Income Taxes (Tables)

12 Months Ended

Jul. 31, 2016

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,
	2016			2015
Deferred income tax liabilities:
Fixed assets	$	180,267		$	173,908
Intangible assets	59,009			53,654
Total	239,276			227,562
Deferred income tax assets:
Canyons obligation	18,984			18,687
Deferred private club membership revenue	16,247			18,085
Deferred compensation and other accrued benefits	17,426			12,590
Stock-based compensation	17,287			15,896
Unfavorable lease obligation, net	10,904			11,510
Real estate and other investments	7,987			7,771
Net operating loss carryforwards and other tax credits	3,779			3,610
Other, net	20,309			23,066
Total	112,923			111,215
Valuation allowance for deferred income taxes	(3,641		)	(3,487		)
Deferred income tax assets, net of valuation allowance	109,282			107,728
Net deferred income tax liability	$	129,994		$	119,834

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,
	2016			2015			2014
Current:
Federal	$	70,553		$	12,668		$	8,082
State	10,555			5,501			1,565
Foreign	4,431			3,581			—
Total current	85,539			21,750			9,647
Deferred:
Federal	7,603			11,534			5,470
State	1,051			1,623			749
Foreign	(1,028		)	(189		)	—
Total deferred	7,626			12,968			6,219
Provision for income taxes	$	93,165		$	34,718		$	15,866

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

U.S. and foreign components of income before provision for income taxes is as follows (in thousands):



	Year Ended July 31,
	2016		2015		2014
U.S.	$	231,756	$	142,190	$	45,895
Foreign	10,863		7,138		(1,823		)
Income before income taxes	$	242,619	$	149,328	$	44,072

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,
	2016		2015		2014
At U.S. federal income tax rate	35.0	%	35.0	%	35.0	%
State income tax, net of federal benefit	3.1	%	3.2	%	3.4	%
Nondeductible meals or entertainment	0.1	%	0.2	%	0.7	%
General business credits	(0.4	)%	(0.5	)%	(1.7	)%
IRS settlement on NOL utilization	—	%	(16.0	)%	—	%
Domestic production deduction	(0.4	)%	(0.7	)%	(1.4	)%
Change in valuation allowance	0.1	%	0.5	%	—	%
Other	0.9	%	1.5	%	—	%
Effective tax rate	38.4	%	23.2	%	36.0	%

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):



	Year Ended July 31,
	2016		2015			2014
Balance, beginning of year	$	38,572	$	46,973		$	26,205
Additions based on tax positions related to the current year	—		—			21,082
Additions for tax positions of prior years	18,460		17,443			—
Reductions for tax positions of prior years	—		(21,574		)	—
Lapse of statute of limitations	—		—			(314		)
Settlements	—		(4,270		)	—
Balance, end of year	$	57,032	$	38,572		$	46,973