Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jul. 31, 2015

Summary On Estimated Useful Life Of Property, Plant And Equipment

Depreciation is calculated on the straight-line method, including property, plant and equipment under capital leases, generally based on the following useful lives:



	Estimated Life in Years
Land improvements	10-35
Buildings and building improvements	7-30
Machinery and equipment	2-30
Furniture and fixtures	3-10
Software	3
Vehicles	3-10

Summary Of Estimated Fair Value Of Financial Instruments

The estimated fair value of the 6.50% Notes, Industrial Development Bonds and other long-term debt as of July 31, 2015 and 2014 is presented below (in thousands):



	July 31, 2015				July 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
6.50% Notes	$	—	$	—	$	215,000	$	223,600
Industrial Development Bonds	$	—	$	—	$	41,200	$	48,003
Other long-term debt	$	11,765	$	12,328	$	5,163	$	5,758

Allocation Of Stock-Based Compensation Expense

The following table shows total stock-based compensation expense for the years ended July 31, 2015, 2014 and 2013 included in the Consolidated Statements of Operations (in thousands):



	Year Ended July 31,
	2015		2014		2013
Mountain stock-based compensation expense	$	11,841	$	10,292	$	9,007
Lodging stock-based compensation expense	2,621		2,203		1,917
Real Estate stock-based compensation expense	1,291		1,729		1,425
Pre-tax stock-based compensation expense	15,753		14,224		12,349
Less: benefit from income taxes	6,026		5,435		4,709
Net stock-based compensation expense	$	9,727	$	8,789	$	7,640