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Property, Plant and Equipment | 12 Months Ended
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Dec. 31, 2018
Disclosure Of Property Plant And Equipment [Abstract] |
Property, Plant and Equipment | NOTE 7. PROPERTY, PLANT AND EQUIPMENT
|  | 2018 |  |  | 2017 |
Cost |  | $ | 6,937,062 |  |  | $ | 6,733,634 |
Accumulated depreciation |  |  | (3,898,450 | ) |  |  | (3,559,810 | )
|  | $ | 3,038,612 |  |  | $ | 3,173,824 |
Rig equipment |  |  | 2,745,172 |  |  |  | 2,823,782 |
Rental equipment |  |  | 43,992 |  |  |  | 60,179 |
Other equipment |  |  | 52,195 |  |  |  | 66,560 |
Vehicles |  |  | 12,702 |  |  |  | 16,280 |
Buildings |  |  | 65,561 |  |  |  | 71,102 |
Assets under construction |  |  | 84,561 |  |  |  | 102,035 |
Land |  |  | 34,429 |  |  |  | 33,886 |
|  | $ | 3,038,612 |  |  | $ | 3,173,824 |
Cost
|  | Rig Equipment |  |  | Rental Equipment |  |  | Other Equipment |  |  | Vehicles |  |  | Buildings |  |  | Assets Under Construction |  |  | Land |  |  | Total |
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 |
Additions |  |  | 7,013 |  |  |  | — |  |  |  | 347 |  |  |  | — |  |  |  | 569 |  |  |  | 106,647 |  |  |  | — |  |  |  | 114,576 |
Disposals |  |  | (32,153 | ) |  |  | (18,227 | ) |  |  | (59,865 | ) |  |  | (228 | ) |  |  | (3,663 | ) |  |  | — |  |  |  | (893 | ) |  |  | (115,029 | )
Reclassifications |  |  | 127,668 |  |  |  | — |  |  |  | 507 |  |  |  | — |  |  |  | — |  |  |  | (128,175 | ) |  |  | — |  |  |  | — |
Reclassification to assets held for sale |  |  | (135,398 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (135,398 | )
Effect of foreign currency exchange differences |  |  | 321,240 |  |  |  | 679 |  |  |  | 5,351 |  |  |  | 2,483 |  |  |  | 4,036 |  |  |  | 4,054 |  |  |  | 1,436 |  |  |  | 339,279 |
Balance, December 31, 2018 |  | $ | 6,322,536 |  |  | $ | 130,463 |  |  | $ | 191,290 |  |  | $ | 45,456 |  |  | $ | 128,327 |  |  | $ | 84,561 |  |  | $ | 34,429 |  |  | $ | 6,937,062 |
Accumulated Depreciation
|  | Rig Equipment |  |  | Rental Equipment |  |  | Other Equipment |  |  | Vehicles |  |  | Buildings |  |  | Assets Under Construction |  |  | Land |  |  | Total |
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 |
Depreciation expense |  |  | 335,215 |  |  |  | 9,418 |  |  |  | 15,993 |  |  |  | 4,820 |  |  |  | 8,126 |  |  |  | — |  |  |  | — |  |  |  | 373,572 |
Disposals |  |  | (28,399 | ) |  |  | (11,249 | ) |  |  | (59,857 | ) |  |  | (220 | ) |  |  | (3,161 | ) |  |  | — |  |  |  | — |  |  |  | (102,886 | )
Reclassification to assets held for sale |  |  | (115,740 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (115,740 | )
Effect of foreign currency exchange differences |  |  | 175,904 |  |  |  | 470 |  |  |  | 4,569 |  |  |  | 1,233 |  |  |  | 1,518 |  |  |  | — |  |  |  | — |  |  |  | 183,694 |
Balance, December 31, 2018 |  | $ | 3,577,364 |  |  | $ | 86,471 |  |  | $ | 139,095 |  |  | $ | 32,754 |  |  | $ | 62,766 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,898,450 |
| a) | Impairment Test
Precision reviews the carrying value of its long-lived assets at each reporting period for indications of impairment. Precision completed its review as at December 31, 2018 and impairment charges of $207.5 million were recorded against goodwill. Refer to Note 9 for additional discussion of impairment testing performed in the current year. As at December 31, 2017, the Corporation determined that the uncertainty around future activity levels within Mexico was an indication of impairment and a comprehensive assessment of the carrying values of property, plant and equipment of the Mexico drilling CGU within the Contract Drilling Services segment was performed. The recoverable amount of the Mexico drilling CGU 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 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 after-tax 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%. 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.

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