XML 49 R11.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Property, Plant and Equipment | 12 Months Ended
--- | ---
Dec. 31, 2017
Disclosure Of Property Plant And Equipment [Abstract] |
Property, Plant and Equipment | NOTE 5. PROPERTY, PLANT AND EQUIPMENT
|  | 2017 |  |  | 2016 |
Cost |  | $ | 6,733,634 |  |  | $ | 7,011,178 |
Accumulated depreciation |  |  | (3,559,810 | ) |  |  | (3,369,289 | )
|  | $ | 3,173,824 |  |  | $ | 3,641,889 |
Rig equipment |  |  | 2,823,782 |  |  |  | 3,210,933 |
Rental equipment |  |  | 60,179 |  |  |  | 79,398 |
Other equipment |  |  | 66,560 |  |  |  | 85,731 |
Vehicles |  |  | 16,280 |  |  |  | 22,030 |
Buildings |  |  | 71,102 |  |  |  | 82,335 |
Assets under construction |  |  | 102,035 |  |  |  | 126,430 |
Land |  |  | 33,886 |  |  |  | 35,032 |
|  | $ | 3,173,824 |  |  | $ | 3,641,889 |
Cost
|  | Rig Equipment |  |  | Rental Equipment |  |  | Other Equipment |  |  | Vehicles |  |  | Buildings |  |  | Assets Under Construction |  |  | Land |  |  | Total |
Balance, December 31, 2015 |  | $ | 6,069,179 |  |  | $ | 171,220 |  |  | $ | 240,192 |  |  | $ | 43,552 |  |  | $ | 131,164 |  |  | $ | 258,952 |  |  | $ | 35,587 |  |  | $ | 6,949,846 |
Additions |  |  | 88,277 |  |  |  | 92 |  |  |  | 1,092 |  |  |  | 166 |  |  |  | 913 |  |  |  | 112,932 |  |  |  | — |  |  |  | 203,472 |
Additions through business acquisition |  |  | 28,125 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 28,125 |
Re-measurement to fair value before disposal |  |  | 7,605 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,605 |
Disposals |  |  | (50,384 | ) |  |  | (11,389 | ) |  |  | (4,988 | ) |  |  | (440 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (67,201 | )
Reclassifications |  |  | 229,012 |  |  |  | — |  |  |  | 12,874 |  |  |  | 2,573 |  |  |  | 702 |  |  |  | (245,161 | ) |  |  | — |  |  |  | — |
Effect of foreign currency exchange differences |  |  | (104,823 | ) |  |  | (779 | ) |  |  | (2,097 | ) |  |  | (704 | ) |  |  | (1,418 | ) |  |  | (293 | ) |  |  | (555 | ) |  |  | (110,669 | )
Balance, December 31, 2016 |  |  | 6,266,991 |  |  |  | 159,144 |  |  |  | 247,073 |  |  |  | 45,147 |  |  |  | 131,361 |  |  |  | 126,430 |  |  |  | 35,032 |  |  |  | 7,011,178 |
Additions |  |  | 21,268 |  |  |  | 71 |  |  |  | 49 |  |  |  | 42 |  |  |  | 235 |  |  |  | 53,158 |  |  |  | — |  |  |  | 74,823 |
Disposals |  |  | (71,014 | ) |  |  | (9,758 | ) |  |  | (785 | ) |  |  | (339 | ) |  |  | (930 | ) |  |  | — |  |  |  | — |  |  |  | (82,826 | )
Reclassifications |  |  | 67,779 |  |  |  | 84 |  |  |  | 216 |  |  |  | 113 |  |  |  | — |  |  |  | (68,566 | ) |  |  | — |  |  |  | (374 | )
Effect of foreign currency exchange differences |  |  | (250,858 | ) |  |  | (1,530 | ) |  |  | (1,603 | ) |  |  | (1,762 | ) |  |  | (3,281 | ) |  |  | (8,987 | ) |  |  | (1,146 | ) |  |  | (269,167 | )
Balance, December 31, 2017 |  | $ | 6,034,166 |  |  | $ | 148,011 |  |  | $ | 244,950 |  |  | $ | 43,201 |  |  | $ | 127,385 |  |  | $ | 102,035 |  |  | $ | 33,886 |  |  | $ | 6,733,634 |
Accumulated Depreciation
|  | Rig Equipment |  |  | Rental Equipment |  |  | Other Equipment |  |  | Vehicles |  |  | Buildings |  |  | Assets Under Construction |  |  | Land |  |  | Total |
Balance, December 31, 2015 |  | $ | 2,789,991 |  |  | $ | 74,220 |  |  | $ | 142,846 |  |  | $ | 18,712 |  |  | $ | 40,745 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,066,514 |
Depreciation expense |  |  | 342,224 |  |  |  | 16,039 |  |  |  | 22,504 |  |  |  | 5,060 |  |  |  | 8,591 |  |  |  | — |  |  |  | — |  |  |  | 394,418 |
Disposals |  |  | (32,427 | ) |  |  | (10,246 | ) |  |  | (3,241 | ) |  |  | (417 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (46,331 | )
Effect of foreign currency exchange differences |  |  | (43,730 | ) |  |  | (267 | ) |  |  | (767 | ) |  |  | (238 | ) |  |  | (310 | ) |  |  | — |  |  |  | — |  |  |  | (45,312 | )
Balance, December 31, 2016 |  |  | 3,056,058 |  |  |  | 79,746 |  |  |  | 161,342 |  |  |  | 23,117 |  |  |  | 49,026 |  |  |  | — |  |  |  | — |  |  |  | 3,369,289 |
Depreciation expense |  |  | 334,896 |  |  |  | 15,159 |  |  |  | 19,914 |  |  |  | 5,064 |  |  |  | 8,488 |  |  |  | — |  |  |  | — |  |  |  | 383,521 |
Disposals |  |  | (67,304 | ) |  |  | (6,331 | ) |  |  | (592 | ) |  |  | (320 | ) |  |  | (208 | ) |  |  | — |  |  |  | — |  |  |  | (74,755 | )
Impairment |  |  | 15,313 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,313 |
Effect of foreign currency exchange differences |  |  | (128,579 | ) |  |  | (742 | ) |  |  | (2,274 | ) |  |  | (940 | ) |  |  | (1,023 | ) |  |  | — |  |  |  | — |  |  |  | (133,558 | )
Balance, December 31, 2017 |  | $ | 3,210,384 |  |  | $ | 87,832 |  |  | $ | 178,390 |  |  | $ | 26,921 |  |  | $ | 56,283 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,559,810 |
Impairment Test Precision reviews the carrying value of its long-lived assets at each reporting period for indicators of impairment. As at December 31, 2017 the Corporation determined that the uncertainty around future activity levels within Mexico was an indicator of impairment and performed a comprehensive assessment of the carrying values of property, plant and equipment of the Mexico drilling CGU within the Contract Drilling Services segment. The recoverable amount was determined using a value in use calculation. Projected cash flows covered a five-year period and were based on future expected outcomes taking into account existing term contracts, past experience and management’s expectation of future market conditions. The primary source of cash flow information was the strategic plan approved by executives of the Corporation. The strategic plan was developed based on benchmark commodity prices and industry supply-demand fundamentals. Cash flows used in the calculation were discounted using a discount rate specific to the Mexico drilling CGU. The discount rate derived from Precision’s weighted average cost of capital, adjusted for risk factors specific to the CGU and used in determining the recoverable amount for the Mexico drilling CGU was 17.1% (2016 – 15.1%). The test resulted in an impairment charge of $15.3 million as the carrying value of the CGU’s assets exceeded its value in use of $26.3 million.

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

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 2016-01-13 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=16&date=2016-03-30&anchor=sect_Disclosure&doctype=Standard -URIDate 2016-03-31 + Details
Name: | ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration