Supplementary Balance Sheet Information

12 Months Ended

Jul. 31, 2023

Balance Sheet Related Disclosures [Abstract]

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


	July 31,
	2023		2022
Land and land improvements	$	796,730	$	763,432
Buildings and building improvements	1,643,517		1,545,571
Machinery and equipment	1,792,378		1,505,236
Furniture and fixtures	298,725		307,867
Software	152,033		138,058
Vehicles	87,298		81,927
Construction in progress	134,113		127,282
Gross property, plant and equipment	4,904,794		4,469,373
Accumulated depreciation	(2,533,237)		(2,351,321)
Property, plant and equipment, net	$	2,371,557	$	2,118,052

Depreciation expense, which included depreciation of assets recorded under finance leases, for the years ended July 31, 2023, 2022 and 2021 totaled $263.4 million, $247.2 million and $247.2 million, respectively.

The following table summarizes the composition of property, plant and equipment recorded under finance leases as of July 31, 2023 and 2022 (in thousands):


	July 31,
	2023		2022
Land	$	31,818	$	31,818
Land improvements	49,228		49,228
Buildings and building improvements	70,917		42,160
Machinery and equipment	71,527		60,384
Gross property, plant and equipment	223,490		183,590
Accumulated depreciation	(96,257)		(84,556)
Property, plant and equipment, net	$	127,233	$	99,034

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


	July 31,
	2023		2022
Goodwill
Goodwill	$	1,763,386	$	1,797,970
Accumulated impairments	(25,688)		(25,688)
Accumulated amortization	(17,354)		(17,354)
Goodwill, net	$	1,720,344	$	1,754,928

Indefinite-lived intangible assets
Trademarks	$	237,921	$	237,483
Other	41,224		41,400
Total gross indefinite-lived intangible assets	279,145		278,883
Accumulated amortization	(24,713)		(24,713)
Indefinite-lived intangible assets, net	$	254,432	$	254,170
Amortizable intangible assets
Trademarks	$	38,008	$	38,008
Other	71,570		71,767
Total gross amortizable intangible assets	109,578		109,775
Accumulated amortization	(54,665)		(49,887)
Amortizable intangible assets, net	54,913		59,888
Total gross intangible assets	388,723		388,658
Total accumulated amortization	(79,378)		(74,600)
Total intangible assets, net	$	309,345	$	314,058

Amortization expense for intangible assets subject to amortization for the years ended July 31, 2023, 2022 and 2021 totaled $5.1 million, $5.2 million and $5.4 million, respectively, and is estimated to be approximately $3.2 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, 2023 and 2022 are as follows (in thousands):


	Mountain		Lodging		Goodwill, net
Balance at July 31, 2021	$	1,738,836	$	42,211	$	1,781,047
Acquisitions (including measurement period adjustments)	2,196		2,795		4,991

Effects of changes in foreign currency exchange rates	(31,110)		—		(31,110)
Balance at July 31, 2022	1,709,922		45,006		1,754,928
Acquisition (including measurement period adjustments)	3,368		—		3,368
Disposal of retail and rental stores (1)	(5,975)		—		(5,975)
Effects of changes in foreign currency exchange rates	(31,977)		—		(31,977)
Balance at July 31, 2023	$	1,675,338	$	45,006	$	1,720,344

(1) During the year ended July 31, 2023, the Company completed a sale of five retail and rental stores in Telluride, Colorado (the “Disposal Group”) to an unrelated party for cash, which the Company determined constituted the sale of a business. As of April 30, 2023, the Company allocated a proportionate share of the applicable reporting unit’s goodwill to the Disposal Group, and reduced the carrying value of the Disposal Group to its net realizable value.

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


	July 31,
	2023		2022
Trade payables	$	148,521	$	151,263
Deferred revenue	572,602		511,306
Accrued salaries, wages and deferred compensation	38,908		64,570
Accrued benefits	60,466		45,202
Deposits	37,798		37,731
Operating lease liabilities	36,904		34,218
Other accruals	82,822		98,540
Total accounts payable and accrued liabilities	$	978,021	$	942,830