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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure Of Financial Instruments [Abstract]

Summary of Expected Credit Loss Allowance

The movement in the expected credit loss allowance during the year was as follows:

	2019			2018
Balance at January 1,	$	1,470		$	2,596
Impairment loss recognized		72			483
Amounts written-off as uncollectible		(537	)		(416	)
Impairment loss reversed		(24	)		(1,247	)
Effect of movement in exchange rates		(52	)		54
Balance at December 31,	$	929		$	1,470

Summary of Ageing of Trade Receivables

The ageing of trade receivables at December 31 was as follows:

	2019				2018
	Gross		Provision for Impairment		Gross		Provision for Impairment
Not past due	$	144,292	$	1	$	175,277	$	—
Past due 0 – 30 days		47,965		8		64,351		—
Past due 31 – 120 days		19,166		28		25,032		71
Past due more than 120 days		1,303		892		1,399		1,399
	$	212,726	$	929	$	266,059	$	1,470

Summary of Financial Instruments were Denominated in U S Dollars

The following financial instruments were denominated in U.S. dollars:

		2019								2018
		Canadian Operations				Foreign Operations				Canadian Operations				Foreign Operations
Cash	US	$	9,727		US	$	41,154		US	$	957		US	$	49,302
Accounts receivable			242				150,873				482				181,609
Accounts payable and accrued liabilities			(17,730	)			(86,324	)			(20,655	)			(122,417	)
Long-term liabilities, excluding long-term incentive plans⁽¹⁾			—				(7,669	)			—				(7,747	)
Net foreign currency exposure	US	$	(7,761	)	US	$	98,034		US	$	(19,216	)	US	$	100,747
Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on net earnings (loss)		$	(78	)		$	—			$	(192	)		$	—
Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on comprehensive loss		$	—			$	980			$	—			$	1,007

(1) Excludes U.S. dollar long-term debt that has been designated as a hedge of the Corporation’s net investment in certain self-sustaining foreign operations.

Summary of Contractual Maturities of Financial Liabilities and Other Contractual Commitments

The following are the contractual maturities of the Corporation’s financial liabilities and other contractual commitments as at December 31, 2019:

	2020		2021		2022		2023		2024		Thereafter		Total
Accounts payable and accrued liabilities	$	199,478	$	—	$	—	$	—	$	—	$	—	$	199,478
Share based compensation		5,130		6,649		6,026		—		—		—		17,805
Long-term debt⁽¹⁾		32,463		85,215		—		447,792		399,545		480,112		1,445,127
Interest on long-term debt⁽²⁾⁽³⁾		95,427		95,196		89,888		88,442		52,562		35,633		457,148
Commitments		36,812		64,098		45,346		6,643		5,195		11,117		169,211
Total	$	369,310	$	251,158	$	141,260	$	542,877	$	457,302	$	526,862	$	2,288,769

(1) At December 31, 2019, Precision committed to redeem US$25 million of its 6.5% unsecured senior notes due 2021 in the first quarter of 2020.

(2) Calculated based on December 31, 2019 debt balance less first quarter unsecured senior notes redemptions, interest rates, and foreign exchange rates in effect as at December 31, 2019.

(3) Excludes amortization of long-term debt issue costs.