Summary of Significant Accounting Policies (Tables)

3 Months Ended

Oct. 31, 2013

Schedule of Changes in Total Stockholders Equity

The following table summarizes the changes in total stockholders’ equity (in thousands):



	For the Three Months Ended October 31,
	2013									2012
	Vail Resorts Stockholders’ Equity			Noncontrolling Interests			Total Stockholders' Equity			Vail Resorts Stockholders’ Equity			Noncontrolling Interests			Total Stockholders' Equity
Balance, beginning of period	$	823,868		$	14,001		$	837,869		$	802,311		$	14,017		$	816,328
Net loss	(73,376		)	(61		)	(73,437		)	(60,580		)	(23		)	(60,603		)
Stock-based compensation expense	3,492			—			3,492			3,472			—			3,472
Issuance of shares under share award plans, net of shares withheld for taxes	(4,793		)	—			(4,793		)	(3,989		)	—			(3,989		)
Tax benefit from share award plans	2,843			—			2,843			3,592			—			3,592
Cash dividends paid on common stock	(7,489		)	—			(7,489		)	(6,729		)	—			(6,729		)
Contributions from noncontrolling interests, net	—			56			56			—			64			64
Foreign currency translation adjustments, net of tax	11			—			11			294			—			294
Balance, end of period	$	744,556		$	13,996		$	758,552		$	738,371		$	14,058		$	752,429

Summary Of Estimated Fair Value Of Financial Instruments

The estimated fair values of the 6.50% Notes, Canyons obligation, Industrial Development Bonds and other long-term debt as of October 31, 2013 are presented below (in thousands):



	October 31, 2013
	Carrying Value		Fair Value
6.50% Notes	$	390,000	$	415,350
Canyons obligation	$	307,706	$	307,706
Industrial Development Bonds	$	41,200	$	45,359
Other long-term debt	$	6,584	$	6,837