v3.22.2.2
Supplementary Balance Sheet Information
 12 Months Ended
Jul. 31, 2022
Balance Sheet Related Disclosures [Abstract]  
Supplementary Balance Sheet Information Supplementary Balance Sheet Information
The composition of property, plant and equipment, including finance lease assets, follows (in thousands):
 July 31,
  
20222021
Land and land improvements$763,432 $756,517 
Buildings and building improvements1,545,571 1,496,402 
Machinery and equipment1,505,236 1,417,705 
Furniture and fixtures307,867 308,432 
Software138,058 122,778 
Vehicles81,927 80,328 
Construction in progress127,282 67,710 
Gross property, plant and equipment4,469,373 4,249,872 
Accumulated depreciation(2,351,321)(2,181,996)
Property, plant and equipment, net$2,118,052 $2,067,876 
Depreciation expense, which included depreciation of assets recorded under finance leases, for the years ended July 31, 2022, 2021 and 2020 totaled $247.2 million, $247.2 million and $243.1 million, respectively.
The following table summarizes the composition of property, plant and equipment recorded under finance leases as of July 31, 2022 and 2021 (in thousands):
July 31,
20222021
Land$31,818 $31,818 
Land improvements49,228 49,228 
Buildings and building improvements42,160 42,160 
Machinery and equipment60,384 60,384 
Gross property, plant and equipment
183,590 183,590 
Accumulated depreciation(84,556)(75,545)
Property, plant and equipment, net
$99,034 $108,045 
The composition of goodwill and intangible assets follows (in thousands):
 July 31,
  
20222021
Goodwill
Goodwill$1,797,970 $1,824,089 
Accumulated impairments(25,688)(25,688)
Accumulated amortization(17,354)(17,354)
Goodwill, net$1,754,928 $1,781,047 
Indefinite-lived intangible assets
Trademarks$237,483 $239,786 
Other41,400 41,561 
Total gross indefinite-lived intangible assets278,883 281,347 
Accumulated amortization(24,713)(24,713)
Indefinite-lived intangible assets, net$254,170 $256,634 
Amortizable intangible assets
Trademarks$38,008 $38,008 
Other71,767 69,397 
Total gross amortizable intangible assets109,775 107,405 
Accumulated amortization(49,887)(44,929)
Amortizable intangible assets, net
59,888 62,476 
Total gross intangible assets388,658 388,752 
Total accumulated amortization(74,600)(69,642)
Total intangible assets, net
$314,058 $319,110 
Amortization expense for intangible assets subject to amortization for the years ended July 31, 2022, 2021 and 2020 totaled $5.2 million, $5.4 million and $6.5 million, respectively, and is estimated to be approximately $3.8 million annually, on average, for the next five fiscal years.
The changes in the net carrying amount of goodwill allocated between the Company’s segments for the years ended July 31, 2022 and 2021 are as follows (in thousands):
Mountain Lodging Goodwill, net
Balance at July 31, 2020$1,666,809 $42,211 $1,709,020 
Effects of changes in foreign currency exchange rates
72,027 — 72,027 
Balance at July 31, 20211,738,836 42,211 1,781,047 
Acquisition (including measurement period adjustments)2,196 2,795 4,991 
Effects of changes in foreign currency exchange rates
(31,110)— (31,110)
Balance at July 31, 2022$1,709,922 $45,006 $1,754,928 
The composition of accounts payable and accrued liabilities follows (in thousands):
 July 31,
  
20222021
Trade payables$151,263 $98,261 
Deferred revenue511,306 456,457 
Accrued salaries, wages and deferred compensation64,570 54,286 
Accrued benefits45,202 47,368 
Deposits37,731 35,263 
Operating lease liabilities34,218 34,668 
Other accruals98,540 89,169 
Total accounts payable and accrued liabilities$942,830 $815,472