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Summary Of Significant Accounting Policies (Policy) | 6 Months Ended
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Jan. 31, 2012
Summary Of Significant Accounting Policies [Abstract] |
Consolidated Condensed Financial Statements | Consolidated Condensed Financial Statements — In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company's financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended July 31, 2011. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2011 was derived from audited financial statements.
Use Of Estimates | Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Revision Of Payroll Cost Reimbursement From Managed Hotel Properties | Revision of Payroll Cost Reimbursement from Managed Hotel Properties — Revenue from reimbursement of payroll costs relates to payroll costs of managed hotel properties where the Company is the employer. The reimbursements are based upon the costs incurred with no added margin; therefore, these revenues and corresponding expenses have no net effect on the Company's operating income (loss) or net income (loss). The Company previously reported prior to its fiscal year ended July 31, 2011, payroll cost reimbursement from managed hotel properties net of reimbursed payroll costs; however, as the Company is the employer at certain managed hotel properties, and thus the primary obligor, these amounts should be reported gross within the Lodging segment. The Company determined that the impact of these revisions was not material to the Consolidated Statements of Operations for all applicable prior interim and annual periods. For the three and six months ended January 31, 2012, revenue and expenses relating to reimbursed payroll costs were $5.5 million and $13.2 million, respectively. For the three and six months ended January 31, 2011, the Company revised its presentation of these reimbursed payroll costs from a net presentation to a gross presentation in its Consolidated Condensed Statements of Operations to conform to its current presentation. The effect of this change increased Lodging net revenue (as previously reported in the prior year's Form 10-Q) for the three and six months ended January 31, 2011 from $44.7 million and $89.1 million, respectively to $51.7 million and $102.8 million, respectively, with a corresponding increase in the Lodging operating expense (as previously reported in the prior year's Form 10-Q) for the three and six months ended January 31, 2011 from $43.8 million and $86.7 million, respectively to $50.8 million and $100.4 million, respectively. Additionally, previously reported quarterly financial data for the three and six months ended January 31, 2011 as presented in Note 10, Segment Information and Note 12, Guarantor Subsidiaries and Non-Guarantor Subsidiaries have been revised to reflect these revisions.
Noncontrolling Interests In Consolidated Financial Statements | Noncontrolling Interests in Consolidated Financial Statements — Net income (loss) attributable to noncontrolling interests along with net income (loss) attributable to the stockholders of the Company are reported separately in the Consolidated Condensed Statement of Operations. Additionally, noncontrolling interests in the consolidated subsidiaries of the Company are reported as a separate component of equity in the Consolidated Condensed Balance Sheet, apart from the Company's equity. The following table summarizes the changes in total stockholders' equity (in thousands):
|  | For the Six Months Ended January 31, |
|  | 2012 |  |  | 2011 |
|  | Vail Resorts Stockholders' Equity |  |  | Noncontrolling Interests |  |  | Total Equity |  |  | Vail Resorts Stockholders' Equity |  |  | Noncontrolling Interests |  |  | Total Equity |
Balance, beginning of period |  | $ | 829,723 |  |  | $ | 13,996 |  |  | $ | 843,719 |  |  | $ | 788,770 |  |  | $ | 13,617 |  |  | $ | 802,387 |
Net (loss) income |  |  | (9,320 | ) |  |  | 7 |  |  |  | (9,313 | ) |  |  | 11,528 |  |  |  | (31 | ) |  |  | 11, 497 |
Stock-based compensation expense |  |  | 6,820 |  |  |  | — |  |  |  | 6,820 |  |  |  | 6,437 |  |  |  | — |  |  |  | 6,437 |
Issuance of shares under share award plans, net of shares withheld for taxes |  |  | (2,219 | ) |  |  | — |  |  |  | (2,219 | ) |  |  | (358 | ) |  |  | — |  |  |  | (358 | )
Tax benefit from share award plans |  |  | 927 |  |  |  | — |  |  |  | 927 |  |  |  | 62 |  |  |  | — |  |  |  | 62 |
Cash dividends paid on common stock |  |  | (10,801 | ) |  |  | — |  |  |  | (10,801 | ) |  |  | — |  |  |  | — |  |  |  | — |
Repurchases of common stock |  |  | (7,869 | ) |  |  | — |  |  |  | (7,869 | ) |  |  | — |  |  |  | — |  |  |  | — |
(Distributions) Contributions to/from noncontrolling interests, net |  |  | — |  |  |  | (22 | ) |  |  | (22 | ) |  |  | — |  |  |  | 678 |  |  |  | 678 |
Balance, end of period |  | $ | 807,261 |  |  | $ | 13,981 |  |  | $ | 821,242 |  |  | $ | 806,439 |  |  | $ | 14,264 |  |  | $ | 820,703 |
Fair Value Instruments | Fair Value Instruments — The recorded amounts for cash and cash equivalents, trade receivables, other current assets, and accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under the Employee Housing Bonds (Note 4, Long-Term Debt) approximate book value due to the variable nature of the interest rate associated with that debt. The fair value of the 6.50% Senior Subordinated Notes due 2019 ("6.50% Notes") (Note 4, Long-Term Debt) is based on quoted market prices. The fair value of the Company's Industrial Development Bonds (Note 4, Long-Term Debt) and other long-term debt have been estimated using discounted cash flow analyses based on current borrowing rates for debt with similar remaining maturities and ratings. The estimated fair values of the 6.50% Notes, Industrial Development Bonds and other long-term debt as of January 31, 2012 are presented below (in thousands):
|  | January 31, 2012 |
|  | Carrying |  |  | Fair |
|  | Value |  |  | Value |
6.50% Notes |  | $ | 390,000 |  |  | $ | 401,700 |
Industrial Development Bonds |  | $ | 41,200 |  |  | $ | 47,340 |
Other long-term debt |  | $ | 7,585 |  |  | $ | 7,867 |

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