BGC » Topics » Property, Plant and Equipment

These excerpts taken from the BGC 8-K filed Sep 26, 2007.
Property, Plant and Equipment
 
Property, plant and equipment are carried at cost. Cost of significant assets includes capitalized interest incurred during the construction and development period. Expenditures for replacements and betterments are capitalized; maintenance and repair expenditures are charged to operations as incurred. The Company’s policy for repair and maintenance costs incurred in connection with periodic, planned, major maintenance activities is to charge such costs to operations when incurred. Gains or losses resulting from sales or disposals of fixed assets are recorded in the Combined Statement of Income when realized.
 
Property, plant and equipment are depreciated using the straight-line method over the estimated lives of three to five years for office and transportation equipment; 10 years for general machinery, equipment, and furniture and fixtures; 20-40 years for buildings, or the estimated life of the operation, if shorter.
 
Property, Plant and Equipment
 
Property, plant and equipment are carried at cost. Cost of significant assets includes fair values assigned as part of the acquisition of PDC by FCX (see Note 3) and capitalized interest incurred during the construction and development period. Expenditures for replacements and betterments are capitalized. The Company’s policy for repair and maintenance costs incurred in connection with periodic, planned, major maintenance activities is to charge such costs to operations when incurred. Gains or losses resulting from sales or disposals of fixed assets are recorded in the Combined Statement of Income when realized.
 
Property, plant and equipment are depreciated using the straight-line method over the estimated lives of three to five years for office and transportation equipment; 10 years for general machinery, equipment, and furniture and fixtures; 20-40 years for buildings, or the estimated life of the operation, if shorter.
 

EXCERPTS ON THIS PAGE:

8-K (2 sections)
Sep 26, 2007
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