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Long-Term Debt | 6 Months Ended
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Jan. 31, 2014
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt as of January 31, 2014, July 31, 2013 and January 31, 2013 is summarized as follows (in thousands):
|  | Maturity (a) |  | January 31, 2014 |  | July 31, 2013 |  | January 31, 2013
Credit Facility Revolver |  | 2016 |  | $ | — |  |  | $ | — |  |  | $ | — |
Industrial Development Bonds |  | 2020 |  | 41,200 |  |  | 41,200 |  |  | 41,200 |
Employee Housing Bonds |  | 2027-2039 |  | 52,575 |  |  | 52,575 |  |  | 52,575 |
6.50% Notes |  | 2019 |  | 390,000 |  |  | 390,000 |  |  | 390,000 |
Canyons obligation (b) |  | 2063 |  | 309,093 |  |  | 306,320 |  |  | — |
Other |  | 2014-2029 |  | 6,416 |  |  | 6,827 |  |  | 6,528 |
Total debt |  |  |  | 799,284 |  |  | 796,922 |  |  | 490,303 |
Less: Current maturities (c) |  |  |  | 965 |  |  | 994 |  |  | 806 |
Long-term debt |  |  |  | $ | 798,319 |  |  | $ | 795,928 |  |  | $ | 489,497 |
(a) | Maturities are based on the Company’s July 31 fiscal year end.
(b) | On May 24, 2013, VR CPC Holdings, Inc. (“VR CPC”), a wholly-owned subsidiary of the Company entered into a transaction agreement (the "Transaction Agreement") with affiliate companies of Talisker Corporation ("Talisker") pursuant to which the parties entered into a master lease agreement (the "Lease") and certain ancillary transaction documents on May 29, 2013 related to the Canyons mountain resort (see Note 5, Acquisitions). The obligation at January 31, 2014 represents future fixed lease payments for the remaining initial lease term of 50 years (including annual increases at the floor of 2%) discounted using an interest rate of 10%, and includes accumulated accreted interest expense of $3.8 million.
(c) | Current maturities represent principal payments due in the next 12 months.
Aggregate maturities for debt outstanding as of January 31, 2014 reflected by fiscal year are as follows (in thousands):
| Total
2014 | $ | 733 |
2015 | 717 |
2016 | 266 |
2017 | 270 |
2018 | 271 |
Thereafter | 797,027 |
Total debt | $ | 799,284 |
The Company incurred gross interest expense of $16.2 million and $8.5 million for the three months ended January 31, 2014 and 2013, respectively, of which $0.5 million was amortization of deferred financing costs for both periods. The Company had no capitalized interest during the three months ended January 31, 2014 and 2013. The Company incurred gross interest expense of $32.3 million and $16.9 million for the six months ended January 31, 2014 and 2013, respectively, of which $1.0 million was amortization of deferred financing costs for both periods. The Company had no capitalized interest during the six months ended January 31, 2014 and 2013.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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