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Property, plant and equipment (Tables) | 12 Months Ended
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Dec. 31, 2020
Property, plant and equipment [abstract] |
Schedule of property, plant and equipment |
| Owned Assets (a) | Right-of-use assets (b) | Total
Net book value at December 31, 2020 | $ | 3,052,060 |  | $ | 624,996 |  | $ | 3,677,056 |
Net book value at December 31, 2019 | $ | 2,940,777 |  | $ | 635,418 |  | $ | 3,576,195 |
| Buildings, plant installations and machinery | Plants under construction | Ocean going vessels | Other |  | TOTAL
Cost at January 1, 2020 | $ | 4,787,515 |  | $ | 155,871 |  | $ | 201,947 |  | $ | 154,468 |  |  | $ | 5,299,801 |
Additions | 116,850 |  | 231,034 |  | 20,838 |  | 1,414 |  |  | 370,136 |
Disposals and other | (42,453) |  | — |  | (12,686) |  | — |  |  | (55,139) |
Cost at December 31, 2020 | 4,861,912 |  | 386,905 |  | 210,099 |  | 155,882 |  |  | 5,614,798 |
Accumulated depreciation at January 1, 2020 | 2,215,060 |  | — |  | 25,448 |  | 118,516 |  |  | 2,359,024 |
Disposals and other | (31,058) |  | — |  | (8,601) |  | (29) |  |  | (39,688) |
Depreciation | 229,174 |  | — |  | 11,079 |  | 3,149 |  |  | 243,402 |
Accumulated depreciation at December 31, 2020 | 2,413,176 |  | — |  | 27,926 |  | 121,636 |  |  | 2,562,738 |
Net book value at December 31, 2020 | $ | 2,448,736 |  | $ | 386,905 |  | $ | 182,173 |  | $ | 34,246 |  |  | $ | 3,052,060 |
| Buildings, plant installations and machinery | Plants under construction | Ocean going vessels | Other |  | TOTAL
Cost at January 1, 2019 | $ | 4,698,142 |  | $ | — |  | $ | 183,419 |  | $ | 189,058 |  |  | $ | 5,070,619 |
Additions | 150,570 |  | 118,249 |  | 57,479 |  | 4,338 |  |  | 330,636 |
Disposals and other | (61,197) |  | — |  | (38,951) |  | (1,306) |  |  | (101,454) |
Transfers 1 | — |  | 37,622 |  | — |  | (37,622) |  |  | — |
Cost at December 31, 2019 | 4,787,515 |  | 155,871 |  | 201,947 |  | 154,468 |  |  | 5,299,801 |
Accumulated depreciation at January 1, 2019 | 2,047,735 |  | — |  | 48,426 |  | 117,192 |  |  | 2,213,353 |
Disposals and other | (63,169) |  | — |  | (31,620) |  | (1,597) |  |  | (96,386) |
Depreciation | 230,494 |  | — |  | 8,642 |  | 2,921 |  |  | 242,057 |
Accumulated depreciation at December 31, 2019 | 2,215,060 |  | — |  | $ | 25,448 |  | 118,516 |  |  | 2,359,024 |
Net book value at December 31, 2019 | $ | 2,572,455 |  | $ | 155,871 |  | $ | 176,499 |  | $ | 35,952 |  |  | $ | 2,940,777 |
1 During 2019, the Company reclassified $38 million of assets, including $19 million of land, relating to the construction of Geismar 3 from Other to Plants under construction.
Key assumptions for property, plant and equipment | The following table indicates the percentages by which key assumptions would need to change individually for the estimated Titan CGU recoverable value to be equal to the carrying value:
Key Assumptions | Change Required for Carrying Value to Equal Recoverable Value
Long-term average realized price | 3 percent decrease
Production volumes | 11 percent decrease
Gas price | 7 percent increase
Discount rate (after-tax) | 330 basis points increase
Right-of-use assets |
| Ocean going vessels | Terminals and tanks | Plant installations and machinery | Other |  | TOTAL
Cost at January 1, 2020 | $ | 514,661 |  | $ | 221,303 |  | $ | 23,613 |  | $ | 38,520 |  |  | $ | 798,097 |
Additions | 86,214 |  | 25,758 |  | 148 |  | 1,885 |  |  | 114,005 |
Disposals and other | (18,803) |  | (508) |  | — |  | (735) |  |  | (20,046) |
Cost at December 31, 2020 | 582,072 |  | 246,553 |  | 23,761 |  | 39,670 |  |  | 892,056 |
Accumulated depreciation at January 1, 2020 | 89,643 |  | 59,240 |  | 7,867 |  | 5,929 |  |  | 162,679 |
Disposals and other | (13,727) |  | — |  | — |  | (299) |  |  | (14,026) |
Depreciation | 76,700 |  | 32,594 |  | 2,541 |  | 6,572 |  |  | 118,407 |
Accumulated depreciation at December 31, 2020 | 152,616 |  | 91,834 |  | 10,408 |  | 12,202 |  |  | 267,060 |
Net book value at December 31, 2020 | $ | 429,456 |  | $ | 154,719 |  | $ | 13,353 |  | $ | 27,468 |  |  | $ | 624,996 |
| Ocean going vessels | Terminals and tanks | Plant installations and machinery | Other |  | TOTAL
Cost at January 1, 2019 | $ | 370,654 |  | $ | 207,721 |  | $ | 19,705 |  | $ | 30,399 |  |  | $ | 628,479 |
Additions | 144,764 |  | 13,582 |  | 3,908 |  | 9,738 |  |  | 171,992 |
Disposals and other | (757) |  | — |  | — |  | (1,617) |  |  | (2,374) |
Cost at December 31, 2019 | 514,661 |  | 221,303 |  | 23,613 |  | 38,520 |  |  | 798,097 |
Accumulated depreciation at January 1, 2019 | 15,204 |  | 29,333 |  | 5,444 |  | — |  |  | 49,981 |
Disposals and other | — |  | — |  | — |  | — |  |  | — |
Depreciation | 74,439 |  | 29,907 |  | 2,423 |  | 5,929 |  |  | 112,698 |
Accumulated depreciation at December 31, 2019 | 89,643 |  | 59,240 |  | 7,867 |  | 5,929 |  |  | 162,679 |
Net book value at December 31, 2019 | $ | 425,018 |  | $ | 162,063 |  | $ | 15,746 |  | $ | 32,591 |  |  | $ | 635,418 |

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