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Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Operating Leases, Future Minimum Payments Due, Next Twelve Months $ 50,284    
Finance Lease, Liability, Payments, Due in Next Rolling Twelve Months 37,253    
Operating Lease, Payments 64,724 $ 65,216 $ 59,818
Finance Lease, Right-of-Use Asset, Amortization 11,811 11,701 9,011
Finance Lease, Interest Expense 41,258 40,098 35,881
Operating Lease, Cost 46,613 45,385 43,295
Short-term Lease, Cost 22,434 22,759 15,614
Variable Lease, Cost 2,694 3,204 2,309
Operating Cash Outflows for Finance Leases $ 54,469 $ 54,788 37,573
Operating Lease, Weighted Average Discount Rate, Percent 5.80% 4.90%  
Finance Lease, Weighted Average Discount Rate, Percent 9.90% 9.90%  
Operating Leases, Future Minimum Payments, Due in Two Years $ 46,337    
Operating Leases, Future Minimum Payments, Due in Three Years 41,961    
Finance Lease, Liability, to be Paid, Year Four 37,644    
Operating Leases, Future Minimum Payments, Due in Four Years 36,095    
Finance Lease, Liability, to be Paid, Year Five 38,900    
Operating Leases, Future Minimum Payments, Due in Five Years 30,038    
Finance Lease, Liability, to be Paid, after Year Five 1,696,212    
Lessee, Operating Lease, Liability, to be Paid, after Year Five 166,347    
Lessee, Operating Lease, Liability, to be Paid 371,062    
Finance Lease, Liability, Payment, Due 1,885,103    
Lessee, Operating Lease, Liability, Undiscounted Excess Amount (104,986)    
Finance Lease, Liability, Undiscounted Excess Amount (1,467,013)    
Operating Lease, Liability 266,076    
Finance Lease, Liability 418,090    
Long-term Debt 2,787,638 $ 2,825,649  
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 106,501 30,342 23,190
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability $ 14,093 $ 39,114 $ 0
Operating Lease, Weighted Average Remaining Lease Term 11 years 9 years 2 months 12 days  
Finance Lease, Weighted Average Remaining Lease Term 36 years 37 years 7 months 6 days  
Finance Lease, Liability, to be Paid, Year Two $ 37,447    
Finance Lease, Liability, to be Paid, Year Three 37,647    
Current operating lease liability $ 32,611 $ 36,904  
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities Other Liabilities  
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Goodwill Goodwill  
Operating right-of-use assets (Note 4) $ 256,627 $ 192,289  
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,
202420232022
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,
202420232022
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, 2024July 31, 2023
Weighted-average remaining lease term (in years)
Operating leases11.09.2
Finance leases 36.037.6
Weighted-average discount rate
Operating leases5.8 %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 
202646,337 37,447 
202741,961 37,647 
202836,095 37,644 
202930,038 38,900 
Thereafter166,347 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%.
    
Minimum [Member]      
Lessee Operating And Finance Lease Term 1 year    
Maximum [Member]      
Lessee Operating And Finance Lease Term 70 years    
Canyons Obligation [Member]      
Long-term Debt $ 369,143 363,386  
Operating Lease, Right-of-Use Asset 81,900 90,200  
Finance Lease, Right-of-Use Asset, Accumulated Amortization 101,700 93,400  
Whistler Employee Housing Leases      
Long-term Debt 27,900 29,500  
Operating Lease, Right-of-Use Asset 25,700 27,500  
Finance Lease, Right-of-Use Asset, Accumulated Amortization 2,500 $ 1,100  
Northstar Resort Finance Leases      
Long-term Debt 12,800    
Operating Lease, Right-of-Use Asset 13,100    
Northstar [Member]      
Long-term Debt $ 75,700