Supplementary Balance Sheet Information

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



	July 31,
	2018			2017
Land and land improvements	$	552,271		$	553,655
Buildings and building improvements	1,193,528			1,210,864
Machinery and equipment	1,007,250			987,080
Furniture and fixtures	283,694			280,292
Software	113,699			108,048
Vehicles	60,697			59,596
Construction in progress	59,579			49,359
Gross property, plant and equipment	3,270,718			3,248,894
Accumulated depreciation	(1,643,499		)	(1,534,740		)
Property, plant and equipment, net	$	1,627,219		$	1,714,154

Depreciation expense, which included depreciation of assets recorded under capital leases, for the years ended July 31, 2018, 2017 and 2016 totaled $199.2 million, $180.8 million and $156.8 million, respectively.

The following table shows the composition of property, plant and equipment recorded under capital leases as of July 31, 2018 and 2017 (in thousands):



	July 31,
	2018			2017
Land	$	31,818		$	31,818
Land improvements	49,228			49,228
Buildings and building improvements	42,660			42,910
Machinery and equipment	60,384			61,156
Gross property, plant and equipment	184,090			185,112
Accumulated depreciation	(46,502		)	(37,000		)
Property, plant and equipment, net	$	137,588		$	148,112

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



	July 31,
	2018			2017
Goodwill
Goodwill	$	1,493,040		$	1,537,097
Accumulated amortization	(17,354		)	(17,354		)
Goodwill, net	$	1,475,686		$	1,519,743

Indefinite-lived intangible assets
Trademarks	$	205,083		$	216,923
Other	41,160			41,275
Total gross indefinite-lived intangible assets	246,243			258,198
Accumulated amortization	(24,713		)	(24,713		)
Indefinite-lived intangible assets, net	221,530			233,485
Amortizable intangible assets
Trademarks	42,971			39,071
Other	47,604			49,804
Total gross amortizable intangible assets	90,575			88,875
Accumulated amortization	(31,533		)	(27,428		)
Amortizable intangible assets, net	59,042			61,447
Total gross intangible assets	336,818			347,073
Total accumulated amortization	(56,246		)	(52,141		)
Total intangible assets, net	$	280,572		$	294,932

Amortization expense for intangible assets subject to amortization for the years ended July 31, 2018, 2017 and 2016 totaled $5.3 million, $8.3 million and $4.7 million, respectively, and is estimated to be approximately $2.8 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, 2018 and 2017 are as follows (in thousands):



	Mountain			Lodging		Goodwill, net
Balance at July 31, 2016	$	441,138		$	67,899	$	509,037
Acquisitions	956,739			—		956,739
Effects of changes in foreign currency exchange rates	53,967			—		53,967
Balance at July 31, 2017	1,451,844			67,899		1,519,743
Acquisitions (including measurement period adjustments)	344			—		344
Effects of changes in foreign currency exchange rates	(44,401		)	—		(44,401		)
Balance at July 31, 2018	$	1,407,787		$	67,899	$	1,475,686

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



	July 31,
	2018		2017
Trade payables	$	80,793	$	71,558
Deferred revenue	282,103		240,096
Accrued salaries, wages and deferred compensation	40,034		44,869
Accrued benefits	33,963		32,505
Deposits	26,646		23,742
Other accruals	40,994		54,899
Total accounts payable and accrued liabilities	$	504,533	$	467,669

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



	July 31,
	2018		2017
Private club deferred initiation fee revenue	$	114,319	$	118,417
Unfavorable lease obligation, net	21,839		24,664
Other long-term liabilities	155,348		158,655
Total other long-term liabilities	$	291,506	$	301,736