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Income Taxes (Tables)

12 Months Ended

Jul. 31, 2014

Income Tax Disclosure [Abstract]

Components Of Deferred Tax Liabilities And Assets

Significant components of the Company’s deferred tax liabilities and assets are as follows (in thousands):

	July 31,
	2014			2013
Deferred income tax liabilities:
Fixed assets	$	154,874		$	150,697
Intangible assets	46,980			40,992
Real estate and other investments	—			—
Total	201,854			191,689
Deferred income tax assets:
Canyons obligation	18,481			17,614
Deferred membership revenue	19,643			19,383
Real estate and other investments	7,130			5,470
Deferred compensation and other accrued benefits	11,180			9,872
Stock-based compensation	15,309			14,199
Unfavorable lease obligation, net	12,995			14,189
Net operating loss carryforwards and other tax credits	3,984			3,565
Other, net	16,836			17,390
Total	105,558			101,682
Valuation allowance for deferred income taxes	(3,017		)	(3,062		)
Deferred income tax assets, net of valuation allowance	102,541			98,620
Net deferred income tax liability	$	99,313		$	93,069

Net Current And Non-Current Components Of Deferred Income Taxes

The net current and non-current components of deferred income taxes recognized in the Consolidated Balance Sheets are as follows (in thousands):

	July 31,
	2014			2013
Net current deferred income tax asset	$	29,249		$	25,190
Net non-current deferred income tax asset	—			—
Net non-current deferred income tax liability	128,562			118,259
Net deferred income tax liability	$	99,313		$	93,069

Components Of Provision (Benefit) For Income Taxes

Significant components of the provision (benefit) for income taxes are as follows (in thousands):

	Year Ended July 31,
	2014			2013			2012
Current:
Federal	$	8,082		$	25,753		$	1,407
State	1,565			3,991			51
Total current	9,647			29,744			1,458
Deferred:
Federal	5,470			(7,175		)	7,682
State	749			(950		)	1,561
Total deferred	6,219			(8,125		)	9,243
Provision for income taxes	$	15,866		$	21,619		$	10,701

Reconciliation Of Effective Income Tax Rate And Effective Rate From Continuing Operation

A reconciliation of the income tax provision from continuing operations and the amount computed by applying the United States Federal statutory income tax rate to income before income taxes is as follows:

	Year Ended July 31,
	2014		2013		2012
At U.S. Federal income tax rate	35.0	%	35.0	%	35.0	%
State income tax, net of Federal benefit	3.4	%	3.3	%	3.1	%
Nondeductible meals or entertainment	0.7	%	0.4	%	0.7	%
General business credits	(1.7	)%	(1.2	)%	(2.3	)%
Nondeductible compensation	—	%	—	%	2.2	%
Domestic production deduction	(1.4	)%	(1.2	)%	—	%
Other	—	%	0.2	%	0.8	%
	36.0	%	36.5	%	39.5	%

Reconciliation Of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits associated with uncertain tax positions, excluding associated deferred tax benefits and accrued interest and penalties, if applicable, is as follows (in thousands):

	Unrecognized Tax Benefits
Balance as of August 1, 2011	$	26,573
Additions based on tax positions related to the current year	—
Additions for tax positions of prior years	—
Reductions for tax positions of prior years	—
Lapse of statute of limitations	(302		)
Settlements	—
Balance as of July 31, 2012	$	26,271
Additions based on tax positions related to the current year	—
Additions for tax positions of prior years	—
Reductions for tax positions of prior years	—
Lapse of statute of limitations	(66		)
Settlements	—
Balance as of July 31, 2013	$	26,205
Additions based on tax positions related to the current year	21,082
Additions for tax positions of prior years	—
Reductions for tax positions of prior years	—
Lapse of statute of limitations	(314		)
Settlements	—
Balance as of July 31, 2014	$	46,973

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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