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This excerpt taken from the VRGY 10-K filed Dec 22, 2006. Property, plant and
equipment. Property,
plant and equipment are stated at cost less accumulated depreciation and
amortization. Additions, improvements and major renewals are capitalized;
maintenance, repairs and minor renewals are expensed as incurred. When assets
are retired or disposed of, the assets and related accumulated depreciation and
amortization are removed from our general ledger and the resulting gain or loss
is reflected in the combined statement of operations. Buildings and
improvements are depreciated over ten to forty years, or the lease term if
lower, and machinery and equipment over three to ten years. We are currently
using the straight-line method to depreciate assets. However, prior to
75 November 1, 2001, assets were being depreciated principally using accelerated methods and will continue to be depreciated under those methods until they are fully depreciated or retired. |
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