0000812011-22-000040 | 10-K | XBRL Viewer

Revenues (Tables)

12 Months Ended

Jul. 31, 2022

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenues

The following table presents net revenues disaggregated by segment and major revenue type for the years ended July 31, 2022, 2021 and 2020 (in thousands):


	Year ended July 31,
	2022		2021 (1)		2020 (1)
Mountain net revenue:
Lift	$	1,310,213	$	1,076,578	$	913,091
Ski School	223,645		144,227		189,131
Dining	163,705		92,186		167,551
Retail/Rental	311,768		227,993		270,299
Other	203,783		161,814		186,548
Total Mountain net revenue	$	2,213,114	$	1,702,798	$	1,726,620
Lodging net revenue:
Owned hotel rooms	$	80,579	$	47,509	$	44,992
Managed condominium rooms	97,704		72,217		76,480
Dining	48,569		17,211		31,464
Transportation	16,021		9,271		15,796
Golf	10,975		9,373		8,023
Other	46,500		43,008		44,933
	300,348		198,589		221,688
Payroll cost reimbursements	11,742		6,553		10,549
Total Lodging net revenue	$	312,090	$	205,142	$	232,237
Total Resort net revenue	$	2,525,204	$	1,907,940	$	1,958,857
Total Real Estate net revenue	708		1,770		4,847
Total net revenue	$	2,525,912	$	1,909,710	$	1,963,704

Summary of Significant Accounting Policies

12 Months Ended

Jul. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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

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

Restricted Cash — The Company considers cash to be restricted when withdrawal or general use is legally restricted.

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

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

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


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

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

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

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

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

The Company determined that there were no impairments of goodwill or definite and indefinite-lived assets for the years ended July 31, 2022 and 2021. As a result of COVID-19 and the impact it has had on the Company’s operations during the year ended July 31, 2020, the Company determined that the estimated fair value of its Colorado resort ground transportation company reporting unit within its Lodging segment no longer exceeded its carrying value. As a result, the Company recognized an impairment of approximately $28.4 million related to its Colorado resort ground transportation company during the year ended July 31, 2020, which was recorded within asset impairments on the Company’s Consolidated Statement of Operations, with a corresponding reduction to goodwill, net of $25.7 million and to intangible assets, net and property, plant and equipment, net of $2.7 million. The Company determined that there were no other impairments of goodwill or definite and indefinite-lived assets for the year ended July 31, 2020.

Long-Lived Assets — The Company evaluates potential impairment of long-lived assets and long-lived assets to be disposed of whenever events or changes in circumstances indicate that the net carrying amount of an asset may not be fully recoverable. If the sum of the expected cash flows, on an undiscounted basis, is less than the net carrying amount of the asset, an impairment loss is recognized in the amount by which the net carrying amount of the asset exceeds its estimated fair value. The Company determined that there were no impairments of long-lived assets for the years ended July 31, 2022 and 2021. As discussed above, the Company recorded an impairment to long-lived assets related to its Colorado resort ground transportation company during the year ended July 31, 2020. The Company determined that there were no other impairments of long-lived assets for the year ended July 31, 2020.

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

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

generally the local currency. The assets and liabilities of these foreign operations are translated at the exchange rate in effect as of the balance sheet dates. Income and expense items are translated using the weighted average exchange rate for the period. Translation adjustments from currency exchange, including intercompany transactions of a long-term nature, are recorded in accumulated other comprehensive (loss) income as a separate component of stockholders’ equity. Intercompany transactions that are not of a long-term nature are reported as gains and losses within “segment operating expense” and for intercompany loans within foreign currency (loss) gain on intercompany loans on the Company’s Consolidated Statements of Operations.

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

Advertising Costs — Advertising costs are expensed at the time such advertising commences. Advertising expense for the years ended July 31, 2022, 2021 and 2020 was $47.7 million, $38.6 million and $41.6 million, respectively, and was recorded within Mountain and Lodging operating expenses on the Company’s Consolidated Statement of Operations.

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

Fair Value of Financial Instruments — The recorded amounts for cash and cash equivalents, restricted cash, receivables, other current assets and accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under the Company’s credit agreements and the Employee Housing Bonds (as defined in Note 6, Long-Term Debt) approximate book value due to the variable nature of the interest rate associated with the debt. The estimated fair values of the 6.25% Notes and the 0.0% Convertible Notes (each as defined in Note 6, Long-Term Debt) are based on quoted market prices (a Level 2 input). The estimated fair value of the EPR Secured Notes (as defined in Note 6, Long-Term Debt) has been estimated using an analysis 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 and EPR Secured Notes as of July 31, 2022 are presented below (in thousands):


	July 31, 2022
	Carrying Value		Estimated Fair Value
6.25% Notes	$	600,000	$	614,268
0.0% Convertible Notes	$	498,251	$	524,837
EPR Secured Notes	$	134,107	$	160,977

Stock-Based Compensation — Stock-based compensation expense is measured at the grant date based upon the estimated fair value of the award and is recognized as expense over the applicable vesting period of the award generally using the straight-line method (see Note 14, Stock Compensation Plan, for more information), less the amount of forfeited awards which are recorded as they occur. The following table shows total net stock-based compensation expense for the years ended July 31, 2022, 2021 and 2020 included in the accompanying Consolidated Statements of Operations (in thousands):


	Year Ended July 31,
	2022		2021		2020
Mountain stock-based compensation expense	$	20,892	$	20,311	$	17,410
Lodging stock-based compensation expense	3,737		3,783		3,399
Real Estate stock-based compensation expense	256		301		212
Pre-tax stock-based compensation expense	24,885		24,395		21,021
Less: benefit from income taxes	6,189		5,871		5,027
Net stock-based compensation expense	$	18,696	$	18,524	$	15,994

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

Accounting for Hedging Instruments — From time to time, the Company enters into interest rate swaps to hedge the variability in cash flows associated with variable-rate borrowings by converting the floating interest rate to a fixed interest rate (the “Interest Rate Swaps”). As of July 31, 2022, the Company hedged the future cash flows associated with $400.0 million of the principal amount outstanding of its Vail Holdings Credit Agreement (as defined in Note 6, Long-Term Debt), which were designated as cash flow hedges. The accounting for changes in fair value of hedging instruments depends on the effectiveness of the hedge. In order to qualify for hedge accounting, the underlying hedged item must expose the Company to risks associated with market fluctuations and the financial instrument used must reduce the Company’s exposure to market fluctuation throughout the hedge period. Changes in estimated fair value of the Interest Rate Swaps are recorded within change in estimated fair value of hedging instruments, net of tax, on the Company’s Consolidated Statements of Comprehensive Income, and such change was recorded as a gain (loss) of $18.9 million, $12.8 million and ($22.5) million during the years ended July 31, 2022, 2021 and 2020, respectively. Amounts are reclassified into interest expense, net from other comprehensive income during the period in which the hedged item affects earnings. During the years ended July 31, 2022 and 2021, $4.3 million and $5.4 million, respectively, was reclassified into interest expense, net from other comprehensive income. As of July 31, 2022, the estimated fair value of the Interest Rate Swaps was an asset of approximately $12.3 million and was recorded within deferred charges and other assets on the Company’s Consolidated Balance Sheet, and the impact of the underlying cash flows associated with the Interest Rate Swaps are recorded within interest expense, net on the Company’s Consolidated Statements of Operations. See Note 9, Fair Value Measurements, for more information.

Leases — The Company determines if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if there is one or more assets identified and the right to control the use of any identified asset is conveyed to the Company for a period of time in exchange for consideration. Control over the use of an identified asset means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. Generally, the Company classifies a lease as a finance lease if the terms of the agreement effectively transfer control of the underlying asset; otherwise, it is classified as an operating lease. For contracts that contain lease and non-lease components, the Company accounts for these components separately. For leases with terms greater than twelve months, the associated lease right-of-use (“ROU”) assets and lease liabilities are recognized at the estimated present value of future lease payments over the lease term at commencement date. The Company’s leases do not provide a readily determinable implicit rate; therefore, the Company uses an estimated incremental borrowing rate to discount the future minimum lease payments. For leases containing fixed rental escalation clauses, the escalators are factored into the determination of future minimum lease payments. The Company includes options to extend a lease when it is reasonably certain that such options will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. See Note 4, Leases, for more information.

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

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jul. 31, 2022

Accounting Policies [Abstract]

Summary On Estimated Useful Life Of Property, Plant And Equipment

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


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

Allocation Of Stock-Based Compensation Expense

The following table shows total net stock-based compensation expense for the years ended July 31, 2022, 2021 and 2020 included in the accompanying Consolidated Statements of Operations (in thousands):


	Year Ended July 31,
	2022		2021		2020
Mountain stock-based compensation expense	$	20,892	$	20,311	$	17,410
Lodging stock-based compensation expense	3,737		3,783		3,399
Real Estate stock-based compensation expense	256		301		212
Pre-tax stock-based compensation expense	24,885		24,395		21,021
Less: benefit from income taxes	6,189		5,871		5,027
Net stock-based compensation expense	$	18,696	$	18,524	$	15,994

Acquisitions (Summary Pro Forma Financial Information) (Details)	12 Months Ended
	Jul. 31, 2021 USD ($) $ / shares
Pro Forma Financial Information [Line Items]
Pro forma net revenue \| $	$ 1,970,363
Pro forma net income attributable to Vail Resorts, Inc. \| $	$ 100,205
Pro forma basic net income per share attributable to Vail Resorts, Inc. \| $ / shares	$ 2.49
Pro forma diluted net income per share attributable to Vail Resorts, Inc. \| $ / shares	$ 2.45

Acquisitions (Summary Of Estimate Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands			12 Months Ended
	Dec. 31, 2021	Sep. 24, 2019	Jul. 31, 2022	Jul. 31, 2021
Business Acquisition [Line Items]
Indefinite-Lived Trademarks			$ 237,483	$ 239,786
Goodwill, Acquired During Period			4,991
Peak Resorts, Inc. [Member]
Business Acquisition [Line Items]
Business Combination, Cash Consideration Transferred		$ 264,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables				19,578
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				427,793
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				19,221
Goodwill, Acquired During Period				135,879
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities				(99,275)
Business Combination, Consideration Transferred		334,700
Business Combination, Consideration Transferred, Other		70,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net				334,731
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed				3,100
Proceeds from (Repayments of) Debt		$ 335,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets				16,203
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt				(184,668)
Canyons [Member]
Business Acquisition [Line Items]
Business Acquisition, Purchase Price Allocation, Land			31,818	31,818
Business Acquisition, Purchase Price Allocation, Land Improvements			49,228	49,228
Business Acquisition, Purchase Price Allocation, Buildings and Building Improvements			42,160	42,160
Business Acquisition, Purchase Price Allocation, Machinery and Equipment			60,384	60,384
Business Acquisition, Purchase Price Allocation, Accumulated Depreciation			(84,556)	(75,545)
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment Net (under Capital Lease)			99,034	$ 108,045
Seven Springs Resorts
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables			2,932
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			118,415
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			5,335
Goodwill, Acquired During Period			4,991
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities			(15,172)
Business Combination, Consideration Transferred	$ 116,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net			116,501
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed			2,800
Mountain [Member]
Business Acquisition [Line Items]
Goodwill, Acquired During Period			$ 2,196

Summary of Significant Accounting Policies (Summary On Estimated Useful Life Of Property, Plant And Equipment) (Details)	12 Months Ended
	Jul. 31, 2022
Software and Software Development Costs [Member]
Estimated life in years	3 years
Minimum [Member] \| Land Improvements [Member]
Estimated life in years	10 years
Minimum [Member] \| Buildings and Building Improvements [Member]
Estimated life in years	7 years
Minimum [Member] \| Machinery and Equipment [Member]
Estimated life in years	2 years
Minimum [Member] \| Furniture and Fixtures [Member]
Estimated life in years	3 years
Minimum [Member] \| Vehicles [Member]
Estimated life in years	3 years
Maximum [Member] \| Land Improvements [Member]
Estimated life in years	35 years
Maximum [Member] \| Buildings and Building Improvements [Member]
Estimated life in years	30 years
Maximum [Member] \| Machinery and Equipment [Member]
Estimated life in years	30 years
Maximum [Member] \| Furniture and Fixtures [Member]
Estimated life in years	10 years
Maximum [Member] \| Vehicles [Member]
Estimated life in years	10 years

Income Taxes (Components Of Deferred Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021
Income Tax Disclosure [Abstract]
Fixed assets	$ 203,669	$ 204,714
Intangible assets	119,066	100,751
Deferred Tax Liabilities, Leasing Arrangements	44,873	47,915
Deferred Tax Liabilities, Convertible Debt	18,780	23,783
Deferred Tax Liabilities, Other	18,157	15,116
Deferred Tax Liabilities, Gross	404,545	392,279
Deferred Tax Liabilities, Net	263,415	249,758
Deferred Tax Asset, Talisker Canyons Obligation	17,291	16,080
Stock-based compensation	9,957	10,335
Deferred Tax Assets, Investments	10,602	7,585
Deferred compensation and other accrued benefits	15,202	13,887
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Contingencies	10,719	7,430
Net operating loss carryforwards other tax credits	8,516	12,182
Deferred Tax Assets, Operating Lease Liabilities	49,530	53,755
Other, net	24,501	27,206
Total	146,318	148,460
Valuation allowance for deferred income taxes	(5,188)	(5,939)
Deferred income tax assets, net of valuation allowance	$ 141,130	$ 142,521

Fair Value Measurements

12 Months Ended

Jul. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

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

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

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


	Estimated Fair Value Measurement as of July 31, 2022
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	505,901	$	505,901	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	9,473	$	—	$	9,473	$	—
Interest Rate Swaps	$	12,301	$	—	$	12,301	$	—
Liabilities:
Contingent Consideration	$	42,400	$	—	$	—	$	42,400

	Estimated Fair Value Measurement as of July 31, 2021
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	253,782	$	253,782	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	259,945	$	—	$	259,945	$	—

Liabilities:
Interest Rate Swaps	$	12,942	$	—	$	12,942	$	—
Contingent Consideration	$	29,600	$	—	$	—	$	29,600

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 Company entered into the Interest Rate Swaps to hedge the LIBOR-based variable interest rate component of $400.0 million in principal amount of its Vail Holdings Credit Agreement. Changes in the estimated fair value are recognized in change in estimated fair value of hedging instruments on the Company’s Consolidated Statements of Comprehensive Income. The estimated fair value of the Interest Rate Swaps was included as an asset within deferred charges and other assets as of July 31, 2022, and as a liability within other long-term liabilities as of July 31, 2021, in the Company’s Consolidated Balance Sheets.

The changes in Contingent Consideration during the years ended July 31, 2022 and 2021 were as follows (in thousands):


	Contingent Consideration
Balance as of July 31, 2020	$	17,800
Payment	(2,602)
Change in estimated fair value	14,402
Balance as of July 31,2021	29,600
Payment	(7,480)
Change in estimated fair value	20,280
Balance as of July 31, 2022	$	42,400

The Park City Lease 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 Park City 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 Park City 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 performance, escalated by an assumed long-term growth factor and discounted to net present value. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 11.1%, volatility of 17.0% and future period Park City EBITDA, which are unobservable inputs and thus are considered Level 3 inputs. The Company evaluated the long-term growth assumptions related to future results at Park City as of July 31, 2022. Operating results for the year ended July 31, 2022 were significantly higher than the historical trend for Park City, in part driven by dynamics caused by COVID-19. There is inherent variability in the performance of the Company’s individual resorts, including Park City, and while results for the year ended July 31, 2022 were strong for the resort, the long-term historical average of results continues to support a more normalized growth rate in the valuation. The Company will continue to monitor actual performance compared to its expectations and will update assumptions as appropriate. 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 $3.0 million to $6.1 million.

Contingent Consideration is classified as a liability and is remeasured to an estimated fair value at each reporting date until the contingency is resolved. During the year ended July 31, 2022, the Company made a payment to the landlord for Contingent Consideration of approximately $7.5 million and recorded an increase in the estimated fair value of approximately $20.3 million which was primarily associated with the estimated Contingent Consideration payment for the fiscal year ended July 31, 2022. These changes resulted in an estimated fair value of the Contingent Consideration of $42.4 million as of July 31, 2022, which is reflected in accounts payable and accrued liabilities and other long-term liabilities in the accompanying Consolidated Balance Sheet.

- Definition

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

+ References + Details

Stock Compensation Plan

12 Months Ended

Jul. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock Compensation Plan

The Company has a share award plan (the “Plan”) which has been approved by the Company’s stockholders. Under the Plan, up to 4.4 million shares of common stock could be issued in the form of options, stock appreciation rights, restricted shares, restricted share units, performance shares, performance share units, dividend equivalents or other share-based awards to employees, directors or consultants of the Company or its subsidiaries or affiliates. The terms of awards granted under the Plan, including exercise price, vesting period and life, are set by the Compensation Committee of the Board of Directors. All share-based awards (except for restricted shares and restricted share units) granted under the Plan have a life of ten years. Most awards vest ratably over three years; however, some have been granted with different vesting schedules. Of the awards outstanding, none have been granted to non-employees (except those granted to non-employee members of the Board of Directors of the Company) under the Plan. At July 31, 2022, approximately 2.6 million share based awards were available to be granted under the Plan.

The fair value of stock-settled stock appreciation rights (“SARs”) granted in the years ended July 31, 2022, 2021 and 2020 were estimated on the date of grant using a lattice-based option valuation model that applies the assumptions noted in the table below. A lattice-based model considers factors such as exercise behavior, and assumes employees will exercise equity awards at different times over the contractual life of the equity awards. As a lattice-based model considers these factors, and is more flexible, the Company considers it to be a better method of valuing equity awards than a closed-form Black-Scholes model.

Because lattice-based option valuation models incorporate ranges of assumptions for inputs, those ranges are disclosed. Expected volatility is based on historical volatility of the Company’s stock. The Company uses historical data to estimate equity award exercises and employee terminations within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of equity awards granted is derived from the output of the option valuation model and represents the period of time that equity awards granted are expected to be outstanding; the range given below results from certain groups of employees exhibiting different behavior. The risk-free rate for periods within the contractual life of the equity award is based on the United States Treasury yield curve in effect at the time of grant.


	Year ended July 31,
	2022	2021	2020
Expected volatility	31.0%	30.7%	29.7%
Expected dividend yield	2.1%	3.0%	2.8%
Expected term (average in years)	6.4-6.8	6.6-6.9	6.5-7.1
Risk-free rate	0.1-1.2%	0.1-0.6%	1.8-2.0%

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

A summary of aggregate SARs award activity under the Plan as of July 31, 2022, 2021 and 2020, and changes during the years then ended is presented below (in thousands, except exercise price and contractual term):


	Awards	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at August 1, 2019	1,171	$	111.12
Granted	146	$	245.26
Exercised	(247)	$	67.19
Forfeited or expired	(9)	$	252.75
Outstanding at July 31, 2020	1,061	$	138.59
Granted	205	$	233.01
Exercised	(370)	$	84.20
Forfeited or expired	(23)	$	236.31
Outstanding at July 31, 2021	873	$	181.17
Granted	97	$	360.69
Exercised	(278)	$	93.32
Forfeited or expired	(13)	$	271.04
Outstanding at July 31, 2022	679	$	241.13	6.6 years	$	15,486
Vested and expected to vest at July 31, 2022	668	$	240.59	6.6 years	$	15,424
Exercisable at July 31, 2022	449	$	218.23	5.7 years	$	14,460

The weighted-average grant-date estimated fair value of SARs granted during the years ended July 31, 2022, 2021 and 2020 was $96.20, $52.30 and $58.25, respectively. The total intrinsic value of SARs exercised during the years ended July 31, 2022, 2021 and 2020 was $69.1 million, $82.0 million and $35.0 million, respectively. The Company had 160,000, 96,000 and 91,000 SARs that vested during the years ended July 31, 2022, 2021 and 2020, respectively. These awards had a total estimated fair value of $16.2 million, $0.1 million and $2.6 million at the date of vesting for the years ended July 31, 2022, 2021 and 2020, respectively.

A summary of the status of the Company’s nonvested SARs as of July 31, 2022 and changes during the year then ended is presented below (in thousands, except fair value amounts):


	Awards	Weighted-Average Grant-Date Fair Value
Nonvested at July 31, 2021	302	$	57.22
Granted	97	$	96.20
Vested	(160)	$	58.98
Forfeited	(9)	$	72.13
Nonvested at July 31, 2022	230	$	71.62

A summary of the status of the Company’s nonvested restricted share units as of July 31, 2022 and changes during the year then ended is presented below (in thousands, except fair value amounts):


	Awards	Weighted-Average Grant-Date Fair Value
Nonvested at July 31, 2021	143	$	224.94
Granted	68	$	336.57
Vested	(68)	$	229.99
Forfeited	(18)	$	260.32
Nonvested at July 31, 2022	125	$	277.78

The Company granted 68,000 restricted share units during the year ended July 31, 2022 with a weighted-average grant-date estimated fair value of $336.57. The Company granted 94,000 restricted share units during the year ended July 31, 2021 with a weighted-average grant-date estimated fair value of $222.17. The Company granted 83,000 restricted share units during the year ended July 31, 2020 with a weighted-average grant-date estimated fair value of $217.46. The Company had 68,000, 66,000 and 63,000 restricted share units that vested during the years ended July 31, 2022, 2021 and 2020, respectively. These units had a total estimated fair value of $23.7 million, $15.0 million and $14.8 million at the date of vesting for the years ended July 31, 2022, 2021 and 2020, respectively.

As of July 31, 2022, there was $30.3 million of total unrecognized compensation expense related to nonvested share-based compensation arrangements granted under the Plan, of which $18.2 million, $10.6 million and $1.5 million of expense is expected to be recognized in the years ending July 31, 2023, 2024 and 2025, respectively, assuming no share-based awards are granted in the future or forfeited. The tax benefit realized or expected to be realized from SARs exercised and restricted stock units vested was $23.0 million, $24.0 million and $12.3 million for the years ended July 31, 2022, 2021 and 2020, respectively.

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

Acquisitions

12 Months Ended

Jul. 31, 2022

Business Acquisition [Line Items]

Business Acquisition, Pro Forma Information [Table Text Block]

Peak Resorts 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, 2018 (the beginning of the fiscal year preceding the fiscal year in which the acquisition occurred). The following unaudited pro forma financial information includes adjustments for (i) depreciation on acquired property, plant and equipment; (ii) amortization of intangible assets recorded at the date of the 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, 2018 (in thousands, except per share amounts).


	Year Ended July 31, 2020

Pro forma net revenue	$	1,970,363
Pro forma net income attributable to Vail Resorts, Inc.	$	100,205
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$	2.49
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$	2.45

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

The following summarizes the purchase consideration and the preliminary purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands):


	Acquisition Date Estimated Fair Value
Current assets	$	2,932
Property, plant and equipment	118,415
Goodwill	4,991
Identifiable intangible assets and other assets	5,335
Liabilities	(15,172)
Net assets acquired	$	116,501

Acquisitions

Seven Springs Mountain Resort, Hidden Valley Resort & Laurel Mountain Ski Area

On December 31, 2021, the Company, through a wholly-owned subsidiary, acquired Seven Springs Mountain Resort, Hidden Valley Resort and Laurel Mountain Ski Area in Pennsylvania from Seven Springs Mountain Resort, Inc. and its affiliates for a cash purchase price of approximately $116.5 million, after adjustments for certain agreed-upon terms, which the Company funded with cash on hand. 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 a hotel, conference center and other related operations.


	Acquisition Date Estimated Fair Value
Current assets	$	2,932
Property, plant and equipment	118,415
Goodwill	4,991
Identifiable intangible assets and other assets	5,335
Liabilities	(15,172)
Net assets acquired	$	116,501

Identifiable intangible assets acquired in the transaction were primarily related to advanced lodging bookings and trade names. The process of estimating the fair value of the property, plant, and equipment includes the use of certain estimates and assumptions related to replacement cost and physical condition at the time of acquisition. The excess of the purchase price over the aggregate estimated fair values of 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 recognized $2.8 million of acquisition related expenses associated with the transaction within Mountain and Lodging operating expense in its Consolidated Statement of Operations for the year ended July 31, 2022. The operating results of the acquired resorts are reported within the Mountain and Lodging segments prospectively from the date of acquisition.

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

Peak Resorts

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

which the Company borrowed approximately $335.6 million under the Vail Holdings Credit Agreement (see Note 6, Long-Term Debt) to fund the acquisition, repayment of debt instruments and lease obligations, and associated acquisition related expenses. The 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 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 depreciable property, plant, and equipment includes the use of certain estimates and assumptions related to replacement cost. The excess of the purchase price over the aggregate estimated fair values of the assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of the resorts and other factors, and is not expected to be deductible for income tax purposes. The Company assumed various debt obligations of Peak Resorts, which were recorded at their respective estimated fair values as of the acquisition date (see Note 6, Long-Term Debt). The Company incurred $3.1 million of acquisition related expenses associated with the transaction which were recorded within Mountain and Lodging operating expense in its Consolidated Statement of Operations for the year ended July 31, 2020. The operating results of Peak Resorts are reported within the Mountain and Lodging segments prospectively from the date of acquisition.

Peak Resorts Pro Forma Financial Information


	Year Ended July 31, 2020

Pro forma net revenue	$	1,970,363
Pro forma net income attributable to Vail Resorts, Inc.	$	100,205
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$	2.49
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$	2.45

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 41 destination mountain resorts and regional ski areas as of September 28, 2022:

https://cdn.kscope.io/950aa358775a555583dec15fa77ce43a-mtn-20220731_g2.jpg

*Denotes a destination mountain resort, which generally receives a meaningful portion of skier visits from long-distance travelers, as opposed to the Company’s regional ski areas, which tend to generate skier visits predominantly from their respective local markets.

Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations, and for the Company’s Australian ski areas, including lodging and transportation operations. Several of the resorts located in the United States (“U.S.”) operate primarily on federal land under the terms of Special Use Permits granted by the U.S. Department of Agriculture Forest Service. The operations of Whistler Blackcomb are conducted on land owned by the government of the Province of British Columbia, Canada within the traditional territory of the Squamish and Lil’wat Nations. The operations of the Company’s Australian ski areas are conducted pursuant to long-term leases and licenses on land owned by the governments of New South Wales and Victoria, Australia. Okemo, Mount Sunapee and Stowe operate on land leased from the respective states in which the resorts are located and on land owned by the Company.

In the Lodging segment, the Company owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand; other strategic lodging properties and a large number of condominiums located in proximity to the Company’s North American mountain resorts; National Park Service (“NPS”) concessioner 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, and typically experience their peak operating seasons primarily from mid-December through mid-April in North America. The peak operating season at the Company’s Australian resorts, NPS concessioner properties and golf courses generally occurs from June to early October.

Acquisition of Andermatt-Sedrun Sport AG

On August 3, 2022, through a wholly-owned subsidiary, the Company acquired a 55% controlling interest in Andermatt-Sedrun Sport AG (“Andermatt-Sedrun”) from Andermatt Swiss Alps AG (“ASA”). Andermatt-Sedrun operates mountain and ski-related assets, including lifts, most of the restaurants and a ski school operation at the ski area. Ski operations are conducted on land owned by ASA as freehold or leasehold properties, land owned by Usern Corporation, land owned by the municipality of Tujetsch and land owned by private property owners.

Stock Compensation Plan (Schedule Of Share Based Compensation Valuation Model) (Details)	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	31.00%	30.70%	29.70%
Expected dividends	2.10%	3.00%	2.80%
Risk-free rate, minimum	0.10%	0.10%	1.80%
Risk-free rate, maximum	1.20%	0.60%	2.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (average in years)	6 years 4 months 24 days	6 years 7 months 6 days	6 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (average in years)	6 years 9 months 18 days	6 years 10 months 24 days	7 years 1 month 6 days

Segment Information

12 Months Ended

Jul. 31, 2022

Segment Reporting [Abstract]

Segment Information

Segment and Geographic Area Information

Segment Information

The Company has three reportable segments: Mountain, Lodging and Real Estate. The Company refers to “Resort” as the combination of the Mountain and Lodging segments. The Mountain segment includes the operations of the Company’s mountain resorts/ski areas and related ancillary activities. The Lodging segment includes the operations of the Company’s owned hotels, RockResorts, NPS concessioner 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.

On August 1, 2021, the Company revised its segment reporting to move certain dining and golf operations from the Lodging segment to the Mountain segment. Segment reporting results for the prior years have been adjusted retrospectively to conform to the current period presentation.

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

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

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

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


	Year ended July 31,
	2022		2021 (1)		2020 (1)
Net revenue:
Mountain	$	2,213,114	$	1,702,798	$	1,726,620
Lodging	312,090		205,142		232,237
Total Resort net revenue	2,525,204		1,907,940		1,958,857
Real Estate	708		1,770		4,847
Total net revenue	$	2,525,912	$	1,909,710	$	1,963,704
Segment operating expense:
Mountain	$	1,404,527	$	1,156,743	$	1,224,870
Lodging	286,343		213,239		232,328
Total Resort operating expense	1,690,870		1,369,982		1,457,198
Real Estate	5,911		6,676		9,182
Total segment operating expense	$	1,696,781	$	1,376,658	$	1,466,380
Gain on sale of real property	$	1,276	$	324	$	207
Mountain equity investment income, net	$	2,580	$	6,698	$	1,690
Reported EBITDA:
Mountain	$	811,167	$	552,753	$	503,440
Lodging	25,747		(8,097)		(91)
Resort	836,914		544,656		503,349
Real Estate	(3,927)		(4,582)		(4,128)
Total Reported EBITDA	$	832,987	$	540,074	$	499,221
Real estate held for sale or investment	$	95,983	$	95,615	$	96,844
Reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.	$	347,923	$	127,850	$	98,833
Net income (loss) attributable to noncontrolling interests	20,414		(3,393)		10,222
Net income	368,337		124,457		109,055
Provision for income taxes	88,824		726		7,378
Income before provision for income taxes	457,161		125,183		116,433
Depreciation and amortization	252,391		252,585		249,572
Asset impairments	—		—		28,372
(Gain) loss on disposal of fixed assets and other, net (2)	(43,992)		5,373		(838)
Change in estimated fair value of contingent consideration	20,280		14,402		(2,964)
Investment income and other, net	(3,718)		(586)		(1,305)
Foreign currency loss (gain) on intercompany loans	2,682		(8,282)		3,230
Interest expense, net	148,183		151,399		106,721
Total Reported EBITDA	$	832,987	$	540,074	$	499,221

(1) Segment results for the years ended July 31, 2021 and 2020 have been retrospectively adjusted to reflect current period presentation.

(2) During the year ended July 31, 2022, the Company recognized a gain of $32.2 million from the sale of a hotel property in Breckenridge.

Geographic Information

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


	Year ended July 31,
Net revenue	2022		2021		2020
U.S.	$	2,228,708	$	1,717,270	$	1,655,961
International (1)	297,204		192,440		307,743
Total net revenue	$	2,525,912	$	1,909,710	$	1,963,704

			July 31,
Property, plant and equipment, net			2022		2021
U.S.			$	1,729,400	$	1,646,097
International (2)			388,652		421,779
Total property, plant and equipment, net			$	2,118,052	$	2,067,876

(1) No individual international country (i.e. except the U.S.) accounted for more than 10% of the Company’s revenue for the years ended July 31, 2022 and 2021. The only individual international country to account for more than 10% of the Company’s revenue for the year ended July 31, 2020 was Canada. Canada accounted for $223.3 million of revenue for the year ended July 31, 2020.

(2) The only individual international country to account for more than 10% of the Company’s property plant and equipment, net was Canada. Canada accounted for $272.9 million and $288.4 million of property, plant and equipment, net as of July 31, 2022 and 2021, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&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=123359005&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=123359005&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=123359005&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=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

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

+ Details

Income Taxes Components of Income before Income Taxes (Details) - USD ($)	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Components of Income Before Income Taxes [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Domestic	$ 387,729,000	$ 148,898,000	$ 89,838,000
Income (Loss) from Continuing Operations before Income Taxes, Foreign	69,432,000	(23,715,000)	26,595,000
Income before provision for income taxes	$ 457,161,000	$ 125,183,000	$ 116,433,000

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
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-Subparagraph (SX 210.7-04(8))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Commitments and Contingencies (Narrative) (Details) $ in Thousands		12 Months Ended
	May 29, 2013	Jul. 31, 2022 USD ($)	Jul. 31, 2021 USD ($)	Jul. 31, 2020 USD ($)
Amount outstanding in letters of credit		$ 79,300
Surety Bonds Outstanding		$ 13,200
Number of optional renewal terms		3
Long-term Debt		$ 2,807,046	$ 2,948,514
Litigation Settlement, Expense		13,200	13,200
Operating Lease, Expense		61,200	58,700	$ 58,800
Holland Creek Metropolitan District [Member]
Credit-enhanced bonds issued amount		6,300
Amount outstanding in letters of credit		6,400
Red Sky Ranch Metropolitan District [Member]
Other long-term liabilities		$ 1,800	2,000
Estimated cessation date of capital improvement fee payment obligation		Jul. 31, 2031
Employee Housing Bonds [Member]
Amount outstanding in letters of credit		$ 53,400
Workers' Compensation and General Liability Related to Construction and Development Activities [Member]
Amount outstanding in letters of credit		$ 25,900
Northstar [Member]
Optional Lease Renewal Term		10
Lease Expiration Year		2027
Perisher [Member]
Optional Lease Renewal Term		20 years
Operating Leases, Rent Expense, Contingent Rentals		of certain gross revenue
Lease Expiration Year		2048
Canyons [Member]
Optional Lease Renewal Term	six 50-year renewal options
Lease Expiration Year		2079
Mad River Mountain
Lease Expiration Date		Jul. 31, 2035
Hotham [Member]
Lease Expiration Year		2058
Falls Creek [Member]
Lease Expiration Year		2041
Seven Springs Resorts
Lease Expiration Year		2052
Canyons Obligation [Member]
Long-term Debt		$ 357,607	$ 351,820

Income Taxes Presentation of Net Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021
Presentation of Net Deferred Tax Liabilities and Assets [Abstract]
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	$ 5,049	$ 3,059
Deferred Tax Liabilities, Net, Noncurrent	268,464	252,817
Deferred Tax Liabilities, Net	$ 263,415	$ 249,758

Segment Information (Details) - USD ($)	12 Months Ended
Segment Information (Details) - USD ($)	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Mountain	$ 2,213,114,000	$ 1,702,798,000	$ 1,726,620,000
Lodging	312,090,000	205,142,000	232,237,000
Total Resort net revenue	2,525,204,000	1,907,940,000	1,958,857,000
Real Estate	708,000	1,770,000	4,847,000
Total net revenue	2,525,912,000	1,909,710,000	1,963,704,000
Mountain	1,404,527,000	1,156,743,000	1,224,870,000
Lodging	286,343,000	213,239,000	232,328,000
Resort	1,690,870,000	1,369,982,000	1,457,198,000
Real estate	5,911,000	6,676,000	9,182,000
Total segment operating expense	1,696,781,000	1,376,658,000	1,466,380,000
Gain on sale of real property	1,276,000	324,000	207,000
Mountain equity investment income, net	2,580,000	6,698,000	1,690,000
Total Reported EBITDA	832,987,000	540,074,000	499,221,000
Real estate held for sale or investment	95,983,000	95,615,000	96,844,000
Income before provision for income taxes	457,161,000	125,183,000	116,433,000
Depreciation and amortization	252,391,000	252,585,000	249,572,000
Asset impairments	0	0	28,372,000
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	(43,992,000)	5,373,000	(838,000)
Change in fair value of contingent consideration	20,280,000	14,402,000	(2,964,000)
Investment Income, Interest	(3,718,000)	(586,000)	(1,305,000)
Foreign Currency Transaction Gain (Loss), before Tax	2,682,000	(8,282,000)	3,230,000
Interest Expense	148,183,000	151,399,000	106,721,000
Provision for income taxes (Note 10)	(88,824,000)	(726,000)	(7,378,000)
Net income	368,337,000	124,457,000	109,055,000
Net (income) loss attributable to noncontrolling interests	(20,414,000)	3,393,000	(10,222,000)
Net income	347,923,000	127,850,000	98,833,000
Property, Plant and Equipment, Net	2,118,052,000	2,067,876,000
Doubletree Breckenridge
Gain (Loss) on Disposition of Property Plant Equipment	32,200,000
Resort [Member]
Total Reported EBITDA	836,914,000	544,656,000	503,349,000
Mountain [Member]
Total Reported EBITDA	811,167,000	552,753,000	503,440,000
Lodging [Member]
Total Reported EBITDA	25,747,000	(8,097,000)	(91,000)
Real Estate Segment
Total Reported EBITDA	$ (3,927,000)	$ (4,582,000)	$ (4,128,000)

Subsequent Events (Details) $ in Thousands, SFr in Millions			12 Months Ended
Subsequent Events (Details) $ in Thousands, SFr in Millions	Aug. 03, 2022 USD ($)	Aug. 03, 2022 CHF (SFr)	Jul. 31, 2022 USD ($)	Jul. 31, 2022 CHF (SFr)	Jul. 31, 2021 USD ($)	Jul. 31, 2020 USD ($)
Subsequent Event [Line Items]
Other Payments to Acquire Businesses1			$ 114,400	SFr 110.0	$ 0	$ 0
Forecast [Member]
Subsequent Event [Line Items]
Business Combination, Consideration Transferred	$ 155,700	SFr 149.3
Business Combination, Consideration Transferred2	155,400
Business Combination, Remainder Payment	$ 41,300	SFr 39.3

Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Long-term Debt, Other Disclosures [Abstract]
Foreign currency (loss) gain on intercompany loans (Note 6)	$ (2,682)	$ 8,282	$ (3,230)
Proceeds from Sale of Other Real Estate	6,200
Long-Term Debt, Maturity, Year One	69,890
2022	63,813
2023	1,553,883
2024	575,415
2025	22,755
Thereafter	521,290
Long-term Debt	2,807,046	2,948,514
Interest Expense, Debt	148,200	151,400	106,700
Amortization of Financing Costs	$ 5,900	$ 4,900	$ 1,900

Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
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 performance, escalated by an assumed long-term growth factor and discounted to net present value. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 11.1%, volatility of 17.0% and future period Park City EBITDA, which are unobservable inputs and thus are considered Level 3 inputs.
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Adverse Change in Other Assumption, Description	The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance would result in a change in the estimated fair value within the range of approximately $3.0 million to $6.1 million.
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 12,301
Interest Rate Cash Flow Hedge Liability at Fair Value	12,300	$ 12,942
Liabilities, Fair Value Disclosure	42,400	29,600	$ 17,800
Payments for Rent	(7,480)	(2,602)
Change in Fair Value of Contingent Consideration	20,280	14,402
Interest Rate Swap, Notional Amount	400,000	400,000	$ 400,000
Level 2 [Member]
Interest Rate Cash Flow Hedge Asset at Fair Value	12,301
Interest Rate Cash Flow Hedge Liability at Fair Value		12,942
Level 3 [Member]
Liabilities, Fair Value Disclosure	$ 42,400	29,600
Canyons [Member]
Business Combination, Contingent Consideration Arrangements, Description	42% of the amount by which EBITDA for the Park City resort operations, as calculated under the Park City 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 Park City Lease by the Company.
Money Market Funds [Member]
Cash and Cash Equivalents, Fair Value Disclosure	$ 505,901	253,782
Money Market Funds [Member] \| Level 1 [Member]
Cash and Cash Equivalents, Fair Value Disclosure	505,901	253,782
Commercial Paper [Member]
Cash and Cash Equivalents, Fair Value Disclosure	2,401	2,401
Commercial Paper [Member] \| Level 2 [Member]
Cash and Cash Equivalents, Fair Value Disclosure	2,401	2,401
Certificates of Deposit [Member]
Cash and Cash Equivalents, Fair Value Disclosure	9,473	259,945
Certificates of Deposit [Member] \| Level 2 [Member]
Cash and Cash Equivalents, Fair Value Disclosure	$ 9,473	$ 259,945

Fair Value Measurements (Tables)

12 Months Ended

Jul. 31, 2022

Fair Value Disclosures [Abstract]

Summary Of Cash Equivalents Measured At Fair Value


	Estimated Fair Value Measurement as of July 31, 2022
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	505,901	$	505,901	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	9,473	$	—	$	9,473	$	—
Interest Rate Swaps	$	12,301	$	—	$	12,301	$	—
Liabilities:
Contingent Consideration	$	42,400	$	—	$	—	$	42,400

	Estimated Fair Value Measurement as of July 31, 2021
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	253,782	$	253,782	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	259,945	$	—	$	259,945	$	—

Liabilities:
Interest Rate Swaps	$	12,942	$	—	$	12,942	$	—
Contingent Consideration	$	29,600	$	—	$	—	$	29,600

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

The changes in Contingent Consideration during the years ended July 31, 2022 and 2021 were as follows (in thousands):


	Contingent Consideration
Balance as of July 31, 2020	$	17,800
Payment	(2,602)
Change in estimated fair value	14,402
Balance as of July 31,2021	29,600
Payment	(7,480)
Change in estimated fair value	20,280
Balance as of July 31, 2022	$	42,400

Income Taxes

12 Months Ended

Jul. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

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

On March 27, 2020, in response to the COVID-19 pandemic, the U.S. government enacted legislation commonly referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act includes various amendments to the U.S. tax code that impacted the Company’s accounting and reporting for income taxes during the years ended July 31, 2022, 2021 and 2020, and the Company expects these amendments will continue to impact its accounting and reporting for income taxes in the future. The primary provisions of the CARES Act that the Company has been impacted by include:

•allowing a carryback of the entire amount of eligible Federal net operating losses (“NOLs”) generated in calendar years 2018, 2019 and 2020 for up to five years prior to when such losses were incurred, representing a change from previous rules under the Tax Cuts & Jobs Act of 2017 (the “TCJA”), in which NOLs could not be carried back to prior years and utilization was limited to 80% of taxable income in future years. Under the CARES Act, the Company was permitted to carry back its pre-existing NOLs to tax years prior to the enactment of the TCJA and obtain an incremental benefit of $3.8 million in the year ended July 31, 2020 related to the differential in federal tax rates between years that NOLs were generated and years that the NOLs were carried back to;

•treatment of certain qualified improvement property (“QIP”) as 15-year property and allowing such QIP placed in service after December 31, 2017 to be eligible for bonus depreciation; and

•increases in the allowable business interest deduction from 30% of adjusted taxable income to 50% of adjusted taxable income for calendar year 2020.

The CARES Act also provides refundable employee retention credits and defers the requirement to remit the employer-paid portion of social security payroll taxes. As a result, during the year ended July 31, 2020, the Company recorded a benefit of approximately $9.6 million, which primarily offset Mountain and Lodging operating expense as a result of wages paid to employees who were not providing services. Additionally, the Company deferred payment of the employer-paid portion of social security payroll taxes through the end of calendar year 2020 and remitted such amounts in equal installments during calendar years 2021 and 2022.

The Company also recognized benefits of approximately $7.0 million, $30.8 million and $8.5 million during the years ended July 31, 2022, 2021 and 2020, respectively, as a result of the recent Canada Emergency Wage Subsidy and Australian JobKeeper legislation for its Canadian and Australian employees, which primarily offset Mountain and Lodging operating expense.

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


	Year Ended July 31,
	2022		2021		2020
U.S.	$	387,729	$	148,898	$	89,838
Foreign	69,432		(23,715)		26,595
Income before income taxes	$	457,161	$	125,183	$	116,433

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


	July 31,
	2022		2021
Deferred income tax liabilities:
Fixed assets	$	203,669	$	204,714
Intangible assets	119,066		100,751
Operating lease right of use assets	44,873		47,915
Convertible debt	18,780		23,783
Other	18,157		15,116
Total	404,545		392,279
Deferred income tax assets:
Canyons obligation	17,291		16,080
Stock-based compensation	9,957		10,335
Investment in Partnerships	10,602		7,585
Deferred compensation and other accrued benefits	15,202		13,887
Contingent Consideration	10,719		7,430

Net operating loss carryforwards and other tax credits	8,516		12,182
Operating lease liabilities	49,530		53,755
Other, net	24,501		27,206
Total	146,318		148,460
Valuation allowance for deferred income taxes	(5,188)		(5,939)
Deferred income tax assets, net of valuation allowance	141,130		142,521
Net deferred income tax liability	$	263,415	$	249,758

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


	July 31,
	2022		2021
Deferred income tax asset	$	5,049	$	3,059
Deferred income tax liability	268,464		252,817
Net deferred income tax liability	$	263,415	$	249,758

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


	Year Ended July 31,
	2022		2021		2020
Current:
Federal	$	62,974	$	20,387	$	(13,467)
State	13,938		4,935		(731)
Foreign	21,302		(8,460)		4,141
Total current	98,214		16,862		(10,057)
Deferred:
Federal	(6,910)		(16,289)		12,597
State	1,966		(2,423)		4,266
Foreign	(4,446)		2,576		572
Total deferred	(9,390)		(16,136)		17,435
Provision for income taxes	$	88,824	$	726	$	7,378

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


	Year Ended July 31,
	2022		2021		2020
At U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State income tax, net of federal benefit	3.8	%	4.2	%	3.5	%
Change in uncertain tax positions	(1.2)	%	(3.5)	%	(3.8)	%

Excess tax benefits related to stock-based compensation	(3.6)	%	(14.3)	%	(7.1)	%
Impacts of the Tax Act and other legislative changes	—	%	—	%	(3.2)	%
Noncontrolling interests	(1.2)	%	0.8	%	(2.4)	%
Foreign rate differential	0.1	%	(5.0)	%	(2.4)	%
Taxes related to prior year filings	0.3	%	(2.9)	%	—	%
Other	0.2	%	0.3	%	0.7	%
Effective tax rate	19.4	%	0.6	%	6.3	%

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


	Year Ended July 31,
	2022		2021		2020
Balance, beginning of year	$	67,857	$	70,299	$	72,222

Additions for tax positions of prior years	11,179		16,754		16,654

Lapse of statute of limitations	(16,127)		(19,196)		(18,577)

Balance, end of year	$	62,909	$	67,857	$	70,299

As of July 31, 2022, the Company’s unrecognized tax benefits associated with uncertain tax positions relate to the treatment of the Talisker lease payments as payments of debt obligations and that the tax basis in Canyons goodwill is deductible, and are included within other long-term liabilities in the accompanying Consolidated Balance Sheets.

During the year ended July 31, 2022, the Company experienced a reduction in the uncertain tax positions due to the lapse of the statute of limitations of $16.1 million, which was partially offset with an increase to the uncertain tax position of $11.2 million. Accrued interest and penalties associated with the statute of limitations lapse were approximately $5.8 million. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Additionally, the Company expects a reduction to its uncertain tax positions for the fiscal year ending July 31, 2023, due to the lapse of the statute of limitations.

The Company’s major tax jurisdictions in which it files income tax returns are the U.S. federal jurisdiction, various state jurisdictions, Australia and Canada. The Company’s U.S. federal income tax returns are subject to tax examinations for the tax years 2018 through the current period. U.S. state, Australia and Canada income tax returns are generally subject to examination for the tax years 2018 through the current period. Additionally, to the extent the Company has NOLs that have been carried back or are available for carryforward, the tax years to which the NOL was carried back or in which the NOL was generated may still be adjusted by the taxing authorities to the extent the NOLs are utilized.

The Company has NOL carryforwards totaling $18.4 million, primarily comprised of $14.8 million of federal and state NOLs as a result of the acquisition of Peak Resorts in September 2019 that will expire beginning July 31, 2031 and non-U.S. NOLs of $3.6 million that will carry forward indefinitely. In connection with Peak Resorts’ initial public offering in November 2014, as well as the Company’s acquisition of Peak Resorts in September 2019, Peak Resorts had two ownership changes pursuant to the provisions of the Tax Reform Act of 1986. As a result, the Company’s usage of its eligible Federal NOL carryforwards will be limited each year by these ownership changes; however, management believes the full benefit of those carryforwards will be realized prior to their respective expiration dates. As of July 31, 2022, the Company has recorded a valuation allowance on $3.6 million of the historical non-U.S. NOL carryforwards, as the Company has determined that it is more likely than not that the associated NOL carryforwards will not be realized. Additionally, the Company has foreign tax credit carryforwards of $4.2 million, which expire by the year ending July 31, 2028. As of July 31, 2022, the Company has recorded a valuation

allowance of $4.2 million on foreign tax credit carryforwards, as the Company has determined that it is more likely than not that these foreign tax credit carryforwards will not be realized.

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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+ Details

Long-Term Debt (Tables)

12 Months Ended

Jul. 31, 2022

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt

Long-term debt as of July 31, 2022 and 2021 is summarized as follows (in thousands):


	Maturity	July 31, 2022		July 31, 2021
Vail Holdings Credit Agreement revolver (a)	2024	$	—	$	—
Vail Holdings Credit Agreement term loan (a)	2024	1,078,125		1,140,625
6.25% Notes (b)	2025	600,000		600,000
0.0% Convertible Notes (c)	2026	575,000		575,000
Whistler Credit Agreement revolver (d)	2026	11,717		44,891
EPR Secured Notes (e)	2034-2036	114,162		114,162
EB-5 Development Notes (f)	2021	—		51,500
Employee housing bonds (g)	2027-2039	52,575		52,575
Canyons obligation (h)	2063	357,607		351,820
Other (i)	2022-2034	17,860		17,941
Total debt		2,807,046		2,948,514
Less: Unamortized premiums, discounts and debt issuance costs (j)		72,997		98,222
Less: Current maturities (k)		63,749		114,117
Long-term debt, net		$	2,670,300	$	2,736,175

(a)On December 18, 2020, Vail Holdings, Inc. (“VHI”), which is a wholly-owned subsidiary of the Company, along with other 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 was exempted from complying with certain financial maintenance covenants for fiscal quarters ending through January 31, 2022 (unless VHI made a one-time irrevocable election to terminate such exemption period prior to such date) (such period, the “Financial Covenants Temporary Waiver Period”), and the Company was prohibited from undertaking certain activities during such period. On October 31, 2021, VHI exited the Financial Covenants Temporary Waiver Period. As a result, the Company was required to comply with the financial maintenance covenants in the Vail Holdings Credit Agreement starting with the fiscal quarter ended October 31, 2021, and the Company is no longer subject to the covenant modifications that were applicable during the Financial Covenants Temporary Waiver Period. On August 31, 2022, the Company entered into an additional amendment to the Vail Holdings Credit Agreement (the “Fifth Amendment”), which extended the maturity date to September 23, 2026. Additionally, the Fifth Amendment contains customary LIBOR replacement language, including, but not limited to, the use of rates based on the secured overnight financing rate (“SOFR”). SOFR is a broad measure of the cost of borrowing cash in the overnight U.S. Treasury repo market and is administered by the Federal Reserve Bank of New York. The Fifth Amendment modified the calculation of interest under the Vail Holdings Credit Agreement from being calculated based on LIBOR to being calculated based on SOFR. No other material terms of the Vail Holdings Credit Agreement were amended.

As of July 31, 2022, the Vail Holdings Credit Agreement consists of a $500.0 million revolving credit facility and a $1.1 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 upon maturity. 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. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at LIBOR plus 1.25% as of July 31, 2022 (3.62% as of July 31, 2022). 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 (0.25% as of July 31, 2022). The Company is party to various interest rate swap agreements which hedge the LIBOR-based variable interest rate component of underlying cash flows of $400.0 million in principal amount of its Vail Holdings Credit Agreement for the remaining term of the agreement at an effective rate of 1.46%. Subsequent to July 31, 2022 and in association with the Fifth Amendment, the interest rate swaps were also amended to transition from a hedge of LIBOR to a hedge of SOFR.

(b)On May 4, 2020, the Company completed its offering of $600 million aggregate principal amount of 6.25% senior notes due 2025 at par (the “6.25% Notes”). The Company pays interest on the 6.25% Notes on May 15 and November 15 of each year, which commenced on November 15, 2020. The 6.25% Notes will mature on May 15, 2025. The 6.25% Notes are redeemable, in whole or in part, at any time on or after May 15, 2022 at the redemption prices specified in an indenture dated as of May 4, 2020 (the “6.25% Indenture”) plus accrued and unpaid interest. The 6.25% Notes are senior unsecured obligations of the Company, are guaranteed by certain of the Company’s domestic subsidiaries, and rank equally in right of payment with existing and future senior indebtedness of the Company and the guarantors (as defined in the 6.25% Indenture).

The 6.25% Indenture requires that, upon the occurrence of a Change of Control (as defined in the 6.25% Indenture), the Company shall offer to purchase all of the outstanding 6.25% Notes at a purchase price in cash equal to 101% of the outstanding principal amount of the 6.25% Notes, plus accrued and unpaid interest. If the Company or certain of its subsidiaries dispose of assets, under certain circumstances, the Company will be required to either invest the net cash proceeds from such assets sales in its business within a specified period of time, repay certain senior secured debt or debt of its non-guarantor subsidiaries, or make an offer to purchase a principal amount of the 6.25% Notes equal to the excess net cash proceeds at a purchase price of 100% of their principal amount, plus accrued and unpaid interest.

The 6.25% Indenture contains covenants that, among other things, restrict the ability of the Company and the guarantors to incur liens on assets; merge or consolidate with another company or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Company’s assets or engage in Sale and Leaseback Transactions (as defined in the 6.25% Indenture). The 6.25% Indenture does not contain any financial maintenance covenants. Certain of the covenants will not apply to the 6.25% Notes so long as the 6.25% Notes have investment grade ratings from two specified rating agencies and no event of default has occurred and is continuing under the 6.25% Indenture. The 6.25% Indenture includes customary events of default, including failure to make payment, failure to comply with the obligations set forth in the 6.25% Indenture, certain defaults on certain other indebtedness, certain events of bankruptcy, insolvency or reorganization, and invalidity of the guarantees of the 6.25% Notes issued pursuant to the 6.25% Indenture.

(c)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”). The 0.0% Convertible Notes were issued under an indenture dated December 18, 2020 (the “Convertible 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 was 2.4560 shares per $1,000 principal amount of notes, which represents an initial conversion price of approximately $407.17 per share, and is subject to adjustment upon the occurrence of certain specified events as

described in the Convertible Indenture, including the payment of cash dividends. As of July 31, 2022, the conversion rate of the 0.0% Convertible Notes, adjusted for cash dividends paid since the issuance date, was 2.5083 shares per $1,000 principal amount of notes (the “Conversion Rate”), which represents a conversion price of $398.67 per share (the “Conversion Price”). The principal amount of the 0.0% Convertible Notes is required to be settled in cash. The Company will settle the in the money component of 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 Convertible 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 Convertible 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 Convertible Indenture) occur, the Conversion Rate for the 0.0% Convertible Notes may be increased for a specified period of time.

The Convertible Indenture includes customary events of default, including failure to make payment, failure to comply with the obligations set forth in the Convertible 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 Convertible 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 Balance Sheet. The excess of the principal amount of the 0.0% Convertible Notes over the initial fair value of the liability component represented a debt discount of $109.7 million and is being amortized to interest expense, net over the term. The balance of the unamortized debt discount was $76.7 million as of July 31, 2022. 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 on the date of issuance, which decreased the recorded value of the equity component. As of July 31, 2022, the equity component is recorded within additional paid-in capital on the Company’s Consolidated Balance Sheets and is not remeasured as long as it continues to meet the conditions

for equity classification. The Company will adopt ASU 2020-06 on August 1, 2022 using the modified retrospective method. As a result of the adoption of ASU 2020-06, the Company will reclassify the equity component of its 0.0% Convertible Notes to long-term debt, net, and it will no longer record non-cash interest expense related to the amortization of the debt discount (see Note 2, Summary of Significant Accounting Policies, for additional information).

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.

(d)Whistler Mountain Resort Limited Partnership (“Whistler LP”) and Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP”), together the “WB Partnerships,” are party to a credit agreement, dated as of November 12, 2013 (as amended, the “Whistler Credit Agreement”), by and among Whistler LP, Blackcomb LP, certain subsidiaries of Whistler LP and Blackcomb LP party thereto as guarantors (the “Whistler Subsidiary Guarantors”), the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. The Whistler Credit Agreement consists of a C$300.0 million revolving credit facility, and during the year ended July 31, 2022, the Company entered into an amendment of the Whistler Credit Agreement which extended the maturity date of the revolving credit facility to December 15, 2026. No other material terms of the Whistler Credit Agreement were altered. The WB Partnerships’ obligations under the Whistler Credit Agreement are guaranteed by the Whistler Subsidiary Guarantors and are collateralized by a pledge of the capital stock of the Whistler Subsidiary Guarantors and a pledge of substantially all of the assets of Whistler LP, Blackcomb LP and the Whistler Subsidiary Guarantors. In addition, pursuant to the terms of the Whistler Credit Agreement, the WB Partnerships have the ability to increase the commitment amount by up to C$75.0 million, subject to lender approval. Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships’ Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of July 31, 2022, in the case of borrowings (i) in Canadian dollars, at the WB Partnerships’ option, either (a) at the Canadian Prime Rate plus 0.75% per annum or (b) by way of the issuance of bankers’ acceptances plus 1.75% per annum; and (ii) in U.S. dollars, at the WB Partnerships option, either at (a) the U.S. Base Rate plus 0.75% per annum or (b) Bankers Acceptance Rate plus 1.75% per annum. As of July 31, 2022, 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 4.70% as of July 31, 2022). The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of July 31, 2022 is equal to 0.39% per annum. The Whistler Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the WB Partnerships’ ability to incur indebtedness and liens, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Whistler Credit Agreement includes the restrictive financial covenants (leverage ratios and interest coverage ratios) customary for facilities of this type.

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

i.The Alpine Valley Secured Note. The $4.6 million Alpine Valley Secured Note provides for interest payments through its maturity on December 1, 2034. As of July 31, 2022, interest on this note accrued at a rate of 11.55%.

ii.The Boston Mills/Brandywine Secured Note. The $23.3 million Boston Mills/Brandywine Secured Note provides for interest payments through its maturity on December 1, 2034. As of July 31, 2022, interest on this note accrued at a rate of 11.07%.

iii.The Jack Frost/Big Boulder Secured Note. The $14.3 million Jack Frost/Big Boulder Secured Note provides for interest payments through its maturity on December 1, 2034. As of July 31, 2022, interest on this note accrued at a rate of 11.07%.

iv.The Mount Snow Secured Note. The $51.1 million Mount Snow Secured Note provides for interest payments through its maturity on December 1, 2034. As of July 31, 2022, interest on this note accrued at a rate of 12.14%.

v.The Hunter Mountain Secured Note. The $21.0 million Hunter Mountain Secured Note provides for interest payments through its maturity on January 5, 2036. As of July 31, 2022, interest on this note accrued at a rate of 8.88%.

The EPR Secured Notes are secured by all or substantially all of the assets of Peak Resorts and its subsidiaries, including mortgages on the Alpine Valley, Boston Mills, Brandywine, Jack Frost, Big Boulder, Mount Snow and Hunter Mountain

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

In addition, Peak Resorts is required to maintain a debt service reserve account which amounts are applied to fund interest payments and other amounts due and payable to EPR. As of July 31, 2022, the Company had funded the EPR debt service reserve account in an amount equal to approximately $5.3 million, which was included in other current assets in the Consolidated Balance Sheet.

(f)Peak Resorts serves as the general partner for two limited partnerships, Carinthia Group 1, LP and Carinthia Group 2, LP (together, the “Carinthia Partnerships”), which were formed to raise funds through the Immigrant Investor Program administered by the U.S. Citizenship and Immigration Services (“USCIS”), pursuant to the Immigration and Nationality Act (the “EB-5 Program”). On December 27, 2016, Peak Resorts borrowed $52.0 million from the Carinthia Partnerships to fund two capital projects at Mount Snow. The amounts were borrowed through two loan agreements, which provided $30.0 million and $22.0 million (together, the “EB-5 Development Notes”). On December 27, 2021, Peak Resorts repaid all remaining principal owed to the Carinthia Partnerships.

(g)The Company has recorded the outstanding debt of four Employee Housing Entities (each an “Employee Housing Entity” and collectively the “Employee Housing Entities”): Breckenridge Terrace, Tarnes, BC Housing and Tenderfoot. The proceeds of the Employee Housing Bonds were used to develop apartment complexes designated primarily for use by the Company’s seasonal employees at its Colorado mountain resorts. The Employee Housing Bonds are variable rate, interest-only instruments with interest rates tied to LIBOR plus 0% to 0.10% (2.35% to 2.45% as of July 31, 2022).

Interest on the Employee Housing Bonds is paid monthly in arrears and the interest rate is adjusted weekly. No principal payments are due on the Employee Housing Bonds until maturity. Each Employee Housing Entity’s bonds were issued in two series. The bonds for each Employee Housing Entity are backed by letters of credit issued under the Vail Holdings Credit Agreement. The table below presents the principal amounts outstanding for the Employee Housing Bonds as of July 31, 2022 (in thousands):


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

(h)On May 24, 2013, VR CPC Holdings, Inc. (“VR CPC”), a wholly-owned subsidiary of the Company, entered into a transaction agreement with affiliate companies of Talisker Corporation (“Talisker”) pursuant to which the parties entered into a master lease agreement (the “Park City Lease”) and certain ancillary transaction documents on May 29, 2013 related to the former stand-alone Canyons Resort (“Canyons”), pursuant to which the Company assumed the resort operations of

the Canyons. The Park City Lease between VR CPC and Talisker has an initial term of 50 years with six 50-year renewal options. The Park City Lease provides for $25 million in annual payments, which increase each year by an inflation-linked index of CPI less 1% per annum, with a floor of 2%. Vail Resorts has guaranteed the payments under the Park City Lease. The obligation at July 31, 2022 represents future lease payments for the remaining initial lease term of 50 years (including annual increases at the floor of 2%) discounted using an interest rate of 10%, and includes accumulated accreted interest expense of approximately $52.3 million.

(i)During the year ended July 31, 2019, the Company completed two real estate sales transactions that were accounted for as financing arrangements as a result of the Company’s continuing involvement with the underlying assets that were sold, including but not limited to, the obligation to repurchase finished commercial space from the development projects upon completion. The Company received approximately $12.8 million of proceeds for these sales transactions through the year ended July 31, 2022, which are reflected within long-term debt, net. Other obligations also consist of a $2.9 million note outstanding to the Colorado Water Conservation Board, which matures on September 16, 2028, and other financing arrangements. Other obligations, including the Colorado Water Conservation Board note, bear interest at rates ranging from 5.1% to 5.5%.

(j)In connection with the issuance of the 0.0% Convertible Notes, the Company recorded a debt discount, which represents the excess of the principal amount of the 0.0% Convertible Notes over the fair value of the liability component, as discussed above. In connection with the acquisition of Peak Resorts, the Company estimated the acquisition date fair values of the debt instruments assumed, including the EPR Secured Notes, and recorded any difference between such estimated fair values and the par value of debt instruments as unamortized premiums and discounts, which is amortized and recorded to interest expense, net on the Company’s Consolidated Statements of Operations over the respective term of the applicable debt instruments. Additionally, certain costs incurred with regard to the issuance of debt instruments are capitalized and included as a reduction in the net carrying value of long-term debt, net of accumulated amortization, with the exception of costs incurred related to line-of-credit arrangements, which are included in deferred charges and other assets, net of accumulated amortization. Amortization of such deferred financing costs are recorded to interest expense, net on the Company’s Consolidated Statements of Operations over the respective term of the applicable debt instruments.

(k)Current maturities represent principal payments due in the next 12 months, and exclude approximately $6.2 million of proceeds resulting from a real estate transaction accounted for as a financing arrangement, as discussed above, which are expected to be recognized on the Company’s Statement of Operations during the year ending July 31, 2023 as a result of the anticipated resolution of continuing involvement, with no associated cash outflow.

Schedule Of Aggregate Maturities For Debt Outstanding

Aggregate maturities for debt outstanding, including finance lease obligations, as of July 31, 2022 reflected by fiscal year are as follows (in thousands):


	Total
2023 (1)	$	69,890
2024	63,813
2025 (2)	1,553,883
2026	575,415
2027	22,755

Thereafter	521,290
Total debt	$	2,807,046

(1) Includes approximately $6.2 million of proceeds resulting from a real estate transaction accounted for as a financing arrangement, as discussed above, which are expected to be recognized on the Company’s Statement of Operations during the year ending July 31, 2023 as a result of the anticipated resolution of continuing involvement, with no associated cash outflow.

(2) Subsequent to July 31, 2022, the Company entered into the Fifth Amendment to the Vail Holdings Credit Agreement, which extended the maturity date by two years and is now due in the fiscal year ending July 31, 2027. See Note 16, Subsequent Events, for additional information.

- 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.

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+ Details

Income Taxes (Components Of Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Income Tax Disclosure [Abstract]
Current federal	$ 62,974	$ 20,387	$ (13,467)
Current state	13,938	4,935	(731)
Current Foreign Tax Expense (Benefit)	21,302	(8,460)	4,141
Total current	98,214	16,862	(10,057)
Deferred federal	(6,910)	(16,289)	12,597
Deferred state	1,966	(2,423)	4,266
Deferred Foreign Income Tax Expense (Benefit)	(4,446)	2,576	572
Deferred Income Tax Expense (Benefit)	(9,390)	(16,136)	17,435
Provision for income taxes	$ 88,824	$ 726	$ 7,378

Net Income Per Common Share (Tables)

12 Months Ended

Jul. 31, 2022

Earnings Per Share Reconciliation [Abstract]

Summary Of Calculation On Basic And Diluted EPS

Presented below is basic and diluted EPS for the years ended July 31, 2022, 2021 and 2020 (in thousands, except per share amounts):


	Year Ended July 31,
	2022				2021				2020
	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	347,923	$	347,923	$	127,850	$	127,850	$	98,833	$	98,833
Weighted-average shares outstanding	40,433		40,433		40,266		40,266		40,227		40,227
Weighted-average Exchangeco shares outstanding	32		32		35		35		46		46
Total Weighted-average shares outstanding	40,465		40,465		40,301		40,301		40,273		40,273
Effect of dilutive securities	—		222		—		527		—		565
Total shares	40,465		40,687		40,301		40,828		40,273		40,838
Net income per share attributable to Vail Resorts, Inc.	$	8.60	$	8.55	$	3.17	$	3.13	$	2.45	$	2.42

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Jul. 31, 2022	Sep. 26, 2022	Jan. 31, 2022	Jul. 31, 2021
Document And Entity Information [Abstract]
Title of 12(b) Security	Common Stock, $0.01 par value
City Area Code	(303)
Entity Address, State or Province	DE
Document Transition Report	false
Document Annual Report	true
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jul. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	Vail Resorts, Inc.
Entity Central Index Key	0000812011
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities			Other Liabilities
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		40,281,228
Entity Public Float			$ 11,123,660,215
Entity File Number	001-09614
Entity Tax Identification Number	51-0291762
Entity Address, Address Line One	390 Interlocken Crescent
Entity Address, City or Town	Broomfield,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80021
Local Phone Number	404-1800
Trading Symbol	MTN
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Current Fiscal Year End Date	--07-31
Document Information [Line Items]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Denver, Colorado
Document Period End Date	Jul. 31, 2022
Auditor Firm ID	238
Current Fiscal Year End Date	--07-31

Net Income Per Common Share

12 Months Ended

Jul. 31, 2022

Earnings Per Share Reconciliation [Abstract]

Net Income Per Common Share

Earnings per Share

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

In connection with the Company’s acquisition of Whistler Blackcomb in October 2016, the Company issued consideration in the form of shares of Vail Resorts common stock (the “Vail Shares”), redeemable preferred shares of the Company’s wholly-owned Canadian subsidiary Whistler Blackcomb Holdings Inc. (“Exchangeco”) or cash (or a combination thereof). Whistler Blackcomb shareholders elected to receive 3,327,719 Vail Shares and 418,095 shares of Exchangeco (the “Exchangeco Shares”). The Exchangeco Shares could be redeemed for Vail Shares at any time until October 2023 or until the Company elects to convert any remaining Exchangeco Shares to Vail Shares, which the Company has the ability to do once total Exchangeco Shares outstanding fall below 20,904 shares (or 5% of the total Exchangeco Shares originally issued). In July 2022, the number of outstanding Exchangeco Shares fell below such threshold and on August 25, 2022, the Company elected to redeem all outstanding Exchangeco Shares, effective September 26, 2022. As of September 28, 2022, all Exchangeco Shares have been exchanged for Vail Shares. Both Vail Shares and Exchangeco Shares have a par value of $0.01 per share, and Exchangeco Shares, while they were outstanding, were substantially the economic equivalent of the Vail Shares. The Company’s calculation of weighted-average shares outstanding includes the Exchangeco Shares.

Presented below is basic and diluted EPS for the years ended July 31, 2022, 2021 and 2020 (in thousands, except per share amounts):


	Year Ended July 31,
	2022				2021				2020
	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	347,923	$	347,923	$	127,850	$	127,850	$	98,833	$	98,833
Weighted-average shares outstanding	40,433		40,433		40,266		40,266		40,227		40,227
Weighted-average Exchangeco shares outstanding	32		32		35		35		46		46
Total Weighted-average shares outstanding	40,465		40,465		40,301		40,301		40,273		40,273
Effect of dilutive securities	—		222		—		527		—		565
Total shares	40,465		40,687		40,301		40,828		40,273		40,838
Net income per share attributable to Vail Resorts, Inc.	$	8.60	$	8.55	$	3.17	$	3.13	$	2.45	$	2.42

The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable on the exercise of share based awards that were excluded from the calculation of diluted net income per share because the effect of their inclusion would have been anti-dilutive totaled approximately 6,000, 2,000 and 2,000 for the years ended July 31, 2022, 2021 and 2020, respectively.

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 6, 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, 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 years ended July 31, 2022 and 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

During the years ended July 31, 2022 and 2020, the Company paid cash dividends of $5.58 per share and $5.28 per share, respectively ($225.8 million and $212.7 million in the aggregate, respectively, including cash dividends paid to Exchangeco

shareholders). The Company did not pay cash dividends during the year ended July 31, 2021. On September 22, 2022, the Company’s Board of Directors approved a cash dividend of $1.91 per share payable on October 24, 2022 to stockholders of record as of October 5, 2022.

Revenues Contract Balances (Details) $ in Millions	12 Months Ended
Revenues Contract Balances (Details) $ in Millions	Jul. 31, 2022 USD ($)	Jul. 31, 2021 USD ($)
Contract Balances [Abstract]
Contract with Customer, Liability, Current	$ 511.3	$ 456.5
Contract with Customer, Liability, Noncurrent	117.2	$ 121.0
Recognition of Deferred Revenue	$ 429.0
Private Club Recognized Initiation Fees Average Remaining Period	15

Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Depreciation	$ 247,200	$ 247,200	$ 243,100
Land and land improvements	763,432	756,517
Buildings and building improvements	1,545,571	1,496,402
Machinery and equipment	1,505,236	1,417,705
Furniture and fixtures	307,867	308,432
Software	138,058	122,778
Vehicles	81,927	80,328
Construction in progress	127,282	67,710
Gross property, plant and equipment	4,469,373	4,249,872
Accumulated depreciation	(2,351,321)	(2,181,996)
Property, plant and equipment, net	$ 2,118,052	$ 2,067,876

Consolidated Statements Of Operations - USD ($)	12 Months Ended
Consolidated Statements Of Operations - USD ($)	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Net revenue:
Mountain and Lodging services and other	$ 2,116,547,000	$ 1,650,055,000	$ 1,578,463,000
Mountain and Lodging retail and dining	408,657,000	257,885,000	380,394,000
Resort net revenue	2,525,204,000	1,907,940,000	1,958,857,000
Real Estate	708,000	1,770,000	4,847,000
Total net revenue	2,525,912,000	1,909,710,000	1,963,704,000
Total segment operating expense
Mountain and Lodging operating expense	1,180,963,000	960,453,000	1,019,437,000
Mountain and Lodging retail and dining cost of products sold	162,414,000	112,536,000	159,066,000
General and administrative	347,493,000	296,993,000	278,695,000
Resort operating expense	1,690,870,000	1,369,982,000	1,457,198,000
Real Estate	5,911,000	6,676,000	9,182,000
Total segment operating expense	1,696,781,000	1,376,658,000	1,466,380,000
Other operating (expense) income:
Depreciation and amortization	(252,391,000)	(252,585,000)	(249,572,000)
Gain on sale of real property	1,276,000	324,000	207,000
Asset impairments (Note 2)	0	0	(28,372,000)
Change in estimated fair value of contingent consideration (Note 9)	(20,280,000)	(14,402,000)	2,964,000
Gain (loss) on disposal of fixed assets and other, net	43,992,000	(5,373,000)	838,000
Income from operations	601,728,000	261,016,000	223,389,000
Mountain equity investment income, net	2,580,000	6,698,000	1,690,000
Investment income and other, net	3,718,000	586,000	1,305,000
Foreign currency (loss) gain on intercompany loans (Note 6)	(2,682,000)	8,282,000	(3,230,000)
Interest expense, net	(148,183,000)	(151,399,000)	(106,721,000)
Income before provision for income taxes	457,161,000	125,183,000	116,433,000
Provision for income taxes (Note 10)	(88,824,000)	(726,000)	(7,378,000)
Net income	368,337,000	124,457,000	109,055,000
Net (income) loss attributable to noncontrolling interests	(20,414,000)	3,393,000	(10,222,000)
Net income attributable to Vail Resorts, Inc.	$ 347,923,000	$ 127,850,000	$ 98,833,000
Per share amounts (Note 5):
Basic net income per share attributable to Vail Resorts, Inc.	$ 8.60	$ 3.17	$ 2.45
Diluted net income per share attributable to Vail Resorts, Inc.	8.55	3.13	2.42
Cash dividends declared per share	$ 5.58	$ 0	$ 5.28

Supplementary Balance Sheet Information

12 Months Ended

Jul. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Supplementary Balance Sheet Information

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


	July 31,
	2022		2021
Land and land improvements	$	763,432	$	756,517
Buildings and building improvements	1,545,571		1,496,402
Machinery and equipment	1,505,236		1,417,705
Furniture and fixtures	307,867		308,432
Software	138,058		122,778
Vehicles	81,927		80,328
Construction in progress	127,282		67,710
Gross property, plant and equipment	4,469,373		4,249,872
Accumulated depreciation	(2,351,321)		(2,181,996)
Property, plant and equipment, net	$	2,118,052	$	2,067,876

Depreciation expense, which included depreciation of assets recorded under finance leases, for the years ended July 31, 2022, 2021 and 2020 totaled $247.2 million, $247.2 million and $243.1 million, respectively.

The following table summarizes the composition of property, plant and equipment recorded under finance leases as of July 31, 2022 and 2021 (in thousands):


	July 31,
	2022		2021
Land	$	31,818	$	31,818
Land improvements	49,228		49,228
Buildings and building improvements	42,160		42,160
Machinery and equipment	60,384		60,384
Gross property, plant and equipment	183,590		183,590
Accumulated depreciation	(84,556)		(75,545)
Property, plant and equipment, net	$	99,034	$	108,045

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


	July 31,
	2022		2021
Goodwill
Goodwill	$	1,797,970	$	1,824,089
Accumulated impairments	(25,688)		(25,688)
Accumulated amortization	(17,354)		(17,354)
Goodwill, net	$	1,754,928	$	1,781,047

Indefinite-lived intangible assets
Trademarks	$	237,483	$	239,786
Other	41,400		41,561
Total gross indefinite-lived intangible assets	278,883		281,347
Accumulated amortization	(24,713)		(24,713)
Indefinite-lived intangible assets, net	$	254,170	$	256,634
Amortizable intangible assets
Trademarks	$	38,008	$	38,008
Other	71,767		69,397
Total gross amortizable intangible assets	109,775		107,405
Accumulated amortization	(49,887)		(44,929)
Amortizable intangible assets, net	59,888		62,476
Total gross intangible assets	388,658		388,752
Total accumulated amortization	(74,600)		(69,642)
Total intangible assets, net	$	314,058	$	319,110

Amortization expense for intangible assets subject to amortization for the years ended July 31, 2022, 2021 and 2020 totaled $5.2 million, $5.4 million and $6.5 million, respectively, and is estimated to be approximately $3.8 million annually, on average, for the next five fiscal years.

The changes in the net carrying amount of goodwill allocated between the Company’s segments for the years ended July 31, 2022 and 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	72,027		—		72,027
Balance at July 31, 2021	1,738,836		42,211		1,781,047
Acquisition (including measurement period adjustments)	2,196		2,795		4,991

Effects of changes in foreign currency exchange rates	(31,110)		—		(31,110)
Balance at July 31, 2022	$	1,709,922	$	45,006	$	1,754,928

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


	July 31,
	2022		2021
Trade payables	$	151,263	$	98,261
Deferred revenue	511,306		456,457
Accrued salaries, wages and deferred compensation	64,570		54,286
Accrued benefits	45,202		47,368
Deposits	37,731		35,263
Operating lease liabilities	34,218		34,668
Other accruals	98,540		89,169
Total accounts payable and accrued liabilities	$	942,830	$	815,472

Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Exchangeable Shares [Member]	Additional Paid in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total Vail Resorts, Inc. Stockholders' Equity [Member]	Noncontrolling Interest [Member]
Balance at Jul. 31, 2019	$ 1,726,840	$ 461	$ 1	$ 1,130,083	$ (31,730)	$ 759,801	$ (357,989)	$ 1,500,627	$ 226,213
Net income (loss) attributable to Vail Resorts, Inc.	98,833					98,833		98,833
Net Income (Loss) Attributable to Noncontrolling Interest	10,222								10,222
Net income, including portion attributable to noncontrolling interest	109,055
Foreign currency translation adjustments	(9,075)				(2,597)			(2,597)	(6,478)
Change in estimated fair value of hedging instruments	(22,510)				(22,510)			(22,510)
Comprehensive income	73,726							73,726
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest									3,744
Total comprehensive income	77,470
Stock-based compensation expense (Note 14)	21,021			21,021				21,021
Exchangeable share transfers		(1)
Issuance of shares under share award plan, net of shares withheld for employee taxes (Note 14)	(19,478)	2		(19,480)				(19,478)
Repurchases of common stock (Note 13)	(46,422)						(46,422)	(46,422)
Dividends, Common Stock	(212,732)					(212,732)		(212,732)
Distributions to noncontrolling interests, net	(15,032)								(15,032)
Balance at Jul. 31, 2020	1,531,667	464	0	1,131,624	(56,837)	645,902	(404,411)	1,316,742	214,925
Net income (loss) attributable to Vail Resorts, Inc.	127,850					127,850		127,850
Net Income (Loss) Attributable to Noncontrolling Interest	(3,393)								(3,393)
Net income, including portion attributable to noncontrolling interest	124,457
Foreign currency translation adjustments	100,019				71,819			71,819	28,200
Change in estimated fair value of hedging instruments	12,817				12,817			12,817
Comprehensive income	212,486							212,486
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest									24,807
Total comprehensive income	237,293
Stock-based compensation expense (Note 14)	24,395			24,395				24,395
Issuance of shares under share award plan, net of shares withheld for employee taxes (Note 14)	(39,090)	2		(39,092)				(39,090)
Distributions to noncontrolling interests, net	(5,263)								(5,263)
Balance at Jul. 31, 2021	1,829,068	466	0	1,196,993	27,799	773,752	(404,411)	1,594,599	234,469
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt				80,066
Net income (loss) attributable to Vail Resorts, Inc.	347,923					347,923		347,923
Net Income (Loss) Attributable to Noncontrolling Interest	20,414								20,414
Net income, including portion attributable to noncontrolling interest	368,337
Foreign currency translation adjustments	(46,493)				(35,782)			(35,782)	(10,711)
Derivative, Gain (Loss) on Derivative, Net	(18,906)				(18,906)			(18,906)
Comprehensive income	331,047							331,047
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest									9,703
Total comprehensive income	340,750
Stock-based compensation expense (Note 14)	24,885			24,885				24,885
Issuance of shares under share award plan, net of shares withheld for employee taxes (Note 14)	(37,300)	1		(37,301)				(37,300)
Repurchases of common stock (Note 13)	(75,006)						(75,006)	(75,006)
Dividends, Common Stock	(225,786)					(225,786)		(225,786)
Distributions to noncontrolling interests, net	(9,127)								(9,127)
Balance at Jul. 31, 2022	$ 1,847,484	$ 467	$ 0	$ 1,184,577	$ 10,923	$ 895,889	$ (479,417)	$ 1,612,439	$ 235,045

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jul. 31, 2022
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 recorded a liability of $1.8 million and $2.0 million, primarily within other long-term liabilities in the accompanying Consolidated Balance Sheets, as of July 31, 2022 and 2021, respectively, with respect to the estimated present value of future RSRMD capital improvement fees. The Company estimates that it will make capital improvement fee payments under this arrangement through the year ending July 31, 2031. Guarantees/Indemnifications As of July 31, 2022, the Company had various other letters of credit outstanding totaling $79.3 million, consisting of $53.4 million to support the Employee Housing Bonds and $25.9 million primarily for workers’ compensation, a wind energy purchase agreement and insurance-related deductibles. The Company also had surety bonds of $13.2 million as of July 31, 2022, primarily to provide collateral for its U.S. workers compensation self-insurance programs. In addition to the guarantees noted above, the Company has entered into contracts in the normal course of business that include certain indemnifications under which it could be required to make payments to third parties upon the occurrence or non-occurrence of certain future events. These indemnities include indemnities related to licensees in connection with third-parties’ use of the Company’s trademarks and logos, liabilities associated with the infringement of other parties’ technology and software products, liabilities associated with the use of easements, liabilities associated with employment of contract workers and the Company’s use of trustees, and liabilities associated with the Company’s use of public lands and environmental matters. The duration of these indemnities generally is indefinite and generally do not limit the future payments the Company could be obligated to make. As permitted under applicable law, the Company and certain of its subsidiaries have agreed to indemnify their directors and officers over their lifetimes for certain events or occurrences while the officer or director is, or was, serving the Company or its subsidiaries in such a capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that should enable the Company to recover a portion of any amounts paid. Unless otherwise noted, the Company has not recorded any significant liabilities for the letters of credit, indemnities and other guarantees noted above in the accompanying Consolidated Financial Statements, either because the Company has recorded on its Consolidated Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company’s own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the estimated fair value of the indemnification or guarantee to be immaterial based on the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications it is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material. As noted above, the Company makes certain indemnifications to licensees for their use of the Company’s trademarks and logos. The Company does not record any liabilities with respect to these indemnifications. Commitments The operations of Northstar are conducted on land and with operating assets owned by affiliates of EPR Properties, a real-estate investment trust, primarily under operating leases which were assumed in the acquisition of Northstar by the Company. The leases provide for the payment of a minimum annual base rent over the lease term which is recognized on a straight-line basis over the remaining lease term from the date of assumption. In addition, the leases provide for the payment of percentage rent of certain gross revenues generated at the property over a revenue threshold which is incrementally adjusted annually. The initial term of the leases expires in fiscal 2027 and allows for three 10-year extensions at the Company’s option. The operations of Perisher are conducted on land under a license and lease granted by the Office of Environment and Heritage, an agency of the New South Wales government, which initially commenced in 2008, and which the Company assumed in its acquisition of Perisher. The lease and license has a term that expires in fiscal 2048 and allows for an option to renew for an additional 20 years. The lease and license provide for the payment of an initial minimum annual base rent, with annual CPI increases, and percentage rent of certain gross revenue generated at the property. The operations of Falls Creek and Hotham are conducted on land under leases granted by the Governor of the State of Victoria, Australia and its dependencies, which initially commenced in 1991 and 1992, respectively, which the Company assumed in its acquisition of Falls Creek and Hotham in April 2019. The leases have terms that expire in fiscal 2041 for Falls Creek and fiscal 2058 for Hotham, and provide for the payment of rent with both a fixed and variable component. The operations of Mad River Mountain is conducted on land under a lease granted by EPT Mad River, Inc., which initially commenced in 2005, which the Company assumed in its acquisition of Peak Resorts in September 2019. The lease has a term that expires in the year ending July 31, 2035, and provides for the payment of an initial minimum annual base rent, with annual CPI increases, and percentage rent of certain gross revenue generated at the property. The operations of Laurel Mountain are conducted on land under a concessioner lease agreement with the Commonwealth of Pennsylvania, acting through the Department of Conservation and Natural Resources (“Department”), which initially commenced in 2018, which the Company assumed in its acquisition of the Seven Springs Resorts in December 2021. The agreement has a term that expires in the year ending July 31, 2052, and provides for the payment of an initial minimum annual base rent, with bi-annual CPI increases, and additional rent based on skier visits. Additionally, the Company has entered into strategic long-term season pass alliance agreements with third-party mountain resorts in which the Company has committed to pay minimum revenue guarantees over the remaining terms of these agreements. The Company has executed or assumed as lessee other operating leases for the rental of office and commercial space, employee residential units and land primarily through fiscal 2079. Certain of these leases have renewal terms at the Company’s option, escalation clauses, rent holidays and leasehold improvement incentives. Rent holidays and rent escalation clauses are recognized on a straight-line basis over the lease term. Leasehold improvement incentives are recorded as leasehold improvements and amortized over the shorter of their economic lives or the term of the lease. For the years ended July 31, 2022, 2021 and 2020, the Company recorded lease expense (including Northstar, Perisher, Falls Creek & Hotham and Mad River Mountain), excluding executory costs, related to these agreements of $61.2 million, $58.7 million and $58.8 million, respectively, which is included in the accompanying Consolidated Statements of Operations. See Note 4, Leases, for additional information regarding the Company’s leasing arrangements. Self-Insurance The Company is self-insured for claims under its U.S. health benefit plans and for the majority of workers’ compensation claims in the U.S. Workers compensation claims in the U.S. are subject to stop loss policies. The self-insurance liability related to workers’ compensation is determined actuarially based on claims filed. The self-insurance liability related to claims under the Company’s U.S. health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of accrued benefits in accounts payable and accrued liabilities (see Note 8, Supplementary Balance Sheet Information). Legal During the year ended July 31, 2021, several named plaintiffs filed respective complaints against the Company on behalf of the same or similar purported classes of current and former employees of the Company. The complaints generally allege violations of federal and state laws governing employee wage and hours practices, and seek damages in the form of unpaid wages, related penalties and other damages. As a result, the Company had recorded an accrual of $13.2 million as of July 31, 2022 and 2021 on its Consolidated Balance Sheets. The parties proposed a settlement agreement to resolve these complaints, which the court approved in August 2022. The Company is also a party to various lawsuits arising in the ordinary course of business. Management believes the Company has adequate insurance coverage and/or has accrued for all loss contingencies for asserted and unasserted matters deemed to be probable losses and reasonably estimable. As of July 31, 2022 and 2021, the accruals for such loss contingencies (excluding the employment-related litigation) were not material individually or in the aggregate.

Stock Compensation Plan (Schedule Of Share Based Compensation Option And SARs Award Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Share-based Payment Arrangement [Abstract]
Awards, outstanding beginning balance (in shares)	873	1,061	1,171
Awards, granted (in shares)	97	205	146
Awards, exercised (in shares)	(278)	(370)	(247)
Awards, forfeited or expired (in shares)	(13)	(23)	(9)
Awards, outstanding ending balance (in shares)	679	873	1,061
Awards, exercisable ending balance (in shares)	449
Weighted-average exercise price, outstanding beginning balance (in dollars per share)	$ 181.17	$ 138.59	$ 111.12
Weighted-average exercise price, granted (in dollars per share)	360.69	233.01	245.26
Weighted-average exercise price, exercised (in dollars per share)	93.32	84.20	67.19
Weighted-average exercise price, forfeited or expired (in dollars per share)	271.04	236.31	252.75
Weighted-average exercise price, outstanding ending balance (in dollars per share)	241.13	$ 181.17	$ 138.59
Weighted-average exercise price, exercisable ending balance (in dollars per share)	$ 218.23
Weighted-average remaining contractual term, outstanding ending balance (in years)	6 years 7 months 6 days
Weighted-average remaining contractual term, exercisable ending balance (in years)	5 years 8 months 12 days
Aggregate intrinsic value, outstanding ending balance	$ 15,486,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	668
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 240.59
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	6 years 7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	$ 15,424,000,000
Aggregate intrinsic value, exercisable ending balance	$ 14,460,000,000

Retirement and Profit Sharing Plans (Details) $ in Millions	12 Months Ended
Retirement and Profit Sharing Plans (Details) $ in Millions	Jul. 31, 2022 USD ($) hour	Jul. 31, 2021 USD ($)	Jul. 31, 2020 USD ($)
Retirement Benefits [Abstract]
Employee contribution percentage	100.00%
Company match amount equal to participant's contribution	50.00%
Employer contribution matching equal to 50%	6.00%
Employment period (in months)	12 months
Service period (in hours)	1,000
Total service period (in hours)	1,500
Retirement plan expense \| $	$ 8.5	$ 6.5	$ 5.8

Revenues (Notes)

12 Months Ended

Jul. 31, 2022

Revenues [Abstract]

Revenue from Contract with Customer [Text Block]

3. Revenues

Revenue Recognition

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

•Mountain revenue is derived from a wide variety of sources, including, among other things: lift revenue, which includes sales of lift tickets and pass products; ski school revenue, which includes the revenue derived from ski school operations; dining revenue, which includes both casual and fine dining on-mountain operations; retail sales and equipment rentals; and other on-mountain revenue, which includes private ski club revenue (which includes both club dues and amortization of initiation fees), marketing and internet advertising revenue, municipal services and lodging and transportation operations at the Company’s Australian ski areas. The Company also includes other sources of revenue, primarily related to commercial leasing and employee housing leasing arrangements, within other mountain revenue. Revenue is recognized over time as performance obligations are satisfied as control of the good or service (e.g. access to ski areas, provision of ski school services, etc.) is transferred to the customer, except for the Company’s retail sales and dining operations revenues which are recognized at a point in time when performance obligations are satisfied by transferring control of the underlying goods to the customer. The Company records deferred revenue primarily related to the sale of pass products. Deferred revenue is generally recognized throughout the ski season as the Company’s performance obligations are satisfied as control of the service (e.g. access to ski areas throughout the ski season) is transferred to the customer. In accordance with Topic 606, the Company estimates progress towards satisfaction of its performance obligations using an output method that best depicts the transfer of control of the service to its customers.

Historically, the output method utilized by the Company measured progress toward satisfaction of the Company’s performance obligations based on the estimated number of pass product holder visits relative to total expected visits, based on historical data, which the Company believed to provide a faithful depiction of its customers’ pass product usage. When sufficient historical data to determine usage patterns was not available, such as in the case of new product offerings, progress was measured on a straight-line basis throughout the ski season until sufficient historical usage patterns were available. Beginning August 1, 2021, progress towards satisfaction of the Company’s performance obligations for all passes is measured using an output method based on the skiable days of the season, which effectively results in revenue being recorded on a straight-line basis throughout the ski season. Total estimated skiable days is based on actual resort opening and estimated closing dates. The Company believes this method best estimates the value transferred to the customer relative to the remaining services promised under the contract. Due to the strong correlation between historical pass product usage and skiable days, the change in the Company’s method of estimating progress toward satisfaction of the performance obligation alone does not have a material effect on the recognition pattern of pass product revenue.

Epic Coverage is included with the purchase of all pass products for no additional charge, and offers refunds if certain personal or resort closure events occur before or during the ski season. The estimated amount of refunds reduce the amount of pass product revenue recognized by the Company, and is remeasured at each reporting date.

Epic Mountain Rewards provides pass product holders a discount on ancillary purchases at the Company’s North American owned and operated Resorts. Epic Mountain Rewards constitutes an option to purchase additional products and services at a discount, and as a result, the Company allocates a portion of the pass product transaction price to these other lines of business.

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

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

For certain contracts that have an original term length of one year or less, the Company uses the practical expedient applicable to such contracts and does not consider the time value of money. For contracts with an expected term in excess of one year, the Company has considered the provisions of Topic 606 in determining whether contracts contain a financing component. The Company presents revenues in the accompanying Consolidated Statements of Operations, net of taxes, when collected from its customers that are remitted or payable to government taxing authorities, except when products are inclusive of taxes where applicable.

Disaggregation of Revenues

The following table presents net revenues disaggregated by segment and major revenue type for the years ended July 31, 2022, 2021 and 2020 (in thousands):


	Year ended July 31,
	2022		2021 (1)		2020 (1)
Mountain net revenue:
Lift	$	1,310,213	$	1,076,578	$	913,091
Ski School	223,645		144,227		189,131
Dining	163,705		92,186		167,551
Retail/Rental	311,768		227,993		270,299
Other	203,783		161,814		186,548
Total Mountain net revenue	$	2,213,114	$	1,702,798	$	1,726,620
Lodging net revenue:
Owned hotel rooms	$	80,579	$	47,509	$	44,992
Managed condominium rooms	97,704		72,217		76,480
Dining	48,569		17,211		31,464
Transportation	16,021		9,271		15,796
Golf	10,975		9,373		8,023
Other	46,500		43,008		44,933
	300,348		198,589		221,688
Payroll cost reimbursements	11,742		6,553		10,549
Total Lodging net revenue	$	312,090	$	205,142	$	232,237
Total Resort net revenue	$	2,525,204	$	1,907,940	$	1,958,857
Total Real Estate net revenue	708		1,770		4,847
Total net revenue	$	2,525,912	$	1,909,710	$	1,963,704

(1) Segment results for the years ended July 31, 2021 and 2020 have been retrospectively adjusted to reflect current period presentation. See Note 12, Segment and Geographic Area Information, for additional information.

Arrangements with Multiple Performance Obligations

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

Contract Balances

Contract liabilities are recorded primarily as deferred revenues when payments are received or due in advance of the Company’s performance, including amounts which may be refundable. The deferred revenue balance is primarily related to accounts receivable or cash payments recorded in advance of satisfying the Company’s performance obligations related to sales of pass products prior to the start of the ski season, private club initiation fees and other related advance purchase products, including advance purchase lift tickets, multiple-day lift tickets, ski school lessons, equipment rentals and lodging advance deposits. Due to the seasonality of the Company’s operations, its largest deferred revenue balances occur during the North American pass product selling window, which generally begins in the third quarter of its fiscal year. Deferred revenue balances of a short-term nature were $511.3 million and $456.5 million as of July 31, 2022 and 2021, respectively, and the increase was primarily due to an increase in pass product sales for the 2022/2023 North American ski season as compared to the prior year from the beginning of the selling season through each respective fiscal year-end. Deferred revenue balances of a long-term nature, comprised primarily of long-term private club initiation fee revenue, were $117.2 million and $121.0 million as of July 31, 2022 and 2021, respectively. For the year ended July 31, 2022, the Company recognized approximately $429.0 million of net revenue that was included in the deferred revenue balance as of July 31, 2021. As of July 31, 2022, the weighted average remaining period over which revenue for unsatisfied performance obligations on long-term private club contracts will be recognized was approximately 15 years.

Contract assets are recorded as trade receivables when the right to consideration is unconditional. Trade receivable balances were $383.4 million and $345.4 million as of July 31, 2022 and 2021, respectively. Payments from customers are based on

billing terms established in the contracts with customers, which vary by the type of customer, the location and the products or services offered. The term between invoicing and when payment is due is not significant. For certain products or services and customer types, contracts require payment before the products are delivered or services are provided to the customer. Impairment losses related to contract assets are recognized through the Company’s allowance for doubtful accounts analysis. Contract asset write-offs are evaluated on an individual basis.

Costs to Obtain Contracts with Customers

The Company expects that credit card fees and sales commissions paid in order to obtain season ski pass products contracts are recoverable. Accordingly, the Company records these amounts as assets when they are paid prior to the start of the ski season.

As of July 31, 2022, $3.8 million of costs to obtain contracts with customers were recorded within other current assets on the Company’s Consolidated Balance Sheet. Deferred credit card fees and sales commissions are amortized commensurate with the recognition of ski pass product revenue. The Company recorded amortization of $22.1 million, $17.8 million and $11.0 million for these costs during the years ended July 31, 2022, 2021 and 2020, respectively, which were recorded within Mountain and Lodging operating expenses on the Consolidated Statement of Operations.

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

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&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=123351226&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=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&loc=SL49130554-203045

+ Details

Acquisitions (Narrative) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Sep. 24, 2019

Jul. 31, 2022

Jul. 31, 2021

Jul. 31, 2020

Mar. 28, 2022

Payments to Acquire Businesses, Net of Cash Acquired

$ 116,337

$ 0

$ 327,555

Goodwill, Acquired During Period

$ 4,991

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


	Acquisition Date Estimated Fair Value
Current assets	$	2,932
Property, plant and equipment	118,415
Goodwill	4,991
Identifiable intangible assets and other assets	5,335
Liabilities	(15,172)
Net assets acquired	$	116,501

Peak Resorts, Inc. [Member]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill

19,221

Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed

3,100

Business Combination, Cash Consideration Transferred

$ 264,500

Business Combination, Consideration Transferred

334,700

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment

427,793

Goodwill, Acquired During Period

135,879

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities

99,275

Business Combination, Consideration Transferred, Other

70,200

Indefinite Lived Property Management Contracts

3,100

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables

19,578

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 334,731

Proceeds from (Repayments of) Debt

$ 335,600

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


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

Seven Springs Resorts

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill

$ 5,335

Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed

2,800

Business Combination, Consideration Transferred

$ 116,500

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment

118,415

Goodwill, Acquired During Period

4,991

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities

15,172

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables

2,932

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 116,501

Andermatt-Sedrun

Business Acquisition, Percentage of Voting Interests Acquired

55.00%

Business Acquisition, Percentage of Voting Interests Acquired

55.00%

Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	$ 62,909	$ 67,857	$ 70,299	$ 72,222
Additions for tax positions of prior years	11,179	16,754	16,654
Lapse of statute of limitations	$ (16,127)	$ (19,196)	$ (18,577)

Supplementary Balance Sheet Information (Changes In Goodwill Amount) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Goodwill, beginning balance	$ 1,781,047	$ 1,709,020
Acquisition	4,991
Goodwill, Translation Adjustments	(31,110)	72,027
Goodwill, ending balance	1,754,928	1,781,047
Mountain [Member]
Goodwill, beginning balance	1,738,836	1,666,809
Acquisition	2,196
Goodwill, Translation Adjustments	(31,110)	72,027
Goodwill, ending balance	1,709,922	1,738,836
Lodging [Member]
Goodwill, beginning balance	42,211	42,211
Acquisition	2,795
Goodwill, Translation Adjustments	0	0
Goodwill, ending balance	$ 45,006	$ 42,211

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jul. 31, 2022

Accounting Policies [Abstract]

Principles of Consolidation

Cash and Cash Equivalents

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

Restrictions on Cash and Cash Equivalents [Table Text Block]

Restricted Cash — The Company considers cash to be restricted when withdrawal or general use is legally restricted.

Accounts Receivable

Inventories

Property, Plant and Equipment


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

Real Estate Held for Sale and Investment

Deferred Financing Costs

Goodwill and Intangible Assets

Long-lived Assets

Revenue Recognition

Real Estate Cost of Sales

Foreign Currency Transactions and Translations Policy [Policy Text Block]

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

Reserve Estimates

Advertising Costs

Income Taxes

Fair Value of Financial Instruments


	July 31, 2022
	Carrying Value		Estimated Fair Value
6.25% Notes	$	600,000	$	614,268
0.0% Convertible Notes	$	498,251	$	524,837
EPR Secured Notes	$	134,107	$	160,977

Stock-Based Compensation


	Year Ended July 31,
	2022		2021		2020
Mountain stock-based compensation expense	$	20,892	$	20,311	$	17,410
Lodging stock-based compensation expense	3,737		3,783		3,399
Real Estate stock-based compensation expense	256		301		212
Pre-tax stock-based compensation expense	24,885		24,395		21,021
Less: benefit from income taxes	6,189		5,871		5,027
Net stock-based compensation expense	$	18,696	$	18,524	$	15,994

Concentration of Credit Risk

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Lessee, Leases [Policy Text Block]

Use of Estimates, Policy [Policy Text Block]

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Standards

Recently Issued Accounting Standards

Standards Being Evaluated

In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The ASU provides optional transition guidance, for a limited time, to companies that have contracts, hedging relationships or other transactions that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate which is expected to be discontinued because of reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions if certain criteria are met. The amendments in this update are effective as of March 12, 2020 through December 31, 2022. The amendments in this update may be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. All other amendments should be applied on a prospective basis. The Company will complete its assessment of the effect that the adoption of this standard will have on its Consolidated Financial Statements in the first quarter of the fiscal year ending July 31, 2023, but does not expect it will have a material effect.

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). This standard allows for a modified retrospective or fully retrospective method of transition. The Company will adopt ASU 2020-06 on August 1, 2022 using the modified retrospective method, and therefore financial information for periods before August 1, 2022 will remain unchanged. As a result of the adoption of ASU 2020-06, the Company will reclassify the equity component of its 0.0% Convertible Notes (as defined in Note 6, Long-Term Debt) to long-term debt, net, and it will no longer record non-cash interest expense related to the amortization of the debt discount.

Stock Compensation Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2025	Jul. 31, 2024	Jul. 31, 2023
Shares issued for stock based compensation (in shares)	4,400,000
Stock based compensation award vesting period	3 years
Stock based compensation, shares available for grant (in shares)	2,600,000
Total unrecognized compensation expense	$ 30.3
Share-based Payment Arrangement, Exercise of Option, Tax Benefit	$ 23.0	$ 24.0	$ 12.3
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Stock Appreciation Rights (SARs) [Member]
Weighted-average grant-date fair value (in dollars per share)	$ 96.20	$ 52.30	$ 58.25
Intrinsic value of options and SARs exercised	$ 69.1	$ 82.0	$ 35.0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	160,000	96,000	91,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 16.2	$ 0.1	$ 2.6
Restricted Stock Units (RSUs) [Member]
Weighted-average grant-date fair value (in dollars per share)	$ 336.57	$ 222.17	$ 217.46
Stock based compensation, restricted shares granted (in shares)	68,000	94,000	83,000
Stock based compensation, restricted shares vested (in shares)	68,000	66,000	63,000
Stock based compensation, total fair value of restricted shares	$ 23.7	$ 15.0	$ 14.8
Expected to be Recognized in One Year [Member] \| Forecast [Member]
Total unrecognized compensation expense				$ 1.5	$ 10.6	$ 18.2

Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Disaggregation of Revenue [Line Items]
Accounts Receivable, after Allowance for Credit Loss, Current	$ 383,425	$ 345,408
Mountain Revenue Net	2,213,114	1,702,798	$ 1,726,620
Lodging	312,090	205,142	232,237
Resort net revenue	2,525,204	1,907,940	1,958,857
Real Estate	708	1,770	4,847
Revenues	2,525,912	1,909,710	1,963,704
Deferred Revenue, Current	511,306	456,457
Accounts and Other Receivables, Net, Current	383,400	345,400
Dining
Disaggregation of Revenue [Line Items]
Lodging	48,569	17,211	31,464
Owned hotel rooms
Disaggregation of Revenue [Line Items]
Lodging	80,579	47,509	44,992
Managed condominium rooms
Disaggregation of Revenue [Line Items]
Lodging	97,704	72,217	76,480
Transportation
Disaggregation of Revenue [Line Items]
Lodging	16,021	9,271	15,796
Golf
Disaggregation of Revenue [Line Items]
Lodging	10,975	9,373	8,023
Other
Disaggregation of Revenue [Line Items]
Lodging	46,500	43,008	44,933
Lodging revenue (excluding payroll cost reimbursements) [Member]
Disaggregation of Revenue [Line Items]
Lodging	300,348	198,589	221,688
Payroll cost reimbursements
Disaggregation of Revenue [Line Items]
Lodging	11,742	6,553	10,549
Other \| Other
Disaggregation of Revenue [Line Items]
Mountain Revenue Net	203,783	161,814	186,548
Retail/Rental \| Retail/Rental
Disaggregation of Revenue [Line Items]
Mountain Revenue Net	311,768	227,993	270,299
Dining \| Dining
Disaggregation of Revenue [Line Items]
Mountain Revenue Net	163,705	92,186	167,551
Ski School \| Ski School
Disaggregation of Revenue [Line Items]
Mountain Revenue Net	223,645	144,227	189,131
Lift \| Lift
Disaggregation of Revenue [Line Items]
Mountain Revenue Net	$ 1,310,213	$ 1,076,578	$ 913,091

Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Total other long-term liabilities	$ 246,359	$ 264,034

Stock Compensation Plan (Tables)

12 Months Ended

Jul. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule Of Share Based Compensation Valuation Model

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


	Year ended July 31,
	2022	2021	2020
Expected volatility	31.0%	30.7%	29.7%
Expected dividend yield	2.1%	3.0%	2.8%
Expected term (average in years)	6.4-6.8	6.6-6.9	6.5-7.1
Risk-free rate	0.1-1.2%	0.1-0.6%	1.8-2.0%

Schedule Of Share Based Compensation Option And SARs Award Activity


	Awards	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at August 1, 2019	1,171	$	111.12
Granted	146	$	245.26
Exercised	(247)	$	67.19
Forfeited or expired	(9)	$	252.75
Outstanding at July 31, 2020	1,061	$	138.59
Granted	205	$	233.01
Exercised	(370)	$	84.20
Forfeited or expired	(23)	$	236.31
Outstanding at July 31, 2021	873	$	181.17
Granted	97	$	360.69
Exercised	(278)	$	93.32
Forfeited or expired	(13)	$	271.04
Outstanding at July 31, 2022	679	$	241.13	6.6 years	$	15,486
Vested and expected to vest at July 31, 2022	668	$	240.59	6.6 years	$	15,424
Exercisable at July 31, 2022	449	$	218.23	5.7 years	$	14,460

Schedule of Share Based Compensation SARs Activity

A summary of the status of the Company’s nonvested SARs as of July 31, 2022 and changes during the year then ended is presented below (in thousands, except fair value amounts):


	Awards	Weighted-Average Grant-Date Fair Value
Nonvested at July 31, 2021	302	$	57.22
Granted	97	$	96.20
Vested	(160)	$	58.98
Forfeited	(9)	$	72.13
Nonvested at July 31, 2022	230	$	71.62

Schedule Of Share Based Compensation Restricted Stock Units Activity

A summary of the status of the Company’s nonvested restricted share units as of July 31, 2022 and changes during the year then ended is presented below (in thousands, except fair value amounts):


	Awards	Weighted-Average Grant-Date Fair Value
Nonvested at July 31, 2021	143	$	224.94
Granted	68	$	336.57
Vested	(68)	$	229.99
Forfeited	(18)	$	260.32
Nonvested at July 31, 2022	125	$	277.78

Long-Term Debt

12 Months Ended

Jul. 31, 2022

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt as of July 31, 2022 and 2021 is summarized as follows (in thousands):


	Maturity	July 31, 2022		July 31, 2021
Vail Holdings Credit Agreement revolver (a)	2024	$	—	$	—
Vail Holdings Credit Agreement term loan (a)	2024	1,078,125		1,140,625
6.25% Notes (b)	2025	600,000		600,000
0.0% Convertible Notes (c)	2026	575,000		575,000
Whistler Credit Agreement revolver (d)	2026	11,717		44,891
EPR Secured Notes (e)	2034-2036	114,162		114,162
EB-5 Development Notes (f)	2021	—		51,500
Employee housing bonds (g)	2027-2039	52,575		52,575
Canyons obligation (h)	2063	357,607		351,820
Other (i)	2022-2034	17,860		17,941
Total debt		2,807,046		2,948,514
Less: Unamortized premiums, discounts and debt issuance costs (j)		72,997		98,222
Less: Current maturities (k)		63,749		114,117
Long-term debt, net		$	2,670,300	$	2,736,175

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

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


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

Aggregate maturities for debt outstanding, including finance lease obligations, as of July 31, 2022 reflected by fiscal year are as follows (in thousands):


	Total
2023 (1)	$	69,890
2024	63,813
2025 (2)	1,553,883
2026	575,415
2027	22,755

Thereafter	521,290
Total debt	$	2,807,046

The Company recorded interest expense of $148.2 million, $151.4 million and $106.7 million for the years ended July 31, 2022, 2021 and 2020, respectively, of which $5.9 million, $4.9 million and $1.9 million, respectively, was amortization of

deferred financing costs. The Company was in compliance with all of its financial and operating covenants required to be maintained under its debt instruments for all periods presented.In connection with the acquisition of Whistler Blackcomb, VHI funded a portion of the purchase price through an intercompany loan to Whistler Blackcomb of $210.0 million, which was effective as of November 1, 2016 and requires foreign currency remeasurement to Canadian dollars, the functional currency for Whistler Blackcomb. As a result, foreign currency fluctuations associated with the loan are recorded within the Company’s results of operations. The Company recognized approximately $(2.7) million, $8.3 million and $(3.2) million of non-cash foreign currency (loss) gain on the intercompany loan to Whistler Blackcomb during the years ended July 31, 2022, 2021 and 2020, respectively, on the Consolidated Statements of Operations.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021
Assets
Cash and cash equivalents	$ 1,107,427	$ 1,243,962
Restricted cash	18,680	14,612
Accounts receivable, net of allowances of $6,356 and $7,621, respectively	383,425	345,408
Inventories, net of reserves of $2,687 and $2,601, respectively	108,723	80,316
Other current assets	173,277	61,288
Total current assets	1,791,532	1,745,586
Property, plant and equipment, net (Note 8)	2,118,052	2,067,876
Real estate held for sale or investment	95,983	95,615
Deferred charges and other assets	51,405	37,106
Goodwill, net (Note 8)	1,754,928	1,781,047
Intangible assets, net (Note 8)	314,058	319,110
Operating right-of-use assets (Note 4)	192,070	204,716
Total assets	6,318,028	6,251,056
Liabilities and Stockholders’ Equity
Accounts payable and accrued liabilities (Note 8)	942,830	815,472
Income taxes payable	104,275	48,812
Long-term debt due within one year (Note 6)	63,749	114,117
Total current liabilities	1,110,854	978,401
Long-term debt, net (Note 6)	2,670,300	2,736,175
Operating lease liabilities (Note 4)	174,567	190,561
Other long-term liabilities	246,359	264,034
Deferred income taxes, net (Note 10)	268,464	252,817
Total liabilities	4,470,544	4,421,988
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 par value, 100,000 shares authorized and 46,744 and 46,552 shares issued, respectively	467	466
Exchangeable shares, $0.01 par value, 3 and 34 shares issued and outstanding, respectively (Note 5)	0	0
Additional paid-in capital	1,184,577	1,196,993
Accumulated other comprehensive income	10,923	27,799
Retained earnings	895,889	773,752
Treasury stock, at cost; 6,466 and 6,161 shares, respectively (Note 13)	(479,417)	(404,411)
Total Vail Resorts, Inc. stockholders’ equity	1,612,439	1,594,599
Noncontrolling interests	235,045	234,469
Total stockholders’ equity	1,847,484	1,829,068
Total liabilities and stockholders’ equity	$ 6,318,028	$ 6,251,056
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares outstanding	0	0
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	46,744,000	46,552,000
Exchangeable Shares Par Value Per Share	$ 0.01	$ 0.01
Exchangeable Shares, Shares, Issued	3,000	34,000
Treasury stock, shares	6,465,708	6,161,000

Leases (Tables)

12 Months Ended

Jul. 31, 2022

Leases [Abstract]

Lease, Cost [Table Text Block]

The components of lease expense for the years ended July 31, 2022 and 2021 were as follows (in thousands):


	Year ended July 31,
	2022		2021		2020
Finance leases:
Amortization of the finance ROU assets	$	9,011	$	9,753	$	9,753
Interest on lease liabilities	$	35,881	$	34,612	$	34,035
Operating leases:
Operating lease expense	$	43,295	$	43,418	$	43,303
Short-term lease expense (1)	$	15,614	$	13,638	$	13,943
Variable lease expense	$	2,309	$	1,660	$	1,583

Cash Flow, Supplemental Disclosures [Text Block]

The following table presents the supplemental cash flow information associated with the Company’s leasing activities for the years ended July 31, 2022 and 2021 (in thousands):


	Year ended July 31,
	2022		2021		2020
Cash flow supplemental information:
Operating cash outflows for operating and short-term leases	$	59,818	$	56,942	$	55,344
Operating cash outflows for lease- and non-lease components of finance leases	$	37,573	$	31,429	$	29,311
Financing cash outflows for non-lease components of finance leases	$	—	$	—	$	5,387
Non-cash supplemental information:
Operating ROU assets obtained in exchange for operating lease obligations	$	23,190	$	12,615	$	18,013

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

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


	July 31, 2022		July 31, 2021
Weighted-average remaining lease term (in years)
Operating leases	9.8		10.2
Finance leases	40.9		41.9
Weighted-average discount rate
Operating leases	4.6	%	4.5	%
Finance leases	10.0	%	10.0	%

Schedule of Future Minimum Lease Payments [Table Text Block]

Future fixed lease payments for operating and finance leases as of July 31, 2022 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):


	Operating Leases		Finance Leases
2023	$	45,224	$	29,982
2024	40,656		30,582
2025	37,674		31,193
2026	34,449		31,817
2027	20,304		32,454
Thereafter	95,363		1,709,584
Total future minimum lease payments	273,670		1,865,612
Less amount representing interest	(64,885)		(1,508,005)
Total lease liabilities	$	208,785	$	357,607

The current portion of operating lease liabilities of approximately $34.2 million and $34.7 million as of July 31, 2022 and 2021, respectively, are recorded within accounts payables and accrued liabilities in the accompanying Consolidated Balance Sheets. Finance lease liabilities are recorded within long-term debt, net in the accompanying Consolidated Balance Sheets.

Income Taxes (Tables)

12 Months Ended

Jul. 31, 2022

Income Tax Disclosure [Abstract]

Components Of Deferred Tax Liabilities And Assets

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


	July 31,
	2022		2021
Deferred income tax liabilities:
Fixed assets	$	203,669	$	204,714
Intangible assets	119,066		100,751
Operating lease right of use assets	44,873		47,915
Convertible debt	18,780		23,783
Other	18,157		15,116
Total	404,545		392,279
Deferred income tax assets:
Canyons obligation	17,291		16,080
Stock-based compensation	9,957		10,335
Investment in Partnerships	10,602		7,585
Deferred compensation and other accrued benefits	15,202		13,887
Contingent Consideration	10,719		7,430

Net operating loss carryforwards and other tax credits	8,516		12,182
Operating lease liabilities	49,530		53,755
Other, net	24,501		27,206
Total	146,318		148,460
Valuation allowance for deferred income taxes	(5,188)		(5,939)
Deferred income tax assets, net of valuation allowance	141,130		142,521
Net deferred income tax liability	$	263,415	$	249,758

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

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


	July 31,
	2022		2021
Deferred income tax asset	$	5,049	$	3,059
Deferred income tax liability	268,464		252,817
Net deferred income tax liability	$	263,415	$	249,758

Components Of Provision (Benefit) For Income Taxes

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


	Year Ended July 31,
	2022		2021		2020
Current:
Federal	$	62,974	$	20,387	$	(13,467)
State	13,938		4,935		(731)
Foreign	21,302		(8,460)		4,141
Total current	98,214		16,862		(10,057)
Deferred:
Federal	(6,910)		(16,289)		12,597
State	1,966		(2,423)		4,266
Foreign	(4,446)		2,576		572
Total deferred	(9,390)		(16,136)		17,435
Provision for income taxes	$	88,824	$	726	$	7,378

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

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


	Year Ended July 31,
	2022		2021		2020
U.S.	$	387,729	$	148,898	$	89,838
Foreign	69,432		(23,715)		26,595
Income before income taxes	$	457,161	$	125,183	$	116,433

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


	Year Ended July 31,
	2022		2021		2020
At U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State income tax, net of federal benefit	3.8	%	4.2	%	3.5	%
Change in uncertain tax positions	(1.2)	%	(3.5)	%	(3.8)	%

Excess tax benefits related to stock-based compensation	(3.6)	%	(14.3)	%	(7.1)	%
Impacts of the Tax Act and other legislative changes	—	%	—	%	(3.2)	%
Noncontrolling interests	(1.2)	%	0.8	%	(2.4)	%
Foreign rate differential	0.1	%	(5.0)	%	(2.4)	%
Taxes related to prior year filings	0.3	%	(2.9)	%	—	%
Other	0.2	%	0.3	%	0.7	%
Effective tax rate	19.4	%	0.6	%	6.3	%

Reconciliation Of Unrecognized Tax Benefits


	Year Ended July 31,
	2022		2021		2020
Balance, beginning of year	$	67,857	$	70,299	$	72,222

Additions for tax positions of prior years	11,179		16,754		16,654

Lapse of statute of limitations	(16,127)		(19,196)		(18,577)

Balance, end of year	$	62,909	$	67,857	$	70,299

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Net operating loss carryback	$ 3,800
US Refundable Payroll Tax Credits	$ 9,600
Excess tax benefits related to stock-based compensation	(3.60%)	(14.30%)	(7.10%)
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	$ 16,127	$ 19,196	$ 18,577
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	11,179	$ 16,754	$ 16,654
Operating Loss Carryforwards	18,400
Deferred Tax Assets, Tax Credit Carryforwards, Foreign	4,200
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 4,200
Impacts of the Tax Act and other legislative changes	0.00%	0.00%	(3.20%)
Foreign Refundable Payroll Tax Credits	$ 7,000	$ 30,800	$ 8,500
State and Local Jurisdiction [Member]
Operating loss carryforwards, valuation allowance	3,600
Foreign Tax Authority [Member]
Operating Loss Carryforwards	3,600
Peak Resorts, Inc. [Member]
Operating Loss Carryforwards	$ 14,800

Segment Information Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 2,525,912	$ 1,909,710	$ 1,963,704
Property, Plant and Equipment, Net	2,118,052	2,067,876
Canadian [Member]
Segment Reporting Information [Line Items]
Revenues			223,300
Property, Plant and Equipment, Net	272,900	288,400
Geographic Distribution, Foreign [Member]
Segment Reporting Information [Line Items]
Revenues	297,204	192,440	307,743
Property, Plant and Equipment, Net	388,652	421,779
Geographic Distribution, Domestic [Member]
Segment Reporting Information [Line Items]
Revenues	2,228,708	1,717,270	$ 1,655,961
Property, Plant and Equipment, Net	$ 1,729,400	$ 1,646,097

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
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-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Income Taxes (Reconciliation Of Effective Income Tax Rate And Effective Rate From Continuing Operation) (Details)	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Income Tax Disclosure [Abstract]
At U.S. federal income tax rate	21.00%	21.00%	21.00%
State income tax, net of federal benefit	3.80%	4.20%	3.50%
Change in uncertain tax positions	(1.20%)	(3.50%)	(3.80%)
Excess tax benefits related to stock-based compensation	(3.60%)	(14.30%)	(7.10%)
Impacts of the Tax Act and other legislative changes	0.00%	0.00%	(3.20%)
Noncontrolling interests	(1.20%)	0.80%	(2.40%)
Foreign rate differential	0.10%	(5.00%)	(2.40%)
Taxes related to prior year filings	0.30%	(2.90%)	0.00%
Other	0.20%	0.30%	0.70%
Effective tax rate	19.40%	0.60%	6.30%

Stock Compensation Plan (Schedule Of Share Based Compensation Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	12 Months Ended
	Jul. 31, 2022 $ / shares shares
Awards, outstanding beginning balance (in shares) \| shares	143
Awards, granted (in shares) \| shares	68
Awards, vested (in shares) \| shares	(68)
Awards, forfeited (in shares) \| shares	(18)
Awards, outstanding ending balance (in shares) \| shares	125
Weighted-average grant-date fair value, outstanding beginning balance (in dollars per share) \| $ / shares	$ 224.94
Weighted-average grant-date fair value, granted (in dollars per share) \| $ / shares	336.57
Weighted-average grant-date fair value, vested (in dollars per share) \| $ / shares	229.99
Weighted-average grant-date fair value, forfeited (in dollars per share) \| $ / shares	260.32
Weighted-average grant-date fair value, outstanding ending balance (in dollars per share) \| $ / shares	$ 277.78

Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021
Trade payables	$ 151,263	$ 98,261
Deferred Revenue, Current	511,306	456,457
Accrued salaries, wages and deferred compensation	64,570	54,286
Accrued benefits	45,202	47,368
Deposits	37,731	35,263
Current operating lease liability	34,218	34,668
Other accruals	98,540	89,169
Total accounts payable and accrued liabilities	$ 942,830	$ 815,472

Supplementary Balance Sheet Information (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Asset impairments	$ 0	$ 0	$ 28,372
Amortization of Intangible Assets	5,200	5,400	6,500
Finite-Lived Intangible Asset, Expected Amortization, Year Five	3,800
Finite-Lived Intangible Asset, Expected Amortization, Year Four	3,800
Finite-Lived Intangible Asset, Expected Amortization, Year Three	3,800
Finite-Lived Intangible Asset, Expected Amortization, Year Two	3,800
Finite-Lived Intangible Asset, Expected Amortization, Year One	3,800
Depreciation expense	$ 247,200	$ 247,200	$ 243,100

Subsequent Events	12 Months Ended
Subsequent Events	Jul. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On August 3, 2022, through a wholly-owned subsidiary, the Company acquired a 55% controlling interest in Andermatt-Sedrun from ASA. Andermatt-Sedrun operates mountain and ski-related assets, including lifts, most of the restaurants and a ski school operation at the ski area. The Company invested CHF 149.3 million ($155.7 million), comprised of a CHF 110.0 million ($114.4 million) investment into Andermatt-Sedrun for use in capital investments to enhance the guest experience on the mountain (which was prepaid to fund the acquisition and is recorded in other current assets on the Company’s Consolidated Balance Sheet as of July 31, 2022) and CHF 39.3 million ($41.3 million) paid to ASA (which was paid on August 3, 2022, commensurate with closing). ASA has retained a 40% ownership stake, with a group of existing shareholders comprising the remaining 5% ownership. The acquisition was funded with cash on hand. As of August 3, 2022, the value of the total consideration paid to the seller was $155.4 million. Initial accounting for the acquisition is not yet complete, including the determination of the acquisition-date fair value of assets acquired and liabilities assumed, as the Company is currently in the process of completing the assessment of valuation inputs and assumptions. On August 31, 2022, the Company entered into the Fifth Amendment of the Vail Holdings Credit Agreement, which extended the maturity date to September 23, 2026. Additionally, the Fifth Amendment contains customary LIBOR replacement language, including, but not limited to, the use of rates based on SOFR. The Fifth Amendment modified the calculation of interest under the Vail Holdings Credit Agreement from being calculated based on LIBOR to being calculated based on SOFR. No other material terms of the Vail Holdings Credit Agreement were amended.

Supplementary Balance Sheet Information (Composition Of Goodwill And Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Asset impairments	$ 0	$ 0	$ 28,372
Goodwill	1,797,970	1,824,089
Goodwill, Impaired, Accumulated Impairment Loss	(25,688)	(25,688)
Accumulated amortization	(17,354)	(17,354)
Goodwill, net	1,754,928	1,781,047	1,709,020
Indefinite-Lived Trademarks	237,483	239,786
Other Indefinite-lived Intangible Assets	41,400	41,561
Gross indefinite-lived intangible assets	278,883	281,347
Accumulated amortization	(24,713)	(24,713)
Indefinite-lived intangible assets, net	254,170	256,634
Gross amortizable intangible assets	38,008	38,008
Other Finite-Lived Intangible Assets, Gross	71,767	69,397
Finite-Lived Intangible Assets, Gross	109,775	107,405
Accumulated amortization	(49,887)	(44,929)
Amortizable intangible assets, net	59,888	62,476
Total gross intangible assets	388,658	388,752
Total accumulated amortization	(74,600)	(69,642)
Net Intangible Assets Excluding Goodwill	314,058	319,110
Amortization of Intangible Assets	5,200	$ 5,400	6,500
Finite-Lived Intangible Asset, Expected Amortization, Year One	3,800
Finite-Lived Intangible Asset, Expected Amortization, Year Two	3,800
Finite-Lived Intangible Asset, Expected Amortization, Year Three	3,800
Finite-Lived Intangible Asset, Expected Amortization, Year Four	3,800
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 3,800
Goodwill [Member]
Asset impairments			25,700
Finite-Lived Intangible Assets [Member]
Asset impairments			$ 2,700

Organization and Business	12 Months Ended
Organization and Business	Jul. 31, 2022
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 41 destination mountain resorts and regional ski areas as of September 28, 2022: *Denotes a destination mountain resort, which generally receives a meaningful portion of skier visits from long-distance travelers, as opposed to the Company’s regional ski areas, which tend to generate skier visits predominantly from their respective local markets. Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations, and for the Company’s Australian ski areas, including lodging and transportation operations. Several of the resorts located in the United States (“U.S.”) operate primarily on federal land under the terms of Special Use Permits granted by the U.S. Department of Agriculture Forest Service. The operations of Whistler Blackcomb are conducted on land owned by the government of the Province of British Columbia, Canada within the traditional territory of the Squamish and Lil’wat Nations. The operations of the Company’s Australian ski areas are conducted pursuant to long-term leases and licenses on land owned by the governments of New South Wales and Victoria, Australia. Okemo, Mount Sunapee and Stowe operate on land leased from the respective states in which the resorts are located and on land owned by the Company. In the Lodging segment, the Company owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand; other strategic lodging properties and a large number of condominiums located in proximity to the Company’s North American mountain resorts; National Park Service (“NPS”) concessioner 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, and typically experience their peak operating seasons primarily from mid-December through mid-April in North America. The peak operating season at the Company’s Australian resorts, NPS concessioner properties and golf courses generally occurs from June to early October. Acquisition of Andermatt-Sedrun Sport AG On August 3, 2022, through a wholly-owned subsidiary, the Company acquired a 55% controlling interest in Andermatt-Sedrun Sport AG (“Andermatt-Sedrun”) from Andermatt Swiss Alps AG (“ASA”). Andermatt-Sedrun operates mountain and ski-related assets, including lifts, most of the restaurants and a ski school operation at the ski area. Ski operations are conducted on land owned by ASA as freehold or leasehold properties, land owned by Usern Corporation, land owned by the municipality of Tujetsch and land owned by private property owners.

Stock Compensation Plan (Schedule of Share Based Compensation SARs Activity) (Details) - $ / shares shares in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	679	873	1,061	1,171
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	230	302
Awards, granted (in shares)	97
Awards, vested (in shares)	(160)
Awards, forfeited (in shares)	(9)
Weighted-average grant-date fair value, outstanding beginning balance (in dollars per share)	$ 57.22
Weighted-average grant-date fair value, granted (in dollars per share)	96.20
Weighted-average grant-date fair value, vested (in dollars per share)	58.98
Weighted-average grant-date fair value, forfeited (in dollars per share)	72.13
Weighted-average grant-date fair value, outstanding ending balance (in dollars per share)	$ 71.62

Revenues Costs to Obtain Contracts with Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Costs to Obtain Contracts with Customers [Abstract]
Capitalized Contract Cost, Net	$ 3.8
Capitalized Contract Cost, Amortization	$ 22.1	$ 17.8	$ 11.0

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Oct. 24, 2022	Oct. 05, 2022	Sep. 22, 2022	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2019	Dec. 18, 2020
Net income				$ 347,923	$ 127,850	$ 98,833
Weighted Average Number of Shares Outstanding, Common				40,433,000	40,266,000	40,227,000
Weighted Average Number of Shares Outstanding, Exchangeable				32,000	35,000	46,000
Weighted-average shares outstanding, basic (in shares)				40,465,000	40,301,000	40,273,000
Effect of dilutive securities, diluted (in shares)				222,000	527,000	565,000
Weighted-average shares outstanding, diluted (in shares)				40,687,000	40,828,000	40,838,000
Basic net income per share attributable to Vail Resorts, Inc.				$ 8.60	$ 3.17	$ 2.45
Diluted net income per share attributable to Vail Resorts, Inc.				$ 8.55	$ 3.13	$ 2.42
Anti-dilutive securities (in shares)				6,000	2,000	2,000
Common Stock, Dividends, Per Share, Cash Paid				$ 5.58		$ 5.28
Cash dividends declared per share (in dollars per share)				$ 5.58	$ 0	$ 5.28
Dividends (Note 3)				$ 225,786	$ 0	$ 212,732
Exchangeable Shares Par Value Per Share				$ 0.01	$ 0.01
Debt Instrument, Face Amount								$ 575,000
Convertible Debt
Debt Instrument, Face Amount								$ 575,000
Debt Instrument, Interest Rate, Stated Percentage								0.00%
Forecast [Member]
Cash dividends declared per share (in dollars per share)			$ 1.91
Dividends Payable, Date to be Paid	Oct. 24, 2022
Dividends Payable, Date of Record		Oct. 05, 2022
Common Stock [Member]
Stock Issued During Period, Shares, New Issues							3,327,719
Exchangeable Shares [Member]
Stock Issued During Period, Shares, New Issues							418,095
Peak Resorts, Inc. [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets					$ 16,203
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

Leases (Notes)

12 Months Ended

Jul. 31, 2022

Leases [Abstract]

Cash Flow, Supplemental Disclosures [Text Block]

The following table presents the supplemental cash flow information associated with the Company’s leasing activities for the years ended July 31, 2022 and 2021 (in thousands):


	Year ended July 31,
	2022		2021		2020
Cash flow supplemental information:
Operating cash outflows for operating and short-term leases	$	59,818	$	56,942	$	55,344
Operating cash outflows for lease- and non-lease components of finance leases	$	37,573	$	31,429	$	29,311
Financing cash outflows for non-lease components of finance leases	$	—	$	—	$	5,387
Non-cash supplemental information:
Operating ROU assets obtained in exchange for operating lease obligations	$	23,190	$	12,615	$	18,013

Lessee, Operating Leases

4. Leases

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

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

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

The components of lease expense for the years ended July 31, 2022 and 2021 were as follows (in thousands):


	Year ended July 31,
	2022		2021		2020
Finance leases:
Amortization of the finance ROU assets	$	9,011	$	9,753	$	9,753
Interest on lease liabilities	$	35,881	$	34,612	$	34,035
Operating leases:
Operating lease expense	$	43,295	$	43,418	$	43,303
Short-term lease expense (1)	$	15,614	$	13,638	$	13,943
Variable lease expense	$	2,309	$	1,660	$	1,583

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

The following table presents the supplemental cash flow information associated with the Company’s leasing activities for the years ended July 31, 2022 and 2021 (in thousands):


	Year ended July 31,
	2022		2021		2020
Cash flow supplemental information:
Operating cash outflows for operating and short-term leases	$	59,818	$	56,942	$	55,344
Operating cash outflows for lease- and non-lease components of finance leases	$	37,573	$	31,429	$	29,311
Financing cash outflows for non-lease components of finance leases	$	—	$	—	$	5,387
Non-cash supplemental information:
Operating ROU assets obtained in exchange for operating lease obligations	$	23,190	$	12,615	$	18,013

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


	July 31, 2022		July 31, 2021
Weighted-average remaining lease term (in years)
Operating leases	9.8		10.2
Finance leases	40.9		41.9
Weighted-average discount rate
Operating leases	4.6	%	4.5	%
Finance leases	10.0	%	10.0	%

Future fixed lease payments for operating and finance leases as of July 31, 2022 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):


	Operating Leases		Finance Leases
2023	$	45,224	$	29,982
2024	40,656		30,582
2025	37,674		31,193
2026	34,449		31,817
2027	20,304		32,454
Thereafter	95,363		1,709,584
Total future minimum lease payments	273,670		1,865,612
Less amount representing interest	(64,885)		(1,508,005)
Total lease liabilities	$	208,785	$	357,607

The Canyons finance lease obligation represents the only material finance lease entered into by the Company and was $357.6 million and $351.8 million as of July 31, 2022 and 2021, respectively, which represents the estimated annual fixed lease payments for the remaining initial 50 year term of the lease assuming annual increases at the floor of 2% and discounted using an interest rate of 10%. As of July 31, 2022 and 2021, respectively, the Company has recorded $99.0 million and $108.0 million of finance lease ROU assets in connection with the Canyons lease, net of $84.6 million and $75.5 million of accumulated amortization, which is included within property, plant and equipment, net in the Company’s Consolidated Balance Sheets.

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Net income	$ 368,337	$ 124,457	$ 109,055
Foreign currency translation adjustments	(46,493)	100,019	(9,075)
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments	18,906	12,817	(22,510)
Comprehensive income	340,750	237,293	77,470
Comprehensive income attributable to noncontrolling interests	(9,703)	(24,807)	(3,744)
Comprehensive income attributable to Vail Resorts, Inc.	$ 331,047	$ 212,486	$ 73,726

- Definition

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

+ References + Details

- Definition

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

+ References

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+ Details

Segment Information (Tables)

12 Months Ended

Jul. 31, 2022

Segment Reporting [Abstract]

Summary Of Financial Information By Reportable Segment


	Year ended July 31,
	2022		2021 (1)		2020 (1)
Net revenue:
Mountain	$	2,213,114	$	1,702,798	$	1,726,620
Lodging	312,090		205,142		232,237
Total Resort net revenue	2,525,204		1,907,940		1,958,857
Real Estate	708		1,770		4,847
Total net revenue	$	2,525,912	$	1,909,710	$	1,963,704
Segment operating expense:
Mountain	$	1,404,527	$	1,156,743	$	1,224,870
Lodging	286,343		213,239		232,328
Total Resort operating expense	1,690,870		1,369,982		1,457,198
Real Estate	5,911		6,676		9,182
Total segment operating expense	$	1,696,781	$	1,376,658	$	1,466,380
Gain on sale of real property	$	1,276	$	324	$	207
Mountain equity investment income, net	$	2,580	$	6,698	$	1,690
Reported EBITDA:
Mountain	$	811,167	$	552,753	$	503,440
Lodging	25,747		(8,097)		(91)
Resort	836,914		544,656		503,349
Real Estate	(3,927)		(4,582)		(4,128)
Total Reported EBITDA	$	832,987	$	540,074	$	499,221
Real estate held for sale or investment	$	95,983	$	95,615	$	96,844
Reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.	$	347,923	$	127,850	$	98,833
Net income (loss) attributable to noncontrolling interests	20,414		(3,393)		10,222
Net income	368,337		124,457		109,055
Provision for income taxes	88,824		726		7,378
Income before provision for income taxes	457,161		125,183		116,433
Depreciation and amortization	252,391		252,585		249,572
Asset impairments	—		—		28,372
(Gain) loss on disposal of fixed assets and other, net (2)	(43,992)		5,373		(838)
Change in estimated fair value of contingent consideration	20,280		14,402		(2,964)
Investment income and other, net	(3,718)		(586)		(1,305)
Foreign currency loss (gain) on intercompany loans	2,682		(8,282)		3,230
Interest expense, net	148,183		151,399		106,721
Total Reported EBITDA	$	832,987	$	540,074	$	499,221

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

Geographic Information

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


	Year ended July 31,
Net revenue	2022		2021		2020
U.S.	$	2,228,708	$	1,717,270	$	1,655,961
International (1)	297,204		192,440		307,743
Total net revenue	$	2,525,912	$	1,909,710	$	1,963,704

			July 31,
Property, plant and equipment, net			2022		2021
U.S.			$	1,729,400	$	1,646,097
International (2)			388,652		421,779
Total property, plant and equipment, net			$	2,118,052	$	2,067,876

Supplementary Balance Sheet Information Composition of Property, Plant and Equipment under Capital Lease (Details) - Canyons [Member] - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021
Property, Plant and Equipment [Line Items]
Capital Leased Assets, Land	$ 31,818	$ 31,818
Capital Leased Assets, Land Improvements	49,228	49,228
Capital Leased Assets, Buildings and Building Improvements	42,160	42,160
Capital Leased Assets, Machinery and Equipment	60,384	60,384
Finance Lease, Right-of-Use Asset, before Accumulated Amortization	183,590	183,590
Capital Leased Assets, Accumulated Depreciation	(84,556)	(75,545)
Capital Leased Assets, Net	$ 99,034	$ 108,045

Stock Repurchase Plan	12 Months Ended
Stock Repurchase Plan	Jul. 31, 2022
Payments for Repurchase of Equity [Abstract]
Stock Repurchase Plan	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. During the years ended July 31, 2022 and 2020, the Company repurchased 304,567 and 256,418 Vail Shares, respectively (at a total cost of $75.0 million and $46.4 million, respectively). The company did not repurchase any Vail Shares during the year ended July 31, 2021. Since inception of this stock repurchase program through July 31, 2022, the Company has repurchased 6,465,708 shares at a cost of approximately $479.4 million. As of July 31, 2022, 1,034,292 Vail Shares remained available to repurchase under the existing share repurchase program, which has no expiration date. Vail Shares purchased pursuant to the repurchase program will be held as treasury shares and may be used for issuance under the Company’s employee share award plan.

Acquisitions (Tables)

12 Months Ended

Jul. 31, 2022

Business Acquisition [Line Items]

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


	Acquisition Date Estimated Fair Value
Current assets	$	2,932
Property, plant and equipment	118,415
Goodwill	4,991
Identifiable intangible assets and other assets	5,335
Liabilities	(15,172)
Net assets acquired	$	116,501

Business Acquisition, Pro Forma Information [Table Text Block]

Peak Resorts Pro Forma Financial Information


	Year Ended July 31, 2020

Pro forma net revenue	$	1,970,363
Pro forma net income attributable to Vail Resorts, Inc.	$	100,205
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$	2.49
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$	2.45

Peak Resorts, Inc. [Member]

Business Acquisition [Line Items]

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


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

Summary of Significant Accounting Policies (Allocation Of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Pre-tax stock-based compensation expense	$ 24,885	$ 24,395	$ 21,021
Less: benefit for income taxes	6,189	5,871	5,027
Net stock-based compensation expense	18,696	18,524	15,994
Mountain Operating Expense [Member]
Pre-tax stock-based compensation expense	20,892	20,311	17,410
Lodging Operating Expense [Member]
Pre-tax stock-based compensation expense	3,737	3,783	3,399
Real Estate Operating Expense [Member]
Pre-tax stock-based compensation expense	$ 256	$ 301	$ 212

Retirement and Profit Sharing Plans	12 Months Ended
Retirement and Profit Sharing Plans	Jul. 31, 2022
Retirement Benefits [Abstract]
Retirement and Profit Sharing Plans	Retirement and Profit Sharing Plans The Company maintains a defined contribution retirement plan (the “Retirement Plan”), qualified under Section 401(k) of the Internal Revenue Code, for its U.S. employees. Under this Retirement Plan, U.S. employees are eligible to make before-tax contributions on the first day of the calendar month following the later of: (i) their employment commencement date or (ii) the date they turn 21. Participants may contribute up to 100% of their qualifying annual compensation up to the annual maximum specified by the Internal Revenue Code. When the Company participates in 401(k) contribution matching, it matches an amount equal to 50% of each participant’s contribution up to 6% of a participant’s bi-weekly qualifying compensation starting the pay period containing the first day of the month after obtaining the later of: (i) 12 months of employment with at least 1,000 service hours from the commencement date or (ii) if 1,000 hours within the first 12 months was not completed, then after the employee completed a cumulative 1,500 service hours. In April 2020, the Company announced a temporary six month suspension of its 401(k) contribution matching as a result of the impacts of COVID-19 and resulting resort closures, which subsequently resumed in October 2020. The Company’s matching contribution is entirely discretionary and may be reduced or eliminated at any time. Total Retirement Plan expense recognized by the Company for the years ended July 31, 2022, 2021 and 2020 was $8.5 million, $6.5 million and $5.8 million, respectively.

Stock Repurchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
Stock Repurchase Plan (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020	Dec. 04, 2015	Jul. 16, 2008	Mar. 09, 2006
Accelerated Share Repurchases [Line Items]
Treasury Stock, Shares, Acquired	304,567		256,418
Repurchases of Common Stock	$ 75,006	$ 0	$ 46,422
Number of shares authorized to repurchase	7,500,000					3,000,000
Additional number of shares authorized to repurchase				1,500,000	3,000,000
Number of shares repurchased since inception	6,465,708	6,161,000
Value of stock repurchased since inception	$ 479,417	$ 404,411
Remaining shares available for repurchase under existing program	1,034,292

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Interest Rate Swap, Notional Amount	$ 400,000	$ 400,000	$ 400,000
Asset impairments	0	0	28,372
Accounts payable and accrued liabilities (Note 8)	942,830	815,472
Advertising expense	47,700	38,600	41,600
Restricted cash	18,680	14,612
Operating right-of-use assets (Note 4)	192,070	204,716
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	18,900	12,800	(22,500)
Interest Rate Cash Flow Hedge Liability at Fair Value	12,300	12,942
Operating Lease, Liability	208,785
Operating lease liabilities (Note 4)	174,567	190,561
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	4,300	$ 5,400
6.25% Notes [Member]
Debt Instrument, Fair Value Disclosure	614,268
Notes and Loans Payable	600,000
EPR Secured Notes [Member]
Debt Instrument, Fair Value Disclosure	160,977
Notes and Loans Payable	134,107
0.0% Notes
Debt Instrument, Fair Value Disclosure	524,837
Notes and Loans Payable	$ 498,251
Goodwill [Member]
Asset impairments			25,700
Finite-Lived Intangible Assets [Member]
Asset impairments			$ 2,700

Long-Term Debt (Schedule Of Debt Instruments) (Details) $ / shares in Units, SFr in Millions, $ in Millions					12 Months Ended
	Aug. 03, 2022 USD ($)	Aug. 03, 2022 CHF (SFr)	Sep. 24, 2019 USD ($) $ / shares	May 29, 2013 USD ($)	Jul. 31, 2022 USD ($) d $ / shares	Jul. 31, 2021 USD ($)	Jul. 31, 2020 USD ($)	Jul. 31, 2022 CAD ($)	Dec. 18, 2020 USD ($) $ / shares	Dec. 27, 2016 USD ($)	Nov. 01, 2016 USD ($)
Long-Term Debt, Maturity, Year One					$ 69,890,000
Long-term Line of Credit					1,100,000,000
Debt Instrument, Face Amount									$ 575,000,000
Debt Instrument, Unused Borrowing Capacity, Fee					0.0025
Interest Rate Swap, Notional Amount					400,000,000	$ 400,000,000	$ 400,000,000
Long-term Debt					2,807,046,000	2,948,514,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net					72,997,000	98,222,000
Less: Current maturities					63,749,000	114,117,000
Long-term debt, net					2,670,300,000	2,736,175,000
Interest Expense, Debt					148,200,000	151,400,000	106,700,000
Amortization of Financing Costs					5,900,000	4,900,000	1,900,000
Intercompany Foreign Currency Balance, Amount					97,200,000						$ 210,000,000
Foreign currency (loss) gain on intercompany loans (Note 6)					(2,682,000)	$ 8,282,000	$ (3,230,000)
Long-Term Debt, Maturity, Year Two					63,813,000
Long-Term Debt, Maturity, Year Three					1,553,883,000
Long-Term Debt, Maturity, Year Four					575,415,000
Long-Term Debt, Maturity, Year Five					22,755,000
Long-Term Debt, Maturity, after Year Five					521,290,000
Convertible Debt Partial Redemption Minimum Remaining Balance					50,000,000
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature					27,500,000
Derivative, Fixed Interest Rate						1.46%
Proceeds from Unsecured Notes Payable						$ 600,000,000
Sale Leaseback Transaction, Historical Cost					12,800,000
Credit Facility Revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity					500,000,000
Long-term Debt					$ 0	0
Fiscal year maturity					2024
Basis spread on LIBOR rate					1.25%
Whistler Credit Agreement revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity								$ 300.0
Long-term Debt, Description					Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships’ Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of July 31, 2022, in the case of borrowings (i) in Canadian dollars, at the WB Partnerships’ option, either (a) at the Canadian Prime Rate plus 0.75% per annum or (b) by way of the issuance of bankers’ acceptances plus 1.75% per annum; and (ii) in U.S. dollars, at the WB Partnerships option, either at (a) the U.S. Base Rate plus 0.75% per annum or (b) Bankers Acceptance Rate plus 1.75% per annum
Debt Instrument, Interest Rate, Stated Percentage					4.70%			4.70%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage					0.39%
Line of Credit Facility, Initiation Date					Nov. 12, 2013
Long-term Debt					$ 11,717,000	44,891,000
Fiscal year maturity					2026
EPR Secured Notes [Member]
Annual Interest Rate Increase Cap					1.50%
Long-term Debt					$ 114,162,000	114,162,000
EB-5 Development Notes [Member]
Debt Instrument, Face Amount										$ 52,000,000
Long-term Debt					0	51,500,000
Term Loan [Member]
Debt Instrument, Periodic Payment					$ 15,600,000
Debt Instrument, Interest Rate, Stated Percentage					3.62%			3.62%
Long-term Debt					$ 1,078,125,000	1,140,625,000
Fiscal year maturity					2024
Employee Housing Bonds [Member]
Long-term Debt					$ 52,575,000	52,575,000
Reference for interest rate determination					LIBOR plus 0% to 0.10%
Canyons Obligation [Member]
Long-term Debt					$ 357,607,000	351,820,000
Fiscal year maturity					2063
Other [Member]
Long-term Debt					$ 17,860,000	$ 17,941,000
Alpine Valley Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage					11.55%			11.55%
Long-term Debt					$ 4,600,000
Boston Mills Brandywine Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage					11.07%			11.07%
Long-term Debt					$ 23,300,000
Jack Frost Big Boulder Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage					11.07%			11.07%
Long-term Debt					$ 14,300,000
Mount Snow Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage					12.14%			12.14%
Long-term Debt					$ 51,100,000
Hunter Mountain Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage					8.88%			8.88%
Annual Interest Rate Increase Cap					1.75%
Long-term Debt					$ 21,000,000
Convertible Debt
Fiscal year maturity					2026
EB-5 Development Notes1 [Member]
Debt Instrument, Face Amount										30,000,000
EB-5 Development Notes2 [Member]
Debt Instrument, Face Amount										$ 22,000,000
Hunter Mountain Secured Note [Member]
EPR Additional Interest Rate					8.00%
Mount Snow Secured Note [Member]
EPR Additional Interest Rate					12.00%
6.25% Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage						6.25%
Long-term Debt					$ 600,000,000	$ 600,000,000
Fiscal year maturity					2025
EPR Secured Notes [Member]
EPR Additional Interest Rate					10.00%
Debt Service Reserve					$ 5,300,000
Colorado Water Conservation Board Note Outstanding [Member] \| Other [Member]
Long-term debt, maturity date					Sep. 16, 2028
Long-term debt, outstanding amount					$ 2,900,000
Breckenridge Terrace [Member] \| Employee Housing Bonds [Member]
Long-term Debt					$ 19,980,000
Fiscal year maturity					2039
Tarnes [Member] \| Employee Housing Bonds [Member]
Long-term Debt					$ 10,410,000
Fiscal year maturity					2039
BC Housing [Member] \| Employee Housing Bonds [Member]
Long-term Debt					$ 10,600,000
Fiscal year maturity					2027
Tenderfoot [Member] \| Employee Housing Bonds [Member]
Long-term Debt					$ 11,585,000
Fiscal year maturity					2035
EB-5 Development Notes [Member]
Fiscal year maturity					2021
Convertible Notes Payable
Debt Instrument, Face Amount									$ 575,000,000
Long-term Debt					$ 575,000,000	575,000,000
Debt Instrument, Convertible, Conversion Price \| $ / shares					$ 398.67				$ 407.17
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger					130.00%
Debt Instrument, Convertible, Threshold Trading Days \| d					20
Debt Instrument, Convertible, Threshold Consecutive Trading Days \| d					30
Long-term Debt, Fair Value					$ 465,300,000
Debt Instrument, Convertible, Carrying Amount of Equity Component					109,700,000
Debt Instrument, Unamortized Discount (Premium), Net					76,700,000
Debt Issuance Costs, Net					$ 14,900,000
Debt Instrument Convertible Threshold Percentage of Stock Price Trigger 1					9800.00%
Debt Instrument, Convertible \| d					10
Tranche A [Member] \| Employee Housing Bonds [Member]
Long-term Debt					$ 37,780,000
Tranche A [Member] \| Breckenridge Terrace [Member] \| Employee Housing Bonds [Member]
Long-term Debt					14,980,000
Tranche A [Member] \| Tarnes [Member] \| Employee Housing Bonds [Member]
Long-term Debt					8,000,000
Tranche A [Member] \| BC Housing [Member] \| Employee Housing Bonds [Member]
Long-term Debt					9,100,000
Tranche A [Member] \| Tenderfoot [Member] \| Employee Housing Bonds [Member]
Long-term Debt					5,700,000
Tranche B [Member] \| Employee Housing Bonds [Member]
Long-term Debt					14,795,000
Tranche B [Member] \| Breckenridge Terrace [Member] \| Employee Housing Bonds [Member]
Long-term Debt					5,000,000
Tranche B [Member] \| Tarnes [Member] \| Employee Housing Bonds [Member]
Long-term Debt					2,410,000
Tranche B [Member] \| BC Housing [Member] \| Employee Housing Bonds [Member]
Long-term Debt					1,500,000
Tranche B [Member] \| Tenderfoot [Member] \| Employee Housing Bonds [Member]
Long-term Debt					$ 5,885,000
Maximum [Member] \| EPR Secured Notes [Member]
Fiscal year maturity					2036
Maximum [Member] \| Employee Housing Bonds [Member]
Fiscal year maturity					2039
Long term debt interest rate					0.0245%
Maximum [Member] \| Other [Member]
Fiscal year maturity					2034
Long term debt interest rate					5.50%
Minimum [Member] \| EPR Secured Notes [Member]
Fiscal year maturity					2034
Minimum [Member] \| Employee Housing Bonds [Member]
Fiscal year maturity					2027
Long term debt interest rate					0.0235%
Minimum [Member] \| Other [Member]
Fiscal year maturity					2022
Long term debt interest rate					5.10%
Peak Resorts, Inc. [Member]
Business Acquisition, Share Price \| $ / shares			$ 11.00
Business Combination, Cash Consideration Transferred			$ 264,500,000
Business Combination, Consideration Transferred, Other			70,200,000
Business Combination, Consideration Transferred			334,700,000
Proceeds from (Repayments of) Debt			$ 335,600,000
Indefinite-lived Intangible Assets Acquired						15,800,000
Indefinite Lived Property Management Contracts						$ 3,100,000
Canyons [Member]
Business Acquisition, Effective Date of Acquisition				May 24, 2013
Initial Capital Lease Term				50 years
Optional Lease Renewal Term				six 50-year renewal options
Minimum Capital Lease Payment, Annual				$ 25,000,000
Adjustments to Capital Lease Annual Payments				inflation-linked index of CPI less 1% per annum, with a floor of 2%
Talisker Canyons Obligation, Interest Rate					10.00%			10.00%
Accretion Expense					$ 52,300,000
Forecast [Member]
Business Combination, Consideration Transferred	$ 155,700,000	SFr 149.3

Consolidated Statements Of Cash Flows $ in Thousands, SFr in Millions	12 Months Ended
	Jul. 31, 2022 USD ($)	Jul. 31, 2021 USD ($)	Jul. 31, 2020 USD ($)
Cash flows from operating activities:
Net income	$ 368,337	$ 124,457	$ 109,055
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	252,391	252,585	249,572
Asset impairments	0	0	28,372
Stock-based compensation expense	24,885	24,395	21,021
Deferred income taxes, net	(9,390)	(16,136)	17,435
Gain (Loss) on Disposition of Assets	(43,992)	5,373	(838)
Change in fair value of contingent consideration	20,280	14,402	(2,964)
Other Noncash Expense	3,510
Other non-cash expense (income), net		(7,231)	(3,356)
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	(39,010)	(237,188)	167,347
Inventories, net	(28,048)	22,781	(1,924)
Accounts payable and accrued liabilities	41,078	118,979	(82,394)
Deferred revenue	48,973	199,410	(98,003)
Income taxes payable - excess tax benefit from share award plans	(17,042)	(18,096)	(8,236)
Income taxes payable - other	98,349	29,946	(4,951)
Other assets and liabilities, net	(9,822)	11,573	4,814
Net cash provided by operating activities	710,499	525,250	394,950
Cash flows from investing activities:
Capital expenditures	(192,817)	(115,097)	(172,334)
Acquisition of businesses, net of cash acquired	(116,337)	0	(327,555)
Other Payments to Acquire Businesses	(114,400)	0	0
Proceeds from Sale of Property, Plant, and Equipment	66,264	9,705	6,630
Other investing activities, net	9,387	2,063	520
Net cash used in investing activities	(347,917)	(103,329)	(492,739)
Cash flows from financing activities:
Proceeds from borrowings under Vail Holdings Credit Agreement	0	0	892,625
Proceeds from borrowings under Whistler Credit Agreement	0	27,775	209,634
Proceeds from Convertible Debt	0	575,000	0
Proceeds from borrowings under 6.25% Notes	0	0	600,000
Repayments of borrowings under Vail Holdings Credit Agreement	(62,500)	(62,500)	(811,875)
Repayments of borrowings under Whistler Credit Agreement	(32,633)	(45,657)	(204,032)
Repayment of EB-5 Development Notes	(51,500)	0	0
Employee taxes paid for share award exercises	(37,300)	(39,090)	(19,478)
Repurchases of common stock	(75,006)	0	(46,422)
Dividends paid	(225,786)	0	(212,732)
Other financing activities, net	(8,411)	(20,866)	(31,487)
Net cash (used in) provided by financing activities	(493,136)	434,662	376,233
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,913)	(95)	5,253
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(132,467)	856,488	283,697
Cash, cash equivalents and restricted cash:
Beginning of period	1,258,574	402,086	118,389
End of period	1,126,107	1,258,574	402,086
Cash paid for interest	114,074	125,667	88,398
Taxes paid, net	19,692	5,011	4,134
Accrued capital expenditures	$ 30,556	$ 5,158	$ 15,046

Supplementary Balance Sheet Information (Tables)

12 Months Ended

Jul. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Composition Of Property, Plant And Equipment

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


	July 31,
	2022		2021
Land and land improvements	$	763,432	$	756,517
Buildings and building improvements	1,545,571		1,496,402
Machinery and equipment	1,505,236		1,417,705
Furniture and fixtures	307,867		308,432
Software	138,058		122,778
Vehicles	81,927		80,328
Construction in progress	127,282		67,710
Gross property, plant and equipment	4,469,373		4,249,872
Accumulated depreciation	(2,351,321)		(2,181,996)
Property, plant and equipment, net	$	2,118,052	$	2,067,876

Composition Of Goodwill And Intangible Assets

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


	July 31,
	2022		2021
Goodwill
Goodwill	$	1,797,970	$	1,824,089
Accumulated impairments	(25,688)		(25,688)
Accumulated amortization	(17,354)		(17,354)
Goodwill, net	$	1,754,928	$	1,781,047

Indefinite-lived intangible assets
Trademarks	$	237,483	$	239,786
Other	41,400		41,561
Total gross indefinite-lived intangible assets	278,883		281,347
Accumulated amortization	(24,713)		(24,713)
Indefinite-lived intangible assets, net	$	254,170	$	256,634
Amortizable intangible assets
Trademarks	$	38,008	$	38,008
Other	71,767		69,397
Total gross amortizable intangible assets	109,775		107,405
Accumulated amortization	(49,887)		(44,929)
Amortizable intangible assets, net	59,888		62,476
Total gross intangible assets	388,658		388,752
Total accumulated amortization	(74,600)		(69,642)
Total intangible assets, net	$	314,058	$	319,110

Changes In Goodwill Amount

The changes in the net carrying amount of goodwill allocated between the Company’s segments for the years ended July 31, 2022 and 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	72,027		—		72,027
Balance at July 31, 2021	1,738,836		42,211		1,781,047
Acquisition (including measurement period adjustments)	2,196		2,795		4,991

Effects of changes in foreign currency exchange rates	(31,110)		—		(31,110)
Balance at July 31, 2022	$	1,709,922	$	45,006	$	1,754,928

Components Of Accounts Payable And Accrued Liabilities

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


	July 31,
	2022		2021
Trade payables	$	151,263	$	98,261
Deferred revenue	511,306		456,457
Accrued salaries, wages and deferred compensation	64,570		54,286
Accrued benefits	45,202		47,368
Deposits	37,731		35,263
Operating lease liabilities	34,218		34,668
Other accruals	98,540		89,169
Total accounts payable and accrued liabilities	$	942,830	$	815,472

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 45,224
Finance Lease, Liability, Payments, Due in Next Rolling Twelve Months	29,982
Operating Lease, Payments	59,818	$ 56,942	$ 55,344
Finance Lease, Right-of-Use Asset, Amortization	9,011	9,753	9,753
Finance Lease, Interest Expense	35,881	34,612	34,035
Operating Lease, Cost	43,295	43,418	43,303
Short-term Lease, Cost	15,614	13,638	13,943
Variable Lease, Cost	2,309	1,660	1,583
Operating Cash Outflows for Finance Leases	37,573	31,429	29,311
Financing Cash Outflows for Finance Leases	$ 0	$ 0	5,387
Operating Lease, Weighted Average Discount Rate, Percent	4.60%	4.50%
Finance Lease, Weighted Average Discount Rate, Percent	10.00%	10.00%
Operating Leases, Future Minimum Payments, Due in Two Years	$ 40,656
Operating Leases, Future Minimum Payments, Due in Three Years	37,674
Finance Lease, Liability, to be Paid, Year Four	31,817
Operating Leases, Future Minimum Payments, Due in Four Years	34,449
Finance Lease, Liability, to be Paid, Year Five	32,454
Operating Leases, Future Minimum Payments, Due in Five Years	20,304
Finance Lease, Liability, to be Paid, after Year Five	1,709,584
Lessee, Operating Lease, Liability, to be Paid, after Year Five	95,363
Lessee, Operating Lease, Liability, to be Paid	273,670
Finance Lease, Liability, Payment, Due	1,865,612
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(64,885)
Finance Lease, Liability, Undiscounted Excess Amount	(1,508,005)
Operating Lease, Liability	208,785
Finance Lease, Liability	357,607
Long-term Debt	2,807,046	$ 2,948,514
Operating Lease, Right-of-Use Asset	99,000	108,000
Finance Lease, Right-of-Use Asset, Accumulated Amortization	84,600	75,500
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 23,190	$ 12,615	$ 18,013
Operating Lease, Weighted Average Remaining Lease Term	9 years 9 months 18 days	10 years 2 months 12 days
Finance Lease, Weighted Average Remaining Lease Term	40 years 10 months 24 days	41 years 10 months 24 days
Finance Lease, Liability, to be Paid, Year Two	$ 30,582
Finance Lease, Liability, to be Paid, Year Three	31,193
Current operating lease liability	$ 34,218	$ 34,668
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Goodwill	Goodwill
Minimum [Member]
Lessee Operating And Finance Lease Term	1 year
Maximum [Member]
Lessee Operating And Finance Lease Term	60 years
Canyons Obligation [Member]
Long-term Debt	$ 357,607	$ 351,820

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021
Statement of Financial Position [Abstract]
Trade receivables, allowances	$ 6,356	$ 7,621
Inventories, net of reserves of $2,687 and $2,601, respectively	$ 2,687	$ 2,601
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	46,744,000	46,552,000
Exchangeable Shares Par Value Per Share	$ 0.01	$ 0.01
Exchangeable Shares, Shares, Issued	3,000	34,000
Treasury stock, shares	6,465,708	6,161,000