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PROPERTY AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2016
PROPERTY AND EQUIPMENT |
PROPERTY AND EQUIPMENT | 5.PROPERTY AND EQUIPMENT Property and equipment at December 31, 2016 and 2015, and depreciation expense in the three years ended December 31, 2016 includes the following (in millions):
|  | As of December 31, 2016 |
|  |  |  |  | Accumulated |  |  |
|  | Cost |  | Depreciation |  | Net Book Value |
Vessels |  | $ | 1,416.1 |  | $ | 840.7 |  | $ | 575.4 |
Containers and equipment |  |  | 536.9 |  |  | 326.7 |  |  | 210.2 |
Terminal facilities and other property |  |  | 43.2 |  |  | 35.3 |  |  | 7.9 |
Vessel construction in progress |  |  | 124.5 |  |  | — |  |  | 124.5 |
Other construction in progress |  |  | 31.2 |  |  | — |  |  | 31.2 |
Total |  | $ | 2,151.9 |  | $ | 1,202.7 |  | $ | 949.2 |
|  | As of December 31, 2015 |
|  |  |  |  | Accumulated |  |  |
|  | Cost |  | Depreciation |  | Net Book Value |
Vessels |  | $ | 1,384.8 |  | $ | 787.4 |  | $ | 597.4 |
Containers and equipment |  |  | 496.0 |  |  | 307.8 |  |  | 188.2 |
Terminal facilities and other property |  |  | 42.0 |  |  | 33.4 |  |  | 8.6 |
Vessel construction in progress |  |  | 30.0 |  |  | — |  |  | 30.0 |
Other construction in progress |  |  | 36.1 |  |  | — |  |  | 36.1 |
Total |  | $ | 1,988.9 |  | $ | 1,128.6 |  | $ | 860.3 |
|  | Years Ended December 31, |
|  | 2016 |  | 2015 |  | 2014 |
Depreciation Expense |  | $ | 86.0 |  | $ | 76.4 |  | $ | 66.8 |
The Company entered into agreements for the construction of two new Aloha Class container vessels, and two new Kanaloa Class combination container and roll-on/roll-off vessels at an estimated combined cost of approximately $925.3 million. The vessels are expected to be delivered during the periods from 2018 to 2020. Vessel construction in progress represents progress payments to the shipyards in accordance with the terms of the vessel construction agreements, and other related costs. Vessel construction in progress costs include capitalized interest of $2.9 million and $0.8 million as of December 31, 2016 and 2015, respectively. Property and equipment includes assets subject to capital leases with a net book value of $6.4 million and $6.4 million, net of accumulated depreciation of $2.4 million and $1.1 million at December 31, 2016 and 2015, respectively. Amortization recorded in the Consolidated Statement of Income and Comprehensive Income was $1.2 million, $0.6 million and $0.3 million for the years ended December 31, 2016, 2015 and 2014, respectively.

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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 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 Reference 2: 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=51717284&loc=d3e1361-107760 Reference 3: 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=51719941&loc=d3e2921-110230 Reference 4: 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 + Details
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