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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net
11. Property and Equipment, Net
Property and equipment, net consisted of the following:
December 31,
2023		December 31,
2022
Transportation equipment$311,584 $294,846 
Office furniture and equipment3,131 2,591 
Leasehold improvements2,306 137 
Construction in progress147 447 
Deposits on transportation equipment23,923 29,729 
341,091 327,750 
Less: Accumulated depreciation(87,115)(75,057)
Property and equipment, net$253,976 $252,693 
Depreciation expense of property and equipment for the years ended December 31, 2023 and 2022, was $25,833 and $23,114, respectively. The net carrying value of disposals of long-lived assets as of December 31, 2023 and 2022 was $66,986 and $45,209, respectively.
Interest payments on borrowings to acquire aircraft are capitalized for the month of acquisition when the aircraft’s in-service date begins following the 15th of the month. (Interest payments for the month of acquisition would be expensed if the aircraft is placed into service before the 15th of the month). Capitalized interest was zero and $161 as of December 31, 2023 and December 31, 2022, respectively, and was included as a component of construction in progress prior to the equipment’s in-service date.