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WestJet 2009 Annual Report 61
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
For the years ended December 31, 2009 and 2008
(Stated in thousands of Canadian dollars, except share and per share data)
5. Property and equipment (continued)
For the year ended December 31, 2009, the Corporation capitalized $nil (2008 – $2,132) of interest related to aircraft fi nancing.
Included in aircraft costs are estimated asset retirement obligations for aircraft under operating leases totalling $4,710 (2008 – $3,493) and
associated accumulated amortization of $1,314 (2008 – $846). These amounts are being amortized on a straight-line basis over the term of
each lease. During the year ended December 31, 2009, the Corporation recognized depreciation expense of $468 (2008 – $407) in relation to the
estimated asset retirement obligations.
During the year ended December 31, 2009, the Corporation began amortization of its Campus facility. As at December 31, 2009, a total cost of
$96,081 related to the Campus facility has been capitalized and included in buildings (2008 – $80,725 included in assets under development).
6. Intangible assets
All of the Corporation’s software is acquired separately. Included in the totals for software is $4,085 (2008 – $1,591) for acquired software that
is being developed and is not yet being amortized. For the year ended December 31, 2009, the Corporation recognized $5,601 (2008 – $4,675) of
depreciation expense related to software.
2008 Restated Cost
Accumulated
depreciation Net book value
Aircraft $ 2,394,098 $ 402,095 $ 1,992,003
Ground property and equipment 116,990 53,873 63,117
Spare engines and parts 86,728 17,099 69,629
Buildings 40,028 6,828 33,200
Leasehold improvements 12,019 5,692 6,327
Assets under capital leases 2,482 1,690 792
2,652,345 487,277 2,165,068
Deposits on aircraft 23,982 — 23,982
Assets under development 80,740 — 80,740
$ 2,757,067 $ 487,277 $ 2,269,790
Cost
Accumulated
depreciation Net book value
2009
Software $ 40,392 $ 26,305 $ 14,087
2008
Software $ 41,835 $ 29,775 $ 12,060