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PROPERTY

12 Months Ended

Dec. 31, 2012

4. PROPERTY

Property on the consolidated balance sheets includes the following (in millions):

	As of December 31, 2012
	Cost		Accumulated Depreciation and Amortization			Net Book Value

Vessels	$	1,249.1	$	(679.4	)	$	569.7
Containers and equipment	468.5		(300.1		)	168.4
Terminal facilities and other property	38.5		(28.8		)	9.7
Construction in progress	14.7		—			14.7
Total	$	1,770.8	$	(1,008.3	)	$	762.5

	As of December 31, 2011
	Cost		Accumulated Depreciation and Amortization			Net Book Value

Vessels	$	1,225.8	$	(639.3	)	$	586.5
Containers and equipment	481.3		(294.8		)	186.5
Terminal facilities and other property	37.9		(26.1		)	11.8
Construction in progress	15.7		—			15.7
Total	$	1,760.7	$	(960.2	)	$	800.5

	Year Ended December 31,
	2012	2011	2010
Depreciation Expense	70.6	69.4	68.1

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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