Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Disclosure of detailed information about property, plant and equipment [abstract]

NOTE 7. PROPERTY, PLANT AND EQUIPMENT


	2024			2023
Cost	$	7,344,532		$	6,918,765
Accumulated depreciation		(4,988,359	)		(4,580,677	)
	$	2,356,173		$	2,338,088
Rig equipment		2,118,055			2,094,510
Rental equipment		16,066			16,066
Other equipment		5,999			9,236
Vehicles		1,787			2,333
Buildings		43,870			45,827
Assets under construction		133,543			126,872
Land		36,853			43,244
	$	2,356,173		$	2,338,088

Cost


	Rig Equipment			Rental Equipment			Other Equipment			Vehicles			Buildings			Assets Under Construction			Land			Total
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
Additions		59,650			—			14,516			95			985			141,401			—			216,647
Transferred to assets held for sale		—			—			—			—			—			—			(5,501	)		(5,501	)
Disposals		(153,166	)		—			(17,327	)		(3,646	)		(3,089	)		—			(2,100	)		(179,328	)
Reclassifications		137,658			—			—			—			—			(137,658	)		—			—
Foreign exchange		380,811			279			3,091			1,718			3,912			2,928			1,210			393,949
Balance, December 31, 2024	$	6,749,163		$	96,760		$	170,709		$	30,863		$	126,641		$	133,543		$	36,853		$	7,344,532

Accumulated Depreciation


	Rig Equipment			Rental Equipment			Other Equipment			Vehicles			Buildings			Assets Under Construction		Land		Total
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
Depreciation expense		276,815			—			14,267			720			4,317			—		—		296,119
Disposals		(141,694	)		—			(17,091	)		(3,504	)		(2,667	)		—		—		(164,956	)
Foreign exchange		266,287			279			6,341			1,497			2,115			—		—		276,519
Balance, December 31, 2024	$	4,631,108		$	80,694		$	164,710		$	29,076		$	82,771		$	—	$	—	$	4,988,359

(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, 2024, 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 2024, Precision purchased $217 million (2023 – $225 million) of property, plant and equipment.

Through the completion of normal course business operations, the Corporation sold used assets incurring gains or losses on disposal resulting in a gain on asset disposal of $16 million (2023 – $24 million).

(d) Asset Decommissioning

In 2024, the Corporation incurred nil (2023 – $10 million) losses 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.