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Supplementary Balance Sheet Information | 12 Months Ended
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Jul. 31, 2011
Supplementary Balance Sheet Information |
Supplementary Balance Sheet Information |
6. | Supplementary Balance Sheet Information
The composition of property, plant and equipment follows (in thousands):
|  | July 31, |
|  | 2011 |  |  | 2010 |
Land and land improvements |  | $ | 271,742 |  |  | $ | 270,382 |
Buildings and building improvements |  |  | 801,582 |  |  |  | 769,382 |
Machinery and equipment |  |  | 539,983 |  |  |  | 512,144 |
Furniture and fixtures |  |  | 215,862 |  |  |  | 198,566 |
Software |  |  | 64,408 |  |  |  | 56,498 |
Vehicles |  |  | 40,627 |  |  |  | 35,447 |
Construction in progress |  |  | 34,638 |  |  |  | 31,197 |
Gross property, plant and equipment |  |  | 1,968,842 |  |  |  | 1,873,616 |
Accumulated depreciation |  |  | (947,106 | ) |  |  | (846,226 | )
Property, plant and equipment, net |  | $ | 1,021,736 |  |  | $ | 1,027,390 |
Depreciation expense for the years ended July 31, 2011, 2010 and 2009 totaled $116.3 million, $109.8 million and $106.6 million, respectively. The composition of goodwill and intangible assets follows (in thousands):
|  | July 31, |
|  | 2011 |  |  | 2010 |
Goodwill |  |  |  |  |  |  |  |
Goodwill |  | $ | 285,412 |  |  | $ | 198,439 |
Accumulated amortization |  |  | (17,354 | ) |  |  | (17,354 | )
Goodwill, net |  |  | 268,058 |  |  |  | 181,085 |
Indefinite lived intangible assets |  |  |  |  |  |  |  |
Gross indefinite-lived intangible assets |  |  | 105,838 |  |  |  | 105,838 |
Accumulated amortization |  |  | (24,713 | ) |  |  | (24,713 | )
Indefinite-lived intangible assets, net |  |  | 81,125 |  |  |  | 81,125 |
Amortizable intangible assets |  |  |  |  |  |  |  |
Gross amortizable intangible assets |  |  | 51,850 |  |  |  | 48,326 |
Accumulated amortization |  |  | (41,877 | ) |  |  | (40,178 | )
Amortizable intangible assets, net |  |  | 9,973 |  |  |  | 8,148 |
Total gross intangible assets |  |  | 157,688 |  |  |  | 154,164 |
Total accumulated amortization |  |  | (66,590 | ) |  |  | (64,891 | )
Total intangible assets, net |  | $ | 91,098 |  |  | $ | 89,273 |
Amortization expense for intangible assets subject to amortization for the years ended July 31, 2011, 2010 and 2009 totaled $1.7 million, $0.8 million and $0.6 million, respectively, and is estimated to be approximately $1.2 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, 2011 and 2010 are as follows (in thousands):
|  | Mountain |  |  | Lodging |  |  | Goodwill, net |
Balance at July 31, 2009 |  | $ | 107,722 |  |  | $ | 60,228 |  |  | $ | 167,950 |
Acquisition |  |  | 12,893 |  |  |  | 242 |  |  |  | 13,135 |
Balance at July 31, 2010 |  |  | 120,615 |  |  |  | 60,470 |  |  |  | 181,085 |
Acquisitions |  |  | 86,973 |  |  |  | -- |  |  |  | 86,973 |
Balance at July 31, 2011 |  | $ | 207,588 |  |  | $ | 60,470 |  |  | $ | 268,058 |
The composition of accounts payable and accrued liabilities follows (in thousands):
|  | July 31, |
|  | 2011 |  |  | 2010 |
Trade payables |  | $ | 55,456 |  |  | $ | 47,554 |
Real estate development payables |  |  | 3,360 |  |  |  | 31,203 |
Deferred revenue |  |  | 66,044 |  |  |  | 53,298 |
Deferred real estate and other deposits |  |  | 11,741 |  |  |  | 42,891 |
Accrued salaries, wages and deferred compensation |  |  | 26,350 |  |  |  | 21,425 |
Accrued benefits |  |  | 22,107 |  |  |  | 23,547 |
Accrued interest |  |  | 8,511 |  |  |  | 13,939 |
Other accruals |  |  | 27,790 |  |  |  | 21,469 |
Total accounts payable and accrued liabilities |  | $ | 221,359 |  |  | $ | 255,326 |
The composition of other long-term liabilities follows (in thousands):
|  | July 31, |
|  | 2011 |  |  | 2010 |
Private club deferred initiation fee revenue and deposits |  | $ | 146,065 |  |  | $ | 148,184 |
Unfavorable lease obligation, net |  |  | 38,729 |  |  |  | -- |
Other long-term liabilities |  |  | 50,635 |  |  |  | 48,976 |
Total other long-term liabilities |  | $ | 235,429 |  |  | $ | 197,160 |

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