Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2023 | Sep. 25, 2023 | Jan. 31, 2023 | |
Document And Entity Information [Abstract] | |||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
City Area Code | (303) | ||
Entity Address, State or Province | DE | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jul. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Vail Resorts, Inc. | ||
Entity Central Index Key | 0000812011 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 38,149,524 | ||
Entity Public Float | $ 10,473,772,605 | ||
Entity File Number | 001-09614 | ||
Entity Tax Identification Number | 51-0291762 | ||
Entity Address, Address Line One | 390 Interlocken Crescent | ||
Entity Address, City or Town | Broomfield, | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80021 | ||
Local Phone Number | 404-1800 | ||
Trading Symbol | MTN | ||
Security Exchange Name | NYSE | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Current Fiscal Year End Date | --07-31 | ||
Document Information [Line Items] | |||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Denver, Colorado | ||
Document Period End Date | Jul. 31, 2023 | ||
Auditor Firm ID | 238 | ||
Current Fiscal Year End Date | --07-31 | ||
Document Financial Statement Error Correction [Flag] | false |
Organization and Business
Organization and Business | 12 Months Ended |
Jul. 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 reportable 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, (collectively, “Resorts”): *Denotes a destination mountain resort, which generally receives a meaningful portion of skier visits from long-distance travelers, as opposed to the Company’s regional ski areas, which tend to generate skier visits predominantly from their respective local markets. Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations, and for the Company’s Australian ski areas, including lodging and transportation operations. Several of the resorts located in the United States (“U.S.”) operate primarily on federal land under the terms of Special Use Permits granted by the U.S. Department of Agriculture Forest Service. The operations of Whistler Blackcomb are conducted on land owned by the government of the Province of British Columbia, Canada within the traditional territory of the Squamish and Lil’wat Nations. The operations of the Company’s Australian ski areas are conducted pursuant to long-term leases and licenses on land owned by the governments of New South Wales and Victoria, Australia. A portion of the operations of Andermatt-Sedrun are conducted on land owned by the Swiss Confederation, for which operations are conducted under leasehold agreements and pursuant to a personal easement on land owned by the municipality of Tujetsch. Okemo, Mount Sunapee and Stowe operate on land leased from the respective states in which the resorts are located and on land owned by the Company. In the Lodging segment, the Company owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand; other strategic lodging properties and a large number of condominiums located in proximity to the Company’s North American mountain resorts; National Park Service (“NPS”) concessioner properties including the Grand Teton Lodge Company, which operates destination resorts in Grand Teton National Park; a Colorado resort ground transportation company and mountain resort golf courses. The Company’s Real Estate segment primarily 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 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 562,975 | $ 1,107,427 |
Restricted cash | 10,118 | 18,680 |
Trade receivables, net of allowances of $5,385 and $6,356, respectively | 381,067 | 383,425 |
Inventories, net of reserves | 132,548 | 108,723 |
Other current assets | 121,403 | 173,277 |
Total current assets | 1,208,111 | 1,791,532 |
Property, plant and equipment, net (Note 8) | 2,371,557 | 2,118,052 |
Real estate held for sale or investment | 90,207 | 95,983 |
Goodwill, net (Note 8) | 1,720,344 | 1,754,928 |
Intangible assets, net (Note 8) | 309,345 | 314,058 |
Operating right-of-use assets (Note 4) | 192,289 | 192,070 |
Other assets | 55,901 | 51,405 |
Total assets | 5,947,754 | 6,318,028 |
Liabilities and Stockholders’ Equity | ||
Accounts payable and accrued liabilities (Note 8) | 978,021 | 942,830 |
Income taxes payable | 83,514 | 104,275 |
Long-term debt due within one year (Note 6) | 69,160 | 63,749 |
Total current liabilities | 1,130,695 | 1,110,854 |
Long-term debt, net (Note 6) | 2,750,675 | 2,670,300 |
Operating lease liabilities (Note 4) | 168,326 | 174,567 |
Other long-term liabilities | 286,261 | 246,359 |
Deferred income taxes, net (Note 10) | 276,137 | 268,464 |
Total liabilities | 4,612,094 | 4,470,544 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value, 100,000 shares authorized and 46,798 and 46,744 shares issued, respectively | 468 | 467 |
Exchangeable shares, $0.01 par value, 0 and 3 shares issued and outstanding, respectively (Note 5) | 0 | 0 |
Additional paid-in capital | 1,124,433 | 1,184,577 |
Accumulated other comprehensive (loss) income | (10,358) | 10,923 |
Retained earnings | 873,710 | 895,889 |
Treasury stock, at cost; 8,648 and 6,466 shares, respectively (Note 13) | (984,306) | (479,417) |
Total Vail Resorts, Inc. stockholders’ equity | 1,003,947 | 1,612,439 |
Noncontrolling interests | 331,713 | 235,045 |
Total stockholders’ equity | 1,335,660 | 1,847,484 |
Total liabilities and stockholders’ equity | $ 5,947,754 | $ 6,318,028 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 46,798,000 | 46,744,000 |
Exchangeable Shares Par Value Per Share | $ 0.01 | $ 0.01 |
Exchangeable Shares, Shares, Issued | 0 | 3,000 |
Treasury Stock, Common, Shares | 8,648,302 | 6,466,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Trade receivables, allowances | $ 5,385 | $ 6,356 |
Inventories, net of reserves | $ 132,548 | $ 108,723 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 46,798,000 | 46,744,000 |
Exchangeable Shares Par Value Per Share | $ 0.01 | $ 0.01 |
Exchangeable Shares, Shares, Issued | 0 | 3,000 |
Treasury Stock, Common, Shares | 8,648,302 | 6,466,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Net revenue: | |||
Mountain and Lodging services and other | $ 2,372,175,000 | $ 2,116,547,000 | $ 1,650,055,000 |
Mountain and Lodging retail and dining | 509,124,000 | 408,657,000 | 257,885,000 |
Resort net revenue | 2,881,299,000 | 2,525,204,000 | 1,907,940,000 |
Real Estate | 8,065,000 | 708,000 | 1,770,000 |
Total net revenue | 2,889,364,000 | 2,525,912,000 | 1,909,710,000 |
Total segment operating expense | |||
Mountain and Lodging operating expense | 1,454,324,000 | 1,180,963,000 | 960,453,000 |
Mountain and Lodging retail and dining cost of products sold | 203,278,000 | 162,414,000 | 112,536,000 |
General and administrative | 389,465,000 | 347,493,000 | 296,993,000 |
Resort operating expense | 2,047,067,000 | 1,690,870,000 | 1,369,982,000 |
Real Estate | 10,635,000 | 5,911,000 | 6,676,000 |
Total segment operating expense | 2,057,702,000 | 1,696,781,000 | 1,376,658,000 |
Other operating (expense) income: | |||
Depreciation and amortization | (268,501,000) | (252,391,000) | (252,585,000) |
Gain on sale of real property | 842,000 | 1,276,000 | 324,000 |
Change in estimated fair value of contingent consideration (Note 9) | (49,836,000) | (20,280,000) | (14,402,000) |
(Loss) gain on disposal of fixed assets and other, net | (9,070,000) | 43,992,000 | (5,373,000) |
Income from operations | 505,097,000 | 601,728,000 | 261,016,000 |
Interest expense, net | (153,022,000) | (148,183,000) | (151,399,000) |
Mountain equity investment income, net | 605,000 | 2,580,000 | 6,698,000 |
Investment income and other, net | 23,744,000 | 3,718,000 | 586,000 |
Foreign currency (loss) gain on intercompany loans (Note 6) | (2,907,000) | (2,682,000) | 8,282,000 |
Income before provision for income taxes | 373,517,000 | 457,161,000 | 125,183,000 |
Provision for income taxes (Note 10) | (88,414,000) | (88,824,000) | (726,000) |
Net income | 285,103,000 | 368,337,000 | 124,457,000 |
Net (income) loss attributable to noncontrolling interests | (16,955,000) | (20,414,000) | 3,393,000 |
Net income attributable to Vail Resorts, Inc. | $ 268,148,000 | $ 347,923,000 | $ 127,850,000 |
Per share amounts (Note 5): | |||
Basic net income per share attributable to Vail Resorts, Inc. | $ 6.76 | $ 8.60 | $ 3.17 |
Diluted net income per share attributable to Vail Resorts, Inc. | 6.74 | 8.55 | 3.13 |
Cash dividends declared per share | $ 7.94 | $ 5.58 | $ 0 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Net income | $ 285,103 | $ 368,337 | $ 124,457 |
Foreign currency translation adjustments | (25,439) | (46,493) | 100,019 |
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments | 3,691 | 18,906 | 12,817 |
Comprehensive income | 263,355 | 340,750 | 237,293 |
Comprehensive income attributable to noncontrolling interests | (16,488) | (9,703) | (24,807) |
Comprehensive income attributable to Vail Resorts, Inc. | $ 246,867 | $ 331,047 | $ 212,486 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Exchangeable Shares [Member] | Additional Paid in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Treasury Stock, Common | Total Vail Resorts, Inc. Stockholders' Equity [Member] | Noncontrolling Interest [Member] |
Balance at Jul. 31, 2020 | $ 1,531,667 | $ 464 | $ 0 | $ 1,131,624 | $ (56,837) | $ 645,902 | $ (404,411) | $ 1,316,742 | $ 214,925 |
Net income (loss) attributable to Vail Resorts, Inc. | 127,850 | 127,850 | 127,850 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (3,393) | (3,393) | |||||||
Net income, including portion attributable to noncontrolling interest | 124,457 | ||||||||
Foreign currency translation adjustments | 100,019 | 71,819 | 71,819 | 28,200 | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 12,817 | 12,817 | 12,817 | ||||||
Comprehensive income | 212,486 | 212,486 | |||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 24,807 | ||||||||
Total comprehensive income | 237,293 | ||||||||
Equity component of 0.0% Convertible Notes, net (Note 6) | 80,066 | 80,066 | 80,066 | ||||||
Stock-based compensation expense (Note 14) | 24,395 | 24,395 | 24,395 | ||||||
Issuance of shares under share award plan, net of shares withheld for employee taxes (Note 14) | (39,090) | 2 | (39,092) | (39,090) | |||||
Distributions to noncontrolling interests, net | (5,263) | (5,263) | |||||||
Balance at Jul. 31, 2021 | 1,829,068 | 466 | 0 | 1,196,993 | 27,799 | 773,752 | (404,411) | 1,594,599 | 234,469 |
Net income (loss) attributable to Vail Resorts, Inc. | 347,923 | 347,923 | 347,923 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 20,414 | 20,414 | |||||||
Net income, including portion attributable to noncontrolling interest | 368,337 | ||||||||
Foreign currency translation adjustments | (46,493) | (35,782) | (35,782) | (10,711) | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 18,906 | 18,906 | 18,906 | ||||||
Comprehensive income | 331,047 | 331,047 | |||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 9,703 | ||||||||
Total comprehensive income | 340,750 | ||||||||
Stock-based compensation expense (Note 14) | 24,885 | 24,885 | 24,885 | ||||||
Issuance of shares under share award plan, net of shares withheld for employee taxes (Note 14) | (37,300) | 1 | (37,301) | (37,300) | |||||
Repurchases of common stock (Note 13) | (75,006) | (75,006) | (75,006) | ||||||
Dividends (Note 5) | (225,786) | (225,786) | (225,786) | ||||||
Distributions to noncontrolling interests, net | (9,127) | (9,127) | |||||||
Balance at Jul. 31, 2022 | 1,847,484 | 467 | 0 | 1,184,577 | 10,923 | 895,889 | (479,417) | 1,612,439 | 235,045 |
Net income (loss) attributable to Vail Resorts, Inc. | 268,148 | 268,148 | 268,148 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 16,955 | 16,955 | |||||||
Net income, including portion attributable to noncontrolling interest | 285,103 | ||||||||
Foreign currency translation adjustments | (25,439) | (24,972) | (24,972) | (467) | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 3,691 | 3,691 | 3,691 | ||||||
Comprehensive income | 246,867 | 246,867 | |||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 16,488 | ||||||||
Total comprehensive income | 263,355 | ||||||||
Equity component of 0.0% Convertible Notes, net (Note 6) | (56,043) | (80,066) | 24,023 | (56,043) | |||||
Stock-based compensation expense (Note 14) | 25,409 | 25,409 | 25,409 | ||||||
Issuance of shares under share award plan, net of shares withheld for employee taxes (Note 14) | (5,486) | 1 | (5,487) | (5,486) | |||||
Repurchases of common stock (Note 13) | (504,889) | (504,889) | (504,889) | ||||||
Dividends (Note 5) | (314,350) | (314,350) | (314,350) | ||||||
Noncontrolling Interest, Increase from Business Combination | 91,524 | 91,524 | |||||||
Distributions to noncontrolling interests, net | (11,344) | (11,344) | |||||||
Balance at Jul. 31, 2023 | $ 1,335,660 | $ 468 | $ 0 | $ 1,124,433 | $ (10,358) | $ 873,710 | $ (984,306) | $ 1,003,947 | $ 331,713 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | 209 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2023 | |
Cash flows from operating activities: | ||||
Net income | $ 285,103 | $ 368,337 | $ 124,457 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 268,501 | 252,391 | 252,585 | |
Stock-based compensation expense | 25,409 | 24,885 | 24,395 | |
Deferred income taxes, net | 24,065 | (9,390) | (16,136) | |
Gain (Loss) on Disposition of Assets | 9,070 | (43,992) | 5,373 | |
Change in estimated fair value of contingent consideration | 49,836 | 20,280 | 14,402 | |
Other Noncash Expense | 3,510 | |||
Other non-cash (income) expense, net | (4,687) | (7,231) | ||
Changes in assets and liabilities, net of effects of acquisitions: | ||||
Trade receivables, net | 4,248 | (39,010) | (237,188) | |
Inventories, net | (23,418) | (28,048) | 22,781 | |
Accounts payable and accrued liabilities | (7,509) | 41,078 | 118,979 | |
Deferred revenue | 60,268 | 48,973 | 199,410 | |
Increase (Decrease) in Income Taxes Payable | (32,270) | 81,307 | 11,850 | |
Other assets and liabilities, net | (19,053) | (9,822) | 11,573 | |
Net cash provided by operating activities | 639,563 | 710,499 | 525,250 | |
Cash flows from investing activities: | ||||
Capital expenditures | (314,912) | (192,817) | (115,097) | |
Acquisition of businesses, net of cash acquired | (38,567) | (116,337) | 0 | |
Deposit returned (paid) for acquisition of business | 114,506 | |||
Deposit returned (paid) for acquisition of business | (114,414) | 0 | ||
Investments in short-term deposits | (86,756) | 0 | 0 | |
Maturity of short-term deposits | 37,978 | 0 | 0 | |
Cash received from disposal of fixed assets | 5,674 | 66,264 | 9,705 | |
Other investing activities, net | 8,910 | 9,387 | 2,063 | |
Net cash used in investing activities | (273,167) | (347,917) | (103,329) | |
Cash flows from financing activities: | ||||
Proceeds from borrowings under Whistler Credit Agreement | 0 | 0 | 27,775 | |
Proceeds from borrowings under 0.0% Convertible Notes | 0 | 0 | 575,000 | |
Repayments of borrowings under Vail Holdings Credit Agreement | (62,500) | (62,500) | (62,500) | |
Repayments of borrowings under Whistler Credit Agreement | (11,389) | (32,633) | (45,657) | |
Repayment of EB-5 Development Notes | 0 | (51,500) | 0 | |
Employee taxes paid for share award exercises | (5,486) | (37,300) | (39,090) | |
Repurchases of common stock | (500,000) | (75,006) | 0 | $ (979,400) |
Dividends paid | (314,350) | (225,786) | 0 | |
Other financing activities, net | (21,983) | (8,411) | (20,866) | |
Net cash (used in) provided by financing activities | (915,708) | (493,136) | 434,662 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3,702) | (1,913) | (95) | |
Net (decrease) increase in cash, cash equivalents and restricted cash | (553,014) | (132,467) | 856,488 | |
Cash, cash equivalents and restricted cash: | ||||
Beginning of period | 1,126,107 | 1,258,574 | 402,086 | |
End of period | 573,093 | 1,126,107 | 1,258,574 | $ 573,093 |
Cash paid for interest | 140,599 | 114,074 | 125,667 | |
Taxes paid, net | 94,342 | 19,692 | 5,011 | |
Accrued capital expenditures | $ 23,210 | $ 30,556 | $ 5,158 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation — The accompanying Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries for which the Company has a controlling financial interest. Investments in which the Company does not have a controlling financial interest, but has significant influence, are accounted for under the equity method. All significant intercompany transactions have been eliminated in consolidation. Cash and Cash Equivalents — The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Restricted Cash — The Company considers cash to be restricted when withdrawal or general use is legally restricted. Accounts Receivable — The Company records trade accounts receivable in the normal course of business related to the sale of products or services. The allowance for doubtful accounts is based on a specific reserve analysis and on a percentage of accounts receivable and takes into consideration such factors as historical write-offs, the economic climate and other factors that could affect collectability. Write-offs are evaluated on a case by case basis. Inventories — The Company’s inventories consist primarily of purchased retail goods, food and beverage items and spare parts. Inventories are stated at the lower of cost or net realizable value, determined using primarily an average weighted cost method. The Company records a reserve for estimated shrinkage and obsolete or unusable inventory. Property, Plant and Equipment — Property, plant and equipment is carried at cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property, plant and equipment is retired or otherwise disposed of, the related gain or loss is included in income from operations. Leasehold improvements are amortized on the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Depreciation is calculated on the straight-line method, including property, plant and equipment under finance leases, generally based on the following useful lives: Estimated Life Land improvements 10-35 Buildings and building improvements 7-30 Machinery and equipment 2-30 Furniture and fixtures 3-10 Software 3 Vehicles 3-10 Real Estate Held for Sale or Investment — The Company capitalizes as real estate held for sale or investment the original land acquisition cost, direct construction and development costs, property taxes and interest paid related to real estate under development and other related costs. Sales and marketing expenses are charged against income in the period incurred. Deferred Financing Costs — Certain costs incurred with the issuance of debt and debt securities are capitalized and included as a reduction in the net carrying value of long-term debt, net of accumulated amortization, with the exception of costs incurred related to line-of-credit arrangements, which are included in deferred charges and other assets, net of accumulated amortization. Amortization of such deferred financing costs are recorded to interest expense, net on the Company’s Consolidated Statements of Operations over the respective term of the applicable debt instruments. When debt is extinguished prior to its maturity date, the amortization of the remaining unamortized deferred financing costs, or pro-rata portion thereof, is charged to loss on extinguishment of debt. Goodwill and Intangible Assets — The Company has classified as goodwill the cost in excess of estimated fair value of the net assets of businesses acquired in purchase transactions. The Company’s major intangible asset classes are trademarks, water rights, customer lists, property management contracts and Forest Service permits. Goodwill and various indefinite-lived intangible assets, including certain trademarks, water rights and certain property management contracts, are not amortized but are subject to at least annual impairment testing. The Company tests these non-amortizing assets annually (or more often, if necessary) for impairment as of May 1. Amortizable intangible assets are amortized over the shorter of their contractual terms or estimated useful lives. For the testing of goodwill and other indefinite-lived intangible assets for impairment, the Company may perform a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset exceeds the carrying amount, which includes an evaluation as to whether there have been significant changes to macro-economic factors related to the reporting unit or intangible asset that could materially impact fair value. If it is determined, based on qualitative factors, that the fair value of the reporting unit or indefinite-lived intangible asset is more likely than not less than carrying amount, or if significant changes to macro-economic factors related to the reporting unit or intangible asset have occurred that could materially impact estimated fair values since the previous quantitative analysis was performed, a quantitative impairment test would be required, in which the Company would determine the estimated fair value of its reporting units using discounted cash flow analyses and determine the estimated fair value of its indefinite-lived intangible assets using an income approach. The quantitative test for impairment consists of a comparison of the estimated fair value of the assets with their respective net carrying values. If the net carrying amount of the assets exceed their respective estimated fair values, an impairment loss would be recognized for indefinite-lived intangibles, including goodwill, in an amount equal to that excess. If the net carrying amount of the assets does not exceed their respective estimated fair values, no impairment loss is recognized. The Company determined that there were no impairments of goodwill or definite and indefinite-lived assets for the years ended July 31, 2023, 2022 and 2021. Long-Lived Assets — The Company evaluates potential impairment of long-lived assets and long-lived assets to be disposed of whenever events or changes in circumstances indicate that the net carrying amount of an asset group may not be fully recoverable. If the sum of the expected cash flows, on an undiscounted basis, is less than the net carrying amount of the asset group, an impairment loss is recognized in the amount by which the net carrying amount of the asset group exceeds its estimated fair value. The Company determined that there were no impairments of long-lived assets for the years ended July 31, 2023, 2022 and 2021. Revenue Recognition — The Company’s significant accounting policies with regard to revenue recognition are discussed in Note 3, Revenues. Real Estate Cost of Sales — Costs of real estate transactions include direct project costs, common cost allocations (primarily determined on relative sales value) and sales commission expense. The Company utilizes the relative sales value method to determine cost of sales for condominium units sold within a project when specific identification of costs cannot be reasonably determined. Foreign Currency Translation — The functional currency of the Company’s entities operating outside of the United States is the principal currency of the economic environment in which the entity primarily generates and expends cash, which is generally the local currency. The assets and liabilities of these foreign operations are translated at the exchange rate in effect as of the balance sheet dates. Income and expense items are translated using the weighted average exchange rate for the period. Translation adjustments from currency exchange, including intercompany transactions of a long-term nature, are recorded in accumulated other comprehensive (loss) income as a separate component of stockholders’ equity. Intercompany transactions that are not of a long-term nature are reported as gains and losses within “segment operating expense” and for intercompany loans within “foreign currency (loss) gain on intercompany loans” on the Company’s Consolidated Statements of Operations. Reserve Estimates — The Company uses estimates to record reserves for certain liabilities, including medical claims, workers’ compensation claims, third-party loss contingencies and property taxes, among other items. The Company estimates the probable costs related to these liabilities that will be incurred and records that amount as a liability in its Consolidated Financial Statements. Additionally, the Company records, as applicable, receivables related to insurance recoveries for loss contingencies if deemed probable of recovery. These estimates are reviewed and adjusted as the facts and circumstances change. The Company records legal costs related to defending claims as incurred. Advertising Costs — Advertising costs are expensed at the time such advertising commences. Advertising expense for the years ended July 31, 2023, 2022 and 2021 was $47.2 million, $47.7 million and $38.6 million, respectively, and was recorded within Mountain and Lodging operating expense on the Company’s Consolidated Statement of Operations. Income Taxes — Income tax expense includes U.S. tax (federal and state) and foreign income taxes. The Company’s provision for income taxes is based on pre-tax income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported in the accompanying Consolidated Balance Sheets and for operating loss and tax credit carrybacks or carryforwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to the tax provision or benefit in the period of enactment. The Company’s deferred tax assets have been reduced by a valuation allowance to the extent it is deemed to be more likely than not that some or all of the deferred tax assets will not be realized. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is “more-likely-than-not” to be sustained, on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the largest tax benefit that is cumulatively greater than 50% likely of being realized upon ultimate settlement. Interest and penalties accrued in connection with uncertain tax positions are recognized as a component of income tax expense. See Note 10, Income Taxes, for more information. Fair Value of Financial Instruments — The estimated fair values of the 6.25% Notes and the 0.0% Convertible Notes (each as defined in Note 6, Long-Term Debt) are based on quoted market prices (a Level 2 input). The estimated fair value of the EPR Secured Notes (as defined in Note 6, Long-Term Debt) has been estimated using an analysis based on current borrowing rates for debt with similar remaining maturities and ratings (a Level 2 input). The carrying values, including any unamortized premium or discount, and estimated fair values of the 6.25% Notes, 0.0% Convertible Notes and EPR Secured Notes as of July 31, 2023 are presented below (in thousands): July 31, 2023 Carrying Value Estimated Fair Value 6.25% Notes $ 600,000 $ 602,544 0.0% Convertible Notes $ 575,000 $ 510,134 EPR Secured Notes $ 132,503 $ 174,854 The recorded amount of the Company’s NRP Loan (as defined in Note 6, Long-Term Debt), which was assumed by the Company during the year ended July 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 7, Acquisitions) and there has been no significant change in underlying rates. The recorded amounts for all current asset, current liability and other financial liability balances not included in the above table approximate fair value due to their short-term nature or variable nature of associated interest rates. Stock-Based Compensation — Stock-based compensation expense is measured at the grant date based upon the estimated fair value of the award and is recognized as expense over the applicable vesting period of the award generally using the straight-line method (see Note 14, Stock Compensation Plan, for more information), less the amount of forfeited awards which are recorded as they occur. The following table shows total net stock-based compensation expense for the years ended July 31, 2023, 2022 and 2021 included on the accompanying Consolidated Statements of Operations (in thousands): Year Ended July 31, 2023 2022 2021 Mountain stock-based compensation expense $ 21,242 $ 20,892 $ 20,311 Lodging stock-based compensation expense 3,972 3,737 3,783 Real Estate stock-based compensation expense 195 256 301 Pre-tax stock-based compensation expense 25,409 24,885 24,395 Less: benefit from income taxes 5,951 6,189 5,871 Net stock-based compensation expense $ 19,458 $ 18,696 $ 18,524 Concentration of Credit Risk — The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company places its cash and temporary cash investments in accounts with high-quality credit institutions. The Company does not enter into financial instruments for trading or speculative purposes. Concentration of credit risk with respect to accounts and notes receivables is limited due to the wide variety of customers and markets in which the Company conducts business, as well as their dispersion across many geographical areas. The Company performs ongoing credit evaluations of its customers and generally does not require collateral, but does require advance deposits on certain transactions. Accounting for Hedging Instruments — From time to time, the Company enters into interest rate swaps to hedge the variability in cash flows associated with variable-rate borrowings by converting the floating interest rate to a fixed interest rate (the “Interest Rate Swaps”). As of July 31, 2023, the Company hedged the future cash flows associated with $400.0 million of the principal amount outstanding of its Vail Holdings Credit Agreement (as defined in Note 6, Long-Term Debt), which were designated as cash flow hedges. The accounting for changes in fair value of hedging instruments depends on the effectiveness of the hedge. In order to qualify for hedge accounting, the underlying hedged item must expose the Company to risks associated with market fluctuations and the financial instrument used must reduce the Company’s exposure to market fluctuation throughout the hedge period. Changes in estimated fair value of the Interest Rate Swaps are recorded within change in estimated fair value of hedging instruments, net of tax, on the Company’s Consolidated Statements of Comprehensive Income, and such change was recorded as a gain of $3.7 million, $18.9 million and $12.8 million during the years ended July 31, 2023, 2022 and 2021, respectively. Amounts are reclassified into interest expense, net from other comprehensive income during the period in which the hedged item affects earnings. During the years ended July 31, 2023, 2022 and 2021, gains (losses) of $11.0 million, $(4.3) million and $(5.4) million, respectively, were reclassified into interest expense, net from other comprehensive income. See Note 9, Fair Value Measurements, for more information. Leases — The Company determines if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if there is one or more assets identified and the right to control the use of any identified asset is conveyed to the Company for a period of time in exchange for consideration. Control over the use of an identified asset means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. Generally, the Company classifies a lease as a finance lease if the terms of the agreement effectively transfer control of the underlying asset; otherwise, it is classified as an operating lease. For contracts that contain lease and non-lease components, the Company accounts for these components separately. For leases with terms greater than twelve months, the associated lease right-of-use (“ROU”) assets and lease liabilities are recognized at the estimated present value of future lease payments over the lease term at commencement date. The Company’s leases do not provide a readily determinable implicit rate; therefore, the Company uses an estimated incremental borrowing rate to discount the future minimum lease payments. For leases containing fixed rental escalation clauses, the escalators are factored into the determination of future minimum lease payments. The Company includes options to extend a lease when it is reasonably certain that such options will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. See Note 4, Leases, for more information. Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. 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. 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 6, Long-Term Debt), which are designated as cash flow hedges. During the year ended July 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 the Secured Overnight Financing Rate (“SOFR”). See Note 6, 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-based cash flows to a hedge of SOFR-based cash flows. 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 accounting related to certain convertible debt instruments. 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 ended 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 6, Long-Term Debt) to long-term debt, net, as the convertible option on the 0.0% Convertible Notes does not qualify as a derivative 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 to reverse 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 in future periods due to the elimination of the debt discount. The impact of adoption of ASU 2020-06 on the Company’s Consolidated Balance Sheet as of the 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. |
Revenues (Notes)
Revenues (Notes) | 12 Months Ended |
Jul. 31, 2023 | |
Revenues [Abstract] | |
Revenue from Contract with Customer [Text Block] | 3. Revenues Revenue Recognition The following provides information about the Company’s composition of revenue recognized from contracts with customers and other revenues, the performance obligations under those contracts, and the significant judgments made in accounting for those contracts: • Mountain revenue is derived from a wide variety of sources, including, among other things: lift revenue, which includes sales of lift tickets and pass products; ski school revenue, which includes the revenue derived from ski school operations; dining revenue, which includes both casual and fine dining on-mountain operations; retail sales and equipment rentals; and other on-mountain revenue, which includes private ski club revenue (which includes both club dues and amortization of initiation fees), marketing and internet advertising revenue, municipal services and lodging and transportation operations at the Company’s Australian ski areas. The Company also includes other sources of revenue, primarily related to commercial leasing and employee housing leasing arrangements, within other mountain revenue. Revenue is recognized over time as performance obligations are satisfied as control of the good or service (e.g. access to ski areas, provision of ski school services, etc.) is transferred to the customer, except for the Company’s retail sales and dining operations revenues which are recognized at a point in time when performance obligations are satisfied by transferring control of the underlying goods to the customer. The Company records deferred revenue primarily related to the sale of pass products. Deferred revenue is generally recognized throughout the ski season as the Company’s performance obligations are satisfied as control of the service (e.g. access to ski areas throughout the ski season) is transferred to the customer. In accordance with Topic 606, the Company estimates progress towards satisfaction of its performance obligations using an output method that best depicts the transfer of control of the service to its customers. Historically, the output method utilized by the Company measured progress toward satisfaction of the Company’s performance obligations based on the estimated number of pass product holder visits relative to total expected visits, based on historical data, which the Company believed to provide a faithful depiction of its customers’ pass product usage. When sufficient historical data to determine usage patterns was not available, such as in the case of new product offerings, progress was measured on a straight-line basis throughout the ski season until sufficient historical usage patterns were available. Beginning August 1, 2021, progress towards satisfaction of the Company’s performance obligations for all passes is measured using an output method based on the skiable days of the season, which effectively results in revenue being recorded on a straight-line basis throughout the ski season. Total estimated skiable days is based on actual resort opening and estimated closing dates. The Company believes this method best estimates the value transferred to the customer relative to the remaining services promised under the contract. Due to the strong correlation between historical pass product usage and skiable days, the change in the Company’s method of estimating progress toward satisfaction of the performance obligation alone does not have a material effect on the recognition pattern of pass product revenue. Epic Coverage is included with the purchase of all pass products for no additional charge, and offers refunds if certain personal or resort closure events occur before or during the ski season. The estimated amount of refunds reduce the amount of pass product revenue recognized by the Company, and is remeasured at each reporting date. Epic Mountain Rewards provides pass product holders a discount on ancillary purchases at the Company’s North American owned and operated Resorts. Epic Mountain Rewards constitutes an option to purchase additional products and services at a discount, and as a result, the Company allocates a portion of the pass product transaction price to these other lines of business. • Lodging revenue is derived from a wide variety of sources, including, among other things: revenue from owned hotel rooms and managed hotel rooms; revenue from hotel dining operations; transportation revenue which relates to the Company’s Colorado resort ground transportation operations; and other lodging revenue which includes property management services, managed properties other costs reimbursements, private golf club revenue (which includes both club dues and amortization of initiation fees) and golf course fees. Lodging revenue also includes managed hotel property payroll cost reimbursements related to payroll costs at managed properties where the Company is the employer, which are reimbursed by the owner with no added margin. Therefore, these revenues and corresponding expenses have no net effect on the Company’s operating income or net income. Other than revenue from dining operations, lodging revenue is mostly recognized over time as performance obligations are satisfied as control of the service (e.g. nightly hotel room access) is transferred to the customer. • Real estate revenue primarily relates to the sale of development land parcels. Real estate revenue is generally recognized at a point in time when performance obligations have been satisfied, which is usually upon closing of the sales transaction and in an amount that reflects the consideration to which the Company expects to be entitled. For certain contracts that have an original term length of one year or less, the Company uses the practical expedient applicable to such contracts and does not consider the time value of money. For contracts with an expected term in excess of one year, the Company has considered the provisions of Topic 606 in determining whether contracts contain a financing component. Taxes collected from customers and remitted to governmental authorities are generally excluded from revenue on the accompanying Consolidated Statements of Operations. Disaggregation of Revenues The following table presents net revenues disaggregated by segment and major revenue type for the years ended July 31, 2023, 2022 and 2021 (in thousands): Year ended July 31, 2023 2022 2021 Mountain net revenue: Lift $ 1,420,900 $ 1,310,213 $ 1,076,578 Ski School 287,275 223,645 144,227 Dining 224,642 163,705 92,186 Retail/Rental 361,484 311,768 227,993 Other 246,605 203,783 161,814 Total Mountain net revenue $ 2,540,906 $ 2,213,114 $ 1,702,798 Lodging net revenue: Owned hotel rooms $ 80,117 $ 80,579 $ 47,509 Managed condominium rooms 96,785 97,704 72,217 Dining 62,445 48,569 17,211 Transportation 15,242 16,021 9,271 Golf 12,737 10,975 9,373 Other 55,816 46,500 43,008 323,142 300,348 198,589 Payroll cost reimbursements 17,251 11,742 6,553 Total Lodging net revenue $ 340,393 $ 312,090 $ 205,142 Total Resort net revenue $ 2,881,299 $ 2,525,204 $ 1,907,940 Total Real Estate net revenue 8,065 708 1,770 Total net revenue $ 2,889,364 $ 2,525,912 $ 1,909,710 Arrangements with Multiple Performance Obligations Several of the Company’s contracts with customers include multiple performance obligations, primarily related to bundled services such as ski school packages, lodging packages and events (e.g. weddings and conferences). For such contracts, revenue is allocated to each distinct and separate performance obligation based on its relative standalone selling price. The standalone selling prices are generally based on observable prices charged to customers or estimated based on historical experience and information. Contract Balances Contract liabilities are recorded primarily as deferred revenues when payments are received or due in advance of the Company’s performance, including amounts which may be refundable. The deferred revenue balance is primarily related to accounts receivable or cash payments recorded in advance of satisfying the Company’s performance obligations related to sales of pass products prior to the start of the ski season, private club initiation fees and other related advance purchase products, including advance purchase lift tickets, multiple-day lift tickets, ski school lessons, equipment rentals and lodging advance deposits. Due to the seasonality of the Company’s operations, its largest deferred revenue balances occur during the North American pass product selling window, which generally begins in the third quarter of its fiscal year. Deferred revenue balances of a short-term nature were $572.6 million and $511.3 million as of July 31, 2023 and 2022, respectively. For the year ended July 31, 2023, the Company recognized approximately $486.5 million of net 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 $109.7 million and $117.2 million as of July 31, 2023 and 2022, respectively. As of July 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. Contract assets are recorded as trade receivables when the right to consideration is unconditional. Trade receivable balances were $381.1 million and $383.4 million as of July 31, 2023 and 2022, respectively. Payments from customers are based on billing terms established in the contracts with customers, which vary by the type of customer, the location and the products or services offered. The term between invoicing and when payment is due is not significant. For certain products or services and customer types, contracts require payment before the products are delivered or services are provided to the customer. Impairment losses related to contract assets are recognized through the Company’s allowance for doubtful accounts analysis. Contract asset write-offs are evaluated on an individual basis. Costs to Obtain Contracts with Customers The Company expects that credit card fees and sales commissions paid in order to obtain season ski pass products contracts are recoverable. Accordingly, the Company records these amounts as assets when they are paid prior to the start of the ski season. As of July 31, 2023, $5.1 million of costs to obtain contracts with customers were recorded within other current assets on the Company’s Consolidated Balance Sheet. Deferred credit card fees and sales commissions are amortized commensurate with the recognition of pass product revenue. The Company recorded amortization of $25.2 million, $22.1 million and $17.8 million for these costs during the years ended July 31, 2023, 2022 and 2021, respectively, which were recorded within Mountain and Lodging operating expense on the accompanying Consolidated Statement of Operations. Utilizing the practical expedient provided for under Topic 606, the Company has elected to expense credit card fees and sales commissions related to non-pass products and services as incurred, as the amortization period is generally one year or less for the time between customer purchase and utilization. These fees are recorded within Mountain and Lodging operating expense on the Company’s Consolidated Statements of Operations. |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Jul. 31, 2023 | |
Leases [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | The following table presents the supplemental cash flow information associated with the Company’s leasing activities for the years ended July 31, 2023, 2022 and 2021 (in thousands): Year ended July 31, 2023 2022 2021 Cash flow supplemental information: Operating cash outflows for operating and short-term leases $ 65,216 $ 59,818 $ 56,942 Operating cash outflows for lease- and non-lease components of finance leases $ 54,788 $ 37,573 $ 31,429 Non-cash supplemental information: Operating ROU assets obtained in exchange for operating lease obligations $ 30,342 $ 23,190 $ 12,615 Finance ROU assets obtained in exchange for finance lease obligations $ 39,114 $ — $ — |
Lessee, Operating Leases | 4. Leases The Company’s operating leases consist primarily of commercial and retail space, office space, employee residential units, vehicles and other equipment. The Company determines if an arrangement is or contains a lease at contract inception or modification. The Company’s lease contracts generally range from 1 year to 60 years, with some lease contracts containing one or more lease extension options, exercisable at the Company’s discretion. The Company generally does not include these lease extension options in the initial lease term as it is not reasonably certain that it will exercise such options at contract inception. In addition, certain lease arrangements contain fixed and variable lease payments. The variable lease payments are primarily contingent rental payments based on: (i) a percentage of revenue related to the leased property; (ii) payments based on a percentage of sales over contractual levels; or (iii) lease payments adjusted for changes in an index or market value. These variable lease payments are typically recognized when the underlying event occurs and are included in operating expenses on the Company’s Consolidated Statements of Operations in the same line item as the expense arising from the respective fixed lease payments. The Company’s lease agreements may also include non-lease components, such as common area maintenance and insurance, which are accounted for separately. Future lease payments that are contingent or represent non-lease components are not included in the measurement of the operating lease liability. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. Lease expense related to lease payments is recognized on a straight-line basis over the term of the lease. The Company’s leases do not provide a readily determinable implicit rate. As a result, the Company measures the lease liability using an estimated incremental borrowing rate which is intended to reflect the rate of interest the Company would pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The Company applies the estimated incremental borrowing rates at a portfolio level based on the economic environment associated with the lease. The Company uses the long-lived assets impairment guidance to determine recognition and measurement of an ROU asset impairment, if any. The Company monitors for events or changes in circumstances that require a reassessment. The components of lease expense for the years ended July 31, 2023, 2022 and 2021 were as follows (in thousands): Year ended July 31, 2023 2022 2021 Finance leases: Amortization of the finance ROU assets $ 11,701 $ 9,011 $ 9,753 Interest on lease liabilities $ 40,098 $ 35,881 $ 34,612 Operating leases: Operating lease expense $ 45,385 $ 43,295 $ 43,418 Short-term lease expense (1) $ 22,759 $ 15,614 $ 13,638 Variable lease expense $ 3,204 $ 2,309 $ 1,660 (1) Short-term lease expense is attributable to leases with terms of 12 months or less which are not included within the Company’s Consolidated Balance Sheets. The following table presents the supplemental cash flow information associated with the Company’s leasing activities for the years ended July 31, 2023, 2022 and 2021 (in thousands): Year ended July 31, 2023 2022 2021 Cash flow supplemental information: Operating cash outflows for operating and short-term leases $ 65,216 $ 59,818 $ 56,942 Operating cash outflows for lease- and non-lease components of finance leases $ 54,788 $ 37,573 $ 31,429 Non-cash supplemental information: Operating ROU assets obtained in exchange for operating lease obligations $ 30,342 $ 23,190 $ 12,615 Finance ROU assets obtained in exchange for finance lease obligations $ 39,114 $ — $ — Weighted-average remaining lease terms and discount rates as of July 31, 2023 and 2022 are as follows: July 31, 2023 July 31, 2022 Weighted-average remaining lease term (in years) Operating leases 9.2 9.8 Finance leases 37.6 40.9 Weighted-average discount rate Operating leases 4.9 % 4.6 % Finance leases 9.9 % 10.0 % Future fixed lease payments for operating and finance leases as of July 31, 2023 reflected by fiscal year (August 1 through July 31) are as follows (in thousands): Operating Leases Finance Leases 2024 $ 49,012 $ 35,000 2025 45,707 35,506 2026 41,424 35,824 2027 26,573 36,025 2028 18,454 35,991 Thereafter 86,149 1,724,517 Total future minimum lease payments 267,319 1,902,863 Less amount representing interest (62,089) (1,500,805) Total lease liabilities $ 205,230 $ 402,058 The current portion of operating lease liabilities of approximately $36.9 million and $34.2 million as of July 31, 2023 and 2022, respectively, is recorded within accounts payables and accrued liabilities in the accompanying Consolidated Balance Sheets. Finance lease liabilities are recorded within long-term debt, net in the accompanying Consolidated Balance Sheets. The Canyons finance lease obligation was $363.4 million and $357.6 million as of July 31, 2023 and 2022, respectively, which represents the estimated annual fixed lease payments for the remaining initial 50 year term of the lease assuming annual increases at the floor of 2% and discounted using an interest rate of 10%. As of July 31, 2023 and 2022, respectively, the Company has recorded $90.2 million and $99.0 million of net finance lease ROU assets in connection with the Canyons lease, net of $93.4 million and $84.6 million of accumulated amortization, which is included within property, plant and equipment, net in the Company’s Consolidated Balance Sheets. |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Jul. 31, 2023 | |
Earnings Per Share Reconciliation [Abstract] | |
Net Income Per Common Share | Net Income per Common Share Earnings per Share Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then share in the earnings of Vail Resorts. In connection with the Company’s acquisition of Whistler Blackcomb in October 2016, the Company issued consideration in the form of shares of Vail Resorts common stock (the “Vail Shares”), redeemable preferred shares of the Company’s wholly-owned Canadian subsidiary Whistler Blackcomb Holdings Inc. (“Exchangeco”) or cash (or a combination thereof). Whistler Blackcomb shareholders elected to receive 3,327,719 Vail Shares and 418,095 shares of Exchangeco (the “Exchangeco Shares”). The Exchangeco Shares could be redeemed for Vail Shares at any time until October 2023 or until the Company 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 July 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 years ended July 31, 2023, 2022 and 2021 (in thousands, except per share amounts): Year Ended July 31, 2023 2022 2021 Basic Diluted Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 268,148 $ 268,148 $ 347,923 $ 347,923 $ 127,850 $ 127,850 Weighted-average Vail Shares outstanding 39,654 39,654 40,433 40,433 40,266 40,266 Weighted-average Exchangeco shares outstanding — — 32 32 35 35 Total Weighted-average shares outstanding 39,654 39,654 40,465 40,465 40,301 40,301 Effect of dilutive securities — 106 — 222 — 527 Total shares 39,654 39,760 40,465 40,687 40,301 40,828 Net income per share attributable to Vail Resorts, Inc. $ 6.76 $ 6.74 $ 8.60 $ 8.55 $ 3.17 $ 3.13 The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable upon the exercise of share-based awards that were excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 22,000, 6,000 and 2,000 for the years ended July 31, 2023, 2022 and 2021, respectively. 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 6, Long-Term Debt). The Company is required to settle the principal amount of the 0.0% Convertible Notes in cash and has the option to settle the conversion spread in cash or shares. The Company uses the 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 years ended July 31, 2023, 2022 and 2021, 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 years ended July 31, 2023 and 2022, the Company paid cash dividends of $7.94 per share and $5.58 per share, respectively ($314.4 million and $225.8 million, respectively, including cash dividends paid to Exchangeco shareholders). The Company did not pay cash dividends during the year ended July 31, 2021. On September 27, 2023, the Company’s Board of Directors approved a cash dividend of $2.06 per share payable on October 26, 2023 to stockholders of record as of October 10, 2023. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Jul. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt as of July 31, 2023 and 2022 is summarized as follows (in thousands): Maturity July 31, July 31, Vail Holdings Credit Agreement revolver (a) 2026 $ — $ — Vail Holdings Credit Agreement term loan (a) 2026 1,015,625 1,078,125 6.25% Notes (b) 2025 600,000 600,000 0.0% Convertible Notes (c) 2026 575,000 575,000 Whistler Credit Agreement revolver (d) 2028 — 11,717 EPR Secured Notes (e) 2034-2036 114,162 114,162 Employee housing bonds (f) 2027-2039 52,575 52,575 Canyons obligation (g) 2063 363,386 357,607 NRP Loan (h) 2036 40,399 — Whistler Blackcomb employee housing leases (i) 2042 29,491 — Other (j) 2023-2036 35,011 17,860 Total debt 2,825,649 2,807,046 Less: Unamortized premiums, discounts and debt issuance costs (k) 5,814 72,997 Less: Current maturities (l) 69,160 63,749 Long-term debt, net $ 2,750,675 $ 2,670,300 (a) On August 31, 2022, Vail Holdings, Inc. (“VHI”), which is a wholly-owned subsidiary of the Company, along with other certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent, and certain lenders entered into the Fifth Amendment (the “Fifth Amendment”) to the Eighth Amended and Restated Credit Agreement (the “Vail Holdings Credit Agreement”), which extended the maturity date to September 23, 2026. Additionally, the Fifth Amendment contains customary LIBOR replacement language, including, but not limited to, the use of rates based on SOFR. SOFR is a broad measure of the cost of borrowing cash in the overnight U.S. Treasury repo market and is administered by the Federal Reserve Bank of New York. The Fifth Amendment modified the calculation of interest under the Vail Holdings Credit Agreement from being calculated based on LIBOR to being calculated based on SOFR. No other material terms of the Vail Holdings Credit Agreement were amended. As of July 31, 2023, the Vail Holdings Credit Agreement consists of a $500.0 million revolving credit facility and a $1.0 billion outstanding term loan facility. 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 upon maturity. The proceeds of the loans made under the Vail Holdings Credit Agreement may be used to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at SOFR plus a spread of 1.60% as of July 31, 2023 (6.92% as of July 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 (0.30% as of July 31, 2023). 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, at an effective rate of 1.38%. (b) On May 4, 2020, the Company completed its offering of $600 million aggregate principal amount of 6.25% senior notes due 2025 at par (the “6.25% Notes”). The Company pays interest on the 6.25% Notes on May 15 and November 15 of each year, which commenced on November 15, 2020. The 6.25% Notes will mature on May 15, 2025. The 6.25% Notes are redeemable, in whole or in part, at any time on or after May 15, 2022 at the redemption prices specified in an indenture dated as of May 4, 2020 (the “6.25% Indenture”) plus accrued and unpaid interest. The 6.25% Notes are senior unsecured obligations of the Company, are guaranteed by certain of the Company’s domestic subsidiaries, and rank equally in right of payment with existing and future senior indebtedness of the Company and the guarantors (as defined in the 6.25% Indenture). The 6.25% Indenture requires that, upon the occurrence of a Change of Control (as defined in the 6.25% Indenture), the Company shall offer to purchase all of the outstanding 6.25% Notes at a purchase price in cash equal to 101% of the outstanding principal amount of the 6.25% Notes, plus accrued and unpaid interest. If the Company or certain of its subsidiaries dispose of assets, under certain circumstances, the Company will be required to either invest the net cash proceeds from such assets sales in its business within a specified period of time, repay certain senior secured debt or debt of its non-guarantor subsidiaries, or make an offer to purchase a principal amount of the 6.25% Notes equal to the excess net cash proceeds at a purchase price of 100% of their principal amount, plus accrued and unpaid interest. The 6.25% Indenture contains covenants that, among other things, restrict the ability of the Company and the guarantors to incur liens on assets; merge or consolidate with another company or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Company’s assets or engage in Sale and Leaseback Transactions (as defined in the 6.25% Indenture). The 6.25% Indenture does not contain any financial maintenance covenants. Certain of the covenants will not apply to the 6.25% Notes so long as the 6.25% Notes have investment grade ratings from two specified rating agencies and no event of default has occurred and is continuing under the 6.25% Indenture. The 6.25% Indenture includes customary events of default, including failure to make payment, failure to comply with the obligations set forth in the 6.25% Indenture, certain defaults on certain other indebtedness, certain events of bankruptcy, insolvency or reorganization, and invalidity of the guarantees of the 6.25% Notes issued pursuant to the 6.25% Indenture. (c) On December 18, 2020, the Company completed an offering of $575.0 million in aggregate principal amount of 0.0% Convertible Notes due 2026 in a private placement conducted pursuant to Rule 144A of the Securities Act of 1933, as amended (the “0.0% Convertible Notes”). The 0.0% Convertible Notes were issued under an indenture dated December 18, 2020 (the “Convertible Indenture”) between the Company and U.S. Bank National Association, as Trustee. The 0.0% Convertible Notes do not bear regular interest and the principal amount does not accrete. The 0.0% Convertible Notes mature on January 1, 2026, unless earlier repurchased, redeemed or converted. The 0.0% Convertible Notes are general senior unsecured obligations of the Company. The 0.0% Convertible Notes rank senior in right of payment to any future debt that is expressly subordinated, equal in right of payment with the Company’s existing and future liabilities that are not so subordinated, and are subordinated to all of the Company’s existing and future secured debt to the extent of the value of the assets securing such debt. The 0.0% Convertible Notes will also be structurally subordinated to all of the existing and future liabilities and obligations of the Company’s subsidiaries, including such subsidiaries’ guarantees of the 6.25% Notes. The initial conversion rate was 2.4560 shares per $1,000 principal amount of notes, which represents an initial conversion price of approximately $407.17 per share, and is subject to adjustment upon the occurrence of certain specified events as described in the Convertible Indenture, including the payment of cash dividends. As of July 31, 2023, the conversion rate of the 0.0% Convertible Notes, adjusted for cash dividends paid since the issuance date, was 2.5972 shares per $1,000 principal amount of notes (the “Conversion Rate”), which represents a conversion price of $385.03 per share (the “Conversion Price”). The principal amount of the 0.0% Convertible Notes is required to be settled in cash. The Company will settle the in the money component of conversions by paying cash, delivering shares of its common stock, or a combination of the two, at its option. Holders may convert their notes, at their option, only under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on March 31, 2021 if the last reported sale price per share of our common stock exceeds 130% of the Conversion Price for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; • during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “Measurement Period”) in which the trading price per $1,000 principal amount of notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the Conversion Rate on such trading day; • upon the occurrence of certain corporate events or distributions on our common stock, as described in the Convertible Indenture; • if the Company calls the 0.0% Convertible Notes for redemption; or • at any time from, and including, July 1, 2025 until the close of business on the scheduled trading day immediately before the maturity date. The 0.0% Convertible Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after January 1, 2024 and on or before the 25th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the notes to be redeemed, plus accrued and unpaid special and additional interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the Conversion Price for a specified period of time. If the Company elects to redeem less than all of the 0.0% Convertible Notes, at least $50.0 million aggregate principal amount of notes must be outstanding and not subject to redemption as of the relevant redemption notice date. Calling any 0.0% Convertible Notes for redemption will constitute a make-whole fundamental change with respect to such notes, in which case the Conversion Rate applicable to the conversion of such notes will be increased in certain circumstances if such notes are converted after they are called for redemption. In addition, upon the occurrence of a fundamental change (as defined in the Convertible Indenture), holders of the 0.0% Convertible Notes may require the Company to repurchase all or a portion of their notes at a cash repurchase price equal to the principal amount of the notes to be repurchased, plus any accrued and unpaid special and additional interest, if any, to, but excluding, the applicable repurchase date. If certain fundamental changes referred to as make-whole fundamental changes (as defined in the Convertible Indenture) occur, the Conversion Rate for the 0.0% Convertible Notes may be increased for a specified period of time. The Convertible Indenture includes customary events of default, including failure to make payment, failure to comply with the obligations set forth in the Convertible Indenture, certain defaults on certain other indebtedness, and certain events of bankruptcy, insolvency or reorganization. The Company may elect, at its option, that the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Convertible Indenture will consist exclusively of the right of the holders of the 0.0% Convertible Notes to receive additional interest on the notes for up to 360 days following such failure. Prior to the adoption of ASU 2020-06 on August 1, 2022, the Company separately accounted for the liability and equity components of the 0.0% Convertible Notes. The liability component at issuance was recognized at estimated fair value based on the fair value of a similar debt instrument that does not have an embedded convertible feature, and was determined to be $465.3 million and was recorded within long-term debt, net on the Company’s Consolidated Balance Sheet. The excess of the principal amount of the 0.0% Convertible Notes over the initial fair value of the liability component represented a debt discount of $109.7 million and was being amortized to interest expense, net over the term through July 31, 2022 (prior to the adoption of ASU 2020-06). The balance of the unamortized debt discount was $76.7 million as of July 31, 2022. The carrying amount of the equity component representing the conversion option was approximately $109.7 million and was determined by deducting the initial fair value of the liability component from the total proceeds of the 0.0% Convertible Notes of $575.0 million. Additionally, the Company recorded deferred tax liabilities of approximately $27.5 million related to the equity component of the 0.0% Convertible Notes on the date of issuance, which decreased the recorded value of the equity component. As of July 31, 2022, the equity component was recorded within additional paid-in-capital on the Company’s Consolidated Balance Sheet. 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 no longer records non-cash interest expense related to the amortization of the debt discount effective as of the adoption date. Refer to Note 2, Summary of Significant Accounting Policies, for further information on ASU 2020-06. (d) Whistler Mountain Resort Limited Partnership (“Whistler LP”) and Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP” and together with Whistler LP, the “WB Partnerships”) are party to a credit agreement consisting of a C$300.0 million credit facility which was originally dated as of November 12, 2013, by and among Whistler LP, Blackcomb LP, certain subsidiaries of Whistler LP and Blackcomb LP party thereto as guarantors, the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. On April 14, 2023, the WB Partnerships along with other parties to the original agreement entered into the Second Amended and Restated Credit Agreement (as amended, the “Whistler Credit Agreement”). The amended Whistler Credit Agreement (i) extended the maturity date of the revolving credit facility to April 14, 2028; (ii) contained customary LIBOR replacement language for the use of rates based on SOFR with regard to borrowings under the facility made in U.S. dollars; and (iii) contained customary forward-looking transition language for the Canadian Dollar Offered Rate (“CDOR”) with regard to borrowings under the facility made in Canadian dollars, including, but not limited to, the use of rates based on the Canadian Overnight Repo Rate Average, which is a measure of the cost of overnight general collateral funding using Government of Canada treasury bills and bonds as collateral for repurchase transactions, and for which such transition is expected to occur no later than June 2024. No other significant terms of the agreement were amended. As of July 31, 2023, there were no borrowings under the Whistler Credit Agreement. The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of July 31, 2023 is equal to 0.39% per annum. The Whistler Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the WB Partnerships’ ability to incur indebtedness and liens, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Whistler Credit Agreement includes the restrictive financial covenants (leverage ratios and interest coverage ratios) customary for facilities of this type. (e) In September 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 July 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 July 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 July 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 July 31, 2023, interest on this note accrued at a rate of 12.32%. v. The Hunter Mountain Secured Note. The $21.0 million Hunter Mountain Secured Note provides for interest payments through its maturity on January 5, 2036. As of July 31, 2023, interest on this note accrued at a rate of 9.03%. The EPR Secured Notes are secured by all or substantially all of the assets of Peak Resorts and its subsidiaries, including mortgages on the Alpine Valley, Boston Mills, Brandywine, Jack Frost, Big Boulder, Mount Snow and Hunter Mountain ski resorts. The EPR Secured Notes bear interest at specified interest rates, as discussed above, which are subject to increase each year by the lesser of (i) three times the percentage increase in the Consumer Price Index (“CPI”) or (ii) a capped index (the “Capped CPI Index”), which is 1.75% for the Hunter Mountain Secured Note and 1.50% for all other notes. The EPR Agreements provide for affirmative and negative covenants that restrict, among other things, the ability of Peak Resorts and its subsidiaries to incur indebtedness, dispose of assets, make distributions and make investments. In addition, the EPR Agreements include restrictive covenants, including maximum leverage ratio and consolidated fixed charge ratio. An additional contingent interest payment would be due to EPR if, on a calendar year basis, the gross receipts from the properties securing any of the individual EPR Secured Notes (the “Gross Receipts”) are more than the result (the “Interest Quotient”) of dividing the total interest charges for the EPR Secured Notes by a specified percentage rate (the “Additional Interest Rate”). In such a case, the additional interest payment would equal the difference between the Gross Receipts and the Interest Quotient multiplied by the Additional Interest Rate. This calculation is made on an aggregated basis for the notes secured by the Jack Frost, Big Boulder, Boston Mills, Brandywine and Alpine Valley ski resorts, where the Additional Interest Rate is 10.0%; on a standalone basis for the note secured by the Company’s Mount Snow ski resort, where the Additional Interest Rate is 12.0%; and on a standalone basis for the note secured by the Company’s Hunter Mountain ski resort, where the Additional Interest Rate is 8.0%. Peak Resorts does not have the right to prepay the EPR Secured Notes. The EPR Secured Notes were recorded at their estimated fair value in conjunction with the acquisition of Peak Resorts on September 24, 2019. The EPR Agreements grant EPR certain other rights including the option to purchase the Boston Mills, Brandywine, Jack Frost, Big Boulder or Alpine Valley resorts, which is exercisable no sooner than two years and no later than one year prior to the maturity dates of the applicable EPR Secured Note for such properties, with any closings to be held on the applicable maturity dates; and, if EPR exercises the purchase option, EPR will enter into an agreement with the Company for the lease of each acquired property for an initial term of 20 years, plus options to extend the lease for two additional periods of ten years each. In addition, Peak Resorts is required to maintain a debt service reserve account which amounts are applied to fund interest payments and other amounts due and payable to EPR. As of July 31, 2023, the Company had funded the EPR debt service reserve account in an amount equal to approximately $5.4 million, which was included in other current assets in the Company’s Consolidated Balance Sheet. (f) The Company has recorded the outstanding debt of four Employee Housing Entities (each an “Employee Housing Entity” and collectively the “Employee Housing Entities”): Breckenridge Terrace, Tarnes, BC Housing and Tenderfoot. The proceeds of the Employee Housing Bonds were used to develop apartment complexes designated primarily for use by the Company’s seasonal employees at its Colorado mountain resorts. The Employee Housing Bonds are variable rate, interest-only instruments with interest rates tied to SOFR plus 0% to 0.20% (5.32% to 5.52% as of July 31, 2023). Interest on the Employee Housing Bonds is paid monthly in arrears and the interest rate is adjusted weekly. No principal payments are due on the Employee Housing Bonds until maturity. Each Employee Housing Entity’s bonds were issued in two series. The bonds for each Employee Housing Entity are backed by letters of credit issued under the Vail Holdings Credit Agreement. The table below presents the principal amounts outstanding for the Employee Housing Bonds as of July 31, 2023 (in thousands): Maturity Tranche A Tranche B Total Breckenridge Terrace 2039 $ 14,980 $ 5,000 $ 19,980 Tarnes 2039 8,000 2,410 10,410 BC Housing 2027 9,100 1,500 10,600 Tenderfoot 2035 5,700 5,885 11,585 Total $ 37,780 $ 14,795 $ 52,575 (g) On May 24, 2013, VR CPC Holdings, Inc. (“VR CPC”), a wholly-owned subsidiary of the Company, entered into a transaction agreement with affiliate companies of Talisker Corporation (“Talisker”) pursuant to which the parties entered into a master lease agreement (the “Park City Lease”) and certain ancillary transaction documents on May 29, 2013 related to the former stand-alone Canyons Resort (“Canyons”), pursuant to which the Company assumed the resort operations of the Canyons. The Park City Lease between VR CPC and Talisker has an initial term of 50 years with six 50-year renewal options. The Park City Lease provides for $25 million in annual payments, which increase each year by an inflation-linked index of CPI less 1% per annum, with a floor of 2%. Vail Resorts has guaranteed the payments under the Park City Lease. The obligation at July 31, 2023 represents future lease payments for the remaining initial lease term of 50 years (including annual increases at the floor of 2%) discounted using an interest rate of 10%, and includes accumulated accreted interest expense of approximately $58.1 million. (h) On August 3, 2022 in conjunction with the acquisition of Andermatt-Sedrun (see Note 7, 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). (i) During the year ended July 31, 2023, the Company entered into new finance lease agreements for employee housing units at Whistler Blackcomb. The leases have a term of 20 years with no renewal options. The obligation at July 31, 2023 represents future lease payments for the remaining initial lease term of 20 years (including annual increases at the floor of 3%) discounted using an interest rate of 6.95%. (j) During the year ended July 31, 2019, the Company completed two real estate sales transactions that were accounted for as financing arrangements as a result of the Company’s continuing involvement with the underlying assets that were sold, including but not limited to, the obligation to repurchase finished commercial space from the development projects upon completion. The Company received approximately $12.8 million of proceeds for these sales transactions through the year ended July 31, 2023, which are reflected within long-term debt, net. (k) In connection with the issuance of the 0.0% Convertible Notes, the Company recorded a debt discount under previous accounting guidance, which represented the excess of the principal amount of the 0.0% Convertible Notes over the fair value of the liability component, as discussed above. 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 therefore no longer records non-cash interest expense related to the amortization of the debt discount. In connection with the acquisition of Peak Resorts, the Company estimated the acquisition date fair values of the debt instruments assumed, including the EPR Secured Notes, and recorded any difference between such estimated fair values and the par value of debt instruments as unamortized premiums and discounts, which is amortized and recorded to interest expense, net on the Company’s Consolidated Statements of Operations over the respective term of the applicable debt instruments. Additionally, certain costs incurred with regard to the issuance of debt instruments are capitalized and included as a reduction in the net carrying value of long-term debt, net of accumulated amortization, with the exception of costs incurred related to line-of-credit arrangements, which are included in deferred charges and other assets, net of accumulated amortization. Amortization of such deferred financing costs are recorded to interest expense, net on the Company’s Consolidated Statements of Operations over the respective term of the applicable debt instruments. (l) Current maturities represent principal payments due in the next 12 months. Aggregate maturities for debt outstanding, including finance lease obligations, as of July 31, 2023 reflected by fiscal year are as follows (in thousands): Total 2024 $ 69,930 2025 676,010 2026 643,789 2027 851,407 2028 4,834 Thereafter 579,679 Total debt $ 2,825,649 The Company recorded interest expense of $153.0 million, $148.2 million and $151.4 million for the years ended July 31, 2023, 2022 and 2021, respectively, of which $6.7 million, $5.9 million and $4.9 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. |
Acquisitions
Acquisitions | 12 Months Ended | |
Aug. 03, 2022 | Jul. 31, 2023 | |
Business Combinations [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 3,368 Identifiable intangible assets and other assets 7,476 Assumed long-term debt (44,130) Other liabilities (16,497) 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 |
Business Acquisition [Line Items] | ||
Acquisitions | Acquisitions Andermatt-Sedrun On August 3, 2022, through a wholly-owned subsidiary, the Company acquired a 55% controlling interest in 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 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. 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 3,368 Identifiable intangible assets and other assets 7,476 Assumed long-term debt (44,130) Other liabilities (16,497) 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 in Pennsylvania (collectively, the “Seven Springs Resorts”) 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. 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 |
Supplementary Balance Sheet Inf
Supplementary Balance Sheet Information | 12 Months Ended |
Jul. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplementary Balance Sheet Information | Supplementary Balance Sheet Information The composition of property, plant and equipment, including finance lease assets, follows (in thousands): July 31, 2023 2022 Land and land improvements $ 796,730 $ 763,432 Buildings and building improvements 1,643,517 1,545,571 Machinery and equipment 1,792,378 1,505,236 Furniture and fixtures 298,725 307,867 Software 152,033 138,058 Vehicles 87,298 81,927 Construction in progress 134,113 127,282 Gross property, plant and equipment 4,904,794 4,469,373 Accumulated depreciation (2,533,237) (2,351,321) Property, plant and equipment, net $ 2,371,557 $ 2,118,052 Depreciation expense, which included depreciation of assets recorded under finance leases, for the years ended July 31, 2023, 2022 and 2021 totaled $263.4 million, $247.2 million and $247.2 million, respectively. The following table summarizes the composition of property, plant and equipment recorded under finance leases as of July 31, 2023 and 2022 (in thousands): July 31, 2023 2022 Land $ 31,818 $ 31,818 Land improvements 49,228 49,228 Buildings and building improvements 70,917 42,160 Machinery and equipment 71,527 60,384 Gross property, plant and equipment 223,490 183,590 Accumulated depreciation (96,257) (84,556) Property, plant and equipment, net $ 127,233 $ 99,034 The composition of goodwill and intangible assets follows (in thousands): July 31, 2023 2022 Goodwill Goodwill $ 1,763,386 $ 1,797,970 Accumulated impairments (25,688) (25,688) Accumulated amortization (17,354) (17,354) Goodwill, net $ 1,720,344 $ 1,754,928 Indefinite-lived intangible assets Trademarks $ 237,921 $ 237,483 Other 41,224 41,400 Total gross indefinite-lived intangible assets 279,145 278,883 Accumulated amortization (24,713) (24,713) Indefinite-lived intangible assets, net $ 254,432 $ 254,170 Amortizable intangible assets Trademarks $ 38,008 $ 38,008 Other 71,570 71,767 Total gross amortizable intangible assets 109,578 109,775 Accumulated amortization (54,665) (49,887) Amortizable intangible assets, net 54,913 59,888 Total gross intangible assets 388,723 388,658 Total accumulated amortization (79,378) (74,600) Total intangible assets, net $ 309,345 $ 314,058 Amortization expense for intangible assets subject to amortization for the years ended July 31, 2023, 2022 and 2021 totaled $5.1 million, $5.2 million and $5.4 million, respectively, and is estimated to be approximately $3.2 million annually, on average, for the next five fiscal years. The changes in the net carrying amount of goodwill allocated between the Company’s segments for the years ended July 31, 2023 and 2022 are as follows (in thousands): Mountain Lodging Goodwill, net Balance at July 31, 2021 $ 1,738,836 $ 42,211 $ 1,781,047 Acquisitions (including measurement period adjustments) 2,196 2,795 4,991 Effects of changes in foreign currency exchange rates (31,110) — (31,110) Balance at July 31, 2022 1,709,922 45,006 1,754,928 Acquisition (including measurement period adjustments) 3,368 — 3,368 Disposal of retail and rental stores (1) (5,975) — (5,975) Effects of changes in foreign currency exchange rates (31,977) — (31,977) Balance at July 31, 2023 $ 1,675,338 $ 45,006 $ 1,720,344 (1) During the year ended July 31, 2023, the Company completed a sale of five retail and rental stores in Telluride, Colorado (the “Disposal Group”) to an unrelated party for cash, which the Company determined constituted the sale of a business. As of April 30, 2023, the Company allocated a proportionate share of the applicable reporting unit’s goodwill to the Disposal Group, and reduced the carrying value of the Disposal Group to its net realizable value. The composition of accounts payable and accrued liabilities follows (in thousands): July 31, 2023 2022 Trade payables $ 148,521 $ 151,263 Deferred revenue 572,602 511,306 Accrued salaries, wages and deferred compensation 38,908 64,570 Accrued benefits 60,466 45,202 Deposits 37,798 37,731 Operating lease liabilities 36,904 34,218 Other accruals 82,822 98,540 Total accounts payable and accrued liabilities $ 978,021 $ 942,830 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jul. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company utilizes FASB-issued fair value guidance that establishes how reporting entities should measure fair value for measurement and disclosure purposes. The guidance establishes a common definition of fair value applicable to all assets and liabilities measured at fair value and prioritizes the inputs into valuation techniques used to measure fair value. Accordingly, the Company uses valuation techniques which maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value. The three levels of the hierarchy are as follows: Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities; Level 2: Inputs include quoted prices for similar assets and liabilities in active and inactive markets or that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs which are supported by little or no market activity. The table below summarizes the Company’s cash equivalents, other current assets, Interest Rate Swaps and Contingent Consideration (defined below) measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands). Estimated Fair Value Measurement as of July 31, 2023 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 170,872 $ 170,872 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 144,365 $ — $ 144,365 $ — Interest Rate Swaps $ 17,229 $ — $ 17,229 $ — Liabilities: Contingent Consideration $ 73,300 $ — $ — $ 73,300 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 The Company’s cash equivalents, other current assets and Interest Rate Swaps are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. The Company 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. Changes in the estimated fair value are recognized in change in estimated fair value of hedging instruments on the Company’s Consolidated Statements of Comprehensive Income. The estimated fair value of the Interest Rate Swaps was included as an asset within deferred charges and other assets as of July 31, 2023, and 2022 in the Company’s Consolidated Balance Sheets. The changes in Contingent Consideration during the years ended July 31, 2023 and 2022 were as follows (in thousands): Contingent Consideration Balance as of July 31, 2021 $ 29,600 Payment (7,480) Change in estimated fair value 20,280 Balance as of July 31,2022 42,400 Payment (18,936) Change in estimated fair value 49,836 Balance as of July 31, 2023 $ 73,300 The Park City Lease provides for participating contingent payments (the “Contingent Consideration”) to the landlord of 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the Park City Lease, exceeds approximately $35 million, as established upon the Company’s acquisition of the resort, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the Park City Lease by the Company. Contingent Consideration is classified as a liability, which is remeasured to fair value at each reporting date until the contingency is resolved. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. The estimated fair value of Contingent Consideration includes 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 annual growth factor and discounted to net present value. Other significant assumptions included a discount rate of 11.1%, and volatility of 17.0%, which together with future period Park City EBITDA, are all unobservable inputs and thus are considered Level 3 inputs. During the year ended July 31, 2023, the Company made a payment to the landlord for Contingent Consideration of approximately $18.9 million which increased compared to the prior year, primarily due to improved Park City performance for the period ended July 31, 2022. |
Income Taxes
Income Taxes | 12 Months Ended |
Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company is subject to taxation in U.S. federal, state and local jurisdictions and various non-U.S. jurisdictions, including Australia, Canada, the Netherlands and Switzerland. The Company’s effective tax rate is impacted by the tax laws, regulations, practices and interpretations in the jurisdictions in which it operates and may fluctuate significantly from period to period depending on, among other things, the geographic mix of the Company’s profits and losses, changes in tax laws and regulations or their application and interpretation, the outcome of tax audits and changes in valuation allowances associated with the Company’s deferred tax assets. U.S. and foreign components of income before provision for income taxes are as follows (in thousands): Year Ended July 31, 2023 2022 2021 U.S. $ 217,971 $ 387,729 $ 148,898 Foreign 155,546 69,432 (23,715) Income before income taxes $ 373,517 $ 457,161 $ 125,183 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and income tax purposes. Significant components of the Company’s deferred tax liabilities and assets are as follows (in thousands): July 31, 2023 2022 Deferred income tax liabilities: Fixed assets $ 211,995 $ 203,669 Intangible assets 143,402 119,066 Operating lease right of use assets 45,913 44,873 Convertible debt — 18,780 Other 22,115 18,157 Total 423,425 404,545 Deferred income tax assets: Canyons obligation 18,631 17,291 Stock-based compensation 9,370 9,957 Investment in Partnerships 10,430 10,602 Deferred compensation and other accrued benefits 11,099 15,202 Contingent Consideration 18,423 10,719 Net operating loss carryforwards and other tax credits 14,864 8,516 Operating lease liabilities 48,953 49,530 Other, net 28,988 24,501 Total 160,758 146,318 Valuation allowance for deferred income taxes (9,603) (5,188) Deferred income tax assets, net of valuation allowance 151,155 141,130 Net deferred income tax liability $ 272,270 $ 263,415 The components of deferred income taxes recognized in the accompanying Consolidated Balance Sheets are as follows (in thousands): July 31, 2023 2022 Deferred income tax asset $ 3,867 $ 5,049 Deferred income tax liability 276,137 268,464 Net deferred income tax liability $ 272,270 $ 263,415 Significant components of the provision for income taxes are as follows (in thousands): Year Ended July 31, 2023 2022 2021 Current: Federal $ 17,473 $ 62,974 $ 20,387 State 6,759 13,938 4,935 Foreign 40,117 21,302 (8,460) Total current 64,349 98,214 16,862 Deferred: Federal 23,813 (6,910) (16,289) State 1,372 1,966 (2,423) Foreign (1,120) (4,446) 2,576 Total deferred 24,065 (9,390) (16,136) Provision for income taxes $ 88,414 $ 88,824 $ 726 A reconciliation of the income tax provision for continuing operations and the amount computed by applying the United States federal statutory income tax rate to income before income taxes is as follows: Year Ended July 31, 2023 2022 2021 At U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State income tax, net of federal benefit 2.2 % 3.8 % 4.2 % Change in uncertain tax positions (1.5) % (1.2) % (3.5) % Stock-based compensation 0.7 % (3.6) % (14.3) % Noncontrolling interests (1.0) % (1.2) % 0.8 % Foreign taxes 3.2 % 0.1 % (5.0) % Taxes related to prior year filings (0.1) % 0.3 % (2.9) % Other (0.8) % 0.2 % 0.3 % Effective tax rate 23.7 % 19.4 % 0.6 % A reconciliation of the beginning and ending amount of unrecognized tax benefits associated with uncertain tax positions, excluding associated deferred tax benefits and accrued interest and penalties, if applicable, is as follows (in thousands): Year Ended July 31, 2023 2022 2021 Balance, beginning of year $ 62,909 $ 67,857 $ 70,299 Additions for tax positions of prior years 11,025 11,179 16,754 Lapse of statute of limitations (22,254) (16,127) (19,196) Balance, end of year $ 51,680 $ 62,909 $ 67,857 As of July 31, 2023, the Company’s unrecognized tax benefits associated with uncertain tax positions relate to the treatment of the Talisker lease payments as payments of debt obligations and that the tax basis in Canyons goodwill is deductible, and are included within other long-term liabilities in the accompanying Consolidated Balance Sheets. As of July 31, 2023, the Company had recorded $51.7 million of uncertain tax positions as well as $5.1 million of accrued interest and penalties. During the year ended July 31, 2023, the Company experienced a reduction in the uncertain tax positions due to the lapse of the statute of limitations of $22.3 million, which was partially offset with an increase to the uncertain tax position of $11.0 million. The Company also recognized a tax benefit of $0.7 million from a reduction in accrued interest and penalties during the year ended July 31, 2023. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Additionally, the Company expects a reduction to its uncertain tax positions for the fiscal year ending July 31, 2024, due to the lapse of the statute of limitations. The Company’s major tax jurisdictions in which it files income tax returns are the U.S. federal jurisdiction, various state jurisdictions, Australia, Canada and Switzerland. The Company’s U.S. federal and state income tax returns are generally subject to tax examinations for the tax years 2019 through the current period. The Company’s Australian and Canadian income tax returns are generally subject to examination for the tax years 2018 through the current period, and Swiss income tax returns are generally subject to examination for the tax years 2017 through the current period. Additionally, to the extent the Company has NOLs that have been carried back or are available for carryforward, the tax years to which the NOL was carried back or in which the NOL was generated may still be adjusted by the taxing authorities to the extent the NOLs are utilized. The Company has NOL carryforwards totaling $63.4 million, primarily comprised of $10.6 million of federal and state NOLs as a result of the acquisition of Peak Resorts in September 2019 that will expire beginning July 31, 2034 and non-U.S. NOLs of $52.8 million (for which a portion will begin expiring July 31, 2024, and a portion will carry forward indefinitely). In connection with Peak Resorts’ initial public offering in November 2014, as well as the Company’s acquisition of Peak Resorts in September 2019, Peak Resorts had two ownership changes pursuant to the provisions of the Tax Reform Act of 1986. As a result, the Company’s usage of its eligible Federal NOL carryforwards will be limited each year by these ownership changes; however, management believes the full benefit of those carryforwards will be realized prior to their respective expiration dates. As of July 31, 2023, the Company has recorded a valuation allowance of $4.4 million on the historical non-U.S. NOL carryforwards, as the Company has determined that it is more likely than not that the associated NOL carryforwards will not be realized. The Company has foreign tax credit carryforwards of $4.2 million, which expire by the year ending July 31, 2028. As of July 31, 2023, the Company has recorded a valuation allowance of $4.2 million on foreign tax credit carryforwards, as the Company has determined that it is more likely than not that these foreign tax credit carryforwards will not be realized. Additionally, the Company has $1.0 million of foreign deferred tax assets, for which a valuation allowance of $1.0 million has been recorded. The Company may be required to record additional valuation allowances if, among other things, adverse economic conditions negatively impact the Company’s ability to realize its deferred tax assets. Evaluating and estimating the Company’s tax provision, current and deferred tax assets and liabilities and other tax accruals requires significant management judgment. The Company intends to indefinitely reinvest undistributed earnings, if any, in its Canadian foreign subsidiaries. It is not practical at this time to determine the income tax liability related to any remaining undistributed earnings. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jul. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Guarantees/Indemnifications As of July 31, 2023, the Company had various letters of credit outstanding totaling $83.0 million, consisting of $53.4 million to support the Employee Housing Bonds; $6.4 million to support bonds issued by Holland Creek Metropolitan District; and $23.2 million primarily for workers’ compensation, a wind energy purchase agreement and insurance-related deductibles. The Company also had surety bonds of $9.5 million as of July 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 Financial Statements, either because the Company has recorded on its Consolidated Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company’s own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the estimated fair value of the indemnification or guarantee to be immaterial based on the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications it is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material. As noted above, the Company makes certain indemnifications to licensees for their use of the Company’s trademarks and logos. The Company does not record any liabilities with respect to these indemnifications. Commitments The operations of Northstar are conducted on land and with operating assets owned by affiliates of EPR Properties, a real-estate investment trust, primarily under operating leases which were assumed in the acquisition of Northstar by the Company. In addition, the leases provide for the payment of percentage rent of certain gross revenues generated at the property over a revenue threshold which is incrementally adjusted annually. The initial term of the leases expires in fiscal 2027 and allows for three 10-year extensions at the Company’s option. The operations of Perisher are conducted on land under a license and lease granted by the Office of Environment and Heritage, an agency of the New South Wales government, which initially commenced in 2008, and which the Company assumed in its acquisition of Perisher. The lease and license has a term that expires in fiscal 2048 and allows for an option to renew for an additional 20 years. The lease and license provide for the payment of an initial minimum annual base rent, with annual CPI increases, and percentage rent of certain gross revenue generated at the property. The operations of Falls Creek and Hotham are conducted on land under leases granted by the Governor of the State of Victoria, Australia and its dependencies, which initially commenced in 1991 and 1992, respectively, which the Company assumed in its acquisition of Falls Creek and Hotham in April 2019. The leases have terms that expire in fiscal 2041 for Falls Creek and fiscal 2058 for Hotham, and provide for the payment of rent with both a fixed and variable component. The operations of Mad River Mountain are conducted on land under a lease granted by EPT Mad River, Inc., which initially commenced in 2005, which the Company assumed in its acquisition of Peak Resorts in September 2019. The lease has a term that expires in the year ending July 31, 2035, and provides for the payment of an initial minimum annual base rent, with annual CPI increases, and percentage rent of certain gross revenue generated at the property. The operations of Laurel Mountain are conducted on land under a concessioner lease agreement with the Commonwealth of Pennsylvania, acting through the Department of Conservation and Natural Resources (“Department”), which initially commenced in 2018, which the Company assumed in its acquisition of the Seven Springs Resorts in December 2021. The agreement has a term that expires in the year ending July 31, 2052, and provides for the payment of an initial minimum annual base rent, with bi-annual CPI increases, and additional rent based on skier visits. The operations of Andermatt-Sedrun are conducted on (i) land owned by ASA as freehold or leasehold properties, including land owned by Usern Corporation, for which operations are conducted under a main framework concession agreement that expires in the year ending July 31, 2033 and provides for annual concession and administrative fee payments, and land owned by the Swiss Confederation, for which operations are conducted under leasehold agreements which expire in the years ending July 31, 2067 and 2068; (ii) land owned by the municipality of Tujetsch, for which operations are conducted under various building rights and rights of way which expire in the year ending July 31, 2033 and provide for annual concession fee payments; and (iii) land owned by private property owners. The transportation and ski infrastructure operations of Andermatt-Sedrun also operate under various concessions from the Federal Office of Transport, which have terms expiring in the years ending July 31, 2026 through 2042. Additionally, the Company has entered into strategic long-term season pass alliance agreements with third-party mountain resorts in which the Company has committed to pay minimum revenue guarantees over the remaining terms of these agreements. The Company has executed or assumed as lessee other operating leases for the rental of office and commercial space, employee residential units and land primarily through fiscal 2079. Certain of these leases have renewal terms at the Company’s option, escalation clauses, rent holidays and leasehold improvement incentives. Rent holidays and rent escalation clauses are recognized on a straight-line basis over the lease term. Leasehold improvement incentives are recorded as leasehold improvements and amortized over the shorter of their economic lives or the term of the lease. For the years ended July 31, 2023, 2022 and 2021, the Company recorded lease expense (including for the lease obligations discussed above), excluding executory costs, related to these agreements of $71.3 million, $61.2 million and $58.7 million, respectively, which is included on the accompanying Consolidated Statements of Operations. See Note 4, Leases, for additional information regarding the Company’s leasing arrangements. Self-Insurance The Company is self-insured for claims under its U.S. health benefit plans and for the majority of workers’ compensation claims in the U.S. Workers compensation claims in the U.S. are subject to stop loss policies. The self-insurance liability related to workers’ compensation is determined actuarially based on claims filed. The self-insurance liability related to claims under the Company’s U.S. health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of accrued benefits in accounts payable and accrued liabilities (see Note 8, Supplementary Balance Sheet Information). Legal The Company is a party to various lawsuits arising in the ordinary course of business. Management believes the Company has adequate insurance coverage and/or has accrued for all loss contingencies for asserted and unasserted matters deemed to be probable and reasonably estimable losses. As of July 31, 2023 and 2022, the accruals for such loss contingencies were not material individually or in the aggregate. |
Segment Information
Segment Information | 12 Months Ended |
Jul. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment and Geographic Area Information Segment Information The Company has three reportable segments: Mountain, Lodging and Real Estate. The Company refers to “Resort” as the combination of the Mountain and Lodging segments. The Mountain segment includes the operations of the Company’s mountain resorts/ski areas and related ancillary activities. The Lodging segment includes the operations of the Company’s owned hotels, RockResorts, NPS concessioner properties, condominium management, Colorado resort ground transportation operations and mountain resort golf operations. The Real Estate segment owns, develops and sells real estate in and around the Company’s resort communities. The Company’s reportable segments, although integral to the success of the others, offer distinctly different products and services and require different types of management focus. As such, these segments are managed separately. The Company reports its segment results using Reported EBITDA (defined as segment net revenue less segment operating expenses, plus segment equity investment income or loss, and for the Real Estate segment, plus gain or loss on sale of real property). The Company reports segment results in a manner consistent with management’s internal reporting of operating results to the chief operating decision maker (Chief Executive Officer) for purposes of evaluating segment performance. Items excluded from Reported EBITDA are significant components in understanding and assessing financial performance. Reported EBITDA should not be considered in isolation or as an alternative to, or substitute for, net income, net change in cash and cash equivalents or other financial statement data presented in the accompanying Consolidated Financial Statements as indicators of financial performance or liquidity. The Company utilizes Reported EBITDA in evaluating the performance of the Company and in allocating resources to its segments. Mountain Reported EBITDA consists of Mountain net revenue less Mountain operating expense plus Mountain equity investment income or loss. Lodging Reported EBITDA consists of Lodging net revenue less Lodging operating expense. Real Estate Reported EBITDA consists of Real Estate net revenue less Real Estate operating expense plus gain or loss on sale of real property. All segment expenses include an allocation of corporate administrative expense. Assets are not used to evaluate performance, except as shown in the table below. The accounting policies specific to each segment are the same as those described in Note 2, Summary of Significant Accounting Policies. The following table presents key financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands): Year ended July 31, 2023 2022 2021 Net revenue: Mountain $ 2,540,906 $ 2,213,114 $ 1,702,798 Lodging 340,393 312,090 205,142 Total Resort net revenue 2,881,299 2,525,204 1,907,940 Real Estate 8,065 708 1,770 Total net revenue $ 2,889,364 $ 2,525,912 $ 1,909,710 Segment operating expense: Mountain $ 1,718,941 $ 1,404,527 $ 1,156,743 Lodging 328,126 286,343 213,239 Total Resort operating expense 2,047,067 1,690,870 1,369,982 Real Estate 10,635 5,911 6,676 Total segment operating expense $ 2,057,702 $ 1,696,781 $ 1,376,658 Gain on sale of real property $ 842 $ 1,276 $ 324 Mountain equity investment income, net $ 605 $ 2,580 $ 6,698 Reported EBITDA: Mountain $ 822,570 $ 811,167 $ 552,753 Lodging 12,267 25,747 (8,097) Resort 834,837 836,914 544,656 Real Estate (1,728) (3,927) (4,582) Total Reported EBITDA $ 833,109 $ 832,987 $ 540,074 Real estate held for sale or investment $ 90,207 $ 95,983 $ 95,615 Reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA: Net income attributable to Vail Resorts, Inc. $ 268,148 $ 347,923 $ 127,850 Net income (loss) attributable to noncontrolling interests 16,955 20,414 (3,393) Net income 285,103 368,337 124,457 Provision for income taxes 88,414 88,824 726 Income before provision for income taxes 373,517 457,161 125,183 Depreciation and amortization 268,501 252,391 252,585 Loss (gain) on disposal of fixed assets and other, net (1) 9,070 (43,992) 5,373 Change in estimated fair value of contingent consideration 49,836 20,280 14,402 Investment income and other, net (23,744) (3,718) (586) Foreign currency loss (gain) on intercompany loans 2,907 2,682 (8,282) Interest expense, net 153,022 148,183 151,399 Total Reported EBITDA $ 833,109 $ 832,987 $ 540,074 (1) During the year ended July 31, 2022, the Company recognized a gain of $32.2 million from the sale of a hotel property in Breckenridge. Geographic Information Net revenue and property, plant and equipment, net by geographic region are as follows (in thousands): Year ended July 31, Net revenue 2023 2022 2021 U.S. $ 2,366,342 $ 2,228,708 $ 1,717,270 International (1) 523,022 297,204 192,440 Total net revenue $ 2,889,364 $ 2,525,912 $ 1,909,710 July 31, Property, plant and equipment, net 2023 2022 U.S. $ 1,754,946 $ 1,729,400 International (2) 616,611 388,652 Total property, plant and equipment, net $ 2,371,557 $ 2,118,052 (1) The only individual international country (i.e. except the U.S.) to account for more than 10% of the Company’s net revenue was Canada. Canada accounted for $321.7 million of net revenue for the year ended July 31, 2023. For the years ended July 31, 2022 and 2021 no individual international country accounted for more than 10% of the Company’s net revenue. (2) The only individual international country to account for more than 10% of the Company’s property plant and equipment, net was Canada. Canada accounted for $324.4 million and $272.9 million of property, plant and equipment, net as of July 31, 2023 and 2022, respectively. |
Stock Repurchase Plan
Stock Repurchase Plan | 12 Months Ended |
Jul. 31, 2023 | |
Payments for Repurchase of Equity [Abstract] | |
Stock Repurchase Plan | Share Repurchase Program On March 9, 2006, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 Vail Shares. On July 16, 2008, December 4, 2015 and March 7, 2023, the Company’s Board of Directors increased the authorization by an additional 3,000,000, 1,500,000 and 2,500,000 Vail Shares, respectively, for a total authorization to repurchase up to 10,000,000 Vail Shares. During the years ended July 31, 2023 and 2022, the Company repurchased 2,182,594 and 304,567 Vail Shares, respectively (at a total cost of $500.0 million and $75.0 million, respectively, excluding accrued excise tax, as discussed further below). The Company did not repurchase any Vail Shares during the year ended July 31, 2021. Since inception of this stock repurchase program through July 31, 2023, the Company has repurchased 8,648,302 shares at a cost of approximately $979.4 million. As of July 31, 2023, 1,351,698 Vail Shares remained available to repurchase under the existing share repurchase program, which has no expiration date. Vail Shares purchased pursuant to the repurchase program will be held as treasury shares and may be used for issuance under the Company’s employee share award plan. On August 16, 2022 the U.S. government enacted the Inflation Reduction Act of 2022, which imposed a 1.0% excise tax on share repurchases (net of estimated share issuances) made after December 31, 2022. As a result, the Company accrued approximately $4.9 million of excise tax in connection with the share repurchases it completed during the year ended July 31, 2023, which was recorded as an adjustment to the cost basis of repurchased shares in treasury stock and accounts payable and accrued liabilities on the Company’s Consolidated Balance Sheet as of July 31, 2023. |
Stock Compensation Plan
Stock Compensation Plan | 12 Months Ended |
Jul. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Compensation Plan | Stock Compensation Plan The Company has a share award plan (the “Plan”) which has been approved by the Company’s stockholders. Under the Plan, up to 4.4 million shares of common stock could be issued in the form of options, stock appreciation rights, restricted shares, restricted share units, performance shares, performance share units, dividend equivalents or other share-based awards to employees, directors or consultants of the Company or its subsidiaries or affiliates. The terms of awards granted under the Plan, including exercise price, vesting period and life, are set by the Compensation Committee of the Board of Directors. All share-based awards (except for restricted shares and restricted share units) granted under the Plan have a life of ten years. Most awards vest ratably over three years; however, some have been granted with different vesting schedules. Of the awards outstanding, none have been granted to non-employees (except those granted to non-employee members of the Board of Directors of the Company) under the Plan. At July 31, 2023, approximately 2.1 million share-based awards were available to be granted under the Plan. The fair value of stock-settled stock appreciation rights (“SARs”) granted in the years ended July 31, 2023, 2022 and 2021 were estimated on the date of grant using a lattice-based option valuation model that applies the assumptions noted in the table below. A lattice-based model considers factors such as exercise behavior, and assumes employees will exercise equity awards at different times over the contractual life of the equity awards. As a lattice-based model considers these factors, and is more flexible, the Company considers it to be a better method of valuing equity awards than a closed-form Black-Scholes model. Because lattice-based option valuation models incorporate ranges of assumptions for inputs, those ranges are disclosed. Expected volatility is based on historical volatility of the Company’s stock. The Company uses historical data to estimate equity award exercises and employee terminations within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of equity awards granted is derived from the output of the option valuation model and represents the period of time that equity awards granted are expected to be outstanding; the range given below results from certain groups of employees exhibiting different behavior. The risk-free rate for periods within the contractual life of the equity award is based on the United States Treasury yield curve in effect at the time of grant. Year ended July 31, 2023 2022 2021 Expected volatility 30.0% 31.0% 30.7% Expected dividend yield 3.2% 2.1% 3.0% Expected term (average in years) 6.5-6.8 6.4-6.8 6.6-6.9 Risk-free rate 2.7-3.0% 0.1-1.2% 0.1-0.6% The Company records actual forfeitures related to unvested awards upon employee terminations. A summary of aggregate SARs award activity under the Plan as of July 31, 2023, 2022 and 2021, and changes during the years then ended is presented below (in thousands, except exercise price and contractual term): Awards Weighted-Average Weighted-Average Aggregate Outstanding at August 1, 2020 1,061 $ 138.59 Granted 205 $ 233.01 Exercised (370) $ 84.20 Forfeited or expired (23) $ 236.31 Outstanding at July 31, 2021 873 $ 181.17 Granted 97 $ 360.69 Exercised (278) $ 93.32 Forfeited or expired (13) $ 271.04 Outstanding at July 31, 2022 679 $ 241.13 Granted 176 $ 220.73 Exercised (92) $ 222.14 Forfeited or expired (53) $ 280.09 Outstanding at July 31, 2023 710 $ 235.69 6.3 years $ 15,837 Vested and expected to vest at July 31, 2023 699 $ 235.58 6.3 years $ 15,678 Exercisable at July 31, 2023 459 $ 227.36 5.1 years $ 13,075 The weighted-average grant-date estimated fair value of SARs granted during the years ended July 31, 2023, 2022 and 2021 was $55.37, $96.20 and $52.30, respectively. The total intrinsic value of SARs exercised during the years ended July 31, 2023, 2022 and 2021 was $3.0 million, $69.1 million and $82.0 million, respectively. The Company had 120,000, 160,000 and 96,000 SARs that vested during the years ended July 31, 2023, 2022 and 2021, respectively. These awards had total estimated fair values of $0.0 million (due to the exercise prices exceeding the market prices at the date of vesting), $16.2 million and $0.1 million at the date of vesting for the years ended July 31, 2023, 2022 and 2021, respectively. A summary of the status of the Company’s nonvested SARs as of July 31, 2023 and changes during the year then ended is presented below (in thousands, except fair value amounts): Awards Weighted-Average Nonvested at July 31, 2022 230 $ 71.62 Granted 176 $ 55.37 Vested (120) $ 65.98 Forfeited (35) $ 71.62 Nonvested at July 31, 2023 251 $ 62.96 A summary of the status of the Company’s nonvested restricted share units as of July 31, 2023 and changes during the year then ended is presented below (in thousands, except fair value amounts): Awards Weighted-Average Nonvested at July 31, 2022 125 $ 277.78 Granted 127 $ 199.14 Vested (63) $ 263.14 Forfeited (20) $ 245.34 Nonvested at July 31, 2023 169 $ 227.87 The Company granted 127,000 restricted share units during the year ended July 31, 2023 with a weighted-average grant-date estimated fair value of $199.14. The Company granted 68,000 restricted share units during the year ended July 31, 2022 with a weighted-average grant-date estimated fair value of $336.57. The Company granted 94,000 restricted share units during the year ended July 31, 2021 with a weighted-average grant-date estimated fair value of $222.17. The Company had 63,000, 68,000 and 66,000 restricted share units that vested during the years ended July 31, 2023, 2022 and 2021, respectively. These units had a total estimated fair value of $13.3 million, $23.7 million and $15.0 million at the date of vesting for the years ended July 31, 2023, 2022 and 2021, respectively. As of July 31, 2023, there was $32.5 million of total unrecognized compensation expense related to nonvested share-based compensation arrangements granted under the Plan, of which $19.3 million, $11.4 million and $1.8 million of expense is expected to be recognized in the years ending July 31, 2024, 2025 and 2026, respectively, assuming no share-based awards are granted in the future or forfeited. The tax benefit realized or expected to be realized from SARs exercised and restricted stock units vested was $2.5 million, $23.0 million and $24.0 million for the years ended July 31, 2023, 2022 and 2021, respectively. The Company has a policy of using either authorized and unissued shares, including shares acquired by purchase in the open market, to satisfy equity award exercises. |
Retirement and Profit Sharing P
Retirement and Profit Sharing Plans | 12 Months Ended |
Jul. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement and Profit Sharing Plans | Retirement and Profit Sharing Plans The Company maintains a defined contribution retirement plan (the “Retirement Plan”), qualified under Section 401(k) of the Internal Revenue Code, for its U.S. employees. Under this Retirement Plan, U.S. employees are eligible to make before-tax contributions on the first day of the calendar month following the later of: (i) their employment commencement date or (ii) the date they turn 21. Participants may contribute up to 100% of their qualifying annual compensation up to the annual maximum specified by the Internal Revenue Code. When the Company participates in 401(k) contribution matching, it matches an amount equal to 50% of each participant’s contribution up to 6% of a participant’s bi-weekly qualifying compensation starting the pay period containing the first day of the month after obtaining the later of: (i) 12 months of employment with at least 1,000 service hours from the commencement date or (ii) if 1,000 hours within the first 12 months was not completed, then after the employee completed a cumulative 1,500 service hours. The Company’s matching contribution is entirely discretionary and may be reduced or eliminated at any time. Total Retirement Plan expense recognized by the Company for the years ended July 31, 2023, 2022 and 2021 was $9.8 million, $8.5 million and $6.5 million, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation — The accompanying Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries for which the Company has a controlling financial interest. Investments in which the Company does not have a controlling financial interest, but has significant influence, are accounted for under the equity method. All significant intercompany transactions have been eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents — The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. |
Restrictions on Cash and Cash Equivalents [Table Text Block] | Restricted Cash — The Company considers cash to be restricted when withdrawal or general use is legally restricted. |
Accounts Receivable | Accounts Receivable — The Company records trade accounts receivable in the normal course of business related to the sale of products or services. The allowance for doubtful accounts is based on a specific reserve analysis and on a percentage of accounts receivable and takes into consideration such factors as historical write-offs, the economic climate and other factors that could affect collectability. Write-offs are evaluated on a case by case basis. |
Inventories | Inventories — The Company’s inventories consist primarily of purchased retail goods, food and beverage items and spare parts. Inventories are stated at the lower of cost or net realizable value, determined using primarily an average weighted cost method. The Company records a reserve for estimated shrinkage and obsolete or unusable inventory. |
Property, Plant and Equipment | Property, Plant and Equipment — Property, plant and equipment is carried at cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property, plant and equipment is retired or otherwise disposed of, the related gain or loss is included in income from operations. Leasehold improvements are amortized on the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Depreciation is calculated on the straight-line method, including property, plant and equipment under finance leases, generally based on the following useful lives: Estimated Life Land improvements 10-35 Buildings and building improvements 7-30 Machinery and equipment 2-30 Furniture and fixtures 3-10 Software 3 Vehicles 3-10 |
Real Estate Held for Sale and Investment | Real Estate Held for Sale or Investment — The Company capitalizes as real estate held for sale or investment the original land acquisition cost, direct construction and development costs, property taxes and interest paid related to real estate under development and other related costs. Sales and marketing expenses are charged against income in the period incurred. |
Deferred Financing Costs | Deferred Financing Costs — Certain costs incurred with the issuance of debt and debt securities are capitalized and included as a reduction in the net carrying value of long-term debt, net of accumulated amortization, with the exception of costs incurred related to line-of-credit arrangements, which are included in deferred charges and other assets, net of accumulated amortization. Amortization of such deferred financing costs are recorded to interest expense, net on the Company’s Consolidated Statements of Operations over the respective term of the applicable debt instruments. When debt is extinguished prior to its maturity date, the amortization of the remaining unamortized deferred financing costs, or pro-rata portion thereof, is charged to loss on extinguishment of debt. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets — The Company has classified as goodwill the cost in excess of estimated fair value of the net assets of businesses acquired in purchase transactions. The Company’s major intangible asset classes are trademarks, water rights, customer lists, property management contracts and Forest Service permits. Goodwill and various indefinite-lived intangible assets, including certain trademarks, water rights and certain property management contracts, are not amortized but are subject to at least annual impairment testing. The Company tests these non-amortizing assets annually (or more often, if |
Long-lived Assets | Long-Lived Assets — The Company evaluates potential impairment of long-lived assets and long-lived assets to be disposed of whenever events or changes in circumstances indicate that the net carrying amount of an asset group may not be fully recoverable. If the sum of the expected cash flows, on an undiscounted basis, is less than the net carrying amount of the asset group, an impairment loss is recognized in the amount by which the net carrying amount of the asset group exceeds its estimated fair value. The Company determined that there were no impairments of long-lived assets for the years ended July 31, 2023, 2022 and 2021. |
Revenue Recognition | Revenue Recognition The following provides information about the Company’s composition of revenue recognized from contracts with customers and other revenues, the performance obligations under those contracts, and the significant judgments made in accounting for those contracts: • Mountain revenue is derived from a wide variety of sources, including, among other things: lift revenue, which includes sales of lift tickets and pass products; ski school revenue, which includes the revenue derived from ski school operations; dining revenue, which includes both casual and fine dining on-mountain operations; retail sales and equipment rentals; and other on-mountain revenue, which includes private ski club revenue (which includes both club dues and amortization of initiation fees), marketing and internet advertising revenue, municipal services and lodging and transportation operations at the Company’s Australian ski areas. The Company also includes other sources of revenue, primarily related to commercial leasing and employee housing leasing arrangements, within other mountain revenue. Revenue is recognized over time as performance obligations are satisfied as control of the good or service (e.g. access to ski areas, provision of ski school services, etc.) is transferred to the customer, except for the Company’s retail sales and dining operations revenues which are recognized at a point in time when performance obligations are satisfied by transferring control of the underlying goods to the customer. The Company records deferred revenue primarily related to the sale of pass products. Deferred revenue is generally recognized throughout the ski season as the Company’s performance obligations are satisfied as control of the service (e.g. access to ski areas throughout the ski season) is transferred to the customer. In accordance with Topic 606, the Company estimates progress towards satisfaction of its performance obligations using an output method that best depicts the transfer of control of the service to its customers. Historically, the output method utilized by the Company measured progress toward satisfaction of the Company’s performance obligations based on the estimated number of pass product holder visits relative to total expected visits, based on historical data, which the Company believed to provide a faithful depiction of its customers’ pass product usage. When sufficient historical data to determine usage patterns was not available, such as in the case of new product offerings, progress was measured on a straight-line basis throughout the ski season until sufficient historical usage patterns were available. Beginning August 1, 2021, progress towards satisfaction of the Company’s performance obligations for all passes is measured using an output method based on the skiable days of the season, which effectively results in revenue being recorded on a straight-line basis throughout the ski season. Total estimated skiable days is based on actual resort opening and estimated closing dates. The Company believes this method best estimates the value transferred to the customer relative to the remaining services promised under the contract. Due to the strong correlation between historical pass product usage and skiable days, the change in the Company’s method of estimating progress toward satisfaction of the performance obligation alone does not have a material effect on the recognition pattern of pass product revenue. Epic Coverage is included with the purchase of all pass products for no additional charge, and offers refunds if certain personal or resort closure events occur before or during the ski season. The estimated amount of refunds reduce the amount of pass product revenue recognized by the Company, and is remeasured at each reporting date. Epic Mountain Rewards provides pass product holders a discount on ancillary purchases at the Company’s North American owned and operated Resorts. Epic Mountain Rewards constitutes an option to purchase additional products and services at a discount, and as a result, the Company allocates a portion of the pass product transaction price to these other lines of business. • Lodging revenue is derived from a wide variety of sources, including, among other things: revenue from owned hotel rooms and managed hotel rooms; revenue from hotel dining operations; transportation revenue which relates to the Company’s Colorado resort ground transportation operations; and other lodging revenue which includes property management services, managed properties other costs reimbursements, private golf club revenue (which includes both club dues and amortization of initiation fees) and golf course fees. Lodging revenue also includes managed hotel property payroll cost reimbursements related to payroll costs at managed properties where the Company is the employer, which are reimbursed by the owner with no added margin. Therefore, these revenues and corresponding expenses have no net effect on the Company’s operating income or net income. Other than revenue from dining operations, lodging revenue is mostly recognized over time as performance obligations are satisfied as control of the service (e.g. nightly hotel room access) is transferred to the customer. • Real estate revenue primarily relates to the sale of development land parcels. Real estate revenue is generally recognized at a point in time when performance obligations have been satisfied, which is usually upon closing of the sales transaction and in an amount that reflects the consideration to which the Company expects to be entitled. For certain contracts that have an original term length of one year or less, the Company uses the practical expedient applicable to such contracts and does not consider the time value of money. For contracts with an expected term in excess of one year, the Company has considered the provisions of Topic 606 in determining whether contracts contain a financing component. Taxes collected from customers and remitted to governmental authorities are generally excluded from revenue on the accompanying Consolidated Statements of Operations. |
Real Estate Cost of Sales | Real Estate Cost of Sales — Costs of real estate transactions include direct project costs, common cost allocations (primarily determined on relative sales value) and sales commission expense. The Company utilizes the relative sales value method to determine cost of sales for condominium units sold within a project when specific identification of costs cannot be reasonably determined. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation — The functional currency of the Company’s entities operating outside of the United States is the principal currency of the economic environment in which the entity primarily generates and expends cash, which is generally the local currency. The assets and liabilities of these foreign operations are translated at the exchange rate in effect as of the balance sheet dates. Income and expense items are translated using the weighted average exchange rate for the period. Translation adjustments from currency exchange, including intercompany transactions of a long-term nature, are recorded in accumulated other comprehensive (loss) income as a separate component of stockholders’ equity. Intercompany transactions that are not of a long-term nature are reported as gains and losses within “segment operating expense” and for intercompany loans within “foreign currency (loss) gain on intercompany loans” on the Company’s Consolidated Statements of Operations. |
Reserve Estimates | Reserve Estimates — The Company uses estimates to record reserves for certain liabilities, including medical claims, workers’ compensation claims, third-party loss contingencies and property taxes, among other items. The Company estimates the probable costs related to these liabilities that will be incurred and records that amount as a liability in its Consolidated Financial Statements. Additionally, the Company records, as applicable, receivables related to insurance recoveries for loss contingencies if deemed probable of recovery. These estimates are reviewed and adjusted as the facts and circumstances change. The Company records legal costs related to defending claims as incurred. |
Advertising Costs | Advertising Costs — Advertising costs are expensed at the time such advertising commences. Advertising expense for the years ended July 31, 2023, 2022 and 2021 was $47.2 million, $47.7 million and $38.6 million, respectively, and was recorded within Mountain and Lodging operating expense on the Company’s Consolidated Statement of Operations. |
Income Taxes | Income Taxes — Income tax expense includes U.S. tax (federal and state) and foreign income taxes. The Company’s provision for income taxes is based on pre-tax income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported in the accompanying Consolidated Balance Sheets and for operating loss and tax credit carrybacks or carryforwards. The change in deferred tax assets and liabilities for the |
Fair Value of Financial Instruments | Fair Value of Financial Instruments — The estimated fair values of the 6.25% Notes and the 0.0% Convertible Notes (each as defined in Note 6, Long-Term Debt) are based on quoted market prices (a Level 2 input). The estimated fair value of the EPR Secured Notes (as defined in Note 6, Long-Term Debt) has been estimated using an analysis based on current borrowing rates for debt with similar remaining maturities and ratings (a Level 2 input). The carrying values, including any unamortized premium or discount, and estimated fair values of the 6.25% Notes, 0.0% Convertible Notes and EPR Secured Notes as of July 31, 2023 are presented below (in thousands): July 31, 2023 Carrying Value Estimated Fair Value 6.25% Notes $ 600,000 $ 602,544 0.0% Convertible Notes $ 575,000 $ 510,134 EPR Secured Notes $ 132,503 $ 174,854 |
Stock-Based Compensation | Stock-Based Compensation — Stock-based compensation expense is measured at the grant date based upon the estimated fair value of the award and is recognized as expense over the applicable vesting period of the award generally using the straight-line method (see Note 14, Stock Compensation Plan, for more information), less the amount of forfeited awards which are recorded as they occur. The following table shows total net stock-based compensation expense for the years ended July 31, 2023, 2022 and 2021 included on the accompanying Consolidated Statements of Operations (in thousands): Year Ended July 31, 2023 2022 2021 Mountain stock-based compensation expense $ 21,242 $ 20,892 $ 20,311 Lodging stock-based compensation expense 3,972 3,737 3,783 Real Estate stock-based compensation expense 195 256 301 Pre-tax stock-based compensation expense 25,409 24,885 24,395 Less: benefit from income taxes 5,951 6,189 5,871 Net stock-based compensation expense $ 19,458 $ 18,696 $ 18,524 |
Concentration of Credit Risk | Concentration of Credit Risk — The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company places its cash and temporary cash investments in accounts with high-quality credit institutions. The Company does not enter into financial instruments for trading or speculative purposes. Concentration of credit risk with respect to accounts and notes receivables is limited due to the wide variety of customers and markets in which the Company conducts business, as well as their dispersion across many geographical areas. The Company performs ongoing credit evaluations of its customers and generally does not require collateral, but does require advance deposits on certain transactions. |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Accounting for Hedging Instruments — From time to time, the Company enters into interest rate swaps to hedge the variability in cash flows associated with variable-rate borrowings by converting the floating interest rate to a fixed interest rate (the “Interest Rate Swaps”). As of July 31, 2023, the Company hedged the future cash flows associated with $400.0 million of the principal amount outstanding of its Vail Holdings Credit Agreement (as defined in Note 6, Long-Term Debt), which were |
Lessee, Leases [Policy Text Block] | Leases — The Company determines if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if there is one or more assets identified and the right to control the use of any identified asset is conveyed to the Company for a period of time in exchange for consideration. Control over the use of an identified asset means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. Generally, the Company classifies a lease as a finance lease if the terms of the agreement effectively transfer control of the underlying asset; otherwise, it is classified as an operating lease. For contracts that contain lease and non-lease components, the Company accounts for these components separately. For leases with terms greater than twelve months, the associated lease right-of-use (“ROU”) assets and lease liabilities are recognized at the estimated present value of future lease payments over the lease term at commencement date. The Company’s leases do not provide a readily determinable implicit rate; therefore, the Company uses an estimated incremental borrowing rate to discount the future minimum lease payments. For leases containing fixed rental escalation clauses, the escalators are factored into the determination of future minimum lease payments. The Company includes options to extend a lease when it is reasonably certain that such options will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. See Note 4, Leases, for more information. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | |
New Accounting Standards | 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. 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 6, Long-Term Debt), which are designated as cash flow hedges. During the year ended July 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 the Secured Overnight Financing Rate (“SOFR”). See Note 6, 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-based cash flows to a hedge of SOFR-based cash flows. 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 accounting related to certain convertible debt instruments. 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 ended 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 6, Long-Term Debt) to long-term debt, net, as the convertible option on the 0.0% Convertible Notes does not qualify as a derivative 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 to reverse 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 in future periods due to the elimination of the debt discount. The impact of adoption of ASU 2020-06 on the Company’s Consolidated Balance Sheet as of the 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary On Estimated Useful Life Of Property, Plant And Equipment | Depreciation is calculated on the straight-line method, including property, plant and equipment under finance leases, generally based on the following useful lives: Estimated Life Land improvements 10-35 Buildings and building improvements 7-30 Machinery and equipment 2-30 Furniture and fixtures 3-10 Software 3 Vehicles 3-10 |
Allocation Of Stock-Based Compensation Expense | The following table shows total net stock-based compensation expense for the years ended July 31, 2023, 2022 and 2021 included on the accompanying Consolidated Statements of Operations (in thousands): Year Ended July 31, 2023 2022 2021 Mountain stock-based compensation expense $ 21,242 $ 20,892 $ 20,311 Lodging stock-based compensation expense 3,972 3,737 3,783 Real Estate stock-based compensation expense 195 256 301 Pre-tax stock-based compensation expense 25,409 24,885 24,395 Less: benefit from income taxes 5,951 6,189 5,871 Net stock-based compensation expense $ 19,458 $ 18,696 $ 18,524 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Revenues [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenues The following table presents net revenues disaggregated by segment and major revenue type for the years ended July 31, 2023, 2022 and 2021 (in thousands): Year ended July 31, 2023 2022 2021 Mountain net revenue: Lift $ 1,420,900 $ 1,310,213 $ 1,076,578 Ski School 287,275 223,645 144,227 Dining 224,642 163,705 92,186 Retail/Rental 361,484 311,768 227,993 Other 246,605 203,783 161,814 Total Mountain net revenue $ 2,540,906 $ 2,213,114 $ 1,702,798 Lodging net revenue: Owned hotel rooms $ 80,117 $ 80,579 $ 47,509 Managed condominium rooms 96,785 97,704 72,217 Dining 62,445 48,569 17,211 Transportation 15,242 16,021 9,271 Golf 12,737 10,975 9,373 Other 55,816 46,500 43,008 323,142 300,348 198,589 Payroll cost reimbursements 17,251 11,742 6,553 Total Lodging net revenue $ 340,393 $ 312,090 $ 205,142 Total Resort net revenue $ 2,881,299 $ 2,525,204 $ 1,907,940 Total Real Estate net revenue 8,065 708 1,770 Total net revenue $ 2,889,364 $ 2,525,912 $ 1,909,710 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense for the years ended July 31, 2023, 2022 and 2021 were as follows (in thousands): Year ended July 31, 2023 2022 2021 Finance leases: Amortization of the finance ROU assets $ 11,701 $ 9,011 $ 9,753 Interest on lease liabilities $ 40,098 $ 35,881 $ 34,612 Operating leases: Operating lease expense $ 45,385 $ 43,295 $ 43,418 Short-term lease expense (1) $ 22,759 $ 15,614 $ 13,638 Variable lease expense $ 3,204 $ 2,309 $ 1,660 |
Cash Flow, Supplemental Disclosures [Text Block] | The following table presents the supplemental cash flow information associated with the Company’s leasing activities for the years ended July 31, 2023, 2022 and 2021 (in thousands): Year ended July 31, 2023 2022 2021 Cash flow supplemental information: Operating cash outflows for operating and short-term leases $ 65,216 $ 59,818 $ 56,942 Operating cash outflows for lease- and non-lease components of finance leases $ 54,788 $ 37,573 $ 31,429 Non-cash supplemental information: Operating ROU assets obtained in exchange for operating lease obligations $ 30,342 $ 23,190 $ 12,615 Finance ROU assets obtained in exchange for finance lease obligations $ 39,114 $ — $ — |
Weighted Average Remaining Lease Terms and Discount Rates [Table Text Block] | Weighted-average remaining lease terms and discount rates as of July 31, 2023 and 2022 are as follows: July 31, 2023 July 31, 2022 Weighted-average remaining lease term (in years) Operating leases 9.2 9.8 Finance leases 37.6 40.9 Weighted-average discount rate Operating leases 4.9 % 4.6 % Finance leases 9.9 % 10.0 % |
Schedule of Future Minimum Lease Payments [Table Text Block] | Future fixed lease payments for operating and finance leases as of July 31, 2023 reflected by fiscal year (August 1 through July 31) are as follows (in thousands): Operating Leases Finance Leases 2024 $ 49,012 $ 35,000 2025 45,707 35,506 2026 41,424 35,824 2027 26,573 36,025 2028 18,454 35,991 Thereafter 86,149 1,724,517 Total future minimum lease payments 267,319 1,902,863 Less amount representing interest (62,089) (1,500,805) Total lease liabilities $ 205,230 $ 402,058 The current portion of operating lease liabilities of approximately $36.9 million and $34.2 million as of July 31, 2023 and 2022, respectively, is recorded within accounts payables and accrued liabilities in the accompanying Consolidated Balance Sheets. Finance lease liabilities are recorded within long-term debt, net in the accompanying Consolidated Balance Sheets. |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Earnings Per Share Reconciliation [Abstract] | |
Summary Of Calculation On Basic And Diluted EPS | Presented below is basic and diluted EPS for the years ended July 31, 2023, 2022 and 2021 (in thousands, except per share amounts): Year Ended July 31, 2023 2022 2021 Basic Diluted Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 268,148 $ 268,148 $ 347,923 $ 347,923 $ 127,850 $ 127,850 Weighted-average Vail Shares outstanding 39,654 39,654 40,433 40,433 40,266 40,266 Weighted-average Exchangeco shares outstanding — — 32 32 35 35 Total Weighted-average shares outstanding 39,654 39,654 40,465 40,465 40,301 40,301 Effect of dilutive securities — 106 — 222 — 527 Total shares 39,654 39,760 40,465 40,687 40,301 40,828 Net income per share attributable to Vail Resorts, Inc. $ 6.76 $ 6.74 $ 8.60 $ 8.55 $ 3.17 $ 3.13 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | Long-term debt as of July 31, 2023 and 2022 is summarized as follows (in thousands): Maturity July 31, July 31, Vail Holdings Credit Agreement revolver (a) 2026 $ — $ — Vail Holdings Credit Agreement term loan (a) 2026 1,015,625 1,078,125 6.25% Notes (b) 2025 600,000 600,000 0.0% Convertible Notes (c) 2026 575,000 575,000 Whistler Credit Agreement revolver (d) 2028 — 11,717 EPR Secured Notes (e) 2034-2036 114,162 114,162 Employee housing bonds (f) 2027-2039 52,575 52,575 Canyons obligation (g) 2063 363,386 357,607 NRP Loan (h) 2036 40,399 — Whistler Blackcomb employee housing leases (i) 2042 29,491 — Other (j) 2023-2036 35,011 17,860 Total debt 2,825,649 2,807,046 Less: Unamortized premiums, discounts and debt issuance costs (k) 5,814 72,997 Less: Current maturities (l) 69,160 63,749 Long-term debt, net $ 2,750,675 $ 2,670,300 (a) On August 31, 2022, Vail Holdings, Inc. (“VHI”), which is a wholly-owned subsidiary of the Company, along with other certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent, and certain lenders entered into the Fifth Amendment (the “Fifth Amendment”) to the Eighth Amended and Restated Credit Agreement (the “Vail Holdings Credit Agreement”), which extended the maturity date to September 23, 2026. Additionally, the Fifth Amendment contains customary LIBOR replacement language, including, but not limited to, the use of rates based on SOFR. SOFR is a broad measure of the cost of borrowing cash in the overnight U.S. Treasury repo market and is administered by the Federal Reserve Bank of New York. The Fifth Amendment modified the calculation of interest under the Vail Holdings Credit Agreement from being calculated based on LIBOR to being calculated based on SOFR. No other material terms of the Vail Holdings Credit Agreement were amended. As of July 31, 2023, the Vail Holdings Credit Agreement consists of a $500.0 million revolving credit facility and a $1.0 billion outstanding term loan facility. 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 upon maturity. The proceeds of the loans made under the Vail Holdings Credit Agreement may be used to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at SOFR plus a spread of 1.60% as of July 31, 2023 (6.92% as of July 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 (0.30% as of July 31, 2023). 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, at an effective rate of 1.38%. (b) On May 4, 2020, the Company completed its offering of $600 million aggregate principal amount of 6.25% senior notes due 2025 at par (the “6.25% Notes”). The Company pays interest on the 6.25% Notes on May 15 and November 15 of each year, which commenced on November 15, 2020. The 6.25% Notes will mature on May 15, 2025. The 6.25% Notes are redeemable, in whole or in part, at any time on or after May 15, 2022 at the redemption prices specified in an indenture dated as of May 4, 2020 (the “6.25% Indenture”) plus accrued and unpaid interest. The 6.25% Notes are senior unsecured obligations of the Company, are guaranteed by certain of the Company’s domestic subsidiaries, and rank equally in right of payment with existing and future senior indebtedness of the Company and the guarantors (as defined in the 6.25% Indenture). The 6.25% Indenture requires that, upon the occurrence of a Change of Control (as defined in the 6.25% Indenture), the Company shall offer to purchase all of the outstanding 6.25% Notes at a purchase price in cash equal to 101% of the outstanding principal amount of the 6.25% Notes, plus accrued and unpaid interest. If the Company or certain of its subsidiaries dispose of assets, under certain circumstances, the Company will be required to either invest the net cash proceeds from such assets sales in its business within a specified period of time, repay certain senior secured debt or debt of its non-guarantor subsidiaries, or make an offer to purchase a principal amount of the 6.25% Notes equal to the excess net cash proceeds at a purchase price of 100% of their principal amount, plus accrued and unpaid interest. The 6.25% Indenture contains covenants that, among other things, restrict the ability of the Company and the guarantors to incur liens on assets; merge or consolidate with another company or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Company’s assets or engage in Sale and Leaseback Transactions (as defined in the 6.25% Indenture). The 6.25% Indenture does not contain any financial maintenance covenants. Certain of the covenants will not apply to the 6.25% Notes so long as the 6.25% Notes have investment grade ratings from two specified rating agencies and no event of default has occurred and is continuing under the 6.25% Indenture. The 6.25% Indenture includes customary events of default, including failure to make payment, failure to comply with the obligations set forth in the 6.25% Indenture, certain defaults on certain other indebtedness, certain events of bankruptcy, insolvency or reorganization, and invalidity of the guarantees of the 6.25% Notes issued pursuant to the 6.25% Indenture. (c) On December 18, 2020, the Company completed an offering of $575.0 million in aggregate principal amount of 0.0% Convertible Notes due 2026 in a private placement conducted pursuant to Rule 144A of the Securities Act of 1933, as amended (the “0.0% Convertible Notes”). The 0.0% Convertible Notes were issued under an indenture dated December 18, 2020 (the “Convertible Indenture”) between the Company and U.S. Bank National Association, as Trustee. The 0.0% Convertible Notes do not bear regular interest and the principal amount does not accrete. The 0.0% Convertible Notes mature on January 1, 2026, unless earlier repurchased, redeemed or converted. The 0.0% Convertible Notes are general senior unsecured obligations of the Company. The 0.0% Convertible Notes rank senior in right of payment to any future debt that is expressly subordinated, equal in right of payment with the Company’s existing and future liabilities that are not so subordinated, and are subordinated to all of the Company’s existing and future secured debt to the extent of the value of the assets securing such debt. The 0.0% Convertible Notes will also be structurally subordinated to all of the existing and future liabilities and obligations of the Company’s subsidiaries, including such subsidiaries’ guarantees of the 6.25% Notes. The initial conversion rate was 2.4560 shares per $1,000 principal amount of notes, which represents an initial conversion price of approximately $407.17 per share, and is subject to adjustment upon the occurrence of certain specified events as described in the Convertible Indenture, including the payment of cash dividends. As of July 31, 2023, the conversion rate of the 0.0% Convertible Notes, adjusted for cash dividends paid since the issuance date, was 2.5972 shares per $1,000 principal amount of notes (the “Conversion Rate”), which represents a conversion price of $385.03 per share (the “Conversion Price”). The principal amount of the 0.0% Convertible Notes is required to be settled in cash. The Company will settle the in the money component of conversions by paying cash, delivering shares of its common stock, or a combination of the two, at its option. Holders may convert their notes, at their option, only under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on March 31, 2021 if the last reported sale price per share of our common stock exceeds 130% of the Conversion Price for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; • during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “Measurement Period”) in which the trading price per $1,000 principal amount of notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the Conversion Rate on such trading day; • upon the occurrence of certain corporate events or distributions on our common stock, as described in the Convertible Indenture; • if the Company calls the 0.0% Convertible Notes for redemption; or • at any time from, and including, July 1, 2025 until the close of business on the scheduled trading day immediately before the maturity date. The 0.0% Convertible Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after January 1, 2024 and on or before the 25th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the notes to be redeemed, plus accrued and unpaid special and additional interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the Conversion Price for a specified period of time. If the Company elects to redeem less than all of the 0.0% Convertible Notes, at least $50.0 million aggregate principal amount of notes must be outstanding and not subject to redemption as of the relevant redemption notice date. Calling any 0.0% Convertible Notes for redemption will constitute a make-whole fundamental change with respect to such notes, in which case the Conversion Rate applicable to the conversion of such notes will be increased in certain circumstances if such notes are converted after they are called for redemption. In addition, upon the occurrence of a fundamental change (as defined in the Convertible Indenture), holders of the 0.0% Convertible Notes may require the Company to repurchase all or a portion of their notes at a cash repurchase price equal to the principal amount of the notes to be repurchased, plus any accrued and unpaid special and additional interest, if any, to, but excluding, the applicable repurchase date. If certain fundamental changes referred to as make-whole fundamental changes (as defined in the Convertible Indenture) occur, the Conversion Rate for the 0.0% Convertible Notes may be increased for a specified period of time. The Convertible Indenture includes customary events of default, including failure to make payment, failure to comply with the obligations set forth in the Convertible Indenture, certain defaults on certain other indebtedness, and certain events of bankruptcy, insolvency or reorganization. The Company may elect, at its option, that the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Convertible Indenture will consist exclusively of the right of the holders of the 0.0% Convertible Notes to receive additional interest on the notes for up to 360 days following such failure. Prior to the adoption of ASU 2020-06 on August 1, 2022, the Company separately accounted for the liability and equity components of the 0.0% Convertible Notes. The liability component at issuance was recognized at estimated fair value based on the fair value of a similar debt instrument that does not have an embedded convertible feature, and was determined to be $465.3 million and was recorded within long-term debt, net on the Company’s Consolidated Balance Sheet. The excess of the principal amount of the 0.0% Convertible Notes over the initial fair value of the liability component represented a debt discount of $109.7 million and was being amortized to interest expense, net over the term through July 31, 2022 (prior to the adoption of ASU 2020-06). The balance of the unamortized debt discount was $76.7 million as of July 31, 2022. The carrying amount of the equity component representing the conversion option was approximately $109.7 million and was determined by deducting the initial fair value of the liability component from the total proceeds of the 0.0% Convertible Notes of $575.0 million. Additionally, the Company recorded deferred tax liabilities of approximately $27.5 million related to the equity component of the 0.0% Convertible Notes on the date of issuance, which decreased the recorded value of the equity component. As of July 31, 2022, the equity component was recorded within additional paid-in-capital on the Company’s Consolidated Balance Sheet. 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 no longer records non-cash interest expense related to the amortization of the debt discount effective as of the adoption date. Refer to Note 2, Summary of Significant Accounting Policies, for further information on ASU 2020-06. (d) Whistler Mountain Resort Limited Partnership (“Whistler LP”) and Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP” and together with Whistler LP, the “WB Partnerships”) are party to a credit agreement consisting of a C$300.0 million credit facility which was originally dated as of November 12, 2013, by and among Whistler LP, Blackcomb LP, certain subsidiaries of Whistler LP and Blackcomb LP party thereto as guarantors, the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. On April 14, 2023, the WB Partnerships along with other parties to the original agreement entered into the Second Amended and Restated Credit Agreement (as amended, the “Whistler Credit Agreement”). The amended Whistler Credit Agreement (i) extended the maturity date of the revolving credit facility to April 14, 2028; (ii) contained customary LIBOR replacement language for the use of rates based on SOFR with regard to borrowings under the facility made in U.S. dollars; and (iii) contained customary forward-looking transition language for the Canadian Dollar Offered Rate (“CDOR”) with regard to borrowings under the facility made in Canadian dollars, including, but not limited to, the use of rates based on the Canadian Overnight Repo Rate Average, which is a measure of the cost of overnight general collateral funding using Government of Canada treasury bills and bonds as collateral for repurchase transactions, and for which such transition is expected to occur no later than June 2024. No other significant terms of the agreement were amended. As of July 31, 2023, there were no borrowings under the Whistler Credit Agreement. The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of July 31, 2023 is equal to 0.39% per annum. The Whistler Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the WB Partnerships’ ability to incur indebtedness and liens, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Whistler Credit Agreement includes the restrictive financial covenants (leverage ratios and interest coverage ratios) customary for facilities of this type. (e) In September 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 July 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 July 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 July 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 July 31, 2023, interest on this note accrued at a rate of 12.32%. v. The Hunter Mountain Secured Note. The $21.0 million Hunter Mountain Secured Note provides for interest payments through its maturity on January 5, 2036. As of July 31, 2023, interest on this note accrued at a rate of 9.03%. The EPR Secured Notes are secured by all or substantially all of the assets of Peak Resorts and its subsidiaries, including mortgages on the Alpine Valley, Boston Mills, Brandywine, Jack Frost, Big Boulder, Mount Snow and Hunter Mountain ski resorts. The EPR Secured Notes bear interest at specified interest rates, as discussed above, which are subject to increase each year by the lesser of (i) three times the percentage increase in the Consumer Price Index (“CPI”) or (ii) a capped index (the “Capped CPI Index”), which is 1.75% for the Hunter Mountain Secured Note and 1.50% for all other notes. The EPR Agreements provide for affirmative and negative covenants that restrict, among other things, the ability of Peak Resorts and its subsidiaries to incur indebtedness, dispose of assets, make distributions and make investments. In addition, the EPR Agreements include restrictive covenants, including maximum leverage ratio and consolidated fixed charge ratio. An additional contingent interest payment would be due to EPR if, on a calendar year basis, the gross receipts from the properties securing any of the individual EPR Secured Notes (the “Gross Receipts”) are more than the result (the “Interest Quotient”) of dividing the total interest charges for the EPR Secured Notes by a specified percentage rate (the “Additional Interest Rate”). In such a case, the additional interest payment would equal the difference between the Gross Receipts and the Interest Quotient multiplied by the Additional Interest Rate. This calculation is made on an aggregated basis for the notes secured by the Jack Frost, Big Boulder, Boston Mills, Brandywine and Alpine Valley ski resorts, where the Additional Interest Rate is 10.0%; on a standalone basis for the note secured by the Company’s Mount Snow ski resort, where the Additional Interest Rate is 12.0%; and on a standalone basis for the note secured by the Company’s Hunter Mountain ski resort, where the Additional Interest Rate is 8.0%. Peak Resorts does not have the right to prepay the EPR Secured Notes. The EPR Secured Notes were recorded at their estimated fair value in conjunction with the acquisition of Peak Resorts on September 24, 2019. The EPR Agreements grant EPR certain other rights including the option to purchase the Boston Mills, Brandywine, Jack Frost, Big Boulder or Alpine Valley resorts, which is exercisable no sooner than two years and no later than one year prior to the maturity dates of the applicable EPR Secured Note for such properties, with any closings to be held on the applicable maturity dates; and, if EPR exercises the purchase option, EPR will enter into an agreement with the Company for the lease of each acquired property for an initial term of 20 years, plus options to extend the lease for two additional periods of ten years each. In addition, Peak Resorts is required to maintain a debt service reserve account which amounts are applied to fund interest payments and other amounts due and payable to EPR. As of July 31, 2023, the Company had funded the EPR debt service reserve account in an amount equal to approximately $5.4 million, which was included in other current assets in the Company’s Consolidated Balance Sheet. (f) The Company has recorded the outstanding debt of four Employee Housing Entities (each an “Employee Housing Entity” and collectively the “Employee Housing Entities”): Breckenridge Terrace, Tarnes, BC Housing and Tenderfoot. The proceeds of the Employee Housing Bonds were used to develop apartment complexes designated primarily for use by the Company’s seasonal employees at its Colorado mountain resorts. The Employee Housing Bonds are variable rate, interest-only instruments with interest rates tied to SOFR plus 0% to 0.20% (5.32% to 5.52% as of July 31, 2023). Interest on the Employee Housing Bonds is paid monthly in arrears and the interest rate is adjusted weekly. No principal payments are due on the Employee Housing Bonds until maturity. Each Employee Housing Entity’s bonds were issued in two series. The bonds for each Employee Housing Entity are backed by letters of credit issued under the Vail Holdings Credit Agreement. The table below presents the principal amounts outstanding for the Employee Housing Bonds as of July 31, 2023 (in thousands): Maturity Tranche A Tranche B Total Breckenridge Terrace 2039 $ 14,980 $ 5,000 $ 19,980 Tarnes 2039 8,000 2,410 10,410 BC Housing 2027 9,100 1,500 10,600 Tenderfoot 2035 5,700 5,885 11,585 Total $ 37,780 $ 14,795 $ 52,575 (g) On May 24, 2013, VR CPC Holdings, Inc. (“VR CPC”), a wholly-owned subsidiary of the Company, entered into a transaction agreement with affiliate companies of Talisker Corporation (“Talisker”) pursuant to which the parties entered into a master lease agreement (the “Park City Lease”) and certain ancillary transaction documents on May 29, 2013 related to the former stand-alone Canyons Resort (“Canyons”), pursuant to which the Company assumed the resort operations of the Canyons. The Park City Lease between VR CPC and Talisker has an initial term of 50 years with six 50-year renewal options. The Park City Lease provides for $25 million in annual payments, which increase each year by an inflation-linked index of CPI less 1% per annum, with a floor of 2%. Vail Resorts has guaranteed the payments under the Park City Lease. The obligation at July 31, 2023 represents future lease payments for the remaining initial lease term of 50 years (including annual increases at the floor of 2%) discounted using an interest rate of 10%, and includes accumulated accreted interest expense of approximately $58.1 million. (h) On August 3, 2022 in conjunction with the acquisition of Andermatt-Sedrun (see Note 7, 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). (i) During the year ended July 31, 2023, the Company entered into new finance lease agreements for employee housing units at Whistler Blackcomb. The leases have a term of 20 years with no renewal options. The obligation at July 31, 2023 represents future lease payments for the remaining initial lease term of 20 years (including annual increases at the floor of 3%) discounted using an interest rate of 6.95%. (j) During the year ended July 31, 2019, the Company completed two real estate sales transactions that were accounted for as financing arrangements as a result of the Company’s continuing involvement with the underlying assets that were sold, including but not limited to, the obligation to repurchase finished commercial space from the development projects upon completion. The Company received approximately $12.8 million of proceeds for these sales transactions through the year ended July 31, 2023, which are reflected within long-term debt, net. (k) In connection with the issuance of the 0.0% Convertible Notes, the Company recorded a debt discount under previous accounting guidance, which represented the excess of the principal amount of the 0.0% Convertible Notes over the fair value of the liability component, as discussed above. 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 therefore no longer records non-cash interest expense related to the amortization of the debt discount. In connection with the acquisition of Peak Resorts, the Company estimated the acquisition date fair values of the debt instruments assumed, including the EPR Secured Notes, and recorded any difference between such estimated fair values and the par value of debt instruments as unamortized premiums and discounts, which is amortized and recorded to interest expense, net on the Company’s Consolidated Statements of Operations over the respective term of the applicable debt instruments. Additionally, certain costs incurred with regard to the issuance of debt instruments are capitalized and included as a reduction in the net carrying value of long-term debt, net of accumulated amortization, with the exception of costs incurred related to line-of-credit arrangements, which are included in deferred charges and other assets, net of accumulated amortization. Amortization of such deferred financing costs are recorded to interest expense, net on the Company’s Consolidated Statements of Operations over the respective term of the applicable debt instruments. (l) Current maturities represent principal payments due in the next 12 months. |
Schedule Of Aggregate Maturities For Debt Outstanding | Aggregate maturities for debt outstanding, including finance lease obligations, as of July 31, 2023 reflected by fiscal year are as follows (in thousands): Total 2024 $ 69,930 2025 676,010 2026 643,789 2027 851,407 2028 4,834 Thereafter 579,679 Total debt $ 2,825,649 |
Supplementary Balance Sheet I_2
Supplementary Balance Sheet Information (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Composition Of Property, Plant And Equipment | The composition of property, plant and equipment, including finance lease assets, follows (in thousands): July 31, 2023 2022 Land and land improvements $ 796,730 $ 763,432 Buildings and building improvements 1,643,517 1,545,571 Machinery and equipment 1,792,378 1,505,236 Furniture and fixtures 298,725 307,867 Software 152,033 138,058 Vehicles 87,298 81,927 Construction in progress 134,113 127,282 Gross property, plant and equipment 4,904,794 4,469,373 Accumulated depreciation (2,533,237) (2,351,321) Property, plant and equipment, net $ 2,371,557 $ 2,118,052 |
Composition Of Goodwill And Intangible Assets | The composition of goodwill and intangible assets follows (in thousands): July 31, 2023 2022 Goodwill Goodwill $ 1,763,386 $ 1,797,970 Accumulated impairments (25,688) (25,688) Accumulated amortization (17,354) (17,354) Goodwill, net $ 1,720,344 $ 1,754,928 Indefinite-lived intangible assets Trademarks $ 237,921 $ 237,483 Other 41,224 41,400 Total gross indefinite-lived intangible assets 279,145 278,883 Accumulated amortization (24,713) (24,713) Indefinite-lived intangible assets, net $ 254,432 $ 254,170 Amortizable intangible assets Trademarks $ 38,008 $ 38,008 Other 71,570 71,767 Total gross amortizable intangible assets 109,578 109,775 Accumulated amortization (54,665) (49,887) Amortizable intangible assets, net 54,913 59,888 Total gross intangible assets 388,723 388,658 Total accumulated amortization (79,378) (74,600) Total intangible assets, net $ 309,345 $ 314,058 |
Changes In Goodwill Amount | The changes in the net carrying amount of goodwill allocated between the Company’s segments for the years ended July 31, 2023 and 2022 are as follows (in thousands): Mountain Lodging Goodwill, net Balance at July 31, 2021 $ 1,738,836 $ 42,211 $ 1,781,047 Acquisitions (including measurement period adjustments) 2,196 2,795 4,991 Effects of changes in foreign currency exchange rates (31,110) — (31,110) Balance at July 31, 2022 1,709,922 45,006 1,754,928 Acquisition (including measurement period adjustments) 3,368 — 3,368 Disposal of retail and rental stores (1) (5,975) — (5,975) Effects of changes in foreign currency exchange rates (31,977) — (31,977) Balance at July 31, 2023 $ 1,675,338 $ 45,006 $ 1,720,344 |
Components Of Accounts Payable And Accrued Liabilities | The composition of accounts payable and accrued liabilities follows (in thousands): July 31, 2023 2022 Trade payables $ 148,521 $ 151,263 Deferred revenue 572,602 511,306 Accrued salaries, wages and deferred compensation 38,908 64,570 Accrued benefits 60,466 45,202 Deposits 37,798 37,731 Operating lease liabilities 36,904 34,218 Other accruals 82,822 98,540 Total accounts payable and accrued liabilities $ 978,021 $ 942,830 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary Of Cash Equivalents Measured At Fair Value | Estimated Fair Value Measurement as of July 31, 2023 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 170,872 $ 170,872 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 144,365 $ — $ 144,365 $ — Interest Rate Swaps $ 17,229 $ — $ 17,229 $ — Liabilities: Contingent Consideration $ 73,300 $ — $ — $ 73,300 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 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The changes in Contingent Consideration during the years ended July 31, 2023 and 2022 were as follows (in thousands): Contingent Consideration Balance as of July 31, 2021 $ 29,600 Payment (7,480) Change in estimated fair value 20,280 Balance as of July 31,2022 42,400 Payment (18,936) Change in estimated fair value 49,836 Balance as of July 31, 2023 $ 73,300 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Components Of Deferred Tax Liabilities And Assets | Significant components of the Company’s deferred tax liabilities and assets are as follows (in thousands): July 31, 2023 2022 Deferred income tax liabilities: Fixed assets $ 211,995 $ 203,669 Intangible assets 143,402 119,066 Operating lease right of use assets 45,913 44,873 Convertible debt — 18,780 Other 22,115 18,157 Total 423,425 404,545 Deferred income tax assets: Canyons obligation 18,631 17,291 Stock-based compensation 9,370 9,957 Investment in Partnerships 10,430 10,602 Deferred compensation and other accrued benefits 11,099 15,202 Contingent Consideration 18,423 10,719 Net operating loss carryforwards and other tax credits 14,864 8,516 Operating lease liabilities 48,953 49,530 Other, net 28,988 24,501 Total 160,758 146,318 Valuation allowance for deferred income taxes (9,603) (5,188) Deferred income tax assets, net of valuation allowance 151,155 141,130 Net deferred income tax liability $ 272,270 $ 263,415 |
Balance Sheet Summary of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred income taxes recognized in the accompanying Consolidated Balance Sheets are as follows (in thousands): July 31, 2023 2022 Deferred income tax asset $ 3,867 $ 5,049 Deferred income tax liability 276,137 268,464 Net deferred income tax liability $ 272,270 $ 263,415 |
Components Of Provision (Benefit) For Income Taxes | Significant components of the provision for income taxes are as follows (in thousands): Year Ended July 31, 2023 2022 2021 Current: Federal $ 17,473 $ 62,974 $ 20,387 State 6,759 13,938 4,935 Foreign 40,117 21,302 (8,460) Total current 64,349 98,214 16,862 Deferred: Federal 23,813 (6,910) (16,289) State 1,372 1,966 (2,423) Foreign (1,120) (4,446) 2,576 Total deferred 24,065 (9,390) (16,136) Provision for income taxes $ 88,414 $ 88,824 $ 726 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | U.S. and foreign components of income before provision for income taxes are as follows (in thousands): Year Ended July 31, 2023 2022 2021 U.S. $ 217,971 $ 387,729 $ 148,898 Foreign 155,546 69,432 (23,715) Income before income taxes $ 373,517 $ 457,161 $ 125,183 |
Reconciliation Of Effective Income Tax Rate And Effective Rate From Continuing Operation | A reconciliation of the income tax provision for continuing operations and the amount computed by applying the United States federal statutory income tax rate to income before income taxes is as follows: Year Ended July 31, 2023 2022 2021 At U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State income tax, net of federal benefit 2.2 % 3.8 % 4.2 % Change in uncertain tax positions (1.5) % (1.2) % (3.5) % Stock-based compensation 0.7 % (3.6) % (14.3) % Noncontrolling interests (1.0) % (1.2) % 0.8 % Foreign taxes 3.2 % 0.1 % (5.0) % Taxes related to prior year filings (0.1) % 0.3 % (2.9) % Other (0.8) % 0.2 % 0.3 % Effective tax rate 23.7 % 19.4 % 0.6 % |
Reconciliation Of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits associated with uncertain tax positions, excluding associated deferred tax benefits and accrued interest and penalties, if applicable, is as follows (in thousands): Year Ended July 31, 2023 2022 2021 Balance, beginning of year $ 62,909 $ 67,857 $ 70,299 Additions for tax positions of prior years 11,025 11,179 16,754 Lapse of statute of limitations (22,254) (16,127) (19,196) Balance, end of year $ 51,680 $ 62,909 $ 67,857 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Segment Reporting [Abstract] | |
Summary Of Financial Information By Reportable Segment | Year ended July 31, 2023 2022 2021 Net revenue: Mountain $ 2,540,906 $ 2,213,114 $ 1,702,798 Lodging 340,393 312,090 205,142 Total Resort net revenue 2,881,299 2,525,204 1,907,940 Real Estate 8,065 708 1,770 Total net revenue $ 2,889,364 $ 2,525,912 $ 1,909,710 Segment operating expense: Mountain $ 1,718,941 $ 1,404,527 $ 1,156,743 Lodging 328,126 286,343 213,239 Total Resort operating expense 2,047,067 1,690,870 1,369,982 Real Estate 10,635 5,911 6,676 Total segment operating expense $ 2,057,702 $ 1,696,781 $ 1,376,658 Gain on sale of real property $ 842 $ 1,276 $ 324 Mountain equity investment income, net $ 605 $ 2,580 $ 6,698 Reported EBITDA: Mountain $ 822,570 $ 811,167 $ 552,753 Lodging 12,267 25,747 (8,097) Resort 834,837 836,914 544,656 Real Estate (1,728) (3,927) (4,582) Total Reported EBITDA $ 833,109 $ 832,987 $ 540,074 Real estate held for sale or investment $ 90,207 $ 95,983 $ 95,615 Reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA: Net income attributable to Vail Resorts, Inc. $ 268,148 $ 347,923 $ 127,850 Net income (loss) attributable to noncontrolling interests 16,955 20,414 (3,393) Net income 285,103 368,337 124,457 Provision for income taxes 88,414 88,824 726 Income before provision for income taxes 373,517 457,161 125,183 Depreciation and amortization 268,501 252,391 252,585 Loss (gain) on disposal of fixed assets and other, net (1) 9,070 (43,992) 5,373 Change in estimated fair value of contingent consideration 49,836 20,280 14,402 Investment income and other, net (23,744) (3,718) (586) Foreign currency loss (gain) on intercompany loans 2,907 2,682 (8,282) Interest expense, net 153,022 148,183 151,399 Total Reported EBITDA $ 833,109 $ 832,987 $ 540,074 |
Revenue and Properties, Plant and Equipment from External Customers by Geographic Areas [Table Text Block] | Geographic Information Net revenue and property, plant and equipment, net by geographic region are as follows (in thousands): Year ended July 31, Net revenue 2023 2022 2021 U.S. $ 2,366,342 $ 2,228,708 $ 1,717,270 International (1) 523,022 297,204 192,440 Total net revenue $ 2,889,364 $ 2,525,912 $ 1,909,710 July 31, Property, plant and equipment, net 2023 2022 U.S. $ 1,754,946 $ 1,729,400 International (2) 616,611 388,652 Total property, plant and equipment, net $ 2,371,557 $ 2,118,052 (1) The only individual international country (i.e. except the U.S.) to account for more than 10% of the Company’s net revenue was Canada. Canada accounted for $321.7 million of net revenue for the year ended July 31, 2023. For the years ended July 31, 2022 and 2021 no individual international country accounted for more than 10% of the Company’s net revenue. (2) The only individual international country to account for more than 10% of the Company’s property plant and equipment, net was Canada. Canada accounted for $324.4 million and $272.9 million of property, plant and equipment, net as of July 31, 2023 and 2022, respectively. |
Stock Compensation Plan (Tables
Stock Compensation Plan (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule Of Share Based Compensation Valuation Model | The risk-free rate for periods within the contractual life of the equity award is based on the United States Treasury yield curve in effect at the time of grant. Year ended July 31, 2023 2022 2021 Expected volatility 30.0% 31.0% 30.7% Expected dividend yield 3.2% 2.1% 3.0% Expected term (average in years) 6.5-6.8 6.4-6.8 6.6-6.9 Risk-free rate 2.7-3.0% 0.1-1.2% 0.1-0.6% |
Schedule Of Share Based Compensation Option And SARs Award Activity | A summary of aggregate SARs award activity under the Plan as of July 31, 2023, 2022 and 2021, and changes during the years then ended is presented below (in thousands, except exercise price and contractual term): Awards Weighted-Average Weighted-Average Aggregate Outstanding at August 1, 2020 1,061 $ 138.59 Granted 205 $ 233.01 Exercised (370) $ 84.20 Forfeited or expired (23) $ 236.31 Outstanding at July 31, 2021 873 $ 181.17 Granted 97 $ 360.69 Exercised (278) $ 93.32 Forfeited or expired (13) $ 271.04 Outstanding at July 31, 2022 679 $ 241.13 Granted 176 $ 220.73 Exercised (92) $ 222.14 Forfeited or expired (53) $ 280.09 Outstanding at July 31, 2023 710 $ 235.69 6.3 years $ 15,837 Vested and expected to vest at July 31, 2023 699 $ 235.58 6.3 years $ 15,678 Exercisable at July 31, 2023 459 $ 227.36 5.1 years $ 13,075 |
Schedule of Share Based Compensation SARs Activity | A summary of the status of the Company’s nonvested SARs as of July 31, 2023 and changes during the year then ended is presented below (in thousands, except fair value amounts): Awards Weighted-Average Nonvested at July 31, 2022 230 $ 71.62 Granted 176 $ 55.37 Vested (120) $ 65.98 Forfeited (35) $ 71.62 Nonvested at July 31, 2023 251 $ 62.96 |
Schedule Of Share Based Compensation Restricted Stock Units Activity | A summary of the status of the Company’s nonvested restricted share units as of July 31, 2023 and changes during the year then ended is presented below (in thousands, except fair value amounts): Awards Weighted-Average Nonvested at July 31, 2022 125 $ 277.78 Granted 127 $ 199.14 Vested (63) $ 263.14 Forfeited (20) $ 245.34 Nonvested at July 31, 2023 169 $ 227.87 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | Aug. 01, 2022 | |
Interest Rate Swap, Notional Amount | $ 400,000 | |||
Accounts payable and accrued liabilities (Note 8) | 978,021 | $ 942,830 | ||
Advertising expense | 47,200 | 47,700 | $ 38,600 | |
Restricted cash | 10,118 | 18,680 | ||
Operating right-of-use assets (Note 4) | 192,289 | 192,070 | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 3,700 | 18,900 | 12,800 | |
Operating Lease, Liability | 205,230 | |||
Operating lease liabilities (Note 4) | 168,326 | 174,567 | ||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 11,000 | (4,300) | $ (5,400) | |
Long-term debt, net (Note 6) | 2,750,675 | 2,670,300 | $ 2,745,122 | |
Deferred income taxes, net (Note 10) | 276,137 | 268,464 | 249,685 | |
Additional paid-in capital | 1,124,433 | 1,184,577 | 1,104,511 | |
Retained earnings | 873,710 | $ 895,889 | 919,912 | |
Accounting Standards Update 2020-06 | Cumulative Effect, Period of Adoption, Adjustment | ||||
Long-term debt, net (Note 6) | 74,822 | |||
Deferred income taxes, net (Note 10) | (18,779) | |||
Additional paid-in capital | (80,066) | |||
Retained earnings | $ 24,023 | |||
6.25% Notes [Member] | ||||
Debt Instrument, Fair Value Disclosure | 602,544 | |||
Notes and Loans Payable | 600,000 | |||
EPR Secured Notes [Member] | ||||
Debt Instrument, Fair Value Disclosure | 174,854 | |||
Notes and Loans Payable | 132,503 | |||
0.0% Notes | ||||
Debt Instrument, Fair Value Disclosure | 510,134 | |||
Notes and Loans Payable | $ 575,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Summary On Estimated Useful Life Of Property, Plant And Equipment) (Details) | Jul. 31, 2023 |
Software and Software Development Costs [Member] | |
Estimated life in years | 3 years |
Minimum [Member] | Land Improvements [Member] | |
Estimated life in years | 10 years |
Minimum [Member] | Buildings and Building Improvements [Member] | |
Estimated life in years | 7 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Estimated life in years | 2 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Estimated life in years | 3 years |
Minimum [Member] | Vehicles [Member] | |
Estimated life in years | 3 years |
Maximum [Member] | Land Improvements [Member] | |
Estimated life in years | 35 years |
Maximum [Member] | Buildings and Building Improvements [Member] | |
Estimated life in years | 30 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Estimated life in years | 30 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Estimated life in years | 10 years |
Maximum [Member] | Vehicles [Member] | |
Estimated life in years | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Allocation Of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Pre-tax stock-based compensation expense | $ 25,409 | $ 24,885 | $ 24,395 |
Less: benefit for income taxes | 5,951 | 6,189 | 5,871 |
Net stock-based compensation expense | 19,458 | 18,696 | 18,524 |
Mountain Operating Expense [Member] | |||
Pre-tax stock-based compensation expense | 21,242 | 20,892 | 20,311 |
Lodging Operating Expense [Member] | |||
Pre-tax stock-based compensation expense | 3,972 | 3,737 | 3,783 |
Real Estate Operating Expense [Member] | |||
Pre-tax stock-based compensation expense | $ 195 | $ 256 | $ 301 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 381,067 | $ 383,425 | |
Mountain Revenue Net | 2,540,906 | 2,213,114 | $ 1,702,798 |
Lodging | 340,393 | 312,090 | 205,142 |
Resort net revenue | 2,881,299 | 2,525,204 | 1,907,940 |
Real Estate | 8,065 | 708 | 1,770 |
Revenues | 2,889,364 | 2,525,912 | 1,909,710 |
Deferred Revenue, Current | 572,602 | 511,306 | |
Accounts and Other Receivables, Net, Current | 381,100 | 383,400 | |
Dining | |||
Disaggregation of Revenue [Line Items] | |||
Lodging | 62,445 | 48,569 | 17,211 |
Owned hotel rooms | |||
Disaggregation of Revenue [Line Items] | |||
Lodging | 80,117 | 80,579 | 47,509 |
Managed condominium rooms | |||
Disaggregation of Revenue [Line Items] | |||
Lodging | 96,785 | 97,704 | 72,217 |
Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Lodging | 15,242 | 16,021 | 9,271 |
Golf | |||
Disaggregation of Revenue [Line Items] | |||
Lodging | 12,737 | 10,975 | 9,373 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Lodging | 55,816 | 46,500 | 43,008 |
Lodging revenue (excluding payroll cost reimbursements) [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Lodging | 323,142 | 300,348 | 198,589 |
Payroll cost reimbursements | |||
Disaggregation of Revenue [Line Items] | |||
Lodging | 17,251 | 11,742 | 6,553 |
Other | Other | |||
Disaggregation of Revenue [Line Items] | |||
Mountain Revenue Net | 246,605 | 203,783 | 161,814 |
Retail/Rental | Retail/Rental | |||
Disaggregation of Revenue [Line Items] | |||
Mountain Revenue Net | 361,484 | 311,768 | 227,993 |
Dining | Dining | |||
Disaggregation of Revenue [Line Items] | |||
Mountain Revenue Net | 224,642 | 163,705 | 92,186 |
Ski School | Ski School | |||
Disaggregation of Revenue [Line Items] | |||
Mountain Revenue Net | 287,275 | 223,645 | 144,227 |
Lift | Lift | |||
Disaggregation of Revenue [Line Items] | |||
Mountain Revenue Net | $ 1,420,900 | $ 1,310,213 | $ 1,076,578 |
Revenues Contract Balances (Det
Revenues Contract Balances (Details) $ in Millions | 12 Months Ended | |
Jul. 31, 2023 USD ($) | Jul. 31, 2022 USD ($) | |
Contract Balances [Abstract] | ||
Contract with Customer, Liability, Current | $ 572.6 | $ 511.3 |
Contract with Customer, Liability, Noncurrent | 109.7 | $ 117.2 |
Recognition of Deferred Revenue | $ 486.5 | |
Private Club Recognized Initiation Fees Average Remaining Period | 15 |
Revenues Costs to Obtain Contra
Revenues Costs to Obtain Contracts with Customers (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Costs to Obtain Contracts with Customers [Abstract] | |||
Capitalized Contract Cost, Net | $ 5.1 | ||
Capitalized Contract Cost, Amortization | $ 25.2 | $ 22.1 | $ 17.8 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 49,012 | ||
Finance Lease, Liability, Payments, Due in Next Rolling Twelve Months | 35,000 | ||
Operating Lease, Payments | 65,216 | $ 59,818 | $ 56,942 |
Finance Lease, Right-of-Use Asset, Amortization | 11,701 | 9,011 | 9,753 |
Finance Lease, Interest Expense | 40,098 | 35,881 | 34,612 |
Operating Lease, Cost | 45,385 | 43,295 | 43,418 |
Short-term Lease, Cost | 22,759 | 15,614 | 13,638 |
Variable Lease, Cost | 3,204 | 2,309 | 1,660 |
Operating Cash Outflows for Finance Leases | $ 54,788 | $ 37,573 | 31,429 |
Operating Lease, Weighted Average Discount Rate, Percent | 4.90% | 4.60% | |
Finance Lease, Weighted Average Discount Rate, Percent | 9.90% | 10% | |
Operating Leases, Future Minimum Payments, Due in Two Years | $ 45,707 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 41,424 | ||
Finance Lease, Liability, to be Paid, Year Four | 36,025 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 26,573 | ||
Finance Lease, Liability, to be Paid, Year Five | 35,991 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 18,454 | ||
Finance Lease, Liability, to be Paid, after Year Five | 1,724,517 | ||
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 86,149 | ||
Lessee, Operating Lease, Liability, to be Paid | 267,319 | ||
Finance Lease, Liability, Payment, Due | 1,902,863 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (62,089) | ||
Finance Lease, Liability, Undiscounted Excess Amount | (1,500,805) | ||
Operating Lease, Liability | 205,230 | ||
Finance Lease, Liability | 402,058 | ||
Long-term Debt | 2,825,649 | $ 2,807,046 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 30,342 | 23,190 | 12,615 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 39,114 | $ 0 | $ 0 |
Operating Lease, Weighted Average Remaining Lease Term | 9 years 2 months 12 days | 9 years 9 months 18 days | |
Finance Lease, Weighted Average Remaining Lease Term | 37 years 7 months 6 days | 40 years 10 months 24 days | |
Finance Lease, Liability, to be Paid, Year Two | $ 35,506 | ||
Finance Lease, Liability, to be Paid, Year Three | 35,824 | ||
Current operating lease liability | $ 36,904 | $ 34,218 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Goodwill | Goodwill | |
Minimum [Member] | |||
Lessee Operating And Finance Lease Term | 1 year | ||
Maximum [Member] | |||
Lessee Operating And Finance Lease Term | 60 years | ||
Canyons Obligation [Member] | |||
Long-term Debt | $ 363,386 | $ 357,607 | |
Operating Lease, Right-of-Use Asset | 90,200 | 99,000 | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 93,400 | $ 84,600 | |
Whistler Employee Housing Leases | |||
Long-term Debt | 29,500 | ||
Operating Lease, Right-of-Use Asset | 27,500 | ||
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 1,100 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
Oct. 26, 2023 | Oct. 10, 2023 | Sep. 27, 2023 | Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2020 | Dec. 18, 2020 | |
Net income | $ 268,148 | $ 347,923 | $ 127,850 | |||||
Weighted Average Number of Shares Outstanding, Common | 39,654,000 | 40,433,000 | 40,266,000 | |||||
Weighted Average Number of Shares Outstanding, Exchangeable | 0 | 32,000 | 35,000 | |||||
Weighted-average shares outstanding, basic (in shares) | 39,654,000 | 40,465,000 | 40,301,000 | |||||
Effect of dilutive securities, diluted (in shares) | 106,000 | 222,000 | 527,000 | |||||
Weighted-average shares outstanding, diluted (in shares) | 39,760,000 | 40,687,000 | 40,828,000 | |||||
Basic net income per share attributable to Vail Resorts, Inc. | $ 6.76 | $ 8.60 | $ 3.17 | |||||
Diluted net income per share attributable to Vail Resorts, Inc. | $ 6.74 | $ 8.55 | $ 3.13 | |||||
Anti-dilutive securities (in shares) | 22,000 | 6,000 | 2,000 | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ 7.94 | $ 5.58 | ||||||
Cash dividends declared per share (in dollars per share) | $ 7.94 | $ 5.58 | $ 0 | |||||
Dividends (Note 3) | $ 314,350 | $ 225,786 | $ 0 | |||||
Exchangeable Shares Par Value Per Share | $ 0.01 | $ 0.01 | ||||||
Convertible Debt | ||||||||
Debt Instrument, Face Amount | $ 575,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 0% | |||||||
Forecast [Member] | ||||||||
Cash dividends declared per share (in dollars per share) | $ 2.06 | |||||||
Dividends Payable, Date to be Paid | Oct. 26, 2023 | |||||||
Dividends Payable, Date of Record | Oct. 10, 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 |
Long-Term Debt (Schedule Of Deb
Long-Term Debt (Schedule Of Debt Instruments) (Details) | 12 Months Ended | ||||
May 29, 2013 USD ($) | Jul. 31, 2023 USD ($) d $ / shares | Jul. 31, 2022 USD ($) | Jul. 31, 2021 USD ($) | Dec. 18, 2020 USD ($) $ / shares | |
Long-term Line of Credit | $ 1,000,000,000 | ||||
Debt Instrument, Unused Borrowing Capacity, Fee | 0.0030 | ||||
Interest Rate Swap, Notional Amount | 400,000,000 | ||||
Long-term Debt | 2,825,649,000 | $ 2,807,046,000 | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 5,814,000 | 72,997,000 | |||
Less: Current maturities | 69,160,000 | 63,749,000 | |||
Long-term debt, net | 2,750,675,000 | 2,670,300,000 | |||
Interest Expense, Debt | 153,000,000 | 148,200,000 | $ 151,400,000 | ||
Amortization of Financing Costs | 6,700,000 | 5,900,000 | 4,900,000 | ||
Intercompany Foreign Currency Balance, Amount | 98,700,000 | ||||
Foreign currency (loss) gain on intercompany loans (Note 6) | (2,907,000) | (2,682,000) | $ 8,282,000 | ||
Long-Term Debt, Maturity, Year One | 69,930,000 | ||||
Long-Term Debt, Maturity, Year Two | 676,010,000 | ||||
Long-Term Debt, Maturity, Year Three | 643,789,000 | ||||
Long-Term Debt, Maturity, Year Four | 851,407,000 | ||||
Long-Term Debt, Maturity, Year Five | 4,834,000 | ||||
Long-Term Debt, Maturity, after Year Five | 579,679,000 | ||||
Convertible Debt Partial Redemption Minimum Remaining Balance | 50,000,000 | ||||
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | $ 27,500,000 | ||||
Derivative, Fixed Interest Rate | 1.38% | ||||
Proceeds from Unsecured Notes Payable | 600,000,000 | ||||
Sale Leaseback Transaction, Historical Cost | $ 12,800,000 | ||||
mtn:InterestRateSwapNotionalAmount | 400,000,000 | ||||
Credit Facility Revolver [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000,000 | ||||
Long-term Debt | $ 0 | 0 | |||
Fiscal year maturity | 2026 | ||||
Basis spread on LIBOR rate | 1.60% | ||||
Whistler Credit Agreement revolver [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 | ||||
Line of Credit Facility, Initiation Date | Nov. 12, 2013 | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.39% | ||||
Long-term Debt | $ 0 | 11,717,000 | |||
Fiscal year maturity | 2028 | ||||
EPR Secured Notes [Member] | |||||
Annual Interest Rate Increase Cap | 1.50% | ||||
Long-term Debt | $ 114,162,000 | 114,162,000 | |||
Term Loan [Member] | |||||
Debt Instrument, Periodic Payment | $ 15,600,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.92% | ||||
Long-term Debt | $ 1,015,625,000 | 1,078,125,000 | |||
Fiscal year maturity | 2026 | ||||
Employee Housing Bonds [Member] | |||||
Long-term Debt | $ 52,575,000 | 52,575,000 | |||
Reference for interest rate determination | SOFR plus 0% to 0.20% | ||||
Canyons Obligation [Member] | |||||
Long-term Debt | $ 363,386,000 | 357,607,000 | |||
Fiscal year maturity | 2063 | ||||
Other [Member] | |||||
Long-term Debt | $ 35,011,000 | $ 17,860,000 | |||
Alpine Valley Secured Note [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 11.72% | ||||
Long-term Debt | $ 4,600,000 | ||||
Boston Mills Brandywine Secured Note [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 11.24% | ||||
Long-term Debt | $ 23,300,000 | ||||
Jack Frost Big Boulder Secured Note [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 11.24% | ||||
Long-term Debt | $ 14,300,000 | ||||
Mount Snow Secured Note [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 12.32% | ||||
Long-term Debt | $ 51,100,000 | ||||
Hunter Mountain Secured Note [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 9.03% | ||||
Annual Interest Rate Increase Cap | 1.75% | ||||
Long-term Debt | $ 21,000,000 | ||||
Convertible Debt | |||||
Fiscal year maturity | 2026 | ||||
Whistler Employee Housing Leases | |||||
Long-term Debt | $ 29,500,000 | ||||
Hunter Mountain Secured Note [Member] | |||||
EPR Additional Interest Rate | 8% | ||||
Mount Snow Secured Note [Member] | |||||
EPR Additional Interest Rate | 12% | ||||
6.25% Notes [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ||||
Long-term Debt | $ 600,000,000 | $ 600,000,000 | |||
Fiscal year maturity | 2025 | ||||
EPR Secured Notes [Member] | |||||
EPR Additional Interest Rate | 10% | ||||
Debt Service Reserve | $ 5,400,000 | ||||
Breckenridge Terrace [Member] | Employee Housing Bonds [Member] | |||||
Long-term Debt | $ 19,980,000 | ||||
Fiscal year maturity | 2039 | ||||
Tarnes [Member] | Employee Housing Bonds [Member] | |||||
Long-term Debt | $ 10,410,000 | ||||
Fiscal year maturity | 2039 | ||||
BC Housing [Member] | Employee Housing Bonds [Member] | |||||
Long-term Debt | $ 10,600,000 | ||||
Fiscal year maturity | 2027 | ||||
Tenderfoot [Member] | Employee Housing Bonds [Member] | |||||
Long-term Debt | $ 11,585,000 | ||||
Fiscal year maturity | 2035 | ||||
Convertible Notes Payable | |||||
Debt Instrument, Face Amount | $ 575,000,000 | $ 575,000,000 | |||
Long-term Debt | $ 575,000,000 | 575,000,000 | |||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 385.03 | $ 407.17 | |||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130% | ||||
Debt Instrument, Convertible, Threshold Trading Days | d | 20 | ||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | d | 30 | ||||
Long-term Debt, Fair Value | $ 465,300,000 | ||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 109,700,000 | ||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 76,700,000 | ||||
Debt Instrument Convertible Threshold Percentage of Stock Price Trigger 1 | 9,800% | ||||
Debt Instrument, Convertible | d | 10 | ||||
Andermatt-Sedrun | |||||
Long-term Debt | $ 40,399,000 | 0 | |||
Whistler Employee Housing Leases | |||||
Long-term Debt | 29,491,000 | $ 0 | |||
Tranche A [Member] | Employee Housing Bonds [Member] | |||||
Long-term Debt | 37,780,000 | ||||
Tranche A [Member] | Breckenridge Terrace [Member] | Employee Housing Bonds [Member] | |||||
Long-term Debt | 14,980,000 | ||||
Tranche A [Member] | Tarnes [Member] | Employee Housing Bonds [Member] | |||||
Long-term Debt | 8,000,000 | ||||
Tranche A [Member] | BC Housing [Member] | Employee Housing Bonds [Member] | |||||
Long-term Debt | 9,100,000 | ||||
Tranche A [Member] | Tenderfoot [Member] | Employee Housing Bonds [Member] | |||||
Long-term Debt | 5,700,000 | ||||
Tranche B [Member] | Employee Housing Bonds [Member] | |||||
Long-term Debt | 14,795,000 | ||||
Tranche B [Member] | Breckenridge Terrace [Member] | Employee Housing Bonds [Member] | |||||
Long-term Debt | 5,000,000 | ||||
Tranche B [Member] | Tarnes [Member] | Employee Housing Bonds [Member] | |||||
Long-term Debt | 2,410,000 | ||||
Tranche B [Member] | BC Housing [Member] | Employee Housing Bonds [Member] | |||||
Long-term Debt | 1,500,000 | ||||
Tranche B [Member] | Tenderfoot [Member] | Employee Housing Bonds [Member] | |||||
Long-term Debt | $ 5,885,000 | ||||
Maximum [Member] | EPR Secured Notes [Member] | |||||
Fiscal year maturity | 2036 | ||||
Maximum [Member] | Employee Housing Bonds [Member] | |||||
Fiscal year maturity | 2039 | ||||
Long term debt interest rate | 0.0552% | ||||
Maximum [Member] | Other [Member] | |||||
Fiscal year maturity | 2036 | ||||
Minimum [Member] | EPR Secured Notes [Member] | |||||
Fiscal year maturity | 2034 | ||||
Minimum [Member] | Employee Housing Bonds [Member] | |||||
Fiscal year maturity | 2027 | ||||
Long term debt interest rate | 0.0532% | ||||
Minimum [Member] | Other [Member] | |||||
Fiscal year maturity | 2023 | ||||
Minimum [Member] | Andermatt-Sedrun | |||||
Fiscal year maturity | 2036 | ||||
Minimum [Member] | Whistler Employee Housing Leases | |||||
Fiscal year maturity | 2042 | ||||
Canyons [Member] | |||||
Business Acquisition, Effective Date of Acquisition | May 24, 2013 | ||||
Initial Capital Lease Term | 50 years | ||||
Optional Lease Renewal Term | six 50-year renewal options | ||||
Minimum Capital Lease Payment, Annual | $ 25,000,000 | ||||
Adjustments to Capital Lease Annual Payments | inflation-linked index of CPI less 1% per annum, with a floor of 2% | ||||
Finance Lease Obligation, Interest Rate | 10% | ||||
Accretion Expense | $ 58,100,000 | ||||
Whistler Employee Housing Leases | |||||
Initial Capital Lease Term | 20 years | ||||
Finance Lease Obligation, Interest Rate | 695% |
Long-Term Debt (Schedule Of Agg
Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Long-Term Debt, Other Disclosure [Abstract] | |||
Foreign currency (loss) gain on intercompany loans (Note 6) | $ (2,907) | $ (2,682) | $ 8,282 |
Long-Term Debt, Maturity, Year One | 69,930 | ||
2022 | 676,010 | ||
2023 | 643,789 | ||
2024 | 851,407 | ||
2025 | 4,834 | ||
Thereafter | 579,679 | ||
Long-term Debt | 2,825,649 | 2,807,046 | |
Interest Expense, Debt | 153,000 | 148,200 | 151,400 |
Amortization of Financing Costs | $ 6,700 | $ 5,900 | $ 4,900 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands, SFr in Millions | 12 Months Ended | ||||||||
Aug. 03, 2022 USD ($) | Aug. 03, 2022 CHF (SFr) | Dec. 31, 2021 USD ($) | Jul. 31, 2023 USD ($) | Jul. 31, 2023 CHF (SFr) | Jul. 31, 2022 USD ($) | Jul. 31, 2021 USD ($) | Aug. 03, 2022 CHF (SFr) | Mar. 28, 2022 | |
Payments to Acquire Businesses, Net of Cash Acquired | $ 38,567 | $ 116,337 | $ 0 | ||||||
Goodwill, Acquired During Period | $ 3,368 | $ 4,991 | |||||||
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 3,368 Identifiable intangible assets and other assets 7,476 Assumed long-term debt (44,130) Other liabilities (16,497) Net assets acquired $ 246,889 | 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 3,368 Identifiable intangible assets and other assets 7,476 Assumed long-term debt (44,130) Other liabilities (16,497) 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 | 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 | |||||
Seven Springs Resorts | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 5,335 | ||||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 2,800 | ||||||||
Business Combination, Consideration Transferred | $ 116,500 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 118,415 | ||||||||
Goodwill, Acquired During Period | 5,041 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 15,222 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 2,932 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 116,501 | ||||||||
Andermatt-Sedrun | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 7,476 | ||||||||
Business Combination, Consideration Transferred | $ 155,365 | SFr 149.3 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 176,805 | ||||||||
Goodwill, Acquired During Period | 3,368 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 16,497 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 246,889 | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 55% | ||||||||
mtn:BusinessCombinationDeposits | $ 114,400 | SFr 110 | |||||||
mtn:BusinessCombinationRemainderPayment | $ 41,300 | SFr 39.3 | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 55% |
Acquisitions (Summary Of Estima
Acquisitions (Summary Of Estimate Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed) (Details) $ in Thousands, SFr in Millions | 12 Months Ended | ||||
Aug. 03, 2022 USD ($) | Aug. 03, 2022 CHF (SFr) | Dec. 31, 2021 USD ($) | Jul. 31, 2023 USD ($) | Jul. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | |||||
Indefinite-Lived Trademarks | $ 237,921 | $ 237,483 | |||
Goodwill, Acquired During Period | $ 3,368 | 4,991 | |||
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 3,368 Identifiable intangible assets and other assets 7,476 Assumed long-term debt (44,130) Other liabilities (16,497) Net assets acquired $ 246,889 | 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 3,368 Identifiable intangible assets and other assets 7,476 Assumed long-term debt (44,130) Other liabilities (16,497) 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 | ||
Canyons [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Purchase Price Allocation, Land | $ 31,818 | 31,818 | |||
Business Acquisition, Purchase Price Allocation, Land Improvements | 49,228 | 49,228 | |||
Business Acquisition, Purchase Price Allocation, Buildings and Building Improvements | 70,917 | 42,160 | |||
Business Acquisition, Purchase Price Allocation, Machinery and Equipment | 71,527 | 60,384 | |||
Business Acquisition, Purchase Price Allocation, Accumulated Depreciation | (96,257) | (84,556) | |||
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment Net (under Capital Lease) | 127,233 | 99,034 | |||
Seven Springs Resorts | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 2,932 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 118,415 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,335 | ||||
Goodwill, Acquired During Period | 5,041 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (15,222) | ||||
Business Combination, Consideration Transferred | $ 116,500 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 116,501 | ||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 2,800 | ||||
Andermatt-Sedrun | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 176,805 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 7,476 | ||||
Goodwill, Acquired During Period | 3,368 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (16,497) | ||||
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 | 246,889 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 246,889 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 119,867 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (44,130) | ||||
Mountain [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill, Acquired During Period | $ 3,368 | $ 2,196 |
Supplementary Balance Sheet I_3
Supplementary Balance Sheet Information (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |||
Amortization of Intangible Assets | $ 5,100 | $ 5,200 | $ 5,400 |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 3,200 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 3,200 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 3,200 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 3,200 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 3,200 | ||
Depreciation expense | $ 263,400 | $ 247,200 | $ 247,200 |
Supplementary Balance Sheet I_4
Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |||
Depreciation | $ 263,400 | $ 247,200 | $ 247,200 |
Land and land improvements | 796,730 | 763,432 | |
Buildings and building improvements | 1,643,517 | 1,545,571 | |
Machinery and equipment | 1,792,378 | 1,505,236 | |
Furniture and fixtures | 298,725 | 307,867 | |
Software | 152,033 | 138,058 | |
Vehicles | 87,298 | 81,927 | |
Construction in progress | 134,113 | 127,282 | |
Gross property, plant and equipment | 4,904,794 | 4,469,373 | |
Accumulated depreciation | (2,533,237) | (2,351,321) | |
Property, plant and equipment, net | $ 2,371,557 | $ 2,118,052 |
Supplementary Balance Sheet I_5
Supplementary Balance Sheet Information Composition of Property, Plant and Equipment under Capital Lease (Details) - Canyons [Member] - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Capital Leased Assets, Land | $ 31,818 | $ 31,818 |
Capital Leased Assets, Land Improvements | 49,228 | 49,228 |
Capital Leased Assets, Buildings and Building Improvements | 70,917 | 42,160 |
Capital Leased Assets, Machinery and Equipment | 71,527 | 60,384 |
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 223,490 | 183,590 |
Capital Leased Assets, Accumulated Depreciation | (96,257) | (84,556) |
Capital Leased Assets, Net | $ 127,233 | $ 99,034 |
Supplementary Balance Sheet I_6
Supplementary Balance Sheet Information (Composition Of Goodwill And Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Goodwill | $ 1,763,386 | $ 1,797,970 | |
Goodwill, Impaired, Accumulated Impairment Loss | (25,688) | (25,688) | |
Accumulated amortization | (17,354) | (17,354) | |
Goodwill, net | 1,720,344 | 1,754,928 | $ 1,781,047 |
Indefinite-Lived Trademarks | 237,921 | 237,483 | |
Other Indefinite-lived Intangible Assets | 41,224 | 41,400 | |
Gross indefinite-lived intangible assets | 279,145 | 278,883 | |
Accumulated amortization | (24,713) | (24,713) | |
Indefinite-lived intangible assets, net | 254,432 | 254,170 | |
Gross amortizable intangible assets | 38,008 | 38,008 | |
Other Finite-Lived Intangible Assets, Gross | 71,570 | 71,767 | |
Finite-Lived Intangible Assets, Gross | 109,578 | 109,775 | |
Accumulated amortization | (54,665) | (49,887) | |
Amortizable intangible assets, net | 54,913 | 59,888 | |
Total gross intangible assets | 388,723 | 388,658 | |
Total accumulated amortization | (79,378) | (74,600) | |
Net Intangible Assets Excluding Goodwill | 309,345 | 314,058 | |
Amortization of Intangible Assets | 5,100 | $ 5,200 | $ 5,400 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 3,200 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 3,200 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 3,200 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 3,200 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 3,200 |
Supplementary Balance Sheet I_7
Supplementary Balance Sheet Information (Changes In Goodwill Amount) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Goodwill, beginning balance | $ 1,754,928 | $ 1,781,047 |
Acquisition | 3,368 | 4,991 |
Goodwill, Written off Related to Sale of Business Unit | (5,975) | |
Goodwill, Translation Adjustments | (31,977) | (31,110) |
Goodwill, ending balance | 1,720,344 | 1,754,928 |
Mountain [Member] | ||
Goodwill, beginning balance | 1,709,922 | 1,738,836 |
Acquisition | 3,368 | 2,196 |
Goodwill, Written off Related to Sale of Business Unit | (5,975) | |
Goodwill, Translation Adjustments | (31,977) | (31,110) |
Goodwill, ending balance | 1,675,338 | 1,709,922 |
Lodging [Member] | ||
Goodwill, beginning balance | 45,006 | 42,211 |
Acquisition | 0 | 2,795 |
Goodwill, Written off Related to Sale of Business Unit | 0 | |
Goodwill, Translation Adjustments | 0 | 0 |
Goodwill, ending balance | $ 45,006 | $ 45,006 |
Supplementary Balance Sheet I_8
Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Trade payables | $ 148,521 | $ 151,263 |
Deferred Revenue, Current | 572,602 | 511,306 |
Accrued salaries, wages and deferred compensation | 38,908 | 64,570 |
Accrued benefits | 60,466 | 45,202 |
Deposits | 37,798 | 37,731 |
Current operating lease liability | 36,904 | 34,218 |
Other accruals | 82,822 | 98,540 |
Total accounts payable and accrued liabilities | $ 978,021 | $ 942,830 |
Supplementary Balance Sheet I_9
Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Total other long-term liabilities | $ 286,261 | $ 246,359 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Contingent Consideration, Key Assumptions for Valuation | The estimated fair value of Contingent Consideration includes 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 annual growth factor and discounted to net present value. Other significant assumptions included a discount rate of 11.1%, and volatility of 17.0%, which together with future period Park City EBITDA, are all unobservable inputs and thus are considered Level 3 inputs. | ||
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Adverse Change in Other Assumption, Description | The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance of the resort would result in a change in the estimated fair value within the range of approximately $10.1 million to $13.6 million. | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | $ 17,229 | $ 12,301 | |
Liabilities, Fair Value Disclosure | 73,300 | 42,400 | $ 29,600 |
Payments for Rent | (18,936) | (7,480) | |
Change in Fair Value of Contingent Consideration | 49,836 | 20,280 | |
Interest Rate Swap, Notional Amount | 400,000 | ||
Level 2 [Member] | |||
Interest Rate Cash Flow Hedge Asset at Fair Value | 17,229 | 12,301 | |
Level 3 [Member] | |||
Liabilities, Fair Value Disclosure | $ 73,300 | 42,400 | |
Canyons [Member] | |||
Business Combination, Contingent Consideration Arrangements, Description | 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the Park City Lease, exceeds approximately $35 million, as established upon the Company’s acquisition of the resort, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the Park City Lease by the Company. | ||
Money Market Funds [Member] | |||
Cash and Cash Equivalents, Fair Value Disclosure | $ 170,872 | 505,901 | |
Money Market Funds [Member] | Level 1 [Member] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 170,872 | 505,901 | |
Commercial Paper [Member] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 2,401 | 2,401 | |
Commercial Paper [Member] | Level 2 [Member] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 2,401 | 2,401 | |
Certificates of Deposit [Member] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 144,365 | 9,473 | |
Certificates of Deposit [Member] | Level 2 [Member] | |||
Cash and Cash Equivalents, Fair Value Disclosure | $ 144,365 | $ 9,473 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Stock-based compensation | 0.70% | (3.60%) | (14.30%) |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 22,254 | $ 16,127 | $ 19,196 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 11,025 | 11,179 | 16,754 |
Operating Loss Carryforwards | 63,400 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 4,200 | ||
Foreign Refundable Payroll Tax Credits | 7,000 | $ 30,800 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 700 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 5,100 | ||
Deferred Tax Assets, Gross | 160,758 | 146,318 | |
Valuation Allowance [Abstract] | |||
Tax Credit Carryforward, Valuation Allowance | 4,200 | ||
Deferred Tax Assets, Valuation Allowance | 9,603 | $ 5,188 | |
State and Local Jurisdiction [Member] | |||
Operating loss carryforwards, valuation allowance | 4,400 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards | 52,800 | ||
Deferred Tax Assets, Gross | 1,000 | ||
Valuation Allowance [Abstract] | |||
Deferred Tax Assets, Valuation Allowance | 1,000 | ||
Peak Resorts, Inc. [Member] | |||
Operating Loss Carryforwards | $ 10,600 |
Income Taxes (Components Of Def
Income Taxes (Components Of Deferred Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Fixed assets | $ 211,995 | $ 203,669 |
Intangible assets | 143,402 | 119,066 |
Deferred Tax Liabilities, Leasing Arrangements | 45,913 | 44,873 |
Deferred Tax Liabilities, Convertible Debt | 0 | 18,780 |
Deferred Tax Liabilities, Other | 22,115 | 18,157 |
Deferred Tax Liabilities, Gross | 423,425 | 404,545 |
Deferred Tax Liabilities, Net | 272,270 | 263,415 |
Deferred Tax Asset, Talisker Canyons Obligation | 18,631 | 17,291 |
Stock-based compensation | 9,370 | 9,957 |
Deferred Tax Assets, Investments | 10,430 | 10,602 |
Deferred compensation and other accrued benefits | 11,099 | 15,202 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Contingencies | 18,423 | 10,719 |
Net operating loss carryforwards other tax credits | 14,864 | 8,516 |
Deferred Tax Assets, Operating Lease Liabilities | 48,953 | 49,530 |
Other, net | 28,988 | 24,501 |
Total | 160,758 | 146,318 |
Valuation allowance for deferred income taxes | (9,603) | (5,188) |
Deferred income tax assets, net of valuation allowance | $ 151,155 | $ 141,130 |
Income Taxes (Components Of Pro
Income Taxes (Components Of Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Current federal | $ 17,473 | $ 62,974 | $ 20,387 |
Current state | 6,759 | 13,938 | 4,935 |
Current Foreign Tax Expense (Benefit) | 40,117 | 21,302 | (8,460) |
Total current | 64,349 | 98,214 | 16,862 |
Deferred federal | 23,813 | (6,910) | (16,289) |
Deferred state | 1,372 | 1,966 | (2,423) |
Deferred Foreign Income Tax Expense (Benefit) | (1,120) | (4,446) | 2,576 |
Deferred Income Tax Expense (Benefit) | 24,065 | (9,390) | (16,136) |
Provision for income taxes | $ 88,414 | $ 88,824 | $ 726 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Effective Income Tax Rate And Effective Rate From Continuing Operation) (Details) | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
At U.S. federal income tax rate | 21% | 21% | 21% |
State income tax, net of federal benefit | 2.20% | 3.80% | 4.20% |
Change in uncertain tax positions | (1.50%) | (1.20%) | (3.50%) |
Stock-based compensation | 0.70% | (3.60%) | (14.30%) |
Noncontrolling interests | (1.00%) | (1.20%) | 0.80% |
Foreign taxes | 3.20% | 0.10% | (5.00%) |
Taxes related to prior year filings | (0.10%) | 0.30% | (2.90%) |
Other | (0.80%) | 0.20% | 0.30% |
Effective tax rate | 23.70% | 19.40% | 0.60% |
Income Taxes (Reconciliation _2
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits | $ 51,680 | $ 62,909 | $ 67,857 | $ 70,299 |
Additions for tax positions of prior years | 11,025 | 11,179 | 16,754 | |
Lapse of statute of limitations | $ (22,254) | $ (16,127) | $ (19,196) |
Income Taxes Components of Inco
Income Taxes Components of Income before Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Components of Income Before Income Taxes [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 217,971,000 | $ 387,729,000 | $ 148,898,000 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 155,546,000 | 69,432,000 | (23,715,000) |
Income before provision for income taxes | $ 373,517,000 | $ 457,161,000 | $ 125,183,000 |
Income Taxes Presentation of Ne
Income Taxes Presentation of Net Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Aug. 01, 2022 | Jul. 31, 2022 |
Presentation of Net Deferred Tax Liabilities and Assets [Abstract] | |||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 3,867 | $ 5,049 | |
Deferred Tax Liabilities, Net, Noncurrent | 276,137 | $ 249,685 | 268,464 |
Deferred Tax Liabilities, Net | $ 272,270 | $ 263,415 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
May 29, 2013 | Jul. 31, 2023 USD ($) | Jul. 31, 2022 USD ($) | Jul. 31, 2021 USD ($) | |
Amount outstanding in letters of credit | $ 83,000 | |||
Surety Bonds Outstanding | $ 9,500 | |||
Number of optional renewal terms | 3 | |||
Long-term Debt | $ 2,825,649 | $ 2,807,046 | ||
Operating Lease, Expense | 71,300 | 61,200 | $ 58,700 | |
Holland Creek Metropolitan District [Member] | ||||
Amount outstanding in letters of credit | 6,400 | |||
Employee Housing Bonds [Member] | ||||
Amount outstanding in letters of credit | 53,400 | |||
Workers' Compensation and General Liability Related to Construction and Development Activities [Member] | ||||
Amount outstanding in letters of credit | $ 23,200 | |||
Northstar [Member] | ||||
Optional Lease Renewal Term | 10 | |||
Lease Expiration Year | 2027 | |||
Perisher [Member] | ||||
Optional Lease Renewal Term | 20 years | |||
Operating Leases, Rent Expense, Contingent Rentals | of certain gross revenue | |||
Lease Expiration Year | 2048 | |||
Canyons [Member] | ||||
Optional Lease Renewal Term | six 50-year renewal options | |||
Lease Expiration Year | 2079 | |||
Mad River Mountain | ||||
Lease Expiration Date | Jul. 31, 2035 | |||
Hotham [Member] | ||||
Lease Expiration Year | 2058 | |||
Falls Creek [Member] | ||||
Lease Expiration Year | 2041 | |||
Seven Springs Resorts | ||||
Lease Expiration Year | 2052 | |||
Usern Corporation | ||||
Lease Expiration Year | 2033 | |||
Swiss Confederation | ||||
Lease Expiration Year | 2067 | |||
Swiss Confederation Lease2 | ||||
Lease Expiration Year | 2068 | |||
Municipality of Tujetsch | ||||
Lease Expiration Year | 2033 | |||
Federal Office of Transport Concession1 | ||||
Lease Expiration Year | 2026 | |||
Federal Office of Transport Concession2 | ||||
Lease Expiration Year | 2042 | |||
Canyons Obligation [Member] | ||||
Long-term Debt | $ 363,386 | $ 357,607 |
Segment Information (Details)
Segment Information (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Mountain | $ 2,540,906,000 | $ 2,213,114,000 | $ 1,702,798,000 |
Lodging | 340,393,000 | 312,090,000 | 205,142,000 |
Total Resort net revenue | 2,881,299,000 | 2,525,204,000 | 1,907,940,000 |
Real Estate | 8,065,000 | 708,000 | 1,770,000 |
Total net revenue | 2,889,364,000 | 2,525,912,000 | 1,909,710,000 |
Mountain | 1,718,941,000 | 1,404,527,000 | 1,156,743,000 |
Lodging | 328,126,000 | 286,343,000 | 213,239,000 |
Resort | 2,047,067,000 | 1,690,870,000 | 1,369,982,000 |
Real estate | 10,635,000 | 5,911,000 | 6,676,000 |
Total segment operating expense | 2,057,702,000 | 1,696,781,000 | 1,376,658,000 |
Gain on sale of real property | 842,000 | 1,276,000 | 324,000 |
Mountain equity investment income, net | 605,000 | 2,580,000 | 6,698,000 |
Total Reported EBITDA | 833,109,000 | 832,987,000 | 540,074,000 |
Real estate held for sale or investment | 90,207,000 | 95,983,000 | 95,615,000 |
Income before provision for income taxes | 373,517,000 | 457,161,000 | 125,183,000 |
Depreciation and amortization | 268,501,000 | 252,391,000 | 252,585,000 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 9,070,000 | (43,992,000) | 5,373,000 |
Change in estimated fair value of contingent consideration | 49,836,000 | 20,280,000 | 14,402,000 |
Investment Income, Interest | (23,744,000) | (3,718,000) | (586,000) |
Foreign Currency Transaction Gain (Loss), before Tax | 2,907,000 | 2,682,000 | (8,282,000) |
Interest Expense | 153,022,000 | 148,183,000 | 151,399,000 |
Provision for income taxes (Note 10) | (88,414,000) | (88,824,000) | (726,000) |
Net income | 285,103,000 | 368,337,000 | 124,457,000 |
Net (income) loss attributable to noncontrolling interests | (16,955,000) | (20,414,000) | 3,393,000 |
Net income | 268,148,000 | 347,923,000 | 127,850,000 |
Property, Plant and Equipment, Net | 2,371,557,000 | 2,118,052,000 | |
CANADA | |||
Total net revenue | 321,700,000 | ||
Property, Plant and Equipment, Net | 324,400,000 | 272,900,000 | |
Doubletree Breckenridge | |||
Gain (Loss) on Disposition of Property Plant Equipment | 32,200,000 | ||
Resort [Member] | |||
Total Reported EBITDA | 834,837,000 | 836,914,000 | 544,656,000 |
Mountain [Member] | |||
Total Reported EBITDA | 822,570,000 | 811,167,000 | 552,753,000 |
Lodging [Member] | |||
Total Reported EBITDA | 12,267,000 | 25,747,000 | (8,097,000) |
Real Estate Segment | |||
Total Reported EBITDA | $ (1,728,000) | $ (3,927,000) | $ (4,582,000) |
Segment Information Geographic
Segment Information Geographic Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 2,889,364 | $ 2,525,912 | $ 1,909,710 |
Property, Plant and Equipment, Net | 2,371,557 | 2,118,052 | |
Geographic Distribution, Foreign [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 523,022 | 297,204 | 192,440 |
Property, Plant and Equipment, Net | 616,611 | 388,652 | |
Geographic Distribution, Domestic [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,366,342 | 2,228,708 | $ 1,717,270 |
Property, Plant and Equipment, Net | $ 1,754,946 | $ 1,729,400 |
Stock Repurchase Plan (Details)
Stock Repurchase Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | 209 Months Ended | ||||||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2023 | Mar. 07, 2023 | Dec. 04, 2015 | Jul. 16, 2008 | Mar. 09, 2006 | |
Accelerated Share Repurchases [Line Items] | ||||||||
Treasury Stock, Shares, Acquired | 2,182,594 | 304,567 | ||||||
Treasury Stock, Common, Shares | 8,648,302 | 6,466,000 | 8,648,302 | |||||
Repurchases of Common Stock | $ 500,000 | $ 75,006 | $ 0 | $ 979,400 | ||||
Stock Repurchase Program, Additional Number of Shares Authorized to be Repurchased | 2,500,000 | 1,500,000 | 3,000,000 | |||||
Repurchases of Common Stock | $ 500,000 | $ 75,006 | $ 0 | $ 979,400 | ||||
Number of shares authorized to repurchase | 10,000,000 | 10,000,000 | 3,000,000 | |||||
Number of shares repurchased since inception | 8,648,302 | 6,466,000 | 8,648,302 | |||||
Remaining shares available for repurchase under existing program | 1,351,698 | 1,351,698 | ||||||
Sales and Excise Tax Payable | $ 4,900 | $ 4,900 |
Stock Compensation Plan (Narrat
Stock Compensation Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2026 | Jul. 31, 2025 | Jul. 31, 2024 | |
Shares issued for stock based compensation (in shares) | 4,400,000 | |||||
Stock based compensation award vesting period | 3 years | |||||
Stock based compensation, shares available for grant (in shares) | 2,100,000 | |||||
Total unrecognized compensation expense | $ 32.5 | |||||
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | $ 2.5 | $ 23 | $ 24 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Stock Appreciation Rights (SARs) [Member] | ||||||
Weighted-average grant-date fair value (in dollars per share) | $ 55.37 | $ 96.20 | $ 52.30 | |||
Intrinsic value of options and SARs exercised | $ 3 | $ 69.1 | $ 82 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 120,000 | 160,000 | 96,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 0 | $ 16.2 | $ 0.1 | |||
Restricted Stock Units (RSUs) [Member] | ||||||
Weighted-average grant-date fair value (in dollars per share) | $ 199.14 | $ 336.57 | $ 222.17 | |||
Stock based compensation, restricted shares granted (in shares) | 127,000 | 68,000 | 94,000 | |||
Stock based compensation, restricted shares vested (in shares) | 63,000 | 68,000 | 66,000 | |||
Stock based compensation, total fair value of restricted shares | $ 13.3 | $ 23.7 | $ 15 | |||
Expected to be Recognized in One Year [Member] | Forecast [Member] | ||||||
Total unrecognized compensation expense | $ 1.8 | $ 11.4 | $ 19.3 |
Stock Compensation Plan (Schedu
Stock Compensation Plan (Schedule Of Share Based Compensation Valuation Model) (Details) | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 30% | 31% | 30.70% |
Expected dividends | 3.20% | 2.10% | 3% |
Risk-free rate, minimum | 0.10% | 2.70% | 0.10% |
Risk-free rate, maximum | 3% | 1.20% | 0.60% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (average in years) | 6 years 6 months | 6 years 4 months 24 days | 6 years 7 months 6 days |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (average in years) | 6 years 9 months 18 days | 6 years 9 months 18 days | 6 years 10 months 24 days |
Stock Compensation Plan (Sche_2
Stock Compensation Plan (Schedule Of Share Based Compensation Option And SARs Award Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Awards, outstanding beginning balance (in shares) | 679 | 873 | 1,061 |
Awards, granted (in shares) | 176 | 97 | 205 |
Awards, exercised (in shares) | (92) | (278) | (370) |
Awards, forfeited or expired (in shares) | (53) | (13) | (23) |
Awards, outstanding ending balance (in shares) | 710 | 679 | 873 |
Awards, exercisable ending balance (in shares) | 459 | ||
Weighted-average exercise price, outstanding beginning balance (in dollars per share) | $ 241.13 | $ 181.17 | $ 138.59 |
Weighted-average exercise price, granted (in dollars per share) | 220.73 | 360.69 | 233.01 |
Weighted-average exercise price, exercised (in dollars per share) | 222.14 | 93.32 | 84.20 |
Weighted-average exercise price, forfeited or expired (in dollars per share) | 280.09 | 271.04 | 236.31 |
Weighted-average exercise price, outstanding ending balance (in dollars per share) | 235.69 | $ 241.13 | $ 181.17 |
Weighted-average exercise price, exercisable ending balance (in dollars per share) | $ 227.36 | ||
Weighted-average remaining contractual term, outstanding ending balance (in years) | 6 years 3 months 18 days | ||
Weighted-average remaining contractual term, exercisable ending balance (in years) | 5 years 1 month 6 days | ||
Aggregate intrinsic value, outstanding ending balance | $ 15,837 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 699 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 235.58 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 6 years 3 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 15,678 | ||
Aggregate intrinsic value, exercisable ending balance | $ 13,075 |
Stock Compensation Plan (Sche_3
Stock Compensation Plan (Schedule of Share Based Compensation SARs Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 710 | 679 | 873 | 1,061 |
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 251 | 230 | ||
Awards, granted (in shares) | 176 | |||
Awards, vested (in shares) | (120) | |||
Awards, forfeited (in shares) | (35) | |||
Weighted-average grant-date fair value, outstanding beginning balance (in dollars per share) | $ 71.62 | |||
Weighted-average grant-date fair value, granted (in dollars per share) | 55.37 | |||
Weighted-average grant-date fair value, vested (in dollars per share) | 65.98 | |||
Weighted-average grant-date fair value, forfeited (in dollars per share) | 71.62 | |||
Weighted-average grant-date fair value, outstanding ending balance (in dollars per share) | $ 62.96 |
Stock Compensation Plan (Sche_4
Stock Compensation Plan (Schedule Of Share Based Compensation Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 12 Months Ended |
Jul. 31, 2023 $ / shares shares | |
Awards, outstanding beginning balance (in shares) | shares | 125 |
Awards, granted (in shares) | shares | 127 |
Awards, vested (in shares) | shares | (63) |
Awards, forfeited (in shares) | shares | (20) |
Awards, outstanding ending balance (in shares) | shares | 169 |
Weighted-average grant-date fair value, outstanding beginning balance (in dollars per share) | $ / shares | $ 277.78 |
Weighted-average grant-date fair value, granted (in dollars per share) | $ / shares | 199.14 |
Weighted-average grant-date fair value, vested (in dollars per share) | $ / shares | 263.14 |
Weighted-average grant-date fair value, forfeited (in dollars per share) | $ / shares | 245.34 |
Weighted-average grant-date fair value, outstanding ending balance (in dollars per share) | $ / shares | $ 227.87 |
Retirement and Profit Sharing_2
Retirement and Profit Sharing Plans (Details) $ in Millions | 12 Months Ended | ||
Jul. 31, 2023 USD ($) hour | Jul. 31, 2022 USD ($) | Jul. 31, 2021 USD ($) | |
Retirement Benefits [Abstract] | |||
Employee contribution percentage | 100% | ||
Company match amount equal to participant's contribution | 50% | ||
Employer contribution matching equal to 50% | 6% | ||
Employment period (in months) | 12 months | ||
Service period (in hours) | 1,000 | ||
Total service period (in hours) | 1,500 | ||
Retirement plan expense | $ | $ 9.8 | $ 8.5 | $ 6.5 |