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Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Schedule of composition of the fleet and spare engines, leases


Aircraft				At December		At December
Type		Model		31, 2023		31, 2022
A319		132		3		3
A320		233		39		39
A320		232		1		1
A320NEO		271N		51		48
A321		231		10		10
A321NEO		271N		25		15
				129		116


Engine spare				At December		At December
Type		Model		31, 2023		31, 2022
V2500		V2524-A5		—		2
V2500		V2527M-A5		3		3
V2500		V2527E-A5		5		6
V2500		V2527-A5		6		6
PW1100		PW1127G-JM		5		5
PW1100		PW1133G-JM		1		1
				20		23

⁽¹⁾ Certain of the Company’s aircraft and engine lease agreements include an option to extend the lease term period. Management evaluates extensions based on the market conditions at the time of renewal.

Summary of carrying amounts of right-of-use assets recognized and the movements during the period

Spare engine

Aircraft leases

leases

Building leases

Total

As of December 31, 2021

US$

1,862,664

US$

34,953

US$

19,618

US$

1,917,235

Additions

521,711

1,023

30,597

553,331

Modifications

25,895

(168)

5,081

30,808

Depreciation on right of use assets

(299,517)

(11,627)

(9,299)

(320,443)

As of December 31, 2022

2,110,753

24,181

45,997

2,180,931

Additions

401,943

—

2,774

404,717

Extensions

64,994

7,825

767

73,586

Modifications

32,167

9,006

—

41,173

Depreciation on right of use assets

(337,694)

(11,524)

(12,797)

(362,015)

As of December 31, 2023

US$

2,272,163

US$

29,488

US$

36,741

US$

2,338,392

Summary of carrying amounts of lease liabilities and the movements during the period


		2023			2022
As of January 1^st,		US$	2,708,723		US$	2,412,137
Additions			404,650			550,834
Modifications			114,759			29,842
Disposals			(4,378)			—
Accretion of interest			194,416			165,043
Foreign exchange effect			2,346			(129)
Payments			(529,074)			(449,004)
As of 31 December,		US$	2,891,442		US$	2,708,723
Current		US$	372,697		US$	335,620
Non-current		US$	2,518,745		US$	2,373,103

Summary of amounts recognized in profit or loss


		For the years ended December 31,
		2023			2022			2021
Depreciation of right-of-use assets		US$	(362,015)		US$	(320,443)		US$	(269,351)
Interest expense on lease liabilities and aircraft and engine lease return obligation (Note 23)			(191,967)			(174,769)			(128,159)
Aircraft and engine variable lease expenses			(103,845)			(124,532)			(83,373)
Short - term leases and leases of low - value assets			(7,925)			(6,680)			(8,964)
Total amount recognized in profit or loss		US$	(665,752)		US$	(626,424)		US$	(489,847)