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Property, plant and equipment (Tables) | 12 Months Ended
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Dec. 31, 2024
Property, plant and equipment [abstract] |
Schedule of property, plant and equipment |
| Owned Assets (a) | Right-of-use assets (c) | Total
Net book value at December 31, 2024 | $ | 3,501,683 |  | $ | 695,826 |  | $ | 4,197,509 |
Net book value at December 31, 2023 | $ | 3,654,475 |  | $ | 757,293 |  | $ | 4,411,768 |
| Buildings, plant installations and machinery | Plants Under Construction 1 | Ocean vessels | Other |  | TOTAL
Cost at January 1, 2024 | $ | 4,880,207 |  | $ | 1,355,497 |  | $ | 240,723 |  | $ | 128,663 |  |  | $ | 6,605,090 |
Additions | 97,439 |  | 123,881 |  | 2,013 |  | 1,807 |  |  | 225,140 |
Disposals and other | (91,338) |  | (8,266) |  | (277) |  | (550) |  |  | (100,431) |
Transfers | 1,471,112 |  | (1,471,112) |  | — |  | — |  |  | — |
Cost at December 31, 2024 | 6,357,420 |  | — |  | 242,459 |  | 129,920 |  |  | 6,729,799 |
Accumulated depreciation at January 1, 2024 | 2,794,702 |  | — |  | 61,390 |  | 94,523 |  |  | 2,950,615 |
Depreciation | 236,398 |  | — |  | 11,829 |  | 2,090 |  |  | 250,317 |
Asset impairment charge (b) | 124,788 |  | — |  | — |  | — |  |  | 124,788 |
Disposals and other | (96,828) |  | — |  | — |  | (776) |  |  | (97,604) |
Accumulated depreciation at December 31, 2024 | 3,059,060 |  | — |  | 73,219 |  | 95,837 |  |  | 3,228,116 |
Net book value at December 31, 2024 | $ | 3,298,360 |  | $ | — |  | $ | 169,240 |  | $ | 34,083 |  |  | $ | 3,501,683 |
1 Geismar 3 completed its commercial performance tests and reached the use intended by management in 2024. As a result, it was transferred to Buildings, Plant Installations & Machinery during the year. Included in the final cost of the Geismar 3 plant is $201 million (2023: $150 million) of capitalized interest and finance charges.
| Buildings, plant installations and machinery | Plants under construction | Ocean vessels | Other |  | TOTAL
Cost at January 1, 2023 | $ | 5,000,999 |  | $ | 1,001,888 |  | $ | 240,867 |  | $ | 140,081 |  |  | $ | 6,383,835 |
Additions | 174,058 |  | 353,609 |  | 253 |  | 4,153 |  |  | 532,073 |
Disposals and other | (294,850) |  | — |  | (397) |  | (15,571) |  |  | (310,818) |
Cost at December 31, 2023 | 4,880,207 |  | 1,355,497 |  | 240,723 |  | 128,663 |  |  | 6,605,090 |
Accumulated depreciation at January 1, 2023 | 2,827,870 |  | — |  | 49,310 |  | 107,850 |  |  | 2,985,030 |
Depreciation | 248,783 |  | — |  | 12,080 |  | 2,153 |  |  | 263,016 |
Disposals and other | (281,951) |  | — |  | — |  | (15,480) |  |  | (297,431) |
Accumulated depreciation at December 31, 2023 | 2,794,702 |  | — |  | 61,390 |  | 94,523 |  |  | 2,950,615 |
Net book value at December 31, 2023 | $ | 2,085,505 |  | $ | 1,355,497 |  | $ | 179,333 |  | $ | 34,140 |  |  | $ | 3,654,475 |
Schedule of changes on actual and expected depreciation expense | Based on natural gas feedstock availability and the completion of Geismar 3, the Company has extended the useful lives of the Chile facilities and Geismar 1 and 2. The effect of these changes on actual and expected depreciation expense was as follows.
| 2024 | 2025 | 2026 | 2027 | 2028 | Later
(Decrease) increase in depreciation expense | $ | (9,691) |  | $ | (61,099) |  | $ | (10,193) |  | $ | (10,985) |  | $ | (13,363) |  | $ | 105,331 |
Schedule of level 3 inputs and the sensitivities of the fair value | The following table presents the Level 3 inputs and the sensitivities of the fair value less costs of disposal model to changes in these inputs:
| Sensitivities
Valuation input | Input value or range | Change in input | Resulting change in valuation
Methanol price forecast | $317 - $365 per MT | +/- $25 per MT | $+24/-27 million
Natural gas availability | Annual estimates based on third party forecasts | +/-10% | $+19/-21 million
Discount rate (after-tax) | 9% | +/- 1% | $+/-2 million
Schedule of right-of-use assets |
| Ocean vessels | Terminals and tanks | Other |  | TOTAL
Cost at January 1, 2024 | $ | 910,721 |  | $ | 332,441 |  | $ | 58,621 |  |  | $ | 1,301,783 |
Additions | 40,055 |  | 46,029 |  | 4,721 |  |  | 90,805 |
Disposals and other | (15,607) |  | (11,921) |  | (4,980) |  |  | (32,508) |
Cost at December 31, 2024 | 935,169 |  | 366,549 |  | 58,362 |  |  | 1,360,080 |
Accumulated depreciation at January 1, 2024 | 314,324 |  | 196,303 |  | 33,863 |  |  | 544,490 |
Depreciation | 107,690 |  | 38,011 |  | 6,364 |  |  | 152,065 |
Disposals and other | (15,607) |  | (11,743) |  | (4,951) |  |  | (32,301) |
Accumulated depreciation at December 31, 2024 | 406,407 |  | 222,571 |  | 35,276 |  |  | 664,254 |
Net book value at December 31, 2024 | $ | 528,762 |  | $ | 143,978 |  | $ | 23,086 |  |  | $ | 695,826 |
| Ocean vessels | Terminals and tanks | Other |  | TOTAL
Cost at January 1, 2023 | $ | 846,977 |  | $ | 286,036 |  | $ | 68,701 |  |  | $ | 1,201,714 |
Additions | 83,333 |  | 52,909 |  | 5,951 |  |  | 142,193 |
Disposals and other | (19,589) |  | (6,504) |  | (16,031) |  |  | (42,124) |
Cost at December 31, 2023 | 910,721 |  | 332,441 |  | 58,621 |  |  | 1,301,783 |
Accumulated depreciation at January 1, 2023 | 245,873 |  | 160,163 |  | 39,200 |  |  | 445,236 |
Depreciation | 88,040 |  | 36,140 |  | 6,583 |  |  | 130,763 |
Disposals and other | (19,589) |  | — |  | (11,920) |  |  | (31,509) |
Accumulated depreciation at December 31, 2023 | 314,324 |  | 196,303 |  | 33,863 |  |  | 544,490 |
Net book value at December 31, 2023 | $ | 596,397 |  | $ | 136,138 |  | $ | 24,758 |  |  | $ | 757,293 |

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