v3.26.3
Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 31, 2026
Jul. 31, 2025
Jul. 31, 2024
Dec. 01, 2025
Jul. 31, 2023
Operating Leases, Future Minimum Payments Due, Next Twelve Months $ 51,609        
Finance Lease, Liability, Payments, Due in Next Rolling Twelve Months 39,050        
Operating Lease, Payments 53,162 $ 52,831 $ 51,091    
Finance Lease, Right-of-Use Asset, Amortization 11,305 10,988 11,811    
Finance Lease, Interest Expense 41,355 39,930 38,671    
Operating Lease, Cost 50,523 50,447 46,613    
Short-term Lease, Cost 22,252 22,409 22,434    
Operating Cash Outflows for Finance Leases $ 38,453 $ 36,899 35,384    
Operating Lease, Weighted Average Discount Rate, Percent 5.90% 5.80%      
Finance Lease, Weighted Average Discount Rate, Percent 9.80% 9.90%      
Operating Leases, Future Minimum Payments, Due in Two Years $ 43,870        
Operating Leases, Future Minimum Payments, Due in Three Years 36,183        
Finance Lease, Liability, to be Paid, Year Four 41,062        
Operating Leases, Future Minimum Payments, Due in Four Years 28,197        
Finance Lease, Liability, to be Paid, Year Five 41,761        
Operating Leases, Future Minimum Payments, Due in Five Years 21,451        
Finance Lease, Liability, to be Paid, after Year Five 1,688,782        
Lessee, Operating Lease, Liability, to be Paid, after Year Five 127,793        
Lessee, Operating Lease, Liability, to be Paid 309,103        
Finance Lease, Liability, Payment, Due 1,890,066        
Lessee, Operating Lease, Liability, Undiscounted Excess Amount (83,165)        
Finance Lease, Liability, Undiscounted Excess Amount $ (1,443,434)        
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities        
Operating Lease, Liability $ 225,938        
Finance Lease, Liability 446,632        
Long-term Debt 3,184,094 $ 3,194,005      
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 13,675 19,405 98,007    
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability $ 22,506 $ 64 14,093    
Operating Lease, Weighted Average Remaining Lease Term 10 years 1 month 6 days 10 years 4 months 24 days      
Finance Lease, Weighted Average Remaining Lease Term 34 years 6 months 35 years 2 months 12 days      
Finance Lease, Liability, to be Paid, Year Two $ 39,083        
Finance Lease, Liability, to be Paid, Year Three 40,328        
Current operating lease liability 35,690 $ 34,883      
Operating right-of-use assets (Note 4) 221,864 242,485      
Costs of Franchised Outlets 6,700 6,200 5,900    
Finance Lease, Right-of-Use Asset, before Accumulated Amortization $ 254,090 236,455      
Lessee, Operating Leases
The Company’s operating leases consist primarily of resort land and land improvements, commercial and retail space, office space, employee residential units, vehicles and other equipment. The Company determines if an arrangement is or contains a lease at contract inception or modification. The Company’s lease contracts generally range from 1 year to approximately 70 years, with some lease contracts containing one or more lease extension options, exercisable at the Company’s discretion. The Company generally does not include these lease extension options in the initial lease term as it is not reasonably certain that it will exercise such options at contract inception. In addition, certain lease arrangements contain fixed and variable lease payments. The variable lease payments are primarily contingent rental payments based on: (i) a percentage of revenue related to the leased property; (ii) payments based on a percentage of sales over contractual levels; or (iii) lease payments adjusted for changes in an index or market value. These variable lease payments are typically recognized when the underlying event occurs and are included in operating expenses on the Company’s Consolidated Statements of Operations in the same line item as the expense arising from the respective fixed lease payments. The Company’s lease agreements may also include non-lease components, such as common area maintenance and insurance, which are accounted for separately. Future lease payments that are contingent or represent non-lease components are not included in the measurement of the operating lease liability. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. Lease expense related to lease payments is recognized on a straight-line basis over the term of the lease.
The Company’s leases do not provide a readily determinable implicit rate. As a result, the Company measures the lease liability using an estimated incremental borrowing rate which is intended to reflect the rate of interest the Company would pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The Company applies the estimated incremental borrowing rates at a portfolio level based on the economic environment associated with the lease.
The Company uses the long-lived assets impairment guidance to determine recognition and measurement of an ROU asset impairment, if any. The Company monitors for events or changes in circumstances that require a reassessment.
The components of lease expense for the years ended July 31, 2026, 2025 and 2024 were as follows (in thousands):
Year ended July 31,
202620252024
Finance leases:
Amortization of the finance ROU assets$11,305 $10,988 $11,811 
Interest on lease liabilities $41,355 $39,930 $38,671 
Variable interest$2,691 $2,639 $2,587 
Operating leases:
Operating lease expense$50,523 $50,447 $46,613 
Short-term lease expense (1)
$22,252 $22,409 $22,434 
Variable lease expense (2)
$2,228 $2,088 $2,694 
(1) Short-term lease expense is attributable to leases with terms of 12 months or less and no ROU assets or lease liabilities are included within the Company’s Consolidated Balance Sheets.
(2) In addition to the variable lease expense, the Company incurred variable franchise fees under its agreements to operate its NPS concession properties, which the Company accounts for as leases of $6.7 million, $6.2 million and $5.9 million for the years ended July 31, 2026, 2025 and 2024, respectively.
The following table presents the supplemental cash flow information associated with the Company’s leasing activities for the years ended July 31, 2026, 2025 and 2024 (in thousands):
Year ended July 31,
202620252024
Cash flow supplemental information:
Operating cash outflows for operating lease liabilities$53,162 $52,831 $51,091 
Operating cash outflows for finance lease liabilities$38,453 $36,899 $35,384 
Non-cash supplemental information:
Operating ROU assets obtained in exchange for operating lease obligations $13,675 $19,405 $98,007 
Finance ROU assets obtained in exchange for finance lease obligations$22,506 $64 $14,093 
Weighted-average remaining lease terms and discount rates as of July 31, 2026 and 2025 are as follows:
July 31, 2026July 31, 2025
Weighted-average remaining lease term (in years)
Operating leases10.110.4
Finance leases 34.535.2
Weighted-average discount rate
Operating leases5.9 %5.8 %
Finance leases 9.8 %9.9 %
Future fixed lease payments for operating and finance leases as of July 31, 2026 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):
Operating Leases Finance Leases
2027$51,609 $39,050 
202843,870 39,083 
202936,183 40,328 
203028,197 41,062 
203121,451 41,761 
Thereafter127,793 1,688,782 
Total future minimum lease payments 309,103 1,890,066 
Less amount representing interest (83,165)(1,443,434)
Total lease liabilities $225,938 $446,632 
The current portion of operating lease liabilities of approximately $35.7 million and $34.9 million as of July 31, 2026 and 2025, respectively, is recorded within accounts payables and accrued liabilities in the accompanying Consolidated Balance Sheets. Finance lease liabilities are recorded within long-term debt, net in the accompanying Consolidated Balance Sheets. The current portion of finance lease liabilities is presented within long-term debt due within one year in the accompanying Consolidated Balance Sheets.
The Canyons finance lease obligation was $380.5 million and $374.9 million as of July 31, 2026 and 2025, respectively, which represents the estimated annual fixed lease payments for the remaining period of the initial 50 year term of the lease assuming annual increases at the floor of 2% and discounted using an interest rate of 10.00%. As of July 31, 2026 and 2025, respectively, the Company has recorded $66.8 million and $74.3 million of net finance lease ROU assets in connection with the Canyons lease, net of $114.5 million and $108.9 million of accumulated amortization, which is included within property, plant and equipment, net in the Company’s Consolidated Balance Sheets.
During the year ended July 31, 2026, the Company recognized a new finance lease agreement for the Canyons Parking Garage at Park City, resulting in an incremental finance lease liability on the commencement date of $22.2 million, which represents the minimum lease payments of $80.4 million, net of $58.2 million of amounts representing interest, for the initial 38 year term of the lease discounted at the estimated incremental borrowing rate. The Company recorded a $22.8 million finance lease right-of-use asset in connection with the lease, which has a net value of $22.3 million as of July 31, 2026, net of $0.5 million accumulated amortization, and is included within property, plant and equipment, net in the Company’s Consolidated Balance Sheet.
The Whistler Blackcomb employee housing finance lease obligation was $26.6 million and $27.4 million as of July 31, 2026 and 2025, respectively, which represents the minimum lease payments for the remaining period of the initial 20 year term of the lease, net of amounts representing interest, discounted using a rate of 6.95%. As of July 31, 2026 and 2025, respectively, the Company has recorded $22.5 million and $24.2 million of net finance lease ROU assets in connection with these leases, net of $5.2 million and $3.8 million of accumulated amortization, which is included within property, plant and equipment, net in the Company’s Consolidated Balance Sheet.
The Northstar Resort finance lease obligation was $11.4 million and $12.1 million as of July 31, 2026 and 2025, respectively, which represents the minimum lease payments for the remaining period of the reassessed 10 year term of the lease, net of amounts representing interest, discounted using a rate of 6.60%. As of July 31, 2026 and 2025, respectively, the Company has recorded $11.0 million and $12.0 million of net finance lease ROU assets in connection with these leases, net of $2.2 million and $1.1 million of accumulated amortization, which is included within property, plant and equipment, net in the Company’s Consolidated Balance Sheet.
        
Canyons Obligation [Member]          
Initial Capital Lease Term 50 year        
Finance Lease          
Variable Lease, Cost $ 2,691 2,639 2,587    
Operating Lease          
Variable Lease, Cost 2,228 2,088 $ 2,694    
6.50% Notes          
Long-term Debt $ 600,000 600,000      
Minimum [Member]          
Lessee Operating And Finance Lease Term 1 year        
Maximum [Member]          
Lessee Operating And Finance Lease Term 70 years        
Canyons Obligation [Member]          
Long-term Debt $ 380,533 374,864      
Operating Lease, Right-of-Use Asset 66,800 74,300      
Finance Lease, Right-of-Use Asset, Accumulated Amortization 114,500 108,900      
Canyons Parking Garage          
Finance Lease, Liability, Payment, Due 80,400        
Finance Lease, Liability, Undiscounted Excess Amount (58,200)        
Long-term Debt 22,355 0   $ 22,200  
Operating Lease, Right-of-Use Asset 22,300        
Finance Lease, Right-of-Use Asset, Accumulated Amortization 500        
Finance Lease, Right-of-Use Asset, before Accumulated Amortization $ 22,800        
Lessee, Finance Lease, Term of Contract 38 years     38 years  
Whistler Employee Housing Leases          
Long-term Debt $ 26,600 27,400      
Operating Lease, Right-of-Use Asset 22,500 24,200      
Finance Lease, Right-of-Use Asset, Accumulated Amortization $ 5,200 3,800      
Lessee, Finance Lease, Discount Rate 6.95%        
Lessee, Finance Lease, Term of Contract 20 years       20 years
Northstar Resort Finance Leases          
Long-term Debt $ 11,400 12,100      
Operating Lease, Right-of-Use Asset 11,000 12,000      
Finance Lease, Right-of-Use Asset, Accumulated Amortization $ 2,200 $ 1,100      
Lessee, Finance Lease, Discount Rate 6.60%        
Lessee, Finance Lease, Remaining Lease Term 10 years