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PROPERTY AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2024
PROPERTY AND EQUIPMENT |
PROPERTY AND EQUIPMENT |
5. | PROPERTY AND EQUIPMENT
​ Property and equipment consists of the following as of December 31, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2024 |  | ​ | As of December 31, 2023 |
​ |  | ​ | ​ |  | Accumulated |  | ​ |  |  | ​ | ​ |  | Accumulated |  | ​ |
(In millions) | ​ | Cost | ​ | Depreciation | ​ | Net Book Value |  | ​ | Cost | ​ | Depreciation | ​ | Net Book Value |
Vessels | ​ | $ | 2,475.2 | ​ | $ | 961.9 | ​ | $ | 1,513.3 | ​ | ​ | $ | 2,323.4 | ​ | $ | 886.8 | ​ | $ | 1,436.6 | ​
Containers and equipment | ​ |  | 883.8 | ​ | ​ | 465.9 | ​ |  | 417.9 | ​ | ​ |  | 845.0 | ​ |  | 451.9 | ​ |  | 393.1 | ​
Terminal equipment and other property | ​ |  | 152.3 | ​ | ​ | 64.0 | ​ |  | 88.3 | ​ | ​ |  | 148.0 | ​ |  | 58.6 | ​ |  | 89.4 | ​
New vessel construction in progress | ​ | ​ | 198.8 | ​ | ​ | — | ​ | ​ | 198.8 | ​ | ​ | ​ | 103.1 | ​ | ​ | — | ​ | ​ | 103.1 | ​
Other construction in progress | ​ |  | 42.6 | ​ | ​ | — | ​ |  | 42.6 | ​ | ​ |  | 67.7 | ​ |  | — | ​ |  | 67.7 | ​
Total | ​ | $ | 3,752.7 | ​ | $ | 1,491.8 | ​ | $ | 2,260.9 | ​ | ​ | $ | 3,487.2 | ​ | $ | 1,397.3 | ​ | $ | 2,089.9 | ​
​ New vessel construction in progress at December 31, 2024 and 2023 includes milestone progress payments, capitalized interest and other costs related to the construction of three new Jones Act vessels. Delivery of the first vessel is currently anticipated to be in the first quarter 2027, with subsequent deliveries expected in the third quarter 2027 and second quarter 2028. ​ Depreciation expense for the years ended December 31, 2024, 2023 and 2022 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, |
(In millions) |  | 2024 |  | 2023 |  | 2022 |
Depreciation expense | ​ | $ | 135.4 | ​ | $ | 124.4 | ​ | $ | 123.5 | ​
​

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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