Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Tables)

9 Months Ended

Apr. 30, 2012

Guarantor Subsidiaries And Non-Guarantor Subsidiaries [Abstract]

Supplemental Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

As of April 30, 2012

(in thousands)

(Unaudited)


	Parent Company			100% Owned Guarantor Subsidiaries		Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—		$	138,001	$	9,109		$	—		$	147,110
Restricted cash		—			12,619		1,047			—			13,666
Trade receivables, net		—			62,390		2,743			—			65,133
Inventories, net		—			56,050		187			—			56,237
Other current assets		32,809			20,925		1,937			—			55,671

Total current assets		32,809			289,985		15,023			—			337,817

Property, plant and equipment, net		—			1,007,074		49,169			—			1,056,243
Real estate held for sale and investment		—			248,262		—			—			248,262
Goodwill, net		—			268,057		1,621			—			269,678
Intangible assets, net		—			74,327		19,388			—			93,715
Other assets		7,368			32,124		4,532			—			44,024
Investments in subsidiaries		1,857,590			2,147		—			(1,859,737	)		—
Advances		(381,351	)		387,860		(6,509	)		—			—

Total assets	$	1,516,416		$	2,309,836	$	83,224		$	(1,859,737	)	$	2,049,739

Current liabilities:
Accounts payable and accrued liabilities	$	12,852		$	205,081	$	6,114		$	—		$	224,047
Income taxes payable		19,005			—		—			—			19,005
Long-term debt due within one year		—			911		208			—			1,119

Total current liabilities		31,857			205,992		6,322			—			244,171
Long-term debt		390,000			41,799		57,958			—			489,757
Other long-term liabilities		28,105			204,455		1,363			—			233,923
Deferred income taxes		183,718			—		1,442			—			185,160
Total Vail Resorts, Inc. stockholders' equity		882,736			1,857,590		2,147			(1,859,737	)		882,736
Noncontrolling interests		—			—		13,992			—			13,992

Total stockholders' equity		882,736			1,857,590		16,139			(1,859,737	)		896,728

Total liabilities and stockholders' equity	$	1,516,416		$	2,309,836	$	83,224		$	(1,859,737	)	$	2,049,739

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 April 30, 2011

(in thousands)

(Unaudited)


	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—		$	162,982		$	5,614		$	—		$	168,596
Restricted cash		—			12,423			579			—			13,002
Trade receivables, net		450			45,189			778			—			46,417
Inventories, net		—			45,053			184			—			45,237
Other current assets		27,767			21,944			278			—			49,989

Total current assets		28,217			287,591			7,433			—			323,241

Property, plant and equipment, net		—			978,854			48,450			—			1,027,304
Real estate held for sale and investment		—			282,162			—			—			282,162
Goodwill, net		—			267,569			—			—			267,569
Intangible assets, net		—			73,130			18,155			—			91,285
Other assets		8,590			34,070			4,717			—			47,377
Investments in subsidiaries		1,800,382			(3,740	)		—			(1,796,642	)		—
Advances		(300,046	)		306,359			(6,313	)		—			—

Total assets	$	1,537,143		$	2,225,995		$	72,442		$	(1,796,642	)	$	2,038,938

Current liabilities:
Accounts payable and accrued liabilities	$	2,425		$	175,385		$	2,258		$	—		$	180,068
Income taxes payable		1,296			—			—			—			1,296
Long-term debt due within one year		43,937			1,223			197			—			45,357

Total current liabilities		47,658			176,608			2,455			—			226,721
Long-term debt		390,000			42,313			58,166			—			490,479
Other long-term liabilities		29,203			206,692			1,609			—			237,504
Deferred income taxes		184,373			—			—			—			184,373
Total Vail Resorts, Inc. stockholders' equity (deficit)		885,909			1,800,382			(3,740	)		(1,796,642	)		885,909
Noncontrolling interests		—			—			13,952			—			13,952

Total stockholders' equity		885,909			1,800,382			10,212			(1,796,642	)		899,861

Total liabilities and stockholders' equity	$	1,537,143		$	2,225,995		$	72,442		$	(1,796,642	)	$	2,038,938

Supplemental Condensed Consolidating Statement Of Operations

Condensed Consolidating Statement of Operations

For the three months ended April 30, 2012

(in thousands)

(Unaudited)


	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	417,945		$	6,225		$	(3,025	)	$	421,145
Total operating expense		98			277,907			5,721			(2,987	)		280,739

(Loss) income from operations		(98	)		140,038			504			(38	)		140,406
Other expense, net		(6,637	)		(1,514	)		(348	)		38			(8,461	)
Equity investment income, net		—			336			—			—			336

(Loss) income before benefit (provision) for income taxes		(6,735	)		138,860			156			—			132,281
Benefit (provision) for income taxes		2,626			(55,379	)		—			—			(52,753	)

Net (loss) income before equity in income of consolidated subsidiaries		(4,109	)		83,481			156			—			79,528
Equity in income of consolidated subsidiaries		83,678			197			—			(83,875	)		—

Net income		79,569			83,678			156			(83,875	)		79,528
Net loss attributable to noncontrolling interests		—			—			41			—			41

Net income attributable to Vail Resorts, Inc.	$	79,569		$	83,678		$	197		$	(83,875	)	$	79,569

Supplemental Condensed Consolidating Statement of Operations

For the three months ended April 30, 2011

(in thousands)

(Unaudited)


	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	420,759		$	4,250		$	(2,893	)	$	422,116
Total operating expense		5			281,496			3,975			(2,855	)		282,621

(Loss) income from operations		(5	)		139,263			275			(38	)		139,495
Other expense, net		(13,374	)		(1,325	)		(355	)		38			(15,016	)
Equity investment income, net		—			406			—			—			406

(Loss) income before benefit (provision) for income taxes		(13,379	)		138,344			(80	)		—			124,885
Benefit (provision) for income taxes		5,151			(53,196	)		—			—			(48,045	)

Net (loss) income before equity in income (loss) of consolidated subsidiaries		(8,228	)		85,148			(80	)		—			76,840
Equity in income (loss) of consolidated subsidiaries		85,095			(53	)		—			(85,042	)		—

Net income (loss)		76,867			85,095			(80	)		(85,042	)		76,840
Net loss attributable to noncontrolling interests		—			—			27			—			27

Net income (loss) attributable to Vail Resorts, Inc.	$	76,867		$	85,095		$	(53	)	$	(85,042	)	$	76,867

Supplemental Condensed Consolidating Statement of Operations

For the nine months ended April 30, 2012

(in thousands)

(Unaudited)


	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	907,169		$	12,615		$	(8,934	)	$	910,850
Total operating expense		39			766,644			12,736			(8,819	)		770,600

(Loss) income from operations		(39	)		140,525			(121	)		(115	)		140,250
Other expense, net		(19,922	)		(4,022	)		(1,041	)		115			(24,870	)
Equity investment income, net		—			944			—			—			944

(Loss) income before benefit (provision) for income taxes		(19,961	)		137,447			(1,162	)		—			116,324
Benefit (provision) for income taxes		8,206			(54,314	)		—			—			(46,108	)

Net (loss) income before equity in income (loss) of consolidated subsidiaries		(11,755	)		83,133			(1,162	)		—			70,216
Equity in income (loss) of consolidated subsidiaries, net		82,005			(1,128	)		—			(80,877	)		—

Net income (loss)		70,250			82,005			(1,162	)		(80,877	)		70,216
Net loss attributable to noncontrolling interests		—			—			34			—			34

Net income (loss) attributable to Vail Resorts, Inc.	$	70,250		$	82,005		$	(1,128	)	$	(80,877	)	$	70,250

Supplemental Condensed Consolidating Statement of Operations

For the nine months ended April 30, 2011

(in thousands)

(Unaudited)


	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	1,057,110		$	10,082		$	(8,819	)	$	1,058,373
Total operating expense		330			883,947			10,501			(8,705	)		886,073

(Loss) income from operations		(330	)		173,163			(419	)		(114	)		172,300
Other expense, net		(26,892	)		(3,404	)		(965	)		114			(31,147	)
Equity investment income, net		—			1,324			—			—			1,324

(Loss) income before benefit (provision) for income taxes		(27,222	)		171,083			(1,384	)		—			142,477
Benefit (provision) for income taxes		11,157			(65,297	)		—			—			(54,140	)

Net (loss) income before equity in income (loss) of consolidated subsidiaries		(16,065	)		105,786			(1,384	)		—			88,337
Equity in income (loss) of consolidated subsidiaries, net		104,460			(1,326	)		—			(103,134	)		—

Net income (loss)		88,395			104,460			(1,384	)		(103,134	)		88,337
Net loss attributable to noncontrolling interests		—			—			58			—			58

Net income (loss) attributable to Vail Resorts, Inc.	$	88,395		$	104,460		$	(1,326	)	$	(103,134	)	$	88,395

Supplemental Condensed Consolidating Statement Of Cash Flows

Supplemental

Condensed Consolidating Statement of Cash Flows

For the nine months ended April 30, 2012

(in thousands)

(Unaudited)


	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated
Net cash provided by operating activities	$	38,944		$	193,371		$	1,730		$	234,045
Cash flows from investing activities:
Capital expenditures		—			(107,779	)		(220	)		(107,999	)
Acquisition of businesses		—			(24,311	)		832			(23,479	)
Other investing activities, net		—			(944	)		—			(944	)

Net cash (used in) provided by investing activities		—			(133,034	)		612			(132,422	)
Cash flows from financing activities:
Proceeds from borrowings under other long-term debt		—			56,000			—			56,000
Payments of other long-term debt		—			(56,805	)		(197	)		(57,002	)
Payment of financing costs		(88	)		(140	)		—			(228	)
Repurchases of common stock		(7,869	)		—			—			(7,869	)
Dividends paid		(17,559	)		—			—			(17,559	)
Other financing activities, net		1,590			226			190			2,006
Advances		(15,018	)		15,018			—			—

Net cash (used in) provided by financing activities		(38,944	)		14,299			(7	)		(24,652	)

Effect of exchange rate changes on cash and cash equivalents		—			—			(4	)		(4	)

Net increase in cash and cash equivalents		—			74,636			2,331			76,967
Cash and cash equivalents:
Beginning of period		—			63,365			6,778			70,143

End of period	$	—		$	138,001		$	9,109		$	147,110

Supplemental Condensed Consolidating Statement of Cash Flows

For the nine months ended April 30, 2011

(in thousands)

(Unaudited)


	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated
Net cash provided by operating activities	$	27,933		$	262,213		$	1,199		$	291,345
Cash flows from investing activities:
Capital expenditures		—			(73,524	)		(45	)		(73,569	)
Acquisition of business		—			(60,528	)		—			(60,528	)
Other investing activities, net		—			(365	)		—			(365	)

Net cash used in investing activities		—			(134,417	)		(45	)		(134,462	)
Cash flows from financing activities:
Proceeds from borrowings under other long-term debt		—			189,000			—			189,000
Payments of other long-term debt		—			(226,518	)		(187	)		(226,705	)
Proceeds from borrowings under the 6.50% Notes		390,000			—			—			390,000
Payment of tender of 6.75% Notes		(346,063	)		—			—			(346,063	)
Payment of financing costs		(8,123	)		—			—			(8,123	)
Other financing activities, net		1,313			(3,671	)		1,217			(1,141	)
Advances		(65,060	)		65,060			—			—

Net cash (used in) provided by financing activities		(27,933	)		23,871			1,030			(3,032	)

Net increase in cash and cash equivalents		—			151,667			2,184			153,851
Cash and cash equivalents:
Beginning of period		—			11,315			3,430			14,745

End of period	$	—		$	162,982		$	5,614		$	168,596