Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Tables)

9 Months Ended

Apr. 30, 2013

Guarantor Subsidiaries And Non Guarantor Subsidiaries

Supplemental Condensed Consolidating Balance Sheet

Supplemental Condensed Consolidating Balance Sheet

As of April 30, 2013

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—		$	230,429		$	7,306		$	—		$	237,735
Restricted cash	—			10,894			1,097			—			11,991
Trade receivables, net	—			70,424			3,309			—			73,733
Inventories, net	—			61,014			187			—			61,201
Other current assets	28,699			20,543			1,236			—			50,478
Total current assets	28,699			393,304			13,135			—			435,138
Property, plant and equipment, net	—			993,813			46,094			—			1,039,907
Real estate held for sale and investment	—			201,861			—			—			201,861
Goodwill, net	—			270,076			1,779			—			271,855
Intangible assets, net	—			72,563			19,476			—			92,039
Other assets	6,319			37,661			4,348			(9,459		)	38,869
Investments in subsidiaries	1,885,121			(2,153		)	—			(1,882,968		)	—
Advances	(385,997		)	382,375			3,622			—			—
Total assets	$	1,534,142		$	2,349,500		$	88,454		$	(1,892,427	)	$	2,079,669
Current liabilities:
Accounts payable and accrued liabilities	$	12,856		$	225,420		$	8,076		$	—		$	246,352
Income taxes payable	13,173			—			—			—			13,173
Long-term debt due within one year	—			299			219			—			518
Total current liabilities	26,029			225,719			8,295			—			260,043
Long-term debt	390,000			41,502			57,738			—			489,240
Other long-term liabilities	27,852			197,158			10,594			(9,459		)	226,145
Deferred income taxes	201,513			—			(2		)	—			201,511
Total Vail Resorts, Inc. stockholders’ equity (deficit)	888,748			1,885,121			(2,153		)	(1,882,968		)	888,748
Noncontrolling interests	—			—			13,982			—			13,982
Total stockholders’ equity	888,748			1,885,121			11,829			(1,882,968		)	902,730
Total liabilities and stockholders’ equity	$	1,534,142		$	2,349,500		$	88,454		$	(1,892,427	)	$	2,079,669

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 April 30, 2012

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries		Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—		$	138,001	$	9,109		$	—		$	147,110
Restricted cash	—			12,619		1,047			—			13,666
Trade receivables, net	—			62,390		2,743			—			65,133
Inventories, net	—			56,050		187			—			56,237
Other current assets	32,809			20,925		1,937			—			55,671
Total current assets	32,809			289,985		15,023			—			337,817
Property, plant and equipment, net	—			1,007,074		49,169			—			1,056,243
Real estate held for sale and investment	—			248,262		—			—			248,262
Goodwill, net	—			268,057		1,621			—			269,678
Intangible assets, net	—			74,327		19,388			—			93,715
Other assets	7,368			32,124		4,532			—			44,024
Investments in subsidiaries	1,857,590			2,147		—			(1,859,737		)	—
Advances	(381,351		)	387,860		(6,509		)	—			—
Total assets	$	1,516,416		$	2,309,836	$	83,224		$	(1,859,737	)	$	2,049,739
Current liabilities:
Accounts payable and accrued liabilities	$	12,852		$	205,081	$	6,114		$	—		$	224,047
Income taxes payable	19,005			—		—			—			19,005
Long-term debt due within one year	—			911		208			—			1,119
Total current liabilities	31,857			205,992		6,322			—			244,171
Long-term debt	390,000			41,799		57,958			—			489,757
Other long-term liabilities	28,105			204,455		1,363			—			233,923
Deferred income taxes	183,718			—		1,442			—			185,160
Total Vail Resorts, Inc. stockholders’ equity (deficit)	882,736			1,857,590		2,147			(1,859,737		)	882,736
Noncontrolling interests	—			—		13,992			—			13,992
Total stockholders’ equity	882,736			1,857,590		16,139			(1,859,737		)	896,728
Total liabilities and stockholders’ equity	$	1,516,416		$	2,309,836	$	83,224		$	(1,859,737	)	$	2,049,739

Supplemental Condensed Consolidating Statement Of Operations

Supplemental Condensed Consolidating Statement of Operations

For the three months ended April 30, 2013

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	467,095		$	6,406		$	(3,810	)	$	469,691
Total operating expense	116			301,696			6,309			(3,772		)	304,349
(Loss) income from operations	(116		)	165,399			97			(38		)	165,342
Other expense, net	(6,600		)	(1,322		)	(322		)	38			(8,206		)
Equity investment income, net	—			266			—			—			266
(Loss) income before benefit (provision) from income taxes	(6,716		)	164,343			(225		)	—			157,402
Benefit (provision) from income taxes	2,551			(62,452		)	87			—			(59,814		)
Net (loss) income before equity in income (loss) of consolidated subsidiaries	(4,165		)	101,891			(138		)	—			97,588
Equity in income (loss) of consolidated subsidiaries	101,805			(86		)	—			(101,719		)	—
Net income (loss)	97,640			101,805			(138		)	(101,719		)	97,588
Net loss attributable to noncontrolling interests	—			—			52			—			52
Net income (loss) attributable to Vail Resorts, Inc.	$	97,640		$	101,805		$	(86	)	$	(101,719	)	$	97,640

Supplemental Condensed Consolidating Statement of Operations

For the three months ended April 30, 2012

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	417,945		$	6,225		$	(3,025	)	$	421,145
Total operating expense	98			277,907			5,721			(2,987		)	280,739
(Loss) income from operations	(98		)	140,038			504			(38		)	140,406
Other expense, net	(6,637		)	(1,514		)	(348		)	38			(8,461		)
Equity investment income, net	—			336			—			—			336
(Loss) income before benefit (provision) from income taxes	(6,735		)	138,860			156			—			132,281
Benefit (provision) from income taxes	2,626			(55,379		)	—			—			(52,753		)
Net (loss) income before equity in income of consolidated subsidiaries	(4,109		)	83,481			156			—			79,528
Equity in income of consolidated subsidiaries	83,678			197			—			(83,875		)	—
Net income	79,569			83,678			156			(83,875		)	79,528
Net loss attributable to noncontrolling interests	—			—			41			—			41
Net income attributable to Vail Resorts, Inc.	$	79,569		$	83,678		$	197		$	(83,875	)	$	79,569

Supplemental Condensed Consolidating Statement of Operations

For the nine months ended April 30, 2013

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	1,002,526		$	15,780		$	(9,814	)	$	1,008,492
Total operating expense	334			819,781			17,071			(9,700		)	827,486
(Loss) income from operations	(334		)	182,745			(1,291		)	(114		)	181,006
Other expense, net	(19,810		)	(4,257		)	(1,009		)	114			(24,962		)
Equity investment income, net	—			799			—			—			799
(Loss) income before benefit (provision) from income taxes	(20,144		)	179,287			(2,300		)	—			156,843
Benefit (provision) from income taxes	7,708			(67,225		)	188			—			(59,329		)
Net (loss) income before equity in income (loss) of consolidated subsidiaries	(12,436		)	112,062			(2,112		)	—			97,514
Equity in income (loss) of consolidated subsidiaries	110,047			(2,015		)	—			(108,032		)	—
Net income (loss)	97,611			110,047			(2,112		)	(108,032		)	97,514
Net loss attributable to noncontrolling interests	—			—			97			—			97
Net income (loss) attributable to Vail Resorts, Inc.	$	97,611		$	110,047		$	(2,015	)	$	(108,032	)	$	97,611

Supplemental Condensed Consolidating Statement of Operations

For the nine months ended April 30, 2012

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	907,169		$	12,615		$	(8,934	)	$	910,850
Total operating expense	39			766,644			12,736			(8,819		)	770,600
(Loss) income from operations	(39		)	140,525			(121		)	(115		)	140,250
Other expense, net	(19,922		)	(4,022		)	(1,041		)	115			(24,870		)
Equity investment income, net	—			944			—			—			944
(Loss) income before benefit (provision) from income taxes	(19,961		)	137,447			(1,162		)	—			116,324
Benefit (provision) from income taxes	8,206			(54,314		)	—			—			(46,108		)
Net (loss) income before equity in income (loss) of consolidated subsidiaries	(11,755		)	83,133			(1,162		)	—			70,216
Equity in income (loss) of consolidated subsidiaries	82,005			(1,128		)	—			(80,877		)	—
Net income (loss)	70,250			82,005			(1,162		)	(80,877		)	70,216
Net loss attributable to noncontrolling interests	—			—			34			—			34
Net income (loss) attributable to Vail Resorts, Inc.	$	70,250		$	82,005		$	(1,128	)	$	(80,877	)	$	70,250

SupplementalCondensedStatementofComprehensiveIncome [Text Block]

Statement of Comprehensive Income (Loss)

For the three months ended April 30, 2013

(In thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Net income (loss)	$	97,640		$	101,805		$	(138	)	$	(101,719	)	$	97,588
Foreign currency translation adjustments, net of tax	(202		)	(202		)	(202		)	404			(202		)
Comprehensive income (loss)	97,438			101,603			(340		)	(101,315		)	97,386
Comprehensive loss attributable to noncontrolling interests	—			—			52			—			52
Comprehensive income (loss) attributable to Vail Resorts, Inc.	$	97,438		$	101,603		$	(288	)	$	(101,315	)	$	97,438

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)

For the three months ended April 30, 2012

(In thousands)

(Unaudited)

	Parent Company		100% Owned Guarantor Subsidiaries		Other Subsidiaries		Eliminating Entries			Consolidated
Net income	$	79,569	$	83,678	$	156	$	(83,875	)	$	79,528
Foreign currency translation adjustments, net of tax	61		61		61		(122		)	61
Comprehensive income	79,630		83,739		217		(83,997		)	79,589
Comprehensive loss attributable to noncontrolling interests	—		—		41		—			41
Comprehensive income attributable to Vail Resorts, Inc.	$	79,630	$	83,739	$	258	$	(83,997	)	$	79,630

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)

For the nine months ended April 30, 2013

(In thousands)

(Unaudited)

	Parent Company		100% Owned Guarantor Subsidiaries		Other Subsidiaries			Eliminating Entries			Consolidated
Net income (loss)	$	97,611	$	110,047	$	(2,112	)	$	(108,032	)	$	97,514
Foreign currency translation adjustments, net of tax	251		251		251			(502		)	251
Comprehensive income (loss)	97,862		110,298		(1,861		)	(108,534		)	97,765
Comprehensive loss attributable to noncontrolling interests	—		—		97			—			97
Comprehensive income (loss) attributable to Vail Resorts, Inc.	$	97,862	$	110,298	$	(1,764	)	$	(108,534	)	$	97,862

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)

For the nine months ended April 30, 2012

(In thousands)

(Unaudited)

	Parent Company		100% Owned Guarantor Subsidiaries		Other Subsidiaries			Eliminating Entries			Consolidated
Net income (loss)	$	70,250	$	82,005	$	(1,162	)	$	(80,877	)	$	70,216
Foreign currency translation adjustments, net of tax	61		61		61			(122		)	61
Comprehensive income (loss)	70,311		82,066		(1,101		)	(80,999		)	70,277
Comprehensive loss attributable to noncontrolling interests	—		—		34			—			34
Comprehensive income (loss) attributable to Vail Resorts, Inc.	$	70,311	$	82,066	$	(1,067	)	$	(80,999	)	$	70,311

Supplemental Condensed Consolidating Statement Of Cash Flows

Supplemental Condensed Consolidating Statement of Cash Flows

For the nine months ended April 30, 2013

(in thousands)

(Unaudited)

	Parent Company			100%  Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated
Net cash provided by operating activities	$	46,034		$	244,970		$	341		$	291,345
Cash flows from investing activities:
Capital expenditures	—			(64,765		)	(696		)	(65,461		)
Acquisition of businesses	—			(19,958		)	—			(19,958		)
Other investing activities, net	—			943			(82		)	861
Net cash used in investing activities	—			(83,780		)	(778		)	(84,558		)
Cash flows from financing activities:
Proceeds from borrowings under other long-term debt	—			96,000			—			96,000
Payments of other long-term debt	—			(96,781		)	(208		)	(96,989		)
Dividends paid	(20,905		)	—			—			(20,905		)
Other financing activities, net	3,986			2,608			184			6,778
Advances	(29,115		)	29,065			50			—
Net cash (used in) provided by financing activities	(46,034		)	30,892			26			(15,116		)
Effect of exchange rate changes on cash and cash equivalents	—			(33		)	44			11
Net increase (decrease) in cash and cash equivalents	—			192,049			(367		)	191,682
Cash and cash equivalents:
Beginning of period	—			38,380			7,673			46,053
End of period	$	—		$	230,429		$	7,306		$	237,735

Supplemental Condensed Consolidating Statement of Cash Flows

For the nine months ended April 30, 2012

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated
Net cash provided by operating activities	$	38,944		$	193,371		$	1,730		$	234,045
Cash flows from investing activities:
Capital expenditures	—			(107,779		)	(220		)	(107,999		)
Acquisition of businesses	—			(24,311		)	832			(23,479		)
Other investing activities, net	—			(944		)	—			(944		)
Net cash (used in) provided by investing activities	—			(133,034		)	612			(132,422		)
Cash flows from financing activities:
Proceeds from borrowings under other long-term debt	—			56,000			—			56,000
Payments of long-term debt	—			(56,805		)	(197		)	(57,002		)
Repurchase of common stock	(7,869		)	—			—			(7,869		)
Dividends paid	(17,559		)	—			—			(17,559		)
Other financing activities, net	1,502			86			190			1,778
Advances	(15,018		)	15,018			—			—
Net cash (used in) provided by financing activities	(38,944		)	14,299			(7		)	(24,652		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(4		)	(4		)
Net increase in cash and cash equivalents	—			74,636			2,331			76,967
Cash and cash equivalents:
Beginning of period	—			63,365			6,778			70,143
End of period	$	—		$	138,001		$	9,109		$	147,110