Air Canada 2010 Annual Report Download - page 35

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2010 Management’s Discussion and Analysis
35
9.2 FINANCIAL POSITION
The following table provides a condensed statement of financial position of Air Canada as at December 31, 2010, and as at
December 31, 2009.
(Canadian dollars in millions) December 31, 2010 December 31, 2009 Change $
Assets
Cash, cash equivalents and short-term investments $ 2,192 $ 1,407 $ 785
Other current assets 1,253 1,244 9
Current assets 3,445 2,651 794
Property and equipment 5,747 6,369 (622)
Intangible assets 840 916 (76)
Deposits and other assets 512 470 42
$ 10,544 $ 10,406 $ 138
Liabilities
Current liabilities $ 3,062 $ 3,002 $ 60
Long-term debt and capital leases 3,952 4,054 (102)
Pension and other benefits liabilities 1,059 1,163 (104)
Other long-term liabilities 562 540 22
8,635 8,759 (124)
Non-controlling interest 169 201 (32)
Shareholders’ equity 1,740 1,446 294
$ 10,544 $ 10,406 $ 138
Movements in current assets and liabilities are described in section 9.4 of this MD&A.
Property and equipment amounted to $5,747 million at December 31, 2010, a reduction of $622 million from December
31, 2009. The reduction was mainly due to the impact of depreciation expense of $627 million in 2010 and the impact of
the remaining part of a sale and leaseback transaction completed in the first quarter of 2010 partly offset by additions to
capital assets of $118 million.
Refer to section 9.3 for a summary of changes impacting debt during 2010.