Supplementary Balance Sheet Information

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



	July 31,
	2019			2018
Land and land improvements	$	619,561		$	552,271
Buildings and building improvements	1,284,438			1,193,528
Machinery and equipment	1,160,817			1,007,250
Furniture and fixtures	309,271			283,694
Software	118,815			113,699
Vehicles	65,556			60,697
Construction in progress	79,282			59,579
Gross property, plant and equipment	3,637,740			3,270,718
Accumulated depreciation	(1,795,240		)	(1,643,499		)
Property, plant and equipment, net	$	1,842,500		$	1,627,219

Depreciation expense, which included depreciation of assets recorded under capital leases, for the years ended July 31, 2019, 2018 and 2017 totaled $210.7 million, $199.2 million and $180.8 million, respectively.

The following table shows the composition of property, plant and equipment recorded under capital leases as of July 31, 2019 and 2018 (in thousands):



	July 31,
	2019			2018
Land	$	31,818		$	31,818
Land improvements	49,228			49,228
Buildings and building improvements	42,160			42,660
Machinery and equipment	60,384			60,384
Gross property, plant and equipment	183,590			184,090
Accumulated depreciation	(56,040		)	(46,502		)
Property, plant and equipment, net	$	127,550		$	137,588

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



	July 31,
	2019			2018
Goodwill
Goodwill	$	1,625,560		$	1,493,040
Accumulated amortization	(17,354		)	(17,354		)
Goodwill, net	$	1,608,206		$	1,475,686

Indefinite-lived intangible assets
Trademarks	$	215,905		$	205,083
Other	42,166			41,160
Total gross indefinite-lived intangible assets	258,071			246,243
Accumulated amortization	(24,713		)	(24,713		)
Indefinite-lived intangible assets, net	$	233,358		$	221,530
Amortizable intangible assets
Trademarks	$	42,108		$	42,971
Other	67,538			47,604
Total gross amortizable intangible assets	109,646			90,575
Accumulated amortization	(36,831		)	(31,533		)
Amortizable intangible assets, net	72,815			59,042
Total gross intangible assets	367,717			336,818
Total accumulated amortization	(61,544		)	(56,246		)
Total intangible assets, net	$	306,173		$	280,572

Amortization expense for intangible assets subject to amortization for the years ended July 31, 2019, 2018 and 2017 totaled $7.4 million, $5.3 million and $8.3 million, respectively, and is estimated to be approximately $4.7 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, 2019 and 2018 are as follows (in thousands):



	Mountain			Lodging		Goodwill, net
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
Acquisitions	152,049			—		152,049
Effects of changes in foreign currency exchange rates	(19,529		)	—		(19,529		)
Balance at July 31, 2019	$	1,540,307		$	67,899	$	1,608,206

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



	July 31,
	2019		2018
Trade payables	$	96,377	$	80,793
Deferred revenue	335,669		282,103
Accrued salaries, wages and deferred compensation	50,318		40,034
Accrued benefits	37,797		33,963
Deposits	32,108		26,646
Other accruals	55,588		40,994
Total accounts payable and accrued liabilities	$	607,857	$	504,533

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



	July 31,
	2019		2018
Private club deferred initiation fee revenue	$	109,749	$	114,319
Unfavorable lease obligation, net	19,017		21,839
Other long-term liabilities	154,835		155,348
Total other long-term liabilities	$	283,601	$	291,506