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Supplementary Balance Sheet Information | 12 Months Ended
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Jul. 31, 2021
Balance Sheet Related Disclosures [Abstract] |
Supplementary Balance Sheet Information | Supplementary Balance Sheet Information The composition of property, plant and equipment, including finance lease assets, follows (in thousands):
| July 31,
| 2021 | 2020
Land and land improvements | $ | 756,517 |  | $ | 750,714 |
Buildings and building improvements | 1,496,402 |  | 1,475,661 |
Machinery and equipment | 1,417,705 |  | 1,361,178 |
Furniture and fixtures | 308,432 |  | 308,267 |
Software | 122,778 |  | 104,223 |
Vehicles | 80,328 |  | 80,510 |
Construction in progress | 67,710 |  | 81,967 |
Gross property, plant and equipment | 4,249,872 |  | 4,162,520 |
Accumulated depreciation | (2,181,996) |  | (1,969,841) |
Property, plant and equipment, net | $ | 2,067,876 |  | $ | 2,192,679 |
Depreciation expense, which included depreciation of assets recorded under finance leases, for the years ended July 31, 2021, 2020 and 2019 totaled $247.2 million, $243.1 million, and $210.7 million, respectively. The following table summarizes the composition of property, plant and equipment recorded under finance leases as of July 31, 2021 and 2020 (in thousands):
| July 31,
| 2021 | 2020
Land | $ | 31,818 |  | $ | 31,818 |
Land improvements | 49,228 |  | 49,228 |
Buildings and building improvements | 42,160 |  | 42,160 |
Machinery and equipment | 60,384 |  | 60,384 |
Gross property, plant and equipment | 183,590 |  | 183,590 |
Accumulated depreciation | (75,545) |  | (65,792) |
Property, plant and equipment, net | $ | 108,045 |  | $ | 117,798 |
The composition of goodwill and intangible assets follows (in thousands):
| July 31,
| 2021 | 2020
Goodwill |  |
Goodwill | $ | 1,824,089 |  | $ | 1,752,062 |
Accumulated impairments | (25,688) |  | (25,688) |
Accumulated amortization | (17,354) |  | (17,354) |
Goodwill, net | $ | 1,781,047 |  | $ | 1,709,020 |
Indefinite-lived intangible assets |  |
Trademarks | $ | 239,786 |  | $ | 230,000 |
Other | 41,561 |  | 41,667 |
Total gross indefinite-lived intangible assets | 281,347 |  | 271,667 |
Accumulated amortization | (24,713) |  | (24,713) |
Indefinite-lived intangible assets, net | $ | 256,634 |  | $ | 246,954 |
Amortizable intangible assets |  |
Trademarks | $ | 38,008 |  | $ | 38,208 |
Other | 69,397 |  | 70,772 |
Total gross amortizable intangible assets | 107,405 |  | 108,980 |
Accumulated amortization | (44,929) |  | (41,158) |
Amortizable intangible assets, net | 62,476 |  | 67,822 |
Total gross intangible assets | 388,752 |  | 380,647 |
Total accumulated amortization | (69,642) |  | (65,871) |
Total intangible assets, net | $ | 319,110 |  | $ | 314,776 |
Amortization expense for intangible assets subject to amortization for the years ended July 31, 2021, 2020 and 2019 totaled $5.4 million, $6.5 million and $7.4 million, respectively, and is estimated to be approximately $4.1 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, 2021 and 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) | 135,987 |  | — |  | 135,987 |
Asset impairments | — |  | (25,688) |  | (25,688) |
Effects of changes in foreign currency exchange rates | (9,485) |  | — |  | (9,485) |
Balance at July 31, 2020 | 1,666,809 |  | 42,211 |  | 1,709,020 |
Effects of changes in foreign currency exchange rates | 72,027 |  | — |  | 72,027 |
Balance at July 31, 2021 | $ | 1,738,836 |  | $ | 42,211 |  | $ | 1,781,047 |
Asset Impairments The Company recorded asset impairments during the year ended July 31, 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. These asset impairments encompassed various estimates and assumptions about fair value, which were based predominately on significant unobservable inputs. As a result of COVID-19 and the impact it had on the Company’s operations during the year ended July 31, 2020, 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 of approximately $25.7 million and intangible assets and long-lived assets of $2.7 million, which were recorded within asset impairments on the Company’s Consolidated Statement of Operations during the year ended July 31, 2020. 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 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 July 31, 2020. The composition of accounts payable and accrued liabilities follows (in thousands):
| July 31,
| 2021 | 2020
Trade payables | $ | 98,261 |  | $ | 59,692 |
Deferred revenue | 456,457 |  | 256,402 |
Accrued salaries, wages and deferred compensation | 54,286 |  | 25,588 |
Accrued benefits | 47,368 |  | 43,704 |
Deposits | 35,263 |  | 20,070 |
Operating lease liabilities | 34,668 |  | 36,604 |
Other accruals | 89,169 |  | 57,048 |
Total accounts payable and accrued liabilities | $ | 815,472 |  | $ | 499,108 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 + Details
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