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Capital Management | 12 Months Ended
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Dec. 31, 2018
Capital Management [Abstract] |
Capital Management | NOTE 24. CAPITAL MANAGEMENT The Corporation’s strategy is to carry a capital base to maintain investor, creditor and market confidence and to sustain future development of the business. The Corporation seeks to maintain a balance between the level of long-term debt and shareholders’ equity to ensure access to capital markets to fund growth and working capital given the cyclical nature of the oilfield services sector. The Corporation strives to maintain a conservative ratio of long-term debt to long-term debt plus equity. As at December 31, 2018 and 2017, these ratios were as follows:
|  | 2018 |  |  | 2017 |
Long-term debt |  | $ | 1,706,253 |  |  | $ | 1,730,437 |
Shareholders’ equity |  |  | 1,557,752 |  |  |  | 1,810,336 |
Total capitalization |  | $ | 3,264,005 |  |  | $ | 3,540,773 |
Long-term debt to long-term debt plus equity ratio |  |  | 0.52 |  |  |  | 0.49 |
As at December 31, 2018, liquidity remained sufficient as Precision had $96.6 million (2017 – $65.1 million) in cash and access to the US$500.0 million Senior Credit Facility (2017 – US$500.0 million) and $101.4 million (2017 – $96.6 million) secured operating facilities. As at December 31, 2018, no amounts (2017 – US$ nil) were drawn on the Senior Credit Facility with availability reduced by US$28.2 million (2017 – US$20.9 million) in outstanding letters of credit. Availability of the $40.0 million secured operating facility and US$30.0 million secured facility for the issuance of letters of credit and performance and bid bonds were reduced by outstanding letters of credit of $27.8 million (2017 – $20.8 million) and US$2.1 million (2017 – US$ 13.3 million), respectively. There was no amount drawn on the US$15.0 million secured operating facility.

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- Definition The disclosure of information that enables users of financial statements to evaluate the entity's objectives, policies and processes for managing capital. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 1 -IssueDate 2017-01-01 -Paragraph 134 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2017-03-01&anchor=para_134&doctype=Standard -URIDate 2017-03-09 + Details
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- Definition Capital management. + References No definition available. + Details
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