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OTHER FINANCIAL LIABILITIES (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure Of Other Liabilities [Abstract] |
Schedule of composition of other financial liabilities | The composition of other financial liabilities is as follows:
| As of December 31, 2023 |  | As of December 31, 2022
| ThUS$ |  | ThUS$
Current |  |  |
(a) Interest bearing loans | 292,982 |  |  | 629,106 |
(b) Lease Liability | 301,537 |  |  | 173,735 |
(c) Hedge derivatives | 1,544 |  |  | — |
Total current | 596,063 |  |  | 802,841 |
Non-current |  |  |
(a) Interest bearing loans | 3,675,212 |  |  | 3,936,320 |
(b) Lease Liability | 2,666,457 |  |  | 2,042,719 |
Total non-current | 6,341,669 |  |  | 5,979,039 |
Schedule of currency balances of interest bearing loans | Obligations with credit institutions and debt instruments:
| As of December 31, 2023 |  | As of December 31, 2022
| ThUS$ |  | ThUS$
Current |  |  |
Bank loans (2) | 53,141 |  |  | 353,284 |
Guaranteed obligations | 28,697 |  |  | 17,887 |
Other guaranteed obligations (1)(2) | 67,005 |  |  | 66,239 |
Subtotal bank loans | 148,843 |  |  | 437,410 |
Obligation with the public (2) | 34,731 |  |  | 33,383 |
Financial leases | 109,304 |  |  | 156,285 |
Other loans | 104 |  |  | 2,028 |
Total current | 292,982 |  |  | 629,106 |
Non-current |  |  |
Bank loans (2) | 976,293 |  |  | 1,032,711 |
Guaranteed obligations | 275,225 |  |  | 307,174 |
Other guaranteed obligations (1) | 363,345 |  |  | 408,065 |
Subtotal bank loans | 1,614,863 |  |  | 1,747,950 |
Obligation with the public (2) | 1,268,107 |  |  | 1,256,416 |
Financial leases | 792,242 |  |  | 931,954 |
Total non-current | 3,675,212 |  |  | 3,936,320 |
Total obligations with financial institutions | 3,968,194 |  |  | 4,565,426 |
(1)The committed "Revolving Credit Facility (RCF)" is guaranteed by collateral composed of aircraft, engines and spare parts, which was fully drawn until November 3, 2022. Once emerged from Chapter 11, the line was fully paid and of December 31, 2023 and December 31, 2022, it is available to be used. (2)On March 14, 2022, a new consolidated and modified text of the Existing DIP Credit Agreement (the “New Consolidated and Modified DIP Credit Agreement”) was submitted to the Court for its approval. The New Consolidated and Amended DIP Credit Agreement (i) fully refinanced and replaced the existing Tranches A, B and C in the Existing DIP Credit Agreement; (ii) contemplated a maturity date in accordance with the calendar that the Debtors anticipated to emerge from the Chapter 11 Procedure; and (iii) included certain reductions in fees and interest compared to the Existing DIP Credit Agreement and the Recast and Amended DIP Initial Financing Proposal. The obligations under the DIP were secured by assets owned by LATAM and certain of its affiliates, including, but not limited to, shares, certain engines and spare parts. On April 8, 2022, a consolidated and modified text was signed(the "Recast and Modified DIP Credit Agreement”) of the Original DIP Credit Agreement, which modified and consolidated said agreement and repaid the obligations pending payment under it. (that is, under its Tranches A, B and C). The total amount of the Consolidated and Modified DIP Credit Agreement was US$3.700 million. The Consolidated and Amended DIP Credit Agreement (i) included certain reductions in fees and interest compared to the Existing DIP Credit Agreement; and (ii) contemplated an expiration date in accordance with the calendar that LATAM anticipated to emerge from the Chapter 11 Procedure. Regarding the latter, the scheduled expiration date of the Consolidated and Modified DIP Credit Agreement was August 8, 2022, subject to to possible extensions that, in certain cases, had a deadline of November 30, 2022. Likewise, on April 8, 2022, the initial disbursement took place under the Consolidated and Modified DIP Credit Agreement for the amount of MUS$2,750. On April 28, 2022, an amendment to said contract was signed, extending the expiration date from August 8, 2022 to October 14, 2022. On October 12, 2022, said Consolidated and Modified DIP Credit Agreement was repaid in its entirety with the DIP-to-Exit financing, which contemplated bridge financing for senior secured bonds maturing in 2027 for MUS$750, MUS$750 in other bridge financing for senior secured notes due 2029, a MUS$750 Term Financing, a financing called Junior DIP, for a total of MUS$1,146 , and, lastly, a US Revolving Credit Facility MUS$500, which is not drawn. The DIP-to-exit financing was collateralized by assets owned by LATAM and certain of its affiliates. Of these, the Junior DIP contemplated a subordinate priority to the rest of the credits. On October 18, 2022, the Bridge Loans were partially repaid by: i) a bond issue exempt from registration under U.S. Securities Act of 1933, as amended (the “Securities Act”), pursuant to Rule 144A and Regulation S, both under the Securities Act, due 2027 (the “5-Year Bonds”), by a total principal amount of MUS$450 and ii) a bond issue exempt from registration under the Securities Law pursuant to Rule 144A and Regulation S, both under the Securities Law, due 2029 (the “Bonds to 7 Years”), for a total principal amount of MUS$700. In the context of the exit of the Company from the Chapter 11 Procedure on November 3, 2022, the Bridge Loans were repaid with additional: MUS$350 corresponding to an incremental loan of Term Loan B. On November 3, 2022, the company and all of its subsidiaries successfully emerged from Chapter 11. Balances by currency of interest bearing loans are as follows:
| As of December 31, 2023 |  | As of December 31, 2022
Currency | ThUS$ |  | ThUS$
Brazilian real | — |  |  | 314,322 |
Chilean peso (U.F.) | 160,730 |  |  | 157,288 |
US Dollar | 3,807,464 |  |  | 4,093,816 |
Total | 3,968,194 |  |  | 4,565,426 |
Schedule of interest-bearing loans due in installments |
|  |  |  |  |  |  |  | Nominal values |  | Accounting values |  |  |  |  |  |
Tax No. |  | Creditor |  | Creditor country |  | Currency |  | Up to 90 days |  | More than 90 days to one year |  | More than one to three years |  | More than three to five years |  | More than five years |  | Total nominal value |  | Up to 90 days |  | More than 90 days to one year |  | More than one to three years |  | More than three to five years |  | More than five years |  | Total accounting value |  | Amortization |  | Annual
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Effective rate |  | Nominal rate
|  |  |  |  |  |  |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  |  |  | % |  | %
Bank loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | GOLDMAN SACHS |  | U.S.A. |  | US$ |  | 2,750 |  |  | 8,250 |  |  | 22,000 |  |  | 1,056,000 |  |  | — |  |  | 1,089,000 |  |  | 44,891 |  |  | 8,250 |  |  | 22,000 |  |  | 954,293 |  |  | — |  |  | 1,029,434 |  |  | Quarterly |  | 20.31 |  |  | 15.04 |
Obligations with the public |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
97.036.000-K |  | SANTANDER |  | Chile |  | UF |  | — |  |  | — |  |  | — |  |  | — |  |  | 160,214 |  |  | 160,214 |  |  | — |  |  | 516 |  |  | — |  |  | — |  |  | 160,214 |  |  | 160,730 |  |  | At Expiration |  | 2.00 |  |  | 2.00 |
97.036.000-K |  | SANTANDER |  | Chile |  | US$ |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 3 |  |  | At Expiration |  | 1.00 |  |  | 1.00 |
0-E |  | WILMINGTON TRUST COMPANY |  | U.S.A. |  | US$ |  | — |  |  | — |  |  | — |  |  | 450,000 |  |  | 700,000 |  |  | 1,150,000 |  |  | — |  |  | 34,215 |  |  | — |  |  | 434,204 |  |  | 673,686 |  |  | 1,142,105 |  |  | At Expiration |  | 15.00 |  |  | 13.38 |
Guaranteed obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | BNP PARIBAS |  | U.S.A. |  | US$ |  | 2,912 |  |  | 9,168 |  |  | 26,772 |  |  | 28,945 |  |  | 103,907 |  |  | 171,704 |  |  | 3,936 |  |  | 9,168 |  |  | 26,121 |  |  | 28,553 |  |  | 103,541 |  |  | 171,319 |  |  | Quarterly |  | 6.98 |  |  | 6.98 |
0-E |  | WILMINGTON TRUST COMPANY |  | U.S.A. |  | US$ |  | 3,854 |  |  | 11,693 |  |  | 32,356 |  |  | 34,083 |  |  | 50,599 |  |  | 132,585 |  |  | 3,900 |  |  | 11,693 |  |  | 32,356 |  |  | 34,083 |  |  | 50,571 |  |  | 132,603 |  |  | Quarterly/Monthly |  | 8.76 |  |  | 8.76 |
Other guaranteed obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | CITIBANK |  | U.S.A. |  | US$ |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 33 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 33 |  |  | Quarterly |  | 1.00 |  |  | 1.00 |
0-E |  | JP MORGAN CHASE |  | U.S.A. |  | US$ |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17 |  |  | Quarterly |  | 0.63 |  |  | 0.63 |
0-E |  | CREDIT AGRICOLE |  | France |  | US$ |  | — |  |  | 14,667 |  |  | 29,333 |  |  | 222,768 |  |  | — |  |  | 266,768 |  |  | 4,241 |  |  | 14,667 |  |  | 26,154 |  |  | 221,708 |  |  | — |  |  | 266,770 |  |  | At Expiration |  | 9.43 |  |  | 9.43 |
0-E |  | MUFG |  | U.S.A. |  | US$ |  | 11,768 |  |  | 35,960 |  |  | 16,374 |  |  | — |  |  | — |  |  | 64,102 |  |  | 11,805 |  |  | 35,960 |  |  | 16,374 |  |  | — |  |  | — |  |  | 64,139 |  |  | Quarterly |  | 7.11 |  |  | 7.11 |
0-E |  | EXIM BANK |  | U.S.A. |  | US$ |  | — |  |  | — |  |  | 40,662 |  |  | 42,122 |  |  | 16,325 |  |  | 99,109 |  |  | 282 |  |  | — |  |  | 40,662 |  |  | 42,122 |  |  | 16,325 |  |  | 99,391 |  |  | Quarterly |  | 2.29 |  |  | 2.05 |
Financial leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | NATIXIS |  | France |  | US$ |  | 6,516 |  |  | 19,779 |  |  | 54,443 |  |  | 56,972 |  |  | 77,647 |  |  | 215,357 |  |  | 8,559 |  |  | 19,779 |  |  | 54,117 |  |  | 56,754 |  |  | 77,555 |  |  | 216,764 |  |  | Quarterly |  | 7.58 |  |  | 7.58 |
0-E |  | US BANK |  | U.S.A. |  | US$ |  | 17,374 |  |  | 49,311 |  |  | 17,492 |  |  | — |  |  | — |  |  | 84,177 |  |  | 17,905 |  |  | 49,311 |  |  | 15,731 |  |  | — |  |  | — |  |  | 82,947 |  |  | Quarterly |  | 4.41 |  |  | 3.16 |
0-E |  | PK AIRFINANCE |  | U.S.A. |  | US$ |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | Quarterly |  |  |  |
0-E |  | EXIM BANK |  | U.S.A. |  | US$ |  | — |  |  | — |  |  | 197,499 |  |  | 141,169 |  |  | 74,404 |  |  | 413,072 |  |  | 1,933 |  |  | — |  |  | 195,741 |  |  | 141,169 |  |  | 74,404 |  |  | 413,247 |  |  | Quarterly |  | 4.13 |  |  | 3.31 |
0-E |  | BANK OF UTAH |  | U.S.A. |  | US$ |  | 2,575 |  |  | 7,202 |  |  | 23,637 |  |  | 37,304 |  |  | 101,864 |  |  | 172,582 |  |  | 2,575 |  |  | 7,202 |  |  | 23,637 |  |  | 37,304 |  |  | 101,864 |  |  | 172,582 |  |  | Monthly |  | 10.71 |  |  | 10.71 |
Others loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | Various (*) |  |  |  | US$ |  | 104 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 104 |  |  | 104 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 104 |  |  | At Expiration |  | - |  |  | - |
|  | Total |  |  |  |  |  | 47,853 |  |  | 156,030 |  |  | 460,568 |  |  | 2,069,363 |  |  | 1,284,963 |  |  | 4,018,777 |  |  | 100,181 |  |  | 190,761 |  |  | 452,893 |  |  | 1,950,190 |  |  | 1,258,163 |  |  | 3,952,188 |  |  |  |  |  |  |
(*) Obligation to creditors for executed letters of credit. Interest-bearing loans due in installments to December 31, 2023 Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil
|  |  |  |  |  |  | Nominal values |  | Accounting values |  |  |  | Annual
|  |  |  |  |  |  | Up to 90 days |  | More than 90 days to one year |  | More than one to three years |  | More than three to five years |  | More than five years |  | Total nominal value |  | Up to 90 days |  | More than 90 days to one year |  | More than one to three years |  | More than three to five years |  | More than five years |  | Total accounting value |  | Amortization |
| Tax No. |  | Creditor Country |  | Currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Effective rate |  | Nominal rate
|  |  |  |  |  |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  |  |  | % |  | %
Financial lease |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E | NATIXIS |  | France |  | US$ |  | 510 |  |  | 1,530 |  |  | 4,080 |  |  | 9,886 |  |  | — |  |  | 16,006 |  |  | 510 |  |  | 1,530 |  |  | 4,080 |  |  | 9,886 |  |  | — |  |  | 16,006 |  |  | Quarterly |  | — |  |  | — |
| Total |  |  |  |  |  | 510 |  |  | 1,530 |  |  | 4,080 |  |  | 9,886 |  |  | — |  |  | 16,006 |  |  | 510 |  |  | 1,530 |  |  | 4,080 |  |  | 9,886 |  |  | — |  |  | 16,006 |  |  |  |  |  |  |
| Total consolidated |  |  |  |  |  | 48,363 |  |  | 157,560 |  |  | 464,648 |  |  | 2,079,249 |  |  | 1,284,963 |  |  | 4,034,783 |  |  | 100,691 |  |  | 192,291 |  |  | 456,973 |  |  | 1,960,076 |  |  | 1,258,163 |  |  | 3,968,194 |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Nominal values |  | Accounting values |  | Amortization |  | Annual
Tax No. |  | Creditor |  | Creditor country |  | Currency |  | Up to 90 days |  | More than 90 days to one year |  | More than one to three years |  | More than three to five years |  | More than five years |  | Total nominal value |  | Up to 90 days |  | More than 90 days to one year |  | More than one to three years |  | More than three to five years |  | More than five years |  | Total accounting value |  |  | Effective rate |  | Nominal rate
|  |  |  |  |  |  |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  |  |  | % |  | %
Bank loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | SANTANDER |  | Spain |  | US$ |  | — |  |  | — |  |  | 70,951 |  |  | — |  |  | — |  |  | 70,951 |  |  | 173 |  |  | — |  |  | 70,951 |  |  | — |  |  | — |  |  | 71,124 |  |  | Quarterly |  | 7.26 |  |  | 7.26 |
0-E |  | GOLDMANSACHS |  | U.S.A. |  | US$ |  | 2,750 |  |  | 8,250 |  |  | 22,000 |  |  | 1,067,000 |  |  | — |  |  | 1,100,000 |  |  | 30,539 |  |  | 8,250 |  |  | 22,000 |  |  | 939,760 |  |  | — |  |  | 1,000,549 |  |  | Quarterly |  | 18.46 |  |  | 13.38 |
Obligations with the public |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
97.036.000- K |  | SANTANDER |  | Chile |  | UF |  | — |  |  | — |  |  | — |  |  | — |  |  | 156,783 |  |  | 156,783 |  |  | 505 |  |  | — |  |  | — |  |  | — |  |  | 156,783 |  |  | 157,288 |  |  | At Expiration |  | 2.00 |  |  | 2.00 |
97.036.000- K |  | SANTANDER |  | Chile |  | US$ |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 3 |  |  | At Expiration |  | 1.00 |  |  | 1.00 |
0-E |  | WILMINGTON TRUST COMPANY |  | U.S.A. |  | US$ |  | — |  |  | — |  |  | — |  |  | 450,000 |  |  | 700,000 |  |  | 1,150,000 |  |  | — |  |  | 32,878 |  |  | — |  |  | 430,290 |  |  | 669,340 |  |  | 1,132,508 |  |  | At Expiration |  | 15.00 |  |  | 13.38 |
Guaranteed obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | BNP PARIBAS |  | U.S.A. |  | US$ |  | 1,761 |  |  | 6,907 |  |  | 22,890 |  |  | 26,035 |  |  | 126,605 |  |  | 184,198 |  |  | 2,637 |  |  | 6,907 |  |  | 22,212 |  |  | 25,627 |  |  | 126,048 |  |  | 183,431 |  |  | Quarterly |  | 5.76 |  |  | 5.76 |
0-E |  | WILMINGTON TRUST COMPANY |  | U.S.A. |  | US$ |  | 2,208 |  |  | 6,110 |  |  | 32,620 |  |  | 33,210 |  |  | 67,457 |  |  | 141,605 |  |  | 2,233 |  |  | 6,110 |  |  | 32,620 |  |  | 33,210 |  |  | 67,457 |  |  | 141,630 |  |  | Quarterly/Monthly |  | 8.20 |  |  | 8.20 |
Other guaranteed obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | CREDIT AGRICOLE |  | France |  | US$ |  | — |  |  | 14,667 |  |  | 29,333 |  |  | 231,000 |  |  | — |  |  | 275,000 |  |  | 3,837 |  |  | 14,667 |  |  | 26,153 |  |  | 228,880 |  |  | — |  |  | 273,537 |  |  | Quarterly |  | 8.24 |  |  | 8.24 |
0-E |  | MUFG |  | U.S.A. |  | US$ |  | 11,345 |  |  | 34,624 |  |  | 66,419 |  |  | — |  |  | — |  |  | 112,388 |  |  | 11,404 |  |  | 34,624 |  |  | 66,419 |  |  | — |  |  | — |  |  | 112,447 |  |  | Quarterly |  | 6.23 |  |  | 6.23 |
0-E |  | CITIBANK |  | U.S.A. |  | US$ |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,470 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,470 |  |  | At Expiration |  | 1.00 |  |  | 1.00 |
0-E |  | EXIM BANK |  | U.S.A. |  | US$ |  | — |  |  | — |  |  | 17,737 |  |  | 36,431 |  |  | 32,444 |  |  | 86,612 |  |  | 237 |  |  | — |  |  | 17,738 |  |  | 36,431 |  |  | 32,444 |  |  | 86,850 |  |  | Quarterly |  | 2.01 |  |  | 1.78 |
Financial leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | CITIBANK |  | U.S.A. |  | US$ |  | 6,825 |  |  | 5,689 |  |  | — |  |  | — |  |  | — |  |  | 12,514 |  |  | 6,888 |  |  | 5,689 |  |  | — |  |  | — |  |  | — |  |  | 12,577 |  |  | Quarterly |  | 6.19 |  |  | 5.47 |
0-E |  | BNP PARIBAS |  | U.S.A. |  | US$ |  | 6,596 |  |  | 20,048 |  |  | 1,521 |  |  | — |  |  | — |  |  | 28,165 |  |  | 6,776 |  |  | 20,048 |  |  | 1,516 |  |  | — |  |  | — |  |  | 28,340 |  |  | Quarterly |  | 5.99 |  |  | 5.39 |
0-E |  | NATIXIS |  | France |  | US$ |  | 6,419 |  |  | 19,341 |  |  | 53,207 |  |  | 55,696 |  |  | 104,475 |  |  | 239,138 |  |  | 8,545 |  |  | 19,341 |  |  | 52,881 |  |  | 55,478 |  |  | 103,905 |  |  | 240,150 |  |  | Quarterly |  | 6.44 |  |  | 6.44 |
0-E |  | US BANK |  | U.S.A. |  | US$ |  | 16,984 |  |  | 51,532 |  |  | 84,177 |  |  | — |  |  | — |  |  | 152,693 |  |  | 17,831 |  |  | 51,532 |  |  | 79,805 |  |  | — |  |  | — |  |  | 149,168 |  |  | Quarterly |  | 4.06 |  |  | 2.85 |
0-E |  | PK AIRFINANCE |  | U.S.A. |  | US$ |  | 1,533 |  |  | 4,664 |  |  | 6,393 |  |  | — |  |  | — |  |  | 12,590 |  |  | 1,579 |  |  | 4,664 |  |  | 6,393 |  |  | — |  |  | — |  |  | 12,636 |  |  | Quarterly |  | 5.97 |  |  | 5.97 |
0-E |  | EXIM BANK |  | U.S.A. |  | US$ |  | — |  |  | — |  |  | 113,668 |  |  | 180,260 |  |  | 152,581 |  |  | 446,509 |  |  | 1,923 |  |  | — |  |  | 112,666 |  |  | 178,672 |  |  | 151,236 |  |  | 444,497 |  |  | Quarterly |  | 3.58 |  |  | 2.79 |
0-E |  | BANK OF UTAH |  | U.S.A. |  | US$ |  | 2,321 |  |  | 6,568 |  |  | 20,990 |  |  | 30,557 |  |  | 121,801 |  |  | 182,237 |  |  | 2,321 |  |  | 6,568 |  |  | 20,990 |  |  | 30,557 |  |  | 121,801 |  |  | 182,237 |  |  | Monthly |  | 10.45 |  |  | 10.45 |
Other loan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | Various (*) |  |  |  | US$ |  | 2,028 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,028 |  |  | 2,028 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,028 |  |  | At Expiration |  | - |  |  | - |
|  | Total |  |  |  |  |  | 60,770 |  |  | 178,400 |  |  | 541,906 |  |  | 2,110,189 |  |  | 1,462,149 |  |  | 4,353,414 |  |  | 100,926 |  |  | 211,278 |  |  | 532,344 |  |  | 1,958,905 |  |  | 1,429,017 |  |  | 4,232,470 |  |  |  |  |  |  |
(*) Obligation to creditors for executed letters of credit. Interest-bearing loans due in installments to December 31, 2022 Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil
Tax No. |  | Creditor Country |  | Currency |  | Nominal values |  | Accounting values |  | Amortization |  | Annual
|  |  | Up to 90 days |  | More than 90 days to one year |  | More than one to three years |  | More than three to five years |  | More than five years |  | Total nominal value |  | Up to 90 days |  | More than 90 days to one year |  | More than one to three years |  | More than three to five years |  | More than five years |  | Total accounting value |  |  | Effective rate |  | Nominal rate
|  |  |  |  |  |  |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  |  |  | % |  | %
Bank loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | Merril Lynch Credit Products LLC |  | Brazil |  | BRL |  | 304,549 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 304,549 |  |  | 314,322 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 314,322 |  |  | Monthly |  | 3.95 | % |  | 3.95 |
Financial lease |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | NATIXIS |  | France |  | US$ |  | 510 |  |  | 1,530 |  |  | 4,080 |  |  | 4,080 |  |  | 7,846 |  |  | 18,046 |  |  | 1,050 |  |  | 1,530 |  |  | 4,080 |  |  | 4,080 |  |  | 7,894 |  |  | 18,634 |  |  | Semiannual/Quarterly |  | 7.23 | % |  | 7.23 |
|  | Total |  |  |  |  |  | 305,059 |  |  | 1,530 |  |  | 4,080 |  |  | 4,080 |  |  | 7,846 |  |  | 322,595 |  |  | 315,372 |  |  | 1,530 |  |  | 4,080 |  |  | 4,080 |  |  | 7,894 |  |  | 332,956 |  |  |  |  |  |  |
|  | Total consolidated |  |  |  |  |  | 365,829 |  |  | 179,930 |  |  | 545,986 |  |  | 2,114,269 |  |  | 1,469,995 |  |  | 4,676,009 |  |  | 416,298 |  |  | 212,808 |  |  | 536,424 |  |  | 1,962,985 |  |  | 1,436,911 |  |  | 4,565,426 |  |  |  |  |  |  |
(*) Obligation to creditors for executed letters of credit.
Disclosure of movement of lease liabilities | The movement of the lease liabilities corresponding to the period reported are as follow:
| Aircraft |  | Others |  | Lease Liability Total
| ThUS$ |  | ThUS$ |  | ThUS$
Opening balance as of January 1, 2021 | 3,026,573 |  |  | 94,433 |  |  | 3,121,006 |
New contracts | 518,478 |  |  | 875 |  |  | 519,353 |
Lease termination | (724,193) |  |  | (5,300) |  |  | (729,493) |
Renegotiations | 101,486 |  |  | 5,717 |  |  | 107,203 |
Payments | (95,831) |  |  | (24,192) |  |  | (120,023) |
Accrued interest | 88,245 |  |  | 8,334 |  |  | 96,579 |
Exchange differences | — |  |  | 3,356 |  |  | 3,356 |
Cumulative translation adjustment | — |  |  | (2,332) |  |  | (2,332) |
Other increases (decreases) | (31,097) |  |  | (3,914) |  |  | (35,011) |
Changes | (142,912) |  |  | (17,456) |  |  | (160,368) |
Closing balance as of December 31, 2021 | 2,883,661 |  |  | 76,977 |  |  | 2,960,638 |
Opening balance as of January 1, 2022 | 2,883,661 |  |  | 76,977 |  |  | 2,960,638 |
New contracts | 354,924 |  |  | 13,019 |  |  | 367,943 |
Lease termination | (19,606) |  |  | — |  |  | (19,606) |
Renegotiations | (76,233) |  |  | (4,198) |  |  | (80,431) |
Exit effect of chapter 11 (*) | (995,888) |  |  | — |  |  | (995,888) |
Payments | (154,823) |  |  | (26,172) |  |  | (180,995) |
Accrued interest | 142,939 |  |  | 9,194 |  |  | 152,133 |
Exchange differences | — |  |  | 2,279 |  |  | 2,279 |
Cumulative translation adjustment | (2) |  |  | 7,463 |  |  | 7,461 |
Other increases (decreases) | — |  |  | 2,920 |  |  | 2,920 |
Changes | (748,689) |  |  | 4,505 |  |  | (744,184) |
Closing balance as of December 31, 2022 | 2,134,972 |  |  | 81,482 |  |  | 2,216,454 |
Opening balance as of January 1, 2023 | 2,134,972 |  |  | 81,482 |  |  | 2,216,454 |
New contracts | 943,178 |  |  | 2,976 |  |  | 946,154 |
Lease termination | (13,258) |  |  | (1,812) |  |  | (15,070) |
Renegotiations | (7,194) |  |  | 2,219 |  |  | (4,975) |
Payments | (376,006) |  |  | (23,277) |  |  | (399,283) |
Accrued interest | 212,500 |  |  | 9,633 |  |  | 222,133 |
Exchange differences | — |  |  | 2,278 |  |  | 2,278 |
Subsidiaries conversion difference | 6 |  |  | 297 |  |  | 303 |
Changes | 759,226 |  |  | (7,686) |  |  | 751,540 |
Closing balance as of December 31, 2023 | 2,894,198 |  |  | 73,796 |  |  | 2,967,994 |
(*) Corresponds to the effect of emergence from Chapter 11 ThUS$679,273 associated with claim settlement (Derecognition of assets for right of use for ThUS$639,728 (See Note 24 letter g (4)) and conversion of Notes forThUS$39,545) and ThUS$316,615 due to IBR rate change. The Company recognizes interest payments related to lease liabilities in the consolidated result under Finance costs (See Note 26(c)). The Average discount rates for calculation of lease liability are as follows.
| Discount rate December 2023 |  | Discount rate December 2022
Aircraft | 9.10% |  | 8.80%
Others | 13.00% |  | 10.70%
Schedule of hedge information | The following tables show the level of hedge for different periods:
Positions as of December 31, 2023 (*) |  | Maturities
|  | Q124 |  | Q224 |  | Q324 |  | Q424 |  | Total
Percentage of coverage over the expected volume of consumption |  | 35 | % |  | 32 | % |  | 30 | % |  | 22 | % |  | 30 | %
Positions as of December 31, 2022 (*) |  | Maturities
|  | Q123 |  | Q223 |  | Q323 |  | Q423 |  | Total
Percentage of coverage over the expected volume of consumption |  | 24 | % |  | 24 | % |  | 15 | % |  | 5 | % |  | 17 | %
(*) The percentage shown in the table considers all the hedging instruments (swaps and options). Hedge derivatives
| Current liabilities |  | Non-current liabilities |  | Total hedge derivatives
| As of December 31, 2023 |  | As of December 31, 2022 |  | As of December 31, 2023 |  | As of December 31, 2022 |  | As of December 31, 2023 |  | As of December 31, 2022
| ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Fair value of foreign currency derivatives | 1,544 |  |  | — |  |  | — |  |  | — |  |  | 1,544 |  |  | — |
Total hedge derivatives | 1,544 |  |  | — |  |  | — |  |  | — |  |  | 1,544 |  |  | — |
Schedule of hedging instruments | The fair values of net assets/ (liabilities), by type of derivative, of the contracts held as hedging instruments are presented below:
| As of December 31, 2023 |  | As of December 31, 2022
| ThUS$ |  | ThUS$
Interest rate option (1) | — |  |  | 8,816 |
Fuel options (2) | 22,136 |  |  | 12,594 |
Foreign currency derivative R$/BRL$ (3) | (1,544) |  |  | 191 |
(1)They cover significant variations in cash flows associated with the market risk implicit in increases in the SOFR interest rate for long-term loans originating from the acquisition of aircraft and bank loans. These contracts are recorded as cash flow hedge contracts. (2)Hedge significant variations in cash flows associated with market risk implicit in the changes in the price of future fuel purchases. These contracts are recorded as cash flow hedges. (3) Hedge significant variations in expected cash flows associated with the market risk implicit in changes in exchange rates, particularly the US$/BRL. These contracts are recorded as cash flow hedge contracts.

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