0000812011-21-000013 | 10-Q | XBRL Viewer

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jan. 31, 2021	Mar. 08, 2021
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2021
Document Transition Report	false
Entity File Number	001-09614
Entity Registrant Name	Vail Resorts, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0291762
Entity Address, Address Line One	390 Interlocken Crescent
Entity Address, City or Town	Broomfield,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80021
City Area Code	(303)
Local Phone Number	404-1800
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	MTN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,256,289
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000812011
Current Fiscal Year End Date	--07-31
Entity Filer Category	Large Accelerated Filer

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2021	Jul. 31, 2020	Jan. 31, 2020
Assets
Cash and cash equivalents	$ 1,301,003	$ 390,980	$ 126,793
Restricted cash	11,001	11,106	13,655
Trade receivables, net	117,012	106,664	105,325
Inventories, net	86,876	101,856	113,907
Other current assets	57,559	54,482	54,122
Total current assets	1,573,451	665,088	413,802
Property, plant and equipment, net (Note 7)	2,158,863	2,192,679	2,263,781
Real estate held for sale and investment	96,801	96,844	96,944
Goodwill, net (Note 7)	1,760,908	1,709,020	1,750,011
Intangible assets, net	318,983	314,776	321,391
Operating right-of-use assets	215,377	225,744	227,394
Other assets	41,450	40,081	40,356
Total assets	6,165,833	5,244,232	5,113,679
Liabilities
Accounts payable and accrued liabilities (Note 7)	831,794	499,108	811,497
Income taxes payable	37,862	40,680	43,325
Long-term debt due within one year (Note 5)	112,796	63,677	63,556
Total current liabilities	982,452	603,465	918,378
Long-term debt, net (Note 5)	2,768,015	2,387,122	1,817,058
Operating lease liabilities	210,855	217,542	228,474
Other long-term liabilities (Note 7)	251,913	270,245	245,375
Deferred income taxes, net	266,152	234,191	254,196
Total liabilities	4,479,387	3,712,565	3,463,481
Commitments and contingencies (Note 9)
Stockholders' Equity
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000	25,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding	$ 0	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000	100,000,000
Common stock, shares issued	46,416,000	46,350,000	46,264,000
Common stock, $0.01 par value, 100,000 shares authorized, 46,416, 46,350 and 46,264 shares issued, respectively	$ 465	$ 464	$ 462
Exchangeable Shares Par Value Per Share	$ 0.01	$ 0.01	$ 0.01
Exchangeable Shares, Shares, Issued	35,000	36,000	55,000
Exchangeable shares, $0.01 par value, 35, 36 and 55 shares issued and outstanding, respectively (Note 4)	$ 0	$ 0	$ 1
Additional paid-in capital	1,216,489	1,131,624	1,130,906
Accumulated other comprehensive income (loss)	8,226	(56,837)	(44,100)
Retained earnings	$ 639,934	$ 645,902	$ 717,646
Treasury stock, shares	6,161,141	6,161,000	6,000,000
Treasury stock, at cost, 6,161, 6,161, and 6,000 shares, respectively (Note 11)	$ (404,411)	$ (404,411)	$ (379,433)
Total Vail Resorts, Inc. stockholders’ equity	1,460,703	1,316,742	1,425,482
Noncontrolling interests	225,743	214,925	224,716
Total stockholders’ equity	1,686,446	1,531,667	1,650,198
Total liabilities and stockholders’ equity	$ 6,165,833	$ 5,244,232	$ 5,113,679

Consolidated Condensed Statements Of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Net revenue:
Mountain and Lodging services and other	$ 597,110	$ 753,758	$ 701,384	$ 933,789
Mountain and Lodging retail and dining	87,219	170,674	114,477	254,233
Resort net revenue	684,329	924,432	815,861	1,188,022
Real Estate Revenue	315	206	569	4,386
Revenues	684,644	924,638	816,430	1,192,408
Operating expense (exclusive of depreciation and amortization shown separately below):
Mountain and Lodging operating expense	293,971	387,842	448,108	616,552
Mountain and Lodging retail and dining cost of products sold	37,366	67,135	54,498	104,870
General and administrative	78,121	91,302	137,150	166,357
Resort operating expense	409,458	546,279	639,756	887,779
Real Estate operating expense	1,615	1,505	3,065	6,798
Total segment operating expense	411,073	547,784	642,821	894,577
Other operating (expense) income:
Depreciation and amortization	(62,663)	(63,812)	(125,291)	(121,657)
Gain on sale of real property	0	0	0	207
Change in estimated fair value of contingent consideration (Note 8)	(1,000)	(1,600)	(1,802)	(2,736)
(Loss) gain on disposal of fixed assets and other, net	(2,192)	(709)	(2,761)	1,558
Income from operations	207,716	310,733	43,755	175,203
Mountain equity investment income, net	1,180	169	5,166	1,360
Investment income and other, net	167	361	510	638
Foreign currency gain (loss) on intercompany loans (Note 5)	5,135	(798)	5,675	(438)
Interest expense, net	(37,847)	(26,134)	(73,254)	(48,824)
Income (loss) before (provision) benefit from income taxes	176,351	284,331	(18,148)	127,939
(Provision) benefit from income taxes	(27,221)	(67,313)	10,257	(20,750)
Net income (loss)	149,130	217,018	(7,891)	107,189
Net (income) loss attributable to noncontrolling interests	(1,332)	(10,648)	1,923	(7,294)
Net income (loss) attributable to Vail Resorts, Inc.	$ 147,798	$ 206,370	$ (5,968)	$ 99,895
Per share amounts (Note 4):
Basic net income (loss) per share attributable to Vail Resorts, Inc.	$ 3.67	$ 5.12	$ (0.15)	$ 2.48
Diluted net income (loss) per share attributable to Vail Resorts, Inc.	3.62	5.04	(0.15)	2.44
Cash dividends declared per share	$ 0	$ 1.76	$ 0	$ 3.52

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Net income (loss)	$ 149,130	$ 217,018	$ (7,891)	$ 107,189
Foreign currency translation adjustments, net of tax	75,484	(14,045)	77,257	(9,025)
Change in estimated fair value of hedging instruments	1,307	(4,866)	5,962	(4,563)
Comprehensive income	225,921	198,107	75,328	93,601
Comprehensive income attributable to noncontrolling interests	(17,510)	(8,568)	(16,233)	(6,076)
Comprehensive income attributable to Vail Resorts, Inc.	$ 208,411	$ 189,539	$ 59,095	$ 87,525

- 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.

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+ Details

Consolidated Condensed Statements of Stockholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Exchangeable Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total Vail Resorts, Inc. Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Balance at Jul. 31, 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.	99,895					99,895		99,895
Net (income) loss attributable to noncontrolling interests	7,294								7,294
Net income (loss)	107,189
Foreign currency translation adjustments, net of tax	(9,025)				(7,807)			(7,807)	(1,218)
Change in estimated fair value of hedging instruments	(4,563)				(4,563)			(4,563)
Comprehensive income attributable to Vail Resorts, Inc.	87,525							87,525
Comprehensive (income) loss attributable to noncontrolling interests	6,076								6,076
Total comprehensive income (loss)	93,601
Stock-based compensation expense	10,789			10,789				10,789
Issuance of shares under share award plans, net of shares withheld for employee taxes	(9,965)	1		(9,966)				(9,965)
Repurchase of common stock (Note 11)	(21,444)						(21,444)	(21,444)
Dividends (Note 4)	(142,050)					(142,050)		(142,050)
Distributions to noncontrolling interests, net	(7,573)								(7,573)
Balance at Jan. 31, 2020	1,650,198	462	1	1,130,906	(44,100)	717,646	(379,433)	1,425,482	224,716
Balance at Oct. 31, 2019	1,522,436	462	1	1,126,492	(27,269)	582,235	(379,433)	1,302,488	219,948
Net income (loss) attributable to Vail Resorts, Inc.	206,370					206,370		206,370
Net (income) loss attributable to noncontrolling interests	10,648								10,648
Net income (loss)	217,018
Foreign currency translation adjustments, net of tax	(14,045)				(11,965)			(11,965)	(2,080)
Change in estimated fair value of hedging instruments	(4,866)				(4,866)			(4,866)
Comprehensive income attributable to Vail Resorts, Inc.	189,539							189,539
Comprehensive (income) loss attributable to noncontrolling interests	8,568								8,568
Total comprehensive income (loss)	198,107
Stock-based compensation expense	5,538			5,538				5,538
Issuance of shares under share award plans, net of shares withheld for employee taxes	(1,124)	0		(1,124)				(1,124)
Repurchase of common stock (Note 11)	(70,959)						0	(70,959)
Dividends (Note 4)	(3,800)					(70,959)
Distributions to noncontrolling interests, net									(3,800)
Balance at Jan. 31, 2020	1,650,198	462	1	1,130,906	(44,100)	717,646	(379,433)	1,425,482	224,716
Balance at Jul. 31, 2020	1,531,667	464	0	1,131,624	(56,837)	645,902	(404,411)	1,316,742	214,925
Net income (loss) attributable to Vail Resorts, Inc.	(5,968)					(5,968)		(5,968)
Net (income) loss attributable to noncontrolling interests	(1,923)								(1,923)
Net income (loss)	(7,891)
Foreign currency translation adjustments, net of tax	77,257				59,101			59,101	18,156
Change in estimated fair value of hedging instruments	5,962				5,962			5,962
Comprehensive income attributable to Vail Resorts, Inc.	59,095							59,095
Comprehensive (income) loss attributable to noncontrolling interests	16,233								16,233
Total comprehensive income (loss)	75,328
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt	80,066			80,066				80,066
Stock-based compensation expense	12,333			12,333				12,333
Issuance of shares under share award plans, net of shares withheld for employee taxes	(7,533)	1		(7,534)				(7,533)
Distributions to noncontrolling interests, net	(5,415)								(5,415)
Balance at Jan. 31, 2021	1,686,446	465	0	1,216,489	8,226	639,934	(404,411)	1,460,703	225,743
Balance at Oct. 31, 2020	1,375,727	464	0	1,130,318	(52,387)	492,136	(404,411)	1,166,120	209,607
Net income (loss) attributable to Vail Resorts, Inc.	147,798					147,798		147,798
Net (income) loss attributable to noncontrolling interests	1,332								1,332
Net income (loss)	149,130
Foreign currency translation adjustments, net of tax	75,484				59,306			59,306	16,178
Change in estimated fair value of hedging instruments	1,307				1,307			1,307
Comprehensive income attributable to Vail Resorts, Inc.	208,411							208,411
Comprehensive (income) loss attributable to noncontrolling interests	17,510								17,510
Total comprehensive income (loss)	225,921
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt	80,066			80,066				80,066
Stock-based compensation expense	6,579			6,579				6,579
Issuance of shares under share award plans, net of shares withheld for employee taxes	(473)	1		(474)				(473)
Dividends (Note 4)	(1,374)
Distributions to noncontrolling interests, net									(1,374)
Balance at Jan. 31, 2021	$ 1,686,446	$ 465	$ 0	$ 1,216,489	$ 8,226	$ 639,934	$ (404,411)	$ 1,460,703	$ 225,743

Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Cash flows from operating activities:
Net (loss) income	$ (7,891)	$ 107,189
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	125,291	121,657
Stock-based compensation expense	12,333	10,789
Deferred income taxes, net	(8,779)	23,568
Other Noncash Expense	104
Other non-cash expense (income), net		(977)
Changes in assets and liabilities:
Trade receivables, net	(9,014)	167,417
Inventories, net	16,151	(14,237)
Accounts payable and accrued liabilities	111,481	70,873
Deferred revenue	220,846	72,831
Income taxes payable - excess tax benefit from share award exercises	(1,478)	(2,818)
Income taxes payable - other	(2,454)	(17,647)
Other assets and liabilities, net	2,479	(956)
Net cash provided by operating activities	459,069	537,689
Cash flows from investing activities:
Capital expenditures	(67,338)	(121,788)
Acquisition of businesses, net of cash acquired	0	(327,555)
Other investing activities, net	1,608	3,597
Net cash used in investing activities	(65,730)	(445,746)
Cash flows from financing activities:
Proceeds from borrowings under Vail Holdings Credit Agreement	0	492,625
Proceeds from borrowings under Whistler Credit Agreement	21,144	0
Proceeds from Convertible Debt	575,000	0
Repayments of borrowings under Vail Holdings Credit Agreement	(31,250)	(355,625)
Repayments of borrowings under Whistler Credit Agreement	(22,380)	(18,863)
Employee taxes paid for share award exercises	(7,534)	(9,966)
Dividends paid	0	(142,050)
Repurchases of common stock	0	(21,444)
Other financing activities, net	(21,693)	(14,513)
Net cash provided by (used in) financing activities	513,287	(69,836)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3,292	(48)
Net increase in cash, cash equivalents and restricted cash	909,918	22,059
Cash, cash equivalents and restricted cash:
Beginning of period	402,086	118,389
End of period	1,312,004	140,448
Accrued capital expenditures	$ 12,877	$ 11,982

Organization and Business	6 Months Ended
Organization and Business	Jan. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Vail Resorts, Inc. (“Vail Resorts”) is organized as a holding company and operates through various subsidiaries. Vail Resorts and its subsidiaries (collectively, the “Company”) operate in three business segments: Mountain, Lodging and Real Estate. The Company refers to “Resort” as the combination of the Mountain and Lodging segments. In the Mountain segment, the Company operates the following thirty-seven destination mountain resorts and regional ski areas: *Denotes a destination mountain resort, which generally receives a meaningful portion of skier visits from long-distance travelers, as opposed to the Company’s regional ski areas, which tend to generate skier visits predominantly from their respective local markets. Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations, and for the Company’s Australian ski areas, including lodging and transportation operations. 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.

Revenue (Notes)

6 Months Ended

Jan. 31, 2021

Revenue [Abstract]

Revenue from Contract with Customer [Text Block]

2020/2021 North American Credit Offer and Epic Coverage

As a result of the COVID-19 pandemic, the Company closed its North American destination mountain resorts, regional ski areas and retail stores early during the 2019/2020 North American ski season, beginning on March 15, 2020. Subsequently, the Company announced a credit offer for all existing 2019/2020 North American ski season pass product holders to purchase 2020/2021 North American ski season pass products at a discount (the “Credit Offer”). The Credit Offer discounts ranged from a minimum of 20% to a maximum of 80% for season pass holders, depending on the number of days the pass holder used their pass product during the 2019/2020 season and a credit, with no minimum, but up to 80% for multi-day pass products, such as the Epic Day Pass, based on total unused days. The Credit Offer was considered a contract modification which constituted a material right to 2019/2020 North American ski season guests and, as such, represents a separate performance obligation to which the Company allocated a transaction price of approximately $120.9 million. As a result, the Company deferred $120.9 million of pass product revenue, which would have otherwise been recognized as lift revenue during the year ended July 31, 2020. The Credit Offer expired on September 17, 2020 and at that time, the Company estimated the amount of Credit Offer discounts redeemed would be approximately $15.4 million less than the $120.9 million of deferred pass product revenue. As a result, the Company recognized $15.4 million as lift revenue during the three months ended October 31, 2020. The remaining deferred revenue associated with the Credit Offer is being recognized as lift revenue as the performance obligations are satisfied, which the Company expects will be largely completed by the end of the third quarter of the fiscal year ending July 31, 2021. In the event that a pass product holder obtains a refund under Epic Coverage (as discussed below) for the 2020/2021 North American ski season and is eligible to utilize their credit toward the purchase of a pass product for the 2021/2022 North American ski season, this remaining deferred revenue will be recognized in the fiscal year ending July 31, 2022.

In April 2020, the Company announced Epic Coverage, which is included with the purchase of all 2020/2021 North American pass products for no additional charge. Epic Coverage offers refunds to 2020/2021 North American pass product holders if certain qualifying personal or resort closure events occurred before or occur during the 2020/2021 North American ski season, or if pass product holders were unable to make reservations on their preferred days by December 7, 2020. The estimated amount of refunds will reduce the amount of pass product revenue recognized during the year ending July 31, 2021. To estimate the amount of refunds under Epic Coverage, the Company considered (i) historical claims data for personal events, (ii) provincial, state, county and local COVID-19 regulations and public health orders, (iii) the ability for the Company’s pass holders to make reservations on their preferred days, and (iv) the Company’s current operating plans for its resorts. The Company believes the estimates of refunds are reasonable; however, actual results could vary materially from such estimates, and such estimates will be remeasured at each reporting date.

Additionally, for the 2020/2021 North American ski season, the Company introduced Epic Mountain Rewards, a program which provides pass product holders a discount of 20% off on-mountain food and beverage, lodging, group ski and ride school lessons, equipment rentals and more at the Company’s North American owned and operated Resorts. Epic Mountain Rewards constitutes a material right to pass product holders and as a result, the Company allocates a portion of the pass product transaction price to these other lines of business.

Disaggregation of Revenues

The following table presents net revenues disaggregated by segment and major revenue type for the three and six months ended January 31, 2021 and 2020 (in thousands):


	Three Months Ended January 31,				Six Months Ended January 31,
	2021		2020		2021		2020
Mountain net revenue:
Lift	$	430,775	$	484,348	$	463,866	$	526,177
Ski School	56,390		102,743		58,434		111,277
Dining	31,810		75,719		34,878		97,348
Retail/Rental	90,126		133,713		112,432		181,628
Other	32,354		49,022		66,559		109,947
Total Mountain net revenue	$	641,455	$	845,545	$	736,169	$	1,026,377
Lodging net revenue:
Owned hotel rooms	$	6,708	$	11,251	$	14,073	$	31,197
Managed condominium rooms	20,336		31,500		29,665		46,240
Dining	2,865		11,111		3,958		29,254
Transportation	2,947		7,725		2,947		10,076
Golf	—		—		8,562		10,543
Other	8,000		13,855		17,266		27,699
	40,856		75,442		76,471		155,009
Payroll cost reimbursements	2,018		3,445		3,221		6,636
Total Lodging net revenue	$	42,874	$	78,887	$	79,692	$	161,645
Total Resort net revenue	$	684,329	$	924,432	$	815,861	$	1,188,022
Total Real Estate net revenue	315		206		569		4,386
Total net revenue	$	684,644	$	924,638	$	816,430	$	1,192,408

Contract Balances

Deferred revenue balances of a short-term nature were $480.4 million and $256.4 million as of January 31, 2021 and July 31, 2020, respectively. Deferred revenue balances of a long-term nature, comprised primarily of long-term private club initiation fee revenue, were $120.9 million and $121.9 million as of January 31, 2021 and July 31, 2020, respectively. For the three and six months ended January 31, 2021, the Company recognized approximately $100.3 million and $136.1 million, respectively, of revenue that was included in the deferred revenue balance as of July 31, 2020. As of January 31, 2021, the weighted average remaining period over which revenue for unsatisfied performance obligations on long-term private club contracts will be recognized was approximately 16 years. Trade receivables, net were $117.0 million and $106.7 million as of January 31, 2021 and July 31, 2020, respectively.

Costs to Obtain Contracts with Customers

As of January 31, 2021, $8.6 million of costs to obtain contracts with customers were recorded within other current assets on the Company’s Consolidated Condensed Balance Sheet. The amounts capitalized are subject to amortization commensurate with the revenue recognized for related skier visits. The Company recorded amortization of $7.4 million and $7.8 million, respectively, for these costs during the three and six months ended January 31, 2021, which was recorded within Mountain and Lodging operating expenses on the Company’s Consolidated Condensed Statement 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)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Net Income Per Common Share

3 Months Ended

6 Months Ended

Jan. 31, 2021

Earnings Per Share Reconciliation [Abstract]

Summary of Calculation of Basic And Diluted EPS

Presented below is basic and diluted EPS for the three months ended January 31, 2021 and 2020 (in thousands, except per share amounts):



	Three Months Ended January 31,
	2021				2020
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	147,798	$	147,798	$	206,370	$	206,370
Weighted-average Vail Shares outstanding	40,253		40,253		40,261		40,261
Weighted-average Exchangeco Shares outstanding	35		35		55		55
Total Weighted-average shares outstanding	40,288		40,288		40,316		40,316
Effect of dilutive securities	—		521		—		625
Total shares	40,288		40,809		40,316		40,941
Net income per share attributable to Vail Resorts	$	3.67	$	3.62	$	5.12	$	5.04

The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 5,000 and 28,000 for the three months ended January 31, 2021 and 2020, respectively.

Presented below is basic and diluted EPS for the six months ended January 31, 2021 and 2020 (in thousands, except per share amounts):



	Six Months Ended January 31,
	2021				2020
	Basic		Diluted		Basic		Diluted
Net (loss) income per share:
Net (loss) income attributable to Vail Resorts	$	(5,968)	$	(5,968)	$	99,895	$	99,895
Weighted-average Vail Shares outstanding	40,233		40,233		40,274		40,274
Weighted-average Exchangeco Shares outstanding	35		35		55		55
Total Weighted-average shares outstanding	40,268		40,268		40,329		40,329
Effect of dilutive securities	—		—		—		644
Total shares	40,268		40,268		40,329		40,973
Net (loss) income per share attributable to Vail Resorts	$	(0.15)	$	(0.15)	$	2.48	$	2.44

The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 0.6 million and 23,000 for the six months ended January 31, 2021 and 2020, respectively.

Net Income Per Common Share

Net Income (Loss) per Share

Earnings per Share

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

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

Presented below is basic and diluted EPS for the three months ended January 31, 2021 and 2020 (in thousands, except per share amounts):



	Three Months Ended January 31,
	2021				2020
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	147,798	$	147,798	$	206,370	$	206,370
Weighted-average Vail Shares outstanding	40,253		40,253		40,261		40,261
Weighted-average Exchangeco Shares outstanding	35		35		55		55
Total Weighted-average shares outstanding	40,288		40,288		40,316		40,316
Effect of dilutive securities	—		521		—		625
Total shares	40,288		40,809		40,316		40,941
Net income per share attributable to Vail Resorts	$	3.67	$	3.62	$	5.12	$	5.04

Presented below is basic and diluted EPS for the six months ended January 31, 2021 and 2020 (in thousands, except per share amounts):



	Six Months Ended January 31,
	2021				2020
	Basic		Diluted		Basic		Diluted
Net (loss) income per share:
Net (loss) income attributable to Vail Resorts	$	(5,968)	$	(5,968)	$	99,895	$	99,895
Weighted-average Vail Shares outstanding	40,233		40,233		40,274		40,274
Weighted-average Exchangeco Shares outstanding	35		35		55		55
Total Weighted-average shares outstanding	40,268		40,268		40,329		40,329
Effect of dilutive securities	—		—		—		644
Total shares	40,268		40,268		40,329		40,973
Net (loss) income per share attributable to Vail Resorts	$	(0.15)	$	(0.15)	$	2.48	$	2.44

On December 18, 2020, the Company completed an offering of $575.0 million in aggregate principal amount of 0.0% Convertible Notes (as defined in Note 5, Long-Term Debt). The Company is required to settle the principal amount of the 0.0% Convertible Notes in cash and has the option to settle the conversion spread in cash or shares. The Company uses the treasury method to calculate diluted EPS, and if the conversion value of the 0.0% Convertible Notes exceeds their conversion price of $407.17 per share of common stock, then the Company will calculate its diluted EPS as if all the notes were converted and the Company issued shares of its common stock to settle the excess value over the conversion price. However, if reflecting the 0.0% Convertible Notes in diluted EPS in this manner is anti-dilutive, or if the conversion value of the notes does not exceed their initial conversion amount for a reporting period, then the shares underlying the notes will not be reflected in the Company’s calculation of diluted EPS. For the three and six months ended January 31, 2021, the average price of Vail Shares did not exceed the conversion price and therefore there was no impact to diluted EPS during those periods.

Dividends

The Company did not pay cash dividends during the three and six months ended January 31, 2021. During the three and six months ended January 31, 2020, the Company paid cash dividends of $1.76 and $3.52 per share, respectively ($71.0 million and $142.1 million, respectively, in the aggregate).

Long-Term Debt

6 Months Ended

Jan. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt, net as of January 31, 2021, July 31, 2020 and January 31, 2020 is summarized as follows (in thousands):


	Maturity	January 31, 2021		July 31, 2020		January 31, 2020
Vail Holdings Credit Agreement term loan (a)	2024	$	1,171,875	$	1,203,125	$	1,234,375
Vail Holdings Credit Agreement revolver (a)	2024	—		—		25,000
6.25% Notes	2025	600,000		600,000		—
0.0% Convertible Notes (b)	2026	575,000		—		—
Whistler Credit Agreement revolver (c)	2024	60,243		58,236		26,447

EPR Secured Notes (d)	2034-2036	114,162		114,162		114,162
EB-5 Development Notes	2021	51,500		51,500		51,500
Employee housing bonds	2027-2039	52,575		52,575		52,575
Canyons obligation	2063	348,927		346,034		343,147
Other	2021-2033	17,875		18,616		19,360
Total debt		2,992,157		2,444,248		1,866,566
Less: Unamortized premiums, discounts and debt issuance costs (b)		111,346		(6,551)		(14,048)
Less: Current maturities (e)		112,796		63,677		63,556
Long-term debt, net		$	2,768,015	$	2,387,122	$	1,817,058

(a)On December 18, 2020, Vail Holdings, Inc. (“VHI”), certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent, and certain Lenders entered into a Fourth Amendment to the Vail Holdings Credit Agreement (the “Fourth Amendment”). Pursuant to the Fourth Amendment, among other terms, VHI is exempt from complying with the Vail Holdings Credit Agreement’s maximum leverage ratio, senior secured leverage ratio and minimum interest coverage ratio financial maintenance covenants for each of the fiscal quarters ending 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 ratio permitted under the maximum leverage ratio financial maintenance covenant shall be 6.25 to 1.00;

•the maximum ratio permitted under the senior secured leverage ratio financial maintenance covenant shall be 4.00 to 1.00; and

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

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

•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 below) of at least $300.0 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;

•incurring indebtedness secured by the collateral under the Vail Holdings Credit Agreement in an amount in excess of $1.75 billion; and

•making certain non-ordinary course investments in similar businesses, joint ventures and unrestricted subsidiaries unless the Company has liquidity (as defined below) of at least $300.0 million.

The Fourth Amendment also removed certain restrictions under the Financial Covenants Temporary Waiver Period, including (i) removing the restriction on acquisitions so long as the Company has liquidity (as defined below) of at least $300.0 million and (ii) removing the $200.0 million annual limit on capital expenditures.

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

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 0.25% (which has decreased from the floor of 0.75% that was in effect prior to the Fourth Amendment).

As of January 31, 2021, 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. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at LIBOR plus 2.50% as of January 31, 2021 (2.62% for the first $400.0 million of borrowings, and for amounts in excess of $400.0 million for which LIBOR is subject to a floor of 0.25% during the Financial Covenants Temporary Waiver Period, 2.75%). 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 January 31, 2021).

(b)On December 18, 2020, the Company completed an offering of $575.0 million in aggregate principal amount of 0.0% Convertible Notes due 2026 in a private placement conducted pursuant to Rule 144A of the Securities Act of 1933, as amended. The 0.0% Convertible Notes were issued under an Indenture dated December 18, 2020 (the “Indenture”) between the Company and U.S. Bank National Association, as Trustee. The 0.0% Convertible Notes do not bear regular interest and the principal amount does not accrete. The 0.0% Convertible Notes mature on January 1, 2026, unless earlier repurchased, redeemed or converted.

The 0.0% Convertible Notes are general senior unsecured obligations of the Company. The 0.0% Convertible Notes rank senior in right of payment to any future debt that is expressly subordinated, equal in right of payment with the Company’s existing and future liabilities that are not so subordinated, and are subordinated to all of the Company’s existing and future secured debt to the extent of the value of the assets securing such debt. The 0.0% Convertible Notes will also be structurally subordinated to all of the existing and future liabilities and obligations of the Company’s subsidiaries, including such subsidiaries’ guarantees of the 6.25% Notes.

The initial conversion rate is 2.4560 shares per $1,000 principal amount of notes (the “Conversion Rate”), which represents an initial conversion price of approximately $407.17 per share (the “Conversion Price”), and is subject to adjustment upon the occurrence of certain specified events as described in the Indenture. The principal amount of the 0.0% Convertible Notes is required to be settled in cash. The Company will settle conversions by paying cash, delivering shares of its common stock, or a combination of the two, at its option.

Holders may convert their notes, at their option, only under the following circumstances:

•during any calendar quarter commencing after the calendar quarter ending on March 31, 2021 if the last reported sale price per share of our common stock exceeds 130% of the Conversion Price for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

•during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “Measurement Period”) in which the trading price per $1,000 principal amount of notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the Conversion Rate on such trading day;

•upon the occurrence of certain corporate events or distributions on our common stock, as described in the Indenture;

•if the Company calls the 0.0% Convertible Notes for redemption; or

•at any time from, and including, July 1, 2025 until the close of business on the scheduled trading day immediately before the maturity date.

The 0.0% Convertible Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after January 1, 2024 and on or before the 25th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the notes to be redeemed, plus accrued and unpaid special and additional interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the Conversion Price for a specified period of time. If the Company elects to redeem less than all of the 0.0% Convertible Notes, at least $50.0 million aggregate principal amount of notes must be outstanding and not subject to redemption as of the relevant redemption notice date. Calling any 0.0% Convertible Notes for redemption will constitute a make-whole fundamental change with respect to such notes, in which case the Conversion Rate applicable to the conversion of such notes will be increased in certain circumstances if such notes are converted after they are called for redemption.

In addition, upon the occurrence of a fundamental change (as defined in the Indenture), holders of the 0.0% Convertible Notes may require the Company to repurchase all or a portion of their notes at a cash repurchase price equal to the principal amount of the notes to be repurchased, plus any accrued and unpaid special and additional interest, if any, to, but excluding, the applicable repurchase date. If certain fundamental changes referred to as make-whole fundamental changes (as defined in the Indenture) occur, the Conversion Rate for the 0.0% Convertible Notes may be increased for a specified period of time.

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, and certain events of bankruptcy, insolvency or reorganization. The Company may elect, at its option, that the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture will consist exclusively of the right of the holders of the 0.0% Convertible Notes to receive additional interest on the notes for up to 360 days following such failure.

The Company separately accounts for the liability and equity components of the 0.0% Convertible Notes. The liability component at issuance was recognized at estimated fair value based on the fair value of a similar debt instrument that does not have an embedded convertible feature, and was determined to be $465.3 million and was recorded within long-term debt, net on the Company’s Consolidated Condensed Balance Sheet. The excess of the principal amount of the 0.0% Convertible Notes over the initial fair value of the liability component represents a debt discount of $109.7 million and will be amortized to interest expense, net over the term. The balance of the unamortized debt discount was $107.2 million as of January 31, 2021. The carrying amount of the equity component representing the conversion option was approximately $109.7 million and was determined by deducting the initial fair value of the liability component from the total proceeds of the 0.0% Convertible Notes of $575.0 million. Additionally, the Company recorded deferred tax liabilities of approximately $27.5 million related to the equity component of the 0.0% Convertible Notes, which decreased the recorded value of the equity component. The equity component is recorded within additional paid-in capital on the Company’s Consolidated Condensed Balance Sheet and is not remeasured as long as it continues to meet the conditions for equity classification.

Deferred financing costs related to the 0.0% Convertible Notes of approximately $14.9 million were allocated between the liability and equity components of the 0.0% Convertible Notes based on the proportion of the total proceeds allocated to the debt and equity components.

(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. As of January 31, 2021, all borrowings under the Whistler Credit Agreement were made in Canadian dollars and by way of the issuance of bankers’ acceptances plus 1.75% (approximately 2.21% as of January 31, 2021). The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of January 31, 2021 is equal to 0.4% per annum.

(d)On September 24, 2019, in conjunction with the acquisition of Peak Resorts (see Note 6, 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 January 31, 2021, interest on this note accrued at a rate of 11.38%.

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 January 31, 2021, interest on this note accrued at a rate of 10.91%.

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 January 31, 2021, interest on this note accrued at a rate of 10.91%.

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 January 31, 2021, 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 January 31, 2021, interest on this note accrued at a rate of 8.57%.

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 January 31, 2021 the Company had funded the EPR debt service reserve account in an amount equal to approximately $3.1 million, which was included in other current assets in the Company’s Consolidated Balance Sheet.

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

Aggregate maturities of debt outstanding as of January 31, 2021 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):


	Total
2021 (February 2021 through July 2021)	$	31,684
2022	121,345
2023	63,740
2024	63,796
2025	1,614,127
Thereafter	1,097,465
Total debt	$	2,992,157

The Company recorded gross interest expense of $37.8 million and $26.1 million for the three months ended January 31, 2021 and 2020, respectively, of which $1.2 million and $0.3 million, respectively, was amortization of deferred financing costs. The Company recorded gross interest expense of $73.3 million and $48.8 million for the six months ended January 31, 2021 and 2020, respectively, of which $1.9 million and $0.7 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 Company’s acquisition of Whistler Blackcomb in October 2016, VHI funded a portion of the purchase price through an intercompany loan to Whistler Blackcomb of $210.0 million, which was effective as of November 1, 2016, and requires foreign currency remeasurement to Canadian dollars, the functional currency for Whistler Blackcomb. As a result, foreign currency fluctuations associated with the loan are recorded within the Company’s results of operations. The Company recognized approximately $5.1 million and $5.7 million, respectively, of non-cash foreign currency gain on the intercompany loan to Whistler Blackcomb for the three and six months ended January 31, 2021 on the Company’s Consolidated Condensed Statements of Operations. The Company recognized approximately $0.8 million and $0.4 million, respectively, of non-cash foreign currency loss on the intercompany loan to Whistler Blackcomb for the three and six months ended January 31, 2020 on the Company’s Consolidated Condensed Statements of Operations.

Acquisitions

6 Months Ended

Jan. 31, 2021

Business Combinations [Abstract]

Acquisitions

Peak Resorts

On September 24, 2019, the Company, through a wholly-owned subsidiary, acquired 100 percent of the outstanding stock of Peak Resorts, Inc. (“Peak Resorts”) at a purchase price of $11.00 per share or approximately $264.5 million. In addition, contemporaneous with the closing of the transaction, Peak Resorts was required to pay approximately $70.2 million of certain outstanding debt instruments and lease obligations in order to complete the transaction. Accordingly, the total purchase price, including the repayment of certain outstanding debt instruments and lease obligations, was approximately $334.7 million, for which the Company borrowed approximately $335.6 million under the Vail Holdings Credit Agreement (see Note 5, 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 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

Identifiable intangible assets acquired in the transaction were primarily related to trade names and property management contracts, which had acquisition date estimated fair values of approximately $15.8 million and $3.1 million, respectively. The process of estimating the fair value of the property, plant, and equipment includes the use of certain estimates and assumptions related to replacement cost and physical condition at the time of acquisition. The excess of the purchase price over the aggregate estimated fair values of the assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of the resorts and other factors, and is not expected to be deductible for income tax purposes. The Company assumed various debt obligations of Peak Resorts, which were recorded at their respective estimated fair values as of the acquisition date (see Note 5, Long-Term Debt). The Company recognized $2.4 million of acquisition related expenses associated with the transaction within Mountain and Lodging operating expense in its Consolidated Condensed Statement of Operations for the six months ended January 31, 2020. The operating results of Peak Resorts are reported within the Mountain and Lodging segments prospectively from the date of acquisition.

Pro Forma Financial Information

The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisition of Peak Resorts was completed on August 1, 2019. The following unaudited pro forma financial information includes adjustments for (i) depreciation on acquired property, plant and equipment; (ii) amortization of intangible assets recorded at the date of the transaction; (iii) transaction and business integration related costs; and (iv) interest expense associated with financing the transaction. This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on August 1, 2019 (in thousands, except per share amounts).


	Six Months Ended January 31,
	2020
Pro forma net revenue	$	1,199,067
Pro forma net income attributable to Vail Resorts, Inc.	$	95,850
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$	2.38
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$	2.34

Supplementary Balance Sheet Information

6 Months Ended

Jan. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Supplementary Balance Sheet Information

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


	January 31, 2021		July 31, 2020		January 31, 2020
Land and land improvements	$	759,056	$	750,714	$	749,669
Buildings and building improvements	1,499,525		1,475,661		1,475,415
Machinery and equipment	1,410,781		1,361,178		1,253,476
Furniture and fixtures	323,490		308,267		450,903
Software	120,016		104,223		121,390
Vehicles	81,767		80,510		70,820
Construction in progress	58,753		81,967		53,325
Gross property, plant and equipment	4,253,388		4,162,520		4,174,998
Accumulated depreciation	(2,094,525)		(1,969,841)		(1,911,217)
Property, plant and equipment, net	$	2,158,863	$	2,192,679	$	2,263,781

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


	January 31, 2021		July 31, 2020		January 31, 2020
Trade payables	$	86,251	$	59,692	$	126,836
Deferred revenue	480,353		256,402		426,672
Accrued salaries, wages and deferred compensation	59,665		25,588		48,591
Accrued benefits	44,549		43,704		46,622
Deposits	31,472		20,070		63,432
Operating lease liability	36,878		36,604		35,650
Other liabilities	92,626		57,048		63,694
Total accounts payable and accrued liabilities	$	831,794	$	499,108	$	811,497

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


	January 31, 2021		July 31, 2020		January 31, 2020
Private club deferred initiation fee revenue	$	104,457	$	105,108	$	108,674
Other long-term liabilities	147,456		165,137		136,701
Total other long-term liabilities	$	251,913	$	270,245	$	245,375

The changes in the net carrying amount of goodwill allocated between the Company’s segments for the six months ended January 31, 2021 are as follows (in thousands):


	Mountain		Lodging		Goodwill, net
Balance at July 31, 2020	1,666,809		42,211		1,709,020


Effects of changes in foreign currency exchange rates	51,888		—		51,888
Balance at January 31, 2021	$	1,718,697	$	42,211	$	1,760,908

Fair Value Measurements

6 Months Ended

Jan. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

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

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

The table below summarizes the Company’s cash equivalents, other current assets, Interest Rate Swaps and Contingent Consideration measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands).


	Estimated Fair Value Measurement as of January 31, 2021
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	204,070	$	204,070	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	8,734	$	—	$	8,734	$	—
Liabilities:
Interest Rate Swaps	$	16,548	$	—	$	16,548	$	—
Contingent Consideration	$	17,000	$	—	$	—	$	17,000

	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 January 31, 2020
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	3,052	$	3,052	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	7,717	$	—	$	7,717	$	—
Liabilities:
Interest Rate Swaps	$	4,563	$	—	$	4,563	$	—
Contingent Consideration	$	23,500	$	—	$	—	$	23,500

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. The estimated fair value of the Interest Rate Swaps are included within other long-term liabilities and accumulated other comprehensive income (loss) on the Company’s Consolidated Condensed Balance Sheet as of January 31, 2021.

The changes in Contingent Consideration during the six months ended January 31, 2021 and 2020 were as follows (in thousands):


Balance as of July 31, 2020 and 2019, respectively	$	17,800	$	27,200
Payments	(2,602)		(6,436)
Change in estimated fair value	1,802		2,736
Balance as of January 31, 2021 and 2020, respectively	$	17,000	$	23,500

The lease for Park City provides for participating contingent payments (the “Contingent Consideration”) to the landlord of 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company. The estimated fair value of Contingent Consideration includes the future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed growth factor. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 10.49%, volatility of 17.0% and future period Park City EBITDA, which are unobservable inputs and thus are considered Level 3 inputs. The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance would result in a change in the estimated fair value within the range of approximately $3.1 million to $4.2 million.

Contingent Consideration is classified as a liability, which is remeasured to fair value at each reporting date until the contingency is resolved. During the six months ended January 31, 2021, the Company made a payment to the landlord for Contingent Consideration of approximately $2.6 million and recorded an increase of approximately $1.8 million. These changes resulted in an estimated fair value of the Contingent Consideration of approximately $17.0 million, which is reflected in other long-term liabilities in the Company’s Consolidated Condensed Balance Sheet.

- Definition

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

+ References + Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jan. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Metropolitan Districts The Company credit-enhances $6.3 million of bonds issued by Holland Creek Metropolitan District (“HCMD”) through a $6.4 million letter of credit issued under the Vail Holdings Credit Agreement. HCMD’s bonds were issued and used to build infrastructure associated with the Company’s Red Sky Ranch residential development. The Company has agreed to pay capital improvement fees to the Red Sky Ranch Metropolitan District (“RSRMD”) until RSRMD’s revenue streams from property taxes are sufficient to meet debt service requirements under HCMD’s bonds. The Company has recorded a liability of $2.1 million, $2.1 million and $2.0 million primarily within other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets, as of January 31, 2021, July 31, 2020 and January 31, 2020, respectively, with respect to the estimated present value of future RSRMD capital improvement fees. The Company estimates it will make capital improvement fee payments under this arrangement through the fiscal year ending July 31, 2031. Guarantees/Indemnifications As of January 31, 2021, the Company had various letters of credit outstanding totaling $75.8 million, consisting of $53.4 million to support the Employee Housing Bonds and $22.4 million primarily for workers’ compensation, a wind energy purchase agreement and insurance-related deductibles. The Company also had surety bonds of $14.2 million as of January 31, 2021, primarily to provide collateral for its U.S. workers compensation self-insurance programs. In addition to the guarantees noted above, the Company has entered into contracts in the normal course of business that include certain indemnifications under which it could be required to make payments to third parties upon the occurrence or non-occurrence of certain future events. These indemnities include indemnities related to licensees in connection with third-parties’ use of the Company’s trademarks and logos, liabilities associated with the infringement of other parties’ technology and software products, liabilities associated with the use of easements, liabilities associated with employment of contract workers and the Company’s use of trustees, and liabilities associated with the Company’s use of public lands and environmental matters. The duration of these indemnities generally is indefinite and generally do not limit the future payments the Company could be obligated to make. As permitted under applicable law, the Company and certain of its subsidiaries have agreed to indemnify their directors and officers over their lifetimes for certain events or occurrences while the officer or director is, or was, serving the Company or its subsidiaries in such a capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that should enable the Company to recover a portion of any amounts paid. Unless otherwise noted, the Company has not recorded any significant liabilities for the letters of credit, indemnities and other guarantees noted above in the accompanying Consolidated Condensed Financial Statements, either because the Company has recorded on its Consolidated Condensed Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company’s own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the estimated fair value of the indemnification or guarantee to be immaterial based on the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications, it is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material. As noted above, the Company makes certain indemnifications to licensees for their use of the Company’s trademarks and logos. The Company does not record any liabilities with respect to these indemnifications. Additionally, the Company has entered into strategic long-term season pass alliance agreements with third-party mountain resorts in which the Company has committed to pay minimum revenue guarantees over the remaining terms of these agreements. Self-Insurance The Company is self-insured for claims under its U.S. health benefit plans and for the majority of workers’ compensation claims in the U.S. Workers compensation claims in the U.S. are subject to stop loss policies. The self-insurance liability related to workers’ compensation is determined actuarially based on claims filed. The self-insurance liability related to claims under the Company’s U.S. health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of accrued benefits in accounts payable and accrued liabilities (see Note 7, Supplementary Balance Sheet Information). Legal The Company is a party to various lawsuits arising in the ordinary course of business. Management believes the Company has adequate insurance coverage and/or has accrued for all loss contingencies for asserted and unasserted matters deemed to be probable and estimable losses. As of January 31, 2021, July 31, 2020 and January 31, 2020, the accruals for the above loss contingencies were not material individually or in the aggregate.

Segment Information

6 Months Ended

Jan. 31, 2021

Segment Reporting [Abstract]

Segment Information

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

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

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

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

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


	Three Months Ended January 31,				Six Months Ended January 31,
	2021		2020		2021		2020
Net revenue:
Lift	$	430,775	$	484,348	$	463,866	$	526,177
Ski school	56,390		102,743		58,434		111,277
Dining	31,810		75,719		34,878		97,348
Retail/rental	90,126		133,713		112,432		181,628
Other	32,354		49,022		66,559		109,947
Total Mountain net revenue	641,455		845,545		736,169		1,026,377
Lodging	42,874		78,887		79,692		161,645
Total Resort net revenue	684,329		924,432		815,861		1,188,022
Real Estate	315		206		569		4,386
Total net revenue	$	684,644	$	924,638	$	816,430	$	1,192,408
Segment operating expense:
Mountain	$	359,058	$	472,686	$	545,150	$	734,694
Lodging	50,400		73,593		94,606		153,085
Total Resort operating expense	409,458		546,279		639,756		887,779
Real Estate	1,615		1,505		3,065		6,798
Total segment operating expense	$	411,073	$	547,784	$	642,821	$	894,577

Gain on sale of real property	$	—	$	—	$	—	$	207
Mountain equity investment income, net	$	1,180	$	169	$	5,166	$	1,360
Reported EBITDA:
Mountain	$	283,577	$	373,028	$	196,185	$	293,043
Lodging	(7,526)		5,294		(14,914)		8,560
Resort	276,051		378,322		181,271		301,603
Real Estate	(1,300)		(1,299)		(2,496)		(2,205)
Total Reported EBITDA	$	274,751	$	377,023	$	178,775	$	299,398

Real estate held for sale and investment	$	96,801	$	96,944	$	96,801	$	96,944

Reconciliation from net income (loss) attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income (loss) attributable to Vail Resorts, Inc.	$	147,798	$	206,370	$	(5,968)	$	99,895
Net income (loss) attributable to noncontrolling interests	1,332		10,648		(1,923)		7,294
Net income (loss)	149,130		217,018		(7,891)		107,189
Provision (benefit) from income taxes	27,221		67,313		(10,257)		20,750
Income (loss) before provision (benefit) from income taxes	176,351		284,331		(18,148)		127,939
Depreciation and amortization	62,663		63,812		125,291		121,657

Change in estimated fair value of contingent consideration	1,000		1,600		1,802		2,736
Loss (gain) on disposal of fixed assets and other, net	2,192		709		2,761		(1,558)
Investment income and other, net	(167)		(361)		(510)		(638)
Foreign currency (gain) loss on intercompany loans	(5,135)		798		(5,675)		438
Interest expense, net	37,847		26,134		73,254		48,824
Total Reported EBITDA	$	274,751	$	377,023	$	178,775	$	299,398

- 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
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+ Details

Share Repurchase Program	6 Months Ended
Share Repurchase Program	Jan. 31, 2021
Payments for Repurchase of Equity [Abstract]
Share Repurchase Program	Share Repurchase ProgramOn March 9, 2006, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 Vail Shares. On July 16, 2008, the Company’s Board of Directors increased the authorization by an additional 3,000,000 Vail Shares, and on December 4, 2015, the Company’s Board of Directors increased the authorization by an additional 1,500,000 Vail Shares for a total authorization to repurchase up to 7,500,000 Vail Shares. The Company did not repurchase any Vail Shares during the three and six months ended January 31, 2021. The Company repurchased zero and 95,618 Vail Shares (at a total cost of approximately $21.4 million), respectively, during the three and six months ended January 31, 2020. Since inception of its share repurchase program through January 31, 2021, the Company has repurchased 6,161,141 Vail Shares for approximately $404.4 million. As of January 31, 2021, 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 the issuance of Vail Shares under the Company’s employee share award plan.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jan. 31, 2021

Accounting Policies [Abstract]

Consolidated Condensed Financial Statements

Consolidated Condensed Financial Statements — In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year, particularly given the significant seasonality to the Company’s operating cycle. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2020. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2020 was derived from audited financial statements.

Use of Estimates

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

Fair Value of Financial Instruments

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 5, Long-Term Debt) approximate book value due to the variable nature of the interest rate associated with the debt. The estimated fair values of the 6.25% Notes and the 0.0% Convertible Notes (each as defined in Note 5, Long-Term Debt) are 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 5, 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, 0.0% Convertible Notes, EPR Secured Notes and EB-5 Development Notes as of January 31, 2021 are presented below (in thousands):


	January 31, 2021
	Carrying Value		Estimated Fair Value
6.25% Notes	$	600,000	$	639,984
0.0% Convertible Notes	$	467,758	$	580,762
EPR Secured Notes	$	136,512	$	181,810
EB-5 Development Notes	$	49,127	$	50,277

Summary of Significant Accounting Policies

Basis of Presentation


	January 31, 2021
	Carrying Value		Estimated Fair Value
6.25% Notes	$	600,000	$	639,984
0.0% Convertible Notes	$	467,758	$	580,762
EPR Secured Notes	$	136,512	$	181,810
EB-5 Development Notes	$	49,127	$	50,277

Recently Issued Accounting Standards

Standards Being Evaluated

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The ASU provides optional transition guidance, for a limited time, to companies that have contracts, hedging relationships or other transactions that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate which is expected to be discontinued because of reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met. The amendments in this update are effective as of March 12, 2020 through December 31, 2022. The amendments in this update may be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. All other amendments should be applied on a prospective basis. The Company is in the process of evaluating the effect that the adoption of this standard will have on its Consolidated Condensed Financial Statements.

In August 2020, the FASB issued ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” which simplifies the guidance in Accounting Standards Codifications (“ASC”) 470-20, “Debt – Debt with Conversion and Other Options” by reducing the number of accounting separation models for convertible instruments, amending the guidance in ASC 815-40, “Derivatives and Hedging – Contracts in Entity’s Own Equity” for certain contracts in an entity’s own equity that are currently accounted for as derivatives, and requiring entities to use the if-converted method for all convertible instruments in the diluted earnings per share (“EPS”) calculation. This standard will be effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years (the Company’s first quarter of the fiscal year ending July 31, 2023). Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years (the Company’s first quarter of the fiscal year ending July 31, 2022), and the guidance allows for a modified retrospective or fully retrospective method of transition. The Company is in the process of evaluating the effect that the adoption of this standard will have on its Consolidated Condensed Financial Statements, including the method of transition and timing of adoption.

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

Standards Being Evaluated

Accounting Standards Update and Change in Accounting Principle [Text Block]

Recently Issued Accounting Standards

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Revenue Revenues (Policies)	6 Months Ended
Revenue Revenues (Policies)	Jan. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue [Policy Text Block]	2020/2021 North American Credit Offer and Epic Coverage As a result of the COVID-19 pandemic, the Company closed its North American destination mountain resorts, regional ski areas and retail stores early during the 2019/2020 North American ski season, beginning on March 15, 2020. Subsequently, the Company announced a credit offer for all existing 2019/2020 North American ski season pass product holders to purchase 2020/2021 North American ski season pass products at a discount (the “Credit Offer”). The Credit Offer discounts ranged from a minimum of 20% to a maximum of 80% for season pass holders, depending on the number of days the pass holder used their pass product during the 2019/2020 season and a credit, with no minimum, but up to 80% for multi-day pass products, such as the Epic Day Pass, based on total unused days. The Credit Offer was considered a contract modification which constituted a material right to 2019/2020 North American ski season guests and, as such, represents a separate performance obligation to which the Company allocated a transaction price of approximately $120.9 million. As a result, the Company deferred $120.9 million of pass product revenue, which would have otherwise been recognized as lift revenue during the year ended July 31, 2020. The Credit Offer expired on September 17, 2020 and at that time, the Company estimated the amount of Credit Offer discounts redeemed would be approximately $15.4 million less than the $120.9 million of deferred pass product revenue. As a result, the Company recognized $15.4 million as lift revenue during the three months ended October 31, 2020. The remaining deferred revenue associated with the Credit Offer is being recognized as lift revenue as the performance obligations are satisfied, which the Company expects will be largely completed by the end of the third quarter of the fiscal year ending July 31, 2021. In the event that a pass product holder obtains a refund under Epic Coverage (as discussed below) for the 2020/2021 North American ski season and is eligible to utilize their credit toward the purchase of a pass product for the 2021/2022 North American ski season, this remaining deferred revenue will be recognized in the fiscal year ending July 31, 2022. In April 2020, the Company announced Epic Coverage, which is included with the purchase of all 2020/2021 North American pass products for no additional charge. Epic Coverage offers refunds to 2020/2021 North American pass product holders if certain qualifying personal or resort closure events occurred before or occur during the 2020/2021 North American ski season, or if pass product holders were unable to make reservations on their preferred days by December 7, 2020. The estimated amount of refunds will reduce the amount of pass product revenue recognized during the year ending July 31, 2021. To estimate the amount of refunds under Epic Coverage, the Company considered (i) historical claims data for personal events, (ii) provincial, state, county and local COVID-19 regulations and public health orders, (iii) the ability for the Company’s pass holders to make reservations on their preferred days, and (iv) the Company’s current operating plans for its resorts. The Company believes the estimates of refunds are reasonable; however, actual results could vary materially from such estimates, and such estimates will be remeasured at each reporting date. Additionally, for the 2020/2021 North American ski season, the Company introduced Epic Mountain Rewards, a program which provides pass product holders a discount of 20% off on-mountain food and beverage, lodging, group ski and ride school lessons, equipment rentals and more at the Company’s North American owned and operated Resorts. Epic Mountain Rewards constitutes a material right to pass product holders and as a result, the Company allocates a portion of the pass product transaction price to these other lines of business.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jan. 31, 2021

Accounting Policies [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]


	January 31, 2021
	Carrying Value		Estimated Fair Value
6.25% Notes	$	600,000	$	639,984
0.0% Convertible Notes	$	467,758	$	580,762
EPR Secured Notes	$	136,512	$	181,810
EB-5 Development Notes	$	49,127	$	50,277

Revenue (Tables)

6 Months Ended

Jan. 31, 2021

Revenue [Abstract]

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenues

The following table presents net revenues disaggregated by segment and major revenue type for the three and six months ended January 31, 2021 and 2020 (in thousands):


	Three Months Ended January 31,				Six Months Ended January 31,
	2021		2020		2021		2020
Mountain net revenue:
Lift	$	430,775	$	484,348	$	463,866	$	526,177
Ski School	56,390		102,743		58,434		111,277
Dining	31,810		75,719		34,878		97,348
Retail/Rental	90,126		133,713		112,432		181,628
Other	32,354		49,022		66,559		109,947
Total Mountain net revenue	$	641,455	$	845,545	$	736,169	$	1,026,377
Lodging net revenue:
Owned hotel rooms	$	6,708	$	11,251	$	14,073	$	31,197
Managed condominium rooms	20,336		31,500		29,665		46,240
Dining	2,865		11,111		3,958		29,254
Transportation	2,947		7,725		2,947		10,076
Golf	—		—		8,562		10,543
Other	8,000		13,855		17,266		27,699
	40,856		75,442		76,471		155,009
Payroll cost reimbursements	2,018		3,445		3,221		6,636
Total Lodging net revenue	$	42,874	$	78,887	$	79,692	$	161,645
Total Resort net revenue	$	684,329	$	924,432	$	815,861	$	1,188,022
Total Real Estate net revenue	315		206		569		4,386
Total net revenue	$	684,644	$	924,638	$	816,430	$	1,192,408

Net Income Per Common Share (Tables)

3 Months Ended

6 Months Ended

Jan. 31, 2021

Earnings Per Share Reconciliation [Abstract]

Summary of Calculation of Basic And Diluted EPS

Presented below is basic and diluted EPS for the three months ended January 31, 2021 and 2020 (in thousands, except per share amounts):



	Three Months Ended January 31,
	2021				2020
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	147,798	$	147,798	$	206,370	$	206,370
Weighted-average Vail Shares outstanding	40,253		40,253		40,261		40,261
Weighted-average Exchangeco Shares outstanding	35		35		55		55
Total Weighted-average shares outstanding	40,288		40,288		40,316		40,316
Effect of dilutive securities	—		521		—		625
Total shares	40,288		40,809		40,316		40,941
Net income per share attributable to Vail Resorts	$	3.67	$	3.62	$	5.12	$	5.04

Presented below is basic and diluted EPS for the six months ended January 31, 2021 and 2020 (in thousands, except per share amounts):



	Six Months Ended January 31,
	2021				2020
	Basic		Diluted		Basic		Diluted
Net (loss) income per share:
Net (loss) income attributable to Vail Resorts	$	(5,968)	$	(5,968)	$	99,895	$	99,895
Weighted-average Vail Shares outstanding	40,233		40,233		40,274		40,274
Weighted-average Exchangeco Shares outstanding	35		35		55		55
Total Weighted-average shares outstanding	40,268		40,268		40,329		40,329
Effect of dilutive securities	—		—		—		644
Total shares	40,268		40,268		40,329		40,973
Net (loss) income per share attributable to Vail Resorts	$	(0.15)	$	(0.15)	$	2.48	$	2.44

Long-Term Debt (Tables)

6 Months Ended

Jan. 31, 2021

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt

Long-term debt, net as of January 31, 2021, July 31, 2020 and January 31, 2020 is summarized as follows (in thousands):


	Maturity	January 31, 2021		July 31, 2020		January 31, 2020
Vail Holdings Credit Agreement term loan (a)	2024	$	1,171,875	$	1,203,125	$	1,234,375
Vail Holdings Credit Agreement revolver (a)	2024	—		—		25,000
6.25% Notes	2025	600,000		600,000		—
0.0% Convertible Notes (b)	2026	575,000		—		—
Whistler Credit Agreement revolver (c)	2024	60,243		58,236		26,447

EPR Secured Notes (d)	2034-2036	114,162		114,162		114,162
EB-5 Development Notes	2021	51,500		51,500		51,500
Employee housing bonds	2027-2039	52,575		52,575		52,575
Canyons obligation	2063	348,927		346,034		343,147
Other	2021-2033	17,875		18,616		19,360
Total debt		2,992,157		2,444,248		1,866,566
Less: Unamortized premiums, discounts and debt issuance costs (b)		111,346		(6,551)		(14,048)
Less: Current maturities (e)		112,796		63,677		63,556
Long-term debt, net		$	2,768,015	$	2,387,122	$	1,817,058

Schedule Of Aggregate Maturities For Debt Outstanding

Aggregate maturities of debt outstanding as of January 31, 2021 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):


	Total
2021 (February 2021 through July 2021)	$	31,684
2022	121,345
2023	63,740
2024	63,796
2025	1,614,127
Thereafter	1,097,465
Total debt	$	2,992,157

- 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

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+ Details

Acquisitions Acquisitions (Tables)

6 Months Ended

Jan. 31, 2021

Business Acquisition [Line Items]

Business Acquisition, Pro Forma Information [Table Text Block]


	Six Months Ended January 31,
	2020
Pro forma net revenue	$	1,199,067
Pro forma net income attributable to Vail Resorts, Inc.	$	95,850
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$	2.38
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$	2.34

Peak Resorts [Member]

Business Acquisition [Line Items]

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

Peak Resorts


	Acquisition Date Estimated Fair Value
Current assets	$	19,578
Property, plant and equipment	427,793
Goodwill	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

Supplementary Balance Sheet Information (Tables)

6 Months Ended

Jan. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Composition Of Property, Plant And Equipment

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


	January 31, 2021		July 31, 2020		January 31, 2020
Land and land improvements	$	759,056	$	750,714	$	749,669
Buildings and building improvements	1,499,525		1,475,661		1,475,415
Machinery and equipment	1,410,781		1,361,178		1,253,476
Furniture and fixtures	323,490		308,267		450,903
Software	120,016		104,223		121,390
Vehicles	81,767		80,510		70,820
Construction in progress	58,753		81,967		53,325
Gross property, plant and equipment	4,253,388		4,162,520		4,174,998
Accumulated depreciation	(2,094,525)		(1,969,841)		(1,911,217)
Property, plant and equipment, net	$	2,158,863	$	2,192,679	$	2,263,781

Components Of Accounts Payable And Accrued Liabilities

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


	January 31, 2021		July 31, 2020		January 31, 2020
Trade payables	$	86,251	$	59,692	$	126,836
Deferred revenue	480,353		256,402		426,672
Accrued salaries, wages and deferred compensation	59,665		25,588		48,591
Accrued benefits	44,549		43,704		46,622
Deposits	31,472		20,070		63,432
Operating lease liability	36,878		36,604		35,650
Other liabilities	92,626		57,048		63,694
Total accounts payable and accrued liabilities	$	831,794	$	499,108	$	811,497

Components Of Other Long-Term Liabilities

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


	January 31, 2021		July 31, 2020		January 31, 2020
Private club deferred initiation fee revenue	$	104,457	$	105,108	$	108,674
Other long-term liabilities	147,456		165,137		136,701
Total other long-term liabilities	$	251,913	$	270,245	$	245,375

Schedule of Goodwill [Table Text Block]

The changes in the net carrying amount of goodwill allocated between the Company’s segments for the six months ended January 31, 2021 are as follows (in thousands):


	Mountain		Lodging		Goodwill, net
Balance at July 31, 2020	1,666,809		42,211		1,709,020


Effects of changes in foreign currency exchange rates	51,888		—		51,888
Balance at January 31, 2021	$	1,718,697	$	42,211	$	1,760,908

Fair Value Measurements (Tables)

6 Months Ended

Jan. 31, 2021

Fair Value Disclosures [Abstract]

Summary Of Cash Equivalents Measured At Fair Value


	Estimated Fair Value Measurement as of January 31, 2021
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	204,070	$	204,070	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	8,734	$	—	$	8,734	$	—
Liabilities:
Interest Rate Swaps	$	16,548	$	—	$	16,548	$	—
Contingent Consideration	$	17,000	$	—	$	—	$	17,000

	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 January 31, 2020
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	3,052	$	3,052	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	7,717	$	—	$	7,717	$	—
Liabilities:
Interest Rate Swaps	$	4,563	$	—	$	4,563	$	—
Contingent Consideration	$	23,500	$	—	$	—	$	23,500

The changes in Contingent Consideration during the six months ended January 31, 2021 and 2020 were as follows (in thousands):


Balance as of July 31, 2020 and 2019, respectively	$	17,800	$	27,200
Payments	(2,602)		(6,436)
Change in estimated fair value	1,802		2,736
Balance as of January 31, 2021 and 2020, respectively	$	17,000	$	23,500

Segment Information (Tables)

6 Months Ended

Jan. 31, 2021

Segment Reporting [Abstract]

Summary Of Financial Information By Reportable Segment

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


	Three Months Ended January 31,				Six Months Ended January 31,
	2021		2020		2021		2020
Net revenue:
Lift	$	430,775	$	484,348	$	463,866	$	526,177
Ski school	56,390		102,743		58,434		111,277
Dining	31,810		75,719		34,878		97,348
Retail/rental	90,126		133,713		112,432		181,628
Other	32,354		49,022		66,559		109,947
Total Mountain net revenue	641,455		845,545		736,169		1,026,377
Lodging	42,874		78,887		79,692		161,645
Total Resort net revenue	684,329		924,432		815,861		1,188,022
Real Estate	315		206		569		4,386
Total net revenue	$	684,644	$	924,638	$	816,430	$	1,192,408
Segment operating expense:
Mountain	$	359,058	$	472,686	$	545,150	$	734,694
Lodging	50,400		73,593		94,606		153,085
Total Resort operating expense	409,458		546,279		639,756		887,779
Real Estate	1,615		1,505		3,065		6,798
Total segment operating expense	$	411,073	$	547,784	$	642,821	$	894,577

Gain on sale of real property	$	—	$	—	$	—	$	207
Mountain equity investment income, net	$	1,180	$	169	$	5,166	$	1,360
Reported EBITDA:
Mountain	$	283,577	$	373,028	$	196,185	$	293,043
Lodging	(7,526)		5,294		(14,914)		8,560
Resort	276,051		378,322		181,271		301,603
Real Estate	(1,300)		(1,299)		(2,496)		(2,205)
Total Reported EBITDA	$	274,751	$	377,023	$	178,775	$	299,398

Real estate held for sale and investment	$	96,801	$	96,944	$	96,801	$	96,944

Reconciliation from net income (loss) attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income (loss) attributable to Vail Resorts, Inc.	$	147,798	$	206,370	$	(5,968)	$	99,895
Net income (loss) attributable to noncontrolling interests	1,332		10,648		(1,923)		7,294
Net income (loss)	149,130		217,018		(7,891)		107,189
Provision (benefit) from income taxes	27,221		67,313		(10,257)		20,750
Income (loss) before provision (benefit) from income taxes	176,351		284,331		(18,148)		127,939
Depreciation and amortization	62,663		63,812		125,291		121,657

Change in estimated fair value of contingent consideration	1,000		1,600		1,802		2,736
Loss (gain) on disposal of fixed assets and other, net	2,192		709		2,761		(1,558)
Investment income and other, net	(167)		(361)		(510)		(638)
Foreign currency (gain) loss on intercompany loans	(5,135)		798		(5,675)		438
Interest expense, net	37,847		26,134		73,254		48,824
Total Reported EBITDA	$	274,751	$	377,023	$	178,775	$	299,398

Summary of Significant Accounting Policies Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Dec. 18, 2020	Jul. 31, 2020	Jan. 31, 2020
Long-term Debt	$ 2,992,157		$ 2,444,248	$ 1,866,566
Operating Lease, Right-of-Use Asset	215,377		225,744	227,394
Operating Lease, Liability, Noncurrent	210,855		217,542	228,474
Operating Lease, Liability, Current	36,878		36,604	35,650
Interest Rate Cash Flow Hedge Liability at Fair Value	16,548		22,510	4,563
Debt Instrument, Face Amount		$ 575,000
EPR Secured Notes [Member]
Long-term Debt	114,162		114,162	114,162
Notes and Loans Payable	136,512
Debt Instrument, Fair Value Disclosure	181,810
EB-5 Development Notes [Member]
Long-term Debt	51,500		51,500	51,500
Notes and Loans Payable	49,127
Debt Instrument, Fair Value Disclosure	50,277
6.25% Notes [Member]
Long-term Debt	600,000		$ 600,000	$ 0
Debt Instrument, Fair Value Disclosure	639,984
0.0% Convertible Notes
Long-term Debt	467,758
Debt Instrument, Fair Value Disclosure	$ 580,762

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020	Jul. 31, 2020
Season Pass Credit Deferral Revenue			$ 15,400		$ 120,900
Accounts Receivable, after Allowance for Credit Loss, Current	$ 117,012	$ 105,325	117,012	$ 105,325	106,664
Deferred Revenue, Current	480,353	426,672	480,353	426,672	$ 256,402
Mountain Revenue Net	641,455	845,545	736,169	1,026,377
Lodging Revenue Net	42,874	78,887	79,692	161,645
Resort net revenue	684,329	924,432	815,861	1,188,022
Real Estate Revenue	315	206	569	4,386
Revenues	684,644	924,638	816,430	1,192,408
Contract with Customer, Liability, Revenue Recognized	100,300		136,100
Lift
Mountain Revenue Net	430,775	484,348	463,866	526,177
Ski School
Mountain Revenue Net	56,390	102,743	58,434	111,277
Dining
Mountain Revenue Net	31,810	75,719	34,878	97,348
Lodging Revenue Net	2,865	11,111	3,958	29,254
Retail/Rental
Mountain Revenue Net	90,126	133,713	112,432	181,628
Other
Mountain Revenue Net	32,354	49,022	66,559	109,947
Owned hotel rooms
Lodging Revenue Net	6,708	11,251	14,073	31,197
Managed condominium rooms
Lodging Revenue Net	20,336	31,500	29,665	46,240
Transportation
Lodging Revenue Net	2,947	7,725	2,947	10,076
Golf
Lodging Revenue Net	0	0	8,562	10,543
Other
Lodging Revenue Net	8,000	13,855	17,266	27,699
Lodging revenue (excluding payroll cost reimbursements) [Member]
Lodging Revenue Net	40,856	75,442	76,471	155,009
Payroll cost reimbursements
Lodging Revenue Net	$ 2,018	$ 3,445	$ 3,221	$ 6,636

Revenue Contract Balances (Details) $ in Thousands	3 Months Ended	6 Months Ended
Revenue Contract Balances (Details) $ in Thousands	Jan. 31, 2021 USD ($)	Jan. 31, 2021 USD ($)	Jul. 31, 2020 USD ($)	Jan. 31, 2020 USD ($)
Disaggregation of Revenue [Abstract]
Deferred revenue	$ 480,353	$ 480,353	$ 256,402	$ 426,672
Private Club Recognized Initiation Fees Average Remaining Period	16	16
Trade receivables, net	$ 117,012	$ 117,012	106,664	105,325
Disaggregation of Revenue [Line Items]
Deferred revenue	480,353	480,353	256,402	426,672
Contract with Customer, Liability, Revenue Recognized	$ 100,300	$ 136,100
Private Club Recognized Initiation Fees Average Remaining Period	16	16
Trade receivables, net	$ 117,012	$ 117,012	106,664	$ 105,325
Capitalized Contract Cost, Net	8,600	8,600
Contract with Customer, Liability, Noncurrent	120,900	120,900	121,900
Contract with Customer, Liability, Current	$ 480,400	$ 480,400	$ 256,400

Revenue Costs to Obtain Contracts with Customers (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jan. 31, 2021 USD ($)	Jan. 31, 2021 USD ($)
Cost of Revenue [Abstract]
Capitalized Contract Cost, Net	$ 8.6	$ 8.6
Capitalized Contract Cost, Amortization	$ 7.4	$ 7.8

Net Income Per Common Share Net Income per Common Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Oct. 17, 2016	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020	Dec. 18, 2020	Jul. 31, 2020
Anti-dilutive securities (in shares)		5,000	28,000	600,000	23,000
Common Stock, Dividends, Per Share, Cash Paid			$ 1.76		$ 3.52
Cash dividends declared per share		$ 0	1.76	$ 0	$ 3.52
Payments of Dividends				$ 0	$ 142,050
Preferred Stock, Par or Stated Value Per Share	$ 0.01	0.01	$ 0.01	$ 0.01	$ 0.01		$ 0.01
Dividends, Cash			$ 71,000		$ 142,100
Debt Instrument, Face Amount						$ 575,000
Convertible Debt [Member]
Debt Instrument, Face Amount						$ 575,000
Debt Instrument, Interest Rate, Stated Percentage						0.00%
Debt Instrument, Convertible, Conversion Price		$ 407.17		$ 407.17
Common Stock [Member]
Stock Issued During Period, Shares, New Issues	3,327,719
Exchangeable Shares [Member]
Stock Issued During Period, Shares, New Issues	418,095

Net Income Per Common Share (Summary of Calculation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5	28	600	23
Net income (loss) attributable to Vail Resorts, Inc.	$ 147,798	$ 206,370	$ (5,968)	$ 99,895
Weighted-average Vail Shares outstanding	40,253	40,261	40,233	40,274
Weighted-average Exchangeco Shares outstanding	35	55	35	55
Total Weighted-average shares outstanding	40,288	40,316	40,268	40,329
Effect of dilutive securities	521	625	0	644
Total shares	40,809	40,941	40,268	40,973
Basic net income (loss) per share attributable to Vail Resorts, Inc.	$ 3.67	$ 5.12	$ (0.15)	$ 2.48
Diluted net income (loss) per share attributable to Vail Resorts, Inc.	$ 3.62	$ 5.04	$ (0.15)	$ 2.44

- 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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- Definition

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

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+ Details

- Definition

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

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+ Details

Long-Term Debt Long-Term Debt (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021 USD ($) $ / shares	Jan. 31, 2020 USD ($)	Jan. 31, 2021 USD ($) d $ / shares	Jan. 31, 2020 USD ($)	Jan. 31, 2021 CAD ($)	Dec. 18, 2020 USD ($)	Jul. 31, 2020 USD ($)
Convertible Debt Partial Redemption Minimum Remaining Balance [Abstract]			$ 50,000,000.0
VHI Credit Agreement Waiver Period Minimum Liquidity			150,000,000.0
Gross interest expense	$ 37,800,000	$ 26,100,000	73,300,000	$ 48,800,000
Amortization of Debt Issuance Costs	1,200,000	300,000	1,900,000	700,000
Intercompany Foreign Currency Balance, Amount	210,000,000.0		210,000,000.0
Foreign currency gain on intercompany loans	(5,135,000)	798,000	(5,675,000)	438,000
Long-term Debt	2,992,157,000	1,866,566,000	2,992,157,000	1,866,566,000			$ 2,444,248,000
Debt Instrument, Face Amount						$ 575,000,000.0
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature			27,500,000
Term Loan [Member]
Long-term Line of Credit	$ 1,200,000,000		$ 1,200,000,000
Debt Instrument, Interest Rate, Stated Percentage	2.62%		2.62%		2.62%
Long-term Debt	$ 1,171,875,000	1,234,375,000	$ 1,171,875,000	1,234,375,000			1,203,125,000
Term Loan, Unhedged Portion [Member]
Debt Instrument, Interest Rate, Stated Percentage	2.75%		2.75%		2.75%
Credit Facility Revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000,000.0		$ 500,000,000.0
Long-term Debt	$ 0	25,000,000	$ 0	25,000,000			0
Whistler Credit Agreement revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 300.0
Debt Instrument, Interest Rate, Stated Percentage	2.21%		2.21%		2.21%
Debt Instrument, Unused Borrowing Capacity, Fee			0.40%
Long-term Debt	$ 60,243,000	26,447,000	$ 60,243,000	26,447,000			58,236,000
Alpine Valley Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.38%		11.38%		11.38%
Long-term Debt	$ 4,600,000		$ 4,600,000
Boston Mills Brandywine Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	10.91%		10.91%		10.91%
Long-term Debt	$ 23,300,000		$ 23,300,000
Jack Frost Big Boulder Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	10.91%		10.91%		10.91%
Long-term Debt	$ 14,300,000		$ 14,300,000
Mount Snow Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.78%		11.78%		11.78%
Long-term Debt	$ 51,100,000		$ 51,100,000
Hunter Mountain Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	8.57%		8.57%		8.57%
Long-term Debt	$ 21,000,000.0		$ 21,000,000.0
EB-5 Development Notes [Member]
Long-term Debt	51,500,000	51,500,000	51,500,000	51,500,000			51,500,000
EPR Secured Notes [Member]
Debt Service Reserve			3,100,000
Convertible Notes Payable
Long-term Debt	$ 575,000,000	$ 0	$ 575,000,000	$ 0			$ 0
Debt Instrument, Convertible, Threshold Trading Days \| d			20
Debt Instrument, Convertible, Conversion Price \| $ / shares	$ 407.17		$ 407.17
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger			130.00%
Debt Instrument, Face Amount						$ 575,000,000.0
Debt Instrument, Convertible, Threshold Consecutive Trading Days			10
Long-term Debt, Fair Value	$ 465,300,000		$ 465,300,000
Debt Instrument, Convertible, Carrying Amount of Equity Component	109,700,000		109,700,000
Debt Issuance Costs, Net	14,900,000		14,900,000
Debt Instrument, Unamortized Discount (Premium), Net	$ 107,200,000		$ 107,200,000
Debt Instrument Convertible Threshold Percentage of Stock Price Trigger 1			98.00%

Long-Term Debt (Schedule Of Debt Instruments) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020	Dec. 18, 2020	Jul. 31, 2020
Amortization of Debt Issuance Costs	$ 1,200,000	$ 300,000	$ 1,900,000	$ 700,000
Debt Instrument, Unused Borrowing Capacity, Fee			0.004
Total debt	2,992,157,000	1,866,566,000	2,992,157,000	1,866,566,000		$ 2,444,248,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	111,346,000	(14,048,000)	111,346,000	(14,048,000)		(6,551,000)
Long-term debt due within one year (Note 5)	112,796,000	63,556,000	112,796,000	63,556,000		63,677,000
Long-term Debt, Excluding Current Maturities	112,796,000		112,796,000			63,677,000
Long-term debt, net (Note 5)	2,768,015,000	1,817,058,000	2,768,015,000	1,817,058,000		2,387,122,000
Long-term Debt, Excluding Current Maturities	2,768,015,000		2,768,015,000			2,387,122,000
Debt Instrument, Face Amount					$ 575,000,000.0
Hunter Mountain Secured Note [Member]
Total debt	$ 21,000,000.0		$ 21,000,000.0
Debt Instrument, Interest Rate, Stated Percentage	8.57%		8.57%
Credit Facility Revolver [Member]
Total debt	$ 0	25,000,000	$ 0	25,000,000		0
Fiscal year maturity			2024
Whistler Credit Agreement revolver [Member]
Total debt	$ 60,243,000	26,447,000	$ 60,243,000	26,447,000		58,236,000
Fiscal year maturity			2024
Debt Instrument, Interest Rate, Stated Percentage	2.21%		2.21%
EPR Secured Notes [Member]
Total debt	$ 114,162,000	114,162,000	$ 114,162,000	114,162,000		114,162,000
EPR Secured Notes [Member] \| Minimum [Member]
Fiscal year maturity			2034
EPR Secured Notes [Member] \| Maximum [Member]
Fiscal year maturity			2036
EB-5 Development Notes [Member]
Total debt	51,500,000	51,500,000	$ 51,500,000	51,500,000		51,500,000
Fiscal year maturity			2021
Term Loan [Member]
Debt Instrument, Periodic Payment			$ 15,600,000
Total debt	$ 1,171,875,000	1,234,375,000	$ 1,171,875,000	1,234,375,000		1,203,125,000
Fiscal year maturity			2024
Debt Instrument, Interest Rate, Stated Percentage	2.62%		2.62%
Employee Housing Bonds [Member]
Total debt	$ 52,575,000	52,575,000	$ 52,575,000	52,575,000		52,575,000
Employee Housing Bonds [Member] \| Minimum [Member]
Fiscal year maturity			2027
Employee Housing Bonds [Member] \| Maximum [Member]
Fiscal year maturity			2039
Canyons Obligation [Member]
Total debt	348,927,000	343,147,000	$ 348,927,000	343,147,000		346,034,000
Fiscal year maturity			2063
Other [Member]
Total debt	17,875,000	19,360,000	$ 17,875,000	19,360,000		18,616,000
Other [Member] \| Minimum [Member]
Fiscal year maturity			2021
Other [Member] \| Maximum [Member]
Fiscal year maturity			2033
Convertible Debt [Member]
Fiscal year maturity			2026
Boston Mills Brandywine Secured Note [Member]
Total debt	$ 23,300,000		$ 23,300,000
Debt Instrument, Interest Rate, Stated Percentage	10.91%		10.91%
Term Loan, Unhedged Portion [Member]
Debt Instrument, Interest Rate, Stated Percentage	2.75%		2.75%
Alpine Valley Secured Note [Member]
Total debt	$ 4,600,000		$ 4,600,000
Debt Instrument, Interest Rate, Stated Percentage	11.38%		11.38%
Jack Frost Big Boulder Secured Note [Member]
Total debt	$ 14,300,000		$ 14,300,000
Debt Instrument, Interest Rate, Stated Percentage	10.91%		10.91%
6.25% Notes [Member]
Total debt	$ 600,000,000	0	$ 600,000,000	0		600,000,000
Fiscal year maturity			2025
Convertible Notes Payable
Total debt	$ 575,000,000	$ 0	$ 575,000,000	$ 0		$ 0
Debt Instrument, Convertible, Conversion Price	$ 407.17		$ 407.17
Debt Instrument, Face Amount					$ 575,000,000.0

Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jul. 31, 2020	Jan. 31, 2020
Debt Instrument [Line Items]
2021 (February 2021 through July 2021)	$ 31,684
2022	121,345
2023	63,740
2024	63,796
2025	1,614,127
Thereafter	1,097,465
Total debt	$ 2,992,157	$ 2,444,248	$ 1,866,566

Acquisitions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Sep. 24, 2019	Jan. 31, 2020
Peak Resorts [Member]
Business Acquisition, Share Price	$ 11.00
Business Combination, Cash Consideration Transferred	$ 264,500
Business Combination, Consideration Transferred, Other	70,200
Business Combination, Consideration Transferred	334,700
Proceeds from (Repayments of) Debt	$ 335,600
Indefinite-Lived Trade Names		$ 15,800
Indefinite Lived Property Management Contracts		3,100
Peak Resorts, Inc. [Member]
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed		$ 2,400

Acquisitions (Summary Of Estimate Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed) (Details) - Peak Resorts [Member] $ in Thousands	Sep. 24, 2019 USD ($)
Business Acquisition [Line Items]
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
Goodwill Acquired During Period	135,879
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	19,221
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, 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)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(99,275)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 334,731

Acquisitions (Summary Pro Forma Financial Information) (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jan. 31, 2020 USD ($) $ / shares
Pro Forma Financial Information [Line Items]
Pro forma net revenue \| $	$ 1,199,067
Pro forma net income attributable to Vail Resorts, Inc. \| $	$ 95,850
Pro forma basic net income per share attributable to Vail Resorts, Inc. \| $ / shares	$ 2.38
Pro forma diluted net income per share attributable to Vail Resorts, Inc. \| $ / shares	$ 2.34

Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jul. 31, 2020	Jan. 31, 2020
Property, Plant and Equipment [Line Items]
Land and land improvements	$ 759,056	$ 750,714	$ 749,669
Buildings and building improvements	1,499,525	1,475,661	1,475,415
Machinery and equipment	1,410,781	1,361,178	1,253,476
Furniture and fixtures	323,490	308,267	450,903
Software	120,016	104,223	121,390
Vehicles	81,767	80,510	70,820
Construction in progress	58,753	81,967	53,325
Gross property, plant and equipment	4,253,388	4,162,520	4,174,998
Accumulated depreciation	(2,094,525)	(1,969,841)	(1,911,217)
Property, plant and equipment, net	$ 2,158,863	$ 2,192,679	$ 2,263,781

Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jul. 31, 2020	Jan. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Trade payables	$ 86,251	$ 59,692	$ 126,836
Deferred revenue	480,353	256,402	426,672
Accrued salaries, wages and deferred compensation	59,665	25,588	48,591
Accrued benefits	44,549	43,704	46,622
Deposits	31,472	20,070	63,432
Operating Lease, Liability, Current	36,878	36,604	35,650
Other liabilities	92,626	57,048	63,694
Total accounts payable and accrued liabilities	$ 831,794	$ 499,108	$ 811,497

Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jul. 31, 2020	Jan. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Private club deferred initiation fee revenue	$ 104,457	$ 105,108	$ 108,674
Other long-term liabilities	147,456	165,137	136,701
Total other long-term liabilities	$ 251,913	$ 270,245	$ 245,375

Supplementary Balance Sheet Information Schedule of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2021	Jul. 31, 2020	Jan. 31, 2020
Goodwill [Line Items]
Goodwill	$ 1,760,908	$ 1,709,020	$ 1,750,011
Mountain [Member]
Goodwill [Line Items]
Goodwill	1,718,697	1,666,809
Effects of changes in foreign currency exchange rates	51,888
Lodging [Member]
Goodwill [Line Items]
Goodwill	$ 42,211	$ 42,211

Fair Value Measurements (Details) - USD ($) $ in Thousands	6 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jan. 31, 2020	Jul. 31, 2020	Jul. 31, 2019
Contingent Consideration	$ 17,000	$ 23,500	$ 17,800	$ 27,200
Payments for Rent	(2,602)	(6,436)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 1,802	2,736
Business Combination, Contingent Consideration Arrangements, Description	42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company.
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Adverse Change in Other Assumption, Description	The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance would result in a change in the estimated fair value within the range of approximately $3.1 million to $4.2 million.
Contingent Consideration, Key Assumptions for Valuation	The estimated fair value of Contingent Consideration includes the future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed growth factor. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 10.49%, volatility of 17.0% and future period Park City EBITDA, which are unobservable inputs and thus are considered Level 3 inputs.
Money Market	$ 204,070	3,052	203,158
Fair Value Hedge Liabilities	16,548	4,563	22,510
Level 2 [Member]
Fair Value Hedge Liabilities	16,548	4,563	22,510
Fair Value, Inputs, Level 3 [Member]
Contingent Consideration	17,000	23,500	17,800
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Money Market		3,052
Commercial Paper	204,070		203,158
Commercial Paper [Member]
Commercial Paper	2,401	2,401	2,401
Commercial Paper [Member] \| Level 2 [Member]
Commercial Paper	2,401	2,401	2,401
Certificates of Deposit [Member]
Commercial Paper	8,734	7,717	8,208
Certificates of Deposit [Member] \| Level 2 [Member]
Commercial Paper	$ 8,734	$ 7,717	$ 8,208

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jan. 31, 2021	Jul. 31, 2020	Jan. 31, 2020
Amount outstanding in letters of credit	$ 75.8
Surety Bonds Outstanding	14.2
Holland Creek Metropolitan District [Member]
Credit-enhanced bonds issued amount	6.3
Amount outstanding in letters of credit	6.4
Red Sky Ranch Metropolitan District [Member]
Other long-term liabilities	$ 2.1	$ 2.1	$ 2.0
Estimated cessation date of capital improvement fee payment obligation	Jul. 31, 2031
Employee Housing Bonds [Member]
Amount outstanding in letters of credit	$ 53.4
Workers' Compensation and General Liability Related to Construction and Development Activities [Member]
Amount outstanding in letters of credit	$ 22.4

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020	Jul. 31, 2020
Total Mountain net revenue	$ 641,455	$ 845,545	$ 736,169	$ 1,026,377
Lodging Revenue Net	42,874	78,887	79,692	161,645
Total Resort net revenue	684,329	924,432	815,861	1,188,022
Real Estate Revenue	315	206	569	4,386
Revenues	684,644	924,638	816,430	1,192,408
Mountain	359,058	472,686	545,150	734,694
Lodging	50,400	73,593	94,606	153,085
Resort operating expense	409,458	546,279	639,756	887,779
Real Estate	1,615	1,505	3,065	6,798
Total segment operating expense	411,073	547,784	642,821	894,577
Gain on sale of real property	0	0	0	207
Mountain equity investment income, net	1,180	169	5,166	1,360
Real estate held for sale and investment	96,801	96,944	96,801	96,944	$ 96,844
Net income (loss) attributable to Vail Resorts, Inc.	147,798	206,370	(5,968)	99,895
Net income (loss) attributable to noncontrolling interests	1,332	10,648	(1,923)	7,294
Net income (loss)	149,130	217,018	(7,891)	107,189
Provision (benefit) from income taxes	27,221	67,313	(10,257)	20,750
Income (loss) before (provision) benefit from income taxes	176,351	284,331	(18,148)	127,939
Depreciation and amortization	62,663	63,812	125,291	121,657
Change in Fair Value of Contingent Consideration	1,000	1,600	1,802	2,736
Loss (gain) on disposal of fixed assets and other, net	2,192	709	2,761	(1,558)
Investment income and other, net	(167)	(361)	(510)	(638)
Foreign currency (gain) loss on intercompany loans	(5,135)	798	(5,675)	438
Interest expense, net	37,847	26,134	73,254	48,824
Total Reported EBITDA	274,751	377,023	178,775	299,398
Lift Tickets [Member]
Total Mountain net revenue	430,775	484,348	463,866	526,177
Ski School [Member]
Total Mountain net revenue	56,390	102,743	58,434	111,277
Dining [Member]
Total Mountain net revenue	31,810	75,719	34,878	97,348
Retail/Rental [Member]
Total Mountain net revenue	90,126	133,713	112,432	181,628
Other Mountain Revenue [Member]
Total Mountain net revenue	32,354	49,022	66,559	109,947
Resort [Member]
Total Reported EBITDA	276,051	378,322	181,271	301,603
Mountain [Member]
Total Reported EBITDA	283,577	373,028	196,185	293,043
Lodging [Member]
Total Reported EBITDA	(7,526)	5,294	(14,914)	8,560
Real Estate
Total Reported EBITDA	$ (1,300)	$ (1,299)	$ (2,496)	$ (2,205)

Share Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Share Repurchase Program (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020	Jul. 31, 2020	Dec. 04, 2015	Jul. 16, 2008	Mar. 09, 2006
Accelerated Share Repurchases [Line Items]
Number of shares authorized to repurchase		7,500,000					3,000,000
Treasury Stock, Shares, Acquired	0		95,618
Additional number of shares authorized to repurchase					1,500,000	3,000,000
Number of shares repurchased since inception	6,000,000	6,161,141	6,000,000	6,161,000
Payments for Repurchase of Common Stock		$ 0	$ 21,444
Value of stock repurchased since inception	$ 379,433	$ 404,411	$ 379,433	$ 404,411
Remaining shares available for repurchase under existing program		1,338,859