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PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2022
Disclosure Of Property Plant And Equipment Text Block Abstract |
PROPERTY, PLANT AND EQUIPMENT | NOTE 16 - PROPERTY, PLANT AND EQUIPMENT The composition by category of Property, plant and equipment is as follows:
|  | Gross Book Value |  |  | Accumulated depreciation |  |  | Net Book Value |
|  | As of |  |  | As of |  |  | As of |  |  | As of |  |  | As of |  |  | As of |
|  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
a) Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction in progress (1) |  |  | 388,810 |  |  |  | 473,797 |  |  |  | - |  |  |  | - |  |  |  | 388,810 |  |  |  | 473,797 |
Land |  |  | 44,349 |  |  |  | 43,276 |  |  |  | - |  |  |  | - |  |  |  | 44,349 |  |  |  | 43,276 |
Buildings |  |  | 124,507 |  |  |  | 121,972 |  |  |  | (55,511 | ) |  |  | (61,521 | ) |  |  | 68,996 |  |  |  | 60,451 |
Plant and equipment |  |  | 11,135,425 |  |  |  | 11,024,722 |  |  |  | (4,836,926 | ) |  |  | (4,462,706 | ) |  |  | 6,298,499 |  |  |  | 6,562,016 |
Own aircraft (3) (4) |  |  | 10,427,950 |  |  |  | 10,377,850 |  |  |  | (4,619,279 | ) |  |  | (4,237,585 | ) |  |  | 5,808,671 |  |  |  | 6,140,265 |
Other (2) |  |  | 707,475 |  |  |  | 646,872 |  |  |  | (217,647 | ) |  |  | (225,121 | ) |  |  | 489,828 |  |  |  | 421,751 |
Machinery |  |  | 27,090 |  |  |  | 25,764 |  |  |  | (25,479 | ) |  |  | (23,501 | ) |  |  | 1,611 |  |  |  | 2,263 |
Information technology equipment |  |  | 153,355 |  |  |  | 146,986 |  |  |  | (136,746 | ) |  |  | (130,150 | ) |  |  | 16,609 |  |  |  | 16,836 |
Fixed installations and accessories |  |  | 155,351 |  |  |  | 147,402 |  |  |  | (118,279 | ) |  |  | (108,661 | ) |  |  | 37,072 |  |  |  | 38,741 |
Motor vehicles |  |  | 51,504 |  |  |  | 49,186 |  |  |  | (46,343 | ) |  |  | (44,423 | ) |  |  | 5,161 |  |  |  | 4,763 |
Leasehold improvements |  |  | 202,753 |  |  |  | 248,733 |  |  |  | (42,726 | ) |  |  | (115,758 | ) |  |  | 160,027 |  |  |  | 132,975 |
Subtotal Properties, plant and equipment |  |  | 12,283,144 |  |  |  | 12,281,838 |  |  |  | (5,262,010 | ) |  |  | (4,946,720 | ) |  |  | 7,021,134 |  |  |  | 7,335,118 |
b) Right of use |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aircraft (3) |  |  | 4,391,690 |  |  |  | 5,211,153 |  |  |  | (3,064,869 | ) |  |  | (3,109,411 | ) |  |  | 1,326,821 |  |  |  | 2,101,742 |
Other assets |  |  | 246,078 |  |  |  | 243,014 |  |  |  | (182,372 | ) |  |  | (190,007 | ) |  |  | 63,706 |  |  |  | 53,007 |
Subtotal Right of use |  |  | 4,637,768 |  |  |  | 5,454,167 |  |  |  | (3,247,241 | ) |  |  | (3,299,418 | ) |  |  | 1,390,527 |  |  |  | 2,154,749 |
Total |  |  | 16,920,912 |  |  |  | 17,736,005 |  |  |  | (8,509,251 | ) |  |  | (8,246,138 | ) |  |  | 8,411,661 |  |  |  | 9,489,867 |
| (1) | As of December 31, 2022, includes advances paid to aircraft manufacturers for ThUS$ 357,979 (ThUS$ 368,625 as of December 31, 2021)
| (2) | Consider mainly rotables and tools.
| (3) | As of December 31, 2021, due to Chapter 11, 13 aircraft lease contract were rejected, of which 4 were recorded as Property, plant and equipment, (4 A350) and 9 were presented as right of use assets, (2 A320 and 7 A350).
| (4) | During 2022, six A320 and twenty-eight A319 aircraft were reclassified to Non-current assets or groups of assets for disposal as held for sale.
Movement in the different categories of Property, plant and equipment:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Information |  |  | Fixed |  |  |  |  |  |  |  |  | Property, |
|  |  |  |  |  |  |  |  |  |  | Plant and |  |  | technology |  |  | installations |  |  | Motor |  |  | Leasehold |  |  | Plant and |
|  | Construction |  |  |  |  |  | Buildings |  |  | equipment |  |  | equipment |  |  | & accessories |  |  | vehicles |  |  | improvements |  |  | equipment |
|  | in progress |  |  | Land |  |  | net |  |  | net |  |  | net |  |  | net |  |  | net |  |  | net |  |  | net |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Opening balance as of January 1, 2020 |  |  | 372,589 |  |  |  | 48,406 |  |  |  | 74,862 |  |  |  | 9,374,516 |  |  |  | 20,776 |  |  |  | 59,834 |  |  |  | 477 |  |  |  | 98,460 |  |  |  | 10,049,920 |
Additions |  |  | 6,535 |  |  |  | - |  |  |  | - |  |  |  | 485,800 |  |  |  | 1,295 |  |  |  | 9 |  |  |  | - |  |  |  | - |  |  |  | 493,639 |
Disposals |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,439 | ) |  |  | (112 | ) |  |  | (31 | ) |  |  | (4 | ) |  |  | - |  |  |  | (1,586 | )
Rejection fleet |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,081,496 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (82 | ) |  |  | (1,081,578 | )
Retirements |  |  | (39 | ) |  |  | - |  |  |  | - |  |  |  | (107,912 | ) |  |  | (55 | ) |  |  | (3,250 | ) |  |  | - |  |  |  | - |  |  |  | (111,256 | )
Depreciation expenses |  |  | - |  |  |  | - |  |  |  | (4,819 | ) |  |  | (682,102 | ) |  |  | (6,186 | ) |  |  | (9,037 | ) |  |  | (81 | ) |  |  | (16,542 | ) |  |  | (718,767 | )
Foreign exchange |  |  | (2,601 | ) |  |  | (5,428 | ) |  |  | (4,836 | ) |  |  | (146,219 | ) |  |  | (1,543 | ) |  |  | (7,195 | ) |  |  | 4 |  |  |  | (2,587 | ) |  |  | (170,405 | )
Other increases (decreases) |  |  | 1,477 |  |  |  | - |  |  |  | - |  |  |  | (142,179 | ) |  |  | 656 |  |  |  | 8,869 |  |  |  | - |  |  |  | (4,841 | ) |  |  | (136,018 | )
Changes, total |  |  | 5,372 |  |  |  | (5,428 | ) |  |  | (9,655 | ) |  |  | (1,675,547 | ) |  |  | (5,945 | ) |  |  | (10,635 | ) |  |  | (81 | ) |  |  | (24,052 | ) |  |  | (1,725,971 | )
Closing balance as of December 31, 2020 |  |  | 377,961 |  |  |  | 42,978 |  |  |  | 65,207 |  |  |  | 7,698,969 |  |  |  | 14,831 |  |  |  | 49,199 |  |  |  | 396 |  |  |  | 74,408 |  |  |  | 8,323,949 |
Opening balance as of January 1, 2021 |  |  | 377,961 |  |  |  | 42,978 |  |  |  | 65,207 |  |  |  | 7,698,969 |  |  |  | 14,831 |  |  |  | 49,199 |  |  |  | 396 |  |  |  | 74,408 |  |  |  | 8,323,949 |
Additions |  |  | 84,392 |  |  |  | 1,550 |  |  |  | 92 |  |  |  | 563,023 |  |  |  | 6,455 |  |  |  | 6 |  |  |  | 17 |  |  |  | 6,543 |  |  |  | 662,078 |
Disposals |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (169 | ) |  |  | (26 | ) |  |  | (309 | ) |  |  | (17 | ) |  |  | - |  |  |  | (521 | )
Rejection fleet (*) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (469,878 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (46,816 | ) |  |  | (516,694 | )
Retirements |  |  | (279 | ) |  |  | - |  |  |  | - |  |  |  | (44,684 | ) |  |  | (212 | ) |  |  | (1,885 | ) |  |  | - |  |  |  | (26 | ) |  |  | (47,086 | )
Depreciation expenses |  |  | - |  |  |  | - |  |  |  | (4,074 | ) |  |  | (620,349 | ) |  |  | (4,345 | ) |  |  | (8,304 | ) |  |  | (61 | ) |  |  | (11,649 | ) |  |  | (648,782 | )
Foreign exchange |  |  | (1,720 | ) |  |  | (1,252 | ) |  |  | (833 | ) |  |  | (19,199 | ) |  |  | (404 | ) |  |  | (1,752 | ) |  |  | (11 | ) |  |  | (13,074 | ) |  |  | (38,245 | )
Other increases (decreases) (**) |  |  | 13,443 |  |  |  | - |  |  |  | 59 |  |  |  | (538,996 | ) |  |  | 537 |  |  |  | 1,786 |  |  |  | 1 |  |  |  | 123,589 |  |  |  | (399,581 | )
Changes, total |  |  | 95,836 |  |  |  | 298 |  |  |  | (4,756 | ) |  |  | (1,130,252 | ) |  |  | 2,005 |  |  |  | (10,458 | ) |  |  | (71 | ) |  |  | 58,567 |  |  |  | (988,831 | )
Closing balance as of December 31, 2021 |  |  | 473,797 |  |  |  | 43,276 |  |  |  | 60,451 |  |  |  | 6,568,717 |  |  |  | 16,836 |  |  |  | 38,741 |  |  |  | 325 |  |  |  | 132,975 |  |  |  | 7,335,118 |
Opening balance as of January 1, 2022 |  |  | 473,797 |  |  |  | 43,276 |  |  |  | 60,451 |  |  |  | 6,568,717 |  |  |  | 16,836 |  |  |  | 38,741 |  |  |  | 325 |  |  |  | 132,975 |  |  |  | 7,335,118 |
Additions |  |  | 16,332 |  |  |  | - |  |  |  | - |  |  |  | 843,808 |  |  |  | 6,426 |  |  |  | 113 |  |  |  | 258 |  |  |  | 27,160 |  |  |  | 894,097 |
Disposals |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4,140 | ) |  |  | - |  |  |  | (264 | ) |  |  | (3 | ) |  |  | - |  |  |  | (4,407 | )
Withdrawals |  |  | (75 | ) |  |  | - |  |  |  | (2 | ) |  |  | (42,055 | ) |  |  | (24 | ) |  |  | (836 | ) |  |  | - |  |  |  | (313 | ) |  |  | (43,305 | )
Retirements |  |  | - |  |  |  | - |  |  |  | (3,285 | ) |  |  | (669,059 | ) |  |  | (5,662 | ) |  |  | (7,914 | ) |  |  | (55 | ) |  |  | (13,071 | ) |  |  | (699,046 | )
Depreciation expenses |  |  | (1,282 | ) |  |  | 1,073 |  |  |  | 918 |  |  |  | 11,527 |  |  |  | (84 | ) |  |  | 2,365 |  |  |  | (28 | ) |  |  | 7,593 |  |  |  | 22,082 |
Foreing exchange |  |  | (99,962 | ) |  |  | - |  |  |  | 10,914 |  |  |  | (403,950 | ) |  |  | (883 | ) |  |  | 4,867 |  |  |  | (74 | ) |  |  | 5,683 |  |  |  | (483,405 | )
Other increases (decreases) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Changes, total |  |  | (84,987 | ) |  |  | 1,073 |  |  |  | 8,545 |  |  |  | (263,869 | ) |  |  | (227 | ) |  |  | (1,669 | ) |  |  | 98 |  |  |  | 27,052 |  |  |  | (313,984 | )
Closing balance as of December 31, 2022 |  |  | 388,810 |  |  |  | 44,349 |  |  |  | 68,996 |  |  |  | 6,304,848 |  |  |  | 16,609 |  |  |  | 37,072 |  |  |  | 423 |  |  |  | 160,027 |  |  |  | 7,021,134 |
(*) | Include aircraft lease rejection due to Chapter 11.
(**) | As of December 31, 2022, six A320 ThUS$ (29,328) and twenty-eight A319 ThUS$ (373,410) aircraft were reclassified to Non-current assets or groups of assets for disposal as held for sale. As of December 31, 2021, it includes the lease contract amendment of two B787 aircraft ThUS$ (397,569) and six A320N aircraft ThUS$ (284,952) (see note 13).
(a) Right of use assets:
|  |  |  |  |  |  |  | Net right |
|  |  |  |  |  |  |  | of use |
|  | Aircraft |  |  | Others |  |  | assets |
|  | ThUS $ |  |  | ThUS $ |  |  | ThUS $ |
Opening balances as of January 1, 2020 |  |  | 2,768,540 |  |  |  | 101,158 |  |  |  | 2,869,698 |
Additions |  |  | - |  |  |  | 399 |  |  |  | 399 |
Fleet rejection (*) |  |  | (9,090 | ) |  |  | - |  |  |  | (9,090 | )
Depreciation expense |  |  | (395,936 | ) |  |  | (22,492 | ) |  |  | (418,428 | )
Cumulative translate adjustment |  |  | (6,578 | ) |  |  | (11,173 | ) |  |  | (17,751 | )
Other increases (decreases) |  |  | (18,894 | ) |  |  | 385 |  |  |  | (18,509 | )
Total changes |  |  | (430,498 | ) |  |  | (32,881 | ) |  |  | (463,379 | )
Final balances as of December 31, 2020 |  |  | 2,338,042 |  |  |  | 68,277 |  |  |  | 2,406,319 |
Opening balances as of January 1, 2021 |  |  | 2,338,042 |  |  |  | 68,277 |  |  |  | 2,406,319 |
Additions |  |  | 537,995 |  |  |  | 1,406 |  |  |  | 539,401 |
Fleet rejection (*) |  |  | (573,047 | ) |  |  | (4,577 | ) |  |  | (577,624 | )
Depreciation expense |  |  | (317,616 | ) |  |  | (16,597 | ) |  |  | (334,213 | )
Cumulative translate adjustment |  |  | (574 | ) |  |  | (1,933 | ) |  |  | (2,507 | )
Other increases (decreases) (**) |  |  | 116,942 |  |  |  | 6,431 |  |  |  | 123,373 |
Total changes |  |  | (236,300 | ) |  |  | (15,270 | ) |  |  | (251,570 | )
Final balances as of December 31, 2021 |  |  | 2,101,742 |  |  |  | 53,007 |  |  |  | 2,154,749 |
Opening balances as of January 1, 2022 |  |  | 2,101,742 |  |  |  | 53,007 |  |  |  | 2,154,749 |
Additions |  |  | 372,571 |  |  |  | 13,087 |  |  |  | 385,658 |
Depreciation expense |  |  | (249,802 | ) |  |  | (16,368 | ) |  |  | (266,170 | )
Cumulative translate adjustment |  |  | 919 |  |  |  | 1,392 |  |  |  | 2,311 |
Other increases (decreases) (***) |  |  | (898,609 | ) |  |  | 12,588 |  |  |  | (886,021 | )
Total changes |  |  | (774,921 | ) |  |  | 10,699 |  |  |  | (764,222 | )
Final balances as of December 31, 2022 |  |  | 1,326,821 |  |  |  | 63,706 |  |  |  | 1,390,527 |
| (*) | Include aircraft lease rejection due to Chapter 11.
| (**) | Includes the renegotiations of 92 aircraft (1 A319, 37 A320, 12 A320N, 19 A321, 1 B767, 6 B777 and 16 B787).
| (***) | Include the renegotiations of 115 aircraft (1 A319, 39 A320, 14 A320N, 30 A321, 1 B767, 6 B777 and 24 B787).
|  |  |  | Aircraft included in Property, plant and equipment |  |  | Aircraft included as Rights of use assets |  |  | Total fleet |
|  |  |  | As of |  |  | As of |  |  | As of |  |  | As of |  |  | As of |  |  | As of |
|  |  |  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |
Aircraft |  | Model |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Boeing 767 |  | 300ER |  |  | 15 |  |  |  | 16 |  |  |  | - |  |  |  | - |  |  |  | 15 |  |  |  | 16 |
Boeing 767 |  | 300F |  |  | 13 |  |  |  | 12 | (1) |  |  | 1 |  |  |  | 1 |  |  |  | 14 |  |  |  | 13 | (1)
Boeing 777 |  | 300ER |  |  | 4 |  |  |  | 4 |  |  |  | 6 |  |  |  | 6 |  |  |  | 10 |  |  |  | 10 |
Boeing 787 |  | 800 |  |  | 4 |  |  |  | 4 |  |  |  | 6 |  |  |  | 6 |  |  |  | 10 |  |  |  | 10 |
Boeing 787 |  | 900 |  |  | 2 |  |  |  | 2 |  |  |  | 19 |  |  |  | 15 |  |  |  | 21 |  |  |  | 17 |
Airbus A319 |  | 100 |  |  | 12 | (3) |  |  | 37 |  |  |  | 1 |  |  |  | 7 |  |  |  | 13 |  |  |  | 44 |
Airbus A320 |  | 200 |  |  | 88 |  |  |  | 94 |  |  |  | 40 | (2) |  |  | 39 |  |  |  | 128 | (2) |  |  | 133 |
Airbus A320 |  | NEO |  |  | 1 |  |  |  | - |  |  |  | 15 |  |  |  | 12 |  |  |  | 16 |  |  |  | 12 |
Airbus A321 |  | 200 |  |  | 19 |  |  |  | 18 |  |  |  | 30 |  |  |  | 31 |  |  |  | 49 |  |  |  | 49 |
Total |  |  |  |  | 158 |  |  |  | 187 |  |  |  | 118 |  |  |  | 117 |  |  |  | 276 |  |  |  | 304 |
(1) | An aircraft leased to Aerotransportes Mas de Carga S.A. de C.V, was returned to LATAM Airlines Group S.A. in 2022.
(2) | An aircraft with a short-term operating lease is not considered value for right of use.
(3) | Twenty-eight A319 aircraft were classified under non-current assets or groups of assets for disposal as held for sale, (see Note 13)
(d) Method used for the depreciation of Property, plant and equipment:
|  |  |  | Useful life (years) |
|  | Method |  | minimum |  |  | maximum |
Buildings |  | Straight line without residual value |  |  | 20 |  |  |  | 50 |
Plant and equipment |  | Straight line with residual value of 20% in the short-haul fleet and 36% in the long-haul fleet. (*) |  |  | 5 |  |  |  | 30 |
Information technology equipment |  | Straight line without residual value |  |  | 5 |  |  |  | 10 |
Fixed installations and accessories |  | Straight line without residual value |  |  | 10 |  |  |  | 10 |
Motor vehicle |  | Straight line without residual value |  |  | 10 |  |  |  | 10 |
Leasehold improvements |  | Straight line without residual value |  |  | 5 |  |  |  | 8 |
Assets for rights of use |  | Straight line without residual value |  |  | 1 |  |  |  | 25 |
(*) | Except in the case of the Boeing 767 300ER, Airbus 320 Family and Boeing 767 300F fleets that consider a lower residual value, due to the extension of their useful life to 22, 25 and 30 years respectively. Additionally, certain technical components are depreciated based on cycles and hours flown.
(e) Additional information regarding Property, plant and equipment: (i) Property, plant and equipment pledged as guarantee: Description of Property, plant and equipment pledged as guarantee:
|  |  |  |  |  |  |  |  | As of |  |  | As of |
|  |  |  |  |  |  |  |  | Deceember 31, |  |  | December 31, |
|  |  |  |  |  |  |  |  | 2022 |  |  | 2021 |
Guarantee agent (1) |  | Creditor company |  | Committed Assets |  | Fleet |  |  | Existing Debt |  |  | Book Value |  |  | Existing Debt |  |  | Book Value |
|  |  |  |  |  |  |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Wilmington |  | MUFG |  | Aircraft and engines |  | Airbus A319 |  |  |  | 4,554 |  |  |  | 13,205 |  |  |  | 58,611 |  |  |  | 259,036 |
Trust Company |  |  |  |  |  | Airbus A320 |  |  |  | 33,154 |  |  |  | 203,788 |  |  |  | 51,543 |  |  |  | 227,604 |
|  |  |  |  |  | Boeing 767 |  |  |  | 35,043 |  |  |  | 164,448 |  |  |  | 46,779 |  |  |  | 168,315 |
|  |  |  |  |  | Boeing 777 |  |  |  | 141,605 |  |  |  | 144,065 |  |  |  | 144,358 |  |  |  | 141,620 |
Credit Agricole |  | Credit Agricole |  | Aircraft and engines |  | Airbus A319 |  |  |  | 3,518 |  |  |  | 5,311 |  |  |  | 1,073 |  |  |  | 6,419 |
|  |  |  |  |  | Airbus A320 |  |  |  | 195,864 |  |  |  | 161,397 |  |  |  | 139,192 |  |  |  | 117,130 |
|  |  |  |  |  | Airbus A321 / A350 |  |  |  | 6,192 |  |  |  | 4,827 |  |  |  | 30,733 |  |  |  | 27,427 |
|  |  |  |  |  | Boeing 767 |  |  |  | 9,121 |  |  |  | 23,323 |  |  |  | 10,404 |  |  |  | 30,958 |
|  |  |  |  |  | Boeing 787 |  |  |  | 60,305 |  |  |  | 34,077 |  |  |  | 91,797 |  |  |  | 38,551 |
Bank Of Utah |  | BNP Paribas |  | Aircraft and engines |  | Boeing 787 |  |  |  | 184,199 |  |  |  | 221,311 |  |  |  | 198,475 |  |  |  | 233,501 |
Citibank N.A. |  | Citibank N.A. |  | Aircraft and engines |  | Airbus A319 |  |  |  | - |  |  |  | - |  |  |  | 27,936 |  |  |  | 45,849 |
|  |  |  |  |  | Airbus A320 |  |  |  | - |  |  |  | - |  |  |  | 128,030 |  |  |  | 181,224 |
|  |  |  |  |  | Airbus A321 |  |  |  | - |  |  |  | - |  |  |  | 41,599 |  |  |  | 75,092 |
|  |  |  |  |  | Airbus A350 |  |  |  | - |  |  |  | - |  |  |  | 15,960 |  |  |  | 26,507 |
|  |  |  |  |  | Airbus B767 |  |  |  | - |  |  |  | - |  |  |  | 90,846 |  |  |  | 181,246 |
|  |  |  |  |  | Airbus B787 |  |  |  | - |  |  |  | - |  |  |  | 23,156 |  |  |  | 17,036 |
|  |  |  |  |  | Rotables |  |  |  | - |  |  |  | - |  |  |  | 162,477 |  |  |  | 134,846 |
UMB Bank |  | MUFG |  | Aircraft and engines |  | Airbus A320 |  |  |  | - |  |  |  | - |  |  |  | 166,712 |  |  |  | 258,875 |
Total direct guarantee |  |  |  |  |  |  |  |  |  | 673,555 |  |  |  | 975,752 |  |  |  | 1,429,681 |  |  |  | 2,171,236 |
(1) | For the syndicated loans, the Guarantee Agent represents different creditors.
The amounts of the current debt are presented at their nominal value. The net book value corresponds to the assets granted as collateral. Additionally, there are indirect guarantees associated with assets booked within Property, Plant and Equipment whose total debt as of December 31, 2022, amounts to ThUS$ 1,037,122 (ThUS$ 1,200,382 as of December 31, 2021). The book value of the assets with indirect guarantees as of December 31, 2022, amounts to ThUS$ 2,306,233 (ThUS$ 2,884,563 as of December 31, 2021). As of December 31, 2021, given Chapter 11, four aircraft included within Property, plant and equipment were rejected, of which four had direct guarantees and one indirect guarantee. As of December 31, 2022, the Company keeps valid letters of credit related to right of use assets according to the following detail:
Creditor Guarantee |  | Debtor |  | Type |  | Value ThUS$ |  |  | Release date |
GE Capital Aviation Services Ltd. |  | LATAM Airlines Group S.A. |  | Three letters of credit |  |  | 12,198 |  |  |  | Dec 6, 2023 |
Merlin Aviation Leasing (Ireland) 18 Limited RB Comercial Properties 49 |  | Tam Linhas Aéreas S.A. |  | Two letters of credit |  |  | 3,852 |  |  |  | Mar 15, 2023 |
Empreendimentos Imobiliarios LTDA |  | Tam Linhas Aéreas S.A. |  | One letter of credit |  |  | 27,091 |  |  |  | Apr 20, 2023 |
|  |  |  |  |  |  | 43,141 |  |  |  |  |
(ii) Commitments and others Fully depreciated assets and commitments for future purchases are as follows:
|  | As of December 31, 2022 |  |  | As of December 31, 2021 |
|  | ThUS$ |  |  | ThUS$ |
Gross book value of fully depreciated property, plant and equipment still in use |  |  | 266,896 |  |  |  | 223,608 |
Commitments for the acquisition of aircraft (*) |  |  | 13,186,000 |  |  |  | 10,800,000 |
(*) | According to the manufacturer’s price list.
Purchase commitment of aircraft
|  | Year of delivery |
Manufacturer |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026-2029 |  |  | Total |
Airbus S.A.S. |  |  | 8 |  |  |  | 8 |  |  |  | 11 |  |  |  | 56 |  |  |  | 83 |
A320-NEO Family |  |  | 8 |  |  |  | 8 |  |  |  | 11 |  |  |  | 56 |  |  |  | 83 |
The Boeing Company |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |
Boeing 787-9 |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |
Total |  |  | 10 |  |  |  | 8 |  |  |  | 11 |  |  |  | 56 |  |  |  | 85 |
As of December 31, 2022, as a result of the different aircraft purchase contracts signed with Airbus S.A.S., 83 Airbus aircraft of the A320 family remain to be received with deliveries between 2023 and 2029. The approximate amount, according to manufacturer list prices, is ThUS$12,586,000. As of December 31, 2022, as a result of the different aircraft purchase contracts signed with The Boeing Company, 2 Boeing 787 Dreamliner aircraft remain to be received with delivery dates during 2023. The approximate amount, according to list prices from the manufacturer, is ThUS$ 600,000. As of December 31, 2022, as a result of the different aircraft operating lease contracts signed with AerCap Holdings N.V., 8 Airbus aircraft of the A320 Neo family remain to be received with deliveries between 2023 and 2024. As of December 31, 2022, as a result of the different aircraft operating lease contracts signed with Air Lease Corporation, 2 Airbus aircraft of the A320 Neo family remain to be received with deliveries between 2023 and 2024. As of December 31, 2022, as a result of the different aircraft operating lease contracts signed with Avolon Aerospace Leasing Limited, 3 Airbus aircraft of the A320 Neo family remain to be received with deliveries between 2023 and 2024. As of December 31, 2022, as a result of the different aircraft operating lease contracts signed with CDB Aviation, 1 Airbus aircraft of the A320 Neo family with a delivery date of 2023 remains to be received. As of December 31, 2022, as a result of the different aircraft operating lease contracts signed with Air Lease Corporation, 5 Airbus A321XLR family aircraft remain to be received with deliveries between 2025 and 2026. As of December 31, 2022, as a result of the different aircraft operating lease contracts signed with ORIX Aviation Systems Ltd., 4 Boeing 787 Dreamliner aircraft with a delivery date of 2023 remain to be received. (iii) Capitalized interest costs with respect to Property, plant and equipment.
|  |  |  |  | For the period ended December 31, |
|  |  |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Average rate of capitalization of capitalized interest costs |  |  | % |  |  |  | 7.12 |  |  |  | 5.06 |  |  |  | 3.52 |
Costs of capitalized interest |  |  | ThUS$ |  |  |  | 10,575 |  |  |  | 7,345 |  |  |  | 11,627 |
(f) Assumption, Amendment & Rejection of Executory Contracts & Leases On June 28, 2020, the Bankruptcy Court authorized the Debtors to establish procedures for the rejection of certain executory contracts and unexpired leases and on September 24, 2020, the Bankruptcy Court authorized the Debtors to establish procedures for the rejection of certain unexpired aircraft lease agreements, aircraft engine agreements and the abandonment of certain related assets. In accordance with these rejection procedures, the Bankruptcy Code and the Bankruptcy Rules the Debtors have or will reject certain contracts and leases (see notes 18 and 26). Relatedly, the Bankruptcy Court approved the Debtors’ request to extend the date by which the Debtors may assume or reject unexpired non-residential, real property leases until December 22, 2020. Pursuant to the Disclosure Statement Order, the Debtors have until the Effective Date of the Plan (as defined in the Plan) to assume or reject executory contracts and unexpired leases. Further, the Debtors have filed motions to reject certain aircraft and engine leases and related agreements:
Bankruptcy Court approval date: |  | Asset rejected:
January 29, 2021 |  | (i) 2 Airbus A320-family aircraft
April 23, 2021 |  | (i) 1 Airbus A350-941 aircraft
May 14, 2021 |  | (i) 6 Airbus A350 aircraft
June 17, 2021 |  | (i) 1 Airbus A350-941 aircraft
June 24, 2021 |  | (i) 3 Airbus A350-941 aircraft
November 3, 2021 |  | (i) 1 Rolls-Royce Trent XWB-84K engine; (ii) 1 Rolls-Royce International Aero Engine AG V2527M-A5;
January 5, 2022 |  | (i) General Terms Agreement between Rolls-Royce PLC and Rolls-Royce Totalcare Services Limited and TAM Linhas Aereas S.A.;
March 22, 2022 |  | (i) 1 International Aero Engines AG V2527-A5 engine; and
May 18, 2022 |  | (i) Framework Deed Relating to the purchase and leaseback of ten used Airbus A330-200 aircraft, nine new Airbus A350-900 aircraft, four new Boeing 787-9 aircraft and two new Boeing 787-8 aircraft.
As of December 31, 2021, and as a result of these contract rejections, performance obligations with the lenders and lessors were extinguished and the Company lost control over the related assets resulting in the derecognition of the assets and the liabilities associated with these aircraft. See Note 18 and 26. Contracts rejected during 2022 in the previous table do not result in changes in the asset or liabilities structure of the Company, since these were general terms of agreement for purchases, engine maintenance contracts and short term leases which according to the accounting policies (see Note 2) should not be registered as right of use assets. The Debtors also have filed motions to enter into certain new aircraft lease agreements, including:
Bankruptcy Court Approval Date: |  | Counterparty / Aircraft
March 8, 2021 |  | Vermillion Aviation (nine) Limited, Aircraft MSNs 4860 and 4827
April 12, 2021 |  | Wilmington Trust Company, Solely in its Capacity as Trustee, Aircraft MSNs 6698, 6780, 6797, 6798, 6894, 6895, 6899, 6949, 7005, 7036, 7081
May 30, 2021 |  | UMB Bank N.A., Solely in its Capacity as Trustee, Aircraft MSNs 38459, 38478, 38479, 38461
August 31, 2021 |  | (i) Avolon Aerospace Leasing Limited or its Affiliates, Aircraft MSNs 38891, 38893, 38895
|  | (ii) Sky Aero Management Ltd. Ten Airbus A320neo
February 23, 2022 |  | Vmo Aircraft Leasing, Two Boeing 787-9
March 17, 2022 |  | Avolon Aerospace Leasing Limited, Two Airbus A321neo
March 17, 2022 |  | Air Lease Corporation, Three Airbus A321NX
March 17, 2022 |  | AerCap Ireland, Two Airbus A321-200NEO
March 18, 2022 |  | CDB Aviation Lease Finance DAC, Two Airbus A321NX
April 14, 2022 |  | Macquarie Aircraft Leasing Services (Ireland) Ltd., One Airbus A320-233
June 29, 2022 |  | UK Export Finance, Four Boeing 787-9
August 12, 2022 |  | Air Lease Corporation, Three Airbus A321XLR
September 8, 2022 |  | Air Lease Corporation, Two Airbus A321XLR
In addition, the Debtors also have filed motions to enter into certain aircraft lease amendment agreements which have the effect of, among other things, reducing the Debtors’ rental payment obligations and extension on the lease term. Certain amendments also involved updates to related financing arrangements. These amendments include:
Bankruptcy Court Approval Date: |  | Amended Lease Agreement/Counterparty
April 14, 2021 |  | (1) Bank of Utah
|  | (2) AWAS 5234 Trust
|  | (3) Sapucaia Leasing Limited, PK Airfinance US, LLC and PK Air 1 LP
April 15, 2021 |  | Aviator IV 3058, Limited
April 27, 2021 |  | Bank of America Leasing Ireland Co.,
May 4, 2021 |  | (1) NBB Grosbeak Co., Ltd, NBB Cuckoo Co., Ltd., NBB-6658 Lease Partnership, NBB-6670 Lease Partnership and NBB Redstart Co. Ltd.
|  | (2) Sky High XXIV Leasing Company Limited and Sky High XXV Leasing Company Limited
|  | (3) SMBC Aviation Capital Limited
May 5, 2021 |  | (1) JSA International US Holdings LLC and Wells Fargo Trust Company N.A.
|  | (2) Orix Aviation Systems Limited
May 27, 2021 |  | (1) Shenton Aircraft Leasing 3 (Ireland) Limited.
|  | (2) Chishima Real Estate Company, Limited and PAAL Aquila Company Limited
May 28, 2021 |  | MAF Aviation 1 Designated Activity Company
May 30, 2021 |  | (1) IC Airlease One Limited
|  | (2) UMB Bank, National Association, Macquarie Aerospace Finance 5125-2 Trust and Macquarie Aerospace Finance 5178 Limited
|  | (3) Wilmington Trust SP Services (Dublin) Limited
|  | (4) Aercap Holdings N.V.
|  | (5) Banc of America Leasing Ireland Co.
|  | (6) Castlelake L.P.
July 1, 2021 |  | EX-IM Fleet
July 8, 2021 |  | Greylag Goose Leasing 38887 Designated Activity Company
July 15, 2021 |  | (1) ECAF I 40589 DAC
|  | (2) Wells Fargo Company, National Associates, as Owner Trustee
|  | (3) Orix Aviation Systems Limited
|  | (4) Wells Fargo Trust Company, N.A.
July 20, 2021 |  | (1) Avolon AOE 62 Limited
|  | (2) Avolon Aerospace (Ireland) AOE 99 Limited, Avolon Aerospace (Ireland) AOE 100 Limited, Avolon Aerospace (Ireland) AOE 101 Limited, Avolon Aerospace (Ireland) AOE 102 Limited, Avolon Aerospace (Ireland) AOE 103 Limited, Avolon Aerospace AOE 130 Limited, Avolon Aerospace AOE 134 Limited
July 27, 2021 |  | (1) Merlin Aviation Leasing (Ireland) 18 Limited
|  | (2) JSA International U.S. Holdings, LLC
August 30, 2021 |  | (1) Yamasa Sangyo Aircraft LA1 Kumiai and Yamasa Sangyo Aircraft LA2 Kumiai
|  | (2) Dia Patagonia Ltd. and DIa Iguazu Ltd.
|  | Condor Leasing Co., Ltd., FC Initial Leasing Ltd., Alma Leasing Co., Ltd., and FI Timothy Leasing Ltd.
|  | (3) Platero Fleet
|  | (4) SL Alcyone Ltd.
|  | (5) NBB Crow Co., Ltd.
|  | (6) NBB Sao Paulo Lease Co., Ltd., NBB Rio Janeiro Lease Co., Ltd. And NBB Brasilia Lease LLC
|  | (7) Gallo Finance Limited
|  | (8) Orix Aviation Systems Limited
The lease amendment agreements were accounted for as lease modifications (see Note 18). In relation to several of these lease amendment agreements, the Debtors entered into claims settlement stipulations for prepetition amounts due upon assumption of those agreements.

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