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COMMITMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Disclosure of contingent liabilities [abstract] |
Schedule of operating leases | Details of the main operating leases are as follows:
|  |  |  | As of |  |  | As of |
|  |  |  | December 31, |  |  | December 31, |
Lessor |  | Aircraft |  | 2017 |  |  | 2016 |
ACS Aero 1 Alpha limited |  | Airbus A320 |  |  | 1 |  |  |  | - |
Aircraft 76B-26329 Inc. |  | Boeing 767 |  |  | 1 |  |  |  | 1 |
Aircraft 76B-27615 Inc. |  | Boeing 767 |  |  | - |  |  |  | 1 |
Aircraft 76B-28206 Inc. |  | Boeing 767 |  |  | 1 |  |  |  | 1 |
Aviación Centaurus, A.I.E. |  | Airbus A319 |  |  | 3 |  |  |  | 3 |
Aviación Centaurus, A.I.E. |  | Airbus A321 |  |  | 1 |  |  |  | 1 |
Aviación Real A.I.E. |  | Airbus A319 |  |  | 1 |  |  |  | 1 |
Aviación Real A.I.E. |  | Airbus A320 |  |  | 1 |  |  |  | 1 |
Aviación Tritón A.I.E. |  | Airbus A319 |  |  | 3 |  |  |  | 3 |
Avolon Aerospace AOE 19 Limited |  | Airbus A320 |  |  | - |  |  |  | 1 |
Avolon Aerospace AOE 20 Limited |  | Airbus A320 |  |  | - |  |  |  | 1 |
Avolon Aerospace AOE 6 Limited |  | Airbus A320 |  |  | - |  |  |  | 1 |
Avolon Aerospace AOE 62 Limited |  | Boeing 777 |  |  | 1 |  |  |  | 1 |
Avolon Aerospace AOE 100 Limited |  | Airbus A320 |  |  | 2 |  |  |  | - |
AWAS 5234 Trust |  | Airbus A320 |  |  | 1 |  |  |  | 1 |
Baker & Spice Aviation Limited |  | Airbus A320 |  |  | 1 |  |  |  | 1 |
Bank of America |  | Airbus A321 |  |  | 2 |  |  |  | 2 |
Bank of Utah |  | Boeing 787 |  |  | 2 |  |  |  | - |
CIT Aerospace International |  | Airbus A320 |  |  | 1 |  |  |  | 2 |
ECAF I 1215 DAC |  | Airbus A320 |  |  | - |  |  |  | 1 |
ECAF I 2838 DAC |  | Airbus A320 |  |  | 1 |  |  |  | 1 |
ECAF I 40589 DAC |  | Boeing 777 |  |  | 1 |  |  |  | 1 |
Eden Irish Aircr Leasing MSN 1459 |  | Airbus A320 |  |  | 1 |  |  |  | 1 |
GECAS Sverige Aircraft Leasing Worldwide AB |  | Airbus A320 |  |  | - |  |  |  | 1 |
GFL Aircraft Leasing Netherlands B.V. |  | Airbus A320 |  |  | - |  |  |  | 1 |
IC Airlease One Limited |  | Airbus A321 |  |  | 1 |  |  |  | 1 |
JSA Aircraft 38484, LLC |  | Boeing 787 |  |  | 1 |  |  |  | 1 |
JSA Aircraft 7126, LLC |  | Airbus A320 |  |  | 1 |  |  |  | 1 |
JSA Aircraft 7128, LLC |  | Airbus A321 |  |  | 1 |  |  |  | 1 |
JSA Aircraft 7239, LLC |  | Airbus A321 |  |  | 1 |  |  |  | 1 |
JSA Aircraft 7298, LLC |  | Airbus A321 |  |  | 1 |  |  |  | 1 |
Macquarie Aerospace Finance 5125-2 Trust |  | Airbus A320 |  |  | 1 |  |  |  | 1 |
Macquarie Aerospace Finance 5178 Limited |  | Airbus A320 |  |  | 1 |  |  |  | 1 |
|  |  |  | As of |  |  | As of |
|  |  |  | December 31, |  |  | December 31, |
Lessor |  | Aircraft |  | 2017 |  |  | 2016 |
Magix Airlease Limited |  | Airbus A320 |  |  | - |  |  |  | 1 |
MASL Sweden (8) AB |  | Airbus A320 |  |  | - |  |  |  | 1 |
Merlin Aviation Leasing (Ireland) 18 Limited |  | Airbus A320 |  |  | 1 |  |  |  | 1 |
Merlin Aviation Leasing (Ireland) 7 Limited |  | Airbus A320 |  |  | 1 |  |  |  | - |
NBB Cuckoo Co., Ltd |  | Airbus A321 |  |  | 1 |  |  |  | 1 |
NBB Grosbeak Co., Ltd |  | Airbus A321 |  |  | 1 |  |  |  | 1 |
NBB Redstart Co. Ltd |  | Airbus A321 |  |  | 1 |  |  |  | 1 |
NBB-6658 Lease Partnership |  | Airbus A321 |  |  | 1 |  |  |  | 1 |
NBB-6670 Lease Partnership |  | Airbus A321 |  |  | 1 |  |  |  | 1 |
Orix Aviation Systems Limited |  | Airbus A320 |  |  | 4 |  |  |  | 5 |
PAAL Aquila Company Limited |  | Airbus A321 |  |  | 2 |  |  |  | 2 |
PAAL Gemini Company Limited |  | Airbus A321 |  |  | 1 |  |  |  | 1 |
SASOF II (J) Aviation Ireland Limited |  | Airbus A319 |  |  | - |  |  |  | 1 |
Shenton Aircraft Leasing Limited |  | Airbus A320 |  |  | 1 |  |  |  | 1 |
Sky High XXIV Leasing Company Limited |  | Airbus A320 |  |  | 5 |  |  |  | 5 |
Sky High XXV Leasing Company Limited |  | Airbus A320 |  |  | 2 |  |  |  | 2 |
SMBC Aviation Capital Limited |  | Airbus A320 |  |  | 4 |  |  |  | 6 |
SMBC Aviation Capital Limited |  | Airbus A321 |  |  | 2 |  |  |  | 2 |
TC-CIT Aviation Ireland Limited |  | Airbus A320 |  |  | - |  |  |  | 1 |
Volito Aviation August 2007 AB |  | Airbus A320 |  |  | 2 |  |  |  | 2 |
Volito Aviation November 2006 AB |  | Airbus A320 |  |  | 2 |  |  |  | 2 |
Volito November 2006 AB |  | Airbus A320 |  |  | 2 |  |  |  | 2 |
Wells Fargo Bank North National Association |  | Airbus A319 |  |  | 2 |  |  |  | 3 |
Wells Fargo Bank North National Association |  | Airbus A320 |  |  | - |  |  |  | 2 |
Wells Fargo Bank Northwest National Association |  | Airbus A320 |  |  | 5 |  |  |  | 7 |
Wells Fargo Bank Northwest National Association |  | Airbus A350 |  |  | 2 |  |  |  | 2 |
Wells Fargo Bank Northwest National Association |  | Boeing 767 |  |  | 2 |  |  |  | 3 |
Wells Fargo Bank Northwest National Association |  | Boeing 777 |  |  | 4 |  |  |  | 6 |
Wells Fargo Bank Northwest National Association |  | Boeing 787 |  |  | 11 |  |  |  | 11 |
Wilmington Trust Company |  | Airbus A319 |  |  | - |  |  |  | 1 |
Total |  |  |  |  | 93 |  |  |  | 111 |
Schedule of minimum future lease payments not yet payable | The minimum future lease payments not yet payable are the following:
|  | As of |  |  | As of |
|  | December 31, |  |  | December 31, |
|  | 2017 |  |  | 2016 |
|  | ThUS$ |  |  | ThUS$ |
No later than one year |  |  | 462,205 |  |  |  | 533,319 |
Between one and five years |  |  | 1,620,253 |  |  |  | 1,459,362 |
Over five years |  |  | 1,498,064 |  |  |  | 1,262,509 |
Total |  |  | 3,580,522 |  |  |  | 3,255,190 |
Schedule of minimum lease payments charged to income | The minimum operating lease payments charged to income are the following:
|  | For the period ended |
|  | December 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Minimum operating lease payments |  |  | 579,551 |  |  |  | 568,979 |  |  |  | 525,134 |
Total |  |  | 579,551 |  |  |  | 568,979 |  |  |  | 525,134 |
Schedule of existing letters of credit related to operating leasing | At December 31, 2017 the Company has existing letters of credit related to operating leasing as follows:
|  |  |  |  |  | Value |  |  | Release
Creditor Guarantee |  | Debtor |  | Type |  | ThUS$ |  |  | date
GE Capital Aviation Services Limited |  | Lan Cargo S.A. |  | One letter of credit |  |  | 1,100 |  |  | Nov 30, 2018
ACS Aero 1 Alpha Limited |  | LATAM Airlines Group S.A. |  | One letter of credit |  |  | 3,255 |  |  | Aug 31, 2018
Bank of America |  | LATAM Airlines Group S.A. |  | Three letter of credit |  |  | 1,043 |  |  | Jul 2, 2018
Bank of Utah |  | LATAM Airlines Group S.A. |  | One letter of credit |  |  | 2,000 |  |  | Mar 24, 2019
Engine Lease Finance Corporation |  | LATAM Airlines Group S.A. |  | One letter of credit |  |  | 4,750 |  |  | Oct 8, 2018
GE Capital Aviation Services Ltd. |  | LATAM Airlines Group S.A. |  | Six letter of credit |  |  | 22,105 |  |  | Apr 30, 2018
International Lease Finance Corp |  | LATAM Airlines Group S.A. |  | Three letter of credit |  |  | 1,450 |  |  | Aug 5, 2018
ORIX Aviation Systems Limited |  | LATAM Airlines Group S.A. |  | Two letter of credit |  |  | 7,366 |  |  | Dec 11, 2018
Wells Fargo Bank |  | LATAM Airlines Group S.A. |  | Nine letter of credit |  |  | 15,160 |  |  | Mar 2, 2018
CIT Aerospace International |  | Tam Linhas Aéreas S.A. |  | One letter of credit |  |  | 6,000 |  |  | Oct 25, 2018
Wells Fargo Bank North N.A. |  | Tam Linhas Aéreas S.A. |  | One letter of credit |  |  | 5,500 |  |  | Jul 15, 2018
|  |  |  |  |  |  | 69,729 |  |  |
Schedule of letters of credit, certificates of deposits and warranty insurance policies | At December 31, 2017 the Company has existing letters of credit, certificates of deposits and warranty insurance policies as follows:
|  |  |  |  |  | Value |  |  | Release
Creditor Guarantee |  | Debtor |  | Type |  | ThUS$ |  |  | date
Servicio Nacional de Aduana del Ecuador |  | Líneas Aéreas Nacionales del Ecuador S.A. |  | Three letter of credit |  |  | 1,705 |  |  | Aug 5, 2018
Corporación Peruana de Aeropuertos y Aviación Comercial |  | Lan Perú S.A. |  | Twenty five letter of credit |  |  | 1,897 |  |  | Jan 31, 2018
Lima Airport Partners S.R.L. |  | Lan Perú S.A. |  | Eighteen letter of credit |  |  | 996 |  |  | Apr 30, 2018
Superintendencia Nacional de Aduanas y de Administración Tributaria |  | Lan Perú S.A. |  | Ten letter of credit |  |  | 80,000 |  |  | Jan 21, 2018
Aena Aeropuertos S.A. |  | LATAM Airlines Group S.A. |  | Four letter of credit |  |  | 2,809 |  |  | Nov 15, 2018
American Alternative Insurance Corporation |  | LATAM Airlines Group S.A. |  | Six letter of credit |  |  | 3,690 |  |  | Apr 5, 2018
Comisión Europea |  | LATAM Airlines Group S.A. |  | One letter of credit |  |  | 9,868 |  |  | Jun 16, 2018
Deutsche Bank A.G. |  | LATAM Airlines Group S.A. |  | One letter of credit |  |  | 15,000 |  |  | Mar 31, 2018
Dirección General de Aeronáutica Civil |  | LATAM Airlines Group S.A. |  | Fifty three letter of credit |  |  | 19,759 |  |  | Feb 28, 2018
Empresa Pública de Hidrocarburos del Ecuador EP Petroecuador |  | LATAM Airlines Group S.A. |  | One letter of credit |  |  | 5,500 |  |  | Jun 18, 2018
Metropolitan Dade County |  | LATAM Airlines Group S.A. |  | Eight letter of credit |  |  | 2,273 |  |  | Mar 13, 2018
4ª Vara Mista de Bayeux |  | Tam Linhas Aéreas S.A. |  | One insurance policies guarantee |  |  | 1,044 |  |  | Mar 25, 2021
Conselho Administrativo de Conselhos Federais |  | Tam Linhas Aéreas S.A. |  | One insurance policies guarantee |  |  | 12,703 |  |  | May 19, 2020
Fundação de Proteão de Defesa do Consumidor Procon |  | Tam Linhas Aéreas S.A. |  | Two insurance policies guarantee |  |  | 3,926 |  |  | Apr 1, 2021
União Federal |  | Tam Linhas Aéreas S.A. |  | One insurance policies guarantee |  |  | 6,604 |  |  | Oct 20, 2021
União Federal -Fazenda Nacional |  | Tam Linhas Aéreas S.A. |  | One insurance policies guarantee |  |  | 41,243 |  |  | Jul 30, 2020
União Federal - Procuradoira - Gral da fazenda Nacional |  | Tam Linhas Aéreas S.A. |  | Four insurance policies guarantee |  |  | 50,196 |  |  | Jan 4, 2020
União Federal Vara Comarca de DF |  | Tam Linhas Aéreas S.A. |  | One insurance policies guarantee |  |  | 1,551 |  |  | Sep 28, 2021
União Federal Vara Comarca de SP |  | Tam Linhas Aéreas S.A. |  | One insurance policies guarantee |  |  | 19,268 |  |  | Feb 22, 2021
|  |  |  |  |  |  | 280,032 |  |  |

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