Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Jul. 31, 2016	Sep. 21, 2016	Jan. 29, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jul. 31, 2016
Document Fiscal Year Focus	2016
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		36,179,664
Entity Public Float			$ 4,480,036,250

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2016	Jul. 31, 2015
Assets
Cash and cash equivalents	$ 67,897	$ 35,459
Restricted cash	6,046	13,012
Trade receivables, net of allowances of $616 and $746, respectively	147,113	113,990
Inventories, net of reserves of $1,713 and $1,915, respectively	74,589	73,485
Deferred income taxes (Note 10)	0	27,962
Other current assets	27,220	24,235
Total current assets	322,865	288,143
Property, plant and equipment, net (Note 6)	1,363,814	1,386,275
Real estate held for sale and investment	111,088	129,825
Deferred charges and other assets	35,207	38,467
Goodwill, net (Note 6)	509,037	500,433
Intangible assets, net (Note 6)	140,007	144,149
Total assets	2,482,018	2,487,292
Liabilities and Stockholders' Equity
Accounts payable and accrued liabilities (Note 6)	397,488	331,299
Income taxes payable	95,639	57,194
Long-term debt due within one year (Note 4)	13,354	10,154
Total current liabilities	506,481	398,647
Long-term debt (Note 4)	686,909	804,347
Other long-term liabilities (Note 6)	270,168	255,916
Deferred income taxes (Note 10)	129,994	147,796
Liabilities	1,593,552	1,606,706
Commitments and contingencies (Note 12)
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 41,614,432 and 41,462,941 shares issued, respectively	416	415
Additional paid-in capital	635,986	623,510
Accumulated other comprehensive loss	(1,550)	(4,913)
Retained earnings	486,667	440,748
Treasury stock, at cost; 5,434,977 and 4,949,111 shares, respectively (Note 15)	(246,979)	(193,192)
Total Vail Resorts, Inc. stockholders' equity	874,540	866,568
Noncontrolling interests	13,926	14,018
Total stockholders' equity	888,466	880,586
Total liabilities and stockholders' equity	$ 2,482,018	$ 2,487,292

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2016	Jul. 31, 2015
Statement of Financial Position [Abstract]
Trade receivables, allowances	$ 616	$ 746
Inventories, reserves	$ 1,713	$ 1,915
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	41,614,432	41,462,941
Treasury stock, shares	5,434,977	4,949,111

Consolidated Statements Of Operations - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jul. 31, 2016	Apr. 30, 2016	Jan. 31, 2016	Oct. 31, 2015	Jul. 31, 2015	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2014	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Net revenue:
Mountain	$ 97,994	$ 572,805	$ 532,872	$ 100,933	$ 81,061	$ 499,551	$ 463,031	$ 60,386	$ 1,304,604	$ 1,104,029	$ 963,573
Lodging	74,528	72,933	62,807	64,286	69,373	67,323	59,364	58,493	274,554	254,553	242,287
Real Estate	7,362	1,734	3,684	9,348	11,648	12,469	7,842	9,383	22,128	41,342	48,786
Total net revenue	179,884	647,472	599,363	174,567	162,082	579,343	530,237	128,262	1,601,286	1,399,924	1,254,646
Segment operating expense (exclusive of depreciation and amortization shown separately below):
Mountain									881,472	777,147	712,785
Lodging									246,385	232,877	225,563
Real Estate									24,639	48,408	55,826
Total segment operating expense									1,152,496	1,058,432	994,174
Other operating (expense) income:
Depreciation and amortization									(161,488)	(149,123)	(140,601)
Loss on disposal of fixed assets and other, net									(5,418)	(2,057)	(1,208)
Gain on sale of real property									5,295	151	0
Gain on litigation settlement (Note 5)									0	16,400	0
Change in fair value of contingent consideration (Note 9)									(4,200)	3,650	(1,400)
Income from operations	(93,776)	263,380	200,064	(86,689)	(88,478)	227,752	160,071	(88,832)	282,979	210,513	117,263
Mountain equity investment income, net									1,283	822	1,262
Investment income, net									723	246	375
Interest expense									(42,366)	(51,241)	(63,997)
Loss on extinguishment of debt (Note 4)									0	(11,012)	(10,831)
Income before provision for income taxes									242,619	149,328	44,072
Provision for income taxes (Note 10)									(93,165)	(34,718)	(15,866)
Net income	(65,284)	157,537	116,871	(59,670)	(70,168)	133,402	115,700	(64,324)	149,454	114,610	28,206
Net loss attributable to noncontrolling interests									300	144	272
Net income attributable to Vail Resorts, Inc.	$ (65,273)	$ 157,632	$ 116,982	$ (59,587)	$ (70,142)	$ 133,410	$ 115,762	$ (64,276)	$ 149,754	$ 114,754	$ 28,478
Per share amounts (Note 3):
Basic net income per share attributable to Vail Resorts, Inc. (in dollars per share)	$ (1.80)	$ 4.35	$ 3.23	$ (1.63)	$ (1.92)	$ 3.67	$ 3.19	$ (1.77)	$ 4.13	$ 3.16	$ 0.79
Diluted net income per share attributable to Vail Resorts, Inc. (in dollars per share)	$ (1.80)	$ 4.23	$ 3.14	$ (1.63)	$ (1.92)	$ 3.56	$ 3.10	$ (1.77)	4.01	3.07	0.77
Cash dividends declared per share (in dollars per share)									$ 2.8650	$ 2.0750	$ 1.2450

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Net income	$ 149,454	$ 114,610	$ 28,206
Foreign currency translation adjustments and other (net of tax of ($1,905), $2,578 and $82, respectively)	3,363	(4,714)	(132)
Comprehensive income	152,817	109,896	28,074
Comprehensive loss attributable to noncontrolling interests	300	144	272
Comprehensive income attributable to Vail Resorts, Inc.	$ 153,117	$ 110,040	$ 28,346

Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Statement of Comprehensive Income (Parenthetical) [Abstract]
Translation Adjustment Functional to Reporting Currency, Tax Benefit (Expense)	$ (1,905)	$ 2,578	$ 82

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]
Balance at Jul. 31, 2013	$ 837,869	$ 409	$ 598,675	$ 418,043	$ (193,192)	$ (67)	$ 823,868	$ 14,001
Balance, Shares at Jul. 31, 2013		40,903,731
Net income	28,206			28,478			28,478	(272)
Foreign currency translation adjustments, net of tax	(132)						(132)
Comprehensive income	28,074						28,346	(272)
Stock-based compensation (Note 16)	14,224		14,224				14,224
Issuance of shares under share award plan net of shares withheld for taxes (Note 16)	(4,735)	$ (3)	(4,738)				(4,735)
Issuance of shares under share award plan net of shares withheld for taxes (Note 16), Shares		249,069
Tax benefit from share award plan	4,161		4,161				4,161
Repurchases of Common Stock	0
Dividends	(45,021)			(45,021)			(45,021)
Contributions from noncontrolling interests, net	228							228
Balance at Jul. 31, 2014	834,800	$ 412	612,322	401,500	(193,192)	(199)	820,843	13,957
Balance, Shares at Jul. 31, 2014		41,152,800
Net income	114,610			114,754			114,754	(144)
Foreign currency translation adjustments, net of tax	(4,714)						(4,714)
Comprehensive income	109,896						110,040	(144)
Stock-based compensation (Note 16)	15,753		15,753				15,753
Issuance of shares under share award plan net of shares withheld for taxes (Note 16)	(17,186)	$ (3)	(17,189)				(17,186)
Issuance of shares under share award plan net of shares withheld for taxes (Note 16), Shares		310,141
Tax benefit from share award plan	12,624		12,624				12,624
Repurchases of Common Stock	0
Dividends	(75,506)			(75,506)			(75,506)
Contributions from noncontrolling interests, net	205							205
Balance at Jul. 31, 2015	880,586	$ 415	623,510	440,748	(193,192)	(4,913)	866,568	14,018
Balance, Shares at Jul. 31, 2015		41,462,941
Net income	149,454			149,754			149,754	(300)
Foreign currency translation adjustments, net of tax	3,363						3,363
Comprehensive income	152,817						153,117	(300)
Stock-based compensation (Note 16)	17,025		17,025				17,025
Issuance of shares under share award plan net of shares withheld for taxes (Note 16)	(10,215)	$ (1)	(10,216)				(10,215)
Issuance of shares under share award plan net of shares withheld for taxes (Note 16), Shares		151,491
Tax benefit from share award plan	5,667		5,667				5,667
Repurchases of Common Stock	(53,787)				(53,787)		(53,787)
Dividends	(103,835)			(103,835)			(103,835)
Contributions from noncontrolling interests, net	208							208
Balance at Jul. 31, 2016	$ 888,466	$ 416	$ 635,986	$ 486,667	$ (246,979)	$ (1,550)	$ 874,540	$ 13,926
Balance, Shares at Jul. 31, 2016		41,614,432

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Cash flows from operating activities:
Net income	$ 149,454	$ 114,610	$ 28,206
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	161,488	149,123	140,601
Cost of real estate sales	15,724	32,190	37,400
Stock-based compensation expense	17,025	15,753	14,224
Deferred income taxes, net	7,626	12,968	6,219
Canyons obligation accreted interest expense	5,644	5,596	5,544
Change in Fair Value of Contingent Consideration	4,200	(3,650)	1,400
Gain on litigation settlement	0	(16,400)	0
Park City litigation settlement payment	0	(10,000)	0
Gain on sale of real property	(5,295)	(151)	0
Loss on extinguishment of debt	0	11,012	10,831
Payments of tender premium	0	(8,636)	(8,531)
Other non-cash income, net	(8,044)	(6,930)	(8,570)
Changes in assets and liabilities:
Restricted Cash	6,966	162	(559)
Accounts receivable, net	(32,991)	(15,350)	(17,007)
Inventories, net	(843)	(1,304)	1,332
Accounts payable and accrued liabilities	42,367	4,498	20,724
Income taxes payable	56,553	41,783	12,198
Other assets and liabilities, net	6,888	(21,614)	1,866
Net Cash Provided by Operating Activities	426,762	303,660	245,878
Cash flows from investing activities:
Capital expenditures	(109,237)	(123,884)	(118,305)
Acquisition of businesses, net of cash acquired	(20,245)	(307,051)	0
Cash received from sale of real property	7,386	2,541	0
Other investing activities, net	(1,920)	1,326	399
Net cash used in investing activities	(124,016)	(427,068)	(117,906)
Cash flows from financing activities:
Proceeds from borrowings under Credit Facility Term Loan	0	250,000	0
Proceeds from borrowings under Credit Facility Revolver	210,000	438,000	0
Payments on tender of 6.50% Notes	0	(215,000)	(175,000)
Payments on tender of Industrial Development Bonds	0	(41,200)	0
Payments on Credit Facility Revolver	(320,000)	(253,000)	0
Payments on Credit Facility Term Loan	(9,375)	0	0
Payments of other long-term debt	(266)	(1,022)	(998)
Repurchases of Common Stock	(53,787)	0	0
Dividends paid	(103,835)	(75,506)	(45,021)
Other financing activities, net	6,046	12,979	(1,193)
Net cash (used in) provided by financing activities	(271,217)	115,251	(222,212)
Effect of exchange rate changes on cash and cash equivalents	909	(790)	42
Net increase (decrease) in cash and cash equivalents	32,438	(8,947)	(94,198)
Cash and cash equivalents:
Beginning of period	35,459	44,406	138,604
End of period	67,897	35,459	44,406
Cash paid for interest	33,243	46,483	57,217
Taxes paid (refunded), net	21,994
Proceeds from Income Tax Refunds		(4,421)	(6,787)
Accrued capital expenditures	16,267	6,267	12,254
Capital expenditures made under long-term financing	$ 0	$ 7,037	$ 0

Organization and Business	12 Months Ended
Organization and Business	Jul. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Vail Resorts, Inc. (“Vail Resorts”) is organized as a holding company and operates through various subsidiaries. Vail Resorts and its subsidiaries (collectively, the “Company”) operate in three business segments: Mountain, Lodging and Real Estate. In the Mountain segment, the Company operates nine world-class mountain resort properties including Vail, Breckenridge, Keystone and Beaver Creek mountain resorts in Colorado; Park City mountain resort in Utah (“Park City” comprised of the former Park City Mountain Resort acquired in September 2014 and the former Canyons Resort (“Canyons”) in Park City, Utah); Heavenly, Northstar and Kirkwood mountain resorts in the Lake Tahoe area of California and Nevada; Perisher Ski Resort (“Perisher,” acquired in June 2015) in New South Wales, Australia; and the ski areas of Wilmot Mountain in Wisconsin (“Wilmot,” acquired in January 2016), Afton Alps in Minnesota and Mount Brighton in Michigan (“Urban” ski areas); as well as ancillary services, primarily including ski school, dining and retail/rental operations, and for Perisher including lodging and transportation operations. The resorts located in the United States (“U.S.”), except for Northstar, Park City and the Urban ski areas, operate primarily on federal land under the terms of Special Use Permits granted by the United States Department of Agriculture Forest Service (the “Forest Service”). The operations of Perisher are conducted pursuant to a long-term lease and license on land owned by the government of New South Wales, Australia. In the Lodging segment, the Company owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand, as well as other strategic lodging properties and a large number of condominiums located in proximity to the Company’s U.S. mountain resorts, National Park Service (“NPS”) concessionaire properties including the Grand Teton Lodge Company (“GTLC”), which operates destination resorts in Grand Teton National Park, Colorado Mountain Express (“CME”), a Colorado resort ground transportation company, and mountain resort golf courses. Vail Resorts Development Company (“VRDC”), a wholly-owned subsidiary, conducts the operations of the Company’s Real Estate segment, which owns, develops and sells real estate in and around the Company’s resort communities. The Company’s mountain business and its lodging properties at or around the Company’s mountain resorts are seasonal in nature with peak operating seasons primarily from mid-November through mid-April in the U.S. The Company’s operating season at Perisher, its NPS concessionaire properties and its golf courses generally occur from June to early October. The Company also has non-majority owned investments in various other entities, some of which are consolidated (see Note 8, Variable Interest Entities).

Summary of Significant Accounting Policies

12 Months Ended

Jul. 31, 2016

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.

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

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

Property, Plant and Equipment-- Property, plant and equipment is carried at cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property, plant and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income. Leasehold improvements are amortized on the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Depreciation is calculated on the straight-line method, including property, plant and equipment under capital leases, generally based on the following useful lives:



	Estimated Life in Years
Land improvements	10-35
Buildings and building improvements	7-30
Machinery and equipment	2-30
Furniture and fixtures	3-10
Software	3
Vehicles	3-10

Real Estate Held for Sale and Investment-- The Company capitalizes as real estate held for sale and investment the original land acquisition cost, direct construction and development costs, property taxes, interest recorded on costs related to real estate under development and other related costs. Additionally, the Company records depreciation on completed condominium units that are placed in rental programs until such units are sold. Sales and marketing expenses are charged against income in the period incurred. Sales commission expenses are charged against income in the period that the related revenue from real estate sales is recorded. The Company records capitalized interest once construction activities commence and real estate deposits have been utilized in construction. The Company did not capitalize interest on real estate development projects, as it had no projects under construction during the years ended July 31, 2016, 2015 and 2014.

Deferred Financing Costs-- Certain costs incurred with the issuance of debt securities are capitalized and included as a reduction in the net carrying value of long-term debt, net of accumulated amortization, with the exception of costs incurred related to line-of-credit arrangements, which are included in deferred charges and other assets, net of accumulated amortization. Amortization is charged to interest expense over the respective term of the applicable debt issues. When debt is extinguished prior to its maturity date, the amortization of the remaining unamortized deferred financing costs, or pro-rata portion thereof, is charged to loss on extinguishment of debt.

Goodwill and Intangible Assets-- The Company has classified as goodwill the cost in excess of estimated fair value of the net assets of businesses acquired in purchase transactions. The Company’s major intangible asset classes are trademarks, water rights, customer lists, property management contracts, Forest Service permits and excess reorganization value. Goodwill and various indefinite-lived intangible assets, including excess reorganization value 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 estimated fair value of the assets with their net carrying values. If the net carrying amount of the assets exceed its estimated fair value, an impairment will be recognized for indefinite-lived intangibles, excluding goodwill, in an amount equal to that excess. To the extent the net carrying amount of goodwill assigned to a reporting unit exceeds its estimated fair value, an impairment may be recognized based on a hypothetical purchase price allocation of the estimated fair value to the underlying assets and liabilities of the reporting unit. If the net carrying amount of the assets does not exceed the estimated fair value, no impairment loss is recognized. For the testing of goodwill for impairment, the Company determines the estimated fair value of its reporting units using discounted cash flow analyses. The estimated fair value of indefinite-lived intangible assets is estimated using an income approach. The Company determined that there was no impairment to goodwill or significant definite or indefinite-lived intangible assets for the years ended July 31, 2016, 2015 and 2014.

Long-lived Assets-- The Company evaluates potential impairment of long-lived assets and long-lived assets to be disposed of whenever events or changes in circumstances indicate that the net carrying amount of an asset may not be fully recoverable. If the sum of the expected cash flows, on an undiscounted basis, is less than the net carrying amount of the asset, an impairment loss is recognized in the amount by which the net carrying amount of the asset exceeds its estimated fair value. The Company does not believe any events or changes in circumstances indicating an impairment of the net carrying amount of a long-lived asset occurred during the years ended July 31, 2016, 2015 and 2014.

Revenue Recognition-- The following describes the composition of revenues for the Company:

•

Mountain revenue is derived from a wide variety of sources, including, among other things, sales of lift tickets (including season passes), ski school operations, other on-mountain activities, dining operations, retail sales, equipment rentals, private ski club amortized initiation fees and dues, marketing and internet advertising, commercial leasing, employee housing, municipal services and lodging and transportation operations at Perisher, and is recognized as products are delivered or services are performed. The Company records deferred revenue related to the sale of season ski passes. The number of season pass holder visits is estimated based on historical data and the deferred revenue is recognized throughout the ski season based on this estimate, or on a straight-line basis if usage patterns cannot be determined based on available historical data.

•

Lodging revenue is derived from a wide variety of sources, including, among other things, hotel operations, dining operations, property management services, managed hotel property payroll cost reimbursements, private golf club amortized initiation fees and dues, transportation services and golf course greens fees, and is recognized as products are delivered or services are performed. Revenue from payroll cost reimbursements relates to payroll costs of managed hotel properties where the Company is the employer. The reimbursements are based upon the costs incurred with no added margin; therefore, these revenues and corresponding expenses have no net effect on the Company’s operating income or net income.

•

Revenue from non-refundable private club initiation fees is recognized over the estimated life of the facilities on a straight-line basis upon inception of the club. As of July 31, 2016, the weighted average remaining period over which the private club initiation fees will be recognized is approximately 14 years. Additionally, certain club initiation fees are refundable in 30 years after the date of acceptance of a member. Under these memberships, the difference between the amount paid by the member and the present value of the refund obligation is recorded as deferred initiation fee revenue in the Company’s Consolidated Balance Sheets and recognized as revenue on a straight-line basis over 30 years. The present value of the refund obligation is recorded as an initiation deposit liability and accretes over the nonrefundable term using the effective interest method. The accretion is included in interest expense.

•

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

Real Estate Cost of Sales-- Costs of real estate transactions include direct project costs, common cost allocations (primarily determined on relative sales value) and sales commission expense. The Company utilizes the relative sales value method to determine cost of sales for condominium units sold within a project, when specific identification of costs cannot be reasonably determined.

Foreign Currency Translation -- The functional currency of the Company’s entities operating outside of the United States is the principal currency of the economic environment in which the entity primarily generates and expends cash, which is the local currency. The assets and liabilities of these foreign operations are translated at the exchange rate in effect as of the balance sheet dates. Income and expense items are translated using the weighted average exchange rate for the period. Translation adjustments from currency exchange are recorded in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity.

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

Advertising Costs-- Advertising costs are expensed at the time such advertising commences. Advertising expense for the years ended July 31, 2016, 2015 and 2014 was $32.3 million, $27.5 million and $25.7 million, respectively. Prepaid advertising costs as of both July 31, 2016 and 2015 was $0.3 million and is reported within “other current assets” in the Company’s Consolidated Balance Sheets.

Income Taxes-- The Company’s provision for income taxes is based on current pre-tax income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported in the accompanying Consolidated Balance Sheets and for operating loss and tax credit carryforwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to the tax provision or benefit in the period of enactment. The Company provides for taxes that may be payable if undistributed earnings of foreign subsidiaries were to be remitted to the U.S. The Company’s deferred tax assets have been reduced by a valuation allowance to the extent it is deemed to be more likely than not that some or all of the deferred tax assets will not be realized. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is “more-likely-than-not” to be sustained, on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the largest tax benefit that is cumulatively greater than 50% likely of being realized upon ultimate settlement. Interest and penalties accrued in connection with uncertain tax positions are recognized as a component of income tax expense (see Note 10, Income Taxes, for more information).

Fair Value of Financial Instruments-- The recorded amounts for cash and cash equivalents, receivables, other current assets and accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under Credit Facility Revolver, Credit Facility Term Loan and the Employee Housing Bonds (as defined in Note 8, Variable Interest Entities) approximate book value due to the variable nature of the interest rate associated with the debt.

Stock-Based Compensation-- Stock-based compensation expense is measured at the grant date based upon the estimated fair value of the portion of the award that is ultimately expected to vest and is recognized as expense over the applicable vesting period of the award generally using the straight-line method (see Note 16, Stock Compensation Plan for more information). The following table shows total stock-based compensation expense for the years ended July 31, 2016, 2015 and 2014 included in the Consolidated Statements of Operations (in thousands):



	Year Ended July 31,
	2016		2015		2014
Mountain stock-based compensation expense	$	13,404	$	11,841	$	10,292
Lodging stock-based compensation expense	3,094		2,621		2,203
Real Estate stock-based compensation expense	527		1,291		1,729
Pre-tax stock-based compensation expense	17,025		15,753		14,224
Less: benefit from income taxes	6,057		6,026		5,435
Net stock-based compensation expense	$	10,968	$	9,727	$	8,789

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 April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The new standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance in the new standard is limited to the presentation of debt issuance costs and does not affect the recognition and measurement of debt issuance costs. In June 2015, the FASB issued ASU No. 2015-15, “Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” The guidance in ASU No. 2015-03 does not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU No. 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff stated that they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company’s first quarter of fiscal 2017) and early adoption is permitted for financial statements that have not been previously issued. The standard should be applied on a retrospective basis. As such, the Company adopted these new accounting standards as of July 31, 2016, which amended presentation and disclosure requirements concerning debt issuance costs but did not affect the Company’s overall financial position or results of operations and cash flows. As a result, the Company reclassified $2.1 million and $2.3 million of debt issuance costs from deferred charges and other assets to long-term debt as of July 31, 2016 and 2015, respectively.

In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” This standard provides guidance on the measurement of inventory that is measured using first-in, first-out or average cost. An entity should measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2016 (the Company’s first quarter of fiscal 2018) and is required to be adopted prospectively and early adoption is permitted. The Company adopted this standard as of July 31, 2016 which did not have a material impact on the Company’s financial position or results of operations and cash flows.

In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments.” The standard requires that adjustments to provisional amounts identified during the measurement period of a business combination be recognized in the reporting period in which those adjustments are determined, including the effect on earnings, if any, calculated as if the accounting had been completed at the acquisition date. The standard eliminates the previous requirement to retrospectively account for such adjustments but requires additional disclosures related to the income statement effects of adjustments to provisional amounts identified during the measurement period. The standard is effective for the annual period beginning after December 15, 2015 and interim periods within those annual periods (the Company’s first quarter of fiscal 2017), with early adoption permitted, and is to be applied prospectively. The Company has adopted this standard and will apply this standard, as applicable, on any future measurement period adjustments.

In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” The standard changes how deferred taxes are classified on an entity’s balance sheets. The standard eliminates the current requirement for entities to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, entities will be required to classify all deferred tax assets and liabilities as noncurrent, on a jurisdiction by jurisdiction basis. The standard is effective for financial statements issued for annual periods beginning after December 15, 2016 (the Company’s first quarter of fiscal 2018), with early adoption permitted, and may be applied prospectively or retrospectively. As such, the Company adopted this new accounting standard as of July 31, 2016 which amended presentation requirements, but did not affect the Company’s overall financial position or results of operations and cash flows. The Company adopted this standard on a prospective basis, which reclassified the current deferred income tax asset to the noncurrent deferred income tax liability. Accordingly, prior periods have not been retrospectively adjusted in the accompanying financial statements.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition.” This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU No. 2015-14, which defers the effective date of the new revenue standard by one year, and would allow entities the option to early adopt the new revenue standard as of the original effective date. This standard will be effective for the first interim period within fiscal years beginning after December 15, 2017 (the Company’s first quarter of fiscal 2019 if it does not early adopt), using one of two retrospective application methods. The Company is evaluating the impacts, if any, the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows and related disclosures and is determining the appropriate transition method.

In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which amends the consolidation requirements in ASC 810, “Consolidation.” This ASU affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidated analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships and (iv) provide a scope exception for certain entities. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company’s first quarter of fiscal 2017). The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The adoption of this accounting standard will not have a material impact on the Company’s financial position or results of operations and cash flows.

In April 2015, the FASB issued ASU No. 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” The standard provides guidance about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the software license element of the arrangement should be accounted for as an acquisition of a software license. If a cloud computing arrangement does not include a software license, it should be accounted for as a service contract. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company’s first quarter of fiscal 2017) and may be adopted either retrospectively or prospectively. The adoption of this accounting standard is not expected to have a material impact on the Company’s financial position or results of operations and cash flows.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which supersedes “Leases (Topic 840).” The standard requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet and disclose key information about leasing arrangements. The standard also allows for an accounting policy election not to recognize on the balance sheet lease assets and liabilities for leases with a term of 12 months or less. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will be largely unchanged. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those years (the Company’s first quarter of fiscal 2020), and must be applied using a modified retrospective transition approach to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows and related disclosures.

In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The new guidance requires entities to record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement when the awards vest or are settled. The guidance also requires entities to present excess tax benefits as an operating activity and cash paid to a taxing authority to satisfy statutory withholding as a financing activity on the statement of cash flows. Additionally, the guidance allows entities to make a policy election to account for forfeitures either upon occurrence or by estimating forfeitures. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016 (the Company’s first quarter of fiscal 2018), with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows.

In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” The standard provides guidance for eight targeted changes with respect to how cash receipts and cash payments are classified in the statements of cash flows, with the objective of reducing diversity in practice. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2017 (the Company’s first quarter of fiscal 2019), with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company's cash flows.

Net Income Per Common Share

12 Months Ended

Jul. 31, 2016

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, 2016, 2015 and 2014 (in thousands, except per share amounts):



	Year Ended July 31,
	2016				2015				2014
	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	149,754	$	149,754	$	114,754	$	114,754	$	28,478	$	28,478
Weighted-average shares outstanding	36,276		36,276		36,342		36,342		36,127		36,127
Effect of dilutive securities	—		1,036		—		1,064		—		930
Total shares	36,276		37,312		36,342		37,406		36,127		37,057
Net income per share attributable to Vail Resorts	$	4.13	$	4.01	$	3.16	$	3.07	$	0.79	$	0.77

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 18,000, 11,000 and 17,000 for the years ended July 31, 2016, 2015 and 2014, 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 9, 2016, the Company’s Board of Directors approved an increase of approximately 30% in the annual cash dividend to an annual rate of $3.24 per share, subject to quarterly declaration. For the year ended July 31, 2016, the Company paid cash dividends of $2.865 per share ($103.8 million in the aggregate). On September 23, 2016 the Company’s Board of Directors approved a quarterly cash dividend of $0.81 per share payable on October 25, 2016 to stockholders of record as of October 7, 2016.

Long-Term Debt

12 Months Ended

Jul. 31, 2016

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt as of July 31, 2016 and 2015 is summarized as follows (in thousands):



	Fiscal Year Maturity (a)	July 31, 2016		July 31, 2015
Credit Facility Revolver (b)	2020	$	75,000	$	185,000
Credit Facility Term Loan (b)	2020	240,625		250,000
Employee Housing Bonds (c)	2027-2039	52,575		52,575
Canyons obligation (d)	2063	323,099		317,455
Other (e)	2017-2029	11,021		11,800
Total debt		702,320		816,830
Less: Unamortized debt issuance costs		2,057		2,329
Less: Current maturities (f)		13,354		10,154
Long-term debt		$	686,909	$	804,347


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

(b)

On May 1, 2015, Vail Holdings, Inc. (“VHI”), a wholly-owned subsidiary of the Company, amended and restated its senior credit facility. Key modifications to the senior credit facility included, among other things, the extension of the maturity on the revolving credit facility from March 2019 to May 2020 and increases in certain baskets for and improved flexibility to incur debt and make distributions.

The Seventh Amended and Restated Credit Agreement (the “Credit Agreement”) with VHI, as borrower, the Company and certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent, and the other Lenders party thereto, and consists of a $400 million revolving credit facility. The Credit Agreement also provides for a term loan facility in an aggregate principal amount of $250.0 million, which on May 1, 2015, the Company utilized to redeem its 6.50% Notes and Industrial Development Bonds. VHI’s obligations under the Credit Agreement are guaranteed by the Company and certain of its subsidiaries and are collateralized by a pledge of all the capital stock of VHI and substantially all of its subsidiaries (with certain additional exceptions for the pledge of the capital stock of foreign subsidiaries). In addition, pursuant to the terms of the Credit Agreement, VHI has the ability to increase availability (under the revolver or in the form of term loans) to an aggregate principal amount not to exceed the greater of (i) $950.0 million and (ii) the product of 2.75 and the trailing twelve-month Adjusted EBITDA, as defined in the Credit Agreement. The term loan facility is subject to quarterly amortization of principal, which began on January 31, 2016, in equal installments, with five percent payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due on May 1, 2020. The proceeds of the loans made under the Credit Agreement may be used to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. The Credit Agreement matures in May 2020. Borrowings under the Credit Agreement, including the term loan facility, bear interest annually at the Company's option at the rate of (i) LIBOR plus 1.125% as of July 31, 2016 (1.62% as of July 31, 2016) or (ii) the Agent's prime lending rate plus a margin (3.75% as of July 31, 2016). 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 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% (0.50% to 0.55% as of July 31, 2016).

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, 2016 (in thousands):



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

(d)

On May 24, 2013, VR CPC Holdings, Inc. (“VR CPC”), a wholly-owned subsidiary of the Company, entered into a transaction agreement (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, pursuant to which the Company assumed the resort operations of the Canyons. The Lease between VR CPC and Talisker has an initial term of 50 years with six 50-year renewal options. The Lease provides for $25 million in annual payments, which increase each year by an inflation linked index of CPI less 1%, with a floor of 2% per annum. Vail Resorts has guaranteed the payments under the Lease. The obligation at July 31, 2016 represents future lease payments for the remaining initial lease term of 50 years (including annual increases at the floor of 2%) discounted using an interest rate of 10%, and includes accumulated accreted interest expense of $17.8 million.

(e)

Other obligations primarily consist of a $4.7 million note outstanding to the Colorado Water Conservation Board, which matures on September 16, 2028 and other financing arrangements. Other obligations, including the Colorado Water Conservation Board note, bear interest at rates ranging from 0.2% to 5.5% and have maturities ranging from in the year ending July 31, 2017 to the year ending July 31, 2029.


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

Aggregate maturities for debt outstanding, including capital lease obligations, as of July 31, 2016 reflected by fiscal year are as follows (in thousands):



	Total
2017	$	13,354
2018	13,397
2019	13,455
2020	279,141
2021	1,080
Thereafter	381,893
Total debt	$	702,320

The Company recorded gross interest expense of $42.4 million, $51.2 million and $64.0 million for the years ended July 31, 2016, 2015 and 2014, respectively, of which $1.0 million, $1.3 million and $1.9 million was amortization of deferred financing costs. The Company was in compliance with all of its financial and operating covenants required to be maintained under its debt instruments for all periods presented.

The Company recorded a loss on extinguishment of debt of $11.0 million for the year ended July 31, 2015 in connection with redemptions of the remaining $215.0 million of its 6.50% Senior Subordinated Notes (“6.50% Notes”) outstanding and the entire $41.2 million of its Industrial Development Bonds outstanding. The loss included early redemption premiums of 3.25% for the 6.50% Notes and 4.00% for the Industrial Development Bonds, or $8.6 million in total, and a $2.4 million write-off of associated unamortized debt issuance costs. The Company recorded a loss on extinguishment of debt of $10.8 million for the year ended July 31, 2014 in connection with the $175.0 million partial redemption of its 6.50% Notes outstanding. The loss included an early redemption premium of 4.875%, or $8.5 million, for the portion of the principal redeemed, and a $2.3 million write-off of associated unamortized debt issuance costs.

Acquisitions

12 Months Ended

Jul. 31, 2016

Business Acquisition [Line Items]

Acquisitions

Wilmot Mountain

On January 19, 2016, the Company, through a wholly-owned subsidiary, acquired all of the assets of Wilmot, a ski area located in Wisconsin near the Illinois state line, for total cash consideration of $20.2 million. The purchase price was allocated to identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair value at the acquisition date. The Company has completed its purchase price allocation and has recorded $12.5 million in property, plant and equipment, $0.2 million in other assets, $0.4 million in other intangible assets (with a weighted-average amortization period of 10 years at the date of acquisition) and $0.3 million of assumed liabilities on the date of acquisition. The excess of the purchase price over the aggregate fair value of assets acquired and liabilities assumed was $7.4 million and was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Wilmot and other factors. The goodwill is expected to be deductible for income tax purposes. The operating results of Wilmot are reported within the Mountain segment.

Perisher Ski Resort

On June 30, 2015, the Company, through a wholly-owned subsidiary, acquired all of the entities that operate Perisher in New South Wales, Australia for total cash consideration of $124.6 million, net of cash acquired. The Company funded the cash purchase price through borrowings under the revolver portion of its Credit Agreement. Perisher holds a long-term lease and license with the New South Wales Government under the National Parks and Wildlife Act, which expires in 2048 with a 20-year renewal option. The Company acquired the entities that hold the assets and conduct operations, including the long-term lease and license with the New South Wales government for the ski area and related amenities of Perisher, as well as assumed liabilities.

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



	Acquisition Date Estimated Fair Value
Accounts receivable	$	1,494
Inventory	4,859
Property, plant and equipment	126,287
Intangible assets	5,458
Other assets	525
Goodwill	31,657
Total identifiable assets acquired	$	170,280
Accounts payable and accrued liabilities	$	11,394
Deferred revenue	15,906
Deferred income tax liability, net	18,429
Total liabilities assumed	$	45,729
Total purchase price, net of cash acquired	$	124,551

The excess of the purchase price over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Perisher and other factors. None of the goodwill is expected to be deductible for income tax purposes under Australian tax law. The intangible assets primarily consist of trademarks and customer lists. The definite-lived intangible assets have a weighted-average amortization period of approximately 4 years at the date of acquisition. The operating results of Perisher, which are recorded in the Mountain segment, contributed $21.8 million of net revenue for the year ended July 31, 2015. The Company has recognized $5.2 million of transaction related expenses, including duties, in Mountain operating expense in the Consolidated Statements of Operations for the year ended July 31, 2015.

Park City Mountain Resort

On September 11, 2014, VR CPC Holdings, Inc. (“VR CPC”), a wholly-owned subsidiary of the Company, and Greater Park City Company, Powdr Corp., Greater Properties, Inc., Park Properties, Inc. and Powdr Development Company (collectively, “Park City Sellers”) entered into a Purchase and Sale Agreement (the “Purchase Agreement”) providing for the acquisition of substantially all of the assets related to Park City Mountain Resort in Park City, Utah. The cash purchase price was $182.5 million and was funded through borrowings under the revolver portion of the Company’s senior credit facility.

As provided under the Purchase Agreement, the Company acquired the property, assets and operations of Park City Mountain Resort, which includes the ski area and related amenities, from Park City Sellers and assumed leases of certain realty, acquired certain assets and assumed certain liabilities of Park City Sellers relating to Park City Mountain Resort. In addition to the Purchase Agreement, the parties settled the litigation related to the validity of a lease of certain land owned by Talisker Land Holdings, LLC under the ski terrain of Park City Mountain Resort (the “Park City Litigation”). In connection with settling the Park City Litigation, the Company recorded a non-cash gain of $16.4 million in the Mountain segment for the year ended July 31, 2015. The gain on litigation settlement represents the estimated fair value of the rents (including damages and interest) due the Company from the Park City Sellers for their use of land and improvements from the Canyons transaction date of May 29, 2013 to the Park City Mountain Resort acquisition date. Additionally, the Company assigned a fair value of $10.1 million to the settlement of the Park City Litigation that applied to the period prior to the Canyons transaction. The combined estimated fair value of the Park City Litigation settlement of $26.5 million was determined by applying market capitalization rates to the estimated fair market value of the land and improvements, plus an estimate of statutory damages and interest. The estimated fair value of the Park City Litigation settlement was not received in cash, but was instead reflected as part of the cash price negotiated for the Park City Mountain Resort acquisition. Accordingly, the estimated fair value of the Park City Litigation settlement was included in the total consideration for the acquisition of Park City Mountain Resort. However, the gain on the Park City Litigation settlement was recorded as a separate transaction, as discussed above. Under an agreement entered into in conjunction with the Canyons transaction, the Company made a $10.0 million payment to Talisker in the year ended July 31, 2015, resulting from the settlement of the Park City Litigation.

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



	Acquisition Date Estimated Fair Value
Accounts receivable	$	930
Other assets	3,075
Property, plant and equipment	76,605
Deferred income tax assets, net	7,428
Real estate held for sale and investment	7,000
Intangible assets	27,650
Goodwill	92,516
Total identifiable assets acquired	$	215,204
Accounts payable and accrued liabilities	$	1,935
Deferred revenue	4,319
Total liabilities assumed	$	6,254
Total purchase price	$	208,950

During the year ended July 31, 2015, the Company recorded an adjustment in the measurement period to its purchase price allocation of $13.0 million, which reduced real estate held for sale and investment with a corresponding increase to goodwill.

The excess of the purchase price over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Park City Mountain Resort and other factors. The majority of goodwill is expected to be deductible for income tax purposes. The intangible assets primarily consist of trademarks, water rights and customer lists. The intangible assets have a weighted-average amortization period of approximately 46 years at the date of acquisition. The operating results of Park City Mountain Resort, which are recorded in the Mountain segment, contributed $67.1 million of net revenue (including an allocation of season pass revenue) for the year ended July 31, 2015. The Company recognized $0.8 million of transaction related expenses in Mountain operating expense in the Consolidated Statements of Operations for the year ended July 31, 2015.

Certain land and improvements in the Park City Mountain Resort ski area (excluding the base area) were part of the Talisker leased premises to Park City Mountain Resort and was subject to the Park City Litigation as of the Canyons transaction date, and as such, was recorded as a deposit (“Park City Deposit”) for the potential future interests in the land and associated improvements at its estimated fair value in conjunction with the Canyons Transaction Agreement. Upon settlement of the Park City Litigation, the land and improvements associated with the Talisker leased premises became subject to the Canyons lease, and as a result, the Company reclassified the Park City Deposit to the respective assets within property, plant and equipment in the year ended July 31, 2015. The inclusion of the land and certain land improvements that was subject to the Park City Litigation and now included in the Canyons lease requires no additional consideration from the Company to Talisker, but the financial contribution from the operations of Park City Mountain Resort will be included as part of the calculation of EBITDA for the resort operations, and as a result, factor into the participating contingent payments (see Note 9, Fair Value Measurements). The majority of the assets acquired under the Park City Mountain Resort acquisition, although not under lease, are subject to the terms and conditions of the Canyons lease.

Perisher and Park City Mountain Resort Pro Forma Financial Information

The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisitions of Perisher and Park City Mountain Resort were completed on August 1, 2013. The following unaudited pro forma financial information includes adjustments for (i) depreciation on acquired property, plant and equipment; (ii) amortization of intangible assets recorded at the date of the transactions; (iii) related-party land leases; and (iv) transaction and business integration related costs. This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on August 1, 2013 (in thousands, except per share amounts).



	Year Ended July 31,
	2015		2014
Pro forma net revenue	$	1,452,542	$	1,383,141
Pro forma net income attributable to Vail Resorts, Inc.	$	120,201	$	35,367
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$	3.31	$	0.98
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$	3.21	$	0.95

- 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=56956515&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=56956515&loc=d3e1490-128463

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+ Details

Supplementary Balance Sheet Information

12 Months Ended

Jul. 31, 2016

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,
	2016			2015
Land and land improvements	$	440,300		$	431,854
Buildings and building improvements	1,025,515			1,006,821
Machinery and equipment	866,008			815,946
Furniture and fixtures	284,959			286,863
Software	103,754			106,433
Vehicles	58,159			61,036
Construction in progress	39,396			53,158
Gross property, plant and equipment	2,818,091			2,762,111
Accumulated depreciation	(1,454,277		)	(1,375,836		)
Property, plant and equipment, net	$	1,363,814		$	1,386,275

During the year ended July 31, 2016, the Company recorded the disposal of gross property, plant and equipment of $67.4 million from prior years, which had been fully depreciated resulting in a corresponding reduction to accumulated depreciation and no net effect to the net carrying value of Property, plant and equipment, net. Depreciation expense, which included depreciation of assets recorded under capital leases, for the years ended July 31, 2016, 2015 and 2014 totaled $156.8 million, $144.0 million and $136.6 million, respectively.

The following table shows the composition of property, plant and equipment recorded under capital leases as of July 31, 2016 and 2015 (in thousands):



	July 31,
	2016			2015
Land	$	31,818		$	31,818
Land improvements	49,228			49,228
Buildings and building improvements	42,910			42,910
Machinery and equipment	61,175			61,175
Gross property, plant and equipment	185,131			185,131
Accumulated depreciation	(27,110		)	(17,212		)
Property, plant and equipment, net	$	158,021		$	167,919

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



	July 31,
	2016			2015
Goodwill
Goodwill	$	526,391		$	517,787
Accumulated amortization	(17,354		)	(17,354		)
Goodwill, net	509,037			500,433
Indefinite-lived intangible assets
Gross indefinite-lived intangible assets	105,253			105,150
Accumulated amortization	(24,713		)	(24,713		)
Indefinite-lived intangible assets, net	80,540			80,437
Amortizable intangible assets
Gross amortizable intangible assets	79,524			118,482
Accumulated amortization	(20,057		)	(54,770		)
Amortizable intangible assets, net	59,467			63,712
Total gross intangible assets	184,777			223,632
Total accumulated amortization	(44,770		)	(79,483		)
Total intangible assets, net	$	140,007		$	144,149

During the year ended July 31, 2016, the Company recorded the disposal of gross amortizable intangible assets of $39.4 million from prior years, which had been fully amortized resulting in a corresponding reduction to accumulated amortization and no net effect to the net carrying value of intangible assets, net. Amortization expense for intangible assets subject to amortization for the years ended July 31, 2016, 2015 and 2014 totaled $4.7 million, $5.1 million and $4.0 million, respectively, and is estimated to be approximately $2.4 million annually, on average, for the next five fiscal years.

The changes in the net carrying amount of goodwill allocated between the Company’s segments for the years ended July 31, 2016 and 2015 are as follows (in thousands):



	Mountain			Lodging		Goodwill, net
Balance at July 31, 2014	$	310,249		$	67,899	$	378,148
Acquisitions	124,173			—		124,173
Effects of changes in foreign currency exchange rates	(1,888		)	—		(1,888		)
Balance at July 31, 2015	432,534			67,899		500,433
Acquisition	7,400			—		7,400
Effects of changes in foreign currency exchange rates	1,204			—		1,204
Balance at July 31, 2016	$	441,138		$	67,899	$	509,037

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



	July 31,
	2016		2015
Trade payables	$	72,658	$	62,099
Deferred revenue	182,506		145,949
Accrued salaries, wages and deferred compensation	43,086		33,461
Accrued benefits	29,175		24,436
Deposits	23,307		19,336
Other accruals	46,756		46,018
Total accounts payable and accrued liabilities	$	397,488	$	331,299

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



	July 31,
	2016		2015
Private club deferred initiation fee revenue	$	121,750	$	126,104
Unfavorable lease obligation, net	27,322		29,997
Other long-term liabilities	121,096		99,815
Total other long-term liabilities	$	270,168	$	255,916

Investments in Affiliates

12 Months Ended

Jul. 31, 2016

Long-term Investments [Abstract]

Investments in Affiliates

The Company held the following investments in equity method affiliates as of July 31, 2016:



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 $7.4 million as of July 31, 2016 and 2015, 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 $4.1 million as of July 31, 2016 and 2015, respectively. During the years ended July 31, 2016, 2015 and 2014, distributions in the amounts of $1.3 million, $1.0 million and $1.0 million, respectively, were received from equity method affiliates.

SSF/VARE is a real estate brokerage with multiple locations in Eagle and Summit Counties, Colorado in which the Company has a 50% ownership interest. SSF/VARE has been the broker for several of the Company’s developments. SSF/VARE leases space for real estate offices from the Company. The Company recognized approximately $0.4 million, $0.5 million and $0.5 million in revenue related to these leases, respectively, for the years ended July 31, 2016, 2015 and 2014.

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Jul. 31, 2016
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, 2016, the Employee Housing Entities had total assets of $23.7 million (primarily recorded in property, plant and equipment, net) and total liabilities of $63.0 million (primarily recorded in long-term debt as “Employee Housing Bonds”). The Company has issued under its Credit Agreement $53.4 million letters of credit related to Employee Housing Bonds. The letters of credit would be triggered in the event that one of the entities defaults on required payments. The letters of credit have no default provisions. The Company is the primary beneficiary of Avon Partners II, LLC (“APII”), which is a VIE. APII owns commercial space and the Company currently leases substantially all of that space. APII had total assets of $4.3 million (primarily recorded in property, plant and equipment) and no debt as of July 31, 2016.

- 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, 2016

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 measured at fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands):



	Fair Value Measurement as of July 31, 2016
Description	Balance at July 31, 2016		Level 1		Level 2		Level 3
Assets:
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	2,403	$	—	$	2,403	$	—

Liabilities:
Contingent Consideration	$	11,100	$	—	$	—	$	11,100

	Fair Value Measurement as of July 31, 2015
Description	Balance at July 31, 2015		Level 1		Level 2		Level 3
Assets:
Money Market	$	7,577	$	7,577	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	2,651	$	—	$	2,651	$	—

Liabilities:
Contingent Consideration	$	6,900	$	—	$	—	$	6,900

The Company’s cash equivalents are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data.

The following change in Contingent Consideration during the years ended July 31, 2016 and 2015 were as follows (in thousands):



Balance at July 31, 2014	$	10,500
Change in fair value	(3,600		)
Balance at July 31, 2015	6,900
Change in fair value	4,200
Balance at July 31, 2016	$	11,100

The lease for Canyons provides for participating contingent payments to Talisker of 42% of the amount by which EBITDA for the resort operations, as calculated under the Lease, exceed approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the Lease by the Company. The estimated fair value of Contingent Consideration includes the resort operations of Park City Mountain Resort, following completion of the acquisition, in the calculation of EBITDA on which participating contingent payments are made, and increases the EBITDA threshold before which participating contingent payments are made by 10% of the purchase price paid by the Company for Park City Mountain Resort along with all future capital expenditures associated with Park City. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 11.0%, volatility of 20.0% and credit risk of 2.5%. The model also incorporates assumptions for EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs. As Contingent Consideration is classified as a liability, the liability is remeasured to an estimate of fair value at each reporting date until the contingency is resolved. During the year ended July 31, 2016, the Company recorded an increase of $4.2 million in the estimated fair value of the participating contingent payments, and recorded the related loss in income from operations. The estimated fair value of the contingent consideration is $11.1 million as of July 31, 2016 and this liability is recorded in other long-term liabilities in the Consolidated Balance Sheets.

- 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, 2016

Income Tax Disclosure [Abstract]

Income Taxes

U.S. and foreign components of income before provision for income taxes is as follows (in thousands):



	Year Ended July 31,
	2016		2015		2014
U.S.	$	231,756	$	142,190	$	45,895
Foreign	10,863		7,138		(1,823		)
Income before income taxes	$	242,619	$	149,328	$	44,072

The Company has NOL carryforwards totaling $34.1 million which are primarily comprised of state net operating loss (“NOL”) carryforwards that expire by the year ending July 31, 2031. As of July 31, 2016, the Company recorded a valuation allowance on $29.2 million of these NOL carryforwards as the Company has determined that it is more likely than not that these NOL carryforwards will not be realized. Additionally, the Company has foreign tax credit carryforwards of $0.9 million which expire by the year ending July 31, 2026. As of July 31, 2016, the Company has recorded a valuation allowance of $0.9 million on foreign tax credit carryforwards as the Company has determined that it is more likely than not that these foreign tax credit carryforwards will not be realized.

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



	July 31,
	2016			2015
Deferred income tax liabilities:
Fixed assets	$	180,267		$	173,908
Intangible assets	59,009			53,654
Total	239,276			227,562
Deferred income tax assets:
Canyons obligation	18,984			18,687
Deferred private club membership revenue	16,247			18,085
Deferred compensation and other accrued benefits	17,426			12,590
Stock-based compensation	17,287			15,896
Unfavorable lease obligation, net	10,904			11,510
Real estate and other investments	7,987			7,771
Net operating loss carryforwards and other tax credits	3,779			3,610
Other, net	20,309			23,066
Total	112,923			111,215
Valuation allowance for deferred income taxes	(3,641		)	(3,487		)
Deferred income tax assets, net of valuation allowance	109,282			107,728
Net deferred income tax liability	$	129,994		$	119,834

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



	Year Ended July 31,
	2016			2015			2014
Current:
Federal	$	70,553		$	12,668		$	8,082
State	10,555			5,501			1,565
Foreign	4,431			3,581			—
Total current	85,539			21,750			9,647
Deferred:
Federal	7,603			11,534			5,470
State	1,051			1,623			749
Foreign	(1,028		)	(189		)	—
Total deferred	7,626			12,968			6,219
Provision for income taxes	$	93,165		$	34,718		$	15,866

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,
	2016		2015		2014
At U.S. federal income tax rate	35.0	%	35.0	%	35.0	%
State income tax, net of federal benefit	3.1	%	3.2	%	3.4	%
Nondeductible meals or entertainment	0.1	%	0.2	%	0.7	%
General business credits	(0.4	)%	(0.5	)%	(1.7	)%
IRS settlement on NOL utilization	—	%	(16.0	)%	—	%
Domestic production deduction	(0.4	)%	(0.7	)%	(1.4	)%
Change in valuation allowance	0.1	%	0.5	%	—	%
Other	0.9	%	1.5	%	—	%
Effective tax rate	38.4	%	23.2	%	36.0	%

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



	Year Ended July 31,
	2016		2015			2014
Balance, beginning of year	$	38,572	$	46,973		$	26,205
Additions based on tax positions related to the current year	—		—			21,082
Additions for tax positions of prior years	18,460		17,443			—
Reductions for tax positions of prior years	—		(21,574		)	—
Lapse of statute of limitations	—		—			(314		)
Settlements	—		(4,270		)	—
Balance, end of year	$	57,032	$	38,572		$	46,973

As of July 31, 2016, the Company’s unrecognized tax benefits associated with uncertain tax positions relate to the treatment of the Talisker lease payments as payments of debt obligations and that the tax basis in Canyons goodwill is deductible, and are included within “other long-term liabilities” in the accompanying Consolidated Balance Sheets.

The Company had federal 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. However, during the year ended July 31, 2005, the Company amended previously filed tax returns (for tax years 1997-2002) in an effort to remove the restrictions under Section 382 of the Internal Revenue Code on approximately $73.8 million of NOL carryforwards to reduce future taxable income. As a result, the Company requested a refund related to the amended returns in the amount of $6.2 million and reduced its federal tax liability in the amount of $19.6 million in subsequent returns. These NOL carryforwards relate to fresh start accounting from the Company’s reorganization in 1992. During the year ended July 31, 2006, the Internal Revenue Service (“IRS”) completed its examination of the Company’s filing position in these amended returns and disallowed the Company’s request for refund and its position to remove the restrictions under Section 382 of the Internal Revenue Code. The Company appealed the examiner’s disallowance of these NOL carryforwards to the Office of Appeals. In December 2008, the Office of Appeals denied the Company’s appeal, as well as a request for mediation. The Company disagreed with the IRS interpretation disallowing the utilization of the NOL’s and in August 2009, the Company filed a complaint in the United States District Court for the District of Colorado against the United States of America seeking a refund of approximately $6.2 million in federal income taxes paid, plus interest. On July 1, 2011, the District Court granted the Company summary judgment, concluding that the IRS’s decision disallowing the utilization of the NOLs was inappropriate. The computations themselves, however, remained in dispute, and the District Court’s ruling was subject to appeal by the IRS. Subsequently, the District Court proceedings were continued pending settlement discussions between the parties.

The Company also filed two related tax proceedings in the United States Tax Court regarding calculation of NOL carryover deductions for tax years 2006, 2007 and 2008. The two proceedings involved substantially the same issues as the litigation in the District Court for tax years 2000 and 2001 in which the Company disagreed with the IRS as to the utilization of NOLs. Like the District Court proceedings, the Tax Court proceedings were continued pending settlement discussions between the parties.

On January 29, 2015, the parties completed the execution of a comprehensive settlement agreement resolving all issues and computations in the above mentioned pending proceedings, which allowed the Company to utilize a significant portion of the NOLs. As a result, the Company reversed $27.7 million of other long-term liabilities related to uncertain tax benefits, and recorded income tax benefits of $23.8 million for the utilization of the NOLs, including the reversal of accrued interest and penalties, within its Consolidated Statements of Operations for the year ended July 31, 2015.

The Company does not anticipate a significant change to its unrecognized tax benefits recorded as of July 31, 2016 during the twelve months ending July 31, 2017. As of July 31, 2016 and 2015, accrued interest and penalties, net of tax, was $1.6 million and $0.5 million, respectively. For the years ended July 31, 2016, 2015 and 2014, the Company recognized as income tax expense (benefit) $1.1 million, $(1.4) million 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 jurisdiction, various state jurisdictions and Australia. As discussed above, on January 29, 2015, all issues and computations were resolved upon the completion of a comprehensive settlement agreement with the IRS in regards to the federal NOL carryforward dispute. The Company is no longer subject to U.S. federal examinations for tax years prior to 2013. With few exceptions, the Company is no longer subject to examination by various state jurisdictions for tax years prior to 2011.

Related Party Transactions	12 Months Ended
Related Party Transactions	Jul. 31, 2016
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, 2016, 2015 and 2014 were $8.4 million, $7.1 million and $7.0 million, 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, 2016

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 $2.0 million and $1.8 million, respectively, primarily within “other long-term liabilities” in the accompanying Consolidated Balance Sheets as of July 31, 2016 and 2015, with respect to the estimated present value of future RSRMD capital improvement fees. The Company estimates that it will make capital improvement fee payments under this arrangement through the year ending July 31, 2031.

Guarantees/Indemnifications

As of July 31, 2016, the Company had various other letters of credit in the amount of $64.2 million, consisting primarily of $53.4 million in support of the Employee Housing Bonds and $10.8 million for workers’ compensation, general liability construction related deductibles and other activities. The Company also had surety bonds of $9.3 million as of July 31, 2016, primarily to provide collateral for its workers compensation self-insurance programs.

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

As permitted under applicable law, the Company and certain of its subsidiaries have agreed to indemnify their directors and officers over their lifetimes for certain events or occurrences while the officer or director is, or was, serving the Company or its subsidiaries in such a capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that should enable the Company to recover a portion of any 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 estimated fair value of the indemnification or guarantee to be immaterial based upon the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications it is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material.

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

Commitments

The operations of Northstar are conducted on land and with operating assets owned by affiliates of CNL Lifestyle Properties, Inc., a real-estate investment trust, primarily under operating leases which were assumed in the acquisition of Northstar by the Company. The leases provide for the payment of a minimum annual base rent with a rate of 10.25% increasing to 11% of assets under lease over the lease term which is recognized on a straight-line basis over the remaining lease term from the date of assumption. In addition, beginning in fiscal 2013 the leases provide for the payment of percentage rent at a rate of 11.5% of certain gross revenues generated at the property over a revenue threshold which is incrementally adjusted annually. The initial term of the leases expires in fiscal 2027 and allows for three 10-year extensions at the Company’s option. The operations of Perisher are conducted on land under a license and lease granted by the Office of Environment and Heritage, an agency of the New South Wales government, that initially commenced in 2008, which the Company assumed in its acquisition of Perisher. The lease and license has a term that expires in fiscal 2048 and allows for an option to renew for an additional 20 years. The lease and license provide for the payment of an initial minimum annual base rent of AUS $1.8 million, with annual CPI increases, and percentage rent at a rate of 2% of certain gross revenue generated at the property.

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

Rent holidays and rent escalation clauses are recognized on a straight-line basis over the lease term. Leasehold improvement incentives are recorded as leasehold improvements and amortized over the shorter of their economic lives or the term of the lease. For the years ended July 31, 2016, 2015 and 2014, the Company recorded lease expense (including Northstar and Perisher), excluding executory costs, related to these agreements of $44.4 million, $39.5 million and $37.3 million, respectively, which is included in the accompanying Consolidated Statements of Operations.

As of July 31, 2016, the Canyons obligation was $323.1 million, which represents the estimated annual lease payments for the remaining initial 50 year term of the lease assuming annual increases at the floor of 2% and discounted using an interest rate of 10%.

Future minimum operating lease payments under the above leases and future minimum capital lease payments under the Canyons obligation as of July 31, 2016 reflected by fiscal year are as follows (in thousands):



	Operating Leases		Capital Leases
2017	$	36,024	$	26,623
2018	31,642		27,156
2019	28,223		27,699
2020	25,448		28,253
2021	23,458		28,818
Thereafter	157,564		1,895,005
Total future minimum lease payments	$	302,359	$	2,033,554
Less amount representing interest			(1,710,455		)
Net future minimum lease payments			$	323,099

Self Insurance

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

Legal

The Company is a party to various lawsuits arising in the ordinary course of business. Management believes the Company has adequate insurance coverage and/or has accrued for loss contingencies for all known matters that are deemed to be probable losses and estimable. As of July 31, 2016 and 2015, the accrual for loss contingencies was not material individually and in the aggregate.

Segment Information

12 Months Ended

Jul. 31, 2016

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 the Company’s owned hotels, RockResorts, NPS concessionaire properties, condominium management, CME and mountain resort golf operations. The Real Estate segment owns, develops and sells real estate in and around the Company’s resort communities. The Company’s reportable segments, although integral to the success of the others, offer distinctly different products and services and require different types of management focus. As such, these segments are managed separately.

The Company reports its segment results using Reported EBITDA (defined as segment net revenue less segment operating expenses, plus or minus segment equity investment income or loss, plus gain on litigation settlement and for the Real Estate segment, plus gain on sale of real property). The Company reports segment results in a manner consistent with management’s internal reporting of operating results to the chief operating decision maker (Chief Executive Officer) for purposes of evaluating segment performance.

Items excluded from Reported EBITDA are significant components in understanding and assessing financial performance. Reported EBITDA should not be considered in isolation or as an alternative to, or substitute for, net income, net change in cash and cash equivalents or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity.

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

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



	Year Ended July 31,
	2016			2015			2014
Net revenue:
Lift tickets	$	658,047		$	536,458		$	447,271
Ski school	143,249			126,206			109,442
Dining	121,008			101,010			89,892
Retail/rental	241,134			219,153			210,387
Other	141,166			121,202			106,581
Total Mountain net revenue	1,304,604			1,104,029			963,573
Lodging	274,554			254,553			242,287
Resort	1,579,158			1,358,582			1,205,860
Real Estate	22,128			41,342			48,786
Total net revenue	$	1,601,286		$	1,399,924		$	1,254,646
Segment operating expense:
Mountain	$	881,472		$	777,147		$	712,785
Lodging	246,385			232,877			225,563
Resort	1,127,857			1,010,024			938,348
Real Estate	24,639			48,408			55,826
Total segment operating expense	$	1,152,496		$	1,058,432		$	994,174
Gain on litigation settlement	$	—		$	16,400		$	—
Gain on sale of real property	$	5,295		$	151		$	—
Mountain equity investment income, net	$	1,283		$	822		$	1,262
Reported EBITDA:
Mountain	$	424,415		$	344,104		$	252,050
Lodging	28,169			21,676			16,724
Resort	452,584			365,780			268,774
Real Estate	2,784			(6,915		)	(7,040		)
Total Reported EBITDA	$	455,368		$	358,865		$	261,734
Real estate held for sale and investment	$	111,088		$	129,825		$	157,858
Reconciliation to net income attributable to Vail Resorts, Inc.:
Total Reported EBITDA	$	455,368		$	358,865		$	261,734
Depreciation and amortization	(161,488		)	(149,123		)	(140,601		)
Change in fair value of contingent consideration	(4,200		)	3,650			(1,400		)
Loss on disposal of fixed assets and other, net	(5,418		)	(2,057		)	(1,208		)
Investment income, net	723			246			375
Interest expense	(42,366		)	(51,241		)	(63,997		)
Loss on extinguishment of debt	—			(11,012		)	(10,831		)
Income before provision for income taxes	242,619			149,328			44,072
Provision for income taxes	(93,165		)	(34,718		)	(15,866		)
Net income	149,454			114,610			28,206
Net loss attributable to noncontrolling interests	300			144			272
Net income attributable to Vail Resorts, Inc.	$	149,754		$	114,754		$	28,478

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Selected Quarterly Financial Data

12 Months Ended

Jul. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data

Selected Quarterly Financial Data (Unaudited--in thousands, except per share amounts)



	2016
	Year Ended July 31, 2016		Quarter Ended, July 31, 2016			Quarter Ended, April 30, 2016		Quarter Ended, January 31, 2016		Quarter Ended, October 31, 2015
Mountain revenue	$	1,304,604	$	97,994		$	572,805	$	532,872	$	100,933
Lodging revenue	274,554		74,528			72,933		62,807		64,286
Real Estate revenue	22,128		7,362			1,734		3,684		9,348
Total net revenue	$	1,601,286	$	179,884		$	647,472	$	599,363	$	174,567
Income (loss) from operations	$	282,979	$	(93,776	)	$	263,380	$	200,064	$	(86,689	)
Net income (loss)	$	149,454	$	(65,284	)	$	157,537	$	116,871	$	(59,670	)
Net income (loss) attributable to Vail Resorts, Inc.	$	149,754	$	(65,273	)	$	157,632	$	116,982	$	(59,587	)
Basic net income (loss) per share attributable to Vail Resorts, Inc.	$	4.13	$	(1.80	)	$	4.35	$	3.23	$	(1.63	)
Diluted net income (loss) per share attributable to Vail Resorts, Inc.	$	4.01	$	(1.80	)	$	4.23	$	3.14	$	(1.63	)



	2015
	Year Ended July 31, 2015		Quarter Ended, July 31, 2015			Quarter Ended, April 30, 2015		Quarter Ended, January 31, 2015		Quarter Ended, October 31, 2014
Mountain revenue	$	1,104,029	$	81,061		$	499,551	$	463,031	$	60,386
Lodging revenue	254,553		69,373			67,323		59,364		58,493
Real Estate revenue	41,342		11,648			12,469		7,842		9,383
Total net revenue	$	1,399,924	$	162,082		$	579,343	$	530,237	$	128,262
Income (loss) from operations	$	210,513	$	(88,478	)	$	227,752	$	160,071	$	(88,832	)
Net income (loss)	$	114,610	$	(70,168	)	$	133,402	$	115,700	$	(64,324	)
Net income (loss) attributable to Vail Resorts, Inc.	$	114,754	$	(70,142	)	$	133,410	$	115,762	$	(64,276	)
Basic net income (loss) per share attributable to Vail Resorts, Inc.	$	3.16	$	(1.92	)	$	3.67	$	3.19	$	(1.77	)
Diluted net income (loss) per share attributable to Vail Resorts, Inc.	$	3.07	$	(1.92	)	$	3.56	$	3.10	$	(1.77	)

Stock Repurchase Plan	12 Months Ended
Stock Repurchase Plan	Jul. 31, 2016
Payments for Repurchase of Equity [Abstract]
Stock Repurchase Plan	Share Repurchase Plan On March 9, 2006, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 shares of common stock. On July 16, 2008, the Company’s Board of Directors increased the authorization by an additional 3,000,000 shares, and on December 4, 2015, the Company’s Board of Directors increased the authorization by an additional 1,500,000 shares for a total authorization to repurchase shares of up to 7,500,000 shares. During the year ended July 31, 2016, the Company repurchased 485,866 shares (at a total cost of $53.8 million). The Company did not repurchase any shares of common stock during the years ended July 31, 2015 or 2014. Since inception of this stock repurchase program through July 31, 2016, the Company has repurchased 5,434,977 shares at a cost of approximately $247.0 million. As of July 31, 2016, 2,065,023 shares remained available to repurchase under the existing repurchase authorization. These authorizations have no expiration date. Shares of common stock purchased pursuant to the repurchase program will be held as treasury shares and may be used for issuance under the Company’s employee share award plan.

Stock Compensation Plan

12 Months Ended

Jul. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Compensation Plan

The Company has a share award plan (the “Plan”) which has been approved by the Company’s stockholders. Under the Plan, up to 4.4 million shares of common stock could be issued in the form of options, stock appreciation rights, restricted shares, restricted share units, performance shares, performance share units, dividend equivalents or other share-based awards to employees, directors or consultants of the Company or its subsidiaries or affiliates. The terms of awards granted under the Plan, including exercise price, vesting period and life, are set by the Compensation Committee of the Board of Directors. All share-based awards (except for restricted shares and restricted share units) granted under the Plan have a life of ten years. Most awards vest ratably over three years; however, some have been granted with different vesting schedules. Of the awards outstanding, none have been granted to non-employees (except those granted to non-employee members of the Board of Directors of the Company) under the Plan. At July 31, 2016, approximately 4.4 million share based awards were available to be granted under the Plan.

The fair value of stock-settled stock appreciation rights (“SARs”) granted in the years ended July 31, 2016, 2015 and 2014 were estimated on the date of grant using a lattice-based option valuation model that applies the assumptions noted in the table below. A lattice-based model considers factors such as exercise behavior, and assumes employees will exercise equity awards at different times over the contractual life of the equity awards. As a lattice-based model considers these factors, and is more flexible, the Company considers it to be a better method of valuing equity awards than a closed-form Black-Scholes model. Because lattice-based option valuation models incorporate ranges of assumptions for inputs, those ranges are disclosed. Expected volatility is based on historical volatility of the Company’s stock. The Company uses historical data to estimate equity award exercises and employee terminations within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of equity awards granted is derived from the output of the option valuation model and represents the period of time that equity awards granted are expected to be outstanding; the range given below results from certain groups of employees exhibiting different behavior. The risk-free rate for periods within the contractual life of the equity award is based on the United States Treasury yield curve in effect at the time of grant.



	Year Ended July 31,
	2016	2015	2014
Expected volatility	40.4%	40.6%	41.2%
Expected dividends	2.2%	1.9%	1.2%
Expected term (average in years)	5.3-5.9	4.9-5.6	5.5-5.9
Risk-free rate	0.3-2.2%	0.1-2.6%	0.1-2.8%

The Company has estimated forfeiture rates that range from 0.0% to 21.6% based upon the class of employees receiving stock-based compensation in its calculation of stock-based compensation expense for the year ended July 31, 2016. These estimates are based on historical forfeiture behavior exhibited by employees of the Company.

A summary of aggregate option and SARs award activity under the Plan as of July 31, 2014, 2015 and 2016, and changes during the years then ended is presented below (in thousands, except exercise price and contractual term):



	Awards		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at August 1, 2013	2,753		$	37.63
Granted	352		73.13
Exercised	(321	)	37.62
Forfeited or expired	(28	)	48.87
Outstanding at July 31, 2014	2,756		$	42.06
Granted	242		91.64
Exercised	(575	)	36.20
Forfeited or expired	(38	)	75.99
Outstanding at July 31, 2015	2,385		$	47.96
Granted	198		113.67
Exercised	(180	)	49.79
Forfeited or expired	(22	)	80.42
Outstanding at July 31, 2016	2,381		$	52.98	5.0 years	$	214,483
Vested and expected to vest at July 31, 2016	2,355		$	52.54	5.0 years	$	213,231
Exercisable at July 31, 2016	1,940		$	42.92	4.3 years	$	194,282

The weighted-average grant-date fair value of SARs granted during the years ended July 31, 2016, 2015 and 2014 was $35.20, $29.12 and $23.60, respectively. The total intrinsic value of options and SARs exercised during the years ended July 31, 2016, 2015 and 2014 was $13.1 million, $37.4 million and $10.8 million, respectively. The Company had 302,000, 420,000 and 421,000 SARs that vested during the years ended July 31, 2016, 2015 and 2014, respectively. These awards had a total estimated fair value of $10.8 million, $13.6 million and $9.8 million at the date of vesting for the years ended July 31, 2016, 2015 and 2014, respectively.

A summary of the status of the Company’s nonvested SARs as of July 31, 2016 and changes during the year then ended is presented below (in thousands, except fair value amounts):



	Awards	Weighted-Average Grant-Date Fair Value
Outstanding at July 31, 2015	567	$	24.56
Granted	198	35.20
Vested	(302)	22.77
Forfeited	(22)	27.87
Nonvested at July 31, 2016	441	$	30.39

A summary of the status of the Company’s nonvested restricted share units as of July 31, 2016 and changes during the year then ended is presented below (in thousands, except fair value amounts):



	Awards	Weighted-Average Grant-Date Fair Value
Outstanding at July 31, 2015	271	$	72.10
Granted	142	102.20
Vested	(134)	66.69
Forfeited	(18)	85.79
Nonvested at July 31, 2016	261	$	90.54

The Company granted 142,000 restricted share units during the year ended July 31, 2016 with a weighted-average grant-date estimated fair value of $102.20. The Company granted 143,000 restricted share units during the year ended July 31, 2015 with a weighted-average grant-date estimated fair value of $83.50. The Company granted 152,000 restricted share units during the year ended July 31, 2014 with a weighted-average grant-date estimated fair value of $67.48. The Company had 134,000, 113,000 and 166,000 restricted share units that vested during the years ended July 31, 2016, 2015 and 2014, respectively. These units had a total estimated fair value of $14.6 million, $9.9 million and $6.9 million at the date of vesting for the years ended July 31, 2016, 2015 and 2014, respectively.

As of July 31, 2016, there was $19.7 million of total unrecognized compensation expense related to nonvested share-based compensation arrangements granted under the Plan, of which $12.0 million, $6.8 million and $0.9 million of expense is expected to be recognized in the years ending July 31, 2017, 2018 and 2019, respectively, assuming no future share-based awards are granted.

Cash received from options exercised under all share-based payment arrangements was zero, $1.1 million and $1.8 million for the years ended July 31, 2016, 2015 and 2014, respectively. The tax benefit realized or to be realized from options/SARs exercised and restricted stock units vested was $10.3 million, $18.1 million and $8.5 million for the years ended July 31, 2016, 2015 and 2014, respectively.

The Company has a policy of using either authorized and unissued shares or treasury shares, including shares acquired by purchase in the open market, to satisfy equity award exercises.

Retirement and Profit Sharing Plans	12 Months Ended
Retirement and Profit Sharing Plans	Jul. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Retirement and Profit Sharing Plans	Retirement and Profit Sharing Plans The Company maintains a defined contribution retirement plan (the “Retirement Plan”), qualified under Section 401(k) of the Internal Revenue Code, for its employees. Under this Retirement Plan, employees are eligible to make before-tax contributions on the first day of the calendar month following the later of: (i) their employment commencement date or (ii) the date they turn 21. Participants may contribute up to 100% of their qualifying annual compensation up to the annual maximum specified by the Internal Revenue Code. The Company matches an amount equal to 50% of each participant’s contribution up to 6% of a participant’s bi-weekly qualifying compensation upon obtaining the later of: (i) 12 consecutive months of employment and 1,000 service hours or (ii) 1,500 service hours since the employment commencement date. The Company’s matching contribution is entirely discretionary and may be reduced or eliminated at any time. Total Retirement Plan expense recognized by the Company for the years ended July 31, 2016, 2015 and 2014 was $5.3 million, $4.5 million and $4.1 million, respectively.

Subsequent Event (Notes)	12 Months Ended
Subsequent Event (Notes)	Jul. 31, 2016
Subsequent Event [Abstract]
Subsequent Events [Text Block]	Subsequent Event On August 5, 2016, the Company entered into an Arrangement Agreement (the “Whistler Agreement”) to acquire all of the outstanding common shares of Whistler Blackcomb Holdings, Inc. (“Whistler Blackcomb”). Whistler Blackcomb owns a 75% interest in each of Whistler Mountain Resort Limited Partnership and Blackcomb Skiing Enterprises Limited Partnership, which together operate Whistler Blackcomb resort, a year round mountain resort with a comprehensive offering of recreational activities, including both snow sports and summer activities. Whistler Blackcomb shareholders will receive total consideration equal to (i) C$17.50 per share in cash, and (ii) 0.0998 shares (the “Consideration Shares”), subject to a currency exchange rate adjustment to be determined based on the applicable exchange rate as of the sixth business day prior to the closing date. The estimated consideration to be paid to Whistler Blackcomb shareholders is approximately $1.1 billion as of August 5, 2016, based on the closing currency exchange rate and Vail Resorts common stock as of that day. The Company expects the Whistler Blackcomb transaction to close in fall 2016. The transaction has been unanimously approved by the board of directors of Whistler Blackcomb, and shareholders representing 25% of Whistler Blackcomb's common shares have entered into voting support agreements in connection with the transaction. The transaction has also been unanimously approved by the board of directors of the Company. The Whistler Agreement provides for customary representations, warranties and covenants, and provides for the payment of fees upon the termination of the Whistler Agreement under certain circumstances, including Whistler Blackcomb obtaining a superior proposal and failure to obtain certain regulatory approvals. Completion of this acquisition is subject to certain closing conditions, including the approval by Whistler Blackcomb shareholders and the British Columbia Supreme Court, and regulatory approvals, as well as other customary closing conditions. The Company intends to finance the cash portion of the consideration for the Whistler Blackcomb transaction with a combination of cash and cash equivalents on hand, available revolving borrowing capacity under the Credit Agreement, and an incremental term loan facility to be incurred through an amendment to the Credit Agreement. The Company has received an executed commitment letter from U.S. Bank, National Association (“U.S. Bank”) and Wells Fargo Bank, National Association (“Wells Fargo”) whereby U.S. Bank and Wells Fargo have committed to provide a $360 million incremental term loan. Additionally, the Company intends to assume or refinance Whistler Blackcomb’s existing C$300 million revolving credit facility as part of the transaction. As of June 30, 2016, Whistler Blackcomb disclosed C$185.8 million of debt outstanding under its credit facility ($143.8 million based on closing exchange rate as of June 30, 2016). In addition, Whistler Blackcomb’s credit facility contains a change in control provision pursuant to which the lenders can elect to require repayment of the entire outstanding balance upon closing.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jul. 31, 2016

Accounting Policies [Abstract]

Principles of Consolidation

Cash and Cash Equivalents

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

Trade Receivables

Inventories

Property, Plant and Equipment



	Estimated Life in Years
Land improvements	10-35
Buildings and building improvements	7-30
Machinery and equipment	2-30
Furniture and fixtures	3-10
Software	3
Vehicles	3-10

Real Estate Held for Sale and Investment

Deferred Financing Costs

Goodwill and Intangible Assets

Long-lived Assets

Revenue Recognition

Revenue Recognition-- The following describes the composition of revenues for the Company:

•

Real Estate Cost of Sales

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Reserve Estimates

Advertising Costs

Income Taxes

Fair Value of Financial Instruments

Stock-Based Compensation



	Year Ended July 31,
	2016		2015		2014
Mountain stock-based compensation expense	$	13,404	$	11,841	$	10,292
Lodging stock-based compensation expense	3,094		2,621		2,203
Real Estate stock-based compensation expense	527		1,291		1,729
Pre-tax stock-based compensation expense	17,025		15,753		14,224
Less: benefit from income taxes	6,057		6,026		5,435
Net stock-based compensation expense	$	10,968	$	9,727	$	8,789

Concentration of Credit Risk

Use of Estimates

New Accounting Standards

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jul. 31, 2016

Accounting Policies [Abstract]

Summary On Estimated Useful Life Of Property, Plant And Equipment

Depreciation is calculated on the straight-line method, including property, plant and equipment under capital leases, generally based on the following useful lives:



	Estimated Life in Years
Land improvements	10-35
Buildings and building improvements	7-30
Machinery and equipment	2-30
Furniture and fixtures	3-10
Software	3
Vehicles	3-10

Allocation Of Stock-Based Compensation Expense

The following table shows total stock-based compensation expense for the years ended July 31, 2016, 2015 and 2014 included in the Consolidated Statements of Operations (in thousands):



	Year Ended July 31,
	2016		2015		2014
Mountain stock-based compensation expense	$	13,404	$	11,841	$	10,292
Lodging stock-based compensation expense	3,094		2,621		2,203
Real Estate stock-based compensation expense	527		1,291		1,729
Pre-tax stock-based compensation expense	17,025		15,753		14,224
Less: benefit from income taxes	6,057		6,026		5,435
Net stock-based compensation expense	$	10,968	$	9,727	$	8,789

Long-Term Debt (Tables)

12 Months Ended

Jul. 31, 2016

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt

Long-term debt as of July 31, 2016 and 2015 is summarized as follows (in thousands):



	Fiscal Year Maturity (a)	July 31, 2016		July 31, 2015
Credit Facility Revolver (b)	2020	$	75,000	$	185,000
Credit Facility Term Loan (b)	2020	240,625		250,000
Employee Housing Bonds (c)	2027-2039	52,575		52,575
Canyons obligation (d)	2063	323,099		317,455
Other (e)	2017-2029	11,021		11,800
Total debt		702,320		816,830
Less: Unamortized debt issuance costs		2,057		2,329
Less: Current maturities (f)		13,354		10,154
Long-term debt		$	686,909	$	804,347


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

(b)

(c)



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

(d)

(e)


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

Schedule Of Aggregate Maturities For Debt Outstanding

Aggregate maturities for debt outstanding, including capital lease obligations, as of July 31, 2016 reflected by fiscal year are as follows (in thousands):



	Total
2017	$	13,354
2018	13,397
2019	13,455
2020	279,141
2021	1,080
Thereafter	381,893
Total debt	$	702,320

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Acquisitions (Tables)

12 Months Ended

Jul. 31, 2016

Business Acquisition [Line Items]

Summary Pro Forma Financial Information

Perisher and Park City Mountain Resort Pro Forma Financial Information



	Year Ended July 31,
	2015		2014
Pro forma net revenue	$	1,452,542	$	1,383,141
Pro forma net income attributable to Vail Resorts, Inc.	$	120,201	$	35,367
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$	3.31	$	0.98
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$	3.21	$	0.95

Supplementary Balance Sheet Information (Tables)

12 Months Ended

Jul. 31, 2016

Balance Sheet Related Disclosures [Abstract]

Composition Of Property, Plant And Equipment

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



	July 31,
	2016			2015
Land and land improvements	$	440,300		$	431,854
Buildings and building improvements	1,025,515			1,006,821
Machinery and equipment	866,008			815,946
Furniture and fixtures	284,959			286,863
Software	103,754			106,433
Vehicles	58,159			61,036
Construction in progress	39,396			53,158
Gross property, plant and equipment	2,818,091			2,762,111
Accumulated depreciation	(1,454,277		)	(1,375,836		)
Property, plant and equipment, net	$	1,363,814		$	1,386,275

Composition Of Goodwill And Intangible Assets

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



	July 31,
	2016			2015
Goodwill
Goodwill	$	526,391		$	517,787
Accumulated amortization	(17,354		)	(17,354		)
Goodwill, net	509,037			500,433
Indefinite-lived intangible assets
Gross indefinite-lived intangible assets	105,253			105,150
Accumulated amortization	(24,713		)	(24,713		)
Indefinite-lived intangible assets, net	80,540			80,437
Amortizable intangible assets
Gross amortizable intangible assets	79,524			118,482
Accumulated amortization	(20,057		)	(54,770		)
Amortizable intangible assets, net	59,467			63,712
Total gross intangible assets	184,777			223,632
Total accumulated amortization	(44,770		)	(79,483		)
Total intangible assets, net	$	140,007		$	144,149

Changes In Goodwill Amount

The changes in the net carrying amount of goodwill allocated between the Company’s segments for the years ended July 31, 2016 and 2015 are as follows (in thousands):



	Mountain			Lodging		Goodwill, net
Balance at July 31, 2014	$	310,249		$	67,899	$	378,148
Acquisitions	124,173			—		124,173
Effects of changes in foreign currency exchange rates	(1,888		)	—		(1,888		)
Balance at July 31, 2015	432,534			67,899		500,433
Acquisition	7,400			—		7,400
Effects of changes in foreign currency exchange rates	1,204			—		1,204
Balance at July 31, 2016	$	441,138		$	67,899	$	509,037

Components Of Accounts Payable And Accrued Liabilities

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



	July 31,
	2016		2015
Trade payables	$	72,658	$	62,099
Deferred revenue	182,506		145,949
Accrued salaries, wages and deferred compensation	43,086		33,461
Accrued benefits	29,175		24,436
Deposits	23,307		19,336
Other accruals	46,756		46,018
Total accounts payable and accrued liabilities	$	397,488	$	331,299

Components Of Other Long-Term Liabilities

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



	July 31,
	2016		2015
Private club deferred initiation fee revenue	$	121,750	$	126,104
Unfavorable lease obligation, net	27,322		29,997
Other long-term liabilities	121,096		99,815
Total other long-term liabilities	$	270,168	$	255,916

Fair Value Measurements (Tables)

12 Months Ended

Jul. 31, 2016

Fair Value Disclosures [Abstract]

Summary Of Cash Equivalents Measured At Fair Value



	Fair Value Measurement as of July 31, 2016
Description	Balance at July 31, 2016		Level 1		Level 2		Level 3
Assets:
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	2,403	$	—	$	2,403	$	—

Liabilities:
Contingent Consideration	$	11,100	$	—	$	—	$	11,100

	Fair Value Measurement as of July 31, 2015
Description	Balance at July 31, 2015		Level 1		Level 2		Level 3
Assets:
Money Market	$	7,577	$	7,577	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	2,651	$	—	$	2,651	$	—

Liabilities:
Contingent Consideration	$	6,900	$	—	$	—	$	6,900

Income Taxes (Tables)

12 Months Ended

Jul. 31, 2016

Income Tax Disclosure [Abstract]

Components Of Deferred Tax Liabilities And Assets

Significant components of the Company’s deferred tax liabilities and assets are as follows (in thousands):



	July 31,
	2016			2015
Deferred income tax liabilities:
Fixed assets	$	180,267		$	173,908
Intangible assets	59,009			53,654
Total	239,276			227,562
Deferred income tax assets:
Canyons obligation	18,984			18,687
Deferred private club membership revenue	16,247			18,085
Deferred compensation and other accrued benefits	17,426			12,590
Stock-based compensation	17,287			15,896
Unfavorable lease obligation, net	10,904			11,510
Real estate and other investments	7,987			7,771
Net operating loss carryforwards and other tax credits	3,779			3,610
Other, net	20,309			23,066
Total	112,923			111,215
Valuation allowance for deferred income taxes	(3,641		)	(3,487		)
Deferred income tax assets, net of valuation allowance	109,282			107,728
Net deferred income tax liability	$	129,994		$	119,834

Components Of Provision (Benefit) For Income Taxes

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



	Year Ended July 31,
	2016			2015			2014
Current:
Federal	$	70,553		$	12,668		$	8,082
State	10,555			5,501			1,565
Foreign	4,431			3,581			—
Total current	85,539			21,750			9,647
Deferred:
Federal	7,603			11,534			5,470
State	1,051			1,623			749
Foreign	(1,028		)	(189		)	—
Total deferred	7,626			12,968			6,219
Provision for income taxes	$	93,165		$	34,718		$	15,866

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

U.S. and foreign components of income before provision for income taxes is as follows (in thousands):



	Year Ended July 31,
	2016		2015		2014
U.S.	$	231,756	$	142,190	$	45,895
Foreign	10,863		7,138		(1,823		)
Income before income taxes	$	242,619	$	149,328	$	44,072

Reconciliation Of Effective Income Tax Rate And Effective Rate From Continuing Operation



	Year Ended July 31,
	2016		2015		2014
At U.S. federal income tax rate	35.0	%	35.0	%	35.0	%
State income tax, net of federal benefit	3.1	%	3.2	%	3.4	%
Nondeductible meals or entertainment	0.1	%	0.2	%	0.7	%
General business credits	(0.4	)%	(0.5	)%	(1.7	)%
IRS settlement on NOL utilization	—	%	(16.0	)%	—	%
Domestic production deduction	(0.4	)%	(0.7	)%	(1.4	)%
Change in valuation allowance	0.1	%	0.5	%	—	%
Other	0.9	%	1.5	%	—	%
Effective tax rate	38.4	%	23.2	%	36.0	%

Reconciliation Of Unrecognized Tax Benefits



	Year Ended July 31,
	2016		2015			2014
Balance, beginning of year	$	38,572	$	46,973		$	26,205
Additions based on tax positions related to the current year	—		—			21,082
Additions for tax positions of prior years	18,460		17,443			—
Reductions for tax positions of prior years	—		(21,574		)	—
Lapse of statute of limitations	—		—			(314		)
Settlements	—		(4,270		)	—
Balance, end of year	$	57,032	$	38,572		$	46,973

Segment Information (Tables)

12 Months Ended

Jul. 31, 2016

Segment Reporting [Abstract]

Summary Of Financial Information By Reportable Segment

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



	Year Ended July 31,
	2016			2015			2014
Net revenue:
Lift tickets	$	658,047		$	536,458		$	447,271
Ski school	143,249			126,206			109,442
Dining	121,008			101,010			89,892
Retail/rental	241,134			219,153			210,387
Other	141,166			121,202			106,581
Total Mountain net revenue	1,304,604			1,104,029			963,573
Lodging	274,554			254,553			242,287
Resort	1,579,158			1,358,582			1,205,860
Real Estate	22,128			41,342			48,786
Total net revenue	$	1,601,286		$	1,399,924		$	1,254,646
Segment operating expense:
Mountain	$	881,472		$	777,147		$	712,785
Lodging	246,385			232,877			225,563
Resort	1,127,857			1,010,024			938,348
Real Estate	24,639			48,408			55,826
Total segment operating expense	$	1,152,496		$	1,058,432		$	994,174
Gain on litigation settlement	$	—		$	16,400		$	—
Gain on sale of real property	$	5,295		$	151		$	—
Mountain equity investment income, net	$	1,283		$	822		$	1,262
Reported EBITDA:
Mountain	$	424,415		$	344,104		$	252,050
Lodging	28,169			21,676			16,724
Resort	452,584			365,780			268,774
Real Estate	2,784			(6,915		)	(7,040		)
Total Reported EBITDA	$	455,368		$	358,865		$	261,734
Real estate held for sale and investment	$	111,088		$	129,825		$	157,858
Reconciliation to net income attributable to Vail Resorts, Inc.:
Total Reported EBITDA	$	455,368		$	358,865		$	261,734
Depreciation and amortization	(161,488		)	(149,123		)	(140,601		)
Change in fair value of contingent consideration	(4,200		)	3,650			(1,400		)
Loss on disposal of fixed assets and other, net	(5,418		)	(2,057		)	(1,208		)
Investment income, net	723			246			375
Interest expense	(42,366		)	(51,241		)	(63,997		)
Loss on extinguishment of debt	—			(11,012		)	(10,831		)
Income before provision for income taxes	242,619			149,328			44,072
Provision for income taxes	(93,165		)	(34,718		)	(15,866		)
Net income	149,454			114,610			28,206
Net loss attributable to noncontrolling interests	300			144			272
Net income attributable to Vail Resorts, Inc.	$	149,754		$	114,754		$	28,478

Selected Quarterly Financial Data (Tables)

12 Months Ended

Jul. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data



	2016
	Year Ended July 31, 2016		Quarter Ended, July 31, 2016			Quarter Ended, April 30, 2016		Quarter Ended, January 31, 2016		Quarter Ended, October 31, 2015
Mountain revenue	$	1,304,604	$	97,994		$	572,805	$	532,872	$	100,933
Lodging revenue	274,554		74,528			72,933		62,807		64,286
Real Estate revenue	22,128		7,362			1,734		3,684		9,348
Total net revenue	$	1,601,286	$	179,884		$	647,472	$	599,363	$	174,567
Income (loss) from operations	$	282,979	$	(93,776	)	$	263,380	$	200,064	$	(86,689	)
Net income (loss)	$	149,454	$	(65,284	)	$	157,537	$	116,871	$	(59,670	)
Net income (loss) attributable to Vail Resorts, Inc.	$	149,754	$	(65,273	)	$	157,632	$	116,982	$	(59,587	)
Basic net income (loss) per share attributable to Vail Resorts, Inc.	$	4.13	$	(1.80	)	$	4.35	$	3.23	$	(1.63	)
Diluted net income (loss) per share attributable to Vail Resorts, Inc.	$	4.01	$	(1.80	)	$	4.23	$	3.14	$	(1.63	)



	2015
	Year Ended July 31, 2015		Quarter Ended, July 31, 2015			Quarter Ended, April 30, 2015		Quarter Ended, January 31, 2015		Quarter Ended, October 31, 2014
Mountain revenue	$	1,104,029	$	81,061		$	499,551	$	463,031	$	60,386
Lodging revenue	254,553		69,373			67,323		59,364		58,493
Real Estate revenue	41,342		11,648			12,469		7,842		9,383
Total net revenue	$	1,399,924	$	162,082		$	579,343	$	530,237	$	128,262
Income (loss) from operations	$	210,513	$	(88,478	)	$	227,752	$	160,071	$	(88,832	)
Net income (loss)	$	114,610	$	(70,168	)	$	133,402	$	115,700	$	(64,324	)
Net income (loss) attributable to Vail Resorts, Inc.	$	114,754	$	(70,142	)	$	133,410	$	115,762	$	(64,276	)
Basic net income (loss) per share attributable to Vail Resorts, Inc.	$	3.16	$	(1.92	)	$	3.67	$	3.19	$	(1.77	)
Diluted net income (loss) per share attributable to Vail Resorts, Inc.	$	3.07	$	(1.92	)	$	3.56	$	3.10	$	(1.77	)

Stock Compensation Plan (Tables)

12 Months Ended

Jul. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule Of Share Based Compensation Valuation Model

The risk-free rate for periods within the contractual life of the equity award is based on the United States Treasury yield curve in effect at the time of grant.



	Year Ended July 31,
	2016	2015	2014
Expected volatility	40.4%	40.6%	41.2%
Expected dividends	2.2%	1.9%	1.2%
Expected term (average in years)	5.3-5.9	4.9-5.6	5.5-5.9
Risk-free rate	0.3-2.2%	0.1-2.6%	0.1-2.8%

Schedule Of Share Based Compensation Option And SARs Award Activity



	Awards		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at August 1, 2013	2,753		$	37.63
Granted	352		73.13
Exercised	(321	)	37.62
Forfeited or expired	(28	)	48.87
Outstanding at July 31, 2014	2,756		$	42.06
Granted	242		91.64
Exercised	(575	)	36.20
Forfeited or expired	(38	)	75.99
Outstanding at July 31, 2015	2,385		$	47.96
Granted	198		113.67
Exercised	(180	)	49.79
Forfeited or expired	(22	)	80.42
Outstanding at July 31, 2016	2,381		$	52.98	5.0 years	$	214,483
Vested and expected to vest at July 31, 2016	2,355		$	52.54	5.0 years	$	213,231
Exercisable at July 31, 2016	1,940		$	42.92	4.3 years	$	194,282

Schedule of Share Based Compensation SARs Activity

A summary of the status of the Company’s nonvested SARs as of July 31, 2016 and changes during the year then ended is presented below (in thousands, except fair value amounts):



	Awards	Weighted-Average Grant-Date Fair Value
Outstanding at July 31, 2015	567	$	24.56
Granted	198	35.20
Vested	(302)	22.77
Forfeited	(22)	27.87
Nonvested at July 31, 2016	441	$	30.39

Schedule Of Share Based Compensation Restricted Stock Units Activity

A summary of the status of the Company’s nonvested restricted share units as of July 31, 2016 and changes during the year then ended is presented below (in thousands, except fair value amounts):



	Awards	Weighted-Average Grant-Date Fair Value
Outstanding at July 31, 2015	271	$	72.10
Granted	142	102.20
Vested	(134)	66.69
Forfeited	(18)	85.79
Nonvested at July 31, 2016	261	$	90.54

Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands	12 Months Ended
	Jul. 31, 2016 USD ($) yr	Jul. 31, 2015 USD ($)	Jul. 31, 2014 USD ($)
Interest rate charged on past due accounts	18.00%
Document Fiscal Year Focus	2016
Interest capitalized on real estate development	$ 0	$ 0	$ 0
Impairment to goodwill or intangible assets	$ 0	0	0
Average remaining period (in years) for initiation fees recognized \| yr	14
Refundable period (in years) for initiation fees \| yr	30
Advertising expense	$ 32,300	27,500	$ 25,700
Prepaid advertising costs	$ 300	$ 310

Summary of Significant Accounting Policies (Summary On Estimated Useful Life Of Property, Plant And Equipment) (Details)	12 Months Ended
	Jul. 31, 2016
Software [Member]
Estimated life in years	3 years
Minimum [Member] \| Land Improvements [Member]
Estimated life in years	10 years
Minimum [Member] \| Buildings and Building Improvements [Member]
Estimated life in years	7 years
Minimum [Member] \| Machinery and Equipment [Member]
Estimated life in years	2 years
Minimum [Member] \| Furniture and Fixtures [Member]
Estimated life in years	3 years
Minimum [Member] \| Vehicles [Member]
Estimated life in years	3 years
Maximum [Member] \| Land Improvements [Member]
Estimated life in years	35 years
Maximum [Member] \| Buildings and Building Improvements [Member]
Estimated life in years	30 years
Maximum [Member] \| Machinery and Equipment [Member]
Estimated life in years	30 years
Maximum [Member] \| Furniture and Fixtures [Member]
Estimated life in years	10 years
Maximum [Member] \| Vehicles [Member]
Estimated life in years	10 years

Summary of Significant Accounting Policies (Allocation Of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Pre-tax stock-based compensation expense	$ 17,025	$ 15,753	$ 14,224
Less: benefit for income taxes	6,057	6,026	5,435
Net stock-based compensation expense	10,968	9,727	8,789
Mountain Operating Expense [Member]
Pre-tax stock-based compensation expense	13,404	11,841	10,292
Lodging Operating Expense [Member]
Pre-tax stock-based compensation expense	3,094	2,621	2,203
Real Estate Operating Expense [Member]
Pre-tax stock-based compensation expense	$ 527	$ 1,291	$ 1,729

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended								12 Months Ended
	Oct. 25, 2016	Oct. 07, 2016	Sep. 23, 2016	Mar. 09, 2016	Jun. 08, 2011	Jul. 31, 2016	Apr. 30, 2016	Jan. 31, 2016	Oct. 31, 2015	Jul. 31, 2015	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2014	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Net income attributable to Vail Resorts, Inc.						$ (65,273)	$ 157,632	$ 116,982	$ (59,587)	$ (70,142)	$ 133,410	$ 115,762	$ (64,276)	$ 149,754	$ 114,754	$ 28,478
Weighted-average shares outstanding, basic (in shares)														36,276,000	36,342,000	36,127,000
Effect of dilutive securities, diluted (in shares)														1,036,000	1,064,000	930,000
Weighted-average shares outstanding, diluted (in shares)														37,312,000	37,406,000	37,057,000
Basic net income per share attributable to Vail Resorts, Inc. (in dollars per share)						$ (1.80)	$ 4.35	$ 3.23	$ (1.63)	$ (1.92)	$ 3.67	$ 3.19	$ (1.77)	$ 4.13	$ 3.16	$ 0.79
Diluted net income per share attributable to Vail Resorts, Inc. (in dollars per share)						$ (1.80)	$ 4.23	$ 3.14	$ (1.63)	$ (1.92)	$ 3.56	$ 3.10	$ (1.77)	$ 4.01	$ 3.07	$ 0.77
Anti-dilutive securities (in shares)														18,000	11,000	17,000
Estimated annual dividend amount (in dollars per share)				$ 3.24	$ 0.60
Common Stock, Dividends, Per Share, Cash Paid														$ 2.8650
Increase to annual cash dividend rate				30.00%
Cash dividends declared per share (in dollars per share)														$ 2.8650	$ 2.0750	$ 1.2450
Payments of Dividends														$ 103,835	$ 75,506	$ 45,021
Scenario, Forecast [Member]
Cash dividends declared per share (in dollars per share)			$ 0.8100
Dividends Payable, Date to be Paid	Oct. 25, 2016
Dividends Payable, Date of Record		Oct. 07, 2016

Long-Term Debt (Schedule Of Debt Instruments) (Details) - USD ($) $ in Thousands		12 Months Ended
	May 29, 2013	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014	May 01, 2015
Interest Expense, Debt		$ 42,400	$ 51,200	$ 64,000
Accretion Expense		5,644	5,596	5,544
Total debt		702,320	816,830
Unamortized Debt Issuance Costs Contra Liability		2,057	2,329
Less: Current maturities		13,354	10,154
Long-term debt		686,909	804,347
Loss on extinguishment of debt		$ 0	11,012	10,831
Optional Lease Renewal Term		P20Y
Talisker Canyons Obligation, Interest Rate		10.00%
Line of Credit Facility, Maximum Borrowing Capacity		$ 400,000
Long-term Line of Credit					$ 250,000
Amortization of Financing Costs		1,000	1,300	1,900
Redemption Premium			9,000
Write off of Deferred Debt Issuance Cost			2,400
Credit Facility Revolver [Member]
Total debt		$ 75,000	185,000
Fiscal year maturity		2020
Basis spread on LIBOR rate		1.125%
Term Loan [Member]
Total debt		$ 240,625	$ 250,000
Fiscal year maturity		2020
Long-term debt, maturity date		May 01, 2020
Long-term Debt, Description			In addition, pursuant to the terms of the Credit Agreement, VHI has the ability to increase availability (under the revolver or in the form of term loans) to an aggregate principal amount not to exceed the greater of (i) $950.0 million and (ii) the product of 2.75 and the trailing twelve-month Adjusted EBITDA, as defined in the Credit Agreement. The term loan facility is subject to quarterly amortization of principal, which began on January 31, 2016, in equal installments, with five percent payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due on May 1, 2020. The proceeds of the loans made under the Credit Agreement may be used to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. The Credit Agreement matures in May 2020. Borrowings under the Credit Agreement, including the term loan facility, bear interest annually at the Company's option at the rate of (i) LIBOR plus 1.125% as of July 31, 2016 (1.62% as of July 31, 2016) or (ii) the Agent's prime lending rate plus a margin (3.75% as of July 31, 2016)
Employee Housing Bonds [Member]
Total debt		$ 52,575	$ 52,575
Canyons Obligation [Member]
Total debt		$ 323,099	317,455
Fiscal year maturity		2063
Other [Member]
Total debt		$ 11,021	11,800
Fiscal year maturity, start		Jul. 31, 2017
Fiscal year maturity, end		Jul. 31, 2029
Six Point Five Zero Percent Notes [Member]
Extinguishment of Debt, Amount			$ 215,000	$ 175,000
Debt Instrument, Redemption Price, Percentage			3.25%	4.875%
Redemption Premium				$ 9,000
Write off of Deferred Debt Issuance Cost				$ 2,300
Industrial Development Bonds [Member]
Extinguishment of Debt, Amount			$ 41,000
Debt Instrument, Redemption Price, Percentage			4.00%
Colorado Water Conservation Board Note Outstanding [Member] \| Other [Member]
Long-term debt, maturity date		Sep. 16, 2028
Long-term debt, outstanding amount		$ 4,700
Breckenridge Terrace [Member] \| Employee Housing Bonds [Member]
Total debt		$ 19,980
Fiscal year maturity		2039
Tarnes [Member] \| Employee Housing Bonds [Member]
Total debt		$ 10,410
Fiscal year maturity		2039
BC Housing [Member] \| Employee Housing Bonds [Member]
Total debt		$ 10,600
Fiscal year maturity		2027
Tenderfoot [Member] \| Employee Housing Bonds [Member]
Total debt		$ 11,585
Fiscal year maturity		2035
Tranche A [Member] \| Employee Housing Bonds [Member]
Total debt		$ 37,780
Reference for interest rate determination		LIBOR plus 0% to 0.05%
Tranche A [Member] \| Breckenridge Terrace [Member] \| Employee Housing Bonds [Member]
Total debt		$ 14,980
Tranche A [Member] \| Tarnes [Member] \| Employee Housing Bonds [Member]
Total debt		8,000
Tranche A [Member] \| BC Housing [Member] \| Employee Housing Bonds [Member]
Total debt		9,100
Tranche A [Member] \| Tenderfoot [Member] \| Employee Housing Bonds [Member]
Total debt		5,700
Tranche B [Member] \| Employee Housing Bonds [Member]
Total debt		$ 14,795
Reference for interest rate determination		LIBOR plus 0% to 0.05%
Tranche B [Member] \| Breckenridge Terrace [Member] \| Employee Housing Bonds [Member]
Total debt		$ 5,000
Tranche B [Member] \| Tarnes [Member] \| Employee Housing Bonds [Member]
Total debt		2,410
Tranche B [Member] \| BC Housing [Member] \| Employee Housing Bonds [Member]
Total debt		1,500
Tranche B [Member] \| Tenderfoot [Member] \| Employee Housing Bonds [Member]
Total debt		$ 5,885
Maximum [Member] \| Employee Housing Bonds [Member]
Fiscal year maturity, end		May 01, 2039
Maximum [Member] \| Other [Member]
Fiscal year maturity, end		Jul. 31, 2029
Long term debt interest rate		5.50%
Maximum [Member] \| Tranche A [Member] \| Employee Housing Bonds [Member]
Basis spread on LIBOR rate		0.05%
Long term debt interest rate		0.55%
Minimum [Member] \| Employee Housing Bonds [Member]
Fiscal year maturity, start		Jun. 01, 2027
Minimum [Member] \| Other [Member]
Fiscal year maturity, start		Aug. 01, 2017
Long term debt interest rate		0.17%
Minimum [Member] \| Tranche A [Member] \| Employee Housing Bonds [Member]
Basis spread on LIBOR rate		0.00%
Long term debt interest rate		0.50%
Canyons [Member]
Accretion Expense		$ 18,000
Business Acquisition, Effective Date of Acquisition	May 24, 2013
Initial Capital Lease Term	50 years
Optional Lease Renewal Term	six 50-year renewal options
Minimum Capital Lease Payment, Annual	$ 25,000
Adjustments to Capital Lease Annual Payments	inflation linked index of CPI less 1%, with a floor of 2% per annum

Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Long-term Debt, Other Disclosures [Abstract]
2017	$ 13,354
2018	13,397
2019	13,455
2020	279,141
2021	1,080
Thereafter	381,893
Total debt	702,320	$ 816,830
Interest Expense, Debt	42,400	51,200	$ 64,000
Amortization of Financing Costs	$ 1,000	$ 1,300	$ 1,900

Acquisitions (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands	May 29, 2013	Jan. 31, 2016	Jan. 31, 2015	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014	Jan. 19, 2016	Jun. 30, 2015	Sep. 11, 2014
Contingent Consideration, Key Assumptions for Valuation				The estimated fair value of Contingent Consideration includes the resort operations of Park City Mountain Resort, following completion of the acquisition, in the calculation of EBITDA on which participating contingent payments are made, and increases the EBITDA threshold before which participating contingent payments are made by 10% of the purchase price paid by the Company for Park City Mountain Resort along with all future capital expenditures associated with Park City. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 11.0%, volatility of 20.0% and credit risk of 2.5%. The model also incorporates assumptions for EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs.
Business Acquisition, Contingent Consideration, at Fair Value				$ 11,100	$ 6,900	$ 10,500
Change in Fair Value of Contingent Consideration				4,200	(3,600)
Total debt				702,320	816,830
Capital Leases, Future Minimum Payments Due, Next Twelve Months				26,623
Payments to Acquire Businesses, Net of Cash Acquired				20,245	307,051	0
Capital Leases, Future Minimum Payments Due in Two Years				27,156
Capital Leases, Future Minimum Payments Due in Three Years				27,699
Capital Leases, Future Minimum Payments Due in Four Years				28,253
Capital Leases, Future Minimum Payments Due in Five Years				28,818
Capital Leases, Future Minimum Payments Due Thereafter				1,895,005
Capital Leases, Future Minimum Payments Due				2,033,554
Capital Leases, Future Minimum Payments, Interest Included in Payments				$ (1,710,455)
Optional Lease Renewal Term				P20Y
Canyons Obligation, Interest Rate				10.00%
Business Combination, Contingent Consideration Arrangements, Description				42% of the amount by which EBITDA for the resort operations, as calculated under the Lease, exceed approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the Lease by the Company.
Gain (Loss) Related to Litigation Settlement				$ 0	16,400	0
Park City litigation settlement payment				0	(10,000)	$ 0
Goodwill, Acquired During Period				$ 7,400	124,173
Wilmot [Member]
Business Acquisition, Effective Date of Acquisition		Jan. 19, 2016
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill							$ 400
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		10 years
Business Combination, Consideration Transferred		$ 20,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment							12,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets							200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable							$ 300
Goodwill, Acquired During Period		$ 7,400
Canyons [Member]
Business Acquisition, Effective Date of Acquisition	May 24, 2013
Initial Capital Lease Term	50 years
Optional Lease Renewal Term	six 50-year renewal options
Minimum Capital Lease Payment, Annual	$ 25,000
Adjustments to Capital Lease Annual Payments	inflation linked index of CPI less 1%, with a floor of 2% per annum
Lease Expiration Date				Jan. 01, 2079
PCMR [Member]
Business Acquisition, Effective Date of Acquisition				Sep. 11, 2014
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill									$ 27,650
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				46 years
Net operation revenue from acquiree				$ 67,100
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed					800
Goodwill, Purchase Accounting Adjustments			$ 13,000
Business Combination, Cash Consideration Transferred				182,500
Gain (Loss) Related to Litigation Settlement				16,400
Fair value of litigation settlement				10,100
Litigation settlement accounted for as consideration				26,500
Park City litigation settlement payment				$ 10,000
Business Combination, Consideration Transferred					$ 208,950
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment									76,605
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable									$ 1,935
Perisher [Member]
Business Acquisition, Effective Date of Acquisition					Jun. 30, 2015
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill								$ 5,458
Payments to Acquire Businesses, Net of Cash Acquired					$ 124,551
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life					4 years
Net operation revenue from acquiree					$ 21,800
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed					$ 5,200
Optional Lease Renewal Term					20-year renewal option
Lease Expiration Date				Jan. 01, 2048	Jan. 01, 2048
Business Combination, Consideration Transferred					$ 124,551
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment								126,287
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets								525
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable								$ 11,394
Goodwill, Acquired During Period					31,657
Canyons Obligation [Member]
Total debt				$ 323,099	$ 317,455

Acquisitions (Summary Of Estimate Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jun. 30, 2015	Sep. 11, 2014
Business Acquisition [Line Items]
Unfavorable lease obligations, net	$ 27,322	$ 29,997
Goodwill, Acquired During Period	7,400	124,173
Perisher [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables			$ 1,494
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			126,287
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			5,458
Goodwill, Acquired During Period		31,657
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets			170,280
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable			11,394
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue			15,906
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent			18,429
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities			45,729
Business Combination, Consideration Transferred		124,551
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory			4,859
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets			$ 525
PCMR [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables				$ 930
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets				3,075
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				76,605
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent				7,428
Business Acquisition, Purchase Price Allocation, Real estate held for sale and investment				7,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				27,650
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets				215,204
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable				1,935
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue				4,319
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities				$ 6,254
Business Combination, Consideration Transferred		208,950
Canyons [Member]
Business Acquisition [Line Items]
Business Acquisition, Purchase Price Allocation, Land	31,818	31,818
Business Acquisition, Purchase Price Allocation, Land Improvements	49,228	49,228
Business Acquisition, Purchase Price Allocation, Buildings and Building Improvements	42,910	42,910
Business Acquisition, Purchase Price Allocation, Machinery and Equipment	61,175	61,175
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment Gross (under Capital Lease)	185,131	185,131
Business Acquisition, Purchase Price Allocation, Accumulated Depreciation	(27,110)	(17,212)
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment Net (under Capital Lease)	158,021	167,919
Mountain [Member]
Business Acquisition [Line Items]
Goodwill, Acquired During Period	$ 7,400	124,173
Mountain [Member] \| PCMR [Member]
Business Acquisition [Line Items]
Goodwill, Acquired During Period		$ 92,516

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

Supplementary Balance Sheet Information (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Balance Sheet Related Disclosures [Abstract]
Depreciation expense	$ 156,800	$ 144,000	$ 136,600
Amortization of Intangible Assets	4,700	$ 5,100	$ 4,000
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	2,400
Estimated amortization expense for intangible assets, year two	2,400
Estimated amortization expense for intangible assets, year three	2,400
Estimated amortization expense for intangible assets, year four	2,400
Estimated amortization expense for intangible assets, year five	$ 2,400

Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Balance Sheet Related Disclosures [Abstract]
Property, Plant and Equipment Impairment or Disposal Disclosure	67.4
Depreciation	$ 156,800	$ 144,000	$ 136,600
Current Fiscal Year End Date	--07-31
Land and land improvements	$ 440,300	431,854
Buildings and building improvements	1,025,515	1,006,821
Machinery and equipment	866,008	815,946
Furniture and fixtures	284,959	286,863
Software	103,754	106,433
Vehicles	58,159	61,036
Construction in progress	39,396	53,158
Gross property, plant and equipment	2,818,091	2,762,111
Accumulated depreciation	(1,454,277)	(1,375,836)
Property, plant and equipment, net	$ 1,363,814	$ 1,386,275

Supplementary Balance Sheet Information (Composition Of Goodwill And Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Balance Sheet Related Disclosures [Abstract]
Disposal Group, Including Discontinued Operation, Intangible Assets	$ 39,400
Current Fiscal Year End Date	--07-31
Goodwill	$ 526,391	$ 517,787
Accumulated amortization	(17,354)	(17,354)
Goodwill, net	509,037	500,433	$ 378,148
Gross indefinite-lived intangible assets	105,253	105,150
Accumulated amortization	(24,713)	(24,713)
Indefinite-lived intangible assets, net	80,540	80,437
Gross amortizable intangible assets	79,524	118,482
Accumulated amortization	(20,057)	(54,770)
Amortizable intangible assets, net	59,467	63,712
Total gross intangible assets	184,777	223,632
Total accumulated amortization	(44,770)	(79,483)
Net Intangible Assets Excluding Goodwill	140,007	144,149
Amortization of Intangible Assets	4,700	$ 5,100	$ 4,000
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	$ 2,400

Supplementary Balance Sheet Information (Changes In Goodwill Amount) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Goodwill, beginning balance	$ 500,433	$ 378,148
Acquisition	7,400	124,173
Goodwill, ending balance	509,037	500,433
Goodwill, Translation Adjustments	1,204	(1,888)
Mountain [Member]
Goodwill, beginning balance	432,534	310,249
Acquisition	7,400	124,173
Goodwill, ending balance	441,138	432,534
Goodwill, Translation Adjustments	1,204	(1,888)
Lodging [Member]
Goodwill, beginning balance	67,899	67,899
Acquisition	0	0
Goodwill, ending balance	67,899	67,899
Goodwill, Translation Adjustments	$ 0	$ 0

Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Balance Sheet Related Disclosures [Abstract]
Current Fiscal Year End Date	--07-31
Trade payables	$ 72,658	$ 62,099
Deferred revenue	182,506	145,949
Accrued salaries, wages and deferred compensation	43,086	33,461
Accrued benefits	29,175	24,436
Deposits	23,307	19,336
Other accruals	46,756	46,018
Total accounts payable and accrued liabilities	$ 397,488	$ 331,299

Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Balance Sheet Related Disclosures [Abstract]
Current Fiscal Year End Date	--07-31
Private club deferred initiation fee revenue	$ 121,750	$ 126,104
Unfavorable lease obligations, net	27,322	29,997
Other long-term liabilities	121,096	99,815
Total other long-term liabilities	$ 270,168	$ 255,916

Supplementary Balance Sheet Information Composition of Property, Plant and Equipment under Capital Lease (Details) - Canyons [Member] - USD ($) $ in Thousands	Jul. 31, 2016	Jul. 31, 2015
Property, Plant and Equipment [Line Items]
Capital Leased Assets, Land	$ 31,818	$ 31,818
Capital Leased Assets, Land Improvements	49,228	49,228
Capital Leased Assets, Buildings and Building Improvements	42,910	42,910
Capital Leased Assets, Machinery and Equipment	61,175	61,175
Capital Leased Assets, Gross	185,131	185,131
Capital Leased Assets, Accumulated Depreciation	(27,110)	(17,212)
Capital Leased Assets, Net	$ 158,021	$ 167,919

Investments in Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
Investments in Affiliates (Details) - USD ($) $ in Millions	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Investments in equity method affiliates	$ 7.5	$ 7.4
Undistributed earnings of equity method affiliates	4.2	4.1
Distributions received from equity method affiliates	$ 1.3	1.0	$ 1.0
Slifer, Smith, and Frampton/Vail Associates Real Estate, LLC ("SSF/VARE") [Member]
Ownership interest	50.00%
KRED [Member]
Ownership interest	50.00%
Clinton Ditch and Reservoir Company [Member]
Ownership interest	43.00%
Slifer Smith and Frampton and Vail Associates Real Estate Llc Ssf and Vare [Member]
Real estate revenue from leases	$ 0.4	$ 0.5	$ 0.5
Ownership interest	50.00%

Variable Interest Entities (Details) $ in Millions	Jul. 31, 2016 USD ($)
Employee Housing Entities [Member]
Carrying amount of consolidated VIE assets	$ 23.7
Carrying amount of consolidated VIE liabilities	63.0
Amount outstanding in letters of credit	53.4
Avon Partners II LLC [Member]
Carrying amount of consolidated VIE assets	4.3
Carrying amount of consolidated VIE liabilities	$ 0.0

Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Business Combination, Contingent Consideration Arrangements, Description	42% of the amount by which EBITDA for the resort operations, as calculated under the Lease, exceed approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the Lease by the Company.
Contingent Consideration, Key Assumptions for Valuation	The estimated fair value of Contingent Consideration includes the resort operations of Park City Mountain Resort, following completion of the acquisition, in the calculation of EBITDA on which participating contingent payments are made, and increases the EBITDA threshold before which participating contingent payments are made by 10% of the purchase price paid by the Company for Park City Mountain Resort along with all future capital expenditures associated with Park City. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 11.0%, volatility of 20.0% and credit risk of 2.5%. The model also incorporates assumptions for EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs.
Liabilities, Fair Value Disclosure	$ 11,100	$ 6,900	$ 10,500
Change in Fair Value of Contingent Consideration	4,200	(3,600)
Level 3 [Member]
Liabilities, Fair Value Disclosure	11,100	6,900
Money Market Funds [Member]
Cash and Cash Equivalents, Fair Value Disclosure		7,577
Money Market Funds [Member] \| Level 1 [Member]
Cash and Cash Equivalents, Fair Value Disclosure		7,577
Commercial Paper [Member]
Cash and Cash Equivalents, Fair Value Disclosure	2,401	2,401
Commercial Paper [Member] \| Level 2 [Member]
Cash and Cash Equivalents, Fair Value Disclosure	2,401	2,401
Certificates of Deposit [Member]
Cash and Cash Equivalents, Fair Value Disclosure	2,403	2,651
Certificates of Deposit [Member] \| Level 2 [Member]
Cash and Cash Equivalents, Fair Value Disclosure	$ 2,403	$ 2,651

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2007	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Net operating loss carryforwards recognized	$ 8.0
Net operating loss carryforwards amount			$ 73.8
Tax refund on amended returns			6.2
Reduction in federal tax liability			19.6
Current Fiscal Year End Date		--07-31
Unrecognized tax benefits, income tax penalties and interest accrued		$ 1.6	0.5
Income tax examination, penalties and interest expense		1.1	(1.4)	$ 0.1
Unrecognized Tax Benefits, Period Increase (Decrease)			(27.7)
Tax Adjustments, Settlements, and Unusual Provisions			$ 23.8
Deferred Tax Assets, Tax Credit Carryforwards, Foreign		0.9
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount		0.9
State and Local Jurisdiction [Member]
State operating loss carryforwards		34.1
Operating loss carryforwards, valuation allowance		$ 29.2

Income Taxes (Components Of Deferred Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Jul. 31, 2015
Income Tax Disclosure [Abstract]
Fixed assets	$ 180,267	$ 173,908
Intangible assets	59,009	53,654
Deferred Tax Liabilities, Gross	239,276	227,562
Total	129,994	119,834
Deferred Tax Asset, Talisker Canyons Obligation	18,984	18,687
Deferred membership revenue	16,247	18,085
Real estate and other investments	(7,987)	(7,771)
Deferred compensation and other accrued benefits	17,426	12,590
Stock-based compensation	17,287	15,896
Unfavorable lease obligation, net	10,904	11,510
Net operating loss carryforwards other tax credits	3,779	3,610
Other, net	20,309	23,066
Total	112,923	111,215
Valuation allowance for deferred income taxes	(3,641)	(3,487)
Deferred income tax assets, net of valuation allowance	$ 109,282	$ 107,728

Income Taxes (Components Of Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Income Tax Disclosure [Abstract]
Current Fiscal Year End Date	--07-31
Current federal	$ 70,553	$ 12,668	$ 8,082
Current state	10,555	5,501	1,565
Current Foreign Tax Expense (Benefit)	4,431	3,581	0
Total current	85,539	21,750	9,647
Deferred federal	7,603	11,534	5,470
Deferred state	1,051	1,623	749
Deferred Foreign Income Tax Expense (Benefit)	(1,028)	(189)	0
Deferred Income Tax Expense (Benefit)	7,626	12,968	6,219
Provision for income taxes	$ 93,165	$ 34,718	$ 15,866

Income Taxes (Reconciliation Of Effective Income Tax Rate And Effective Rate From Continuing Operation) (Details)	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Income Tax Disclosure [Abstract]
Current Fiscal Year End Date	--07-31
At U.S. Federal income tax rate	35.00%	35.00%	35.00%
State income tax, net of Federal benefit	3.10%	3.20%	3.40%
Nondeductible meals or entertainment	0.10%	0.20%	0.70%
General business credits	(0.40%)	(0.50%)	(1.70%)
Effective Income Tax Rate Reconciliation, Tax Settlement, Other, Amount	0.00%	(16.00%)	0.00%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	0.10%	0.50%	0.00%
Effective Income Tax Rate Reconciliation, Domestic Production Deduction	(0.40%)	(0.70%)	(1.40%)
Other	0.90%	1.50%	0.00%
Effective income tax rate	38.40%	23.20%	36.00%

Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Income Tax Disclosure [Abstract]
Current Fiscal Year End Date	--07-31
Income Tax Examination, Penalties and Interest Expense	$ (1,100)	$ 1,400	$ (100)
Unrecognized tax benefits, beginning balance	38,572	46,973	26,205
Additions based on tax positions related to the current year	0	0	21,082
Additions for tax positions of prior years	18,460	17,443	0
Reductions for tax positions of prior years	0	(21,574)	0
Lapse of statute of limitations	0	0	(314)
Settlements	0	(4,270)	0
Unrecognized tax benefits, ending balance	$ 57,032	$ 38,572	$ 46,973

Income Taxes Components of Income before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Components of Income Before Income Taxes [Abstract]
Current Fiscal Year End Date	--07-31
Income (Loss) from Continuing Operations before Income Taxes, Domestic	$ 231,756	$ 142,190	$ 45,895
Income (Loss) from Continuing Operations before Income Taxes, Foreign	10,863	7,138	(1,823)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	$ 242,619	$ 149,328	$ 44,072

Related Party Transactions (Details) $ in Millions	12 Months Ended
Related Party Transactions (Details) $ in Millions	Jul. 31, 2016 USD ($) yr director	Jul. 31, 2015 USD ($)	Jul. 31, 2014 USD ($)
Current Fiscal Year End Date	--07-31
BCRC [Member]
Right to appoint the number of directors \| director	4
Number of directors \| director	9
Management agreement renewable period, years \| yr	1
Management fees and reimbursement of operating expenses \| $	$ 8.4	$ 7.1	$ 7.0
Slifer Smith and Frampton and Vail Associates Real Estate Llc Ssf and Vare [Member]
Ownership interest	50.00%
Real estate revenue from leases \| $	$ 0.4	$ 0.5	$ 0.5

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	May 29, 2013	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Surety Bonds Outstanding		$ 9,300
Contingent rent percentage		11.50%
Number of optional renewal terms		3
Optional Lease Renewal Term		P20Y
Lease expense, excluding executory costs		$ 44,400	$ 39,500	$ 37,300
Long-term Debt		$ 702,320	816,830
Canyons Obligation, Interest Rate		10.00%
Holland Creek Metropolitan District [Member]
Credit-enhanced bonds issued amount		$ 8,000
Amount outstanding in letters of credit		8,100
Red Sky Ranch Metropolitan District [Member]
Other long-term liabilities		$ 2,000	$ 1,800
Estimated cessation date of capital improvement fee payment obligation		Jul. 31, 2031
Various Other [Member]
Amount outstanding in letters of credit		$ 64,200
Employee Housing Bonds [Member]
Amount outstanding in letters of credit		53,400
Workers' Compensation and General Liability Related to Construction and Development Activities [Member]
Amount outstanding in letters of credit		$ 10,800
Maximum [Member]
Annual base rent rate		11.00%
Minimum [Member]
Annual base rent rate		10.25%
Northstar [Member]
Lease Expiration Date		Jan. 19, 2027
Optional Lease Renewal Term		P10Y
Perisher [Member]
Lease Expiration Date		Jan. 01, 2048	Jan. 01, 2048
Optional Lease Renewal Term			20-year renewal option
Operating Leases, Rent Expense, Contingent Rentals		2% of certain gross revenue
Canyons [Member]
Lease Expiration Date		Jan. 01, 2079
Optional Lease Renewal Term	six 50-year renewal options
Australia, Dollars \| Perisher [Member]
Lease expense, excluding executory costs		$ 1,800
Canyons Obligation [Member]
Long-term Debt		$ 323,099	$ 317,455

Commitments and Contingencies (Future Minimum Lease Payment) (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Jul. 31, 2015
Debt Instrument [Line Items]
2013	$ 36,024
Capital Leases, Future Minimum Payments Due, Next Twelve Months	26,623
2014	31,642
Capital Leases, Future Minimum Payments Due in Two Years	27,156
2015	28,223
Capital Leases, Future Minimum Payments Due in Three Years	27,699
2016	25,448
Capital Leases, Future Minimum Payments Due in Four Years	28,253
2017	23,458
Capital Leases, Future Minimum Payments Due in Five Years	28,818
Thereafter	157,564
Capital Leases, Future Minimum Payments Due Thereafter	1,895,005
Total	302,359
Capital Leases, Future Minimum Payments Due	2,033,554
Capital Leases, Future Minimum Payments, Interest Included in Payments	(1,710,455)
Long-term Debt	702,320	$ 816,830
Canyons Obligation [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 323,099	$ 317,455

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016	Jan. 31, 2016	Oct. 31, 2015	Jul. 31, 2015	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2014	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Total Mountain net revenue	$ 97,994	$ 572,805	$ 532,872	$ 100,933	$ 81,061	$ 499,551	$ 463,031	$ 60,386	$ 1,304,604	$ 1,104,029	$ 963,573
Lodging	74,528	72,933	62,807	64,286	69,373	67,323	59,364	58,493	274,554	254,553	242,287
Resort									1,579,158	1,358,582	1,205,860
Real Estate	7,362	1,734	3,684	9,348	11,648	12,469	7,842	9,383	22,128	41,342	48,786
Total net revenue	179,884	647,472	599,363	174,567	162,082	579,343	530,237	128,262	1,601,286	1,399,924	1,254,646
Mountain									881,472	777,147	712,785
Lodging									246,385	232,877	225,563
Resort									1,127,857	1,010,024	938,348
Real estate									24,639	48,408	55,826
Total segment operating expense									1,152,496	1,058,432	994,174
Gain on sale of real property									5,295	151	0
Mountain equity investment income, net									1,283	822	1,262
Total Reported EBITDA									455,368	358,865	261,734
Real estate held for sale and investment	111,088				129,825				111,088	129,825	157,858
Depreciation and amortization									(161,488)	(149,123)	(140,601)
Gain (Loss) Related to Litigation Settlement									0	16,400	0
Change in Fair Value of Contingent Consideration									(4,200)	3,650	(1,400)
Loss on disposal of fixed assets and other, net									(5,418)	(2,057)	(1,208)
Investment income, net									723	246	375
Interest expense									(42,366)	(51,241)	(63,997)
Loss on extinguishment of debt									0	(11,012)	(10,831)
Income before provision for income taxes									242,619	149,328	44,072
Provision for income taxes (Note 10)									(93,165)	(34,718)	(15,866)
Net income	(65,284)	157,537	116,871	(59,670)	(70,168)	133,402	115,700	(64,324)	149,454	114,610	28,206
Net loss attributable to noncontrolling interests									300	144	272
Net income attributable to Vail Resorts, Inc.	$ (65,273)	$ 157,632	$ 116,982	$ (59,587)	$ (70,142)	$ 133,410	$ 115,762	$ (64,276)	149,754	114,754	28,478
Lift Tickets [Member]
Total Mountain net revenue									658,047	536,458	447,271
Ski School [Member]
Total Mountain net revenue									143,249	126,206	109,442
Dining [Member]
Total Mountain net revenue									121,008	101,010	89,892
Retail/Rental [Member]
Total Mountain net revenue									241,134	219,153	210,387
Other [Member]
Total Mountain net revenue									141,166	121,202	106,581
Resort [Member]
Total Reported EBITDA									452,584	365,780	268,774
Mountain [Member]
Total Reported EBITDA									424,415	344,104	252,050
Lodging [Member]
Total Reported EBITDA									28,169	21,676	16,724
Real Estate [Member]
Total Reported EBITDA									$ 2,784	$ (6,915)	$ (7,040)

Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jul. 31, 2016	Apr. 30, 2016	Jan. 31, 2016	Oct. 31, 2015	Jul. 31, 2015	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2014	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Mountain revenue	$ 97,994	$ 572,805	$ 532,872	$ 100,933	$ 81,061	$ 499,551	$ 463,031	$ 60,386	$ 1,304,604	$ 1,104,029	$ 963,573
Lodging revenue	74,528	72,933	62,807	64,286	69,373	67,323	59,364	58,493	274,554	254,553	242,287
Real estate revenue	7,362	1,734	3,684	9,348	11,648	12,469	7,842	9,383	22,128	41,342	48,786
Total net revenue	179,884	647,472	599,363	174,567	162,082	579,343	530,237	128,262	1,601,286	1,399,924	1,254,646
Income (loss) from operations	(93,776)	263,380	200,064	(86,689)	(88,478)	227,752	160,071	(88,832)	282,979	210,513	117,263
Net income	(65,284)	157,537	116,871	(59,670)	(70,168)	133,402	115,700	(64,324)	149,454	114,610	28,206
Net income (loss) attributable to Vail Resorts, Inc.	$ (65,273)	$ 157,632	$ 116,982	$ (59,587)	$ (70,142)	$ 133,410	$ 115,762	$ (64,276)	$ 149,754	$ 114,754	$ 28,478
Basic net income (loss) per share attributable to Vail Resorts, Inc. (in dollars per share)	$ (1.80)	$ 4.35	$ 3.23	$ (1.63)	$ (1.92)	$ 3.67	$ 3.19	$ (1.77)	$ 4.13	$ 3.16	$ 0.79
Diluted net income (loss) per share attributable to Vail Resorts, Inc. (in dollars per share)	$ (1.80)	$ 4.23	$ 3.14	$ (1.63)	$ (1.92)	$ 3.56	$ 3.10	$ (1.77)	$ 4.01	$ 3.07	$ 0.77

Stock Repurchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
Stock Repurchase Plan (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014	Dec. 04, 2015	Jul. 16, 2008	Mar. 09, 2006
Accelerated Share Repurchases [Line Items]
Treasury Stock, Shares, Acquired	485,866
Repurchases of Common Stock	$ 53,787	$ 0	$ 0
Number of shares authorized to repurchase	7,500,000					3,000,000
Additional number of shares authorized to repurchase				1,500,000	3,000,000
Number of shares repurchased since inception	5,434,977	4,949,111
Value of stock repurchased since inception	$ (246,979)	$ (193,192)
Remaining shares available for repurchase under existing program	2,065,023

Stock Compensation Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2017
Shares issued for stock based compensation (in shares)	4,400,000
Stock based compensation award life	10 years
Stock based compensation award vesting period	3 years
Stock based compensation, shares available for grant (in shares)	4,400,000
Total unrecognized compensation expense	$ 19.7
Cash received from exercise of stock option	0.0	$ 1.1	$ 1.8
Tax benefit from exercise of stock options	$ 10.3	$ 18.1	$ 8.5
Stock Appreciation Rights (SARs) [Member]
Weighted-average grant-date fair value (in dollars per share)	$ 35.20	$ 29.12	$ 23.60
Intrinsic value of options and SARs exercised	$ 13.1	$ 37.4	$ 10.8
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	302,000	420,000	421,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 10.8	$ 13.6	$ 9.8
Restricted Stock Units (RSUs) [Member]
Weighted-average grant-date fair value (in dollars per share)	$ 102.20	$ 83.50	$ 67.48
Stock based compensation, restricted shares granted (in shares)	142,000	143,000	152,000
Stock based compensation, restricted shares vested (in shares)	134,000	113,000	166,000
Stock based compensation, total fair value of restricted shares	$ 14.6	$ 9.9	$ 6.9
Expected to be Recognized in 2011 [Member] \| Scenario, Forecast [Member]
Total unrecognized compensation expense				$ 0.9	$ 6.8	$ 12.0
Maximum [Member]
Stock based compensation, estimated forfeiture rates	21.60%
Minimum [Member]
Stock based compensation, estimated forfeiture rates	0.00%

Stock Compensation Plan (Schedule Of Share Based Compensation Valuation Model) (Details)	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	40.40%	40.60%	41.20%
Expected dividends	2.20%	1.90%	1.20%
Risk-free rate, minimum	0.30%	0.10%	0.10%
Risk-free rate, maximum	2.20%	2.60%	2.80%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (average in years)	5 years 4 months	4 years 11 months	5 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (average in years)	5 years 11 months	5 years 7 months	5 years 10 months 23 days

Stock Compensation Plan (Schedule Of Share Based Compensation Option And SARs Award Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Awards, outstanding beginning balance (in shares)	2,385	2,756	2,753
Awards, granted (in shares)	198	242	352
Awards, exercised (in shares)	180	575	321
Awards, forfeited or expired (in shares)	22	38	28
Awards, outstanding ending balance (in shares)	2,381	2,385	2,756
Awards, exercisable ending balance (in shares)	1,940
Weighted-average exercise price, outstanding beginning balance (in dollars per share)	$ 47.96	$ 42.06	$ 37.63
Weighted-average exercise price, granted (in dollars per share)	113.67	91.64	73.13
Weighted-average exercise price, exercised (in dollars per share)	49.79	36.20	37.62
Weighted-average exercise price, forfeited or expired (in dollars per share)	80.42	75.99	48.87
Weighted-average exercise price, outstanding ending balance (in dollars per share)	52.98	$ 47.96	$ 42.06
Weighted-average exercise price, exercisable ending balance (in dollars per share)	$ 42.92
Weighted-average remaining contractual term, outstanding ending balance (in years)	5 years
Weighted-average remaining contractual term, exercisable ending balance (in years)	4 years 4 months
Aggregate intrinsic value, outstanding ending balance	$ 214,483
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	2,355
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 52.54
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	$ 213,231
Aggregate intrinsic value, exercisable ending balance	$ 194,282

Stock Compensation Plan (Schedule of Share Based Compensation SARs Activity) (Details) - $ / shares shares in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	2,381	2,385	2,756	2,753
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		567
Awards, granted (in shares)	198
Awards, vested (in shares)	302
Awards, forfeited (in shares)	22
Awards, outstanding ending balance (in shares)	441
Weighted-average grant-date fair value, outstanding beginning balance (in dollars per share)	$ 24.56
Weighted-average grant-date fair value, granted (in dollars per share)	35.20
Weighted-average grant-date fair value, vested (in dollars per share)	22.77
Weighted-average grant-date fair value, forfeited (in dollars per share)	27.87
Weighted-average grant-date fair value, outstanding ending balance (in dollars per share)	$ 30.39

Stock Compensation Plan (Schedule Of Share Based Compensation Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	12 Months Ended
	Jul. 31, 2016 $ / shares shares
Awards, outstanding beginning balance (in shares) \| shares	271
Awards, granted (in shares) \| shares	142
Awards, vested (in shares) \| shares	134
Awards, forfeited (in shares) \| shares	18
Awards, outstanding ending balance (in shares) \| shares	261
Weighted-average grant-date fair value, outstanding beginning balance (in dollars per share) \| $ / shares	$ 72.10
Weighted-average grant-date fair value, granted (in dollars per share) \| $ / shares	102.20
Weighted-average grant-date fair value, vested (in dollars per share) \| $ / shares	66.69
Weighted-average grant-date fair value, forfeited (in dollars per share) \| $ / shares	85.79
Weighted-average grant-date fair value, outstanding ending balance (in dollars per share) \| $ / shares	$ 90.54

Retirement and Profit Sharing Plans (Details) $ in Millions	12 Months Ended
Retirement and Profit Sharing Plans (Details) $ in Millions	Jul. 31, 2016 USD ($) hour	Jul. 31, 2015 USD ($)	Jul. 31, 2014 USD ($)
Compensation and Retirement Disclosure [Abstract]
Employee contribution percentage	100.00%
Company match amount equal to participant's contribution	50.00%
Employer contribution matching equal to 50%	6.00%
Employment period (in months)	12 months
Service period (in hours)	1,000
Total service period (in hours)	1,500
Retirement plan expense \| $	$ 5.3	$ 4.5	$ 4.1

Subsequent Event (Details) - USD ($)		12 Months Ended
Subsequent Event (Details) - USD ($)	Aug. 05, 2016	Jul. 31, 2016	Jun. 30, 2016	May 01, 2015
Subsequent Event [Line Items]
Long-term Line of Credit				$ 250,000,000
Whistler Blackcomb [Member]
Subsequent Event [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		75.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		25.00%
Incremental Term Loan		$ 360,000,000
Long-term Line of Credit			$ 143,800,000
Canada, Dollars \| Whistler Blackcomb [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Current Borrowing Capacity		$ 300,000,000
Long-term Line of Credit			$ 185,800,000
Scenario, Forecast [Member] \| Whistler Blackcomb [Member]
Subsequent Event [Line Items]
Business Acquisition, Date of Acquisition Agreement	Aug. 05, 2016
Business Combination, Stock Consideration Transferred	$ 0.0998
Business Combination, Consideration Transferred	1,100,000,000
Scenario, Forecast [Member] \| Canada, Dollars \| Whistler Blackcomb [Member]
Subsequent Event [Line Items]
Business Combination, Cash Consideration Transferred	$ 17.50