Westjet 2015 Annual Report Download - page 98

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Notes to Consolidated Financial Statements
As at and for the years ended December 31, 2015 and 2014
(Stated in thousands of Canadian dollars, except percentage, ratio, share and per share amounts)
WestJet Annual Report 2015 | 96
17. Additional financial information
(a) Assets
Note
2015
2014
Accounts receivable:
Trade and industry(i)
75,423
43,454
Other
9,081
13,864
Allowance
(2,368)
(2,368)
82,136
54,950
Prepaid expenses, deposits and other:
Prepaid expenses(ii)
58,322
48,533
Short-term deposits(iii)
40,411
34,472
Maintenance reserves – current portion
8
15,190
54,466
Derivatives
14
17,409
6,409
Other
415
312
131,747
144,192
Inventory:
Fuel
16,700
21,309
Aircraft expendables
15,106
12,539
De-icing fluid
597
454
Other
3,615
2,356
36,018
36,658
Other Assets:
Aircraft deposits(iv)
50,881
45,740
Maintenance reserves – long term
8
19,261
8,110
Other(v)
19,800
8,440
89,942
62,290
(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
2015
2014
Accounts payable and accrued liabilities:
Trade and industry
449,766
337,458
Taxes payable
40,269
20,431
Derivatives
14
4,526
2,858
Other
50,877
54,815
545,438
415,562
Other liabilities:
Deferred contract incentives(i)
5,114
8,305
Derivatives
14
8,489
4,845
13,603
13,150
(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 recognized on a straight-line basis over the terms of the related contracts.