Westjet 2008 Annual Report Download - page 95

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WestJet 2008 Annual Report 91
notes to consolidated
fi nancial statements
For the years ended December 31, 2008 and 2007
(Stated in thousands of Canadian dollars, except share and per share data)
(i) Short-term deposits include deposits relating to aircraft fuel, other operating costs and short-term US-dollar deposits.
(ii) Deferred costs relate to certain sales and distribution expenses attributed to advance ticket sales.
(iii) Aircraft-related deposits include long-term deposits with lessors for the lease of aircraft and long-term US-dollar deposits, which relate to
purchased aircraft.
(iv) Deferred gains from the sale and leaseback of aircraft, net of amortization, which are being deferred and amortized over the lease term with
the amortization included in aircraft leasing. During the year ended December 31, 2008 the Corporation recognized amortization of $869
(2007 – $868).
(v) Unearned revenue relates to the BMO Mosaik® AIR MILES® MasterCard® credit card for future net retail sales and for fees on newly
activated credit cards. During the year ended December 31, 2008 the Corporation recognized the remaining $3,000 (2007 - $3,000).
(vi) Included in other liabilities is an estimate pertaining to lease return costs on its aircraft under operating leases. During the year ended
December 31, 2008, the Corporation increased the liability by $2,216 (2007 – $185) due to the addition of further leased aircraft and a
revision to the existing estimate with $nil (2007 – $nil) incurred on the settlement of these obligations.
12. Additional fi nancial information
(a) Balance sheet
2008 2007
Prepaid expenses, deposits and other:
Prepaid expenses $ 26,521 $ 13,763
Short-term deposits (i) 18,761 10,827
Deferred costs (ii) 14,410 14,323
Foreign exchange derivative assets (note 11) 6,735 106
Other 1,266 —
$ 67,693 $ 39,019
Other assets:
Aircraft-related deposits (iii) $ 68,492 $ 51,754
Other 2,513 1,617
$ 71,005 $ 53,371
Other liabilities:
Deferred gains (iv) $ 5,270 $ 6,139
Unearned revenue (v) — 3,000
Lease return costs (vi) 3,508 1,292
Long-term fuel derivative liability (note 11) 14,487 —
Other 968 906
$ 24,233 $ 11,337