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Property, Plant and Equipment | 12 Months Ended
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Dec. 31, 2023
Disclosure of detailed information about property, plant and equipment [abstract] |
Property, Plant and Equipment | NOTE 7. PROPERTY, PLANT AND EQUIPMENT
|  | 2023 |  |  | 2022 |
Cost |  | $ | 6,918,765 |  |  | $ | 6,906,771 |
Accumulated depreciation |  |  | (4,580,677 | ) |  |  | (4,603,433 | )
|  | $ | 2,338,088 |  |  | $ | 2,303,338 |
Rig equipment |  |  | 2,094,510 |  |  |  | 2,083,446 |
Rental equipment |  |  | 16,066 |  |  |  | 15,977 |
Other equipment |  |  | 9,236 |  |  |  | 11,465 |
Vehicles |  |  | 2,333 |  |  |  | 3,380 |
Buildings |  |  | 45,827 |  |  |  | 38,949 |
Assets under construction |  |  | 126,872 |  |  |  | 117,535 |
Land |  |  | 43,244 |  |  |  | 32,586 |
|  | $ | 2,338,088 |  |  | $ | 2,303,338 |
Cost
|  | Rig Equipment |  | Rental Equipment |  | Other Equipment |  | Vehicles |  | Buildings |  | Assets Under Construction |  | Land |  | Total |
Balance, December 31, 2021 |  | $ | 5,968,316 |  | $ | 103,181 |  | $ | 178,717 |  | $ | 34,680 |  | $ | 119,519 |  | $ | 67,884 |  | $ | 31,424 |  | $ | 6,503,721 |
Additions |  |  | 63,058 |  |  | 587 |  |  | 517 |  |  | — |  |  | 141 |  |  | 122,271 |  |  | — |  |  | 186,574 |
Acquisitions |  |  | 32,796 |  |  | — |  |  | — |  |  | 900 |  |  | 1,457 |  |  | — |  |  | 2,347 |  |  | 37,500 |
Disposals |  |  | (71,912 | ) |  | (7,538 | ) |  | (8,358 | ) |  | (873 | ) |  | (9,461 | ) |  | 2 |  |  | (2,187 | ) |  | (100,327 | )
Reclassifications |  |  | 74,148 |  |  | — |  |  | 188 |  |  | — |  |  | — |  |  | (74,336 | ) |  | — |  |  | — |
Foreign exchange |  |  | 268,056 |  |  | 224 |  |  | 4,345 |  |  | 1,295 |  |  | 2,667 |  |  | 1,714 |  |  | 1,002 |  |  | 279,303 |
Balance, December 31, 2022 |  |  | 6,334,462 |  |  | 96,454 |  |  | 175,409 |  |  | 36,002 |  |  | 114,323 |  |  | 117,535 |  |  | 32,586 |  |  | 6,906,771 |
Additions |  |  | 24,158 |  |  | 102 |  |  | 151 |  |  | — |  |  | 612 |  |  | 199,937 |  |  | — |  |  | 224,960 |
Acquisitions |  |  | 118,965 |  |  | — |  |  | 1,500 |  |  | 500 |  |  | 8,960 |  |  | — |  |  | 11,040 |  |  | 140,965 |
Disposals |  |  | (127,979 | ) |  | — |  |  | (9,681 | ) |  | (3,058 | ) |  | (214 | ) |  | (39 | ) |  | (10 | ) |  | (140,981 | )
Reclassifications |  |  | 172,300 |  |  | — |  |  | 6,038 |  |  | — |  |  | 2,038 |  |  | (180,376 | ) |  | — |  |  | — |
Asset decommissioning |  |  | (78,367 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (78,367 | )
Foreign exchange |  |  | (119,329 | ) |  | (75 | ) |  | (2,988 | ) |  | (748 | ) |  | (886 | ) |  | (10,185 | ) |  | (372 | ) |  | (134,583 | )
Balance, December 31, 2023 |  | $ | 6,324,210 |  | $ | 96,481 |  | $ | 170,429 |  | $ | 32,696 |  | $ | 124,833 |  | $ | 126,872 |  | $ | 43,244 |  | $ | 6,918,765 |
Accumulated Depreciation
|  | Rig Equipment |  | Rental Equipment |  | Other Equipment |  | Vehicles |  | Buildings |  | Assets Under Construction |  | Land |  | Total |
Balance, December 31, 2021 |  | $ | 3,894,131 |  | $ | 82,584 |  | $ | 161,629 |  | $ | 31,476 |  | $ | 75,510 |  | $ | — |  | $ | — |  | $ | 4,245,330 |
Depreciation expense |  |  | 250,885 |  |  | 5,196 |  |  | 6,894 |  |  | 875 |  |  | 4,252 |  |  | — |  |  | — |  |  | 268,102 |
Disposals |  |  | (66,452 | ) |  | (7,522 | ) |  | (8,357 | ) |  | (873 | ) |  | (5,793 | ) |  | — |  |  | — |  |  | (88,997 | )
Foreign exchange |  |  | 172,452 |  |  | 219 |  |  | 3,778 |  |  | 1,144 |  |  | 1,405 |  |  | — |  |  | — |  |  | 178,998 |
Balance, December 31, 2022 |  |  | 4,251,016 |  |  | 80,477 |  |  | 163,944 |  |  | 32,622 |  |  | 75,374 |  |  | — |  |  | — |  |  | 4,603,433 |
Depreciation expense |  |  | 268,532 |  |  | 12 |  |  | 9,070 |  |  | 924 |  |  | 4,237 |  |  | — |  |  | — |  |  | 282,775 |
Disposals |  |  | (122,823 | ) |  | — |  |  | (9,681 | ) |  | (2,788 | ) |  | (133 | ) |  | — |  |  | — |  |  | (135,425 | )
Asset decommissioning |  |  | (68,775 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (68,775 | )
Foreign exchange |  |  | (98,250 | ) |  | (74 | ) |  | (2,140 | ) |  | (395 | ) |  | (472 | ) |  | — |  |  | — |  |  | (101,331 | )
Balance, December 31, 2023 |  | $ | 4,229,700 |  | $ | 80,415 |  | $ | 161,193 |  | $ | 30,363 |  | $ | 79,006 |  | $ | — |  | $ | — |  | $ | 4,580,677 |
(a) Impairment Precision reviews the carrying value of its long-lived assets for indications of impairment at the end of each reporting period. At December 31, 2023, Precision reviewed each of its cash-generating units and did not identify indications of impairment and, therefore, did not test its CGUs for impairment. (b) Asset Additions In 2023, Precision purchased $225 million (2022 – $184 million) of property, plant and equipment and completed nil (2022 – $2 million) non-cash equipment swaps resulting in total asset additions of $225 million (2022 – $187 million). (c) 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 o f $24 million (2022 – $30 million). (d) Asset Decommissioning In 2023, the Corporation incurred a $10 million (2022 – nil) loss on asset decommissioning relating to certain drilling and ancillary equipment, contained within the Contract Drilling Services segment, that no longer met the Corporation's High Performance technology standards.

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