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Long-Term Debt (Tables)
 12 Months Ended
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.