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Shareholders' Capital | 12 Months Ended
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Dec. 31, 2024
Disclosure of classes of share capital [abstract] |
Shareholders' Capital | NOTE 16. SHAREHOLDERS’ CAPITAL
(a) Authorized | – |  | unlimited number of voting common shares
| – |  | unlimited number of preferred shares, issuable in series, limited to an amount equal to one half of the issued and outstanding common shares
(b) Issued |  |  |
Common shares |  | Number |  |  | Amount |
Balance, December 31, 2022 |  |  | 13,558,525 |  |  | $ | 2,299,533 |
Settlement of PSUs and RSUs |  |  | 230,336 |  |  |  | 19,206 |
Issue of shares on business acquisition (Note 4) |  |  | 947,807 |  |  |  | 75,588 |
Share repurchases |  |  | (412,623 | ) |  |  | (29,955 | )
Redemption of non-management directors share units |  |  | 12,494 |  |  |  | 757 |
Balance, December 31, 2023 |  |  | 14,336,539 |  |  |  | 2,365,129 |
Settlement of PSUs and RSUs |  |  | 265,143 |  |  |  | 21,846 |
Share options exercised |  |  | 7,410 |  |  |  | 978 |
Share repurchases |  |  | (833,614 | ) |  |  | (76,570 | )
Share repurchase accrual |  |  | — |  |  |  | (10,000 | )
Redemption of non-management directors share units |  |  | 4,024 |  |  |  | 346 |
Balance, December 31, 2024 |  |  | 13,779,502 |  |  | $ | 2,301,729 |
(c) Normal Course Issuer Bid In 2024, the TSX approved Precision’s application to renew its Normal Course Issuer Bid (NCIB). Under the terms of the NCIB, Precision may purchase and cancel up to a maximum of 1,359,108 common shares, representing 10% of the public float of common shares as of September 5, 2024. Purchases under the NCIB are made through the facilities of the TSX, the New York Stock Exchange and various other designated exchanges in accordance with applicable regulatory requirements at a price per common share representative of the market price at the time of acquisition. The NCIB will terminate no later than September 18, 2025. For the year ended December 31, 2024, Precision repurchased and cancelled a total of 833,614 (2023 – 412,623) common shares for $75 million (2023 – $30 million) and recorded $1 million (2023 – nil) of share buy back tax. Prior to December 31, 2024, Precision entered into an Automated Share Purchase Plan (ASPP) with an independent broker to permit the Corporation to repurchase common shares during its internal blackout period. The volume of purchases is determined by the broker in its sole discretion based on the purchase price and maximum volume parameters established by the Corporation under the ASPP. The Corporation recorded a liability for purchases that are estimated to occur during the blackout period based on the parameters of the NCIB and ASPP. As at December 31, 2024, Precision recorded a liability in accounts payable and corresponding decrease to share capital of $10 million (2023 – nil). Subsequent to December 31, 2024, Precision repurchased and cancelled 284,701 common shares for $23 million.

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