Fair Value Measurements (Tables)

9 Months Ended

Apr. 30, 2020

Fair Value Disclosures [Abstract]

Summary Of Cash Equivalents Measured At Fair Value

The table below summarizes the Company’s cash equivalents, other current assets, Interest Rate Swaps and Contingent Consideration measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands).

	Estimated Fair Value Measurement as of April 30, 2020
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	3,054	$	3,054	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	7,718	$	—	$	7,718	$	—
Liabilities:
Interest Rate Swaps	$	21,013	$	—	$	21,013	$	—
Contingent Consideration	$	15,500	$	—	$	—	$	15,500
	Estimated Fair Value Measurement as of July 31, 2019
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	3,043	$	3,043	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	7,871	$	—	$	7,871	$	—
Liabilities:
Contingent Consideration	$	27,200	$	—	$	—	$	27,200
	Estimated Fair Value Measurement as of April 30, 2019
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	3,037	$	3,037	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	10,092	$	—	$	10,092	$	—
Liabilities:
Contingent Consideration	$	25,300	$	—	$	—	$	25,300

The Company’s cash equivalents, other current assets and Interest Rate Swaps are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. During the nine months ended April 30, 2020, the Company entered into the Interest Rate Swaps to hedge the LIBOR-based variable interest rate component of $400.0 million in principal amount of its Vail Holdings Credit Agreement. Settlements or payments resulting from the Interest Rate Swaps are recognized in interest expense, net on the Company’s Consolidated Condensed Statements of Operations, and changes in the estimated fair value are recognized in change in estimated fair value of hedging instruments on the Company’s Consolidated Condensed Statements of Comprehensive Income. The estimated fair value of the Interest Rate Swaps are included within other long-term liabilities on the Company’s Consolidated Condensed Balance Sheet as of April 30, 2020.

The changes in Contingent Consideration during the nine months ended April 30, 2020 and 2019 were as follows (in thousands):

Balance as of July 31, 2019 and 2018, respectively	$	27,200		$	21,900
Payments	(6,436		)	(67		)
Change in estimated fair value	(5,264		)	3,467
Balance as of April 30, 2020 and 2019, respectively	$	15,500		$	25,300