Supplementary Balance Sheet Information

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



	July 31,
	2016			2015
Land and land improvements	$	440,300		$	431,854
Buildings and building improvements	1,025,515			1,006,821
Machinery and equipment	866,008			815,946
Furniture and fixtures	284,959			286,863
Software	103,754			106,433
Vehicles	58,159			61,036
Construction in progress	39,396			53,158
Gross property, plant and equipment	2,818,091			2,762,111
Accumulated depreciation	(1,454,277		)	(1,375,836		)
Property, plant and equipment, net	$	1,363,814		$	1,386,275

During the year ended July 31, 2016, the Company recorded the disposal of gross property, plant and equipment of $67.4 million from prior years, which had been fully depreciated resulting in a corresponding reduction to accumulated depreciation and no net effect to the net carrying value of Property, plant and equipment, net. Depreciation expense, which included depreciation of assets recorded under capital leases, for the years ended July 31, 2016, 2015 and 2014 totaled $156.8 million, $144.0 million and $136.6 million, respectively.

The following table shows the composition of property, plant and equipment recorded under capital leases as of July 31, 2016 and 2015 (in thousands):



	July 31,
	2016			2015
Land	$	31,818		$	31,818
Land improvements	49,228			49,228
Buildings and building improvements	42,910			42,910
Machinery and equipment	61,175			61,175
Gross property, plant and equipment	185,131			185,131
Accumulated depreciation	(27,110		)	(17,212		)
Property, plant and equipment, net	$	158,021		$	167,919

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



	July 31,
	2016			2015
Goodwill
Goodwill	$	526,391		$	517,787
Accumulated amortization	(17,354		)	(17,354		)
Goodwill, net	509,037			500,433
Indefinite-lived intangible assets
Gross indefinite-lived intangible assets	105,253			105,150
Accumulated amortization	(24,713		)	(24,713		)
Indefinite-lived intangible assets, net	80,540			80,437
Amortizable intangible assets
Gross amortizable intangible assets	79,524			118,482
Accumulated amortization	(20,057		)	(54,770		)
Amortizable intangible assets, net	59,467			63,712
Total gross intangible assets	184,777			223,632
Total accumulated amortization	(44,770		)	(79,483		)
Total intangible assets, net	$	140,007		$	144,149

During the year ended July 31, 2016, the Company recorded the disposal of gross amortizable intangible assets of $39.4 million from prior years, which had been fully amortized resulting in a corresponding reduction to accumulated amortization and no net effect to the net carrying value of intangible assets, net. Amortization expense for intangible assets subject to amortization for the years ended July 31, 2016, 2015 and 2014 totaled $4.7 million, $5.1 million and $4.0 million, respectively, and is estimated to be approximately $2.4 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, 2016 and 2015 are as follows (in thousands):



	Mountain			Lodging		Goodwill, net
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
Acquisition	7,400			—		7,400
Effects of changes in foreign currency exchange rates	1,204			—		1,204
Balance at July 31, 2016	$	441,138		$	67,899	$	509,037

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



	July 31,
	2016		2015
Trade payables	$	72,658	$	62,099
Deferred revenue	182,506		145,949
Accrued salaries, wages and deferred compensation	43,086		33,461
Accrued benefits	29,175		24,436
Deposits	23,307		19,336
Other accruals	46,756		46,018
Total accounts payable and accrued liabilities	$	397,488	$	331,299

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



	July 31,
	2016		2015
Private club deferred initiation fee revenue	$	121,750	$	126,104
Unfavorable lease obligation, net	27,322		29,997
Other long-term liabilities	121,096		99,815
Total other long-term liabilities	$	270,168	$	255,916