In general Alaska has been great for refunds, except one specific case - I cancelled a flight under the waiver that had the companion code. I've been having issues getting the code back, despite alaska saying I'm eligible to get it back. I suspect the issue is that I no longer have the bank of america credit card which gave me the code, so there's some snag in re-issuing the code back to me (Alaska hasn't confirmed this is the reason but I can't think of any other reason for the delay). I still want the code back because I can use my SO's alaska credit card to buy the flight, as is required when using the code.

So if you're someone cancelling a flight with the companion code, think twice about cancelling it if you no longer have the card associated with the code.