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Notes to Consolidated Financial Statements
For the years ended December 31, 2011 and 2010
(Stated in thousands of Canadian dollars, except share and per share amounts)
│
7. Property and equipment (continued)
January 1, 2010 Cost Accumulated
depreciation Net book
value
Aircraft 2,449,634 (701,384) 1,748,250
Ground property and equipment 122,675 (55,084) 67,591
Spare engines and rotables 100,567 (28,721) 71,846
Deposits on aircraft 81,001 − 81,001
Buildings 136,228 (9,843) 126,385
Leasehold improvements 9,886 (2,877) 7,009
Assets under finance leases 5,882 (2,210) 3,672
Assets under development 2,597 − 2,597
2,908,470 (800,119) 2,108,351
The net book value of the property and equipment pledged as collateral for the Corporation’s long-term debt was $1,403,422 as
at December 31, 2011 (December 31, 2010 – $1,592,871; January 1, 2010 – $1,731,123).
8. Intangible assets
Cost Software Landing rights Assets under
development Total
Balance at January 1, 2010 36,307 − 4,085 40,392
Additions 2,230
− 1,393 3,623
Disposals (435) − (31) (466)
Transfers 3,296
− (3,296) −
Balance at December 31, 2010 41,398 − 2,151 43,549
Additions 2,788 17,782 4,465 25,035
Disposals (4,782)
− − (4,782)
Transfers 5,741
− (5,741) −
Balance at December 31, 2011 45,145 17,782 875 63,802
A
ccumulated amortization
Balance at January 1, 2010 (26,305) − − (26,305)
Amortization (4,610)
− − (4,610)
Disposals 384 − − 384
Balance at December 31, 2010 (30,531) − − (30,531)
Amortization (4,251)
− − (4,251)
Disposals 4,773
− − 4,773
Balance at December 31, 2011 30,009 − − (30,009)
Net book value
At January 1, 2010 10,002
−
4,085 14,087
At December 31
,
2010 10
,
867
−
2
,
151 13
,
018
At December 31, 2011 15,136 17,782 875 33,793
WestJet Annual Report 2011 81