Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Tables)

6 Months Ended

Jan. 31, 2012

Guarantor Subsidiaries And Non-Guarantor Subsidiaries [Abstract]

Supplemental Condensed Consolidating Balance Sheet

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

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

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