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OTHER FINANCIAL LIABILITIES (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 |  | As of December 31, 2023
| ThUS$ |  | ThUS$
Current |  |  |
(a) Interest bearing loans | 271,753 |  |  | 292,982 |
(b) Lease Liability | 363,460 |  |  | 301,537 |
(c) Hedge derivatives | — |  |  | 1,544 |
Total current | 635,213 |  |  | 596,063 |
Non-current |  |  |
(a) Interest bearing loans | 3,516,117 |  |  | 3,675,212 |
(b) Lease Liability | 2,999,121 |  |  | 2,666,457 |
Total non-current | 6,515,238 |  |  | 6,341,669 |
Schedule of currency balances of interest bearing loans | Obligations with credit institutions and debt instruments:
| As of December 31, 2024 |  | As of December 31, 2023
| ThUS$ |  | ThUS$
Current |  |  |
Bank loans (2) | — |  |  | 53,141 |
Guaranteed obligations (5) | 34,083 |  |  | 28,697 |
Other guaranteed obligations (1) | 23,682 |  |  | 67,005 |
Subtotal bank loans | 57,765 |  |  | 148,843 |
Obligation with the public (3) (4) | 46,256 |  |  | 34,731 |
Financial leases | 167,732 |  |  | 109,304 |
Other loans | — |  |  | 104 |
Total current | 271,753 |  |  | 292,982 |
Non-current |  |  |
Bank loans (2) | — |  |  | 976,293 |
Guaranteed obligations (5) | 339,960 |  |  | 275,225 |
Other guaranteed obligations (1) | 351,069 |  |  | 363,345 |
Subtotal bank loans | 691,029 |  |  | 1,614,863 |
Obligation with the public (3) (4) | 2,193,047 |  |  | 1,268,107 |
Financial leases | 632,041 |  |  | 792,242 |
Total non-current | 3,516,117 |  |  | 3,675,212 |
Total obligations with financial institutions | 3,787,870 |  |  | 3,968,194 |
(1) The Company has three committed credit lines, or “Revolving Credit Facilities (RCF),” which are secured. As of July 15, 2024, two credit lines were amended and extended until July 2029, with amounts of US$800 million and US$750 million, respectively. Then, as of November 4, 2024 a third credit line was made available: (a) The first committed credit line, or “RCF I,” amounting to US$800 million, is secured by aircraft, engines, and spare parts. This credit line is fully available as of December 31, 2024. (b) The second committed credit line, or “RCF II,” amounting to US$750 million, is secured by intangible assets primarily related to the FFP business (LATAM Pass loyalty program), the cargo business, certain slots, gates, and routes, as well as intellectual property and certain LATAM trademarks. This credit line is fully available as of December 31, 2024. (c) On November 4, 2024, the Company secured a new credit line under a “Spare Engine Facility” amounting to US$300 million (of which US$275 million had been drawn as of December 31, 2024), maturing on November 4, 2028. This funds were used to repay the previous “Spare Engine Facility” maturing on November 3, 2027. This new financing includes a minimum liquidity covenant, requiring the Company to maintain minimum liquidity, measured at the consolidated level (LATAM Airlines Group S.A.), of US$750 million, as well as an additional covenant measured individually for LATAM Airlines Group S.A. and TAM Linhas Aéreas S.A., requiring a minimum liquidity threshold of US$400 million. If these covenants are not met, the obligations could be accelerated at the creditors' request to become short-term obligations. As of December 31, 2024, the Company is in compliance with the aforementioned minimum liquidity covenants. (2) As of October 15, 2024, the Company repaid the entirety of the “Term Loan B Facility” amounting to US$1.081 billion remaining on that date. (3) As of October 15, 2024, the Company repaid in full the senior secured notes issued under Rule 144-A and Regulation S of the United States Securities and Exchange Commission, bearing interest at 13.375% and maturing in 2027, for an aggregate principal amount of US$450 million (the “2027 Notes”). As of December 31, 2024, the Company continues to hold the senior secured notes issued under Rule 144-A and Regulation S of the United States Securities and Exchange Commission, bearing interest at 13.375% and maturing in 2029, for an aggregate principal amount of US$700 million (the “2029 Notes”). During the quarter ended December 31, 2024, both the 2027 Notes and the 2029 Notes included a minimum liquidity covenant, which required the Company to maintain minimum liquidity, measured at the consolidated level (LATAM Airlines Group S.A.), of US$750 million. If this covenant is not met, the obligations could be accelerated at the creditors' request to become short-term obligations. As of December 31, 2024, the Company is in compliance with the aforementioned minimum liquidity covenant. (4) As of October 15, 2024, the Company issued, placed, and received funds from international markets through guaranteed bonds amounting to US$1.4 billion, with an annual interest rate of 7.875% and maturing in 2030 (the “2030 Notes”), issued under Rule 144-A and Regulation S of the United States Securities and Exchange Commission, pursuant to the United States Securities Act of 1933 (the “US Securities Act”). During the quarter ended December 31, 2024, the 2030 Notes included a minimum liquidity covenant, which required the Company to maintain minimum liquidity, measured at the consolidated level (LATAM Airlines Group S.A.), of US$750 million. If this covenant is not met, the obligations could be accelerated at the creditors' request to become short-term obligations. As of December 31, 2024, the Company is in compliance with the aforementioned minimum liquidity covenant. (5) On December 23 and 30, 2024, two A320neo aircraft were delivered by Airbus. These aircraft were purchased through aircraft financing of US$50 million each, with Bank of Communications Co., Ltd. (“BOCOMM”) as the counterparty. Balances by currency of interest bearing loans are as follows:
| As of December 31, 2024 |  | As of December 31, 2023
Currency | ThUS$ |  | ThUS$
Chilean peso (U.F.) | 147,716 |  |  | 160,730 |
US Dollar | 3,640,154 |  |  | 3,807,464 |
Total | 3,787,870 |  |  | 3,968,194 |
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$ |  |  |  | % |  | %
Obligations with the public |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
97.036.000-K |  | SANTANDER |  | Chile |  | UF |  | — |  |  | — |  |  | — |  |  | — |  |  | 147,217 |  |  | 147,217 |  |  | — |  |  | 499 |  |  | — |  |  | — |  |  | 147,217 |  |  | 147,716 |  |  | 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$ |  | — |  |  | — |  |  | — |  |  | 700,000 |  |  | 1,400,000 |  |  | 2,100,000 |  |  | — |  |  | 45,757 |  |  | — |  |  | 678,079 |  |  | 1,367,748 |  |  | 2,091,584 |  |  | At Expiration |  | 10.69 |  |  | 9.71 |
Guaranteed obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | BNP PARIBAS |  | U.S.A. |  | US$ |  | 3,226 |  |  | 9,863 |  |  | 27,888 |  |  | 30,093 |  |  | 88,554 |  |  | 159,624 |  |  | 4,020 |  |  | 9,863 |  |  | 27,262 |  |  | 29,715 |  |  | 88,375 |  |  | 159,235 |  |  | Quarterly |  | 6.03 |  |  | 6.03 |
0-E |  | WILMINGTON TRUST COMPANY |  | U.S.A. |  | US$ |  | 3,960 |  |  | 11,992 |  |  | 33,179 |  |  | 34,951 |  |  | 31,645 |  |  | 115,727 |  |  | 3,960 |  |  | 11,992 |  |  | 33,179 |  |  | 34,951 |  |  | 31,645 |  |  | 115,727 |  |  | Quarterly/Monthly |  | 7.73 |  |  | 7.73 |
0-E |  | BOCOMM |  | Irlanda |  | US$ |  | 1,042 |  |  | 3,125 |  |  | 8,333 |  |  | 8,333 |  |  | 79,167 |  |  | 100,000 |  |  | 1,123 |  |  | 3,125 |  |  | 8,208 |  |  | 8,250 |  |  | 78,375 |  |  | 99,081 |  |  | Quarterly |  | 6.42 |  |  | 6.42 |
Other guaranteed obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | CITIBANK |  | U.S.A. |  | US$ |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 22 |  |  | Quarterly |  | 1.00 |  |  | 1.00 |
0-E |  | JP MORGAN CHASE |  | U.S.A. |  | US$ |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 209 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 209 |  |  | Quarterly |  | 0.63 |  |  | 0.63 |
0-E |  | CREDIT AGRICOLE |  | France |  | US$ |  | — |  |  | — |  |  | — |  |  | 275,012 |  |  | — |  |  | 275,012 |  |  | 3,020 |  |  | — |  |  | — |  |  | 272,112 |  |  | — |  |  | 275,132 |  |  | At Expiration |  | 9.43 |  |  | 9.43 |
0-E |  | EXIM BANK |  | U.S.A. |  | US$ |  | 5,005 |  |  | 15,147 |  |  | 41,385 |  |  | 37,572 |  |  | — |  |  | 99,109 |  |  | 5,284 |  |  | 15,147 |  |  | 41,385 |  |  | 37,572 |  |  | — |  |  | 99,388 |  |  | Quarterly |  | 2.29 |  |  | 2.05 |
Financial leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | NATIXIS |  | France |  | US$ |  | 6,671 |  |  | 20,241 |  |  | 55,696 |  |  | 78,423 |  |  | 30,352 |  |  | 191,383 |  |  | 8,284 |  |  | 20,242 |  |  | 55,369 |  |  | 78,225 |  |  | 30,350 |  |  | 192,470 |  |  | Quarterly |  | 6.73 |  |  | 6.73 |
0-E |  | US BANK |  | U.S.A. |  | US$ |  | 10,972 |  |  | 6,520 |  |  | — |  |  | — |  |  | — |  |  | 17,492 |  |  | 11,147 |  |  | 6,217 |  |  | — |  |  | — |  |  | — |  |  | 17,364 |  |  | Quarterly |  | 4.88 |  |  | 3.40 |
0-E |  | EXIM BANK |  | U.S.A. |  | US$ |  | 32,988 |  |  | 74,220 |  |  | 167,003 |  |  | 103,326 |  |  | 35,535 |  |  | 413,072 |  |  | 34,733 |  |  | 74,221 |  |  | 166,291 |  |  | 103,326 |  |  | 35,532 |  |  | 414,103 |  |  | Quarterly |  | 4.00 |  |  | 3.17 |
0-E |  | BANK OF UTAH |  | U.S.A. |  | US$ |  | 2,857 |  |  | 7,991 |  |  | 29,220 |  |  | 46,016 |  |  | 75,786 |  |  | 161,870 |  |  | 2,857 |  |  | 7,991 |  |  | 29,220 |  |  | 46,016 |  |  | 75,786 |  |  | 161,870 |  |  | Monthly |  | 10.71 |  |  | 10.71 |
|  | Total |  |  |  |  |  | 66,721 |  |  | 149,099 |  |  | 362,704 |  |  | 1,313,726 |  |  | 1,888,259 |  |  | 3,780,509 |  |  | 74,659 |  |  | 195,054 |  |  | 360,914 |  |  | 1,288,246 |  |  | 1,855,031 |  |  | 3,773,904 |  |  |  |  |  |  |
(*) Obligation to creditors for executed letters of credit. Interest-bearing loans due in installments to December 31, 2024 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 |  |  | 7,846 |  |  | — |  |  | 13,966 |  |  | 510 |  |  | 1,530 |  |  | 4,080 |  |  | 7,846 |  |  | — |  |  | 13,966 |  |  | Quarterly |  | — |  |  | — |
| Total |  |  |  |  |  | 510 |  |  | 1,530 |  |  | 4,080 |  |  | 7,846 |  |  | — |  |  | 13,966 |  |  | 510 |  |  | 1,530 |  |  | 4,080 |  |  | 7,846 |  |  | — |  |  | 13,966 |  |  |  |  |  |  |
| Total consolidated |  |  |  |  |  | 67,231 |  |  | 150,629 |  |  | 366,784 |  |  | 1,321,572 |  |  | 1,888,259 |  |  | 3,794,475 |  |  | 75,169 |  |  | 196,584 |  |  | 364,994 |  |  | 1,296,092 |  |  | 1,855,031 |  |  | 3,787,870 |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 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 |  | GOLDMANSACHS |  | 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 |  | 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 |
Other loan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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
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$ |  |  |  | % |  | %
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 |  |  |  |  |  |  |
Schedule 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 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 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 |
Cumulative translation adjustment | 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 |
Opening balance as of January 1, 2024 | 2,894,198 |  |  | 73,796 |  |  | 2,967,994 |
New contracts | 576,182 |  |  | 69,061 |  |  | 645,243 |
Lease termination | (72,266) |  |  | (540) |  |  | (72,806) |
Renegotiations | 96,155 |  |  | 70,670 |  |  | 166,825 |
Payments | (605,584) |  |  | (26,630) |  |  | (632,214) |
Accrued interest | 288,165 |  |  | 25,391 |  |  | 313,556 |
Exchange differences | (2,090) |  |  | (3,082) |  |  | (5,172) |
Cumulative translation adjustment | — |  |  | (9,679) |  |  | (9,679) |
Other variations | — |  |  | (11,166) |  |  | (11,166) |
Changes | 280,562 |  |  | 114,025 |  |  | 394,587 |
Closing balance as of December 31, 2024 | 3,174,760 |  |  | 187,821 |  |  | 3,362,581 |
(*) 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 4 letter g (4)) and conversion of Notes for ThUS$39,545) and ThUS$316,615 due to IBR rate change. The Company recognizes interest payments related to lease liabilities in the consolidated result under Finance costs (See Note 26(c)). The Average discount rates for calculation of lease liability are as follows.
| Discount rate December 2024 |  | Discount rate December 2023
Aircraft | 9.09% |  | 9.10%
Others | 8.78% |  | 6.43%
Schedule of hedge information | The following tables show the level of hedge for different periods:
Positions as of December 31, 2024 (*) |  | Maturities
|  | Q125 |  | Q225 |  | Q325 |  | Q425 |  | Total
Percentage of coverage over the expected volume of consumption |  | 51 | % |  | 47 | % |  | 34 | % |  | 30 | % |  | 41 | %
Positions as of December 31, 2023 (*) |  | Maturities
|  | Q124 |  | Q224 |  | Q324 |  | Q424 |  | Total
Percentage of coverage over the expected volume of consumption |  | 35 | % |  | 32 | % |  | 30 | % |  | 22 | % |  | 30 | %
(*) The percentage shown in the table considers all the hedging instruments (swaps and options). Hedge derivatives
| Current liabilities |  | Non-current liabilities |  | Total hedge derivatives
| As of December 31, 2024 |  | As of December 31, 2023 |  | As of December 31, 2024 |  | As of December 31, 2023 |  | As of December 31, 2024 |  | As of December 31, 2023
| ThUS$ |  | 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, 2024 |  | As of December 31, 2023
|  | ThUS$ |  | ThUS$
Interest rate swaps | (3) | 4,676 |  |  | — |
Fuel options | (1) | 7,747 |  |  | 22,136 |
Foreign currency derivative R$/BRL$ | (2) | 3,142 |  |  | (1,544) |
(1)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. (2) 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. (3) They cover significant variations in cash flows associated with the market risk implicit in increases in the SOFR interest rate for long-term loans originated by the operational leases. These contracts are recorded as cash flow hedging contracts.

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