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Property, plant and equipment | 12 Months Ended
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Dec. 31, 2020
Property, plant and equipment [abstract] |
Property, plant and equipment | 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 |
a) Owned assets:
| 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. In Trinidad we have indefinitely idled the Titan plant, because we have not been successful in securing a commercially acceptable long-term gas supply agreement. This led to the decision to restructure our operations in Trinidad to support a one-plant operation dedicated to the operation of our Atlas plant. As a result, we have identified an impairment indicator in our Titan cash generating unit ("Titan CGU"). The impairment test performed on the Titan CGU resulted in no impairment as the estimated recoverable value, determined on a fair value less costs of disposal methodology, exceeded the carrying value. The estimated recoverable value was based on an operating period for Titan aligned to natural gas reserves estimates in Trinidad with no terminal value, discounted at an after-tax rate of 13%. 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
The sensitivity above has been prepared considering each variable independently. Historically, our natural gas contracts in Trinidad have included terms whereby a change in methanol price results in a change in natural gas price, protecting margins should revenue decrease. b) Right-of-use (leased) 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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