This excerpt taken from the ITW 8-K filed Aug 7, 2009.
are stated at cost less accumulated depreciation. Renewals and improvements that increase the useful life of plant and equipment are capitalized. Maintenance and repairs are charged to expense as incurred.
Depreciation was $366,711,000 in 2008, $359,076,000 in 2007 and $311,776,000 in 2006, and was reflected primarily in cost of revenues. Discontinued operations depreciation was $904,000 in 2008, $4,625,000 in 2007 and $7,586,000 in 2006 and was reflected in income (loss) from discontinued operations.