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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2021
Disclosure Of Long Term Debt [Abstract] |
Long-Term Debt |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | U.S. Denominated Facilities |  |  | Canadian Facilities and Translated U.S. Facilities |
Current Portion of Long-Term Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian Real Estate Credit Facility |  | US$ | — |  |  | US$ | — |  |  | $ | 1,333 |  |  | $ | — |
U.S. Real Estate Credit Facility |  |  | 704 |  |  |  | 704 |  |  |  | 890 |  |  |  | 896 |
|  | US$ | 704 |  |  | US$ | 704 |  |  | $ | 2,223 |  |  | $ | 896 |
Long-Term Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Credit Facility |  | US$ | 118,000 |  |  | US$ | 74,650 |  |  | $ | 149,206 |  |  | $ | 95,041 |
Canadian Real Estate Credit Facility |  |  | — |  |  |  | — |  |  |  | 17,667 |  |  |  | — |
U.S. Real Estate Credit Facility |  |  | 9,093 |  |  |  | 9,797 |  |  |  | 11,498 |  |  |  | 12,474 |
Unsecured Senior Notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
7.75% senior notes due 2023 |  |  | — |  |  |  | 285,734 |  |  |  | — |  |  |  | 363,782 |
5.25% senior notes due 2024 |  |  | — |  |  |  | 263,205 |  |  |  | — |  |  |  | 335,099 |
7.125% senior notes due 2026 |  |  | 347,765 |  |  |  | 347,765 |  |  |  | 439,735 |  |  |  | 442,757 |
6.875% senior notes due 2029 |  |  | 400,000 |  |  |  | — |  |  |  | 505,784 |  |  |  | — |
|  | US$ | 874,858 |  |  | US$ | 981,151 |  |  |  | 1,123,890 |  |  |  | 1,249,153 |
Less net unamortized debt issue costs |  |  |  |  |  |  |  |  |  |  | (17,096 | ) |  |  | (12,943 | )
|  |  |  |  |  |  |  |  |  | $ | 1,106,794 |  |  | $ | 1,236,210 |
|  | Senior Credit Facility |  |  | Unsecured Senior Notes |  |  | Canadian Real Estate Credit Facility |  |  | U.S. Real Estate Credit Facility |  |  | Debt Issue Costs and Original Issue Discount |  |  | Total |
Balance December 31, 2019 |  | $ | — |  |  | $ | 1,445,127 |  |  | $ | — |  |  | $ | — |  |  | $ | (17,946 | ) |  | $ | 1,427,181 |
Changes from financing cash flows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redemption / repurchase of unsecured senior notes |  |  | — |  |  |  | (240,793 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (240,793 | )
Repayment of long-term debt |  |  | (37,243 | ) |  |  | — |  |  |  | — |  |  |  | (76 | ) |  |  | — |  |  |  | (37,319 | )
Proceeds from Senior Credit Facility |  |  | 137,255 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 137,255 |
Proceeds from Real Estate Credit Facility |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,811 |  |  |  | — |  |  |  | 13,811 |
Payment of debt issue costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (354 | ) |  |  | (354 | )
Non-cash changes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on redemption / repurchase of unsecured senior notes |  |  | — |  |  |  | (43,814 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (43,814 | )
Amortization of debt issue costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,350 |  |  |  | 5,350 |
Foreign exchange adjustment |  |  | (4,971 | ) |  |  | (18,882 | ) |  |  | — |  |  |  | (365 | ) |  |  | 7 |  |  |  | (24,211 | )
Balance December 31, 2020 |  | $ | 95,041 |  |  | $ | 1,141,638 |  |  | $ | — |  |  | $ | 13,370 |  |  | $ | (12,943 | ) |  | $ | 1,237,106 |
Current |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 896 |  |  |  | — |  |  |  | 896 |
Long-term |  |  | 95,041 |  |  |  | 1,141,638 |  |  |  | — |  |  |  | 12,474 |  |  |  | (12,943 | ) |  |  | 1,236,210 |
Balance December 31, 202 0 |  | $ | 95,041 |  |  | $ | 1,141,638 |  |  | $ | — |  |  | $ | 13,370 |  |  | $ | (12,943 | ) |  | $ | 1,237,106 |
Changes from financing cash flows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from unsecured senior notes |  |  | — |  |  |  | 482,064 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 482,064 |
Proceeds from Senior Credit Facility |  |  | 194,277 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 194,277 |
Proceeds from Real Estate Credit Facility |  |  | — |  |  |  | — |  |  |  | 20,000 |  |  |  | — |  |  |  | — |  |  |  | 20,000 |
Repayment of unsecured senior notes |  |  | — |  |  |  | (676,058 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (676,058 | )
Repayment of Senior Credit Facility |  |  | (146,930 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (146,930 | )
Repayment of Real Estate Credit Facility |  |  | — |  |  |  | — |  |  |  | (1,000 | ) |  |  | (883 | ) |  |  | — |  |  |  | (1,883 | )
Payment of debt issue costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,450 | ) |  |  | (9,450 | )
Non-cash changes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss on redemption / repurchase of unsecured senior notes |  |  | — |  |  |  | 9,520 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,520 |
Amortization of debt issue costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,720 |  |  |  | 8,720 |
Original issue discount |  |  | — |  |  |  | 3,628 |  |  |  | — |  |  |  | — |  |  |  | (3,427 | ) |  |  | 201 |
Foreign exchange adjustment |  |  | 6,818 |  |  |  | (15,273 | ) |  |  | — |  |  |  | (99 | ) |  |  | 4 |  |  |  | (8,550 | )
Balance December 31, 2021 |  | $ | 149,206 |  |  | $ | 945,519 |  |  | $ | 19,000 |  |  | $ | 12,388 |  |  | $ | (17,096 | ) |  | $ | 1,109,017 |
Current |  |  | — |  |  |  | — |  |  |  | 1,333 |  |  |  | 890 |  |  |  | — |  |  |  | 2,223 |
Long-term |  |  | 149,206 |  |  |  | 945,519 |  |  |  | 17,667 |  |  |  | 11,498 |  |  |  | (17,096 | ) |  |  | 1,106,794 |
Balance December 31, 2021 |  | $ | 149,206 |  |  | $ | 945,519 |  |  | $ | 19,000 |  |  | $ | 12,388 |  |  | $ | (17,096 | ) |  | $ | 1,109,017 |
Long-Term Debt Obligations | Precision’s current and long-term debt obligations at December 31, 2021 will mature as follows:
2022 |  | $ | 2,223 |
2023 |  |  | 2,223 |
2024 |  |  | 2,223 |
2025 |  |  | 160,257 |
Thereafter |  |  | 959,187 |
|  | $ | 1,126,113 |
Schedule of Listing of Currently Applicable Restrictive and Financial Covenants | At December 31, 2021, Precision was in compliance with the covenants of the Senior Credit Facility, Real Estate Credit Facilities and unsecured senior notes.
|  | Covenant |  | At December 31, 2021
Senior Credit Facility |  |  |  |
Consolidated senior debt to consolidated covenant EBITDA (1) |  | ≤ 2.50 |  | 0.97
Consolidated covenant EBITDA to consolidated interest expense |  | ≥ 2.00 |  | 2.83
Real Estate Credit Facility |  |  |  |
Consolidated covenant EBITDA to consolidated interest expense |  | ≥ 2.00 |  | 2.83
Unsecured Senior Notes |  |  |  |
Consolidated interest coverage ratio |  | ≥ 2.00 |  | 2.06
(1) | For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness.

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