A hydraulic valve assembly having a regeneration circuit, where the hydraulic valve assembly is switchable between a regenerative mode and a non-regenerative mode as the valve assembly supplies fluid to operate a hydraulic device. The hydraulic valve assembly may be automatically switchable between the regenerative mode and the non-regenerative mode, such as by utilizing a pressure control valve in the hydraulic circuit that is activatable at a predetermined pressure setpoint, or by utilizing a variable pressure reducing valve that actuates a spool in the hydraulic circuit. In other embodiments, the hydraulic valve assembly may be manually switchable between the regenerative mode and non-regenerative mode by utilizing a valve member operatively coupled to a solenoid in cooperation with one or more check valves in the regeneration circuit.