Air Canada 2011 Annual Report Download - page 38

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2011 Air Canada Annual Report
38
9.4. Working Capital
The following table provides information on Air Canada’s working capital balances at December 31, 2011 and at December 31, 2010.
(Canadian dollars in millions) December 31, 2011 December 31, 2010 Change $
Cash and short-term investments $2,099 $2,192 $ (93)
Accounts receivable 712 641 71
Other current assets 516 514 2
Accounts payable and accrued liabilities (1,175) (1,182) 7
Advance ticket sales (1,554) (1,375) (179)
Current portion of long-term debt and finance leases (424) (567) 143
Net working capital $174 $223 $ (49)
The net positive working capital of $174 million at December 31, 2011 represented a decrease of $49 million from
December 31, 2010. Positive net cash from operating activities of $588 million was partially offset by cash flows required to
retire certain balloon maturities on debt, as described in section 9.3 of this MD&A, the impact of capital expenditures of
$220 million, and the excess of employee benefit funding over expense of $153 million in 2011.