10-K/A

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549FORM 10-K/A

Amendment No. 1

xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the fiscal year ended June 30, 2016

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number: 001-36286

Intrawest Resorts Holdings, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware	46-3681098
(State or Other Jurisdiction of	(I.R.S. Employer
Incorporation or Organization)	Identification No.)
1621 18th Street, Suite 300
Denver, Colorado	80202
(Address of Principal Executive Offices)	(Zip Code)
(303) 749-8200
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Name of each exchange on which registered
Common Stock, $0.01 par value	New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  o Yes   x No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934. o Yes   x No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    x  Yes    oNo

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    x  Yes    o  No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	o		Accelerated filer	x
Non-accelerated filer	o	(Do not check if a smaller reporting company)	Smaller reporting company	o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    o  Yes    x  No

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant, based on the closing price of $7.82 per share as reported on the New York Stock Exchange Composite Tape on December 31, 2015 (the last business day of the registrant’s most recently completed second fiscal quarter) was $99,295,201.

As of September 2, 2016, 39,770,271 shares of the registrant’s common stock were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s Definitive Proxy Statement for its 2016 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K, to be filed within 120 days of the registrant’s fiscal year ended June 30, 2016.

Explanatory Note

On September 8, 2016, Intrawest Resorts Holdings, Inc. (“we”, “us”, “our”, or the “Company”) filed an Annual Report on Form 10-K for the fiscal year ended June 30, 2016 (the “Original Form 10-K”). This Amendment No. 1 on Form 10-K/A (this “Amendment”) is being filed (i) to amend Part II, Item 9A of the Original Form 10-K to include the entire definition of disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and (ii) to correct the certifications of the Company’s Chief Executive Officer and Chief Financial Officer, which were filed as Exhibits 31.1 and 31.2, respectively, to the Original Form 10-K, to include certain required language with respect to internal control over financial reporting which was inadvertently omitted from the Original Form 10-K. There has been no change to the financial statements included in Part II, Item 8 hereof from those included in Part II, Item 8 of the Original Form 10-K.

Except as described above, this Amendment does not modify or update the disclosures presented in the Original Form 10-K or in the previously filed exhibits to the Original Form 10-K in any way. This Amendment speaks as of the date of the Original Form 10-K and does not reflect events occurring after the filing of the Original Form 10-K. As such, this Amendment should be read in conjunction with the Original Form 10-K, as well as any other filings made by the Company with the Securities and Exchange Commission (the “SEC”) pursuant to Section 13(a) or 15(d) of the Exchange Act subsequent to the filing of the Original Form 10-K.

1

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

INDEX TO FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm	3
Consolidated Financial Statements
Consolidated Balance Sheets as of June 30, 2016 and 2015	4
Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended June 30, 2016, 2015 and 2014	5
Consolidated Statements of Equity for the years ended June 30, 2016, 2015 and 2014	6
Consolidated Statements of Cash Flows for the years ended June 30, 2016, 2015 and 2014	8
Notes to Consolidated Financial Statements	10
Financial Statement Schedule
Schedule II - Valuation and Qualifying Accounts and Reserves	45

2

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders

Intrawest Resorts Holdings, Inc.:

We have audited the accompanying consolidated balance sheets of Intrawest Resorts Holdings, Inc. and subsidiaries as of June 30, 2016 and 2015, and the related consolidated statements of operations and comprehensive income (loss), equity, and cash flows for each of the years in the three‑year period ended June 30, 2016. In connection with our audits of the aforementioned consolidated financial statements, we also have audited the related consolidated financial statement schedule, Schedule II - Valuation and Qualifying Accounts and Reserves, for the years then ended. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Intrawest Resorts Holdings, Inc. and subsidiaries as of June 30, 2016 and 2015, and the results of their operations and their cash flows for each of the years in the three‑year period ended June 30, 2016, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, Schedule II - Valuation and Qualifying Accounts and Reserves, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

/s/ KPMG LLP

Denver, Colorado

September 8, 2016

3

INTRAWEST RESORTS HOLDINGS, INC.

Consolidated Balance Sheets

(In thousands, except per share data)

	June 30, 2016			June 30, 2015
Assets
Current assets:
Cash and cash equivalents	$	107,066		$	90,580
Restricted cash	12,475			10,018
Receivables, net of allowances of $831 and $717, respectively	36,660			36,176
Inventories	23,620			22,913
Prepaid expenses and other assets	21,081			21,701
Current assets held for sale	—			23,156
Total current assets	200,902			204,544
Property, plant and equipment, net	511,486			527,186
Real estate held for development	137,283			139,951
Intangible assets, net	50,226			56,501
Goodwill	105,981			106,469
Equity method investments	26,398			25,394
Other long-term assets, net	5,529			4,991
Long-term assets held for sale	—			29,959
Total assets	$	1,037,805		$	1,094,995
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities	$	64,869		$	62,890
Deferred revenue and deposits	67,937			62,441
Capital lease obligations due within one year	3,345			3,927
Long-term debt due within one year	497			6,919
Current liabilities held for sale	—			9,955
Total current liabilities	136,648			146,132
Deferred revenue and deposits	8,106			8,909
Long-term capital lease obligations	35,061			35,175
Long-term debt	537,295			566,922
Other long-term liabilities	60,660			60,121
Total liabilities	777,770			817,259
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock, $0.01 par value; 300,000 shares authorized; no shares issued and outstanding	—			—
Common stock, $0.01 par value; 2,000,000 shares authorized; 39,736 and 45,230 shares issued and outstanding, respectively	453			452
Treasury stock, at cost; 5,556 shares and 0 shares, respectively	(50,643		)	—
Additional paid-in capital	2,900,696			2,897,343
Accumulated deficit	(2,726,074		)	(2,766,947		)
Accumulated other comprehensive income	131,920			145,379
Total stockholders' equity	256,352			276,227
Noncontrolling interest	3,683			1,509
Total equity	260,035			277,736
Total liabilities and equity	$	1,037,805		$	1,094,995

See accompanying notes to consolidated financial statements.

4

INTRAWEST RESORTS HOLDINGS, INC.

Consolidated Statements of Operations and Comprehensive Income (Loss)

(In thousands, except per share data)

	Year Ended June 30,
	2016			2015			2014
Revenue	$	570,912		$	587,589		$	525,253
Operating expenses	474,453			492,917			452,202
Depreciation and amortization	60,123			59,076			55,413
(Gain) on sale of Intrawest Resort Club Group	(40,401		)	—			—
(Gain) loss on disposal of assets	(1,926		)	(2,280		)	267
Impairment of real estate and long-lived assets	—			—			871
Loss on remeasurement of equity method investment	—			1,454			—
Income from operations	78,663			36,422			16,500
Interest income	2,863			4,185			4,728
Interest expense on third party debt	(40,377		)	(43,891		)	(53,004		)
Interest expense on notes payable to affiliates	—			—			(119,858		)
Earnings (loss) from equity method investments	1,933			(3,810		)	(271		)
Loss on extinguishment of debt	—			(676		)	(35,480		)
Other income (expense), net	1,757			(1,231		)	(986		)
Income (loss) before income taxes	44,839			(9,001		)	(188,371		)
Income tax expense (benefit)	1,773			(3,902		)	677
Net income (loss)	43,066			(5,099		)	(189,048		)
Income attributable to noncontrolling interest	2,193			1,821			369
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	40,873		$	(6,920	)	$	(189,417	)
Weighted average shares of common stock outstanding:
Basic	43,236			45,099			43,132
Diluted	43,270			45,099			43,132
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. per share:
Basic	$	0.95		$	(0.15	)	$	(4.39	)
Diluted	$	0.94		$	(0.15	)	$	(4.39	)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$	43,066		$	(5,099	)	$	(189,048	)
Foreign currency translation adjustments	(12,081		)	(54,594		)	(4,040		)
Realized portion on cash flow hedge (net of tax of $0)	1,195			1,486			3,398
Actuarial gain (loss) on pensions (net of tax of $0)	(2,592		)	776			(3,631		)
Comprehensive income (loss)	29,588			(57,431		)	(193,321		)
Comprehensive income attributable to noncontrolling interest	2,174			1,833			430
Comprehensive income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	27,414		$	(59,264	)	$	(193,751	)

See accompanying notes to consolidated financial statements.

5

INTRAWEST RESORTS HOLDINGS, INC.

Consolidated Statements of Equity

(In thousands, except per share data)

	Year Ended June 30,
	2016			2015			2014
Equity Attributable to Partnership
General Partner
Balance at beginning of year	$	—		$	—		$	—
Balance at end of year	$	—		$	—		$	—
Limited Partners
Balance at beginning of year	$	—		$	—		$	(1,174,706	)
Net loss attributable from July 1, 2013 through December 8, 2013	—			—			(223,692		)
Contribution from affiliates	—			—			1,675
Restructuring transactions on December 9, 2013 (Note 1)	—			—			1,396,723
Balance at end of year	$	—		$	—		$	—
Total equity attributable to partnership	—			—			—
Equity attributable to shareholders of Intrawest Resorts Holdings, Inc.
Number of common shares outstanding
Balance at beginning of year	45,230			45,026			—
Restructuring transactions on December 9, 2013 (Note 1)	—			—			41,882
Issuance of common stock in initial public offering at $12.00 per share, net of issuance costs of $9,020	—			—			3,125
Shares issued under share-based compensation plan, net of shares withheld for employee taxes	62			204			19
Purchases of treasury stock	(5,556		)	—			—
Balance at end of year	39,736			45,230			45,026
Common stock
Balance at beginning of year	$	452		$	450		$	—
Restructuring transactions on December 9, 2013 (Note 1)	—			—			419
Issuance of common stock in initial public offering at $12.00 per share, net of issuance costs of $9,020	—			—			31
Shares issued under share-based compensation plan, net of shares withheld for employee taxes	1			2			—
Balance at end of year	$	453		$	452		$	450
Treasury stock
Balance at beginning of year	$	—		$	—		$	—
Purchases of treasury stock	(50,643		)	—			—
Balance at end of year	$	(50,643	)	$	—		$	—
Additional paid-in capital
Balance at beginning of year	$	2,897,343		$	2,894,072		$	—
Restructuring transactions on December 9, 2013 (Note 1)	—			—			2,864,320
Issuance of common stock in initial public offering at $12.00 per share, net of issuance costs of $9,020	—			—			28,449
Shares issued under share-based compensation plan, net of shares withheld for employee taxes	(510		)	(867		)	—
Share-based compensation	3,863			4,138			1,303
Balance at end of year	$	2,900,696		$	2,897,343		$	2,894,072

See accompanying notes to consolidated financial statements.

6

INTRAWEST RESORTS HOLDINGS, INC.

Consolidated Statements of Equity (Continued)

(In thousands, except per share data)

	Year Ended June 30,
	2016			2015			2014
Accumulated deficit
Balance at beginning of year	$	(2,766,947	)	$	(2,760,027	)	$	—
Restructuring transactions on December 9, 2013 (Note 1)	—			—			(2,794,304		)
Net income attributable from December 9, 2013 through June 30, 2014	—			—			34,277
Net income (loss)	40,873			(6,920		)	—
Balance at end of year	$	(2,726,074	)	$	(2,766,947	)	$	(2,760,027	)
Accumulated other comprehensive income
Balance at beginning of year	$	145,379		$	197,723		$	149,387
Restructuring transactions on December 9, 2013 (Note 1)	—			—			52,670
Other comprehensive income (loss):
Foreign currency translation adjustments	(12,062		)	(54,606		)	(4,101		)
Realized portion on cash flow hedge (net of tax of $0)	1,195			1,486			3,398
Actuarial gain (loss) on pensions (net of tax of $0)	(2,592		)	776			(3,631		)
Balance at end of year	$	131,920		$	145,379		$	197,723
Total equity attributable to shareholders of Intrawest Resorts Holdings, Inc.	$	256,352		$	276,227		$	332,218
Equity attributable to noncontrolling interest
Balance at beginning of year	$	1,509		$	(324	)	$	(754	)
Net loss attributable from July 1, 2013 through December 8, 2013	—			—			(577		)
Net income attributable from December 9, 2013 through June 30, 2014	—			—			946
Net income attributable to noncontrolling interest	2,193			1,821			—
Other comprehensive income (loss):
Foreign currency translation adjustments	(19		)	12			61
Total equity attributable to noncontrolling interest	$	3,683		$	1,509		$	(324	)

See accompanying notes to consolidated financial statements.

7

INTRAWEST RESORTS HOLDINGS, INC.

Consolidated Statements of Cash Flows

(In thousands)

	Year Ended June 30,
	2016			2015			2014
Cash provided by (used in):
Operating activities:
Net income (loss)	$	43,066		$	(5,099	)	$	(189,048	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	60,123			59,076			55,413
Gain on sale of Intrawest Resort Club Group	(40,401		)	—			—
Transaction costs related to sale of Intrawest Resort Club Group	(4,679		)	—			—
Impairment of real estate and long-lived assets	—			—			871
Loss on remeasurement of equity method investment	—			1,454			—
(Earnings) loss from equity method investments	(1,933		)	3,810			271
Dividends from equity method investments	1,162			—			1,726
Deferred income taxes	70			(3,786		)	105
Provision for doubtful accounts	434			187			1,584
Loss on extinguishment of debt	—			676			35,480
Amortization of deferred financing costs, facility fees, and discount	3,573			3,154			5,534
Non-cash changes to accumulated other comprehensive income	(1,397		)	2,262			(233		)
Share-based compensation	3,863			4,138			1,303
(Gain) loss on disposal of equity method investments and assets	(1,926		)	(2,280		)	267
Accrued interest on notes payable to affiliates	—			—			119,858
Funding of pension plans	(3,089		)	(3,011		)	(1,101		)
Changes in assets and liabilities, net of business acquisitions:
Restricted cash	(2,511		)	2,392			2,170
Receivables	2,187			1,094			(420		)
Inventories	(3,182		)	(1,078		)	(5,935		)
Prepaid expenses and other assets	(116		)	2,334			(1,416		)
Real estate held for development	985			2,690			10,499
Accounts payable and accrued liabilities	3,343			(570		)	3,035
Deferred revenue and deposits	5,609			11,694			2,921
Net cash provided by operating activities	65,181			79,137			42,884
Investing activities:
Capital expenditures	(51,079		)	(41,873		)	(45,242		)
Proceeds from sale of Intrawest Resorts Club Group	84,613			—			—
Acquisition of businesses, net of cash received	—			(41,467		)	(2,524		)
Purchase of land for development	—			—			(2,941		)
Contributions to equity method investments	(575		)	(4,115		)	(3,751		)
Distributions of capital from equity method investments	150			—			—
Proceeds from the sale of long-lived assets	4,340			3,436			772
Proceeds from insurance reimbursements	1,951			1,415			—
Net cash provided by (used in) investing activities	39,400			(82,604		)	(53,686		)
See accompanying notes to consolidated financial statements.

8

INTRAWEST RESORTS HOLDINGS, INC.

Consolidated Statements of Cash Flows (Continued)

(In thousands)

	Year Ended June 30,
	2016			2015			2014
Financing activities:
Proceeds from issuance of long-term debt	—			59,925			534,600
Repayments of bank and other borrowings	(42,286		)	(11,323		)	(588,251		)
Purchase of treasury stock	(50,643		)	—			—
Net proceeds from initial public offering	—			—			28,480
Financing costs paid	(1,640		)	(2,773		)	(16,950		)
Contributions from affiliates	—			—			49,984
Net cash (used in) provided by financing activities	(94,569		)	45,829			7,863
Effect of exchange rate changes on cash	6,474			(7,802		)	(816		)
Increase (decrease) in cash and cash equivalents	16,486			34,560			(3,755		)
Cash and cash equivalents, beginning of year	90,580			56,020			59,775
Cash and cash equivalents, end of year	$	107,066		$	90,580		$	56,020
Supplemental information:
Cash paid for interest	$	31,348		$	34,633		$	40,958
Cash paid for income taxes	$	2,349		$	1,131		$	279
Non-cash investing and financing activities
Property, plant and equipment received not invoiced	$	1,302		$	2,838		$	—
Property, plant and equipment financed by capital lease obligations	$	270		$	107		$	19,565
Exchange of Tranche B Term Loans and Affiliate Loans for equity interest	$	—		$	—		$	1,471,627

See accompanying notes to consolidated financial statements.

9

INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

10

INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

1. Formation and Business

Formation of the Company

Intrawest Resorts Holdings, Inc. is a Delaware corporation that was formed on August 30, 2013, and had not, prior to the completion of the restructuring transactions in which it acquired substantially all of the assets, liabilities and operations of Intrawest Cayman L.P. (the "Partnership"), which is described below under “Restructuring”, conducted any activities other than those incident to its formation for the preparation of its initial public offering, which was consummated on February 5, 2014. The Partnership was formed on February 22, 2007 as a holding company that operated through various subsidiaries primarily engaged in the operation of mountain resorts, adventure, and real estate businesses, principally throughout North America.

Unless the context suggests otherwise, references in the notes to consolidated financial statements to the “Company”, “our”, “us”, or “we” refer to the Partnership and its consolidated subsidiaries prior to the consummation of the restructuring transactions described below under “Restructuring” and to Intrawest Resorts Holdings, Inc. and its consolidated subsidiaries after the consummation of the restructuring transactions described below under “Restructuring”.

Business Operations

The Company conducts business through three segments: Mountain, Adventure and Real Estate. The Mountain segment includes the Company's mountain resort and lodging operations at Steamboat Ski & Resort (“Steamboat”) and Winter Park Resort (“Winter Park”) in Colorado, Stratton Mountain Resort (“Stratton”) in Vermont, Snowshoe Mountain Resort (“Snowshoe”) in West Virginia, Mont Tremblant Resort (“Tremblant”) in Quebec, and Blue Mountain Ski Resort (“Blue Mountain”) in Ontario, of which the Company owned a 50.0% equity interest for all relevant periods prior to the Company's acquisition of the remaining 50.0% equity interest on September 19, 2014 (the "Blue Mountain Acquisition"). The Mountain segment derives revenue mainly from sales of lift products, lodging, ski school services, retail and rental merchandise, food and beverage, and other ancillary services.

The Adventure segment includes Canadian Mountain Holidays (“CMH”), which provides helicopter accessed skiing, mountaineering and hiking at eleven lodges in British Columbia, Canada. In support of CMH’s operations, the Company owns a fleet of 36 Bell helicopters that are also used in the off-season for fire suppression activities and other commercial uses in the United States and Canada. The Company's subsidiary, Alpine Aerotech L.P., provides helicopter maintenance, repair and overhaul services to the Company’s fleet of helicopters as well as to aircraft owned by unaffiliated third parties.

The Real Estate segment is comprised of Intrawest Hospitality Management, Inc. (“IHM”), which principally manages condominium hotel properties in Maui, Hawaii and Mammoth Lakes, California, Playground, a residential real estate sales and marketing business, the Company’s 50.0% interest in Mammoth Hospitality Management L.L.C., the Company's 57.1% economic interest in Chateau M.T. Inc. ("Chateau") and included Intrawest Resort Club Group ("IRCG"), a vacation club business, until the business was sold on January 29, 2016. The Real Estate segment is also comprised of real estate development activities and includes costs associated with these activities, such as planning activities and land carrying costs. 

Restructuring

On December 9, 2013, the Company was party to a series of transactions in which the Partnership caused its indirect subsidiaries to contribute 100% of their equity interest in both Intrawest U.S. Holdings Inc., a Delaware corporation (“Intrawest U.S.”), and Intrawest ULC, an unlimited liability company organized under the laws of the Province of Alberta (“Intrawest ULC”), to an indirect subsidiary of the Company. Concurrently, $1.1 billion of notes payable to affiliates, including $723.8 million of accrued and unpaid interest thereon, were exchanged for 42,999,900 shares of the Company's common stock (or 41,881,903 shares after giving effect to the 0.974-for-1 reverse stock split) and subsequently canceled. The Company's subsidiaries were released from all obligations, including guarantor obligations, in respect of an additional $355.6 million of notes payable to affiliates (the "Third Lien Loan"), including $145.6 million of accrued and unpaid interest thereon. These transactions are collectively referred to as the “Restructuring”. The accompanying consolidated statements of operations include interest expense related to the notes payable to affiliates of $119.9 million for the year ended June 30, 2014.

11

INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

The Restructuring was accounted for as a transaction among entities under common control as Intrawest Resorts Holdings, Inc. and the Partnership was and continue to be under the common control of entities managed or controlled by Fortress Investment Group, LLC, (collectively “Fortress”). After the Restructuring and the completion of the Company's initial public offering in February 2014, Fortress beneficially owned 60.1% of the voting and economic equity interest of the Company. As of June 30, 2016, Fortress beneficially owned approximately 68.0% of the Company's outstanding shares. The Company is the parent holding company of the businesses conducted by Intrawest U.S. and Intrawest ULC and their respective subsidiaries. Due to the entities being under common control, the assets, liabilities and equity contributed to the Company were recorded at their historical carrying values on the consolidated balance sheet. The accompanying consolidated statements of operations include the historical results of the Partnership combined with the results of the Company since the Restructuring. The consolidated statements of equity include $2.8 billion of accumulated net losses attributable to the partners, which were converted to and reflected as an accumulated deficit of the Company. The historical contributed capital from partners of $1.4 billion, combined with the debt to equity conversion from the Restructuring was converted to and reflected as additional paid-in capital (“APIC”). The consolidated statement of cash flows for the year ended 2014 reflects the activity of the historical Partnership balances combined with those of the Company since the Restructuring. As a result of the Restructuring, the accompanying consolidated balance sheet as of June 30, 2014 reflects the removal of approximately $4.1 million in total assets as the European operations of the Partnership were not contributed to the Company in connection with the Restructuring. In addition, the accompanying consolidated balance sheet as of June 30, 2014 reflects an additional $1.5 billion of APIC related to the conversion of the $1.1 billion of affiliate debt and the removal of the principal balance and accrued and unpaid interest of the Third Lien Loan.

2. Significant Accounting Policies

Basis of Presentation and Use of Estimates

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during each reporting period. Actual results could differ from those estimates. Certain previously reported amounts have been reclassified to conform to the current period financial statement presentation.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and a variable interest entity ("VIE") for which the Company is the primary beneficiary. All significant intercompany transactions are eliminated in consolidation. Investments in which the Company does not have a controlling interest or is not the primary beneficiary, but over which the Company is able to exercise significant influence, are accounted for under the equity method. Under the equity method, the original cost of the investment is adjusted for the Company’s share of post-acquisition earnings or losses increased by contributions less distributions received.

The Company owns a 20.0% equity interest in Alpine Helicopters, Inc. ("Alpine Helicopters"). Alpine Helicopters employs all the pilots that fly the helicopters supporting CMH operations. Alpine Helicopters leases 100% of its helicopters from Intrawest ULC, a consolidated subsidiary of the Company, creating economic dependence and therefore giving Intrawest ULC a variable interest in Alpine Helicopters. Alpine Helicopters is a VIE for which the Company is the primary beneficiary and is consolidated in the accompanying consolidated financial statements. The remaining 80.0% equity interest in Alpine Helicopters is held by a trust for the benefit of the employees of Alpine Helicopters and is reflected as a noncontrolling interest in the accompanying consolidated financial statements. As of June 30, 2016, Alpine Helicopters had total assets of $11.5 million and total liabilities of $5.0 million.

On September 19, 2014 (the "Acquisition Date"), the Company acquired the remaining 50.0% equity interest in Blue Mountain that the Company did not already own from Blue Mountain Resorts Holdings Inc. (“Blue Mountain Holdings”) as described in Note 3, "Acquisitions and Dispositions". The accompanying consolidated financial statements reflect the Company's equity method investment in Blue Mountain prior to the Blue Mountain Acquisition and the consolidated results for the period from the Acquisition Date through June 30, 2016.

On January 29, 2016 (the "Disposition Date"), the Company, through its wholly owned indirect subsidiaries, Intrawest U.S. Holdings Inc. and Intrawest ULC, entered into a definitive agreement (the “Purchase Agreement”) to sell IRCG to Diamond Resorts Corporation (the “Purchaser”) and Diamond Resorts International, Inc. (together with the Purchaser, “Diamond”) as described in Note 3, "Acquisitions and Dispositions". The results of IRCG were included in the Company's consolidated financial statements until the Disposition Date. Subsequent to the Disposition Date, IRCG was no longer consolidated in the Company's consolidated financial statements.

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

Cash and Cash Equivalents

Cash and cash equivalents are held in highly liquid investments, primarily demand deposit accounts with highly rated U.S. and Canadian financial institutions, with remaining terms to maturity of three months or less at acquisition.

Restricted Cash

Restricted cash is comprised primarily of deposits to settle future claims related to self-insurance. Additionally, restricted cash includes guest lodging deposits in jurisdictions that require down payments or deposits to be retained in a trust account, and deposits to secure certain letters of credit.

Receivables

Trade receivables are recorded in the normal course of business related to the sale of products or services and presented net of an allowance for doubtful accounts. In the determination of the allowance, the Company considers specific accounts, accounts receivable aging reports, customer past repayment history, the economic environment, and other factors that could affect collectability. Write-offs are evaluated on a case by case basis.

Interest income on notes receivables is recognized on an accrual basis when earned. Interest income was $2.9 million, $4.2 million and $4.7 million for the years ended June 30, 2016, 2015 and 2014, respectively.

Inventories

Inventories consisting of retail goods, food and beverage products are recorded at the lower of cost or net realizable value, determined using the weighted-average cost method. The Company records an estimate for shrinkage and obsolete or unusable inventory. Aviation part inventories are recorded at the lower of cost or net realizable value, determined using the specific identification method.

Vacation points inventories are stated at the lower of cost or market value less cost to sell. Inventory costs are allocated to cost of point sales using a method that approximates the relative sales value method. The Company periodically reviews the carrying value of the inventory for impairment.

Property, Plant and Equipment

Property, plant and equipment is recorded at cost less accumulated depreciation less any impairment loss. Repairs and maintenance are expensed as incurred. Expenditures that improve the service capacity or extend the useful life of an asset are capitalized. When property, plant and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income (loss). Depreciation is calculated using the straight-line method over the estimated useful life of each asset. The estimated useful lives of each asset category are as follows:

Asset Category	Estimated Life in Years
Buildings and building improvements	5-40
Ski lifts and area improvements	5-30
Automotive, helicopters and other equipment	2-20
Golf course improvements	20

Certain buildings, area improvements and equipment are located on leased or licensed land and are amortized over the lesser of the lease or license term or the assets' estimated useful life.

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

Real Estate Held for Development

Real estate held for development is recorded at the lower of cost or net realizable value. Land and infrastructure development costs include all expenditures incurred in connection with the acquisition, development and construction of real estate. These expenditures consist of all direct costs, interest on specific debt, interest on total costs financed by the Company's pooled debt and property taxes during the development period. The Company expenses costs directly related to the acquisition of new real estate properties and resort businesses. Costs incurred in connection with operating properties classified as real estate held for development, including indirect and general and administrative overhead costs, are recorded to operating expenses when incurred. Sales commission expenses are recorded in the same period that the related revenue is recorded.

Real estate held for development is reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of a particular real estate property exceeds the estimated net realizable value. The Company recorded an impairment charge of $0.6 million in the year ended June 30, 2014 primarily related to legacy and non-core operations. The Company did not incur comparable charges in either of the years ended June 30, 2016 or 2015.

Goodwill and Intangible Assets

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is not amortized, but is tested for impairment annually as of June 30th and at any time when events or circumstances suggest impairment may have occurred. The Company has reporting units with allocated goodwill in both the Mountain and Real Estate segments.

The testing for impairment consists of a comparison of the fair value of the reporting unit with its carrying amount. If the carrying amount of the reporting unit, including goodwill, exceeds the fair value, an impairment will be recognized equal to the difference between the carrying value of the reporting unit goodwill and the implied fair value of the goodwill. In testing goodwill for impairment, the Company determines the estimated fair value of its reporting units based upon a discounted future cash flow analysis.

Goodwill is the Company's only indefinite-lived intangible asset. Definite-lived intangible assets are amortized using the straight line method over the shorter of their contractual term or estimated useful lives.

The Company's major finite-lived intangible asset categories and estimated useful lives are as follows:

Intangible Asset Category	Estimated Life in Years
Permits and licenses	20-45
Trademarks and trade names	10-20
Customer relationships	4-8
Other	8-20

Long-lived Assets

The Company evaluates potential impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. An impairment will be recognized as the amount by which the carrying amount of a long-lived asset exceeds its fair value.

Deferred Revenue and Deposits

Deferred revenue and deposits are comprised primarily of season pass revenue, lodging and tour deposits, deposits on real estate sales and mountain club initiation deposits. Deferred revenue relating to the sale of season passes is recognized throughout the season based on historical usage patterns. Lodging and tour deposits deferred revenue is recognized when the related service is provided. Deferred revenue relating to real estate deposits is recognized upon closing of the sale or upon fulfillment of any future obligations. Deferred revenue relating to mountain club initiation deposits is recognized on a straight-line basis over the estimated life of the club.

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

Self-Insured Liabilities

The Company has a policy of self-insuring when the expected losses from self-insurance are low relative to the cost of purchasing third-party insurance at various deductible levels. The self-insurance program includes workers’ compensation benefits in the United States and medical, property, automobile and general liability coverage in the United States and Canada. An accrual for self-insured liabilities is recorded based on management’s best estimate of the ultimate cost to settle claims considering historical claims experience, claims filed and the advice of actuaries and plan administrators.

Liabilities for insurance-related assessments are not discounted. As of June 30, 2016 and 2015, $1.9 million and $1.6 million of the liability balances are included in accounts payable and accrued liabilities, respectively, on the consolidated balance sheets and $8.2 million and $6.5 million, respectively, are included in other long-term liabilities.

Revenue Recognition

The Company earns revenue from a variety of sources. Revenue is recognized when the following criteria have been met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the fee is fixed or determinable and the collection of funds is reasonably assured. The following describes revenue recognition for the Company's three segments:

(i) Mountain segment revenue is derived from a wide variety of sources, including sales of lift products (including season passes), ski school operations, retail sales, equipment rentals, lodging operations and food and beverage operations. Persuasive evidence is obtained and collection of funds is assured through cash transactions or credit card validation at the point of sale. Revenue is recognized as goods are delivered or services are performed. Season pass revenue, although primarily collected prior to the ski season, is recognized in our consolidated financial statements during the ski season based on the estimated average number of visits by season pass holders in each month during the ski season, which is based on historical three-year average visitation by season pass holders at our resorts. Frequency product revenue is recognized as used, and unused portions are recognized based on the prior three-year average usage for each frequency product.

(ii) Adventure segment revenue is derived from a variety of sources, primarily from all-inclusive packages for stays and tours for helicopter accessed skiing, mountaineering and hiking at Company owned and leased lodges, as well as ancillary revenue from helicopter maintenance, repair, and overhaul services, leasing, and off-season fire suppression services. Revenue is recognized as goods are delivered or services are performed. For CMH adventure vacation packages, payments in advance are recognized as revenue as goods are delivered or services are performed.

(iii) The Real Estate segment earns revenue from IHM and Playground, as well as from IRCG prior to the Disposition Date. IHM generates revenue from managing rental operations at the Honua Kai Resort and Spa in Maui, Hawaii and the Westin Monache Resort in Mammoth Lakes, California. Playground earns revenue from the commissions on the sales of real estate. The Company also manages commercial real estate for owned properties and third parties. IRCG generated revenue from the sale of vacation points, management of properties for Club Intrawest, an unaffiliated, not-for-profit entity, management of a private exchange company, and income on the receivables portfolio. Vacation points revenue associated with membership in the vacation ownership business of IRCG was recognized when the purchaser paid the amount due on closing, all contract documentation had been executed and all other significant conditions of sale were met. The Company followed real estate time-sharing accounting principles, which set out specific guidelines for assessing whether the buyer’s initial and continuing investments were adequate to demonstrate a commitment to pay for the property. Such a demonstration was required for the seller of a time-sharing arrangement to recognize profit by the full accrual method. Sales were recorded upon closing when profitability could be determined and collectability could be reasonably assured. Buyers could finance a portion of the sales price through nonrecourse loans.

Commission revenue from brokerage operations for the Company owned real estate is included in Real Estate revenue and is recognized at the time an offer of sale is closed by the purchaser or all other contractual obligations have been satisfied. Commission revenue for third-party projects from real estate brokerage operations is included in Real Estate revenue and is recognized when the deal's listing agreement is executed.

Advertising Costs

The Company expenses advertising costs at the time such advertising occurs. Advertising costs are classified in operating expenses on the consolidated statements of operations and were $17.0 million, $17.4 million and $16.5 million for the years ended June 30, 2016, 2015 and 2014, respectively.

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

Income Taxes

Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between tax basis of assets and liabilities and book basis reported in the consolidated balance sheets and for operating loss and tax credit carryforwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to the tax provision or benefit in the period of enactment. To the extent that it is considered to be more likely than not that some or all of the deferred tax assets will not be realized, a valuation allowance is provided.

The Company recognizes accrued interest related to uncertain tax positions as a component of income tax expense. Penalties, if incurred, are recorded in operating expenses in the consolidated statements of operations.

Foreign Currency

The consolidated financial statements are presented in United States dollars (“USD”). The Company’s Canadian subsidiaries generally have the Canadian dollar (“CAD”) as their functional currency.

The accounts of entities where the USD is not the functional currency are translated into USD using the exchange rate in effect at the balance sheet date for asset and liability amounts and at the monthly average rate in effect for the period for amounts included in the determination of income. Cumulative unrealized gains or losses arising from the translation of the financial position of these subsidiaries into USD are included in equity as a component of accumulated other comprehensive income (loss) (“AOCI”).

Exchange gains or losses arising from transactions that are denominated in foreign currencies into the applicable functional currency are included in the determination of income and are classified in other income (expense), net in the consolidated statements of operations.

Share-Based Compensation

On January 30, 2014, the Company’s compensation committee of the board of directors approved the terms of the 2014 Omnibus Incentive Plan (the “Plan”), which allows the Company to grant share-based compensation awards in a variety of forms such as options, stock appreciation rights, restricted stock, restricted stock units, stock bonuses, other stock-based awards and cash awards as part of the Company’s long-term incentive compensation plan.

Awards granted under the Plan generally vest based on a service condition as defined in each award. Unless otherwise determined or evidenced in an award agreement, in the event that (i) a change in control occurs, as defined in the Plan, and (ii) a participant’s employment or service is terminated without cause within 12 months following the change in control, then (a) any unvested or unexercisable portion of any award carrying a right to exercise shall become fully vested and exercisable, and (b) the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to any award will lapse and such unvested awards will be deemed fully vested and any performance conditions imposed with respect to such awards will be deemed to be fully achieved.

Compensation expense is measured based on the fair value of the award on the date of grant, net of estimated forfeitures, and is recognized as expense on a straight-line basis over the requisite service period.

Employee Benefit Plans

Substantially all of the Company’s employees are covered by Company-sponsored defined contribution plans in the U.S. and Canada. The Company’s contributions to these plans are based on a percentage of employee compensation. These plans are funded on a current basis.

In addition, certain current and former employees are covered by noncontributory defined benefit pension plans. These plans are funded in conformity with the funding requirements of applicable government regulations. Generally, benefits are based on age, years of service and level of compensation during the final years of employment. The Company accounts for these defined benefit plans by accruing its obligations under the employee benefit plans and the related costs as the underlying services are provided. The Company has frozen the plans and no further service benefits are being earned by plan participants in the defined benefit plans.

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

The funded status of defined benefit plans is recognized entirely on the consolidated balance sheets. The amount recognized as an asset or liability for pension and other postretirement benefit plans is measured as the difference between the benefit obligation and the fair value of plan assets. Overfunded plans are aggregated and recognized as an asset while underfunded plans are aggregated and recognized as a liability. Actuarial gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net pension expense are recognized in AOCI, net of income tax effects. Actuarial gains and losses are comprised of changes in the amount of either the projected benefit obligation (for pension plans), the accumulated benefit obligation (for other postretirement plans) or differences between actual and expected return on plan assets and from changes in assumptions. The Company measures its pension assets and liabilities as of June 30th of each year.

Fair Value of Financial Instruments

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy, which is described below, prioritizes the inputs used in measuring fair value:

• Level 1 – Quoted prices for identical instruments in active markets.

• Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations, in which all significant inputs are observable in active markets.

• Level 3 – Unobservable inputs in which there is little or no market data, which requires the reporting entity to develop its own assumptions.

The Company has various short-term financial instruments, including cash and cash equivalents, restricted cash, receivables, accounts payable and accrued liabilities. Due to their short-term nature, the instruments’ book value approximates fair value.

The fair value of the Senior Debt (as defined in Note 9, “Long-Term Debt”) was estimated using quoted prices for the Company's instruments in markets that are not active and was considered a Level 2 measure. The fair value of other debt obligations was estimated based on Level 3 inputs using discounted cash flow analyses based on assumptions that management believes are consistent with market participant assumptions.

The Company’s long-term debt obligations are not measured and carried at fair value on a recurring basis. The Company’s debt is initially recorded based upon historical cost. The fair value of debt does not represent the amounts that will ultimately be paid upon the maturities of the loans.

Concentration of Credit Risk

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company places its cash and temporary cash investments in high quality credit institutions, but these investments may be in excess of regulatory insurance limits. The Company does not enter into financial instruments for trading or speculative purposes. Concentration of credit risk with respect to trade and notes receivables is limited due to the large number of customers and small transactions associated with the Company’s consumer and retail operations and the wide variety of customers and markets in which the Company transacts business. No customer represented 10% or more of total revenue or receivables during the years ended June 30, 2016, 2015 and 2014. Where the Company provides financing, the Company performs ongoing credit evaluations of its customers and generally does not require collateral, but does require advance deposits on certain transactions.

Recent Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This update replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for interim and annual periods beginning after December 15, 2019, with a modified-retrospective approach. The Company is currently evaluating the impact that this update will have on its consolidated financial statements and related disclosures.

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients ("ASU No. 2016-12"), which clarifies the guidance in Topic 606 on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The amendments in ASU No. 2016-12 do not change the core principles of the guidance in Topic 606. This update is effective for the Company beginning July 1, 2018, the same date as the effective date and transition requirements for Topic 606. The Company is currently evaluating the impact that this update will have on its ongoing financial reporting.

In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing ("ASU No. 2016-10"), which clarifies the identification of performance obligations and the licensing implementation guidance in Topic 606. The amendments in ASU No. 2016-10 do not change the core principles of the guidance in Topic 606. This update is effective for the Company beginning July1, 2018, the same as the effective date and transition requirements for Topic 606. The Company is currently evaluating the impact that this update will have on its ongoing financial reporting.

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). This update is part of the FASB's simplification initiative and is intended to simplify accounting for stock-based compensation. The guidance requires that excess tax benefits or deficiencies be recognized in income tax expense or benefit in the income statement, rather than recognized in additional paid-in capital. The guidance allows the Company to elect whether to recognize forfeitures as they occur or use an estimated forfeiture assumption in estimating the number of awards that are expected to vest. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, with early adoption permitted. The Company is currently in the process of evaluating the impact that ASU 2016-09 will have on its consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 2016-02 supersedes existing guidance in Leases (Topic 840). The revised standard requires lessees to recognize the assets and liabilities arising from leases with lease terms greater than twelve months on the balance sheet, including those currently classified as operating leases, and to disclose key information about leasing arrangements. Lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will remain largely unchanged. The guidance is effective for annual periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on its consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement ("ASU 2015-05"). This update is intended to reduce diversity in practice by providing explicit guidance to customers about whether a cloud computing arrangement includes a software license. For public business entities, the guidance is effective for annual periods beginning after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-05 as of July 1, 2016 and will apply the guidance prospectively for all arrangements entered into or materially modified after July 1, 2016. The Company will include the related disclosure requirements, as applicable, in the fiscal 2017 first quarter filing.

In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). This update (i) amends the criteria for determining which entities are considered VIEs or voting interest entities, (ii) amends the criteria for evaluating fees paid to a decision maker or service provider as a variable interest, (iii) amends the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) ends the deferral previously granted to certain investment companies for application of the VIE consolidation model. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-02 as of July 1, 2016. The adoption did not have a material impact on the Company's consolidated financial statements. The Company will include the related disclosure requirements, as applicable, in the fiscal 2017 first quarter filing.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for the Company beginning July 1, 2018. In August 2015, the FASB issued a one-year deferral to the effective date with an option to permit adoption as early as the original effective date of July 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently in the process of evaluating the impact that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

3.     Acquisitions and Dispositions

IRCG Transaction

On November 24, 2015, the Company, through Intrawest U.S. and Intrawest ULC, entered into a definitive agreement to sell IRCG, its vacation club business, to Diamond for gross proceeds of $84.6 million, which included certain purchase price adjustments (the "IRCG Transaction"). The purchase price consisted of cash consideration and the assumption of certain liabilities, including certain lease obligations and certain other continuing contractual obligations.  

Upon closing the IRCG Transaction on January 29, 2016, Diamond acquired substantially all of the assets used in the operations of IRCG and all of the equity interests in certain wholly-owned subsidiaries of the Company. The accompanying consolidated balance sheet as of June 30, 2016 reflects the removal of the assets and liabilities sold in the IRCG Transaction. The IRCG Transaction resulted in a pre-tax gain of $40.4 million, which is included in the gain on sale of IRCG line item in the accompanying consolidated statement of operations for the year ended June 30, 2016. Due to the Company's net operating losses for tax purposes in the U.S. and Canada, there were no cash taxes or any impact on the effective tax rate as a result of the IRCG Transaction. 

The following table shows the components of assets and liabilities of IRCG classified as held for sale in the Company's consolidated balance sheet as of June 30, 2015 (in thousands):

	June 30, 2015
Restricted cash	$	228
Receivables, net	6,592
Inventories	14,329
Other current assets	2,007
Property, plant and equipment, net of accumulated depreciation	2,071
Real estate held for development	3,085
Long-term receivables and other assets, net	24,803
Total assets classified as held for sale	$	53,115
Accounts payable and accrued liabilities	$	4,334
Deferred revenue and deposits	5,621
Total liabilities classified as held for sale	$	9,955

Prior to the IRCG Transaction, IRCG allowed deferred payment terms that exceeded one year for customers purchasing vacation points. A note receivable existed when all contract documentation had been executed. Notes receivable primarily consisted of nonrecourse installment loans. The Company performed a credit review of its notes receivable individually each reporting period to determine if an allowance for credit losses was required. As of June 30, 2015, gross notes receivable were $29.9 million, of which $5.1 million was included in current receivables on the consolidated balance sheet prior to being classified as held for sale. As of June 30, 2015, the allowance for credit losses on the notes receivable was $1.9 million, of which $0.9 million was included in current receivables on the consolidated balance sheet prior to being classified as held for sale.

Blue Mountain Acquisition

On September 19, 2014, the Company acquired the remaining 50.0% equity interest in Blue Mountain that the Company did not already own from Blue Mountain Resorts Holdings Inc. The Company has included the financial results of Blue Mountain in the accompanying condensed consolidated financial statements since the Acquisition Date. The total consideration transferred to acquire Blue Mountain was $109.6 million, which consisted of $54.8 million in cash and $54.8 million for the previously held equity interest. The valuation of the Company's previously held equity interest resulted in a loss of $1.5 million included within loss on remeasurement of equity method investment in the accompanying consolidated statements of operations for the year ended June 30, 2015.

The primary assets acquired and liabilities assumed as of the Acquisition Date included $85.8 million of property, plant and equipment, $13.8 million of accounts payable and accrued liabilities, $13.3 million of cash and cash equivalents, $8.7 million of identifiable intangibles and $13.2 million of residual goodwill. The goodwill recorded is primarily attributable to economies of scale, opportunities for synergies and any intangible assets that do not qualify for separate recognition. None of the goodwill is deductible for tax purposes.

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

4. Earnings (Loss) Per Share

Basic earnings (loss) per share ("EPS") is calculated by dividing net income (loss) attributable to the Company by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing net income (loss) attributable to the Company by the weighted average number of shares of common stock outstanding, plus potentially dilutive securities. Potentially dilutive securities include unvested restricted common stock, restricted stock units, and stock options, the dilutive effect of which is calculated using the treasury stock method.

On January 12, 2016, the Company announced the commencement of a modified “Dutch auction” self-tender offer ("Tender Offer") to purchase for cash up to $50.0 million of shares of its common stock at a price per share not greater than $10.00 nor less than $9.00, less applicable withholding taxes and without interest. The Tender Offer expired on February 10, 2016. The Company purchased approximately 5.6 million shares of its common stock at a purchase price of $9.00 per share. The tendered shares were accounted for as treasury stock, at cost including $0.6 million of transaction related expenses paid to third parties, and resulted in a reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share.

As of June 30, 2016, 2015 and 2014, the effect of 1.2 million, 1.0 million and 0.1 million potentially dilutive securities, respectively, were not included in the calculation of EPS as the effect would be anti-dilutive. The calculation of basic and diluted EPS is presented below (in thousands, except per share data):

	Year Ended June 30,
	2016		2015			2014
Basic earnings (loss) per share:
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	40,873	$	(6,920	)	$	(189,417	)
Weighted average common shares outstanding	43,236		45,099			43,132
Basic earnings (loss) per share	$	0.95	$	(0.15	)	$	(4.39	)
Diluted earnings (loss) per share:
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	40,873	$	(6,920	)	$	(189,417	)
Weighted average common shares outstanding	43,236		45,099			43,132
Dilutive effect of share-based payment awards	34		—			—
Weighted average dilutive shares outstanding	43,270		45,099			43,132
Diluted earnings (loss) per share	$	0.94	$	(0.15	)	$	(4.39	)

5.    Supplementary Balance Sheet Information

Current receivables

Current receivables as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30,
	2016			2015
Trade receivables	$	37,441		$	36,458
Loans, mortgages and notes receivable	50			435
Allowance for doubtful accounts	(831		)	(717		)
Total current receivables	$	36,660		$	36,176

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

Prepaid expenses and other assets

Prepaid expenses and other assets as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30,
	2016		2015
Capital spares	$	11,628	$	11,640
Prepaid insurance	4,813		5,345
Prepaid expenses and other assets	4,640		4,716
Total prepaid expenses and other assets	$	21,081	$	21,701

Accounts payable and accrued liabilities

Accounts payable and accrued liabilities as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30,
	2016		2015
Trade payables	$	48,353	$	52,372
Accrued liabilities	16,516		10,518
Total accounts payable and accrued liabilities	$	64,869	$	62,890

Current deferred revenue and deposits

Current deferred revenue and deposits as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30,
	2016		2015
Season pass and other deferred revenue	$	42,343	$	39,216
Lodging and tour deposits	25,548		23,178
Deposits on real estate sales	46		47
Total current deferred revenue and deposits	$	67,937	$	62,441

Other long-term liabilities

Other long-term liabilities as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30,
	2016		2015
Pension liability, net of funded assets	$	33,550	$	33,150
Forgivable government grants	7,719		8,950
Other long-term liabilities	19,391		18,021
Total other long-term liabilities	$	60,660	$	60,121

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

6.Property, Plant and Equipment

Property, plant and equipment, net, including capital lease assets, as of June 30, 2016 and 2015, consisted of the following (in thousands):

	June 30,
	2016			2015
Land	$	47,257		$	47,856
Buildings and building improvements	310,344			300,942
Ski lifts and area improvements	276,343			272,032
Automotive, helicopters and other equipment	292,776			284,271
Golf course improvements	23,757			23,638
Gross property, plant and equipment	950,477			928,739
Less: accumulated depreciation	(438,991		)	(401,553		)
Property, plant and equipment, net	$	511,486		$	527,186

As of June 30, 2016 and 2015, the carrying value of leased assets was $32.2 million and $31.9 million, respectively, net of accumulated amortization of $8.0 million and $6.8 million, respectively. Amortization of assets under capital leases is included in depreciation and amortization expense in the accompanying consolidated statements of operations.

Depreciation expense for property, plant and equipment for the years ended June 30, 2016, 2015 and 2014 was $55.1 million, $53.1 million and $48.9 million, respectively.

During the year ended June 30, 2014, certain asset groups related to legacy and non-core operations experienced deteriorated financial performance, reduced profitability, and forecasted future losses, which were indicators of potential impairment. The Company tested the recoverability of certain asset groups using projected future undiscounted cash flows and recorded an impairment charge of $0.2 million. There were no comparable charges in the years ended June 30, 2016 or 2015.

7.Equity Method Investments

The Company had the following ownership interest in its equity method investments as of June 30, 2016:

Equity Method Affiliates	Ownership Interest
Chateau M.T. Inc.	49.5	%
Mammoth Hospitality Management, LLC	50.0	%
MMSA Investors, LLC	14.8	%
Mammoth Resorts LLC	14.9	%

The Company holds less than a 20% ownership interest in MMSA Investors, LLC and Mammoth Resorts LLC, (together with MMSA Investors, LLC collectively referred to herein as the "Mammoth family of resorts"); however, the equity method is used to account for these investments because the Company believes it exercises significant influence over the Mammoth family of resorts in part by holding a seat on each of the boards of directors, which have eight members and three members, respectively.

The Company holds a 49.5% voting interest in Chateau with a non-voting debt interest that can be converted to voting interest, resulting in up to a 57.1% economic interest in Chateau.

Financial information for the Company's equity method investments in the aggregate is summarized below and includes the Company's 50.0% equity investment in Blue Mountain Resorts Limited prior to the Blue Mountain Acquisition for all relevant periods presented (in thousands):

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

	Year Ended June 30,
	2016		2015			2014
Revenue	$	251,766	$	163,992		$	213,082
Operating expenses	19,282		19,438			16,785
Gross profit	232,484		144,554			196,297
Income (loss) from operations	11,433		(21,297		)	(7,377		)
Net income (loss)	10,443		(21,484		)	(7,176		)
Income (loss) attributable to noncontrolling interest	8,510		(17,674		)	(6,905		)
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	1,933	$	(3,810	)	$	(271	)

	June 30,
	2016		2015
Current assets	$	110,054	$	45,461
Noncurrent assets	423,671		455,994
Total assets	533,725		501,455
Current liabilities	79,929		59,054
Noncurrent liabilities	271,868		251,172
Total liabilities	351,797		310,226
Equity attributable to shareholders of investees	172,870		183,695
Equity attributable to noncontrolling interest	9,058		7,534
Total equity	181,928		191,229
Intrawest Resorts Holdings, Inc. equity investment	$	26,398	$	25,394

The Company's carrying amount of its equity method investments reflects its expectation of cash to be realized from its interests in the net assets of the affiliate, taking into account the return order of equity distribution per the respective agreements. The difference between the carrying value and the underlying equity in net assets is primarily comprised of goodwill.

23

INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

8. Goodwill and Intangible Assets

Goodwill

The goodwill balance as of June 30, 2016 and 2015 was $106.0 million and $106.5 million, respectively. Goodwill of $104.8 million and $1.2 million is included in the Mountain and Real Estate segment, respectively. Goodwill is not amortized. There is no goodwill for income tax purposes with the exception of the goodwill recorded as a result of the Blue Mountain Acquisition. This goodwill is included in the cost basis for income tax purposes. The Company did not record any impairment charges related to goodwill in the years ended June 30, 2016, 2015 and 2014.

Intangible Assets Other Than Goodwill

Finite-lived intangible assets as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30, 2016
	Cost		Accumulated Amortization		Net Book Value
Permits and licenses	$	12,732	$	4,866	$	7,866
Trademarks and trade names	73,561		33,388		40,173
Customer relationships	18,331		16,159		2,172
Other	8,906		8,891		15
	$	113,530	$	63,304	$	50,226

	June 30, 2015
	Cost		Accumulated Amortization		Net Book Value
Permits and licenses	$	13,278	$	4,558	$	8,720
Trademarks and trade names	74,645		30,183		44,462
Customer relationships	18,987		15,700		3,287
Other	9,172		9,140		32
	$	116,082	$	59,581	$	56,501

Amortization expense for intangible assets for the years ended June 30, 2016, 2015 and 2014 was $5.0 million, $6.0 million and $6.5 million, respectively.

Amortization expense for intangible assets for the next five fiscal years is estimated to be as follows (in thousands):

2017	$	5,170
2018	5,155
2019	4,387
2020	4,174
2021	4,174

24

INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

9. Long-Term Debt

Long-term debt, net of original issue discount ("OID") and debt issuance costs, as of June 30, 2016 and 2015 consisted of the following (in thousands):

		June 30,
	Maturity	2016			2015
Senior Debt	2020	$	554,480		$	591,297
Other debt obligations	2016-2023	1,172			2,096
Less: unamortized OID and debt issuance costs		(17,860		)	(19,552		)
Total		537,792			573,841
Less: Long-term debt due within one year		497			6,919
Total long-term debt		$	537,295		$	566,922

Senior Debt

In conjunction with the Restructuring, one of the Company’s subsidiaries, as borrower, and several of the Company's U.S. subsidiaries, as guarantors, entered into a credit agreement (the “Credit Agreement”) with a syndicate of lenders, Goldman Sachs Bank USA, as issuing bank, and Goldman Sachs Lending Partners LLC, as administrative agent, providing for a $540.0 million term loan facility (the “Term Loan"), a $25.0 million senior secured first-lien revolving loan facility (the “Revolver”), and a $55.0 million senior secured first-lien letters of credit facility (the “LC Facility” and, together with the Term Loan and Revolver, collectively referred to herein as the “Senior Debt”). Pursuant to an Incremental Amendment to the Credit Agreement, dated September 19, 2014 (the "Incremental Amendment"), the Company borrowed an incremental $60.0 million under the Term Loan, primarily to finance the Blue Mountain Acquisition described in Note 3, "Acquisitions and Dispositions". The proceeds were also used to pay certain fees, commissions and expenses related to the Blue Mountain Acquisition and for working capital. The Incremental Amendment has the same terms and maturity date as the original Term Loan. While the Fourth Amendment resulted in certain changes to the Company's incremental borrowing capacity, the Company continues to have the ability to increase the borrowings on the Term Loan under certain circumstances and subject to certain criteria as outlined in the Fourth Amendment; so long as, after giving effect to any additional amounts borrowed, the Company remains compliant with all covenants of the Credit Agreement.

On April 29, 2015, certain of the subsidiaries of the Company that guarantee the Company’s Senior Debt executed the second amendment (the “Second Amendment”) to the Company’s existing Credit Agreement.  The Second Amendment adjusted the Company’s Term Loan to reduce the applicable margin for borrowings under the Term Loan from 4.50% to 3.75% for Eurodollar rate loans. All other terms and conditions of the Second Amendment are consistent with the Credit Agreement.

On June 1, 2015, certain of the subsidiaries of the Company that guarantee the Company’s Senior Debt entered into the third amendment (the “Third Amendment”) to the Company’s existing Credit Agreement. The Third Amendment adjusted the terms of the Company's Revolver to decrease the Company's applicable margin for Eurodollar rate loans from 4.50% to 3.75%, if the total secured debt leverage ratio is greater than or equal to 4.50:1.00, and from 4.25% to 3.50% if the total secured debt leverage ratio is less than 4.50:1.00. The Third Amendment also decreased the Company's applicable margin for base rate loans from 3.50% to 2.75%, if the total secured debt leverage ratio is greater than or equal to 4.50:1.00, and from 3.25% to 2.50% if the total secured debt leverage ratio is less than 4.50:1.00. All other terms and conditions of the Third Amendment are consistent with the Credit Agreement.

On April 8, 2016, certain of the Company's subsidiaries, that are borrowers or guarantors of the Company’s Senior Debt, entered into the Fourth Amendment (the "Fourth Amendment") to the Company’s existing Credit Agreement. Upon execution of the Fourth Amendment, the Company repaid $25.0 million of Term Loan borrowings with cash on hand. The Fourth Amendment secured financial and strategic flexibility for the Company, among other items, and increased the applicable margins for base rate loans and Eurodollar rate loans under the Term Loan from 2.75% to 3.00% and from 3.75% to 4.00%, respectively.

The Term Loan has a maturity date of December 9, 2020. Borrowings under the Credit Agreement, including the Term Loan, LC Facility and Revolver, bear interest, at the Company's option, at a rate equal to either a Eurodollar rate loan or a base rate, in each case plus the applicable margin. The Term Loan currently bears interest based upon the LIBOR-based rate subject to a LIBOR floor of 1.00%. The Credit Agreement requires scheduled quarterly principal payments in the amount of $1.5 million. On January 29, 2016, the Company made an excess cash flow prepayment of $8.8 million as defined in the Credit Agreement. Due to the excess cash flow prepayment, the Company does not expect to make another scheduled principal payment until the fourth quarter of fiscal 2017.

25

INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

The Company's current applicable margin is 4.00% under the Term Loan, 3.75% under the Revolver and 4.50% under the LC Facility.

The net cash proceeds from the Term Loan were reduced by an OID of 0.9%, or $5.5 million, after giving effect to the Incremental Amendment. The OID is amortized into interest expense using the effective interest method. There was $3.6 million and $4.3 million of unamortized OID remaining as of June 30, 2016 and 2015, respectively.

The Company has incurred $21.4 million of debt issuance costs in connection with the Senior Debt, which is presented as a direct reduction of the carrying value of the long-term debt on the accompanying consolidated balance sheets. These costs are amortized into interest expense using the effective interest method. There was $14.2 million and $15.2 million of unamortized costs remaining as of June 30, 2016 and 2015, respectively.

The borrower's obligations under the Credit Agreement are supported by guarantees of substantially all of the Company's material U.S. subsidiaries. The guarantees are further collateralized by mortgages and other security interests in certain properties and assets held by U.S. subsidiaries of the Company. The collateral includes both general and specific assets.

The Credit Agreement provides for affirmative and negative covenants that the Company believes are usual and customary for a senior secured credit agreement. The negative covenants restrict, among other things, the ability of the Company's subsidiaries to incur indebtedness, dispose of property, reinvest the proceeds from certain asset sales, or make investments or distributions. It also includes customary cross-default provisions with respect to certain other borrowings of the Company's subsidiaries. Additionally, the Credit Agreement requires the borrower to comply with a total secured debt leverage ratio on the last day of each fiscal quarter. The Company was in compliance with the covenants of the Credit Agreement at June 30, 2016.

The LC Facility and the Revolver each have a maturity date of December 9, 2018. The LC Facility includes fronting fees of 25 basis points and a commitment fee of 37.5 basis points on the first 15% of unutilized commitments. There were $42.8 million and $45.4 million of irrevocable standby letters of credit outstanding under the LC Facility at June 30, 2016 and 2015, respectively. The Revolver includes commitment fees of 37.5 basis points. There were no outstanding borrowings under the Revolver or draws on our outstanding letters of credit under the LC facility as of June 30, 2016 and 2015.

Other Debt Obligations

Other debt obligations include various lending agreements, including a government loan agreement and a bank loan related to employee housing. The weighted average interest rate for other debt obligations is 5.3% for the year ended June 30, 2016.

Maturities

Current maturities represent principal payments due in the next 12 months. As of June 30, 2016, the long-term debt aggregate maturities for the 12 month period ended June 30 of each of the following years are set forth below (in thousands):

2017	$	497
2018	6,131
2019	6,140
2020	6,147
2021	536,442
Thereafter	295

Interest Expense

The Company recorded interest expense of $40.4 million, $43.9 million, and $172.9 million in the consolidated statements of operations for the years ended June 30, 2016, 2015 and 2014, respectively, of which $3.6 million, $3.2 million, and $5.5 million, respectively, was amortization of deferred financing costs and the OID.

26

INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

In October 2006, the Company entered into interest rate swap contracts to minimize the impact of changes in interest rates on its cash flows for certain of the Company’s floating bank rates and other indebtedness. The outstanding swap contracts were terminated on October 11, 2008. The fair value of the swap contracts at October 11, 2008 was a liability of $111.4 million. The remaining terminated swap liability of $0.7 million as of June 30, 2016 is recorded in AOCI and will be recognized periodically through March 31, 2017 through interest expense. The portion included in interest expense in the consolidated statements of operations for the years ended June 30, 2016, 2015 and 2014 was $1.2 million, $1.5 million, and $3.4 million, respectively.

10. Fair Value Measurements

As of June 30, 2016 and 2015, the fair value of cash and cash equivalents, restricted cash, net receivables and accounts payable approximated their carrying value based on the short-term nature of these instruments. Estimates of fair value may be affected by assumptions made and, accordingly, are not necessarily indicative of the amounts the Company could realize in a current market exchange.

A summary of the carrying amount and fair value of the Company's financial instruments for which there is a difference between the carrying value and fair value is as follows (in thousands):

	June 30, 2016				June 30, 2015
	Carrying Value		Fair Value		Carrying Value	Fair Value
Senior Debt	$	554,480	$	555,173	591,297	$	595,362
Other debt obligations	1,172		971		2,096	1,793

27

INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

11. Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income

The following table presents the changes in AOCI, by component, for the years ended June 30, 2016, 2015 and 2014 (in thousands):

	Realized portion on cash flow hedge (a)			Actuarial loss on pensions (b)			Foreign currency translation adjustments			Total
As of June 30, 2013	$	(6,704	)	$	(10,453	)	$	166,544		$	149,387
Restructuring transactions on December 9, 2013	—			—			52,670			52,670
Other comprehensive income (loss) before reclassifications	—			(4,530		)	—			(4,530		)
Amounts reclassified from AOCI	3,398			814			—			4,212
Foreign currency translation adjustments	(41		)	85			(4,060		)	(4,016		)
Net current period other comprehensive income (loss)	3,357			(3,631		)	48,610			48,336
As of June 30, 2014	$	(3,347	)	$	(14,084	)	$	215,154		$	197,723
Other comprehensive income (loss) before reclassifications	—			(209		)	—			(209		)
Amounts reclassified from AOCI	1,486			985			—			2,471
Foreign currency translation adjustments	(58		)	1,358			(55,906		)	(54,606		)
Net current period other comprehensive income (loss)	1,428			2,134			(55,906		)	(52,344		)
As of June 30, 2015	$	(1,919	)	$	(11,950	)	$	159,248		$	145,379
Other comprehensive income (loss) before reclassifications	—			(3,409		)	—			(3,409		)
Amounts reclassified from AOCI	1,195			817			—			2,012
Foreign currency translation adjustments	(9		)	300			(12,353		)	(12,062		)
Net current period other comprehensive income (loss)	1,186			(2,292		)	(12,353		)	(13,459		)
As of June 30, 2016	$	(733	)	$	(14,242	)	$	146,895		$	131,920

(a) Amounts reclassified from AOCI are included in interest expense on third party debt in the accompanying consolidated statements of operations.

(b) Amounts reclassified from AOCI are included in operating expenses in the accompanying consolidated statements of operations.

12. Share-Based Compensation

In connection with the Company’s initial public offering, 4,500,700 shares of the Company’s common stock were reserved for issuance under the Intrawest Resorts Holdings, Inc. 2014 Omnibus Incentive Plan (the "Plan") upon the exercise of awards that were or will be issued to the Company’s employees, non-employee directors, independent contractors and consultants. The Plan allows share-based compensation awards to be granted in a variety of forms including options, stock appreciation rights, restricted stock, restricted stock units, stock bonuses, other stock-based awards and cash awards. The terms and conditions of the awards granted are established by the compensation committee of the board of directors of the Company (the "Board of Directors"), who administers the Plan.

A total of 1,294,645 shares of common stock were available for future grant under the Plan at June 30, 2016.

28

INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

Restricted Stock Awards

As of June 30, 2016, the Board of Directors had granted 955,809 restricted stock units to the Company’s officers and employees, and 25,000 shares of restricted stock to the Company’s non-employee directors (collectively referred to herein as the "Restricted Stock Awards"). Restricted Stock Awards generally vest ratably upon the satisfaction of a defined service condition. The restricted stock is legally outstanding upon grant subject to restrictions that lapse as the award vests. Upon vesting, each restricted stock unit is exchanged for one share of the Company’s common stock or cash, at the Company’s discretion. The grant date fair values of these awards are determined based on the closing price of the Company’s common stock on the grant date. The related compensation expense is recognized over the applicable requisite service period.

A summary of Restricted Stock Awards activity during the years ended June 30, 2016 and 2015 is as follows:

	Number of Awards		Weighted Average Grant Date Fair Value
Total unvested awards - June 30, 2014	784,727		$	11.97
Granted	97,470		10.26
Vested	(276,199	)	11.97
Forfeited	(269,493	)	12.00
Total unvested awards - June 30, 2015	336,505		$	11.45
Granted	25,000		7.82
Vested	(142,111	)	11.58
Forfeited	(41,700	)	11.78
Total unvested awards - June 30, 2016	177,694		$	10.75

The total fair value of Restricted Stock Awards vested for the years ended June 30, 2016 and 2015 was $1.4 million and $3.0 million, respectively.

The outstanding unvested Restricted Stock Awards at June 30, 2016 are scheduled to vest in each fiscal year as follows:

Vesting Date	Number of Awards
2017	128,464
2018	40,880
2019	8,350
Total	177,694

Stock Options

During the year ended June 30, 2015, the Board of Directors granted the Company's current Chief Executive Officer ("CEO") an option to purchase 2,700,000 shares (the "Options") under the Plan with a contractual term of 10 years. The Options have a weighted average exercise price of $11.25 and will become vested and exercisable over a three-year period, provided that the CEO remains in continuous employment with the Company. The related compensation expense is recognized over the applicable requisite service period.

The fair value of the Options was estimated at the grant date using a Black-Scholes option pricing model with the following assumptions:

Expected stock price volatility	32.5		%
Expected term (in years)	6.3
Risk-free interest rate	1.8		%
Dividend yield	0.0		%
Weighted average fair value per option	$	3.46

29

INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

The risk-free interest rate is based on the United States Treasury yield in effect at the time of grant for zero coupon United States Treasury bonds with maturities that approximate the expected term. The Company used the simplified method to estimate the expected term as it does not have sufficient historical exercise data given its limited history of employee grants. The simplified method, permitted by the Securities and Exchange Commission ("SEC"), is calculated as the average of the vesting period and the contractual term of the options.

The expected stock price volatility is derived from historical volatilities of several public companies within industries related to the Company. The historical volatility of selected peer companies is weighted based on certain qualitative factors including size, industry, and availability of historical data and combined to produce a single volatility factor.

The outstanding unvested Options at June 30, 2016 are scheduled to vest in each fiscal year as follows:

Vesting Date	Number of Options
2017	1,350,000
2018	1,350,000
Total	2,700,000

Share-Based Compensation Expense

For the years ended June 30, 2016 and 2015, there was $1.6 million and $2.7 million, respectively, of compensation expense related to the Restricted Stock Awards and $2.3 million and $1.4 million, respectively, of compensation expense related to the Options. Compensation expense related to the Restricted Stock Awards and Options is included in operating expenses in the accompanying consolidated statements of operations.

As of June 30, 2016, there was $1.0 million and $3.2 million of unrecognized compensation expense related to the unvested Restricted Stock Awards and the Options, respectively, both of which are expected to be recognized over a weighted average period of approximately 1.4 years.

13. Income Taxes

The United States and foreign components of income tax expense (benefit) consisted of the following (in thousands):

	Year Ended June 30,
	2016		2015			2014
United States	$	119	$	(1,147	)	$	57
Foreign	1,654		(2,755		)	620
	$	1,773	$	(3,902	)	$	677

The components of income tax expense (benefit) from continuing operations consisted of the following (in thousands):

	Year Ended June 30,
	2016		2015			2014
Current income taxes:
United States	$	119	$	(1,147	)	$	57
Foreign	1,584		1,031			515
Total current income tax (benefit) expense	1,703		(116		)	572
Deferred income taxes:
United States	—		—			—
Foreign	70		(3,786		)	105
Total deferred income tax (benefit) expense	70		(3,786		)	105
	$	1,773	$	(3,902	)	$	677

30

INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

In the year ended June 30, 2016, we recognized $1.8 million of tax expense related to tax paying entities primarily in Canada. In the year ended June 30, 2015, as a result of the acquisition of the remaining 50.0% equity interest in Blue Mountain, and the subsequent restructuring of the wholly owned interest, the Company was able to reverse $3.1 million of a deferred tax liability and $0.7 million of income tax payable, both of which were reflected in the deferred tax provision.

For all years presented, the reconciliation of income taxes is calculated at the blended statutory federal rates of the United States and Canada. The reconciliation of income taxes to the actual income tax expense (benefit) is as follows (in thousands):

	Year Ended June 30,
	2016			2015			2014
Income tax at blended statutory federal rate	$	12,618		$	(2,119	)	$	(52,141	)
State tax, net of federal benefit	(246		)	197			(4,296		)
Foreign exchange rate differential	6,571			26,630			2,191
Nondeductible impairments and expenses	619			634			642
Unrealized foreign exchange impact	(6,091		)	(3,928		)	(10,538		)
Change in tax laws and rates	(7,375		)	(2,080		)	(476		)
Change in valuation allowance	5,935			(21,213		)	65,295
Other one-time items	(10,258		)	(2,023		)	—
Income tax expense (benefit)	$	1,773		$	(3,902	)	$	677

There were certain one-time tax benefits that impacted the income tax provision. In the year ended June 30, 2016, $10.3 million related to tax basis differences recognized on the sale of IRCG in the U.S. and Canada. In the year ended June 30, 2015, in the U.S., there was a reversal of a previously accrued tax expense and a revised estimate of the income taxes payable, which resulted in a combined benefit of $1.3 million. In Canada, there was a reversal of $0.7 million of income taxes payable as a result of the acquisition of the remaining 50.0% equity interest in Blue Mountain and the subsequent restructuring of the wholly owned interest.

31

INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

Deferred tax assets and liabilities as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30,
	2016			2015
Deferred tax assets:
Real estate held for development	$	38,579		$	37,582
Loss carryforwards	499,229			500,485
Differences in working capital deductions for tax and accounting purposes	15,905			16,113
Bank and other indebtedness	4,359			2,303
Intangible assets	6,507			7,189
Investments	3,429			3,598
Property, plant and equipment	12,988			8,273
Other	14,213			18,948
Total gross deferred tax assets	595,209			594,491
Valuation allowance	(592,027		)	(586,092		)
Net deferred tax assets	3,182			8,399
Deferred tax liabilities
Property, plant and equipment	159			3,227
Investments	3,161			2,927
Intangible assets	11			2,324
Total gross deferred tax liabilities	3,331			8,478
Net deferred tax liabilities	$	149		$	79

As of each of the years June 30, 2016 and 2015, net deferred tax liabilities of $0.1 million are included within other long-term liabilities on the consolidated balance sheets. The gross deferred tax liability is noncurrent and the deferred tax asset, net of the valuation allowance, is also noncurrent. There is no current deferred tax asset due to the valuation allowance.

The increase in the net deferred tax liability from fiscal 2015 to fiscal 2016 is primarily the result of certain Canadian operations. The Company has net operating loss carryforwards for income tax purposes of approximately $1,436 million and $1,465 million as of June 30, 2016 and 2015, respectively, that are available to offset future taxable income and will expire in varying amounts over the next 20 years.

The Company’s net operating loss carryforwards pertaining to federal and foreign jurisdictions will primarily expire after 2025 and consisted of the following (in thousands):

	June 30,
	2016		2015
United States	$	954,351	$	951,713
Canada	481,714		513,580
	$	1,436,065	$	1,465,293

The Company believes that uncertainty exists with respect to the future realization of the loss carryforwards and a full valuation allowance has been established for the net operating loss carryforwards. The Company has concluded that it is not more likely than not that the benefit of these losses will be utilized prior to their expiration date.

The Company, or one of its subsidiaries, files income tax returns in the U.S. federal jurisdiction, various states, Canada federal jurisdiction and various provinces. With few exceptions, the Company is no longer subject to federal, state and local examinations by the tax authorities in most jurisdictions for years ending before June 30, 2013. There are currently no ongoing tax examinations in any of the jurisdictions in which the Company files income tax returns.

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

A reconciliation of unrecognized tax benefits is as follows (in thousands):

	2016			2015			2014
Balance as of July 1	$	6,737		$	9,576		$	19,821
Additions based on tax positions related to the current year	—			—			—
Additions for tax positions of prior years	—			—			—
Reductions due to Restructuring	—			—			(293		)
Reductions for tax positions of prior years	(2,530		)	(2,839		)	(9,952		)
Balance as of June 30	$	4,207		$	6,737		$	9,576

The remaining uncertain tax benefits balance at June 30, 2016, if recognized, would only reduce net operating losses in the United States and would have no impact on the annual effective tax rate.

Included in the unrecognized tax benefits balance as of June 30, 2016 were $2.9 million of tax positions, which the Company expects will change within 12 months due to settlement or expiration of statutes of limitation.

14. Commitments and Contingencies

Letters of Credit

The Company issued letters of credit of $42.8 million and $45.4 million at June 30, 2016 and 2015, respectively, mainly to secure the Company's commitments under the three closed noncontributory defined benefit pension plans covering certain of the Company's former executives and self-insurance claims. These outstanding letters of credit will expire in November 2018.

Legal

The Company is involved in various lawsuits and claims arising in the ordinary course of business and others arising from legacy real estate development. These lawsuits and claims may include, among other things, claims or litigation relating to personal injury and wrongful death, allegations of violations of laws and regulations relating to real estate activities and labor and employment, intellectual property and environmental matters and commercial contract disputes. The Company operates in multiple jurisdictions and, as a result, a claim in one jurisdiction may lead to claims or regulatory penalties in other jurisdictions.

Due to the nature of the activities at the Company's mountain resorts and CMH, the Company is exposed to the risk that customers or employees may be involved in accidents during the use, operation or maintenance of our trails, lifts, helicopters and facilities. As a result, the Company is, from time to time, subject to various lawsuits and claims in the ordinary course of business related to injuries occurring at the Company's properties.

In addition, the Company's pre-2010 legacy real estate development and sales activities, combined with the significant downward shift in real estate asset values that occurred in 2007 and 2008, resulted in claims arising in the ordinary course of business being filed against the Company by owners and prospective purchasers of residences of the Company's real estate developments. In some instances, the Company has been named as a defendant in lawsuits alleging construction defects at certain of the Company's existing developments or that the Company failed to construct planned amenities. In other lawsuits, purchasers are seeking rescission of real estate purchases and/or return of deposits paid on pre-construction purchase and sale agreements. These claims are related to alleged violations of state and federal laws that require providing purchasers with disclosures mandated under the Interstate Land Sales Act and similar state laws.

The Company believes that it has adequate insurance coverage or has adequately accrued for loss contingencies for all material matters in which it believes a loss is probable and the amount of the loss is reasonably estimable. Although the ultimate outcome of claims cannot be ascertained, current pending and threatened claims are not expected to have a material adverse effect, individually or in the aggregate, on the Company's financial position, results of operations or cash flows.

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

Government Grants and Loans

The federal government of Canada and the provincial government of Quebec have granted financial assistance to certain subsidiaries of the Company in the form of reimbursable loans and forgivable grants for the construction of specified tourist facilities at Tremblant. The unamortized balance of forgivable government grants received is included in other long-term liabilities in the accompanying consolidated balance sheets and recorded as a reduction in depreciation expense of the related fixed asset or a reduction in cost of sales for property under development at the time a sale is recognized. Reimbursable government loans are included in long-term debt and long-term debt due within one year in the accompanying consolidated balance sheets. The reimbursable government loans have a weighted average borrowing rate of 6.4%.

Reimbursable government loans and forgivable grants as of June 30, 2016 and 2015 in CAD and USD equivalent are as follows (in thousands):

	June 30,
	2016				2015
	CAD		USD Equivalent		CAD		USD Equivalent
Loans	$	241	$	185	$	1,237	$	992
Grants
Received	$	89,298	$	68,643	$	89,298	$	71,587
Future advances	31,421		24,153		31,421		25,189
Total grants	$	120,719	$	92,796	$	120,719	$	96,776

Commitments

The following summarizes our principal contractual commitments, excluding open orders for purchases that support normal operations, as of June 30, 2016 (in thousands):

	2017		2018		2019		2020		2021		Thereafter		Total
Debt principal and interest	$	28,654	$	34,229	$	34,614	$	35,333	$	549,618	$	291	$	682,739
Capital leases obligations	4,848		5,595		5,579		5,572		5,509		63,992		91,095
Operating leases	9,321		6,601		5,510		3,791		2,530		4,983		32,736
Purchase obligations and service contracts	4,953		2,445		913		317		—		—		8,628
Total commitments	$	47,776	$	48,870	$	46,616	$	45,013	$	557,657	$	69,266	$	815,198

Capital lease obligations above includes total minimum lease payments of $91.1 million and amounts representing interest of approximately $52.6 million, resulting in a present value of net minimum lease payments of $38.5 million. Capital lease obligations are primarily for equipment except for the lease of Winter Park ski resort. The Winter Park capital lease requires annual payments, a portion of which are contingent on future annual gross revenue levels. As such, the obligation associated with the contingent portion of the payments is not readily determinable and has not been recorded. The Company is contractually obligated to make certain debt service payments on behalf of Winter Park Recreational Association ("WPRA") as a requirement of the lease agreement. Subsequent to June 30, 2016, the WPRA refinanced its debt obligation resulting in the debt becoming due August 31, 2021. As a result, the Company reclassified the related portion of its capital lease obligation from short-term to long-term in the consolidated balance sheet as of June 30, 2016 as well as reflected the revised cash flow obligations in the Commitments table above.

The leases have remaining terms ranging from 1 years to 36 years and have a weighted average interest rate of 10.0%. Total interest expense related to capital leases for the years ended June 30, 2016, 2015 and 2014 was $3.1 million, $3.3 million and $2.8 million.

Total rent expense recorded in operating expenses in the accompanying consolidated statements of operations for the years ended June 30, 2016, 2015 and 2014 was $15.5 million, $15.5 million and $15.1 million, respectively.

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

Other

The Company holds forestry licenses and land leases with respect to certain of its resort operations. These leases expire at various times between 2017 and 2047 and provide for annual payments of approximately 2.0% of defined gross revenue. Payments for forestry licenses and land leases for the years ended June 30, 2016, 2015 and 2014 were $3.6 million, $3.1 million and $2.8 million, respectively.

15. Employee Benefit Plans

The Company has three closed noncontributory defined benefit pension plans, one registered and two nonregistered, covering certain of its former executives ("Executive plans"). In addition to these plans, one of the Company’s mountain resorts has two closed defined benefit pension plans covering certain employees ("Employee plans"). There are no additional service costs to the Company on any of the plans.

Benefit Obligations and Funded Status

A summary of the funded status of the Company's pension plans at June 30, 2016 and 2015 is as follows (in thousands):

		Executive plans						Employee plans
		2016			2015			2016			2015
Change in benefit obligations:
Benefit obligation at beginning of year:		$	34,547		$	40,730		$	11,161		$	11,530
	Interest cost	1,199			1,358			417			419
	Actuarial (gains) losses	1,981			(89		)	1,080			(36		)
	Benefits paid	(1,810		)	(2,025		)	(448		)	(752		)
	Foreign currency translation	(1,425		)	(5,427		)	—			—
Benefit obligation at end of year		$	34,492		$	34,547		$	12,210		$	11,161
Change in plan assets:
Fair value of plan assets at beginning of year:		$	5,550		$	6,256		$	7,008		$	6,906
	Actual return of assets	56			91			(68		)	57
	Employer contributions	1,887			2,145			1,202			797
	Benefits paid	(1,810		)	(2,025		)	(448		)	(752		)
	Foreign currency translation	(225		)	(917		)	—			—
Fair value of plan assets at end of year		$	5,458		$	5,550		$	7,694		$	7,008
Funded status as of June 30:
Fair value of plan assets		$	5,458		$	5,550		$	7,694		$	7,008
Benefit obligations		34,492			34,547			12,210			11,161
Funded status		$	(29,034	)	$	(28,997	)	$	(4,516	)	$	(4,153	)
Amounts recognized in Statements of Financial Position:
Noncurrent liabilities		$	29,034		$	28,997		$	4,516		$	4,153
Net amount recognized		$	29,034		$	28,997		$	4,516		$	4,153
Amounts recognized in Accumulated Other Comprehensive Income:
Net actuarial loss		$	9,584		$	8,273		$	4,656		$	3,676

The net liability of all pension plans is included in other long‑term liabilities on the consolidated balance sheets (see Note 5, "Supplementary Balance Sheet Information"). The accumulated benefit obligation for all pension plans was $46.7 million and $45.7 million as of June 30, 2016 and 2015, respectively.

The Company has issued letters of credit aggregating $32.5 million and $33.9 million as of June 30, 2016 and 2015, respectively, as security for its obligations under the Executive plans.

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

Components of Net Periodic Benefit Cost

The net periodic benefit cost of the Company's pension plans for the years ended June 30, 2016, 2015 and 2014 was as follows (in thousands):

	Executive plans									Employee plans
	2016			2015			2014			2016			2015			2014
Interest cost	$	1,199		$	1,358		$	1,549		$	417		$	419		$	442
Expected return on assets	(67		)	(93		)	(133		)	(269		)	(389		)	(382		)
Amortization of net actuarial loss	381			433			305			314			346			261
Settlement cost	—			—			—			123			206			248
Net periodic benefit cost	$	1,513		$	1,698		$	1,721		$	585		$	582		$	569
Current year actuarial (gain) loss	$	1,992		$	(87	)	$	3,681		$	1,417		$	296		$	849
Foreign currency translation	(300		)	(1,359		)	(85		)	—			—			—
Amortization of net actuarial loss	(381		)	(433		)	(305		)	(436		)	(552		)	(509		)
Total recognized in other comprehensive income	$	1,311		$	(1,879	)	$	3,291		$	981		$	(256	)	$	340
Total recognized in net periodic cost and other comprehensive income	$	2,824		$	(181	)	$	5,012		$	1,566		$	326		$	909

As of June 30, 2016, there is approximately $0.9 million of previously unrecognized actuarial losses in AOCI expected to be recognized in net periodic benefit cost during fiscal year 2017. There are no prior service costs.

Assumptions

The discount rates used to determine the obligations of the Executive and Employee plans at the measurement date of June 30, 2016 were based on hypothetical yield curves using high quality corporate bonds in Canada and the U.S. The average timing of benefit payments was compared to average timing of cash flows from the long-term bonds to assess potential timing adjustments. The resulting discount rates were 3.3%, 3.8%, and 3.2% as of June 30, 2016 for the Canadian Executive plans, U.S. Executive plans, and Employee plans, respectively.

The expected long-term rate of return assumption for plan assets, for both the Executive and Employee plans, employs a building block approach based on historical markets and historical relationship between equities and fixed income investments. Current market factors are also evaluated.

The weighted average assumptions used to determine the Company's benefit obligations at June 30 were as follows:

	Executive plans				Employee plans
	2016		2015		2016		2015
Discount rate	3.3	%	3.8	%	3.2	%	3.9	%
Expected rate of return on plan assets	1.9	%	2.0	%	4.2	%	4.1	%

The weighted average assumptions used to determine the Company's net periodic benefit cost for the years 2016, 2015 and 2014 were as follows:

	Executive plans						Employee plans
	2016		2015		2014		2016		2015		2014
Discount rate	3.8	%	3.8	%	4.3	%	3.9	%	3.8	%	4.4	%
Expected rate of return on plan assets	2.0	%	2.4	%	2.0	%	4.1	%	6.1	%	6.0	%

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

Plan Assets

The fair value of plan assets as of June 30, 2016, by asset category, is as follows (in thousands):

	Fair Value Measurements Using:
	Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Investments Measured at Net Asset Value		Total
Executive plans:
Cash and cash equivalents:
Cash (1)	$	813	$	—	$	813
Restricted cash (2)	3,809		—		3,809
Investments measured at net asset value (3)	—		836		836
Executive plan total	$	4,622	$	836	$	5,458
Employee plans:
Cash and cash equivalents (4)	$	305	$	—	305
Investments measured at net asset value (3)	—		7,389		7,389
Employee plan total	$	305	$	7,389	$	7,694

The fair value of plan assets as of June 30, 2015, by asset category, is as follows (in thousands):

	Fair Value Measurements Using:
	Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Investments Measured at Net Asset Value		Total
Executive plans:
Cash and cash equivalents:
Cash (1)	$	739	$	—	$	739
Restricted cash (2)	3,850		—		3,850
Investments measured at net asset value (3)	—		961		961
Executive plan total	$	4,589	$	961	$	5,550
Employee plans:
Cash and cash equivalents (4)	$	198	$	—	$	198
Investments measured at net asset value (3)	—		6,810		6,810
Employee plan total	$	198	$	6,810	$	7,008

(1) This category is cash held in Canadian dollars used to pay benefits and the fair value is the carrying amount.

(2) This category includes funds that are held in a non-interest bearing refundable tax account by the Receiver General of Canada.

(3) Certain investments that are measured at fair value using the net asset value ("NAV") per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to total plan assets, which is presented net of the benefit obligation on the consolidated balance sheets. Within the Executive plan, investments measured at NAV include:

•Canadian equity pooled funds: Investments in pooled funds that invest in diversified portfolio of equity securities of Canadian companies. The funds are benchmarked against the S&P/TSX Total Return index.

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

Within the Employee plan, investments measured at NAV include:

•Large cap growth funds: Investments in pooled funds with the aim to achieve capital appreciation by investing primarily in equity securities of all market capitalizations, including high quality companies with larger market capitalizations. The funds are benchmarked to the Russell 1000 Value index and the Russell 3000 Growth index.

•Large cap value funds: Investments in pooled funds with the aim to achieve long-term capital appreciation by investing in the common stocks of well-established companies. The funds invest a majority of the fund’s net assets in equity securities of large capitalization companies and may also invest assets in equities of foreign issuers through ADRs and similar investments. The funds are benchmarked to the Russell 1000 Value index.

•Large cap blended funds: Investments in pooled funds with the aim to achieve capital appreciation by investing primarily in equity securities of companies that compose the S&P 500 index. The funds are benchmarked to the S&P 500 index.

•Small cap funds: Investments in pooled funds with the aim to achieve long-term capital appreciation. The funds invest a majority of the fund’s net assets in equity securities of U.S. small-cap companies and may also invest its net assets in foreign securities or derivatives including futures contracts, options and swaps and exchange traded funds. The funds are benchmarked to the Russell 2000 Growth and Value index.

•Mid cap funds: Investments in pooled funds with the aim to achieve capital appreciation by investing primarily in equity securities of companies that compose the S&P mid-cap 400 index. The funds are benchmarked to the S&P 400 mid-cap index.

•International equities: Investments in pooled funds with the aim to achieve long-term total return, principally from growth of capital. The funds invest primarily in common and preferred stocks of foreign companies, including those located in emerging market countries. The majority of the funds’ net assets are invested in stocks of international companies that fall within the market capitalization of the MSCI EAFE index. The funds are benchmarked to the MSCI EAFE index.

•Total return bond funds: Funds seeks total return, consisting of income and capital appreciation. Under normal circumstances, the funds invest at least 80% of their net assets in investment-grade bonds or fixed grade income securities, up to 25% of the funds’ total assets in asset-backed securities, and up to 20% of the funds’ total assets in U.S. dollar denominated debt securities of foreign issuers. The funds are benchmarked to the Barclays Capital U.S. Aggregate Bond index.

(4) This category includes investments in short term U.S. denominated money market instruments of domestic and foreign issuers. The fund is benchmarked to Lipper Institutional Money Market Funds Average and the Citigroup 3-months T-bill.

Transfers between levels of the fair value hierarchy are recognized at the end of the fiscal year, which generally coincides with the Company's valuation process. During the years ended June 30, 2016 and 2015, there were no pension asset transfers between the levels of the fair value hierarchy.

The Executive and Employee plans employ a total return investment approach whereby a mix of equities and fixed income investments are used to maximize the long‑term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities and plan funded status. The investment portfolio contains a diversified blend of equity and fixed income investments. Furthermore, equity investments are diversified across U.S. and non‑U.S. stocks, as well as growth, value, and small and large capitalizations. Investment risk and surplus risk (i.e., plan assets minus plan liabilities) are measured and monitored on an ongoing basis through quarterly investment portfolio reviews, annual liability measurements and periodic asset/liability studies.

The asset allocation strategy varies by plan. The following table reflects the 2016 target asset allocation, as well as the actual asset allocations, by asset category, for the Company's pension plans as of June 30, 2016 and 2015:

	2016 Target Allocation		Executive plans				2016 Target Allocation		Employee plans
Asset Category			2016		2015				2016		2015
Equity securities	3	%	4	%	4	%	40	%	41	%	43	%
Fixed income securities	12	%	11	%	13	%	57	%	55	%	54	%
Cash	84	%	85	%	83	%	3	%	4	%	3	%

Estimated Future Benefit Payments

As of June 30, 2016, the estimated undiscounted future benefit payments for the next 10 fiscal years are as follows (in thousands):

	Executive plans		Employee plans
2017	$	1,880	$	1,405
2018	1,946		1,256
2019	1,965		1,092
2020	1,955		853
2021	1,945		738
2022 – 2026	9,523		3,418

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

The estimated benefit payments above are based on the same assumptions used to measure the Company's benefit obligation as of June 30, 2016. The Company expects to contribute $2.5 million to the pension plans in fiscal year 2017.

16. Related Party Transactions

For the year ended June 30, 2016, the Company provided immaterial legal, tax advisory and bookkeeping services to various entities controlled by Fortress.

17. Segment Information

The Company currently manages and reports operating results through three segments: Mountain, Adventure and Real Estate. The Mountain segment includes the operations of the Company’s mountain resorts and related ancillary activities. The Mountain segment earns revenue from a variety of activities, including lift revenue, lodging revenue, ski school revenue, retail and rental revenue, food and beverage revenue, and other revenue. The Adventure segment generates revenue from the sale of helicopter accessed skiing, mountaineering and hiking adventure packages, and ancillary services, such as fire suppression services, leasing, and maintenance, repair and overhaul of aircraft. The Real Estate segment includes management of condominium hotel properties and real estate management, including marketing and sales activities, as well as real estate development activities. The Real Estate segment includes the results of IRCG, a vacation club business, prior to the Disposition Date.

Each of the Company’s segments offers distinctly different products and services and requires different types of management focus. As such, these segments are managed separately. In deciding how to allocate resources and assess performance, the Company’s Chief Operating Decision Maker (“CODM”) regularly evaluates the performance of the Company's segments on the basis of revenue and earnings, which are adjusted for certain items set forth in the reconciliation below, including interest, taxes, depreciation and amortization (“Adjusted EBITDA”). The Company also evaluates Adjusted EBITDA as a key compensation measure. The compensation committee of the board of directors determines the annual variable compensation for certain members of the management team based, in part, on Adjusted EBITDA. Adjusted EBITDA is useful when comparing the segment performance over various reporting periods because it removes from the operating results the impact of items that the Company's management believes do not reflect the core operating performance.

Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss) or other measures of financial performance or liquidity derived in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other entities may not calculate Adjusted EBITDA in the same manner as the Company. The Company's definition of Adjusted EBITDA is generally consistent with the definition of Consolidated EBITDA in the Credit Agreement, with exceptions related to not adjusting for recurring public company costs and foreign currency translation adjustments related to operational activities and adjusting for executive management restructuring costs.

The Company defines Adjusted EBITDA as net income (loss) attributable to Intrawest Resorts Holdings, Inc. before interest expense, net (excluding interest income earned from receivables related to IRCG operations through the Disposition Date), income tax benefit or expense and depreciation and amortization, further adjusted to exclude certain items, including, but not limited to: (i) impairments of goodwill, real estate and long-lived assets; (ii) gains and losses on asset dispositions; (iii) earnings and losses from equity method investments; (iv) gains and losses from remeasurement of equity method investments; (v) gains and losses on extinguishment of debt; (vi) other income or expense; (vii) earnings and losses attributable to noncontrolling interest; (viii) discontinued operations, net of tax; and (ix) other items, which include revenue and expenses of legacy and other non-core operations, restructuring charges and associated severance expenses, non-cash compensation and other items. For purposes of calculating Adjusted EBITDA, the Company also adds back to net income (loss) attributable to Intrawest Resorts Holdings, Inc., the pro rata share of Adjusted EBITDA related to equity method investments included within the segments and removes from Adjusted EBITDA the Adjusted EBITDA attributable to noncontrolling interests for entities consolidated within the segments. Asset information by segment, except for capital expenditures as shown in the table below, is not included in reports used by the CODM in monitoring of performance and, therefore, is not disclosed.

The accounting policies of the segments are the same as those described in Note 2, "Significant Accounting Policies". Transactions among segments are accounted for as if the sales or transfers were to third parties, or, in other words, at current market prices.

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

The following table presents consolidated revenue and net income (loss) reconciled to Adjusted EBITDA and Adjusted EBITDA by segment, (in thousands):

	Year Ended June 30,
	2016			2015			2014
Revenue:
Mountain
Lift (1)	$	179,841		$	182,286		$	151,490
Lodging	60,129			57,814			42,294
Ski School (2)	30,974			33,086			28,943
Retail and Rental	51,984			56,125			45,214
Food and Beverage	57,234			56,726			46,335
Other	41,170			39,892			36,587
Total Mountain revenue	421,332			425,929			350,863
Adventure revenue	104,405			96,799			102,070
Real Estate revenue	42,433			59,274			58,530
Total segment revenue	568,170			582,002			511,463
Legacy, non-core and other revenue (3)	2,742			5,587			13,790
Total revenue	$	570,912		$	587,589		$	525,253
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	40,873		$	(6,920	)	$	(189,417	)
Legacy and other non-core expenses, net (4)	6,226			3,663			4,164
Other operating expenses (5)	8,074			9,789			11,200
Depreciation and amortization	60,123			59,076			55,413
(Gain) on sale of Intrawest Resort Club Group	(40,401		)	—			—
(Gain) loss on disposal of assets	(1,926		)	(2,280		)	267
Impairment of real estate and long-lived assets	—			—			871
Loss on remeasurement of equity method investment	—			1,454			—
Interest income, net (6)	(936		)	(274		)	(319		)
Interest expense on third party debt	40,377			43,891			53,004
Interest expense on notes payable to affiliates	—			—			119,858
(Earnings) loss from equity method investments (7)	(1,933		)	3,810			271
Pro rata share of EBITDA related to equity method investments (unaudited) (8), (9)	3,570			3,252			9,153
Adjusted EBITDA attributable to noncontrolling interest	(3,151		)	(2,484		)	(620		)
Loss on extinguishment of debt	—			676			35,480
Other (income) expense, net	(1,757		)	1,128			823
Income tax expense (benefit)	1,773			(3,902		)	677
Income attributable to noncontrolling interest	2,193			1,821			369
Total Adjusted EBITDA	$	113,105		$	112,700		$	101,194
Mountain adjusted EBITDA (8)	$	84,334		$	88,972		$	75,417
Adventure adjusted EBITDA (10)	22,146			13,305			16,558
Real Estate adjusted EBITDA (11)	6,625			10,423			9,219
Total Adjusted EBITDA	$	113,105		$	112,700		$	101,194

(1) Lift revenue outside of the ski season is derived from mountain biking and sightseeing lift products.

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INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

(2) Ski School revenue outside of the ski season is derived from mountain bike instruction at various resorts.

(3) Legacy, non-core and other revenue represents legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. It includes legacy real estate asset sales, divested non-core operations, and non-core retail revenue. Included in the year ended June 30, 2014 was $10.9 million of revenue from sales of non-core real estate held for development.

(4) Legacy and other non-core expenses, net represents revenue and expenses of legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. Revenue and expenses related to legacy and other non-core operations include retail operations not located at the Company’s properties and legacy litigation consisting of claims for damages related to alleged construction defects, purported disclosure violations in real estate marketing sales and documents, and allegations that the Company failed to construct planned amenities.

(5) Includes costs related to the Company's initial public offering, non-cash compensation, reduction in workforce severance, executive management restructuring costs, lease payments pursuant to the lease at Winter Park and other expenses.

(6) Includes interest income unrelated to IRCG financing activities.

(7) Represents the losses from equity method investments, including: Chateau M.T. Inc., Mammoth Hospitality Management L.L.C., the Mammoth family of resorts, and Blue Mountain prior to the Blue Mountain Acquisition.

(8) Includes the Company’s pro rata share of Adjusted EBITDA from its equity method investment in Blue Mountain prior to the Blue Mountain Acquisition. The pro rata share of Adjusted EBITDA represents the share of Adjusted EBITDA from the equity method investment based on the Company’s economic ownership percentage.

(9) Includes the Company’s pro rata share of EBITDA from its equity method investments in Mammoth Hospitality Management L.L.C. and Chateau M.T. Inc. The pro rata share of Adjusted EBITDA represents the Company’s share of Adjusted EBITDA from these equity method investments based on the Company's economic ownership percentages.

(10) Adventure segment Adjusted EBITDA excludes Adjusted EBITDA attributable to noncontrolling interest.

(11) Real Estate segment Adjusted EBITDA includes interest income earned from receivables related to the IRCG operations in the amount of $1.9 million, $3.9 million, and $4.4 million for the years ended June 30, 2016, 2015 and 2014, respectively.

Capital Expenditures

The following table presents capital expenditures for each segment, reconciled to consolidated amounts for the years ended June 30, 2016, 2015 and 2014 (in thousands):

	Year Ended June 30,
	2016		2015		2014
Capital expenditures:
Mountain	$	35,285	$	33,004	$	32,707
Adventure	9,994		4,425		6,891
Real Estate	307		501		772
Total segment capital expenditures	45,586		37,930		40,370
Corporate and other	5,493		3,943		4,872
Total capital expenditures	$	51,079	$	41,873	$	45,242

Geographic Data

The Company’s revenue by geographic region for the years ended June 30, 2016, 2015 and 2014 consisted of the following (in thousands):

	Year Ended June 30,
	2016		2015		2014
Revenue:
United States	$	337,104	$	348,336	$	326,406
Canada	233,808		239,253		198,847
Total revenue	$	570,912	$	587,589	$	525,253

41

INTRAWEST RESORTS HOLDINGS, INC.

Notes to Consolidated Financial Statements

The Company’s long-lived assets by geographic region for the years ended June 30, 2016 and 2015 consisted of the following (in thousands):

	Year Ended June 30,
	2016		2015
Long-lived assets:
United States	$	521,328	$	525,941
Canada	283,443		304,166
Total long-lived assets	$	804,771	$	830,107

18.    Selected Quarterly Financial Data (Unaudited)

The following tables contain selected unaudited statement of operations information for each quarter of each of the years ended June 30, 2016 and June 30, 2015 (in thousands, except per share data):

	Three Months Ended
	June 30, 2016			March 31, 2016		December 31, 2015			September 30, 2015
Revenue	$	65,051		$	315,706	$	103,951		$	86,204
Income (loss) from operations	(45,339		)	181,380		(25,981		)	(31,397		)
Net income (loss)	(58,974		)	175,476		(28,013		)	(45,423		)
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	(59,220	)	$	174,470	$	(27,305	)	$	(47,072	)
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. per share:
Basic	$	(1.49	)	$	4.09	$	(0.60	)	$	(1.04	)
Diluted	$	(1.49	)	$	4.08	$	(0.60	)	$	(1.04	)

	Three Months Ended
	June 30, 2015			March 31, 2015		December 31, 2014			September 30, 2014
Revenue	$	70,590		$	321,824	$	120,802		$	74,373
Income (loss) from operations	(40,320		)	138,617		(21,961		)	(39,914		)
Net income (loss)	(52,605		)	129,793		(32,189		)	(50,098		)
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	(53,566	)	$	128,694	$	(31,073	)	$	(50,975	)
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. per share:
Basic and diluted	$	(1.19	)	$	2.85	$	(0.69	)	$	(1.13	)

42

ITEM 9A. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Annual Report on Form 10-K. Based on that evaluation, management, with the participation of the Chief Executive Officer and Chief Financial Officer, concluded that the Company’s disclosure controls and procedures, as of the end of the period covered by this Annual Report on Form 10-K, are functioning effectively to provide reasonable assurance that the information required to be disclosed by the Company in reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. A controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

Management's Report on Internal Control over Financial Reporting

The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934, as amended. Management has assessed the effectiveness of our internal control over financial reporting as of June 30, 2016 based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. As a result of this assessment, management concluded that, as of June 30, 2016, the Company's internal control over financial reporting was effective in providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Change in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended) during the quarter ended June 30, 2016 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

43

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.

(a)    Index to Financial Statements and Financial Statement Schedules.

(1)    See "Item 8. Financial Statements and Supplementary Data" for the index to the Financial Statements and Schedules.

(2)    Schedule II - Valuation and Qualifying Accounts. All other schedules have been omitted because the required information is not applicable or because the information required has been included in the financial statements or notes thereto.

(3)    See the Index to Exhibits immediately following the signature page of this Annual Report on Form 10-K.

44

INTRAWEST RESORTS HOLDINGS, INC.

Schedule II - Valuation and Qualifying Accounts and Reserves

	Balance at Beginning of Period			Charged to Costs and Expenses			Deductions			Balance at End of Period
	(in thousands)
2016
Valuation Allowance on Income Taxes	$	(586,092	)	$	—		$	(5,935	)	$	(592,027	)
Trade Receivable Allowances	(717		)	(434		)	320			(831		)
Loans, Mortgages and Notes Receivable Allowance	(1,886		)	—			1,886			—
2015
Valuation Allowance on Income Taxes	$	(607,305	)	$	—		$	21,213		$	(586,092	)
Trade Receivable Allowances	(3,676		)	(172		)	3,131			(717		)
Loans, Mortgages and Notes Receivable Allowance	(2,949		)	(15		)	1,078			(1,886		)
2014
Valuation Allowance on Income Taxes	$	(1,737,756	)	$	—		$	1,130,451		$	(607,305	)
Trade Receivable Allowances	(3,495		)	(1,307		)	1,126			(3,676		)
Loans, Mortgages and Notes Receivable Allowance	(11,102		)	(277		)	8,430			(2,949		)

45

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Intrawest Resorts Holdings, Inc.
Date: November 3, 2016	By:	/s/ Travis Mayer
		Travis Mayer
		Executive Vice President, Chief Financial Officer and Treasurer
		Principal Financial Officer
Date: November 3, 2016	By:	/s/ Lindsay Goszulak
		Lindsay Goszulak
		Vice President, Accounting and Corporate Controller
		Principal Accounting Officer

46

INDEX TO EXHIBITS

		Incorporated by Reference			Filed Herewith	Furnished Herewith
Exhibit Number	Document Description	Form	Exhibit	Filing Date
2.1	Share Purchase Agreement, dated as of September 12, 2014, by and between Le Sommet Property Management Inc. and Blue Mountain Resorts Holdings Inc.	8-K	2.1	September 12, 2014
2.2	Purchase Agreement, dated November 24, 2015, among Intrawest U.S. Holdings Inc., Intrawest ULC, Diamond Resorts Corporation, and Diamond Resorts International, Inc.	10-Q	2.2	February 3, 2016
3.1	Restated Certificate of Incorporation of the Registrant	S-1/A	3.1	January 10, 2014
3.2	Amended and Restated Bylaws of the Registrant	S-1/A	3.2	January 10, 2014
10.1	Stockholders' Agreement, dated January 30, 2014, by and between the Registrant and Intrawest Europe Holdings S.A.R.L. and Intrawest S.A.R.L.	10-Q	10.1	May 13, 2014
10.2	U.S. Department of Agriculture Forest Service Special Use Permit for Steamboat	S-1	10.2	November 12, 2013
10.3	U.S. Department of Agriculture Forest Service Special Use Permit for Winter Park	S-1/A	10.3	January 10, 2014
10.4 (a)	U.S. Department of Agriculture Forest Service Term Special Use Permit for Winter Park	S-1/A	10.4	January 10, 2014
10.4 (b)	Amendment No. 1 to U.S. Department of Agriculture Forest Service Term Special Use Permit for Winter Park	S-1	10.5	November 12, 2013
10.4 (c)	Amendment No. 2 to U.S. Department of Agriculture Forest Service Term Special Use Permit for Winter Park	S-1/A	10.6	January 10, 2014
10.4 (d)	Amendment No. 3 to U.S. Department of Agriculture Forest Service Term Special Use Permit for Winter Park	S-1	10.7	November 12, 2013
10.4 (e)	Amendment No. 4 to U.S. Department of Agriculture Forest Service Term Special Use Permit for Winter Park	S-1	10.8	November 12, 2013
10.4 (f)	Amendment No. 5 to U.S. Department of Agriculture Forest Service Term Special Use Permit for Winter Park	8-K	10.2	April 30, 2015
10.5	Second Amended and Restated Ground Lease Agreement, dated December 20, 2002, between Winter Park Recreational Association and the Colorado Arlberg Club	S-1/A	10.13	January 10, 2014
10.6 (a)	Lease and Operating Agreement, dated December 23, 2002, between Winter Park Recreational Association and Intrawest/Winter Park Operations Corporation	S-1/A	10.14	December 16, 2013
10.6 (b)	First Amendment to Lease and Operating Agreement, dated June 15, 2004, between Winter Park Recreational Association and Intrawest/Winter Park Operations Corporation	S-1/A	10.23	December 16, 2013
10.6 (c)	Second Amendment to Lease and Operating Agreement, dated May 4, 2009, between Winter Park Recreational Association and Intrawest/Winter Park Operations Corporation	S-1/A	10.24	December 16, 2013
10.6 (d)	Third Amendment to Lease and Operating Agreement, dated May 4, 2009, between Winter Park Recreational Association and Intrawest/Winter Park Operations Corporation	S-1/A	10.25	December 16, 2013
10.6 (e)	Fourth Amendment to Lease and Operating Agreement, dated January 30, 2013, between Winter Park Recreational Association and Intrawest/Winter Park Operations Corporation	S-1/A	10.26	December 16, 2013

47

10.6 (f)	Fifth Amendment to Lease and Operating Agreement, dated April 10, 2013, between Winter Park Recreational Association and Intrawest/Winter Park Operations Corporation	S-1/A	10.27	December 16, 2013
10.6 (g)	Sixth Amendment to Lease and Operating Agreement, dated September 30, 2013, between Winter Park Recreational Association and Intrawest/Winter Park Operations Corporation	S-1/A	10.28	December 16, 2013
10.6 (h)	Seventh Amendment to Lease and Operating Agreement, dated January 31, 2014, between Winter Park Recreational Association and Intrawest/Winter Park Operations Corporation	10-K	10.6 (h)	September 8, 2016
10.6 (i)	Eighth Amendment to Lease and Operating Agreement, dated November 26, 2014, between Winter Park Recreational Association and Intrawest/Winter Park Operations Corporation	10-K	10.6 (i)	September 8, 2016
10.6 (j)	Ninth Amendment to Lease and Operating Agreement, dated March 15, 2016, between Winter Park Recreational Association and Intrawest/Winter Park Operations Corporation	10-K	10.6 (j)	September 8, 2016
10.6 (k)	Tenth Amendment to Lease and Operating Agreement, dated August 29, 2016, between Winter Park Recreational Association and Intrawest/Winter Park Operations Corporation	10-K	10.6 (k)	September 8, 2016
10.7	Form of Indemnification Agreement*	S-1/A	10.16	January 10, 2014
10.8	Form of Restricted Stock Unit Grant Agreement (CEO)*	S-1/A	10.17	January 21, 2014
10.9	Ski Area Lease Agreement, dated January 28, 2000, between Mont Tremblant Resorts and Company, LP and the Government of Quebec	S-1/A	10.18	January 10, 2014
10.10	Form of Intrawest Resorts Holdings, Inc. 2014 Omnibus Incentive Plan*	S-1/A	10.20	January 21, 2014
10.11 (a)	Credit Agreement, dated December 9, 2013, among Intrawest Operations Group Holdings, LLC, Intrawest Operations Group, LLC, the lenders party thereto, Goldman Sachs Bank USA, as issuing bank, and Goldman Sachs Lending Partner, LLC, as administrative agent	S-1/A	10.22	December 16, 2013
10.11 (b)	Incremental Amendment to Credit Agreement, dated September 19, 2014	8-K	10.1	September 22, 2014
10.11 (c)	Second Amendment to Credit Agreement, dated April 29, 2015	8-K	10.1	April 30, 2015
10.11 (d)	Third Amendment to Credit Agreement, dated June 1, 2015	8-K	10.1	June 3, 2015
10.11 (e)	Fourth Amendment to Credit Agreement, dated April 8, 2016	8-K	10.1	April 12, 2016
10.12	Form of Restricted Stock Unit Award Agreement (Other Executive Officers)*	S-1/A	10.32	January 21, 2014
10.13	Form of Restricted Stock Agreement (Directors)*	S-1/A	10.33	January 21, 2014
10.14 (a)	Employment Agreement, dated May 13, 2014 by and between the Registrant and Travis Mayer*	10-Q	10.2	November 10, 2014
10.14 (b)	Amendment to Employment Agreement, dated September 11, 2014 by and between the Registrant and Travis Mayer*	10-Q	10.6	November 10, 2014
10.14 (c)	Amendment to Employment Agreement, dated January 12, 2015 by and between the Registrant and Travis Mayer*	8-K	10.1	January 13, 2015
10.15	Separation Agreement and General Release, dated November 20, 2014 by and between the Registrant and William A. Jensen*	8-K	10.1	November 21, 2014

48

10.16	Amended and Restated Employment Agreement, dated January 1, 2015 by and between the Registrant and Thomas F. Marano*	10-Q	10.4	May 7, 2015
10.17	Amended and Restated Employment Agreement, dated January 1, 2015 by and between the Registrant and Sky Foulkes*	10-Q	10.5	May 7, 2015
10.18	Separation Agreement and General Release, dated March 13, 2015 by and between the Registrant and Joshua B. Goldstein*	10-Q	10.6	May 7, 2015
10.19	Senior Leadership Team Members Flexible Time Off Policy*	10-Q	10.7	May 7, 2015
10.20	Employment Agreement, dated June 26, 2015 by and between the Registrant and Karen Sanford*	10-K	10.51	September 9, 2015
10.21 (a)	U.S. Department of Agriculture Forest Service Special Use Permit for Winter Park	10-K	10.21 (a)	September 8, 2016
10.21 (b)	Amendment No. 1 to U.S. Department of Agriculture Forest Service Special Use Permit for Winter Park	10-K	10.21 (b)	September 8, 2016
21.1	Subsidiaries of the Registrant	10-K	21.1	September 8, 2016
23.1	Consent of KPMG LLP	10-K	23.1	September 8, 2016
24.1	Power of Attorney	10-K	24.1	September 8, 2016
31.1	Certification of Chief Executive Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.				X
31.2	Certification of Chief Financial Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.				X
32.1	Certification of Chief Executive Officer and Chief Financial Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 USC. Section 1350).					X
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

*Management contract or compensatory plan

49

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Thomas F. Marano, certify that:

1. I have reviewed this annual report on Form 10-K of Intrawest Resorts Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 3, 2016

 /s/ Thomas F. Marano

Thomas F. Marano

Chief Executive Officer and Director

(Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Travis Mayer, certify that:

1. I have reviewed this annual report on Form 10-K of Intrawest Resorts Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 3, 2016

/s/ Travis Mayer

Travis Mayer

Executive Vice President, Chief Financial Officer and Treasurer

(Principal Financial Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER 

AND CHIEF FINANCIAL OFFICER

FURNISHED PURSUANT TO SECTION 906 

OF THE SARBANES-OXLEY ACT OF 2002 (18 USC. SECTION 1350)

AND FOR THE PURPOSE OF COMPLYING WITH RULE 13a-14(b)

OF THE SECURITIES EXCHANGE ACT OF 1934.

 The undersigned, the Chief Executive Officer and the Chief Financial Officer of Intrawest Resorts Holdings, Inc. (the “Company”) respectively, each hereby certifies that to his knowledge on the date hereof:

(a)     the Annual Report on Form 10-K of the Company for the fiscal year ended June 30, 2016 filed on the date hereof with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b)     the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Thomas F. Marano

Chief Executive Officer and Director

(Principal Executive Officer)

November 3, 2016

/s/ Travis Mayer

Executive Vice President, Chief Financial Officer and Treasurer

(Principal Financial Officer)

November 3, 2016

XML

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2016	Sep. 02, 2016	Dec. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Intrawest Resorts Holdings, Inc.
Entity Central Index Key	0001587755
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 99,295,201
Entity Common Stock, Shares Outstanding		39,770,271
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2016

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Current assets:
Cash and cash equivalents	$ 107,066	$ 90,580
Restricted cash	12,475	10,018
Receivables, net of allowances of $831 and $717, respectively	36,660	36,176
Inventories	23,620	22,913
Prepaid expenses and other assets	21,081	21,701
Current assets held for sale	0	23,156
Total current assets	200,902	204,544
Property, plant and equipment, net	511,486	527,186
Real estate held for development	137,283	139,951
Intangible assets, net	50,226	56,501
Goodwill	105,981	106,469
Equity method investments	26,398	25,394
Other long-term assets, net	5,529	4,991
Long-term assets held for sale	0	29,959
Total assets	1,037,805	1,094,995
Current liabilities:
Accounts payable and accrued liabilities	64,869	62,890
Deferred revenue and deposits	67,937	62,441
Capital lease obligations due within one year	3,345	3,927
Long-term debt due within one year	497	6,919
Current liabilities held for sale	0	9,955
Total current liabilities	136,648	146,132
Deferred revenue and deposits	8,106	8,909
Long-term capital lease obligations	35,061	35,175
Long-term debt	537,295	566,922
Other long-term liabilities	60,660	60,121
Total liabilities	777,770	817,259
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock, $0.01 par value; 300,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.01 par value; 2,000,000 shares authorized; 39,736 and 45,230 shares issued and outstanding, respectively	453	452
Treasury stock, at cost; 5,556 shares and 0 shares, respectively	(50,643)	0
Additional paid-in capital	2,900,696	2,897,343
Accumulated deficit	(2,726,074)	(2,766,947)
Accumulated other comprehensive income	131,920	145,379
Total stockholders' equity	256,352	276,227
Noncontrolling interest	3,683	1,509
Total equity	260,035	277,736
Total liabilities and equity	$ 1,037,805	$ 1,094,995

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Current assets:
Receivables, net of allowances, current	$ 831	$ 717
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	300,000	300,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000	2,000,000
Common stock, shares issued (in shares)	39,736	45,230
Common stock, shares outstanding (in shares)	39,736	45,230
Treasury stock	5,556	0

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Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statements of Operations
Revenue	$ 570,912	$ 587,589	$ 525,253
Operating expenses	474,453	492,917	452,202
Depreciation and amortization	60,123	59,076	55,413
(Gain) on sale of Intrawest Resort Club Group	(40,401)	0	0
(Gain) loss on disposal of assets	(1,926)	(2,280)	267
Impairment of real estate and long-lived assets	0	0	871
Loss on remeasurement of equity method investment	0	1,454	0
Income from operations	78,663	36,422	16,500
Interest income	2,863	4,185	4,728
Interest expense on third party debt	(40,377)	(43,891)	(53,004)
Interest expense on notes payable to affiliates	0	0	(119,858)
Earnings (loss) from equity method investments	1,933	(3,810)	(271)
Loss on extinguishment of debt	0	(676)	(35,480)
Other income (expense), net	1,757	(1,231)	(986)
Income (loss) before income taxes	44,839	(9,001)	(188,371)
Income tax expense (benefit)	1,773	(3,902)	677
Net income (loss)	43,066	(5,099)	(189,048)
Income attributable to noncontrolling interest	2,193	1,821	369
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$ 40,873	$ (6,920)	$ (189,417)
Weighted average shares of common stock outstanding:
Basic (in shares)	43,236	45,099	43,132
Diluted (in shares)	43,270	45,099	43,132
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. per share:
Basic (in dollars per share)	$ 0.95	$ (0.15)	$ (4.39)
Diluted (in dollars per share)	$ 0.94	$ (0.15)	$ (4.39)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 43,066	$ (5,099)	$ (189,048)
Foreign currency translation adjustments	(12,081)	(54,594)	(4,040)
Realized portion on cash flow hedge (net of tax of $0)	1,195	1,486	3,398
Actuarial gain (loss) on pensions (net of tax of $0)	(2,592)	776	(3,631)
Comprehensive income (loss)	29,588	(57,431)	(193,321)
Comprehensive income attributable to noncontrolling interest	2,174	1,833	430
Comprehensive income (loss) attributable to Intrawest Resorts Holdings, Inc.	$ 27,414	$ (59,264)	$ (193,751)

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Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statements of Comprehensive Income (Loss)
Realized portion on cash flow hedge, tax	$ 0	$ 0	$ 0
Actuarial gain (loss) on pensions, tax	$ 0	$ 0	$ 0

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Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]	Equity Attributable to Shareholders of Intrawest Resorts Holding, Inc. [Member]	Equity Attributable to Noncontrolling Interest [Member]	Total	General Partner [Member]	Limited Partners [Member]
Balance at Jun. 30, 2013									$ 0	$ (1,174,706)
Balance at Jun. 30, 2013	$ 0	$ 0	$ 0	$ 0	$ 149,387		$ (754)
Balance (in shares) at Jun. 30, 2013	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				0			0	$ (189,048)
Contribution from affiliates										1,675
Other comprehensive income (loss):
Foreign currency translation adjustments					(4,101)		61	(4,040)
Realized portion on cash flow hedge (net of tax of $0)					3,398			3,398
Actuarial gain (loss) on pensions (net of tax of $0)					(3,631)			$ (3,631)
Issuance of common stock in initial public offering at $12.00 per share, net of issuance costs of $9,020	$ 31		28,449
Issuance of common stock in initial public offering at $12.00 per share, net of issuance costs of $9,020 (in shares)	3,125
Purchases of treasury stock		0
Purchases of treasury stock (in shares)								0
Shares issued under share-based compensation plan, net of shares withheld for employee taxes	$ 0		0
Shares issued under share-based compensation plan, net of shares withheld for employee taxes (in shares)	19
Share-based compensation			1,303
Balance at Jun. 30, 2014								$ 0	$ 0	$ 0
Balance at Jun. 30, 2014	$ 450	0	2,894,072	(2,760,027)	197,723	$ 332,218	(324)
Balance (in shares) at Jun. 30, 2014	45,026							45,026
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(6,920)			1,821	$ (5,099)
Other comprehensive income (loss):
Foreign currency translation adjustments					(54,606)		12	(54,594)
Realized portion on cash flow hedge (net of tax of $0)					1,486			1,486
Actuarial gain (loss) on pensions (net of tax of $0)					776			$ 776
Issuance of common stock in initial public offering at $12.00 per share, net of issuance costs of $9,020	$ 0		0
Issuance of common stock in initial public offering at $12.00 per share, net of issuance costs of $9,020 (in shares)	0
Purchases of treasury stock		0
Purchases of treasury stock (in shares)								0
Shares issued under share-based compensation plan, net of shares withheld for employee taxes	$ 2		(867)
Shares issued under share-based compensation plan, net of shares withheld for employee taxes (in shares)	204
Share-based compensation			4,138
Balance at Jun. 30, 2015	$ 452	0	2,897,343	(2,766,947)	145,379	276,227	1,509	$ 277,736
Balance (in shares) at Jun. 30, 2015	45,230							45,230
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				40,873			2,193	$ 43,066
Other comprehensive income (loss):
Foreign currency translation adjustments					(12,062)		(19)	(12,081)
Realized portion on cash flow hedge (net of tax of $0)					1,195			1,195
Actuarial gain (loss) on pensions (net of tax of $0)					(2,592)			$ (2,592)
Issuance of common stock in initial public offering at $12.00 per share, net of issuance costs of $9,020	$ 0		0
Issuance of common stock in initial public offering at $12.00 per share, net of issuance costs of $9,020 (in shares)	0
Purchases of treasury stock		(50,643)
Purchases of treasury stock (in shares)								(5,556)
Shares issued under share-based compensation plan, net of shares withheld for employee taxes	$ 1		(510)
Shares issued under share-based compensation plan, net of shares withheld for employee taxes (in shares)	62
Share-based compensation			3,863
Balance at Jun. 30, 2016	$ 453	$ (50,643)	$ 2,900,696	$ (2,726,074)	$ 131,920	$ 256,352	$ 3,683	$ 260,035
Balance (in shares) at Jun. 30, 2016								39,736

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Consolidated Statements of Equity (Parenthetical) $ in Thousands	12 Months Ended
	Jun. 30, 2014 USD ($) $ / shares
Consolidated Statements of Equity [Abstract]
Realized portion on cash flow hedge, tax	$ 0
Actuarial gain (loss) on pensions, tax	$ 0
Share price of common stock offered under initial public offering (in dollars per share) | $ / shares	$ 12.00
Issuance cost	$ 9,020

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net income (loss)	$ 43,066	$ (5,099)	$ (189,048)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	60,123	59,076	55,413
Gain on sale of Intrawest Resort Club Group	(40,401)	0	0
Transaction costs related to sale of Intrawest Resort Club Group	(4,679)	0	0
Impairment of real estate and long-lived assets	0	0	871
Loss on remeasurement of equity method investment	0	1,454	0
(Earnings) loss from equity method investments	(1,933)	3,810	271
Dividends from equity method investments	1,162	0	1,726
Deferred income taxes	70	(3,786)	105
Provision for doubtful accounts	434	187	1,584
Loss on extinguishment of debt	0	676	35,480
Amortization of deferred financing costs, facility fees, and discount	3,573	3,154	5,534
Non-cash changes to accumulated other comprehensive income	(1,397)	2,262	(233)
Share-based compensation	3,863	4,138	1,303
(Gain) loss on disposal of equity method investments and assets	(1,926)	(2,280)	267
Accrued interest on notes payable to affiliates	0	0	119,858
Funding of pension plans	(3,089)	(3,011)	(1,101)
Changes in assets and liabilities, net of business acquisitions:
Restricted cash	(2,511)	2,392	2,170
Receivables	2,187	1,094	(420)
Inventories	(3,182)	(1,078)	(5,935)
Prepaid expenses and other assets	(116)	2,334	(1,416)
Real estate held for development	985	2,690	10,499
Accounts payable and accrued liabilities	3,343	(570)	3,035
Deferred revenue and deposits	5,609	11,694	2,921
Net cash provided by operating activities	65,181	79,137	42,884
Investing activities:
Capital expenditures	(51,079)	(41,873)	(45,242)
Proceeds from sale of Intrawest Resort Club Group	84,613	0	0
Acquisition of businesses, net of cash received	0	(41,467)	(2,524)
Purchase of land for development	0	0	(2,941)
Contributions to equity method investments	(575)	(4,115)	(3,751)
Distributions of capital from equity method investments	150	0	0
Proceeds from the sale of long-lived assets	4,340	3,436	772
Proceeds from insurance reimbursements	1,951	1,415	0
Net cash provided by (used in) investing activities	39,400	(82,604)	(53,686)
Financing activities:
Proceeds from issuance of long-term debt	0	59,925	534,600
Repayments of bank and other borrowings	(42,286)	(11,323)	(588,251)
Purchase of treasury stock	(50,643)	0	0
Net proceeds from initial public offering	0	0	28,480
Financing costs paid	(1,640)	(2,773)	(16,950)
Contributions from affiliates	0	0	49,984
Net cash (used in) provided by financing activities	(94,569)	45,829	7,863
Effect of exchange rate changes on cash	6,474	(7,802)	(816)
Increase (decrease) in cash and cash equivalents	16,486	34,560	(3,755)
Cash and cash equivalents, beginning of year	90,580	56,020	59,775
Cash and cash equivalents, end of year	107,066	90,580	56,020
Supplemental information:
Cash paid for interest	31,348	34,633	40,958
Cash paid for income taxes	2,349	1,131	279
Non-cash investing and financing activities
Property, plant and equipment received not invoiced	1,302	2,838	0
Property, plant and equipment financed by capital lease obligations	270	107	19,565
Exchange of Tranche B Term Loans and Affiliate Loans for equity interest	$ 0	$ 0	$ 1,471,627

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Formation and Business

12 Months Ended

Jun. 30, 2016

Formation and Business [Abstract]

Formation and Business

1. Formation and Business

Formation of the Company

Intrawest Resorts Holdings, Inc. is a Delaware corporation that was formed on August 30, 2013, and had not, prior to the completion of the restructuring transactions in which it acquired substantially all of the assets, liabilities and operations of Intrawest Cayman L.P. (the "Partnership"), which is described below under “Restructuring”, conducted any activities other than those incident to its formation for the preparation of its initial public offering, which was consummated on February 5, 2014. The Partnership was formed on February 22, 2007 as a holding company that operated through various subsidiaries primarily engaged in the operation of mountain resorts, adventure, and real estate businesses, principally throughout North America.

Unless the context suggests otherwise, references in the notes to consolidated financial statements to the “Company”, “our”, “us”, or “we” refer to the Partnership and its consolidated subsidiaries prior to the consummation of the restructuring transactions described below under “Restructuring” and to Intrawest Resorts Holdings, Inc. and its consolidated subsidiaries after the consummation of the restructuring transactions described below under “Restructuring”.

Business Operations

The Company conducts business through three segments: Mountain, Adventure and Real Estate. The Mountain segment includes the Company's mountain resort and lodging operations at Steamboat Ski & Resort (“Steamboat”) and Winter Park Resort (“Winter Park”) in Colorado, Stratton Mountain Resort (“Stratton”) in Vermont, Snowshoe Mountain Resort (“Snowshoe”) in West Virginia, Mont Tremblant Resort (“Tremblant”) in Quebec, and Blue Mountain Ski Resort (“Blue Mountain”) in Ontario, of which the Company owned a 50.0% equity interest for all relevant periods prior to the Company's acquisition of the remaining 50.0% equity interest on September 19, 2014 (the "Blue Mountain Acquisition"). The Mountain segment derives revenue mainly from sales of lift products, lodging, ski school services, retail and rental merchandise, food and beverage, and other ancillary services.

The Adventure segment includes Canadian Mountain Holidays (“CMH”), which provides helicopter accessed skiing, mountaineering and hiking at eleven lodges in British Columbia, Canada. In support of CMH’s operations, the Company owns a fleet of 36 Bell helicopters that are also used in the off-season for fire suppression activities and other commercial uses in the United States and Canada. The Company's subsidiary, Alpine Aerotech L.P., provides helicopter maintenance, repair and overhaul services to the Company’s fleet of helicopters as well as to aircraft owned by unaffiliated third parties.

The Real Estate segment is comprised of Intrawest Hospitality Management, Inc. (“IHM”), which principally manages condominium hotel properties in Maui, Hawaii and Mammoth Lakes, California, Playground, a residential real estate sales and marketing business, the Company’s 50.0% interest in Mammoth Hospitality Management L.L.C., the Company's 57.1% economic interest in Chateau M.T. Inc. ("Chateau") and included Intrawest Resort Club Group ("IRCG"), a vacation club business, until the business was sold on January 29, 2016. The Real Estate segment is also comprised of real estate development activities and includes costs associated with these activities, such as planning activities and land carrying costs. 

Restructuring

On December 9, 2013, the Company was party to a series of transactions in which the Partnership caused its indirect subsidiaries to contribute 100% of their equity interest in both Intrawest U.S. Holdings Inc., a Delaware corporation (“Intrawest U.S.”), and Intrawest ULC, an unlimited liability company organized under the laws of the Province of Alberta (“Intrawest ULC”), to an indirect subsidiary of the Company. Concurrently, $1.1 billion of notes payable to affiliates, including $723.8 million of accrued and unpaid interest thereon, were exchanged for 42,999,900 shares of the Company's common stock (or 41,881,903 shares after giving effect to the 0.974-for-1 reverse stock split) and subsequently canceled. The Company's subsidiaries were released from all obligations, including guarantor obligations, in respect of an additional $355.6 million of notes payable to affiliates (the "Third Lien Loan"), including $145.6 million of accrued and unpaid interest thereon. These transactions are collectively referred to as the “Restructuring”. The accompanying consolidated statements of operations include interest expense related to the notes payable to affiliates of $119.9 million for the year ended June 30, 2014.

The Restructuring was accounted for as a transaction among entities under common control as Intrawest Resorts Holdings, Inc. and the Partnership was and continue to be under the common control of entities managed or controlled by Fortress Investment Group, LLC, (collectively “Fortress”). After the Restructuring and the completion of the Company's initial public offering in February 2014, Fortress beneficially owned 60.1% of the voting and economic equity interest of the Company. As of June 30, 2016, Fortress beneficially owned approximately 68.0% of the Company's outstanding shares. The Company is the parent holding company of the businesses conducted by Intrawest U.S. and Intrawest ULC and their respective subsidiaries. Due to the entities being under common control, the assets, liabilities and equity contributed to the Company were recorded at their historical carrying values on the consolidated balance sheet. The accompanying consolidated statements of operations include the historical results of the Partnership combined with the results of the Company since the Restructuring. The consolidated statements of equity include $2.8 billion of accumulated net losses attributable to the partners, which were converted to and reflected as an accumulated deficit of the Company. The historical contributed capital from partners of $1.4 billion, combined with the debt to equity conversion from the Restructuring was converted to and reflected as additional paid-in capital (“APIC”). The consolidated statement of cash flows for the year ended 2014 reflects the activity of the historical Partnership balances combined with those of the Company since the Restructuring. As a result of the Restructuring, the accompanying consolidated balance sheet as of June 30, 2014 reflects the removal of approximately $4.1 million in total assets as the European operations of the Partnership were not contributed to the Company in connection with the Restructuring. In addition, the accompanying consolidated balance sheet as of June 30, 2014 reflects an additional $1.5 billion of APIC related to the conversion of the $1.1 billion of affiliate debt and the removal of the principal balance and accrued and unpaid interest of the Third Lien Loan.

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Significant Accounting Policies

12 Months Ended

Jun. 30, 2016

Significant Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation and Use of Estimates

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during each reporting period. Actual results could differ from those estimates. Certain previously reported amounts have been reclassified to conform to the current period financial statement presentation.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and a variable interest entity ("VIE") for which the Company is the primary beneficiary. All significant intercompany transactions are eliminated in consolidation. Investments in which the Company does not have a controlling interest or is not the primary beneficiary, but over which the Company is able to exercise significant influence, are accounted for under the equity method. Under the equity method, the original cost of the investment is adjusted for the Company’s share of post-acquisition earnings or losses increased by contributions less distributions received.

The Company owns a 20.0% equity interest in Alpine Helicopters, Inc. ("Alpine Helicopters"). Alpine Helicopters employs all the pilots that fly the helicopters supporting CMH operations. Alpine Helicopters leases 100% of its helicopters from Intrawest ULC, a consolidated subsidiary of the Company, creating economic dependence and therefore giving Intrawest ULC a variable interest in Alpine Helicopters. Alpine Helicopters is a VIE for which the Company is the primary beneficiary and is consolidated in the accompanying consolidated financial statements. The remaining 80.0% equity interest in Alpine Helicopters is held by a trust for the benefit of the employees of Alpine Helicopters and is reflected as a noncontrolling interest in the accompanying consolidated financial statements. As of June 30, 2016, Alpine Helicopters had total assets of $11.5 million and total liabilities of $5.0 million.

On September 19, 2014 (the "Acquisition Date"), the Company acquired the remaining 50.0% equity interest in Blue Mountain that the Company did not already own from Blue Mountain Resorts Holdings Inc. (“Blue Mountain Holdings”) as described in Note 3, "Acquisitions and Dispositions". The accompanying consolidated financial statements reflect the Company's equity method investment in Blue Mountain prior to the Blue Mountain Acquisition and the consolidated results for the period from the Acquisition Date through June 30, 2016.

On January 29, 2016 (the "Disposition Date"), the Company, through its wholly owned indirect subsidiaries, Intrawest U.S. Holdings Inc. and Intrawest ULC, entered into a definitive agreement (the “Purchase Agreement”) to sell IRCG to Diamond Resorts Corporation (the “Purchaser”) and Diamond Resorts International, Inc. (together with the Purchaser, “Diamond”) as described in Note 3, "Acquisitions and Dispositions". The results of IRCG were included in the Company's consolidated financial statements until the Disposition Date. Subsequent to the Disposition Date, IRCG was no longer consolidated in the Company's consolidated financial statements.

Cash and Cash Equivalents

Cash and cash equivalents are held in highly liquid investments, primarily demand deposit accounts with highly rated U.S. and Canadian financial institutions, with remaining terms to maturity of three months or less at acquisition.

Restricted Cash

Restricted cash is comprised primarily of deposits to settle future claims related to self-insurance. Additionally, restricted cash includes guest lodging deposits in jurisdictions that require down payments or deposits to be retained in a trust account, and deposits to secure certain letters of credit.

Receivables

Trade receivables are recorded in the normal course of business related to the sale of products or services and presented net of an allowance for doubtful accounts. In the determination of the allowance, the Company considers specific accounts, accounts receivable aging reports, customer past repayment history, the economic environment, and other factors that could affect collectability. Write-offs are evaluated on a case by case basis.

Interest income on notes receivables is recognized on an accrual basis when earned. Interest income was $2.9 million, $4.2 million and $4.7 million for the years ended June 30, 2016, 2015 and 2014, respectively.

Inventories

Inventories consisting of retail goods, food and beverage products are recorded at the lower of cost or net realizable value, determined using the weighted-average cost method. The Company records an estimate for shrinkage and obsolete or unusable inventory. Aviation part inventories are recorded at the lower of cost or net realizable value, determined using the specific identification method.

Vacation points inventories are stated at the lower of cost or market value less cost to sell. Inventory costs are allocated to cost of point sales using a method that approximates the relative sales value method. The Company periodically reviews the carrying value of the inventory for impairment.

Property, Plant and Equipment

Property, plant and equipment is recorded at cost less accumulated depreciation less any impairment loss. Repairs and maintenance are expensed as incurred. Expenditures that improve the service capacity or extend the useful life of an asset are capitalized. When property, plant and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income (loss). Depreciation is calculated using the straight-line method over the estimated useful life of each asset. The estimated useful lives of each asset category are as follows:

Asset Category	Estimated Life in Years
Buildings and building improvements	5-40
Ski lifts and area improvements	5-30
Automotive, helicopters and other equipment	2-20
Golf course improvements	20

Certain buildings, area improvements and equipment are located on leased or licensed land and are amortized over the lesser of the lease or license term or the assets' estimated useful life.

Real Estate Held for Development

Real estate held for development is recorded at the lower of cost or net realizable value. Land and infrastructure development costs include all expenditures incurred in connection with the acquisition, development and construction of real estate. These expenditures consist of all direct costs, interest on specific debt, interest on total costs financed by the Company's pooled debt and property taxes during the development period. The Company expenses costs directly related to the acquisition of new real estate properties and resort businesses. Costs incurred in connection with operating properties classified as real estate held for development, including indirect and general and administrative overhead costs, are recorded to operating expenses when incurred. Sales commission expenses are recorded in the same period that the related revenue is recorded.

Real estate held for development is reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of a particular real estate property exceeds the estimated net realizable value. The Company recorded an impairment charge of $0.6 million in the year ended June 30, 2014 primarily related to legacy and non-core operations. The Company did not incur comparable charges in either of the years ended June 30, 2016 or 2015.

Goodwill and Intangible Assets

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is not amortized, but is tested for impairment annually as of June 30th and at any time when events or circumstances suggest impairment may have occurred. The Company has reporting units with allocated goodwill in both the Mountain and Real Estate segments.

The testing for impairment consists of a comparison of the fair value of the reporting unit with its carrying amount. If the carrying amount of the reporting unit, including goodwill, exceeds the fair value, an impairment will be recognized equal to the difference between the carrying value of the reporting unit goodwill and the implied fair value of the goodwill. In testing goodwill for impairment, the Company determines the estimated fair value of its reporting units based upon a discounted future cash flow analysis.

Goodwill is the Company's only indefinite-lived intangible asset. Definite-lived intangible assets are amortized using the straight line method over the shorter of their contractual term or estimated useful lives.

The Company's major finite-lived intangible asset categories and estimated useful lives are as follows:

Intangible Asset Category	Estimated Life in Years
Permits and licenses	20-45
Trademarks and trade names	10-20
Customer relationships	4-8
Other	8-20

Long-lived Assets

The Company evaluates potential impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. An impairment will be recognized as the amount by which the carrying amount of a long-lived asset exceeds its fair value.

Deferred Revenue and Deposits

Deferred revenue and deposits are comprised primarily of season pass revenue, lodging and tour deposits, deposits on real estate sales and mountain club initiation deposits. Deferred revenue relating to the sale of season passes is recognized throughout the season based on historical usage patterns. Lodging and tour deposits deferred revenue is recognized when the related service is provided. Deferred revenue relating to real estate deposits is recognized upon closing of the sale or upon fulfillment of any future obligations. Deferred revenue relating to mountain club initiation deposits is recognized on a straight-line basis over the estimated life of the club.

Self-Insured Liabilities

The Company has a policy of self-insuring when the expected losses from self-insurance are low relative to the cost of purchasing third-party insurance at various deductible levels. The self-insurance program includes workers’ compensation benefits in the United States and medical, property, automobile and general liability coverage in the United States and Canada. An accrual for self-insured liabilities is recorded based on management’s best estimate of the ultimate cost to settle claims considering historical claims experience, claims filed and the advice of actuaries and plan administrators.

Liabilities for insurance-related assessments are not discounted. As of June 30, 2016 and 2015, $1.9 million and $1.6 million of the liability balances are included in accounts payable and accrued liabilities, respectively, on the consolidated balance sheets and $8.2 million and $6.5 million, respectively, are included in other long-term liabilities.

Revenue Recognition

The Company earns revenue from a variety of sources. Revenue is recognized when the following criteria have been met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the fee is fixed or determinable and the collection of funds is reasonably assured. The following describes revenue recognition for the Company's three segments:

(i) Mountain segment revenue is derived from a wide variety of sources, including sales of lift products (including season passes), ski school operations, retail sales, equipment rentals, lodging operations and food and beverage operations. Persuasive evidence is obtained and collection of funds is assured through cash transactions or credit card validation at the point of sale. Revenue is recognized as goods are delivered or services are performed. Season pass revenue, although primarily collected prior to the ski season, is recognized in our consolidated financial statements during the ski season based on the estimated average number of visits by season pass holders in each month during the ski season, which is based on historical three-year average visitation by season pass holders at our resorts. Frequency product revenue is recognized as used, and unused portions are recognized based on the prior three-year average usage for each frequency product.

(ii) Adventure segment revenue is derived from a variety of sources, primarily from all-inclusive packages for stays and tours for helicopter accessed skiing, mountaineering and hiking at Company owned and leased lodges, as well as ancillary revenue from helicopter maintenance, repair, and overhaul services, leasing, and off-season fire suppression services. Revenue is recognized as goods are delivered or services are performed. For CMH adventure vacation packages, payments in advance are recognized as revenue as goods are delivered or services are performed.

(iii) The Real Estate segment earns revenue from IHM and Playground, as well as from IRCG prior to the Disposition Date. IHM generates revenue from managing rental operations at the Honua Kai Resort and Spa in Maui, Hawaii and the Westin Monache Resort in Mammoth Lakes, California. Playground earns revenue from the commissions on the sales of real estate. The Company also manages commercial real estate for owned properties and third parties. IRCG generated revenue from the sale of vacation points, management of properties for Club Intrawest, an unaffiliated, not-for-profit entity, management of a private exchange company, and income on the receivables portfolio. Vacation points revenue associated with membership in the vacation ownership business of IRCG was recognized when the purchaser paid the amount due on closing, all contract documentation had been executed and all other significant conditions of sale were met. The Company followed real estate time-sharing accounting principles, which set out specific guidelines for assessing whether the buyer’s initial and continuing investments were adequate to demonstrate a commitment to pay for the property. Such a demonstration was required for the seller of a time-sharing arrangement to recognize profit by the full accrual method. Sales were recorded upon closing when profitability could be determined and collectability could be reasonably assured. Buyers could finance a portion of the sales price through nonrecourse loans.

Commission revenue from brokerage operations for the Company owned real estate is included in Real Estate revenue and is recognized at the time an offer of sale is closed by the purchaser or all other contractual obligations have been satisfied. Commission revenue for third-party projects from real estate brokerage operations is included in Real Estate revenue and is recognized when the deal's listing agreement is executed.

Advertising Costs

The Company expenses advertising costs at the time such advertising occurs. Advertising costs are classified in operating expenses on the consolidated statements of operations and were $17.0 million, $17.4 million and $16.5 million for the years ended June 30, 2016, 2015 and 2014, respectively.

Income Taxes

Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between tax basis of assets and liabilities and book basis reported in the consolidated balance sheets and for operating loss and tax credit carryforwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to the tax provision or benefit in the period of enactment. To the extent that it is considered to be more likely than not that some or all of the deferred tax assets will not be realized, a valuation allowance is provided.

The Company recognizes accrued interest related to uncertain tax positions as a component of income tax expense. Penalties, if incurred, are recorded in operating expenses in the consolidated statements of operations.

Foreign Currency

The consolidated financial statements are presented in United States dollars (“USD”). The Company’s Canadian subsidiaries generally have the Canadian dollar (“CAD”) as their functional currency.

The accounts of entities where the USD is not the functional currency are translated into USD using the exchange rate in effect at the balance sheet date for asset and liability amounts and at the monthly average rate in effect for the period for amounts included in the determination of income. Cumulative unrealized gains or losses arising from the translation of the financial position of these subsidiaries into USD are included in equity as a component of accumulated other comprehensive income (loss) (“AOCI”).

Exchange gains or losses arising from transactions that are denominated in foreign currencies into the applicable functional currency are included in the determination of income and are classified in other income (expense), net in the consolidated statements of operations.

Share-Based Compensation

On January 30, 2014, the Company’s compensation committee of the board of directors approved the terms of the 2014 Omnibus Incentive Plan (the “Plan”), which allows the Company to grant share-based compensation awards in a variety of forms such as options, stock appreciation rights, restricted stock, restricted stock units, stock bonuses, other stock-based awards and cash awards as part of the Company’s long-term incentive compensation plan.

Awards granted under the Plan generally vest based on a service condition as defined in each award. Unless otherwise determined or evidenced in an award agreement, in the event that (i) a change in control occurs, as defined in the Plan, and (ii) a participant’s employment or service is terminated without cause within 12 months following the change in control, then (a) any unvested or unexercisable portion of any award carrying a right to exercise shall become fully vested and exercisable, and (b) the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to any award will lapse and such unvested awards will be deemed fully vested and any performance conditions imposed with respect to such awards will be deemed to be fully achieved.

Compensation expense is measured based on the fair value of the award on the date of grant, net of estimated forfeitures, and is recognized as expense on a straight-line basis over the requisite service period.

Employee Benefit Plans

Substantially all of the Company’s employees are covered by Company-sponsored defined contribution plans in the U.S. and Canada. The Company’s contributions to these plans are based on a percentage of employee compensation. These plans are funded on a current basis.

In addition, certain current and former employees are covered by noncontributory defined benefit pension plans. These plans are funded in conformity with the funding requirements of applicable government regulations. Generally, benefits are based on age, years of service and level of compensation during the final years of employment. The Company accounts for these defined benefit plans by accruing its obligations under the employee benefit plans and the related costs as the underlying services are provided. The Company has frozen the plans and no further service benefits are being earned by plan participants in the defined benefit plans.

The funded status of defined benefit plans is recognized entirely on the consolidated balance sheets. The amount recognized as an asset or liability for pension and other postretirement benefit plans is measured as the difference between the benefit obligation and the fair value of plan assets. Overfunded plans are aggregated and recognized as an asset while underfunded plans are aggregated and recognized as a liability. Actuarial gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net pension expense are recognized in AOCI, net of income tax effects. Actuarial gains and losses are comprised of changes in the amount of either the projected benefit obligation (for pension plans), the accumulated benefit obligation (for other postretirement plans) or differences between actual and expected return on plan assets and from changes in assumptions. The Company measures its pension assets and liabilities as of June 30th of each year.

Fair Value of Financial Instruments

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy, which is described below, prioritizes the inputs used in measuring fair value:

• Level 1 – Quoted prices for identical instruments in active markets.

• Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations, in which all significant inputs are observable in active markets.

• Level 3 – Unobservable inputs in which there is little or no market data, which requires the reporting entity to develop its own assumptions.

The Company has various short-term financial instruments, including cash and cash equivalents, restricted cash, receivables, accounts payable and accrued liabilities. Due to their short-term nature, the instruments’ book value approximates fair value.

The fair value of the Senior Debt (as defined in Note 9, “Long-Term Debt”) was estimated using quoted prices for the Company's instruments in markets that are not active and was considered a Level 2 measure. The fair value of other debt obligations was estimated based on Level 3 inputs using discounted cash flow analyses based on assumptions that management believes are consistent with market participant assumptions.

The Company’s long-term debt obligations are not measured and carried at fair value on a recurring basis. The Company’s debt is initially recorded based upon historical cost. The fair value of debt does not represent the amounts that will ultimately be paid upon the maturities of the loans.

Concentration of Credit Risk

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company places its cash and temporary cash investments in high quality credit institutions, but these investments may be in excess of regulatory insurance limits. The Company does not enter into financial instruments for trading or speculative purposes. Concentration of credit risk with respect to trade and notes receivables is limited due to the large number of customers and small transactions associated with the Company’s consumer and retail operations and the wide variety of customers and markets in which the Company transacts business. No customer represented 10% or more of total revenue or receivables during the years ended June 30, 2016, 2015 and 2014. Where the Company provides financing, the Company performs ongoing credit evaluations of its customers and generally does not require collateral, but does require advance deposits on certain transactions.

Recent Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This update replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for interim and annual periods beginning after December 15, 2019, with a modified-retrospective approach. The Company is currently evaluating the impact that this update will have on its consolidated financial statements and related disclosures.

In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients ("ASU No. 2016-12"), which clarifies the guidance in Topic 606 on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The amendments in ASU No. 2016-12 do not change the core principles of the guidance in Topic 606. This update is effective for the Company beginning July 1, 2018, the same date as the effective date and transition requirements for Topic 606. The Company is currently evaluating the impact that this update will have on its ongoing financial reporting.

In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing ("ASU No. 2016-10"), which clarifies the identification of performance obligations and the licensing implementation guidance in Topic 606. The amendments in ASU No. 2016-10 do not change the core principles of the guidance in Topic 606. This update is effective for the Company beginning July1, 2018, the same as the effective date and transition requirements for Topic 606. The Company is currently evaluating the impact that this update will have on its ongoing financial reporting.

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). This update is part of the FASB's simplification initiative and is intended to simplify accounting for stock-based compensation. The guidance requires that excess tax benefits or deficiencies be recognized in income tax expense or benefit in the income statement, rather than recognized in additional paid-in capital. The guidance allows the Company to elect whether to recognize forfeitures as they occur or use an estimated forfeiture assumption in estimating the number of awards that are expected to vest. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, with early adoption permitted. The Company is currently in the process of evaluating the impact that ASU 2016-09 will have on its consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 2016-02 supersedes existing guidance in Leases (Topic 840). The revised standard requires lessees to recognize the assets and liabilities arising from leases with lease terms greater than twelve months on the balance sheet, including those currently classified as operating leases, and to disclose key information about leasing arrangements. Lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will remain largely unchanged. The guidance is effective for annual periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on its consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement ("ASU 2015-05"). This update is intended to reduce diversity in practice by providing explicit guidance to customers about whether a cloud computing arrangement includes a software license. For public business entities, the guidance is effective for annual periods beginning after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-05 as of July 1, 2016 and will apply the guidance prospectively for all arrangements entered into or materially modified after July 1, 2016. The Company will include the related disclosure requirements, as applicable, in the fiscal 2017 first quarter filing.

In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). This update (i) amends the criteria for determining which entities are considered VIEs or voting interest entities, (ii) amends the criteria for evaluating fees paid to a decision maker or service provider as a variable interest, (iii) amends the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) ends the deferral previously granted to certain investment companies for application of the VIE consolidation model. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-02 as of July 1, 2016. The adoption did not have a material impact on the Company's consolidated financial statements. The Company will include the related disclosure requirements, as applicable, in the fiscal 2017 first quarter filing.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for the Company beginning July 1, 2018. In August 2015, the FASB issued a one-year deferral to the effective date with an option to permit adoption as early as the original effective date of July 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently in the process of evaluating the impact that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

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Acquisitions and Dispositions

12 Months Ended

Jun. 30, 2016

Acquisitions and Dispositions [Abstract]

Acquisitions and Dispositions

3.     Acquisitions and Dispositions

IRCG Transaction

On November 24, 2015, the Company, through Intrawest U.S. and Intrawest ULC, entered into a definitive agreement to sell IRCG, its vacation club business, to Diamond for gross proceeds of $84.6 million, which included certain purchase price adjustments (the "IRCG Transaction"). The purchase price consisted of cash consideration and the assumption of certain liabilities, including certain lease obligations and certain other continuing contractual obligations.  

Upon closing the IRCG Transaction on January 29, 2016, Diamond acquired substantially all of the assets used in the operations of IRCG and all of the equity interests in certain wholly-owned subsidiaries of the Company. The accompanying consolidated balance sheet as of June 30, 2016 reflects the removal of the assets and liabilities sold in the IRCG Transaction. The IRCG Transaction resulted in a pre-tax gain of $40.4 million, which is included in the gain on sale of IRCG line item in the accompanying consolidated statement of operations for the year ended June 30, 2016. Due to the Company's net operating losses for tax purposes in the U.S. and Canada, there were no cash taxes or any impact on the effective tax rate as a result of the IRCG Transaction. 

The following table shows the components of assets and liabilities of IRCG classified as held for sale in the Company's consolidated balance sheet as of June 30, 2015 (in thousands):

	June 30, 2015
Restricted cash	$	228
Receivables, net	6,592
Inventories	14,329
Other current assets	2,007
Property, plant and equipment, net of accumulated depreciation	2,071
Real estate held for development	3,085
Long-term receivables and other assets, net	24,803
Total assets classified as held for sale	$	53,115
Accounts payable and accrued liabilities	$	4,334
Deferred revenue and deposits	5,621
Total liabilities classified as held for sale	$	9,955

Prior to the IRCG Transaction, IRCG allowed deferred payment terms that exceeded one year for customers purchasing vacation points. A note receivable existed when all contract documentation had been executed. Notes receivable primarily consisted of nonrecourse installment loans. The Company performed a credit review of its notes receivable individually each reporting period to determine if an allowance for credit losses was required. As of June 30, 2015, gross notes receivable were $29.9 million, of which $5.1 million was included in current receivables on the consolidated balance sheet prior to being classified as held for sale. As of June 30, 2015, the allowance for credit losses on the notes receivable was $1.9 million, of which $0.9 million was included in current receivables on the consolidated balance sheet prior to being classified as held for sale.

Blue Mountain Acquisition

On September 19, 2014, the Company acquired the remaining 50.0% equity interest in Blue Mountain that the Company did not already own from Blue Mountain Resorts Holdings Inc. The Company has included the financial results of Blue Mountain in the accompanying condensed consolidated financial statements since the Acquisition Date. The total consideration transferred to acquire Blue Mountain was $109.6 million, which consisted of $54.8 million in cash and $54.8 million for the previously held equity interest. The valuation of the Company's previously held equity interest resulted in a loss of $1.5 million included within loss on remeasurement of equity method investment in the accompanying consolidated statements of operations for the year ended June 30, 2015.

The primary assets acquired and liabilities assumed as of the Acquisition Date included $85.8 million of property, plant and equipment, $13.8 million of accounts payable and accrued liabilities, $13.3 million of cash and cash equivalents, $8.7 million of identifiable intangibles and $13.2 million of residual goodwill. The goodwill recorded is primarily attributable to economies of scale, opportunities for synergies and any intangible assets that do not qualify for separate recognition. None of the goodwill is deductible for tax purposes.

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Earnings (Loss) Per Share

12 Months Ended

Jun. 30, 2016

Earnings (Loss) Per Share [Abstract]

Earnings (Loss) Per Share

4. Earnings (Loss) Per Share

Basic earnings (loss) per share ("EPS") is calculated by dividing net income (loss) attributable to the Company by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing net income (loss) attributable to the Company by the weighted average number of shares of common stock outstanding, plus potentially dilutive securities. Potentially dilutive securities include unvested restricted common stock, restricted stock units, and stock options, the dilutive effect of which is calculated using the treasury stock method.

On January 12, 2016, the Company announced the commencement of a modified “Dutch auction” self-tender offer ("Tender Offer") to purchase for cash up to $50.0 million of shares of its common stock at a price per share not greater than $10.00 nor less than $9.00, less applicable withholding taxes and without interest. The Tender Offer expired on February 10, 2016. The Company purchased approximately 5.6 million shares of its common stock at a purchase price of $9.00 per share. The tendered shares were accounted for as treasury stock, at cost including $0.6 million of transaction related expenses paid to third parties, and resulted in a reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share.

As of June 30, 2016, 2015 and 2014, the effect of 1.2 million, 1.0 million and 0.1 million potentially dilutive securities, respectively, were not included in the calculation of EPS as the effect would be anti-dilutive. The calculation of basic and diluted EPS is presented below (in thousands, except per share data).

	Year Ended June 30,
	2016		2015			2014
Basic earnings (loss) per share:
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	40,873	$	(6,920	)	$	(189,417	)
Weighted average common shares outstanding	43,236		45,099			43,132
Basic earnings (loss) per share	$	0.95	$	(0.15	)	$	(4.39	)
Diluted earnings (loss) per share:
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	40,873	$	(6,920	)	$	(189,417	)
Weighted average common shares outstanding	43,236		45,099			43,132
Dilutive effect of share-based payment awards	34		—			—
Weighted average dilutive shares outstanding	43,270		45,099			43,132
Diluted earnings (loss) per share	$	0.94	$	(0.15	)	$	(4.39	)

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Supplementary Balance Sheet Information

12 Months Ended

Jun. 30, 2016

Supplementary Balance Sheet Information [Abstract]

Supplementary Balance Sheet Information

5.    Supplementary Balance Sheet Information

Current receivables

Current receivables as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30,
	2016			2015
Trade receivables	$	37,441		$	36,458
Loans, mortgages and notes receivable	50			435
Allowance for doubtful accounts	(831		)	(717		)
Total current receivables	$	36,660		$	36,176

Prepaid expenses and other assets

Prepaid expenses and other assets as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30,
	2016		2015
Capital spares	$	11,628	$	11,640
Prepaid insurance	4,813		5,345
Prepaid expenses and other assets	4,640		4,716
Total prepaid expenses and other assets	$	21,081	$	21,701

Accounts payable and accrued liabilities

Accounts payable and accrued liabilities as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30,
	2016		2015
Trade payables	$	48,353	$	52,372
Accrued liabilities	16,516		10,518
Total accounts payable and accrued liabilities	$	64,869	$	62,890

Current deferred revenue and deposits

Current deferred revenue and deposits as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30,
	2016		2015
Season pass and other deferred revenue	$	42,343	$	39,216
Lodging and tour deposits	25,548		23,178
Deposits on real estate sales	46		47
Total current deferred revenue and deposits	$	67,937	$	62,441

Other long-term liabilities

Other long-term liabilities as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30,
	2016		2015
Pension liability, net of funded assets	$	33,550	$	33,150
Forgivable government grants	7,719		8,950
Other long-term liabilities	19,391		18,021
Total other long-term liabilities	$	60,660	$	60,121

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Property, Plant and Equipment

12 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

6.Property, Plant and Equipment

Property, plant and equipment, net, including capital lease assets, as of June 30, 2016 and 2015, consisted of the following (in thousands):

	June 30,
	2016			2015
Land	$	47,257		$	47,856
Buildings and building improvements	310,344			300,942
Ski lifts and area improvements	276,343			272,032
Automotive, helicopters and other equipment	292,776			284,271
Golf course improvements	23,757			23,638
Gross property, plant and equipment	950,477			928,739
Less: accumulated depreciation	(438,991		)	(401,553		)
Property, plant and equipment, net	$	511,486		$	527,186

As of June 30, 2016 and 2015, the carrying value of leased assets was $32.2 million and $31.9 million, respectively, net of accumulated amortization of $8.0 million and $6.8 million, respectively. Amortization of assets under capital leases is included in depreciation and amortization expense in the accompanying consolidated statements of operations.

Depreciation expense for property, plant and equipment for the years ended June 30, 2016, 2015 and 2014 was $55.1 million, $53.1 million and $48.9 million, respectively.

During the year ended June 30, 2014, certain asset groups related to legacy and non-core operations experienced deteriorated financial performance, reduced profitability, and forecasted future losses, which were indicators of potential impairment. The Company tested the recoverability of certain asset groups using projected future undiscounted cash flows and recorded an impairment charge of $0.2 million. There were no comparable charges in the years ended June 30, 2016 or 2015.

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Equity Method Investments

12 Months Ended

Jun. 30, 2016

Equity Method Investments [Abstract]

Equity Method Investments

7.Equity Method Investments

The Company had the following ownership interest in its equity method investments as of June 30, 2016:

Equity Method Affiliates	Ownership Interest
Chateau M.T. Inc.	49.5	%
Mammoth Hospitality Management, LLC	50.0	%
MMSA Investors, LLC	14.8	%
Mammoth Resorts LLC	14.9	%

The Company holds less than a 20% ownership interest in MMSA Investors, LLC and Mammoth Resorts LLC, (together with MMSA Investors, LLC collectively referred to herein as the "Mammoth family of resorts"); however, the equity method is used to account for these investments because the Company believes it exercises significant influence over the Mammoth family of resorts in part by holding a seat on each of the boards of directors, which have eight members and three members, respectively.

The Company holds a 49.5% voting interest in Chateau with a non-voting debt interest that can be converted to voting interest, resulting in up to a 57.1% economic interest in Chateau.

Financial information for the Company's equity method investments in the aggregate is summarized below and includes the Company's 50.0% equity investment in Blue Mountain Resorts Limited prior to the Blue Mountain Acquisition for all relevant periods presented (in thousands):

	Year Ended June 30,
	2016		2015			2014
Revenue	$	251,766	$	163,992		$	213,082
Operating expenses	19,282		19,438			16,785
Gross profit	232,484		144,554			196,297
Income (loss) from operations	11,433		(21,297		)	(7,377		)
Net income (loss)	10,443		(21,484		)	(7,176		)
Income (loss) attributable to noncontrolling interest	8,510		(17,674		)	(6,905		)
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	1,933	$	(3,810	)	$	(271	)

	June 30,
	2016		2015
Current assets	$	110,054	$	45,461
Noncurrent assets	423,671		455,994
Total assets	533,725		501,455
Current liabilities	79,929		59,054
Noncurrent liabilities	271,868		251,172
Total liabilities	351,797		310,226
Equity attributable to shareholders of investees	172,870		183,695
Equity attributable to noncontrolling interest	9,058		7,534
Total equity	181,928		191,229
Intrawest Resorts Holdings, Inc. equity investment	$	26,398	$	25,394

The Company's carrying amount of its equity method investments reflects its expectation of cash to be realized from its interests in the net assets of the affiliate, taking into account the return order of equity distribution per the respective agreements. The difference between the carrying value and the underlying equity in net assets is primarily comprised of goodwill.

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Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2016

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets

8. Goodwill and Intangible Assets

Goodwill

The goodwill balance as of June 30, 2016 and 2015 was $106.0 million and $106.5 million, respectively. Goodwill of $104.8 million and $1.2 million is included in the Mountain and Real Estate segment, respectively. Goodwill is not amortized. There is no goodwill for income tax purposes with the exception of the goodwill recorded as a result of the Blue Mountain Acquisition. This goodwill is included in the cost basis for income tax purposes. The Company did not record any impairment charges related to goodwill in the years ended June 30, 2016, 2015 and 2014.

Intangible Assets Other Than Goodwill

Finite-lived intangible assets as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30, 2016
	Cost		Accumulated Amortization		Net Book Value
Permits and licenses	$	12,732	$	4,866	$	7,866
Trademarks and trade names	73,561		33,388		40,173
Customer relationships	18,331		16,159		2,172
Other	8,906		8,891		15
	$	113,530	$	63,304	$	50,226

	June 30, 2015
	Cost		Accumulated Amortization		Net Book Value
Permits and licenses	$	13,278	$	4,558	$	8,720
Trademarks and trade names	74,645		30,183		44,462
Customer relationships	18,987		15,700		3,287
Other	9,172		9,140		32
	$	116,082	$	59,581	$	56,501

Amortization expense for intangible assets for the years ended June 30, 2016, 2015 and 2014 was $5.0 million, $6.0 million and $6.5 million, respectively.

Amortization expense for intangible assets for the next five fiscal years is estimated to be as follows (in thousands):

2017	$	5,170
2018	5,155
2019	4,387
2020	4,174
2021	4,174

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Long-Term Debt

12 Months Ended

Jun. 30, 2016

Long-Term Debt [Abstract]

Long-Term Debt

9. Long-Term Debt

Long-term debt, net of original issue discount ("OID") and debt issuance costs, as of June 30, 2016 and 2015 consisted of the following (in thousands):

		June 30,
	Maturity	2016			2015
Senior Debt	2020	$	554,480		$	591,297
Other debt obligations	2016-2023	1,172			2,096
Less: unamortized OID and debt issuance costs		(17,860		)	(19,552		)
Total		537,792			573,841
Less: Long-term debt due within one year		497			6,919
Total long-term debt		$	537,295		$	566,922

Senior Debt

In conjunction with the Restructuring, one of the Company’s subsidiaries, as borrower, and several of the Company's U.S. subsidiaries, as guarantors, entered into a credit agreement (the “Credit Agreement”) with a syndicate of lenders, Goldman Sachs Bank USA, as issuing bank, and Goldman Sachs Lending Partners LLC, as administrative agent, providing for a $540.0 million term loan facility (the “Term Loan"), a $25.0 million senior secured first-lien revolving loan facility (the “Revolver”), and a $55.0 million senior secured first-lien letters of credit facility (the “LC Facility” and, together with the Term Loan and Revolver, collectively referred to herein as the “Senior Debt”). Pursuant to an Incremental Amendment to the Credit Agreement, dated September 19, 2014 (the "Incremental Amendment"), the Company borrowed an incremental $60.0 million under the Term Loan, primarily to finance the Blue Mountain Acquisition described in Note 3, "Acquisitions and Dispositions". The proceeds were also used to pay certain fees, commissions and expenses related to the Blue Mountain Acquisition and for working capital. The Incremental Amendment has the same terms and maturity date as the original Term Loan. While the Fourth Amendment resulted in certain changes to the Company's incremental borrowing capacity, the Company continues to have the ability to increase the borrowings on the Term Loan under certain circumstances and subject to certain criteria as outlined in the Fourth Amendment; so long as, after giving effect to any additional amounts borrowed, the Company remains compliant with all covenants of the Credit Agreement.

On April 29, 2015, certain of the subsidiaries of the Company that guarantee the Company’s Senior Debt executed the second amendment (the “Second Amendment”) to the Company’s existing Credit Agreement.  The Second Amendment adjusted the Company’s Term Loan to reduce the applicable margin for borrowings under the Term Loan from 4.50% to 3.75% for Eurodollar rate loans. All other terms and conditions of the Second Amendment are consistent with the Credit Agreement.

On June 1, 2015, certain of the subsidiaries of the Company that guarantee the Company’s Senior Debt entered into the third amendment (the “Third Amendment”) to the Company’s existing Credit Agreement. The Third Amendment adjusted the terms of the Company's Revolver to decrease the Company's applicable margin for Eurodollar rate loans from 4.50% to 3.75%, if the total secured debt leverage ratio is greater than or equal to 4.50:1.00, and from 4.25% to 3.50% if the total secured debt leverage ratio is less than 4.50:1.00. The Third Amendment also decreased the Company's applicable margin for base rate loans from 3.50% to 2.75%, if the total secured debt leverage ratio is greater than or equal to 4.50:1.00, and from 3.25% to 2.50% if the total secured debt leverage ratio is less than 4.50:1.00. All other terms and conditions of the Third Amendment are consistent with the Credit Agreement.

On April 8, 2016, certain of the Company's subsidiaries, that are borrowers or guarantors of the Company’s Senior Debt, entered into the Fourth Amendment (the "Fourth Amendment") to the Company’s existing Credit Agreement. Upon execution of the Fourth Amendment, the Company repaid $25.0 million of Term Loan borrowings with cash on hand. The Fourth Amendment secured financial and strategic flexibility for the Company, among other items, and increased the applicable margins for base rate loans and Eurodollar rate loans under the Term Loan from 2.75% to 3.00% and from 3.75% to 4.00%, respectively.

The Term Loan has a maturity date of December 9, 2020. Borrowings under the Credit Agreement, including the Term Loan, LC Facility and Revolver, bear interest, at the Company's option, at a rate equal to either a Eurodollar rate loan or a base rate, in each case plus the applicable margin. The Term Loan currently bears interest based upon the LIBOR-based rate subject to a LIBOR floor of 1.00%. The Credit Agreement requires scheduled quarterly principal payments in the amount of $1.5 million. On January 29, 2016, the Company made an excess cash flow prepayment of $8.8 million as defined in the Credit Agreement. Due to the excess cash flow prepayment, the Company does not expect to make another scheduled principal payment until the fourth quarter of fiscal 2017.

The Company's current applicable margin is 4.00% under the Term Loan, 3.75% under the Revolver and 4.50% under the LC Facility.

The net cash proceeds from the Term Loan were reduced by an OID of 0.9%, or $5.5 million, after giving effect to the Incremental Amendment. The OID is amortized into interest expense using the effective interest method. There was $3.6 million and $4.3 million of unamortized OID remaining as of June 30, 2016 and 2015, respectively.

The Company has incurred $21.4 million of debt issuance costs in connection with the Senior Debt, which is presented as a direct reduction of the carrying value of the long-term debt on the accompanying consolidated balance sheets. These costs are amortized into interest expense using the effective interest method. There was $14.2 million and $15.2 million of unamortized costs remaining as of June 30, 2016 and 2015, respectively.

The borrower's obligations under the Credit Agreement are supported by guarantees of substantially all of the Company's material U.S. subsidiaries. The guarantees are further collateralized by mortgages and other security interests in certain properties and assets held by U.S. subsidiaries of the Company. The collateral includes both general and specific assets.

The Credit Agreement provides for affirmative and negative covenants that the Company believes are usual and customary for a senior secured credit agreement. The negative covenants restrict, among other things, the ability of the Company's subsidiaries to incur indebtedness, dispose of property, reinvest the proceeds from certain asset sales, or make investments or distributions. It also includes customary cross-default provisions with respect to certain other borrowings of the Company's subsidiaries. Additionally, the Credit Agreement requires the borrower to comply with a total secured debt leverage ratio on the last day of each fiscal quarter. The Company was in compliance with the covenants of the Credit Agreement at June 30, 2016.

The LC Facility and the Revolver each have a maturity date of December 9, 2018. The LC Facility includes fronting fees of 25 basis points and a commitment fee of 37.5 basis points on the first 15% of unutilized commitments. There were $42.8 million and $45.4 million of irrevocable standby letters of credit outstanding under the LC Facility at June 30, 2016 and 2015, respectively. The Revolver includes commitment fees of 37.5 basis points. There were no outstanding borrowings under the Revolver or draws on our outstanding letters of credit under the LC facility as of June 30, 2016 and 2015.

Other Debt Obligations

Other debt obligations include various lending agreements, including a government loan agreement and a bank loan related to employee housing. The weighted average interest rate for other debt obligations is 5.3% for the year ended June 30, 2016.

Maturities

Current maturities represent principal payments due in the next 12 months. As of June 30, 2016, the long-term debt aggregate maturities for the 12 month period ended June 30 of each of the following years are set forth below (in thousands):

2017	$	497
2018	6,131
2019	6,140
2020	6,147
2021	536,442
Thereafter	295

Interest Expense

The Company recorded interest expense of $40.4 million, $43.9 million, and $172.9 million in the consolidated statements of operations for the years ended June 30, 2016, 2015 and 2014, respectively, of which $3.6 million, $3.2 million, and $5.5 million, respectively, was amortization of deferred financing costs and the OID.

In October 2006, the Company entered into interest rate swap contracts to minimize the impact of changes in interest rates on its cash flows for certain of the Company’s floating bank rates and other indebtedness. The outstanding swap contracts were terminated on October 11, 2008. The fair value of the swap contracts at October 11, 2008 was a liability of $111.4 million. The remaining terminated swap liability of $0.7 million as of June 30, 2016 is recorded in AOCI and will be recognized periodically through March 31, 2017 through interest expense. The portion included in interest expense in the consolidated statements of operations for the years ended June 30, 2016, 2015 and 2014 was $1.2 million, $1.5 million, and $3.4 million, respectively.

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Fair Value Measurements

12 Months Ended

Jun. 30, 2016

Fair Value Measurements [Abstract]

Fair Value Measurements

10. Fair Value Measurements

As of June 30, 2016 and 2015, the fair value of cash and cash equivalents, restricted cash, net receivables and accounts payable approximated their carrying value based on the short-term nature of these instruments. Estimates of fair value may be affected by assumptions made and, accordingly, are not necessarily indicative of the amounts the Company could realize in a current market exchange.

A summary of the carrying amount and fair value of the Company's financial instruments for which there is a difference between the carrying value and fair value is as follows (in thousands):

	June 30, 2016				June 30, 2015
	Carrying Value		Fair Value		Carrying Value	Fair Value
Senior Debt	$	554,480	$	555,173	591,297	$	595,362
Other debt obligations	1,172		971		2,096	1,793

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Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Jun. 30, 2016

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income (Loss)

11. Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income

The following table presents the changes in AOCI, by component, for the years ended June 30, 2016, 2015 and 2014 (in thousands):

	Realized portion on cash flow hedge (a)			Actuarial loss on pensions (b)			Foreign currency translation adjustments			Total
As of June 30, 2013	$	(6,704	)	$	(10,453	)	$	166,544		$	149,387
Restructuring transactions on December 9, 2013	—			—			52,670			52,670
Other comprehensive income (loss) before reclassifications	—			(4,530		)	—			(4,530		)
Amounts reclassified from AOCI	3,398			814			—			4,212
Foreign currency translation adjustments	(41		)	85			(4,060		)	(4,016		)
Net current period other comprehensive income (loss)	3,357			(3,631		)	48,610			48,336
As of June 30, 2014	$	(3,347	)	$	(14,084	)	$	215,154		$	197,723
Other comprehensive income (loss) before reclassifications	—			(209		)	—			(209		)
Amounts reclassified from AOCI	1,486			985			—			2,471
Foreign currency translation adjustments	(58		)	1,358			(55,906		)	(54,606		)
Net current period other comprehensive income (loss)	1,428			2,134			(55,906		)	(52,344		)
As of June 30, 2015	$	(1,919	)	$	(11,950	)	$	159,248		$	145,379
Other comprehensive income (loss) before reclassifications	—			(3,409		)	—			(3,409		)
Amounts reclassified from AOCI	1,195			817			—			2,012
Foreign currency translation adjustments	(9		)	300			(12,353		)	(12,062		)
Net current period other comprehensive income (loss)	1,186			(2,292		)	(12,353		)	(13,459		)
As of June 30, 2016	$	(733	)	$	(14,242	)	$	146,895		$	131,920

(a) Amounts reclassified from AOCI are included in interest expense on third party debt in the accompanying consolidated statements of operations.

(b) Amounts reclassified from AOCI are included in operating expenses in the accompanying consolidated statements of operations.

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Share-Based Compensation

12 Months Ended

Jun. 30, 2016

Share-Based Compensation [Abstract]

Share-Based Compensation

12. Share-Based Compensation

In connection with the Company’s initial public offering, 4,500,700 shares of the Company’s common stock were reserved for issuance under the Intrawest Resorts Holdings, Inc. 2014 Omnibus Incentive Plan (the "Plan") upon the exercise of awards that were or will be issued to the Company’s employees, non-employee directors, independent contractors and consultants. The Plan allows share-based compensation awards to be granted in a variety of forms including options, stock appreciation rights, restricted stock, restricted stock units, stock bonuses, other stock-based awards and cash awards. The terms and conditions of the awards granted are established by the compensation committee of the board of directors of the Company (the "Board of Directors"), who administers the Plan.

A total of 1,294,645 shares of common stock were available for future grant under the Plan at June 30, 2016.

Restricted Stock Awards

As of June 30, 2016, the Board of Directors had granted 955,809 restricted stock units to the Company’s officers and employees, and 25,000 shares of restricted stock to the Company’s non-employee directors (collectively referred to herein as the "Restricted Stock Awards"). Restricted Stock Awards generally vest ratably upon the satisfaction of a defined service condition. The restricted stock is legally outstanding upon grant subject to restrictions that lapse as the award vests. Upon vesting, each restricted stock unit is exchanged for one share of the Company’s common stock or cash, at the Company’s discretion. The grant date fair values of these awards are determined based on the closing price of the Company’s common stock on the grant date. The related compensation expense is recognized over the applicable requisite service period.

A summary of Restricted Stock Awards activity during the years ended June 30, 2016 and 2015 is as follows:

	Number of Awards		Weighted Average Grant Date Fair Value
Total unvested awards - June 30, 2014	784,727		$	11.97
Granted	97,470		10.26
Vested	(276,199	)	11.97
Forfeited	(269,493	)	12.00
Total unvested awards - June 30, 2015	336,505		$	11.45
Granted	25,000		7.82
Vested	(142,111	)	11.58
Forfeited	(41,700	)	11.78
Total unvested awards - June 30, 2016	177,694		$	10.75

The total fair value of Restricted Stock Awards vested for the years ended June 30, 2016 and 2015 was $1.4 million and $3.0 million, respectively.

The outstanding unvested Restricted Stock Awards at June 30, 2016 are scheduled to vest in each fiscal year as follows:

Vesting Date	Number of Awards
2017	128,464
2018	40,880
2019	8,350
Total	177,694

Stock Options

During the year ended June 30, 2015, the Board of Directors granted the Company's current Chief Executive Officer ("CEO") an option to purchase 2,700,000 shares (the "Options") under the Plan with a contractual term of 10 years. The Options have a weighted average exercise price of $11.25 and will become vested and exercisable over a three-year period, provided that the CEO remains in continuous employment with the Company. The related compensation expense is recognized over the applicable requisite service period.

The fair value of the Options was estimated at the grant date using a Black-Scholes option pricing model with the following assumptions:

Expected stock price volatility	32.5		%
Expected term (in years)	6.3
Risk-free interest rate	1.8		%
Dividend yield	0.0		%
Weighted average fair value per option	$	3.46

The risk-free interest rate is based on the United States Treasury yield in effect at the time of grant for zero coupon United States Treasury bonds with maturities that approximate the expected term. The Company used the simplified method to estimate the expected term as it does not have sufficient historical exercise data given its limited history of employee grants. The simplified method, permitted by the Securities and Exchange Commission ("SEC"), is calculated as the average of the vesting period and the contractual term of the options.

The expected stock price volatility is derived from historical volatilities of several public companies within industries related to the Company. The historical volatility of selected peer companies is weighted based on certain qualitative factors including size, industry, and availability of historical data and combined to produce a single volatility factor.

The outstanding unvested Options at June 30, 2016 are scheduled to vest in each fiscal year as follows:

Vesting Date	Number of Options
2017	1,350,000
2018	1,350,000
Total	2,700,000

Share-Based Compensation Expense

For the years ended June 30, 2016 and 2015, there was $1.6 million and $2.7 million, respectively, of compensation expense related to the Restricted Stock Awards and $2.3 million and $1.4 million, respectively, of compensation expense related to the Options. Compensation expense related to the Restricted Stock Awards and Options is included in operating expenses in the accompanying consolidated statements of operations.

As of June 30, 2016, there was $1.0 million and $3.2 million of unrecognized compensation expense related to the unvested Restricted Stock Awards and the Options, respectively, both of which are expected to be recognized over a weighted average period of approximately 1.4 years.

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Income Taxes

12 Months Ended

Jun. 30, 2016

Income Taxes [Abstract]

Income Taxes

13. Income Taxes

The United States and foreign components of income tax expense (benefit) consisted of the following (in thousands):

	Year Ended June 30,
	2016		2015			2014
United States	$	119	$	(1,147	)	$	57
Foreign	1,654		(2,755		)	620
	$	1,773	$	(3,902	)	$	677

The components of income tax expense (benefit) from continuing operations consisted of the following (in thousands):

	Year Ended June 30,
	2016		2015			2014
Current income taxes:
United States	$	119	$	(1,147	)	$	57
Foreign	1,584		1,031			515
Total current income tax (benefit) expense	1,703		(116		)	572
Deferred income taxes:
United States	—		—			—
Foreign	70		(3,786		)	105
Total deferred income tax (benefit) expense	70		(3,786		)	105
	$	1,773	$	(3,902	)	$	677

In the year ended June 30, 2016, we recognized $1.8 million of tax expense related to tax paying entities primarily in Canada. In the year ended June 30, 2015, as a result of the acquisition of the remaining 50.0% equity interest in Blue Mountain, and the subsequent restructuring of the wholly owned interest, the Company was able to reverse $3.1 million of a deferred tax liability and $0.7 million of income tax payable, both of which were reflected in the deferred tax provision.

For all years presented, the reconciliation of income taxes is calculated at the blended statutory federal rates of the United States and Canada. The reconciliation of income taxes to the actual income tax expense (benefit) is as follows (in thousands):

	Year Ended June 30,
	2016			2015			2014
Income tax at blended statutory federal rate	$	12,618		$	(2,119	)	$	(52,141	)
State tax, net of federal benefit	(246		)	197			(4,296		)
Foreign exchange rate differential	6,571			26,630			2,191
Nondeductible impairments and expenses	619			634			642
Unrealized foreign exchange impact	(6,091		)	(3,928		)	(10,538		)
Change in tax laws and rates	(7,375		)	(2,080		)	(476		)
Change in valuation allowance	5,935			(21,213		)	65,295
Other one-time items	(10,258		)	(2,023		)	—
Income tax expense (benefit)	$	1,773		$	(3,902	)	$	677

There were certain one-time tax benefits that impacted the income tax provision. In the year ended June 30, 2016, $10.3 million related to tax basis differences recognized on the sale of IRCG in the U.S. and Canada. In the year ended June 30, 2015, in the U.S., there was a reversal of a previously accrued tax expense and a revised estimate of the income taxes payable, which resulted in a combined benefit of $1.3 million. In Canada, there was a reversal of $0.7 million of income taxes payable as a result of the acquisition of the remaining 50.0% equity interest in Blue Mountain and the subsequent restructuring of the wholly owned interest.

Deferred tax assets and liabilities as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30,
	2016			2015
Deferred tax assets:
Real estate held for development	$	38,579		$	37,582
Loss carryforwards	499,229			500,485
Differences in working capital deductions for tax and accounting purposes	15,905			16,113
Bank and other indebtedness	4,359			2,303
Intangible assets	6,507			7,189
Investments	3,429			3,598
Property, plant and equipment	12,988			8,273
Other	14,213			18,948
Total gross deferred tax assets	595,209			594,491
Valuation allowance	(592,027		)	(586,092		)
Net deferred tax assets	3,182			8,399
Deferred tax liabilities
Property, plant and equipment	159			3,227
Investments	3,161			2,927
Intangible assets	11			2,324
Total gross deferred tax liabilities	3,331			8,478
Net deferred tax liabilities	$	149		$	79

As of each of the years June 30, 2016 and 2015, net deferred tax liabilities of $0.1 million are included within other long-term liabilities on the consolidated balance sheets. The gross deferred tax liability is noncurrent and the deferred tax asset, net of the valuation allowance, is also noncurrent. There is no current deferred tax asset due to the valuation allowance.

The increase in the net deferred tax liability from fiscal 2015 to fiscal 2016 is primarily the result of certain Canadian operations. The Company has net operating loss carryforwards for income tax purposes of approximately $1,436 million and $1,465 million as of June 30, 2016 and 2015, respectively, that are available to offset future taxable income and will expire in varying amounts over the next 20 years.

The Company’s net operating loss carryforwards pertaining to federal and foreign jurisdictions will primarily expire after 2025 and consisted of the following (in thousands):

	June 30,
	2016		2015
United States	$	954,351	$	951,713
Canada	481,714		513,580
	$	1,436,065	$	1,465,293

The Company believes that uncertainty exists with respect to the future realization of the loss carryforwards and a full valuation allowance has been established for the net operating loss carryforwards. The Company has concluded that it is not more likely than not that the benefit of these losses will be utilized prior to their expiration date.

The Company, or one of its subsidiaries, files income tax returns in the U.S. federal jurisdiction, various states, Canada federal jurisdiction and various provinces. With few exceptions, the Company is no longer subject to federal, state and local examinations by the tax authorities in most jurisdictions for years ending before June 30, 2013. There are currently no ongoing tax examinations in any of the jurisdictions in which the Company files income tax returns.

A reconciliation of unrecognized tax benefits is as follows (in thousands):

	2016			2015			2014
Balance as of July 1	6,737			9,576			19,821
Additions based on tax positions related to the current year	—			—			—
Additions for tax positions of prior years	—			—			—
Reductions due to Restructuring	—			—			(293		)
Reductions for tax positions of prior years	(2,530		)	(2,839		)	(9,952		)
Balance as of June 30	$	4,207		$	6,737		$	9,576

The remaining uncertain tax benefits balance at June 30, 2016, if recognized, would only reduce net operating losses in the United States and would have no impact on the annual effective tax rate.

Included in the unrecognized tax benefits balance as of June 30, 2016 were $2.9 million of tax positions, which the Company expects will change within 12 months due to settlement or expiration of statutes of limitation.

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Commitments and Contingencies

12 Months Ended

Jun. 30, 2016

Commitments and Contingencies [Abstract]

Commitments and Contingencies

14. Commitments and Contingencies

Letters of Credit

The Company issued letters of credit of $42.8 million and $45.4 million at June 30, 2016 and 2015, respectively, mainly to secure the Company's commitments under the three closed noncontributory defined benefit pension plans covering certain of the Company's former executives and self-insurance claims. These outstanding letters of credit will expire in November 2018.

Legal

The Company is involved in various lawsuits and claims arising in the ordinary course of business and others arising from legacy real estate development. These lawsuits and claims may include, among other things, claims or litigation relating to personal injury and wrongful death, allegations of violations of laws and regulations relating to real estate activities and labor and employment, intellectual property and environmental matters and commercial contract disputes. The Company operates in multiple jurisdictions and, as a result, a claim in one jurisdiction may lead to claims or regulatory penalties in other jurisdictions.

Due to the nature of the activities at the Company's mountain resorts and CMH, the Company is exposed to the risk that customers or employees may be involved in accidents during the use, operation or maintenance of our trails, lifts, helicopters and facilities. As a result, the Company is, from time to time, subject to various lawsuits and claims in the ordinary course of business related to injuries occurring at the Company's properties.

In addition, the Company's pre-2010 legacy real estate development and sales activities, combined with the significant downward shift in real estate asset values that occurred in 2007 and 2008, resulted in claims arising in the ordinary course of business being filed against the Company by owners and prospective purchasers of residences of the Company's real estate developments. In some instances, the Company has been named as a defendant in lawsuits alleging construction defects at certain of the Company's existing developments or that the Company failed to construct planned amenities. In other lawsuits, purchasers are seeking rescission of real estate purchases and/or return of deposits paid on pre-construction purchase and sale agreements. These claims are related to alleged violations of state and federal laws that require providing purchasers with disclosures mandated under the Interstate Land Sales Act and similar state laws.

The Company believes that it has adequate insurance coverage or has adequately accrued for loss contingencies for all material matters in which it believes a loss is probable and the amount of the loss is reasonably estimable. Although the ultimate outcome of claims cannot be ascertained, current pending and threatened claims are not expected to have a material adverse effect, individually or in the aggregate, on the Company's financial position, results of operations or cash flows.

Government Grants and Loans

The federal government of Canada and the provincial government of Quebec have granted financial assistance to certain subsidiaries of the Company in the form of reimbursable loans and forgivable grants for the construction of specified tourist facilities at Tremblant. The unamortized balance of forgivable government grants received is included in other long-term liabilities in the accompanying consolidated balance sheets and recorded as a reduction in depreciation expense of the related fixed asset or a reduction in cost of sales for property under development at the time a sale is recognized. Reimbursable government loans are included in long-term debt and long-term debt due within one year in the accompanying consolidated balance sheets. The reimbursable government loans have a weighted average borrowing rate of 6.4%.

Reimbursable government loans and forgivable grants as of June 30, 2016 and 2015 in CAD and USD equivalent are as follows (in thousands):

	June 30,
	2016				2015
	CAD		USD Equivalent		CAD		USD Equivalent
Loans	$	241	$	185	$	1,237	$	992
Grants
Received	$	89,298	$	68,643	$	89,298	$	71,587
Future advances	31,421		24,153		31,421		25,189
Total grants	$	120,719	$	92,796	$	120,719	$	96,776

Commitments

The following summarizes our principal contractual commitments, excluding open orders for purchases that support normal operations, as of June 30, 2016 (in thousands):

	2017		2018		2019		2020		2021		Thereafter		Total
Debt principal and interest	$	28,654	$	34,229	$	34,614	$	35,333	$	549,618	$	291	$	682,739
Capital leases obligations	4,848		5,595		5,579		5,572		5,509		63,992		91,095
Operating leases	9,321		6,601		5,510		3,791		2,530		4,983		32,736
Purchase obligations and service contracts	4,953		2,445		913		317		—		—		8,628
Total commitments	$	47,776	$	48,870	$	46,616	$	45,013	$	557,657	$	69,266	$	815,198

Capital lease obligations above includes total minimum lease payments of $91.1 million and amounts representing interest of approximately $52.6 million, resulting in a present value of net minimum lease payments of $38.5 million. Capital lease obligations are primarily for equipment except for the lease of Winter Park ski resort. The Winter Park capital lease requires annual payments, a portion of which are contingent on future annual gross revenue levels. As such, the obligation associated with the contingent portion of the payments is not readily determinable and has not been recorded. The Company is contractually obligated to make certain debt service payments on behalf of Winter Park Recreational Association ("WPRA") as a requirement of the lease agreement. Subsequent to June 30, 2016, the WPRA refinanced its debt obligation resulting in the debt becoming due August 31, 2021. As a result, the Company reclassified the related portion of its capital lease obligation from short-term to long-term in the consolidated balance sheet as of June 30, 2016 as well as reflected the revised cash flow obligations in the Commitments table above.

The leases have remaining terms ranging from 1 years to 36 years and have a weighted average interest rate of 10.0%. Total interest expense related to capital leases for the years ended June 30, 2016, 2015 and 2014 was $3.1 million, $3.3 million and $2.8 million.

Total rent expense recorded in operating expenses in the accompanying consolidated statements of operations for the years ended June 30, 2016, 2015 and 2014 was $15.5 million, $15.5 million and $15.1 million, respectively.

Other

The Company holds forestry licenses and land leases with respect to certain of its resort operations. These leases expire at various times between 2017 and 2047 and provide for annual payments of approximately 2.0% of defined gross revenue. Payments for forestry licenses and land leases for the years ended June 30, 2016, 2015 and 2014 were $3.6 million, $3.1 million and $2.8 million, respectively.

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Employee Benefit Plans

12 Months Ended

Jun. 30, 2016

Employee Benefit Plans [Abstract]

Employee Benefit Plans

15. Employee Benefit Plans

The Company has three closed noncontributory defined benefit pension plans, one registered and two nonregistered, covering certain of its former executives ("Executive plans"). In addition to these plans, one of the Company’s mountain resorts has two closed defined benefit pension plans covering certain employees ("Employee plans"). There are no additional service costs to the Company on any of the plans.

Benefit Obligations and Funded Status

A summary of the funded status of the Company's pension plans at June 30, 2016 and 2015 is as follows (in thousands):

		Executive plans						Employee plans
		2016			2015			2016			2015
Change in benefit obligations:
Benefit obligation at beginning of year:		$	34,547		$	40,730		$	11,161		$	11,530
	Interest cost	1,199			1,358			417			419
	Actuarial (gains) losses	1,981			(89		)	1,080			(36		)
	Benefits paid	(1,810		)	(2,025		)	(448		)	(752		)
	Foreign currency translation	(1,425		)	(5,427		)	—			—
Benefit obligation at end of year		$	34,492		$	34,547		$	12,210		$	11,161
Change in plan assets:
Fair value of plan assets at beginning of year:		$	5,550		$	6,256		$	7,008		$	6,906
	Actual return of assets	56			91			(68		)	57
	Employer contributions	1,887			2,145			1,202			797
	Benefits paid	(1,810		)	(2,025		)	(448		)	(752		)
	Foreign currency translation	(225		)	(917		)	—			—
Fair value of plan assets at end of year		$	5,458		$	5,550		$	7,694		$	7,008
Funded status as of June 30:
Fair value of plan assets		$	5,458		$	5,550		$	7,694		$	7,008
Benefit obligations		34,492			34,547			12,210			11,161
Funded status		$	(29,034	)	$	(28,997	)	$	(4,516	)	$	(4,153	)

Amounts recognized in Statements of Financial Position:
Noncurrent liabilities	$	29,034	$	28,997	$	4,516	$	4,153
Net amount recognized	$	29,034	$	28,997	$	4,516	$	4,153

Amounts recognized in Accumulated Other Comprehensive Income:
Net actuarial loss	$	9,584	$	8,273	$	4,656	$	3,676

The net liability of all pension plans is included in other long‑term liabilities on the consolidated balance sheets (see Note 5, "Supplementary Balance Sheet Information"). The accumulated benefit obligation for all pension plans was $46.7 million and $45.7 million as of June 30, 2016 and 2015, respectively.

The Company has issued letters of credit aggregating $32.5 million and $33.9 million as of June 30, 2016 and 2015, respectively, as security for its obligations under the Executive plans.

Components of Net Periodic Benefit Cost

The net periodic benefit cost of the Company's pension plans for the years ended June 30, 2016, 2015 and 2014 was as follows (in thousands):

	Executive plans									Employee plans
	2016			2015			2014			2016			2015			2014
Interest cost	$	1,199		$	1,358		$	1,549		$	417		$	419		$	442
Expected return on assets	(67		)	(93		)	(133		)	(269		)	(389		)	(382		)
Amortization of net actuarial loss	381			433			305			314			346			261
Settlement cost	—			—			—			123			206			248
Net periodic benefit cost	$	1,513		$	1,698		$	1,721		$	585		$	582		$	569
Current year actuarial (gain) loss	$	1,992		$	(87	)	$	3,681		$	1,417		$	296		$	849
Foreign currency translation	(300		)	(1,359		)	(85		)	—			—			—
Amortization of net actuarial loss	(381		)	(433		)	(305		)	(436		)	(552		)	(509		)
Total recognized in other comprehensive income	$	1,311		$	(1,879	)	$	3,291		$	981		$	(256	)	$	340
Total recognized in net periodic cost and other comprehensive income	$	2,824		$	(181	)	$	5,012		$	1,566		$	326		$	909

As of June 30, 2016, there is approximately $0.9 million of previously unrecognized actuarial losses in AOCI expected to be recognized in net periodic benefit cost during fiscal year 2017. There are no prior service costs.

Assumptions

The discount rates used to determine the obligations of the Executive and Employee plans at the measurement date of June 30, 2016 were based on hypothetical yield curves using high quality corporate bonds in Canada and the U.S. The average timing of benefit payments was compared to average timing of cash flows from the long-term bonds to assess potential timing adjustments. The resulting discount rates were 3.3%, 3.8%, and 3.2% as of June 30, 2016 for the Canadian Executive plans, U.S. Executive plans, and Employee plans, respectively.

The expected long-term rate of return assumption for plan assets, for both the Executive and Employee plans, employs a building block approach based on historical markets and historical relationship between equities and fixed income investments. Current market factors are also evaluated.

The weighted average assumptions used to determine the Company's benefit obligations at June 30 were as follows:

	Executive plans				Employee plans
	2016		2015		2016		2015
Discount rate	3.3	%	3.8	%	3.2	%	3.9	%
Expected rate of return on plan assets	1.9	%	2.0	%	4.2	%	4.1	%

The weighted average assumptions used to determine the Company's net periodic benefit cost for the years 2016, 2015 and 2014 were as follows:

	Executive plans						Employee plans
	2016		2015		2014		2016		2015		2014
Discount rate	3.8	%	3.8	%	4.3	%	3.9	%	3.8	%	4.4	%
Expected rate of return on plan assets	2.0	%	2.4	%	2.0	%	4.1	%	6.1	%	6.0	%

Plan Assets

The fair value of plan assets as of June 30, 2016, by asset category, is as follows (in thousands):

	Fair Value Measurements Using:
	Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Investments Measured at Net Asset Value		Total
Executive plans:
Cash and cash equivalents:
Cash (1)	$	813	$	—	$	813
Restricted cash (2)	3,809		—		3,809
Investments measured at net asset value (3)	—		836		836
Executive plan total	$	4,622	$	836	$	5,458
Employee plans:
Cash and cash equivalents (4)	$	305	$	—	305
Investments measured at net asset value (3)	—		7,389		7,389
Employee plan total	$	305	$	7,389	$	7,694

The fair value of plan assets as of June 30, 2015, by asset category, is as follows (in thousands):

	Fair Value Measurements Using:
	Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Investments Measured at Net Asset Value		Total
Executive plans:
Cash and cash equivalents:
Cash (1)	$	739	$	?	$	739
Restricted cash (2)	3,850		—		3,850
Investments measured at net asset value (3)	—		961		961
Executive plan total	$	4,589	$	961	$	5,550
Employee plans:
Cash and cash equivalents (4)	$	198	$	—	$	198
Investments measured at net asset value (3)	—		6,810		6,810
Employee plan total	$	198	$	6,810	$	7,008

(1) This category is cash held in Canadian dollars used to pay benefits and the fair value is the carrying amount.

(2) This category includes funds that are held in a non-interest bearing refundable tax account by the Receiver General of Canada.

(3) Certain investments that are measured at fair value using the net asset value ("NAV") per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to total plan assets, which is presented net of the benefit obligation on the consolidated balance sheets. Within the Executive plan, investments measured at NAV include:

•Canadian equity pooled funds: Investments in pooled funds that invest in diversified portfolio of equity securities of Canadian companies. The funds are benchmarked against the S&P/TSX Total Return index.

Within the Employee plan, investments measured at NAV include:

•Large cap growth funds: Investments in pooled funds with the aim to achieve capital appreciation by investing primarily in equity securities of all market capitalizations, including high quality companies with larger market capitalizations. The funds are benchmarked to the Russell 1000 Value index and the Russell 3000 Growth index.

•Large cap value funds: Investments in pooled funds with the aim to achieve long-term capital appreciation by investing in the common stocks of well-established companies. The funds invest a majority of the fund’s net assets in equity securities of large capitalization companies and may also invest assets in equities of foreign issuers through ADRs and similar investments. The funds are benchmarked to the Russell 1000 Value index.

•Large cap blended funds: Investments in pooled funds with the aim to achieve capital appreciation by investing primarily in equity securities of companies that compose the S&P 500 index. The funds are benchmarked to the S&P 500 index.

•Small cap funds: Investments in pooled funds with the aim to achieve long-term capital appreciation. The funds invest a majority of the fund’s net assets in equity securities of U.S. small-cap companies and may also invest its net assets in foreign securities or derivatives including futures contracts, options and swaps and exchange traded funds. The funds are benchmarked to the Russell 2000 Growth and Value index.

•Mid cap funds: Investments in pooled funds with the aim to achieve capital appreciation by investing primarily in equity securities of companies that compose the S&P mid-cap 400 index. The funds are benchmarked to the S&P 400 mid-cap index.

•International equities: Investments in pooled funds with the aim to achieve long-term total return, principally from growth of capital. The funds invest primarily in common and preferred stocks of foreign companies, including those located in emerging market countries. The majority of the funds’ net assets are invested in stocks of international companies that fall within the market capitalization of the MSCI EAFE index. The funds are benchmarked to the MSCI EAFE index.

•Total return bond funds: Funds seeks total return, consisting of income and capital appreciation. Under normal circumstances, the funds invest at least 80% of their net assets in investment-grade bonds or fixed grade income securities, up to 25% of the funds’ total assets in asset-backed securities, and up to 20% of the funds’ total assets in U.S. dollar denominated debt securities of foreign issuers. The funds are benchmarked to the Barclays Capital U.S. Aggregate Bond index.

(4) This category includes investments in short term U.S. denominated money market instruments of domestic and foreign issuers. The fund is benchmarked to Lipper Institutional Money Market Funds Average and the Citigroup 3-months T-bill.

Transfers between levels of the fair value hierarchy are recognized at the end of the fiscal year, which generally coincides with the Company's valuation process. During the years ended June 30, 2016 and 2015, there were no pension asset transfers between the levels of the fair value hierarchy.

The Executive and Employee plans employ a total return investment approach whereby a mix of equities and fixed income investments are used to maximize the long‑term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities and plan funded status. The investment portfolio contains a diversified blend of equity and fixed income investments. Furthermore, equity investments are diversified across U.S. and non‑U.S. stocks, as well as growth, value, and small and large capitalizations. Investment risk and surplus risk (i.e., plan assets minus plan liabilities) are measured and monitored on an ongoing basis through quarterly investment portfolio reviews, annual liability measurements and periodic asset/liability studies.

The asset allocation strategy varies by plan. The following table reflects the 2016 target asset allocation, as well as the actual asset allocations, by asset category, for the Company's pension plans as of June 30, 2016 and 2015:

	2016 Target Allocation		Executive plans				2016 Target Allocation		Employee plans
Asset Category			2016		2015				2016		2015
Equity securities	3	%	4	%	4	%	40	%	41	%	43	%
Fixed income securities	12	%	11	%	13	%	57	%	55	%	54	%
Cash	84	%	85	%	83	%	3	%	4	%	3	%

Estimated Future Benefit Payments

As of June 30, 2016, the estimated undiscounted future benefit payments for the next 10 fiscal years are as follows (in thousands):

	Executive plans		Employee plans
2017	$	1,880	$	1,405
2018	1,946		1,256
2019	1,965		1,092
2020	1,955		853
2021	1,945		738
2022 – 2026	9,523		3,418

The estimated benefit payments above are based on the same assumptions used to measure the Company's benefit obligation as of June 30, 2016. The Company expects to contribute $2.5 million to the pension plans in fiscal year 2017.

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Related Party Transactions

12 Months Ended

Jun. 30, 2016

Related Party Transactions [Abstract]

Related Party Transactions

16. Related Party Transactions

For the year ended June 30, 2016, the Company provided immaterial legal, tax advisory and bookkeeping services to various entities controlled by Fortress.

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Segment Information

12 Months Ended

Jun. 30, 2016

Segment Information [Abstract]

Segment Information

17. Segment Information

The Company currently manages and reports operating results through three segments: Mountain, Adventure and Real Estate. The Mountain segment includes the operations of the Company’s mountain resorts and related ancillary activities. The Mountain segment earns revenue from a variety of activities, including lift revenue, lodging revenue, ski school revenue, retail and rental revenue, food and beverage revenue, and other revenue. The Adventure segment generates revenue from the sale of helicopter accessed skiing, mountaineering and hiking adventure packages, and ancillary services, such as fire suppression services, leasing, and maintenance, repair and overhaul of aircraft. The Real Estate segment includes management of condominium hotel properties and real estate management, including marketing and sales activities, as well as real estate development activities. The Real Estate segment includes the results of IRCG, a vacation club business, prior to the Disposition Date.

Each of the Company’s segments offers distinctly different products and services and requires different types of management focus. As such, these segments are managed separately. In deciding how to allocate resources and assess performance, the Company’s Chief Operating Decision Maker (“CODM”) regularly evaluates the performance of the Company's segments on the basis of revenue and earnings, which are adjusted for certain items set forth in the reconciliation below, including interest, taxes, depreciation and amortization (“Adjusted EBITDA”). The Company also evaluates Adjusted EBITDA as a key compensation measure. The compensation committee of the board of directors determines the annual variable compensation for certain members of the management team based, in part, on Adjusted EBITDA. Adjusted EBITDA is useful when comparing the segment performance over various reporting periods because it removes from the operating results the impact of items that the Company's management believes do not reflect the core operating performance.

Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss) or other measures of financial performance or liquidity derived in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other entities may not calculate Adjusted EBITDA in the same manner as the Company. The Company's definition of Adjusted EBITDA is generally consistent with the definition of Consolidated EBITDA in the Credit Agreement, with exceptions related to not adjusting for recurring public company costs and foreign currency translation adjustments related to operational activities and adjusting for executive management restructuring costs.

The Company defines Adjusted EBITDA as net income (loss) attributable to Intrawest Resorts Holdings, Inc. before interest expense, net (excluding interest income earned from receivables related to IRCG operations through the Disposition Date), income tax benefit or expense and depreciation and amortization, further adjusted to exclude certain items, including, but not limited to: (i) impairments of goodwill, real estate and long-lived assets; (ii) gains and losses on asset dispositions; (iii) earnings and losses from equity method investments; (iv) gains and losses from remeasurement of equity method investments; (v) gains and losses on extinguishment of debt; (vi) other income or expense; (vii) earnings and losses attributable to noncontrolling interest; (viii) discontinued operations, net of tax; and (ix) other items, which include revenue and expenses of legacy and other non-core operations, restructuring charges and associated severance expenses, non-cash compensation and other items. For purposes of calculating Adjusted EBITDA, the Company also adds back to net income (loss) attributable to Intrawest Resorts Holdings, Inc., the pro rata share of Adjusted EBITDA related to equity method investments included within the segments and removes from Adjusted EBITDA the Adjusted EBITDA attributable to noncontrolling interests for entities consolidated within the segments. Asset information by segment, except for capital expenditures as shown in the table below, is not included in reports used by the CODM in monitoring of performance and, therefore, is not disclosed.

The accounting policies of the segments are the same as those described in Note 2, "Significant Accounting Policies". Transactions among segments are accounted for as if the sales or transfers were to third parties, or, in other words, at current market prices.

The following table presents consolidated revenue and net income (loss) reconciled to Adjusted EBITDA and Adjusted EBITDA by segment, (in thousands):

	Year Ended June 30,
	2016		2015		2014
Revenue:
Mountain
Lift (1)	$	179,841	$	182,286	$	151,490
Lodging	60,129		57,814		42,294
Ski School (2)	30,974		33,086		28,943
Retail and Rental	51,984		56,125		45,214
Food and Beverage	57,234		56,726		46,335
Other	41,170		39,892		36,587
Total Mountain revenue	421,332		425,929		350,863
Adventure revenue	104,405		96,799		102,070
Real Estate revenue	42,433		59,274		58,530
Total segment revenue	568,170		582,002		511,463
Legacy, non-core and other revenue (3)	2,742		5,587		13,790
Total revenue	$	570,912	$	587,589	$	525,253

Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	40,873		$	(6,920	)	$	(189,417	)
Legacy and other non-core expenses, net (4)	6,226			3,663			4,164
Other operating expenses (5)	8,074			9,789			11,200
Depreciation and amortization	60,123			59,076			55,413
(Gain) on sale of Intrawest Resort Club Group	(40,401		)	—			—
(Gain) loss on disposal of assets	(1,926		)	(2,280		)	267
Impairment of real estate and long-lived assets	—			—			871
Loss on remeasurement of equity method investment	—			1,454			—
Interest income, net (6)	(936		)	(274		)	(319		)
Interest expense on third party debt	40,377			43,891			53,004
Interest expense on notes payable to affiliates	—			—			119,858
(Earnings) loss from equity method investments (7)	(1,933		)	3,810			271
Pro rata share of EBITDA related to equity method investments (unaudited) (8), (9)	3,570			3,252			9,153
Adjusted EBITDA attributable to noncontrolling interest	(3,151		)	(2,484		)	(620		)
Loss on extinguishment of debt	—			676			35,480
Other (income) expense, net	(1,757		)	1,128			823
Income tax expense (benefit)	1,773			(3,902		)	677
Income attributable to noncontrolling interest	2,193			1,821			369
Total Adjusted EBITDA	$	113,105		$	112,700		$	101,194
Mountain adjusted EBITDA(8)	$	84,334		$	88,972		$	75,417
Adventure adjusted EBITDA(10)	22,146			13,305			16,558
Real Estate adjusted EBITDA(11)	6,625			10,423			9,219
Total Adjusted EBITDA	$	113,105		$	112,700		$	101,194

(1) Lift revenue outside of the ski season is derived from mountain biking and sightseeing lift products.

(2) Ski School revenue outside of the ski season is derived from mountain bike instruction at various resorts.

(3) Legacy, non-core and other revenue represents legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. It includes legacy real estate asset sales, divested non-core operations, and non-core retail revenue. Included in the year ended June 30, 2014 was $10.9 million of revenue from sales of non-core real estate held for development.

(4) Legacy and other non-core expenses, net represents revenue and expenses of legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. Revenue and expenses related to legacy and other non-core operations include retail operations not located at the Company’s properties and legacy litigation consisting of claims for damages related to alleged construction defects, purported disclosure violations in real estate marketing sales and documents, and allegations that the Company failed to construct planned amenities.

(5) Includes costs related to the Company's initial public offering, non-cash compensation, reduction in workforce severance, executive management restructuring costs, lease payments pursuant to the lease at Winter Park and other expenses.

(6) Includes interest income unrelated to IRCG financing activities.

(7) Represents the losses from equity method investments, including: Chateau M.T. Inc., Mammoth Hospitality Management L.L.C., the Mammoth family of resorts, and Blue Mountain prior to the Blue Mountain Acquisition.

(8) Includes the Company’s pro rata share of Adjusted EBITDA from its equity method investment in Blue Mountain prior to the Blue Mountain Acquisition. The pro rata share of Adjusted EBITDA represents the share of Adjusted EBITDA from the equity method investment based on the Company’s economic ownership percentage.

(9) Includes the Company’s pro rata share of EBITDA from its equity method investments in Mammoth Hospitality Management L.L.C. and Chateau M.T. Inc. The pro rata share of Adjusted EBITDA represents the Company’s share of Adjusted EBITDA from these equity method investments based on the Company's economic ownership percentages.

(10) Adventure segment Adjusted EBITDA excludes Adjusted EBITDA attributable to noncontrolling interest.

(11) Real Estate segment Adjusted EBITDA includes interest income earned from receivables related to the IRCG operations in the amount of $1.9 million, $3.9 million, and $4.4 million for the years ended June 30, 2016, 2015 and 2014, respectively.

Capital Expenditures

The following table presents capital expenditures for each segment, reconciled to consolidated amounts for the years ended June 30, 2016, 2015 and 2014 (in thousands):

	Year Ended June 30,
	2016		2015		2014
Capital expenditures:
Mountain	$	35,285	$	33,004	$	32,707
Adventure	9,994		4,425		6,891
Real Estate	307		501		772
Total segment capital expenditures	45,586		37,930		40,370
Corporate and other	5,493		3,943		4,872
Total capital expenditures	$	51,079	$	41,873	$	45,242

Geographic Data

The Company’s revenue by geographic region for the years ended June 30, 2016, 2015 and 2014 consisted of the following (in thousands):

	Year Ended June 30,
	2016		2015		2014
Revenue:
United States	$	337,104	$	348,336	$	326,406
Canada	233,808		239,253		198,847
Total revenue	$	570,912	$	587,589	$	525,253

The Company’s long-lived assets by geographic region for the years ended June 30, 2016 and 2015 consisted of the following (in thousands):

	Year Ended June 30,
	2016		2015
Long-lived assets:
United States	$	521,328	$	525,941
Canada	283,443		304,166
Total long-lived assets	$	804,771	$	830,107

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Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Jun. 30, 2016

Selected Quarterly Financial Data (Unaudited) [Abstract]

Selected Quarterly Financial Data (Unaudited)

18.    Selected Quarterly Financial Data (Unaudited)

The following tables contain selected unaudited statement of operations information for each quarter of each of the years ended June 30, 2016 and June 30, 2015 (in thousands, except per share data):

	Three Months Ended
	June 30, 2016			March 31, 2016		December 31, 2015			September 30, 2015
Revenue	$	65,051		$	315,706	$	103,951		$	86,204
Income (loss) from operations	(45,339		)	181,380		(25,981		)	(31,397		)
Net income (loss)	(58,974		)	175,476		(28,013		)	(45,423		)
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	(59,220	)	$	174,470	$	(27,305	)	$	(47,072	)
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. per share:
Basic	$	(1.49	)	$	4.09	$	(0.60	)	$	(1.04	)
Diluted	$	(1.49	)	$	4.08	$	(0.60	)	$	(1.04	)

	Three Months Ended
	June 30, 2015			March 31, 2015		December 31, 2014			September 30, 2014
Revenue	$	70,590		$	321,824	$	120,802		$	74,373
Income (loss) from operations	(40,320		)	138,617		(21,961		)	(39,914		)
Net income (loss)	(52,605		)	129,793		(32,189		)	(50,098		)
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	(53,566	)	$	128,694	$	(31,073	)	$	(50,975	)
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. per share:
Basic and diluted	$	(1.19	)	$	2.85	$	(0.69	)	$	(1.13	)

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Schedule II - Valuation and Qualifying Accounts and Reserves

12 Months Ended

Jun. 30, 2016

Schedule II - Valuation and Qualifying Accounts and Reserves [Abstract]

Schedule II - Valuation and Qualifying Accounts and Reserves

INTRAWEST RESORTS HOLDINGS, INC.

Schedule II - Valuation and Qualifying Accounts and Reserves

	Balance at Beginning of Period			Charged to Costs and Expenses			Deductions			Balance at End of Period
	(in thousands)
2016
Valuation Allowance on Income Taxes	$	(586,092	)	$	—		$	(5,935	)	$	(592,027	)
Trade Receivable Allowances	(717		)	(434		)	320			(831		)
Loans, Mortgages and Notes Receivable Allowance	(1,886		)	—			1,886			—
2015
Valuation Allowance on Income Taxes	$	(607,305	)	$	—		$	21,213		$	(586,092	)
Trade Receivable Allowances	(3,676		)	(172		)	3,131			(717		)
Loans, Mortgages and Notes Receivable Allowance	(2,949		)	(15		)	1,078			(1,886		)
2014
Valuation Allowance on Income Taxes	$	(1,737,756	)	$	—		$	1,130,451		$	(607,305	)
Trade Receivable Allowances	(3,495		)	(1,307		)	1,126			(3,676		)
Loans, Mortgages and Notes Receivable Allowance	(11,102		)	(277		)	8,430			(2,949		)

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Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2016

Significant Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during each reporting period. Actual results could differ from those estimates. Certain previously reported amounts have been reclassified to conform to the current period financial statement presentation.

Principles of Consolidation

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and a variable interest entity ("VIE") for which the Company is the primary beneficiary. All significant intercompany transactions are eliminated in consolidation. Investments in which the Company does not have a controlling interest or is not the primary beneficiary, but over which the Company is able to exercise significant influence, are accounted for under the equity method. Under the equity method, the original cost of the investment is adjusted for the Company’s share of post-acquisition earnings or losses increased by contributions less distributions received.

The Company owns a 20.0% equity interest in Alpine Helicopters, Inc. ("Alpine Helicopters"). Alpine Helicopters employs all the pilots that fly the helicopters supporting CMH operations. Alpine Helicopters leases 100% of its helicopters from Intrawest ULC, a consolidated subsidiary of the Company, creating economic dependence and therefore giving Intrawest ULC a variable interest in Alpine Helicopters. Alpine Helicopters is a VIE for which the Company is the primary beneficiary and is consolidated in the accompanying consolidated financial statements. The remaining 80.0% equity interest in Alpine Helicopters is held by a trust for the benefit of the employees of Alpine Helicopters and is reflected as a noncontrolling interest in the accompanying consolidated financial statements. As of June 30, 2016, Alpine Helicopters had total assets of $11.5 million and total liabilities of $5.0 million.

On September 19, 2014 (the "Acquisition Date"), the Company acquired the remaining 50.0% equity interest in Blue Mountain that the Company did not already own from Blue Mountain Resorts Holdings Inc. (“Blue Mountain Holdings”) as described in Note 3, "Acquisitions and Dispositions". The accompanying consolidated financial statements reflect the Company's equity method investment in Blue Mountain prior to the Blue Mountain Acquisition and the consolidated results for the period from the Acquisition Date through June 30, 2016.

On January 29, 2016 (the "Disposition Date"), the Company, through its wholly owned indirect subsidiaries, Intrawest U.S. Holdings Inc. and Intrawest ULC, entered into a definitive agreement (the “Purchase Agreement”) to sell IRCG to Diamond Resorts Corporation (the “Purchaser”) and Diamond Resorts International, Inc. (together with the Purchaser, “Diamond”) as described in Note 3, "Acquisitions and Dispositions". The results of IRCG were included in the Company's consolidated financial statements until the Disposition Date. Subsequent to the Disposition Date, IRCG was no longer consolidated in the Company's consolidated financial statements.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents are held in highly liquid investments, primarily demand deposit accounts with highly rated U.S. and Canadian financial institutions, with remaining terms to maturity of three months or less at acquisition.

Restricted Cash

Restricted Cash

Restricted cash is comprised primarily of deposits to settle future claims related to self-insurance. Additionally, restricted cash includes guest lodging deposits in jurisdictions that require down payments or deposits to be retained in a trust account, and deposits to secure certain letters of credit.

Receivables

Receivables

Trade receivables are recorded in the normal course of business related to the sale of products or services and presented net of an allowance for doubtful accounts. In the determination of the allowance, the Company considers specific accounts, accounts receivable aging reports, customer past repayment history, the economic environment, and other factors that could affect collectability. Write-offs are evaluated on a case by case basis.

Interest income on notes receivables is recognized on an accrual basis when earned. Interest income was $2.9 million, $4.2 million and $4.7 million for the years ended June 30, 2016, 2015 and 2014, respectively.

Inventories

Inventories

Inventories consisting of retail goods, food and beverage products are recorded at the lower of cost or net realizable value, determined using the weighted-average cost method. The Company records an estimate for shrinkage and obsolete or unusable inventory. Aviation part inventories are recorded at the lower of cost or net realizable value, determined using the specific identification method.

Vacation points inventories are stated at the lower of cost or market value less cost to sell. Inventory costs are allocated to cost of point sales using a method that approximates the relative sales value method. The Company periodically reviews the carrying value of the inventory for impairment.

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment is recorded at cost less accumulated depreciation less any impairment loss. Repairs and maintenance are expensed as incurred. Expenditures that improve the service capacity or extend the useful life of an asset are capitalized. When property, plant and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income (loss). Depreciation is calculated using the straight-line method over the estimated useful life of each asset. The estimated useful lives of each asset category are as follows:

Asset Category	Estimated Life in Years
Buildings and building improvements	5-40
Ski lifts and area improvements	5-30
Automotive, helicopters and other equipment	2-20
Golf course improvements	20

Certain buildings, area improvements and equipment are located on leased or licensed land and are amortized over the lesser of the lease or license term or the assets' estimated useful life.

Real Estate Held for Development

Real Estate Held for Development

Real estate held for development is recorded at the lower of cost or net realizable value. Land and infrastructure development costs include all expenditures incurred in connection with the acquisition, development and construction of real estate. These expenditures consist of all direct costs, interest on specific debt, interest on total costs financed by the Company's pooled debt and property taxes during the development period. The Company expenses costs directly related to the acquisition of new real estate properties and resort businesses. Costs incurred in connection with operating properties classified as real estate held for development, including indirect and general and administrative overhead costs, are recorded to operating expenses when incurred. Sales commission expenses are recorded in the same period that the related revenue is recorded.

Real estate held for development is reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of a particular real estate property exceeds the estimated net realizable value. The Company recorded an impairment charge of $0.6 million in the year ended June 30, 2014 primarily related to legacy and non-core operations. The Company did not incur comparable charges in either of the years ended June 30, 2016 or 2015.

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is not amortized, but is tested for impairment annually as of June 30th and at any time when events or circumstances suggest impairment may have occurred. The Company has reporting units with allocated goodwill in both the Mountain and Real Estate segments.

The testing for impairment consists of a comparison of the fair value of the reporting unit with its carrying amount. If the carrying amount of the reporting unit, including goodwill, exceeds the fair value, an impairment will be recognized equal to the difference between the carrying value of the reporting unit goodwill and the implied fair value of the goodwill. In testing goodwill for impairment, the Company determines the estimated fair value of its reporting units based upon a discounted future cash flow analysis.

Goodwill is the Company's only indefinite-lived intangible asset. Definite-lived intangible assets are amortized using the straight line method over the shorter of their contractual term or estimated useful lives.

The Company's major finite-lived intangible asset categories and estimated useful lives are as follows:

Intangible Asset Category	Estimated Life in Years
Permits and licenses	20-45
Trademarks and trade names	10-20
Customer relationships	4-8
Other	8-20

Long-lived Assets

Long-lived Assets

The Company evaluates potential impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. An impairment will be recognized as the amount by which the carrying amount of a long-lived asset exceeds its fair value.

Deferred Revenue and Deposits

Deferred Revenue and Deposits

Deferred revenue and deposits are comprised primarily of season pass revenue, lodging and tour deposits, deposits on real estate sales and mountain club initiation deposits. Deferred revenue relating to the sale of season passes is recognized throughout the season based on historical usage patterns. Lodging and tour deposits deferred revenue is recognized when the related service is provided. Deferred revenue relating to real estate deposits is recognized upon closing of the sale or upon fulfillment of any future obligations. Deferred revenue relating to mountain club initiation deposits is recognized on a straight-line basis over the estimated life of the club.

Self-Insured Liabilities

Self-Insured Liabilities

The Company has a policy of self-insuring when the expected losses from self-insurance are low relative to the cost of purchasing third-party insurance at various deductible levels. The self-insurance program includes workers’ compensation benefits in the United States and medical, property, automobile and general liability coverage in the United States and Canada. An accrual for self-insured liabilities is recorded based on management’s best estimate of the ultimate cost to settle claims considering historical claims experience, claims filed and the advice of actuaries and plan administrators.

Liabilities for insurance-related assessments are not discounted. As of June 30, 2016 and 2015, $1.9 million and $1.6 million of the liability balances are included in accounts payable and accrued liabilities, respectively, on the consolidated balance sheets and $8.2 million and $6.5 million, respectively, are included in other long-term liabilities.

Revenue Recognition

Revenue Recognition

The Company earns revenue from a variety of sources. Revenue is recognized when the following criteria have been met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the fee is fixed or determinable and the collection of funds is reasonably assured. The following describes revenue recognition for the Company's three segments:

(i) Mountain segment revenue is derived from a wide variety of sources, including sales of lift products (including season passes), ski school operations, retail sales, equipment rentals, lodging operations and food and beverage operations. Persuasive evidence is obtained and collection of funds is assured through cash transactions or credit card validation at the point of sale. Revenue is recognized as goods are delivered or services are performed. Season pass revenue, although primarily collected prior to the ski season, is recognized in our consolidated financial statements during the ski season based on the estimated average number of visits by season pass holders in each month during the ski season, which is based on historical three-year average visitation by season pass holders at our resorts. Frequency product revenue is recognized as used, and unused portions are recognized based on the prior three-year average usage for each frequency product.

(ii) Adventure segment revenue is derived from a variety of sources, primarily from all-inclusive packages for stays and tours for helicopter accessed skiing, mountaineering and hiking at Company owned and leased lodges, as well as ancillary revenue from helicopter maintenance, repair, and overhaul services, leasing, and off-season fire suppression services. Revenue is recognized as goods are delivered or services are performed. For CMH adventure vacation packages, payments in advance are recognized as revenue as goods are delivered or services are performed.

(iii) The Real Estate segment earns revenue from IHM and Playground, as well as from IRCG prior to the Disposition Date. IHM generates revenue from managing rental operations at the Honua Kai Resort and Spa in Maui, Hawaii and the Westin Monache Resort in Mammoth Lakes, California. Playground earns revenue from the commissions on the sales of real estate. The Company also manages commercial real estate for owned properties and third parties. IRCG generated revenue from the sale of vacation points, management of properties for Club Intrawest, an unaffiliated, not-for-profit entity, management of a private exchange company, and income on the receivables portfolio. Vacation points revenue associated with membership in the vacation ownership business of IRCG was recognized when the purchaser paid the amount due on closing, all contract documentation had been executed and all other significant conditions of sale were met. The Company followed real estate time-sharing accounting principles, which set out specific guidelines for assessing whether the buyer’s initial and continuing investments were adequate to demonstrate a commitment to pay for the property. Such a demonstration was required for the seller of a time-sharing arrangement to recognize profit by the full accrual method. Sales were recorded upon closing when profitability could be determined and collectability could be reasonably assured. Buyers could finance a portion of the sales price through nonrecourse loans.

Commission revenue from brokerage operations for the Company owned real estate is included in Real Estate revenue and is recognized at the time an offer of sale is closed by the purchaser or all other contractual obligations have been satisfied. Commission revenue for third-party projects from real estate brokerage operations is included in Real Estate revenue and is recognized when the deal's listing agreement is executed.

Advertising Costs

Advertising Costs

The Company expenses advertising costs at the time such advertising occurs. Advertising costs are classified in operating expenses on the consolidated statements of operations and were $17.0 million, $17.4 million and $16.5 million for the years ended June 30, 2016, 2015 and 2014, respectively.

Income Taxes

Income Taxes

Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between tax basis of assets and liabilities and book basis reported in the consolidated balance sheets and for operating loss and tax credit carryforwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to the tax provision or benefit in the period of enactment. To the extent that it is considered to be more likely than not that some or all of the deferred tax assets will not be realized, a valuation allowance is provided.

The Company recognizes accrued interest related to uncertain tax positions as a component of income tax expense. Penalties, if incurred, are recorded in operating expenses in the consolidated statements of operations.

Foreign Currency

Foreign Currency

The consolidated financial statements are presented in United States dollars (“USD”). The Company’s Canadian subsidiaries generally have the Canadian dollar (“CAD”) as their functional currency.

The accounts of entities where the USD is not the functional currency are translated into USD using the exchange rate in effect at the balance sheet date for asset and liability amounts and at the monthly average rate in effect for the period for amounts included in the determination of income. Cumulative unrealized gains or losses arising from the translation of the financial position of these subsidiaries into USD are included in equity as a component of accumulated other comprehensive income (loss) (“AOCI”).

Exchange gains or losses arising from transactions that are denominated in foreign currencies into the applicable functional currency are included in the determination of income and are classified in other income (expense), net in the consolidated statements of operations.

Share-Based Compensation

Share-Based Compensation

On January 30, 2014, the Company’s compensation committee of the board of directors approved the terms of the 2014 Omnibus Incentive Plan (the “Plan”), which allows the Company to grant share-based compensation awards in a variety of forms such as options, stock appreciation rights, restricted stock, restricted stock units, stock bonuses, other stock-based awards and cash awards as part of the Company’s long-term incentive compensation plan.

Awards granted under the Plan generally vest based on a service condition as defined in each award. Unless otherwise determined or evidenced in an award agreement, in the event that (i) a change in control occurs, as defined in the Plan, and (ii) a participant’s employment or service is terminated without cause within 12 months following the change in control, then (a) any unvested or unexercisable portion of any award carrying a right to exercise shall become fully vested and exercisable, and (b) the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to any award will lapse and such unvested awards will be deemed fully vested and any performance conditions imposed with respect to such awards will be deemed to be fully achieved.

Compensation expense is measured based on the fair value of the award on the date of grant, net of estimated forfeitures, and is recognized as expense on a straight-line basis over the requisite service period.

Employee Benefit Plans

Employee Benefit Plans

Substantially all of the Company’s employees are covered by Company-sponsored defined contribution plans in the U.S. and Canada. The Company’s contributions to these plans are based on a percentage of employee compensation. These plans are funded on a current basis.

In addition, certain current and former employees are covered by noncontributory defined benefit pension plans. These plans are funded in conformity with the funding requirements of applicable government regulations. Generally, benefits are based on age, years of service and level of compensation during the final years of employment. The Company accounts for these defined benefit plans by accruing its obligations under the employee benefit plans and the related costs as the underlying services are provided. The Company has frozen the plans and no further service benefits are being earned by plan participants in the defined benefit plans.

The funded status of defined benefit plans is recognized entirely on the consolidated balance sheets. The amount recognized as an asset or liability for pension and other postretirement benefit plans is measured as the difference between the benefit obligation and the fair value of plan assets. Overfunded plans are aggregated and recognized as an asset while underfunded plans are aggregated and recognized as a liability. Actuarial gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net pension expense are recognized in AOCI, net of income tax effects. Actuarial gains and losses are comprised of changes in the amount of either the projected benefit obligation (for pension plans), the accumulated benefit obligation (for other postretirement plans) or differences between actual and expected return on plan assets and from changes in assumptions. The Company measures its pension assets and liabilities as of June 30th of each year.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy, which is described below, prioritizes the inputs used in measuring fair value:

• Level 1 – Quoted prices for identical instruments in active markets.

• Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations, in which all significant inputs are observable in active markets.

• Level 3 – Unobservable inputs in which there is little or no market data, which requires the reporting entity to develop its own assumptions.

The Company has various short-term financial instruments, including cash and cash equivalents, restricted cash, receivables, accounts payable and accrued liabilities. Due to their short-term nature, the instruments’ book value approximates fair value.

The fair value of the Senior Debt (as defined in Note 9, “Long-Term Debt”) was estimated using quoted prices for the Company's instruments in markets that are not active and was considered a Level 2 measure. The fair value of other debt obligations was estimated based on Level 3 inputs using discounted cash flow analyses based on assumptions that management believes are consistent with market participant assumptions.

The Company’s long-term debt obligations are not measured and carried at fair value on a recurring basis. The Company’s debt is initially recorded based upon historical cost. The fair value of debt does not represent the amounts that will ultimately be paid upon the maturities of the loans.

Concentration of Credit Risk

Concentration of Credit Risk

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company places its cash and temporary cash investments in high quality credit institutions, but these investments may be in excess of regulatory insurance limits. The Company does not enter into financial instruments for trading or speculative purposes. Concentration of credit risk with respect to trade and notes receivables is limited due to the large number of customers and small transactions associated with the Company’s consumer and retail operations and the wide variety of customers and markets in which the Company transacts business. No customer represented 10% or more of total revenue or receivables during the years ended June 30, 2016, 2015 and 2014. Where the Company provides financing, the Company performs ongoing credit evaluations of its customers and generally does not require collateral, but does require advance deposits on certain transactions.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This update replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for interim and annual periods beginning after December 15, 2019, with a modified-retrospective approach. The Company is currently evaluating the impact that this update will have on its consolidated financial statements and related disclosures.

In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients ("ASU No. 2016-12"), which clarifies the guidance in Topic 606 on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The amendments in ASU No. 2016-12 do not change the core principles of the guidance in Topic 606. This update is effective for the Company beginning July 1, 2018, the same date as the effective date and transition requirements for Topic 606. The Company is currently evaluating the impact that this update will have on its ongoing financial reporting.

In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing ("ASU No. 2016-10"), which clarifies the identification of performance obligations and the licensing implementation guidance in Topic 606. The amendments in ASU No. 2016-10 do not change the core principles of the guidance in Topic 606. This update is effective for the Company beginning July1, 2018, the same as the effective date and transition requirements for Topic 606. The Company is currently evaluating the impact that this update will have on its ongoing financial reporting.

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). This update is part of the FASB's simplification initiative and is intended to simplify accounting for stock-based compensation. The guidance requires that excess tax benefits or deficiencies be recognized in income tax expense or benefit in the income statement, rather than recognized in additional paid-in capital. The guidance allows the Company to elect whether to recognize forfeitures as they occur or use an estimated forfeiture assumption in estimating the number of awards that are expected to vest. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, with early adoption permitted. The Company is currently in the process of evaluating the impact that ASU 2016-09 will have on its consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 2016-02 supersedes existing guidance in Leases (Topic 840). The revised standard requires lessees to recognize the assets and liabilities arising from leases with lease terms greater than twelve months on the balance sheet, including those currently classified as operating leases, and to disclose key information about leasing arrangements. Lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will remain largely unchanged. The guidance is effective for annual periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on its consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement ("ASU 2015-05"). This update is intended to reduce diversity in practice by providing explicit guidance to customers about whether a cloud computing arrangement includes a software license. For public business entities, the guidance is effective for annual periods beginning after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-05 as of July 1, 2016 and will apply the guidance prospectively for all arrangements entered into or materially modified after July 1, 2016. The Company will include the related disclosure requirements, as applicable, in the fiscal 2017 first quarter filing.

In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). This update (i) amends the criteria for determining which entities are considered VIEs or voting interest entities, (ii) amends the criteria for evaluating fees paid to a decision maker or service provider as a variable interest, (iii) amends the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) ends the deferral previously granted to certain investment companies for application of the VIE consolidation model. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-02 as of July 1, 2016. The adoption did not have a material impact on the Company's consolidated financial statements. The Company will include the related disclosure requirements, as applicable, in the fiscal 2017 first quarter filing.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for the Company beginning July 1, 2018. In August 2015, the FASB issued a one-year deferral to the effective date with an option to permit adoption as early as the original effective date of July 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently in the process of evaluating the impact that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

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Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2016

Significant Accounting Policies [Abstract]

Estimated Useful Lives of Asset Categories

The estimated useful lives of each asset category are as follows:

Asset Category	Estimated Life in Years
Buildings and building improvements	5-40
Ski lifts and area improvements	5-30
Automotive, helicopters and other equipment	2-20
Golf course improvements	20

Major Finite-Lived Intangible Asset Categories and Estimated Useful Lives

The Company's major finite-lived intangible asset categories and estimated useful lives are as follows:

Intangible Asset Category	Estimated Life in Years
Permits and licenses	20-45
Trademarks and trade names	10-20
Customer relationships	4-8
Other	8-20

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Acquisitions and Dispositions (Tables)

12 Months Ended

Jun. 30, 2016

Acquisitions and Dispositions [Abstract]

Assets and Liabilities of IRCG Classified as Held for Sale

The following table shows the components of assets and liabilities of IRCG classified as held for sale in the Company's consolidated balance sheet as of June 30, 2015 (in thousands):

	June 30, 2015
Restricted cash	$	228
Receivables, net	6,592
Inventories	14,329
Other current assets	2,007
Property, plant and equipment, net of accumulated depreciation	2,071
Real estate held for development	3,085
Long-term receivables and other assets, net	24,803
Total assets classified as held for sale	$	53,115
Accounts payable and accrued liabilities	$	4,334
Deferred revenue and deposits	5,621
Total liabilities classified as held for sale	$	9,955

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Earnings (Loss) Per Share (Tables)

12 Months Ended

Jun. 30, 2016

Earnings (Loss) Per Share [Abstract]

Calculation of Basic and Diluted EPS

The calculation of basic and diluted EPS is presented below (in thousands, except per share data).

	Year Ended June 30,
	2016		2015			2014
Basic earnings (loss) per share:
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	40,873	$	(6,920	)	$	(189,417	)
Weighted average common shares outstanding	43,236		45,099			43,132
Basic earnings (loss) per share	$	0.95	$	(0.15	)	$	(4.39	)
Diluted earnings (loss) per share:
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	40,873	$	(6,920	)	$	(189,417	)
Weighted average common shares outstanding	43,236		45,099			43,132
Dilutive effect of share-based payment awards	34		—			—
Weighted average dilutive shares outstanding	43,270		45,099			43,132
Diluted earnings (loss) per share	$	0.94	$	(0.15	)	$	(4.39	)

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Supplementary Balance Sheet Information (Tables)

12 Months Ended

Jun. 30, 2016

Supplementary Balance Sheet Information [Abstract]

Current Receivables

Current receivables as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30,
	2016			2015
Trade receivables	$	37,441		$	36,458
Loans, mortgages and notes receivable	50			435
Allowance for doubtful accounts	(831		)	(717		)
Total current receivables	$	36,660		$	36,176

Prepaid Expenses and Other Assets

Prepaid expenses and other assets as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30,
	2016		2015
Capital spares	$	11,628	$	11,640
Prepaid insurance	4,813		5,345
Prepaid expenses and other assets	4,640		4,716
Total prepaid expenses and other assets	$	21,081	$	21,701

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30,
	2016		2015
Trade payables	$	48,353	$	52,372
Accrued liabilities	16,516		10,518
Total accounts payable and accrued liabilities	$	64,869	$	62,890

Current Deferred Revenue and Deposits

Current deferred revenue and deposits as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30,
	2016		2015
Season pass and other deferred revenue	$	42,343	$	39,216
Lodging and tour deposits	25,548		23,178
Deposits on real estate sales	46		47
Total current deferred revenue and deposits	$	67,937	$	62,441

Other Long-Term Liabilities

Other long-term liabilities as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30,
	2016		2015
Pension liability, net of funded assets	$	33,550	$	33,150
Forgivable government grants	7,719		8,950
Other long-term liabilities	19,391		18,021
Total other long-term liabilities	$	60,660	$	60,121

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Property, Plant and Equipment (Tables)

12 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net, Including Capital Lease Assets

Property, plant and equipment, net, including capital lease assets, as of June 30, 2016 and 2015, consisted of the following (in thousands):

	June 30,
	2016			2015
Land	$	47,257		$	47,856
Buildings and building improvements	310,344			300,942
Ski lifts and area improvements	276,343			272,032
Automotive, helicopters and other equipment	292,776			284,271
Golf course improvements	23,757			23,638
Gross property, plant and equipment	950,477			928,739
Less: accumulated depreciation	(438,991		)	(401,553		)
Property, plant and equipment, net	$	511,486		$	527,186

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Equity Method Investments (Tables)

12 Months Ended

Jun. 30, 2016

Equity Method Investments [Abstract]

Equity Method Investments

The Company had the following ownership interest in its equity method investments as of June 30, 2016:

Equity Method Affiliates	Ownership Interest
Chateau M.T. Inc.	49.5	%
Mammoth Hospitality Management, LLC	50.0	%
MMSA Investors, LLC	14.8	%
Mammoth Resorts LLC	14.9	%

Financial information for the Company's equity method investments in the aggregate is summarized below and includes the Company's 50.0% equity investment in Blue Mountain Resorts Limited prior to the Blue Mountain Acquisition for all relevant periods presented (in thousands):

	Year Ended June 30,
	2016		2015			2014
Revenue	$	251,766	$	163,992		$	213,082
Operating expenses	19,282		19,438			16,785
Gross profit	232,484		144,554			196,297
Income (loss) from operations	11,433		(21,297		)	(7,377		)
Net income (loss)	10,443		(21,484		)	(7,176		)
Income (loss) attributable to noncontrolling interest	8,510		(17,674		)	(6,905		)
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	1,933	$	(3,810	)	$	(271	)

	June 30,
	2016		2015
Current assets	$	110,054	$	45,461
Noncurrent assets	423,671		455,994
Total assets	533,725		501,455
Current liabilities	79,929		59,054
Noncurrent liabilities	271,868		251,172
Total liabilities	351,797		310,226
Equity attributable to shareholders of investees	172,870		183,695
Equity attributable to noncontrolling interest	9,058		7,534
Total equity	181,928		191,229
Intrawest Resorts Holdings, Inc. equity investment	$	26,398	$	25,394

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Goodwill and Intangible Assets (Tables)

12 Months Ended

Jun. 30, 2016

Goodwill and Intangible Assets [Abstract]

Finite-Lived Intangible Assets

Finite-lived intangible assets as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30, 2016
	Cost		Accumulated Amortization		Net Book Value
Permits and licenses	$	12,732	$	4,866	$	7,866
Trademarks and trade names	73,561		33,388		40,173
Customer relationships	18,331		16,159		2,172
Other	8,906		8,891		15
	$	113,530	$	63,304	$	50,226

	June 30, 2015
	Cost		Accumulated Amortization		Net Book Value
Permits and licenses	$	13,278	$	4,558	$	8,720
Trademarks and trade names	74,645		30,183		44,462
Customer relationships	18,987		15,700		3,287
Other	9,172		9,140		32
	$	116,082	$	59,581	$	56,501

Future Amortization Expense for Intangible Assets

Amortization expense for intangible assets for the next five fiscal years is estimated to be as follows (in thousands):

2017	$	5,170
2018	5,155
2019	4,387
2020	4,174
2021	4,174

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Long-Term Debt (Tables)

12 Months Ended

Jun. 30, 2016

Long-Term Debt [Abstract]

Long-Term Debt

Long-term debt, net of original issue discount ("OID") and debt issuance costs, as of June 30, 2016 and 2015 consisted of the following (in thousands):

		June 30,
	Maturity	2016			2015
Senior Debt	2020	$	554,480		$	591,297
Other debt obligations	2016-2023	1,172			2,096
Less: unamortized OID and debt issuance costs		(17,860		)	(19,552		)
Total		537,792			573,841
Less: Long-term debt due within one year		497			6,919
Total long-term debt		$	537,295		$	566,922

Long-Term Debt Aggregate Maturities

As of June 30, 2016, the long-term debt aggregate maturities for the 12 month period ended June 30 of each of the following years are set forth below (in thousands):

2017	$	497
2018	6,131
2019	6,140
2020	6,147
2021	536,442
Thereafter	295

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Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2016

Fair Value Measurements [Abstract]

Carrying Amount and Fair Value of Financial Instruments

A summary of the carrying amount and fair value of the Company's financial instruments for which there is a difference between the carrying value and fair value is as follows (in thousands):

	June 30, 2016				June 30, 2015
	Carrying Value		Fair Value		Carrying Value	Fair Value
Senior Debt	$	554,480	$	555,173	591,297	$	595,362
Other debt obligations	1,172		971		2,096	1,793

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Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Jun. 30, 2016

Accumulated Other Comprehensive Income (Loss) [Abstract]

Changes in Accumulated Other Comprehensive Income

The following table presents the changes in AOCI, by component, for the years ended June 30, 2016, 2015 and 2014 (in thousands):

	Realized portion on cash flow hedge (a)			Actuarial loss on pensions (b)			Foreign currency translation adjustments			Total
As of June 30, 2013	$	(6,704	)	$	(10,453	)	$	166,544		$	149,387
Restructuring transactions on December 9, 2013	—			—			52,670			52,670
Other comprehensive income (loss) before reclassifications	—			(4,530		)	—			(4,530		)
Amounts reclassified from AOCI	3,398			814			—			4,212
Foreign currency translation adjustments	(41		)	85			(4,060		)	(4,016		)
Net current period other comprehensive income (loss)	3,357			(3,631		)	48,610			48,336
As of June 30, 2014	$	(3,347	)	$	(14,084	)	$	215,154		$	197,723
Other comprehensive income (loss) before reclassifications	—			(209		)	—			(209		)
Amounts reclassified from AOCI	1,486			985			—			2,471
Foreign currency translation adjustments	(58		)	1,358			(55,906		)	(54,606		)
Net current period other comprehensive income (loss)	1,428			2,134			(55,906		)	(52,344		)
As of June 30, 2015	$	(1,919	)	$	(11,950	)	$	159,248		$	145,379
Other comprehensive income (loss) before reclassifications	—			(3,409		)	—			(3,409		)
Amounts reclassified from AOCI	1,195			817			—			2,012
Foreign currency translation adjustments	(9		)	300			(12,353		)	(12,062		)
Net current period other comprehensive income (loss)	1,186			(2,292		)	(12,353		)	(13,459		)
As of June 30, 2016	$	(733	)	$	(14,242	)	$	146,895		$	131,920

(a) Amounts reclassified from AOCI are included in interest expense on third party debt in the accompanying consolidated statements of operations.

(b) Amounts reclassified from AOCI are included in operating expenses in the accompanying consolidated statements of operations.

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Share-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2016

Share-Based Compensation [Abstract]

Restricted Stock Awards

A summary of Restricted Stock Awards activity during the years ended June 30, 2016 and 2015 is as follows:

	Number of Awards		Weighted Average Grant Date Fair Value
Total unvested awards - June 30, 2014	784,727		$	11.97
Granted	97,470		10.26
Vested	(276,199	)	11.97
Forfeited	(269,493	)	12.00
Total unvested awards - June 30, 2015	336,505		$	11.45
Granted	25,000		7.82
Vested	(142,111	)	11.58
Forfeited	(41,700	)	11.78
Total unvested awards - June 30, 2016	177,694		$	10.75

Vesting Schedule for Outstanding Unvested Restricted Stock Awards

The outstanding unvested Restricted Stock Awards at June 30, 2016 are scheduled to vest in each fiscal year as follows:

Vesting Date	Number of Awards
2017	128,464
2018	40,880
2019	8,350
Total	177,694

Assumptions Used to Calculate Fair Value of Stock Options Granted

The fair value of the Options was estimated at the grant date using a Black-Scholes option pricing model with the following assumptions:

Expected stock price volatility	32.5		%
Expected term (in years)	6.3
Risk-free interest rate	1.8		%
Dividend yield	0.0		%
Weighted average fair value per option	$	3.46

Vesting Schedule for Outstanding Unvested Options

The outstanding unvested Options at June 30, 2016 are scheduled to vest in each fiscal year as follows:

Vesting Date	Number of Options
2017	1,350,000
2018	1,350,000
Total	2,700,000

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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2016

Income Taxes [Abstract]

Components of Income Tax Expense (Benefit)

The United States and foreign components of income tax expense (benefit) consisted of the following (in thousands):

	Year Ended June 30,
	2016		2015			2014
United States	$	119	$	(1,147	)	$	57
Foreign	1,654		(2,755		)	620
	$	1,773	$	(3,902	)	$	677

The components of income tax expense (benefit) from continuing operations consisted of the following (in thousands):

	Year Ended June 30,
	2016		2015			2014
Current income taxes:
United States	$	119	$	(1,147	)	$	57
Foreign	1,584		1,031			515
Total current income tax (benefit) expense	1,703		(116		)	572
Deferred income taxes:
United States	—		—			—
Foreign	70		(3,786		)	105
Total deferred income tax (benefit) expense	70		(3,786		)	105
	$	1,773	$	(3,902	)	$	677

Reconciliation of Income Taxes

The reconciliation of income taxes to the actual income tax expense (benefit) is as follows (in thousands):

	Year Ended June 30,
	2016			2015			2014
Income tax at blended statutory federal rate	$	12,618		$	(2,119	)	$	(52,141	)
State tax, net of federal benefit	(246		)	197			(4,296		)
Foreign exchange rate differential	6,571			26,630			2,191
Nondeductible impairments and expenses	619			634			642
Unrealized foreign exchange impact	(6,091		)	(3,928		)	(10,538		)
Change in tax laws and rates	(7,375		)	(2,080		)	(476		)
Change in valuation allowance	5,935			(21,213		)	65,295
Other one-time items	(10,258		)	(2,023		)	—
Income tax expense (benefit)	$	1,773		$	(3,902	)	$	677

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities as of June 30, 2016 and 2015 consisted of the following (in thousands):

	June 30,
	2016			2015
Deferred tax assets:
Real estate held for development	$	38,579		$	37,582
Loss carryforwards	499,229			500,485
Differences in working capital deductions for tax and accounting purposes	15,905			16,113
Bank and other indebtedness	4,359			2,303
Intangible assets	6,507			7,189
Investments	3,429			3,598
Property, plant and equipment	12,988			8,273
Other	14,213			18,948
Total gross deferred tax assets	595,209			594,491
Valuation allowance	(592,027		)	(586,092		)
Net deferred tax assets	3,182			8,399
Deferred tax liabilities
Property, plant and equipment	159			3,227
Investments	3,161			2,927
Intangible assets	11			2,324
Total gross deferred tax liabilities	3,331			8,478
Net deferred tax liabilities	$	149		$	79

Net Operating Loss Carryforwards

The Company’s net operating loss carryforwards pertaining to federal and foreign jurisdictions will primarily expire after 2025 and consisted of the following (in thousands):

	June 30,
	2016		2015
United States	$	954,351	$	951,713
Canada	481,714		513,580
	$	1,436,065	$	1,465,293

Reconciliation of Unrecognized Tax Benefits

A reconciliation of unrecognized tax benefits is as follows (in thousands):

	2016			2015			2014
Balance as of July 1	6,737			9,576			19,821
Additions based on tax positions related to the current year	—			—			—
Additions for tax positions of prior years	—			—			—
Reductions due to Restructuring	—			—			(293		)
Reductions for tax positions of prior years	(2,530		)	(2,839		)	(9,952		)
Balance as of June 30	$	4,207		$	6,737		$	9,576

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Commitments and Contingencies (Tables)

12 Months Ended

Jun. 30, 2016

Commitments and Contingencies [Abstract]

Reimbursable Government Loans and Forgivable Grants

Reimbursable government loans and forgivable grants as of June 30, 2016 and 2015 in CAD and USD equivalent are as follows (in thousands):

	June 30,
	2016				2015
	CAD		USD Equivalent		CAD		USD Equivalent
Loans	$	241	$	185	$	1,237	$	992
Grants
Received	$	89,298	$	68,643	$	89,298	$	71,587
Future advances	31,421		24,153		31,421		25,189
Total grants	$	120,719	$	92,796	$	120,719	$	96,776

Principal Contractual Commitments

The following summarizes our principal contractual commitments, excluding open orders for purchases that support normal operations, as of June 30, 2016 (in thousands):

	2017		2018		2019		2020		2021		Thereafter		Total
Debt principal and interest	$	28,654	$	34,229	$	34,614	$	35,333	$	549,618	$	291	$	682,739
Capital leases obligations	4,848		5,595		5,579		5,572		5,509		63,992		91,095
Operating leases	9,321		6,601		5,510		3,791		2,530		4,983		32,736
Purchase obligations and service contracts	4,953		2,445		913		317		—		—		8,628
Total commitments	$	47,776	$	48,870	$	46,616	$	45,013	$	557,657	$	69,266	$	815,198

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Employee Benefit Plans (Tables)

12 Months Ended

Jun. 30, 2016

Employee Benefit Plans [Abstract]

Benefit Obligations and Funded Status

A summary of the funded status of the Company's pension plans at June 30, 2016 and 2015 is as follows (in thousands):

		Executive plans						Employee plans
		2016			2015			2016			2015
Change in benefit obligations:
Benefit obligation at beginning of year:		$	34,547		$	40,730		$	11,161		$	11,530
	Interest cost	1,199			1,358			417			419
	Actuarial (gains) losses	1,981			(89		)	1,080			(36		)
	Benefits paid	(1,810		)	(2,025		)	(448		)	(752		)
	Foreign currency translation	(1,425		)	(5,427		)	—			—
Benefit obligation at end of year		$	34,492		$	34,547		$	12,210		$	11,161
Change in plan assets:
Fair value of plan assets at beginning of year:		$	5,550		$	6,256		$	7,008		$	6,906
	Actual return of assets	56			91			(68		)	57
	Employer contributions	1,887			2,145			1,202			797
	Benefits paid	(1,810		)	(2,025		)	(448		)	(752		)
	Foreign currency translation	(225		)	(917		)	—			—
Fair value of plan assets at end of year		$	5,458		$	5,550		$	7,694		$	7,008
Funded status as of June 30:
Fair value of plan assets		$	5,458		$	5,550		$	7,694		$	7,008
Benefit obligations		34,492			34,547			12,210			11,161
Funded status		$	(29,034	)	$	(28,997	)	$	(4,516	)	$	(4,153	)

Amounts Recognized in Statements of Financial Position

Amounts recognized in Statements of Financial Position:
Noncurrent liabilities	$	29,034	$	28,997	$	4,516	$	4,153
Net amount recognized	$	29,034	$	28,997	$	4,516	$	4,153

Amounts Recognized in Accumulated Other Comprehensive Income

Amounts recognized in Accumulated Other Comprehensive Income:
Net actuarial loss	$	9,584	$	8,273	$	4,656	$	3,676

Components of Net Periodic Benefit Cost

The net periodic benefit cost of the Company's pension plans for the years ended June 30, 2016, 2015 and 2014 was as follows (in thousands):

	Executive plans									Employee plans
	2016			2015			2014			2016			2015			2014
Interest cost	$	1,199		$	1,358		$	1,549		$	417		$	419		$	442
Expected return on assets	(67		)	(93		)	(133		)	(269		)	(389		)	(382		)
Amortization of net actuarial loss	381			433			305			314			346			261
Settlement cost	—			—			—			123			206			248
Net periodic benefit cost	$	1,513		$	1,698		$	1,721		$	585		$	582		$	569
Current year actuarial (gain) loss	$	1,992		$	(87	)	$	3,681		$	1,417		$	296		$	849
Foreign currency translation	(300		)	(1,359		)	(85		)	—			—			—
Amortization of net actuarial loss	(381		)	(433		)	(305		)	(436		)	(552		)	(509		)
Total recognized in other comprehensive income	$	1,311		$	(1,879	)	$	3,291		$	981		$	(256	)	$	340
Total recognized in net periodic cost and other comprehensive income	$	2,824		$	(181	)	$	5,012		$	1,566		$	326		$	909

Weighted-Average Assumptions

The weighted average assumptions used to determine the Company's benefit obligations at June 30 were as follows:

	Executive plans				Employee plans
	2016		2015		2016		2015
Discount rate	3.3	%	3.8	%	3.2	%	3.9	%
Expected rate of return on plan assets	1.9	%	2.0	%	4.2	%	4.1	%

The weighted average assumptions used to determine the Company's net periodic benefit cost for the years 2016, 2015 and 2014 were as follows:

	Executive plans						Employee plans
	2016		2015		2014		2016		2015		2014
Discount rate	3.8	%	3.8	%	4.3	%	3.9	%	3.8	%	4.4	%
Expected rate of return on plan assets	2.0	%	2.4	%	2.0	%	4.1	%	6.1	%	6.0	%

Fair Value of Plan Assets

The fair value of plan assets as of June 30, 2016, by asset category, is as follows (in thousands):

	Fair Value Measurements Using:
	Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Investments Measured at Net Asset Value		Total
Executive plans:
Cash and cash equivalents:
Cash (1)	$	813	$	—	$	813
Restricted cash (2)	3,809		—		3,809
Investments measured at net asset value (3)	—		836		836
Executive plan total	$	4,622	$	836	$	5,458
Employee plans:
Cash and cash equivalents (4)	$	305	$	—	305
Investments measured at net asset value (3)	—		7,389		7,389
Employee plan total	$	305	$	7,389	$	7,694

The fair value of plan assets as of June 30, 2015, by asset category, is as follows (in thousands):

	Fair Value Measurements Using:
	Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Investments Measured at Net Asset Value		Total
Executive plans:
Cash and cash equivalents:
Cash (1)	$	739	$	?	$	739
Restricted cash (2)	3,850		—		3,850
Investments measured at net asset value (3)	—		961		961
Executive plan total	$	4,589	$	961	$	5,550
Employee plans:
Cash and cash equivalents (4)	$	198	$	—	$	198
Investments measured at net asset value (3)	—		6,810		6,810
Employee plan total	$	198	$	6,810	$	7,008

(1) This category is cash held in Canadian dollars used to pay benefits and the fair value is the carrying amount.

(2) This category includes funds that are held in a non-interest bearing refundable tax account by the Receiver General of Canada.

(3) Certain investments that are measured at fair value using the net asset value ("NAV") per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to total plan assets, which is presented net of the benefit obligation on the consolidated balance sheets. Within the Executive plan, investments measured at NAV include:

•Canadian equity pooled funds: Investments in pooled funds that invest in diversified portfolio of equity securities of Canadian companies. The funds are benchmarked against the S&P/TSX Total Return index.

Within the Employee plan, investments measured at NAV include:

•Large cap growth funds: Investments in pooled funds with the aim to achieve capital appreciation by investing primarily in equity securities of all market capitalizations, including high quality companies with larger market capitalizations. The funds are benchmarked to the Russell 1000 Value index and the Russell 3000 Growth index.

•Large cap value funds: Investments in pooled funds with the aim to achieve long-term capital appreciation by investing in the common stocks of well-established companies. The funds invest a majority of the fund’s net assets in equity securities of large capitalization companies and may also invest assets in equities of foreign issuers through ADRs and similar investments. The funds are benchmarked to the Russell 1000 Value index.

•Large cap blended funds: Investments in pooled funds with the aim to achieve capital appreciation by investing primarily in equity securities of companies that compose the S&P 500 index. The funds are benchmarked to the S&P 500 index.

•Small cap funds: Investments in pooled funds with the aim to achieve long-term capital appreciation. The funds invest a majority of the fund’s net assets in equity securities of U.S. small-cap companies and may also invest its net assets in foreign securities or derivatives including futures contracts, options and swaps and exchange traded funds. The funds are benchmarked to the Russell 2000 Growth and Value index.

•Mid cap funds: Investments in pooled funds with the aim to achieve capital appreciation by investing primarily in equity securities of companies that compose the S&P mid-cap 400 index. The funds are benchmarked to the S&P 400 mid-cap index.

•International equities: Investments in pooled funds with the aim to achieve long-term total return, principally from growth of capital. The funds invest primarily in common and preferred stocks of foreign companies, including those located in emerging market countries. The majority of the funds’ net assets are invested in stocks of international companies that fall within the market capitalization of the MSCI EAFE index. The funds are benchmarked to the MSCI EAFE index.

•Total return bond funds: Funds seeks total return, consisting of income and capital appreciation. Under normal circumstances, the funds invest at least 80% of their net assets in investment-grade bonds or fixed grade income securities, up to 25% of the funds’ total assets in asset-backed securities, and up to 20% of the funds’ total assets in U.S. dollar denominated debt securities of foreign issuers. The funds are benchmarked to the Barclays Capital U.S. Aggregate Bond index.

(4) This category includes investments in short term U.S. denominated money market instruments of domestic and foreign issuers. The fund is benchmarked to Lipper Institutional Money Market Funds Average and the Citigroup 3-months T-bill.

Asset Allocations

The following table reflects the 2016 target asset allocation, as well as the actual asset allocations, by asset category, for the Company's pension plans as of June 30, 2016 and 2015:

	2016 Target Allocation		Executive plans				2016 Target Allocation		Employee plans
Asset Category			2016		2015				2016		2015
Equity securities	3	%	4	%	4	%	40	%	41	%	43	%
Fixed income securities	12	%	11	%	13	%	57	%	55	%	54	%
Cash	84	%	85	%	83	%	3	%	4	%	3	%

Estimated Undiscounted Future Benefit Payments

As of June 30, 2016, the estimated undiscounted future benefit payments for the next 10 fiscal years are as follows (in thousands):

	Executive plans		Employee plans
2017	$	1,880	$	1,405
2018	1,946		1,256
2019	1,965		1,092
2020	1,955		853
2021	1,945		738
2022 – 2026	9,523		3,418

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Segment Information (Tables)

12 Months Ended

Jun. 30, 2016

Segment Information [Abstract]

Consolidated Revenue

	Year Ended June 30,
	2016		2015		2014
Revenue:
Mountain
Lift (1)	$	179,841	$	182,286	$	151,490
Lodging	60,129		57,814		42,294
Ski School (2)	30,974		33,086		28,943
Retail and Rental	51,984		56,125		45,214
Food and Beverage	57,234		56,726		46,335
Other	41,170		39,892		36,587
Total Mountain revenue	421,332		425,929		350,863
Adventure revenue	104,405		96,799		102,070
Real Estate revenue	42,433		59,274		58,530
Total segment revenue	568,170		582,002		511,463
Legacy, non-core and other revenue (3)	2,742		5,587		13,790
Total revenue	$	570,912	$	587,589	$	525,253

(1) Lift revenue outside of the ski season is derived from mountain biking and sightseeing lift products.

(2) Ski School revenue outside of the ski season is derived from mountain bike instruction at various resorts.

(3) Legacy, non-core and other revenue represents legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. It includes legacy real estate asset sales, divested non-core operations, and non-core retail revenue. Included in the year ended June 30, 2014 was $10.9 million of revenue from sales of non-core real estate held for development.

Net Income Reconciled to Adjusted EBITDA

Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	40,873		$	(6,920	)	$	(189,417	)
Legacy and other non-core expenses, net (4)	6,226			3,663			4,164
Other operating expenses (5)	8,074			9,789			11,200
Depreciation and amortization	60,123			59,076			55,413
(Gain) on sale of Intrawest Resort Club Group	(40,401		)	—			—
(Gain) loss on disposal of assets	(1,926		)	(2,280		)	267
Impairment of real estate and long-lived assets	—			—			871
Loss on remeasurement of equity method investment	—			1,454			—
Interest income, net (6)	(936		)	(274		)	(319		)
Interest expense on third party debt	40,377			43,891			53,004
Interest expense on notes payable to affiliates	—			—			119,858
(Earnings) loss from equity method investments (7)	(1,933		)	3,810			271
Pro rata share of EBITDA related to equity method investments (unaudited) (8), (9)	3,570			3,252			9,153
Adjusted EBITDA attributable to noncontrolling interest	(3,151		)	(2,484		)	(620		)
Loss on extinguishment of debt	—			676			35,480
Other (income) expense, net	(1,757		)	1,128			823
Income tax expense (benefit)	1,773			(3,902		)	677
Income attributable to noncontrolling interest	2,193			1,821			369
Total Adjusted EBITDA	$	113,105		$	112,700		$	101,194
Mountain adjusted EBITDA(8)	$	84,334		$	88,972		$	75,417
Adventure adjusted EBITDA(10)	22,146			13,305			16,558
Real Estate adjusted EBITDA(11)	6,625			10,423			9,219
Total Adjusted EBITDA	$	113,105		$	112,700		$	101,194

(4) Legacy and other non-core expenses, net represents revenue and expenses of legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. Revenue and expenses related to legacy and other non-core operations include retail operations not located at the Company’s properties and legacy litigation consisting of claims for damages related to alleged construction defects, purported disclosure violations in real estate marketing sales and documents, and allegations that the Company failed to construct planned amenities.

(5) Includes costs related to the Company's initial public offering, non-cash compensation, reduction in workforce severance, executive management restructuring costs, lease payments pursuant to the lease at Winter Park and other expenses.

(6) Includes interest income unrelated to IRCG financing activities.

(7) Represents the losses from equity method investments, including: Chateau M.T. Inc., Mammoth Hospitality Management L.L.C., the Mammoth family of resorts, and Blue Mountain prior to the Blue Mountain Acquisition.

(8) Includes the Company’s pro rata share of Adjusted EBITDA from its equity method investment in Blue Mountain prior to the Blue Mountain Acquisition. The pro rata share of Adjusted EBITDA represents the share of Adjusted EBITDA from the equity method investment based on the Company’s economic ownership percentage.

(9) Includes the Company’s pro rata share of EBITDA from its equity method investments in Mammoth Hospitality Management L.L.C. and Chateau M.T. Inc. The pro rata share of Adjusted EBITDA represents the Company’s share of Adjusted EBITDA from these equity method investments based on the Company's economic ownership percentages.

(10) Adventure segment Adjusted EBITDA excludes Adjusted EBITDA attributable to noncontrolling interest.

(11) Real Estate segment Adjusted EBITDA includes interest income earned from receivables related to the IRCG operations in the amount of $1.9 million, $3.9 million, and $4.4 million for the years ended June 30, 2016, 2015 and 2014, respectively.

Capital Expenditures

The following table presents capital expenditures for each segment, reconciled to consolidated amounts for the years ended June 30, 2016, 2015 and 2014 (in thousands):

	Year Ended June 30,
	2016		2015		2014
Capital expenditures:
Mountain	$	35,285	$	33,004	$	32,707
Adventure	9,994		4,425		6,891
Real Estate	307		501		772
Total segment capital expenditures	45,586		37,930		40,370
Corporate and other	5,493		3,943		4,872
Total capital expenditures	$	51,079	$	41,873	$	45,242

Revenue by Geographic Region

The Company’s revenue by geographic region for the years ended June 30, 2016, 2015 and 2014 consisted of the following (in thousands):

	Year Ended June 30,
	2016		2015		2014
Revenue:
United States	$	337,104	$	348,336	$	326,406
Canada	233,808		239,253		198,847
Total revenue	$	570,912	$	587,589	$	525,253

Long-Lived Assets by Geographic Region

The Company’s long-lived assets by geographic region for the years ended June 30, 2016 and 2015 consisted of the following (in thousands):

	Year Ended June 30,
	2016		2015
Long-lived assets:
United States	$	521,328	$	525,941
Canada	283,443		304,166
Total long-lived assets	$	804,771	$	830,107

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Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Jun. 30, 2016

Selected Quarterly Financial Data (Unaudited) [Abstract]

Selected Unaudited Statement of Operations Information

The following tables contain selected unaudited statement of operations information for each quarter of each of the years ended June 30, 2016 and June 30, 2015 (in thousands, except per share data):

	Three Months Ended
	June 30, 2016			March 31, 2016		December 31, 2015			September 30, 2015
Revenue	$	65,051		$	315,706	$	103,951		$	86,204
Income (loss) from operations	(45,339		)	181,380		(25,981		)	(31,397		)
Net income (loss)	(58,974		)	175,476		(28,013		)	(45,423		)
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	(59,220	)	$	174,470	$	(27,305	)	$	(47,072	)
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. per share:
Basic	$	(1.49	)	$	4.09	$	(0.60	)	$	(1.04	)
Diluted	$	(1.49	)	$	4.08	$	(0.60	)	$	(1.04	)

	Three Months Ended
	June 30, 2015			March 31, 2015		December 31, 2014			September 30, 2014
Revenue	$	70,590		$	321,824	$	120,802		$	74,373
Income (loss) from operations	(40,320		)	138,617		(21,961		)	(39,914		)
Net income (loss)	(52,605		)	129,793		(32,189		)	(50,098		)
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$	(53,566	)	$	128,694	$	(31,073	)	$	(50,975	)
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. per share:
Basic and diluted	$	(1.19	)	$	2.85	$	(0.69	)	$	(1.13	)

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Formation and Business (Details) $ in Thousands		12 Months Ended
	Dec. 09, 2013 USD ($) shares	Jun. 30, 2016 USD ($) Segment Lodge Helicopter	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Sep. 19, 2014	Feb. 28, 2014
Business Operations [Abstract]
Number of segments | Segment		3
Restructuring [Abstract]
Notes payable to affiliates	$ 1,100,000
Accrued and unpaid interest	$ 723,800
Number of shares of common stock issued prior to a reverse stock split (in shares) | shares	42,999,900
Number of shares of common stock issued (in shares) | shares	41,881,903
Reverse stock split, conversion ratio	0.974
Interest expense on notes payable to affiliates		$ 0	$ 0	$ 119,858
Restructuring transactions	$ 52,670
Assets		1,037,805	1,094,995
Additional paid-in capital		$ 2,900,696	$ 2,897,343
Restructuring [Member]
Restructuring [Abstract]
Assets				4,100
Additional paid-in capital				$ 1,500,000
Limited Partners [Member]
Restructuring [Abstract]
Restructuring transactions	1,396,723
Accumulated Deficit [Member]
Restructuring [Abstract]
Restructuring transactions	(2,794,304)
Third Lien Loan [Member]
Restructuring [Abstract]
Notes payable to affiliates	355,600
Accrued and unpaid interest	$ 145,600
Indirect Subsidiaries of Partnership
Restructuring [Abstract]
Percentage of equity interests contributed	100.00%
Fortress [Member]
Restructuring [Abstract]
Beneficial ownership interest percentage		68.00%				60.10%
Blue Mountain Ski Resort [Member]
Business Operations [Abstract]
Ownership interest percentage				50.00%
Percentage of equity interest acquired					50.00%
Canadian Mountain Holidays [Member]
Business Operations [Abstract]
Number of lodges | Lodge		11
Number of helicopters | Helicopter		36
Mammoth Hospitality Management, L.L.C. [Member]
Business Operations [Abstract]
Ownership interest percentage		50.00%
Chateau M.T. Inc. [Member]
Business Operations [Abstract]
Ownership interest percentage		49.50%
Economic interest percentage		57.10%

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Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2016 USD ($) Segment	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Sep. 19, 2014
Receivables [Abstract]
Interest income	$ 2,863	$ 4,185	$ 4,728
Real Estate Held for Development [Abstract]
Impairment charges			600
Revenue Recognition [Abstract]
Number of segments | Segment	3
Average visitation period by season pass holders	3 years
Average usage period for frequency product	3 years
Advertising Costs [Abstract]
Advertising costs	$ 17,000	$ 17,400	$ 16,500
Alpine Helicopters [Member]
Principles of Consolidation [Abstract]
Ownership interest in VIE	20.00%
Percentage of helicopters leased from consolidated subsidiary	100.00%
Noncontrolling interest held by employees	80.00%
Total assets	$ 11,500
Total liabilities	$ 5,000
Buildings and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated life in years	5 years
Buildings and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated life in years	40 years
Ski Lifts and Area Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated life in years	5 years
Ski Lifts and Area Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated life in years	30 years
Automotive, Helicopters, and Other Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated life in years	2 years
Automotive, Helicopters, and Other Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated life in years	20 years
Golf Course Improvements [Member]
Property, Plant and Equipment [Abstract]
Estimated life in years	20 years
2014 Omnibus Incentive Plan [Member]
Share-Based Compensation [Abstract]
Maximum period when participant's employment or service is terminated without cause following change in control	12 months
Permits and Licenses [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated life in years	20 years
Permits and Licenses [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated life in years	45 years
Trademarks and Trade Names [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated life in years	10 years
Trademarks and Trade Names [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated life in years	20 years
Customer Relationships [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated life in years	4 years
Customer Relationships [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated life in years	8 years
Other [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated life in years	8 years
Other [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated life in years	20 years
Revenue [Member] | Customer Concentration Risk [Member]
Concentration of Credit Risk [Abstract]
Concentration risk percentage	0.00%	0.00%	0.00%
Receivables [Member] | Customer Concentration Risk [Member]
Concentration of Credit Risk [Abstract]
Concentration risk percentage	0.00%	0.00%	0.00%
Blue Mountain [Member]
Principles of Consolidation [Abstract]
Percentage of equity interest acquired		50.00%		50.00%
Accounts Payable and Accrued Liabilities [Member]
Self-Insured Liabilities [Abstract]
Liability for insurance-related assessments, current	$ 1,900	$ 1,600
Other Long-Term Liabilities [Member]
Self-Insured Liabilities [Abstract]
Liability for insurance-related assessments, long-term	$ 8,200	$ 6,500

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Acquisitions and Dispositions, IRCG Transaction (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014	Nov. 24, 2015
IRCG Transaction [Abstract]
Gain on sale of IRCG	$ 40,401	$ 0	$ 0
Components of Assets and Liabilities Classified as Held for Sale [Abstract]
Gross notes receivable included in current receivables	50	435
IRCG [Member]
IRCG Transaction [Abstract]
Gross proceeds for sale of IRCG				$ 84,613
Gain on sale of IRCG	$ 40,401
Components of Assets and Liabilities Classified as Held for Sale [Abstract]
Restricted cash		228
Receivables, net		6,592
Inventories		14,329
Other current assets		2,007
Property, plant and equipment, net of accumulated depreciation		2,071
Real estate held for development		3,085
Long-term receivables and other assets, net		24,803
Total assets classified as held for sale		53,115
Accounts payable and accrued liabilities		4,334
Deferred revenue and deposits		5,621
Total liabilities classified as held for sale		9,955
Minimum deferred payment period for customers purchasing vacation points prior to IRCG transaction	1 year
Gross notes receivable		29,900
Gross notes receivable included in current receivables		5,100
Allowance for credit losses on notes receivable		1,900
Allowance for credit losses on notes receivable included in current receivables		$ 900

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Acquisitions and Dispositions, Blue Mountain Acquisition (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 19, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Consideration Transferred [Abstract]
Loss on remeasurement of equity method investment		$ 0	$ (1,454)	$ 0
Net Assets Acquired [Abstract]
Goodwill		$ 105,981	$ 106,469
Blue Mountain [Member]
Blue Mountain Acquisition [Abstract]
Percentage of equity interest acquired	50.00%		50.00%
Consideration Transferred [Abstract]
Total consideration transferred	$ 109,600
Cash paid for purchase price	54,800
Fair value of previously held equity interest on date of acquisition	54,800
Loss on remeasurement of equity method investment			$ (1,454)
Net Assets Acquired [Abstract]
Property, plant and equipment	85,800
Accounts payable and accrued liabilities	13,800
Cash and cash equivalents	13,300
Intangibles	8,700
Goodwill	13,200
Goodwill deductible for tax purposes	$ 0

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Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended								12 Months Ended
	Jan. 12, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Earnings (Loss) Per Share [Abstract]
Approved share repurchase offer	$ 50,000
Treasury shares acquired (in shares)	5,600									(5,556)	0	0
Treasury stock price per shares (in dollars per share)	$ 9.00
Stock issuance costs	$ 600
Anti-dilutive securities not included in calculation of EPS (in shares)										1,200	1,000	100
Basic Earnings (Loss) per Share [Abstract]
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.		$ (59,220)	$ 174,470	$ (27,305)	$ (47,072)	$ (53,566)	$ 128,694	$ (31,073)	$ (50,975)	$ 40,873	$ (6,920)	$ (189,417)
Weighted average common shares outstanding (in shares)										43,236	45,099	43,132
Basic earnings (loss) per share (in dollars per share)		$ (1.49)	$ 4.09	$ (0.60)	$ (1.04)	$ (1.19)	$ 2.85	$ (0.69)	$ (1.13)	$ 0.95	$ (0.15)	$ (4.39)
Diluted Earnings (Loss) per Share [Abstract]
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.		$ (59,220)	$ 174,470	$ (27,305)	$ (47,072)	$ (53,566)	$ 128,694	$ (31,073)	$ (50,975)	$ 40,873	$ (6,920)	$ (189,417)
Weighted average common shares outstanding (in shares)										43,236	45,099	43,132
Dilutive effect of share-based payment awards (in shares)										34	0	0
Weighted average dilutive shares outstanding (in shares)										43,270	45,099	43,132
Diluted earnings (loss) per share (in dollars per share)		$ (1.49)	$ 4.08	$ (0.60)	$ (1.04)	$ (1.19)	$ 2.85	$ (0.69)	$ (1.13)	$ 0.94	$ (0.15)	$ (4.39)
Maximum [Member]
Earnings (Loss) Per Share [Abstract]
Purchase price per share (in dollars per share)	$ 10.00
Minimum [Member]
Earnings (Loss) Per Share [Abstract]
Purchase price per share (in dollars per share)	$ 9.00

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Supplementary Balance Sheet Information, Current Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Current Receivables [Abstract]
Trade receivables	$ 37,441	$ 36,458
Loans, mortgages and notes receivable	50	435
Allowance for doubtful accounts	(831)	(717)
Total current receivables	$ 36,660	$ 36,176

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Supplementary Balance Sheet Information, Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Prepaid Expenses and Other Assets [Abstract]
Capital spares	$ 11,628	$ 11,640
Prepaid insurance	4,813	5,345
Other prepaid expenses and current assets	4,640	4,716
Total prepaid expenses and other assets	$ 21,081	$ 21,701

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Supplementary Balance Sheet Information, Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Accounts Payable and Accrued Liabilities [Abstract]
Trade payables	$ 48,353	$ 52,372
Accrued liabilities	16,516	10,518
Total accounts payable and accrued liabilities	$ 64,869	$ 62,890

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Supplementary Balance Sheet Information, Current Deferred Revenue and Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Current Deferred Revenue and Deposits [Abstract]
Season pass and other deferred revenue	$ 42,343	$ 39,216
Lodging and tour deposits	25,548	23,178
Deposits on real estate sales	46	47
Total current deferred revenue and deposits	$ 67,937	$ 62,441

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Supplementary Balance Sheet Information, Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Other Long-Term Liabilities [Abstract]
Pension liability, net of funded assets	$ 33,550	$ 33,150
Forgivable government grants	7,719	8,950
Other long-term liabilities	19,391	18,021
Total other long-term liabilities	$ 60,660	$ 60,121

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Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment, Net [Abstract]
Gross property, plant and equipment	$ 950,477	$ 928,739
Less: accumulated depreciation	(438,991)	(401,553)
Property, plant and equipment, net	511,486	527,186
Leased assets, carrying value	32,200	31,900
Leased assets, accumulated amortization	8,000	6,800
Depreciation expense	55,100	53,100	$ 48,900
Impairment charges	0	0	$ 200
Land [Member]
Property, Plant and Equipment, Net [Abstract]
Gross property, plant and equipment	47,257	47,856
Buildings and Building Improvements [Member]
Property, Plant and Equipment, Net [Abstract]
Gross property, plant and equipment	310,344	300,942
Ski Lifts and Area Improvements [Member]
Property, Plant and Equipment, Net [Abstract]
Gross property, plant and equipment	276,343	272,032
Automotive, Helicopters, and Other Equipment [Member]
Property, Plant and Equipment, Net [Abstract]
Gross property, plant and equipment	292,776	284,271
Golf Course Improvements [Member]
Property, Plant and Equipment, Net [Abstract]
Gross property, plant and equipment	$ 23,757	$ 23,638

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Equity Method Investments (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2016 USD ($) Director	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)
Summarized Income Statement Information for Equity Method Investments [Abstract]
Revenue	$ 251,766	$ 163,992	$ 213,082
Operating expenses	19,282	19,438	16,785
Gross profit	232,484	144,554	196,297
Income (loss) from operations	11,433	(21,297)	(7,377)
Net income (loss)	10,443	(21,484)	(7,176)
Income (loss) attributable to noncontrolling interest	8,510	(17,674)	(6,905)
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	1,933	(3,810)	$ (271)
Summarized Balance Sheet Information for Equity Method Investments [Abstract]
Current assets	110,054	45,461
Noncurrent assets	423,671	455,994
Total assets	533,725	501,455
Current liabilities	79,929	59,054
Noncurrent liabilities	271,868	251,172
Total liabilities	351,797	310,226
Equity attributable to shareholders of investees	172,870	183,695
Equity attributable to noncontrolling interest	9,058	7,534
Total equity	181,928	191,229
Intrawest Resorts Holdings, Inc. equity investment	$ 26,398	$ 25,394
Chateau M.T. Inc. [Member]
Equity Method Investments [Abstract]
Ownership interest percentage	49.50%
Economic interest percentage	57.10%
Mammoth Hospitality Management L.L.C. [Member]
Equity Method Investments [Abstract]
Ownership interest percentage	50.00%
MMSA Investors, LLC [Member]
Equity Method Investments [Abstract]
Ownership interest percentage	14.80%
Number of members on the board of directors | Director	8
Mammoth Resorts LLC [Member]
Equity Method Investments [Abstract]
Ownership interest percentage	14.90%
Mammoth Family of Resorts [Member]
Equity Method Investments [Abstract]
Number of members on the board of directors | Director	3
Blue Mountain Resorts Limited [Member]
Equity Method Investments [Abstract]
Ownership interest percentage			50.00%

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Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Goodwill [Abstract]
Goodwill	$ 105,981	$ 106,469
Impairment of goodwill	0	0	$ 0
Finite-Lived Intangible Assets [Abstract]
Cost	113,530	116,082
Accumulated amortization	63,304	59,581
Net book value	50,226	56,501
Amortization expense for intangible assets	5,000	6,000	$ 6,500
Future Amortization Expense for Intangible Assets [Abstract]
2017	5,170
2018	5,155
2019	4,387
2020	4,174
2021	4,174
Mountain [Member]
Goodwill [Abstract]
Goodwill	104,800
Real Estate [Member]
Goodwill [Abstract]
Goodwill	1,200
Permits and Licenses [Member]
Finite-Lived Intangible Assets [Abstract]
Cost	12,732	13,278
Accumulated amortization	4,866	4,558
Net book value	7,866	8,720
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Abstract]
Cost	73,561	74,645
Accumulated amortization	33,388	30,183
Net book value	40,173	44,462
Customer Relationships [Member]
Finite-Lived Intangible Assets [Abstract]
Cost	18,331	18,987
Accumulated amortization	16,159	15,700
Net book value	2,172	3,287
Other [Member]
Finite-Lived Intangible Assets [Abstract]
Cost	8,906	9,172
Accumulated amortization	8,891	9,140
Net book value	$ 15	$ 32

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Long-Term Debt, Long-Term Debt, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Long-Term Debt [Abstract]
Less: unamortized OID and debt issuance costs	$ (17,860)	$ (19,552)
Total	537,792	573,841
Less: Long-term debt due within one year	497	6,919
Total long-term debt	$ 537,295	566,922
Senior Debt [Member]
Long-Term Debt [Abstract]
Maturity	2020
Long-term debt	$ 554,480	591,297
Other Debt Obligations [Member]
Long-Term Debt [Abstract]
Long-term debt	$ 1,172	$ 2,096
Other Debt Obligations [Member] | Minimum [Member]
Long-Term Debt [Abstract]
Maturity	2016
Other Debt Obligations [Member] | Maximum [Member]
Long-Term Debt [Abstract]
Maturity	2023

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Long-Term Debt, Senior Debt and Other Debt Obligations (Details) $ in Thousands				3 Months Ended	11 Months Ended	12 Months Ended			13 Months Ended	17 Months Ended	18 Months Ended	28 Months Ended
	Apr. 08, 2016 USD ($)	Jan. 29, 2016 USD ($)	Sep. 19, 2014 USD ($)	Jun. 30, 2016 USD ($)	Apr. 07, 2016	Jun. 30, 2016 USD ($) Subsidiary	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2016 USD ($)	Apr. 28, 2015	May 31, 2015	Apr. 07, 2016	Dec. 09, 2013 USD ($)
Senior Debt [Abstract]
Repayment of bank borrowings						$ 42,286	$ 11,323	$ 588,251
Letters of credit outstanding				$ 42,800		$ 42,800	45,400		$ 42,800
Credit Agreement [Member]
Senior Debt [Abstract]
Number of subsidiaries listed as borrower on the agreement | Subsidiary						1
Debt issuance costs				21,400		$ 21,400			21,400
Unamortized debt issuance costs				14,200		$ 14,200	15,200		14,200
Credit Agreement [Member] | Term Loan [Member]
Senior Debt [Abstract]
Term loan													$ 540,000
Maturity date						Dec. 09, 2020
Frequency of principal payments						Quarterly
Principal payments						$ 1,500
Margin rate						4.00%
Repayment of bank borrowings		$ 8,800
Original issue discount percentage						0.90%
Original issue discount				5,500		$ 5,500			5,500
Unamortized original issue discount				3,600		$ 3,600	4,300		3,600
Credit Agreement [Member] | Term Loan [Member] | Eurodollar [Member]
Senior Debt [Abstract]
Margin rate										4.50%
Credit Agreement [Member] | Term Loan [Member] | Base Rate [Member]
Senior Debt [Abstract]
Margin rate												2.75%
Credit Agreement [Member] | Term Loan [Member] | LIBOR [Member]
Senior Debt [Abstract]
Interest rate floor						1.00%
Credit Agreement [Member] | Revolving Loan Facility [Member]
Senior Debt [Abstract]
Maximum borrowing capacity													25,000
Maturity date						Dec. 09, 2018
Margin rate						3.75%
Commitment fee						0.375%
Borrowings outstanding				0		$ 0	0		0
Credit Agreement [Member] | Revolving Loan Facility [Member] | Eurodollar [Member] | Maximum [Member]
Senior Debt [Abstract]
Margin rate											4.50%
Credit Agreement [Member] | Revolving Loan Facility [Member] | Eurodollar [Member] | Minimum [Member]
Senior Debt [Abstract]
Margin rate											4.25%
Credit Agreement [Member] | Revolving Loan Facility [Member] | Base Rate [Member] | Maximum [Member]
Senior Debt [Abstract]
Margin rate											3.50%
Credit Agreement [Member] | Revolving Loan Facility [Member] | Base Rate [Member] | Minimum [Member]
Senior Debt [Abstract]
Margin rate											3.25%
Credit Agreement [Member] | Letters of Credit Facility [Member]
Senior Debt [Abstract]
Maximum borrowing capacity													$ 55,000
Maturity date						Dec. 09, 2018
Margin rate						4.50%
Debt issuance costs				21,400		$ 21,400			21,400
Fronting fees						0.25%
Commitment fee						0.375%
Percentage of unutilized commitments charged fronting fees and commitment fee						15.00%
Letters of credit outstanding				42,800		$ 42,800	45,400		42,800
Borrowings outstanding				$ 0		$ 0	$ 0		$ 0
Incremental Amendment [Member] | Term Loan [Member]
Senior Debt [Abstract]
Proceeds from incremental borrowings			$ 60,000
Second Amendment [Member] | Term Loan [Member] | Eurodollar [Member]
Senior Debt [Abstract]
Margin rate					3.75%
Third Amendment [Member] | Revolving Loan Facility [Member]
Senior Debt [Abstract]
Total Secured Debt Leverage Ratio									4.5
Third Amendment [Member] | Revolving Loan Facility [Member] | Eurodollar [Member] | Maximum [Member]
Senior Debt [Abstract]
Margin rate									3.75%
Third Amendment [Member] | Revolving Loan Facility [Member] | Eurodollar [Member] | Minimum [Member]
Senior Debt [Abstract]
Margin rate									3.50%
Third Amendment [Member] | Revolving Loan Facility [Member] | Base Rate [Member] | Maximum [Member]
Senior Debt [Abstract]
Margin rate									2.75%
Third Amendment [Member] | Revolving Loan Facility [Member] | Base Rate [Member] | Minimum [Member]
Senior Debt [Abstract]
Margin rate									2.50%
Fourth Amendment [Member] | Term Loan [Member]
Senior Debt [Abstract]
Repayment of bank borrowings	$ 25,000
Fourth Amendment [Member] | Term Loan [Member] | Eurodollar [Member]
Senior Debt [Abstract]
Margin rate				4.00%
Fourth Amendment [Member] | Term Loan [Member] | Base Rate [Member]
Senior Debt [Abstract]
Margin rate				3.00%
Other Debt Obligations [Member]
Other Debt Obligations [Abstract]
Weighted average interest rate						5.30%

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Long-Term Debt, Maturities (Details) $ in Thousands	Jun. 30, 2016 USD ($)
Long-Term Debt Aggregate Maturities [Abstract]
2017	$ 497
2018	6,131
2019	6,140
2020	6,147
2021	536,442
Thereafter	$ 295

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Long-Term Debt, Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014	Oct. 11, 2008
Interest Expense [Abstract]
Interest expense	$ 40,400	$ 43,900	$ 172,900
Amortization of deferred financing costs and OID	3,573	3,154	5,534
Interest Rate Swap [Member]
Interest Expense [Abstract]
Fair value of swap contracts	700			$ 111,400
Interest Rate Swap [Member] | Interest Expense [Member]
Interest Expense [Abstract]
Deferred losses amortized from AOCI into interest expense	$ 1,200	$ 1,500	$ 3,400

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Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Carrying Value [Member] | Senior Debt [Member]
Fair Value Measurements [Abstract]
Long-term debt	$ 554,480	$ 591,297
Carrying Value [Member] | Other Debt Obligations [Member]
Fair Value Measurements [Abstract]
Long-term debt	1,172	2,096
Fair Value [Member] | Senior Debt [Member]
Fair Value Measurements [Abstract]
Long-term debt	555,173	595,362
Fair Value [Member] | Other Debt Obligations [Member]
Fair Value Measurements [Abstract]
Long-term debt	$ 971	$ 1,793

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Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands			12 Months Ended
		Dec. 09, 2013	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Beginning balance			$ 276,227
Restructuring transaction on December 9, 2013		$ 52,670
Other comprehensive income (loss) before reclassifications			(3,409)	$ (209)	$ (4,530)
Amounts reclassified from AOCI			2,012	2,471	4,212
Foreign currency translation adjustments			(12,062)	(54,606)	(4,016)
Net current period other comprehensive income (loss)			(13,459)	(52,344)	48,336
Ending balance			256,352	276,227
Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Beginning balance			145,379	197,723	149,387
Restructuring transaction on December 9, 2013		52,670
Ending balance			131,920	145,379	197,723
Realized Portion on Cash Flow Hedge [Member]
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Beginning balance			(1,919)	(3,347)	(6,704)
Restructuring transaction on December 9, 2013		0
Other comprehensive income (loss) before reclassifications			0	0	0
Amounts reclassified from AOCI	[1]		1,195	1,486	3,398
Foreign currency translation adjustments			(9)	(58)	(41)
Net current period other comprehensive income (loss)			1,186	1,428	3,357
Ending balance			(733)	(1,919)	(3,347)
Actuarial Loss on Pensions [Member]
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Beginning balance			(11,950)	(14,084)	(10,453)
Restructuring transaction on December 9, 2013		0
Other comprehensive income (loss) before reclassifications			(3,409)	(209)	(4,530)
Amounts reclassified from AOCI	[2]		817	985	814
Foreign currency translation adjustments			300	1,358	85
Net current period other comprehensive income (loss)			(2,292)	2,134	(3,631)
Ending balance			(14,242)	(11,950)	(14,084)
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Beginning balance			159,248	215,154	166,544
Restructuring transaction on December 9, 2013		$ 52,670
Other comprehensive income (loss) before reclassifications			0	0	0
Amounts reclassified from AOCI			0	0	0
Foreign currency translation adjustments			(12,353)	(55,906)	(4,060)
Net current period other comprehensive income (loss)			(12,353)	(55,906)	48,610
Ending balance			$ 146,895	$ 159,248	$ 215,154

[1] Amounts reclassified from AOCI are included in interest expense on third party debt in the accompanying consolidated statements of operations.

[2] Amounts reclassified from AOCI are included in operating expenses in the accompanying consolidated statements of operations.

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Share-Based Compensation, Shares Available for Future Grant (Details) - shares	Jun. 30, 2016	Feb. 05, 2014
2014 Omnibus Incentive Plan [Member]
Share-Based Compensation [Abstract]
Common stock shares available for future grant (in shares)	1,294,645	4,500,700

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Share-Based Compensation, Restricted Stock Awards (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016
Share-Based Compensation [Abstract]
Number of shares of common stock received for each restricted stock unit exchanged (in shares)	1
Restricted Stock [Member]
Weighted Average Grant Date Fair Value [Abstract]
Fair value of awards vested	$ 1.4	$ 3.0
Restricted Stock [Member] | Officers and Employees [Member]
Share-Based Compensation [Abstract]
Cumulative number of shares granted (in shares)			955,809
Restricted Stock [Member] | Non-Employee Directors [Member]
Share-Based Compensation [Abstract]
Cumulative number of shares granted (in shares)			25,000
2014 Omnibus Incentive Plan [Member] | Restricted Stock [Member]
Unvested Number of Awards [Roll Forward]
Beginning balance (in shares)	336,505	784,727
Granted (in shares)	25,000	97,470
Vested (in shares)	(142,111)	(276,199)
Forfeited (in shares)	(41,700)	(269,493)
Ending balance (in shares)	177,694	336,505
Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)	$ 11.45	$ 11.97
Granted (in dollars per share)	7.82	10.26
Vested (in dollars per share)	11.58	11.97
Forfeited (in dollars per share)	11.78	12.00
Ending balance (in dollars per share)	$ 10.75	$ 11.45
Vesting Schedule for Restricted Stock Awards [Abstract]
2017 (in shares)			128,464
2018 (in shares)			40,880
2019 (in shares)			8,350
Total (in shares)	336,505	784,727	177,694

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Share-Based Compensation, Stock Options (Details) - Stock Options [Member] - $ / shares	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2016
Assumptions Used to Calculate Fair Value of Stock Options Granted [Abstract]
Expected stock price volatility	32.50%
Expected term	6 years 3 months 18 days
Risk-free interest rate	1.80%
Dividend yield	0.00%
Weighted average fair value per option (in dollars per share)	$ 3.46
Vesting Schedule for Stock Options [Abstract]
2017 (in shares)		1,350,000
2018 (in shares)		1,350,000
Total (in shares)		2,700,000
Chief Executive Officer [Member]
Stock Options [Abstract]
Options granted (in shares)	2,700,000
Contractual term	10 years
Weighted average exercise price (in dollars per share)	$ 11.25
Vesting period	3 years

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Share-Based Compensation, Share-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Restricted Stock [Member]
Share-Based Compensation Expense [Abstract]
Unrecognized compensation expense, restricted units	$ 1.0
Unrecognized compensation expense, period for recognition	1 year 4 months 24 days
Restricted Stock [Member] | Operating Expenses [Member]
Share-Based Compensation Expense [Abstract]
Compensation expense	$ 1.6	$ 2.7
Stock Options [Member]
Share-Based Compensation Expense [Abstract]
Unrecognized compensation expense, stock options	$ 3.2
Unrecognized compensation expense, period for recognition	1 year 4 months 24 days
Stock Options [Member] | Operating Expenses [Member]
Share-Based Compensation Expense [Abstract]
Compensation expense	$ 2.3	$ 1.4

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Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014	Sep. 19, 2014
Components of Income Tax Expense (Benefit) [Abstract]
United States	$ 119	$ (1,147)	$ 57
Foreign	1,654	(2,755)	620
Total income tax expense (benefit)	1,773	(3,902)	677
Current Income Taxes [Abstract]
United States	119	(1,147)	57
Foreign	1,584	1,031	515
Total current income tax (benefit) expense	1,703	(116)	572
Deferred Income Taxes [Abstract]
United States	0	0	0
Foreign	70	(3,786)	105
Total deferred income tax (benefit) expense	70	(3,786)	105
Total income tax expense (benefit)	1,773	(3,902)	677
Income Taxes [Abstract]
Reversal of deferred tax liability due to Restructuring		(3,100)
Reversal of income tax payable due to Restructuring		(700)
Reconciliation of Income Taxes [Abstract]
Income tax at blended statutory federal rate	12,618	(2,119)	(52,141)
State tax, net of federal benefit	(246)	197	(4,296)
Foreign exchange rate differential	6,571	26,630	2,191
Nondeductible impairments and expenses	619	634	642
Unrealized foreign exchange impact	(6,091)	(3,928)	(10,538)
Change in tax laws and rates	(7,375)	(2,080)	(476)
Change in valuation allowance	5,935	(21,213)	65,295
Other one-time items	(10,258)	(2,023)	0
Total income tax expense (benefit)	1,773	(3,902)	677
Tax basis differences recognized on the sale of IRGC	10,300
U.S. tax benefit due to reversal of previously accrued tax expense and revised estimate of income taxes payable		(1,300)
Deferred Tax Assets [Abstract]
Real estate held for development	38,579	37,582
Loss carryforwards	499,229	500,485
Differences in working capital deductions for tax and accounting purposes	15,905	16,113
Bank and other indebtedness	4,359	2,303
Intangible assets	6,507	7,189
Investments	3,429	3,598
Property, plant and equipment	12,988	8,273
Other	14,213	18,948
Total gross deferred tax assets	595,209	594,491
Valuation allowance	(592,027)	(586,092)
Net deferred tax assets	3,182	8,399
Deferred tax liabilities
Property, plant and equipment	159	3,227
Investments	3,161	2,927
Intangible assets	11	2,324
Total gross deferred tax liabilities	3,331	8,478
Net deferred tax liabilities	$ 149	79
Maximum expiration period of net operating loss carryforwards	20 years
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance as of July 1	$ 6,737	9,576	19,821
Additions based on tax positions related to the current year	0	0	0
Additions for tax positions of prior years	0	0	0
Reductions due to Restructuring	0	0	(293)
Reductions for tax positions of prior years	(2,530)	(2,839)	(9,952)
Balance as of June 30	4,207	6,737	$ 9,576
Unrecognized tax benefits that would impact annual effective tax rate	0
Settlement or Expiration of Statutes of Limitation [Member]
Unrecognized Tax Benefits [Abstract]
Unrecognized tax benefits expected to change within 12 months	2,900
Federal, State and Foreign Jurisdictions [Member]
Operating Loss Carryforwards [Abstract]
Net operating loss carryforwards	1,436,065	1,465,293
United States [Member] | Federal, State and Foreign Jurisdictions [Member]
Operating Loss Carryforwards [Abstract]
Net operating loss carryforwards	954,351	951,713
Canada [Member]
Components of Income Tax Expense (Benefit) [Abstract]
Foreign	1,800
Canada [Member] | Federal, State and Foreign Jurisdictions [Member]
Operating Loss Carryforwards [Abstract]
Net operating loss carryforwards	$ 481,714	$ 513,580
Blue Mountain [Member]
Income Taxes [Abstract]
Percentage of equity interest acquired		50.00%		50.00%

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Commitments and Contingencies (Details) CAD in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2016 USD ($) Plan	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2016 CAD	Jun. 30, 2015 CAD
Letters of Credit [Abstract]
Letters of credit issued	$ 42,800	$ 45,400
Number of closed noncontributory defined benefit pension plans | Plan	3
Government Grants and Loans [Abstract]
Weighted average borrowing rate of reimbursable government loans	6.40%			6.40%
Loans	$ 185	992		CAD 241	CAD 1,237
Grants - Received	68,643	71,587		89,298	89,298
Grants - Future advances	24,153	25,189		31,421	31,421
Total grants	92,796	96,776		CAD 120,719	CAD 120,719
Debt Principal and Interest [Abstract]
Debt principal and interest, 2017	28,654
Debt principal and interest, 2018	34,229
Debt principal and interest, 2019	34,614
Debt principal and interest, 2020	35,333
Debt principal and interest, 2021	549,618
Debt principal and interest, Thereafter	291
Debt principal and interest, Total	682,739
Capital Leases Obligations [Abstract]
Capital leases obligations, 2017	4,848
Capital leases obligations, 2018	5,595
Capital leases obligations, 2019	5,579
Capital leases obligations, 2020	5,572
Capital leases obligations, 2021	5,509
Capital leases obligations, Thereafter	63,992
Capital leases obligations, Total	91,095
Operating Leases [Abstract]
Operating leases, 2017	9,321
Operating leases, 2018	6,601
Operating leases, 2019	5,510
Operating leases, 2020	3,791
Operating leases, 2021	2,530
Operating leases, Thereafter	4,983
Operating leases, Total	32,736
Purchase Obligations and Service Contracts [Abstract]
Purchase obligations and service contracts, 2017	4,953
Purchase obligations and service contracts, 2018	2,445
Purchase obligations and service contracts, 2019	913
Purchase obligations and service contracts, 2020	317
Purchase obligations and service contracts, 2021	0
Purchase obligations and service contracts, Thereafter	0
Purchase obligations and service contracts, Total	8,628
Total Commitments [Abstract]
Total commitments, 2017	47,776
Total commitments, 2018	48,870
Total commitments, 2019	46,616
Total commitments, 2020	45,013
Total commitments, 2021	557,657
Total commitments, Thereafter	69,266
Total commitments, Total	815,198
Commitments [Abstract]
Rent expense recorded in operating expenses	$ 15,500	15,500	$ 15,100
Other [Abstract]
Percentage of defined gross revenue	2.00%
Payments for forestry licenses and land leases	$ 3,600	3,100	2,800
Equipment and Winter Park Ski Resort [Member]
Commitments [Abstract]
Total minimum lease payments	91,100
Interest included in minimum lease payments	52,600
Present value of net minimum lease payments	$ 38,500
Weighted average interest rate	10.00%
Interest expense related to capital leases	$ 3,100	$ 3,300	$ 2,800
Equipment and Winter Park Ski Resort [Member] | Minimum [Member]
Commitments [Abstract]
Remaining term of contracts	1 year
Equipment and Winter Park Ski Resort [Member] | Maximum [Member]
Commitments [Abstract]
Remaining term of contracts	36 years

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Employee Benefit Plans, Benefit Obligations and Funded Status (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2016 USD ($) Plan	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)
Employee Benefit Plans [Abstract]
Number of closed noncontributory defined benefit pension plans | Plan	3
Amounts Recognized in Accumulated Other Comprehensive Income [Abstract]
Accumulated benefit obligation				$ 46,700	$ 45,700
Letters of credit issued				42,800	45,400
Executive Plans [Member]
Employee Benefit Plans [Abstract]
Number of closed noncontributory defined benefit pension plans | Plan	3
Number of closed noncontributory defined benefit pension plans, registered | Plan	1
Number of closed noncontributory defined benefit pension plans, nonregistered | Plan	2
Change in Benefit Obligations [Roll Forward]
Benefit obligation at beginning of year:	$ 34,547	$ 40,730
Interest cost	1,199	1,358	$ 1,549
Actuarial (gains) losses	1,981	(89)
Benefits paid	(1,810)	(2,025)
Foreign currency translation	(1,425)	(5,427)
Benefit obligation at end of year	34,492	34,547	40,730
Change in Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	5,550	6,256
Actual return of assets	56	91
Employer contributions	1,887	2,145
Benefits paid	(1,810)	(2,025)
Foreign currency translation	(225)	(917)
Fair value of plan assets at end of year	5,458	5,550	6,256
Funded Status [Abstract]
Fair value of plan assets	5,550	6,256	6,256	5,458	5,550
Benefit obligation	$ 34,547	34,547	40,730	34,492	34,547
Funded status				(29,034)	(28,997)
Amounts Recognized in Statements of Financial Position [Abstract]
Noncurrent liabilities				29,034	28,997
Net amount recognized				29,034	28,997
Amounts Recognized in Accumulated Other Comprehensive Income [Abstract]
Net actuarial loss				9,584	8,273
Letters of credit issued				32,500	33,900
Employee Plans [Member]
Employee Benefit Plans [Abstract]
Number of closed noncontributory defined benefit pension plans | Plan	2
Change in Benefit Obligations [Roll Forward]
Benefit obligation at beginning of year:	$ 11,161	11,530
Interest cost	417	419	442
Actuarial (gains) losses	1,080	(36)
Benefits paid	(448)	(752)
Foreign currency translation	0	0
Benefit obligation at end of year	12,210	11,161	11,530
Change in Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	7,008	6,906
Actual return of assets	(68)	57
Employer contributions	1,202	797
Benefits paid	(448)	(752)
Foreign currency translation	0	0
Fair value of plan assets at end of year	7,694	7,008	6,906
Funded Status [Abstract]
Fair value of plan assets	7,008	7,008	6,906	7,694	7,008
Benefit obligation	$ 11,161	$ 11,530	$ 11,530	12,210	11,161
Funded status				(4,516)	(4,153)
Amounts Recognized in Statements of Financial Position [Abstract]
Noncurrent liabilities				4,516	4,153
Net amount recognized				4,516	4,153
Amounts Recognized in Accumulated Other Comprehensive Income [Abstract]
Net actuarial loss				$ 4,656	$ 3,676

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Employee Benefit Plans, Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Components of Net Periodic Benefit Cost [Abstract]
Unrecognized actuarial losses in AOCI expected to be recognized in fiscal year 2017	$ 900
Prior service costs in AOCI expected to be recognized in fiscal year 2017	0
Executive Plans [Member]
Components of Net Periodic Benefit Cost [Abstract]
Interest cost	1,199	$ 1,358	$ 1,549
Expected return on assets	(67)	(93)	(133)
Amortization of net actuarial loss	381	433	305
Settlement cost	0	0	0
Net periodic benefit cost	1,513	1,698	1,721
Current year actuarial (gain) loss	1,992	(87)	3,681
Foreign currency translation	(300)	(1,359)	(85)
Amortization of net actuarial loss	(381)	(433)	(305)
Total recognized in other comprehensive income	1,311	(1,879)	3,291
Total recognized in net periodic cost and other comprehensive income	2,824	(181)	5,012
Employee Plans [Member]
Components of Net Periodic Benefit Cost [Abstract]
Interest cost	417	419	442
Expected return on assets	(269)	(389)	(382)
Amortization of net actuarial loss	314	346	261
Settlement cost	123	206	248
Net periodic benefit cost	585	582	569
Current year actuarial (gain) loss	1,417	296	849
Foreign currency translation	0	0	0
Amortization of net actuarial loss	(436)	(552)	(509)
Total recognized in other comprehensive income	981	(256)	340
Total recognized in net periodic cost and other comprehensive income	$ 1,566	$ 326	$ 909

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Employee Benefit Plans, Weighted-Average Assumptions (Details)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Executive Plans [Member]
Benefit Obligation [Abstract]
Discount rate	3.30%	3.80%
Expected rate of return on plan assets	1.90%	2.00%
Net Periodic Benefit Cost [Abstract]
Discount rate	3.80%	3.80%	4.30%
Expected rate of return on plan assets	2.00%	2.40%	2.00%
Canada Executive Plan [Member]
Benefit Obligation [Abstract]
Discount rate	3.30%
U.S. Executive Plan [Member]
Benefit Obligation [Abstract]
Discount rate	3.80%
Employee Plans [Member]
Benefit Obligation [Abstract]
Discount rate	3.20%	3.90%
Expected rate of return on plan assets	4.20%	4.10%
Net Periodic Benefit Cost [Abstract]
Discount rate	3.90%	3.80%	4.40%
Expected rate of return on plan assets	4.10%	6.10%	6.00%

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Employee Benefit Plans, Fair Value of Plan Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Plan Assets [Abstract]
Transfers from Level 1 to Level 2		$ 0	$ 0
Transfers from Level 2 to Level 1		$ 0	0
Fixed Income Securities [Member] | Minimum [Member]
Plan Assets [Abstract]
Percentage of assets invested		80.00%
Asset-backed Securities [Member] | Maximum [Member]
Plan Assets [Abstract]
Percentage of assets invested		25.00%
Foreign Debt Securities [Member] | Maximum [Member]
Plan Assets [Abstract]
Percentage of assets invested		20.00%
Executive Plans [Member]
Plan Assets [Abstract]
Fair value of plan assets		$ 5,458	5,550	$ 6,256
Executive Plans [Member] | Cash [Member]
Plan Assets [Abstract]
Fair value of plan assets	[1]	813	739
Executive Plans [Member] | Restricted Cash [Member]
Plan Assets [Abstract]
Fair value of plan assets	[2]	3,809	3,850
Executive Plans [Member] | Investments Measured at Net Asset Value [Member]
Plan Assets [Abstract]
Fair value of plan assets	[3]	836	961
Executive Plans [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]
Plan Assets [Abstract]
Fair value of plan assets		4,622	4,589
Executive Plans [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Cash [Member]
Plan Assets [Abstract]
Fair value of plan assets	[1]	813	739
Executive Plans [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Restricted Cash [Member]
Plan Assets [Abstract]
Fair value of plan assets	[2]	3,809	3,850
Employee Plans [Member]
Plan Assets [Abstract]
Fair value of plan assets		7,694	7,008	$ 6,906
Employee Plans [Member] | Cash and Cash Equivalents [Member]
Plan Assets [Abstract]
Fair value of plan assets	[4]	305	198
Employee Plans [Member] | Investments Measured at Net Asset Value [Member]
Plan Assets [Abstract]
Fair value of plan assets	[3]	7,389	6,810
Employee Plans [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]
Plan Assets [Abstract]
Fair value of plan assets		305	198
Employee Plans [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Cash and Cash Equivalents [Member]
Plan Assets [Abstract]
Fair value of plan assets	[4]	$ 305	$ 198

[1] This category is cash held in Canadian dollars used to pay benefits and the fair value is the carrying amount.

[2] This category includes funds that are held in a non-interest bearing refundable tax account by the Receiver General of Canada.

[3] Certain investments that are measured at fair value using the net asset value ("NAV") per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to total plan assets, which is presented net of the benefit obligation on the consolidated balance sheets. Within the Executive plan, investments measured at NAV include: -Canadian equity pooled funds: Investments in pooled funds that invest in diversified portfolio of equity securities of Canadian companies. The funds are benchmarked against the S&P/TSX Total Return index. Within the Employee plan, investments measured at NAV include: -Large cap growth funds: Investments in pooled funds with the aim to achieve capital appreciation by investing primarily in equity securities of all market capitalizations, including high quality companies with larger market capitalizations. The funds are benchmarked to the Russell 1000 Value index and the Russell 3000 Growth index. -Large cap value funds: Investments in pooled funds with the aim to achieve long-term capital appreciation by investing in the common stocks of well-established companies. The funds invest a majority of the fund's net assets in equity securities of large capitalization companies and may also invest assets in equities of foreign issuers through ADRs and similar investments. The funds are benchmarked to the Russell 1000 Value index. -Large cap blended funds: Investments in pooled funds with the aim to achieve capital appreciation by investing primarily in equity securities of companies that compose the S&P 500 index. The funds are benchmarked to the S&P 500 index. -Small cap funds: Investments in pooled funds with the aim to achieve long-term capital appreciation. The funds invest a majority of the fund's net assets in equity securities of U.S. small-cap companies and may also invest its net assets in foreign securities or derivatives including futures contracts, options and swaps and exchange traded funds. The funds are benchmarked to the Russell 2000 Growth and Value index. -Mid cap funds: Investments in pooled funds with the aim to achieve capital appreciation by investing primarily in equity securities of companies that compose the S&P mid-cap 400 index. The funds are benchmarked to the S&P 400 mid-cap index. -International equities: Investments in pooled funds with the aim to achieve long-term total return, principally from growth of capital. The funds invest primarily in common and preferred stocks of foreign companies, including those located in emerging market countries. The majority of the funds' net assets are invested in stocks of international companies that fall within the market capitalization of the MSCI EAFE index. The funds are benchmarked to the MSCI EAFE index. -Total return bond funds: Funds seeks total return, consisting of income and capital appreciation. Under normal circumstances, the funds invest at least 80% of their net assets in investment-grade bonds or fixed grade income securities, up to 25% of the funds' total assets in asset-backed securities, and up to 20% of the funds' total assets in U.S. dollar denominated debt securities of foreign issuers. The funds are benchmarked to the Barclays Capital U.S. Aggregate Bond index.

[4] This category includes investments in short term U.S. denominated money market instruments of domestic and foreign issuers. The fund is benchmarked to Lipper Institutional Money Market Funds Average and the Citigroup 3-months T-bill.

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Employee Benefit Plans, Asset Allocations (Details)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Executive Plans [Member] | Equity Securities [Member]
Asset Allocations [Abstract]
Target allocation	3.00%
Actual allocation	4.00%	4.00%
Executive Plans [Member] | Fixed Income Securities [Member]
Asset Allocations [Abstract]
Target allocation	12.00%
Actual allocation	11.00%	13.00%
Executive Plans [Member] | Cash [Member]
Asset Allocations [Abstract]
Target allocation	84.00%
Actual allocation	85.00%	83.00%
Employee Plans [Member] | Equity Securities [Member]
Asset Allocations [Abstract]
Target allocation	40.00%
Actual allocation	41.00%	43.00%
Employee Plans [Member] | Fixed Income Securities [Member]
Asset Allocations [Abstract]
Target allocation	57.00%
Actual allocation	55.00%	54.00%
Employee Plans [Member] | Cash [Member]
Asset Allocations [Abstract]
Target allocation	3.00%
Actual allocation	4.00%	3.00%

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Employee Benefit Plans, Estimated Future Benefit Payments (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2016 USD ($)
Estimated Undiscounted Future Benefit Payments [Abstract]
Expected contribution to pension plans in fiscal year 2017	$ 2,500
Executive Plans [Member]
Estimated Undiscounted Future Benefit Payments [Abstract]
2017	1,880
2018	1,946
2019	1,965
2020	1,955
2021	1,945
2022 - 2026	9,523
Employee Plans [Member]
Estimated Undiscounted Future Benefit Payments [Abstract]
2017	1,405
2018	1,256
2019	1,092
2020	853
2021	738
2022 - 2026	$ 3,418

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Segment Information, Revenue (Details) $ in Thousands		3 Months Ended								12 Months Ended
		Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2016 USD ($) Segment	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)
Segment Information [Abstract]
Number of segments | Segment										3
Revenue [Abstract]
Total revenue		$ 65,051	$ 315,706	$ 103,951	$ 86,204	$ 70,590	$ 321,824	$ 120,802	$ 74,373	$ 570,912	$ 587,589	$ 525,253
Reportable Segment [Member]
Revenue [Abstract]
Total revenue										568,170	582,002	511,463
Reportable Segment [Member] | Mountain [Member]
Revenue [Abstract]
Total revenue										421,332	425,929	350,863
Reportable Segment [Member] | Mountain [Member] | Lift [Member]
Revenue [Abstract]
Total revenue	[1]									179,841	182,286	151,490
Reportable Segment [Member] | Mountain [Member] | Lodging [Member]
Revenue [Abstract]
Total revenue										60,129	57,814	42,294
Reportable Segment [Member] | Mountain [Member] | Ski School [Member]
Revenue [Abstract]
Total revenue	[2]									30,974	33,086	28,943
Reportable Segment [Member] | Mountain [Member] | Retail and Rental [Member]
Revenue [Abstract]
Total revenue										51,984	56,125	45,214
Reportable Segment [Member] | Mountain [Member] | Food and Beverage [Member]
Revenue [Abstract]
Total revenue										57,234	56,726	46,335
Reportable Segment [Member] | Mountain [Member] | Other [Member]
Revenue [Abstract]
Total revenue										41,170	39,892	36,587
Reportable Segment [Member] | Adventure [Member]
Revenue [Abstract]
Total revenue										104,405	96,799	102,070
Reportable Segment [Member] | Real Estate [Member]
Revenue [Abstract]
Total revenue										42,433	59,274	58,530
Legacy, Non-Core and Other Revenue [Member]
Revenue [Abstract]
Total revenue	[3]									$ 2,742	$ 5,587	13,790
Revenue from sales of non-core real estate held for development												$ 10,900

[1] Lift revenue outside of the ski season is derived from mountain biking and sightseeing lift products.

[2] Ski School revenue outside of the ski season is derived from mountain bike instruction at various resorts.

[3] Legacy, non-core and other revenue represents legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. It includes legacy real estate asset sales, divested non-core operations, and non-core retail revenue. Included in the year ended June 30, 2014, was $10.9 million of revenue from sales of non-core real estate held for development.

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Segment Information, Net Income (Loss) Reconciled to Adjusted EBITDA (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Segment Information [Abstract]
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.		$ (59,220)	$ 174,470	$ (27,305)	$ (47,072)	$ (53,566)	$ 128,694	$ (31,073)	$ (50,975)	$ 40,873	$ (6,920)	$ (189,417)
Depreciation and amortization										60,123	59,076	55,413
(Gain) on sale of Intrawest Resort Club Group										(40,401)	0	0
(Gain) loss on disposal of assets										(1,926)	(2,280)	267
Impairment of real estate and long-lived assets										0	0	871
Loss on remeasurement of equity method investment										0	1,454	0
Interest income, net										(2,863)	(4,185)	(4,728)
Interest expense on third party debt										40,377	43,891	53,004
Interest expense on notes payable to affiliates										0	0	119,858
(Earnings) loss from equity method investments										(1,933)	3,810	271
Loss on extinguishment of debt										0	676	35,480
Other income (expense), net										1,757	(1,231)	(986)
Income tax expense (benefit)										1,773	(3,902)	677
Income attributable to noncontrolling interest										2,193	1,821	369
Reportable Segment [Member]
Segment Information [Abstract]
Total Adjusted EBITDA										113,105	112,700	101,194
Reportable Segment [Member] | Mountain [Member]
Segment Information [Abstract]
Total Adjusted EBITDA	[1]									84,334	88,972	75,417
Reportable Segment [Member] | Adventure [Member]
Segment Information [Abstract]
Total Adjusted EBITDA	[2]									22,146	13,305	16,558
Reportable Segment [Member] | Real Estate [Member]
Segment Information [Abstract]
Total Adjusted EBITDA	[3]									6,625	10,423	9,219
Reportable Segment [Member] | Real Estate [Member] | IRCG Operations [Member]
Segment Information [Abstract]
Interest income, net										(1,900)	(3,900)	(4,400)
Reconciling Item [Member]
Segment Information [Abstract]
Legacy and other non-core expenses, net	[4]									6,226	3,663	4,164
Other operating expenses	[5]									8,074	9,789	11,200
Depreciation and amortization										60,123	59,076	55,413
(Gain) on sale of Intrawest Resort Club Group										(40,401)	0	0
(Gain) loss on disposal of assets										(1,926)	(2,280)	267
Impairment of real estate and long-lived assets										0	0	871
Loss on remeasurement of equity method investment										0	1,454	0
Interest income, net	[6]									(936)	(274)	(319)
Interest expense on third party debt										40,377	43,891	53,004
Interest expense on notes payable to affiliates										0	0	119,858
(Earnings) loss from equity method investments	[7]									(1,933)	3,810	271
Pro rata share of EBITDA related to equity method investments	[1],[8]									3,570	3,252	9,153
Adjusted EBITDA attributable to noncontrolling interest										(3,151)	(2,484)	(620)
Loss on extinguishment of debt										0	676	35,480
Other income (expense), net										(1,757)	1,128	823
Income tax expense (benefit)										1,773	(3,902)	677
Income attributable to noncontrolling interest										$ 2,193	$ 1,821	$ 369

[1] Includes the Company's pro rata share of Adjusted EBITDA from its equity method investment in Blue Mountain Acquisition. The pro rata share of Adjusted EBITDA represents the share of Adjusted EBITDA from the equity method investment based on the Company's economic ownership percentage.

[2] Adventure segment Adjusted EBITDA excludes Adjusted EBITDA attributable to noncontrolling interest.

[3] Real Estate segment Adjusted EBITDA includes interest income earned from receivables related to the IRCG operations in the amount of $1.9 million, $3.9 million, and $4.4 million for the years ended June 30, 2016, 2015 and 2014, respectively.

[4] Legacy and other non-core expenses, net represents revenue and expenses of legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. Revenue and expenses related to legacy and other non-core operations include retail operations not located at the Company's properties and legacy litigation consisting of claims for damages related to alleged construction defects, purported disclosure violations in real estate marketing sales and documents, and allegations that the Company failed to construct planned amenities.

[5] Includes costs related to the Company's initial public offering, non-cash compensation, reduction in workforce severance, executive management restructuring costs, lease payments pursuant to the lease at Winter Park and other expenses.

[6] Includes interest income unrelated to IRCG financing activities.

[7] Represents the losses from equity method investments, including: Chateau M.T. Inc., Mammoth Hospitality Management L.L.C., the Mammoth family of resorts, and Blue Mountain prior to the Blue Mountain Acquisition.

[8] Includes the Company's pro rata share of EBITDA from its equity method investments in Mammoth Hospitality Management L.L.C. and Chateau M.T. Inc. The pro rata share of Adjusted EBITDA represents the share of Adjusted EBITDA from the equity method investment based on the Company's economic ownership percentages.

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Segment Information, Capital Expenditures (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Capital Expenditures [Abstract]
Total capital expenditures	$ 51,079	$ 41,873	$ 45,242
Reportable Segment [Member]
Capital Expenditures [Abstract]
Total capital expenditures	45,586	37,930	40,370
Reportable Segment [Member] | Mountain [Member]
Capital Expenditures [Abstract]
Total capital expenditures	35,285	33,004	32,707
Reportable Segment [Member] | Adventure [Member]
Capital Expenditures [Abstract]
Total capital expenditures	9,994	4,425	6,891
Reportable Segment [Member] | Real Estate [Member]
Capital Expenditures [Abstract]
Total capital expenditures	307	501	772
Corporate and Other [Member]
Capital Expenditures [Abstract]
Total capital expenditures	$ 5,493	$ 3,943	$ 4,872

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Segment Information, Geographic Data (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Geographical Data [Abstract]
Total revenue	$ 65,051	$ 315,706	$ 103,951	$ 86,204	$ 70,590	$ 321,824	$ 120,802	$ 74,373	$ 570,912	$ 587,589	$ 525,253
Reportable Geographical Component [Member]
Geographical Data [Abstract]
Total revenue									570,912	587,589	525,253
Total long-lived assets	804,771				830,107				804,771	830,107
Reportable Geographical Component [Member] | United States [Member]
Geographical Data [Abstract]
Total revenue									337,104	348,336	326,406
Total long-lived assets	521,328				525,941				521,328	525,941
Reportable Geographical Component [Member] | Canada [Member]
Geographical Data [Abstract]
Total revenue									233,808	239,253	$ 198,847
Total long-lived assets	$ 283,443				$ 304,166				$ 283,443	$ 304,166

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Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Selected Quarterly Financial Data (Unaudited) [Abstract]
Revenue	$ 65,051	$ 315,706	$ 103,951	$ 86,204	$ 70,590	$ 321,824	$ 120,802	$ 74,373	$ 570,912	$ 587,589	$ 525,253
Income (loss) from operations	(45,339)	181,380	(25,981)	(31,397)	(40,320)	138,617	(21,961)	(39,914)	78,663	36,422	16,500
Net income (loss)	(58,974)	175,476	(28,013)	(45,423)	(52,605)	129,793	(32,189)	(50,098)	43,066	(5,099)	(189,048)
Net income (loss) attributable to Intrawest Resorts Holdings, Inc.	$ (59,220)	$ 174,470	$ (27,305)	$ (47,072)	$ (53,566)	$ 128,694	$ (31,073)	$ (50,975)	$ 40,873	$ (6,920)	$ (189,417)
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. per share:
Basic (in dollars per share)	$ (1.49)	$ 4.09	$ (0.60)	$ (1.04)	$ (1.19)	$ 2.85	$ (0.69)	$ (1.13)	$ 0.95	$ (0.15)	$ (4.39)
Diluted (in dollars per share)	$ (1.49)	$ 4.08	$ (0.60)	$ (1.04)	$ (1.19)	$ 2.85	$ (0.69)	$ (1.13)	$ 0.94	$ (0.15)	$ (4.39)

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Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Valuation Allowance on Income Taxes [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ (586,092)	$ (607,305)	$ (1,737,756)
Charged to costs and expenses	0	0	0
Deductions	(5,935)	21,213	1,130,451
Balance at end of period	(592,027)	(586,092)	(607,305)
Trade Receivable Allowances [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	(717)	(3,676)	(3,495)
Charged to costs and expenses	(434)	(172)	(1,307)
Deductions	320	3,131	1,126
Balance at end of period	(831)	(717)	(3,676)
Loans, Mortgages and Notes Receivable Allowance [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	(1,886)	(2,949)	(11,102)
Charged to costs and expenses	0	(15)	(277)
Deductions	1,886	1,078	8,430
Balance at end of period	$ 0	$ (1,886)	$ (2,949)

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Label	Element	Value
Limited Partner [Member]
Net income (loss)	us-gaap_ProfitLoss	$ (223,692,000)
Additional Paid-in Capital [Member]
Restructuring transactions	us-gaap_StockholdersEquityChangeInReportingEntity	2,864,320,000
Common Stock [Member]
Restructuring transactions	us-gaap_StockholdersEquityChangeInReportingEntity	$ 419,000
Stockholders' Equity, Change in Reporting Entity, Shares	snow_StockholdersEquityChangeInReportingEntityShares	41,882,000
Noncontrolling Interest [Member]
Net income (loss)	us-gaap_ProfitLoss	$ 946,000
Net income (loss)	us-gaap_ProfitLoss	(577,000)
Retained Earnings [Member]
Net income (loss)	us-gaap_ProfitLoss	$ 34,277,000