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COSTS AND EXPENSES BY NATURE | 12 Months Ended
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Dec. 31, 2021
Disclosure of expenses by nature [text block] [Abstract] |
COSTS AND EXPENSES BY NATURE | NOTE 27 - COSTS AND EXPENSES BY NATURE (a) Costs and operating expenses The main operating costs and administrative expenses are detailed below:
|  | For the year ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Aircraft fuel |  |  | 1,487,776 |  |  |  | 1,045,343 |  |  |  | 2,929,008 |
Other rentals and landing fees (*) |  |  | 755,188 |  |  |  | 720,005 |  |  |  | 1,275,859 |
Aircraft rentals (**) |  |  | 120,630 |  |  |  | - |  |  |  | - |
Aircraft maintenance |  |  | 533,738 |  |  |  | 472,382 |  |  |  | 444,611 |
Commissions |  |  | 89,208 |  |  |  | 91,910 |  |  |  | 221,884 |
Passenger services |  |  | 77,363 |  |  |  | 97,688 |  |  |  | 261,330 |
Other operating expenses |  |  | 959,427 |  |  |  | 1,221,183 |  |  |  | 1,291,895 |
Total |  |  | 4,023,330 |  |  |  | 3,648,511 |  |  |  | 6,424,587 |
(*) | Lease expenses are included within this amount (See Note 2.21)
(**) | During 2021, the Company amended its Aircraft Lease Contracts which included lease payment based on Power by the Hour (PBH) at the beginning of the contract and then switches to fixed-rent payments. A right of use asset and a lease liability was recognized as result of those amendments at the date of modification of the contract, even if they initially have a variable payment period. As a result of the application of the lease accounting policy, the right of use assets continues to be amortized on a straight-line basis over the term of the lease from the contract modification date. The expenses for the year include both: the lease expense for variable payments (Aircraft Rentals) as well as the expenses resulting from the amortization of the right of use assets from the beginning of the contract (included in the Depreciation line b) below) and interest from the lease liability (included in Lease Liabilities c) below).
|  | For the year ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Payments for leases of low-value assets |  |  | 19,793 |  |  |  | 21,178 |  |  |  | 31,982 |
Rent concessions recognized directly in profit or loss |  |  | - |  |  |  | (110 | ) |  |  | - |
Total |  |  | 19,793 |  |  |  | 21,068 |  |  |  | 31,982 |
(b) | Depreciation and amortization
Depreciation and amortization are detailed below:
|  | For the year ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Depreciation (*) |  |  | 1,114,232 |  |  |  | 1,219,586 |  |  |  | 1,389,465 |
Amortization |  |  | 51,162 |  |  |  | 169,800 |  |  |  | 80,511 |
Total |  |  | 1,165,394 |  |  |  | 1,389,386 |  |  |  | 1,469,976 |
(*) | Included within this amount is the depreciation of the Properties, plants and equipment (See Note 17 (a)) and the maintenance of the aircraft recognized as assets by right of use. The maintenance cost amount included in the depreciation line for the year ended December 31, 2021 is ThUS $ 351,701, ThUS $ 276,908 for year 2020 and ThUS $ 445,680 for the same year 2019.
(c) | Financial costs
The detail of financial costs is as follows:
|  | For the year ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Bank loan interest |  |  | 580,193 |  |  |  | 314,468 |  |  |  | 325,650 |
Financial leases |  |  | 46,679 |  |  |  | 45,245 |  |  |  | 61,980 |
Lease liabilities |  |  | 121,147 |  |  |  | 170,918 |  |  |  | 181,814 |
Other financial instruments |  |  | 57,525 |  |  |  | 56,348 |  |  |  | 20,490 |
Total |  |  | 805,544 |  |  |  | 586,979 |  |  |  | 589,934 |
Costs and expenses by nature presented in this Note plus the Employee expenses disclosed in Note 23, are equivalent to the sum of cost of sales, distribution costs, administrative expenses, other expenses and financing costs presented in the consolidated statement of income by function.
| (d) | Restructuring activities expenses
The Restructuring activities expenses are detailed below:
|  | For the year ended |
|  | December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Fair value adjustment of fleet available for sale |  |  | 73,595 |  |  |  | 331,522 |  |  |  | - |
Rejection of aircraft lease contract |  |  | 1,564,973 |  |  |  | 269,467 |  |  |  | - |
Rejection of IT contracts |  |  | 26,368 |  |  |  | - |  |  |  | - |
Employee restructuring plan (*) |  |  | 46,938 |  |  |  | 290,831 |  |  |  | - |
Legal advice |  |  | 91,870 |  |  |  | 76,541 |  |  |  | - |
Renegotiation of fleet contracts |  |  | 516,559 |  |  |  | - |  |  |  | - |
Others |  |  | 16,879 |  |  |  | 21,648 |  |  |  | - |
Total |  |  | 2,337,182 |  |  |  | 990,009 |  |  |  | - |
(*) | See note 2.1, letter c.
(e) Other (gains) losses Other (gains) losses are detailed below:
|  | For the year ended |
|  | December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Fuel hedging |  |  | - |  |  |  | 82,487 |  |  |  | - |
Slot Write Off |  |  | - |  |  |  | 36,896 |  |  |  | - |
Provision for onerous contract related to purchase commitment |  |  | (44,000 | ) |  |  | 44,000 |  |  |  | - |
Goodwill Impairment |  |  | - |  |  |  | 1,728,975 |  |  |  | - |
Other |  |  | 13,326 |  |  |  | (17,569 | ) |  |  | (11,525 | )
Total |  |  | (30,674 | ) |  |  | 1,874,789 |  |  |  | (11,525 | )

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