View Filing Data

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Apr. 30, 2020	Jun. 01, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2020
Document Transition Report	false
Entity File Number	001-09614
Entity Registrant Name	Vail Resorts, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0291762
Entity Address, Address Line One	390 Interlocken Crescent
Entity Address, City or Town	Broomfield,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80021
City Area Code	(303)
Local Phone Number	404-1800
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	MTN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,122,243
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000812011
Current Fiscal Year End Date	--07-31
Entity Filer Category	Large Accelerated Filer

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2020	Jul. 31, 2019	Apr. 30, 2019
Assets
Cash and cash equivalents	$ 482,656	$ 108,850	$ 59,636
Restricted cash	10,459	9,539	8,876
Trade receivables, net	100,225	270,896	273,108
Inventories, net	101,748	96,539	84,059
Other current assets	55,790	42,116	41,177
Total current assets	750,878	527,940	466,856
Property, plant and equipment, net (Note 8)	2,201,803	1,842,500	1,847,434
Real estate held for sale and investment	96,565	101,021	101,251
Goodwill, net (Note 8)	1,673,258	1,608,206	1,596,867
Intangible assets, net	310,033	306,173	306,489
Operating right-of-use assets (Note 4)	217,318	0	0
Other assets	39,797	40,237	42,837
Total assets	5,289,652	4,426,077	4,361,734
Liabilities
Accounts payable and accrued liabilities (Note 8)	449,274	607,857	543,060
Income taxes payable	42,554	62,760	23,290
Long-term debt due within one year (Note 6)	63,566	48,516	48,504
Total current liabilities	555,394	719,133	614,854
Long-term debt, net (Note 6)	2,365,372	1,527,744	1,310,870
Operating lease liabilities (Note 4)	209,321	0	0
Other long-term liabilities (Note 8)	251,464	283,601	268,350
Deferred income taxes, net	277,841	168,759	274,306
Total liabilities	3,659,392	2,699,237	2,468,380
Commitments and contingencies (Note 10)
Stockholders' Equity
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding	0	0	0
Common stock, $0.01 par value, 100,000 shares authorized, 46,266, 46,190 and 46,105 shares issued, respectively	462	461	461
Exchangeable shares, $0.01 par value, 54, 56 and 56 shares issued and outstanding, respectively (Note 5)	1	1	1
Additional paid-in capital	1,136,139	1,130,083	1,140,099
Accumulated other comprehensive loss	(109,576)	(31,730)	(36,540)
Retained earnings	799,508	759,801	920,327
Treasury stock, at cost, 6,161, 5,905, and 5,905 shares, respectively (Note 12)	(404,411)	(357,989)	(357,989)
Total Vail Resorts, Inc. stockholders’ equity	1,422,123	1,500,627	1,666,359
Noncontrolling interests	208,137	226,213	226,995
Total stockholders’ equity	1,630,260	1,726,840	1,893,354
Total liabilities and stockholders’ equity	$ 5,289,652	$ 4,426,077	$ 4,361,734

Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares	Apr. 30, 2020	Jul. 31, 2019	Apr. 30, 2019
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000	25,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000	100,000,000
Common stock, shares issued	46,266,000	46,190,000	46,105,000
Exchangeable Shares, Par Value Per Share	$ 0.01	$ 0.01	$ 0.01
Exchangeable Shares, Shares, Issued	54,000	56,000	56,000
Treasury stock, shares	6,161,141	5,905,000	5,905,000

Consolidated Condensed Statements Of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Net revenue:
Mountain and Lodging services and other	$ 582,890	$ 800,816	$ 1,516,679	$ 1,631,957
Mountain and Lodging retail and dining	110,799	156,930	365,032	395,017
Resort net revenue	693,689	957,746	1,881,711	2,026,974
Real Estate Revenue	398	241	4,784	595
Revenues	694,087	957,987	1,886,495	2,027,569
Operating expense (exclusive of depreciation and amortization shown separately below):
Mountain and Lodging operating expense	285,764	349,647	902,316	894,392
Mountain and Lodging retail and dining cost of products sold	42,663	59,615	147,533	157,996
General and administrative	60,818	68,213	227,175	209,954
Resort operating expense	389,245	477,475	1,277,024	1,262,342
Real Estate operating expense	1,128	1,382	7,926	4,141
Total segment operating expense	390,373	478,857	1,284,950	1,266,483
Other operating (expense) income:
Depreciation and amortization	(64,730)	(55,260)	(186,387)	(161,541)
Gain on sale of real property	0	268	207	268
Asset impairments (Notes 2 & 8)	(28,372)	0	(28,372)	0
Change in estimated fair value of contingent consideration (Note 9)	8,000	(1,567)	5,264	(3,467)
(Loss) gain on disposal of fixed assets and other, net	(380)	27	1,178	505
Income from operations	218,232	422,598	393,435	596,851
Mountain equity investment (loss) income, net	(90)	445	1,270	1,555
Investment income and other, net	(361)	(1,727)	(999)	(2,697)
Foreign currency loss on intercompany loans (Note 6)	(7,753)	(3,319)	(8,191)	(5,180)
Interest expense, net	(24,479)	(19,575)	(73,303)	(59,215)
Income before provision for income taxes	186,271	401,876	314,210	536,708
Provision for income taxes	(26,440)	(93,346)	(47,190)	(120,914)
Net income	159,831	308,530	267,020	415,794
Net income attributable to noncontrolling interests	(7,285)	(16,396)	(14,579)	(25,106)
Net income attributable to Vail Resorts, Inc.	$ 152,546	$ 292,134	$ 252,441	$ 390,688
Per share amounts (Note 5):
Basic net income per share attributable to Vail Resorts, Inc.	$ 3.79	$ 7.26	$ 6.26	$ 9.68
Diluted net income per share attributable to Vail Resorts, Inc.	3.74	7.12	6.17	9.48
Cash dividends declared per share	$ 1.76	$ 1.76	$ 5.28	$ 4.70

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Net income	$ 159,831	$ 308,530	$ 267,020	$ 415,794
Foreign currency translation adjustments, net of tax	(69,235)	(30,089)	(78,260)	(44,862)
Change in estimated fair value of hedging instruments	(16,450)	0	(21,013)	0
Comprehensive income	74,146	278,441	167,747	370,932
Comprehensive loss (income) attributable to noncontrolling interests	12,924	(8,898)	6,848	(14,557)
Comprehensive income attributable to Vail Resorts, Inc.	$ 87,070	$ 269,543	$ 174,595	$ 356,375

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686

+ Details

Consolidated Condensed Statements of Stockholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Exchangeable Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total Vail Resorts, Inc. Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Balance at Jul. 31, 2018	$ 1,811,663	$ 460	$ 1	$ 1,137,467	$ (2,227)	$ 726,722	$ (272,989)	$ 1,589,434	$ 222,229
Net income attributable to Vail Resorts, Inc.	390,688					390,688		390,688
Net (income) loss attributable to noncontrolling interests	25,106								25,106
Net income	415,794
Foreign currency translation adjustments, net of tax	(44,862)				(34,313)			(34,313)	(10,549)
Comprehensive income attributable to Vail Resorts, Inc.	356,375							356,375
Comprehensive (income) loss attributable to noncontrolling interests	14,557								14,557
Total comprehensive income (loss)	370,932
Stock-based compensation expense	14,786			14,786				14,786
Issuance of shares under share award plans, net of shares withheld for employee taxes	(12,153)	1		(12,154)				(12,153)
Repurchase of common stock (Note 12)	(85,000)						(85,000)	(85,000)
Dividends (Note 5)	(189,566)					(189,566)		(189,566)
Distributions to noncontrolling interests, net	(9,791)								(9,791)
Balance at Apr. 30, 2019	1,893,354	461	1	1,140,099	(36,540)	920,327	(357,989)	1,666,359	226,995
Revenue from Contracts with Customers, Adoption Impact to Retained Earnings	(7,517)					(7,517)		(7,517)
Balance at Jan. 31, 2019	1,683,095	461	1	1,135,709	(13,949)	699,045	(357,989)	1,463,278	219,817
Net income attributable to Vail Resorts, Inc.	292,134					292,134		292,134
Net (income) loss attributable to noncontrolling interests	16,396								16,396
Net income	308,530
Foreign currency translation adjustments, net of tax	(30,089)				(22,591)			(22,591)	(7,498)
Comprehensive income attributable to Vail Resorts, Inc.	269,543							269,543
Comprehensive (income) loss attributable to noncontrolling interests	8,898								8,898
Total comprehensive income (loss)	278,441
Stock-based compensation expense	4,886			4,886				4,886
Issuance of shares under share award plans, net of shares withheld for employee taxes	(496)	0		(496)				(496)
Dividends (Note 5)	(70,852)					(70,852)		(70,852)
Distributions to noncontrolling interests, net	(1,720)								(1,720)
Balance at Apr. 30, 2019	1,893,354	461	1	1,140,099	(36,540)	920,327	(357,989)	1,666,359	226,995
Balance at Jul. 31, 2019	1,726,840	461	1	1,130,083	(31,730)	759,801	(357,989)	1,500,627	226,213
Net income attributable to Vail Resorts, Inc.	252,441					252,441		252,441
Net (income) loss attributable to noncontrolling interests	14,579								14,579
Net income	267,020
Foreign currency translation adjustments, net of tax	(78,260)				(56,833)			(56,833)	(21,427)
Change in estimated fair value of hedging instruments	(21,013)				(21,013)			(21,013)
Comprehensive income attributable to Vail Resorts, Inc.	174,595							174,595
Comprehensive (income) loss attributable to noncontrolling interests	(6,848)								(6,848)
Total comprehensive income (loss)	167,747
Stock-based compensation expense	16,127			16,127				16,127
Issuance of shares under share award plans, net of shares withheld for employee taxes	(10,070)	1		(10,071)				(10,070)
Repurchase of common stock (Note 12)	(46,422)						(46,422)	(46,422)
Dividends (Note 5)	(212,734)					(212,734)		(212,734)
Distributions to noncontrolling interests, net	(11,228)								(11,228)
Balance at Apr. 30, 2020	1,630,260	462	1	1,136,139	(109,576)	799,508	(404,411)	1,422,123	208,137
Balance at Jan. 31, 2020	1,650,198	462	1	1,130,906	(44,100)	717,646	(379,433)	1,425,482	224,716
Net income attributable to Vail Resorts, Inc.	152,546					152,546		152,546
Net (income) loss attributable to noncontrolling interests	7,285								7,285
Net income	159,831
Foreign currency translation adjustments, net of tax	(69,235)				(49,026)			(49,026)	(20,209)
Change in estimated fair value of hedging instruments	(16,450)				(16,450)			(16,450)
Comprehensive income attributable to Vail Resorts, Inc.	87,070							87,070
Comprehensive (income) loss attributable to noncontrolling interests	(12,924)								(12,924)
Total comprehensive income (loss)	74,146
Stock-based compensation expense	5,338			5,338				5,338
Issuance of shares under share award plans, net of shares withheld for employee taxes	(105)	0		(105)				(105)
Repurchase of common stock (Note 12)	(24,978)						(24,978)	(24,978)
Dividends (Note 5)	(70,684)					(70,684)		(70,684)
Distributions to noncontrolling interests, net	(3,655)								(3,655)
Balance at Apr. 30, 2020	$ 1,630,260	$ 462	$ 1	$ 1,136,139	$ (109,576)	$ 799,508	$ (404,411)	$ 1,422,123	$ 208,137

Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Cash flows from operating activities:
Net income	$ 267,020	$ 415,794
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	186,387	161,541
Asset impairments	28,372	0
Stock-based compensation expense	16,127	14,786
Deferred income taxes, net	50,027	125,803
Change in estimated fair value of contingent consideration	(5,264)	3,467
Foreign currency loss on intercompany loans (Note 6)	(8,191)	(5,180)
Other non-cash income, net	(11,532)	(6,485)
Changes in assets and liabilities:
Trade receivables, net	172,735	(37,146)
Inventories, net	(3,160)	5,170
Accounts payable and accrued liabilities	(85,346)	1,013
Deferred revenue	(132,366)	(2,746)
Income taxes payable - excess tax benefit from share award exercises	(2,837)	(4,890)
Income taxes payable - other	(18,580)	(22,403)
Other assets and liabilities, net	(2,795)	6,512
Net cash provided by operating activities	466,979	665,596
Cash flows from investing activities:
Capital expenditures	(145,772)	(146,896)
Acquisition of businesses, net of cash acquired	(327,555)	(419,044)
Other investing activities, net	6,849	13,286
Net cash used in investing activities	(466,478)	(552,654)
Cash flows from financing activities:
Proceeds from borrowings under Vail Holdings Credit Agreement	892,625	335,625
Proceeds from borrowings under Whistler Credit Agreement	202,304	7,667
Repayments of borrowings under Vail Holdings Credit Agreement	(396,250)	(223,750)
Repayments of borrowings under Whistler Credit Agreement	(39,044)	(45,060)
Employee taxes paid for share award exercises	(10,071)	(12,153)
Dividends paid	(212,734)	(189,566)
Repurchases of common stock	(46,422)	(85,000)
Other financing activities, net	(19,034)	(12,408)
Net cash provided by (used in) financing activities	371,374	(224,645)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2,851	(4,825)
Net increase (decrease) in cash, cash equivalents and restricted cash	374,726	(116,528)
Cash, cash equivalents and restricted cash:
Beginning of period	118,389	185,040
End of period	493,115	68,512
Accrued capital expenditures	$ 11,727	$ 13,508

Organization and Business	9 Months Ended
Organization and Business	Apr. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Vail Resorts, Inc. (“Vail Resorts”) is organized as a holding company and operates through various subsidiaries. Vail Resorts and its subsidiaries (collectively, the “Company”) operate in three business segments: Mountain, Lodging and Real Estate. The Company refers to “Resort” as the combination of the Mountain and Lodging segments. In the Mountain segment, the Company operates the following thirty-seven destination mountain resorts and regional ski areas: *Denotes a destination mountain resort which generally receives a meaningful portion of skier visits from long-distance travelers, as opposed to the Company’s regional ski areas which tend to generate skier visits predominantly from their respective local markets. Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations, and for the Company’s Australian resorts, including lodging and transportation operations. Several of the resorts located in the United States (“U.S.”) operate primarily on federal land under the terms of Special Use Permits granted by the U.S. Department of Agriculture Forest Service. The operations of Whistler Blackcomb are conducted on land owned by the government of the Province of British Columbia, Canada within the traditional territory of the Squamish and Lil’wat Nations. The operations of the Company’s Australian resorts are conducted pursuant to long-term leases and licenses on land owned by the governments of New South Wales and Victoria, Australia. Okemo, Mount Sunapee and Stowe operate on land leased from the respective states in which the resorts are located and on land owned by the Company. In the Lodging segment, the Company owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand; other strategic lodging properties and a large number of condominiums located in proximity to the Company’s North American mountain resorts; National Park Service (“NPS”) concessionaire properties including the Grand Teton Lodge Company (“GTLC”), which operates destination resorts in Grand Teton National Park; a Colorado resort ground transportation company and mountain resort golf courses. Vail Resorts Development Company (“VRDC”), a wholly-owned subsidiary, conducts the operations of the Company’s Real Estate segment, which owns, develops and sells real estate in and around the Company’s resort communities. The Company’s mountain business and its lodging properties at or around the Company’s mountain resorts are seasonal in nature with peak operating seasons primarily from mid-November through mid-April in North America. The operating season at the Company’s Australian resorts, NPS concessionaire properties and golf courses generally occurs from June to early October.

Summary of Significant Accounting Policies

9 Months Ended

Apr. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

Consolidated Condensed Financial Statements— In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year, particularly given the significant seasonality to the Company’s operating cycle. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2019. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2019 was derived from audited financial statements.

Use of Estimates— The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.

Goodwill and Intangible Assets— The Company tests goodwill and indefinite-lived intangible assets for impairment annually (or more often, if necessary) as of May 1 and tests definite-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. As a result of the coronavirus (COVID-19) pandemic and the impact it has had on the Company’s operations during the three and nine months ended April 30, 2020, and the expected continuing impact of the pandemic on future operations, the Company determined that it was appropriate to test certain assets within its Colorado resort ground transportation company for impairment as of April 30, 2020. The Company’s testing for goodwill and indefinite-lived intangible asset impairment consists of a comparison of the estimated fair value of those assets with their net carrying values. If the net carrying value of the assets exceed their estimated fair value, an impairment will be recognized for indefinite-lived intangibles, including goodwill, in an amount equal to that excess; otherwise, no impairment loss is recognized. As further discussed in Note 8, the Company recorded an impairment of approximately $28.4 million related to its Colorado resort ground transportation company during the three and nine months ended April 30, 2020, which was recorded within asset impairments on the Company’s Consolidated Condensed Statements of Operations, with corresponding reductions to goodwill, net of $25.7 million and to intangible assets, net and property, plant and equipment, net of $2.7 million. See Note 8, Supplementary Balance Sheet Information, for additional information.

Fair Value of Financial Instruments— The recorded amounts for cash and cash equivalents, restricted cash, receivables, other current assets and accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under the Company’s credit agreements and the Employee Housing Bonds (as defined in Note 6, Long-Term Debt) approximate book value due to the variable nature of the interest rate, which is a market rate, associated with the debt. The estimated fair value of the EPR Secured Notes and EB-5 Development Notes (each as defined in Note 6, Long-Term Debt), which were assumed by the Company during the nine months ended April 30, 2020, have been estimated using analyses based on current borrowing rates for debt with similar remaining maturities and ratings (a Level 3 input). The carrying values, including any unamortized premium or discount, and estimated fair values of the EPR Secured Notes and EB-5 Development Notes as of April 30, 2020 are presented below (in thousands):



	April 30, 2020
	Carrying Value		Estimated Fair Value
EPR Secured Notes	$	137,739	$	131,086
EB-5 Development Notes	$	47,139	$	45,756

Income Taxes and Other Taxes— On March 27, 2020, in response to the COVID-19 pandemic, the U.S. government enacted legislation commonly referred to as the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"). The CARES Act includes various amendments to the U.S. tax code that impacted the Company’s accounting and reporting for income taxes during the three and nine months ended April 30, 2020 and the Company expects these amendments will continue to impact its accounting and reporting for income taxes in the future. The primary provisions of the CARES Act that the Company is continuing to evaluate include:

•

Allowing a carryback of the entire amount of eligible Federal net operating losses (“NOLs”) generated in calendar years 2018, 2019 and 2020 for up to five years prior to when such losses were incurred, representing a change from previous rules under the Tax Cuts & Jobs Act of 2017 (the “TCJA”), in which NOLs could not be carried back to prior years and utilization was limited to 80% of taxable income in future years. Under the CARES Act, the Company expects that it will be able to carry back its pre-existing NOLs to tax years prior to the enactment of the TCJA and obtain an incremental benefit related to the differential in federal tax rates between years that NOLs were generated and years that the NOLs will be carried back to.


•	Treatment of certain qualified improvement property (“QIP”) as 15-year property and allowing such QIP placed in service after December 31, 2017 to be eligible for bonus depreciation, which could incrementally add to its pre-existing NOLs; and


•	Increases in the allowable business interest deduction from 30% of adjusted taxable income to 50% of adjusted taxable income for calendar years 2019 and 2020.

The CARES Act also provides refundable employee retention credits and defers the requirement to remit the employer-paid portion of social security payroll taxes. As a result, during the three and nine months ended April 30, 2020, the Company recorded a credit of approximately $6.5 million, which primarily offset Mountain and Lodging operating expense as a result of wages paid to employees who were not providing services. Additionally, the Company expects to defer payment of the employer-paid portion of social security payroll taxes through the end of calendar year 2020, and will remit such amounts in equal installments during calendar years 2021 and 2022.

The Company also recognized a credit of approximately $2.6 million during the three and nine months ended April 30, 2020 as a result of the recent Canada Emergency Wage Subsidy and Australian JobKeeper legislation for its Canadian and Australian employees, which primarily offset Mountain and Lodging operating expense.

The Company is still in the process of evaluating additional potential benefits that the CARES Act and other COVID-19 related legislation in Canada and Australia will have on the Company’s Consolidated Condensed Financial Statements.

Accounting for Hedging Instruments— From time to time, the Company enters into interest rate swaps (the “Interest Rate Swaps”) to hedge the variability in cash flows associated with variable-rate borrowings by converting the floating interest rate to a fixed interest rate. As of April 30, 2020, the Company hedged the future cash flows associated with $400.0 million of the principal amount outstanding of its Vail Holdings Credit Agreement (as defined in Note 6, Long-Term Debt). The accounting for changes in fair value of hedging instruments depends on the effectiveness of the hedge. In order to qualify for hedge accounting, the underlying hedged item must expose the Company to risks associated with market fluctuations and the financial instrument used must reduce the Company's exposure to market fluctuation throughout the hedge period. Changes in estimated fair value of the Interest Rate Swaps are recorded within change in estimated fair value of hedging instruments on the Company’s Consolidated Condensed Statements of Comprehensive Income, and such changes were recorded as losses of $16.5 million and $21.0 million, respectively, for the three and nine months ended April 30, 2020. As of April 30, 2020, the estimated fair value of the Interest Rate Swaps was a liability of approximately $21.0 million and was recorded within other long-term liabilities on the Company’s Consolidated Condensed Balance Sheet (see Note 9, Fair Value Measurements).

Leases— The Company determines if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if there is one or more assets identified and the right to control the use of any identified asset is conveyed to the Company for a period of time in exchange for consideration. Control over the use of an identified asset means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. Generally, the Company classifies a lease as a finance lease if the terms of the agreement effectively transfer control of the underlying asset; otherwise, it is classified as an operating lease. For contracts that contain lease and non-lease components, the Company accounts for these components separately. For leases with terms greater than twelve months, the associated lease right-of-use (“ROU”) assets and lease liabilities are recognized at the estimated present value of the future minimum lease payments over the lease term at commencement date. The Company’s leases do not provide a readily determinable implicit rate; therefore, the Company uses an estimated incremental borrowing rate to discount the future minimum lease payments. For leases containing fixed rental escalation clauses, the escalators are factored into the determination of future minimum lease

payments. The Company includes options to extend a lease when it is reasonably certain that such options will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. See Note 4, Leases for more information.

Recently Issued Accounting Standards

Adopted Standards

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 on the balance sheet, including those classified as operating leases under previous accounting guidance, and to 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 are required to recognize a lease liability and an ROU asset on their balance sheets, while lessor accounting is largely unchanged. In July 2018, the FASB released ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements” which, among other items, provided an additional and optional transition method. Under this method, an entity initially applies the standard at the adoption date, including the election of certain transition reliefs, and recognizes a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption.

The Company adopted ASU No. 2016-02 on August 1, 2019 using the modified retrospective transition method as provided by the standard. In accordance with this transition method, results for reporting periods beginning on August 1, 2019 are presented under the new standard, while prior periods were not adjusted and continue to be reported in accordance with the previously applicable accounting guidance. The Company has elected the package of practical expedients permitted under the transition guidance which allowed the Company to not reassess: (i) whether any existing or expired contracts are or contain leases; (ii) lease classification of any expired or existing leases; or (iii) initial direct costs for any existing leases. The Company has made an accounting policy election to not record leases on the balance sheet with an initial term of 12 months or less. The Company will recognize those lease payments in the Consolidated Condensed Statements of Operations on a straight-line basis over the lease term. Additionally, the Company has elected the practical expedient to not evaluate existing or expired land easements that were not previously accounted for as leases. At adoption, the Company was not able to determine the interest rate implicit in its leases; therefore, for existing operating leases, the lease liability was measured using the Company’s estimated incremental borrowing rate. For existing leases, the incremental borrowing rate used was based on the remaining lease term at the adoption date. For leases with minimum lease payments adjusted periodically for inflation, the lease liability was measured using the minimum lease payments adjusted by the inflation index at the adoption date.

On August 1, 2019, as a result of adopting the standard, the Company recorded $225.6 million of operating ROU assets and $258.0 million of related total operating lease liabilities in the Consolidated Condensed Balance Sheet (of which $223.1 million was recorded to operating lease liabilities and $34.9 million was recorded to accounts payable and accrued liabilities). As a result of the adoption, the Company reclassified $32.4 million of unfavorable lease obligations, deferred rent credits and other similar amounts to the operating ROU assets balance, primarily from other long-term liabilities, which reduced the amount recognized as operating ROU assets to $225.6 million. The adoption of the new lease standard did not result in a cumulative effect adjustment to beginning retained earnings, and did not materially affect the Company’s Consolidated Condensed Statements of Operations for the three and nine months ended April 30, 2019 or Consolidated Condensed Statement of Cash Flows for the nine months ended April 30, 2019. The Company’s Canyons finance lease was not affected by the implementation of this standard as the arrangement is classified and recorded as a finance lease arrangement under both the previous and new accounting guidance.

In April 2020, the FASB issued clarifying guidance on accounting for certain lease concessions related to the effects of the COVID-19 pandemic under ASC Topic 842, allowing companies to make an election to either account for such lease concessions (i) in the period that they occur as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract) or (ii) ratably over the remainder of the lease term as modifications to the contract. The Company made a policy election to account for such lease concessions as though enforceable rights and obligations to make those concessions existed in the contracts and as a result, will account for concessions in the period in which they occur. This election did not have a material impact on the Company’s Consolidated Condensed Financial Statements for the three and nine months ended April 30, 2020.

Standards Being Evaluated

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting," The ASU provides optional transition guidance, for a limited time, to companies that have contracts, hedging relationships or other transactions that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate which is expected to be discontinued because of reference rate reform. The amendments provide optional expedients

and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met. The amendments in this update are effective as of March 12, 2020 through December 31, 2022. The amendments in this update may be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. All other amendments should be applied on a prospective basis. The Company is in the process of evaluating the effect that the adoption of this standard will have on its Consolidated Condensed Financial Statements.

Revenue (Notes)

9 Months Ended

Apr. 30, 2020

Revenue [Abstract]

Revenue from Contract with Customer [Text Block]

3. Revenues

Revenue Recognition

As a result of the COVID-19 pandemic, the Company closed its North American destination mountain resorts, regional ski areas and retail stores beginning on March 15. 2020. To encourage the Company’s pass product holders to renew their pass purchases for next season following the early closures this spring, the Company announced a credit offer on April 27, 2020 for all existing 2019/2020 North American ski season pass product holders to purchase 2020/2021 North American ski season pass products at a discount (the “Credit Offer”). The Credit Offer discounts range from a minimum of 20% to a maximum of 80% for season pass holders, depending on the number of days the pass holder used their pass product during the 2019/2020 season and a credit, with no minimum, but up to 80% for multi-day pass products, such as the Epic Day Pass, based on total unused days. The Credit Offer was considered a contract modification and constitutes a material right to existing guests and, as such, represent a separate performance obligation to which the Company allocated a transaction price of approximately $120.9 million. As a result, the Company deferred $120.9 million of pass product revenue, which would have been recognized as lift revenue during the year ending July 31, 2020, primarily during the quarter ended April 30, 2020. The revenue will be recognized once the performance obligation associated with the Credit Offer is satisfied, which the Company expects will be primarily in the second and third fiscal quarters of the fiscal year ending July 31, 2021, or earlier if the Credit Offer expires unredeemed. In addition, as a result of the pass product revenue deferral, the Company also deferred approximately $2.9 million of the associated costs of obtaining a contract (primarily credit card processing fees), which will be recognized commensurate with the associated deferred revenue.

The Company estimated the standalone selling price of the Credit Offer by utilizing historical pass holder renewal data to estimate the total amount of credits that are expected to be redeemed. Estimates and assumptions made regarding expected renewal rates impact the estimate of the transaction price allocated to the Credit Offer and could vary materially from the amount of revenue deferred depending upon actual customer redemptions.

Disaggregation of Revenues

The following table presents net revenues disaggregated by segment and major revenue type for the three and nine months ended April 30, 2020 and 2019 (in thousands):



	Three Months Ended April 30,				Nine Months Ended April 30,
	2020		2019		2020		2019
Mountain net revenue:
Lift	$	374,818	$	526,881	$	900,995	$	999,124
Ski School	76,563		110,755		187,840		207,271
Dining	61,632		78,928		158,980		162,629
Retail/Rental	78,133		114,082		259,761		285,860
Other	44,158		47,252		154,105		144,093
Total Mountain net revenue	$	635,304	$	877,898	$	1,661,681	$	1,798,977
Lodging net revenue:
Owned hotel rooms	$	8,126	$	12,352	$	39,323	$	43,499
Managed condominium rooms	23,744		30,671		69,984		69,835
Dining	8,099		11,067		37,353		37,385
Transportation	5,672		8,578		15,748		18,774
Golf	—		—		10,606		9,628
Other	9,775		13,278		37,411		37,697
	55,416		75,946		210,425		216,818
Payroll cost reimbursements	2,969		3,902		9,605		11,179
Total Lodging net revenue	$	58,385	$	79,848	$	220,030	$	227,997
Total Resort net revenue	$	693,689	$	957,746	$	1,881,711	$	2,026,974
Total Real Estate net revenue	398		241		4,784		595
Total net revenue	$	694,087	$	957,987	$	1,886,495	$	2,027,569

Contract Balances

Deferred revenue balances of a short-term nature were $219.4 million and $335.7 million as of April 30, 2020 and July 31, 2019, respectively. Deferred revenue balances of a long-term nature, comprised primarily of long-term private club initiation fee revenue, were $124.5 million and $124.3 million as of April 30, 2020 and July 31, 2019, respectively. For the three and nine months ended April 30, 2020, the Company recognized approximately $83.5 million and $263.4 million, respectively, of revenue that was included in the deferred revenue balance as of July 31, 2019. As of April 30, 2020, the weighted average remaining period over which revenue for unsatisfied performance obligations on long-term private club contracts will be recognized was approximately 16 years. Trade receivable balances were $100.2 million and $270.9 million as of April 30, 2020 and July 31, 2019, respectively.

Costs to Obtain Contracts with Customers

As of April 30, 2020, $3.1 million of costs to obtain contracts with customers were recorded within other current assets on the Company’s Consolidated Condensed Balance Sheet. The amounts capitalized are subject to amortization commensurate with the revenue recognized for skier visits. The Company recorded amortization of $4.0 million and $11.0 million for these costs during the three and nine months ended April 30, 2020, which was recorded within Mountain and Lodging operating expenses on the Company’s Consolidated Condensed Statements of Operations.

Leases (Notes)

9 Months Ended

Apr. 30, 2020

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

4. Leases

The Company’s operating leases consist primarily of commercial and retail space, office space, employee residential units, vehicles and other equipment. The Company determines if an arrangement is or contains a lease at contract inception or modification. The Company’s lease contracts generally range from 1 year to 60 years, with some lease contracts containing one or more lease extension options, exercisable at the Company’s discretion. The Company generally does not include these lease extension options in the initial lease term as it is not reasonably certain that it will exercise such options at contract inception. In addition, certain lease arrangements contain fixed and variable lease payments. The variable lease payments are primarily contingent rental payments based on: (i) a percentage of revenue related to the leased property; (ii) payments based on a percentage of sales over contractual levels; or (iii) lease payments adjusted for changes in an index or market value. These variable lease payments are typically recognized when the underlying event occurs and are included in operating expenses in the Company's Consolidated Condensed Statements of Operations in the same line item as the expense arising from fixed lease payments. The Company’s lease agreements may also include non-lease components, such as common area maintenance and insurance, which are accounted for separately as non-lease components. Future lease payments that are contingent and non-lease components are not included in the measurement of the operating lease liability. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. Lease expense related to lease payments is recognized on a straight-line basis over the term of the lease.

The Company’s leases do not provide a readily determinable implicit rate. As a result, the Company measures the lease liability using an estimated incremental borrowing rate which is intended to reflect the rate of interest the Company would pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The Company applies the estimated incremental borrowing rates at a portfolio level based on the economic environment associated with the lease.

The Company uses the long-lived assets impairment guidance to determine recognition and measurement of an ROU asset impairment, if any. The Company monitors for events or changes in circumstances that require a reassessment.

The components of lease expense for the three and nine months ended April 30, 2020, were as follows (in thousands):



	Three Months Ended April 30, 2020			Nine Months Ended April 30, 2020
Finance leases:
Amortization of the finance ROU assets	$	2,438		$	7,314
Interest on lease liabilities	$	8,509		$	25,526
Operating leases:
Operating lease expense	$	10,815		$	32,496
Short-term lease expense¹	$	3,235		$	11,116
Variable lease (credit) expense	$	(911	)	$	1,270

¹Short-term lease expense is attributable to leases with terms of 12 months or less which are not included within the Company’s Consolidated Condensed Balance Sheet.

The following table presents the supplemental cash flow information associated with the Company’s leasing activities for the nine months ended April 30, 2020 (in thousands):



	Nine Months Ended April 30, 2020
Cash flow supplemental information:
Operating cash outflows for operating leases	$	48,252
Operating cash outflows for finance leases	$	22,245
Financing cash outflows for finance leases	$	5,387

Weighted-average remaining lease terms and discount rates are as follows:



	As of April 30, 2020
Weighted-average remaining lease term (in years)
Operating leases	10.7
Finance leases	43.1
Weighted-average discount rate
Operating leases	4.5	%
Finance leases	10.0	%

Future minimum lease payments for operating and finance leases as of April 30, 2020 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):



	Operating Leases			Finance Leases
2020 (May 2020 through July 2020)	$	9,287		$	7,063
2021	45,370			28,818
2022	42,213			29,394
2023	37,371			29,982
2024	33,628			30,582
Thereafter	164,626			1,805,048
Total future minimum lease payments	332,495			1,930,887
Less amount representing interest	(88,234		)	(1,586,296		)
Total lease liabilities	$	244,261		$	344,591

Future minimum lease payments in accordance with Topic 840 as of July 31, 2019, reflected by fiscal year, were as follows (in thousands):



	Operating Leases		Capital Leases
2020	$	44,984	$	28,253
2021	42,512		28,818
2022	39,440		29,394
2023	34,840		29,982
2024	30,836		30,582
Thereafter	142,526		1,805,048
Total future minimum lease payments	$	335,138	$	1,952,077
Less amount representing interest			(1,611,816		)
Net future minimum lease payments			$	340,261

The current portion of operating lease liabilities of approximately $35.0 million as of April 30, 2020 is recorded within accounts payables and accrued liabilities in the Consolidated Condensed Balance Sheet. Finance lease liabilities are recorded within long-term debt, net in the Consolidated Condensed Balance Sheets.

The Canyons finance lease obligation represents the only material finance lease entered into by the Company as of April 30, 2020. As of April 30, 2020, the Company has recorded $120.2 million of finance lease ROU assets in connection with the Canyons lease, net of $63.4 million of accumulated amortization, which is included within property, plant and equipment in the Company’s Consolidated Condensed Balance Sheet.

Net Income Per Common Share

9 Months Ended

Apr. 30, 2020

Earnings Per Share Reconciliation [Abstract]

Summary of Calculation of Basic And Diluted EPS

Presented below is basic and diluted EPS for the three months ended April 30, 2020 and 2019 (in thousands, except per share amounts):



	Three Months Ended April 30,
	2020				2019
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	152,546	$	152,546	$	292,134	$	292,134
Weighted-average Vail Shares outstanding	40,183		40,183		40,198		40,198
Weighted-average Exchangeco Shares outstanding	54		54		57		57
Total Weighted-average shares outstanding	40,237		40,237		40,255		40,255
Effect of dilutive securities	—		507		—		765
Total shares	40,237		40,744		40,255		41,020
Net income per share attributable to Vail Resorts	$	3.79	$	3.74	$	7.26	$	7.12

The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 4,000 and 54,000 for the three months ended April 30, 2020 and 2019, respectively.

Presented below is basic and diluted EPS for the nine months ended April 30, 2020 and 2019 (in thousands, except per share amounts):



	Nine Months Ended April 30,
	2020				2019
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	252,441	$	252,441	$	390,688	$	390,688
Weighted-average Vail Shares outstanding	40,244		40,244		40,307		40,307
Weighted-average Exchangeco Shares outstanding	55		55		57		57
Total Weighted-average shares outstanding	40,299		40,299		40,364		40,364
Effect of dilutive securities	—		601		—		837
Total shares	40,299		40,900		40,364		41,201
Net income per share attributable to Vail Resorts	$	6.26	$	6.17	$	9.68	$	9.48

The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 1,000 and 48,000 for the nine months ended April 30, 2020 and 2019, respectively.

Net Income Per Common Share

Net Income per Share

Earnings per Share

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then share in the earnings of Vail Resorts.

In connection with the Company’s acquisition of Whistler Blackcomb in October 2016, the Company issued consideration in the form of shares of Vail Resorts common stock (the “Vail Shares”) and shares of the Company’s wholly-owned Canadian subsidiary (“Exchangeco”). Whistler Blackcomb shareholders elected to receive 3,327,719 Vail Shares and 418,095 shares of Exchangeco (the “Exchangeco Shares”). Both Vail Shares and Exchangeco Shares have a par value of $0.01 per share, and Exchangeco Shares, while outstanding, are substantially the economic equivalent of Vail Shares and are exchangeable, at any time prior to the seventh anniversary of the closing of the acquisition, into Vail Shares. The Company’s calculation of weighted-average shares outstanding includes the Exchangeco Shares.

Presented below is basic and diluted EPS for the three months ended April 30, 2020 and 2019 (in thousands, except per share amounts):



	Three Months Ended April 30,
	2020				2019
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	152,546	$	152,546	$	292,134	$	292,134
Weighted-average Vail Shares outstanding	40,183		40,183		40,198		40,198
Weighted-average Exchangeco Shares outstanding	54		54		57		57
Total Weighted-average shares outstanding	40,237		40,237		40,255		40,255
Effect of dilutive securities	—		507		—		765
Total shares	40,237		40,744		40,255		41,020
Net income per share attributable to Vail Resorts	$	3.79	$	3.74	$	7.26	$	7.12

Presented below is basic and diluted EPS for the nine months ended April 30, 2020 and 2019 (in thousands, except per share amounts):



	Nine Months Ended April 30,
	2020				2019
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	252,441	$	252,441	$	390,688	$	390,688
Weighted-average Vail Shares outstanding	40,244		40,244		40,307		40,307
Weighted-average Exchangeco Shares outstanding	55		55		57		57
Total Weighted-average shares outstanding	40,299		40,299		40,364		40,364
Effect of dilutive securities	—		601		—		837
Total shares	40,299		40,900		40,364		41,201
Net income per share attributable to Vail Resorts	$	6.26	$	6.17	$	9.68	$	9.48

Dividends

During the three and nine months ended April 30, 2020, the Company paid cash dividends of $1.76 and $5.28 per share, respectively ($70.7 million and $212.7 million, respectively, in the aggregate). During the three and nine months ended April 30, 2019, the Company paid cash dividends of $1.76 and $4.70 per share, respectively ($70.9 million and $189.6 million, respectively, in the aggregate). The Company announced on April 1, 2020 that it would be suspending its quarterly dividend for at least the next two quarters, and will be subject to a dividend limitation under the Financial Covenants Temporary Waiver Period of the Vail Holdings Credit Agreement (as defined in Note 6, Long-Term Debt).

Long-Term Debt

9 Months Ended

Apr. 30, 2020

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt, net as of April 30, 2020, July 31, 2019 and April 30, 2019 is summarized as follows (in thousands):



	Maturity	April 30, 2020			July 31, 2019		April 30, 2019
Vail Holdings Credit Agreement term loan (a)	2024	$	1,218,750		$	914,375	$	926,250
Vail Holdings Credit Agreement revolver (a)	2024	400,000			208,000		—
Whistler Credit Agreement revolver (b)	2024	214,101			45,454		26,127
EPR Secured Notes (c)	2034-2036	114,162			—		—
EB-5 Development Notes (d)	2021	51,500			—		—
Employee housing bonds	2027-2039	52,575			52,575		52,575
Canyons obligation	2063	344,591			340,261		338,823
Other	2020-2033	19,022			19,465		19,636
Total debt		2,414,701			1,580,130		1,363,411
Less: Unamortized premiums, discounts and debt issuance costs		(14,237		)	3,870		4,037
Less: Current maturities (e)		63,566			48,516		48,504
Long-term debt, net		$	2,365,372		$	1,527,744	$	1,310,870

(a)

On September 23, 2019, in order to fund the acquisition of Peak Resorts, Inc. (“Peak Resorts”), which included the prepayment of certain portions of the outstanding debt and lease obligations of Peak Resorts contemporaneous with the closing of the transaction (see Note 7, Acquisitions), the Company’s wholly-owned subsidiary, Vail Holdings, Inc. (“VHI”), entered into the Second Amendment to the Eighth Amended and Restated Credit Agreement (the “Vail Holdings Credit Agreement”), with Bank of America, N.A., as administrative agent, and other lenders named therein, through which those lenders agreed to provide an additional $335.6 million in incremental term loans and agreed, on behalf of all lenders, to extend the maturity date for the outstanding term loans and revolver facility under the Vail Holdings Credit Agreement to September 23, 2024. No other material terms of the Vail Holdings Credit Agreement were altered under the amendment.

On April 28, 2020, VHI, certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent, and certain Lenders entered into a Third Amendment to the Vail Holdings Credit Agreement (the “Third Amendment”). Pursuant to the Third Amendment, among other terms, VHI will be exempt from complying with the Vail Holdings Credit Agreement’s maximum leverage ratio and minimum interest coverage ratio financial maintenance covenants for each of the fiscal quarters ending July 31, 2020 through January 31, 2022 (unless VHI makes a one-time irrevocable election to terminate such exemption period prior to such date) (such period, the “Financial Covenants Temporary Waiver Period”), after which VHI will again be required to comply with such covenants starting with the fiscal quarter ending April 30, 2022 (or such earlier fiscal quarter as elected by VHI). After the Financial Covenants Temporary Waiver Period:


•	the maximum leverage ratio permitted under the maximum leverage ratio financial maintenance covenant reduces each quarter after the expiration of the Financial Covenants Temporary Waiver Period as follows:

(A) first full fiscal quarter: 6.25 to 1.00;

(B) second full fiscal quarter: 5.75 to 1.00;

(D) fourth full fiscal quarter and for each fiscal quarter thereafter: 5.00 to 1.00.


•	the minimum interest coverage ratio permitted under the minimum interest coverage ratio financial maintenance covenant will be 2.00 to 1.00.

In addition, VHI will be required to comply with a monthly minimum liquidity test (liquidity is defined as unrestricted cash and temporary cash investments of VRI and its restricted subsidiaries and available commitments under the Vail Holdings Credit Agreement revolver) of not less than $150.0 million, during the period beginning July 31, 2020 and ending on the date VHI delivers a compliance certificate for the Company and its subsidiaries’ first fiscal quarter following the end of the Financial Covenants Temporary Waiver Period.

The Company will be prohibited from the following activities during the Financial Covenants Temporary Waiver Period (unless approval is obtained by a majority of the Lenders):

•

paying any dividends or making share repurchases, unless (x) no default or potential default exists under the Vail Holdings Credit Agreement and (y) the Company has liquidity (as defined above) of at least $400.0 million, and the aggregate amount of dividends paid and share repurchases made by the Company during the Financial Covenants Temporary Waiver Period may not exceed $38.2 million in any fiscal quarter;


•	making capital expenditures in excess of $200.0 million per 12-month period ending January 31, other than non-recurring extraordinary capital expenditures incurred in connection with emergency repairs, life safety repairs or ordinary course maintenance repairs;


•	incurring any indebtedness secured by the collateral under the Vail Holdings Credit Agreement other than pursuant to the existing revolving commitments under the Credit Agreement;


•	making non-ordinary course investments in unrestricted subsidiaries unless the Company has liquidity (as defined above) of at least $300.0 million;


•	making investments in non-subsidiaries in excess of $50.0 million in the aggregate; and


•	acquiring all or a majority of the capital stock or all or any substantial portion of the assets of any entity or merging or consolidating with another entity.

During the Financial Covenants Temporary Waiver Period, borrowings under the Vail Holdings Credit Agreement, including the term loan facility, will bear interest annually at LIBOR plus 2.50% and, for amounts in excess of $400.0 million, LIBOR will be subject to a floor of 0.75%. In addition, pursuant to the Third Amendment, the amount by which we are able to increase availability (under the revolver or in the form of term loans) will be increased to an aggregate principal amount not to exceed the greater of (i) $2.25 billion and (ii) the product of 3.25 and the trailing four-quarter Adjusted EBITDA (as defined in the Credit Agreement).

As of April 30, 2020, the Vail Holdings Credit Agreement consists of a $500.0 million revolving credit facility and a $1.25 billion term loan facility. The term loan facility is subject to quarterly amortization of principal of approximately $15.6 million (which began in January 2020), in equal installments, for a total of five percent of principal payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due in September 2024. The proceeds of the loans made under the Vail Holdings Credit Agreement may be used to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit, subject to the Financial Covenants Temporary Waiver Period limitations, as discussed above. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at LIBOR plus 1.50% as of April 30, 2020 (1.94% as of April 30, 2020). Interest rate margins may fluctuate based upon the ratio of the Company’s Net Funded Debt to Adjusted EBITDA on a trailing four-quarter basis. The Vail Holdings Credit Agreement also includes a quarterly unused commitment fee, which is equal to a percentage determined by the Net Funded Debt to Adjusted EBITDA ratio, as each such term is defined in the Vail Holdings Credit Agreement, multiplied by the daily amount by which the Vail Holdings Credit Agreement commitment exceeds the total of outstanding loans and outstanding letters of credit (0.3% as of April 30, 2020). During the nine months ended April 30, 2020, the Company entered into various interest rate swap agreements to hedge the LIBOR-based variable interest rate component of underlying cash flows of $400.0 million in principal amount of its Vail Holdings Credit Agreement for the remaining term of the agreement at an effective rate of 1.46%.

(b)

Whistler Mountain Resort Limited Partnership (“Whistler LP”) and Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP”), together “The WB Partnerships,” are party to a credit agreement, dated as of November 12, 2013 (as amended, the “Whistler Credit Agreement”), by and among Whistler LP, Blackcomb LP, certain subsidiaries of Whistler LP and Blackcomb LP party thereto as guarantors (the “Whistler Subsidiary Guarantors”), the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. The Whistler Credit Agreement consists of a C$300.0 million revolving credit facility. During the three months ended January 31, 2020, the Company entered into an amendment of the Whistler Credit Agreement which extended the maturity date of the revolving credit facility to December 15, 2024. No other material terms of the Whistler Credit Agreement were altered. As of April 30, 2020, all borrowings under the Whistler Credit Agreement were made in Canadian dollars and by way of the issuance of bankers’ acceptances plus 1.75% (approximately 2.38% as of April 30, 2020). The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of April 30, 2020 is equal to 0.3937% per annum.

(c)

On September 24, 2019, in conjunction with the acquisition of Peak Resorts (see Note 7, Acquisitions), the Company assumed various secured borrowings (the “EPR Secured Notes”) under the master credit and security agreements and other related agreements, as amended, (collectively, the “EPR Agreements”) with EPT Ski Properties, Inc. and its affiliates (“EPR”). The EPR Secured Notes include the following:


i.	The Alpine Valley Secured Note. The $4.6 million Alpine Valley Secured Note provides for interest payments through its maturity on December 1, 2034. As of April 30, 2020, interest on this note accrued at a rate of 11.21%.


ii.	The Boston Mills/Brandywine Secured Note. The $23.3 million Boston Mills/Brandywine Secured Note provides for interest payments through its maturity on December 1, 2034. As of April 30, 2020, interest on this note accrued at a rate of 10.75%.


iii.	The Jack Frost/Big Boulder Secured Note. The $14.3 million Jack Frost/Big Boulder Secured Note provides for interest payments through its maturity on December 1, 2034. As of April 30, 2020, interest on this note accrued at a rate of 10.75%.


iv.	The Mount Snow Secured Note. The $51.1 million Mount Snow Secured Note provides for interest payments through its maturity on December 1, 2034. As of April 30, 2020, interest on this note accrued at a rate of 11.78%.


v.	The Hunter Mountain Secured Note. The $21.0 million Hunter Mountain Secured Note provides for interest payments through its maturity on January 5, 2036. As of April 30, 2020, interest on this note accrued at a rate of 8.57%.

The EPR Secured Notes are secured by all or substantially all of the assets of Peak Resorts and its subsidiaries, including mortgages on the Alpine Valley, Boston Mills, Brandywine, Jack Frost, Big Boulder, Mount Snow and Hunter Mountain ski resorts. The EPR Secured Notes bear interest at specified interest rates, as discussed above, which are subject to increase each year by the lesser of (i) three times the percentage increase in the Consumer Price Index or (ii) a capped index (the “Capped CPI Index”), which is 1.75% for the Hunter Mountain Secured Note and 1.50% for all other notes. The EPR Agreements provide for affirmative and negative covenants that restrict, among other things, the ability of Peak Resorts and its subsidiaries to incur indebtedness, dispose of assets, make distributions and make investments. In addition, the EPR Agreements include restrictive covenants, including maximum leverage ratio and consolidated fixed charge ratio. An additional contingent interest payment would be due to EPR if, on a calendar year basis, the gross receipts from the properties securing any of the individual EPR Secured Notes (the “Gross Receipts”) are more than the result (the “Interest Quotient”) of dividing the total interest charges for the EPR Secured Notes by a specified percentage rate (the “Additional Interest Rate”). In such a case, the additional interest payment would equal the difference between the Gross Receipts and the Interest Quotient multiplied by the Additional Interest Rate. This calculation is made on an aggregated basis for the notes secured by the Jack Frost, Big Boulder, Boston Mills, Brandywine and Alpine Valley ski resorts, where the Additional Interest Rate is 10.0%; on a standalone basis for the note secured by the Company’s Mount Snow ski resort, where the Additional Interest Rate is 12.0%; and on a standalone basis for the note secured by the Company’s Hunter Mountain ski resort, where the Additional Interest Rate is 8.0%. Peak Resorts does not have the right to prepay the EPR Secured Notes. The EPR Secured Notes were recorded at their estimated fair value in conjunction with the acquisition of Peak Resorts on September 24, 2019. The EPR Agreements grant EPR certain other rights including (i) the option to purchase the Boston Mills, Brandywine, Jack Frost, Big Boulder or Alpine Valley resorts, which is exercisable no sooner than two years and no later than one year prior to the maturity dates of the applicable EPR Secured Note for such properties, with any closings to be held on the applicable maturity dates; and, if EPR exercises the purchase option, EPR will enter into an agreement with the Company for the lease of each acquired property for an initial term of 20 years, plus options to extend the lease for two additional periods of ten years each; (ii) a right of first refusal through 2021, subject to certain conditions, to provide all or a portion of the financing associated with any purchase, ground lease, sale/leaseback, management or financing transaction contemplated by Peak Resorts with respect to any new or existing ski resort properties; and (iii) a right of first refusal through 2021 to purchase the Company’s Attitash ski resort in the event the Company were to desire to sell the Attitash ski resort. To date, EPR has not exercised any such purchase options.

In addition, Peak Resorts is required to maintain a debt service reserve account which amounts are applied to fund interest payments and other amounts due and payable to EPR. As of April 30, 2020 the Company had funded the EPR debt service reserve account in an amount equal to approximately $9.2 million, which was included in other current assets in the Company’s Consolidated Condensed Balance Sheet.

(d)

Peak Resorts serves as the general partner for two limited partnerships, Carinthia Group 1, LP and Carinthia Group 2, LP (together, the “Carinthia Partnerships”), which were formed to raise $52.0 million through the Immigrant Investor Program administered by the U.S. Citizenship and Immigration Services (“USCIS”), pursuant to the Immigration and Nationality Act (the “EB-5 Program”). The EB-5 Program was created to stimulate the U.S. economy through the creation of jobs and capital investments in U.S. companies by foreign investors. The program allocates immigrant visas to qualified individuals (“EB-5 Investors”) seeking lawful permanent resident status based on their investment in a U.S commercial enterprise. On December 27, 2016, Peak Resorts borrowed $52.0 million from the Carinthia Partnerships to fund two capital projects

at Mount Snow. The amounts were borrowed through two loan agreements, which provided $30.0 million and $22.0 million (together, the “EB-5 Development Notes”). Amounts outstanding under the EB-5 Development Notes accrue simple interest at a fixed rate of 1.0% per annum until the maturity date, which is December 27, 2021, subject to an extension of up to two additional years at the option of the borrowers, with lender consent. If the maturity date is extended, amounts outstanding under the EB-5 Development Notes will accrue simple interest at a fixed rate of 7.0% per annum during the first year of extension and a fixed rate of 10.0% per annum during the second year of extension. Upon an event of default (as defined), amounts outstanding under the EB-5 Development Notes shall bear interest at the rate of 5.0% per annum, subject to the extension increases. While the EB-5 Development Notes are outstanding, Peak Resorts is restricted from taking certain actions without the consent of the lenders, including, but not limited to, transferring or disposing of the properties or assets financed with loan proceeds. In addition, Peak Resorts is prohibited from prepaying outstanding amounts owed if such prepayment would jeopardize any of the EB-5 Investors from being admitted to the U.S. via the EB-5 Program.


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

Aggregate maturities of debt outstanding as of April 30, 2020 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):



	Total
2020 (May 2020 through July 2020)	$	15,873
2021	69,790
2022	115,382
2023	63,750
2024	63,794
Thereafter	2,086,112
Total debt	$	2,414,701

The Company recorded gross interest expense of $24.5 million and $19.6 million for the three months ended April 30, 2020 and 2019, respectively, of which $0.3 million was amortization of deferred financing costs in both periods. The Company recorded gross interest expense of $73.3 million and $59.2 million for the nine months ended April 30, 2020 and 2019, respectively, of which $1.0 million was amortization of deferred financing costs in both periods. The Company was in compliance with all of its financial and operating covenants required to be maintained under its debt instruments for all periods presented.

In connection with the Company’s acquisition of Whistler Blackcomb in October 2016, VHI funded a portion of the purchase price through an intercompany loan to Whistler Blackcomb of $210.0 million, which was effective as of November 1, 2016, and requires foreign currency remeasurement to Canadian dollars, the functional currency for Whistler Blackcomb. As a result, foreign currency fluctuations associated with the loan are recorded within the Company’s results of operations. The Company recognized approximately $7.8 million and $8.2 million, respectively, of non-cash foreign currency losses on the intercompany loan to Whistler Blackcomb for the three and nine months ended April 30, 2020 on the Company’s Consolidated Condensed Statements of Operations. The Company recognized approximately $3.3 million and $5.2 million, respectively, of non-cash foreign currency losses on the intercompany loan to Whistler Blackcomb for the three and nine months ended April 30, 2019 on the Company’s Consolidated Condensed Statements of Operations.

Acquisitions

9 Months Ended

Apr. 30, 2020

Business Combinations [Abstract]

Acquisitions

Peak Resorts

On September 24, 2019, the Company, through a wholly-owned subsidiary, acquired 100 percent of the outstanding stock of Peak Resorts, Inc. (“Peak Resorts”) at a purchase price of $11.00 per share or approximately $264.5 million. In addition, contemporaneous with the closing of the transaction, Peak Resorts was required to pay approximately $70.2 million of certain outstanding debt instruments and lease obligations in order to complete the transaction. Accordingly, the total purchase price, including the repayment of certain outstanding debt instruments and lease obligations, was approximately $334.7 million, for which the Company borrowed approximately $335.6 million under the Vail Holdings Credit Agreement (see Note 6, Long-Term Debt) to fund the acquisition, repayment of debt instruments and lease obligations, and associated acquisition related expenses. The newly acquired resorts include: Mount Snow in Vermont; Hunter Mountain in New York; Attitash Mountain Resort, Wildcat Mountain and Crotched Mountain in New Hampshire; Liberty Mountain Resort, Roundtop Mountain Resort, Whitetail Resort, Jack Frost and Big Boulder in Pennsylvania; Alpine Valley, Boston Mills, Brandywine and Mad River Mountain in Ohio; Hidden Valley and Snow Creek in Missouri; and Paoli Peaks in Indiana. The Company assumed the Special Use Permits from the U.S. Forest Service for Attitash, Mount Snow and Wildcat Mountain, and assumed the land leases for Mad River and Paoli Peaks. The acquisition included the mountain operations of the resorts, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities), as well as lodging operations at certain resorts.

The following summarizes the purchase consideration and the preliminary purchase price allocation to 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
Current assets	$	19,578
Property, plant and equipment	427,793
Goodwill	144,526
Identifiable intangible assets	19,221
Other assets	16,203
Assumed long-term debt	(184,668		)
Other liabilities	(107,923		)
Net assets acquired	$	334,730

Identifiable intangible assets acquired in the transaction were primarily related to trade names and property management contracts, which had acquisition date estimated fair values of approximately $15.8 million and $3.1 million, respectively. The process of estimating the fair value of the property, plant, and equipment includes the use of certain estimates and assumptions related to replacement cost and physical condition at the time of acquisition. The excess of the purchase price over the aggregate estimated fair values of the assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of the resorts and other factors, and is not expected to be deductible for income tax purposes. The Company assumed various debt obligations of Peak Resorts, which were recorded at their respective estimated fair values as of the acquisition date (see Note 6, Long-Term Debt). The Company recognized $2.8 million of acquisition related expenses associated with the transaction within Mountain and Lodging operating expense in its Consolidated Condensed Statement of Operations for the nine months ended April 30, 2020. The operating results of Peak Resorts are reported within the Mountain and Lodging segments prospectively from the date of acquisition.

Falls Creek and Hotham Resorts

On April 4, 2019, the Company, through a wholly-owned subsidiary, acquired ski field leases and related infrastructure used to operate two resorts in Victoria, Australia. The Company acquired Australian Alpine Enterprises Holdings Pty. Ltd and all related corporate entities that operate the Falls Creek and Hotham resorts from Living and Leisure Australia Group, a subsidiary of Merlin Entertainments, for a cash purchase price of approximately AU$178.9 million ($127.4 million), after adjustments for certain agreed-upon terms, including an increase in the purchase price for operating losses incurred for the period from December 29, 2018 through closing. The acquisition included the mountain operations of both resorts, including base area skier services (ski and snowboard school facilities, retail and rental, reservation and property management operations).

The following summarizes the purchase consideration and the purchase price allocation to 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
Current assets	$	6,986
Property, plant and equipment	54,889
Goodwill	71,538
Identifiable intangible assets and other assets	5,833
Liabilities	(11,894		)
Net assets acquired	$	127,352

Identifiable intangible assets acquired in the transaction were primarily related to trade names. The process of estimating the fair value of the property, plant, and equipment includes the use of certain estimates and assumptions related to replacement cost and physical condition at the time of acquisition. 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 Falls Creek and Hotham and other factors. None of the goodwill is expected to be deductible for income tax purposes under Australian tax law. The Company recognized $4.7 million of acquisition related expenses associated with the transaction, including stamp duty expense of $2.9 million, within Mountain and Lodging operating expense in its Consolidated Condensed Statement of Operations for the nine months ended April 30, 2019. The operating results of Falls Creek and Hotham are reported within the Mountain segment prospectively from the date of acquisition.

Stevens Pass Resort

On August 15, 2018, the Company, through a wholly-owned subsidiary, acquired Stevens Pass Resort in the State of Washington from Ski Resort Holdings, LLC, an affiliate of Oz Real Estate (“Ski Resort Holdings”), for total cash consideration of $64.0 million, after adjustments for certain agreed-upon terms. The Company borrowed $70.0 million on August 15, 2018 under its Vail Holdings Credit Agreement term loan (see Note 6, Long-Term Debt) to fund the transaction and associated acquisition related expenses. The acquisition included the mountain operations of the resort, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities).



	Acquisition Date Estimated Fair Value
Current assets	$	752
Property, plant and equipment	34,865
Goodwill	28,878
Identifiable intangible assets	2,680
Deferred income taxes, net	886
Liabilities	(4,029		)
Net assets acquired	$	64,032

The process of estimating the fair value of the property, plant, and equipment includes the use of certain estimates and assumptions related to replacement cost and physical condition at the time of acquisition. 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 Stevens Pass and other factors, and is expected to be deductible for income tax purposes. The Company recognized $1.2 million of acquisition related expenses associated with the transaction within Mountain and Lodging operating expense in its Consolidated Condensed Statement of Operations for the nine months ended April 30, 2019. The operating results of Stevens Pass are reported within the Mountain segment prospectively from the date of acquisition.

Triple Peaks

On September 27, 2018, the Company, through a wholly-owned subsidiary, acquired Triple Peaks, LLC (“Triple Peaks”), the parent company of Okemo Mountain Resort in Vermont, Crested Butte Mountain Resort in Colorado, and Mount Sunapee Resort

in New Hampshire, for a cash purchase price of approximately $74.1 million, after adjustments for certain agreed-upon terms. In addition, contemporaneous with the closing of the transaction, Triple Peaks paid $155.0 million to pay the remaining obligations of the leases that all three resorts had with Ski Resort Holdings, with funds provided by the Company. Accordingly, the total purchase price, including the repayment of lease obligations, was $229.1 million, for which the Company utilized cash on hand and borrowed $195.6 million under the Vail Holdings Credit Agreement term loan (see Note 6, Long-Term Debt) to fund the transaction and associated acquisition related expenses. The Company obtained a new Special Use Permit from the U.S. Forest Service for Crested Butte, and assumed the state land leases for Okemo and Mount Sunapee. The acquisition included the mountain operations of the resorts, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities).



	Acquisition Date Estimated Fair Value
Current assets	$	5,197
Property, plant and equipment	159,799
Goodwill	51,742
Identifiable intangible assets	27,360
Deferred income taxes, net	3,093
Liabilities	(18,098		)
Net assets acquired	$	229,093

Identifiable intangible assets acquired in the transaction were primarily related to property management contracts and trade names. The process of estimating the fair value of the property, plant, and equipment includes the use of certain estimates and assumptions related to replacement cost and physical condition at the time of acquisition. 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 the resorts and other factors, and is expected to be deductible for income tax purposes. The Company recognized $2.8 million of acquisition related expenses associated with the transaction within Mountain and Lodging operating expense in its Consolidated Condensed Statement of Operations for the nine months ended April 30, 2019. The operating results of Triple Peaks are reported within the Mountain and Lodging segments prospectively from the date of acquisition.

The estimated fair values of assets acquired and liabilities assumed in the acquisition of Peak Resorts are preliminary and are based on the information that was available as of the respective acquisition dates. The Company believes that this information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed; however, the Company is obtaining additional information necessary to finalize those estimated fair values. Therefore, the preliminary measurements of estimated fair values reflected are subject to change. The Company expects to finalize the valuation and complete the purchase consideration allocation no later than one year from the respective acquisition dates.

Pro Forma Financial Information

The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisitions of Peak Resorts, Falls Creek & Hotham, Triple Peaks and Stevens Pass were completed at the beginning of the fiscal year preceding the fiscal year in which each respective acquisition occurred. 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) lease expenses incurred by the prior owners which the Company will not be subject to; (iv) transaction and business integration related costs; and (v) interest expense associated with financing the transactions. 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, 2018 (in thousands, except per share amounts).



	Three Months Ended April 30,
	2019
Pro forma net revenue	$	1,043,509
Pro forma net income attributable to Vail Resorts, Inc.	$	306,814
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$	7.62
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$	7.48



	Nine Months Ended April 30,
	2020		2019
Pro forma net revenue	$	1,893,154	$	2,237,141
Pro forma net income attributable to Vail Resorts, Inc.	$	253,170	$	408,986
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$	6.28	$	10.13
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$	6.19	$	9.93

Supplementary Balance Sheet Information

9 Months Ended

Apr. 30, 2020

Balance Sheet Related Disclosures [Abstract]

Supplementary Balance Sheet Information

The composition of property, plant and equipment follows (in thousands):



	April 30, 2020			July 31, 2019			April 30, 2019
Land and land improvements	$	745,275		$	619,561		$	618,545
Buildings and building improvements	1,466,113			1,284,438			1,279,117
Machinery and equipment	1,351,491			1,160,817			1,157,424
Furniture and fixtures	335,827			309,271			304,345
Software	130,354			118,815			118,678
Vehicles	81,408			65,556			63,443
Construction in progress	57,462			79,282			48,728
Gross property, plant and equipment	4,167,930			3,637,740			3,590,280
Accumulated depreciation	(1,966,127		)	(1,795,240		)	(1,742,846		)
Property, plant and equipment, net	$	2,201,803		$	1,842,500		$	1,847,434

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



	April 30, 2020		July 31, 2019		April 30, 2019
Trade payables	$	62,101	$	96,377	$	80,218
Deferred revenue	219,395		335,669		297,874
Accrued salaries, wages and deferred compensation	16,184		50,318		37,817
Accrued benefits	44,536		37,797		42,732
Deposits	27,053		32,108		32,090
Other liabilities	80,005		55,588		52,329
Total accounts payable and accrued liabilities	$	449,274	$	607,857	$	543,060

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



	April 30, 2020		July 31, 2019		April 30, 2019
Private club deferred initiation fee revenue	$	107,500	$	109,749	$	111,294
Unfavorable lease obligation, net	1,567		19,017		19,733
Other long-term liabilities	142,397		154,835		137,323
Total other long-term liabilities	$	251,464	$	283,601	$	268,350

The changes in the net carrying amount of goodwill allocated between the Company’s segments for the nine months ended April 30, 2020 are as follows (in thousands):



	Mountain			Lodging			Goodwill, net
Balance at July 31, 2019	$	1,540,307		$	67,899		$	1,608,206
Acquisitions (including measurement period adjustments)	144,634			—			144,634
Asset impairments	—			(25,688		)	(25,688		)
Effects of changes in foreign currency exchange rates	(53,894		)	—			(53,894		)
Balance at April 30, 2020	$	1,631,047		$	42,211		$	1,673,258

Asset Impairments

The Company recorded asset impairments during the three and nine months ended April 30, 2020 of $28.4 million, with corresponding reductions to goodwill, net of $25.7 million and intangible assets, net and property, plant and equipment, net of $2.7 million. The Company’s non-financial assets, such as property, plant and equipment, goodwill and intangible assets, are adjusted when an asset impairment is recognized. These asset impairments encompass various estimates and assumptions about fair value, which are based predominately on significant unobservable inputs.

As a result of the COVID-19 pandemic and the impact it has had on the Company’s operations during the three and nine months ended April 30, 2020, and the expected continuing impact of the pandemic on future operations, the Company determined that the estimated fair value of its Colorado resort ground transportation company reporting unit within its Lodging segment no longer exceeded its carrying value. Additionally, the Company determined that certain long-lived assets of its Colorado resort ground transportation company were not recoverable. As a result, the Company recognized impairments of goodwill and long-lived assets of approximately $25.7 million and $2.7 million, respectively, which were recorded within asset impairments on the Company’s Consolidated Condensed Statements of Operations during the three and nine months ended April 30, 2020. Corresponding reductions were made to goodwill, net of $25.7 million and intangible assets, net and property, plant and equipment, net of $2.7 million.

The Company estimated the fair value of its Colorado resort ground transportation company reporting unit based on an analysis of the present value of future cash flows (an income approach). The significant estimates used in the discounted cash flow model included the Company’s weighted average cost of capital for the reporting unit, projected cash flows and the long-term rate of growth, all of which are significant unobservable (Level 3) inputs. The Company’s assumptions were based on the actual historical performance of the reporting unit, taking into account the recent weakening of operating results and the expected continuation of operating results for transportation services. As a result of this impairment, the Company’s Colorado ground transportation company had no remaining goodwill recorded as of April 30, 2020.

Fair Value Measurements

9 Months Ended

Apr. 30, 2020

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, other current assets, Interest Rate Swaps and Contingent Consideration measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands).




	Estimated Fair Value Measurement as of April 30, 2020
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	3,054	$	3,054	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	7,718	$	—	$	7,718	$	—
Liabilities:
Interest Rate Swaps	$	21,013	$	—	$	21,013	$	—
Contingent Consideration	$	15,500	$	—	$	—	$	15,500

	Estimated Fair Value Measurement as of July 31, 2019
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	3,043	$	3,043	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	7,871	$	—	$	7,871	$	—
Liabilities:
Contingent Consideration	$	27,200	$	—	$	—	$	27,200

	Estimated Fair Value Measurement as of April 30, 2019
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	3,037	$	3,037	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	10,092	$	—	$	10,092	$	—
Liabilities:
Contingent Consideration	$	25,300	$	—	$	—	$	25,300

The Company’s cash equivalents, other current assets and Interest Rate Swaps are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. During the nine months ended April 30, 2020, the Company entered into the Interest Rate Swaps to hedge the LIBOR-based variable interest rate component of $400.0 million in principal amount of its Vail Holdings Credit Agreement. Settlements or payments resulting from the Interest Rate Swaps are recognized in interest expense, net on the Company’s Consolidated Condensed Statements of Operations, and changes in the estimated fair value are recognized in change in estimated fair value of hedging instruments on the Company’s Consolidated Condensed Statements of Comprehensive Income. The estimated fair value of the Interest Rate Swaps are included within other long-term liabilities on the Company’s Consolidated Condensed Balance Sheet as of April 30, 2020.

The changes in Contingent Consideration during the nine months ended April 30, 2020 and 2019 were as follows (in thousands):




Balance as of July 31, 2019 and 2018, respectively	$	27,200		$	21,900
Payments	(6,436		)	(67		)
Change in estimated fair value	(5,264		)	3,467
Balance as of April 30, 2020 and 2019, respectively	$	15,500		$	25,300

The lease for Park City provides for participating contingent payments (the “Contingent Consideration”) to the landlord of 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company.

The estimated fair value of Contingent Consideration includes the future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed growth factor. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 10.49%, volatility of 17.0% and future period Park City EBITDA, which are unobservable inputs and thus are considered Level 3 inputs. The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance would result in a change in the estimated fair value within the range of approximately $2.7 million to $4.0 million.

Contingent Consideration is classified as a liability, which is remeasured to fair value at each reporting date until the contingency is resolved. During the nine months ended April 30, 2020, the Company made a payment to the landlord for Contingent Consideration of approximately $6.4 million and recorded a decrease of approximately $5.3 million primarily related to the estimated Contingent Consideration payment for the fiscal year ending July 31, 2020. These changes resulted in an estimated fair value of the Contingent Consideration of approximately $15.5 million, which is reflected in other long-term liabilities in the Company’s Consolidated Condensed Balance Sheet.

- 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

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Apr. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Metropolitan Districts The Company credit-enhances $6.3 million of bonds issued by Holland Creek Metropolitan District (“HCMD”) through a $6.4 million letter of credit issued under the Vail Holdings Credit Agreement. HCMD’s bonds were issued and used to build infrastructure associated with the Company’s Red Sky Ranch residential development. The Company has agreed to pay capital improvement fees to the Red Sky Ranch Metropolitan District (“RSRMD”) until RSRMD’s revenue streams from property taxes are sufficient to meet debt service requirements under HCMD’s bonds. The Company has recorded a liability of $2.0 million primarily within other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets, as of April 30, 2020, July 31, 2019 and April 30, 2019, respectively, with respect to the estimated present value of future RSRMD capital improvement fees. The Company estimates it will make capital improvement fee payments under this arrangement through the fiscal year ending July 31, 2031. Guarantees/Indemnifications As of April 30, 2020, the Company had various letters of credit outstanding totaling $75.4 million, consisting of $53.4 million to support the Employee Housing Bonds and $22.0 million primarily for workers’ compensation, a wind energy purchase agreement and insurance-related deductibles. The Company also had surety bonds of $9.6 million as of April 30, 2020, primarily to provide collateral for its U.S. workers compensation self-insurance programs. In addition to the guarantees noted above, the Company has entered into contracts in the normal course of business that include certain indemnifications under which it could be required to make payments to third parties upon the occurrence or non-occurrence of certain future events. These indemnities include indemnities related to licensees in connection with third-parties’ use of the Company’s trademarks and logos, liabilities associated with the infringement of other parties’ technology and software products, liabilities associated with the use of easements, liabilities associated with employment of contract workers and the Company’s use of trustees, and liabilities associated with the Company’s use of public lands and environmental matters. The duration of these indemnities generally is indefinite and generally do not limit the future payments the Company could be obligated to make. As permitted under applicable law, the Company and certain of its subsidiaries have agreed to indemnify their directors and officers over their lifetimes for certain events or occurrences while the officer or director is, or was, serving the Company or its subsidiaries in such a capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that should enable the Company to recover a portion of any amounts paid. Unless otherwise noted, the Company has not recorded any significant liabilities for the letters of credit, indemnities and other guarantees noted above in the accompanying Consolidated Condensed Financial Statements, either because the Company has recorded on its Consolidated Condensed Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company’s own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the estimated fair value of the indemnification or guarantee to be immaterial based on the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications, it is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material. As noted above, the Company makes certain indemnifications to licensees for their use of the Company’s trademarks and logos. The Company does not record any liabilities with respect to these indemnifications. Additionally, the Company has entered into strategic long-term season pass alliance agreements with third-party mountain resorts in which the Company has committed to pay minimum revenue guarantees over the remaining terms of these agreements. Self-Insurance The Company is self-insured for claims under its U.S. health benefit plans and for the majority of workers’ compensation claims in the U.S. Workers compensation claims in the U.S. are subject to stop loss policies. The self-insurance liability related to workers’ compensation is determined actuarially based on claims filed. The self-insurance liability related to claims under the Company’s U.S. health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of accrued benefits in accounts payable and accrued liabilities (see Note 8, Supplementary Balance Sheet Information). Legal The Company is a party to various lawsuits arising in the ordinary course of business. Management believes the Company has adequate insurance coverage and/or has accrued for all loss contingencies for asserted and unasserted matters deemed to be probable and estimable losses. As of April 30, 2020, July 31, 2019 and April 30, 2019, the accruals for the above loss contingencies were not material individually or in the aggregate.

Segment Information

9 Months Ended

Apr. 30, 2020

Segment Reporting [Abstract]

Segment Information

The Company has three reportable segments: Mountain, Lodging and Real Estate. The Company refers to “Resort” as the combination of the Mountain and Lodging segments. The Mountain segment includes the operations of the Company’s mountain resorts/ski areas and related ancillary activities. The Lodging segment includes the operations of the Company’s owned hotels, RockResorts, NPS concessionaire properties, condominium management, Colorado resort ground transportation operations and mountain resort golf operations. The Real Estate segment owns, develops and sells real estate in and around the Company’s resort communities. The Company’s reportable segments, although integral to the success of the others, offer distinctly different products and services and require different types of management focus. As such, these segments are managed separately.

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

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

The Company utilizes Reported EBITDA in evaluating the performance of the Company and in allocating resources to its segments. Mountain Reported EBITDA consists of Mountain net revenue less Mountain operating expense plus or minus Mountain equity investment income or loss. Lodging Reported EBITDA consists of Lodging net revenue less Lodging operating expense. Real Estate Reported EBITDA consists of Real Estate net revenue less Real Estate operating expense plus gain or loss on sale of real property. All segment expenses include an allocation of corporate administrative expense. Assets are not used to evaluate performance, except as shown in the table below.

The following table presents financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands):



	Three Months Ended April 30,						Nine Months Ended April 30,
	2020			2019			2020			2019
Net revenue:
Lift	$	374,818		$	526,881		$	900,995		$	999,124
Ski school	76,563			110,755			187,840			207,271
Dining	61,632			78,928			158,980			162,629
Retail/rental	78,133			114,082			259,761			285,860
Other	44,158			47,252			154,105			144,093
Total Mountain net revenue	635,304			877,898			1,661,681			1,798,977
Lodging	58,385			79,848			220,030			227,997
Total Resort net revenue	693,689			957,746			1,881,711			2,026,974
Real Estate	398			241			4,784			595
Total net revenue	$	694,087		$	957,987		$	1,886,495		$	2,027,569
Segment operating expense:
Mountain	$	333,785		$	410,254		$	1,068,479		$	1,056,625
Lodging	55,460			67,221			208,545			205,717
Total Resort operating expense	389,245			477,475			1,277,024			1,262,342
Real Estate	1,128			1,382			7,926			4,141
Total segment operating expense	$	390,373		$	478,857		$	1,284,950		$	1,266,483
Gain on sale of real property	$	—		$	268		$	207		$	268
Mountain equity investment (loss) income, net	$	(90	)	$	445		$	1,270		$	1,555
Reported EBITDA:
Mountain	$	301,429		$	468,089		$	594,472		$	743,907
Lodging	2,925			12,627			11,485			22,280
Resort	304,354			480,716			605,957			766,187
Real Estate	(730		)	(873		)	(2,935		)	(3,278		)
Total Reported EBITDA	$	303,624		$	479,843		$	603,022		$	762,909
Real estate held for sale and investment	$	96,565		$	101,251		$	96,565		$	101,251
Reconciliation from net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.	$	152,546		$	292,134		$	252,441		$	390,688
Net income attributable to noncontrolling interests	7,285			16,396			14,579			25,106
Net income	159,831			308,530			267,020			415,794
Provision for income taxes	26,440			93,346			47,190			120,914
Income before provision for income taxes	186,271			401,876			314,210			536,708
Depreciation and amortization	64,730			55,260			186,387			161,541
Asset impairments	28,372			—			28,372			—
Change in estimated fair value of contingent consideration	(8,000		)	1,567			(5,264		)	3,467
Loss (gain) on disposal of fixed assets and other, net	380			(27		)	(1,178		)	(505		)
Investment income and other, net	(361		)	(1,727		)	(999		)	(2,697		)
Foreign currency loss on intercompany loans	7,753			3,319			8,191			5,180
Interest expense, net	24,479			19,575			73,303			59,215
Total Reported EBITDA	$	303,624		$	479,843		$	603,022		$	762,909

Share Repurchase Program	9 Months Ended
Share Repurchase Program	Apr. 30, 2020
Payments for Repurchase of Equity [Abstract]
Share Repurchase Program	Share Repurchase Program On March 9, 2006, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 Vail Shares. On July 16, 2008, the Company’s Board of Directors increased the authorization by an additional 3,000,000 Vail Shares, and on December 4, 2015, the Company’s Board of Directors increased the authorization by an additional 1,500,000 Vail Shares for a total authorization to repurchase up to 7,500,000 Vail Shares. The Company repurchased 160,800 and 256,418 Vail Shares, respectively (at a total cost of approximately $25.0 million and $46.4 million, respectively), during the three and nine months ended April 30, 2020. The Company repurchased zero and 353,007 Vail Shares (at a total cost of approximately $85.0 million), respectively, during the three and nine months ended April 30, 2019. Since inception of its share repurchase program through April 30, 2020, the Company has repurchased 6,161,141 Vail Shares for approximately $404.4 million. As of April 30, 2020, 1,338,859 Vail Shares remained available to repurchase under the existing share repurchase program, which has no expiration date; however, the amount repurchased during the Financial Covenants Temporary Waiver Period will be subject to the restrictions described in Note 6, Long-Term Debt. Vail Shares purchased pursuant to the repurchase program will be held as treasury shares and may be used for the issuance of Vail Shares under the Company’s employee share award plan.

Subsequent Events (Notes)	9 Months Ended
Subsequent Events (Notes)	Apr. 30, 2020
Subsequent Events [Abstract]
Subsequent Events [Text Block]	13. Subsequent Events On May 4, 2020, the Company completed its offering of $600 million aggregate principal amount of 6.25% senior notes due 2025 at par (the “Notes”), and a portion of the net proceeds were utilized to pay down the outstanding balance of the revolver component of its Vail Holdings Credit Agreement in its entirety (which will continue to be available to the Company to borrow including throughout the Financial Covenants Temporary Waiver Period), with the remaining net proceeds intended to be used for general corporate purposes and to pay the fees and expenses associated with the offering. The Notes are unsecured senior obligations of the Company and are guaranteed by certain of the Company’s domestic subsidiaries. The Company will pay interest on the Notes on May 15 and November 15 of each year commencing on November 15, 2020. The Notes will mature on May 15, 2025. The Notes are redeemable, in whole or in part, at any time on or after May 15, 2022 at the redemption prices specified in an Indenture dated as of May 4, 2020 (the “Indenture”) plus accrued and unpaid interest. Prior to May 15, 2022, the Company may redeem some or all of the Notes at a redemption price of 100% of the principal amount, plus accrued and unpaid interest, plus a “make-whole” premium as specified in the Indenture. In addition, prior to May 15, 2022, the Company may redeem up to 35% of the aggregate principal amount of the Notes with an amount not to exceed the net cash proceeds from certain equity offerings at the redemption price of 106.25% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Notes are senior unsecured obligations of the Company and rank equally in right of payment with existing and future senior indebtedness of the Company and the guarantors (as defined in the Indenture). The Indenture requires that, upon the occurrence of a Change of Control (as defined in the Indenture), the Company shall offer to purchase all of the outstanding Notes at a purchase price in cash equal to 101% of the outstanding principal amount of the Notes, plus accrued and unpaid interest. If the Company or certain of its subsidiaries dispose of assets, under certain circumstances, the Company will be required to either invest the net cash proceeds from such assets sales in its business within a specified period of time, repay certain senior secured debt or debt of its non-guarantor subsidiaries, or make an offer to purchase a principal amount of the Notes equal to the excess net cash proceeds at a purchase price of 100% of their principal amount, plus accrued and unpaid interest. The Indenture contains covenants that, among other things, restrict the ability of the Company and the guarantors to incur liens on assets; merge or consolidate with another company or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Company’s assets or engage in Sale and Leaseback Transactions (as defined in the Indenture). The Indenture does not contain any financial maintenance covenants. Certain of the covenants will not apply to the Notes so long as the Notes have investment grade ratings from two specified rating agencies and no event of default has occurred and is continuing under the Indenture. The Indenture includes customary events of default, including failure to make payment, failure to comply with the obligations set forth in the Indenture, certain defaults on certain other indebtedness, certain events of bankruptcy, insolvency or reorganization, and invalidity of the guarantees of the Notes issued pursuant to the Indenture.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Apr. 30, 2020

Accounting Policies [Abstract]

Description of New Accounting Pronouncements Not yet Adopted [Text Block]

Standards Being Evaluated

Consolidated Condensed Financial Statements

Use of Estimates

Goodwill and Intangible Assets, Policy [Policy Text Block]

Fair Value of Financial Instruments



	April 30, 2020
	Carrying Value		Estimated Fair Value
EPR Secured Notes	$	137,739	$	131,086
EB-5 Development Notes	$	47,139	$	45,756

Income Tax, Policy [Policy Text Block]

•


•	Treatment of certain qualified improvement property (“QIP”) as 15-year property and allowing such QIP placed in service after December 31, 2017 to be eligible for bonus depreciation, which could incrementally add to its pre-existing NOLs; and


•	Increases in the allowable business interest deduction from 30% of adjusted taxable income to 50% of adjusted taxable income for calendar years 2019 and 2020.

Accounting for Hedging Instruments

Leases

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

Recently Issued Accounting Standards

Adopted Standards

Revenue (Tables)

9 Months Ended

Apr. 30, 2020

Revenue [Abstract]

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenues

The following table presents net revenues disaggregated by segment and major revenue type for the three and nine months ended April 30, 2020 and 2019 (in thousands):



	Three Months Ended April 30,				Nine Months Ended April 30,
	2020		2019		2020		2019
Mountain net revenue:
Lift	$	374,818	$	526,881	$	900,995	$	999,124
Ski School	76,563		110,755		187,840		207,271
Dining	61,632		78,928		158,980		162,629
Retail/Rental	78,133		114,082		259,761		285,860
Other	44,158		47,252		154,105		144,093
Total Mountain net revenue	$	635,304	$	877,898	$	1,661,681	$	1,798,977
Lodging net revenue:
Owned hotel rooms	$	8,126	$	12,352	$	39,323	$	43,499
Managed condominium rooms	23,744		30,671		69,984		69,835
Dining	8,099		11,067		37,353		37,385
Transportation	5,672		8,578		15,748		18,774
Golf	—		—		10,606		9,628
Other	9,775		13,278		37,411		37,697
	55,416		75,946		210,425		216,818
Payroll cost reimbursements	2,969		3,902		9,605		11,179
Total Lodging net revenue	$	58,385	$	79,848	$	220,030	$	227,997
Total Resort net revenue	$	693,689	$	957,746	$	1,881,711	$	2,026,974
Total Real Estate net revenue	398		241		4,784		595
Total net revenue	$	694,087	$	957,987	$	1,886,495	$	2,027,569

Leases (Tables)

9 Months Ended

Apr. 30, 2020

Leases [Abstract]

Lease, Cost [Table Text Block]

The components of lease expense for the three and nine months ended April 30, 2020, were as follows (in thousands):



	Three Months Ended April 30, 2020			Nine Months Ended April 30, 2020
Finance leases:
Amortization of the finance ROU assets	$	2,438		$	7,314
Interest on lease liabilities	$	8,509		$	25,526
Operating leases:
Operating lease expense	$	10,815		$	32,496
Short-term lease expense¹	$	3,235		$	11,116
Variable lease (credit) expense	$	(911	)	$	1,270

¹Short-term lease expense is attributable to leases with terms of 12 months or less which are not included within the Company’s Consolidated Condensed Balance Sheet.

Leasing Cash Flows, Supplemental Disclosures [Text Block]

The following table presents the supplemental cash flow information associated with the Company’s leasing activities for the nine months ended April 30, 2020 (in thousands):



	Nine Months Ended April 30, 2020
Cash flow supplemental information:
Operating cash outflows for operating leases	$	48,252
Operating cash outflows for finance leases	$	22,245
Financing cash outflows for finance leases	$	5,387

Weighted Average Remaining Lease Terms and Discount Rates [Table Text Block]

Weighted-average remaining lease terms and discount rates are as follows:



	As of April 30, 2020
Weighted-average remaining lease term (in years)
Operating leases	10.7
Finance leases	43.1
Weighted-average discount rate
Operating leases	4.5	%
Finance leases	10.0	%

Schedule of Future Minimum Lease Payments for Operating and Finance Leases [Table Text Block]

Future minimum lease payments for operating and finance leases as of April 30, 2020 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):



	Operating Leases			Finance Leases
2020 (May 2020 through July 2020)	$	9,287		$	7,063
2021	45,370			28,818
2022	42,213			29,394
2023	37,371			29,982
2024	33,628			30,582
Thereafter	164,626			1,805,048
Total future minimum lease payments	332,495			1,930,887
Less amount representing interest	(88,234		)	(1,586,296		)
Total lease liabilities	$	244,261		$	344,591

Future minimum lease payments in accordance with Topic 840 as of July 31, 2019, reflected by fiscal year, were as follows (in thousands):



	Operating Leases		Capital Leases
2020	$	44,984	$	28,253
2021	42,512		28,818
2022	39,440		29,394
2023	34,840		29,982
2024	30,836		30,582
Thereafter	142,526		1,805,048
Total future minimum lease payments	$	335,138	$	1,952,077
Less amount representing interest			(1,611,816		)
Net future minimum lease payments			$	340,261

Net Income Per Common Share (Tables)

9 Months Ended

Apr. 30, 2020

Earnings Per Share Reconciliation [Abstract]

Summary of Calculation of Basic And Diluted EPS

Presented below is basic and diluted EPS for the three months ended April 30, 2020 and 2019 (in thousands, except per share amounts):



	Three Months Ended April 30,
	2020				2019
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	152,546	$	152,546	$	292,134	$	292,134
Weighted-average Vail Shares outstanding	40,183		40,183		40,198		40,198
Weighted-average Exchangeco Shares outstanding	54		54		57		57
Total Weighted-average shares outstanding	40,237		40,237		40,255		40,255
Effect of dilutive securities	—		507		—		765
Total shares	40,237		40,744		40,255		41,020
Net income per share attributable to Vail Resorts	$	3.79	$	3.74	$	7.26	$	7.12

Presented below is basic and diluted EPS for the nine months ended April 30, 2020 and 2019 (in thousands, except per share amounts):



	Nine Months Ended April 30,
	2020				2019
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	252,441	$	252,441	$	390,688	$	390,688
Weighted-average Vail Shares outstanding	40,244		40,244		40,307		40,307
Weighted-average Exchangeco Shares outstanding	55		55		57		57
Total Weighted-average shares outstanding	40,299		40,299		40,364		40,364
Effect of dilutive securities	—		601		—		837
Total shares	40,299		40,900		40,364		41,201
Net income per share attributable to Vail Resorts	$	6.26	$	6.17	$	9.68	$	9.48

Long-Term Debt (Tables)

9 Months Ended

Apr. 30, 2020

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt

Long-term debt, net as of April 30, 2020, July 31, 2019 and April 30, 2019 is summarized as follows (in thousands):



	Maturity	April 30, 2020			July 31, 2019		April 30, 2019
Vail Holdings Credit Agreement term loan (a)	2024	$	1,218,750		$	914,375	$	926,250
Vail Holdings Credit Agreement revolver (a)	2024	400,000			208,000		—
Whistler Credit Agreement revolver (b)	2024	214,101			45,454		26,127
EPR Secured Notes (c)	2034-2036	114,162			—		—
EB-5 Development Notes (d)	2021	51,500			—		—
Employee housing bonds	2027-2039	52,575			52,575		52,575
Canyons obligation	2063	344,591			340,261		338,823
Other	2020-2033	19,022			19,465		19,636
Total debt		2,414,701			1,580,130		1,363,411
Less: Unamortized premiums, discounts and debt issuance costs		(14,237		)	3,870		4,037
Less: Current maturities (e)		63,566			48,516		48,504
Long-term debt, net		$	2,365,372		$	1,527,744	$	1,310,870

(a)


•	the maximum leverage ratio permitted under the maximum leverage ratio financial maintenance covenant reduces each quarter after the expiration of the Financial Covenants Temporary Waiver Period as follows:

(A) first full fiscal quarter: 6.25 to 1.00;

(B) second full fiscal quarter: 5.75 to 1.00;

(D) fourth full fiscal quarter and for each fiscal quarter thereafter: 5.00 to 1.00.


•	the minimum interest coverage ratio permitted under the minimum interest coverage ratio financial maintenance covenant will be 2.00 to 1.00.

The Company will be prohibited from the following activities during the Financial Covenants Temporary Waiver Period (unless approval is obtained by a majority of the Lenders):

•


•	making capital expenditures in excess of $200.0 million per 12-month period ending January 31, other than non-recurring extraordinary capital expenditures incurred in connection with emergency repairs, life safety repairs or ordinary course maintenance repairs;


•	incurring any indebtedness secured by the collateral under the Vail Holdings Credit Agreement other than pursuant to the existing revolving commitments under the Credit Agreement;


•	making non-ordinary course investments in unrestricted subsidiaries unless the Company has liquidity (as defined above) of at least $300.0 million;


•	making investments in non-subsidiaries in excess of $50.0 million in the aggregate; and


•	acquiring all or a majority of the capital stock or all or any substantial portion of the assets of any entity or merging or consolidating with another entity.

(b)

(c)


i.	The Alpine Valley Secured Note. The $4.6 million Alpine Valley Secured Note provides for interest payments through its maturity on December 1, 2034. As of April 30, 2020, interest on this note accrued at a rate of 11.21%.


ii.	The Boston Mills/Brandywine Secured Note. The $23.3 million Boston Mills/Brandywine Secured Note provides for interest payments through its maturity on December 1, 2034. As of April 30, 2020, interest on this note accrued at a rate of 10.75%.


iii.	The Jack Frost/Big Boulder Secured Note. The $14.3 million Jack Frost/Big Boulder Secured Note provides for interest payments through its maturity on December 1, 2034. As of April 30, 2020, interest on this note accrued at a rate of 10.75%.


iv.	The Mount Snow Secured Note. The $51.1 million Mount Snow Secured Note provides for interest payments through its maturity on December 1, 2034. As of April 30, 2020, interest on this note accrued at a rate of 11.78%.


v.	The Hunter Mountain Secured Note. The $21.0 million Hunter Mountain Secured Note provides for interest payments through its maturity on January 5, 2036. As of April 30, 2020, interest on this note accrued at a rate of 8.57%.

(d)


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

Schedule Of Aggregate Maturities For Debt Outstanding

Aggregate maturities of debt outstanding as of April 30, 2020 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):



	Total
2020 (May 2020 through July 2020)	$	15,873
2021	69,790
2022	115,382
2023	63,750
2024	63,794
Thereafter	2,086,112
Total debt	$	2,414,701

- 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://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Acquisitions Acquisitions (Tables)

9 Months Ended

Apr. 30, 2020

Business Acquisition [Line Items]

Business Acquisition, Pro Forma Information [Table Text Block]



	Three Months Ended April 30,
	2019
Pro forma net revenue	$	1,043,509
Pro forma net income attributable to Vail Resorts, Inc.	$	306,814
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$	7.62
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$	7.48



	Nine Months Ended April 30,
	2020		2019
Pro forma net revenue	$	1,893,154	$	2,237,141
Pro forma net income attributable to Vail Resorts, Inc.	$	253,170	$	408,986
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$	6.28	$	10.13
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$	6.19	$	9.93

Peak Resorts [Member]

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Peak Resorts



	Acquisition Date Estimated Fair Value
Current assets	$	19,578
Property, plant and equipment	427,793
Goodwill	144,526
Identifiable intangible assets	19,221
Other assets	16,203
Assumed long-term debt	(184,668		)
Other liabilities	(107,923		)
Net assets acquired	$	334,730

Falls Creek and Hotham [Member]

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Falls Creek and Hotham Resorts



	Acquisition Date Estimated Fair Value
Current assets	$	6,986
Property, plant and equipment	54,889
Goodwill	71,538
Identifiable intangible assets and other assets	5,833
Liabilities	(11,894		)
Net assets acquired	$	127,352

Stevens Pass [Member]

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Stevens Pass Resort



	Acquisition Date Estimated Fair Value
Current assets	$	752
Property, plant and equipment	34,865
Goodwill	28,878
Identifiable intangible assets	2,680
Deferred income taxes, net	886
Liabilities	(4,029		)
Net assets acquired	$	64,032

Triple Peaks, LLC [Member]

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]



	Acquisition Date Estimated Fair Value
Current assets	$	5,197
Property, plant and equipment	159,799
Goodwill	51,742
Identifiable intangible assets	27,360
Deferred income taxes, net	3,093
Liabilities	(18,098		)
Net assets acquired	$	229,093

Supplementary Balance Sheet Information (Tables)

9 Months Ended

Apr. 30, 2020

Balance Sheet Related Disclosures [Abstract]

Composition Of Property, Plant And Equipment

The composition of property, plant and equipment follows (in thousands):



	April 30, 2020			July 31, 2019			April 30, 2019
Land and land improvements	$	745,275		$	619,561		$	618,545
Buildings and building improvements	1,466,113			1,284,438			1,279,117
Machinery and equipment	1,351,491			1,160,817			1,157,424
Furniture and fixtures	335,827			309,271			304,345
Software	130,354			118,815			118,678
Vehicles	81,408			65,556			63,443
Construction in progress	57,462			79,282			48,728
Gross property, plant and equipment	4,167,930			3,637,740			3,590,280
Accumulated depreciation	(1,966,127		)	(1,795,240		)	(1,742,846		)
Property, plant and equipment, net	$	2,201,803		$	1,842,500		$	1,847,434

Components Of Accounts Payable And Accrued Liabilities

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



	April 30, 2020		July 31, 2019		April 30, 2019
Trade payables	$	62,101	$	96,377	$	80,218
Deferred revenue	219,395		335,669		297,874
Accrued salaries, wages and deferred compensation	16,184		50,318		37,817
Accrued benefits	44,536		37,797		42,732
Deposits	27,053		32,108		32,090
Other liabilities	80,005		55,588		52,329
Total accounts payable and accrued liabilities	$	449,274	$	607,857	$	543,060

Components Of Other Long-Term Liabilities

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



	April 30, 2020		July 31, 2019		April 30, 2019
Private club deferred initiation fee revenue	$	107,500	$	109,749	$	111,294
Unfavorable lease obligation, net	1,567		19,017		19,733
Other long-term liabilities	142,397		154,835		137,323
Total other long-term liabilities	$	251,464	$	283,601	$	268,350

Schedule of Goodwill [Table Text Block]

The changes in the net carrying amount of goodwill allocated between the Company’s segments for the nine months ended April 30, 2020 are as follows (in thousands):



	Mountain			Lodging			Goodwill, net
Balance at July 31, 2019	$	1,540,307		$	67,899		$	1,608,206
Acquisitions (including measurement period adjustments)	144,634			—			144,634
Asset impairments	—			(25,688		)	(25,688		)
Effects of changes in foreign currency exchange rates	(53,894		)	—			(53,894		)
Balance at April 30, 2020	$	1,631,047		$	42,211		$	1,673,258

Asset Impairments

Fair Value Measurements (Tables)

9 Months Ended

Apr. 30, 2020

Fair Value Disclosures [Abstract]

Summary Of Cash Equivalents Measured At Fair Value




	Estimated Fair Value Measurement as of April 30, 2020
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	3,054	$	3,054	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	7,718	$	—	$	7,718	$	—
Liabilities:
Interest Rate Swaps	$	21,013	$	—	$	21,013	$	—
Contingent Consideration	$	15,500	$	—	$	—	$	15,500

	Estimated Fair Value Measurement as of July 31, 2019
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	3,043	$	3,043	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	7,871	$	—	$	7,871	$	—
Liabilities:
Contingent Consideration	$	27,200	$	—	$	—	$	27,200

	Estimated Fair Value Measurement as of April 30, 2019
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	3,037	$	3,037	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	10,092	$	—	$	10,092	$	—
Liabilities:
Contingent Consideration	$	25,300	$	—	$	—	$	25,300

The changes in Contingent Consideration during the nine months ended April 30, 2020 and 2019 were as follows (in thousands):




Balance as of July 31, 2019 and 2018, respectively	$	27,200		$	21,900
Payments	(6,436		)	(67		)
Change in estimated fair value	(5,264		)	3,467
Balance as of April 30, 2020 and 2019, respectively	$	15,500		$	25,300

Segment Information (Tables)

9 Months Ended

Apr. 30, 2020

Segment Reporting [Abstract]

Summary Of Financial Information By Reportable Segment

The following table presents financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands):



	Three Months Ended April 30,						Nine Months Ended April 30,
	2020			2019			2020			2019
Net revenue:
Lift	$	374,818		$	526,881		$	900,995		$	999,124
Ski school	76,563			110,755			187,840			207,271
Dining	61,632			78,928			158,980			162,629
Retail/rental	78,133			114,082			259,761			285,860
Other	44,158			47,252			154,105			144,093
Total Mountain net revenue	635,304			877,898			1,661,681			1,798,977
Lodging	58,385			79,848			220,030			227,997
Total Resort net revenue	693,689			957,746			1,881,711			2,026,974
Real Estate	398			241			4,784			595
Total net revenue	$	694,087		$	957,987		$	1,886,495		$	2,027,569
Segment operating expense:
Mountain	$	333,785		$	410,254		$	1,068,479		$	1,056,625
Lodging	55,460			67,221			208,545			205,717
Total Resort operating expense	389,245			477,475			1,277,024			1,262,342
Real Estate	1,128			1,382			7,926			4,141
Total segment operating expense	$	390,373		$	478,857		$	1,284,950		$	1,266,483
Gain on sale of real property	$	—		$	268		$	207		$	268
Mountain equity investment (loss) income, net	$	(90	)	$	445		$	1,270		$	1,555
Reported EBITDA:
Mountain	$	301,429		$	468,089		$	594,472		$	743,907
Lodging	2,925			12,627			11,485			22,280
Resort	304,354			480,716			605,957			766,187
Real Estate	(730		)	(873		)	(2,935		)	(3,278		)
Total Reported EBITDA	$	303,624		$	479,843		$	603,022		$	762,909
Real estate held for sale and investment	$	96,565		$	101,251		$	96,565		$	101,251
Reconciliation from net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.	$	152,546		$	292,134		$	252,441		$	390,688
Net income attributable to noncontrolling interests	7,285			16,396			14,579			25,106
Net income	159,831			308,530			267,020			415,794
Provision for income taxes	26,440			93,346			47,190			120,914
Income before provision for income taxes	186,271			401,876			314,210			536,708
Depreciation and amortization	64,730			55,260			186,387			161,541
Asset impairments	28,372			—			28,372			—
Change in estimated fair value of contingent consideration	(8,000		)	1,567			(5,264		)	3,467
Loss (gain) on disposal of fixed assets and other, net	380			(27		)	(1,178		)	(505		)
Investment income and other, net	(361		)	(1,727		)	(999		)	(2,697		)
Foreign currency loss on intercompany loans	7,753			3,319			8,191			5,180
Interest expense, net	24,479			19,575			73,303			59,215
Total Reported EBITDA	$	303,624		$	479,843		$	603,022		$	762,909

Summary of Significant Accounting Policies Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019	Aug. 01, 2019	Jul. 31, 2019
Asset impairments	$ 28,372	$ 0	$ 28,372	$ 0
Interest Rate Swap Notional Amount			400,000
Operating Lease, Right-of-Use Asset	217,318	0	217,318	0	$ 225,600	$ 0
Operating Lease, Liability	244,261		244,261		258,000
Operating Lease, Liability, Noncurrent	209,321	0	209,321	0	223,100	0
Operating Lease, Liability, Current	35,000		35,000		34,900
Other Long Term Liabilities Noncurrent	251,464	$ 268,350	251,464	$ 268,350		$ 283,601
Unfavorable Lease Obligation Net					$ 32,400
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	16,500		21,000
Interest Rate Cash Flow Hedge Liability at Fair Value	21,013		21,013
US Refundable Payroll Tax Credits			6,500
Foreign Refundable Payroll Tax Credits			2,600
Finite-Lived Intangible Assets [Member]
Asset impairments			2,700
Goodwill [Member]
Asset impairments			25,700
EPR Secured Notes [Member]
Notes and Loans Payable	137,739		137,739
Debt Instrument, Fair Value Disclosure	131,086		131,086
EB-5 Development Notes [Member]
Notes and Loans Payable	47,139		47,139
Debt Instrument, Fair Value Disclosure	$ 45,756		$ 45,756

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019	Jul. 31, 2019
Season Pass Credit Deferral, Revenue			$ 120,900
Accounts Receivable, after Allowance for Credit Loss, Current	$ 100,225	$ 273,108	100,225	$ 273,108	$ 270,896
Deferred Revenue, Current	219,395	297,874	219,395	297,874	335,669
Contract with Customer, Liability	124,500		124,500		$ 124,300
Mountain Revenue Net	635,304	877,898	1,661,681	1,798,977
Lodging Revenue Net	58,385	79,848	220,030	227,997
Resort net revenue	693,689	957,746	1,881,711	2,026,974
Real Estate Revenue	398	241	4,784	595
Revenues	694,087	957,987	1,886,495	2,027,569
Season Pass Credit Deferral, Costs			2,900
Contract with Customer, Liability, Revenue Recognized	83,500		263,400
Lift
Mountain Revenue Net	374,818	526,881	900,995	999,124
Ski School
Mountain Revenue Net	76,563	110,755	187,840	207,271
Dining
Mountain Revenue Net	61,632	78,928	158,980	162,629
Lodging Revenue Net	8,099	11,067	37,353	37,385
Retail/Rental
Mountain Revenue Net	78,133	114,082	259,761	285,860
Other
Mountain Revenue Net	44,158	47,252	154,105	144,093
Owned hotel rooms
Lodging Revenue Net	8,126	12,352	39,323	43,499
Managed condominium rooms
Lodging Revenue Net	23,744	30,671	69,984	69,835
Transportation
Lodging Revenue Net	5,672	8,578	15,748	18,774
Golf
Lodging Revenue Net	0	0	10,606	9,628
Other
Lodging Revenue Net	9,775	13,278	37,411	37,697
Lodging revenue (excluding payroll cost reimbursements) [Member]
Lodging Revenue Net	55,416	75,946	210,425	216,818
Payroll cost reimbursements
Lodging Revenue Net	$ 2,969	$ 3,902	$ 9,605	$ 11,179

Revenue Contract Balances (Details) $ in Thousands	9 Months Ended
Revenue Contract Balances (Details) $ in Thousands	Apr. 30, 2020 USD ($)	Jul. 31, 2019 USD ($)	Apr. 30, 2019 USD ($)
Schedule of Goodwill [Abstract]
Deferred revenue	$ 219,395	$ 335,669	$ 297,874
Contract with Customer, Liability	$ 124,500	124,300
Private Club Recognized Initiation Fees Average Remaining Period	16
Trade receivables, net	$ 100,225	$ 270,896	$ 273,108

Revenue Costs to Obtain Contracts with Customers (Details) $ in Millions	3 Months Ended	9 Months Ended
	Apr. 30, 2020 USD ($)	Apr. 30, 2020 USD ($)
Schedule of Goodwill [Abstract]
Capitalized Contract Cost, Amortization	$ 4.0	$ 11.0
Capitalized Contract Cost, Net	$ 3.1	$ 3.1

Leases (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Leases (Details) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2020	Aug. 01, 2019	Jul. 31, 2019	Apr. 30, 2019
Amortization of the finance ROU assets	$ 2,438	$ 7,314
Finance Lease, Interest Expense	8,509	25,526
Operating lease expense	10,815	32,496
Short-term lease expense1	3,235	11,116
Variable Lease, Income	$ (911)
Variable lease (credit) expense		1,270
Operating cash outflows for operating leases		48,252
Operating cash outflows for finance leases		22,245
Financing cash outflows for finance leases		$ 5,387
Operating Lease, Weighted Average Remaining Lease Term	10 years 8 months 12 days	10 years 8 months 12 days
Finance Lease, Weighted Average Remaining Lease Term	43 years 1 month 6 days	43 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent	4.50%	4.50%
Finance Lease, Weighted Average Discount Rate, Percent	10.00%	10.00%
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 9,287	$ 9,287
Lessee, Operating Lease, Liability, Payments, Due Year Two	45,370	45,370
Lessee, Operating Lease, Liability, Payments, Due Year Three	42,213	42,213
Lessee, Operating Lease, Liability, Payments, Due Year Four	37,371	37,371
Lessee, Operating Lease, Liability, Payments, Due Year Five	33,628	33,628
Lessee, Operating Lease, Liability, Payments, Due after Year Five	164,626	164,626
Lessee, Operating Lease, Liability, Payments, Due	332,495	332,495
Less amount representing interest	(88,234)	(88,234)
Operating Lease, Liability	244,261	244,261	$ 258,000
Finance Lease, Liability, Payments, Remainder of Fiscal Year	7,063	7,063
Finance Lease, Liability, Payments, Due Year Two	28,818	28,818
Finance Lease, Liability, Payments, Due Year Three	29,394	29,394
Finance Lease, Liability, Payments, Due Year Four	29,982	29,982
Finance Lease, Liability, Payments, Due Year Five	30,582	30,582
Finance Lease, Liability, Payments, Due after Year Five	1,805,048	1,805,048
Finance Lease, Liability, Payment, Due	1,930,887	1,930,887
Less amount representing interest	(1,586,296)	(1,586,296)
Finance Lease, Liability	344,591	344,591
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year				$ 44,984
Lessee, Operating Lease, Liability, Payments, Due Year Two				42,512
Lessee, Operating Lease, Liability, Payments, Due Year Three				39,440
Lessee, Operating Lease, Liability, Payments, Due Year Four				34,840
Lessee, Operating Lease, Liability, Payments, Due Year Five				30,836
Lessee, Operating Lease, Liability, Payments, Due after Year Five				142,526
Lessee, Operating Lease, Liability, Payments, Due				335,138
Capital Leases, Future Minimum Payments Due, Next Twelve Months				28,253
Capital Leases, Future Minimum Payments Due in Two Years				28,818
Capital Leases, Future Minimum Payments Due in Three Years				29,394
Capital Leases, Future Minimum Payments Due in Four Years				29,982
Capital Leases, Future Minimum Payments Due in Five Years				30,582
Capital Leases, Future Minimum Payments Due Thereafter				1,805,048
Capital Leases, Future Minimum Payments Due				1,952,077
Capital Leases, Future Minimum Payments, Interest Included in Payments				(1,611,816)
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments				340,261
Operating Lease, Liability, Current	35,000	35,000	34,900
Operating Lease, Right-of-Use Asset	217,318	217,318	$ 225,600	$ 0	$ 0
Canyons Obligation [Member]
Amortization of the finance ROU assets		63,400
Operating Lease, Right-of-Use Asset	$ 120,200	$ 120,200
Maximum [Member]
Lessee Operating And Finance Lease Term		60 years
Minimum [Member]
Lessee Operating And Finance Lease Term		1 year

Net Income Per Common Share Net Income per Common Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Oct. 17, 2016	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019	Jul. 31, 2019
Anti-dilutive securities (in shares)		4,000	54,000	1,000	48,000
Common Stock, Dividends, Per Share, Cash Paid		$ 1.76	$ 1.76	$ 5.28	$ 4.70
Cash dividends declared per share		1.76	1.76	$ 5.28	$ 4.70
Payments of Dividends				$ 212,734	$ 189,566
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Dividends, Cash		$ 70,700	$ 70,900	$ 212,700	$ 189,600
Common Stock [Member]
Stock Issued During Period, Shares, New Issues	3,327,719
Exchangeable Shares [Member]
Stock Issued During Period, Shares, New Issues	418,095

Net Income Per Common Share (Summary of Calculation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,000	54,000	1,000	48,000
Net income attributable to Vail Resorts, Inc.	$ 152,546	$ 292,134	$ 252,441	$ 390,688
Weighted-average Vail Shares outstanding	40,183,000	40,198,000	40,244,000	40,307,000
Weighted-average Exchangeco Shares outstanding	54,000	57,000	55,000	57,000
Total Weighted-average shares outstanding	40,237,000	40,255,000	40,299,000	40,364,000
Effect of dilutive securities	507,000	765,000	601,000	837,000
Total shares	40,744,000	41,020,000	40,900,000	41,201,000
Basic net income per share attributable to Vail Resorts, Inc.	$ 3.79	$ 7.26	$ 6.26	$ 9.68
Diluted net income per share attributable to Vail Resorts, Inc.	$ 3.74	$ 7.12	$ 6.17	$ 9.48

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1252-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1252-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Long-Term Debt Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019	Jul. 31, 2019
VHI Credit Agreement Waiver Period, Minimum Liquidity			$ 150,000
VHI Credit Agreement Waiver Period, Required Liquidity for Distribution			400,000
VHI Credit Agreement Waiver Period, Quarterly Distribution Limit			38,200
VHI Credit Agreement Waiver Period, Annual Capital Expenditure Limit			200,000
VHI Credit Agreement Waiver Period, Required Liquidity for Investment in Unrestricted Subsidiaries			300,000
VHI Credit Agreement Waiver Period, Required Liquidity for Investment in Non-subsidiaries			50,000
Gross interest expense	$ 24,500	$ 19,600	73,300	$ 59,200
Amortization of Debt Issuance Costs	300	300	1,000	1,000
Intercompany Foreign Currency Balance, Amount	210,000		210,000
Foreign currency loss on intercompany loans (Note 6)	7,753	3,319	8,191	5,180
Long-term Debt	2,414,701	1,363,411	2,414,701	1,363,411	$ 1,580,130
Term Loan [Member]
Line of Credit Facility, Maximum Borrowing Capacity	2,250,000		2,250,000
Line of Credit Facility, Increase (Decrease), Net			335,600
Long-term Line of Credit	$ 1,250,000		$ 1,250,000
Debt Instrument, Interest Rate, Stated Percentage	1.94%		1.94%
Long-term Debt	$ 1,218,750	926,250	$ 1,218,750	926,250	914,375
Credit Facility Revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity	500,000		500,000
Long-term Debt	$ 400,000	0	$ 400,000	0	208,000
Whistler Credit Agreement revolver [Member]
Line of Credit Facility, Initiation Date			Nov. 12, 2013
Debt Instrument, Interest Rate, Stated Percentage	2.38%		2.38%
Debt Instrument, Unused Borrowing Capacity, Fee			0.3937%
Long-term Debt	$ 214,101	26,127	$ 214,101	26,127	45,454
Alpine Valley Secured Note [Member] [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.21%		11.21%
Long-term Debt	$ 4,600		$ 4,600
Boston Mills/Brandywine Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	10.75%		10.75%
Long-term Debt	$ 23,300		$ 23,300
Jack Frost/Big Boulder Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	10.75%		10.75%
Long-term Debt	$ 14,300		$ 14,300
Mount Snow Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.78%		11.78%
Long-term Debt	$ 51,100		$ 51,100
Hunter Mountain Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	8.57%		8.57%
Long-term Debt	$ 21,000		$ 21,000
EB-5 Development Notes [Member]
Long-term Debt, Gross	52,000		52,000
Long-term Debt	$ 51,500	$ 0	$ 51,500	$ 0	$ 0
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.00%		1.00%
Canada, Dollars \| Whistler Credit Agreement revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 300,000		$ 300,000
EPR Secured Notes [Member]
EPR Additional Interest Rate			10.00%
Debt Service Reserve	$ 9,200		$ 9,200
Hunter Mountain Secured Note [Member]
EPR Additional Interest Rate			8.00%
Mount Snow Secured Note [Member]
EPR Additional Interest Rate			12.00%

Long-Term Debt (Schedule Of Debt Instruments) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019	Jul. 31, 2019
Amortization of Debt Issuance Costs	$ 300,000	$ 300,000	$ 1,000,000.0	$ 1,000,000
Debt Instrument, Unused Borrowing Capacity, Fee			0.003
Interest Rate Swap Notional Amount			$ 400,000,000.0
Derivative, Fixed Interest Rate	1.46%		1.46%
Total debt	$ 2,414,701,000	1,363,411,000	$ 2,414,701,000	1,363,411,000	$ 1,580,130,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	(14,237,000)	4,037,000	(14,237,000)	4,037,000	3,870,000
Long-term debt due within one year (Note 6)	63,566,000	48,504,000	63,566,000	48,504,000	48,516,000
Long-term debt, net (Note 6)	2,365,372,000	1,310,870,000	2,365,372,000	1,310,870,000	1,527,744,000
Hunter Mountain Secured Note [Member]
Total debt	$ 21,000,000.0		$ 21,000,000.0
Debt Instrument, Interest Rate, Stated Percentage	8.57%		8.57%
Annual Interest Rate Increase Cap			1.75%
Credit Facility Revolver [Member]
Total debt	$ 400,000,000	0	$ 400,000,000	0	208,000,000
Fiscal year maturity			2024
Whistler Credit Agreement revolver [Member]
Line of Credit Facility, Initiation Date			Nov. 12, 2013
Total debt	$ 214,101,000	26,127,000	$ 214,101,000	26,127,000	45,454,000
Fiscal year maturity			2024
Debt Instrument, Interest Rate, Stated Percentage	2.38%		2.38%
EPR Secured Notes [Member]
Total debt	$ 114,162,000	0	$ 114,162,000	0	0
Annual Interest Rate Increase Cap			1.50%
EB-5 Development Notes [Member]
Total debt	$ 51,500,000	0	$ 51,500,000	0	0
Fiscal year maturity			2021
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.00%		1.00%
EB-5 Development Note 1 [Member]
Total debt	$ 30,000,000.0		$ 30,000,000.0
EB-5 Development Note 2 [Member]
Total debt	22,000,000.0		22,000,000.0
Term Loan [Member]
Debt Instrument, Periodic Payment	15,600,000
Total debt	$ 1,218,750,000	926,250,000	$ 1,218,750,000	926,250,000	914,375,000
Fiscal year maturity			2024
Debt Instrument, Interest Rate, Stated Percentage	1.94%		1.94%
Employee Housing Bonds [Member]
Total debt	$ 52,575,000	52,575,000	$ 52,575,000	52,575,000	52,575,000
Canyons Obligation [Member]
Total debt	344,591,000	338,823,000	$ 344,591,000	338,823,000	340,261,000
Fiscal year maturity			2063
Other [Member]
Total debt	$ 19,022,000	$ 19,636,000	$ 19,022,000	$ 19,636,000	$ 19,465,000
Maximum [Member] \| EPR Secured Notes [Member]
Fiscal year maturity, end			Dec. 31, 2036
Maximum [Member] \| Employee Housing Bonds [Member]
Fiscal year maturity, end			Dec. 31, 2039
Maximum [Member] \| Other [Member]
Fiscal year maturity, end			Dec. 31, 2033
Minimum [Member] \| EPR Secured Notes [Member]
Fiscal year maturity, start			Dec. 31, 2034
Minimum [Member] \| Employee Housing Bonds [Member]
Fiscal year maturity, start			Dec. 31, 2027
Minimum [Member] \| Other [Member]
Fiscal year maturity, start			Dec. 31, 2020
Mount Snow Secured Note [Member]
EPR Additional Interest Rate			12.00%
Hunter Mountain Secured Note [Member]
EPR Additional Interest Rate			8.00%
Extension Year 1 [Member] \| EB-5 Development Notes [Member]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	7.00%		7.00%
Extension Year 2 [Member] \| EB-5 Development Notes [Member]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	10.00%		10.00%
Event of Default [Member] \| EB-5 Development Notes [Member]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	5.00%		5.00%

Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($) $ in Thousands	Apr. 30, 2020	Jul. 31, 2019	Apr. 30, 2019
Debt Instrument [Line Items]
2020 (May 2020 through July 2020)	$ 15,873
2021	69,790
2022	115,382
2023	63,750
2024	63,794
Thereafter	2,086,112
Total debt	$ 2,414,701	$ 1,580,130	$ 1,363,411

Acquisitions (Narrative) (Details) $ / shares in Units, $ in Thousands, $ in Millions						9 Months Ended
	Sep. 24, 2019 USD ($) $ / shares	Apr. 04, 2019 USD ($)	Apr. 04, 2019 AUD ($)	Sep. 27, 2018 USD ($)	Aug. 15, 2018 USD ($)	Apr. 30, 2020 USD ($)	Apr. 30, 2019 USD ($)
Goodwill, Acquired During Period						$ 144,634
Stamp Duty Expense						2,900
Peak Resorts [Member]
Indefinite-Lived Property Management Contracts						3,100
Business Acquisition, Share Price \| $ / shares	$ 11.00
Business Combination, Acquisition Related Costs						2,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	$ 19,578
Business Combination, Consideration Transferred	334,700
Business Combination, Cash Consideration Transferred	264,500
Proceeds from (Repayments of) Debt	335,600
Business Combination, Consideration Transferred, Other	70,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	427,793
Goodwill, Acquired During Period	144,526
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	19,221
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(107,923)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 334,730
Falls Creek and Hotham [Member]
Business Combination, Acquisition Related Costs						$ 4,700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables		$ 6,986
Business Combination, Consideration Transferred			$ 178.9
Business Combination, Cash Consideration Transferred		127,400
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		54,889
Goodwill, Acquired During Period		71,538
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill		5,833
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		(11,894)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net		$ 127,352
Stevens Pass [Member]
Business Combination, Acquisition Related Costs							$ 1,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables					$ 752
Business Combination, Cash Consideration Transferred					64,000
Proceeds from (Repayments of) Debt					70,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					34,865
Goodwill, Acquired During Period					28,878
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					2,680
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities					(4,029)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net					$ 64,032
Triple Peaks, LLC [Member]
Business Combination, Acquisition Related Costs							$ 2,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables				$ 5,197
Business Combination, Consideration Transferred				229,100
Business Combination, Cash Consideration Transferred				74,100
Proceeds from (Repayments of) Debt				195,600
Business Combination, Consideration Transferred, Other				155,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				159,799
Goodwill, Acquired During Period				51,742
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				27,360
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities				(18,098)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net				$ 229,093

Acquisitions (Summary Of Estimate Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed) (Details) $ in Thousands, $ in Millions						9 Months Ended
	Sep. 24, 2019 USD ($)	Apr. 04, 2019 USD ($)	Apr. 04, 2019 AUD ($)	Sep. 27, 2018 USD ($)	Aug. 15, 2018 USD ($)	Apr. 30, 2020 USD ($)	Apr. 30, 2019 USD ($)
Business Acquisition [Line Items]
Goodwill Acquired During Period						$ 144,634
Peak Resorts [Member]
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs						2,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	$ 19,578
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	427,793
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill						15,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	16,203
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	(184,668)
Goodwill Acquired During Period	144,526
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(107,923)
Business Combination, Consideration Transferred	334,700
Business Combination, Cash Consideration Transferred	264,500
Business Combination, Consideration Transferred, Other	70,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 334,730
Falls Creek and Hotham [Member]
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs						$ 4,700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables		$ 6,986
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		54,889
Goodwill Acquired During Period		71,538
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		(11,894)
Business Combination, Consideration Transferred			$ 178.9
Business Combination, Cash Consideration Transferred		127,400
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net		$ 127,352
Triple Peaks, LLC [Member]
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs							$ 2,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables				$ 5,197
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				159,799
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent				3,093
Goodwill Acquired During Period				51,742
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities				(18,098)
Business Combination, Consideration Transferred				229,100
Business Combination, Cash Consideration Transferred				74,100
Business Combination, Consideration Transferred, Other				155,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net				$ 229,093
Stevens Pass [Member]
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs							$ 1,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables					$ 752
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					34,865
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent					886
Goodwill Acquired During Period					28,878
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities					(4,029)
Business Combination, Cash Consideration Transferred					64,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net					$ 64,032

Acquisitions (Summary Pro Forma Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Pro Forma Financial Information [Line Items]
Pro forma net revenue	$ 1,043,509	$ 1,893,154	$ 2,237,141
Pro forma net income attributable to Vail Resorts, Inc.	$ 306,814	$ 253,170	$ 408,986
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$ 7.62	$ 6.28	$ 10.13
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$ 7.48	$ 6.19	$ 9.93

Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Apr. 30, 2020	Jul. 31, 2019	Apr. 30, 2019
Property, Plant and Equipment [Line Items]
Land and land improvements	$ 745,275	$ 619,561	$ 618,545
Buildings and building improvements	1,466,113	1,284,438	1,279,117
Machinery and equipment	1,351,491	1,160,817	1,157,424
Furniture and fixtures	335,827	309,271	304,345
Software	130,354	118,815	118,678
Vehicles	81,408	65,556	63,443
Construction in progress	57,462	79,282	48,728
Gross property, plant and equipment	4,167,930	3,637,740	3,590,280
Accumulated depreciation	(1,966,127)	(1,795,240)	(1,742,846)
Property, plant and equipment, net	$ 2,201,803	$ 1,842,500	$ 1,847,434

Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands	Apr. 30, 2020	Jul. 31, 2019	Apr. 30, 2019
Balance Sheet Related Disclosures [Abstract]
Trade payables	$ 62,101	$ 96,377	$ 80,218
Deferred revenue	219,395	335,669	297,874
Accrued salaries, wages and deferred compensation	16,184	50,318	37,817
Accrued benefits	44,536	37,797	42,732
Deposits	27,053	32,108	32,090
Other liabilities	80,005	55,588	52,329
Total accounts payable and accrued liabilities	$ 449,274	$ 607,857	$ 543,060

Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands	Apr. 30, 2020	Jul. 31, 2019	Apr. 30, 2019
Balance Sheet Related Disclosures [Abstract]
Private club deferred initiation fee revenue	$ 107,500	$ 109,749	$ 111,294
Unfavorable lease obligation, net	1,567	19,017	19,733
Other long-term liabilities	142,397	154,835	137,323
Total other long-term liabilities	$ 251,464	$ 283,601	$ 268,350

Supplementary Balance Sheet Information Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019	Jul. 31, 2019
Goodwill [Line Items]
Asset impairments	$ 28,372	$ 0	$ 28,372	$ 0
Goodwill	1,673,258	$ 1,596,867	1,673,258	$ 1,596,867	$ 1,608,206
Goodwill, Acquired During Period			144,634
Goodwill, Impairment Loss			(25,688)
Effects of changes in foreign currency exchange rates			(53,894)
Mountain [Member]
Goodwill [Line Items]
Goodwill	1,631,047		1,631,047		1,540,307
Goodwill, Acquired During Period			144,634
Effects of changes in foreign currency exchange rates			(53,894)
Lodging [Member]
Goodwill [Line Items]
Goodwill	$ 42,211		42,211		$ 67,899
Goodwill, Impairment Loss			(25,688)
Finite-Lived Intangible Assets [Member]
Goodwill [Line Items]
Asset impairments			2,700
Goodwill [Member]
Goodwill [Line Items]
Asset impairments			$ 25,700

Fair Value Measurements (Details) - USD ($) $ in Thousands	9 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019	Jul. 31, 2019	Jul. 31, 2018
Interest Rate Swap Notional Amount	$ 400,000
Contingent Consideration	15,500	$ 25,300	$ 27,200	$ 21,900
Payments for Rent	(6,436)	(67)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ (5,264)	(3,467)
Business Combination, Contingent Consideration Arrangements, Description	42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company.
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Adverse Change in Other Assumption, Description	The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance would result in a change in the estimated fair value within the range of approximately $2.7 million to $4.0 million
Contingent Consideration, Key Assumptions for Valuation	The estimated fair value of Contingent Consideration includes the future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed growth factor. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 10.49%, volatility of 17.0% and future period Park City EBITDA, which are unobservable inputs and thus are considered Level 3 inputs.
Money Market	$ 3,054	3,037	3,043
Fair Value Hedge Liabilities	21,013
Level 2 [Member]
Fair Value Hedge Liabilities	21,013
Fair Value, Inputs, Level 3 [Member]
Contingent Consideration	15,500	25,300	27,200
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Money Market		3,037
Commercial Paper	3,054		3,043
Commercial Paper [Member]
Commercial Paper	2,401	2,401	2,401
Commercial Paper [Member] \| Level 2 [Member]
Commercial Paper	2,401	2,401	2,401
Certificates of Deposit [Member]
Commercial Paper	7,718	10,092	7,871
Certificates of Deposit [Member] \| Level 2 [Member]
Commercial Paper	$ 7,718	$ 10,092	$ 7,871

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Apr. 30, 2020	Oct. 31, 2019	Oct. 31, 2018
Amount outstanding in letters of credit	$ 75.4
Surety Bonds Outstanding	9.6
Holland Creek Metropolitan District [Member]
Credit-enhanced bonds issued amount	6.3
Amount outstanding in letters of credit	6.4
Red Sky Ranch Metropolitan District [Member]
Other long-term liabilities	$ 2.0	$ 2.0	$ 2.0
Estimated cessation date of capital improvement fee payment obligation	Jul. 31, 2031
Employee Housing Bonds [Member]
Amount outstanding in letters of credit	$ 53.4
Workers' Compensation and General Liability Related to Construction and Development Activities [Member]
Amount outstanding in letters of credit	$ 22.0

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019	Jul. 31, 2019
Total Mountain net revenue	$ 635,304	$ 877,898	$ 1,661,681	$ 1,798,977
Lodging Revenue Net	58,385	79,848	220,030	227,997
Total Resort net revenue	693,689	957,746	1,881,711	2,026,974
Real Estate Revenue	398	241	4,784	595
Revenues	694,087	957,987	1,886,495	2,027,569
Mountain	333,785	410,254	1,068,479	1,056,625
Lodging	55,460	67,221	208,545	205,717
Total Resort operating expense	389,245	477,475	1,277,024	1,262,342
Real Estate	1,128	1,382	7,926	4,141
Total segment operating expense	390,373	478,857	1,284,950	1,266,483
Gain on sale of real property	0	268	207	268
Mountain equity investment (loss) income, net	(90)	445	1,270	1,555
Real estate held for sale and investment	96,565	101,251	96,565	101,251	$ 101,021
Net income attributable to Vail Resorts, Inc.	152,546	292,134	252,441	390,688
Net income attributable to noncontrolling interests	7,285	16,396	14,579	25,106
Net income	159,831	308,530	267,020	415,794
Provision for income taxes	26,440	93,346	47,190	120,914
Income before provision for income taxes	186,271	401,876	314,210	536,708
Depreciation and amortization	64,730	55,260	186,387	161,541
Asset impairments	28,372	0	28,372	0
Change in estimated fair value of contingent consideration	(8,000)	1,567	(5,264)	3,467
Loss (gain) on disposal of fixed assets and other, net	380	(27)	(1,178)	(505)
Investment income and other, net	(361)	(1,727)	(999)	(2,697)
Foreign currency loss on intercompany loans	7,753	3,319	8,191	5,180
Interest expense, net	24,479	19,575	73,303	59,215
Total Reported EBITDA	303,624	479,843	603,022	762,909
Lift Tickets [Member]
Total Mountain net revenue	374,818	526,881	900,995	999,124
Ski School [Member]
Total Mountain net revenue	76,563	110,755	187,840	207,271
Dining [Member]
Total Mountain net revenue	61,632	78,928	158,980	162,629
Retail/Rental [Member]
Total Mountain net revenue	78,133	114,082	259,761	285,860
Other Mountain Revenue [Member]
Total Mountain net revenue	44,158	47,252	154,105	144,093
Resort [Member]
Total Reported EBITDA	304,354	480,716	605,957	766,187
Mountain [Member]
Total Reported EBITDA	301,429	468,089	594,472	743,907
Lodging [Member]
Total Reported EBITDA	2,925	12,627	11,485	22,280
Real Estate [Member]
Total Reported EBITDA	$ (730)	$ (873)	$ (2,935)	$ (3,278)

Share Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
Share Repurchase Program (Details) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019	Jan. 31, 2019	Apr. 30, 2020	Apr. 30, 2019	Jul. 31, 2019	Dec. 04, 2015	Jul. 16, 2008	Mar. 09, 2006
Accelerated Share Repurchases [Line Items]
Number of shares authorized to repurchase	7,500,000			7,500,000					3,000,000
Treasury Stock, Shares, Acquired	160,800	0		256,418	353,007
Additional number of shares authorized to repurchase							1,500,000	3,000,000
Number of shares repurchased since inception	6,161,141	5,905,000		6,161,141	5,905,000	5,905,000
Payments for Repurchase of Common Stock	$ 25,000		$ 85,000	$ 46,422	$ 85,000
Value of stock repurchased since inception	$ 404,411	$ 357,989		$ 404,411	$ 357,989	$ 357,989
Remaining shares available for repurchase under existing program	1,338,859			1,338,859

Subsequent Events (Details) - Forecast [Member] - 6.25% Unsecured Notes [Member] - USD ($) $ in Millions	3 Months Ended
	Jul. 31, 2020	May 04, 2020
Subsequent Event [Line Items]
Proceeds from Unsecured Notes Payable	$ 600
Debt Instrument, Interest Rate, Stated Percentage		6.25%
Debt Instrument, Redemption Price, Percentage	100.00%
Debt Instrument, Redemption, Description	In addition, prior to May 15, 2022, the Company may redeem up to 35% of the aggregate principal amount of the Notes with an amount not to exceed the net cash proceeds from certain equity offerings at the redemption price of 106.25% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.