Property and Equipment, net

9 Months Ended

Apr. 30, 2024

Property, Plant and Equipment [Abstract]

Property and equipment, net was comprised of the following:


(in thousands)	April 30, 2024		July 31, 2023
Land	$	309,818	$	141,888
Buildings and improvements	120,196		92,960
Machinery and equipment	104,591		81,984
Vineyards and improvements	64,274		44,896
Barrels	51,281		34,944
Construction in progress	19,458		11,866
Property and equipment, gross	669,618		408,538
Less: accumulated depreciation and amortization	(103,812)		(85,008)
Property and equipment, net	$	565,806	$	323,530

Depreciation expense recognized in selling, general and administrative expenses was $0.9 million and $0.4 million for the three months ended April 30, 2024 and 2023, respectively, and $4.2 million and $1.3 million for the nine months ended April 30, 2024 and 2023, respectively. In connection with the Sonoma-Cutrer acquisition,

we acquired property and equipment, net of approximately $244.8 million on April 30, 2024, see Note 4 (Business Combination) for additional information.

See Note 5 (Inventories) for depreciation expense capitalized into inventory.