Long-Term Debt (Tables)

12 Months Ended

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.