Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Long Term Debt [Abstract]


	2022		2021		2022			2021
	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		$	1,333
U.S. Real Estate Credit Facility		704		704		954			890
	US$	704	US$	704	$	2,287		$	2,223

Long-Term Debt
Senior Credit Facility	US$	44,000	US$	118,000	$	59,620		$	149,206
Canadian Real Estate Credit Facility		—		—		16,334			17,667
U.S. Real Estate Credit Facility		8,389		9,093		11,368			11,498
Unsecured Senior Notes:
7.125% senior notes due 2026		347,765		347,765		471,225			439,735
6.875% senior notes due 2029		400,000		400,000		542,004			505,784
	US$	800,154	US$	874,858		1,100,551			1,123,890
Less net unamortized debt issue costs						(14,581	)		(17,096	)
					$	1,085,970		$	1,106,794


	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, 2020	$	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 and 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		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
Changes from financing cash flows:
Proceeds from Senior Credit Facility		144,889			—			—			—			—			144,889
Repayment of Senior Credit Facility		(248,500	)		—			—			—			—			(248,500	)
Repayment of Real Estate Credit Facility		—			—			(1,333	)		(916	)		—			(2,249	)
Non-cash changes:
Amortization of debt issue costs		—			—			—			—			2,528			2,528
Foreign exchange		14,025			67,710			—			850			(13	)		82,572
Balance December 31, 2022	$	59,620		$	1,013,229		$	17,667		$	12,322		$	(14,581	)	$	1,088,257
Current		—			—			1,333			954			—			2,287
Long-term		59,620			1,013,229			16,334			11,368			(14,581	)		1,085,970
Balance December 31, 2022	$	59,620		$	1,013,229		$	17,667		$	12,322		$	(14,581	)	$	1,088,257

Long-Term Debt Obligations

Precision’s c

rrent and long-term debt obligations at December 31, 2022 will mature as follows:



2023	$	2,287
2024		2,287
2025		71,367
2026		484,893
Thereafter		542,004
	$	1,102,838

Schedule of Listing of Currently Applicable Restrictive and Financial Covenants

At December 31, 2022, Precision was in compliance with the covenants of the Senior Credit Facility, Real Estate Credit Facilities and unsecured senior notes.



	Covenant		At December 31, 2022
Senior Credit Facility
Consolidated senior debt to consolidated covenant EBITDA (1)		≤ 2.50		0.22
Consolidated covenant EBITDA to consolidated interest expense		≥ 2.50		4.80

Real Estate Credit Facility
Consolidated covenant EBITDA to consolidated interest expense		≥ 2.50		4.80

Unsecured Senior Notes
Consolidated interest coverage ratio		≥ 2.00		3.62

(1) For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness.