Hydraulic circuit with a return line metering valve and method of operation

A hydraulic system controls the flow of fluid to and from several functions on a machine. Each function has a valve assembly through which fluid is supplied under pressure from a source to an actuator and through which fluid returns from the actuator to a shared return line connected by a return line metering valve to the system tank. There are several regeneration modes of operation in which fluid exhausted from one port is supplied into the other port of the same actuator, which eliminates or reduces the amount of hydraulic fluid that must be supplied from the source. In some regeneration modes, input fluid for an actuator is obtained from another hydraulic function via the shared return line. In these regeneration modes an electronic controller operates the return line metering valve to restrict fluid from flowing into the tank from the shared return line, so that the fluid will be available to be supplied into an actuator port.