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Guarantor Subsidiaries And Non-Guarantor Subsidiaries | 6 Months Ended
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Jan. 31, 2012
Guarantor Subsidiaries And Non-Guarantor Subsidiaries [Abstract] |
Guarantor Subsidiaries And Non-Guarantor Subsidiaries |
12. | Guarantor Subsidiaries and Non-Guarantor Subsidiaries
The Company's payment obligations under the 6.50% Notes (see Note 4, Long-Term Debt) are fully and unconditionally guaranteed on a joint and several, senior subordinated basis by substantially all of the Company's consolidated subsidiaries (including VR Acquisition, Inc., BCRP, Inc., Booth Creek Ski Holdings, Inc., Trimont Land Company, Northstar Commercial Properties, and Northstar Group Restaurant Properties LLC (collectively, "Northstar") which were non-guarantor subsidiaries under the 6.75% Senior Subordinated Notes ("6.75% Notes")) (collectively, and excluding Non-Guarantor Subsidiaries (as defined below), the "Guarantor Subsidiaries"), except for, Eagle Park Reservoir Company, Larkspur Restaurant & Bar, LLC, Black Diamond Insurance, Inc. and certain other insignificant entities (together, the "Non-Guarantor Subsidiaries"). APII and the Employee Housing Entities are included with the Non-Guarantor Subsidiaries for purposes of the consolidated financial information, but are not considered subsidiaries under the indenture governing the 6.50% Notes. Presented below is the consolidated financial information of the Parent Company, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries. Financial information for the Non-Guarantor Subsidiaries is presented in the column titled "Other Subsidiaries." Balance sheets are presented as of January 31, 2012, July 31, 2011, and January 31, 2011. Statements of operations are presented for the three and six months ended January 31, 2012 and 2011. Statements of cash flows are presented for the six months ended January 31, 2012 and 2011. In addition, as noted above, Northstar subsidiaries are Guarantor Subsidiaries under the 6.50% Notes, which under the 6.75% Notes these subsidiaries were Non-Guarantor Subsidiaries. As such, reclassifications for Northstar subsidiaries have been made to the financial information as of and for the three and six months ended January 31, 2011 to confirm to the current year presentation. For the three and six months ended January 31, 2011, the Company revised its presentation of reimbursed payroll costs from managed hotel properties from a net presentation to a gross presentation in its Consolidated Condensed Statements of Operations (see Note 2, Summary of Significant Accounting Policies) to conform to its current presentation. Total revenue and total operating expense in the statements of operations for the three and six months ended January 31, 2011 for the Guarantor Subsidiaries presented below have been revised to reflect this presentation. Investments in subsidiaries are accounted for by the Parent Company and Guarantor Subsidiaries using the equity method of accounting. Net income (loss) of Guarantor and Non-Guarantor Subsidiaries is, therefore, reflected in the Parent Company's and Guarantor Subsidiaries' investments in and advances to (from) subsidiaries. Net income (loss) of the Guarantor and Non-Guarantor Subsidiaries is reflected in Guarantor Subsidiaries and Parent Company as equity in consolidated subsidiaries. The elimination entries eliminate investments in Other Subsidiaries and intercompany balances and transactions for consolidated reporting purposes. Supplemental Condensed Consolidating Balance Sheet As of January 31, 2012 (in thousands) (Unaudited)
|  | Parent Company |  |  | 100% Owned Guarantor Subsidiaries |  |  | Other Subsidiaries |  |  | Eliminating Entries |  |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 88,164 |  |  | $ | 7,478 |  |  | $ | — |  |  | $ | 95,642 |
Restricted cash |  |  | — |  |  |  | 15,164 |  |  |  | 1,057 |  |  |  | — |  |  |  | 16,221 |
Trade receivables, net |  |  | — |  |  |  | 47,513 |  |  |  | 917 |  |  |  | — |  |  |  | 48,430 |
Inventories, net |  |  | — |  |  |  | 62,340 |  |  |  | 254 |  |  |  | — |  |  |  | 62,594 |
Other current assets |  |  | 31,801 |  |  |  | 24,847 |  |  |  | 350 |  |  |  | — |  |  |  | 56,998 |
Total current assets |  |  | 31,801 |  |  |  | 238,028 |  |  |  | 10,056 |  |  |  | — |  |  |  | 279,885 |
Property, plant and equipment, net |  |  | — |  |  |  | 1,010,430 |  |  |  | 47,500 |  |  |  | — |  |  |  | 1,057,930 |
Real estate held for sale and investment |  |  | — |  |  |  | 257,169 |  |  |  | — |  |  |  | — |  |  |  | 257,169 |
Goodwill, net |  |  | — |  |  |  | 268,058 |  |  |  | — |  |  |  | — |  |  |  | 268,058 |
Intangible assets, net |  |  | — |  |  |  | 72,041 |  |  |  | 18,155 |  |  |  | — |  |  |  | 90,196 |
Other assets |  |  | 7,620 |  |  |  | 33,826 |  |  |  | 4,551 |  |  |  | — |  |  |  | 45,997 |
Investments in subsidiaries |  |  | 1,718,870 |  |  |  | (4,657 | ) |  |  | — |  |  |  | (1,714,213 | ) |  |  | — |
Advances |  |  | (376,815 | ) |  |  | 381,611 |  |  |  | (4,796 | ) |  |  | — |  |  |  | — |
Total assets |  | $ | 1,381,476 |  |  | $ | 2,256,506 |  |  | $ | 75,466 |  |  | $ | (1,714,213 | ) |  | $ | 1,999,235 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | 6,579 |  |  | $ | 288,258 |  |  | $ | 6,636 |  |  | $ | — |  |  | $ | 301,473 |
Income taxes payable |  |  | 19,569 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19,569 |
Long-term debt due within one year |  |  | — |  |  |  | 850 |  |  |  | 208 |  |  |  | — |  |  |  | 1,058 |
Total current liabilities |  |  | 26,148 |  |  |  | 289,108 |  |  |  | 6,844 |  |  |  | — |  |  |  | 322,100 |
Long-term debt |  |  | 390,000 |  |  |  | 42,344 |  |  |  | 57,958 |  |  |  | — |  |  |  | 490,302 |
Other long-term liabilities |  |  | 28,105 |  |  |  | 206,184 |  |  |  | 1,340 |  |  |  | — |  |  |  | 235,629 |
Deferred income taxes |  |  | 129,962 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 129,962 |
Total Vail Resorts, Inc. stockholders' equity (deficit) |  |  | 807,261 |  |  |  | 1,718,870 |  |  |  | (4,657 | ) |  |  | (1,714,213 | ) |  |  | 807,261 |
Noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 13,981 |  |  |  | — |  |  |  | 13,981 |
Total stockholders' equity |  |  | 807,261 |  |  |  | 1,718,870 |  |  |  | 9,324 |  |  |  | (1,714,213 | ) |  |  | 821,242 |
Total liabilities and stockholders' equity |  | $ | 1,381,476 |  |  | $ | 2,256,506 |  |  | $ | 75,466 |  |  | $ | (1,714,213 | ) |  | $ | 1,999,235 |
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 (deficit) |  |  | 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 Balance Sheet As of January 31, 2011 (in thousands) (Unaudited)
|  | Parent Company |  |  | 100% Owned Guarantor Subsidiaries |  |  | Other Subsidiaries |  |  | Eliminating Entries |  |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 92,968 |  |  | $ | 4,283 |  |  | $ | — |  |  | $ | 97,251 |
Restricted cash |  |  | — |  |  |  | 15,142 |  |  |  | 758 |  |  |  | — |  |  |  | 15,900 |
Trade receivables, net |  |  | 450 |  |  |  | 53,917 |  |  |  | 756 |  |  |  | — |  |  |  | 55,123 |
Inventories, net |  |  | — |  |  |  | 54,348 |  |  |  | 238 |  |  |  | — |  |  |  | 54,586 |
Other current assets |  |  | 25,759 |  |  |  | 21,151 |  |  |  | 289 |  |  |  | — |  |  |  | 47,199 |
Total current assets |  |  | 26,209 |  |  |  | 237,526 |  |  |  | 6,324 |  |  |  | — |  |  |  | 270,059 |
Property, plant and equipment, net |  |  | — |  |  |  | 997,583 |  |  |  | 46,915 |  |  |  | — |  |  |  | 1,044,498 |
Real estate held for sale and investment |  |  | — |  |  |  | 281,699 |  |  |  | — |  |  |  | — |  |  |  | 281,699 |
Goodwill, net |  |  | — |  |  |  | 271,105 |  |  |  | — |  |  |  | — |  |  |  | 271,105 |
Intangible assets, net |  |  | — |  |  |  | 72,114 |  |  |  | 18,155 |  |  |  | — |  |  |  | 90,269 |
Other assets |  |  | 2,160 |  |  |  | 37,267 |  |  |  | 4,736 |  |  |  | — |  |  |  | 44,163 |
Investments in subsidiaries |  |  | 1,663,467 |  |  |  | (5,097 | ) |  |  | — |  |  |  | (1,658,370 | ) |  |  | — |
Advances |  |  | (320,369 | ) |  |  | 324,893 |  |  |  | (4,524 | ) |  |  | — |  |  |  | — |
Total assets |  | $ | 1,371,467 |  |  | $ | 2,217,090 |  |  | $ | 71,606 |  |  | $ | (1,658,370 | ) |  | $ | 2,001,793 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | 12,507 |  |  | $ | 296,271 |  |  | $ | 2,461 |  |  | $ | — |  |  | $ | 311,239 |
Income taxes payable |  |  | 23,355 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 23,355 |
Long-term debt due within one year |  |  | — |  |  |  | 2,511 |  |  |  | 197 |  |  |  | — |  |  |  | 2,708 |
Total current liabilities |  |  | 35,862 |  |  |  | 298,782 |  |  |  | 2,658 |  |  |  | — |  |  |  | 337,302 |
Long-term debt |  |  | 390,000 |  |  |  | 46,883 |  |  |  | 58,166 |  |  |  | — |  |  |  | 495,049 |
Other long-term liabilities |  |  | 29,203 |  |  |  | 207,958 |  |  |  | 1,615 |  |  |  | — |  |  |  | 238,776 |
Deferred income taxes |  |  | 109,963 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 109,963 |
Total Vail Resorts, Inc. stockholders' equity (deficit) |  |  | 806,439 |  |  |  | 1,663,467 |  |  |  | (5,097 | ) |  |  | (1,658,370 | ) |  |  | 806,439 |
Noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 14,264 |  |  |  | — |  |  |  | 14,264 |
Total stockholders' equity |  |  | 806,439 |  |  |  | 1,663,467 |  |  |  | 9,167 |  |  |  | (1,658,370 | ) |  |  | 820,703 |
Total liabilities and stockholders' equity |  | $ | 1,371,467 |  |  | $ | 2,217,090 |  |  | $ | 71,606 |  |  | $ | (1,658,370 | ) |  | $ | 2,001,793 |
Supplemental Condensed Consolidating Statement of Operations For the three months ended January 31, 2012 (in thousands) (Unaudited)
|  | Parent Company |  |  | 100% Owned Guarantor Subsidiaries |  |  | Other Subsidiaries |  |  | Eliminating Entries |  |  | Consolidated |
Total net revenue |  | $ | — |  |  | $ | 372,190 |  |  | $ | 4,324 |  |  | $ | (3,182 | ) |  | $ | 373,332 |
Total operating (income) expense |  |  | (187 | ) |  |  | 288,471 |  |  |  | 3,973 |  |  |  | (3,143 | ) |  |  | 289,114 |
Income from operations |  |  | 187 |  |  |  | 83,719 |  |  |  | 351 |  |  |  | (39 | ) |  |  | 84,218 |
Other expense, net |  |  | (6,686 | ) |  |  | (1,225 | ) |  |  | (360 | ) |  |  | 39 |  |  |  | (8,232 | )
Equity investment income, net |  |  | — |  |  |  | 178 |  |  |  | — |  |  |  | — |  |  |  | 178 |
(Loss) income before benefit (provision) for income taxes |  |  | (6,499 | ) |  |  | 82,672 |  |  |  | (9 | ) |  |  | — |  |  |  | 76,164 |
Benefit (provision) for income taxes |  |  | 2,535 |  |  |  | (32,278 | ) |  |  | — |  |  |  | — |  |  |  | (29,743 | )
Net (loss) income before equity in income (loss) of consolidated subsidiaries |  |  | (3,964 | ) |  |  | 50,394 |  |  |  | (9 | ) |  |  | — |  |  |  | 46,421 |
Equity in income (loss) of consolidated subsidiaries |  |  | 50,353 |  |  |  | (41 | ) |  |  | — |  |  |  | (50,312 | ) |  |  | — |
Net income (loss) |  |  | 46,389 |  |  |  | 50,353 |  |  |  | (9 | ) |  |  | (50,312 | ) |  |  | 46,421 |
Net income attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (32 | ) |  |  | — |  |  |  | (32 | )
Net income (loss) attributable to Vail Resorts, Inc. |  | $ | 46,389 |  |  | $ | 50,353 |  |  | $ | (41 | ) |  | $ | (50,312 | ) |  | $ | 46,389 |
Supplemental Condensed Consolidating Statement of Operations For the three months ended January 31, 2011 (in thousands) (Unaudited)
|  | Parent Company |  |  | 100% Owned Guarantor Subsidiaries |  |  | Other Subsidiaries |  |  | Eliminating Entries |  |  | Consolidated |
Total net revenue |  | $ | — |  |  | $ | 394,657 |  |  | $ | 3,872 |  |  | $ | (3,429 | ) |  | $ | 395,100 |
Total operating expense |  |  | 161 |  |  |  | 297,644 |  |  |  | 3,625 |  |  |  | (3,391 | ) |  |  | 298,039 |
(Loss) income from operations |  |  | (161 | ) |  |  | 97,013 |  |  |  | 247 |  |  |  | (38 | ) |  |  | 97,061 |
Other expense, net |  |  | (6,759 | ) |  |  | (1,391 | ) |  |  | (321 | ) |  |  | 38 |  |  |  | (8,433 | )
Equity investment income, net |  |  | — |  |  |  | 138 |  |  |  | — |  |  |  | — |  |  |  | 138 |
(Loss) income before benefit (provision) for income taxes |  |  | (6,920 | ) |  |  | 95,760 |  |  |  | (74 | ) |  |  | — |  |  |  | 88,766 |
Benefit (provision) for income taxes |  |  | 2,682 |  |  |  | (36,891 | ) |  |  | — |  |  |  | — |  |  |  | (34,209 | )
Net (loss) income before equity in income (loss) of consolidated subsidiaries |  |  | (4,238 | ) |  |  | 58,869 |  |  |  | (74 | ) |  |  | — |  |  |  | 54,557 |
Equity in income (loss) of consolidated subsidiaries |  |  | 58,789 |  |  |  | (80 | ) |  |  | — |  |  |  | (58,709 | ) |  |  | — |
Net income (loss) |  |  | 54,551 |  |  |  | 58,789 |  |  |  | (74 | ) |  |  | (58,709 | ) |  |  | 54,557 |
Net income attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (6 | ) |  |  | — |  |  |  | (6 | )
Net income (loss) attributable to Vail Resorts, Inc. |  | $ | 54,551 |  |  | $ | 58,789 |  |  | $ | (80 | ) |  | $ | (58,709 | ) |  | $ | 54,551 |
Supplemental Condensed Consolidating Statement of Operations For the six months ended January 31, 2012 (in thousands) (Unaudited)
|  | Parent Company |  |  | 100% Owned Guarantor Subsidiaries |  |  | Other Subsidiaries |  |  | Eliminating Entries |  |  | Consolidated |
Total net revenue |  | $ | — |  |  | $ | 489,224 |  |  | $ | 6,390 |  |  | $ | (5,909 | ) |  | $ | 489,705 |
Total operating (income) expense |  |  | (59 | ) |  |  | 488,737 |  |  |  | 7,015 |  |  |  | (5,832 | ) |  |  | 489,861 |
Income (loss) from operations |  |  | 59 |  |  |  | 487 |  |  |  | (625 | ) |  |  | (77 | ) |  |  | (156 | )
Other expense, net |  |  | (13,285 | ) |  |  | (2,508 | ) |  |  | (693 | ) |  |  | 77 |  |  |  | (16,409 | )
Equity investment income, net |  |  | — |  |  |  | 608 |  |  |  | — |  |  |  | — |  |  |  | 608 |
Loss before benefit for income taxes |  |  | (13,226 | ) |  |  | (1,413 | ) |  |  | (1,318 | ) |  |  | — |  |  |  | (15,957 | )
Benefit for income taxes |  |  | 5,579 |  |  |  | 1,065 |  |  |  | — |  |  |  | — |  |  |  | 6,644 |
Net loss before equity in loss of consolidated subsidiaries |  |  | (7,647 | ) |  |  | (348 | ) |  |  | (1,318 | ) |  |  | — |  |  |  | (9,313 | )
Equity in loss of consolidated subsidiaries |  |  | (1,673 | ) |  |  | (1,325 | ) |  |  | — |  |  |  | 2,998 |  |  |  | — |
Net loss |  |  | (9,320 | ) |  |  | (1,673 | ) |  |  | (1,318 | ) |  |  | 2,998 |  |  |  | (9,313 | )
Net income attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (7 | ) |  |  | — |  |  |  | (7 | )
Net loss attributable to Vail Resorts, Inc. |  | $ | (9,320 | ) |  | $ | (1,673 | ) |  | $ | (1,325 | ) |  | $ | 2,998 |  |  | $ | (9,320 | )
Supplemental Condensed Consolidating Statement of Operations For the six months ended January 31, 2011 (in thousands) (Unaudited)
|  | Parent Company |  |  | 100% Owned Guarantor Subsidiaries |  |  | Other Subsidiaries |  |  | Eliminating Entries |  |  | Consolidated |
Total net revenue |  | $ | — |  |  | $ | 636,351 |  |  | $ | 5,832 |  |  | $ | (5,926 | ) |  | $ | 636,257 |
Total operating expense |  |  | 325 |  |  |  | 602,451 |  |  |  | 6,526 |  |  |  | (5,850 | ) |  |  | 603,452 |
(Loss) income from operations |  |  | (325 | ) |  |  | 33,900 |  |  |  | (694 | ) |  |  | (76 | ) |  |  | 32,805 |
Other expense, net |  |  | (13,518 | ) |  |  | (2,079 | ) |  |  | (610 | ) |  |  | 76 |  |  |  | (16,131 | )
Equity investment income, net |  |  | — |  |  |  | 918 |  |  |  | — |  |  |  | — |  |  |  | 918 |
(Loss) income before benefit (provision) for income taxes |  |  | (13,843 | ) |  |  | 32,739 |  |  |  | (1,304 | ) |  |  | — |  |  |  | 17,592 |
Benefit (provision) for income taxes |  |  | 6,006 |  |  |  | (12,101 | ) |  |  | — |  |  |  | — |  |  |  | (6,095 | )
Net (loss) income before equity in income (loss) of consolidated subsidiaries |  |  | (7,837 | ) |  |  | 20,638 |  |  |  | (1,304 | ) |  |  | — |  |  |  | 11,497 |
Equity in income (loss) of consolidated subsidiaries |  |  | 19,365 |  |  |  | (1,273 | ) |  |  | — |  |  |  | (18,092 | ) |  |  | — |
Net income (loss) |  |  | 11,528 |  |  |  | 19,365 |  |  |  | (1,304 | ) |  |  | (18,092 | ) |  |  | 11,497 |
Net loss attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 31 |  |  |  | — |  |  |  | 31 |
Net income (loss) attributable to Vail Resorts, Inc. |  | $ | 11,528 |  |  | $ | 19,365 |  |  | $ | (1,273 | ) |  | $ | (18,092 | ) |  | $ | 11,528 |
Supplemental Condensed Consolidating Statement of Cash Flows For the six months ended January 31, 2012 (in thousands) (Unaudited)
|  | Parent Company |  |  | 100% Owned Guarantor Subsidiaries |  |  | Other Subsidiaries |  |  | Consolidated |
Net cash (used in) provided by operating activities |  | $ | (15,584 | ) |  | $ | 152,379 |  |  | $ | 594 |  |  | $ | 137,389 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  | — |  |  |  | (93,117 | ) |  |  | (69 | ) |  |  | (93,186 | )
Acquisition of business |  |  | — |  |  |  | 342 |  |  |  | — |  |  |  | 342 |
Other investing activities, net |  |  | — |  |  |  | (904 | ) |  |  | — |  |  |  | (904 | )
Net cash used in investing activities |  |  | — |  |  |  | (93,679 | ) |  |  | (69 | ) |  |  | (93,748 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings under long-term debt |  |  | — |  |  |  | 56,000 |  |  |  | — |  |  |  | 56,000 |
Payments of long-term debt |  |  | — |  |  |  | (56,186 | ) |  |  | (197 | ) |  |  | (56,383 | )
Repurchases of common stock |  |  | (7,869 | ) |  |  | — |  |  |  | — |  |  |  | (7,869 | )
Dividends paid |  |  | (10,801 | ) |  |  | — |  |  |  | — |  |  |  | (10,801 | )
Other financing activities, net |  |  | 912 |  |  |  | (373 | ) |  |  | 372 |  |  |  | 911 |
Advances |  |  | 33,342 |  |  |  | (33,342 | ) |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | 15,584 |  |  |  | (33,901 | ) |  |  | 175 |  |  |  | (18,142 | )
Net increase in cash and cash equivalents |  |  | — |  |  |  | 24,799 |  |  |  | 700 |  |  |  | 25,499 |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  |  | — |  |  |  | 63,365 |  |  |  | 6,778 |  |  |  | 70,143 |
End of period |  | $ | — |  |  | $ | 88,164 |  |  | $ | 7,478 |  |  | $ | 95,642 |
Supplemental Condensed Consolidating Statement of Cash Flows For the six months ended January 31, 2011 (in thousands) (Unaudited)
|  | Parent Company |  |  | 100% Owned Guarantor Subsidiaries |  |  | Other Subsidiaries |  |  | Consolidated |
Net cash provided by (used in) operating activities |  | $ | 35,263 |  |  | $ | 209,360 |  |  | $ | (918 | ) |  | $ | 243,705 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  | — |  |  |  | (61,873 | ) |  |  | (14 | ) |  |  | (61,887 | )
Acquisition of a business |  |  | — |  |  |  | (60,528 | ) |  |  | — |  |  |  | (60,528 | )
Other investing activities, net |  |  | — |  |  |  | (256 | ) |  |  | — |  |  |  | (256 | )
Net cash used in investing activities |  |  | — |  |  |  | (122,657 | ) |  |  | (14 | ) |  |  | (122,671 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings under long-term debt |  |  | — |  |  |  | 189,000 |  |  |  | — |  |  |  | 189,000 |
Payments of long-term debt |  |  | — |  |  |  | (225,880 | ) |  |  | (187 | ) |  |  | (226,067 | )
Other financing activities, net |  |  | 687 |  |  |  | (4,120 | ) |  |  | 1,972 |  |  |  | (1,461 | )
Advances |  |  | (35,950 | ) |  |  | 35,950 |  |  |  | — |  |  |  | — |
Net cash (used in) provided by financing activities |  |  | (35,263 | ) |  |  | (5,050 | ) |  |  | 1,785 |  |  |  | (38,528 | )
Net increase in cash and cash equivalents |  |  | — |  |  |  | 81,653 |  |  |  | 853 |  |  |  | 82,506 |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  |  | — |  |  |  | 11,315 |  |  |  | 3,430 |  |  |  | 14,745 |
End of period |  | $ | — |  |  | $ | 92,968 |  |  | $ | 4,283 |  |  | $ | 97,251 |

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- Definition Describes certain required disclosures when a company guarantee's payment obligations, the parent company need not include financial statements of the subsidiary guarantor if: 1) the guarantees are full and unconditional; 2) the guarantees are joint and several; and 3) the parent's financial statement footnotes include, condensed consolidating financial information for the same periods with a separate column for: i) the parent company; ii) the guarantor subsidiaries of the parent company on a combined basis; iii) any other subsidiaries of the parent company on a combined basis; iv) consolidating adjustments; and v) the total consolidated amounts. + References No definition available. + Details
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