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Long-Term Debt Guarantors | 12 Months Ended
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Dec. 31, 2024
Long Term Debt Guarantor Disclosure [Abstract] |
Long-Term Debt Guarantors | NOTE 26. LONG-TERM DEBT GUARANTORS Precision Drilling Corporation (Parent) issued registered unsecured senior notes in 2017 and 2021 which are fully and unconditionally guaranteed by certain U.S. and Canadian subsidiaries (Guarantor Subsidiaries) that also guaranteed the Senior Credit Facility. These Guarantor Subsidiaries are directly or indirectly wholly owned by the Parent. The following is a description of the terms and conditions of the guarantees with respect to the unsecured senior notes for which Precision is the Parent issuer and Guarantor Subsidiaries (Obligor Group) and provides a full and unconditional guarantee. As at December 31, 2024, Precision had $805 million principal amount of unsecured senior notes outstanding, $230 million due in 2026 and $575 million due in 2029, all of which is guaranteed by the Guarantor Subsidiaries. The Guarantor Subsidiaries jointly and severally, fully, unconditionally, and irrevocably guarantees the payment of the principal and interest on the unsecured senior notes when they become due, whether at maturity or otherwise. The guarantee is unsecured and ranks senior with all of the Guarantor Subsidiaries’ other unsecured obligations. The Guarantor Subsidiaries will be released and relieved of their obligations under the guarantees after the obligations to the holders are satisfied in accordance with the applicable indentures. Summarized Financial Information The following tables include summarized financial information for the Obligor Group on a combined basis after the elimination of (i) intercompany transactions and balances within the Obligor Group; (ii) equity in earnings from investments in the non-guarantor subsidiaries; and (iii) intercompany dividend income. Statements of Net Earnings
|  |  | Parent and Guarantor Subsidiaries |
|  |  | 2024 |  |  | 2023 |
Revenue |  |  | $ | 1,703,796 |  |  | $ | 1,784,797 |
Expenses |  |  |  | 1,236,952 |  |  |  | 1,206,180 |
Earnings before income taxes, gain on repurchase of unsecured senior notes, gain on acquisition, loss on investments and other assets, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals, and depreciation and amortization |  |  |  | 466,844 |  |  |  | 578,617 |
Net earnings |  |  |  | 107,997 |  |  |  | 276,931 |
Statements of Financial Position
|  |  | Parent and Guarantor Subsidiaries |
|  |  | 2024 |  |  | 2023 |
Assets |  |  |  |  |  |  |
Current assets |  |  | $ | 374,188 |  |  | $ | 363,987 |
Property, plant and equipment |  |  |  | 2,002,663 |  |  |  | 2,008,758 |
Other non-current assets |  |  |  | 91,240 |  |  |  | 138,121 |
|  |  | Parent and Guarantor Subsidiaries |
|  |  | 2024 |  |  | 2023 |
Liabilities |  |  |  |  |  |  |
Current liabilities |  |  | $ | 262,899 |  |  | $ | 283,242 |
Long-term debt |  |  |  | 812,469 |  |  |  | 905,811 |
Other non-current liabilities |  |  |  | 116,880 |  |  |  | 161,134 |
Excluded from the statements of net earnings and statements of financial position above are the following intercompany transactions and balances that the Obligor Group had with the non-guarantor subsidiaries:
|  |  | Parent and Guarantor Subsidiaries |
|  |  | 2024 |  |  | 2023 |
Assets |  |  |  |  |  |  |
Accounts receivable, intercompany |  |  | $ | 60,059 |  |  | $ | 53,939 |
Short-term advances to affiliates |  |  |  | 1,687 |  |  |  | 62,519 |
|  |  | Parent and Guarantor Subsidiaries |
|  |  | 2024 |  |  | 2023 |
Liabilities |  |  |  |  |  |  |
Accounts payable and accrued liabilities, intercompany |  |  | $ | 29,593 |  |  | $ | 206,340 |
Short-term advances from affiliates |  |  |  | 18 |  |  |  | — |
Long-term advances from affiliates |  |  |  | 215,595 |  |  |  | 170,316 |
|  |  | Parent and Guarantor Subsidiaries |
|  |  | 2024 |  |  | 2023 |
Cash transactions with non-guarantor subsidiaries |  |  |  |  |  |  |
Capital contributions to non-guarantor subsidiaries |  |  | $ | 4,409 |  |  | $ | — |

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