Property, plant and equipment (Tables)

12 Months Ended

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