PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

5. PROPERTY AND EQUIPMENT

Property and equipment consists of the following as of December 31, 2023 and 2022:

	As of December 31, 2023						As of December 31, 2022
			Accumulated						Accumulated
(In millions)	Cost		Depreciation		Net Book Value		Cost		Depreciation		Net Book Value
Vessels	$	2,323.4	$	886.8	$	1,436.6	$	2,278.6	$	838.8	$	1,439.8
Containers and equipment		845.0		451.9		393.1		762.7		433.8		328.9
Terminal facilities and other property		148.0		58.6		89.4		131.5		53.6		77.9
New vessel construction in progress		103.1		—		103.1		50.2		—		50.2
Other construction in progress		67.7		—		67.7		65.7		—		65.7
Total	$	3,487.2	$	1,397.3	$	2,089.9	$	3,288.7	$	1,326.2	$	1,962.5

New vessel construction in progress at December 31, 2023 and 2022 includes milestone progress payments, capitalized interest and other costs related to the construction of three new Jones Act vessels. Delivery of the first vessel is currently anticipated to be in the fourth quarter of 2026, with subsequent deliveries expected in the second and fourth quarters of 2027.

Depreciation expense for the years ended December 31, 2023, 2022 and 2021 are as follows:

	Years Ended December 31,
(In millions)	2023		2022		2021
Depreciation expense	$	124.4	$	123.5	$	117.1