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This excerpt taken from the VLG 10-K filed Sep 28, 2006. Property,
Plant and Equipment
Valley’s property, plant and equipment are carried at cost.
Depreciation is computed using the straight-line method over the
estimated useful lives of the properties, while leasehold
improvements are amortized over the shorter of their useful life
or the term of the lease which is consistent with the lease term
used to recognize rent expense as follows:
The cost of maintenance and repairs is charged to operations as
incurred. Major renewals and betterments that extend the useful
life of the asset are capitalized. The costs of property, plant
and equipment retired or otherwise disposed of and the related
accumulated depreciation or amortization are removed from the
accounts, and any resulting gain or loss is reflected in income
from operations. See Note 14 for information related to
property plant and equipment owned by the Variable Interest
Entities.
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