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INTANGIBLE ASSETS OTHER THAN GOODWILL | 12 Months Ended
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Dec. 31, 2023
INTANGIBLE ASSETS OTHER THAN GOODWILL [Abstract] |
INTANGIBLE ASSETS OTHER THAN GOODWILL | INTANGIBLE ASSETS OTHER THAN GOODWILL The details of intangible assets are as follows:
| Classes of intangible assets (net) |  | Classes of intangible assets (gross)
| As of December 31, 2023 |  | As of December 31, 2022 |  | As of December 31, 2023 |  | As of December 31, 2022
| ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Airport slots | 658,949 |  |  | 625,368 |  |  | 658,949 |  |  | 625,368 |
Loyalty program | 219,636 |  |  | 203,791 |  |  | 219,636 |  |  | 203,791 |
Computer software | 156,337 |  |  | 143,550 |  |  | 597,164 |  |  | 518,971 |
Developing software | 117,010 |  |  | 107,652 |  |  | 117,010 |  |  | 107,651 |
Other assets | 54 |  |  | 25 |  |  | 1,369 |  |  | 1,315 |
Total | 1,151,986 |  |  | 1,080,386 |  |  | 1,594,128 |  |  | 1,457,096 |
a)Movement in Intangible assets other than goodwill:
| Computer software and others Net |  | Developing software |  | Airport slots |  | Loyalty program (1) |  | Total
| ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Opening balance as of January 1, 2021 | 139,341 |  |  | 68,521 |  |  | 627,742 |  |  | 210,955 |  |  | 1,046,559 |
Additions | — |  |  | 82,798 |  |  | — |  |  | — |  |  | 82,798 |
Withdrawals | (275) |  |  | (429) |  |  | — |  |  | — |  |  | (704) |
Transfer software and others | 46,144 |  |  | (45,657) |  |  | — |  |  | (352) |  |  | 135 |
Foreign exchange | (3,571) |  |  | (359) |  |  | (40,528) |  |  | (14,276) |  |  | (58,734) |
Amortization | (45,377) |  |  | - |  |  | - |  |  | (5,785) |  |  | (51,162) |
Closing balance as of December 31, 2021 | 136,262 |  |  | 104,874 |  |  | 587,214 |  |  | 190,542 |  |  | 1,018,892 |
Opening balance as of January 1, 2022 | 136,262 |  |  | 104,874 |  |  | 587,214 |  |  | 190,542 |  |  | 1,018,892 |
Additions | 47 |  |  | 66,820 |  |  | — |  |  | — |  |  | 66,867 |
Withdrawals | (2,947) |  |  | (245) |  |  | — |  |  | — |  |  | (3,192) |
Transfer software and others | 61,212 |  |  | (63,658) |  |  | — |  |  | — |  |  | (2,446) |
Foreign exchange | 3,359 |  |  | (139) |  |  | 38,154 |  |  | 13,249 |  |  | 54,623 |
Amortization | (54,358) |  |  | — |  |  | — |  |  | — |  |  | (54,358) |
Closing balance as of December 31, 2022 | 143,575 |  |  | 107,652 |  |  | 625,368 |  |  | 203,791 |  |  | 1,080,386 |
Opening balance as of January 1, 2023 | 143,575 |  |  | 107,652 |  |  | 625,368 |  |  | 203,791 |  |  | 1,080,386 |
Additions | 298 |  |  | 78,846 |  |  | — |  |  | — |  |  | 79,144 |
Transfer software and others | 69,210 |  |  | (69,928) |  |  | — |  |  | — |  |  | (718) |
Foreign exchange | 2,612 |  |  | 440 |  |  | 33,581 |  |  | 15,845 |  |  | 52,478 |
Amortization | (59,304) |  |  | — |  |  | — |  |  | — |  |  | (59,304) |
Closing balance as of December 31, 2023 | 156,391 |  |  | 117,010 |  |  | 658,949 |  |  | 219,636 |  |  | 1,151,986 |
The amortization of each period is recognized in the consolidated income statement within administrative expenses. The cumulative amortization of computer software and others as of December 31, 2023 amounts to ThUS$442,142 (ThUS$414,614 as of December 31, 2022). b)Impairment Test Intangible Assets with an indefinite useful life As of December 31, 2023, the Company maintains only the CGU “Air Transport”. The CGU “Air transport” considers the transport of passengers and cargo, both in the domestic markets of Chile, Peru, Argentina, Colombia, Ecuador and Brazil, as well as in a series of regional and international routes in America, Europe, Africa and Oceania. As of December 31, 2023, in accordance with the accounting policy, the Company performed the annual impairment test. The recoverable amount of the CGU was determined based on calculations of the value in use. These calculations use projections of 5 years of cash flows after taxes from the financial budgets approved by management. Cash flows beyond the budgeted period are extrapolated using growth rates and estimated average volumes, which do not exceed long-term average growth rates. Management’s cash flow projections included significant judgements and assumptions related to annual revenue growth rates, discount rate, inflation rates, the exchange rate and the price of fuel. The annual revenue growth rate is based on past performance and management’s expectations of market development in each of the countries in which it operates. The discount rates used for the CGU "Air transport" are determined in US dollars, after taxes, and reflect specific risks related to the relevant countries of each of the operations. Inflation rates and exchange rates are based on the data available from the countries and the information provided by the Central Banks of the various countries where it operates, and the price of fuel is determined based on estimated levels of production, the competitive environment of the market in which they operate and their commercial strategy. The recoverable values were determined using the following assumptions:
|  | CGU Air transport
Annual growth rate (Terminal) | % | 0.0 – 4.3
Exchange rate | R$/US$ | 5.28 – 5.57
Discount rate based on the Weighted Average Cost of Capital (WACC) | % | 8.70 – 10.70
Fuel Price | US$/barrel | 100
The result of the impairment test, which includes a sensitivity analysis of its main variables, showed that the recoverable amount exceeded the book value of the cash-generating unit, and therefore no impairment was identified. The CGU is sensitive to annual growth rates, discounts and exchange rates and fuel price. The sensitivity analysis included the individual impact of changes in critical estimates in determining recoverable amounts, namely:
| Increase WACC Maximum |  | Decrease rate Terminal growth Minimal |  | Increase fuel price Maximum US$/barrel
| % |  | % |  |
Air Transportation CGU | 10.7 |  |  | 0 |  |  | 100 |
In none of the above scenarios an impairment of the cash-generating unit was identified.

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- Definition The entire disclosure for intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 38 -IssueDate 2023-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=38&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IAS38_g118-128_TI -URIDate 2023-03-23 + Details
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- Definition INTANGIBLE ASSETS OTHER THAN GOODWILL + References No definition available. + Details
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