v3.25.1
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net
12. Property and Equipment, Net
Property and equipment, net consisted of the following:
December 31, 2024December 31, 2023
Transportation equipment$329,416 $311,584 
Office furniture and equipment3,216 3,131 
Leasehold improvements2,328 2,306 
Construction in progress236 147 
Deposits on transportation equipment14,165 23,923 
349,361 341,091 
Less: Accumulated depreciation(89,487)(87,115)
Property and equipment, net$259,874 $253,976 
Depreciation expense of property and equipment for the years ended December 31, 2024 and 2023, was $23,740 and $25,833, respectively. The net carrying value of disposals of long-lived assets as of December 31, 2024 and 2023 was $23,449 and $66,986, 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 for both periods ending December 31, 2024 and December 31, 2023 and was included as a component of construction in progress prior to the equipment’s in-service date.