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Property, Plant and Equipment | 12 Months Ended
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Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [abstract] |
Property, Plant and Equipment | NOTE 7. PROPERTY, PLANT AND EQUIPMENT
|  | 2021 |  |  | 2020 |
Cost |  | $ | 6,503,721 |  |  | $ | 6,563,206 |
Accumulated depreciation |  |  | (4,245,330 | ) |  |  | (4,090,523 | )
|  | $ | 2,258,391 |  |  | $ | 2,472,683 |
Rig equipment |  |  | 2,074,185 |  |  |  | 2,269,794 |
Rental equipment |  |  | 20,597 |  |  |  | 27,359 |
Other equipment |  |  | 17,088 |  |  |  | 27,318 |
Vehicles |  |  | 3,204 |  |  |  | 4,978 |
Buildings |  |  | 44,009 |  |  |  | 49,451 |
Assets under construction |  |  | 67,884 |  |  |  | 60,572 |
Land |  |  | 31,424 |  |  |  | 33,211 |
|  | $ | 2,258,391 |  |  | $ | 2,472,683 |
Cost
|  | Rig Equipment |  |  | Rental Equipment |  |  | Other Equipment |  |  | Vehicles |  |  | Buildings |  |  | Assets Under Construction |  |  | Land |  |  | Total |
Balance, December 31, 2019 |  | $ | 6,109,383 |  |  | $ | 110,307 |  |  | $ | 185,319 |  |  | $ | 38,506 |  |  | $ | 126,177 |  |  | $ | 67,740 |  |  | $ | 33,547 |  |  | $ | 6,670,979 |
Additions |  |  | 10,375 |  |  |  | — |  |  |  | 350 |  |  |  | — |  |  |  | — |  |  |  | 50,810 |  |  |  | — |  |  |  | 61,535 |
Disposals |  |  | (78,028 | ) |  |  | (4,664 | ) |  |  | (3,990 | ) |  |  | (2,789 | ) |  |  | (3,053 | ) |  |  | — |  |  |  | — |  |  |  | (92,524 | )
Reclassifications |  |  | 55,322 |  |  |  | — |  |  |  | 521 |  |  |  | — |  |  |  | — |  |  |  | (55,843 | ) |  |  | — |  |  |  | — |
Effect of foreign currency exchange differences |  |  | (71,285 | ) |  |  | (619 | ) |  |  | (1,196 | ) |  |  | (367 | ) |  |  | (846 | ) |  |  | (2,135 | ) |  |  | (336 | ) |  |  | (76,784 | )
Balance, December 31, 2020 |  |  | 6,025,767 |  |  |  | 105,024 |  |  |  | 181,004 |  |  |  | 35,350 |  |  |  | 122,278 |  |  |  | 60,572 |  |  |  | 33,211 |  |  |  | 6,563,206 |
Additions |  |  | 15,288 |  |  |  | — |  |  |  | 254 |  |  |  | — |  |  |  | — |  |  |  | 60,399 |  |  |  | — |  |  |  | 75,941 |
Disposals |  |  | (100,004 | ) |  |  | (1,822 | ) |  |  | (2,300 | ) |  |  | (543 | ) |  |  | (2,454 | ) |  |  | — |  |  |  | (1,674 | ) |  |  | (108,797 | )
Reclassifications |  |  | 47,080 |  |  |  | — |  |  |  | 188 |  |  |  | — |  |  |  | — |  |  |  | (47,268 | ) |  |  | — |  |  |  | — |
Effect of foreign currency exchange differences |  |  | (19,815 | ) |  |  | (21 | ) |  |  | (429 | ) |  |  | (127 | ) |  |  | (305 | ) |  |  | (5,819 | ) |  |  | (113 | ) |  |  | (26,629 | )
Balance, December 31, 2021 |  | $ | 5,968,316 |  |  | $ | 103,181 |  |  | $ | 178,717 |  |  | $ | 34,680 |  |  | $ | 119,519 |  |  | $ | 67,884 |  |  | $ | 31,424 |  |  | $ | 6,503,721 |
Accumulated Depreciation
|  | Rig Equipment |  |  | Rental Equipment |  |  | Other Equipment |  |  | Vehicles |  |  | Buildings |  |  | Assets Under Construction |  |  | Land |  |  | Total |
Balance, December 31, 2019 |  | $ | 3,598,878 |  |  | $ | 75,870 |  |  | $ | 146,715 |  |  | $ | 30,710 |  |  | $ | 69,343 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,921,516 |
Depreciation expense |  |  | 277,799 |  |  |  | 7,044 |  |  |  | 12,013 |  |  |  | 2,790 |  |  |  | 5,288 |  |  |  | — |  |  |  | — |  |  |  | 304,934 |
Disposals |  |  | (73,354 | ) |  |  | (4,631 | ) |  |  | (3,990 | ) |  |  | (2,782 | ) |  |  | (1,319 | ) |  |  | — |  |  |  | — |  |  |  | (86,076 | )
Effect of foreign currency exchange differences |  |  | (47,350 | ) |  |  | (618 | ) |  |  | (1,052 | ) |  |  | (346 | ) |  |  | (485 | ) |  |  | — |  |  |  | — |  |  |  | (49,851 | )
Balance, December 31, 2020 |  |  | 3,755,973 |  |  |  | 77,665 |  |  |  | 153,686 |  |  |  | 30,372 |  |  |  | 72,827 |  |  |  | — |  |  |  | — |  |  |  | 4,090,523 |
Depreciation expense |  |  | 248,564 |  |  |  | 6,741 |  |  |  | 10,410 |  |  |  | 1,739 |  |  |  | 4,582 |  |  |  | — |  |  |  | — |  |  |  | 272,036 |
Disposals |  |  | (95,977 | ) |  |  | (1,804 | ) |  |  | (2,194 | ) |  |  | (543 | ) |  |  | (1,769 | ) |  |  | — |  |  |  | — |  |  |  | (102,287 | )
Effect of foreign currency exchange differences |  |  | (14,429 | ) |  |  | (18 | ) |  |  | (273 | ) |  |  | (92 | ) |  |  | (130 | ) |  |  | — |  |  |  | — |  |  |  | (14,942 | )
Balance, December 31, 2021 |  | $ | 3,894,131 |  |  | $ | 82,584 |  |  | $ | 161,629 |  |  | $ | 31,476 |  |  | $ | 75,510 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,245,330 |
(a) | Impairment Test
Precision reviews the carrying value of its long-lived assets for indications of impairment at the end of each reporting period. At December 31, 2021, Precision reviewed each of its cash-generating units and did not identify indications of impairment, or reversal of impairment and therefore, did not test its CGUs for impairment.
(b) | Asset Disposals
Through the completion of normal course business operations, the Corporation sold used assets incurring gains or losses on disposal resulting in a net gain on asset disposal of $9 million (2020 – $12 million). During 2021, Precision sold its directional drilling business to Cathedral Energy Services Ltd. ( Cathedral ), along with $3 million of cash to support Cathedral’s further growth and expansion, for a purchase price of $6 million, resulting in a gain on disposal of $1 million. The directional drilling business was previously contained within the Contract Drilling Services segment. The purchase price was satisfied through the issuance of 13,400,000 Cathedral common shares, along with warrants to purchase an additional 2,000,000 Cathedral common shares at a price of $0.60 per common share within a two-year period. In addition to the statutory hold period, the parties agreed to resale restrictions on the common share consideration that limits the timing and quantities of common shares Precision can sell over a two-year period. The Cathedral common shares and share purchase warrants held by Precision are presented as long-term investments and other assets and will be revalued at each reporting period using Level I and II inputs, respectively.

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- Definition The entire disclosure for property, plant and equipment. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 16 -IssueDate 2021-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=16&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IAS16_g73-79_TI -URIDate 2021-03-24 + Details
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