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COSTS AND EXPENSES BY NATURE | 12 Months Ended
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Dec. 31, 2023
Material income and expense [abstract] |
COSTS AND EXPENSES BY NATURE | COSTS AND EXPENSES BY NATURE (a)Costs and operating expenses The main operating costs and administrative expenses are detailed below:
| For the year ended at December 31,
| 2023 |  | 2022 |  | 2021
| ThUS$ |  | ThUS$ |  | ThUS$
Aircraft fuel | (3,947,220) |  |  | (3,882,505) |  |  | (1,487,776) |
Other rentals and landing fees | (1,322,795) |  |  | (1,036,158) |  |  | (755,188) |
Aircraft maintenance | (601,804) |  |  | (582,848) |  |  | (533,738) |
Aircraft rental (*) | (91,876) |  |  | (202,845) |  |  | (120,630) |
Commissions | (244,160) |  |  | (167,035) |  |  | (89,208) |
Passenger services | (271,838) |  |  | (184,357) |  |  | (77,363) |
Other operating expenses | (1,351,571) |  |  | (1,136,490) |  |  | (959,427) |
Total | (7,831,264) |  |  | (7,192,238) |  |  | (4,023,330) |
(*)During December 31, 2022, the Company amended its Aircraft Lease Contracts to include lease payments based on Power by the Hour (PBH) at the beginning of the contract and fixed-rent payments later on. For these contracts that contain an initial period based on PBH and then a fixed amount, a right of use asset and a lease liability was recognized at the date of modification of the contract. These amounts continue to be amortized over the contract term on a straight-line basis starting from the modification date of the contract. Therefore, as a result of the application of the lease accounting policy, 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 (included in the Depreciation line included in b) below) and interest from the lease liability (included in Lease Liabilities letter c) below)
| For the year ended at December 31,
| 2023 |  | 2022 |  | 2021
| ThUS$ |  | ThUS$ |  | ThUS$
Payments for leases of low-value assets | (16,632) |  |  | (17,959) |  |  | (19,793) |
Total | (16,632) |  |  | (17,959) |  |  | (19,793) |
(b)Depreciation and amortization Depreciation and amortization are detailed below:
| For the year ended at December 31,
| 2023 |  | 2022 |  | 2021
| ThUS$ |  | ThUS$ |  | ThUS$
Depreciation (*) | (1,151,015) |  |  | (1,125,154) |  |  | (1,114,232) |
Amortization | (54,358) |  |  | (54,358) |  |  | (51,162) |
Total | (1,205,373) |  |  | (1,179,512) |  |  | (1,165,394) |
(*)Included within this amount is the depreciation of the Property, plant and equipment (See Note 16 (a)) and the maintenance of the aircraft recognized as right of use assets. The maintenance cost amount included in the depreciation line for the period ended December 31, 2023 is ThUS$565,384 (ThUS$463,306 for the same period in December 31, 2022 and ThUS$ $351,701 in December 31, 2021). (c)Financial costs The detail of financial costs is as follows:
| For the year ended at December 31,
| 2023 |  | 2022 |  | 2021
| ThUS$ |  | ThUS$ |  | ThUS$
Bank loan interests | (400,052) |  |  | (714,310) |  |  | (580,193) |
Financial leases | (58,011) |  |  | (45,384) |  |  | (46,679) |
Lease liabilities | (224,824) |  |  | (152,132) |  |  | (121,147) |
Other financial instruments | (15,344) |  |  | (30,577) |  |  | (57,525) |
Total | (698,231) |  |  | (942,403) |  |  | (805,544) |
Costs and expenses by nature presented in this note plus the Employee expenses disclosed in Note 22, 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)Gains (losses) from restructuring activities Gains (losses) from restructuring activities are detailed below:
| For the year ended at December 31,
| 2023 |  | 2022 |  | 2021
| ThUS$ |  | ThUS$ |  | ThUS$
Renegotiation of fleet contracts | — |  |  | (483,068) |  |  | (516,559) |
Legal advice | — |  |  | (323,204) |  |  | (91,870) |
Employee restructuring plan | — |  |  | (80,407) |  |  | (46,938) |
Rejection of fleet contracts | — |  |  | — |  |  | (1,564,973) |
Rejection of IT contracts | — |  |  | (2,586) |  |  | (26,368) |
Adjustment net realizable value fleet available for sale | — |  |  | — |  |  | (73,595) |
Gains resulting from the settlement of Chapter 11 claims (*) | — |  |  | 2,550,306 |  |  | — |
Others | — |  |  | 18,893 |  |  | (16,879) |
Total | — |  |  | 1,679,934 |  |  | (2,337,182) |
(*)See Note 24 (g) The Company did not recorded gains/(losses) restructuring activities during 2023. (e)Financial income Financial income is detailed below:
| For the year ended At December 31,
| 2023 |  | 2022 |  | 2021
| ThUS$ |  | ThUS$ |  | ThUS$
Financial claims (*) | — |  |  | 491,326 |  |  | — |
Gains resulting from the settlement of Chapter 11 claims (**) | — |  |  | 420,436 |  |  | — |
Finance lease rate change effect | — |  |  | 49,824 |  |  | — |
Other miscellaneous income | 125,356 |  |  | 90,709 |  |  | 21,107 |
Total | 125,356 |  |  | 1,052,295 |  |  | 21,107 |
(*)See Note 34 (a.4.) (**)See Note 24 (g) (f)Other gains (losses) Other gains (losses) are detailed below:
| For the year ended At December 31,
| 2023 |  | 2022 |  | 2021
| ThUS$ |  | ThUS$ |  | ThUS$
Provision for onerous contract related to purchase commitment | — |  |  | — |  |  | 44,000 |
Adjustment net realizable value fleet available for sale | (39,163) |  |  | (345,410) |  |  | — |
Other | (51,880) |  |  | (1,667) |  |  | (13,326) |
Total | (91,043) |  |  | (347,077) |  |  | 30,674 |

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