I also cancelled a flight that I used a companion pass for. I called in and spoke with an agent. Flight was booked back in early February for travel late May.

Funds were immediately deposited back into "My wallet" in the form of credit. I could have asked for it to go back on my Alaska VISA credit card but didn't bother as I'll just use the credits once I can get back in the air.

Pass was deposited back into my "Discount and companion fare code" in about three days.