Annual report pursuant to Section 13 and 15(d)

PROPERTY, PLANT AND EQUIPMENT

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PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2013
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT

11. PROPERTY, PLANT AND EQUIPMENT

In the year ended December 31, 2013, Newcastle acquired property, plant and equipment as part of the acquisition of the Media business which consisted of land, buildings, machinery and equipment. These assets were recognized at fair value on the acquisition date. The following table summarizes the balances of property, plant and equipment at December 31, 2013:

         
    December 31, 2013  
Land     23,087  
Buildings and improvements     110,522  
Machinery and equipment     125,836  
Furniture, fixtures, and computer software     13,970  
      273,415  
Less: accumulated depreciation and amortization     (3,227 )
Total   $ 270,188  
         
    Year ended December 31,  
    2013  
Gross Carrying Amount        
Balance at beginning of acquisition   $ 272,153  
Additions:        
Acquisitions of property, plant and equipment     1,262  
Improvements     —  
Disposals:        
Disposal of long-lived assets     —  
Balance at end of year   $ 273,415  
         
Accumulated Depreciation        
Balance at beginning of acquisition   $ —  
Additions:        
Depreciation expense     (3,227 )
Transferred from assets held for sale     —  
Disposals:        
Disposal of long-lived assets     —  
Balance at end of year   $ (3,227 )
         

Depreciation is calculated on a straight line basis using the estimated useful lives as described in Note 2.