XML 36 R14.htm IDEA: XBRL DOCUMENT
v3.22.4

Property, plant and equipment | 12 Months Ended
--- | ---
Dec. 31, 2022
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, 2022 | $ | 3,398,805 |  | $ | 756,478 |  | $ | 4,155,283 |
Net book value at December 31, 2021 | $ | 3,075,198 |  | $ | 610,951 |  | $ | 3,686,149 |
a) Owned assets:
| Buildings, plant installations and machinery | Plants Under Construction 1 | Ocean-going vessels | Other |  | TOTAL
Cost at January 1, 2022 | $ | 4,908,492 |  | $ | 561,860 |  | $ | 240,525 |  | $ | 138,378 |  |  | $ | 5,849,255 |
Additions | 140,326 |  | 440,028 |  | 342 |  | 1,703 |  |  | 582,399 |
Disposals and other | (47,819) |  | — |  | — |  | — |  |  | (47,819) |
Cost at December 31, 2022 | 5,000,999 |  | 1,001,888 |  | 240,867 |  | 140,081 |  |  | 6,383,835 |
Accumulated depreciation at January 1, 2022 | 2,631,268 |  | — |  | 37,271 |  | 105,518 |  |  | 2,774,057 |
Depreciation | 248,032 |  | — |  | 12,039 |  | 2,332 |  |  | 262,403 |
Disposals and other | (51,430) |  | — |  | — |  | — |  |  | (51,430) |
Accumulated depreciation at December 31, 2022 | 2,827,870 |  | — |  | 49,310 |  | 107,850 |  |  | 2,985,030 |
Net book value at December 31, 2022 | $ | 2,173,129 |  | $ | 1,001,888 |  | $ | 191,557 |  | $ | 32,231 |  |  | $ | 3,398,805 |
1 The Company is constructing a 1.8 million tonne methanol plant in Geismar, Louisiana adjacent to its Geismar 1 and Geismar 2 facilities. Included in cost of Plants Under Construction are $94 million (2021: $54 million) of capitalized interest and finance charges.
| Buildings, plant installations and machinery | Plants under construction | Ocean-going vessels | Other |  | TOTAL
Cost at January 1, 2021 | $ | 4,861,912 |  | $ | 386,905 |  | $ | 210,099 |  | $ | 155,882 |  |  | $ | 5,614,798 |
Additions | 66,802 |  | 174,955 |  | 30,426 |  | 849 |  |  | 273,032 |
Disposals and other | (20,222) |  | — |  | — |  | (18,353) |  |  | (38,575) |
Cost at December 31, 2021 | 4,908,492 |  | 561,860 |  | 240,525 |  | 138,378 |  |  | 5,849,255 |
Accumulated depreciation at January 1, 2021 | 2,413,176 |  | — |  | 27,926 |  | 121,636 |  |  | 2,562,738 |
Depreciation | 238,314 |  | — |  | 9,345 |  | 2,235 |  |  | 249,894 |
Disposals and other | (20,222) |  | — |  | — |  | (18,353) |  |  | (38,575) |
Accumulated depreciation at December 31, 2021 | 2,631,268 |  | — |  | 37,271 |  | 105,518 |  |  | 2,774,057 |
Net book value at December 31, 2021 | $ | 2,277,224 |  | $ | 561,860 |  | $ | 203,254 |  | $ | 32,860 |  |  | $ | 3,075,198 |
b) Right-of-use (leased) assets:
| Ocean-going vessels | Terminals and tanks | Plant installations and machinery | Other |  | TOTAL
Cost at January 1, 2022 | $ | 657,774 |  | $ | 258,743 |  | $ | 23,797 |  | $ | 40,903 |  |  | $ | 981,217 |
Additions | 232,536 |  | 27,293 |  | — |  | 4,001 |  |  | 263,830 |
Disposals and other | (43,333) |  | — |  | — |  | — |  |  | (43,333) |
Cost at December 31, 2022 | 846,977 |  | 286,036 |  | 23,797 |  | 44,904 |  |  | 1,201,714 |
Accumulated depreciation at January 1, 2022 | 214,004 |  | 125,494 |  | 12,850 |  | 17,918 |  |  | 370,266 |
Depreciation | 75,586 |  | 34,669 |  | 2,464 |  | 5,968 |  |  | 118,687 |
Disposals and other | (43,717) |  | — |  | — |  | — |  |  | (43,717) |
Accumulated depreciation at December 31, 2022 | 245,873 |  | 160,163 |  | 15,314 |  | 23,886 |  |  | 445,236 |
Net book value at December 31, 2022 | $ | 601,104 |  | $ | 125,873 |  | $ | 8,483 |  | $ | 21,018 |  |  | $ | 756,478 |
| Ocean-going vessels | Terminals and tanks | Plant installations and machinery | Other |  | TOTAL
Cost at January 1, 2021 | $ | 582,072 |  | $ | 246,553 |  | $ | 23,761 |  | $ | 39,670 |  |  | $ | 892,056 |
Additions | 86,610 |  | 12,206 |  | 36 |  | 1,679 |  |  | 100,531 |
Disposals and other | (10,908) |  | (16) |  | — |  | (446) |  |  | (11,370) |
Cost at December 31, 2021 | 657,774 |  | 258,743 |  | 23,797 |  | 40,903 |  |  | 981,217 |
Accumulated depreciation at January 1, 2021 | 152,616 |  | 91,834 |  | 10,408 |  | 12,202 |  |  | 267,060 |
Depreciation | 71,711 |  | 33,660 |  | 2,442 |  | 5,716 |  |  | 113,529 |
Disposals and other | (10,323) |  | — |  | 0 |  | 0 |  |  | (10,323) |
Accumulated depreciation at December 31, 2021 | 214,004 |  | 125,494 |  | 12,850 |  | 17,918 |  |  | 370,266 |
Net book value at December 31, 2021 | $ | 443,770 |  | $ | 133,249 |  | $ | 10,947 |  | $ | 22,985 |  |  | $ | 610,951 |
In Trinidad the Titan plant has remained idled since 2020. The extended outage has been identified as an impairment indicator in our Titan cash generating unit ("Titan CGU"). The impairment test performed on the Titan CGU resulted in no impairment provision recognized 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 16%. 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 | 18 percent decrease
Production volumes | 27 percent decrease
Gas price | 21 percent increase
Discount rate (after-tax) | 15 percent 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.

X
- Definition The entire disclosure for property, plant and equipment. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 16 -IssueDate 2022-03-24 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=16&code=ifrs-tx-2022-en-r&doctype=Standard&dita_xref=IAS16_g73-79__IAS16_g73-79_TI -URIDate 2022-03-24 + Details
Name: | ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration