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Commitments and contingencies | 12 Months Ended
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Dec. 31, 2024
Commitment and Contingencies [Abstract] |
Commitments and contingencies | 27. Commitments and contingencies Purchase contracts As of December 31, 2024, the Company had one purchase contract with Boeing entailing 51 firm orders of Boeing 737 MAX aircraft, agreed to be delivered between 2025 and 2030. Also, the Company has agreed to purchase and take delivery between 2025 and 2030, of 4 LEAP-1B spare Engines from CFM International. The aircraft and engines contractual obligations net of discounts and pre-delivery payments, including estimated amounts for contractual price escalation, are as follows:
Year ending December 31, |
2025 | 429,430 |
2026 | 247,068 |
2027 | 483,707 |
2028 | 687,938 |
2029 | 393,344 |
2030 | 57,063 |
| $ | 2,298,550 |
As of December 31, 2024, the Company has paid $530.7 million (2023: $689.1 million) in predelivery deposits related to the purchase contract with Boeing for the 737 MAX aircraft. Labor unions Approximately 65.0% of the Company’s 7,909 employees are unionized. There are currently eight (8) union organizations, five (5) covering employees in Panama, and three (3) covering employees in Colombia. The Company traditionally had good relations with its employees and with all the unions and expects to continue to enjoy good relations with its employees and the unions in the future. The five (5) unions covering employees in Panama include the pilots’ union (UNPAC); the flight attendants’ union (SIPANAB); the mechanics’ union (SITECMAP), the airport personnel union (SIELAS), which represents ground personnel, drivers, cleaners, passenger service agents, counter agents, and other non-executive administrative staff, and another industry union named UGETRACAS which represents ground personnel and flight attendants. Copa Airlines entered into collective bargaining agreements with the flight attendants’ union in March 2023, the pilot’s union in February 2023, the mechanics’ union in May 2022 and the airport personnel union in March 2022. Copa Airlines does not have a collective bargain agreement negotiated with the other industry union, because they do not have the eligible amount of employees. Collective bargaining agreements in Panama typically have terms of 4 years. The three (3) unions covering employees in Colombia are: the pilots’ union (ACDAC), the flight attendants’ union (ACAV), and the industry union (SINTRATAC), approximately 30.7% of the Company’s 632 employees are unionized. AeroRepública entered into collective bargaining with ACDAC and ACAV in January 2018. ACDAC has not yet resolved and intends to enter into a new collective bargaining in 2025. ACAV ended with a new arbitration collective document for two years that expired in September 2020. This arbitration was automatically extended until March 2025. Additionally, SINTRATAC and AeroRepública entered into collective bargaining agreement in September 2022 for terms of four years until August 2026. Typically, collective bargaining agreements in Colombia have terms of two to three years. Although AeroRepública usually settles many of its collective bargaining agreement negotiations through arbitration proceedings, it has traditionally experienced good relations with its unions. In addition to unions in Panama and Colombia, the Company’s employees in Brazil are covered by industry union agreements that cover all airline industry employees in the country and airport employees in Argentina are affiliated to an industry union (UPADEP). Lines of credit for working capital and letters of credit The Company maintained letters of credit with several banks with a value of $20.6 million as of December 31, 2024 (2023: $31.3 million). These letters of credit are pledged mainly for operating lessors, maintenance providers and airport operators. The Company has aggregate unsecured credit facilities of $175.0 million (2023: 325.0 million). These credit facilities are in place for contingency and working capital purposes. As of December 31, 2024, the Company does not have any outstanding borrowings under these credit facilities. Tax audit The Company received notifications from the tax authorities in Panama on February 2020 and in Colombia on November 2020 and March 2016. The Company, along with its tax advisors, has concluded that it is not probable that an outflow of resources embodying economic benefits will be required to settle them, especially considering that the Company has enough arguments to support its position and also taking into consideration that both cases are in the preliminary stages. In February 2020, the Company received two notifications from the tax authority in Panama related to a tax audit process that began in 2019. The notification includes potentially significant adjustments to the reported dividend tax for the years 2012 to 2016 and income tax 2016. The Company has filed an administrative appeal which is the first legal stage under Panamanian laws. The Company, along with its tax advisors, has concluded that is probable that the Company’s tax position will be upheld. As a result, is not probable that the Company will incur any significant additional tax as result. According to Panamanian laws, the statute of limitations is 3 and 15 years for income tax and dividend tax, respectively.

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- Definition The disclosure of commitments and contingent liabilities. [Refer: Classes of contingent liabilities [domain]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
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