Supplementary Balance Sheet Information (Tables)

9 Months Ended

Apr. 30, 2020

Balance Sheet Related Disclosures [Abstract]

Composition Of Property, Plant And Equipment

The composition of property, plant and equipment follows (in thousands):

	April 30, 2020			July 31, 2019			April 30, 2019
Land and land improvements	$	745,275		$	619,561		$	618,545
Buildings and building improvements	1,466,113			1,284,438			1,279,117
Machinery and equipment	1,351,491			1,160,817			1,157,424
Furniture and fixtures	335,827			309,271			304,345
Software	130,354			118,815			118,678
Vehicles	81,408			65,556			63,443
Construction in progress	57,462			79,282			48,728
Gross property, plant and equipment	4,167,930			3,637,740			3,590,280
Accumulated depreciation	(1,966,127		)	(1,795,240		)	(1,742,846		)
Property, plant and equipment, net	$	2,201,803		$	1,842,500		$	1,847,434

Components Of Accounts Payable And Accrued Liabilities

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

	April 30, 2020		July 31, 2019		April 30, 2019
Trade payables	$	62,101	$	96,377	$	80,218
Deferred revenue	219,395		335,669		297,874
Accrued salaries, wages and deferred compensation	16,184		50,318		37,817
Accrued benefits	44,536		37,797		42,732
Deposits	27,053		32,108		32,090
Other liabilities	80,005		55,588		52,329
Total accounts payable and accrued liabilities	$	449,274	$	607,857	$	543,060

Components Of Other Long-Term Liabilities

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

	April 30, 2020		July 31, 2019		April 30, 2019
Private club deferred initiation fee revenue	$	107,500	$	109,749	$	111,294
Unfavorable lease obligation, net	1,567		19,017		19,733
Other long-term liabilities	142,397		154,835		137,323
Total other long-term liabilities	$	251,464	$	283,601	$	268,350

Schedule of Goodwill [Table Text Block]

The changes in the net carrying amount of goodwill allocated between the Company’s segments for the nine months ended April 30, 2020 are as follows (in thousands):

	Mountain			Lodging			Goodwill, net
Balance at July 31, 2019	$	1,540,307		$	67,899		$	1,608,206
Acquisitions (including measurement period adjustments)	144,634			—			144,634
Asset impairments	—			(25,688		)	(25,688		)
Effects of changes in foreign currency exchange rates	(53,894		)	—			(53,894		)
Balance at April 30, 2020	$	1,631,047		$	42,211		$	1,673,258

Asset Impairments

The Company recorded asset impairments during the three and nine months ended April 30, 2020 of $28.4 million, with corresponding reductions to goodwill, net of $25.7 million and intangible assets, net and property, plant and equipment, net of $2.7 million. The Company’s non-financial assets, such as property, plant and equipment, goodwill and intangible assets, are adjusted when an asset impairment is recognized. These asset impairments encompass various estimates and assumptions about fair value, which are based predominately on significant unobservable inputs.

As a result of the COVID-19 pandemic and the impact it has had on the Company’s operations during the three and nine months ended April 30, 2020, and the expected continuing impact of the pandemic on future operations, the Company determined that the estimated fair value of its Colorado resort ground transportation company reporting unit within its Lodging segment no longer exceeded its carrying value. Additionally, the Company determined that certain long-lived assets of its Colorado resort ground transportation company were not recoverable. As a result, the Company recognized impairments of goodwill and long-lived assets of approximately $25.7 million and $2.7 million, respectively, which were recorded within asset impairments on the Company’s Consolidated Condensed Statements of Operations during the three and nine months ended April 30, 2020. Corresponding reductions were made to goodwill, net of $25.7 million and intangible assets, net and property, plant and equipment, net of $2.7 million.

The Company estimated the fair value of its Colorado resort ground transportation company reporting unit based on an analysis of the present value of future cash flows (an income approach). The significant estimates used in the discounted cash flow model included the Company’s weighted average cost of capital for the reporting unit, projected cash flows and the long-term rate of growth, all of which are significant unobservable (Level 3) inputs. The Company’s assumptions were based on the actual historical performance of the reporting unit, taking into account the recent weakening of operating results and the expected continuation of operating results for transportation services. As a result of this impairment, the Company’s Colorado ground transportation company had no remaining goodwill recorded as of April 30, 2020.