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PROPERTY AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2022
PROPERTY AND EQUIPMENT |
PROPERTY AND EQUIPMENT |
5. | PROPERTY AND EQUIPMENT
​ Property and equipment at December 31, 2022 and 2021, and depreciation expense for the years ended December 31, 2022, 2021 and 2020 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2022 |  | ​ | As of December 31, 2021 |
​ |  | ​ | ​ |  | Accumulated |  | ​ |  |  | ​ | ​ |  | Accumulated |  | ​ |
(In millions) | ​ | Cost | ​ | Depreciation | ​ | Net Book Value |  | ​ | Cost | ​ | Depreciation | ​ | Net Book Value |
Vessels | ​ | $ | 2,278.6 | ​ | $ | 838.8 | ​ | $ | 1,439.8 | ​ | ​ | $ | 2,243.8 | ​ | $ | 760.5 | ​ | $ | 1,483.3 | ​
Containers and equipment | ​ |  | 762.7 | ​ | ​ | 433.8 | ​ |  | 328.9 | ​ | ​ |  | 680.9 | ​ |  | 399.4 | ​ |  | 281.5 | ​
Terminal facilities and other property | ​ |  | 131.5 | ​ | ​ | 53.6 | ​ |  | 77.9 | ​ | ​ |  | 128.3 | ​ |  | 49.2 | ​ |  | 79.1 | ​
Vessel construction in progress | ​ | ​ | 50.2 | ​ | ​ | — | ​ | ​ | 50.2 | ​ | ​ | ​ | 14.9 | ​ | ​ | — | ​ | ​ | 14.9 | ​
Other construction in progress | ​ |  | 65.7 | ​ | ​ | — | ​ |  | 65.7 | ​ | ​ |  | 19.5 | ​ |  | — | ​ |  | 19.5 | ​
Total | ​ | $ | 3,288.7 | ​ | $ | 1,326.2 | ​ | $ | 1,962.5 | ​ | ​ | $ | 3,087.4 | ​ | $ | 1,209.1 | ​ | $ | 1,878.3 | ​
​ Vessel construction in progress at December 31, 2022 includes milestone progress payments and capitalized interest 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 in the second and fourth quarters of 2027. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, |
(In millions) |  | 2022 |  | 2021 |  | 2020 |
Depreciation expense | ​ | $ | 123.5 | ​ | $ | 117.1 | ​ | $ | 97.1 | ​
​

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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