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Leases (Notes) | 12 Months Ended
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Jul. 31, 2024
Leases [Abstract] |
Cash Flow, Supplemental Disclosures [Text Block] | The following table presents the supplemental cash flow information associated with the Company’s leasing activities for the years ended July 31, 2024, 2023 and 2022 (in thousands):
| Year ended July 31,
| 2024 |  | 2023 |  | 2022
Cash flow supplemental information: |  |  |  |  |
Operating cash outflows for operating and short-term leases | $ | 64,724 |  |  | $ | 65,216 |  |  | $ | 59,818 |
Operating cash outflows for lease- and non-lease components of finance leases | $ | 54,469 |  |  | $ | 54,788 |  |  | $ | 37,573 |
Non-cash supplemental information: |  |  |  |  |
Operating ROU assets obtained in exchange for operating lease obligations | $ | 106,501 |  |  | $ | 30,342 |  |  | $ | 23,190 |
Finance ROU assets obtained in exchange for finance lease obligations | $ | 14,093 |  |  | $ | 39,114 |  |  | $ | — |
Lessee, Operating Leases | 4. Leases The Company’s operating leases consist primarily of resort land and land improvements, commercial and retail space, office space, employee residential units, vehicles and other equipment. The Company determines if an arrangement is or contains a lease at contract inception or modification. The Company’s lease contracts generally range from 1 year to approximately 70 years, with some lease contracts containing one or more lease extension options, exercisable at the Company’s discretion. The Company generally does not include these lease extension options in the initial lease term as it is not reasonably certain that it will exercise such options at contract inception. In addition, certain lease arrangements contain fixed and variable lease payments. The variable lease payments are primarily contingent rental payments based on: (i) a percentage of revenue related to the leased property; (ii) payments based on a percentage of sales over contractual levels; or (iii) lease payments adjusted for changes in an index or market value. These variable lease payments are typically recognized when the underlying event occurs and are included in operating expenses on the Company’s Consolidated Statements of Operations in the same line item as the expense arising from the respective fixed lease payments. The Company’s lease agreements may also include non-lease components, such as common area maintenance and insurance, which are accounted for separately. Future lease payments that are contingent or represent non-lease components are not included in the measurement of the operating lease liability. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. Lease expense related to lease payments is recognized on a straight-line basis over the term of the lease. The Company’s leases do not provide a readily determinable implicit rate. As a result, the Company measures the lease liability using an estimated incremental borrowing rate which is intended to reflect the rate of interest the Company would pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The Company applies the estimated incremental borrowing rates at a portfolio level based on the economic environment associated with the lease. The Company uses the long-lived assets impairment guidance to determine recognition and measurement of an ROU asset impairment, if any. The Company monitors for events or changes in circumstances that require a reassessment. The components of lease expense for the years ended July 31, 2024, 2023 and 2022 were as follows (in thousands):
| Year ended July 31,
| 2024 |  | 2023 |  | 2022
Finance leases: |  |  |  |  |
Amortization of the finance ROU assets | $ | 11,811 |  |  | $ | 11,701 |  |  | $ | 9,011 |
Interest on lease liabilities | $ | 41,258 |  |  | $ | 40,098 |  |  | $ | 35,881 |
Operating leases: |  |  |  |  |
Operating lease expense | $ | 46,613 |  |  | $ | 45,385 |  |  | $ | 43,295 |
Short-term lease expense (1) | $ | 22,434 |  |  | $ | 22,759 |  |  | $ | 15,614 |
Variable lease expense | $ | 2,694 |  |  | $ | 3,204 |  |  | $ | 2,309 |
(1) Short-term lease expense is attributable to leases with terms of 12 months or less and no ROU assets or lease liabilities are included within the Company’s Consolidated Balance Sheets. The following table presents the supplemental cash flow information associated with the Company’s leasing activities for the years ended July 31, 2024, 2023 and 2022 (in thousands):
| Year ended July 31,
| 2024 |  | 2023 |  | 2022
Cash flow supplemental information: |  |  |  |  |
Operating cash outflows for operating and short-term leases | $ | 64,724 |  |  | $ | 65,216 |  |  | $ | 59,818 |
Operating cash outflows for lease- and non-lease components of finance leases | $ | 54,469 |  |  | $ | 54,788 |  |  | $ | 37,573 |
Non-cash supplemental information: |  |  |  |  |
Operating ROU assets obtained in exchange for operating lease obligations | $ | 106,501 |  |  | $ | 30,342 |  |  | $ | 23,190 |
Finance ROU assets obtained in exchange for finance lease obligations | $ | 14,093 |  |  | $ | 39,114 |  |  | $ | — |
Weighted-average remaining lease terms and discount rates as of July 31, 2024 and 2023 are as follows:
| July 31, 2024 |  | July 31, 2023
Weighted-average remaining lease term (in years) |  |  |
Operating leases | 11.0 |  | 9.2
Finance leases | 36.0 |  | 37.6
Weighted-average discount rate |  |  |
Operating leases | 5.8 | % |  | 4.9 | %
Finance leases | 9.9 | % |  | 9.9 | %
Future fixed lease payments for operating and finance leases as of July 31, 2024 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):
| Operating Leases |  | Finance Leases
2025 | $ | 50,284 |  |  | $ | 37,253 |
2026 | 46,337 |  |  | 37,447 |
2027 | 41,961 |  |  | 37,647 |
2028 | 36,095 |  |  | 37,644 |
2029 | 30,038 |  |  | 38,900 |
Thereafter | 166,347 |  |  | 1,696,212 |
Total future minimum lease payments | 371,062 |  |  | 1,885,103 |
Less amount representing interest | (104,986) |  |  | (1,467,013) |
Total lease liabilities | $ | 266,076 |  |  | $ | 418,090 |
The current portion of operating lease liabilities of approximately $32.6 million and $36.9 million as of July 31, 2024 and 2023, respectively, is recorded within accounts payables and accrued liabilities in the accompanying Consolidated Balance Sheets. Finance lease liabilities are recorded within long-term debt, net in the accompanying Consolidated Balance Sheets. The Canyons finance lease obligation was $369.1 million and $363.4 million as of July 31, 2024 and 2023, respectively, which represents the estimated annual fixed lease payments for the remaining period of the initial 50 year term of the lease assuming annual increases at the floor of 2% and discounted using an interest rate of 10%. As of July 31, 2024 and 2023, respectively, the Company has recorded $81.9 million and $90.2 million of net finance lease ROU assets in connection with the Canyons lease, net of $101.7 million and $93.4 million of accumulated amortization, which is included within property, plant and equipment, net in the Company’s Consolidated Balance Sheets. The Whistler Blackcomb employee housing finance lease obligation was $27.9 million and $29.5 million as of July 31, 2024 and 2023, respectively, which represents the minimum lease payments for the remaining period of the initial 20 year term of the lease, net of amounts representing interest, discounted using an interest rate of 6.95%. As of July 31, 2024 and 2023, respectively, the Company has recorded $25.7 million and $27.5 million of net finance lease ROU assets in connection with these leases, net of $2.5 million and $1.1 million of accumulated amortization, which is included within property, plant and equipment, net in the Company’s Consolidated Balance Sheet. During the year ended July 31, 2024, the Company reassessed its lease agreements for the operations of Northstar Resort (“Northstar”), for which the initial lease terms expire in January 2027 and the agreements provide for three 10-year optional lease extensions. Prior to the year ended July 31, 2024, the Company had not determined that it was reasonably certain to exercise any of the optional lease extensions for Northstar and, accordingly, only the initial lease terms were considered in the measurement of the ROU assets and lease liabilities. During the year ended July 31, 2024, due to near-term operating decisions which would be influenced by the decision to extend the lease, the Company reassessed the lease extensions and determined that it was reasonably certain that it will exercise the first of its 10-year optional lease extensions at Northstar, and as a result, the Company recorded incremental operating ROU assets and operating lease liabilities of $75.7 million each. Additionally, the Company recorded finance lease ROU assets of $13.1 million and finance lease obligations of $12.8 million as of July 31, 2024, which represent the minimum lease payments for the remaining 13 year reassessed term of the lease, net of amounts representing interest, related to assets for which the Company determined that the remaining reassessed lease term represented a major part of the remaining economic life of such assets. As of the remeasurement date for the Northstar leases, the ROU assets and liabilities were discounted using an interest rate of 6.6%.

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- Definition The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//230/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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