Westjet 2014 Annual Report Download - page 89

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Notes to Consolidated Financial Statements
As at and for the years ended December 31, 2014 and 2013
(Stated in thousands of Canadian dollars, except percentage, ratio, share and per share amounts)
WestJet Annual Report 2014 │ 87
18. Additional financial information
(a) Assets
Note
2014
2013
Accounts receivable:
Trade and industry
(i)
43,454 43,198
Other 13,864 1,403
Allowance
(2,368)
(2,437)
54,950 42,164
Prepaid expenses, deposits and other:
Prepaid expenses
(ii)
48,533 43,628
Short-term deposits
(iii)
34,472 35,438
Maintenance reserves – current portion 9 54,466 49,810
Derivatives 15 6,409 4,187
Other 312 200
144,192 133,263
Inventory:
Fuel
21,309
24,365
Aircraft expendables 12,539 9,749
De-icing fluid 454 900
Other 2,356 1,708
36,658
36,722
Other Assets:
Aircraft deposits(iv)
45,740 47,615
Maintenance reserves – long term
9 8,110 11,851
Derivatives
15 - 4,103
Other(v)
8,440
7,209
62,290 70,778
(i) Trade receivables include receivables relating to airport operations, fuel rebates, marketing programs and ancillary revenue products and services.
Industry receivables include receivables relating to travel agents, interline agreements with other airlines and partnerships. All significant counterparties
are reviewed and approved for credit on a regular basis. Trade receivables are generally settled in 30 to 60 days. Industry receivables are generally
settled in less than 30 days.
(ii) Includes prepaid expenses for insurance, vacation package vendors and other operating costs.
(iii) Includes deposits relating to aircraft fuel, airport operations, deposits on leased aircraft and other operating costs.
(iv) Includes long-term deposits with lessors for leased aircraft.
(v) Includes long-term deposits for airport operations and long-term prepaid financing costs.
(b) Liabilities
Note 2014 2013
Accounts payable and accrued liabilities:
Trade and industry 337,458 330,836
Taxes payable 20,431 109,674
WestJet Rewards 86,870 59,082
Derivatives 15 2,858 3,249
Other 54,815 40,326
502,432 543,167
Other current liabilities:
Advance ticket sales 575,781 551,022
Non-refundable guest credits 45,434 46,975
Other liabilities:
Deferred contract incentives
P
(i)
8,305
8,834
Derivatives 15 4,845 -
13,150 8,834
(i) Deferred contract incentives relate to discounts received on aircraft related items as well as the net effect of rent free periods and cost escalations on
land leases. Incentives, rent free periods and cost escalations are amortized over the terms of the related contracts.