S dollars at the contractual interest rates

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Unformatted text preview: s of United States dollars (unless otherwise stated) improvements and installations, and 4 to 25 years for machinery and equipment and other assets. (h) Environmental costs Expenditures relating to ongoing programs for compliance with environmental regulations are generally expensed but may be capitalized under certain circumstances. Capitalization is considered appropriate when the expenditures relate to the acquisition and installation of pollution control equipment. These ongoing programs are designed to minimize the environmental impact of the Company's pulp-producing activities. (i) Recoverability of long-lived assets In accordance with SFAS 121 – “Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of”, management reviews long-lived assets, primarily property, plant and equipment to be held and used in the business, for the purposes of determining and measuring impairment on a recurring basis or when events or changes in circumstances indicate that the carrying value of an asset or group of assets may not be recoverable. At December 31, 1998 and 1999 the Company recorded provisions of U.S.$ 12.1 million and U.S.$ 1.6 million, respectively, for impairment related to plant and equipment expected to be discontinued. The Company did not record a provision for impairment in 2000. (j) Employee retirement and postemployment benefits The cos...
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