0000812011-20-000059 | 10-K | XBRL Viewer

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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Jul. 31, 2020	Sep. 21, 2020	Jan. 31, 2020
Document And Entity Information [Abstract]
Title of 12(b) Security	Common Stock, $0.01 par value
City Area Code	(303)
Entity Address, State or Province	DE
Document Transition Report	false
Document Annual Report	true
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jul. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Registrant Name	Vail Resorts, Inc.
Entity Central Index Key	0000812011
Current Fiscal Year End Date	--07-31
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		40,189,225
Entity Public Float			$ 9,336,675,376
Entity File Number	001-09614
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
Local Phone Number	404-1800
Trading Symbol	MTN
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2020	Jul. 31, 2019
Assets
Cash and cash equivalents	$ 390,980	$ 108,850
Restricted cash	11,106	9,539
Accounts receivable, net of allowances of $2,484 and $724, respectively	106,664	270,896
Inventories, net of reserves of $4,447 and $2,031, respectively	101,856	96,539
Other current assets	54,482	42,116
Total current assets	665,088	527,940
Property, plant and equipment, net (Note 8)	2,192,679	1,842,500
Real estate held for sale and investment	96,844	101,021
Deferred charges and other assets	40,081	40,237
Goodwill, net (Note 8)	1,709,020	1,608,206
Intangible assets, net (Note 8)	314,776	306,173
Operating right-of-use assets (Note 4)	225,744	0
Total assets	5,244,232	4,426,077
Liabilities and Stockholders’ Equity
Accounts payable and accrued liabilities (Note 8)	499,108	607,857
Income taxes payable	40,680	62,760
Long-term debt due within one year (Note 6)	63,677	48,516
Total current liabilities	603,465	719,133
Long-term debt, net (Note 6)	2,387,122	1,527,744
Operating lease liabilities (Note 4)	217,542	0
Other long-term liabilities (Note 8)	270,245	283,601
Deferred income taxes, net (Note 11)	234,191	168,759
Total liabilities	3,712,565	2,699,237
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 par value, 100,000 shares authorized and 46,350 and 46,190 shares issued, respectively	464	461
Exchangeable shares, $0.01 par value, 36 and 56 shares issued and outstanding, respectively (Note 5)	0	1
Additional paid-in capital	1,131,624	1,130,083
Accumulated other comprehensive loss	(56,837)	(31,730)
Retained earnings	645,902	759,801
Treasury stock, at cost; 6,161 and 5,905 shares, respectively (Note 16)	(404,411)	(357,989)
Total Vail Resorts, Inc. stockholders’ equity	1,316,742	1,500,627
Noncontrolling interests	214,925	226,213
Total stockholders’ equity	1,531,667	1,726,840
Total liabilities and stockholders’ equity	$ 5,244,232	$ 4,426,077

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2020	Jul. 31, 2019
Statement of Financial Position [Abstract]
Trade receivables, allowances	$ 2,484	$ 724
Inventories, reserves	$ 4,447	$ 2,031
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	46,350,000	46,190,000
Exchangeable Shares Par Value Per Share	$ 0.01	$ 0.01
Exchangeable Shares, Shares, Issued	36,000	56,000
Treasury stock, shares	6,161,141	5,905,000

Consolidated Statements Of Operations - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Net revenue:
Mountain and Lodging services and other	$ 1,578,463	$ 1,807,930	$ 1,584,310
Mountain and Lodging retail and dining	380,394	462,933	423,255
Resort net revenue	1,958,857	2,270,863	2,007,565
Real Estate	4,847	712	3,988
Total net revenue	1,963,704	2,271,575	2,011,553
Total segment operating expense
Mountain and Lodging operating expense	1,019,437	1,101,670	966,566
Mountain and Lodging retail and dining cost of products sold	159,066	190,044	174,105
General and administrative	278,695	274,415	251,806
Resort operating expense	1,457,198	1,566,129	1,392,477
Real Estate, net	9,182	5,609	3,546
Total segment operating expense	1,466,380	1,571,738	1,396,023
Other operating (expense) income:
Depreciation and amortization	(249,572)	(218,117)	(204,462)
Gain on sale of real property	207	580	515
Asset impairments (Notes 2 & 8)	(28,372)	0	0
Change in fair value of contingent consideration (Note 10)	2,964	(5,367)	1,854
Gain (loss) on disposal of fixed assets and other, net	838	(664)	(4,620)
Income from operations	223,389	476,269	408,817
Mountain equity investment income, net	1,690	1,960	1,523
Investment income and other, net	1,305	3,086	1,944
Foreign currency loss on intercompany loans (Note 6)	(3,230)	(2,854)	(8,966)
Interest expense, net	(106,721)	(79,496)	(63,226)
Income before (provision) benefit from income taxes	116,433	398,965	340,092
(Provision) benefit from income taxes (Note 11)	(7,378)	(75,472)	61,138
Net income	109,055	323,493	401,230
Net income attributable to noncontrolling interests	(10,222)	(22,330)	(21,332)
Net income attributable to Vail Resorts, Inc.	$ 98,833	$ 301,163	$ 379,898
Per share amounts (Note 5):
Basic net income per share attributable to Vail Resorts, Inc.	$ 2.45	$ 7.46	$ 9.40
Diluted net income per share attributable to Vail Resorts, Inc.	2.42	7.32	9.13
Cash dividends declared per share	$ 5.28	$ 6.46	$ 5.046

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2020	Oct. 31, 2019	Jul. 31, 2019	Apr. 30, 2019	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Net income	$ (157,965)	$ 159,831	$ 217,018	$ (109,829)	$ (92,301)	$ 308,530	$ 217,990	$ (110,726)	$ 109,055	$ 323,493	$ 401,230
Foreign currency translation adjustments (net of tax of $0, $0 and $1,981, respectively)									(9,075)	(34,287)	(61,957)
Change in estimated fair value of hedging instruments									(22,510)	0	0
Comprehensive income									77,470	289,206	339,273
Comprehensive income attributable to noncontrolling interests									(3,744)	(17,546)	(5,997)
Comprehensive income attributable to Vail Resorts, Inc.									$ 73,726	$ 271,660	$ 333,276

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

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+ Details

Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Statement of Comprehensive Income (Parenthetical) [Abstract]
Translation Adjustment Functional to Reporting Currency, Tax Benefit (Expense)	$ 0	$ 0	$ 1,981

Consolidated Statements Of Stockholders' Equity - 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 Interest [Member]
Balance at Jul. 31, 2017	$ 1,798,959	$ 454	$ 1	$ 1,222,510	$ 44,395	$ 550,985	$ (247,189)	$ 1,571,156	$ 227,803
Net income (loss) attributable to Vail Resorts, Inc.	379,898					379,898		379,898
Net Income (Loss) Attributable to Noncontrolling Interest	21,332								21,332
Net income, including portion attributable to noncontrolling interest	401,230
Foreign currency translation adjustments, net of tax	(61,957)				(46,622)			(46,622)	(15,335)
Change in estimated fair value of hedging instruments	0
Comprehensive income	333,276							333,276
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	5,997								5,997
Total comprehensive income	339,273
Stock-based compensation (Note 17)	19,040			19,040				19,040
Measurement period adjustment	(1,776)								(1,776)
Issuance of shares under share award plan, net of shares withheld for employee taxes (Note 17)	(104,077)	6		(104,083)				(104,077)
Repurchases of common stock (Note 16)	(25,800)						(25,800)	(25,800)
Dividends (Note 5)	(204,161)					(204,161)		(204,161)
Distributions to noncontrolling interests, net	(9,795)								(9,795)
Balance at Jul. 31, 2018	1,811,663	460	1	1,137,467	(2,227)	726,722	(272,989)	1,589,434	222,229
Net income (loss) attributable to Vail Resorts, Inc.	301,163					301,163		301,163
Net Income (Loss) Attributable to Noncontrolling Interest	22,330								22,330
Net income, including portion attributable to noncontrolling interest	323,493
Foreign currency translation adjustments, net of tax	(34,287)				(29,503)			(29,503)	(4,784)
Change in estimated fair value of hedging instruments	0
Comprehensive income	271,660							271,660
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	17,546								17,546
Total comprehensive income	289,206
Stock-based compensation (Note 17)	19,856			19,856				19,856
Cumulative effect for adoption of revenue standard	(7,517)					(7,517)		(7,517)
Issuance of shares under share award plan, net of shares withheld for employee taxes (Note 17)	(27,239)	1		(27,240)				(27,239)
Repurchases of common stock (Note 16)	(85,000)						(85,000)	(85,000)
Dividends (Note 5)	(260,567)					(260,567)		(260,567)
Distributions to noncontrolling interests, net	(13,562)								(13,562)
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 (loss) attributable to Vail Resorts, Inc.	98,833					98,833		98,833
Net Income (Loss) Attributable to Noncontrolling Interest	10,222								10,222
Net income, including portion attributable to noncontrolling interest	109,055
Foreign currency translation adjustments, net of tax	(9,075)				(2,597)			(2,597)	(6,478)
Change in estimated fair value of hedging instruments	(22,510)				(22,510)			(22,510)
Comprehensive income	73,726							73,726
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	3,744								3,744
Total comprehensive income	77,470
Stock-based compensation (Note 17)	21,021			21,021				21,021
Exchangeable share transfers		1	(1)
Issuance of shares under share award plan, net of shares withheld for employee taxes (Note 17)	(19,478)	2		(19,480)				(19,478)
Repurchases of common stock (Note 16)	(46,422)						(46,422)	(46,422)
Dividends (Note 5)	(212,732)					(212,732)		(212,732)
Distributions to noncontrolling interests, net	(15,032)								(15,032)
Balance at Jul. 31, 2020	$ 1,531,667	$ 464	$ 0	$ 1,131,624	$ (56,837)	$ 645,902	$ (404,411)	$ 1,316,742	$ 214,925

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Cash flows from operating activities:
Net income	$ 109,055	$ 323,493	$ 401,230
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	249,572	218,117	204,462
Asset impairments	28,372	0	0
Cost of real estate sales	3,684	0	3,701
Stock-based compensation expense	21,021	19,856	19,040
Deferred income taxes, net	17,435	22,419	(45,770)
Canyons obligation accreted interest expense	5,773	5,752	5,723
Change in fair value of contingent consideration	(2,964)	5,367	(1,854)
Foreign currency loss on intercompany loans	3,230	2,854	8,966
Gain on sale of real property	(207)	(580)	(515)
Other non-cash income, net	(16,674)	(13,875)	(13,784)
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	167,347	(35,406)	(44,261)
Inventories, net	(1,924)	(7,274)	(963)
Accounts payable and accrued liabilities	(82,394)	23,296	1,879
Increase (Decrease) in Deferred Revenue	(98,003)	35,628	42,007
Income taxes payable - excess tax benefit from share award plans	(8,236)	(12,932)	(71,077)
Income taxes payable - other	(4,951)	38,773	38,453
Other assets and liabilities, net	4,814	8,743	1,249
Net cash provided by operating activities	394,950	634,231	548,486
Cash flows from investing activities:
Capital expenditures	(172,334)	(192,035)	(140,611)
Acquisition of businesses, net of cash acquired	(327,555)	(419,044)	(1,356)
Other investing activities, net	7,150	15,045	7,388
Net cash used in investing activities	(492,739)	(596,034)	(134,579)
Cash flows from financing activities:
Proceeds from borrowings under Vail Holdings Credit Agreement	892,625	543,625	225,000
Proceeds from borrowings under Whistler Credit Agreement	209,634	26,518	46,513
Proceeds from borrowings under 6.25% Notes	600,000	0	0
Repayments of borrowings under Vail Holdings Credit Agreement	(811,875)	(235,625)	(182,500)
Repayments of borrowings under Whistler Credit Agreement	(204,032)	(45,060)	(91,941)
Employee taxes paid for share award exercises	(19,478)	(27,239)	(104,077)
Repurchases of common stock	(46,422)	(85,000)	(25,800)
Dividends paid	(212,732)	(260,567)	(204,161)
Other financing activities, net	(31,487)	(16,210)	(13,749)
Net cash provided by (used in) financing activities	376,233	(99,558)	(350,715)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	5,253	(5,290)	(5,814)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	283,697	(66,651)	57,378
Cash, cash equivalents and restricted cash:
Beginning of period	118,389	185,040	127,662
End of period	402,086	118,389	185,040
Cash paid for interest	88,398	70,888	53,842
Taxes paid, net	4,134	27,212	16,945
Accrued capital expenditures	$ 15,046	$ 18,420	$ 15,638

Organization and Business	12 Months Ended
Organization and Business	Jul. 31, 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 37 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 ski areas, 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 ski areas 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 peak 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

12 Months Ended

Jul. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of Consolidation — The accompanying Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries for which the Company has a controlling financial interest. Investments in which the Company does not have a controlling financial interest, but has significant influence, are accounted for under the equity method. All significant intercompany transactions have been eliminated in consolidation.

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

Restricted Cash — The Company considers cash to be restricted when withdrawal or general use is legally restricted. During peak operations of the North American ski season, the Company’s restricted cash balance is primarily associated with customer reservations deposits that are required to be held in a trust pursuant to statutory requirements until such reservations are fulfilled.

Accounts receivable — The Company records trade accounts receivable in the normal course of business related to the sale of products or services. The allowance for doubtful accounts is based on a specific reserve analysis and on a percentage of accounts receivable and takes into consideration such factors as historical write-offs, the economic climate and other factors that could affect collectability. Write-offs are evaluated on a case by case basis.

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

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



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

Real Estate Held for Sale and Investment — The Company capitalizes as real estate held for sale and investment the original land acquisition cost, direct construction and development costs, property taxes, interest recorded on costs related to real estate under development and other related costs. Sales and marketing expenses are charged against income in the period incurred. Additionally, sales commission expenses are charged against income in the period that the related revenue from real estate sales is recorded.

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

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

The testing for impairment consists of a comparison of the estimated fair value of the assets with their net carrying values. If the net carrying amount of the assets exceed its estimated fair value, an impairment will be recognized for indefinite-lived intangibles, including goodwill, in an amount equal to that excess. If the net carrying amount of the assets does not exceed the estimated fair value, no impairment loss is recognized. For the testing of goodwill and other indefinite-lived intangible assets for impairment, the Company performs a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset exceeds the carrying amount, which includes an evaluation as to whether there have been significant changes to macro-economic factors related to the reporting unit or intangible asset that could materially impact fair value. If it is determined, based on qualitative factors, that the fair value of the reporting unit or indefinite-lived intangible asset is more likely than not less than carrying amount, a quantitative impairment test would be required, in which the Company would determine the estimated fair value of its reporting units using discounted cash flow analyses and determine the estimated fair value of its indefinite-lived intangible assets using an income approach.

As a result of the coronavirus (COVID-19) pandemic and the impact it has had on the Company’s operations during the year ended July 31, 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. As further discussed in Note 8, the Company recognized an impairment of approximately $28.4 million related to its Colorado resort ground transportation company during the year ended July 31, 2020, which was recorded within asset impairments on the Company’s Consolidated Statement of Operations, with a corresponding reduction 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. The Company determined that there were no other impairments of goodwill, definite and indefinite-lived assets for the years ended July 31, 2020, and that there was no impairment to goodwill and no material impairment to definite or indefinite-lived intangible assets for the years ended July 31, 2019 and 2018.

Long-lived Assets — The Company evaluates potential impairment of long-lived assets and long-lived assets to be disposed of whenever events or changes in circumstances indicate that the net carrying amount of an asset may not be fully recoverable. If the sum of the expected cash flows, on an undiscounted basis, is less than the net carrying amount of the asset, an impairment loss is recognized in the amount by which the net carrying amount of the asset exceeds its estimated fair value. As discussed above, the Company recorded an impairment to long-lived assets related to its Colorado resort ground transportation company during the year ended July 31, 2020. The Company determined that there were no other impairments of long-lived assets for the year ended July 31, 2020, and determined there was no impairment of the net carrying amount of a long-lived asset occurred during the years ended July 31, 2019 and 2018.

Revenue Recognition — The Company’s significant accounting policies with regard to revenue recognition are discussed in Note 3, Revenues.

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

Foreign Currency Translation — The functional currency of the Company’s entities operating outside of the United States is the principal currency of the economic environment in which the entity primarily generates and expends cash, which is generally the local currency. The assets and liabilities of these foreign operations are translated at the exchange rate in effect as of the balance sheet dates. Income and expense items are translated using the weighted average exchange rate for the period. Translation adjustments from currency exchange, including intercompany transactions of a long-term nature, are recorded in accumulated other comprehensive loss as a separate component of stockholders’ equity. Intercompany transactions that are not of a long-term nature are reported as gains and losses within “segment operating expense” and for intercompany loans within foreign currency loss on intercompany loans on the Company’s Consolidated Statements of Operations.

Reserve Estimates — The Company uses estimates to record reserves for certain liabilities, including medical claims, workers’ compensation claims, third-party loss contingencies and property taxes, among other items. The Company estimates the probable costs related to these liabilities that will be incurred and records that amount as a liability in its Consolidated Financial Statements.

Additionally, the Company records, as applicable, receivables related to insurance recoveries for loss contingencies if deemed probable of recovery. These estimates are reviewed and adjusted as the facts and circumstances change. The Company records legal costs related to defending claims as incurred.

Advertising Costs — Advertising costs are expensed at the time such advertising commences. Advertising expense for the years ended July 31, 2020, 2019 and 2018 was $41.6 million, $44.6 million and $39.8 million, respectively, and was recorded within Mountain and Lodging operating expenses on the Company’s Consolidated Statement of Operations.

Income Taxes — Income tax expense includes U.S. tax (federal and state) and foreign income taxes. The Company’s provision for income taxes is based on pre-tax income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported in the accompanying Consolidated Balance Sheets and for operating loss and tax credit carrybacks or carryforwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to the tax provision or benefit in the period of enactment. The Company’s deferred tax assets have been reduced by a valuation allowance to the extent it is deemed to be more likely than not that some or all of the deferred tax assets will not be realized. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is “more-likely-than-not” to be sustained, on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the largest tax benefit that is cumulatively greater than 50% likely of being realized upon ultimate settlement. Interest and penalties accrued in connection with uncertain tax positions are recognized as a component of income tax expense. See Note 11 “Income Taxes” for more 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 6.25% Notes (as defined in Note 6, Long-Term Debt) is based on quoted market prices (a Level 2 input). The estimated fair value of the EPR Secured Notes and EB-5 Development Notes (each as defined in Note 6, Long-Term Debt), have been estimated using analyses based on current borrowing rates for debt with similar remaining maturities and ratings (a Level 2 input). The carrying values, including any unamortized premium or discount, and estimated fair values of the 6.25% Notes, EPR Secured Notes and EB-5 Development Notes as of July 31, 2020 are presented below (in thousands):



	July 31, 2020
	Carrying Value		Estimated Fair Value
6.25% Notes	$	600,000	$	643,500
EPR Secured Notes	$	137,314	$	150,628
EB-5 Development Notes	$	47,833	$	47,212

Stock-Based Compensation — Stock-based compensation expense is measured at the grant date based upon the estimated fair value of the award and is recognized as expense over the applicable vesting period of the award generally using the straight-line method (see Note 17 “Stock Compensation Plan” for more information), less the amount of forfeited awards which are recorded as they occur. The following table shows total net stock-based compensation expense for the years ended July 31, 2020, 2019 and 2018 included in the Consolidated Statements of Operations (in thousands):



	Year Ended July 31,
	2020		2019		2018
Mountain stock-based compensation expense	$	17,410	$	16,474	$	15,716
Lodging stock-based compensation expense	3,399		3,219		3,215
Real Estate stock-based compensation expense	212		163		109
Pre-tax stock-based compensation expense	21,021		19,856		19,040
Less: benefit from income taxes	5,027		4,589		5,406
Net stock-based compensation expense	$	15,994	$	15,267	$	13,634

Concentration of Credit Risk — The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company places its cash and temporary cash investments in high-

quality credit institutions. The Company does not enter into financial instruments for trading or speculative purposes. Concentration of credit risk with respect to accounts and notes receivables is limited due to the wide variety of customers and markets in which the Company transacts business, as well as their dispersion across many geographical areas. The Company performs ongoing credit evaluations of its customers and generally does not require collateral, but does require advance deposits on certain transactions.

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 July 31, 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”), which were designated as cash flow hedges. 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 Statements of Comprehensive Income, and such change was recorded as a loss of $22.5 million during the year ended July 31, 2020. Such amounts are reclassified into interest expense, net from other comprehensive income during the period in which the hedged item affects earnings. As of July 31, 2020, the estimated fair value of the Interest Rate Swaps was a liability of approximately $22.5 million and was recorded within other long-term liabilities on the Company’s Consolidated Balance Sheet, and the impact of the underlying cash flows associated with the Interest Rate Swaps are recorded within interest expense, net on the Company’s Consolidated Statements of Operations. See Note 10 “Fair Value Measurements” for more information.

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 future 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.

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

Recently Issued Accounting Standards

Adopted Standards

In 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 twelve 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 twelve months or less. The Company will recognize those lease payments in the Consolidated 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 $221.8 million of operating ROU assets and $254.2 million of related total operating lease liabilities in the Consolidated Balance Sheet (of which $219.3 million was included in operating lease liabilities and $34.9 million was included in 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 related amounts to the operating ROU assets balance, primarily from other long-term liabilities, which reduced the amount recognized as operating ROU assets to $221.8 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 Statement of Operations or Consolidated Statement of Cash Flows for the year ended July 31, 2020. 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 Financial Statements for the year ended July 31, 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 Financial Statements.

Revenues (Notes)

12 Months Ended

Jul. 31, 2020

Revenues [Abstract]

Revenue from Contract with Customer [Text Block]

3. Revenues

Revenue Recognition

The following provides information about the Company’s composition of revenue recognized from contracts with customers and other revenues, the performance obligations under those contracts, and the significant judgments made in accounting for those contracts:

•

Mountain revenue is derived from a wide variety of sources, including, among other things: lift revenue, which includes sales of lift tickets and pass products; ski school revenue, which includes the revenue derived from ski school operations; dining revenue, which includes both casual and fine dining on-mountain operations; retail sales and equipment rentals; and other on-mountain revenue, which includes private ski club revenue (which includes both club dues and amortization of initiation fees), marketing and internet advertising revenue, municipal services and lodging and transportation operations at the Company’s Australian ski areas. Revenue is recognized over time as performance obligations are satisfied

as control of the good or service (e.g. access to ski areas, provision of ski school services, etc.) is transferred to the customer, except for the Company’s retail sales and dining operations revenues which are recognized at a point in time when performance obligations are satisfied by transferring control of the underlying goods to the customer. The Company records deferred revenue primarily related to the sale of pass products. Deferred revenue is generally recognized throughout the ski season as the Company’s performance obligations are satisfied as control of the service (e.g. access to ski areas throughout the ski season) is transferred to the customer. Transfer of control is based on an estimated number of pass product holder visits relative to total expected visits. Total expected visits are estimated based on historical data, and the Company believes this estimate provides a faithful depiction of its customers’ pass product usage. When sufficient historical data to determine usage patterns is not available, such as in the case of new product offerings, deferred revenue is recognized on a straight-line basis throughout the ski season until sufficient historical usage patterns are available. The Company also includes other sources of revenue, primarily related to commercial leasing and employee housing leasing arrangements, within other mountain revenue.

•

Lodging revenue is derived from a wide variety of sources, including, among other things: revenue from owned hotel rooms and managed hotel rooms; revenue from hotel dining operations; transportation revenue which relates to the Company’s Colorado resort ground transportation operations; and other lodging revenue which includes property management services, managed properties other costs reimbursements, private golf club revenue (which includes both club dues and amortization of initiation fees), and golf course fees. Lodging revenue also includes managed hotel property payroll cost reimbursements related to payroll costs at managed properties where the Company is the employer, which are reimbursed by the owner with no added margin. Therefore, these revenues and corresponding expenses have no net effect on the Company’s operating income or net income. Other than revenue from dining operations, lodging revenue is mostly recognized over time as performance obligations are satisfied as control of the service (e.g. nightly hotel room access) is transferred to the customer.


•	Real estate revenue primarily relates to the sale of development land parcels. Real estate revenue is generally recognized at a point in time when performance obligations have been satisfied, which is usually upon closing of the sales transaction and in an amount that reflects the consideration to which the Company expects to be entitled.

For certain contracts that have an original term length of one year or less, the Company uses the practical expedient applicable to such contracts and does not consider the time value of money. For contracts with an expected term in excess of one year, the Company has considered the provisions of Topic 606 in determining whether contracts contain a financing component.

The Company presents revenues in the accompanying Consolidated Statements of Operations, net of taxes, when collected from its customers that are remitted or payable to government taxing authorities, except when products are inclusive of taxes where applicable.

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 closures this past spring, the Company announced a credit offer on April 27, 2020 for 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 2019/2020 season pass holders, depending on the number of days the pass holder used their pass product during the 2019/2020 North American ski 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. For accounting purposes, the Credit Offer constituted a material right to existing 2019/2020 pass product holders 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 ended July 31, 2020. The Company expects to recognize the revenue associated with the Credit Offer in the second and third fiscal quarters of the fiscal year ending July 31, 2021 or the second and third fiscal quarters of the fiscal year ending July 31, 2022. While the Company expects most of this revenue to be recognized during Fiscal 2021, in the event that a pass holder obtains a refund under Epic Coverage for the 2020/2021 ski season and is eligible to utilize their credit toward the purchase of a pass product for the 2021/2022 ski season, a portion of this deferred revenue and related deferred cost will be recognized in Fiscal 2022. 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 impacted 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 years ended July 31, 2020, 2019 and 2018 (in thousands):



	Year Ended July 31,
	2020		2019		2018
Mountain net revenue:
Lift	$	913,091	$	1,033,234	$	880,293
Ski School	189,131		215,060		189,910
Dining	160,763		181,837		161,402
Retail/Rental	270,299		320,267		296,466
Other	177,159		205,803		194,851
Total Mountain net revenue	$	1,710,443	$	1,956,201	$	1,722,922
Lodging net revenue:
Owned hotel rooms	$	44,992	$	64,826	$	65,252
Managed condominium rooms	76,480		86,236		70,198
Dining	38,252		53,730		48,554
Transportation	15,796		21,275		21,111
Golf	17,412		19,648		18,110
Other	44,933		54,617		47,577
	237,865		300,332		270,802
Payroll cost reimbursements	10,549		14,330		13,841
Total Lodging net revenue	$	248,414	$	314,662	$	284,643
Total Resort net revenue	$	1,958,857	$	2,270,863	$	2,007,565
Total Real Estate net revenue	4,847		712		3,988
Total net revenue	$	1,963,704	$	2,271,575	$	2,011,553

Arrangements with Multiple Performance Obligations

Several of the Company’s contracts with customers include multiple performance obligations, primarily related to bundled services such as ski school packages, lodging packages and events (e.g. weddings and conferences). For such contracts, revenue is allocated to each distinct and separate performance obligation based on its relative standalone selling price. The standalone selling prices are generally based on observable prices charged to customers or estimated based on historical experience and information.

Contract Balances

Contract liabilities are recorded primarily as deferred revenues when payments are received or due in advance of the Company’s performance, including amounts which may be refundable. The deferred revenue balance is primarily related to accounts receivable or cash payments recorded in advance of satisfying the Company’s performance obligations related to sales of pass products prior to the start of the ski season, private club initiation fees and other related advance purchase products, including advance purchase lift tickets, multiple-day lift tickets, ski school lessons, equipment rentals and lodging advance deposits. Due to the seasonality of the Company’s operations, its largest deferred revenue balances occur during the North American pass product selling window, which generally begins in the fourth quarter of its fiscal year. Deferred revenue balances of a short-term nature were $256.4 million and $335.7 million as of July 31, 2020 and 2019, respectively. Deferred revenue balances of a long-term nature, comprised primarily of long-term private club initiation fee revenue, were $121.9 million and $124.3 million as of July 31, 2020 and 2019, respectively. For the year ended July 31, 2020, the Company recognized approximately $266.5 million of revenue that was included in the deferred revenue balance as of July 31, 2019. As of July 31, 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.

Contract assets are recorded as trade receivables when the right to consideration is unconditional. Trade receivable balances were $106.7 million and $270.9 million as of July 31, 2020 and 2019, respectively. Payments from customers are based on billing terms established in the contracts with customers, which vary by the type of customer, the location and the products or services offered. The term between invoicing and when payment is due is not significant. For certain products or services and customer types, contracts require payment before the products are delivered or services are provided to the customer. Impairment losses related

to contract assets are recognized through the Company’s allowance for doubtful accounts analysis. Contract asset write-offs are evaluated on an individual basis.

Costs to Obtain Contracts with Customers

The Company expects that credit card fees and sales commissions paid in order to obtain season ski pass products contracts are recoverable. Accordingly, the Company records these amounts as assets when they are paid prior to the start of the ski season. As of July 31, 2020, $3.5 million of costs to obtain contracts with customers were recorded within other current assets on the Company’s Consolidated Balance Sheet. Deferred credit card fees and sales commissions are amortized commensurate with the recognition of season ski pass revenue. The Company recorded amortization of $11.0 million, $10.6 million and $8.3 million for these costs during the years ended July 31, 2020, 2019 and 2018, respectively, which were recorded within Mountain and Lodging operating expenses on the Company’s Consolidated Statement of Operations.

Utilizing the practical expedient provided for under Topic 606, the Company has elected to expense credit card fees and sales commissions related to non-season ski pass products and services as incurred, as the amortization period is generally one year or less for the time between customer purchase and utilization. These fees are recorded within Mountain and Lodging operating expenses on the Company’s Consolidated Statements of Operations.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
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+ Details

Leases (Notes)

12 Months Ended

Jul. 31, 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 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. 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 year ended July 31, 2020, were as follows (in thousands):



	Year Ended July 31, 2020
Finance leases:
Amortization of the finance ROU assets	$	9,753
Interest on lease liabilities	$	34,035
Operating leases:
Operating lease expense	$	43,303
Short-term lease expense ⁽¹⁾	$	13,943
Variable lease expense	$	1,583

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

The following table presents the supplemental cash flow information associated with the Company’s leasing activities for the year ended July 31, 2020 (in thousands):



	Year Ended July 31, 2020
Cash flow supplemental information:
Operating cash outflows for operating leases	$	55,344
Operating cash outflows for finance leases	$	29,311
Financing cash outflows for finance leases	$	5,387
Non-cash supplemental information:
Operating ROU assets obtained in exchange for operating lease obligations	$	18,013

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



	As of July 31, 2020
Weighted-average remaining lease term (in years)
Operating leases	10.6
Finance leases	42.9
Weighted-average discount rate
Operating leases	4.5	%
Finance leases	10.0	%

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



	Operating Leases			Finance Leases
2021	$	47,013		$	28,818
2022	43,699			29,394
2023	38,353			29,982
2024	34,431			30,582
2025	32,405			31,193
Thereafter	137,501			1,773,855
Total future minimum lease payments	333,402			1,923,824
Less amount representing interest	(79,256		)	(1,577,790		)
Total lease liabilities	$	254,146		$	346,034

The current portion of operating lease liabilities of approximately $36.6 million as of July 31, 2020 is recorded within accounts payables and accrued liabilities in the Consolidated Balance Sheet. Finance lease liabilities are recorded within long-term debt, net in the Consolidated Balance Sheets.

Future minimum lease payments in accordance with Topic 840 as of July 31, 2019, reflected by fiscal year (August 1 through July 31), 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	$	335,138	$	340,261

The Canyons finance lease obligation represents the only material finance lease entered into by the Company and was $346.0 million as of July 31, 2020, which represents the estimated annual lease payments for the remaining initial 50 year term of the lease assuming annual increases at the floor of 2% and discounted using an interest rate of 10%. As of July 31, 2020, the Company has recorded $117.8 million of finance lease ROU assets in connection with the Canyons lease, net of $65.8 million of accumulated amortization, which is included within property, plant and equipment, net in the Company’s Consolidated Balance Sheet.

Net Income Per Common Share

12 Months Ended

Jul. 31, 2020

Earnings Per Share Reconciliation [Abstract]

Net Income Per Common Share

Earnings per Share

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

In connection with the Company’s acquisition of Whistler Blackcomb in October 2016 (see Note 7, Acquisitions), the Company issued consideration in the form of shares of Vail Resorts common stock (the “Vail Shares”) and shares of the Company’s wholly-owned Canadian subsidiary (“Exchangeco”). Whistler Blackcomb shareholders elected to receive 3,327,719 Vail Shares and 418,095 shares of Exchangeco (the “Exchangeco Shares”). Both Vail Shares and Exchangeco Shares have a par value of $0.01 per share, and Exchangeco Shares, while outstanding, are substantially the economic equivalent of the Vail Shares and are exchangeable, at any time prior to the seventh anniversary of the closing of the acquisition, into Vail Shares. The Company’s calculation of weighted-average shares outstanding includes the Exchangeco Shares.

Presented below is basic and diluted EPS for the years ended July 31, 2020, 2019 and 2018 (in thousands, except per share amounts):



	Year Ended July 31,
	2020				2019				2018
	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	98,833	$	98,833	$	301,163	$	301,163	$	379,898	$	379,898
Weighted-average shares outstanding	40,227		40,227		40,292		40,292		40,337		40,337
Weighted-average Exchangeco shares outstanding	46		46		57		57		60		60
Total Weighted-average shares outstanding	40,273		40,273		40,349		40,349		40,397		40,397
Effect of dilutive securities	—		565		—		809		—		1,221
Total shares	40,273		40,838		40,349		41,158		40,397		41,618
Net income per share attributable to Vail Resorts, Inc.	$	2.45	$	2.42	$	7.46	$	7.32	$	9.40	$	9.13

The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable on the exercise of share based awards that were excluded from the calculation of diluted net income per share because the effect of their inclusion would have been anti-dilutive totaled approximately 2,000, 4,000 and 2,000 for the years ended July 31, 2020, 2019 and 2018, respectively.

Dividends

For the year ended July 31, 2020, the Company paid cash dividends of $5.28 per share ($212.7 million 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

12 Months Ended

Jul. 31, 2020

Debt Disclosure [Abstract]

Long-Term Debt

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



	Maturity	July 31, 2020			July 31, 2019
Vail Holdings Credit Agreement revolver ^(a)	2024	$	—		$	208,000
Vail Holdings Credit Agreement term loan ^(a)	2024	1,203,125			914,375
6.25% Notes^(b)	2025	600,000			—
Whistler Credit Agreement revolver ^(c)	2024	58,236			45,454
EPR Secured Notes ^(d)	2034-2036	114,162			—
EB-5 Development Notes ^(e)	2021	51,500			—
Employee housing bonds ^(f)	2027-2039	52,575			52,575
Canyons obligation ^(g)	2063	346,034			340,261
Other^(h)	2020-2033	18,616			19,465
Total debt		2,444,248			1,580,130
Less: Unamortized premiums, discounts and debt issuance costs ⁽ⁱ⁾		(6,551		)	3,870
Less: Current maturities ^(j)		63,677			48,516
Long-term debt, net		$	2,387,122		$	1,527,744

(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 is 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 expiration of the Financial Covenants Temporary Waiver Period:


•	the maximum leverage ratio permitted under the maximum leverage ratio financial maintenance covenant reduces each quarter 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 is 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 that began on 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 is 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, bear interest annually at LIBOR plus 2.50% and, for amounts in excess of $400.0 million, LIBOR is 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) was 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 July 31, 2020, the Vail Holdings Credit Agreement consists of a $500.0 million revolving credit facility and a $1.2 billion outstanding 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 5% 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 2.50% as of July 31, 2020 (2.66% as of July 31, 2020 for $400.0 million of borrowings, and for amounts in excess of $400.0 million in which LIBOR is subject to a floor of 0.75% during the Financial Covenants Temporary Waiver Period, 3.25% as of July 31, 2020). Other than as impacted by the provisions in place during the Financial Covenants Temporary Waiver Period, 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 (0.4% as of July 31, 2020). During the year ended July 31, 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)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) and to pay the fees and expenses associated with the offering, with the remaining net proceeds intended to be used for general corporate purposes.

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, are guaranteed by certain of the Company’s domestic subsidiaries, 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.

(c)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, and during the year ended July 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. The WB Partnerships’ obligations under the Whistler Credit Agreement are guaranteed by the Whistler Subsidiary Guarantors and are collateralized by a pledge of the capital stock of the Whistler Subsidiary Guarantors and a pledge of substantially all of the assets of Whistler LP, Blackcomb LP and the Whistler Subsidiary Guarantors. In addition, pursuant to the terms of the Whistler Credit Agreement, the WB Partnerships have the ability to increase the commitment amount by up to C$75.0 million, subject to lender approval. Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships’ Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of July 31, 2020, in the case of borrowings (i) in Canadian dollars, at the WB Partnerships’ option, either (a) at the Canadian Prime Rate plus 1.25% per annum or (b) by way of the issuance of bankers’ acceptances plus 2.25% per annum; and (ii) in U.S. dollars, at the WB Partnerships option, either at (a) the U.S. Base Rate plus 1.25% per annum or (b) Bankers Acceptance Rate plus 2.25% per annum. As of July 31, 2020, all borrowings under the Whistler Credit Agreement were made in Canadian dollars and by way of the issuance of bankers’ acceptances plus 2.25% (approximately 2.79% as of July 31, 2020). The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of July 31, 2020 is equal to 0.5063% per annum. The Whistler Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the WB Partnerships’ ability to incur indebtedness and liens, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Whistler Credit Agreement includes the restrictive financial covenants (leverage ratios and interest coverage ratios) customary for facilities of this type.

(d)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 July 31, 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 July 31, 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 July 31, 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 July 31, 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 July 31, 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 July 31, 2020 the Company had funded the EPR debt service reserve account in an amount equal to approximately $5.7 million, which was included in other current assets in the Company’s Consolidated Balance Sheet.

(e)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.

(f)The Company has recorded the outstanding debt of four Employee Housing Entities (each an “Employee Housing Entity” and collectively the “Employee Housing Entities”): Breckenridge Terrace, Tarnes, BC Housing and Tenderfoot. The proceeds of the Employee Housing Bonds were used to develop apartment complexes designated primarily for use by the Company’s seasonal employees at its Colorado mountain resorts. The Employee Housing Bonds are variable rate, interest-only instruments with interest rates tied to LIBOR plus 0% to 0.1% (0.17% to 0.27% as of July 31, 2020).

Interest on the Employee Housing Bonds is paid monthly in arrears and the interest rate is adjusted weekly. No principal payments are due on the Employee Housing Bonds until maturity. Each Employee Housing Entity’s bonds were issued in two series. The bonds for each Employee Housing Entity are backed by letters of credit issued under the Vail Holdings Credit Agreement. The table below presents the principal amounts outstanding for the Employee Housing Bonds as of July 31, 2020 (in thousands):



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

(g)On May 24, 2013, VR CPC Holdings, Inc. (“VR CPC”), a wholly-owned subsidiary of the Company, entered into a transaction agreement with affiliate companies of Talisker Corporation (“Talisker”) pursuant to which the parties entered into a master lease agreement (the “Lease”) and certain ancillary transaction documents on May 29, 2013 related to the former stand-alone Canyons Resort (“Canyons”), pursuant to which the Company assumed the resort operations of the Canyons. The Lease between VR CPC and Talisker has an initial term of 50 years with six 50-year renewal options. The Lease provides for $25 million in annual payments, which increase each year by an inflation-linked index of CPI less 1% per annum, with a floor of 2%. Vail Resorts has guaranteed the payments under the Lease. The obligation at July 31, 2020 represents future lease payments for the remaining initial lease term of 50 years (including annual increases at the floor of 2%) discounted using an interest rate of 10%, and includes accumulated accreted interest expense of approximately $40.7 million.

(h)During the year ended July 31, 2019, the Company completed two real estate sales transactions that were accounted for as financing arrangements as a result of the Company’s continuing involvement with the underlying assets that were sold, including but not limited to, the obligation to repurchase finished commercial space from the development projects upon completion. The Company received approximately $11.2 million of proceeds for these sales transactions during the year ended July 31, 2019, which are reflected within long-term debt, net. Other obligations also consist of a $3.6 million note outstanding to the Colorado Water Conservation Board, which matures on September 16, 2028, and other financing arrangements. Other obligations, including the Colorado Water Conservation Board note, bear interest at rates ranging from 5.1% to 5.5%.

(i)In connection with the acquisition of Peak Resorts, the Company estimated the acquisition date fair values of the debt instruments assumed, including the EPR Secured Notes and the EB-5 Development Notes, and recorded any difference between such estimated fair values and the par value of debt instruments as unamortized premiums and discounts, which is amortized and recorded to interest expense, net on the Company’s Consolidated Statements of Operations over the respective term of the applicable debt instruments. Additionally, certain costs incurred with regard to the issuance of debt instruments are capitalized and included as a reduction in the net carrying value of long-term debt, net of accumulated amortization, with the exception of costs incurred related to line-of-credit arrangements, which are included in deferred charges and other assets, net of accumulated amortization. Amortization of such deferred financing costs are recorded to interest expense, net on the Company’s Consolidated Statements of Operations over the respective term of the applicable debt instruments

(j)Current maturities represent principal payments due in the next 12 months, and exclude approximately $6.2 million of proceeds resulting from a real estate transaction accounted for as a financing arrangement, as discussed above, which are expected to be recognized on the Company’s Statement of Operations during the year ending July 31, 2021 as a result of the anticipated resolution of continuing involvement, with no associated cash outflow.

Aggregate maturities for debt outstanding, including capital lease obligations, as of July 31, 2020 reflected by fiscal year are as follows (in thousands):



	Total
2021 ⁽¹⁾	$	69,827
2022	115,195
2023	63,740
2024	63,796
2025	1,612,120
Thereafter	519,570
Total debt	$	2,444,248

(1) Includes approximately $6.2 million of proceeds resulting from a real estate transaction accounted for as a financing arrangement, as discussed above, which are expected to be recognized on the Company’s Statement of Operations during the year ending July 31, 2021 as a result of the anticipated resolution of continuing involvement, with no associated cash outflow.

The Company recorded interest expense of $106.7 million, $79.5 million and $63.2 million for the years ended July 31, 2020, 2019 and 2018, respectively, of which $1.9 million, $1.3 million and $1.3 million, respectively, was amortization of deferred financing costs. The Company was in compliance with all of its financial and operating covenants required to be maintained under its debt instruments for all periods presented.

In connection with the acquisition of Whistler Blackcomb, VHI funded a portion of the purchase price through an intercompany loan to Whistler Blackcomb of $210.0 million, which was effective as of November 1, 2016 and requires foreign currency remeasurement to Canadian dollars, the functional currency for Whistler Blackcomb. As a result, foreign currency fluctuations associated with the loan are recorded within the Company’s results of operations. The Company recognized approximately $3.2 million, $2.9 million and $9.0 million of non-cash foreign currency loss on the intercompany loan to Whistler Blackcomb during the years ended July 31, 2020, 2019 and 2018, respectively, on the Company’s Consolidated Statements of Operations.

Acquisitions

12 Months Ended

Jul. 31, 2020

Business Acquisition [Line Items]

Business Acquisition, Pro Forma Information [Table Text Block]

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 and Hotham, Stevens Pass and Triple Peaks were completed at the beginning of the fiscal year preceding the respective fiscal year in which each 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 at the beginning of the fiscal year preceding the fiscal year in which each acquisition occurred (in thousands, except per share amounts).



	Year Ended July 31,
	2020		2019
Pro forma net revenue	$	1,970,363	$	2,490,809
Pro forma net income attributable to Vail Resorts, Inc.	$	100,205	$	301,234
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$	2.49	$	7.47
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$	2.45	$	7.32

Acquisitions

Peak Resorts

On September 24, 2019, the Company, through a wholly-owned subsidiary, acquired 100% 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	135,879
Identifiable intangible assets	19,221
Other assets	16,203
Assumed long-term debt	(184,668		)
Other liabilities	(99,275		)
Net assets acquired	$	334,731

During the three months ended July 31, 2020, the Company recorded measurement period adjustments of approximately $8.6 million primarily related to the finalization of pre-acquisition period tax returns for Peak Resorts, which decreased deferred income taxes, net (included in other liabilities in the table above) with a corresponding decrease to goodwill, net.

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 depreciable property, plant, and equipment includes the use of certain estimates and assumptions related to replacement cost. 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 incurred $3.1 million of acquisition related expenses associated with the transaction which were recorded within Mountain and Lodging operating expense in its Consolidated Statement of Operations for the year ended July 31, 2020. The operating results of Peak Resorts 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 acquisition date. 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 acquisition date.

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 $4.6 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 Statement of Operations for the year ended July 31, 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 Statement of Operations for the year ended July 31, 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 Statement of Operations for the year ended July 31, 2019. The operating results of Triple Peaks are reported within the Mountain and Lodging segments prospectively from the date of acquisition.

Pro Forma Financial Information



	Year Ended July 31,
	2020		2019
Pro forma net revenue	$	1,970,363	$	2,490,809
Pro forma net income attributable to Vail Resorts, Inc.	$	100,205	$	301,234
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$	2.49	$	7.47
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$	2.45	$	7.32

Supplementary Balance Sheet Information

12 Months Ended

Jul. 31, 2020

Balance Sheet Related Disclosures [Abstract]

Supplementary Balance Sheet Information

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



	July 31,
	2020			2019
Land and land improvements	$	750,714		$	619,561
Buildings and building improvements	1,475,661			1,284,438
Machinery and equipment	1,361,178			1,160,817
Furniture and fixtures	308,267			309,271
Software	104,223			118,815
Vehicles	80,510			65,556
Construction in progress	81,967			79,282
Gross property, plant and equipment	4,162,520			3,637,740
Accumulated depreciation	(1,969,841		)	(1,795,240		)
Property, plant and equipment, net	$	2,192,679		$	1,842,500

Depreciation expense, which included depreciation of assets recorded under capital leases, for the years ended July 31, 2020, 2019 and 2018 totaled $243.1 million, $210.7 million and $199.2 million, respectively.

The following table summarizes the composition of property, plant and equipment recorded under finance leases as of July 31, 2020 and 2019 (in thousands):



	July 31,
	2020			2019
Land	$	31,818		$	31,818
Land improvements	49,228			49,228
Buildings and building improvements	42,160			42,160
Machinery and equipment	60,384			60,384
Gross property, plant and equipment	183,590			183,590
Accumulated depreciation	(65,792		)	(56,040		)
Property, plant and equipment, net	$	117,798		$	127,550

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



	July 31,
	2020			2019
Goodwill
Goodwill	$	1,752,062		$	1,625,560
Accumulated impairments	(25,688		)	—
Accumulated amortization	(17,354		)	(17,354		)
Goodwill, net	$	1,709,020		$	1,608,206

Indefinite-lived intangible assets
Trademarks	$	230,000		$	215,905
Other	41,667			42,166
Total gross indefinite-lived intangible assets	271,667			258,071
Accumulated amortization	(24,713		)	(24,713		)
Indefinite-lived intangible assets, net	$	246,954		$	233,358
Amortizable intangible assets
Trademarks	$	38,208		$	42,108
Other	70,772			67,538
Total gross amortizable intangible assets	108,980			109,646
Accumulated amortization	(41,158		)	(36,831		)
Amortizable intangible assets, net	67,822			72,815
Total gross intangible assets	380,647			367,717
Total accumulated amortization	(65,871		)	(61,544		)
Total intangible assets, net	$	314,776		$	306,173

Amortization expense for intangible assets subject to amortization for the years ended July 31, 2020, 2019 and 2018 totaled $6.5 million, $7.4 million and $5.3 million, respectively, and is estimated to be approximately $4.3 million annually, on average, for the next five fiscal years.

The changes in the net carrying amount of goodwill allocated between the Company’s segments for the years ended July 31, 2020 and 2019 are as follows (in thousands):



	Mountain			Lodging			Goodwill, net
Balance at July 31, 2018	$	1,407,787		$	67,899		$	1,475,686
Acquisitions (including measurement period adjustments)	152,049			—			152,049
Effects of changes in foreign currency exchange rates	(19,529		)	—			(19,529		)
Balance at July 31, 2019	1,540,307			67,899			1,608,206
Acquisitions (including measurement period adjustments)	135,987			—			135,987
Asset impairments	—			(25,688		)	(25,688		)
Effects of changes in foreign currency exchange rates	(9,485		)	—			(9,485		)
Balance at July 31, 2020	$	1,666,809		$	42,211		$	1,709,020

Asset Impairments

The Company recorded asset impairments during the year ended July 31, 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. 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 year ended July 31, 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 of approximately $25.7 million and intangible assets and long-lived assets of $2.7 million, which were recorded within asset impairments on the Company’s Consolidated Statement of Operations during the year ended July 31, 2020.

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 July 31, 2020.

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



	July 31,
	2020		2019
Trade payables	$	59,692	$	96,377
Deferred revenue	256,402		335,669
Accrued salaries, wages and deferred compensation	25,588		50,318
Accrued benefits	43,704		37,797
Deposits	20,070		32,108
Operating lease liabilities	36,604		—
Other accruals	57,048		55,588
Total accounts payable and accrued liabilities	$	499,108	$	607,857

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



	July 31,
	2020		2019
Private club deferred initiation fee revenue	$	105,108	$	109,749
Unfavorable lease obligation, net	1,651		19,017
Other long-term liabilities	163,486		154,835
Total other long-term liabilities	$	270,245	$	283,601

Investments in Affiliates

12 Months Ended

Jul. 31, 2020

Long-term Investments [Abstract]

Investments in Affiliates

The Company held the following investments in equity method affiliates as of July 31, 2020:



Equity Method Affiliates	Ownership Interest
Slifer, Smith, and Frampton/Vail Associates Real Estate, LLC (“SSF/VARE”)	50%
KRED	50%
Clinton Ditch and Reservoir Company	43%

The Company had total net investments in equity method affiliates of $10.2 million and $8.8 million as of July 31, 2020 and 2019, respectively, included within deferred charges and other assets in the accompanying Consolidated Balance Sheets. The amount of retained earnings that represent undistributed earnings of 50% or less owned entities accounted for by the equity method was $6.5 million and $5.4 million as of July 31, 2020 and 2019, respectively. During the years ended July 31, 2020, 2019 and 2018, distributions in the amounts of $0.7 million, $1.0 million and $1.5 million, respectively, were received from equity method affiliates.

Fair Value Measurements

12 Months Ended

Jul. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company utilizes 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 their estimated fair values (all other assets and liabilities measured at fair value are immaterial) (in thousands):



	Estimated Fair Value Measurement as of July 31, 2020
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	203,158	$	203,158	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	8,208	$	—	$	8,208	$	—
Liabilities:
Interest Rate Swaps	$	22,510	$	—	$	22,510	$	—
Contingent Consideration	$	17,800	$	—	$	—	$	17,800

	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

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 year ended July 31, 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. Changes in the estimated fair value are recognized in change in estimated fair value of hedging instruments on the Company’s Consolidated Statements of Comprehensive Income. Such amounts are reclassified into interest expense, net from other comprehensive income during the period in which the hedged item affects earnings. The estimated fair value of the Interest Rate Swaps are included within other long-term liabilities on the Company’s Consolidated Balance Sheet as of July 31, 2020.

The changes in Contingent Consideration during the years ended July 31, 2020 and 2019 were as follows (in thousands):



	Contingent Consideration
Balance at July 31, 2018	$	21,900
Payment	(67		)
Change in estimated fair value	5,367
Balance at July 31, 2019	27,200
Payment	(6,436		)
Change in estimated fair value	(2,964		)
Balance at July 31, 2020	$	17,800

The Lease for Park City, as discussed in Note 6, Long-term Debt, provides for participating contingent payments (the “Contingent Consideration”) to the landlord of 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the Lease, exceeds approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the Lease by the Company. The estimated fair value of Contingent Consideration includes the future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated performance for the years ending July 31, 2021 and July 31, 2022, escalated by an assumed long-term growth factor and discounted to net present value. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included Park City EBITDA for the year ending July 31, 2022, an assumed long-term growth rate, a discount rate of 10.49% and volatility of 17.0%, 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 future performance would result in a change in the estimated fair value within the range of approximately $2.9 million to $4.1 million.

Contingent Consideration is classified as a liability in our Consolidated Balance Sheets and is remeasured to an estimated fair value at each reporting date until the contingency is resolved. During the year ended July 31, 2020, the Company made a payment to the landlord for Contingent Consideration of approximately $6.4 million and recorded a decrease in the estimated fair value of approximately $3.0 million primarily related to changes in the expected Contingent Consideration payments for the year ended July 31, 2020 and the year ending July 31, 2021, and other key assumptions noted above, resulting in an estimated fair value of the Contingent Consideration of $17.8 million as of July 31, 2020, which is reflected in accounts payable and accrued liabilities and other long-term liabilities in the Consolidated 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

Income Taxes

12 Months Ended

Jul. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The Company is subject to taxation in U.S. federal, state, and local jurisdictions and various non-U.S. jurisdictions, including Australia and Canada. The Company’s effective tax rate is impacted by the tax laws, regulations, practices and interpretations in the jurisdictions in which it operates and may fluctuate significantly from period to period depending on, among other things, the geographic mix of the Company’s profits and losses, changes in tax laws and regulations or their application and interpretation, the outcome of tax audits and changes in valuation allowances associated with the Company’s deferred tax assets.

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 year ended July 31, 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 has been impacted by 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 was permitted to carry back its pre-existing NOLs to tax years prior to the enactment of the TCJA and obtain an incremental benefit of $3.8 million 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 year ended July 31, 2020, the Company recorded a benefit of approximately $9.6 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 deferred 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 benefit of approximately $8.5 million during the year ended July 31, 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.

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



	Year Ended July 31,
	2020		2019		2018
U.S.	$	89,838	$	306,323	$	264,379
Foreign	26,595		92,642		75,713
Income before income taxes	$	116,433	$	398,965	$	340,092

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



	July 31,
	2020			2019
Deferred income tax liabilities:
Fixed assets	$	216,016		$	153,182
Intangible assets	86,509			73,146
Operating lease right of use assets	53,727			—
Other	13,709			13,425
Total	369,961			239,753
Deferred income tax assets:
Canyons obligation	14,997			13,922
Stock-based compensation	10,313			9,620
Investment in Partnerships	12,400			13,281
Deferred compensation and other accrued benefits	9,918			10,674
Contingent Consideration	4,468			6,771
Unfavorable lease obligation, net	285			4,896
Net operating loss carryforwards and other tax credits	13,205			5,631
Operating lease liabilities	60,838			—
Other, net	21,427			18,850
Total	147,851			83,645
Valuation allowance for deferred income taxes	(5,330		)	(5,365		)
Deferred income tax assets, net of valuation allowance	142,521			78,280
Net deferred income tax liability	$	227,440		$	161,473

The components of deferred income taxes recognized in the Consolidated Balance Sheets are as follows (in thousands):



	July 31,
	2020		2019
Deferred income tax asset	$	6,751	$	7,286
Deferred income tax liability	234,191		168,759
Net deferred income tax liability	$	227,440	$	161,473

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



	Year Ended July 31,
	2020			2019		2018
Current:
Federal	$	(13,467	)	$	24,309	$	(43,366	)
State	(731		)	8,539		9,562
Foreign	4,141			20,205		18,436
Total current	(10,057		)	53,053		(15,368		)
Deferred:
Federal	12,597			16,983		(45,922		)
State	4,266			5,282		2,941
Foreign	572			154		(2,789		)
Total deferred	17,435			22,419		(45,770		)
Provision (benefit) from income taxes	$	7,378		$	75,472	$	(61,138	)

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



	Year Ended July 31,
	2020		2019		2018
At U.S. federal income tax rate	21.0	%	21.0	%	26.8	%
State income tax, net of federal benefit	3.5	%	2.8	%	3.0	%
Change in uncertain tax positions	(3.8	)%	(1.6	)%	—	%
Change in valuation allowance	—	%	—	%	0.3	%
Excess tax benefits related to stock-based compensation	(7.1	)%	(3.0	)%	(20.9	)%
Impacts of the Tax Act and other legislative changes	(3.2	)%	—	%	(24.7	)%
Noncontrolling interests	(2.4	)%	(1.5	)%	(1.7	)%
Foreign rate differential	(2.4	)%	0.4	%	(1.5	)%
Other	0.7	%	0.8	%	0.7	%
Effective tax rate	6.3	%	18.9	%	(18.0	)%

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



	Year Ended July 31,
	2020			2019			2018
Balance, beginning of year	$	72,222		$	78,242		$	76,111
Additions for tax positions of prior years	16,654			11,520			12,394
Lapse of statute of limitations	(18,577		)	(17,540		)	(10,263		)
Balance, end of year	$	70,299		$	72,222		$	78,242

As of July 31, 2020, the Company’s unrecognized tax benefits associated with uncertain tax positions relate to the treatment of the Talisker lease payments as payments of debt obligations and that the tax basis in Canyons goodwill is deductible, and are included within “other long-term liabilities” in the accompanying Consolidated Balance Sheets.

During the year ended July 31, 2020, the Company experienced a reduction in the uncertain tax positions due to the lapse of the statute of limitations of $18.6 million, which was partially offset with an increase to the uncertain tax position of $16.7 million. Interest and penalties associated with the statute of limitations lapse were approximately $3.1 million. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Additionally, the Company expects a reduction to its uncertain tax positions for the fiscal year ending July 31, 2021, due to the lapse of the statute of limitations. As of July 31, 2020 and 2019, accrued interest and penalties, net of tax, was $6.2 million and $6.3 million, respectively. For the years ended July 31, 2020, 2019 and 2018, the Company recognized income tax (benefit) expense of ($0.1 million), $1.1 million and $1.6 million of interest (benefit) expense and penalties, net of tax, respectively.

The Company’s major tax jurisdictions in which it files income tax returns are the U.S. federal jurisdiction, various state jurisdictions, Australia, and Canada. The Company is no longer subject to U.S. federal examinations for tax years prior to 2015. With few exceptions, the Company is no longer subject to examination by various U.S. state jurisdictions for tax years prior to 2014. Additionally, the Company is no longer subject to audits for the tax years prior to 2015 for Australia and Canada.

The Company has NOL carryforwards totaling $58.6 million, primarily comprised of $49.8 million of federal and state NOLs as a result of the acquisition of Peak Resorts in September 2019 that will expire beginning July 31, 2032, $4.9 million of historical state NOLs that will expire by July 31, 2032 and non-U.S. NOLs of $3.9 million that will carry forward indefinitely. In connection with Peak Resorts’ initial public offering in November 2014, as well as the Company’s acquisition of Peak Resorts in September 2019, Peak Resorts had two ownership changes pursuant to the provisions of the Tax Reform Act of 1986. As a result, the Company’s usage of its eligible Federal NOL carryforwards will be limited each year by these ownership changes; however, management believes the full benefit of those carryforwards will be realized prior to their respective expiration dates. As of July 31, 2020, the Company has recorded a valuation allowance on $3.9 million of the historical non-U.S. NOL carryforwards, as the Company has determined that it is more likely than not that the associated NOL carryforwards will not be realized. Additionally, the Company has foreign tax credit carryforwards of $4.2 million, which expire by the year ending July 31, 2028. As of July 31, 2020, the Company has recorded a valuation allowance of $4.2 million on foreign tax credit carryforwards, as the Company has determined that it is more likely than not that these foreign tax credit carryforwards will not be realized.

The Company may be required to record additional valuation allowances if, among other things, adverse economic conditions, including those caused by the COVID-19 pandemic, negatively impact the Company’s ability to realize its deferred tax assets. Evaluating and estimating the Company’s tax provision, current and deferred tax assets and liabilities and other tax accruals requires significant management judgment. The Company intends to indefinitely reinvest undistributed earnings, if any, in its Canadian foreign subsidiaries. It is not practical at this time to determine the income tax liability related to any remaining undistributed earnings.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Jul. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has the right to appoint four of nine directors of the Beaver Creek Resort Company of Colorado (“BCRC”), a non-profit entity formed for the benefit of property owners and certain others in Beaver Creek. The Company has a management agreement with the BCRC, renewable for one-year periods, to provide management services on a fixed fee basis. Management fees and reimbursement of operating expenses paid to the Company under its agreement with the BCRC during the years ended July 31, 2020, 2019 and 2018 were $8.3 million, $9.6 million and $9.2 million, respectively.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jul. 31, 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 Red Sky Ranch Metropolitan District (“RSRMD”) until RSRMD’s revenue streams from property taxes are sufficient to meet debt service requirements under HCMD’s bonds. The Company recorded a liability of $2.1 million and $2.0 million, primarily within other long-term liabilities in the accompanying Consolidated Balance Sheets, as of July 31, 2020 and 2019, respectively, with respect to the estimated present value of future RSRMD capital improvement fees. The Company estimates that it will make capital improvement fee payments under this arrangement through the year ending July 31, 2031. Guarantees/Indemnifications As of July 31, 2020, the Company had various other letters of credit outstanding totaling $75.5 million, consisting of $53.4 million to support the Employee Housing Bonds and $22.1 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 July 31, 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 Financial Statements, either because the Company has recorded on its Consolidated Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company’s own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the estimated fair value of the indemnification or guarantee to be immaterial based on the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications it is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material. As noted above, the Company makes certain indemnifications to licensees for their use of the Company’s trademarks and logos. The Company does not record any liabilities with respect to these indemnifications. Commitments The operations of Northstar are conducted on land and with operating assets owned by affiliates of EPR Properties, a real-estate investment trust, primarily under operating leases which were assumed in the acquisition of Northstar by the Company. The leases provide for the payment of a minimum annual base rent over the lease term which is recognized on a straight-line basis over the remaining lease term from the date of assumption. In addition, the leases provide for the payment of percentage rent of certain gross revenues generated at the property over a revenue threshold which is incrementally adjusted annually. The initial term of the leases expires in fiscal 2027 and allows for three 10-year extensions at the Company’s option. The operations of Perisher are conducted on land under a license and lease granted by the Office of Environment and Heritage, an agency of the New South Wales government, which initially commenced in 2008, and which the Company assumed in its acquisition of Perisher. The lease and license has a term that expires in fiscal 2048 and allows for an option to renew for an additional 20 years. The lease and license provide for the payment of an initial minimum annual base rent, with annual CPI increases, and percentage rent of certain gross revenue generated at the property. The operations of Falls Creek and Hotham are conducted on land under leases granted by the Governor of the State of Victoria, Australia and its dependencies, which initially commenced in 1991 and 1992, respectively, which the Company assumed in its acquisition of Falls Creek and Hotham in April 2019. The leases have terms that expire in fiscal 2041 for Falls Creek and fiscal 2058 for Hotham, and provide for the payment of rent with both a fixed and variable component. The operations of Mad River Mountain is conducted on land under a lease granted by EPT Mad River, Inc., which initially commenced in 2005, which the Company assumed in its acquisition of Peak Resorts in September 2019. The lease has a term that expires in the year ending July 31, 2035, and provides for the payment of an initial minimum annual base rent, with annual CPI increases, and percentage rent of certain gross revenue generated at the property. Additionally, the Company has entered into strategic long-term season pass alliance agreements with third-party mountain resorts in which the Company has committed to pay minimum revenue guarantees over the remaining terms of these agreements. The Company has executed or assumed as lessee other operating leases for the rental of office and commercial space, employee residential units and land primarily through fiscal 2079. Certain of these leases have renewal terms at the Company’s option, escalation clauses, rent holidays and leasehold improvement incentives. Rent holidays and rent escalation clauses are recognized on a straight-line basis over the lease term. Leasehold improvement incentives are recorded as leasehold improvements and amortized over the shorter of their economic lives or the term of the lease. For the years ended July 31, 2020, 2019 and 2018, the Company recorded lease expense (including Northstar, Perisher, Falls Creek & Hotham and Mad River Mountain), excluding executory costs, related to these agreements of $58.8 million, $57.8 million and $52.8 million, respectively, which is included in the accompanying Consolidated Statements of Operations. See Note 4 “Leases” for additional information regarding the Company’s leasing arrangements. 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 losses and estimable. As of July 31, 2020 and 2019, the accruals for the above loss contingencies were not material individually or in the aggregate.

Segment Information

12 Months Ended

Jul. 31, 2020

Segment Reporting [Abstract]

Segment Information

Segment and Geographic Area Information

Segment Information

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

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

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

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

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



	Year Ended July 31,
	2020			2019			2018
Net revenue:
Lift	$	913,091		$	1,033,234		$	880,293
Ski school	189,131			215,060			189,910
Dining	160,763			181,837			161,402
Retail/rental	270,299			320,267			296,466
Other	177,159			205,803			194,851
Total Mountain net revenue	1,710,443			1,956,201			1,722,922
Lodging	248,414			314,662			284,643
Total Resort net revenue	1,958,857			2,270,863			2,007,565
Real Estate	4,847			712			3,988
Total net revenue	$	1,963,704		$	2,271,575		$	2,011,553
Segment operating expense:
Mountain	$	1,212,053		$	1,279,567		$	1,132,840
Lodging	245,145			286,562			259,637
Total Resort operating expense	1,457,198			1,566,129			1,392,477
Real Estate, net	9,182			5,609			3,546
Total segment operating expense	$	1,466,380		$	1,571,738		$	1,396,023
Gain on sale of real property	$	207		$	580		$	515
Mountain equity investment income, net	$	1,690		$	1,960		$	1,523
Reported EBITDA:
Mountain	$	500,080		$	678,594		$	591,605
Lodging	3,269			28,100			25,006
Resort	503,349			706,694			616,611
Real Estate	(4,128		)	(4,317		)	957
Total Reported EBITDA	$	499,221		$	702,377		$	617,568
Real estate held for sale and investment	$	96,844		$	101,021		$	99,385
Reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.	$	98,833		$	301,163		$	379,898
Net income attributable to noncontrolling interests	10,222			22,330			21,332
Net income	109,055			323,493			401,230
Provision (benefit) from income taxes	7,378			75,472			(61,138		)
Income before provision (benefit) from income taxes	116,433			398,965			340,092
Depreciation and amortization	249,572			218,117			204,462
Asset impairments	28,372			—			—
(Gain) loss on disposal of fixed assets and other, net	(838		)	664			4,620
Change in fair value of contingent consideration	(2,964		)	5,367			(1,854		)
Investment income and other, net	(1,305		)	(3,086		)	(1,944		)
Foreign currency loss on intercompany loans	3,230			2,854			8,966
Interest expense, net	106,721			79,496			63,226
Total Reported EBITDA	$	499,221		$	702,377		$	617,568

Geographic Information

Net revenue and property, plant and equipment, net by geographic region are as follows (in thousands):



	Year Ended July 31,
Net revenue	2020		2019		2018
U.S.	$	1,655,961	$	1,865,062	$	1,610,323
International ⁽¹⁾	307,743		406,513		401,230
Total net revenue	$	1,963,704	$	2,271,575	$	2,011,553

			July 31,
Property, plant and equipment, net			2020		2019
U.S.			$	1,759,692	$	1,381,378
International ⁽¹⁾			432,987		461,122
Total property, plant and equipment, net			$	2,192,679	$	1,842,500

(1) The only individual international country (i.e. except the U.S.) to account for more than 10% of the Company’s revenue and property plant and equipment, net was Canada. Canada accounted for $223.3 million, $308.1 million, and $321.0 million of revenue for the years ended July 31, 2020, 2019 and 2018, respectively, and for $291.7 million and $319.4 million of property, plant and equipment, net as of July 31, 2020 and 2019, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 280
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
-SubTopic 10
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Selected Quarterly Financial Data

12 Months Ended

Jul. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data

Selected Quarterly Financial Data (Unaudited)



	Year Ended July 31, 2020
(in thousands, except per share amounts)	Full Year		Fourth Quarter			Third Quarter		Second Quarter		First Quarter
Total net revenue	$	1,963,704	$	77,209		$	694,087	$	924,638	$	267,770
Income (loss) from operations	$	223,389	$	(170,046	)	$	218,232	$	310,733	$	(135,530	)
Net income (loss)	$	109,055	$	(157,965	)	$	159,831	$	217,018	$	(109,829	)
Net income (loss) attributable to Vail Resorts, Inc.	$	98,833	$	(153,608	)	$	152,546	$	206,370	$	(106,475	)
Basic net income (loss) per share attributable to Vail Resorts, Inc.	$	2.45	$	(3.82	)	$	3.79	$	5.12	$	(2.64	)
Diluted net income (loss) per share attributable to Vail Resorts, Inc.	$	2.42	$	(3.82	)	$	3.74	$	5.04	$	(2.64	)



	Year Ended July 31, 2019
(in thousands, except per share amounts)	Full Year		Fourth Quarter			Third Quarter		Second Quarter		First Quarter
Total net revenue	$	2,271,575	$	244,006		$	957,987	$	849,578	$	220,004
Income (loss) from operations	$	476,269	$	(120,582	)	$	422,598	$	301,848	$	(127,595	)
Net income (loss)	$	323,493	$	(92,301	)	$	308,530	$	217,990	$	(110,726	)
Net income (loss) attributable to Vail Resorts, Inc.	$	301,163	$	(89,525	)	$	292,134	$	206,349	$	(107,795	)
Basic net income (loss) per share attributable to Vail Resorts, Inc.	$	7.46	$	(2.22	)	$	7.26	$	5.12	$	(2.66	)
Diluted net income (loss) per share attributable to Vail Resorts, Inc.	$	7.32	$	(2.22	)	$	7.12	$	5.02	$	(2.66	)

Stock Repurchase Plan	12 Months Ended
Stock Repurchase Plan	Jul. 31, 2020
Payments for Repurchase of Equity [Abstract]
Stock Repurchase Plan	Share Repurchase Program On March 9, 2006, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 Vail Shares. On July 16, 2008, the Company’s Board of Directors increased the authorization by an additional 3,000,000 Vail Shares, and on December 4, 2015, the Company’s Board of Directors increased the authorization by an additional 1,500,000 Vail Shares for a total authorization to repurchase shares of up to 7,500,000 Vail Shares. During the year ended July 31, 2020, the Company repurchased 256,418 Vail Shares (at a total cost of $46.4 million). During the year ended July 31, 2019, the Company repurchased 353,007 Vail Shares (at a total cost of $85.0 million). During the year ended July 31, 2018, the Company repurchased 115,422 Vail Shares (at a total cost of $25.8 million). Since inception of this stock repurchase program through July 31, 2020, the Company has repurchased 6,161,141 shares at a cost of approximately $404.4 million. As of July 31, 2020, 1,338,859 Vail Shares remained available to repurchase under the existing share repurchase program, which has no expiration date. Vail Shares purchased pursuant to the repurchase program will be held as treasury shares and may be used for issuance under the Company’s employee share award plan.

Stock Compensation Plan

12 Months Ended

Jul. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock Compensation Plan

k Compensation Plan

The Company has a share award plan (the “Plan”) which has been approved by the Company’s stockholders. Under the Plan, up to 4.4 million shares of common stock could be issued in the form of options, stock appreciation rights, restricted shares, restricted share units, performance shares, performance share units, dividend equivalents or other share-based awards to employees, directors or consultants of the Company or its subsidiaries or affiliates. The terms of awards granted under the Plan, including exercise price, vesting period and life, are set by the Compensation Committee of the Board of Directors. All share-based awards (except for restricted shares and restricted share units) granted under the Plan have a life of ten years. Most awards vest ratably over three years; however, some have been granted with different vesting schedules. Of the awards outstanding, none have been granted to non-employees (except those granted to non-employee members of the Board of Directors of the Company) under the Plan. At July 31, 2020, approximately 3.2 million share based awards were available to be granted under the Plan.

The fair value of stock-settled stock appreciation rights (“SARs”) granted in the years ended July 31, 2020, 2019 and 2018 were estimated on the date of grant using a lattice-based option valuation model that applies the assumptions noted in the table below. A lattice-based model considers factors such as exercise behavior, and assumes employees will exercise equity awards at different times over the contractual life of the equity awards. As a lattice-based model considers these factors, and is more flexible, the Company considers it to be a better method of valuing equity awards than a closed-form Black-Scholes model. Because lattice-based option valuation models incorporate ranges of assumptions for inputs, those ranges are disclosed. Expected volatility is based on historical volatility of the Company’s stock. The Company uses historical data to estimate equity award exercises and employee terminations within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of equity awards granted is derived from the output of the option valuation model and represents the period of time that equity awards granted are expected to be outstanding; the range given below results from certain groups of employees exhibiting different behavior. The risk-free rate for periods within the contractual life of the equity award is based on the United States Treasury yield curve in effect at the time of grant.



	Year Ended July 31,
	2020	2019	2018
Expected volatility	29.7%	38.6%	40.0%
Expected dividends	2.8%	2.1%	2.0%
Expected term (average in years)	6.5-7.1	6.0-6.6	5.8-6.4
Risk-free rate	1.8-2.0%	2.4-2.9%	1.2-2.3%

The Company records actual forfeitures related to unvested awards upon employee terminations.

A summary of aggregate SARs award activity under the Plan as of July 31, 2020, 2019 and 2018, and changes during the years then ended is presented below (in thousands, except exercise price and contractual term):



	Awards		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at August 1, 2017	2,290		$	59.12
Granted	86		$	237.86
Exercised	(1,049	)	$	33.25
Forfeited or expired	(3	)	$	172.03
Outstanding at July 31, 2018	1,324		$	91.01
Granted	80		$	293.82
Exercised	(219	)	$	49.09
Forfeited or expired	(14	)	$	217.58
Outstanding at July 31, 2019	1,171		$	111.12
Granted	146		$	245.26
Exercised	(247	)	$	67.19
Forfeited or expired	(9	)	$	252.75
Outstanding at July 31, 2020	1,061		$	138.59	5.0 years	$	75,736
Vested and expected to vest at July 31, 2020	1,042		$	136.66	4.9 years	$	75,736
Exercisable at July 31, 2020	846		$	108.73	4.1 years	$	75,736

The weighted-average grant-date estimated fair value of SARs granted during the years ended July 31, 2020, 2019 and 2018 was $58.25, $98.19 and $78.07, respectively. The total intrinsic value of SARs exercised during the years ended July 31, 2020, 2019 and 2018 was $35.0 million, $41.2 million and $213.8 million, respectively. The Company had 91,000, 131,000 and 169,000 SARs that vested during the years ended July 31, 2020, 2019 and 2018, respectively. These awards had a total estimated fair value of $2.6 million, $15.2 million and $18.5 million at the date of vesting for the years ended July 31, 2020, 2019 and 2018, respectively.

A summary of the status of the Company’s nonvested SARs as of July 31, 2020 and changes during the year then ended is presented below (in thousands, except fair value amounts):



	Awards	Weighted-Average Grant-Date Fair Value
Outstanding at July 31, 2019	168	$	80.75
Granted	146	$	58.25
Vested	(91)	$	71.57
Forfeited	(8)	$	79.23
Nonvested at July 31, 2020	215	$	69.45

A summary of the status of the Company’s nonvested restricted share units as of July 31, 2020 and changes during the year then ended is presented below (in thousands, except fair value amounts):



	Awards	Weighted-Average Grant-Date Fair Value
Nonvested at July 31, 2019	126	$	230.10
Granted	83	$	217.46
Vested	(63)	$	216.07
Forfeited	(16)	$	229.97
Nonvested at July 31, 2020	130	$	228.77

The Company granted 83,000 restricted share units during the year ended July 31, 2020 with a weighted-average grant-date estimated fair value of $217.46. The Company granted 68,000 restricted share units during the year ended July 31, 2019 with a weighted-average grant-date estimated fair value of $264.44. The Company granted 77,000 restricted share units during the year ended July 31, 2018 with a weighted-average grant-date estimated fair value of $215.14. The Company had 63,000, 102,000 and 101,000 restricted share units that vested during the years ended July 31, 2020, 2019 and 2018, respectively. These units had a total estimated fair value of $14.8 million, $28.8 million and $23.5 million at the date of vesting for the years ended July 31, 2020, 2019 and 2018, respectively.

As of July 31, 2020, there was $25.9 million of total unrecognized compensation expense related to nonvested share-based compensation arrangements granted under the Plan, of which $15.7 million, $9.0 million and $1.2 million of expense is expected to be recognized in the years ending July 31, 2021, 2022 and 2023, respectively, assuming no share-based awards are granted in the future or forfeited. The tax benefit realized or expected to be realized from SARs exercised and restricted stock units vested was $12.3 million, $16.3 million and $79.7 million for the years ended July 31, 2020, 2019 and 2018, respectively.

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

Retirement and Profit Sharing Plans	12 Months Ended
Retirement and Profit Sharing Plans	Jul. 31, 2020
Retirement Benefits [Abstract]
Retirement and Profit Sharing Plans	Retirement and Profit Sharing Plans The Company maintains a defined contribution retirement plan (the “Retirement Plan”), qualified under Section 401(k) of the Internal Revenue Code, for its U.S. employees. Under this Retirement Plan, U.S. employees are eligible to make before-tax contributions on the first day of the calendar month following the later of: (i) their employment commencement date or (ii) the date they turn 21. Participants may contribute up to 100% of their qualifying annual compensation up to the annual maximum specified by the Internal Revenue Code. When the Company participates in 401(k) contribution matching, it matches an amount equal to 50% of each participant’s contribution up to 6% of a participant’s bi-weekly qualifying compensation starting the pay period containing the first day of the month after obtaining the later of: (i) 12 months of employment with at least 1,000 service hours from the commencement date or (ii) if 1,000 hours within the first 12 months was not completed, then after the employee completed a cumulative 1,500 service hours. On April 1, 2020, the Company announced a temporary six month suspension of its 401(k) contribution matching as a result of the impacts of the COVID-19 pandemic and resulting resort closures. Additionally, the Company’s matching contribution is entirely discretionary and may be reduced or eliminated at any time. Total Retirement Plan expense recognized by the Company for the years ended July 31, 2020, 2019 and 2018 was $5.8 million, $7.9 million and $6.9 million, respectively.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jul. 31, 2020

Accounting Policies [Abstract]

Principles of Consolidation

Cash and Cash Equivalents

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

Restrictions on Cash and Cash Equivalents [Table Text Block]

Accounts Receivable

Inventories

Property, Plant and Equipment



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

Real Estate Held for Sale and Investment

Deferred Financing Costs

Goodwill and Intangible Assets

Long-lived Assets

Revenue Recognition

•


•	Real estate revenue primarily relates to the sale of development land parcels. Real estate revenue is generally recognized at a point in time when performance obligations have been satisfied, which is usually upon closing of the sales transaction and in an amount that reflects the consideration to which the Company expects to be entitled.

Real Estate Cost of Sales

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Reserve Estimates

Advertising Costs

Income Taxes

Fair Value of Financial Instruments



	July 31, 2020
	Carrying Value		Estimated Fair Value
6.25% Notes	$	600,000	$	643,500
EPR Secured Notes	$	137,314	$	150,628
EB-5 Development Notes	$	47,833	$	47,212

Stock-Based Compensation



	Year Ended July 31,
	2020		2019		2018
Mountain stock-based compensation expense	$	17,410	$	16,474	$	15,716
Lodging stock-based compensation expense	3,399		3,219		3,215
Real Estate stock-based compensation expense	212		163		109
Pre-tax stock-based compensation expense	21,021		19,856		19,040
Less: benefit from income taxes	5,027		4,589		5,406
Net stock-based compensation expense	$	15,994	$	15,267	$	13,634

Concentration of Credit Risk

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Lessee, Leases [Policy Text Block]

Use of Estimates, Policy [Policy Text Block]

New Accounting Pronouncements, Policy [Policy Text Block]

Adopted Standards

New Accounting Standards

Standards Being Evaluated

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jul. 31, 2020

Accounting Policies [Abstract]

Summary On Estimated Useful Life Of Property, Plant And Equipment

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



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

Allocation Of Stock-Based Compensation Expense

The following table shows total net stock-based compensation expense for the years ended July 31, 2020, 2019 and 2018 included in the Consolidated Statements of Operations (in thousands):



	Year Ended July 31,
	2020		2019		2018
Mountain stock-based compensation expense	$	17,410	$	16,474	$	15,716
Lodging stock-based compensation expense	3,399		3,219		3,215
Real Estate stock-based compensation expense	212		163		109
Pre-tax stock-based compensation expense	21,021		19,856		19,040
Less: benefit from income taxes	5,027		4,589		5,406
Net stock-based compensation expense	$	15,994	$	15,267	$	13,634

Revenues (Tables)

12 Months Ended

Jul. 31, 2020

Revenues [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 years ended July 31, 2020, 2019 and 2018 (in thousands):



	Year Ended July 31,
	2020		2019		2018
Mountain net revenue:
Lift	$	913,091	$	1,033,234	$	880,293
Ski School	189,131		215,060		189,910
Dining	160,763		181,837		161,402
Retail/Rental	270,299		320,267		296,466
Other	177,159		205,803		194,851
Total Mountain net revenue	$	1,710,443	$	1,956,201	$	1,722,922
Lodging net revenue:
Owned hotel rooms	$	44,992	$	64,826	$	65,252
Managed condominium rooms	76,480		86,236		70,198
Dining	38,252		53,730		48,554
Transportation	15,796		21,275		21,111
Golf	17,412		19,648		18,110
Other	44,933		54,617		47,577
	237,865		300,332		270,802
Payroll cost reimbursements	10,549		14,330		13,841
Total Lodging net revenue	$	248,414	$	314,662	$	284,643
Total Resort net revenue	$	1,958,857	$	2,270,863	$	2,007,565
Total Real Estate net revenue	4,847		712		3,988
Total net revenue	$	1,963,704	$	2,271,575	$	2,011,553

Leases (Tables)

12 Months Ended

Jul. 31, 2020

Leases [Abstract]

Lease, Cost [Table Text Block]

The components of lease expense for the year ended July 31, 2020, were as follows (in thousands):



	Year Ended July 31, 2020
Finance leases:
Amortization of the finance ROU assets	$	9,753
Interest on lease liabilities	$	34,035
Operating leases:
Operating lease expense	$	43,303
Short-term lease expense ⁽¹⁾	$	13,943
Variable lease expense	$	1,583

Cash Flow, Supplemental Disclosures [Text Block]

The following table presents the supplemental cash flow information associated with the Company’s leasing activities for the year ended July 31, 2020 (in thousands):



	Year Ended July 31, 2020
Cash flow supplemental information:
Operating cash outflows for operating leases	$	55,344
Operating cash outflows for finance leases	$	29,311
Financing cash outflows for finance leases	$	5,387
Non-cash supplemental information:
Operating ROU assets obtained in exchange for operating lease obligations	$	18,013

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

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



	As of July 31, 2020
Weighted-average remaining lease term (in years)
Operating leases	10.6
Finance leases	42.9
Weighted-average discount rate
Operating leases	4.5	%
Finance leases	10.0	%

Schedule of Future Minimum Lease Payments [Table Text Block]

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



	Operating Leases			Finance Leases
2021	$	47,013		$	28,818
2022	43,699			29,394
2023	38,353			29,982
2024	34,431			30,582
2025	32,405			31,193
Thereafter	137,501			1,773,855
Total future minimum lease payments	333,402			1,923,824
Less amount representing interest	(79,256		)	(1,577,790		)
Total lease liabilities	$	254,146		$	346,034

Future minimum lease payments in accordance with Topic 840 as of July 31, 2019, reflected by fiscal year (August 1 through July 31), 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	$	335,138	$	340,261

Net Income Per Common Share (Tables)

12 Months Ended

Jul. 31, 2020

Earnings Per Share Reconciliation [Abstract]

Summary Of Calculation On Basic And Diluted EPS

Presented below is basic and diluted EPS for the years ended July 31, 2020, 2019 and 2018 (in thousands, except per share amounts):



	Year Ended July 31,
	2020				2019				2018
	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	98,833	$	98,833	$	301,163	$	301,163	$	379,898	$	379,898
Weighted-average shares outstanding	40,227		40,227		40,292		40,292		40,337		40,337
Weighted-average Exchangeco shares outstanding	46		46		57		57		60		60
Total Weighted-average shares outstanding	40,273		40,273		40,349		40,349		40,397		40,397
Effect of dilutive securities	—		565		—		809		—		1,221
Total shares	40,273		40,838		40,349		41,158		40,397		41,618
Net income per share attributable to Vail Resorts, Inc.	$	2.45	$	2.42	$	7.46	$	7.32	$	9.40	$	9.13

Long-Term Debt (Tables)

12 Months Ended

Jul. 31, 2020

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt

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



	Maturity	July 31, 2020			July 31, 2019
Vail Holdings Credit Agreement revolver ^(a)	2024	$	—		$	208,000
Vail Holdings Credit Agreement term loan ^(a)	2024	1,203,125			914,375
6.25% Notes^(b)	2025	600,000			—
Whistler Credit Agreement revolver ^(c)	2024	58,236			45,454
EPR Secured Notes ^(d)	2034-2036	114,162			—
EB-5 Development Notes ^(e)	2021	51,500			—
Employee housing bonds ^(f)	2027-2039	52,575			52,575
Canyons obligation ^(g)	2063	346,034			340,261
Other^(h)	2020-2033	18,616			19,465
Total debt		2,444,248			1,580,130
Less: Unamortized premiums, discounts and debt issuance costs ⁽ⁱ⁾		(6,551		)	3,870
Less: Current maturities ^(j)		63,677			48,516
Long-term debt, net		$	2,387,122		$	1,527,744


•	the maximum leverage ratio permitted under the maximum leverage ratio financial maintenance covenant reduces each quarter 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 is 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.


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 July 31, 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 July 31, 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 July 31, 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 July 31, 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 July 31, 2020, interest on this note accrued at a rate of 8.57%.



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

Schedule Of Aggregate Maturities For Debt Outstanding

Aggregate maturities for debt outstanding, including capital lease obligations, as of July 31, 2020 reflected by fiscal year are as follows (in thousands):



	Total
2021 ⁽¹⁾	$	69,827
2022	115,195
2023	63,740
2024	63,796
2025	1,612,120
Thereafter	519,570
Total debt	$	2,444,248

- 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=120391452&loc=d3e13212-122682

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+ Details

Acquisitions (Tables)

12 Months Ended

Jul. 31, 2020

Business Acquisition [Line Items]

Business Acquisition, Pro Forma Information [Table Text Block]

Pro Forma Financial Information



	Year Ended July 31,
	2020		2019
Pro forma net revenue	$	1,970,363	$	2,490,809
Pro forma net income attributable to Vail Resorts, Inc.	$	100,205	$	301,234
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$	2.49	$	7.47
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$	2.45	$	7.32

Peak Resorts, Inc. [Member]

Business Acquisition [Line Items]

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



	Acquisition Date Estimated Fair Value
Current assets	$	19,578
Property, plant and equipment	427,793
Goodwill	135,879
Identifiable intangible assets	19,221
Other assets	16,203
Assumed long-term debt	(184,668		)
Other liabilities	(99,275		)
Net assets acquired	$	334,731

Falls Creek and Hotham [Member]

Business Acquisition [Line Items]

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



	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]



	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)

12 Months Ended

Jul. 31, 2020

Balance Sheet Related Disclosures [Abstract]

Composition Of Property, Plant And Equipment

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



	July 31,
	2020			2019
Land and land improvements	$	750,714		$	619,561
Buildings and building improvements	1,475,661			1,284,438
Machinery and equipment	1,361,178			1,160,817
Furniture and fixtures	308,267			309,271
Software	104,223			118,815
Vehicles	80,510			65,556
Construction in progress	81,967			79,282
Gross property, plant and equipment	4,162,520			3,637,740
Accumulated depreciation	(1,969,841		)	(1,795,240		)
Property, plant and equipment, net	$	2,192,679		$	1,842,500

Composition Of Goodwill And Intangible Assets

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



	July 31,
	2020			2019
Goodwill
Goodwill	$	1,752,062		$	1,625,560
Accumulated impairments	(25,688		)	—
Accumulated amortization	(17,354		)	(17,354		)
Goodwill, net	$	1,709,020		$	1,608,206

Indefinite-lived intangible assets
Trademarks	$	230,000		$	215,905
Other	41,667			42,166
Total gross indefinite-lived intangible assets	271,667			258,071
Accumulated amortization	(24,713		)	(24,713		)
Indefinite-lived intangible assets, net	$	246,954		$	233,358
Amortizable intangible assets
Trademarks	$	38,208		$	42,108
Other	70,772			67,538
Total gross amortizable intangible assets	108,980			109,646
Accumulated amortization	(41,158		)	(36,831		)
Amortizable intangible assets, net	67,822			72,815
Total gross intangible assets	380,647			367,717
Total accumulated amortization	(65,871		)	(61,544		)
Total intangible assets, net	$	314,776		$	306,173

Changes In Goodwill Amount

The changes in the net carrying amount of goodwill allocated between the Company’s segments for the years ended July 31, 2020 and 2019 are as follows (in thousands):



	Mountain			Lodging			Goodwill, net
Balance at July 31, 2018	$	1,407,787		$	67,899		$	1,475,686
Acquisitions (including measurement period adjustments)	152,049			—			152,049
Effects of changes in foreign currency exchange rates	(19,529		)	—			(19,529		)
Balance at July 31, 2019	1,540,307			67,899			1,608,206
Acquisitions (including measurement period adjustments)	135,987			—			135,987
Asset impairments	—			(25,688		)	(25,688		)
Effects of changes in foreign currency exchange rates	(9,485		)	—			(9,485		)
Balance at July 31, 2020	$	1,666,809		$	42,211		$	1,709,020

Components Of Accounts Payable And Accrued Liabilities

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



	July 31,
	2020		2019
Trade payables	$	59,692	$	96,377
Deferred revenue	256,402		335,669
Accrued salaries, wages and deferred compensation	25,588		50,318
Accrued benefits	43,704		37,797
Deposits	20,070		32,108
Operating lease liabilities	36,604		—
Other accruals	57,048		55,588
Total accounts payable and accrued liabilities	$	499,108	$	607,857

Components Of Other Long-Term Liabilities

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



	July 31,
	2020		2019
Private club deferred initiation fee revenue	$	105,108	$	109,749
Unfavorable lease obligation, net	1,651		19,017
Other long-term liabilities	163,486		154,835
Total other long-term liabilities	$	270,245	$	283,601

Investments in Affiliates (Tables)

12 Months Ended

Jul. 31, 2020

Long-term Investments [Abstract]

Disclosure Of Equity Method Investments In Affiliates

The Company held the following investments in equity method affiliates as of July 31, 2020:



Equity Method Affiliates	Ownership Interest
Slifer, Smith, and Frampton/Vail Associates Real Estate, LLC (“SSF/VARE”)	50%
KRED	50%
Clinton Ditch and Reservoir Company	43%

Fair Value Measurements (Tables)

12 Months Ended

Jul. 31, 2020

Fair Value Disclosures [Abstract]

Summary Of Cash Equivalents Measured At Fair Value



	Estimated Fair Value Measurement as of July 31, 2020
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	203,158	$	203,158	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	8,208	$	—	$	8,208	$	—
Liabilities:
Interest Rate Swaps	$	22,510	$	—	$	22,510	$	—
Contingent Consideration	$	17,800	$	—	$	—	$	17,800

	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

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The changes in Contingent Consideration during the years ended July 31, 2020 and 2019 were as follows (in thousands):



	Contingent Consideration
Balance at July 31, 2018	$	21,900
Payment	(67		)
Change in estimated fair value	5,367
Balance at July 31, 2019	27,200
Payment	(6,436		)
Change in estimated fair value	(2,964		)
Balance at July 31, 2020	$	17,800

Income Taxes (Tables)

12 Months Ended

Jul. 31, 2020

Income Tax Disclosure [Abstract]

Components Of Deferred Tax Liabilities And Assets

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



	July 31,
	2020			2019
Deferred income tax liabilities:
Fixed assets	$	216,016		$	153,182
Intangible assets	86,509			73,146
Operating lease right of use assets	53,727			—
Other	13,709			13,425
Total	369,961			239,753
Deferred income tax assets:
Canyons obligation	14,997			13,922
Stock-based compensation	10,313			9,620
Investment in Partnerships	12,400			13,281
Deferred compensation and other accrued benefits	9,918			10,674
Contingent Consideration	4,468			6,771
Unfavorable lease obligation, net	285			4,896
Net operating loss carryforwards and other tax credits	13,205			5,631
Operating lease liabilities	60,838			—
Other, net	21,427			18,850
Total	147,851			83,645
Valuation allowance for deferred income taxes	(5,330		)	(5,365		)
Deferred income tax assets, net of valuation allowance	142,521			78,280
Net deferred income tax liability	$	227,440		$	161,473

Balance Sheet Summary of Deferred Tax Assets and Liabilities [Table Text Block]

The components of deferred income taxes recognized in the Consolidated Balance Sheets are as follows (in thousands):



	July 31,
	2020		2019
Deferred income tax asset	$	6,751	$	7,286
Deferred income tax liability	234,191		168,759
Net deferred income tax liability	$	227,440	$	161,473

Components Of Provision (Benefit) For Income Taxes

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



	Year Ended July 31,
	2020			2019		2018
Current:
Federal	$	(13,467	)	$	24,309	$	(43,366	)
State	(731		)	8,539		9,562
Foreign	4,141			20,205		18,436
Total current	(10,057		)	53,053		(15,368		)
Deferred:
Federal	12,597			16,983		(45,922		)
State	4,266			5,282		2,941
Foreign	572			154		(2,789		)
Total deferred	17,435			22,419		(45,770		)
Provision (benefit) from income taxes	$	7,378		$	75,472	$	(61,138	)

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

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



	Year Ended July 31,
	2020		2019		2018
U.S.	$	89,838	$	306,323	$	264,379
Foreign	26,595		92,642		75,713
Income before income taxes	$	116,433	$	398,965	$	340,092

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



	Year Ended July 31,
	2020		2019		2018
At U.S. federal income tax rate	21.0	%	21.0	%	26.8	%
State income tax, net of federal benefit	3.5	%	2.8	%	3.0	%
Change in uncertain tax positions	(3.8	)%	(1.6	)%	—	%
Change in valuation allowance	—	%	—	%	0.3	%
Excess tax benefits related to stock-based compensation	(7.1	)%	(3.0	)%	(20.9	)%
Impacts of the Tax Act and other legislative changes	(3.2	)%	—	%	(24.7	)%
Noncontrolling interests	(2.4	)%	(1.5	)%	(1.7	)%
Foreign rate differential	(2.4	)%	0.4	%	(1.5	)%
Other	0.7	%	0.8	%	0.7	%
Effective tax rate	6.3	%	18.9	%	(18.0	)%

Reconciliation Of Unrecognized Tax Benefits



	Year Ended July 31,
	2020			2019			2018
Balance, beginning of year	$	72,222		$	78,242		$	76,111
Additions for tax positions of prior years	16,654			11,520			12,394
Lapse of statute of limitations	(18,577		)	(17,540		)	(10,263		)
Balance, end of year	$	70,299		$	72,222		$	78,242

Segment Information (Tables)

12 Months Ended

Jul. 31, 2020

Segment Reporting [Abstract]

Summary Of Financial Information By Reportable Segment

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



	Year Ended July 31,
	2020			2019			2018
Net revenue:
Lift	$	913,091		$	1,033,234		$	880,293
Ski school	189,131			215,060			189,910
Dining	160,763			181,837			161,402
Retail/rental	270,299			320,267			296,466
Other	177,159			205,803			194,851
Total Mountain net revenue	1,710,443			1,956,201			1,722,922
Lodging	248,414			314,662			284,643
Total Resort net revenue	1,958,857			2,270,863			2,007,565
Real Estate	4,847			712			3,988
Total net revenue	$	1,963,704		$	2,271,575		$	2,011,553
Segment operating expense:
Mountain	$	1,212,053		$	1,279,567		$	1,132,840
Lodging	245,145			286,562			259,637
Total Resort operating expense	1,457,198			1,566,129			1,392,477
Real Estate, net	9,182			5,609			3,546
Total segment operating expense	$	1,466,380		$	1,571,738		$	1,396,023
Gain on sale of real property	$	207		$	580		$	515
Mountain equity investment income, net	$	1,690		$	1,960		$	1,523
Reported EBITDA:
Mountain	$	500,080		$	678,594		$	591,605
Lodging	3,269			28,100			25,006
Resort	503,349			706,694			616,611
Real Estate	(4,128		)	(4,317		)	957
Total Reported EBITDA	$	499,221		$	702,377		$	617,568
Real estate held for sale and investment	$	96,844		$	101,021		$	99,385
Reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.	$	98,833		$	301,163		$	379,898
Net income attributable to noncontrolling interests	10,222			22,330			21,332
Net income	109,055			323,493			401,230
Provision (benefit) from income taxes	7,378			75,472			(61,138		)
Income before provision (benefit) from income taxes	116,433			398,965			340,092
Depreciation and amortization	249,572			218,117			204,462
Asset impairments	28,372			—			—
(Gain) loss on disposal of fixed assets and other, net	(838		)	664			4,620
Change in fair value of contingent consideration	(2,964		)	5,367			(1,854		)
Investment income and other, net	(1,305		)	(3,086		)	(1,944		)
Foreign currency loss on intercompany loans	3,230			2,854			8,966
Interest expense, net	106,721			79,496			63,226
Total Reported EBITDA	$	499,221		$	702,377		$	617,568

Revenue and Properties, Plant and Equipment from External Customers by Geographic Areas [Table Text Block]

Geographic Information

Net revenue and property, plant and equipment, net by geographic region are as follows (in thousands):



	Year Ended July 31,
Net revenue	2020		2019		2018
U.S.	$	1,655,961	$	1,865,062	$	1,610,323
International ⁽¹⁾	307,743		406,513		401,230
Total net revenue	$	1,963,704	$	2,271,575	$	2,011,553

			July 31,
Property, plant and equipment, net			2020		2019
U.S.			$	1,759,692	$	1,381,378
International ⁽¹⁾			432,987		461,122
Total property, plant and equipment, net			$	2,192,679	$	1,842,500

Selected Quarterly Financial Data (Tables)

12 Months Ended

Jul. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data



	Year Ended July 31, 2020
(in thousands, except per share amounts)	Full Year		Fourth Quarter			Third Quarter		Second Quarter		First Quarter
Total net revenue	$	1,963,704	$	77,209		$	694,087	$	924,638	$	267,770
Income (loss) from operations	$	223,389	$	(170,046	)	$	218,232	$	310,733	$	(135,530	)
Net income (loss)	$	109,055	$	(157,965	)	$	159,831	$	217,018	$	(109,829	)
Net income (loss) attributable to Vail Resorts, Inc.	$	98,833	$	(153,608	)	$	152,546	$	206,370	$	(106,475	)
Basic net income (loss) per share attributable to Vail Resorts, Inc.	$	2.45	$	(3.82	)	$	3.79	$	5.12	$	(2.64	)
Diluted net income (loss) per share attributable to Vail Resorts, Inc.	$	2.42	$	(3.82	)	$	3.74	$	5.04	$	(2.64	)



	Year Ended July 31, 2019
(in thousands, except per share amounts)	Full Year		Fourth Quarter			Third Quarter		Second Quarter		First Quarter
Total net revenue	$	2,271,575	$	244,006		$	957,987	$	849,578	$	220,004
Income (loss) from operations	$	476,269	$	(120,582	)	$	422,598	$	301,848	$	(127,595	)
Net income (loss)	$	323,493	$	(92,301	)	$	308,530	$	217,990	$	(110,726	)
Net income (loss) attributable to Vail Resorts, Inc.	$	301,163	$	(89,525	)	$	292,134	$	206,349	$	(107,795	)
Basic net income (loss) per share attributable to Vail Resorts, Inc.	$	7.46	$	(2.22	)	$	7.26	$	5.12	$	(2.66	)
Diluted net income (loss) per share attributable to Vail Resorts, Inc.	$	7.32	$	(2.22	)	$	7.12	$	5.02	$	(2.66	)

Stock Compensation Plan (Tables)

12 Months Ended

Jul. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule Of Share Based Compensation Valuation Model

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



	Year Ended July 31,
	2020	2019	2018
Expected volatility	29.7%	38.6%	40.0%
Expected dividends	2.8%	2.1%	2.0%
Expected term (average in years)	6.5-7.1	6.0-6.6	5.8-6.4
Risk-free rate	1.8-2.0%	2.4-2.9%	1.2-2.3%

Schedule Of Share Based Compensation Option And SARs Award Activity



	Awards		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at August 1, 2017	2,290		$	59.12
Granted	86		$	237.86
Exercised	(1,049	)	$	33.25
Forfeited or expired	(3	)	$	172.03
Outstanding at July 31, 2018	1,324		$	91.01
Granted	80		$	293.82
Exercised	(219	)	$	49.09
Forfeited or expired	(14	)	$	217.58
Outstanding at July 31, 2019	1,171		$	111.12
Granted	146		$	245.26
Exercised	(247	)	$	67.19
Forfeited or expired	(9	)	$	252.75
Outstanding at July 31, 2020	1,061		$	138.59	5.0 years	$	75,736
Vested and expected to vest at July 31, 2020	1,042		$	136.66	4.9 years	$	75,736
Exercisable at July 31, 2020	846		$	108.73	4.1 years	$	75,736

Schedule of Share Based Compensation SARs Activity

A summary of the status of the Company’s nonvested SARs as of July 31, 2020 and changes during the year then ended is presented below (in thousands, except fair value amounts):



	Awards	Weighted-Average Grant-Date Fair Value
Outstanding at July 31, 2019	168	$	80.75
Granted	146	$	58.25
Vested	(91)	$	71.57
Forfeited	(8)	$	79.23
Nonvested at July 31, 2020	215	$	69.45

Schedule Of Share Based Compensation Restricted Stock Units Activity

A summary of the status of the Company’s nonvested restricted share units as of July 31, 2020 and changes during the year then ended is presented below (in thousands, except fair value amounts):



	Awards	Weighted-Average Grant-Date Fair Value
Nonvested at July 31, 2019	126	$	230.10
Granted	83	$	217.46
Vested	(63)	$	216.07
Forfeited	(16)	$	229.97
Nonvested at July 31, 2020	130	$	228.77

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018	Aug. 01, 2019
Interest Rate Swap, Notional Amount	$ 400,000
Asset impairments	28,372	$ 0	$ 0
Accounts payable and accrued liabilities (Note 8)	499,108	607,857
Retained earnings	645,902	759,801
Impairment to goodwill or intangible assets	0
Advertising expense	41,600	44,600	$ 39,800
Restricted cash	11,106	9,539
Operating right-of-use assets (Note 4)	225,744	0		$ 221,800
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	22,500
Interest Rate Cash Flow Hedge Liability at Fair Value	22,510
Operating Lease, Liability	254,146			254,200
Operating lease liabilities (Note 4)	217,542	0		219,300
Operating Lease, Liability, Current	36,604	$ 0		34,900
Right-of-use asset adjustments				$ 32,400
6.25% Notes [Member]
Notes and Loans Payable	600,000
Debt Instrument, Fair Value Disclosure	643,500
EPR Secured Notes [Member]
Notes and Loans Payable	137,314
Debt Instrument, Fair Value Disclosure	150,628
EB-5 Development Notes [Member]
Notes and Loans Payable	47,833
Debt Instrument, Fair Value Disclosure	47,212
Goodwill [Member]
Asset impairments	25,700
Finite-Lived Intangible Assets [Member]
Asset impairments	$ 2,700

Summary of Significant Accounting Policies (Summary On Estimated Useful Life Of Property, Plant And Equipment) (Details)	12 Months Ended
	Jul. 31, 2020
Software and Software Development Costs [Member]
Estimated life in years	3 years
Minimum [Member] \| Land Improvements [Member]
Estimated life in years	10 years
Minimum [Member] \| Buildings and Building Improvements [Member]
Estimated life in years	7 years
Minimum [Member] \| Machinery and Equipment [Member]
Estimated life in years	2 years
Minimum [Member] \| Furniture and Fixtures [Member]
Estimated life in years	3 years
Minimum [Member] \| Vehicles [Member]
Estimated life in years	3 years
Maximum [Member] \| Land Improvements [Member]
Estimated life in years	35 years
Maximum [Member] \| Buildings and Building Improvements [Member]
Estimated life in years	30 years
Maximum [Member] \| Machinery and Equipment [Member]
Estimated life in years	30 years
Maximum [Member] \| Furniture and Fixtures [Member]
Estimated life in years	10 years
Maximum [Member] \| Vehicles [Member]
Estimated life in years	10 years

Summary of Significant Accounting Policies (Allocation Of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Pre-tax stock-based compensation expense	$ 21,021	$ 19,856	$ 19,040
Less: benefit for income taxes	5,027	4,589	5,406
Net stock-based compensation expense	15,994	15,267	13,634
Mountain Operating Expense [Member]
Pre-tax stock-based compensation expense	17,410	16,474	15,716
Lodging Operating Expense [Member]
Pre-tax stock-based compensation expense	3,399	3,219	3,215
Real Estate Operating Expense [Member]
Pre-tax stock-based compensation expense	$ 212	$ 163	$ 109

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2020	Oct. 31, 2019	Jul. 31, 2019	Apr. 30, 2019	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Disaggregation of Revenue [Line Items]
Season Pass Credit Deferral Revenue									$ 120,900
Accounts Receivable, after Allowance for Credit Loss, Current	$ 106,664				$ 270,896				106,664	$ 270,896
Mountain Revenue Net									1,710,443	1,956,201	$ 1,722,922
Lodging									248,414	314,662	284,643
Resort net revenue									1,958,857	2,270,863	2,007,565
Real Estate									4,847	712	3,988
Revenues	$ 77,209	$ 694,087	$ 924,638	$ 267,770	$ 244,006	$ 957,987	$ 849,578	$ 220,004	1,963,704	2,271,575	2,011,553
Season Pass Credit Deferral Costs									2,900
Dining
Disaggregation of Revenue [Line Items]
Lodging									38,252	53,730	48,554
Owned hotel rooms
Disaggregation of Revenue [Line Items]
Lodging									44,992	64,826	65,252
Managed condominium rooms
Disaggregation of Revenue [Line Items]
Lodging									76,480	86,236	70,198
Transportation
Disaggregation of Revenue [Line Items]
Lodging									15,796	21,275	21,111
Golf
Disaggregation of Revenue [Line Items]
Lodging									17,412	19,648	18,110
Other
Disaggregation of Revenue [Line Items]
Lodging									44,933	54,617	47,577
Lodging revenue (excluding payroll cost reimbursements) [Member]
Disaggregation of Revenue [Line Items]
Lodging									237,865	300,332	270,802
Payroll cost reimbursements
Disaggregation of Revenue [Line Items]
Lodging									10,549	14,330	13,841
Other \| Other
Disaggregation of Revenue [Line Items]
Mountain Revenue Net									177,159	205,803	194,851
Retail/Rental \| Retail/Rental
Disaggregation of Revenue [Line Items]
Mountain Revenue Net									270,299	320,267	296,466
Dining \| Dining
Disaggregation of Revenue [Line Items]
Mountain Revenue Net									160,763	181,837	161,402
Ski School \| Ski School
Disaggregation of Revenue [Line Items]
Mountain Revenue Net									189,131	215,060	189,910
Lift \| Lift
Disaggregation of Revenue [Line Items]
Mountain Revenue Net									$ 913,091	$ 1,033,234	$ 880,293

Revenues Contract Balances (Details) $ in Thousands	12 Months Ended
Revenues Contract Balances (Details) $ in Thousands	Jul. 31, 2020 USD ($)	Jul. 31, 2019 USD ($)
Contract Balances [Abstract]
Deferred Revenue, Current	$ 256,402	$ 335,669
Contract with Customer, Liability	121,900	124,300
Recognition of Deferred Revenue	$ 266,500
Private Club Recognized Initiation Fees Average Remaining Period	16
Accounts receivable, net of allowances of $2,484 and $724, respectively	$ 106,664	$ 270,896

Revenues Costs to Obtain Contracts with Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Costs to Obtain Contracts with Customers [Abstract]
Capitalized Contract Cost, Net	$ 3.5
Capitalized Contract Cost, Amortization	$ 11.0	$ 10.6	$ 8.3

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Aug. 01, 2019	Jul. 31, 2019
Operating Lease, Liability, Current	$ 36,604	$ 34,900	$ 0
Operating Leases, Future Minimum Payments Due, Next Twelve Months	47,013		44,984
Capital Leases, Future Minimum Payments Due, Next Twelve Months			28,253
Finance Lease, Liability, Payments, Due in Next Rolling Twelve Months	$ 28,818
Operating Lease, Weighted Average Remaining Lease Term	10 years 7 months 6 days
Operating Lease, Payments	$ 55,344
Finance Lease, Right-of-Use Asset, Amortization	9,753
Finance Lease, Interest Expense	34,035
Operating Lease, Expense	43,303
Short-term Lease, Cost	13,943
Variable Lease, Cost	1,583
Operating Cash Outflows for Finance Leases	29,311
Financing Cash Outflows for Finance Leases	$ 5,387
Finance Lease, Weighted Average Remaining Lease Term	42 years 10 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	4.50%
Finance Lease, Weighted Average Discount Rate, Percent	10.00%
Operating Leases, Future Minimum Payments, Due in Two Years	$ 43,699		42,512
Capital Leases, Future Minimum Payments Due in Two Years			28,818
Finance Lease, Liability, to be Paid, Year Two	29,394
Operating Leases, Future Minimum Payments, Due in Three Years	38,353		39,440
Capital Leases, Future Minimum Payments Due in Three Years			29,394
Finance Lease, Liability, to be Paid, Year Three	29,982
Operating Leases, Future Minimum Payments, Due in Four Years	34,431		34,840
Capital Leases, Future Minimum Payments Due in Four Years			29,982
Finance Lease, Liability, to be Paid, Year Four	30,582
Operating Leases, Future Minimum Payments, Due in Five Years	32,405		30,836
Capital Leases, Future Minimum Payments Due in Five Years			30,582
Finance Lease, Liability, to be Paid, Year Five	31,193
Lessee, Operating Lease, Liability, to be Paid, after Year Five	137,501
Finance Lease, Liability, to be Paid, after Year Five	1,773,855
Lessee, Operating Lease, Liability, to be Paid	333,402
Finance Lease, Liability, Payment, Due	1,923,824
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(79,256)
Finance Lease, Liability, Undiscounted Excess Amount	(1,577,790)
Operating Lease, Liability	254,146	$ 254,200
Finance Lease, Liability	346,034
Operating Leases, Future Minimum Payments, Due Thereafter			142,526
Capital Leases, Future Minimum Payments Due Thereafter			1,805,048
Operating Leases, Future Minimum Payments Due			335,138
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
Long-term Debt	2,444,248		$ 1,580,130
Operating Lease, Right-of-Use Asset	117,800
Finance Lease, Right-of-Use Asset, Accumulated Amortization	65,800
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 18,013
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	mtn:AccountsPayableAccruedLiabilities	mtn:AccountsPayableAccruedLiabilities	mtn:AccountsPayableAccruedLiabilities
Minimum [Member]
Lessee Operating And Finance Lease Term	1 year
Maximum [Member]
Lessee Operating And Finance Lease Term	60 years
Canyons Obligation [Member]
Long-term Debt	$ 346,034		$ 340,261

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2020	Oct. 31, 2019	Jul. 31, 2019	Apr. 30, 2019	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2017
Net income	$ (153,608)	$ 152,546	$ 206,370	$ (106,475)	$ (89,525)	$ 292,134	$ 206,349	$ (107,795)	$ 98,833	$ 301,163	$ 379,898
Weighted Average Number of Shares Outstanding, Common									40,227,000	40,292,000	40,337,000
Weighted Average Number of Shares Outstanding, Exchangeable									46,000	57,000	60,000
Weighted-average shares outstanding, basic (in shares)									40,273,000	40,349,000	40,397,000
Effect of dilutive securities, diluted (in shares)									565,000	809,000	1,221,000
Weighted-average shares outstanding, diluted (in shares)									40,838,000	41,158,000	41,618,000
Basic net income per share attributable to Vail Resorts, Inc.	$ (3.82)	$ 3.79	$ 5.12	$ (2.64)	$ (2.22)	$ 7.26	$ 5.12	$ (2.66)	$ 2.45	$ 7.46	$ 9.40
Diluted net income per share attributable to Vail Resorts, Inc.	(3.82)	$ 3.74	$ 5.04	$ (2.64)	(2.22)	$ 7.12	$ 5.02	$ (2.66)	$ 2.42	$ 7.32	$ 9.13
Anti-dilutive securities (in shares)									2,000	4,000	2,000
Common Stock, Dividends, Per Share, Cash Paid									$ 5.28
Cash dividends declared per share (in dollars per share)									$ 5.28	$ 6.46	$ 5.046
Dividends (Note 3)									$ 212,732	$ 260,567	$ 204,161
Exchangeable Shares Par Value Per Share	$ 0.01				$ 0.01				$ 0.01	$ 0.01
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
Peak Resorts, Inc. [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	$ 16,203								$ 16,203
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	184,668								184,668
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	99,275								99,275
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 334,731								$ 334,731

Long-Term Debt (Schedule Of Debt Instruments) (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Sep. 24, 2019 USD ($) $ / shares	May 29, 2013 USD ($)	Jul. 31, 2020 USD ($)	Jul. 31, 2019 USD ($)	Jul. 31, 2018 USD ($)	Jul. 31, 2020 CAD ($)
Long-Term Debt, Maturity, Year One			$ 69,827,000
VHI Credit Agreement Waiver Period Minimum Liquidity			150,000,000.0
VHI Credit Agreement Waiver Period Required Liquidity for Distribution			400,000,000.0
VHI Credit Agreement Waiver Period Quarterly Distribution Limit			38,200,000
VHI Credit Agreement Waiver Period Annual Capital Expenditure Limit			200,000,000.0
VHI Credit Agreement Waiver Period Required Liquidity for Investment in Unrestricted Subsidiaries			300,000,000.0
VHI Credit Agreement Waiver Period Required Liquidity for Investment in Nonsubsidiaries			50,000,000.0
Debt Instrument, Unused Borrowing Capacity, Fee			0.004
Interest Rate Swap, Notional Amount			$ 400,000,000.0
Derivative, Fixed Interest Rate			1.46%			1.46%
Long-term Debt			$ 2,444,248,000	$ 1,580,130,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net			(6,551,000)	3,870,000
Less: Current maturities			63,677,000	48,516,000
Long-term debt, net			2,387,122,000	1,527,744,000
Interest Expense, Debt			106,700,000	79,500,000	$ 63,200,000
Accretion Expense			5,773,000	5,752,000	5,723,000
Amortization of Financing Costs			1,900,000	1,300,000	1,300,000
Intercompany Foreign Currency Balance, Amount			210,000,000.0
Foreign currency loss on intercompany loans (Note 6)			(3,230,000)	(2,854,000)	$ (8,966,000)
Long-Term Debt, Maturity, Year Two			115,195,000
Long-Term Debt, Maturity, Year Three			63,740,000
Long-Term Debt, Maturity, Year Four			63,796,000
Long-Term Debt, Maturity, Year Five			1,612,120,000
Long-Term Debt, Maturity, after Year Five			519,570,000
EB-5 Development Notes1 [Member]
Long-term Debt			30,000,000.0
Credit Facility Revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity			500,000,000.0
Long-term Debt			$ 0	208,000,000
Fiscal year maturity			2024
Basis spread on LIBOR rate			1.25%
Whistler Credit Agreement revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity						$ 300.0
Long-term Debt, Description			Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships’ Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of July 31, 2020, in the case of borrowings (i) in Canadian dollars, at the WB Partnerships’ option, either (a) at the Canadian Prime Rate plus 1.25% per annum or (b) by way of the issuance of bankers’ acceptances plus 2.25% per annum; and (ii) in U.S. dollars, at the WB Partnerships option, either at (a) the U.S. Base Rate plus 1.25% per annum or (b) Bankers Acceptance Rate plus 2.25% per annum
Debt Instrument, Interest Rate, Stated Percentage			2.79%			2.79%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.5063%
Line of Credit Facility, Initiation Date			Nov. 12, 2013
Long-term Debt			$ 58,236,000	45,454,000
Fiscal year maturity			2024
EPR Secured Notes [Member]
Annual Interest Rate Increase Cap			1.50%
Long-term Debt			$ 114,162,000	0
EB-5 Development Notes [Member]
Debt Instrument, Face Amount			52,000,000.0
Long-term Debt			$ 51,500,000	0
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			1.00%			1.00%
Term Loan [Member]
Line of Credit Facility, Increase (Decrease), Net			$ 335,600,000
Line of Credit Facility, Maximum Borrowing Capacity			2,250,000,000
Long-term Line of Credit			1,200,000,000
Debt Instrument, Periodic Payment			15,600,000
Long-term Debt			$ 1,203,125,000	914,375,000
Fiscal year maturity			2024
Term Loan, Hedged Portion [Member]
Debt Instrument, Interest Rate, Stated Percentage			2.66%			2.66%
Term Loan, Unhedged Portion [Member]
Debt Instrument, Interest Rate, Stated Percentage			3.25%			3.25%
Employee Housing Bonds [Member]
Long-term Debt			$ 52,575,000	52,575,000
Canyons Obligation [Member]
Long-term Debt			$ 346,034,000	340,261,000
Fiscal year maturity			2063
Other [Member]
Long-term Debt			$ 18,616,000	19,465,000
Alpine Valley Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage			11.21%			11.21%
Long-term Debt			$ 4,600,000
Boston Mills Brandywine Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage			10.75%			10.75%
Long-term Debt			$ 23,300,000
Jack Frost Big Boulder Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage			10.75%			10.75%
Long-term Debt			$ 14,300,000
Mount Snow Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage			11.78%			11.78%
Long-term Debt			$ 51,100,000
Hunter Mountain Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage			8.57%			8.57%
Annual Interest Rate Increase Cap			1.75%
Long-term Debt			$ 21,000,000.0
EB-5 Development Notes2 [Member]
Long-term Debt			$ 22,000,000.0
Hunter Mountain Secured Note [Member]
EPR Additional Interest Rate			8.00%
Mount Snow Secured Note [Member]
EPR Additional Interest Rate			12.00%
6.25% Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage			6.25%			6.25%
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.
Proceeds from Unsecured Notes Payable			$ 600,000,000
Long-term Debt			$ 600,000,000	$ 0
Fiscal year maturity			2025
EPR Secured Notes [Member]
EPR Additional Interest Rate			10.00%
Debt Service Reserve			$ 5,700,000
Colorado Water Conservation Board Note Outstanding [Member] \| Other [Member]
Long-term debt, maturity date			Sep. 16, 2028
Long-term debt, outstanding amount			$ 3,600,000
Breckenridge Terrace [Member] \| Employee Housing Bonds [Member]
Long-term Debt			$ 19,980,000
Fiscal year maturity			2039
Tarnes [Member] \| Employee Housing Bonds [Member]
Long-term Debt			$ 10,410,000
Fiscal year maturity			2039
BC Housing [Member] \| Employee Housing Bonds [Member]
Long-term Debt			$ 10,600,000
Fiscal year maturity			2027
Tenderfoot [Member] \| Employee Housing Bonds [Member]
Long-term Debt			$ 11,585,000
Fiscal year maturity			2035
EB-5 Development Notes [Member]
Fiscal year maturity			2021
Tranche A [Member] \| Employee Housing Bonds [Member]
Long-term Debt			$ 37,780,000
Reference for interest rate determination			LIBOR plus 0% to 0.1%
Tranche A [Member] \| Breckenridge Terrace [Member] \| Employee Housing Bonds [Member]
Long-term Debt			$ 14,980,000
Tranche A [Member] \| Tarnes [Member] \| Employee Housing Bonds [Member]
Long-term Debt			8,000,000
Tranche A [Member] \| BC Housing [Member] \| Employee Housing Bonds [Member]
Long-term Debt			9,100,000
Tranche A [Member] \| Tenderfoot [Member] \| Employee Housing Bonds [Member]
Long-term Debt			5,700,000
Tranche B [Member] \| Employee Housing Bonds [Member]
Long-term Debt			$ 14,795,000
Reference for interest rate determination			LIBOR plus 0% to 0.05%
Tranche B [Member] \| Breckenridge Terrace [Member] \| Employee Housing Bonds [Member]
Long-term Debt			$ 5,000,000
Tranche B [Member] \| Tarnes [Member] \| Employee Housing Bonds [Member]
Long-term Debt			2,410,000
Tranche B [Member] \| BC Housing [Member] \| Employee Housing Bonds [Member]
Long-term Debt			1,500,000
Tranche B [Member] \| Tenderfoot [Member] \| Employee Housing Bonds [Member]
Long-term Debt			$ 5,885,000
Maximum [Member] \| Employee Housing Bonds [Member]
Fiscal year maturity, end			May 01, 2039
Maximum [Member] \| Other [Member]
Fiscal year maturity, end			Jul. 31, 2033
Long term debt interest rate			5.50%
Maximum [Member] \| Tranche A [Member] \| Employee Housing Bonds [Member]
Basis spread on LIBOR rate			0.10%
Long term debt interest rate			0.27%
Minimum [Member] \| Employee Housing Bonds [Member]
Fiscal year maturity, start			Jun. 01, 2027
Minimum [Member] \| Other [Member]
Fiscal year maturity, start			Jul. 31, 2020
Long term debt interest rate			5.10%
Minimum [Member] \| Tranche A [Member] \| Employee Housing Bonds [Member]
Basis spread on LIBOR rate			0.00%
Long term debt interest rate			0.17%
Peak Resorts, Inc. [Member]
Business Acquisition, Share Price \| $ / shares	$ 11.00
Business Combination, Cash Consideration Transferred	$ 264,500,000
Business Combination, Consideration Transferred, Other	70,200,000
Business Combination, Consideration Transferred	334,700,000
Proceeds from (Repayments of) Debt	$ 335,600,000
Indefinite-lived Intangible Assets Acquired			$ 15,800,000
Indefinite Lived Property Management Contracts			3,100,000
Canyons [Member]
Accretion Expense			$ 40,700,000
Business Acquisition, Effective Date of Acquisition		May 24, 2013
Initial Capital Lease Term		50 years
Optional Lease Renewal Term		six 50-year renewal options
Minimum Capital Lease Payment, Annual		$ 25,000,000
Adjustments to Capital Lease Annual Payments		inflation-linked index of CPI less 1% per annum, with a floor of 2%
Talisker Canyons Obligation, Interest Rate			10.00%			10.00%
Extension Year1 [Member] \| EB-5 Development Notes [Member]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			7.00%			7.00%
Extension Year2 [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	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Long-term Debt, Other Disclosures [Abstract]
Sale Leaseback Transaction, Net Proceeds, Financing Activities	$ 11,200
Foreign currency loss on intercompany loans (Note 6)	(3,230)	$ (2,854)	$ (8,966)
Proceeds from Sale of Other Real Estate	6,200
2021 (1)	69,827
2022	115,195
2023	63,740
2024	63,796
2025	1,612,120
Thereafter	519,570
Long-term Debt	2,444,248	1,580,130
Interest Expense, Debt	106,700	79,500	63,200
Amortization of Financing Costs	$ 1,900	$ 1,300	$ 1,300

Acquisitions (Narrative) (Details) $ in Thousands, $ in Millions		12 Months Ended
	Sep. 24, 2019 USD ($)	Jul. 31, 2020 USD ($)	Jul. 31, 2019 USD ($)	Jul. 31, 2019 AUD ($)	Jul. 31, 2018 USD ($)
Measurement period adjustment					$ (1,776)
Payments to Acquire Businesses, Net of Cash Acquired		$ 327,555	$ 419,044		$ 1,356
Goodwill, Acquired During Period		135,987	152,049
Peak Resorts, Inc. [Member]
Measurement period adjustment		8,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill		19,221
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed		3,100
Business Combination, Cash Consideration Transferred	$ 264,500
Business Combination, Consideration Transferred	334,700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		427,793
Goodwill, Acquired During Period		135,879
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		$ 99,275
Business Combination, Consideration Transferred, Other	$ 70,200
Falls Creek and Hotham [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			5,833
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed			4,600
Business Combination, Cash Consideration Transferred			127,400
Business Combination, Consideration Transferred				$ 178.9
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

Acquisitions (Summary Of Estimate Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed) (Details) $ in Thousands, $ in Millions		12 Months Ended
	Sep. 24, 2019 USD ($)	Jul. 31, 2020 USD ($)	Jul. 31, 2019 USD ($)	Jul. 31, 2019 AUD ($)
Business Acquisition [Line Items]
Indefinite-Lived Trademarks		$ 230,000	$ 215,905
Unfavorable lease obligations, net		1,651	19,017
Goodwill, Acquired During Period		135,987	152,049
Peak Resorts, Inc. [Member]
Business Acquisition [Line Items]
Business Combination, Cash Consideration Transferred	$ 264,500
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		19,221
Goodwill, Acquired During Period		135,879
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		(99,275)
Business Combination, Consideration Transferred	334,700
Business Combination, Consideration Transferred, Other	70,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net		334,731
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed		3,100
Proceeds from (Repayments of) Debt	$ 335,600
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)
Falls Creek and Hotham [Member]
Business Acquisition [Line Items]
Business Combination, Cash Consideration Transferred			127,400
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
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			5,833
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, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net			127,352
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed			4,600
Stamp Duty Expense			2,900
Canyons [Member]
Business Acquisition [Line Items]
Business Acquisition, Purchase Price Allocation, Land		31,818	31,818
Business Acquisition, Purchase Price Allocation, Land Improvements		49,228	49,228
Business Acquisition, Purchase Price Allocation, Buildings and Building Improvements		42,160	42,160
Business Acquisition, Purchase Price Allocation, Machinery and Equipment		60,384	60,384
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment Gross (under Capital Lease)		183,590	183,590
Business Acquisition, Purchase Price Allocation, Accumulated Depreciation		(65,792)	(56,040)
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment Net (under Capital Lease)		117,798	127,550
Stevens Pass [Member]
Business Acquisition [Line Items]
Business Combination, Cash Consideration Transferred			64,000
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
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			2,680
Goodwill, Acquired During Period			28,878
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities			(4,029)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net			64,032
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed			1,200
Proceeds from (Repayments of) Debt			70,000
Triple Peaks, LLC [Member]
Business Acquisition [Line Items]
Business Combination, Cash Consideration Transferred			74,100
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
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			27,360
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, Consideration Transferred, Other			155,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net			229,093
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed			2,800
Proceeds from (Repayments of) Debt			195,600
Mountain [Member]
Business Acquisition [Line Items]
Goodwill, Acquired During Period		$ 135,987	$ 152,049

Acquisitions (Summary Pro Forma Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Pro Forma Financial Information [Line Items]
Pro forma net revenue	$ 1,970,363	$ 2,490,809
Pro forma net income attributable to Vail Resorts, Inc.	$ 100,205	$ 301,234
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$ 2.49	$ 7.47
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$ 2.45	$ 7.32

Supplementary Balance Sheet Information (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Balance Sheet Related Disclosures [Abstract]
Asset impairments	$ 28,372	$ 0	$ 0
Finite-Lived Intangible Asset, Expected Amortization, Year Two	4,326
Finite-Lived Intangible Asset, Expected Amortization, Year Five	4,326
Finite-Lived Intangible Asset, Expected Amortization, Year Four	4,326
Finite-Lived Intangible Asset, Expected Amortization, Year Three	4,326
Depreciation expense	243,100	210,700	199,200
Amortization of Intangible Assets	$ 6,500	$ 7,400	$ 5,300

Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Balance Sheet Related Disclosures [Abstract]
Depreciation	$ 243,100	$ 210,700	$ 199,200
Land and land improvements	750,714	619,561
Buildings and building improvements	1,475,661	1,284,438
Machinery and equipment	1,361,178	1,160,817
Furniture and fixtures	308,267	309,271
Software	104,223	118,815
Vehicles	80,510	65,556
Construction in progress	81,967	79,282
Gross property, plant and equipment	4,162,520	3,637,740
Accumulated depreciation	(1,969,841)	(1,795,240)
Property, plant and equipment, net	$ 2,192,679	$ 1,842,500

Supplementary Balance Sheet Information Composition of Property, Plant and Equipment under Capital Lease (Details) - Canyons [Member] - USD ($) $ in Thousands	Jul. 31, 2020	Jul. 31, 2019
Property, Plant and Equipment [Line Items]
Capital Leased Assets, Land	$ 31,818	$ 31,818
Capital Leased Assets, Land Improvements	49,228	49,228
Capital Leased Assets, Buildings and Building Improvements	42,160	42,160
Capital Leased Assets, Machinery and Equipment	60,384	60,384
Capital Leased Assets, Gross	183,590	183,590
Capital Leased Assets, Accumulated Depreciation	(65,792)	(56,040)
Capital Leased Assets, Net	$ 117,798	$ 127,550

Supplementary Balance Sheet Information (Composition Of Goodwill And Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Asset impairments	$ 28,372	$ 0	$ 0
Goodwill	1,752,062	1,625,560
Goodwill, Impaired, Accumulated Impairment Loss	(25,688)	0
Accumulated amortization	(17,354)	(17,354)
Goodwill, net	1,709,020	1,608,206	1,475,686
Indefinite-Lived Trademarks	230,000	215,905
Other Indefinite-lived Intangible Assets	41,667	42,166
Gross indefinite-lived intangible assets	271,667	258,071
Accumulated amortization	(24,713)	(24,713)
Indefinite-lived intangible assets, net	246,954	233,358
Gross amortizable intangible assets	38,208	42,108
Other Finite-Lived Intangible Assets, Gross	70,772	67,538
Finite-Lived Intangible Assets, Gross	108,980	109,646
Accumulated amortization	(41,158)	(36,831)
Amortizable intangible assets, net	67,822	72,815
Total gross intangible assets	380,647	367,717
Total accumulated amortization	(65,871)	(61,544)
Net Intangible Assets Excluding Goodwill	314,776	306,173
Amortization of Intangible Assets	6,500	$ 7,400	$ 5,300
Finite-Lived Intangible Asset, Expected Amortization, Year One	4,300
Finite-Lived Intangible Asset, Expected Amortization, Year Two	4,326
Finite-Lived Intangible Asset, Expected Amortization, Year Three	4,326
Finite-Lived Intangible Asset, Expected Amortization, Year Four	4,326
Finite-Lived Intangible Asset, Expected Amortization, Year Five	4,326
Goodwill [Member]
Asset impairments	25,700
Finite-Lived Intangible Assets [Member]
Asset impairments	$ 2,700

Supplementary Balance Sheet Information (Changes In Goodwill Amount) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Goodwill, beginning balance	$ 1,608,206	$ 1,475,686
Acquisition	135,987	152,049
Goodwill, Impairment Loss	(25,688)
Goodwill, Translation Adjustments	(9,485)	(19,529)
Goodwill, ending balance	1,709,020	1,608,206
Mountain [Member]
Goodwill, beginning balance	1,540,307	1,407,787
Acquisition	135,987	152,049
Goodwill, Impairment Loss	0
Goodwill, Translation Adjustments	(9,485)	(19,529)
Goodwill, ending balance	1,666,809	1,540,307
Lodging [Member]
Goodwill, beginning balance	67,899	67,899
Acquisition	0	0
Goodwill, Impairment Loss	(25,688)
Goodwill, Translation Adjustments	0	0
Goodwill, ending balance	$ 42,211	$ 67,899

Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Aug. 01, 2019	Jul. 31, 2019
Trade payables	$ 59,692		$ 96,377
Deferred Revenue, Current	256,402		335,669
Accrued salaries, wages and deferred compensation	25,588		50,318
Accrued benefits	43,704		37,797
Deposits	20,070		32,108
Operating Lease, Liability, Current	36,604	$ 34,900	0
Other accruals	57,048		55,588
Total accounts payable and accrued liabilities	$ 499,108		$ 607,857

Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Jul. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Private club deferred initiation fee revenue	$ 105,108	$ 109,749
Unfavorable lease obligations, net	1,651	19,017
Other long-term liabilities	163,486	154,835
Total other long-term liabilities	$ 270,245	$ 283,601

Investments in Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
Investments in Affiliates (Details) - USD ($) $ in Millions	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Investments in equity method affiliates	$ 10.2	$ 8.8
Undistributed earnings of equity method affiliates	6.5	5.4
Proceeds from Equity Method Investment, Distribution	$ 0.7	1.0	$ 1.5
Slifer, Smith, and Frampton/Vail Associates Real Estate, LLC ("SSF/VARE") [Member]
Ownership interest	50.00%
Keystone and Intrawest Llc [Member]
Ownership interest	50.00%
Clinton Ditch and Reservoir Company [Member]
Ownership interest	43.00%
Slifer Smith and Frampton and Vail Associates Real Estate Llc Ssf and Vare [Member]
Real estate revenue from leases		$ 0.0	$ 0.0

Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Business Combination, Contingent Consideration Arrangements, Description	42% of the amount by which EBITDA for the Park City resort operations, as calculated under the Lease, exceeds approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the Lease by the Company.
Contingent Consideration, Key Assumptions for Valuation	The estimated fair value of Contingent Consideration includes the future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated performance for the years ending July 31, 2021 and July 31, 2022, escalated by an assumed long-term growth factor and discounted to net present value. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included Park City EBITDA for the year ending July 31, 2022, an assumed long-term growth rate, a discount rate of 10.49% and volatility of 17.0%, which are unobservable inputs and thus are considered Level 3 inputs.
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Adverse Change in Other Assumption, Description	The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated future performance would result in a change in the estimated fair value within the range of approximately $2.9 million to $4.1 million.
Interest Rate Cash Flow Hedge Liability at Fair Value	$ 22,510
Liabilities, Fair Value Disclosure	17,800	$ 27,200	$ 21,900
Payments for Rent	(6,436)	(67)
Change in Fair Value of Contingent Consideration	(2,964)	5,367
Level 2 [Member]
Interest Rate Cash Flow Hedge Liability at Fair Value	22,510
Level 3 [Member]
Liabilities, Fair Value Disclosure	17,800	27,200
Money Market Funds [Member]
Cash and Cash Equivalents, Fair Value Disclosure	203,158	3,043
Money Market Funds [Member] \| Level 1 [Member]
Cash and Cash Equivalents, Fair Value Disclosure	203,158	3,043
Commercial Paper [Member]
Cash and Cash Equivalents, Fair Value Disclosure	2,401	2,401
Commercial Paper [Member] \| Level 2 [Member]
Cash and Cash Equivalents, Fair Value Disclosure	2,401	2,401
Certificates of Deposit [Member]
Cash and Cash Equivalents, Fair Value Disclosure	8,208	7,871
Certificates of Deposit [Member] \| Level 2 [Member]
Cash and Cash Equivalents, Fair Value Disclosure	$ 8,208	$ 7,871

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Net operating loss carryback	$ 3,800
US Refundable Payroll Tax Credits	$ 9,600
Excess tax benefits related to stock-based compensation	(7.10%)	(3.00%)	(20.90%)
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	$ 18,577	$ 17,540	$ 10,263
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	16,654	11,520	12,394
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	3,100
Unrecognized tax benefits, income tax penalties and interest accrued	6,200	6,300
Income tax examination, penalties and interest expense	(100)	$ (1,100)	$ (1,600)
Operating Loss Carryforwards	58,600
Deferred Tax Assets, Tax Credit Carryforwards, Foreign	4,200
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 4,200
Impacts of the Tax Act and other legislative changes	(3.20%)	0.00%	(24.70%)
Foreign Refundable Payroll Tax Credits	$ 8,500
Interest Expense [Member]
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	18,600
UNITED STATES
Operating Loss Carryforwards	4,900
Foreign Tax Authority [Member]
Operating Loss Carryforwards	3,900
State and Local Jurisdiction [Member]
Operating loss carryforwards, valuation allowance	3,900
Peak Resorts, Inc. [Member]
Operating Loss Carryforwards	$ 49,800

Income Taxes (Components Of Deferred Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Jul. 31, 2019
Income Tax Disclosure [Abstract]
Fixed assets	$ 216,016	$ 153,182
Intangible assets	86,509	73,146
Deferred Tax Liabilities, Leasing Arrangements	53,727	0
Deferred Tax Liabilities, Other	13,709	13,425
Deferred Tax Liabilities, Gross	369,961	239,753
Deferred Tax Liabilities, Net	227,440	161,473
Deferred Tax Asset, Talisker Canyons Obligation	14,997	13,922
Stock-based compensation	10,313	9,620
Deferred Tax Assets, Investments	12,400	13,281
Deferred compensation and other accrued benefits	9,918	10,674
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Contingencies	4,468	6,771
Unfavorable lease obligation, net	285	4,896
Net operating loss carryforwards other tax credits	13,205	5,631
Deferred Tax Assets, Operating Lease Liabilities	60,838	0
Other, net	21,427	18,850
Total	147,851	83,645
Valuation allowance for deferred income taxes	(5,330)	(5,365)
Deferred income tax assets, net of valuation allowance	$ 142,521	$ 78,280

Income Taxes (Components Of Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Income Tax Disclosure [Abstract]
Current federal	$ (13,467)	$ 24,309	$ (43,366)
Current state	(731)	8,539	9,562
Current Foreign Tax Expense (Benefit)	4,141	20,205	18,436
Total current	(10,057)	53,053	(15,368)
Deferred federal	12,597	16,983	(45,922)
Deferred state	4,266	5,282	2,941
Deferred Foreign Income Tax Expense (Benefit)	572	154	(2,789)
Deferred Income Tax Expense (Benefit)	17,435	22,419	(45,770)
Provision for income taxes	$ 7,378	$ 75,472	$ (61,138)

Income Taxes (Reconciliation Of Effective Income Tax Rate And Effective Rate From Continuing Operation) (Details)	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Income Tax Disclosure [Abstract]
At U.S. federal income tax rate	21.00%	21.00%	26.80%
State income tax, net of federal benefit	3.50%	2.80%	3.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent	(3.80%)	(1.60%)	0.00%
Change in valuation allowance	0.00%	0.00%	0.30%
Excess tax benefits related to stock-based compensation	(7.10%)	(3.00%)	(20.90%)
Impacts of the Tax Act and other legislative changes	(3.20%)	0.00%	(24.70%)
Noncontrolling interests	(2.40%)	(1.50%)	(1.70%)
Foreign rate differential	(2.40%)	0.40%	(1.50%)
Other	0.70%	0.80%	0.70%
Effective tax rate	6.30%	18.90%	(18.00%)

Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Income Tax Disclosure [Abstract]
Income Tax Examination, Penalties and Interest Expense	$ 100	$ 1,100	$ 1,600
Unrecognized tax benefits, beginning balance	72,222	78,242	76,111
Additions for tax positions of prior years	16,654	11,520	12,394
Lapse of statute of limitations	(18,577)	(17,540)	(10,263)
Unrecognized tax benefits, ending balance	$ 70,299	$ 72,222	$ 78,242

Income Taxes Components of Income before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Components of Income Before Income Taxes [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Domestic	$ 89,838	$ 306,323	$ 264,379
Income (Loss) from Continuing Operations before Income Taxes, Foreign	26,595	92,642	75,713
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	$ 116,433	$ 398,965	$ 340,092

Income Taxes Presentation of Net Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Jul. 31, 2019
Presentation of Net Deferred Tax Liabilities and Assets [Abstract]
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	$ 6,751	$ 7,286
Deferred Tax Liabilities, Net, Noncurrent	234,191	168,759
Deferred Tax Liabilities, Net	$ 227,440	$ 161,473

Related Party Transactions (Details) $ in Millions	12 Months Ended
Related Party Transactions (Details) $ in Millions	Jul. 31, 2020 USD ($) director	Jul. 31, 2019 USD ($)	Jul. 31, 2018 USD ($)
BCRC [Member]
Right to appoint the number of directors \| director	4
Number of directors \| director	9
Management fees and reimbursement of operating expenses \| $	$ 8.3	$ 9.6	$ 9.2
Slifer Smith and Frampton and Vail Associates Real Estate Llc Ssf and Vare [Member]
Real estate revenue from leases \| $		$ 0.0	$ 0.0

Commitments and Contingencies (Narrative) (Details) $ in Thousands		12 Months Ended
	May 29, 2013	Jul. 31, 2020 USD ($)	Jul. 31, 2019 USD ($)	Jul. 31, 2018 USD ($)
Amount outstanding in letters of credit		$ 75,500
Surety Bonds Outstanding		$ 9,600
Number of optional renewal terms		3
Lease expense, excluding executory costs		$ 58,800	$ 57,800	$ 52,800
Long-term Debt		2,444,248	1,580,130
Holland Creek Metropolitan District [Member]
Credit-enhanced bonds issued amount		6,300
Amount outstanding in letters of credit		6,400
Red Sky Ranch Metropolitan District [Member]
Other long-term liabilities		$ 2,100	2,000
Estimated cessation date of capital improvement fee payment obligation		Jul. 31, 2031
Employee Housing Bonds [Member]
Amount outstanding in letters of credit		$ 53,400
Workers' Compensation and General Liability Related to Construction and Development Activities [Member]
Amount outstanding in letters of credit		$ 22,100
Northstar [Member]
Lease Expiration Date		Jul. 31, 2027
Optional Lease Renewal Term		P10Y
Perisher [Member]
Lease Expiration Date		Jul. 31, 2048
Optional Lease Renewal Term		P20Y
Operating Leases, Rent Expense, Contingent Rentals		of certain gross revenue
Canyons [Member]
Lease Expiration Date		Jul. 31, 2079
Optional Lease Renewal Term	six 50-year renewal options
Falls Creek [Member]
Lease Expiration Date		Jul. 31, 2041
Hotham [Member]
Lease Expiration Date		Jul. 31, 2058
Canyons Obligation [Member]
Long-term Debt		$ 346,034	$ 340,261

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2020	Oct. 31, 2019	Jul. 31, 2019	Apr. 30, 2019	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Total Mountain net revenue									$ 1,710,443	$ 1,956,201	$ 1,722,922
Lodging									248,414	314,662	284,643
Total Resort net revenue									1,958,857	2,270,863	2,007,565
Real Estate									4,847	712	3,988
Total net revenue	$ 77,209	$ 694,087	$ 924,638	$ 267,770	$ 244,006	$ 957,987	$ 849,578	$ 220,004	1,963,704	2,271,575	2,011,553
Mountain									1,212,053	1,279,567	1,132,840
Lodging									245,145	286,562	259,637
Resort									1,457,198	1,566,129	1,392,477
Real estate									9,182	5,609	3,546
Total segment operating expense									1,466,380	1,571,738	1,396,023
Gain on sale of real property									207	580	515
Mountain equity investment income, net									1,690	1,960	1,523
Total Reported EBITDA									499,221	702,377	617,568
Real estate held for sale and investment	96,844				101,021				96,844	101,021	99,385
Income before provision for income taxes									116,433	398,965	340,092
Depreciation and amortization									249,572	218,117	204,462
Asset impairments									28,372	0	0
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property									(838)	664	4,620
Change in fair value of contingent consideration									(2,964)	5,367	(1,854)
Investment Income, Interest									(1,305)	(3,086)	(1,944)
Foreign currency loss on intercompany loans									3,230	2,854	8,966
Interest Expense									106,721	79,496	63,226
(Provision) benefit from income taxes (Note 11)									(7,378)	(75,472)	61,138
Net income	(157,965)	159,831	217,018	(109,829)	(92,301)	308,530	217,990	(110,726)	109,055	323,493	401,230
Net income attributable to noncontrolling interests									(10,222)	(22,330)	(21,332)
Net income	(153,608)	$ 152,546	$ 206,370	$ (106,475)	(89,525)	$ 292,134	$ 206,349	$ (107,795)	98,833	301,163	379,898
Property, Plant and Equipment, Net	$ 2,192,679				$ 1,842,500				2,192,679	1,842,500
Resort [Member]
Total Reported EBITDA									503,349	706,694	616,611
Mountain [Member]
Total Reported EBITDA									500,080	678,594	591,605
Lodging [Member]
Total Reported EBITDA									3,269	28,100	25,006
Real Estate [Member]
Total Reported EBITDA									$ (4,128)	$ (4,317)	$ 957

Segment Information Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2020	Oct. 31, 2019	Jul. 31, 2019	Apr. 30, 2019	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 77,209	$ 694,087	$ 924,638	$ 267,770	$ 244,006	$ 957,987	$ 849,578	$ 220,004	$ 1,963,704	$ 2,271,575	$ 2,011,553
Property, Plant and Equipment, Net	2,192,679				1,842,500				2,192,679	1,842,500
Canadian [Member]
Segment Reporting Information [Line Items]
Revenues									223,300	308,100	321,000
Property, Plant and Equipment, Net	291,700				319,400				291,700	319,400
Geographic Distribution, Foreign [Member]
Segment Reporting Information [Line Items]
Revenues									307,743	406,513	401,230
Property, Plant and Equipment, Net	432,987				461,122				432,987	461,122
Geographic Distribution, Domestic [Member]
Segment Reporting Information [Line Items]
Revenues									1,655,961	1,865,062	$ 1,610,323
Property, Plant and Equipment, Net	$ 1,759,692				$ 1,381,378				$ 1,759,692	$ 1,381,378

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2020	Oct. 31, 2019	Jul. 31, 2019	Apr. 30, 2019	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Mountain revenue									$ 1,710,443	$ 1,956,201	$ 1,722,922
Lodging revenue									248,414	314,662	284,643
Revenues	$ 77,209	$ 694,087	$ 924,638	$ 267,770	$ 244,006	$ 957,987	$ 849,578	$ 220,004	1,963,704	2,271,575	2,011,553
Income (loss) from operations	(170,046)	218,232	310,733	(135,530)	(120,582)	422,598	301,848	(127,595)	223,389	476,269	408,817
Net income	(157,965)	159,831	217,018	(109,829)	(92,301)	308,530	217,990	(110,726)	109,055	323,493	401,230
Net income (loss) attributable to Vail Resorts, Inc.	$ (153,608)	$ 152,546	$ 206,370	$ (106,475)	$ (89,525)	$ 292,134	$ 206,349	$ (107,795)	$ 98,833	$ 301,163	$ 379,898
Basic net income (loss) per share attributable to Vail Resorts, Inc. (in dollars per share)	$ (3.82)	$ 3.79	$ 5.12	$ (2.64)	$ (2.22)	$ 7.26	$ 5.12	$ (2.66)	$ 2.45	$ 7.46	$ 9.40
Diluted net income (loss) per share attributable to Vail Resorts, Inc. (in dollars per share)	$ (3.82)	$ 3.74	$ 5.04	$ (2.64)	$ (2.22)	$ 7.12	$ 5.02	$ (2.66)	$ 2.42	$ 7.32	$ 9.13

- Definition

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

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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.

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

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Stock Repurchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
Stock Repurchase Plan (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018	Dec. 04, 2015	Jul. 16, 2008	Mar. 09, 2006
Accelerated Share Repurchases [Line Items]
Treasury Stock, Shares, Acquired	256,418	353,007	115,422
Repurchases of Common Stock	$ 46,422	$ 85,000	$ 25,800
Number of shares authorized to repurchase	7,500,000					3,000,000
Additional number of shares authorized to repurchase				1,500,000	3,000,000
Number of shares repurchased since inception	6,161,141	5,905,000
Value of stock repurchased since inception	$ 404,411	$ 357,989
Remaining shares available for repurchase under existing program	1,338,859

Stock Compensation Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Shares issued for stock based compensation (in shares)	4,400,000
Stock based compensation award life	10 years
Stock based compensation award vesting period	3 years
Stock based compensation, shares available for grant (in shares)	3,200,000
Total unrecognized compensation expense	$ 25.9
Share-based Payment Arrangement, Exercise of Option, Tax Benefit	$ 12.3	$ 16.3	$ 79.7
Stock Appreciation Rights (SARs) [Member]
Weighted-average grant-date fair value (in dollars per share)	$ 58.25	$ 98.19	$ 78.07
Intrinsic value of options and SARs exercised	$ 35.0	$ 41.2	$ 213.8
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	91,000	131,000	169,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 2.6	$ 15.2	$ 18.5
Restricted Stock Units (RSUs) [Member]
Weighted-average grant-date fair value (in dollars per share)	$ 217.46	$ 264.44	$ 215.14
Stock based compensation, restricted shares granted (in shares)	83,000	68,000	77,000
Stock based compensation, restricted shares vested (in shares)	63,000	102,000	101,000
Stock based compensation, total fair value of restricted shares	$ 14.8	$ 28.8	$ 23.5
Expected to be Recognized in One Year [Member] \| Forecast [Member]
Total unrecognized compensation expense				$ 1.2	$ 9.0	$ 15.7

Stock Compensation Plan (Schedule Of Share Based Compensation Valuation Model) (Details)	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	29.70%	38.60%	40.00%
Expected dividends	2.80%	2.10%	2.00%
Risk-free rate, minimum	1.80%	2.40%	1.20%
Risk-free rate, maximum	2.00%	2.90%	2.30%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (average in years)	6 years 6 months	6 years	5 years 10 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (average in years)	7 years 1 month	6 years 7 months	6 years 5 months

Stock Compensation Plan (Schedule Of Share Based Compensation Option And SARs Award Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Share-based Payment Arrangement [Abstract]
Awards, outstanding beginning balance (in shares)	1,171	1,324	2,290
Awards, granted (in shares)	146	80	86
Awards, exercised (in shares)	(247)	(219)	(1,049)
Awards, forfeited or expired (in shares)	(9)	(14)	(3)
Awards, outstanding ending balance (in shares)	1,061	1,171	1,324
Awards, exercisable ending balance (in shares)	846
Weighted-average exercise price, outstanding beginning balance (in dollars per share)	$ 111.12	$ 91.01	$ 59.12
Weighted-average exercise price, granted (in dollars per share)	245.26	293.82	237.86
Weighted-average exercise price, exercised (in dollars per share)	67.19	49.09	33.25
Weighted-average exercise price, forfeited or expired (in dollars per share)	252.75	217.58	172.03
Weighted-average exercise price, outstanding ending balance (in dollars per share)	138.59	$ 111.12	$ 91.01
Weighted-average exercise price, exercisable ending balance (in dollars per share)	$ 108.73
Weighted-average remaining contractual term, outstanding ending balance (in years)	5 years
Weighted-average remaining contractual term, exercisable ending balance (in years)	4 years 1 month 6 days
Aggregate intrinsic value, outstanding ending balance	$ 75,736
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	1,042
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 136.66
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	4 years 10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	$ 75,736
Aggregate intrinsic value, exercisable ending balance	$ 75,736

Stock Compensation Plan (Schedule of Share Based Compensation SARs Activity) (Details) - $ / shares shares in Thousands	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	1,061	1,171	1,324	2,290
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	215	168
Awards, granted (in shares)	146
Awards, vested (in shares)	(91)
Awards, forfeited (in shares)	(8)
Weighted-average grant-date fair value, outstanding beginning balance (in dollars per share)	$ 80.75
Weighted-average grant-date fair value, granted (in dollars per share)	58.25
Weighted-average grant-date fair value, vested (in dollars per share)	71.57
Weighted-average grant-date fair value, forfeited (in dollars per share)	79.23
Weighted-average grant-date fair value, outstanding ending balance (in dollars per share)	$ 69.45

Stock Compensation Plan (Schedule Of Share Based Compensation Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	12 Months Ended
	Jul. 31, 2020 $ / shares shares
Awards, outstanding beginning balance (in shares) \| shares	126
Awards, granted (in shares) \| shares	83
Awards, vested (in shares) \| shares	(63)
Awards, forfeited (in shares) \| shares	(16)
Awards, outstanding ending balance (in shares) \| shares	130
Weighted-average grant-date fair value, outstanding beginning balance (in dollars per share) \| $ / shares	$ 230.10
Weighted-average grant-date fair value, granted (in dollars per share) \| $ / shares	217.46
Weighted-average grant-date fair value, vested (in dollars per share) \| $ / shares	216.07
Weighted-average grant-date fair value, forfeited (in dollars per share) \| $ / shares	229.97
Weighted-average grant-date fair value, outstanding ending balance (in dollars per share) \| $ / shares	$ 228.77

Retirement and Profit Sharing Plans (Details) $ in Millions	12 Months Ended
Retirement and Profit Sharing Plans (Details) $ in Millions	Jul. 31, 2020 USD ($) hour	Jul. 31, 2019 USD ($)	Jul. 31, 2018 USD ($)
Retirement Benefits [Abstract]
Employee contribution percentage	100.00%
Company match amount equal to participant's contribution	50.00%
Employer contribution matching equal to 50%	6.00%
Employment period (in months)	12 months
Service period (in hours)	1,000
Total service period (in hours)	1,500
Retirement plan expense \| $	$ 5.8	$ 7.9	$ 6.9