Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Tables)

6 Months Ended

Jan. 31, 2013

Guarantor Subsidiaries And Non Guarantor Subsidiaries

Supplemental Condensed Consolidating Balance Sheet

Supplemental Condensed Consolidating Balance Sheet

As of January 31, 2013

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—		$	129,258		$	7,321		$	—		$	136,579
Restricted cash	—			10,979			1,215			—			12,194
Trade receivables, net	—			49,475			4,011			—			53,486
Inventories, net	—			70,095			246			—			70,341
Other current assets	27,586			20,988			1,059			—			49,633
Total current assets	27,586			280,795			13,852			—			322,233
Property, plant and equipment, net	—			1,010,349			47,050			—			1,057,399
Real estate held for sale and investment	—			216,815			—			—			216,815
Goodwill, net	—			269,875			1,887			—			271,762
Intangible assets, net	—			73,022			19,568			—			92,590
Other assets	6,573			41,469			4,367			(9,459		)	42,950
Investments in subsidiaries	1,788,271			(1,798		)	—			(1,786,473		)	—
Advances	(446,303		)	443,135			3,168			—			—
Total assets	$	1,376,127		$	2,333,662		$	89,892		$	(1,795,932	)	$	2,003,749
Current liabilities:
Accounts payable and accrued liabilities	$	6,502		$	302,077		$	8,925		$	—		$	317,504
Income taxes payable	14,979			—			—			—			14,979
Long-term debt due within one year	—			587			219			—			806
Total current liabilities	21,481			302,664			9,144			—			333,289
Long-term debt	390,000			41,759			57,738			—			489,497
Other long-term liabilities	28,050			200,968			10,598			(9,459		)	230,157
Deferred income taxes	140,582			—			122			—			140,704
Total Vail Resorts, Inc. stockholders’ equity (deficit)	796,014			1,788,271			(1,798		)	(1,786,473		)	796,014
Noncontrolling interests	—			—			14,088			—			14,088
Total stockholders’ equity	796,014			1,788,271			12,290			(1,786,473		)	810,102
Total liabilities and stockholders’ equity	$	1,376,127		$	2,333,662		$	89,892		$	(1,795,932	)	$	2,003,749

Supplemental Condensed Consolidating Balance Sheet

As of July 31, 2012

(in thousands)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—		$	38,380		$	7,673		$	—		$	46,053
Restricted cash	—			13,300			984			—			14,284
Trade receivables, net	—			64,185			1,558			—			65,743
Inventories, net	—			65,673			200			—			65,873
Other current assets	24,458			15,522			437			—			40,417
Total current assets	24,458			197,060			10,852			—			232,370
Property, plant and equipment, net	—			1,000,767			48,440			—			1,049,207
Real estate held for sale and investment	—			237,668			—			—			237,668
Goodwill, net	—			268,058			1,711			—			269,769
Intangible assets, net	—			72,751			19,319			—			92,070
Other assets	7,113			42,939			5,937			(9,459		)	46,530
Investments in subsidiaries	1,775,195			(553		)	—			(1,774,642		)	—
Advances	(421,115		)	418,001			3,114			—			—
Total assets	$	1,385,651		$	2,236,691		$	89,373		$	(1,784,101	)	$	1,927,614
Current liabilities:
Accounts payable and accrued liabilities	$	6,542		$	215,308		$	5,688		$	—		$	227,538
Income taxes payable	20,721			—			—			—			20,721
Long-term debt due within one year	—			782			208			—			990
Total current liabilities	27,263			216,090			5,896			—			249,249
Long-term debt	390,000			41,817			57,958			—			489,775
Other long-term liabilities	28,104			203,589			10,635			(9,459		)	232,869
Deferred income taxes	137,973			—			1,420			—			139,393
Total Vail Resorts, Inc. stockholders’ equity (deficit)	802,311			1,775,195			(553		)	(1,774,642		)	802,311
Noncontrolling interests	—			—			14,017			—			14,017
Total stockholders’ equity	802,311			1,775,195			13,464			(1,774,642		)	816,328
Total liabilities and stockholders’ equity	$	1,385,651		$	2,236,691		$	89,373		$	(1,784,101	)	$	1,927,614

Supplemental Condensed Consolidating Balance Sheet

As of January 31, 2012

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—		$	88,164		$	7,478		$	—		$	95,642
Restricted cash	—			15,164			1,057			—			16,221
Trade receivables, net	—			47,513			917			—			48,430
Inventories, net	—			62,340			254			—			62,594
Other current assets	31,801			24,847			350			—			56,998
Total current assets	31,801			238,028			10,056			—			279,885
Property, plant and equipment, net	—			1,010,430			47,500			—			1,057,930
Real estate held for sale and investment	—			257,169			—			—			257,169
Goodwill, net	—			268,058			—			—			268,058
Intangible assets, net	—			72,041			18,155			—			90,196
Other assets	7,620			33,826			4,551			—			45,997
Investments in subsidiaries	1,718,870			(4,657		)	—			(1,714,213		)	—
Advances	(376,815		)	381,611			(4,796		)	—			—
Total assets	$	1,381,476		$	2,256,506		$	75,466		$	(1,714,213	)	$	1,999,235
Current liabilities:
Accounts payable and accrued liabilities	$	6,579		$	288,258		$	6,636		$	—		$	301,473
Income taxes payable	19,569			—			—			—			19,569
Long-term debt due within one year	—			850			208			—			1,058
Total current liabilities	26,148			289,108			6,844			—			322,100
Long-term debt	390,000			42,344			57,958			—			490,302
Other long-term liabilities	28,105			206,184			1,340			—			235,629
Deferred income taxes	129,962			—			—			—			129,962
Total Vail Resorts, Inc. stockholders’ equity (deficit)	807,261			1,718,870			(4,657		)	(1,714,213		)	807,261
Noncontrolling interests	—			—			13,981			—			13,981
Total stockholders’ equity	807,261			1,718,870			9,324			(1,714,213		)	821,242
Total liabilities and stockholders’ equity	$	1,381,476		$	2,256,506		$	75,466		$	(1,714,213	)	$	1,999,235

Supplemental Condensed Consolidating Statement Of Operations

Supplemental Condensed Consolidating Statement of Operations

For the three months ended January 31, 2013

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	419,427		$	6,363		$	(3,339	)	$	422,451
Total operating expense	105			313,727			5,957			(3,301		)	316,488
(Loss) income from operations	(105		)	105,700			406			(38		)	105,963
Other expense, net	(6,600		)	(1,521		)	(352		)	38			(8,435		)
Equity investment income, net	—			99			—			—			99
(Loss) income before benefit (provision) from income taxes	(6,705		)	104,278			54			—			97,627
Benefit (provision) from income taxes	2,547			(39,564		)	(81		)	—			(37,098		)
Net (loss) income before equity in income (loss) of consolidated subsidiaries	(4,158		)	64,714			(27		)	—			60,529
Equity in income (loss) of consolidated subsidiaries	64,709			(5		)	—			(64,704		)	—
Net income (loss)	60,551			64,709			(27		)	(64,704		)	60,529
Net loss attributable to noncontrolling interests	—			—			22			—			22
Net income (loss) attributable to Vail Resorts, Inc.	$	60,551		$	64,709		$	(5	)	$	(64,704	)	$	60,551

Supplemental Condensed Consolidating Statement of Operations

For the three months ended January 31, 2012

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	372,190		$	4,324		$	(3,182	)	$	373,332
Total operating (income) expense	(187		)	288,471			3,973			(3,143		)	289,114
Income from operations	187			83,719			351			(39		)	84,218
Other expense, net	(6,686		)	(1,225		)	(360		)	39			(8,232		)
Equity investment income, net	—			178			—			—			178
(Loss) income before benefit (provision) from income taxes	(6,499		)	82,672			(9		)	—			76,164
Benefit (provision) from income taxes	2,535			(32,278		)	—			—			(29,743		)
Net (loss) income before equity in income (loss) of consolidated subsidiaries	(3,964		)	50,394			(9		)	—			46,421
Equity in income (loss) of consolidated subsidiaries	50,353			(41		)	—			(50,312		)	—
Net income (loss)	46,389			50,353			(9		)	(50,312		)	46,421
Net income attributable to noncontrolling interests	—			—			(32		)	—			(32		)
Net income (loss) attributable to Vail Resorts, Inc.	$	46,389		$	50,353		$	(41	)	$	(50,312	)	$	46,389

Supplemental Condensed Consolidating Statement of Operations

For the six months ended January 31, 2013

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	535,431		$	9,374		$	(6,004	)	$	538,801
Total operating expense	218			518,085			10,762			(5,928		)	523,137
(Loss) income from operations	(218		)	17,346			(1,388		)	(76		)	15,664
Other expense, net	(13,210		)	(2,935		)	(687		)	76			(16,756		)
Equity investment income, net	—			533			—			—			533
(Loss) income before benefit (provision) from income taxes	(13,428		)	14,944			(2,075		)	—			(559		)
Benefit (provision) from income taxes	5,157			(4,773		)	101			—			485
Net (loss) income before equity in income (loss) of consolidated subsidiaries	(8,271		)	10,171			(1,974		)	—			(74		)
Equity in income (loss) of consolidated subsidiaries	8,242			(1,929		)	—			(6,313		)	—
Net (loss) income	(29		)	8,242			(1,974		)	(6,313		)	(74		)
Net loss attributable to noncontrolling interests	—			—			45			—			45
Net (loss) income attributable to Vail Resorts, Inc.	$	(29	)	$	8,242		$	(1,929	)	$	(6,313	)	$	(29	)

Supplemental Condensed Consolidating Statement of Operations

For the six months ended January 31, 2012

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	489,224		$	6,390		$	(5,909	)	$	489,705
Total operating (income) expense	(59		)	488,737			7,015			(5,832		)	489,861
Income (loss) from operations	59			487			(625		)	(77		)	(156		)
Other expense, net	(13,285		)	(2,508		)	(693		)	77			(16,409		)
Equity investment income, net	—			608			—			—			608
Loss before benefit from income taxes	(13,226		)	(1,413		)	(1,318		)	—			(15,957		)
Benefit from income taxes	5,579			1,065			—			—			6,644
Net loss before equity in loss of consolidated subsidiaries	(7,647		)	(348		)	(1,318		)	—			(9,313		)
Equity in loss of consolidated subsidiaries	(1,673		)	(1,325		)	—			2,998			—
Net loss	(9,320		)	(1,673		)	(1,318		)	2,998			(9,313		)
Net income attributable to noncontrolling interests	—			—			(7		)	—			(7		)
Net loss attributable to Vail Resorts, Inc.	$	(9,320	)	$	(1,673	)	$	(1,325	)	$	2,998		$	(9,320	)

SupplementalCondensedStatementofComprehensiveIncome [Text Block]

Statement of Comprehensive Income (Loss)

For the three months ended January 31, 2013

(In thousands)

(Unaudited)

	Parent Company		100% Owned Guarantor Subsidiaries		Other Subsidiaries			Eliminating Entries			Consolidated
Net income (loss)	$	60,551	$	64,709	$	(27	)	$	(64,704	)	$	60,529
Foreign currency translation adjustments, net of tax	159		159		159			(318		)	159
Comprehensive income	60,710		64,868		132			(65,022		)	60,688
Comprehensive loss attributable to noncontrolling interests	—		—		22			—			22
Comprehensive income attributable to Vail Resorts, Inc.	$	60,710	$	64,868	$	154		$	(65,022	)	$	60,710

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)

For the three months ended January 31, 2012

(In thousands)

(Unaudited)

	Parent Company		100% Owned Guarantor Subsidiaries		Other Subsidiaries			Eliminating Entries			Consolidated
Net income (loss)	$	46,389	$	50,353	$	(9	)	$	(50,312	)	$	46,421
Foreign currency translation adjustments, net of tax	—		—		—			—			—
Comprehensive income (loss)	46,389		50,353		(9		)	(50,312		)	46,421
Comprehensive income attributable to noncontrolling interests	—		—		(32		)	—			(32		)
Comprehensive income (loss) attributable to Vail Resorts, Inc.	$	46,389	$	50,353	$	(41	)	$	(50,312	)	$	46,389

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)

For the six months ended January 31, 2013

(In thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries		Other Subsidiaries			Eliminating Entries			Consolidated
Net (loss) income	$	(29	)	$	8,242	$	(1,974	)	$	(6,313	)	$	(74	)
Foreign currency translation adjustments, net of tax	453			453		453			(906		)	453
Comprehensive income (loss)	424			8,695		(1,521		)	(7,219		)	379
Comprehensive loss attributable to noncontrolling interests	—			—		45			—			45
Comprehensive income (loss) attributable to Vail Resorts, Inc.	$	424		$	8,695	$	(1,476	)	$	(7,219	)	$	424

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)

For the six months ended January 31, 2012

(In thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries		Consolidated
Net loss	$	(9,320	)	$	(1,673	)	$	(1,318	)	$	2,998	$	(9,313	)
Foreign currency translation adjustments, net of tax	—			—			—			—		—
Comprehensive loss	(9,320		)	(1,673		)	(1,318		)	2,998		(9,313		)
Comprehensive income attributable to noncontrolling interests	—			—			(7		)	—		(7		)
Comprehensive loss attributable to Vail Resorts, Inc.	$	(9,320	)	$	(1,673	)	$	(1,325	)	$	2,998	$	(9,320	)

Supplemental Condensed Consolidating Statement Of Cash Flows

Supplemental Condensed Consolidating Statement of Cash Flows

For the six months ended January 31, 2013

(in thousands)

(Unaudited)

	Parent Company			100%  Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated
Net cash (used in) provided by operating activities	$	(14,033	)	$	185,445		$	(135	)	$	171,277
Cash flows from investing activities:
Capital expenditures	—			(53,385		)	(535		)	(53,920		)
Acquisition of businesses	—			(19,958		)	—			(19,958		)
Other investing activities, net	—			228			18			246
Net cash used in investing activities	—			(73,115		)	(517		)	(73,632		)
Cash flows from financing activities:
Proceeds from borrowings under other long-term debt	—			96,000			—			96,000
Payments of other long-term debt	—			(96,236		)	(208		)	(96,444		)
Dividends paid	(13,458		)	—			—			(13,458		)
Other financing activities, net	3,934			2,585			203			6,722
Advances	23,557			(23,801		)	244			—
Net cash provided by (used in) financing activities	14,033			(21,452		)	239			(7,180		)
Effect of exchange rate changes on cash and cash equivalents	—			—			61			61
Net increase (decrease) in cash and cash equivalents	—			90,878			(352		)	90,526
Cash and cash equivalents:
Beginning of period	—			38,380			7,673			46,053
End of period	$	—		$	129,258		$	7,321		$	136,579

Supplemental Condensed Consolidating Statement of Cash Flows

For the six months ended January 31, 2012

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated
Net cash (used in) provided by operating activities	$	(15,584	)	$	152,379		$	594		$	137,389
Cash flows from investing activities:
Capital expenditures	—			(93,117		)	(69		)	(93,186		)
Acquisition of business	—			342			—			342
Other investing activities, net	—			(904		)	—			(904		)
Net cash used in investing activities	—			(93,679		)	(69		)	(93,748		)
Cash flows from financing activities:
Proceeds from borrowings under other long-term debt	—			56,000			—			56,000
Payments of long-term debt	—			(56,186		)	(197		)	(56,383		)
Repurchase of common stock	(7,869		)	—			—			(7,869		)
Dividends paid	(10,801		)	—			—			(10,801		)
Other financing activities, net	912			(373		)	372			911
Advances	33,342			(33,342		)	—			—
Net cash provided by (used in) financing activities	15,584			(33,901		)	175			(18,142		)
Net increase in cash and cash equivalents	—			24,799			700			25,499
Cash and cash equivalents:
Beginning of period	—			63,365			6,778			70,143
End of period	$	—		$	88,164		$	7,478		$	95,642