0000812011-23-000017 | 10-Q | XBRL Viewer

Segment Information

6 Months Ended

Jan. 31, 2023

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.

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


	Three Months Ended January 31,				Six Months Ended January 31,
	2023		2022		2023		2022
Net revenue:





Mountain	$	1,013,442	$	834,375	1,215,159		943,675
Lodging	80,577		71,980		158,194		137,941
Total Resort net revenue	1,094,019		906,355		1,373,353		1,081,616
Real Estate	7,699		180		7,812		495
Total net revenue	$	1,101,718	$	906,535	$	1,381,165	$	1,082,111
Segment operating expense:
Mountain	$	614,633	$	446,700	$	908,829	$	668,478
Lodging	84,630		62,612		166,604		126,022
Total Resort operating expense	699,263		509,312		1,075,433		794,500
Real Estate	6,310		1,511		7,692		2,981
Total segment operating expense	$	705,573	$	510,823	$	1,083,125	$	797,481

Gain on sale of real property	$	757	$	931	$	757	$	962
Mountain equity investment income, net	$	42	$	818	$	388	$	2,332
Reported EBITDA:
Mountain	$	398,851	$	388,493	$	306,718	$	277,529
Lodging	(4,053)		9,368		(8,410)		11,919
Resort	394,798		397,861		298,308		289,448
Real Estate	2,146		(400)		877		(1,524)
Total Reported EBITDA	$	396,944	$	397,461	$	299,185	$	287,924

Real estate held for sale or investment	$	90,354	$	95,331	$	90,354	$	95,331

Reconciliation from net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.	$	208,679	$	223,391	$	71,708	$	84,059
Net income attributable to noncontrolling interests	11,440		10,539		4,851		7,350
Net income	220,119		233,930		76,559		91,409
Provision for (benefit from) income taxes	79,032		52,049		21,026		(7,804)
Income before provision for (benefit from) income taxes	299,151		285,979		97,585		83,605
Depreciation and amortization	65,989		62,070		130,603		123,559

Change in estimated fair value of contingent consideration	1,100		16,780		1,736		18,780
Loss (gain) on disposal of fixed assets and other, net	1,780		(7,347)		1,786		(16,214)
Investment income and other, net	(7,108)		(257)		(9,994)		(756)
Foreign currency (gain) loss on intercompany loans	(2,338)		2,870		3,797		2,039
Interest expense, net	38,370		37,366		73,672		76,911
Total Reported EBITDA	$	396,944	$	397,461	$	299,185	$	287,924

- 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

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+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jan. 31, 2023

Fair Value Disclosures [Abstract]

Summary Of Cash Equivalents Measured At Fair Value

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 January 31, 2023
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	614,439	$	614,439	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	111,140	$	—	$	111,140	$	—
Interest Rate Swaps	$	19,270	$	—	$	19,270	$	—
Liabilities:
Contingent Consideration	$	25,200	$	—	$	—	$	25,200

	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 January 31, 2022
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	504,306	$	504,306	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	9,564	$	—	$	9,564	$	—
Liabilities:
Interest Rate Swaps	$	1,155	$	—	$	1,155	$	—
Contingent Consideration	$	40,900	$	—	$	—	$	40,900

The Company’s cash equivalents, other current assets and interest rate swaps are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. The estimated fair value of the interest rate swaps are included within other assets on the Company’s Consolidated Condensed Balance Sheet as of January 31, 2023 and July 31, 2022, and included within other long-term liabilities as of January 31, 2022.

The changes in Contingent Consideration during the six months ended January 31, 2023 and 2022 were as follows (in thousands):


Balance as of July 31, 2022 and 2021, respectively	$	42,400	$	29,600
Payments	(18,936)		(7,480)
Change in estimated fair value	1,736		18,780
Balance as of January 31, 2023 and 2022, respectively	$	25,200	$	40,900

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jan. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Metropolitan Districts The Company credit-enhances $6.3 million of bonds issued by Holland Creek Metropolitan District (“HCMD”) through a $6.4 million letter of credit issued under the Vail Holdings Credit Agreement. HCMD’s bonds were issued and used to build infrastructure associated with the Company’s Red Sky Ranch residential development. The Company has agreed to pay capital improvement fees to the Red Sky Ranch Metropolitan District (“RSRMD”) until RSRMD’s revenue streams from property taxes are sufficient to meet debt service requirements under HCMD’s bonds. The Company has recorded a liability of $1.7 million, $1.8 million and $1.8 million primarily within other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets, as of January 31, 2023, July 31, 2022 and January 31, 2022, respectively, with respect to the estimated present value of future RSRMD capital improvement fees. The Company estimates it will make capital improvement fee payments under this arrangement through the fiscal year ending July 31, 2031. Guarantees/Indemnifications As of January 31, 2023, the Company had various other letters of credit outstanding totaling $83.0 million, consisting of $53.4 million to support the Employee Housing Bonds and $29.6 million primarily for insurance-related deductibles, a wind energy purchase agreement and workers’ compensation. The Company also had surety bonds of $13.1 million as of January 31, 2023, primarily to provide collateral for its U.S. workers compensation self-insurance programs. In addition to the guarantees noted above, the Company has entered into contracts in the normal course of business that include certain indemnifications under which it could be required to make payments to third parties upon the occurrence or non-occurrence of certain future events. These indemnities include indemnities related to licensees in connection with third-parties’ use of the Company’s trademarks and logos, liabilities associated with the infringement of other parties’ technology and software products, liabilities associated with the use of easements, liabilities associated with employment of contract workers and the Company’s use of trustees, and liabilities associated with the Company’s use of public lands and environmental matters. The duration of these indemnities generally is indefinite and generally do not limit the future payments the Company could be obligated to make. As permitted under applicable law, the Company and certain of its subsidiaries have agreed to indemnify their directors and officers over their lifetimes for certain events or occurrences while the officer or director is, or was, serving the Company or its subsidiaries in such a capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that should enable the Company to recover a portion of any amounts paid. Unless otherwise noted, the Company has not recorded any significant liabilities for the letters of credit, indemnities and other guarantees noted above in the accompanying Consolidated Condensed Financial Statements, either because the Company has recorded on its Consolidated Condensed Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company’s own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the estimated fair value of the indemnification or guarantee to be immaterial based on the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications, it is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material. As noted above, the Company makes certain indemnifications to licensees for their use of the Company’s trademarks and logos. The Company does not record any liabilities with respect to these indemnifications. Additionally, the Company has entered into strategic long-term season pass alliance agreements with third-party mountain resorts in which the Company has committed to pay minimum revenue guarantees over the remaining terms of these agreements. Self-Insurance The Company is self-insured for claims under its U.S. health benefit plans and for the majority of workers’ compensation claims in the U.S. Workers compensation claims in the U.S. are subject to stop loss policies. The self-insurance liability related to workers’ compensation is determined actuarially based on claims filed. The self-insurance liability related to claims under the Company’s U.S. health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of accrued benefits in accounts payable and accrued liabilities (see Note 7, Supplementary Balance Sheet Information). Legal The Company is a party to various lawsuits arising in the ordinary course of business. Management believes the Company has adequate insurance coverage and/or has accrued for all loss contingencies for asserted and unasserted matters deemed to be probable and estimable losses. As of January 31, 2023, July 31, 2022 and January 31, 2022, the accruals for the above loss contingencies were not material individually or in the aggregate.

Long-Term Debt

6 Months Ended

Jan. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt, net as of January 31, 2023, July 31, 2022 and January 31, 2022 is summarized as follows (in thousands):


	Maturity	January 31, 2023		July 31, 2022		January 31, 2022
Vail Holdings Credit Agreement term loan (a)	2026	$	1,046,875	$	1,078,125	$	1,109,375
Vail Holdings Credit Agreement revolver (a)	2026	—		—		—
6.25% Notes	2025	600,000		600,000		600,000
0.0% Convertible Notes (b)	2026	575,000		575,000		575,000
Whistler Credit Agreement revolver (c)	2026	11,275		11,717		21,243

EPR Secured Notes (d)	2034-2036	114,162		114,162		114,162

NRP Loan (e)	2036	39,967		—		—
Employee housing bonds	2027-2039	52,575		52,575		52,575
Canyons obligation	2063	360,497		357,607		354,713
Whistler Blackcomb employee housing leases (f)	2042	29,346		—		—
Other	2023-2036	37,633		17,860		17,562
Total debt		2,867,330		2,807,046		2,844,630
Less: Unamortized premiums, discounts and debt issuance costs (b)		7,921		72,997		85,295
Less: Current maturities (g)		69,582		63,749		63,746
Long-term debt, net		$	2,789,827	$	2,670,300	$	2,695,589

(a)On August 31, 2022, Vail Holdings, Inc. (“VHI”) entered into the Fifth Amendment to 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 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.

The Company is party to various interest rate swap agreements which hedge the cash flows associated with the SOFR-based variable interest rate component of $400.0 million in principal amount of its Vail Holdings Credit Agreement until September 23, 2024. Subsequent to the Fifth Amendment, these interest rate swaps were amended to transition from a hedge of LIBOR to a hedge of SOFR.

As of January 31, 2023, the Vail Holdings Credit Agreement consists of a $500.0 million revolving credit facility and a term loan facility with $1.0 billion outstanding. The term loan facility is subject to quarterly amortization of principal of approximately $15.6 million, in equal installments, for a total of 5% of principal payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due in September 2026. 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 SOFR plus a spread of 1.35% as of January 31, 2023 (5.91% as of January 31, 2023). 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 January 31, 2023).

(b)The Company issued $575.0 million in aggregate principal amount of 0.0% Convertible Notes due 2026 (the “0.0% Convertible Notes) under an indenture dated December 18, 2020. Under previous accounting guidance, the Company bifurcated the proceeds of the 0.0% Convertible Notes by estimating the fair value of the 0.0% Convertible Notes at issuance and allocating that portion to long-term debt, net, with the excess being recorded within additional paid-in capital. The Company adopted ASU 2020-06 on August 1, 2022 using the modified retrospective method, and as a result, the Company reclassified the equity component of its 0.0% Convertible Notes to long-term debt, net, and will no longer record non-cash interest expense related to the amortization of the debt discount. Refer to Note 2, Summary of Significant Accounting Policies, for further information on ASU 2020-06. As of January 31, 2023, the conversion price of the 0.0% Convertible Notes, adjusted for cash dividends paid since the issuance date, was $391.99.

(c)Whistler Mountain Resort Limited Partnership (“Whistler LP”) and Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP”), together “The WB Partnerships,” are party to a credit agreement, dated as of November 12, 2013 (as amended, the “Whistler Credit Agreement”), by and among Whistler LP, Blackcomb LP, certain subsidiaries of Whistler LP and Blackcomb LP party thereto as guarantors (the “Whistler Subsidiary Guarantors”), the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. The Whistler Credit Agreement consists of a C$300.0 million revolving credit facility. As of January 31, 2023, 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 6.68% as of January 31, 2023). The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of January 31, 2023 is equal to 0.39% per annum.

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

i.The Alpine Valley Secured Note. The $4.6 million Alpine Valley Secured Note provides for interest payments through its maturity on December 1, 2034. As of January 31, 2023, interest on this note accrued at a rate of 11.72%.

ii.The Boston Mills/Brandywine Secured Note. The $23.3 million Boston Mills/Brandywine Secured Note provides for interest payments through its maturity on December 1, 2034. As of January 31, 2023, interest on this note accrued at a rate of 11.24%.

iii.The Jack Frost/Big Boulder Secured Note. The $14.3 million Jack Frost/Big Boulder Secured Note provides for interest payments through its maturity on December 1, 2034. As of January 31, 2023, interest on this note accrued at a rate of 11.24%.

iv.The Mount Snow Secured Note. The $51.1 million Mount Snow Secured Note provides for interest payments through its maturity on December 1, 2034. As of January 31, 2023, 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 January 31, 2023, interest on this note accrued at a rate of 8.88%.

In addition, Peak Resorts is required to maintain a debt service reserve account which amounts are applied to fund interest payments and other amounts due and payable to EPR. As of January 31, 2023, the Company had funded the EPR debt service reserve account in an amount equal to approximately $3.2 million, which was included in other current assets in the Company’s Consolidated Condensed Balance Sheet.

(e)On August 3, 2022 in conjunction with the acquisition of Andermatt-Sedrun (see Note 6, Acquisitions), the Company assumed the New Regional Policy loan between Andermatt-Sedrun and the Canton of Uri and Canton of Graubünden dated June 24, 2016 (the “NRP Loan”), with an initial principal balance of CHF 40.0 million. Amounts outstanding under the NRP Loan bear interest at 0.63% per annum until the maturity date, which is September 30, 2036, with semi-annual required payments of principal amortization and accrued interest. In addition, the NRP Loan agreement includes restrictive covenants requiring certain minimum financial results (as defined in the agreement).

(f)During the three and six months ended January 31, 2023, the Company entered into new finance lease agreements for employee housing units at Whistler Blackcomb, resulting in an incremental finance lease liability on the commencement date of $28.6 million, which represents the minimum lease payments of $56.4 million, net of $27.8 million of amounts representing interest, for the initial 20 year term of the lease discounted at the estimated incremental borrowing rate. The Company recorded $28.6 million finance lease right-of-use assets in connection with these leases, which have a value of $28.2 million as of January 31, 2023, net of $0.4 million accumulated amortization, and are included within property, plant and equipment, net in the Company’s Consolidated Condensed Balance Sheet.

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

Aggregate maturities of debt outstanding as of January 31, 2023 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):


	Total
2023 (February 2023 through July 2023)	$	41,163
2024	69,711
2025	669,136
2026	643,580
2027	856,182
Thereafter	587,558
Total debt	$	2,867,330

The Company recorded interest expense of $38.4 million and $37.4 million for the three months ended January 31, 2023 and 2022, respectively, of which $1.6 million and $1.5 million, respectively, was amortization of deferred financing costs. The Company recorded interest expense of $73.7 million and $76.9 million for the six months ended January 31, 2023 and 2022, respectively, of which $3.2 million and $2.9 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 $2.3 million and $(3.8) million, respectively, of non-cash foreign currency gains (losses) on the intercompany loan to Whistler Blackcomb for the three and six months ended January 31, 2023 on the Company’s Consolidated Condensed Statements of Operations. The Company recognized approximately $2.9 million and $2.0 million, respectively, of non-cash foreign currency losses on the intercompany loan to Whistler Blackcomb for the three and six months ended January 31, 2022 on the Company’s Consolidated Condensed 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 https://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 https://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 https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplementary Balance Sheet Information

6 Months Ended

Jan. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Supplementary Balance Sheet Information

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


	January 31, 2023		July 31, 2022		January 31, 2022
Land and land improvements	$	793,271	$	763,432	$	767,433
Buildings and building improvements	1,635,700		1,545,571		1,564,845
Machinery and equipment	1,769,052		1,505,236		1,504,991
Furniture and fixtures	330,257		307,867		318,434
Software	141,595		138,058		126,742
Vehicles	85,329		81,927		82,710
Construction in progress	135,903		127,282		114,165
Gross property, plant and equipment	4,891,107		4,469,373		4,479,320
Accumulated depreciation	(2,469,712)		(2,351,321)		(2,288,988)
Property, plant and equipment, net	$	2,421,395	$	2,118,052	$	2,190,332

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


	January 31, 2023		July 31, 2022		January 31, 2022
Trade payables	$	179,221	$	151,263	$	137,895
Deferred revenue	619,511		511,306		611,477
Accrued salaries, wages and deferred compensation	66,275		64,570		59,008
Accrued benefits	54,129		45,202		46,894
Deposits	81,612		37,731		80,547
Operating lease liabilities	36,667		34,218		35,438
Other liabilities	107,380		98,540		95,878
Total accounts payable and accrued liabilities	$	1,144,795	$	942,830	$	1,067,137

The changes in the net carrying amount of goodwill by segment for the six months ended January 31, 2023 are as follows (in thousands):


	Mountain		Lodging		Goodwill, net
Balance at July 31, 2022	$	1,709,922	$	45,006	$	1,754,928
Acquisition (including measurement period adjustments)	3,800		—		3,800

Effects of changes in foreign currency exchange rates	(35,709)		—		(35,709)
Balance at January 31, 2023	$	1,678,013	$	45,006	$	1,723,019

Segment Information (Tables)

6 Months Ended

Jan. 31, 2023

Segment Reporting [Abstract]

Summary Of Financial Information By Reportable Segment

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


	Three Months Ended January 31,				Six Months Ended January 31,
	2023		2022		2023		2022
Net revenue:





Mountain	$	1,013,442	$	834,375	1,215,159		943,675
Lodging	80,577		71,980		158,194		137,941
Total Resort net revenue	1,094,019		906,355		1,373,353		1,081,616
Real Estate	7,699		180		7,812		495
Total net revenue	$	1,101,718	$	906,535	$	1,381,165	$	1,082,111
Segment operating expense:
Mountain	$	614,633	$	446,700	$	908,829	$	668,478
Lodging	84,630		62,612		166,604		126,022
Total Resort operating expense	699,263		509,312		1,075,433		794,500
Real Estate	6,310		1,511		7,692		2,981
Total segment operating expense	$	705,573	$	510,823	$	1,083,125	$	797,481

Gain on sale of real property	$	757	$	931	$	757	$	962
Mountain equity investment income, net	$	42	$	818	$	388	$	2,332
Reported EBITDA:
Mountain	$	398,851	$	388,493	$	306,718	$	277,529
Lodging	(4,053)		9,368		(8,410)		11,919
Resort	394,798		397,861		298,308		289,448
Real Estate	2,146		(400)		877		(1,524)
Total Reported EBITDA	$	396,944	$	397,461	$	299,185	$	287,924

Real estate held for sale or investment	$	90,354	$	95,331	$	90,354	$	95,331

Reconciliation from net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.	$	208,679	$	223,391	$	71,708	$	84,059
Net income attributable to noncontrolling interests	11,440		10,539		4,851		7,350
Net income	220,119		233,930		76,559		91,409
Provision for (benefit from) income taxes	79,032		52,049		21,026		(7,804)
Income before provision for (benefit from) income taxes	299,151		285,979		97,585		83,605
Depreciation and amortization	65,989		62,070		130,603		123,559

Change in estimated fair value of contingent consideration	1,100		16,780		1,736		18,780
Loss (gain) on disposal of fixed assets and other, net	1,780		(7,347)		1,786		(16,214)
Investment income and other, net	(7,108)		(257)		(9,994)		(756)
Foreign currency (gain) loss on intercompany loans	(2,338)		2,870		3,797		2,039
Interest expense, net	38,370		37,366		73,672		76,911
Total Reported EBITDA	$	396,944	$	397,461	$	299,185	$	287,924

Net Income Per Common Share (Tables)

3 Months Ended

6 Months Ended

Jan. 31, 2023

Earnings Per Share Reconciliation [Abstract]

Summary of Calculation of Basic And Diluted EPS

Presented below is basic and diluted EPS for the three months ended January 31, 2023 and 2022 (in thousands, except per share amounts):



	Three Months Ended January 31,
	2023				2022
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	208,679	$	208,679	$	223,391	$	223,391
Weighted-average Vail Shares outstanding	40,327		40,327		40,505		40,505
Weighted-average Exchangeco Shares outstanding	—		—		33		33
Total Weighted-average shares outstanding	40,327		40,327		40,538		40,538
Effect of dilutive securities	—		107		—		282
Total shares	40,327		40,434		40,538		40,820
Net income per share attributable to Vail Resorts	$	5.17	$	5.16	$	5.51	$	5.47

The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable upon the exercise of share-based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 25,000 and zero for the three months ended January 31, 2023 and 2022, respectively.

Presented below is basic and diluted EPS for the six months ended January 31, 2023 and 2022 (in thousands, except per share amounts):



	Six Months Ended January 31,
	2023				2022
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	71,708	$	71,708	$	84,059	$	84,059
Weighted-average Vail Shares outstanding	40,312		40,312		40,460		40,460
Weighted-average Exchangeco Shares outstanding	1		1		33		33
Total Weighted-average shares outstanding	40,313		40,313		40,493		40,493
Effect of dilutive securities	—		95		—		344
Total shares	40,313		40,408		40,493		40,837
Net income per share attributable to Vail Resorts	$	1.78	$	1.77	$	2.08	$	2.06

The number of shares issuable upon the exercise of share-based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 26,000 and 1,000 for the six months ended January 31, 2023 and 2022, respectively.

Consolidated Condensed Statements Of Cash Flows $ in Thousands, SFr in Millions	6 Months Ended
	Jan. 31, 2023 USD ($)	Jan. 31, 2022 USD ($)
Statement of Cash Flows [Abstract]
Net income	$ 76,559	$ 91,409
Cash flows from operating activities:
Depreciation and amortization	130,603	123,559
Stock-based compensation expense	13,189	12,904
Deferred income taxes, net	19,947	9,214
Change in estimated fair value of contingent consideration	1,736	18,780
Other non-cash expense (income), net		(602)
Other Noncash Expense	866
Changes in assets and liabilities:
Trade receivables, net	226,796	178,252
Inventories, net	(12,962)	(23,627)
Accounts payable and accrued liabilities	96,247	89,502
Deferred revenue	104,996	147,614
Income taxes payable	(31,166)	(7,581)
Other assets and liabilities, net	(21,318)	(28,095)
Net cash provided by operating activities	605,493	611,329
Cash flows from investing activities:
Capital expenditures	(206,554)	(128,854)
Return of deposit for acquisition of business	114,506	0
Acquisition of businesses, net of cash acquired	(38,567)	(118,099)
Investments in short-term deposits	(86,756)	0
Other investing activities, net	11,346	21,421
Net cash used in investing activities	(206,025)	(225,532)
Cash flows from financing activities:
Repayments of borrowings under Vail Holdings Credit Agreement	(31,250)	(31,250)
Repayments of borrowings under Whistler Credit Agreement	0	(23,145)
Repayment of EB-5 Development Notes	0	51,500
Employee taxes paid for share award exercises	(5,181)	(37,302)
Dividends paid	(154,047)	(71,338)
Other financing activities, net	(10,899)	(6,158)
Net cash used in financing activities	(201,377)	(220,693)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(4,843)	(1,016)
Net increase in cash, cash equivalents and restricted cash	193,248	164,088
Cash, Cash Equivalents and Restricted Cash:
Beginning of period	1,126,107	1,258,574
End of period	1,319,355	1,422,662
Accrued capital expenditures	$ 49,091	$ 17,388

Business Combinations and Asset Acquisitions (Tables)

Aug. 03, 2022

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

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
Total cash consideration paid by Vail Resorts, Inc.	$	155,365
Estimated fair value of noncontrolling interests	91,524
Total estimated purchase consideration	$	246,889

Allocation of total estimated purchase consideration:
Current assets	$	119,867
Property, plant and equipment	176,805
Goodwill	3,750
Identifiable intangible assets and other assets	7,476
Assumed long-term debt	(44,130)
Other liabilities	(16,879)
Net assets acquired	$	246,889

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	$	2,932
Property, plant and equipment	118,415
Goodwill	5,041
Identifiable intangible assets and other assets	5,335
Liabilities	(15,222)
Net assets acquired	$	116,501

Long-Term Debt Long-Term Debt (Narrative) (Details) $ / shares in Units, SFr in Thousands, $ in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2023 USD ($) $ / shares	Jan. 31, 2022 USD ($)	Jan. 31, 2023 USD ($) $ / shares	Jan. 31, 2022 USD ($)	Jan. 31, 2023 CAD ($)	Aug. 03, 2022 CHF (SFr)	Jul. 31, 2022 USD ($)	Dec. 18, 2020 USD ($)
Gross interest expense	$ 38,400	$ 37,400	$ 73,700	$ 76,900
Amortization of Debt Issuance Costs	1,600	1,500	3,200	2,900
Intercompany Foreign Currency Balance, Amount	210,000		210,000
Foreign currency gain on intercompany loans	2,338	(2,870)	(3,797)	(2,039)
Long-term Debt	2,867,330	2,844,630	2,867,330	2,844,630			$ 2,807,046
Debt Instrument, Face Amount						SFr 40,000		$ 575,000
Interest Rate Swap, Notional Amount	400,000		400,000
Red Sky Ranch Metropolitan District [Member]
Other long-term liabilities	1,700	1,800	1,700	1,800			1,800
Term Loan [Member]
Long-term Line of Credit	$ 1,000,000		$ 1,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.91%		5.91%		5.91%
Long-term Debt	$ 1,046,875	1,109,375	$ 1,046,875	1,109,375			1,078,125
Credit Facility Revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity	500,000		500,000
Long-term Debt	$ 0	0	$ 0	0			0
Debt Instrument, Basis Spread on Variable Rate	1.35%
Whistler Credit Agreement revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 300.0
Debt Instrument, Interest Rate, Stated Percentage	6.68%		6.68%		6.68%
Debt Instrument, Unused Borrowing Capacity, Fee			0.39%
Long-term Debt	$ 11,275	21,243	$ 11,275	21,243			11,717
Line of Credit Facility, Initiation Date	Nov. 12, 2013
Alpine Valley Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.72%		11.72%		11.72%
Long-term Debt	$ 4,600		$ 4,600
Boston Mills Brandywine Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.24%		11.24%		11.24%
Long-term Debt	$ 23,300		$ 23,300
Jack Frost Big Boulder Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.24%		11.24%		11.24%
Long-term Debt	$ 14,300		$ 14,300
Mount Snow Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	12.14%		12.14%		12.14%
Long-term Debt	$ 51,100		$ 51,100
Hunter Mountain Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	8.88%		8.88%		8.88%
Long-term Debt	$ 21,000		$ 21,000
Andermatt-Sedrun NRP Loan
Debt Instrument, Interest Rate, Stated Percentage	0.63%		0.63%		0.63%
EPR Secured Notes [Member]
Debt Service Reserve			$ 3,200
Convertible Notes Payable
Long-term Debt	$ 575,000	$ 575,000	$ 575,000	$ 575,000			$ 575,000
Debt Instrument, Convertible, Conversion Price \| $ / shares	$ 391.99		$ 391.99

Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Jan. 31, 2023	Jul. 31, 2022	Jan. 31, 2022
Property, Plant and Equipment [Line Items]
Land and land improvements	$ 793,271	$ 763,432	$ 767,433
Buildings and building improvements	1,635,700	1,545,571	1,564,845
Machinery and equipment	1,769,052	1,505,236	1,504,991
Furniture and fixtures	330,257	307,867	318,434
Software	141,595	138,058	126,742
Vehicles	85,329	81,927	82,710
Construction in progress	135,903	127,282	114,165
Gross property, plant and equipment	4,891,107	4,469,373	4,479,320
Accumulated depreciation	(2,469,712)	(2,351,321)	(2,288,988)
Property, plant and equipment, net	$ 2,421,395	$ 2,118,052	$ 2,190,332

Supplementary Balance Sheet Information Schedule of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2023	Jul. 31, 2022	Jan. 31, 2022
Goodwill [Line Items]
Goodwill	$ 1,723,019	$ 1,754,928	$ 1,764,106
Goodwill, Acquired During Period	3,800
Effects of changes in foreign currency exchange rates	(35,709)
Mountain [Member]
Goodwill [Line Items]
Goodwill	1,678,013	1,709,922
Goodwill, Acquired During Period	3,800
Effects of changes in foreign currency exchange rates	(35,709)
Lodging [Member]
Goodwill [Line Items]
Goodwill	45,006	$ 45,006
Goodwill, Acquired During Period	0
Effects of changes in foreign currency exchange rates	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jan. 31, 2023

Accounting Policies [Abstract]

Consolidated Condensed Financial Statements

Consolidated Condensed Financial Statements — In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year, particularly given the significant seasonality to the Company’s operating cycle. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2022. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2022 was derived from audited financial statements.

Use of Estimates

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

Fair Value of Financial Instruments

Fair Value of Financial Instruments — The recorded amounts for cash and cash equivalents, restricted cash, trade receivables, other current assets, accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under the Company’s credit agreements and the Employee Housing Bonds (as defined in Note 5, Long-Term Debt) approximate book value due to the variable nature of the interest rate associated with the debt. The recorded amount outstanding under the Company’s NRP Loan (as defined in Note 5, Long-Term Debt), which was assumed by the Company during the six months ended January 31, 2023 approximates fair value as the debt obligation was recorded at estimated fair value in conjunction with the preliminary purchase accounting for the Andermatt-Sedrun acquisition (see Note 6, Acquisitions). The estimated fair values of the 6.25% Notes and the 0.0% Convertible Notes (each as defined in Note 5, Long-Term Debt) are based on quoted market prices (a Level 2 input). The estimated fair value of the EPR Secured Notes (as defined in Note 5, Long-Term Debt) has been estimated using analyses based on current borrowing rates for debt with similar remaining maturities and ratings (a Level 2 input). The carrying values, including any unamortized premium or discount, and estimated fair values of the 6.25% Notes, 0.0% Convertible Notes and EPR Secured Notes as of January 31, 2023 are presented below (in thousands):


	January 31, 2023
	Carrying Value		Estimated Fair Value
6.25% Notes	$	600,000	$	604,062
0.0% Convertible Notes	$	575,000	$	547,339
EPR Secured Notes	$	133,305	$	161,156

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

Recently Issued Accounting Standards

Adopted Standards

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The ASU provides optional transition guidance, for a limited time, to companies that have contracts, hedging relationships or other transactions that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate which is expected to be discontinued because of reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met. The amendments of ASU 2020-04 were effective as of March 12, 2020. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” which extended the effective date of the provisions of ASU 2020-04 to December 31, 2024. The amendments in this update may be applied as of any date from the beginning of an interim period that includes or

is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. All other amendments should be applied on a prospective basis.

The Company is party to various interest rate swap agreements that hedge the variable interest rate component of underlying cash flows of $400.0 million in principal amount of its Vail Holdings Credit Agreement (as defined in Note 5, Long-Term Debt), which are designated as cash flow hedges. During the six months ended January 31, 2023, the Company entered into an amendment to its Vail Holdings Credit Agreement (the “Fifth Amendment”) to modify the calculation of interest under the Vail Holdings Credit Agreement from being calculated based on LIBOR to being calculated based on SOFR (see Note 5, Long-Term Debt, for additional information). Subsequent to the Fifth Amendment, the interest rate swaps were also amended to transition from a hedge of LIBOR to a hedge of SOFR. The Company elected certain optional expedients provided by Topic 848, which allowed the Company to not apply certain modification accounting requirements or reassess the previous accounting designation of the interest rate swap agreements as cash flow hedges.

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.” The guidance removes certain rules which required separation of the embedded conversion features from the host contract for convertible instruments. The updated guidance requires bifurcation only if the convertible debt feature qualifies as a derivative under ASC 815, “Derivatives and Hedging”, or for convertible debt issued at a substantial premium. The guidance also amends 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. This standard is 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 adopted ASU 2020-06 on August 1, 2022 using the modified retrospective method, and therefore prior period financial information has not been retrospectively adjusted and continues to be reported under the accounting standards in effect for those periods.

Upon adoption of the standard, the Company reclassified the previously bifurcated equity component of its 0.0% Convertible Notes (as defined in Note 5, Long-Term Debt) to long-term debt, net, as the convertible option on the 0.0% Convertible Notes does not qualify as a derivatives under ASC 815 nor were the 0.0% Convertible Notes issued at a substantial premium. This reclassification was partially offset by an increase to retained earnings for the previously recognized non-cash interest expense, net of tax that had been recorded as a result of amortization of the previously recorded debt discount. The adoption of this new guidance eliminates the recognition of non-cash interest expense to be recognized in future periods due to removal of the debt discount associated with the 0.0% Convertible Notes.

The impact of adoption of ASU 2020-06 on the Consolidated Condensed Balance Sheet as of adoption date was as follows (in thousands):


	As of August 1, 2022
Balance Sheet	Balances without the Adoption of ASU 2020-06		Adjustments		Balances with the adoption of ASU 2020-06
Liabilities
Long term debt, net	$	2,670,300	$	74,822	$	2,745,122
Deferred income taxes, net	$	268,464	$	(18,779)	$	249,685
Stockholders’ equity
Additional paid-in capital	$	1,184,577	$	(80,066)	$	1,104,511
Retained earnings	$	895,889	$	24,023	$	919,912

ASU 2020-06 also prohibits the use of the treasury stock method for convertible instruments for the purposes of calculating diluted earnings per share (“EPS”) and instead requires application of the if-converted method. Under the if-converted method, diluted EPS will generally be calculated assuming that all of the convertible debt instruments were converted solely into shares of common stock at the beginning of the reporting period unless the result would be anti-dilutive. Pursuant to the terms of the 0.0% Convertible Notes, the principal amount of the 0.0% Convertible Notes is required to be paid in cash and only the premium due upon conversion, if any, is permitted to be settled in shares, cash or a combination of shares and cash. Consequently, for the Company the if-converted method would produce a similar result as the treasury stock method, which was utilized for the calculation of diluted EPS prior to the adoption of ASU 2020-06 for the 0.0% Convertible Notes.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Income Per Common Share

3 Months Ended

6 Months Ended

Jan. 31, 2023

Earnings Per Share Reconciliation [Abstract]

Summary of Calculation of Basic And Diluted EPS

Presented below is basic and diluted EPS for the three months ended January 31, 2023 and 2022 (in thousands, except per share amounts):



	Three Months Ended January 31,
	2023				2022
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	208,679	$	208,679	$	223,391	$	223,391
Weighted-average Vail Shares outstanding	40,327		40,327		40,505		40,505
Weighted-average Exchangeco Shares outstanding	—		—		33		33
Total Weighted-average shares outstanding	40,327		40,327		40,538		40,538
Effect of dilutive securities	—		107		—		282
Total shares	40,327		40,434		40,538		40,820
Net income per share attributable to Vail Resorts	$	5.17	$	5.16	$	5.51	$	5.47

Presented below is basic and diluted EPS for the six months ended January 31, 2023 and 2022 (in thousands, except per share amounts):



	Six Months Ended January 31,
	2023				2022
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	71,708	$	71,708	$	84,059	$	84,059
Weighted-average Vail Shares outstanding	40,312		40,312		40,460		40,460
Weighted-average Exchangeco Shares outstanding	1		1		33		33
Total Weighted-average shares outstanding	40,313		40,313		40,493		40,493
Effect of dilutive securities	—		95		—		344
Total shares	40,313		40,408		40,493		40,837
Net income per share attributable to Vail Resorts	$	1.78	$	1.77	$	2.08	$	2.06

Net Income Per Common Share

Net Income per Share

Earnings per Share

Basic 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 elected to convert any remaining Exchangeco Shares to Vail Shares, which the Company had the ability to do once total Exchangeco Shares outstanding fell 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 January 31, 2023, 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 three months ended January 31, 2023 and 2022 (in thousands, except per share amounts):



	Three Months Ended January 31,
	2023				2022
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	208,679	$	208,679	$	223,391	$	223,391
Weighted-average Vail Shares outstanding	40,327		40,327		40,505		40,505
Weighted-average Exchangeco Shares outstanding	—		—		33		33
Total Weighted-average shares outstanding	40,327		40,327		40,538		40,538
Effect of dilutive securities	—		107		—		282
Total shares	40,327		40,434		40,538		40,820
Net income per share attributable to Vail Resorts	$	5.17	$	5.16	$	5.51	$	5.47

Presented below is basic and diluted EPS for the six months ended January 31, 2023 and 2022 (in thousands, except per share amounts):



	Six Months Ended January 31,
	2023				2022
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	71,708	$	71,708	$	84,059	$	84,059
Weighted-average Vail Shares outstanding	40,312		40,312		40,460		40,460
Weighted-average Exchangeco Shares outstanding	1		1		33		33
Total Weighted-average shares outstanding	40,313		40,313		40,493		40,493
Effect of dilutive securities	—		95		—		344
Total shares	40,313		40,408		40,493		40,837
Net income per share attributable to Vail Resorts	$	1.78	$	1.77	$	2.08	$	2.06

In December 2020, the Company completed an offering of $575.0 million in aggregate principal amount of 0.0% Convertible Notes (as defined in Note 5, Long-Term Debt). The Company is required to settle the principal amount of the 0.0% Convertible Notes in cash and has the option to settle the conversion spread in cash or shares. The Company uses the if-converted method to calculate the impact of convertible instruments on diluted EPS when the instruments may be settled in cash or shares. 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 into common stock at the beginning of the period. 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 conversion price for a reporting period, then the shares underlying the notes will not be reflected in the Company’s calculation of diluted EPS. For the three and six months ended January 31, 2023 and 2022, the 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 three and six months ended January 31, 2023, the Company paid cash dividends of $1.91 and $3.82 per share, respectively ($77.0 million and $154.0 million, respectively). During the three and six months ended January 31, 2022, the Company paid cash dividends of $0.88 and $1.76 per share, respectively ($35.7 million and $71.3 million, respectively, including cash dividends paid to Exchangeco shareholders). On March 7, 2023, the Company’s Board of Directors approved a cash dividend of $2.06 per share payable on April 11, 2023 to stockholders of record as of March 27, 2023.

Share Repurchase Program	6 Months Ended
Share Repurchase Program	Jan. 31, 2023
Payments for Repurchase of Equity [Abstract]
Share Repurchase Program	Share Repurchase ProgramOn March 9, 2006, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 Vail Shares. On July 16, 2008, the Company’s Board of Directors increased the authorization by an additional 3,000,000 Vail Shares, and on December 4, 2015, the Company’s Board of Directors increased the authorization by an additional 1,500,000 Vail Shares for a total authorization to repurchase up to 7,500,000 Vail Shares. The Company did not repurchase any Vail Shares during the three and six months ended January 31, 2023 or 2022. Since inception of its share repurchase program through January 31, 2023, the Company has repurchased 6,465,708 Vail Shares for approximately $479.4 million. As of January 31, 2023, 1,034,292 Vail Shares remained available to repurchase under the existing share repurchase program. On March 7, 2023, the Company’s Board of Directors approved an increase in the number of shares authorized to be repurchased under the share repurchase program by an additional 2,500,000 Vail Shares. As a result, 3,534,292 Vail Shares are available to repurchase under the 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.

Long-Term Debt (Schedule Of Debt Instruments) (Details) SFr in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2023 USD ($)	Jan. 31, 2022 USD ($)	Jan. 31, 2023 USD ($)	Jan. 31, 2022 USD ($)	Aug. 03, 2022 CHF (SFr)	Jul. 31, 2022 USD ($)	Dec. 18, 2020 USD ($)
Amortization of Debt Issuance Costs	$ 1,600,000	$ 1,500,000	$ 3,200,000	$ 2,900,000
Debt Instrument, Unused Borrowing Capacity, Fee			0.0025
Total debt	2,867,330,000	2,844,630,000	2,867,330,000	2,844,630,000		$ 2,807,046,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	7,921,000	85,295,000	7,921,000	85,295,000		72,997,000
Long-term Debt, Excluding Current Maturities	69,582,000	63,746,000	69,582,000	63,746,000		63,749,000
Long-term Debt, Excluding Current Maturities	2,789,827,000	2,695,589,000	2,789,827,000	2,695,589,000		2,670,300,000
Debt Instrument, Face Amount					SFr 40,000		$ 575,000,000
Term Loan [Member]
Debt Instrument, Periodic Payment			15,600,000
Total debt	$ 1,046,875,000	1,109,375,000	$ 1,046,875,000	1,109,375,000		1,078,125,000
Fiscal year maturity			2026
Debt Instrument, Interest Rate, Stated Percentage	5.91%		5.91%
Credit Facility Revolver [Member]
Total debt	$ 0	0	$ 0	0		0
Fiscal year maturity			2026
6.25% Notes [Member]
Fiscal year maturity			2025
Convertible Notes Payable
Fiscal year maturity			2026
Whistler Credit Agreement revolver [Member]
Total debt	$ 11,275,000	21,243,000	$ 11,275,000	21,243,000		11,717,000
Debt Instrument, Interest Rate, Stated Percentage	6.68%		6.68%
EPR Secured Notes [Member]
Total debt	$ 114,162,000	114,162,000	$ 114,162,000	114,162,000		114,162,000
EPR Secured Notes [Member] \| Minimum [Member]
Fiscal year maturity			2034
EPR Secured Notes [Member] \| Maximum [Member]
Fiscal year maturity			2036
Employee Housing Bonds [Member]
Total debt	52,575,000	52,575,000	$ 52,575,000	52,575,000		52,575,000
Employee Housing Bonds [Member] \| Minimum [Member]
Fiscal year maturity			2027
Employee Housing Bonds [Member] \| Maximum [Member]
Fiscal year maturity			2039
Canyons Obligation [Member]
Total debt	360,497,000	354,713,000	$ 360,497,000	354,713,000		357,607,000
Fiscal year maturity			2063
Other [Member]
Total debt	37,633,000	17,562,000	$ 37,633,000	17,562,000		17,860,000
Other [Member] \| Minimum [Member]
Fiscal year maturity			2023
Other [Member] \| Maximum [Member]
Fiscal year maturity			2036
Andermatt-Sedrun
Fiscal year maturity			2036
Whistler Employee Housing Leases
Total debt	29,346,000	0	$ 29,346,000	0		0
Fiscal year maturity			2042
Finance Lease, Liability	28,600,000		$ 28,600,000
Finance Lease, Liability, to be Paid	56,400,000		56,400,000
Finance Lease, Interest Payment on Liability			27,800,000
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability			28,600,000
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	28,200,000		28,200,000
Finance Lease, Right-of-Use Asset, Accumulated Amortization	400,000		400,000
6.25% Notes [Member]
Total debt	600,000,000	600,000,000	$ 600,000,000	600,000,000		600,000,000
Convertible Debt [Member]
Debt Instrument, Face Amount							$ 575,000,000
Whistler Credit Agreement revolver [Member]
Fiscal year maturity			2026
Andermatt-Sedrun
Total debt	$ 39,967,000	$ 0	$ 39,967,000	$ 0		$ 0

Business Combinations and Asset Acquisitions (Details)
$ in Thousands, SFr in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Aug. 03, 2022

USD ($)

Aug. 03, 2022

CHF (SFr)

Dec. 31, 2021

USD ($)

Oct. 31, 2022

USD ($)

Oct. 31, 2022

CHF (SFr)

Jan. 31, 2023

USD ($)

Jan. 31, 2022

USD ($)

Jul. 31, 2022

USD ($)

Aug. 03, 2022

CHF (SFr)

Asset Acquisition [Line Items]

Goodwill, Acquired During Period

$ 3,800

Business Combination Deposits

$ 114,400

SFr 110.0

(114,506)

$ 0

Business Combination Remainder Payment

$ 41,300

SFr 39.3

Business Acquisition [Line Items]

Goodwill, Acquired During Period

$ 3,800

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


	Acquisition Date Estimated Fair Value
Total cash consideration paid by Vail Resorts, Inc.	$	155,365
Estimated fair value of noncontrolling interests	91,524
Total estimated purchase consideration	$	246,889

Allocation of total estimated purchase consideration:
Current assets	$	119,867
Property, plant and equipment	176,805
Goodwill	3,750
Identifiable intangible assets and other assets	7,476
Assumed long-term debt	(44,130)
Other liabilities	(16,879)
Net assets acquired	$	246,889


	Acquisition Date Estimated Fair Value
Total cash consideration paid by Vail Resorts, Inc.	$	155,365
Estimated fair value of noncontrolling interests	91,524
Total estimated purchase consideration	$	246,889

Allocation of total estimated purchase consideration:
Current assets	$	119,867
Property, plant and equipment	176,805
Goodwill	3,750
Identifiable intangible assets and other assets	7,476
Assumed long-term debt	(44,130)
Other liabilities	(16,879)
Net assets acquired	$	246,889


	Acquisition Date Estimated Fair Value
Current assets	$	2,932
Property, plant and equipment	118,415
Goodwill	5,041
Identifiable intangible assets and other assets	5,335
Liabilities	(15,222)
Net assets acquired	$	116,501

Seven Springs

Asset Acquisition [Line Items]

Business Combination, Consideration Transferred

$ 116,500

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

Goodwill, Acquired During Period

5,041

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

5,335

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

(15,222)

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

116,501

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

$ 2,800

Business Acquisition [Line Items]

Business Combination, Consideration Transferred

116,500

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

Goodwill, Acquired During Period

5,041

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

5,335

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

15,222

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

$ 116,501

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

$ 2,800

Andermatt-Sedrun

Asset Acquisition [Line Items]

Business Combination, Consideration Transferred

$ 155,365

SFr 149.3

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

119,867

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

176,805

Goodwill, Acquired During Period

3,750

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

7,476

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

(16,879)

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

246,889

Business Acquisition [Line Items]

Business Combination, Consideration Transferred

155,365

SFr 149.3

Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value

91,524

Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination [Abstract]

246,889

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

119,867

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

176,805

Goodwill, Acquired During Period

3,750

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

7,476

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt

44,130

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

16,879

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

$ 246,889

Business Acquisition, Percentage of Voting Interests Acquired

55.00%

Revenue Costs to Obtain Contracts with Customers (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jan. 31, 2023 USD ($)	Jan. 31, 2023 USD ($)
Cost of Revenue [Abstract]
Capitalized Contract Cost, Net	$ 13.0	$ 13.0
Capitalized Contract Cost, Amortization	$ 12.3	$ 12.3

Business Combinations and Asset Acquisitions

6 Months Ended

Jan. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Andermatt-Sedrun

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”). The consideration paid consisted of an investment of $114.4 million (CHF 110.0 million) into Andermatt-Sedrun for use in capital investments to enhance the guest experience on mountain (which was prepaid to fund the acquisition and was recorded in other current assets on the Company’s Consolidated Condensed Balance Sheet as of July 31, 2022) and $41.3 million (CHF 39.3 million) paid to ASA (which was paid on August 3, 2022, commensurate with closing). As of August 3, 2022 the total fair value of the consideration paid was $155.4 million (CHF 149.3 million).

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. ASA retained a 40% ownership stake, with a group of existing shareholders comprising the remaining 5% ownership stake. ASA and the other noncontrolling economic interests contain certain protective rights pursuant to a shareholder agreement (the “Andermatt Agreement”) and no ability to participate in the day-to-day operations of Andermatt-Sedrun. The Andermatt Agreement provides that no dividend distributions be made by Andermatt-Sedrun until the end of the fiscal year ending July 31, 2026, after which time there shall be annual distributions of 50% of the available cash (as defined in the Andermatt Agreement) for the most recently completed fiscal year. In addition, the distribution rights are non-transferable and transfer of the noncontrolling interests are limited.


	Acquisition Date Estimated Fair Value
Total cash consideration paid by Vail Resorts, Inc.	$	155,365
Estimated fair value of noncontrolling interests	91,524
Total estimated purchase consideration	$	246,889

Allocation of total estimated purchase consideration:
Current assets	$	119,867
Property, plant and equipment	176,805
Goodwill	3,750
Identifiable intangible assets and other assets	7,476
Assumed long-term debt	(44,130)
Other liabilities	(16,879)
Net assets acquired	$	246,889

Identifiable intangible assets acquired in the transaction were primarily related to a trade name. 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 resort and other factors, and is not expected to be deductible for income tax purposes. The operating results of Andermatt-Sedrun are reported within the Mountain segment prospectively from the date of acquisition.

The estimated fair values of assets acquired and liabilities assumed in the acquisition of Andermatt-Sedrun 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.

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 (together, the “Seven Springs Resorts”) 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	5,041
Identifiable intangible assets and other assets	5,335
Liabilities	(15,222)
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 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.

Organization and Business	6 Months Ended
Organization and Business	Jan. 31, 2023
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: *Denotes a destination mountain resort, which generally receives a meaningful portion of skier visits from long-distance travelers, as opposed to the Company’s regional ski areas, which tend to generate skier visits predominantly from their respective local markets. Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations, and for the Company’s Australian ski areas, including lodging and transportation operations. In the Lodging segment, the Company owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand; other strategic lodging properties and a large number of condominiums located in proximity to the Company’s North American mountain resorts; National Park Service (“NPS”) concessioner properties including the Grand Teton Lodge Company, which operates destination resorts in Grand Teton National Park; a Colorado resort ground transportation company and mountain resort golf courses. Vail Resorts Development Company, 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 and Europe. The peak operating season at the Company’s Australian resorts, NPS concessioner properties and golf courses generally occurs from June to early October.

Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands	Jan. 31, 2023	Jul. 31, 2022	Jan. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Trade payables	$ 179,221	$ 151,263	$ 137,895
Deferred revenue	619,511	511,306	611,477
Accrued salaries, wages and deferred compensation	54,129	45,202	46,894
Accrued benefits	81,612	37,731	80,547
Deposits	66,275	64,570	59,008
Operating Lease, Liability, Current	36,667	34,218	35,438
Other liabilities	107,380	98,540	95,878
Total accounts payable and accrued liabilities	$ 1,144,795	$ 942,830	$ 1,067,137

Consolidated Condensed Statements Of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Net revenue:
Mountain and Lodging services and other	$ 901,837	$ 770,300	$ 1,112,223	$ 892,160
Mountain and Lodging retail and dining	192,182	136,055	261,130	189,456
Resort net revenue	1,094,019	906,355	1,373,353	1,081,616
Real Estate Revenue	7,699	180	7,812	495
Revenues	1,101,718	906,535	1,381,165	1,082,111
Operating expense (exclusive of depreciation and amortization shown separately below):
Mountain and Lodging operating expense	507,216	364,336	749,502	548,061
Mountain and Lodging retail and dining cost of products sold	75,431	53,715	110,516	77,944
General and administrative	116,616	91,261	215,415	168,495
Resort operating expense	699,263	509,312	1,075,433	794,500
Real Estate operating expense	6,310	1,511	7,692	2,981
Total segment operating expense	705,573	510,823	1,083,125	797,481
Other operating (expense) income:
Depreciation and amortization	(65,989)	(62,070)	(130,603)	(123,559)
Gain on sale of real property	757	931	757	962
Change in estimated fair value of contingent consideration (Note 8)	(1,100)	(16,780)	(1,736)	(18,780)
(Loss) gain on disposal of fixed assets and other, net	(1,780)	7,347	(1,786)	16,214
Income from operations	328,033	325,140	164,672	159,467
Mountain equity investment income, net	42	818	388	2,332
Investment income and other, net	7,108	257	9,994	756
Foreign currency gain (loss) on intercompany loans (Note 5)	2,338	(2,870)	(3,797)	(2,039)
Interest expense, net	(38,370)	(37,366)	(73,672)	(76,911)
Income before (provision for) benefit from income taxes	299,151	285,979	97,585	83,605
(Provision for) benefit from income taxes	(79,032)	(52,049)	(21,026)	7,804
Net income	220,119	233,930	76,559	91,409
Net income attributable to noncontrolling interests	(11,440)	(10,539)	(4,851)	(7,350)
Net income attributable to Vail Resorts, Inc.	$ 208,679	$ 223,391	$ 71,708	$ 84,059
Per share amounts (Note 4):
Basic net income per share attributable to Vail Resorts, Inc.	$ 5.17	$ 5.51	$ 1.78	$ 2.08
Diluted net income per share attributable to Vail Resorts, Inc.	5.16	5.47	1.77	2.06
Cash dividends declared per share	$ 1.91	$ 0.88	$ 3.82	$ 1.76

Long-Term Debt (Tables)

6 Months Ended

Jan. 31, 2023

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt

Long-term debt, net as of January 31, 2023, July 31, 2022 and January 31, 2022 is summarized as follows (in thousands):


	Maturity	January 31, 2023		July 31, 2022		January 31, 2022
Vail Holdings Credit Agreement term loan (a)	2026	$	1,046,875	$	1,078,125	$	1,109,375
Vail Holdings Credit Agreement revolver (a)	2026	—		—		—
6.25% Notes	2025	600,000		600,000		600,000
0.0% Convertible Notes (b)	2026	575,000		575,000		575,000
Whistler Credit Agreement revolver (c)	2026	11,275		11,717		21,243

EPR Secured Notes (d)	2034-2036	114,162		114,162		114,162

NRP Loan (e)	2036	39,967		—		—
Employee housing bonds	2027-2039	52,575		52,575		52,575
Canyons obligation	2063	360,497		357,607		354,713
Whistler Blackcomb employee housing leases (f)	2042	29,346		—		—
Other	2023-2036	37,633		17,860		17,562
Total debt		2,867,330		2,807,046		2,844,630
Less: Unamortized premiums, discounts and debt issuance costs (b)		7,921		72,997		85,295
Less: Current maturities (g)		69,582		63,749		63,746
Long-term debt, net		$	2,789,827	$	2,670,300	$	2,695,589

Schedule Of Aggregate Maturities For Debt Outstanding

Aggregate maturities of debt outstanding as of January 31, 2023 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):


	Total
2023 (February 2023 through July 2023)	$	41,163
2024	69,711
2025	669,136
2026	643,580
2027	856,182
Thereafter	587,558
Total debt	$	2,867,330

- 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

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022	Jul. 31, 2022
Mountain	$ 1,013,442	$ 834,375	$ 1,215,159	$ 943,675
Lodging Revenue Net	80,577	71,980	158,194	137,941
Total Resort net revenue	1,094,019	906,355	1,373,353	1,081,616
Real Estate Revenue	7,699	180	7,812	495
Revenues	1,101,718	906,535	1,381,165	1,082,111
Mountain	614,633	446,700	908,829	668,478
Lodging	84,630	62,612	166,604	126,022
Resort operating expense	699,263	509,312	1,075,433	794,500
Real Estate	6,310	1,511	7,692	2,981
Total segment operating expense	705,573	510,823	1,083,125	797,481
Gain on sale of real property	757	931	757	962
Mountain equity investment income, net	42	818	388	2,332
Real estate held for sale or investment	90,354	95,331	90,354	95,331	$ 95,983
Net income attributable to Vail Resorts, Inc.	208,679	223,391	71,708	84,059
Net income attributable to noncontrolling interests	11,440	10,539	4,851	7,350
Net income	220,119	233,930	76,559	91,409
Provision for (benefit from) income taxes	79,032	52,049	21,026	(7,804)
Income before (provision for) benefit from income taxes	299,151	285,979	97,585	83,605
Depreciation and amortization	65,989	62,070	130,603	123,559
Change in Fair Value of Contingent Consideration	1,100	16,780	1,736	18,780
Loss (gain) on disposal of fixed assets and other, net	1,780	(7,347)	1,786	(16,214)
Investment income and other, net	(7,108)	(257)	(9,994)	(756)
Foreign currency (gain) loss on intercompany loans	(2,338)	2,870	3,797	2,039
Interest expense, net	38,370	37,366	73,672	76,911
Total Reported EBITDA	396,944	397,461	299,185	287,924
Resort [Member]
Total Reported EBITDA	394,798	397,861	298,308	289,448
Mountain [Member]
Total Reported EBITDA	398,851	388,493	306,718	277,529
Lodging [Member]
Total Reported EBITDA	(4,053)	9,368	(8,410)	11,919
Real Estate
Total Reported EBITDA	$ 2,146	$ (400)	$ 877	$ (1,524)

Revenue (Notes)

6 Months Ended

Jan. 31, 2023

Revenue [Abstract]

Revenue from Contract with Customer [Text Block]

Disaggregation of Revenues

The following table presents net revenues disaggregated by segment and major revenue type for the three and six months ended January 31, 2023 and 2022 (in thousands):


	Three Months Ended January 31,				Six Months Ended January 31,
	2023		2022		2023		2022
Mountain net revenue:
Lift	$	592,603	$	521,582	$	652,143	$	535,911
Ski School	123,451		92,072		132,378		93,545
Dining	85,828		54,049		105,270		66,569
Retail/Rental	159,932		126,831		200,276		155,207
Other	51,628		39,841		125,092		92,443
Total Mountain net revenue	$	1,013,442	$	834,375	$	1,215,159	$	943,675
Lodging net revenue:
Owned hotel rooms	$	13,479	$	13,584	$	37,044	$	35,067
Managed condominium rooms	31,336		33,125		44,195		46,209
Dining	13,184		8,375		30,013		18,650
Transportation	5,888		5,766		7,348		7,559
Golf	—		—		5,939		5,118
Other	11,700		9,269		24,988		21,736
	75,587		70,119		149,527		134,339
Payroll cost reimbursements	4,990		1,861		8,667		3,602
Total Lodging net revenue	$	80,577	$	71,980	$	158,194	$	137,941
Total Resort net revenue	$	1,094,019	$	906,355	$	1,373,353	$	1,081,616
Total Real Estate net revenue	7,699		180		7,812		495
Total net revenue	$	1,101,718	$	906,535	$	1,381,165	$	1,082,111

Contract Balances

Deferred revenue balances of a short-term nature were $619.5 million and $511.3 million as of January 31, 2023 and July 31, 2022, respectively. For the three and six months ended January 31, 2023, the Company recognized approximately $220.1 million and $274.6 million, respectively, of revenue that was included in the deferred revenue balance as of July 31, 2022. Deferred revenue balances of a long-term nature, comprised primarily of long-term private club initiation fee revenue, were $113.3 million, $117.2 million and $120.6 million as of January 31, 2023, July 31, 2022 and January 31, 2022, respectively. As of January 31, 2023, 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. Trade receivables, net were $160.4 million and $383.4 million as of January 31, 2023 and July 31, 2022, respectively.

Costs to Obtain Contracts with Customers

As of January 31, 2023, $13.0 million of costs to obtain contracts with customers were recorded within other current assets on the Company’s Consolidated Condensed Balance Sheet. The amounts capitalized are subject to amortization generally beginning in the second quarter of fiscal 2023, commensurate with the revenue recognized for related pass products. The Company recorded amortization of $12.3 million for these costs during both the three and six months ended January 31, 2023, which was recorded within Mountain and Lodging operating expenses on the Company’s Consolidated Condensed Statement of Operations.

- Definition

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

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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 9
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+ Details

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jan. 31, 2023	Mar. 06, 2023
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2023
Document Transition Report	false
Entity File Number	001-09614
Entity Registrant Name	Vail Resorts, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0291762
Entity Address, Address Line One	390 Interlocken Crescent
Entity Address, City or Town	Broomfield,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80021
City Area Code	(303)
Local Phone Number	404-1800
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	MTN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,330,446
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000812011
Current Fiscal Year End Date	--07-31
Entity Filer Category	Large Accelerated Filer

Consolidated Condensed Statements of Stockholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Exchangeable Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total Vail Resorts, Inc. Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Balance (Start) at Jul. 31, 2021	$ 1,829,068	$ 466	$ 0	$ 1,196,993	$ 27,799	$ 773,752	$ (404,411)	$ 1,594,599	$ 234,469
Net Income (Loss) Attributable to Parent	84,059					84,059		84,059
Net income attributable to noncontrolling interests	7,350								7,350
Net income	91,409
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(33,720)				(26,209)			(26,209)	(7,511)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	8,828				8,828			8,828
Comprehensive income attributable to Vail Resorts, Inc.	66,678							66,678
Comprehensive (income) loss attributable to noncontrolling interests	(161)								(161)
Total comprehensive income (loss)	66,517
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	12,904			12,904				12,904
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	37,301	(1)		37,302				37,301
Dividends, Common Stock	71,338					71,338		71,338
Balance (End) at Jan. 31, 2022	1,793,684	467	0	1,172,595	10,418	786,473	(404,411)	1,565,542	228,142
Balance (Start) at Oct. 31, 2021	1,666,430	466	0	1,192,901	44,689	598,796	(404,411)	1,432,441	233,989
Net Income (Loss) Attributable to Parent	223,391					223,391		223,391
Net income attributable to noncontrolling interests	10,539								10,539
Net income	233,930
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(48,857)				(38,754)			(38,754)	(10,103)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	4,483				4,483			4,483
Comprehensive income attributable to Vail Resorts, Inc.	189,120							189,120
Comprehensive (income) loss attributable to noncontrolling interests	436								436
Total comprehensive income (loss)	189,556
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	6,479			6,479				6,479
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	26,784	(1)		26,785				26,784
Dividends, Common Stock	35,714					35,714		35,714
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest, Net of Contributions									6,283
Noncontrolling Interest, Period Increase (Decrease)	6,283
Balance (End) at Jan. 31, 2022	1,793,684	467	0	1,172,595	10,418	786,473	(404,411)	1,565,542	228,142
Balance (Start) at Jul. 31, 2022	1,847,484	467	0	1,184,577	10,923	895,889	(479,417)	1,612,439	235,045
Net Income (Loss) Attributable to Parent	71,708					71,708		71,708
Net income attributable to noncontrolling interests	4,851								4,851
Net income	76,559
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(35,340)				(24,708)			(24,708)	(10,632)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	5,220				5,220			5,220
Comprehensive income attributable to Vail Resorts, Inc.	52,220							52,220
Comprehensive (income) loss attributable to noncontrolling interests	(5,781)								(5,781)
Total comprehensive income (loss)	46,439
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	13,189			13,189				13,189
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	5,180	(1)		5,181				5,180
Dividends, Common Stock	154,047					154,047		154,047
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt	(56,043)			(80,066)		24,023		(56,043)
Noncontrolling Interest, Increase from Business Combination	91,524								91,524
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest, Net of Contributions									6,015
Noncontrolling Interest, Period Increase (Decrease)	6,015
Balance (End) at Jan. 31, 2023	1,777,351	468	0	1,112,519	(8,565)	837,573	(479,417)	1,462,578	314,773
Balance (Start) at Oct. 31, 2022	1,551,718	468	0	1,106,813	(68,908)	705,923	(479,417)	1,264,879	286,839
Net Income (Loss) Attributable to Parent	208,679					208,679		208,679
Net income attributable to noncontrolling interests	11,440								11,440
Net income	220,119
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	82,468				63,130			63,130	19,338
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(2,787)				(2,787)			(2,787)
Comprehensive income attributable to Vail Resorts, Inc.	269,022							269,022
Comprehensive (income) loss attributable to noncontrolling interests	30,778								30,778
Total comprehensive income (loss)	299,800
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	6,844			6,844				6,844
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	1,138	0		1,138				1,138
Dividends, Common Stock	77,029					77,029		77,029
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest, Net of Contributions									2,844
Noncontrolling Interest, Period Increase (Decrease)	2,844
Balance (End) at Jan. 31, 2023	$ 1,777,351	$ 468	$ 0	$ 1,112,519	$ (8,565)	$ 837,573	$ (479,417)	$ 1,462,578	$ 314,773

Supplementary Balance Sheet Information (Tables)

6 Months Ended

Jan. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Composition Of Property, Plant And Equipment

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


	January 31, 2023		July 31, 2022		January 31, 2022
Land and land improvements	$	793,271	$	763,432	$	767,433
Buildings and building improvements	1,635,700		1,545,571		1,564,845
Machinery and equipment	1,769,052		1,505,236		1,504,991
Furniture and fixtures	330,257		307,867		318,434
Software	141,595		138,058		126,742
Vehicles	85,329		81,927		82,710
Construction in progress	135,903		127,282		114,165
Gross property, plant and equipment	4,891,107		4,469,373		4,479,320
Accumulated depreciation	(2,469,712)		(2,351,321)		(2,288,988)
Property, plant and equipment, net	$	2,421,395	$	2,118,052	$	2,190,332

Components Of Accounts Payable And Accrued Liabilities

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


	January 31, 2023		July 31, 2022		January 31, 2022
Trade payables	$	179,221	$	151,263	$	137,895
Deferred revenue	619,511		511,306		611,477
Accrued salaries, wages and deferred compensation	66,275		64,570		59,008
Accrued benefits	54,129		45,202		46,894
Deposits	81,612		37,731		80,547
Operating lease liabilities	36,667		34,218		35,438
Other liabilities	107,380		98,540		95,878
Total accounts payable and accrued liabilities	$	1,144,795	$	942,830	$	1,067,137

Schedule of Goodwill [Table Text Block]

The changes in the net carrying amount of goodwill by segment for the six months ended January 31, 2023 are as follows (in thousands):


	Mountain		Lodging		Goodwill, net
Balance at July 31, 2022	$	1,709,922	$	45,006	$	1,754,928
Acquisition (including measurement period adjustments)	3,800		—		3,800

Effects of changes in foreign currency exchange rates	(35,709)		—		(35,709)
Balance at January 31, 2023	$	1,678,013	$	45,006	$	1,723,019

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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+ Details

Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($) $ in Thousands	Jan. 31, 2023	Jul. 31, 2022	Jan. 31, 2022
Debt Instrument [Line Items]
2023 (February 2023 through July 2023)	$ 41,163
2024	69,711
2025	669,136
2026	643,580
2027	856,182
Thereafter	587,558
Total debt	$ 2,867,330	$ 2,807,046	$ 2,844,630

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Fair Value Measurements

6 Months Ended

Jan. 31, 2023

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.


	Estimated Fair Value Measurement as of January 31, 2023
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	614,439	$	614,439	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	111,140	$	—	$	111,140	$	—
Interest Rate Swaps	$	19,270	$	—	$	19,270	$	—
Liabilities:
Contingent Consideration	$	25,200	$	—	$	—	$	25,200

	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 January 31, 2022
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	504,306	$	504,306	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	9,564	$	—	$	9,564	$	—
Liabilities:
Interest Rate Swaps	$	1,155	$	—	$	1,155	$	—
Contingent Consideration	$	40,900	$	—	$	—	$	40,900

The changes in Contingent Consideration during the six months ended January 31, 2023 and 2022 were as follows (in thousands):


Balance as of July 31, 2022 and 2021, respectively	$	42,400	$	29,600
Payments	(18,936)		(7,480)
Change in estimated fair value	1,736		18,780
Balance as of January 31, 2023 and 2022, respectively	$	25,200	$	40,900

The lease for Park City provides for participating contingent payments (the “Contingent Consideration”) to the landlord of 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company. The estimated fair value of Contingent Consideration includes the future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed growth factor. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 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 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 of the resort would result in a change in the estimated fair value within the range of approximately $3.5 million to $6.1 million.

Contingent Consideration is classified as a liability, which is remeasured to fair value at each reporting date until the contingency is resolved. During the six months ended January 31, 2023, the Company made a payment to the landlord for Contingent Consideration of approximately $18.9 million and recorded an increase of approximately $1.7 million. These changes resulted in an estimated fair value of the Contingent Consideration of approximately $25.2 million, which is reflected in other long-term liabilities in the Company’s Consolidated Condensed Balance Sheet.

- Definition

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

+ References + Details

Revenue Contract Balances (Details) $ in Thousands	3 Months Ended	6 Months Ended
Revenue Contract Balances (Details) $ in Thousands	Jan. 31, 2023 USD ($)	Jan. 31, 2023 USD ($)	Jul. 31, 2022 USD ($)	Jan. 31, 2022 USD ($)
Disaggregation of Revenue [Abstract]
Deferred revenue	$ 619,511	$ 619,511	$ 511,306	$ 611,477
Private Club Recognized Initiation Fees Average Remaining Period	15	15
Trade receivables, net	$ 160,393	$ 160,393	383,425	167,088
Disaggregation of Revenue [Line Items]
Deferred revenue	619,511	619,511	511,306	611,477
Contract with Customer, Liability, Revenue Recognized	$ 220,100	$ 274,600
Private Club Recognized Initiation Fees Average Remaining Period	15	15
Trade receivables, net	$ 160,393	$ 160,393	383,425	167,088
Capitalized Contract Cost, Net	13,000	13,000
Contract with Customer, Liability, Noncurrent	113,300	113,300	117,200	$ 120,600
Contract with Customer, Liability, Current	$ 619,500	$ 619,500	$ 511,300

Fair Value Measurements (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022	Jul. 31, 2022	Jul. 31, 2021
Contingent Consideration	$ 25,200	$ 40,900	$ 25,200	$ 40,900	$ 42,400	$ 29,600
Payments for Rent			(18,936)	(7,480)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability			$ 1,736	18,780
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 of the resort would result in a change in the estimated fair value within the range of approximately $3.5 million to $6.1 million.
Contingent Consideration, Key Assumptions for Valuation			The estimated fair value of Contingent Consideration includes the future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed growth factor. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 11.1%, volatility of 17.0% and future period Park City EBITDA, which are unobservable inputs and thus are considered Level 3 inputs.
Money Market	614,439	504,306	$ 614,439	504,306	505,901
Interest Rate Cash Flow Hedge Asset at Fair Value	19,270		19,270		12,301
Fair Value Hedge Liabilities		1,155		1,155
Net Income (Loss) Attributable to Parent	$ 208,679	$ 223,391	$ 71,708	$ 84,059
Weighted-average Vail Shares outstanding	40,327	40,505	40,312	40,460
Weighted-average Exchangeco Shares outstanding	0	33	1	33
Weighted Average Number of Shares Outstanding, Basic	40,327	40,538	40,313	40,493
Effect of dilutive securities	107	282	95	344
Total shares	40,434	40,820	40,408	40,837
Earnings Per Share, Basic	$ 5.17	$ 5.51	$ 1.78	$ 2.08
Earnings Per Share, Diluted	$ 5.16	$ 5.47	$ 1.77	$ 2.06
Canyons Obligation [Member]
Business Combination, Contingent Consideration Arrangements, Description			42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company.
Level 2 [Member]
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 19,270		$ 19,270		12,301
Fair Value Hedge Liabilities		$ 1,155		$ 1,155
Fair Value, Inputs, Level 3 [Member]
Contingent Consideration	25,200	40,900	25,200	40,900	42,400
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Commercial Paper	614,439	504,306	614,439	504,306	505,901
Commercial Paper [Member]
Commercial Paper	2,401	2,401	2,401	2,401	2,401
Commercial Paper [Member] \| Level 2 [Member]
Commercial Paper	2,401	2,401	2,401	2,401	2,401
Certificates of Deposit [Member]
Commercial Paper	111,140	9,564	111,140	9,564	9,473
Certificates of Deposit [Member] \| Level 2 [Member]
Commercial Paper	$ 111,140	$ 9,564	$ 111,140	$ 9,564	$ 9,473

Accounting Policies

6 Months Ended

Jan. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation


	January 31, 2023
	Carrying Value		Estimated Fair Value
6.25% Notes	$	600,000	$	604,062
0.0% Convertible Notes	$	575,000	$	547,339
EPR Secured Notes	$	133,305	$	161,156

Recently Issued Accounting Standards

Adopted Standards

The impact of adoption of ASU 2020-06 on the Consolidated Condensed Balance Sheet as of adoption date was as follows (in thousands):


	As of August 1, 2022
Balance Sheet	Balances without the Adoption of ASU 2020-06		Adjustments		Balances with the adoption of ASU 2020-06
Liabilities
Long term debt, net	$	2,670,300	$	74,822	$	2,745,122
Deferred income taxes, net	$	268,464	$	(18,779)	$	249,685
Stockholders’ equity
Additional paid-in capital	$	1,184,577	$	(80,066)	$	1,104,511
Retained earnings	$	895,889	$	24,023	$	919,912

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

Recently Issued Accounting Standards

Adopted Standards

The impact of adoption of ASU 2020-06 on the Consolidated Condensed Balance Sheet as of adoption date was as follows (in thousands):


	As of August 1, 2022
Balance Sheet	Balances without the Adoption of ASU 2020-06		Adjustments		Balances with the adoption of ASU 2020-06
Liabilities
Long term debt, net	$	2,670,300	$	74,822	$	2,745,122
Deferred income taxes, net	$	268,464	$	(18,779)	$	249,685
Stockholders’ equity
Additional paid-in capital	$	1,184,577	$	(80,066)	$	1,104,511
Retained earnings	$	895,889	$	24,023	$	919,912

- Definition

+ References

+ Details

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022	Jul. 31, 2022
Accounts Receivable, after Allowance for Credit Loss, Current	$ 160,393	$ 167,088	$ 160,393	$ 167,088	$ 383,425
Deferred Revenue, Current	619,511	611,477	619,511	611,477	$ 511,306
Mountain Revenue Net	1,013,442	834,375	1,215,159	943,675
Lodging Revenue Net	80,577	71,980	158,194	137,941
Resort net revenue	1,094,019	906,355	1,373,353	1,081,616
Real Estate Revenue	7,699	180	7,812	495
Revenues	1,101,718	906,535	1,381,165	1,082,111
Contract with Customer, Liability, Revenue Recognized	220,100		274,600
Lift
Mountain Revenue Net	592,603	521,582	652,143	535,911
Ski School
Mountain Revenue Net	123,451	92,072	132,378	93,545
Dining
Mountain Revenue Net	85,828	54,049	105,270	66,569
Lodging Revenue Net	13,184	8,375	30,013	18,650
Retail/Rental
Mountain Revenue Net	159,932	126,831	200,276	155,207
Other
Mountain Revenue Net	51,628	39,841	125,092	92,443
Owned hotel rooms
Lodging Revenue Net	13,479	13,584	37,044	35,067
Managed condominium rooms
Lodging Revenue Net	31,336	33,125	44,195	46,209
Golf
Lodging Revenue Net	0	0	5,939	5,118
Other
Lodging Revenue Net	11,700	9,269	24,988	21,736
Lodging revenue (excluding payroll cost reimbursements) [Member]
Lodging Revenue Net	75,587	70,119	149,527	134,339
Payroll cost reimbursements
Lodging Revenue Net	4,990	1,861	8,667	3,602
Transportation
Lodging Revenue Net	$ 5,888	$ 5,766	$ 7,348	$ 7,559

Net Income Per Common Share (Summary of Calculation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	25	0	26	1,000,000
Net income attributable to Vail Resorts, Inc.	$ 208,679	$ 223,391	$ 71,708	$ 84,059
Weighted-average Vail Shares outstanding	40,327	40,505	40,312	40,460
Weighted-average Exchangeco Shares outstanding	0	33	1	33
Total Weighted-average shares outstanding	40,327	40,538	40,313	40,493
Effect of dilutive securities	107	282	95	344
Total shares	40,434	40,820	40,408	40,837
Basic net income per share attributable to Vail Resorts, Inc.	$ 5.17	$ 5.51	$ 1.78	$ 2.08
Diluted net income per share attributable to Vail Resorts, Inc.	$ 5.16	$ 5.47	$ 1.77	$ 2.06

- Definition

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

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+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jan. 31, 2023

Accounting Policies [Abstract]

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


	January 31, 2023
	Carrying Value		Estimated Fair Value
6.25% Notes	$	600,000	$	604,062
0.0% Convertible Notes	$	575,000	$	547,339
EPR Secured Notes	$	133,305	$	161,156

Accounting Standards Update and Change in Accounting Principle

The impact of adoption of ASU 2020-06 on the Consolidated Condensed Balance Sheet as of adoption date was as follows (in thousands):


	As of August 1, 2022
Balance Sheet	Balances without the Adoption of ASU 2020-06		Adjustments		Balances with the adoption of ASU 2020-06
Liabilities
Long term debt, net	$	2,670,300	$	74,822	$	2,745,122
Deferred income taxes, net	$	268,464	$	(18,779)	$	249,685
Stockholders’ equity
Additional paid-in capital	$	1,184,577	$	(80,066)	$	1,104,511
Retained earnings	$	895,889	$	24,023	$	919,912

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2023	Jul. 31, 2022	Jan. 31, 2022
Assets
Cash and cash equivalents	$ 1,295,252	$ 1,107,427	$ 1,407,019
Restricted cash	24,103	18,680	15,643
Trade receivables, net	160,393	383,425	167,088
Inventories, net	122,088	108,723	104,573
Other current assets	158,295	173,277	73,104
Total current assets	1,760,131	1,791,532	1,767,427
Property, plant and equipment, net (Note 7)	2,421,395	2,118,052	2,190,332
Real estate held for sale or investment	90,354	95,983	95,331
Goodwill, net (Note 7)	1,723,019	1,754,928	1,764,106
Intangible assets, net	310,666	314,058	318,078
Operating right-of-use assets	200,667	192,070	198,672
Other assets	58,730	51,405	35,796
Total assets	6,564,962	6,318,028	6,369,742
Liabilities
Accounts payable and accrued liabilities (Note 7)	1,144,795	942,830	1,067,137
Income taxes payable	73,559	104,275	24,153
Long-term debt due within one year (Note 5)	69,582	63,749	63,746
Total current liabilities	1,287,936	1,110,854	1,155,036
Long-term debt, net (Note 5)	2,789,827	2,670,300	2,695,589
Operating lease liabilities	184,298	174,567	188,797
Other long-term liabilities	237,478	246,359	254,209
Deferred income taxes, net	288,072	268,464	282,427
Total liabilities	4,787,611	4,470,544	4,576,058
Commitments and contingencies (Note 9)
Stockholders' Equity
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000	25,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding	$ 0	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000	100,000,000
Common stock, shares issued	46,795,000	46,744,000	46,713,000
Common stock, $0.01 par value, 100,000 shares authorized, 46,795, 46,744 and 46,713 shares issued, respectively	$ 468	$ 467	$ 467
Exchangeable Shares Par Value Per Share	$ 0.01	$ 0.01	$ 0.01
Exchangeable Shares, Shares, Issued	0	3,000	33,000
Exchangeable shares, $0.01 par value, 0, 3 and 33 shares issued and outstanding, respectively (Note 4)	$ 0	$ 0	$ 0
Additional paid-in capital	1,112,519	1,184,577	1,172,595
Accumulated other comprehensive (loss) income	(8,565)	10,923	10,418
Retained earnings	$ 837,573	$ 895,889	$ 786,473
Treasury stock, shares	6,465,708	6,466,000	6,161,000
Treasury stock, at cost, 6,466, 6,466 and 6,161 shares, respectively (Note 11)	$ (479,417)	$ (479,417)	$ (404,411)
Total Vail Resorts, Inc. stockholders’ equity	1,462,578	1,612,439	1,565,542
Noncontrolling interests	314,773	235,045	228,142
Total stockholders’ equity	1,777,351	1,847,484	1,793,684
Total liabilities and stockholders’ equity	$ 6,564,962	$ 6,318,028	$ 6,369,742

Net Income Per Common Share Net Income per Common Share (Narrative) (Details) $ / shares in Units, SFr in Thousands, $ in Thousands					3 Months Ended		6 Months Ended
	Apr. 11, 2023	Mar. 27, 2023	Mar. 07, 2023 $ / shares	Oct. 17, 2016 shares	Jan. 31, 2023 USD ($) $ / shares shares	Jan. 31, 2022 USD ($) $ / shares shares	Jan. 31, 2023 USD ($) $ / shares shares	Jan. 31, 2022 USD ($) $ / shares shares	Aug. 03, 2022 CHF (SFr)	Jul. 31, 2022 $ / shares	Dec. 18, 2020 USD ($)
Anti-dilutive securities (in shares)					25,000	0	26,000	1,000,000,000
Common Stock, Dividends, Per Share, Cash Paid \| $ / shares					$ 1.91	$ 0.88	$ 3.82	$ 1.76
Payments of Dividends \| $							$ 154,047	$ 71,338
Preferred Stock, Par or Stated Value Per Share \| $ / shares					$ 0.01	$ 0.01	$ 0.01	$ 0.01		$ 0.01
Dividends, Cash \| $					$ 77,000	$ 35,700	$ 154,000	$ 71,300
Debt Instrument, Face Amount									SFr 40,000		$ 575,000
Net Income (Loss) Attributable to Parent \| $					$ 208,679	$ 223,391	$ 71,708	$ 84,059
Weighted-average Vail Shares outstanding					40,327,000	40,505,000	40,312,000	40,460,000
Weighted-average Exchangeco Shares outstanding					0	33,000	1,000	33,000
Weighted Average Number of Shares Outstanding, Basic					40,327,000	40,538,000	40,313,000	40,493,000
Effect of dilutive securities					107,000	282,000	95,000	344,000
Total shares					40,434,000	40,820,000	40,408,000	40,837,000
Earnings Per Share, Basic \| $ / shares					$ 5.17	$ 5.51	$ 1.78	$ 2.08
Earnings Per Share, Diluted \| $ / shares					5.16	5.47	1.77	2.06
Exchangeable Shares Par Value Per Share \| $ / shares					$ 0.01	$ 0.01	$ 0.01	$ 0.01		$ 0.01
Subsequent Event
Cash dividends declared per share \| $ / shares			$ 2.06
Convertible Debt [Member]
Debt Instrument, Face Amount \| $											$ 575,000
Forecast
Dividends Payable, Date to be Paid	Apr. 11, 2023
Dividends Payable, Date of Record		Mar. 27, 2023
Dividends Payable, Date Declared			Mar. 07, 2023
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

Revenue (Tables)

6 Months Ended

Jan. 31, 2023

Revenue [Abstract]

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenues

The following table presents net revenues disaggregated by segment and major revenue type for the three and six months ended January 31, 2023 and 2022 (in thousands):


	Three Months Ended January 31,				Six Months Ended January 31,
	2023		2022		2023		2022
Mountain net revenue:
Lift	$	592,603	$	521,582	$	652,143	$	535,911
Ski School	123,451		92,072		132,378		93,545
Dining	85,828		54,049		105,270		66,569
Retail/Rental	159,932		126,831		200,276		155,207
Other	51,628		39,841		125,092		92,443
Total Mountain net revenue	$	1,013,442	$	834,375	$	1,215,159	$	943,675
Lodging net revenue:
Owned hotel rooms	$	13,479	$	13,584	$	37,044	$	35,067
Managed condominium rooms	31,336		33,125		44,195		46,209
Dining	13,184		8,375		30,013		18,650
Transportation	5,888		5,766		7,348		7,559
Golf	—		—		5,939		5,118
Other	11,700		9,269		24,988		21,736
	75,587		70,119		149,527		134,339
Payroll cost reimbursements	4,990		1,861		8,667		3,602
Total Lodging net revenue	$	80,577	$	71,980	$	158,194	$	137,941
Total Resort net revenue	$	1,094,019	$	906,355	$	1,373,353	$	1,081,616
Total Real Estate net revenue	7,699		180		7,812		495
Total net revenue	$	1,101,718	$	906,535	$	1,381,165	$	1,082,111

Share Repurchase Program (Details) - USD ($) $ in Thousands	Mar. 07, 2023	Jan. 31, 2023	Jul. 31, 2022	Jan. 31, 2022	Dec. 04, 2015	Jul. 16, 2008	Mar. 09, 2006
Accelerated Share Repurchases [Line Items]
Number of shares authorized to repurchase		7,500,000					3,000,000
Additional number of shares authorized to repurchase					1,500,000	3,000,000
Number of shares repurchased since inception		6,465,708	6,466,000	6,161,000
Value of stock repurchased since inception		$ 479,417	$ 479,417	$ 404,411
Remaining shares available for repurchase under existing program		1,034,292
Forecast
Accelerated Share Repurchases [Line Items]
Additional number of shares authorized to repurchase	2,500,000
Remaining shares available for repurchase under existing program	3,534,292

Summary of Significant Accounting Policies Recently Issued Accounting Standards (Details) SFr in Thousands, $ in Thousands	Jan. 31, 2023 USD ($)	Aug. 03, 2022 CHF (SFr)	Aug. 01, 2022 USD ($)	Jul. 31, 2022 USD ($)	Jan. 31, 2022 USD ($)	Dec. 18, 2020 USD ($)
Long-term Debt	$ 2,867,330			$ 2,807,046	$ 2,844,630
Operating Lease, Right-of-Use Asset	200,667			192,070	198,672
Operating Lease, Liability, Noncurrent	184,298			174,567	188,797
Operating Lease, Liability, Current	36,667			34,218	35,438
Interest Rate Cash Flow Hedge Liability at Fair Value					1,155
Debt Instrument, Face Amount		SFr 40,000				$ 575,000
Long-term debt, net (Note 5)	2,789,827		$ 2,745,122	2,670,300	2,695,589
Deferred income taxes, net	288,072		249,685	268,464	282,427
Additional paid-in capital	1,112,519		1,104,511	1,184,577	1,172,595
Retained earnings	837,573		919,912	895,889	786,473
Accounting Standards Update 2020-06 \| Cumulative Effect, Period of Adoption, Adjustment
Long-term debt, net (Note 5)			74,822
Deferred income taxes, net			(18,779)
Additional paid-in capital			(80,066)
Retained earnings			$ 24,023
EPR Secured Notes [Member]
Long-term Debt	114,162			114,162	114,162
Notes and Loans Payable	133,305
Debt Instrument, Fair Value Disclosure	161,156
6.25% Notes [Member]
Long-term Debt	600,000			600,000	600,000
Debt Instrument, Fair Value Disclosure	604,062
0.0% Convertible Notes
Long-term Debt	575,000
Debt Instrument, Fair Value Disclosure	547,339
Convertible Notes Payable
Long-term Debt	$ 575,000			$ 575,000	$ 575,000

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Net income	$ 220,119	$ 233,930	$ 76,559	$ 91,409
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	82,468	(48,857)	(35,340)	(33,720)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(2,787)	4,483	5,220	8,828
Comprehensive income	299,800	189,556	46,439	66,517
Comprehensive (income) loss attributable to noncontrolling interests	(30,778)	(436)	5,781	161
Comprehensive income attributable to Vail Resorts, Inc.	$ 269,022	$ 189,120	$ 52,220	$ 66,678

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

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

+ References

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Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

+ Details

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jan. 31, 2023	Jul. 31, 2022	Jan. 31, 2022
Amount outstanding in letters of credit	$ 83.0
Surety Bonds Outstanding	13.1
Holland Creek Metropolitan District [Member]
Credit-enhanced bonds issued amount	6.3
Amount outstanding in letters of credit	6.4
Red Sky Ranch Metropolitan District [Member]
Other long-term liabilities	$ 1.7	$ 1.8	$ 1.8
Estimated cessation date of capital improvement fee payment obligation	Jul. 31, 2031
Employee Housing Bonds [Member]
Amount outstanding in letters of credit	$ 53.4
Workers' Compensation and General Liability Related to Construction and Development Activities [Member]
Amount outstanding in letters of credit	$ 29.6