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PROPERTY AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2018
PROPERTY AND EQUIPMENT |
PROPERTY AND EQUIPMENT | 5.PROPERTY AND EQUIPMENT Property and equipment at December 31, 2018 and 2017, and depreciation expense for the years ended December 31, 2018, 2017 and 2016 is as following:
|  | As of December 31, 2018 |  |  | As of December 31, 2017 |
|  |  |  |  | Accumulated |  |  |  |  |  |  |  | Accumulated |  |  |
(In millions) |  | Cost |  | Depreciation |  | Net Book Value |  |  | Cost |  | Depreciation |  | Net Book Value |
Vessels |  | $ | 1,489.2 |  |  | 847.1 |  | $ | 642.1 |  |  | $ | 1,433.6 |  | $ | 893.2 |  | $ | 540.4 |
Containers and equipment |  |  | 513.6 |  |  | 362.9 |  |  | 150.7 |  |  |  | 543.0 |  |  | 349.0 |  |  | 194.0 |
Terminal facilities and other property |  |  | 66.0 |  |  | 38.6 |  |  | 27.4 |  |  |  | 64.8 |  |  | 36.3 |  |  | 28.5 |
Vessel construction in progress |  |  | 487.2 |  |  | — |  |  | 487.2 |  |  |  | 376.6 |  |  | — |  |  | 376.6 |
Other construction in progress |  |  | 59.2 |  |  | — |  |  | 59.2 |  |  |  | 26.2 |  |  | — |  |  | 26.2 |
Total |  | $ | 2,615.2 |  | $ | 1,248.6 |  | $ | 1,366.6 |  |  | $ | 2,444.2 |  | $ | 1,278.5 |  | $ | 1,165.7 |
|  | Years Ended December 31, |
(In millions) |  | 2018 |  | 2017 |  | 2016 |
Depreciation expense |  | $ | 80.5 |  | $ | 86.7 |  | $ | 86.0 |
Vessel construction in progress represents progress payments for the construction of four new vessels, and other related costs. During the year ended December 31, 2018, the construction of the first vessel was completed and the vessel was placed into service resulting in approximately $233.0 million, including $12.8 million of capitalized interest, transferred from Vessel construction in progress category to Vessels category within Property and Equipment. As of December 31, 2018 and 2017, vessel construction in progress costs included capitalized interest of $16.3 million and $10.4 million, respectively. Property and equipment includes assets subject to capital leases with a net book value of $0.1 million and $4.9 million, net of accumulated depreciation of $0.7 million and $3.8 million at December 31, 2018 and 2017, respectively. Depreciation of assets subject to capital leases recorded in the Consolidated Statement of Income and Comprehensive Income was $0.5 million, $1.5 million and $1.2 million for the years ended December 31, 2018, 2017 and 2016, respectively.

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- References No definition available. + Details
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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 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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