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Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Tables) | 12 Months Ended
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Jul. 31, 2012
Guarantor Subsidiaries And Non Guarantor Subsidiaries |
Supplemental Condensed Consolidating Balance Sheet | Supplemental Condensed Consolidating Balance Sheet As of July 31, 2012 (in thousands)
| Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Eliminating Entries | Consolidated
Current assets: |  |  |  |  |
Cash and cash equivalents | $ | — |  | $ | 38,380 |  | $ | 7,673 |  | $ | — |  | $ | 46,053 |
Restricted cash | — |  | 13,300 |  | 984 |  | — |  | 14,284 |
Trade receivables, net | — |  | 64,185 |  | 1,558 |  | — |  | 65,743 |
Inventories, net | — |  | 65,673 |  | 200 |  | — |  | 65,873 |
Other current assets | 24,458 |  | 15,522 |  | 437 |  | — |  | 40,417 |
Total current assets | 24,458 |  | 197,060 |  | 10,852 |  | — |  | 232,370 |
Property, plant and equipment, net | — |  | 1,000,767 |  | 48,440 |  | — |  | 1,049,207 |
Real estate held for sale and investment | — |  | 237,668 |  | — |  | — |  | 237,668 |
Goodwill, net | — |  | 268,058 |  | 1,711 |  | — |  | 269,769 |
Intangible assets, net | — |  | 72,751 |  | 19,319 |  | — |  | 92,070 |
Other assets | 7,113 |  | 42,939 |  | 5,937 |  | (9,459 | ) | 46,530 |
Investments in subsidiaries | 1,775,195 |  | (553 | ) | — |  | (1,774,642 | ) | — |
Advances | (421,115 | ) | 418,001 |  | 3,114 |  | — |  | — |
Total assets | $ | 1,385,651 |  | $ | 2,236,691 |  | $ | 89,373 |  | $ | (1,784,101 | ) | $ | 1,927,614 |
Current liabilities: |  |  |  |  |
Accounts payable and accrued liabilities | $ | 6,542 |  | $ | 215,308 |  | $ | 5,688 |  | $ | — |  | $ | 227,538 |
Income taxes payable | 20,721 |  | — |  | — |  | — |  | 20,721 |
Long-term debt due within one year | — |  | 782 |  | 208 |  | — |  | 990 |
Total current liabilities | 27,263 |  | 216,090 |  | 5,896 |  | — |  | 249,249 |
Long-term debt | 390,000 |  | 41,817 |  | 57,958 |  | — |  | 489,775 |
Other long-term liabilities | 28,104 |  | 203,589 |  | 10,635 |  | (9,459 | ) | 232,869 |
Deferred income taxes | 137,973 |  | — |  | 1,420 |  | — |  | 139,393 |
Total Vail Resorts, Inc. stockholders’ equity | 802,311 |  | 1,775,195 |  | (553 | ) | (1,774,642 | ) | 802,311 |
Noncontrolling interests | — |  | — |  | 14,017 |  | — |  | 14,017 |
Total stockholders’ equity | 802,311 |  | 1,775,195 |  | 13,464 |  | (1,774,642 | ) | 816,328 |
Total liabilities and stockholders’ equity | $ | 1,385,651 |  | $ | 2,236,691 |  | $ | 89,373 |  | $ | (1,784,101 | ) | $ | 1,927,614 |
Supplemental Condensed Consolidating Balance Sheet As of July 31, 2011 (in thousands)
| Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Eliminating Entries | Consolidated
Current assets: |  |  |  |  |
Cash and cash equivalents | $ | — |  | $ | 63,365 |  | $ | 6,778 |  | $ | — |  | $ | 70,143 |
Restricted cash | — |  | 11,781 |  | 657 |  | — |  | 12,438 |
Trade receivables, net | — |  | 57,746 |  | 783 |  | — |  | 58,529 |
Inventories, net | — |  | 53,775 |  | 232 |  | — |  | 54,007 |
Other current assets | 29,167 |  | 21,063 |  | 277 |  | — |  | 50,507 |
Total current assets | 29,167 |  | 207,730 |  | 8,727 |  | — |  | 245,624 |
Property, plant and equipment, net | — |  | 972,963 |  | 48,773 |  | — |  | 1,021,736 |
Real estate held for sale and investment | — |  | 273,663 |  | — |  | — |  | 273,663 |
Goodwill, net | — |  | 268,058 |  | — |  | — |  | 268,058 |
Intangible assets, net | — |  | 72,943 |  | 18,155 |  | — |  | 91,098 |
Other assets | 8,060 |  | 33,296 |  | 4,701 |  | — |  | 46,057 |
Investments in subsidiaries | 1,721,269 |  | (3,862 | ) | — |  | (1,717,407 | ) | — |
Advances | (349,144 | ) | 356,981 |  | (7,837 | ) | — |  | — |
Total assets | $ | 1,409,352 |  | $ | 2,181,772 |  | $ | 72,519 |  | $ | (1,717,407 | ) | $ | 1,946,236 |
Current liabilities: |  |  |  |  |
Accounts payable and accrued liabilities | $ | 7,117 |  | $ | 211,565 |  | $ | 2,677 |  | $ | — |  | $ | 221,359 |
Income taxes payable | 20,778 |  | — |  | — |  | — |  | 20,778 |
Long-term debt due within one year | — |  | 848 |  | 197 |  | — |  | 1,045 |
Total current liabilities | 27,895 |  | 212,413 |  | 2,874 |  | — |  | 243,182 |
Long-term debt | 390,000 |  | 42,532 |  | 58,166 |  | — |  | 490,698 |
Other long-term liabilities | 28,526 |  | 205,558 |  | 1,345 |  | — |  | 235,429 |
Deferred income taxes | 133,208 |  | — |  | — |  | — |  | 133,208 |
Total Vail Resorts, Inc. stockholders’ equity | 829,723 |  | 1,721,269 |  | (3,862 | ) | (1,717,407 | ) | 829,723 |
Noncontrolling interests | — |  | — |  | 13,996 |  | — |  | 13,996 |
Total stockholders’ equity | 829,723 |  | 1,721,269 |  | 10,134 |  | (1,717,407 | ) | 843,719 |
Total liabilities and stockholders’ equity | $ | 1,409,352 |  | $ | 2,181,772 |  | $ | 72,519 |  | $ | (1,717,407 | ) | $ | 1,946,236 |
Supplemental Condensed Consolidating Statement Of Operations | Supplemental Condensed Consolidating Statement of Operations For the year ended July 31, 2012 (in thousands)
| Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Eliminating Entries | Consolidated
Total net revenue | $ | — |  | $ | 1,020,847 |  | $ | 14,997 |  | $ | (11,450 | ) | $ | 1,024,394 |
Total operating expense | 181 |  | 959,038 |  | 17,142 |  | (11,298 | ) | 965,063 |
(Loss) income from operations | (181 | ) | 61,809 |  | (2,145 | ) | (152 | ) | 59,331 |
Other expense, net | (26,520 | ) | (5,372 | ) | (1,377 | ) | 152 |  | (33,117 | )
Equity investment income, net | — |  | 878 |  | — |  | — |  | 878 |
(Loss) income before benefit (provision) for income taxes | (26,701 | ) | 57,315 |  | (3,522 | ) | — |  | 27,092 |
Benefit (provision) for income taxes | 10,968 |  | (21,669 | ) | — |  | — |  | (10,701 | )
Net (loss) income before equity in income (loss) of consolidated subsidiaries | (15,733 | ) | 35,646 |  | (3,522 | ) | — |  | 16,391 |
Equity in income (loss) of consolidated subsidiaries | 32,186 |  | (3,460 | ) | — |  | (28,726 | ) | — |
Net income (loss) | 16,453 |  | 32,186 |  | (3,522 | ) | (28,726 | ) | 16,391 |
Net loss attributable to noncontrolling interests | — |  | — |  | 62 |  | — |  | 62 |
Net income (loss) attributable to Vail Resorts, Inc. | $ | 16,453 |  | $ | 32,186 |  | $ | (3,460 | ) | $ | (28,726 | ) | $ | 16,453 |
Supplemental Condensed Consolidating Statement of Operations For the year ended July 31, 2011 (in thousands)
| Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Eliminating Entries | Consolidated
Total net revenue | $ | — |  | $ | 1,166,706 |  | $ | 12,212 |  | $ | (11,872 | ) | $ | 1,167,046 |
Total operating expense | 522 |  | 1,070,054 |  | 13,718 |  | (11,720 | ) | 1,072,574 |
(Loss) income from operations | (522 | ) | 96,652 |  | (1,506 | ) | (152 | ) | 94,472 |
Other expense, net | (34,244 | ) | (4,908 | ) | (1,294 | ) | 152 |  | (40,294 | )
Equity investment income, net | — |  | 1,342 |  | — |  | — |  | 1,342 |
(Loss) income before benefit (provision) for income taxes | (34,766 | ) | 93,086 |  | (2,800 | ) | — |  | 55,520 |
Benefit (provision) for income taxes | 14,235 |  | (35,333 | ) | — |  | — |  | (21,098 | )
Net (loss) income before equity in income (loss) of consolidated subsidiaries | (20,531 | ) | 57,753 |  | (2,800 | ) | — |  | 34,422 |
Equity in income (loss) of consolidated subsidiaries | 55,020 |  | (2,733 | ) | — |  | (52,287 | ) | — |
Net income (loss) | 34,489 |  | 55,020 |  | (2,800 | ) | (52,287 | ) | 34,422 |
Net loss attributable to noncontrolling interests | — |  | — |  | 67 |  | — |  | 67 |
Net income (loss) attributable to Vail Resorts, Inc. | $ | 34,489 |  | $ | 55,020 |  | $ | (2,733 | ) | $ | (52,287 | ) | $ | 34,489 |
Supplemental Condensed Consolidating Statement of Operations For the year ended July 31, 2010 (in thousands)
| Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Eliminating Entries | Consolidated
Total net revenue | $ | — |  | $ | 894,409 |  | $ | 11,041 |  | $ | (10,647 | ) | $ | 894,803 |
Total operating expense | 792 |  | 821,318 |  | 13,879 |  | (10,495 | ) | 825,494 |
(Loss) income from operations | (792 | ) | 73,091 |  | (2,838 | ) | (152 | ) | 69,309 |
Other (expense) income, net | (27,034 | ) | 10,885 |  | (1,073 | ) | 152 |  | (17,070 | )
Equity investment income, net | — |  | 1,558 |  | — |  | — |  | 1,558 |
(Loss) income before benefit (provision) for income taxes | (27,826 | ) | 85,534 |  | (3,911 | ) | — |  | 53,797 |
Benefit (provision) for income taxes | 9,457 |  | (27,479 | ) | — |  | — |  | (18,022 | )
Net (loss) income before equity in income (loss) of consolidated subsidiaries | (18,369 | ) | 58,055 |  | (3,911 | ) | — |  | 35,775 |
Equity in income (loss) of consolidated subsidiaries | 48,754 |  | (3,580 | ) | — |  | (45,174 | ) | — |
Net income (loss) | 30,385 |  | 54,475 |  | (3,911 | ) | (45,174 | ) | 35,775 |
Net (income) loss attributable to noncontrolling interests | — |  | (5,721 | ) | 331 |  | — |  | (5,390 | )
Net income (loss) attributable to Vail Resorts, Inc. | $ | 30,385 |  | $ | 48,754 |  | $ | (3,580 | ) | $ | (45,174 | ) | $ | 30,385 |
Supplemental Condensed Consolidating Statement Of Cash Flows | Supplemental Condensed Consolidating Statement of Cash Flows For the year ended July 31, 2012 (in thousands)
| Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Consolidated
Net cash (used in) provided by operating activities | $ | (6,789 | ) | $ | 191,831 |  | $ | 377 |  | $ | 185,419 |
Cash flows from investing activities: |  |  |  |
Capital expenditures | — |  | (132,025 | ) | (600 | ) | (132,625 | )
Acquisition of businesses | — |  | (24,311 | ) | 832 |  | (23,479 | )
Other investing activities, net | — |  | 150 |  | — |  | 150 |
Net cash (used in) provided by investing activities | — |  | (156,186 | ) | 232 |  | (155,954 | )
Cash flows from financing activities: |  |  |  |
Proceeds from borrowings under other long-term debt | — |  | 56,000 |  | — |  | 56,000 |
Payments of other long-term debt | — |  | (56,855 | ) | (197 | ) | (57,052 | )
Repurchases of common stock | (30,365 | ) | — |  | — |  | (30,365 | )
Dividends paid | (24,249 | ) | — |  | — |  | (24,249 | )
Other financing activities, net | 1,637 |  | 400 |  | 107 |  | 2,144 |
Advances | 59,766 |  | (60,175 | ) | 409 |  | — |
Net cash provided by (used in) financing activities | 6,789 |  | (60,630 | ) | 319 |  | (53,522 | )
Effect of exchange rate changes on cash and cash equivalents | — |  | — |  | (33 | ) | (33 | )
Net (decrease) increase in cash and cash equivalents | — |  | (24,985 | ) | 895 |  | (24,090 | )
Cash and cash equivalents: |  |  |  |
Beginning of period | — |  | 63,365 |  | 6,778 |  | 70,143 |
End of period | $ | — |  | $ | 38,380 |  | $ | 7,673 |  | $ | 46,053 |
Supplemental Condensed Consolidating Statement of Cash Flows For the year ended July 31, 2011 (in thousands)
| Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Consolidated
Net cash (used in) provided by operating activities | $ | (2,659 | ) | $ | 268,602 |  | $ | 1,344 |  | $ | 267,287 |
Cash flows from investing activities: |  |  |  |
Capital expenditures | — |  | (95,568 | ) | (72 | ) | (95,640 | )
Acquisition of business | — |  | (62,344 | ) | — |  | (62,344 | )
Other investing activities, net | — |  | (204 | ) | — |  | (204 | )
Net cash used in investing activities | — |  | (158,116 | ) | (72 | ) | (158,188 | )
Cash flows from financing activities: |  |  |  |
Proceeds from borrowings under other long-term debt | — |  | 189,000 |  | — |  | 189,000 |
Payments of other long-term debt | — |  | (226,674 | ) | (187 | ) | (226,861 | )
Proceeds from borrowings under the 6.50% Notes | 390,000 |  | — |  | — |  | 390,000 |
Payment of tender of 6.75% Notes | (390,000 | ) | — |  | — |  | (390,000 | )
Payment of financing costs | (9,331 | ) | (3,069 | ) | — |  | (12,400 | )
Dividends paid | (5,411 | ) | — |  | — |  | (5,411 | )
Other financing activities, net | 1,319 |  | (1,055 | ) | 1,707 |  | 1,971 |
Advances | 16,082 |  | (16,638 | ) | 556 |  | — |
Net cash provided by (used in) financing activities | 2,659 |  | (58,436 | ) | 2,076 |  | (53,701 | )
Net increase in cash and cash equivalents | — |  | 52,050 |  | 3,348 |  | 55,398 |
Cash and cash equivalents: |  |  |  |
Beginning of period | — |  | 11,315 |  | 3,430 |  | 14,745 |
End of period | $ | — |  | $ | 63,365 |  | $ | 6,778 |  | $ | 70,143 |
Supplemental Condensed Consolidating Statement of Cash Flows For the year ended July 31, 2010 (in thousands)
| Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Consolidated
Net cash provided by (used in ) operating activities | $ | 4,428 |  | $ | 31,943 |  | $ | (421 | ) | $ | 35,950 |
Cash flows from investing activities: |  |  |  |
Capital expenditures | — |  | (67,544 | ) | (1,413 | ) | (68,957 | )
Acquisition of business | 2,193 |  | (18,063 | ) | — |  | (15,870 | )
Cash received from sale of real property | — |  | 8,920 |  | — |  | 8,920 |
Other investing activities, net | — |  | (145 | ) | (7,500 | ) | (7,645 | )
Net cash provided by (used in) investing activities | 2,193 |  | (76,832 | ) | (8,913 | ) | (83,552 | )
Cash flows from financing activities: |  |  |  |
Acquisition of noncontrolling interest | — |  | (31,000 | ) | — |  | (31,000 | )
Repurchases of common stock | (14,999 | ) | — |  | — |  | (14,999 | )
Proceeds from borrowings under other long-term debt | — |  | 140,962 |  | — |  | 140,962 |
Payments of other long-term debt | — |  | (106,132 | ) | (177 | ) | (106,309 | )
Other financing activities, net | 1,109 |  | (7,042 | ) | 10,328 |  | 4,395 |
Advances | 7,269 |  | (7,269 | ) | — |  | — |
Net cash (used in) provided by financing activities | (6,621 | ) | (10,481 | ) | 10,151 |  | (6,951 | )
Net (decrease) increase in cash and cash equivalents | — |  | (55,370 | ) | 817 |  | (54,553 | )
Cash and cash equivalents: |  |  |  |
Beginning of period | — |  | 66,685 |  | 2,613 |  | 69,298 |
End of period | $ | — |  | $ | 11,315 |  | $ | 3,430 |  | $ | 14,745 |

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