Supplementary Balance Sheet Information

The composition of property, plant and equipment, including capital lease assets, follows (in thousands):



	July 31,
	2014			2013
Land and land improvements	$	348,328		$	343,982
Buildings and building improvements	907,280			884,307
Machinery and equipment	700,745			646,102
Furniture and fixtures	269,209			259,693
Software	98,653			92,553
Vehicles	55,724			49,356
Construction in progress	31,487			49,102
Gross property, plant and equipment	2,411,426			2,325,095
Accumulated depreciation	(1,263,436		)	(1,155,807		)
Property, plant and equipment, net	$	1,147,990		$	1,169,288

Depreciation expense, which included depreciation of assets recorded under capital leases, for the years ended July 31, 2014, 2013 and 2012 totaled $136.6 million, $130.2 million and $124.5 million, respectively.

The composition of goodwill and intangible assets follows (in thousands):



	July 31,
	2014			2013
Goodwill
Goodwill	$	395,502		$	399,053
Accumulated amortization	(17,354		)	(17,354		)
Goodwill, net	378,148			381,699
Indefinite-lived intangible assets
Gross indefinite-lived intangible assets	100,834			100,889
Accumulated amortization	(24,713		)	(24,713		)
Indefinite-lived intangible assets, net	76,121			76,176
Amortizable intangible assets
Gross amortizable intangible assets	91,233			90,990
Accumulated amortization	(49,831		)	(45,822		)
Amortizable intangible assets, net	41,402			45,168
Total gross intangible assets	192,067			191,879
Total accumulated amortization	(74,544		)	(70,535		)
Total intangible assets, net	$	117,523		$	121,344

Amortization expense for intangible assets subject to amortization for the years ended July 31, 2014, 2013 and 2012 totaled $4.0 million, $2.5 million and $3.1 million, respectively, and is estimated to be approximately $2.6 million annually, on average, for the next five fiscal years.

The Company recorded a measurement period adjustment to its Canyons preliminary purchase price allocation of $32.9 million which resulted in an increase to goodwill with a corresponding reduction to deferred income tax assets, net and has reflected this as a retrospective adjustment as of July 31, 2013.

The changes in the net carrying amount of goodwill allocated between the Company’s segments for the years ended July 31, 2014 and 2013 are as follows (in thousands):



	Mountain			Lodging			Goodwill, net
Balance at July 31, 2012	$	209,299		$	60,470		$	269,769
Acquisitions	104,224			7,671			111,895
Effects of changes in foreign currency exchange rates	35			—			35
Balance at July 31, 2013	313,558			68,141			381,699
Acquisition (measurement period adjustments)	(3,220		)	(242		)	(3,462		)
Effects of changes in foreign currency exchange rates	(89		)	—			(89		)
Balance at July 31, 2014	$	310,249		$	67,899		$	378,148

The composition of accounts payable and accrued liabilities follows (in thousands):



	July 31,
	2014		2013
Trade payables	$	71,823	$	61,364
Deferred revenue	110,566		93,759
Accrued salaries, wages and deferred compensation	29,833		27,946
Accrued benefits	21,351		19,787
Deposits	15,272		14,331
Accrued interest	5,429		8,018
Other accruals	34,944		44,314
Total accounts payable and accrued liabilities	$	289,218	$	269,519

The composition of other long-term liabilities follows (in thousands):



	July 31,
	2014		2013
Private club deferred initiation fee revenue	$	128,824	$	131,760
Unfavorable lease obligation, net	31,338		34,037
Other long-term liabilities	100,519		77,109
Total other long-term liabilities	$	260,681	$	242,906