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PROPERTY AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2013
PROPERTY AND EQUIPMENT |
PROPERTY AND EQUIPMENT | 5. PROPERTY AND EQUIPMENT Property and equipment at December 31, 2013 and 2012 includes the following (in millions):
|  | As of December 31, 2013 |
|  | Cost |  | Accumulated Depreciation |  | Net Book Value |
Vessels |  | $ | 1,260.2 |  | $ | 718.1 |  | $ | 542.1 |
Containers and equipment |  | 470.6 |  | 310.4 |  | 160.2 |
Terminal facilities and other property |  | 38.9 |  | 30.9 |  | 8.0 |
Construction in progress |  | 25.1 |  | — |  | 25.1 |
Total |  | $ | 1,794.8 |  | $ | 1,059.4 |  | $ | 735.4 |
|  | As of December 31, 2012 |
|  | Cost |  | Accumulated Depreciation |  | 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 |
|  | Years Ended December 31, |
|  | 2013 |  | 2012 |  | 2011 |
Depreciation Expense |  | $ | 67.4 |  | $ | 70.6 |  | $ | 69.4 |
Property and equipment subject to capital leases was $3.1 million at December 31, 2013 and amortization recorded in the Consolidated Statement of Income and Comprehensive Income was $0.3 million for the year ended December 31, 2013. During the fourth quarter of 2013, the Company entered into agreements with a shipyard for the construction of two new 3,600 twenty-foot equivalent units Aloha-class container ships at a cost of $418.0 million. The container ships are expected to be delivered during 2018. The Company made an initial payment of $8.4 million to the shipyard during 2013, which is included in construction in progress. Additional payments totaling $92.0 million are payable in 2015 and 2016, with the remaining balance payable in 2017 and 2018.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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