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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure Of Long Term Debt [Abstract] |
Long-Term Debt |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | U.S. Denominated Facilities |  |  | Canadian Facilities and Translated U.S. Facilities |
Current Portion of Long-Term Debt |  |  |  |  |  |  |  |  |  |  |  |
Canadian Real Estate Credit Facility | US | $ | — |  | US | $ | — |  |  | $ | 1,915 |  |  | $ | 1,333 |
U.S. Real Estate Credit Facility |  |  | 704 |  |  |  | 704 |  |  |  | 933 |  |  |  | 954 |
| US | $ | 704 |  | US | $ | 704 |  |  | $ | 2,848 |  |  | $ | 2,287 |
Long-Term Debt |  |  |  |  |  |  |  |  |  |  |  |
Senior Credit Facility | US | $ | — |  | US | $ | 44,000 |  |  | $ | — |  |  | $ | 59,620 |
Canadian Real Estate Credit Facility |  |  | — |  |  |  | — |  |  |  | 24,018 |  |  |  | 16,334 |
U.S. Real Estate Credit Facility |  |  | 7,685 |  |  |  | 8,389 |  |  |  | 10,181 |  |  |  | 11,368 |
Unsecured Senior Notes: |  |  |  |  |  |  |  |  |  |  |  |
7.125% senior notes due 2026 |  |  | 273,330 |  |  |  | 347,765 |  |  |  | 362,096 |  |  |  | 471,225 |
6.875% senior notes due 2029 |  |  | 400,000 |  |  |  | 400,000 |  |  |  | 529,904 |  |  |  | 542,004 |
| US | $ | 681,015 |  | US | $ | 800,154 |  |  |  | 926,199 |  |  |  | 1,100,551 |
Less net unamortized debt issue costs |  |  |  |  |  |  |  |  | (11,369 | ) |  |  | (14,581 | )
|  |  |  |  |  |  |  | $ | 914,830 |  |  | $ | 1,085,970 |
|  | Senior Credit Facility |  |  | Unsecured Senior Notes |  |  | Canadian Real Estate Credit Facility |  |  | U.S. Real Estate Credit Facility |  |  | CWC Syndicated Loan |  |  | Debt Issue Costs and Original Issue Discount |  |  | Total |
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 |
Changes from financing cash flows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from Senior Credit Facility |  |  | 162,649 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 162,649 |
Acquired long-term debt |  |  | — |  |  |  | — |  |  |  | 9,697 |  |  |  | — |  |  |  | 50,690 |  |  |  | — |  |  |  | 60,387 |
Repayment of long-term debt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (50,690 | ) |  |  | — |  |  |  | (50,690 | )
Repayment of unsecured senior notes |  |  | — |  |  |  | (99,950 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (99,950 | )
Repayment of Senior Credit Facility |  |  | (222,216 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (222,216 | )
Repayment of Real Estate Credit Facility |  |  | — |  |  |  | — |  |  |  | (1,431 | ) |  |  | (950 | ) |  |  | — |  |  |  | — |  |  |  | (2,381 | )
Non-cash changes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on repurchase of unsecured senior notes |  |  | — |  |  |  | (137 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (137 | )
Debt issue costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of debt issue costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,210 |  |  |  | 3,210 |
Foreign exchange |  |  | (53 | ) |  |  | (21,142 | ) |  |  | — |  |  |  | (258 | ) |  |  | — |  |  |  | 2 |  |  |  | (21,451 | )
Balance December 31, 2023 |  | $ | — |  |  | $ | 892,000 |  |  | $ | 25,933 |  |  | $ | 11,114 |  |  | $ | — |  |  | $ | (11,369 | ) |  | $ | 917,678 |
Current |  |  | — |  |  |  | — |  |  |  | 1,915 |  |  |  | 933 |  |  |  | — |  |  |  | — |  |  |  | 2,848 |
Long-term |  |  | — |  |  |  | 892,000 |  |  |  | 24,018 |  |  |  | 10,181 |  |  |  | — |  |  |  | (11,369 | ) |  |  | 914,830 |
Balance December 31, 2023 |  | $ | — |  |  | $ | 892,000 |  |  | $ | 25,933 |  |  | $ | 11,114 |  |  | $ | — |  |  | $ | (11,369 | ) |  | $ | 917,678 |
Long-Term Debt Obligations | Precision’s current and long-term debt obligations at December 31, 2023 will mature as follows:
2024 |  | $ | 2,848 |
2025 |  |  | 12,096 |
2026 |  |  | 376,345 |
2027 |  |  | 582 |
Thereafter |  |  | 537,176 |
|  | $ | 929,047 |
Schedule of Listing of Currently Applicable Restrictive and Financial Covenants | At December 31, 2023, Precision was in compliance with the covenants of the Senior Credit Facility, Real Estate Credit Facilities and unsecured senior notes.
|  | Covenant |  | At December 31, 2023 |
Senior Credit Facility |  |  |  |  |
Consolidated senior debt to consolidated covenant EBITDA(1) |  | ≤ 2.50 |  |  | 0.07 |
Consolidated covenant EBITDA to consolidated interest expense |  | ≥ 2.50 |  |  | 6.92 |
Real Estate Credit Facility |  |  |  |  |
Consolidated covenant EBITDA to consolidated interest expense |  | ≥ 2.50 |  |  | 6.92 |
Unsecured Senior Notes |  |  |  |  |
Consolidated interest coverage ratio |  | ≥ 2.00 |  |  | 7.50 |
(1) For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness.

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