes. The guidance establishes a common definition of fair value applicable to all assets and liabilities measured at fair value and prioritizes the inputs into valuation techniques used to measure fair value. Accordingly, the Company uses valuation techniques which maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value. The three levels of the hierarchy are as follows:

Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities;

Level 2: Inputs include quoted prices for similar assets and liabilities in active and inactive markets or that are observable for the asset or liability either directly or indirectly; and

Level 3: Unobservable inputs which are supported by little or no market activity.

The table below summarizes the Company’s cash equivalents and Contingent Consideration (see Note 5, Acquisitions) measured at fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands):



	Fair Value Measurement as of July 31, 2014
Description	Balance at July 31, 2014		Level 1		Level 2		Level 3
Assets:
Money Market	$	9,022	$	9,022	$	—	$	—
Commercial Paper	$	630	$	—	$	630	$	—
Certificates of Deposit	$	880	$	—	$	880	$	—

Liabilities:
Contingent Consideration	$	10,500	$	—	$	—	$	10,500

	Fair Value Measurement as of July 31, 2013
Description	Balance at July 31, 2013		Level 1		Level 2		Level 3
Assets:
Money Market	$	34,029	$	34,029	$	—	$	—
Commercial Paper	$	630	$	—	$	630	$	—
Certificates of Deposit	$	630	$	—	$	630	$	—

Liabilities:
Contingent Consideration	$	9,100	$	—	$	—	$	9,100

The Company’s cash equivalents are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. The Company's valuation techniques and Level 3 inputs used to estimate the fair value of Contingent Consideration in connection with the Canyons transaction are described in Note 5, Acquisitions.

The following change in Contingent Consideration during the year ended July 31, 2014 was as follows:



Balance at July 31, 2013	$	9,100
Change in fair value	1,400
Balance at July 31, 2014	$	10,500

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes

12 Months Ended

Jul. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

The Company had Federal net operating loss (“NOL”) carryforwards that expired in the year ended July 31, 2008 and were limited in deductibility each year under Section 382 of the Internal Revenue Code. The Company had only been able to use these NOL carryforwards to the extent of approximately $8.0 million per year through December 31, 2007 (the “Section 382 Amount”). However, during the year ended July 31, 2005, the Company amended previously filed tax returns (for tax years 1997-2002) in an effort to remove the restrictions under Section 382 of the Internal Revenue Code on approximately $73.8 million of NOL carryforwards to reduce future taxable income. As a result, the Company requested a refund related to the amended returns in the amount of $6.2 million and have reduced its federal tax liability in the amount of $19.6 million in subsequent returns. These NOL carryforwards relate to fresh start accounting from the Company’s reorganization in 1992. During the year ended July 31, 2006, the Internal Revenue Service (“IRS”) completed its examination of the Company’s filing position in these amended returns and disallowed the Company’s request for refund and its position to remove the restrictions under Section 382 of the Internal Revenue Code. The Company appealed the examiner’s disallowance of these NOL carryforwards to the Office of Appeals. In December 2008, the Office of Appeals denied the Company’s appeal, as well as a request for mediation. The Company disagreed with the IRS interpretation disallowing the utilization of the NOL’s and in August 2009, the Company filed a complaint in the United States District Court for the District of Colorado against the United States of America seeking a refund of approximately $6.2 million in Federal income taxes paid, plus interest. On July 1, 2011, the District Court granted the Company summary judgment, concluding that the IRS’s decision disallowing the utilization of the NOLs was inappropriate. The IRS is entitled to appeal the decision of the District Court to grant the motion for summary judgment and the Company does not know whether the IRS will do so or, if it does appeal, whether the appeal would be successful. However, at this point, the District Court proceedings have been stayed pending on-going settlement discussions between the parties. The Company is also a party to two related tax proceedings in the United States Tax Court regarding calculation of NOL carryover deductions for tax years 2006, 2007 and 2008. The two proceedings involve substantially the same issues as the litigation in the District Court wherein the Company disagrees with the IRS as to the utilization of NOLs. However, the Company is uncertain whether and how the potential resolution of the District Court case may affect these tax court proceedings. The trial date for Tax Court proceedings has been continued pending on-going settlement discussions between the parties.

Since the legal proceeding surrounding the utilization of the NOLs have not been fully resolved, including a determination of the amount of refund and the possibility that the District Court’s ruling may be appealed by the IRS, there remains considerable uncertainty of what portion, if any, of the NOLs will be realized, and as such, the Company has not reflected any of the benefits of the utilization of the restricted NOLs within its financial statements. However, the range of potential reversal of other long-term liabilities and accrued interest and penalties that would be recorded as a benefit to the Company’s income tax provision is between zero and $27.6 million.

The Company has state (primarily California) and foreign NOL carryforwards totaling $35.3 million of which the state NOL carryforwards expire by the year ending July 31, 2031. As of July 31, 2014, the Company has recorded a valuation allowance on $30.4 million of state and foreign NOL carryforwards as the Company has determined that it is more likely than not that these NOL carryforwards will not be realized.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and income tax purposes. Significant components of the Company’s deferred tax liabilities and assets are as follows (in thousands):



	July 31,
	2014			2013
Deferred income tax liabilities:
Fixed assets	$	154,874		$	150,697
Intangible assets	46,980			40,992
Real estate and other investments	—			—
Total	201,854			191,689
Deferred income tax assets:
Canyons obligation	18,481			17,614
Deferred membership revenue	19,643			19,383
Real estate and other investments	7,130			5,470
Deferred compensation and other accrued benefits	11,180			9,872
Stock-based compensation	15,309			14,199
Unfavorable lease obligation, net	12,995			14,189
Net operating loss carryforwards and other tax credits	3,984			3,565
Other, net	16,836			17,390
Total	105,558			101,682
Valuation allowance for deferred income taxes	(3,017		)	(3,062		)
Deferred income tax assets, net of valuation allowance	102,541			98,620
Net deferred income tax liability	$	99,313		$	93,069

The net current and non-current components of deferred income taxes recognized in the Consolidated Balance Sheets are as follows (in thousands):



	July 31,
	2014		2013
Net current deferred income tax asset	$	29,249	$	25,190
Net non-current deferred income tax asset	—		—
Net non-current deferred income tax liability	128,562		118,259
Net deferred income tax liability	$	99,313	$	93,069

The Company recorded a measurement period adjustment to its Canyons preliminary purchase price allocation of $32.9 million which resulted in an increase to the net deferred income tax liability and has reflected this as a retrospective adjustment as of July 31, 2013.

Significant components of the provision (benefit) for income taxes are as follows (in thousands):



	Year Ended July 31,
	2014		2013			2012
Current:
Federal	$	8,082	$	25,753		$	1,407
State	1,565		3,991			51
Total current	9,647		29,744			1,458
Deferred:
Federal	5,470		(7,175		)	7,682
State	749		(950		)	1,561
Total deferred	6,219		(8,125		)	9,243
Provision for income taxes	$	15,866	$	21,619		$	10,701

A reconciliation of the income tax provision from continuing operations and the amount computed by applying the United States Federal statutory income tax rate to income before income taxes is as follows:



	Year Ended July 31,
	2014		2013		2012
At U.S. Federal income tax rate	35.0	%	35.0	%	35.0	%
State income tax, net of Federal benefit	3.4	%	3.3	%	3.1	%
Nondeductible meals or entertainment	0.7	%	0.4	%	0.7	%
General business credits	(1.7	)%	(1.2	)%	(2.3	)%
Nondeductible compensation	—	%	—	%	2.2	%
Domestic production deduction	(1.4	)%	(1.2	)%	—	%
Other	—	%	0.2	%	0.8	%
	36.0	%	36.5	%	39.5	%

A reconciliation of the beginning and ending amount of unrecognized tax benefits associated with uncertain tax positions, excluding associated deferred tax benefits and accrued interest and penalties, if applicable, is as follows (in thousands):



	Unrecognized Tax Benefits
Balance as of August 1, 2011	$	26,573
Additions based on tax positions related to the current year	—
Additions for tax positions of prior years	—
Reductions for tax positions of prior years	—
Lapse of statute of limitations	(302		)
Settlements	—
Balance as of July 31, 2012	$	26,271
Additions based on tax positions related to the current year	—
Additions for tax positions of prior years	—
Reductions for tax positions of prior years	—
Lapse of statute of limitations	(66		)
Settlements	—
Balance as of July 31, 2013	$	26,205
Additions based on tax positions related to the current year	21,082
Additions for tax positions of prior years	—
Reductions for tax positions of prior years	—
Lapse of statute of limitations	(314		)
Settlements	—
Balance as of July 31, 2014	$	46,973

The Company's unrecognized tax benefits associated with uncertain tax positions primarily relate to utilization of Federal NOL carryforwards, as discussed above, and the treatment of the Talisker lease payments as payments of debt obligations and that the tax basis in Canyons goodwill is deductible.

The unrecognized tax benefits for the utilization of Federal NOL carry forwards recorded in other long-term liabilities, if recognized, would decrease the Company’s effective tax rate. In addition, the Company does not anticipate a significant change to its unrecognized tax benefits during the twelve months ending July 31, 2015, subject to resolution of the legal proceedings associated with the utilization of Federal NOL carryforwards as previously discussed. The Company’s policy is to accrue income tax related interest and penalties, if applicable, within income tax expense. As of July 31, 2014 and 2013, accrued interest and penalties, net of tax, was $1.9 million and $1.8 million, respectively. For the years ended July 31, 2014, 2013 and 2012, the Company recognized as income tax expense (benefit) $0.1 million, zero and $(0.1) million of interest expense (income) and penalties, net of tax, respectively.

The Company's major tax jurisdictions in which it files income tax returns is the U.S. federal and various state jurisdictions. The IRS has completed its examination of the Company’s tax returns for tax years 2001 through 2003 and has issued a report of its findings. As discussed above, the examiner’s primary finding is the disallowance of the Company’s position to remove the restrictions under Section 382 of the Internal Revenue Code of approximately $73.8 million of NOL carryforwards; however, the Company has filed a complaint in Federal court. With the exception of the utilization of federal NOL carryforwards as discussed above, the Company is no longer subject to U.S. Federal examinations for tax years prior to 2010. With few exceptions, the Company is no longer subject to examination by various state jurisdictions for tax years prior to 2006.

Related Party Transactions	12 Months Ended
Related Party Transactions	Jul. 31, 2014
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, 2014, 2013 and 2012 were $7.0 million, $7.0 million, and $6.9 million, respectively. SSF/VARE is a real estate brokerage with multiple locations in Eagle and Summit Counties, Colorado in which the Company has a 50% ownership interest. SSF/VARE has been the broker for several of the Company’s developments. The Company recorded net real estate commissions expense of zero, $0.3 million and $0.9 million for payments made to SSF/VARE during the years ended July 31, 2014, 2013 and 2012, respectively. SSF/VARE leases space for real estate offices from the Company. The Company recognized approximately $0.5 million, $0.5 million and $0.4 million in revenue related to these leases for the years ended July 31, 2014, 2013 and 2012, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Commitments and Contingencies

12 Months Ended

Jul. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Metropolitan Districts

The Company credit-enhances $8.0 million of bonds issued by Holland Creek Metropolitan District (“HCMD”) through an $8.1 million letter of credit issued under the Company’s Credit Agreement. HCMD’s bonds were issued and used to build infrastructure associated with the Company’s Red Sky Ranch residential development. The Company has agreed to pay capital improvement fees to Red Sky Ranch Metropolitan District (“RSRMD”) until RSRMD’s revenue streams from property taxes are sufficient to meet debt service requirements under HCMD’s bonds, and the Company has recorded a liability of $1.8 million, primarily within “other long-term liabilities” in the accompanying Consolidated Balance Sheets as of July 31, 2014 and 2013, respectively, with respect to the estimated present value of future RSRMD capital improvement fees. The Company estimates that it will make capital improvement fee payments under this arrangement through the year ending July 31, 2029.

Guarantees/Indemnifications

As of July 31, 2014, the Company had various other letters of credit in the amount of $58.9 million, consisting primarily of $53.4 million in support of the Employee Housing Bonds and $3.4 million for workers’ compensation and general liability deductibles related to construction and development activities.

In addition to the guarantees noted above, the Company has entered into contracts in the normal course of business which include certain indemnifications under which it could be required to make payments to third parties upon the occurrence or non-occurrence of certain future events. These indemnities include indemnities to licensees in connection with the licensees’ use of the Company’s trademarks and logos, indemnities for liabilities associated with the infringement of other parties’ technology and software products, indemnities related to liabilities associated with the use of easements, indemnities related to employment of contract workers, the Company’s use of trustees, indemnities related to the Company’s use of public lands and environmental indemnifications. The duration of these indemnities generally is indefinite and generally do not limit the future payments the Company could be obligated to make.

As permitted under applicable law, the Company and certain of its subsidiaries indemnify their directors and officers over their lifetimes for certain events or occurrences while the officer or director is, or was, serving the Company or its subsidiaries in such a capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that should enable the Company to recover a portion of any future amounts paid.

Unless otherwise noted, the Company has not recorded any significant liabilities for the letters of credit, indemnities and other guarantees noted above in the accompanying Consolidated Financial Statements, either because the Company has recorded on its Consolidated Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company’s own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the fair value of the indemnification or guarantee to be immaterial based upon the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications it is not possible to determine the maximum potential amount of liability under these guarantees due to the unique set of facts and circumstances that are likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material.

As noted above, the Company makes certain indemnifications to licensees in connection with their use of the Company’s trademarks and logos. The Company does not record any product warranty liability with respect to these indemnifications.

Commitments

The operations of Northstar are conducted on land and with operating assets owned by affiliates of CNL Lifestyle Properties, Inc., a real-estate investment trust, primarily under operating leases which were assumed in the acquisition of Northstar by the Company. The leases provide for the payment of a minimum annual base rent with a rate of 10.25% increasing to 11% of assets under lease over the lease term which is recognized on a straight-line basis over the remaining lease term from the date of assumption. In addition, beginning in fiscal 2013 the leases provide for the payment of percentage rent at a rate of 11.5% of certain gross revenues generated at the property over a revenue threshold which is incrementally adjusted annually. The initial term of the leases expires in fiscal 2027 and allows for three 10-year extensions at the Company’s option.

In addition, the Company has executed or assumed as lessee other operating leases for the rental of office and commercial space, employee residential units and land primarily through fiscal 2079. Certain of these leases have renewal terms at the Company’s option, escalation clauses, rent holidays and leasehold improvement incentives.

Rent holidays and rent escalation clauses are recognized on a straight-line basis over the lease term. Leasehold improvement incentives are recorded as leasehold improvements and amortized over the shorter of their economic lives or the term of the lease. For the years ended July 31, 2014, 2013 and 2012, the Company recorded lease expense (including Northstar), excluding executory costs, related to these agreements of $37.3 million, $35.1 million and $34.0 million, respectively, which is included in the accompanying Consolidated Statements of Operations.

Future minimum operating lease payments under the above leases as of July 31, 2014 reflected by fiscal year are as follows (in thousands):



2015	$	31,242
2016	28,382
2017	26,617
2018	24,198
2019	21,308
Thereafter	129,459
Total	$	261,206

Self Insurance

The Company is self-insured for claims under its health benefit plans and for workers’ compensation claims, subject to stop loss policies. The self-insurance liability related to workers’ compensation is determined actuarially based on claims filed. The self-insurance liability related to claims under the Company’s health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of accrued benefits in accounts payable and accrued liabilities (see Note 6, Supplementary Balance Sheet Information).

Legal

The Company is a party to various lawsuits arising in the ordinary course of business. Management believes the Company has adequate insurance coverage and/or has accrued for loss contingencies for all known matters that are deemed to be probable losses and estimable. As of July 31, 2014 and 2013, the accrual for loss contingencies was not material individually and in the aggregate.

Segment Information

12 Months Ended

Jul. 31, 2014

Segment Reporting [Abstract]

Segment Information

The Company has three reportable segments: Mountain, Lodging and Real Estate. The Mountain segment includes the operations of the Company’s mountain resorts/ski areas and related ancillary activities. The Lodging segment includes the operations of all of the Company’s owned hotels, RockResorts, NPS concessionaire properties, condominium management, CME and mountain resort golf operations. The Real Estate segment owns and develops real estate in and around the Company’s resort communities. The Company’s reportable segments, although integral to the success of 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 on sale of real property) which is a non-GAAP financial measure. The Company reports segment results in a manner consistent with management’s internal reporting of operating results to the chief operating decision maker (Chief Executive Officer) for purposes of evaluating segment performance.

Reported EBITDA is not a measure of financial performance under GAAP. Items excluded from Reported EBITDA are significant components in understanding and assessing financial performance. Reported EBITDA should not be considered in isolation or as an alternative to, or substitute for, net income, net change in cash and cash equivalents or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Because Reported EBITDA is not a measurement determined in accordance with GAAP and thus is susceptible to varying calculations, Reported EBITDA as presented may not be comparable to other similarly titled measures of other companies.

The Company utilizes Reported EBITDA in evaluating performance of the Company and in allocating resources to its segments. Mountain Reported EBITDA consists of Mountain net revenue less Mountain operating expense plus or minus Mountain equity investment income or loss. Lodging Reported EBITDA consists of Lodging net revenue less Lodging operating expense. Real Estate Reported EBITDA consists of Real Estate net revenue less Real Estate operating expense plus gain on sale of real property. All segment expenses include an allocation of corporate administrative expense. Assets are not allocated between segments, or used to evaluate performance, except as shown in the table below. The accounting policies specific to each segment are the same as those described in Note 2, Summary of Significant Accounting Policies.

Following is key financial information by reportable segment which is used by management in evaluating performance and allocating resources (in thousands):



	Year Ended July 31,
	2014			2013			2012
Net revenue:
Lift tickets	$	447,271		$	390,820		$	342,500
Ski school	109,442			95,254			84,292
Dining	89,892			81,175			68,376
Retail/rental	210,387			199,418			181,772
Other	106,581			100,847			89,668
Total Mountain net revenue	963,573			867,514			766,608
Lodging	242,287			210,974			210,623
Resort	1,205,860			1,078,488			977,231
Real estate	48,786			42,309			47,163
Total net revenue	$	1,254,646		$	1,120,797		$	1,024,394
Segment operating expense:
Mountain	$	712,785		$	639,706		$	568,578
Lodging	225,563			198,813			204,270
Resort	938,348			838,519			772,848
Real estate	55,826			58,090			63,170
Total segment operating expense	$	994,174		$	896,609		$	836,018
Gain on sale of real property	$	—		$	6,675		$	—
Mountain equity investment income, net	$	1,262		$	891		$	878
Reported EBITDA:
Mountain	$	252,050		$	228,699		$	198,908
Lodging	16,724			12,161			6,353
Resort	268,774			240,860			205,261
Real estate	(7,040		)	(9,106		)	(16,007		)
Total Reported EBITDA	$	261,734		$	231,754		$	189,254
Real estate held for sale and investment	$	157,858		$	195,230		$	237,668
Reconciliation to net income attributable to Vail Resorts, Inc.:
Total Reported EBITDA	$	261,734		$	231,754		$	189,254
Depreciation and amortization	(140,601		)	(132,688		)	(127,581		)
Change in fair value of contingent consideration	(1,400		)	—			—
Loss on disposal of fixed assets, net	(1,208		)	(1,222		)	(1,464		)
Investment income, net	375			351			469
Interest expense, net	(63,997		)	(38,966		)	(33,586		)
Loss on extinguishment of debt	(10,831		)	—			—
Income before provision for income taxes	44,072			59,229			27,092
Provision for income taxes	(15,866		)	(21,619		)	(10,701		)
Net income	28,206			37,610			16,391
Net loss attributable to noncontrolling interests	272			133			62
Net income attributable to Vail Resorts, Inc.	$	28,478		$	37,743		$	16,453

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References