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OTHER FINANCIAL LIABILITIES (Tables)

12 Months Ended

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.

X

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The disclosure of detailed information about hedging instruments. [Refer: Hedging instruments [domain]]

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