Can status
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Can status is short for "cannibalization status" which is one of the many statuses a military aircraft can hold.
In particular, can status is the status of a plane that is currently being used for parts to fix other planes of the same type. Parts are removed from the "Can Plane" as needed to fix the other planes. The term "canning" is used to describe removing a part from a plane in can status. A typical situation is that someone orders a part, only to find it goes on back order, and his or her supervisor will order him or her to "can" the part. "Go can it".
The main reason that a plane would be cannibalized for parts is due to a parts lag. As planes become older, spare parts are harder to come by and take longer to receive when ordered. Some parts also cannot be ordered new, and must be repaired as needed, contributing to the parts lag. The B-1 Lancer is the most notorious example of this.
If there are 3 planes all broken down at once, each needing a different part. Then the parts can be removed from the can plane to fix the other planes. Therefore, instead of having 3 planes broken down waiting for parts, there is only 1 plane down waiting for parts. As soon as a part is removed, the action is recorded in the aircraft forms, and the part is immediately ordered for the can plane.
If a type of plane has a tendency to experience a parts lag (most military aircraft do), then eventually all aircraft are rotated into can status one at a time.
An aircraft can only stay in can status for a certain amount of time, typically 3 months. If an aircraft is left into can status for too long of period, there are several very complicated inspections and tests that must be performed before the aircraft can be put back into flying status. These inspections and tests are costly and time consuming, therefore it is rare that an aircraft will be left in can status longer than the allowed period.
These additional tests are so undesired that is it common to fix the current plane in can status, by canning another plane.