Supplementary Balance Sheet Information

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



	July 31,
	2015			2014
Land and land improvements	$	431,854		$	348,328
Buildings and building improvements	1,006,821			907,280
Machinery and equipment	815,946			700,745
Furniture and fixtures	286,863			269,209
Software	106,433			98,653
Vehicles	61,036			55,724
Construction in progress	53,158			31,487
Gross property, plant and equipment	2,762,111			2,411,426
Accumulated depreciation	(1,375,836		)	(1,263,436		)
Property, plant and equipment, net	$	1,386,275		$	1,147,990

Depreciation expense, which included depreciation of assets recorded under capital leases, for the years ended July 31, 2015, 2014 and 2013 totaled $144.0 million, $136.6 million and $130.2 million, respectively.

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



	July 31,
	2015			2014
Goodwill
Goodwill	$	517,787		$	395,502
Accumulated amortization	(17,354		)	(17,354		)
Goodwill, net	500,433			378,148
Indefinite-lived intangible assets
Gross indefinite-lived intangible assets	105,150			100,834
Accumulated amortization	(24,713		)	(24,713		)
Indefinite-lived intangible assets, net	80,437			76,121
Amortizable intangible assets
Gross amortizable intangible assets	118,482			91,233
Accumulated amortization	(54,770		)	(49,831		)
Amortizable intangible assets, net	63,712			41,402
Total gross intangible assets	223,632			192,067
Total accumulated amortization	(79,483		)	(74,544		)
Total intangible assets, net	$	144,149		$	117,523

Amortization expense for intangible assets subject to amortization for the years ended July 31, 2015, 2014 and 2013 totaled $5.1 million, $4.0 million and $2.5 million, respectively, and is estimated to be approximately $3.1 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, 2015 and 2014 are as follows (in thousands):



	Mountain			Lodging			Goodwill, net
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
Acquisitions	124,173			—			124,173
Effects of changes in foreign currency exchange rates	(1,888		)	—			(1,888		)
Balance at July 31, 2015	$	432,534		$	67,899		$	500,433

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



	July 31,
	2015		2014
Trade payables	$	62,099	$	71,823
Deferred revenue	145,949		110,566
Accrued salaries, wages and deferred compensation	33,461		29,833
Accrued benefits	24,436		21,351
Deposits	19,336		15,272
Other accruals	46,018		40,373
Total accounts payable and accrued liabilities	$	331,299	$	289,218

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



	July 31,
	2015		2014
Private club deferred initiation fee revenue	$	126,104	$	128,824
Unfavorable lease obligation, net	29,997		31,338
Other long-term liabilities	99,815		100,519
Total other long-term liabilities	$	255,916	$	260,681