PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2020

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

4.          PROPERTY AND EQUIPMENT

Property and equipment as of September 30, 2020 and December 31, 2019 consisted of the following:

	September 30,		December 31,
(In millions)	2020		2019
Cost:
Vessels	$	1,914.1	$	1,653.5
Containers and equipment		532.8		544.5
Terminal facilities and other property		117.2		114.4
Vessel construction in progress		230.4		488.9
Other construction in progress		17.2		35.4
Total Property and Equipment		2,811.7		2,836.7
Less: Accumulated Depreciation		(1,197.1)		(1,238.6)
Total Property and Equipment, net	$	1,614.6	$	1,598.1

Vessel construction in progress relates to progress payments for the construction of new vessels, capitalized owner’s items and capitalized interest. During the nine months ended September 30, 2020, the newly constructed vessel Lurline was placed into service resulting in $308.2 million, including $16.5 million of capitalized interest, being transferred from the Vessel construction in progress category to the Vessels category within Property and Equipment. Capitalized interest included in Vessel construction in progress was $11.0 million and $22.0 million at September 30, 2020 and December 31, 2019, respectively.