Income Taxes (Tables)

12 Months Ended

Jul. 31, 2013

Components Of Deferred Tax Liabilities And Assets

Significant components of the Company’s deferred tax liabilities and assets are as follows (in thousands):



	July 31,
	2013			2012
Deferred income tax liabilities:
Fixed assets	$	150,697		$	145,316
Intangible assets	46,257			34,859
Real estate and other investments	—			3,511
Total	196,954			183,686
Deferred income tax assets:
Canyons obligation	55,712			—
Deferred membership revenue	19,383			21,056
Real estate and other investments	5,470			—
Deferred compensation and other accrued benefits	9,872			9,196
Stock-based compensation	14,199			15,053
Unfavorable lease obligation, net	14,189			14,855
Net operating loss carryforwards and other tax credits	3,565			4,083
Other, net	17,432			7,516
Total	139,822			71,759
Valuation allowance for deferred income taxes	(3,062		)	(1,588		)
Deferred income tax assets, net of valuation allowance	136,760			70,171
Net deferred income tax liability	$	60,194		$	113,515

Net Current And Non-Current Components Of Deferred Income Taxes

The net current and non-current components of deferred income taxes recognized in the Consolidated Balance Sheets are as follows (in thousands):



	July 31,
	2013		2012
Net current deferred income tax asset	$	25,190	$	24,458
Net non-current deferred income tax asset	—		1,420
Net non-current deferred income tax liability	85,384		139,393
Net deferred income tax liability	$	60,194	$	113,515

Components Of Provision (Benefit) For Income Taxes

Significant components of the provision (benefit) for income taxes are as follows (in thousands):



	Year Ended July 31,
	2013			2012		2011
Current:
Federal	$	25,753		$	1,407	$	(9,886	)
State	3,991			51		(1,210		)
Total current	29,744			1,458		(11,096		)
Deferred:
Federal	(7,175		)	7,682		28,087
State	(950		)	1,561		4,107
Total deferred	(8,125		)	9,243		32,194
Provision for income taxes	$	21,619		$	10,701	$	21,098

Reconciliation Of Effective Income Tax Rate And Effective Rate From Continuing Operation

A reconciliation of the income tax provision from continuing operations and the amount computed by applying the United States Federal statutory income tax rate to income before income taxes is as follows:



	Year Ended July 31,
	2013		2012		2011
At U.S. Federal income tax rate	35.0	%	35.0	%	35.0	%
State income tax, net of Federal benefit	3.3	%	3.1	%	3.1	%
Nondeductible meals or entertainment	0.4	%	0.7	%	0.4	%
General business credits	(1.2	)%	(2.3	)%	(1.0	)%
Nondeductible compensation	—	%	2.2	%	—	%
Domestic production deduction	(1.2	)%	—	%	—	%
Other	0.2	%	0.8	%	0.5	%
	36.5	%	39.5	%	38.0	%

Reconciliation Of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits associated with uncertain tax positions, excluding associated deferred tax benefits and accrued interest and penalties, if applicable, is as follows (in thousands):



	Unrecognized Tax Benefits
Balance as of August 1, 2010	$	27,048
Additions based on tax positions related to the current year	—
Additions for tax positions of prior years	—
Reductions for tax positions of prior years	—
Lapse of statute of limitations	(475		)
Settlements	—
Balance as of July 31, 2011	$	26,573
Additions based on tax positions related to the current year	—
Additions for tax positions of prior years	—
Reductions for tax positions of prior years	—
Lapse of statute of limitations	(302		)
Settlements	—
Balance as of July 31, 2012	$	26,271
Additions based on tax positions related to the current year	—
Additions for tax positions of prior years	—
Reductions for tax positions of prior years	—
Lapse of statute of limitations	(66		)
Settlements	—
Balance as of July 31, 2013	$	26,205

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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