Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-32696 |
Entity Registrant Name | COPA HOLDINGS, S.A. |
Entity Address, Address Line One | Avenida Principal y Avenida de la Rotonda, Costa del Este |
Entity Address, Address Line Two | Complejo Business Park, Torre Norte |
Entity Address, Address Line Three | Parque Lefevre |
Entity Address, City or Town | Panama City |
Entity Address, Country | PA |
Entity Address, Postal Zip Code | 0816-06819 |
Title of 12(b) Security | Class A Common Stock, without par value |
Trading Symbol | CPA |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 42,039,814 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001345105 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Incorporation, State or Country Code | R1 |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Complejo Business Park |
Entity Address, Address Line Two | Torre Norte |
Entity Address, Address Line Three | Parque Lefevre |
Entity Address, City or Town | Panama City |
Entity Address, Country | PA |
Contact Personnel Name | Daniel Tapia |
City Area Code | 304 |
Local Phone Number | 2774 |
Class A common stock | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 31,101,689 |
Class B common stock | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 10,938,125 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Line Items] | |
Auditor Name | Ernst & Young Limited Corp. |
Auditor Location | Panama City, Republic of Panama |
Auditor Firm ID | 1415 |
Consolidated statement of finan
Consolidated statement of financial position - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 206,375 | $ 122,424 |
Investments | 708,809 | 812,323 |
Accounts receivable | 159,247 | 137,583 |
Expendable parts and supplies | 116,604 | 93,332 |
Prepaid expenses | 44,635 | 52,322 |
Prepaid income tax | 66 | 798 |
Other currents assets | 32,227 | 17,043 |
Total current assets | 1,267,963 | 1,235,825 |
Non-current assets | ||
Investments | 258,934 | 202,056 |
Prepaid expenses | 9,633 | 7,770 |
Property and equipment | 3,238,632 | 2,883,524 |
Right of use assets | 281,146 | 234,380 |
Intangible assets | 87,986 | 78,555 |
Net defined benefit assets | 5,346 | 504 |
Deferred tax assets | 30,148 | 30,743 |
Other non-current assets | 17,048 | 17,005 |
Total non-current assets | 3,928,873 | 3,454,537 |
Total assets | 5,196,836 | 4,690,362 |
Current liabilities | ||
Loans and borrowings | 222,430 | 142,484 |
Current portion of lease liabilities | 68,304 | 80,084 |
Trade, other payables and financial liabilities | 184,934 | 168,839 |
Air traffic liability | 611,856 | 651,805 |
Frequent flyer deferred revenue | 55,062 | 55,292 |
Taxes payable | 44,210 | 43,878 |
Accrued expenses payable | 64,940 | 44,913 |
Income tax payable | 26,741 | 6,276 |
Total current liabilities | 1,278,477 | 1,193,571 |
Non-current liabilities | ||
Loans and borrowings long-term | 1,240,261 | 1,301,819 |
Lease liabilities | 215,353 | 158,289 |
Frequent flyer deferred revenue | 69,754 | 56,234 |
Net defined benefit liabilities | 0 | 0 |
Derivative financial instruments | 0 | 251,150 |
Deferred tax liabilities | 36,369 | 16,571 |
Other long-term liabilities | 234,474 | 220,618 |
Total non-current liabilities | 1,796,211 | 2,004,681 |
Total liabilities | 3,074,688 | 3,198,252 |
Equity | ||
Additional paid in capital | 209,102 | 103,465 |
Treasury stock | (204,130) | (344,541) |
Retained earnings | 2,095,835 | 1,715,838 |
Accumulated other comprehensive loss | (9,326) | (11,445) |
Total equity | 2,122,148 | 1,492,110 |
Commitments and contingencies | 0 | 0 |
Total liabilities and equity | 5,196,836 | 4,690,362 |
Class A common stock | ||
Equity | ||
Common stock | 23,201 | 21,327 |
Total equity | 23,201 | 21,327 |
Class B common stock | ||
Equity | ||
Common stock | 7,466 | 7,466 |
Total equity | $ 7,466 | $ 7,466 |
Consolidated statement of fin_2
Consolidated statement of financial position (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Class A common stock | ||
Statement of Financial Position [Line Items] | ||
Common stock, shares issued (in shares) | 34,110,338 | 34,033,575 |
Common stock, shares outstanding (in shares) | 31,101,689 | 28,477,704 |
Class B common stock | ||
Statement of Financial Position [Line Items] | ||
Common stock, shares issued (in shares) | 10,938,125 | 10,938,125 |
Common stock, shares outstanding (in shares) | 10,938,125 | 10,938,125 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Consolidated statement of profi
Consolidated statement of profit or loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating revenue | |||
Other operating revenue | $ 43,538 | $ 38,549 | $ 25,964 |
Total operating revenue | 3,457,004 | 2,965,033 | 1,509,931 |
Operating expenses | |||
Fuel | 995,862 | 1,052,637 | 383,179 |
Wages, salaries, benefits and other employees’ expenses | 436,526 | 380,385 | 258,128 |
Passenger servicing | 89,146 | 70,080 | 35,869 |
Airport facilities and handling charges | 221,878 | 192,584 | 131,335 |
Maintenance, materials and repairs | 132,531 | 104,114 | 41,888 |
Sales and distribution | 227,171 | 224,465 | 129,877 |
Depreciation and amortization | 306,114 | 267,704 | 239,946 |
Impairment of non financial assets | 0 | 0 | (5,441) |
Flight operations | 109,892 | 97,256 | 55,766 |
Other operating and administrative expenses | 130,656 | 125,424 | 87,426 |
Total operating expenses | 2,649,776 | 2,514,649 | 1,357,973 |
Operating profit | 807,228 | 450,384 | 151,958 |
Non-operating income (expense) | |||
Finance cost | (158,216) | (87,631) | (76,234) |
Finance income | 50,208 | 18,030 | 10,849 |
Gain (loss) on foreign currency fluctuations | 3,076 | (9,812) | (6,174) |
Net change in fair value of derivatives | (98,347) | 17,189 | (22,778) |
Other net non-operating income (expense) | 7,153 | 70 | (3,291) |
Total non-operating income (expense) | (196,126) | (62,154) | (97,628) |
Profit before taxes | 611,102 | 388,230 | 54,330 |
Income tax expense | (97,005) | (40,176) | (10,486) |
Net profit | $ 514,097 | $ 348,054 | $ 43,844 |
Earnings per share | |||
Basic (in dollars per share) | $ 12.78 | $ 8.58 | $ 1.03 |
Diluted (in dollars per share) | $ 12.78 | $ 7.88 | $ 1.03 |
Passenger revenue | |||
Operating revenue | |||
Revenue from contracts with customers | $ 3,316,361 | $ 2,824,719 | $ 1,412,390 |
Cargo and mail revenue | |||
Operating revenue | |||
Revenue from contracts with customers | $ 97,105 | $ 101,765 | $ 71,577 |
Consolidated statement of compr
Consolidated statement of comprehensive income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of comprehensive income [abstract] | |||
Net profit | $ 514,097 | $ 348,054 | $ 43,844 |
Other comprehensive income | |||
Other comprehensive income not to be reclassified to profit or loss in subsequent periods - Remeasurement on defined benefit plans | 2,119 | 7,225 | 5,412 |
Total comprehensive income for the year | $ 516,216 | $ 355,279 | $ 49,256 |
Consolidated statement of chang
Consolidated statement of changes in equity - USD ($) $ in Thousands | Total | Additional paid in capital | Treasury stock | Retained earnings | Accumulated other comprehensive income (loss) | Class A common stock | Class B common stock |
Beginning balance, shares (in shares) at Dec. 31, 2020 | 31,421,265 | 10,938,125 | |||||
Beginning balance at Dec. 31, 2020 | $ 1,283,558 | $ 91,341 | $ (136,388) | $ 1,324,022 | $ (24,082) | $ 21,199 | $ 7,466 |
Net profit | 43,844 | 43,844 | |||||
Other comprehensive income | 5,412 | 5,412 | |||||
Issuance of stock for employee awards (in shares) | 132,880 | ||||||
Issuance of stock for employee awards | (90) | $ 90 | |||||
Share-based compensation expense | 7,097 | 7,097 | |||||
Dividends | 0 | 0 | |||||
Acquisition of treasury shares (in shares) | (559,025) | ||||||
Acquisition of treasury shares | (40,514) | $ (40,514) | |||||
Ending balance, shares (in shares) at Dec. 31, 2021 | 2,869,517 | 30,995,120 | 10,938,125 | ||||
Ending balance at Dec. 31, 2021 | 1,299,397 | 98,348 | $ (176,902) | 1,367,866 | (18,670) | $ 21,289 | $ 7,466 |
Net profit | 348,054 | 348,054 | |||||
Other comprehensive income | 7,225 | 7,225 | |||||
Issuance of stock for employee awards (in shares) | 54,501 | ||||||
Issuance of stock for employee awards | (38) | $ 38 | |||||
Share-based compensation expense | 5,155 | 5,155 | |||||
Acquisition of treasury shares (in shares) | (2,571,917) | (2,571,917) | |||||
Acquisition of treasury shares | (167,639) | $ (167,639) | |||||
Other | (82) | (82) | |||||
Ending balance, shares (in shares) at Dec. 31, 2022 | 5,441,434 | 28,477,704 | 10,938,125 | ||||
Ending balance at Dec. 31, 2022 | 1,492,110 | 103,465 | $ (344,541) | 1,715,838 | (11,445) | $ 21,327 | $ 7,466 |
Net profit | 514,097 | 514,097 | |||||
Other comprehensive income | 2,119 | 2,119 | |||||
Issuance of stock for employee awards (in shares) | 59,066 | ||||||
Issuance of stock for employee awards | (40) | $ 40 | |||||
Share-based compensation expense | 4,359 | 4,359 | |||||
Dividends | (134,085) | (134,085) | |||||
Acquisition of treasury shares (in shares) | (1,141,316) | (1,141,316) | |||||
Acquisition of treasury shares | (105,932) | $ (105,932) | |||||
Share settlement convertible notes (in shares) | 3,694,845 | 3,694,845 | |||||
Share settlement convertible notes | 349,495 | 103,152 | $ 246,343 | ||||
Other (in shares) | 11,390 | ||||||
Other | (15) | (1,834) | $ 0 | (15) | 0 | $ 1,834 | $ 0 |
Ending balance, shares (in shares) at Dec. 31, 2023 | 2,887,905 | 31,101,689 | 10,938,125 | ||||
Ending balance at Dec. 31, 2023 | $ 2,122,148 | $ 209,102 | $ (204,130) | $ 2,095,835 | $ (9,326) | $ 23,201 | $ 7,466 |
Consolidated statement of cash
Consolidated statement of cash flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net profit | $ 514,097 | $ 348,054 | $ 43,844 |
Adjustments for: | |||
Income tax expense | 97,005 | 40,176 | 10,486 |
Finance cost | 158,216 | 87,631 | 76,234 |
Finance income | (50,208) | (18,030) | (10,849) |
(Reversal) impairment of non financial assets | 0 | 0 | (5,441) |
Depreciation and amortization | 306,114 | 267,704 | 239,946 |
Disposal of non financial assets | 847 | (2,458) | 4,260 |
Impairment of financial assets | (201) | 2,408 | 1,516 |
Allowance for obsolescence | 0 | 80 | 30 |
Share-based compensation expense | 4,359 | 5,155 | 7,097 |
Net change in fair value of derivatives | 98,347 | (17,189) | 22,778 |
Unrealized loss on investment | (6,338) | 4,252 | 274 |
Net foreign exchange differences | 11,117 | 25,330 | 44,853 |
Change in: | |||
Accounts receivable | (27,199) | (51,318) | (35,645) |
Accounts receivable from related parties | (359) | (336) | (403) |
Other current assets | (23,145) | (47,436) | (4,599) |
Other assets | (7,219) | (10,874) | (6,786) |
Accounts payable | 19,143 | 46,982 | 49,285 |
Accounts payable from related parties | 224 | (6,945) | 4,978 |
Air traffic liability | (39,950) | 94,474 | 86,636 |
Frequent flyer deferred revenue | 13,289 | 16,413 | 3,901 |
Other liabilities | 40,266 | 33,317 | 6,450 |
Cash from operating activities | 1,108,405 | 817,390 | 538,845 |
Income tax paid | (55,414) | (26,353) | (3,904) |
Interest paid | (50,931) | (44,761) | (40,170) |
Interest received | 42,726 | 12,267 | 12,514 |
Net cash from operating activities | 1,044,786 | 758,543 | 507,285 |
Investing activities | |||
Acquisition of investments | (644,909) | (763,842) | (1,117,214) |
Proceeds from redemption and sale of investments | 698,580 | 749,576 | 1,001,268 |
Advance payments on aircraft purchase contracts | (200,000) | (377,670) | (276,939) |
Reimbursement of advance payments on aircraft purchase contracts | 228,111 | 105,381 | 70,800 |
Acquisition of property and equipment | (600,175) | (254,561) | (206,795) |
Proceeds from sale of property and equipment | 5,095 | 7,426 | 81,336 |
Acquisition of intangible assets | (29,697) | (18,461) | (11,591) |
Net cash used in investing activities | (542,995) | (552,151) | (459,135) |
Financing activities | |||
Payment of convertible notes | (350,001) | 0 | 0 |
Proceeds from new borrowings | 428,310 | 222,481 | 352,278 |
Payments on loans and borrowings | (152,254) | (249,519) | (142,233) |
Payment of lease liability | (79,999) | (79,017) | (80,992) |
Repurchase of treasury shares | (105,932) | (167,639) | (40,514) |
Dividends paid | (134,152) | 0 | 0 |
Net cash (used in) from financing activities | (394,028) | (273,694) | 88,539 |
Net increase (decrease) in cash and cash equivalents | 107,763 | (67,302) | 136,689 |
Cash and cash equivalents at January 1 | 122,424 | 211,081 | 119,065 |
Effect of exchange rate change on cash | (23,812) | (21,355) | (44,673) |
Cash and cash equivalents at December 31 | $ 206,375 | $ 122,424 | $ 211,081 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2023 | |
Parent Company Information [abstract] | |
Corporate information | 1. Corporate information Copa Holdings, S. A. (“the Company”) was incorporated according to the laws of the Republic of Panama on May 6, 1988 with an indefinite duration. The Company is a public company listed in the New York Stock Exchange (NYSE) under the symbol CPA since December 14, 2005. The address of its registered office is Boulevard Costa del Este, Avenida Principal y Avenida de la Rotonda, Urbanización Costa del Este, Complejo Business Park, Torre Norte, Parque Lefevre, Panama City, Republic of Panama. These consolidated financial statements comprise the Company and its subsidiaries: Compañía Panameña de Aviación, S. A. (“Copa Airlines”), Oval Financial Leasing, Ltd. (“OVAL”), AeroRepública, S. A. (“AeroRepública”) and, La Nueva Aerolínea, S.A (“LNA”). • Copa Airlines: the Company’s core operation is incorporated according to the laws of the Republic of Panama and provides international air transportation for passengers, cargo and mail, operating from its Panama City hub in the Republic of Panama. • AeroRepública: is a Colombian air carrier, incorporated according to the laws of the Republic of Colombia which provides domestic and international air transportation for passengers, cargo, and mail. AeroRepública operates “Wingo” a brand under a low-cost business model. Wingo operates administratively and functionally under AeroRepública, with an independent structure for its commercialization, distribution systems and customer service. • OVAL: incorporated according to the laws of the British Virgin Islands, it controls the special-purpose entities that have a beneficial interest in the majority of the Company’s fleet, which is leased to either Copa Airlines or AeroRepública. • LNA: is a Panamanian air carrier, incorporated according to the laws of the Republic of Panama and provides domestic and international air transportation for passengers, cargo and mail, operating from the Republic of Panama. LNA, operates air transportation for passengers under “Wingo’s” brand. The Company currently offers approximately 375 daily scheduled flights to 82 destinations in 32 countries in North, Central and South America and the Caribbean, mainly from its Panama City Hub. Additionally, the Company provides passengers with access to flights to more than 180 international destinations through codeshare agreements. The Company is part of Star Alliance, the leading global airline network since June 2012. The Company has a broad commercial alliance with United Airlines Holdings, Inc. (“United”), which was renewed during May 2021, for another five years. This Alliance includes an extensive and expanding code-sharing and technology cooperation. Copa Airlines has the loyalty program “ConnectMiles”, designed to strengthen the relationship with its frequent flyers and provide exclusive attention. ConnectMiles members are eligible to earn and redeem miles to any of Star Alliance’s, 1,200 (unaudited) destinations within 26 airlines members (unaudited). As of December 31, 2023, the Company operates a fleet of 106 aircraft with an average age of 9.7 years, and consists of 67 Boeing 737-800 Next Generation aircraft, 9 Boeing 737-700 Next Generation aircraft, 1 Boeing 737-800 BCF and 29 737-MAX aircraft. In March 2022, the newly converted freighter aircraft, the Boeing 737-800 BCF (Boeing Converted Freighter) with a capacity of 21.7 tons per flight, began operations. The aircraft came from the Company’s fleet and was converted into a freighter by Boeing. This freighter aircraft will further increase cargo capacity. |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Basis of Presentation of Financial Statements [Abstract] | |
Basis of preparation | 2. Basis of preparation Statement of compliance The Company’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). As used in these notes to the consolidated financial statements, the terms “the Company”, “we”, “us”, “our”, and similar terms refer to Copa Holdings, S. A. and, unless the context indicates otherwise, its consolidated subsidiaries. The Company has prepared the financial statements on the basis that it will continue to operate as a going concern. Basis of measurement The consolidated financial statements have been prepared on a historical cost basis, except for the following: • certain financial assets, certain classes of property, plant and equipment, investment property and derivative financial instruments – measured at fair value • assets held for sale – measured at fair value less cost of disposal, and • defined benefit pension plans – plan assets measured at fair value. Functional and presentation currency These consolidated financial statements are presented in United States dollars (U.S. dollars “$”), which is the Company’s functional currency and the legal tender of the Republic of Panama. The Republic of Panama does not issue its own paper currency; instead, the U.S. dollar is used as legal currency. All values are rounded to the nearest thousand in U.S. dollars ($000), except when otherwise indicated. |
Statement of compliance | Statement of compliance The Company’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). As used in these notes to the consolidated financial statements, the terms “the Company”, “we”, “us”, “our”, and similar terms refer to Copa Holdings, S. A. and, unless the context indicates otherwise, its consolidated subsidiaries. |
Basis of measurement | Basis of measurement The consolidated financial statements have been prepared on a historical cost basis, except for the following: • certain financial assets, certain classes of property, plant and equipment, investment property and derivative financial instruments – measured at fair value • assets held for sale – measured at fair value less cost of disposal, and • defined benefit pension plans – plan assets measured at fair value. |
Functional and presentation currency | Functional and presentation currency These consolidated financial statements are presented in United States dollars (U.S. dollars “$”), which is the Company’s functional currency and the legal tender of the Republic of Panama. The Republic of Panama does not issue its own paper currency; instead, the U.S. dollar is used as legal currency. All values are rounded to the nearest thousand in U.S. dollars ($000), except when otherwise indicated. (c) Foreign currencies The Company’s consolidated financial statements are presented in U.S. dollars, which is the Company’s functional currency. The Company determines the functional currency for each entity, and the items included in the financial statements of each entity are measured using that functional currency. Transactions and balances Transactions in foreign currencies are initially recorded by the Company at the respective functional currency spot rates on the date when the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot exchange rate at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Foreign exchange gains and losses are included in the exchange rate difference line in the consolidated statement of profit or loss for the year. |
Material accounting policies
Material accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Material Accounting Policies [Abstract] | |
Material accounting policies | 3. Material accounting policies (a) Basis of consolidation These consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Control is achieved when the Company is exposed to, or has right to, variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Company controls the investee, when it has: • power over the investee, • exposure, or rights to, variable returns from its involvement with the investee, and • the ability to use its power over the investee to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intercompany balances, transactions, and dividends are eliminated in full. The following are the significant subsidiaries included in these financial statements: Country of Incorporation Ownership interest Name 2023 2022 Copa Airlines Panama 99.9 % 99.9 % AeroRepublica Colombia 99.9 % 99.9 % Oval British Virgin Islands 100 % 100 % LNA Panama 100 % 100 % (b) Current versus non-current classification The Company presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is: • expected to be realized or intended to be sold or consumed in the normal operating cycle • expected to be realized within twelve months after the reporting period, or • cash or cash equivalent, unless restricted. All other assets are classified as non-current. A liability is current when: • it is expected to be settled in the normal operating cycle • it is due to be settled within twelve months after the reporting period, or • there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Company classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. (c) Foreign currencies The Company’s consolidated financial statements are presented in U.S. dollars, which is the Company’s functional currency. The Company determines the functional currency for each entity, and the items included in the financial statements of each entity are measured using that functional currency. Transactions and balances Transactions in foreign currencies are initially recorded by the Company at the respective functional currency spot rates on the date when the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot exchange rate at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Foreign exchange gains and losses are included in the exchange rate difference line in the consolidated statement of profit or loss for the year. (d) Revenue recognition Revenue is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The consideration received or receivable is measured taking into account contractually defined terms of payment and excluding taxes or duties. The following specific recognition criteria must also be met before revenue is recognized: Passenger revenue Passenger revenue is primarily composed of passenger ticket sales, frequent flyer miles redeemed and ancillaries revenues associated with a passenger’s flight. • Passenger tickets Passenger revenue from tickets is recognized when transportation is provided or when the ticket expires unused, rather than when a ticket is sold. The amount of passenger ticket sales, not yet recognized as revenue, is reflected under “Air traffic liability” in the consolidated statement of financial position. For tickets that are expected not to be used, the Company performs a monthly liability evaluation using its historical experience with refundable and nonrefundable expired tickets and other facts. A year after the sale is made, actual ticket breakage is removed from “Air Traffic liability” and the provision is reversed. The unused tickets expire after one year from the sale date, and any revenue associated with tickets sold for future travel is recognized within 12 months. The Company sells certain tickets with connecting flights with one or more segments operated by its other airline partners. For segments operated by other airline partners, the Company has determined that it is acting as an agent on behalf of the other airlines as they are responsible for their portion of the contract. The Company, as the agent, reduces its “Air traffic liability” when consideration is remitted to those airlines, and recognizes revenue for the net amount representing commission to be retained by the Company for any segments flown by other airlines. Denied boarding compensation made to customers for voluntarily or involuntarily denied boarding reduces revenue when the voucher is issued to the passenger. In response to Covid-19 the Company established a new commercial policy where some tickets scheduled to expire before June 2021, were extended to June 30, 2022. During 2022, the Company calculated a specific breakage for tickets that were not expected to be used based on this commercial policy. As of December 31, 2022, all revenue related to these tickets has been recognized in the consolidated statement of profit or loss and since then, there are no tickets with expiration dates for more than one year. • Frequent flyer program The Company’s frequent flyer program objective, is to reward customer loyalty. Members in this program earn miles for travel on Copa Airlines, Star Alliance partners’ airlines and also by purchasing the goods and services of the Company network of non-airline partners and co-branded credit cards. The miles or points earned can be exchanged for flights on Copa or any of other Star Alliance partners’ airlines. Passenger revenue includes flights redeemed under our frequent flyer program. When a passenger elects to receive Copa’s frequent flyer miles in connection with a flight, the Company recognizes a portion of the tickets sale as revenue when the air transportation is provided and recognizes a deferred liability (Frequent flyer deferred revenue) for the portion of the ticket sale representing the value of the related miles as a separate performance obligation. To determine the amount of revenue to be deferred, the Company estimates and allocates the fair value of the miles that were essentially sold along with the airfare, based on a weighted average ticket value, which incorporates the expected redemption of miles including factors such as redemption pattern, cabin class and geographic region. A statistical model that estimates the percentages of points that will not be redeemed before expiration is used to estimate breakage. The breakage and the fair value of the miles are reviewed at least annually, and any adjustments are reflected on a prospective basis to passenger revenues. The Company calculates the short and long-term portion of the frequent flyer deferred revenue, using a model that includes estimates based on the members’ redemption rates projected by management due to clients’ behavior. Currently, when a member of another carrier frequent flyer program redeems miles on a Copa Airlines flight, those carriers pay to the Company a per mile rate. The rates paid by them depend on the class of service, the flight length, and the availability of the reward and is included in passenger revenues. • Ancillaries revenues Primarily composed of services performed in conjunction with a passenger’s flight, including administrative fees (such as ticket change fees), baggage fees, and other ticket-related fees. These ancillary fees are part of the travel performance obligation and, as such, are recognized as passenger revenue when the travel occurs. Cargo and mail revenue Cargo and mail revenue is recognized when the Company provides and completes the shipping services as requested by the client and the risks on the merchandise and goods are transferred. Other operating revenue Other operating revenue includes revenue associated with the marketing component of the frequent flyer program. This revenue is comprised of the marketing component of mileage sales to co-branded card, other partners and other marketing related payments. The Company sells miles to non-airline businesses with which it has marketing agreements. The main contracts to sell miles are related to co-branded credit card relationships with major banks in the region. The Company determined the selling prices of miles according to a method which allocates consideration based upon the relative selling price of the deliverables. The relative selling price of the deliverables is determined based upon the estimated standalone selling prices of each deliverable in the arrangement and is allocated between the miles sold to the passenger (as described above) and the marketing elements. Revenue allocated to the performance obligations related to, marketing components, is recorded in other operating revenue when miles are delivered. The remaining amounts included within other revenue are related to lease income, advertising and vacation-related services. (e) Cash and cash equivalents Cash and cash equivalents in the statement of financial position, comprise cash on hand and in banks, money market accounts, and time deposits with original maturities of three months or less from the date of purchase. The Company evaluates the term and conditions relating to its restricted cash to determine where it should be presented, as current assets in cash and cash equivalents or as non-current assets in long-term investments. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash net of outstanding bank overdrafts, if any. The Company has elected to present the statement of cash flows using the indirect method. As of December 31, 2023 and 2022, the Company cash position is comprised from cash on hand and in banks. (f) Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Company’s financial assets include cash and cash equivalents, short and long-term investments and accounts receivable. (i) Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial assets contractual cash flow characteristics and the Company’s business model for managing them. With the exception of accounts receivables that do not contain a significant financing component or for which the Company has applied the practical expedient, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Accounts receivable that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price. In order for a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are ‘solely payments of principal and interest’ (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Company’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. All financial assets are recognized on the trade date, which is the date on which the Company becomes a party to the contractual provisions of an instrument. (ii) Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: • Financial assets at amortized cost (debt instruments) • Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) • Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) • Financial assets at fair value through profit or loss Financial assets at amortized cost This category is the most relevant to the Company. The Company measures financial assets at amortized cost if both of the following conditions are met: • The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Company’s financial assets at amortized cost includes the Company’s investments and its receivables. The Company invests in short-term deposits and bonds with original maturities of more than three months but less than one year, and invests in long-term deposits and bonds with maturities greater than one year. These investments are classified as short and long-term investments, respectively, in the accompanying consolidated statement of financial position. Accounts receivable are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. These financial instruments are initially recognized and carried at the original invoice amount since recognition of interest under the amortized cost would be immaterial less a provision for impairment. Financial assets at fair value through OCI (debt instruments) The Company measures debt instruments at fair value through OCI if both of the following conditions are met: • The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. The Company currently does not have assets classified under this category. Financial assets designated at fair value through OCI (equity instruments) Upon initial recognition, the Company may elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in the statement of profit or loss when the right of payment has been established, except when the Company benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Company currently does not have assets classified under this category. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortized cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. (iii) Derecognition A financial asset is derecognized when: • the rights to receive cash flows from the asset have expired, or • the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement, and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates, if and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Company’s continuing involvement in the asset. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. (iv) Impairment of financial assets The Company recognizes an allowance for expected credit losses (ECLs) on financial asset measured at amortized cost. Loss allowance for financial assets are deducted from the gross carrying amount on the assets. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). Both, lifetime ECLs and 12-month ECLs, are calculated on either an individual basis or a collective basis, depending on the nature of the underlying portfolio of financial instruments. The Company has established a policy to perform an assessment, at the end of each quarterly reporting period, of whether a financial instrument’s credit risk has increased significantly since initial recognition, by considering the change in the risk of default occurring over the remaining life of the financial instrument. For accounts receivables the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each quarterly reporting date. The Company has established a provision matrix to measure ECLs. Loss rates are calculated using a ‘roll rate’ method based on the probability of a receivable progressing through successive stages of delinquency to write-off. To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics and the day past due. Loss rates are based on actual credit loss experience over the last 12 months and adjusted for forward-looking factors specific to the debtors and the economic environment over the expected life of the receivables. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. The Company considers that there are no realistic prospects of recovery of the asset if any of the following indicators are present: • the debtor is in a state of permanent disability • the Company has exhausted all legal and/or administrative recourse • where the account exceeds one year without decreases • when there are no documents establishing the debt Losses arising from impairment are recognized under “Other operating and administrative expenses” in the consolidated statement of profit or loss. Financial liabilities (i) Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company’s financial liabilities include trade and other payables and loans and borrowings including bank overdrafts, and derivative financial instruments. (ii) Subsequent measurement For purposes of subsequent measurement, financial liabilities are classified in two categories: • Financial liabilities at fair value through profit or loss • Financial liabilities at amortized cost (loans and borrowings) Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Company that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. Financial liabilities at amortized cost (loans and borrowings) Subsequent to initial recognition, all borrowings and loans are measured at amortized cost using the EIR method. Gains and losses are recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included under finance cost in the consolidated statement of profit or loss. (iii) Derecognition Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expire. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statement of profit or loss. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Company has a legally enforceable right to set off the recognized amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the ordinary course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. Derivative financial instruments Derivative instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at their fair value. Derivatives are carried as financial assets when the fair value results in a right to the Company and as financial liabilities when the fair value results in an obligation. The accounting for changes in value depends on whether the derivative is designated as a hedging instrument, and if so, the classification of the hedge. (g) Impairment of non - financial assets The Company assesses at each reporting date whether there is an indication that an asset or its cash-generating unit (CGU) may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s or CGU’s recoverable amount. The recoverable amount is the higher of an asset’s or its CGU’s fair value less costs to sell and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Impairment losses of continuing operations, including impairment on inventories, are recognized under “Impairment of non-financial assets” in the consolidated statement of profit or loss. For assets, excluding goodwill, an assessment is made at each reporting date to determine whether there is any indication that previously recognized impairment losses no longer exist or may have decreased. If such indication exists, the Company estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit or loss. (h) Senior convertible notes Senior convertible notes are classified as hybrid instruments that comprise a debt host contract for the interest and principal payments plus a derivative instrument for the conversion option. The initial carrying amount of the non-derivative host contract is the difference between the fair value minus transaction costs of the hybrid instrument and the fair value of the embedded derivative. Under this approach, all of the transaction costs are always allocated to and deducted from the carrying amount of the non-derivative host contract on initial recognition. After initial recognition, the debt host contract would be measured at amortized cost, and the derivative liability, not being closely related to the debt host contract, would be measured at fair value through profit or loss. In September 2023, the Company settled the total outstanding notes (see Note 18). (i) Property and equipment Property and equipment comprise mainly airframe, engines, and other related flight equipment. All property and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. When a major maintenance inspection or overhaul cost is embedded in the initial purchase cost of an aircraft, the Company estimates the carrying amount of the component. These initial built-in maintenance assets are depreciated over the estimated time period until the first maintenance event is performed. The cost of major maintenance events completed after the aircraft acquisition are capitalized and depreciated over the estimated time period until the next major maintenance event. The remaining value of the previously capitalized component if any, is charged to expense upon completion of the subsequent maintenance event. The Company recognizes the depreciation on a straight-line basis which for some aircraft components is akin to depreciation based on use, over the estimated useful life of the assets. Depreciation is recognized in the consolidated statement of profit or loss from the date the property, and equipment is installed and ready for use. Property and equipment Estimate useful life (years) Residual Value Flight equipment (*) Airframe and core engines 27 15% Major maintenance events 3-16 — Conversion to freighter Lesser of 10 years and remaining useful life of the aircraft Cabin refurbishment Lesser of remaining useful Ramp and miscellaneous Ground equipment 10 — Furniture, fixture, equipment and other 5-10 — Leasehold improvements Lesser of remaining lease — (*) Estimates for Boeing 737-700 fleet may differ , see note 13. An item of property and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognized. The costs of major maintenance events for leased aircraft are capitalized and depreciated over the shorter of the scheduled usage period to the next major inspection event or the remaining life of lease term (as appropriate), the remaining value of the previously capitalized maintenance or the right-of-use asset (“ROU”) component if any, is charged to expense upon completion of the subsequent maintenance event. The residual values, useful lives, and methods of depreciation of property and equipment are reviewed at each financial year-end and adjusted prospectively, if appropriate. The land owned by the Company is recognized at cost less any accumulated impairment. Borrowing costs directly attributable to the acquisition, construction, or production of any qualifying asset, that necessarily takes a substantial period of time to get ready for its intended use or sale, are capitalized as part of the cost of the asset during that period of time. Other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. (j) Leases At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract, conveys the rig |
Significant accounting judgment
Significant accounting judgments, estimates and assumptions | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Accounting Judgements and Estimates [Abstract] | |
Significant accounting judgments, estimates and assumptions | 4. Significant accounting judgments, estimates and assumptions The preparation of the Company’s consolidated financial statements requires management to make judgments, estimates, and assumptions that affect the reported amounts of revenues, expenses, assets, and liabilities and the accompanying disclosures and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities in future periods. Judgments In the process of applying the Company’s accounting policies, management has made judgments, which have the most significant effect on the amounts recognized in the consolidated financial statements in the following area: • Leases The Company enters into contracts for the use of the aircraft and real estate which include, airport and terminal facilities, sales offices, maintenance facilities, and general offices. The Company assesses, based on the terms and conditions of the arrangements, whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. • Lease term The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Company applies judgement in evaluating whether it is reasonably certain or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customization to the leased asset). Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the Company’s control. Such changes are reflected in the assumptions when they occur. • Impairment of financial assets The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Company’s past history, existing market conditions as well as forward looking estimates at the end of each quarterly reporting period. • Impairment of non-financial assets Impairment exists when the carrying amount of an asset or CGU exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less costs to sell calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the asset’s performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes (see note 16). • Property and equipment The Company’s management has determined that the residual value of the airframe, engines, and components (rotable parts) owned is 15% of the cost of the asset, therefore the depreciation of flight equipment is made accordingly. Annually, management reviews the useful life and residual value of each of these assets (see note 13). • Provision for return condition The Company records a provision to accrue for the cost that will be incurred in order to return the lease aircraft to their lessor in the agreed-upon condition, excluded estimated dismantling costs not based on utilization of the aircraft which are included in the ROU asset and lease liability. The methodology applied to calculate the provision requires management to make assumptions, including the future maintenance costs, discount rate, and related inflation rates and aircraft utilization. The cash flows are discounted at a current pre-tax rate that reflects the risks specific to the decommissioning. Any difference in the actual maintenance cost incurred and the amount of the provision is recorded under “Maintenance, materials and repairs” in the consolidated statement of profit or loss. The effect of any changes in estimates, including those mentioned above, is also recognized under “Maintenance, materials and repairs” for the period (see note 21). • Revenue recognition – expired tickets The Company recognizes estimated fare revenue for tickets that are expected to expire based on departure date (unused tickets), based on historical data and experience. Estimating the expected expiration rate requires management’s judgment, among other things, the historical data and experience is an indication of the future customer behavior. The unused tickets expire after one year after being sold, and any revenue associated with tickets sold for future travel is recognized within 12 months. • Multiple deliverable revenue arrangements - Frequent flyer program The frequent flyer program includes two major transactions that are considered revenue arrangements with multiple performance obligations: (i) mileage credits earned with travel and (ii) mileage credits sold to co-branded credit card partner and other partners. The Company estimates the fair value of the miles in those transactions using a blended calculation of rates charged when miles are sold to other partners and the average value of a mile flown by a customer earned with travel, less an estimate of the miles that will expire unused (breakage). The Company engages a specialist to assist in the performance of the breakage calculation. • Taxes The Company believes that taken tax positions, including transfer pricing between entities, are reasonable. However, in the event of an audit by the tax authorities, they may challenge the positions taken by the Company, resulting in additional taxes and interest liabilities. Management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies (see note 22). • Incremental borrowing rate for leases The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The Company estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates. • Fair value measurement The Company measures financial instruments such as derivatives at fair value at the date of each statement of financial position. Fair values of financial instruments measured at amortized cost are disclosed in note 28.6. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • in the principal market for the asset or liability, or • in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: i) Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities. ii) Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. iii) Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. |
Adoption of new and amended sta
Adoption of new and amended standards and interpretations | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Changes in Disclosures [Abstract] | |
Adoption of new and amended standards and interpretations | 5. Adoption of new and amended standards and interpretations The Company applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2023 (unless otherwise stated). The Company has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Interest Rate Benchmark Reform – Phase 2: Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR). The amendments include the following practical expedients: • A practical expedient to require contractual changes, or changes to cash flows that are directly required by the reform, to be treated as changes to a floating interest rate, equivalent to a movement in a market rate of interest • Permit changes required by IBOR reform to be made to hedge designations and hedge documentation without the hedging relationship being discontinued • Provide temporary relief to entities from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component During 2023, the Company finish the process of implementing appropriate fall back clauses for its long term variable rate debt based of LIBOR and incorporated the new benchmark based on Secured Overnight Financing Rate (“SOFR”). The Company elected to apply the practical expedient introduced on the amendment since the changes resulted directly from IBOR reform and the change in contractual cash flows occurred on an ‘economically equivalent’ basis. As of December 31, 2023, there was no impact to the consolidated financial statements, the changes were accounted updating the effective interest rate with no gain or loss recognized. Amendments to IAS 8 - Definition of Accounting Estimates In February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition of ‘accounting estimates’. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for annual reporting periods beginning on or after 1 January 2023 and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. Earlier application is permitted as long as this fact is disclosed. The amendments had no impact on the Company consolidated financial statements. Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Accounting Policies . In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after 1 January 2023 with earlier application permitted. Since the amendments to the Practice Statement 2 provide non-mandatory guidance on the application of the definition of material to accounting policy information, an effective date for these amendments is not necessary. Although the amendments did not result in any changes on the measurement, recognition or presentation of any items in the Company’s financial statements, Management reviewed the accounting policies and made updates to the information disclosed in Note 3 Material accounting policies (2022: Significant accounting policies) in certain instances in line of the amendments. Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction In May 2021 the IASB issued the amendments to IAS 12 Income Taxes which require companies to recognize deferred taxes on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The amendments apply for annual reporting periods beginning on or after 1 January 2023, and and should be applied to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, entities should recognize deferred tax assets (to the extent that it is probable that they can be utilized) and deferred tax liabilities at the beginning of the earliest comparative period for all deductible and taxable temporary differences associated with: • Right-of-use assets and lease liabilities, and • Decommissioning, restoration and similar liabilities, and the corresponding amounts recognized as part of the cost of the related assets. The cumulative effect of recognizing these adjustments is recognized in retained earnings, or another component of equity, as appropriate. The Company has recognized a separate deferred tax assets in relation to its lease liabilities and a deferred tax liability in relation to its ROU. However, there no material impact on the statement of financial position since the balances qualify for offset according to paragraph 74 of IAS 12. During 2023, the Company recognized a tax benefit of $1.8 million related to this deferred tax, under “Income tax expense” in the consolidated statement of profit or loss (see note 22). Amendments to IAS 12 International Tax Reform—Pillar Two Model Rules The amendments to IAS 12 have been introduced in response to the Organization for Economic Cooperation and Development’s ("OECD") Base erosion and profit shifting ("BEPS") Pillar Two rules and include: • A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and • Disclosure requirements for affected entities to help users of the financial statements better understand an entity’s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date. The mandatory temporary exception – the use of which is required to be disclosed – applies immediately. The remaining disclosure requirements apply for annual reporting periods beginning on or after 1 January 2023, but not for any interim periods ending on or before 31 December 2023. On December 18, 2023, Pillar Two legislation was enacted in Ireland, the jurisdiction in which the Company has special purpose vehicles that have a beneficial interest in some of the aircraft of the Company's fleet. The income inclusion rule (IIR) and qualified domestic minimum top-up tax (QDMTT) provisions will apply for fiscal years beginning on or after 31 December 2023. The undertaxed profits rule (UTPR) will apply for fiscal years beginning on or after 31 December 2024 and will come into effect from 1 January 2024. Since the Pillar Two legislation was not effective at the reporting date, the Company has no related current tax exposure. The Company applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in this amendments. At the date when the financial statements were authorized for issue, no other of the jurisdictions in which the Company operates had enacted or substantively enacted the tax legislation related to the top-up tax. Amendments to IAS 21 Lack of Exchangeability In August 2023 the IASB issued the amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates to add requirements to help entities to determine whether a currency is exchangeable into another currency, and the spot exchange rate to use when it is not. |
Standards issued but not yet ef
Standards issued but not yet effective | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of New Accounting Standards and Issued But Not Yet Effective Explanatory [Abstract] | |
Standards issued but not yet effective | 6. Standards issued but not yet effective The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company’s financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective Amendments to IAS 1 - Classification of Liabilities as Current or Non-current In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 Presentation of Financial Statements to specify the requirements for classifying liabilities as current or non-current and apply for annual reporting periods beginning on or after January 2023. The amendments clarify: • What is meant by a right to defer settlement. • That a right to defer must exist at the end of the reporting period. • That classification is unaffected by the likelihood that an entity will exercise its deferral right. • That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification However, the IASB has subsequently proposed further amendments to IAS 1 and the deferral on the effective date to no earlier than January 2024. Due to these ongoing developments, the Company is unable to determine the impacts of these amendments on the consolidated financial statements in the period of initial application. Amendment to IFRS 16 – Lease Liability in a Sale and Leaseback In September 2022, the IASB issued Lease Liability in a Sale and Leaseback. The amendment to IFRS 16 Leases specifies the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. These amendments explain how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. The amendment applies retrospectively to annual reporting periods beginning on or after 1 January 2024. Earlier application is permitted. During 2022, the Company entered into sale and lease back transactions, however we do not expect impacts for the adoption of this amendment since the lease payments on these transactions are fixed. During 2023, the Company did not entered into sale and lease back transactions. Amendment to IAS 1 – Non current liabilities with covenants In November 2022, the IASB issued Non current liabilities with covenants, in the amendments, the Board clarifies that only covenants with which an entity must comply on or before the reporting date will affect a liability’s classification as current or non-current. The amendments will be effective for annual reporting periods beginning on or after 1 January 2024 and will need to be applied retrospectively in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Early adoption is permitted, but will need to be disclosed. The amendment is not expected to have a material impact on the consolidated financial statements. Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements (“SFAs”) In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. The amendments will be effective for annual reporting periods beginning on or after 1 January 2024. Early adoption is permitted, but will need to be disclosed. The amendments are not expected to have a material impact on the Company consolidated financial statements since the Company don’t use this type of transactions. 6.1 IFRS Sustainability Disclosure Standards In June 2023, the International Sustainability Standards Board (ISSB) released its first two sustainability disclosure standards: • IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information(General Requirements standard): this standard requires an entity to disclose information about all sustainability-related risks and opportunities that could reasonably be expected to affect the entity’s cash flows, its access to finance or cost of capital over the short, medium or long term. • IFRS S2 Climate-related Disclosures: the objective of this standard is to require an entity to disclose information about its climate-related risks and opportunities that is useful to users of general purpose financial reports in making decisions relating to providing resources to the entity. IFRS S2 applies to climate-related risks to which the entity is exposed, which are: i. climate-related physical risks; and ii. climate-related transition risks; and iii. climate-related opportunities available to the entity. This standard is effective for annual reporting periods beginning on or after 1 January 2024 with earlier application permitted as long as IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is also applied. These ISSB standards are not mandatory on a global scale, rather they provide a tool for individual jurisdictions to implement mandatory reporting as required. The Company is currently engaged with specialists to assist them with applying the new standards. |
Revenue from contract with cust
Revenue from contract with customers | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Revenue from contract with customers | 7. Revenue from contract with customers 7.1 Revenue disaggregation Operating revenues are comprised of passenger revenues, cargo and mail, and other operating revenues. The following table shows disaggregated operating revenues for the years ended as December 31, 2023, 2022 and 2021. 2023 2022 2021 Passenger revenue Passenger revenue $ 3,263,764 $ 2,793,420 $ 1,388,089 Miles redeemed 52,597 31,299 24,301 3,316,361 2,824,719 1,412,390 Cargo and mail revenue 97,105 101,765 71,577 Other operating revenue Frequent flyer program - marketing services 37,930 28,396 18,897 Other operating revenue 5,608 10,153 7,067 43,538 38,549 25,964 $ 3,457,004 $ 2,965,033 $ 1,509,931 7.2 Contract balances The significant contract liabilities are comprised of ticket sales for transportation that has not yet been provided, recorded as “Air traffic liability” and outstanding loyalty program miles that may be redeemed for future travel, recorded as “Frequent flyer deferred revenue”. The table below presents the changes in air traffic liability: 2023 2022 Balance at beginning of year $ 651,805 $ 557,331 Sales 3,722,763 3,320,260 Revenue recognition (3,076,635) (2,623,256) Tax recognition (547,206) (450,541) Reimbursements (84,033) (105,508) Interline tickets (52,675) (52,496) Other (2,163) 6,015 Balance at end of year $ 611,856 $ 651,805 The contract duration of passenger tickets is one year. Accordingly, any revenue associated with tickets sold for future travel dates will be recognized within twelve months. The table below presents the activity of the current and non-current frequent flyer liability: 2023 2022 Balance at beginning of year $ 111,526 $ 95,114 Deferred of revenue 65,887 47,711 Recognition of revenue (52,597) (31,299) Balance at end of year $ 124,816 $ 111,526 Current 55,062 55,292 Non-current 69,754 56,234 $ 124,816 $ 111,526 Contract assets are reflected as accounts receivable. See note 10. 7.3 Segment reporting The Company’s business activities are conducted as one operating segment – Air transportation (that includes cargo and mail revenue), the reporting results of which are regularly reviewed by management for purposes of analyzing its performance and making decisions about resource allocations. Information concerning operating revenue by geographic area for the period ended December 31 is as follows: 2023 2022 2021 North America $ 1,328,504 $ 957,730 $ 428,457 South America 1,233,362 1,094,450 557,827 Central America 796,679 819,534 475,590 Caribbean 54,921 54,770 22,093 $ 3,413,466 $ 2,926,484 $ 1,483,967 The Company attributes revenue to the geographic areas based on point of sales. Our tangible assets and capital expenditures consist primarily of flight and related ground support equipment, which is mobile across geographic markets and, therefore, has not been allocated. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | 8. Cash and cash equivalents 2023 2022 Checking and saving accounts $ 151,146 $ 122,184 Time deposit 55,000 — Cash on hand 229 240 $ 206,375 $ 122,424 Cash at checking and saving accounts, earned interest based on rates determined by the banks in which the instruments are held. As of December 31, 2023, the cash and cash equivalents disclosed above and in the consolidated statement of cash flows include $1.4 million (2022: $7.3 million) that the Company has pledged from its checking and saving accounts to fulfill collateral requirements. As of December 31, 2023 and 2022, except for the cash pledged to fulfill collateral requirement, the Company’s cash and cash equivalents are free of restriction or charges that could limit its availability. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about investment property [abstract] | |
Investments | 9. Investments 2023 2022 Current Non Current Total Current Non Current Total Investment at amortised cost Time deposits $ 314,495 $ 100,000 $ 414,495 $ 432,750 $ 65,000 $ 497,750 Bonds 293,311 160,132 453,443 286,203 137,907 424,110 607,806 260,132 867,938 718,953 202,907 921,860 Allowance for expected credit losses (1,060) (1,198) (2,258) (2,104) (851) (2,955) 606,746 258,934 865,680 716,849 202,056 918,905 Investment at fair value through profit or loss Investment funds 102,063 — 102,063 95,474 — 95,474 $ 708,809 $ 258,934 $ 967,743 $ 812,323 $ 202,056 $ 1,014,379 Investments at amortised cost include time deposits, and bonds which include, zero coupon bonds and listed corporate bonds. All of the investments are denominated in U.S. dollar, as a result, there is no exposure to foreign currency risk. There is also no exposure to price risk as the investments will be held to maturity. Time deposits earned interest based on rates determined by the banks in which the instruments are held. The use of these instruments before its maturity date depends on the cash requirements of the Company. As of December 31, 2023, the Company has pledged $6.5 million of its time deposits in order to fulfil the collateral requirements for some lease and airport contracts. Listed corporate bonds, have interest rates ranging between 1.00% and 5.70% (2022: between 0.40% and 5.25%). The information about the expected credit loss over these financial assets is disclosed in note 28.3 Investments at fair value through profit or loss (“FVPL”) include investments in listed equity shares of an investment fund. Fair values of these equity shares are determined by reference to published price quotations in an active market. During 2023, the Company recognized a net unrealized profit on instruments at FVPL of $6.3 million (2022: $4.2 million net loss) recorded under “Other net non-operating income (expense)” in the accompanying consolidated statement of profit or loss. For information about the methods and assumptions used in determining fair value see 28.6. |
Accounts receivable
Accounts receivable | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables [abstract] | |
Accounts receivable | 10. Accounts receivable 2023 2022 Credit cards $ 86,673 $ 75,274 Clearing house 27,873 32,278 Airlines 3,904 2,180 Cargo and courier 9,204 9,023 Agencies 2,628 4,090 Government 8,799 6,446 Account receivables from related parties 2,527 2,168 Other 20,936 13,814 162,544 145,273 Allowance for expected credit losses (3,297) (7,690) $ 159,247 $ 137,583 Trade receivables are non-interest bearing and have maturities between 30 to 90 days. See detail of trade receivables from related parties in note 23. The category “Other” mainly includes receivables from miles’ partners and employees accounts. The change in the allowance for expected credit losses in respect of accounts receivable during the year was as follows. 2023 2022 2021 Balance at beginning of years $ (7,690) $ (7,565) $ (6,483) Additions /(Reversal) (496) (765) (1,421) Write-off 4,889 640 339 Balance at end of year $ (3,297) $ (7,690) $ (7,565) The information about the credit exposures is disclosed in note 28.3. |
Expendable parts and supplies
Expendable parts and supplies | 12 Months Ended |
Dec. 31, 2023 | |
Classes of current inventories [abstract] | |
Expendable parts and supplies | 11. Expendable parts and supplies Expendable parts and supplies are mainly related to maintenance and repair of flight equipment, and are carried at the lower of the average acquisition cost or replacement cost. 2023 2022 Material for repair and maintenance $ 111,938 $ 88,276 Other inventories 4,768 5,158 116,706 93,434 Allowance for obsolescence (102) (102) $ 116,604 $ 93,332 Expendable parts and supplies recognized when used as an expense in the accompanying consolidated statement of profit or loss under “Maintenance, materials and repairs” amount to $34.7 million, (2022: $25.4 million and, 2021: $22.0 million). |
Prepaid expenses
Prepaid expenses | 12 Months Ended |
Dec. 31, 2023 | |
Prepayments [Abstract] | |
Prepaid expenses | 12. Prepaid expenses 2023 2022 Prepaid taxes $ 20,521 $ 25,385 Prepaid commissions 3,489 3,936 Prepaid insurance 416 446 Prepaid to supplier 29,842 30,325 $ 54,268 $ 60,092 Current 44,635 52,322 Non-current 9,633 7,770 $ 54,268 $ 60,092 The current portion of prepaid taxes amounts to $10.9 million and mainly includes tax advance of VAT, and withholdings taxes (2022: $9.2 million). The non-current portion of prepaid expenses mainly include tax credits for $9.6 million (2022: $7.7 million). Prepaid to supplier mainly includes operating expenses related to aircraft rent, fuel and maintenance services. |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property and equipment | 13. Property and equipment Land Flight equipment Purchase deposits for flight equipment Ramp and miscellaneous Furniture, fixtures, equipment and other Leasehold improvements Construction in progress Total Cost - Balance at January 1, 2021 $ 6,301 $ 2,538,774 $ 407,814 $ 56,613 $ 32,796 $ 67,459 $ 6,165 $ 3,115,922 Transfer of pre-delivery payments — 284,170 (284,170) — — — — — Additions — 75,080 347,010 525 1,114 290 11,296 435,315 Disposals — (36,351) — (3,576) (140) (3,139) — (43,206) Reclassifications — 1,028 5,600 — 135 657 (1,877) 5,543 Reclassifications from assets held for sale — 62,875 — — — — — 62,875 Balance at December 31, 2021 $ 6,301 $ 2,925,576 $ 476,254 $ 53,562 $ 33,905 $ 65,267 $ 15,584 $ 3,576,449 Transfer of pre-delivery payments — 50,977 (50,977) — — — — — Additions — 228,908 383,176 2,903 3,318 3,291 882 622,478 Disposals — (46,121) — (1,395) (4,265) (164) (29) (51,974) Reclassifications — 8,179 (76,200) — — 5,873 (14,052) (76,200) Balance at December 31, 2022 $ 6,301 $ 3,167,519 $ 732,253 $ 55,070 $ 32,958 $ 74,267 $ 2,385 $ 4,070,753 Transfer of pre-delivery payments — 211,703 (211,703) — — — — — Additions — 373,983 205,030 3,993 3,760 1,991 9,302 598,059 Disposals — (56,979) — (427) (1,476) (897) — (59,779) Reclassifications — (549) (25,400) — — 617 (68) (25,400) Balance at December 31, 2023 $ 6,301 $ 3,695,677 $ 700,180 $ 58,636 $ 35,242 $ 75,978 $ 11,619 $ 4,583,633 Accumulated depreciation and impairment - Balance at January 1, 2021 $ — $ (849,487) $ — $ (46,702) $ (30,461) $ (41,782) $ (4) $ (968,436) Depreciation for the year — (127,432) — (2,576) (1,639) (4,696) — (136,343) Disposals — 34,893 — 3,501 137 2,503 — 41,034 Balance at December 31, 2021 $ — $ (942,026) $ — $ (45,777) $ (31,963) $ (43,975) $ (4) $ (1,063,745) Depreciation for the year — (163,674) — (2,392) (1,354) (4,490) — (171,910) Disposals — 42,631 — 1,366 4,265 164 — 48,426 Balance at December 31, 2022 $ — $ (1,063,069) $ — $ (46,803) $ (29,052) $ (48,301) $ (4) $ (1,187,229) Depreciation for the year — (200,851) — (2,546) (2,190) (4,320) — (209,907) Disposals — 49,382 — 398 1,470 885 — 52,135 Balance at December 31, 2023 $ — $ (1,214,538) $ — $ (48,951) $ (29,772) $ (51,736) $ (4) $ (1,345,001) Carrying amounts - At December 31, 2021 $ 6,301 $ 1,983,550 $ 476,254 $ 7,785 $ 1,942 $ 21,292 $ 15,580 $ 2,512,704 At December 31, 2022 $ 6,301 $ 2,104,450 $ 732,253 $ 8,267 $ 3,906 $ 25,966 $ 2,381 $ 2,883,524 At December 31, 2023 $ 6,301 $ 2,481,139 $ 700,180 $ 9,685 $ 5,470 $ 24,242 $ 11,615 $ 3,238,632 Flight equipment Flight equipment includes aircraft, engines, aircraft components, and major maintenance of own and leased aircraft. During 2023, the Company capitalized 8 Boeing 737 MAX aircraft. The Company acquired these aircraft with financing through a Japanese Operating Leases with Call Options (“JOLCOs”) which are a form financing obtained from Japanese lenders. Under IFRS, these transactions are considered a purchase and are accounted for as an element of Property and equipment. These arrangements establish semi-annually payments of obligations and have a term of 12 years. During 2022, the Company capitalized 3 Boeing 737 MAX aircraft. The Company acquired these aircraft through financing from the Export-Import Bank of the United States (the “EXIM Bank”). These arrangements establish quarterly payments of obligations, and have a term of 12 years. In March 2022, the newly converted freighter aircraft, the Boeing 737-800 BCF (Boeing Converted Freighter) with a capacity of 21.70 tons per flight, began operations. The conversion is depreciated over the lesser of 10.0 years or remaining useful life of the aircraft. Aircraft with a carrying value of $1.5 billion (includes new acquired aircraft) are pledged as collateral for the obligation of the special purpose entities as of December 31, 2023 (2022: $1.5 billion). On 26 September 2022, one of the Company’s Boeing 737-800 aircraft came off the runway while landing at Tocumen International Airport in Panama. During 2023, the Company completed the repair of the aircraft and its engines under the Company’s insurance policy. As of December 31, 2023, the Company has recognized an asset from reimbursement within other current assets in the consolidated statement of financial position of $11.5 million. (see note 17). No impairment indicators were identified in 2023 and 2022 in the property and equipment. Purchase deposits for flight equipment Purchase deposits for flight equipment correspond to the future purchase of MAX aircraft and engines (see note 27). As of December 31, 2023, the additions for $200.2 million include $200.0 million of advance payments paid on aircraft purchase contracts made during 2023 (2022: the additions for $383.2 million include $377.7 million of advance payments paid on aircraft purchase contracts). Other property and equipment As of December 31, 2023 and 2022 construction in progress mainly includes remodeling projects for airport facilities and offices. As of December 31, 2021, construction in progress mainly includes the construction of the new VIP lounge in the Terminal 2 of Tocumen International Airport and other remodeling projects for airport facilities and offices. During 2023, the Company capitalized under “Leasehold improvements” $0.6 million in other remodeling projects for airport facilities and offices. During 2022, the Company capitalized under “Leasehold improvements” $5.2 million to the new VIP lounge in Terminal 2 of Tocumen International Airport and other remodeling projects for Terminal facilities and offices. Reclassification from assets held for sale Boeing 737-700 fleet In August 2020, motivated by the decrease in demand as a consequence of Covid-19, the Board of Directors of the Company approved the plan to sell fourteen aircraft Boeing 737-700. As of December 31, 2020, this decision resulted in impairment losses of $191.2 million. In 2021, the Company signed an agreement for the sale of three Boeing 737-700 and four spare engines. As of December 31, 2021, the Company completed the sale of the assets according to the sales plan, no significant additional gain or loss was recognized on the sale. During 2022, due to an increase in demand in the region, the Board of Directors approved to keep the remaining eleven Boeing 737-700 for a period of three years. The Company reclassified these aircraft to property and equipment since the classification as assets held for sale was no longer met, and proceeded to measure the aircraft at its fair value less cost of disposal determined considering sales contracts. This reclassification resulted in reversal of impairment losses of $5.4 million, which were included under “Impairment of non-financial assets” in the accompanying consolidated statement of profit or loss. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Leases | 14. Leases The Company as a lessee The Company leases some aircraft under long-term lease agreements with an average duration of 13 years. Aircraft under operating leases may be renewed in accordance with management’s business plan. Other leased assets include real estate, airport and terminal facilities, sales offices, maintenance facilities, and general offices. Most lease agreements include renewal options; a few have escalation clauses, but no purchase options. Information about leases for which the Company is a lessee is presented below: Right of use assets Aircraft Real estate Total Balance at January 1, 2021 $ 192,361 $ 21,918 $ 214,279 Additions 29,157 1,085 30,242 Depreciation expense (73,687) (4,506) (78,193) Balance at December 31, 2021 $ 147,831 $ 18,497 $ 166,328 Additions 132,122 10,069 142,191 Depreciation expense (69,167) (4,972) (74,139) Balance at December 31, 2022 $ 210,786 $ 23,594 $ 234,380 Additions 120,747 1,960 122,707 Depreciation expense (70,622) (5,319) (75,941) Balance at December 31, 2023 $ 260,911 $ 20,235 $ 281,146 Additions to the right-of-use assets include new leases, contract extensions, changes in discount rate and changes in rental payments. During 2023, the Company entered into lease transactions with third parties, for 1 new Boeing 737 MAX 9 aircraft for approximately 8 years (2022: 3 new Boeing 737 MAX 9). Lease liabilities 2023 2022 Current portion of lease liability Aircraft $ 62,234 $ 74,906 Real estate 6,070 5,178 $ 68,304 $ 80,084 Long-term lease liability Aircraft $ 196,873 $ 135,609 Real estate 18,480 22,680 $ 215,353 $ 158,289 $ 283,657 $ 238,373 For leases under IFRS 16 the Company recognizes a provision to estimate the costs for work required to be performed just before the redelivery of the aircraft to the lessors and which does not depend on the aircraft utilization. This provision is booked as a dismantling provision cost under “long term liabilities” in the consolidated statement of financial position. As of December 31, 2023 the total liability related to leases including the provision of dismantling amounts to $310.8 million (2022: $266.4 million). The Company had total cash outflows for leases of $92.2 million the year ended as December 31, 2023 (2022: $85.6 million ). As of December 31, 2023 the average incremental borrowing rate of leased aircraft is 4.6% (2022: 3.6%). The maturity analysis of lease liabilities is disclosed in note 28.5. Amounts recognized in the consolidated statement of profit or loss related to leases: 2023 2022 2021 Depreciation and amortization Depreciation expense of right of use assets $ 75,941 $ 74,139 $ 78,193 Other operating and administrative expenses Short-term leases $ 12,310 $ 9,530 $ 440 Leases of low-value assets 425 377 279 Variable lease payments not include in the measurement of lease liabilities 2,895 3,222 1,352 Variable lease payments by rental concessions received — — (1,295) $ 15,630 $ 13,129 $ 776 Finance cost Interest expense on lease liability $ 12,173 $ 6,626 $ 6,806 Unwinding of discount and changes in the discount rate 1,106 819 762 $ 13,279 $ 7,445 $ 7,568 $ 104,850 $ 94,713 $ 86,537 Some property leases contain variable payment terms that are linked to the number of passengers or employees using the areas. Additionally, some aircraft leases contain variable payment terms that depend on the aircraft’s flight hours. The unwinding of discount and changes in the discount rate over leased aircraft correspond to the interest expenses of the discounted dismantling provision. As of December 31, 2023 and 2022, the Company did not receive concessions as a direct consequence of the Covid-19 pandemic. As of December 31, 2021, the Company received rent concessions occurred as a direct consequence of the Covid-19 pandemic only for its real estate leases, and applied the practical expedient, accounting the concession in the form of forgiveness or deferral of lease payments, as a negative variable lease payment to the concessions. The Company as a lessor From June 2015 to August 2022, the Company leased two aircraft Boeing 737-700, as part of the strategy of fleet management, in order to optimize the use of aircraft in relation to the routes scheduled for those years. Both leases expired during 2022 and both aircraft airframes were sold to third parties. |
Net defined benefit assets (lia
Net defined benefit assets (liability) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of net defined benefit liability (asset) [abstract] | |
Net defined benefit assets (liability) | 15. Net defined benefit assets (liability) 2023 2022 Fair value of plan assets $ 37,159 $ 31,197 Defined benefit obligation (31,440) (30,332) Other employee benefits (373) (361) $ (31,813) $ (30,693) Net defined benefit asset $ 5,346 $ 504 In accordance with Panamanian law, the Company contributes to the following defined benefit plans: Seniority premium plan: is a contingent liability that companies must pay to their employees according to article 224 of Panama’s Labor Code according to the following: Eligibility: All employees Benefit: One week of salary per years of service Salary: Average of the 5 prior years of the monthly base salary Payment: Lump sum The actuarial liability is recognized for the legal obligation under the formal terms of the plan, and for the implied projections as required under IAS 19R. These actuarial projections do not constitute a legal obligation for the Company. Indemnity plan: According to paragraph 225 of Panama’s Labor Code, in the case of unjustified dismissal the employee is entitled to an Indemnity Plan depending on their weekly salary and seniority. However, this benefit does not constitute a constructive obligation for the Company as described in paragraphs 61 and 62 of IAS19, therefore there is no obligation calculated for this benefit. The following table summarizes the components of net benefit expense included under “Wages, salaries, benefits and other employees’ expenses” in the accompanying consolidated statement of profit or loss: Year ended December 31,2023 Defined benefit Fair value of Defined benefit Current service cost $ 2,725 $ — $ 2,725 Interest cost on net benefit obligation 1,715 (1,641) 74 Past service cost 13 — 13 Net periodic benefit cost (income) $ 4,453 $ (1,641) $ 2,812 Year ended December 31,2022 Defined benefit obligation Fair value of assets Defined benefit assets (liability) Current service cost 2,860 $ — $ 2,860 Interest cost on net benefit obligation 972 (722) 250 Past service cost 16 — 16 Net periodic benefit cost (income) $ 3,848 $ (722) $ 3,126 Year ended December 31,2021 Defined benefit obligation Fair value of assets Defined benefit assets (liability) Current service cost 3,272 — 3,272 Interest cost on net benefit obligation 721 (472) 249 Past service cost 191 — 191 Net periodic benefit cost (income) $ 4,184 $ (472) $ 3,712 The following table shows reconciliation from the opening balance to the closing balances for net employee defined benefit liabilities and its components: Defined benefit obligation Fair value of assets Other employee benefits liability Net defined benefit assets (liability) At January 1, 2021 $ (39,466) $ 25,783 $ (649) $ (14,332) Current service cost (3,272) — — (3,272) Interest (cost) income (721) 472 — (249) Past service cost (191) — — (191) Curtailment / Settlement — — — — Return on plan assets — 416 — 416 Experience gain (loss) 602 — — 602 Actuarial changes arising from changes in financial assumptions 4,411 — — 4,411 Employer contributions — 2,565 — 2,565 Benefits paid 1,622 (1,102) — 520 Adjustments 2,422 — — 2,422 Others — (721) 159 (562) As of December 31, 2021 $ (34,593) $ 27,413 $ (490) $ (7,670) Current service cost (2,860) — — (2,860) Interest (cost) income (972) 722 — (250) Past service cost (16) — — (16) Return on plan assets — 172 172 Experience gain (loss) (3,959) — — (3,959) Actuarial changes arising from changes in financial assumptions 10,874 — — 10,874 Employer contributions — 3,911 — 3,911 Benefits paid 1,194 (869) — 325 Others — (152) 129 (23) As of December 31, 2022 $ (30,332) $ 31,197 $ (361) $ 504 Current service cost (2,725) — — (2,725) Interest (cost) income (1,715) 1,641 — (74) Past service cost (13) — — (13) Return on plan assets — (251) (251) Experience gain (loss) 80 — — 80 Actuarial changes arising from changes in financial assumptions 2,295 — — 2,295 Employer contributions — 4,572 — 4,572 Benefits paid 970 — — 970 Others — — (12) (12) As of December 31, 2023 $ (31,440) $ 37,159 $ (373) $ 5,346 As of December 31, 2023, and 2022, plan assets are comprised totally by fixed term deposits. For the year ended December 31, 2023, actuarial gain of $2.1 million, (2022: actuarial gain of $7.2 million and 2021: actuarial loss of $5.4 million) were recognized in other comprehensive income. During 2023 and 2022, the Company did not retire interest earned of the fund. The following were the principal actuarial assumptions at the reporting date: 2023 2022 2021 Economic assumptions - Discount rate 6.7% 5.9% 2.9% Compensation - salary increase 4.0% 4.0% 4.0% Demographic assumptions - Mortality Panama expirence Termination 2003 SoA pension plan Retirement Males 62 years Females 57 years Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amount shown below: December, 31 2023 December, 31 2022 December, 31 2021 Increase Decrease Increase Decrease Increase Decrease Discount rate (0.5% movement) $ 1,296 $ (1,400) $ 1,338 $ (1,451) $ 1,876 $ (2,056) The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The sensitivity analyses are based on a change in a significant assumption, keeping all other assumptions constant. The sensitivity analyses may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another. The following payments are expected contributions to the defined benefit plan in future years: 2023 2022 Up to one year $ 3,313 $ 2,532 One to five years 11,873 10,989 Over five years 18,878 16,847 Total expected payments $ 34,064 $ 30,368 The average duration of the defined benefit plan obligation at the end of the reporting period is 8.3 years. |
Intangibles
Intangibles | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |
Intangibles | 16. Intangibles Other intangibles assets Goodwill License and software rights Intangible in process Total Cost - Balance at January 1, 2021 $ 20,380 $ 156,008 $ 16,000 $ 192,388 Additions — 1,694 9,897 11,591 Reclassifications — 14,495 (14,495) — Balance at December 31, 2021 $ 20,380 $ 172,197 $ 11,402 $ 203,979 Additions — 2,899 15,562 18,461 Disposals — (29,214) — (29,214) Reclassifications — 9,594 (9,594) — Balance at December 31, 2022 $ 20,380 $ 155,476 $ 17,370 $ 193,226 Additions — 6,059 23,638 29,697 Disposals — — — — Reclassifications — 13,530 (13,530) — Balance at December 31, 2023 $ 20,380 $ 175,065 $ 27,478 $ 222,923 Accumulated amortization and impairment— Balance at January 1, 2021 $ — $ (95,800) $ (1,020) $ (96,820) Amortization for the year — (25,410) — (25,410) Balance at December 31, 2021 $ — $ (121,210) $ (1,020) $ (122,230) Amortization for the year — (21,655) — (21,655) Disposals — 29,214 — 29,214 Balance at December 31, 2022 $ — $ (113,651) $ (1,020) $ (114,671) Amortization for the year — (20,266) — (20,266) Disposals — — — — Balance at December 31, 2023 $ — $ (133,917) $ (1,020) $ (134,937) Carrying amounts - At December 31, 2021 $ 20,380 $ 50,987 $ 10,382 $ 81,749 At December 31, 2022 $ 20,380 $ 41,825 $ 16,350 $ 78,555 At December 31, 2023 $ 20,380 $ 41,148 $ 26,458 $ 87,986 Goodwill For impairment testing, goodwill acquired through business combinations is allocated to the air transportation CGU which is also the operating and reportable segment of the Company. Goodwill is tested for impairment annually at August, 31 and when circumstances indicate that the carrying value may be impaired. The recoverable amount of the CGU of $6.2 billion (2022: $5.1 billion) has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a five-year period. The pre-tax discount rate applied to cash flow projections is 15.8% (2022: 13.8%) and the cash flows beyond the five-year period are extrapolated using a 3.0% (2022: 3.0%) growth rate. It was concluded that no impairment charge is necessary since the estimated recoverable amount of the CGU exceed its carrying value. The calculations of value in use of the CGU are sensitive to the following main assumptions: • Revenue – the Company calculated the projected passenger revenue based on the current beliefs, expectations, and projections about future events and financial trends affecting its business. • Cash flows – determination of the terminal value is based on the present value of the Company’s cash flows in perpetuity. When estimating the cash flows for use in the residual value calculation, it is essential to clearly define the normalized cash flows level, the appropriate discount rate for the degree of risk inherent in that return stream, and a constant future growth rate for the related cash flows. To estimate the value, the Gordon Growth Model was used. • Discount rates – The selected pre-tax rate of 15.8% represents the current market assessment of the risks specific to the CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Company and its operating segment and is derived from its pre-tax weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Company’s investors. The cost of debt is based on the interest-bearing borrowings the Company is obliged to service. Segment-specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. A rise in the discount rate to 26.4% (i.e., +10.6%) would result in an impairment. Other intangible assets Intangible assets in process Intangible assets in process as of December 31, 2023 and 2022 mainly comprise the development of sales, revenues and operational systems and improvements. During 2023, the Company capitalized $13.5 million (2022: $9.6 million) on sales and revenue systems. |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2023 | |
Assets [abstract] | |
Other assets | 17. Other assets 2023 2022 Current - Interest receivable $ 18,037 $ 10,554 Other 14,190 6,489 32,227 17,043 Non-current - Guarantee deposits 4,605 5,493 Deposits for litigation 9,231 8,300 Other 3,212 3,212 17,048 17,005 $ 49,275 $ 34,048 Guarantee deposits are mainly amounts paid to suppliers, as required at the inception of the agreements. Deposit for litigation is cash deposited into the escrow account until the related dispute is settled (see note 21). |
Loans and borrowings
Loans and borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings [abstract] | |
Loans and borrowings | 18. Loans and borrowings 2023 Due Effective rates Carrying Long term fixed rate debt 2034 1.73% to 3.99% 1,039,821 Long term variable rate debt 2033 6.53% to 6.86% 422,870 1,462,691 Current maturities (222,430) Loans and borrowings long-term $ 1,240,261 2022 Due Effective rates Carrying Long-term fixed rate debt 2034 1.73% to 3.95% 983,138 Long-term variable rate debt 2029 4.97% to 6.35% 191,132 Senior convertible notes 2025 14.68% 270,033 1,444,303 Current maturities (142,484) Loans and borrowings long-term $ 1,301,819 Maturities of the loans and borrowings for the next five years are as follows: 2024 222,430 2025 227,628 2026 120,522 2027 128,653 2028 211,853 Thereafter 551,605 $ 1,462,691 Senior convertible notes In April 2020, the Company issued Senior Convertible Notes (“notes”) in the total principal amount of $350.0 million maturing on April 15, 2025, in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The notes were senior, unsecured obligations of the Company and were accrued interest at a rate of 4.50% per annum, payable semi-annually in arrears on April 15 and October 15 of each year. Noteholders had the right to convert their notes only upon the occurrence of certain events. From and after October 15, 2024, noteholders could convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company would have settled conversions by paying or delivering, as applicable, cash, shares of their Class A common stock or a combination of cash and shares of their Class A common stock, at the Company’s election. The initial conversion rate was 19.3564 shares per $1,000 principal amount of notes, which represents an initial conversion price of approximately $51.66 per share of Class A common stock subject to adjustment upon the occurrence of certain events. The net proceeds from the offering, after deducting the initial purchasers’ discounts, commissions and other transaction costs is as follows: Nominal issue Cost assigned to the debt host liability Net funding Date April 30, 2020 $ 350,000 $ (7,102) $ 342,898 The Company used the net proceeds from the offering for general corporate purposes. The notes were redeemable, in whole or in part, for cash at the Company’s option at any time, and from time to time, on or after April 17, 2023 and on or before the 40 days scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Company’s Class A common stock exceeds 130% of the conversion price for a specified period of time. On July 14, 2023, the Company exercised its option, an announced it would redeem all of its outstanding Notes due 2025 on September 18, 2023 at a redemption price equal to 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest up to, but excluding, the redemption date. The Notes could be converted at any time before 5:00 p.m., New York City time, on September 15, 2023, which was the business day immediately before the redemption date, in accordance with and subject to the terms of the Indenture governing the notes, dated as of April 30, 2020. The Company, determined that the Notes surrendered for conversion would be settled in cash up to the principal amount of the Notes surrendered for conversion and shares of Company’s common stock for the remainder of the conversion obligation, in excess of the principal amount in accordance with the terms of the Indenture. The sending of the notice of redemption was a make-whole fundamental change under the Indenture, and therefore the conversion rate was increased for all conversions of Notes to 20.1603 shares of Company’s common stock per $1,000.0 principal amount of Notes. Since the Company’s initial announcement of the redemption on July 14, 2023, holders of $349.0 million aggregate principal amount of Note converted their notes in accordance with the terms of the Notes. Outstanding Notes in the aggregate principal amount of $1.0 million that had not been converted by holders thereof were redeemed at a price equal to 100% of the principal amount of each Note called for redemption, payable in cash, plus accrued and unpaid interest on such Note to, but excluding, September 18, 2023 for such Note. The Notes that were converted were settled for $349.0 million in cash, plus approximately 3.7 million shares, reissued from the Company’s treasury shares (see on note 24). The exercise of the call option, resulted in a remeasured of the amortized cost of the liability component to reflect the new settlement date by recomputing the effective interest rate of the instrument. The Company recognized $87.9 million for this remeasure under “finance cost” in the consolidated statement of profit or loss. The component corresponding to the conversion feature of the notes was recorded as an embedded derivative under “Derivative financial instruments” in the consolidated statement of financial position. The fair value of the embedded derivative at initial recognition on April 30, 2020 was $138.4 million The impact of the embedded derivative on the consolidated statement of financial position and consolidated statement of profit or loss is, as follows: Statement of financial position Statement of profit or loss 2023 2022 2023 2022 2021 Derivative financial instrument $ — $ 251,150 $ (98,347) $ 17,189 $ (22,778) The impact in the consolidated statement of profit or loss, for the change in the fair value of the embedded derivative is recognized as “Net change in fair value of derivatives” in the consolidated statement of profit or loss(see note 28.6). Long term debt and loan payable As of December 31, 2023, long-term fixed rate debt included $623.2 million (2022: $516.5 million) and long-term variable debt included $422.9 million corresponding to aircraft acquisitions using JOLCO arrangements (2022: $157.8 million). As of December 31, 2023 the Company had $416.6 million (2022: $466.6 million) on long-term fixed rate debt of outstanding indebtedness that is owed to financial institutions under financing arrangements guaranteed by the Export-Import Bank of the United States. The Export-Import Bank guarantees support 80%—85% of the net purchase price of the aircraft and are secured with a first priority mortgage on the aircraft in favor of a security trustee on behalf of Export-Import Bank. The Company’s Export-Import Bank supported financings are amortized on a quarterly basis and, are denominated in U.S. dollars. The detail of finance cost and income is as follows: 2023 2022 2021 Finance income - Interest income on short-term bank deposits $ 1,541 $ 954 $ 211 Interest income on investment 48,667 17,076 10,638 $ 50,208 $ 18,030 $ 10,849 Finance cost - Interests expense on bank loans $ (41,917) $ (30,502) $ (26,817) Interests expense on senior convertible notes (87,862) (42,403) (38,301) Interest on factoring (3,315) (5,393) (1,365) Interest expense on lease liabilities (13,279) (7,445) (7,568) Unwinding of discount and changes in the discount rate (11,843) (1,888) (2,183) $ (158,216) $ (87,631) $ (76,234) Changes in liabilities arising from financing activities: 2022 Cash flows Non-cash movements Foreign exchange movement Leases Other 2023 Loans and borrowings $ 1,444,303 $ (73,945) $ — $ — $ 92,333 $ 1,462,691 Lease liability 238,373 (79,999) 448 124,835 — 283,657 Total liabilities used in financing activities $ 1,682,676 $ (153,944) $ 448 $ 124,835 $ 92,333 $ 1,746,348 Non-cash movements 2021 Cash flows Foreign exchange movement Leases Other 2022 Loans and borrowings $ 1,425,633 $ (27,038) $ — $ — $ 45,708 $ 1,444,303 Lease liability 178,651 (79,017) (275) 139,014 — 238,373 Total liabilities used in financing activities $ 1,604,284 $ (106,055) $ (275) $ 139,014 $ 45,708 $ 1,682,676 The column “Leases” includes the non-cash additions to ROU and lease liabilities. For the year ended December 31, 2023 and 2022 the column “Other” includes the effect of accrued but not yet paid interest on loans and borrowings. |
Trade, other payables and finan
Trade, other payables and financial liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables [abstract] | |
Trade, other payables and financial liabilities | 19. Trade, other payable and financial liabilities 2023 2022 Accounts payable $ 182,303 $ 166,660 Accounts payable to related parties 1,228 1,004 183,531 167,664 Others 1,403 1,175 $ 184,934 $ 168,839 See details of the account due to related parties in note 23. |
Accrued expenses payable
Accrued expenses payable | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Expenses [Abstract] | |
Accrued expenses payable | 20. Accrued expenses payable 2023 2022 Accruals and estimations $ 4,231 $ 4,167 Labor related provisions 53,510 34,423 Liability for social security contributions 7,018 6,323 Other 181 — $ 64,940 $ 44,913 As of December 31, 2023 and 2022, accruals and estimations include the estimated balance of the current portion of the long-term provisions (see note 21). Labor related provisions include a profit-sharing program for both management and non-management staff. For members of management, profit-sharing is based on a combination of the Company’s performance as a whole and the achievement of individual goals. Profit-sharing for non-management employees is based solely on the Company’s performance. The accrual at year-end represents the amount expensed for the current year, which is expected to be settled within 12 months. |
Other long-term liabilities
Other long-term liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Non-current liabilities [abstract] | |
Other long-term liabilities | 21. Other long – Term liabilities Provision for litigations Provision for return condition Dismantling provision Other long-term liabilities Total Balance at January 1, 2022 $ 9,907 $ 174,269 $ 28,056 $ 12,553 $ 224,785 Increases 561 18,741 715 1,606 21,623 Used (282) — — (4,301) (4,583) Adjustment — (13,262) (2,755) — (16,017) Effect of movements in exchange rates 909 — — — 909 Unused amounts reversed (961) — — — (961) Unwinding of discount and changes in the discount rate — 11,843 1,106 — 12,949 Balance at December 31, 2023 $ 10,134 $ 191,591 $ 27,122 $ 9,858 $ 238,705 Current — — — 4,231 4,231 Non-current 10,134 191,591 27,122 5,627 234,474 $ 10,134 $ 191,591 $ 27,122 $ 9,858 $ 238,705 Provision for litigation Provisions for litigation in process and expected payments related to labor legal cases. The Company is the plaintiff in an action in October 2003 against Empresa Brasileira de Infraestrutura Aeroportuária (“INFRAERO”), Brazil’s airport operator, in regards to the legality of the Additional Airport Tariffs ( Adicional das Tarifas Aeroportuárias , or ATAERO), which is a 50% surcharge imposed on all airlines which fly to Brazil. Similar suits have been filed against INFRAERO by other major airline carriers. In this case, the court of first a second instance ruled in favor of INFRAERO. The Company has paid the amounts due into an escrow account and as of December 31, 2023, the aggregate amount in such account totaled $8.4 million (2022: $8.2 million). During 2024, the Company could be required to release the escrowed fund to INFRAERO once the company receives the formal final notification from the judge and confirmation of the amount. The Company does not, however, expect the release of such amounts could have a material impact on its financial results since these amounts already had been expensed. Provision for return condition For operating leases, the Company is contractually obliged to return aircraft in an agreed-upon condition. The Company accrues for return conditions related to aircraft held under operating leases throughout the duration of the lease. The Company does not plan to return aircraft in 2024. During 2023, the Company adjusted $13.3 million of its provision for return condition due to renewals of aircraft contracts. Dismantling provision For leases under IFRS 16 the Company recognizes a dismantling provision to estimate the costs for work required to be performed just before the redelivery of the aircraft to the lessors and which does not depend of the aircraft utilization. Other long-term liabilities Other long-term liabilities include principally the provision for maintenance which mainly include the accrual of formal agreements with third parties for operational maintenance events. The cost of these agreements is billed by power by the hour and charged to the consolidated statement of profit or loss. As of December 31, 2023, the provision for maintenance amounts to $6.5 million (2022: $9.2 million) and the Company has presented the estimated balance of the current portion of this provision as “Accrued expenses payable” in the consolidated statement of financial position (see note 20). Other long-term liabilities also include the provision for the non-compete agreement created for payment to senior management related to covenants not to compete with the Company in the future (relative to the $3.0 million trust fund). This provision is accounted for as “Other long-term employee benefits” under IAS 19R Employee benefits . The accrued amount is revalued annually using the projected benefit method as required by IAS 19R (see note 23 - Compensation of key management personnel). |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2023 | |
Major components of tax expense (income) [abstract] | |
Income taxes | 22. Income taxes 2023 2022 2021 Current taxes expense - Current period $ (76,630) $ (45,561) $ (8,892) Adjustment for prior period 18 626 2,397 $ (76,612) $ (44,935) $ (6,495) Deferred taxes expenses - Origination and reversal of temporary differences (20,393) 4,759 (3,991) Total income tax $ (97,005) $ (40,176) $ (10,486) As of December 31, 2023, the Panamanian subsidiaries calculated income tax in accordance with the traditional method. In accordance with current tax regulations in Panama, income tax returns are subject to review by the tax authorities for up to the last three (3) years, including the ending period on December 31, 2023. During the year 2023 and 2022, deferred tax expected to reverse in the next year, has been measured using the effective rate applying for Copa Airlines (25%) and AeroRepública (35%). The balances of deferred taxes are as follows: Statement Statement of 2023 2022 2023 2022 2021 Deferred tax liabilities Maintenance deposits $ (5,972) $ (11,945) $ (5,973) $ (5,973) $ (5,973) Prepaid dividend tax (30,984) (5,801) 25,183 3,798 2,003 Property and equipment 389 944 555 558 606 Right of use assets (17,136) — 17,136 — — Other (1,385) (1,738) (353) (141) 379 Set off tax 18,719 1,969 (16,750) (453) (423) $ (36,369) $ (16,571) $ 19,798 $ (2,211) $ (3,408) Deferred tax assets Provision for return conditions $ 11,521 $ 9,807 $ (1,714) $ (1,243) $ 4,101 Air traffic liability 2,089 2,686 597 (224) 24 Lease Liability 18,971 — (18,971) — — Other provisions 3,849 1,946 (1,903) 161 (1,485) Tax loss 12,437 18,273 5,836 (1,695) 4,336 Set off tax (18,719) (1,969) 16,750 453 423 $ 30,148 $ 30,743 $ 595 $ (2,548) $ 7,399 $ (6,221) $ 14,172 $ 20,393 $ (4,759) $ 3,991 At December 31, 2023, the deferred tax assets include tax losses carried forward of $7.6 million in Copa Airlines and $4.8 million in AeroRepública (December 2022: $11.4 million and $6.9 million respectively). The Company has concluded that the deferred assets will be recoverable using the estimated future taxable income based on the approved business plans for the subsidiary. Tax losses in Panama can be used for 5 years from the year the loss is incurred. The Company started utilizing these losses in 2021 and plans to continue using them until 2025. The Company plans to use the tax losses of AeroRepública within the next year. Reconciliation of the effective tax rate is as follows: Tax rate 2023 Tax rate 2022 Tax rate 2021 Net profit $ 514,097 $ 348,054 $ 43,844 Total income tax expense 97,005 40,176 10,486 Profit excluding income tax 611,102 388,230 54,330 Income taxes at Panamanian statutory rates 25.0 % 152,776 25.0 % 97,057 25.0 % 13,583 Stations - Taxable / Panama (10.2 %) (62,113) (16.8 %) (65,384) 15.4 % 8,379 Stations - Taxable / Non Panama (0.7 %) (4,414) 0.2 % 945 10.3 % 5,605 Stations - Non Taxable / Non Panama (1.1 %) (6,483) (2.3 %) (8,961) (27.0 %) (14,684) Dividend tax 2.8 % 17,257 4.4 % 17,145 — % — Over provided in prior periods — % (18) (0.1 %) (626) (4.4 %) (2,397) Provision for income taxes 15.9 % $ 97,005 10.4 % $ 40,176 19.3 % $ 10,486 Global minimum tax On 8 October 2021, 136 countries, including Panama, reached an agreement for a two-pillar approach to international tax reform. Amongst other things, Pillar One proposes a reallocation of a proportion of tax to market jurisdictions, while the Pillar Two Global anti-Base Erosion rules (“GloBE Rules”) propose four new taxing mechanisms under which multinational enterprises (“MNEs”) would pay a minimum level of tax (“Minimum Tax”): the Subject to Tax Rule is a tax treaty-based rule that generally proposes a Minimum Tax on certain cross-border intercompany transactions that otherwise are not subject to a minimum level of tax; the Income Inclusion Rule (“IIR”); the Under Taxed Payments Rule (“UTPR”); and the Qualified Domestic Minimum Top-up Tax (“QDMT”) generally propose a Minimum Tax of 15% on the income arising in each jurisdiction in which an MNE operates. Under IAS 12 Income Tax, a new tax law is effective when it is enacted or substantively enacted in a particular jurisdiction. The Company as MNE is monitoring the regulatory developments in respect of (substantive) enactment of the GloBE Rules in all of the jurisdictions where its operates either through wholly- or partially owned subsidiaries and, permanent establishments. On December 18, 2023, Pillar Two legislation was enacted in Ireland, the jurisdiction in which the Company has special purpose vehicles that have a beneficial interest in some of the aircraft of the Company's fleet. The income inclusion rule (IIR) and qualified domestic minimum top-up tax (QDMTT) provisions will apply for fiscal years beginning on or after 31 December 2023. The undertaxed profits rule (UTPR) will apply for fiscal years beginning on or after 31 December 2024 and will come into effect from 1 January 2024. Since the Pillar Two legislation was not effective at the reporting date, the Company has no related current tax exposure. The Company applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in this amendments. At the date when the financial statements were authorized for issue, no other of the jurisdictions in which the Company operates had enacted or substantively enacted the tax legislation related to the top-up tax. At December 31, 2023, the Company did not have sufficient information to determine the potential quantitative impact. The impact of changes in corporate tax rates on the measurement of tax assets and liabilities depends on the nature and timing of the legislative changes in each country. |
Accounts and transactions with
Accounts and transactions with related parties | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Accounts and transactions with related parties | 23. Accounts and transactions with related parties 2023 2022 Accounts receivable - Banco General, S.A. $ 2,408 $ 1,960 Panama Air Cargo Terminal 119 208 $ 2,527 $ 2,168 Accounts payable - Assa Compañía de Seguros, S.A. 496 765 Desarrollos Inmobiliarios del Este, S.A. 19 51 Panama Air Cargo Terminal 658 141 Galindo, Arias & López 24 28 Motta Internacional, S.A. 13 14 GBM International, Inc. 5 5 $ 1,228 $ 1,004 Transactions with related parties for the year ended December 31 are as follows: Related party Transaction Amount of Amount of Amount of ASSA Compañía de Seguros, S.A. Insurance 12,116 10,157 9,713 Desarrollo Inmobiliario del Este, S.A. Property leasing 3,564 2,989 3,384 Profuturo Administradora de Fondos de Pensión y Cesantía Payments 4,572 3,911 2,565 Panama Air Cargo Terminal Handling 3,889 4,116 3,193 Motta International Purchase 1,013 812 108 Galindo, Arias & López Legal services 407 530 170 GBM International, Inc. Technological support 51 50 102 Global Brands, S.A. Purchase 83 60 31 Banco General, S.A. Interest income,net $ (2,368) $ (829) $ (1,546) Banco General, S.A.: some members of the Company’s Board of Directors are also board members of BG Financial Group, which is the controlling company of Banco General. Likewise, Banco General, S. A. owns ProFuturo Administradora de Fondos de Pensión y Cesantía S.A., which manages the Company’s reserves for pension purposes. As of December 31, 2023 the Company has interest receivable by $1.8 million (2022: $0.1 million) due to short and long term time deposits in this financial institution. Also Banco General is a non air partner of the Copa’s loyalty program “ConnectMiles”. During, 2023 the Company sold miles to Banco General for $24.9 million (2022: $18.9 million, 2021: $13.8 million). ASSA Compañía de Seguros, S. A.: An insurance company that provides substantially all of the Company’s insurance policies. While the Company’s controlling shareholders do not hold a controlling equity interest in ASSA Compañía de Seguros, S. A . , various members of the Company’s Board of Directors are also board members of ASSA Compañía de Seguros, S. A. Desarrollo Inmobiliario del Este, S. A.: The Company leases four floors consisting of approximately 105,981 square feet of the building from Desarrollo Inmobiliario, an entity controlled by the same group of investors that controls Corporación de Inversiones Aéreas, S. A. (“CIASA”). CIASA owns 100% of the class B shares of the Company. This contract is a lease under IFRS 16. Panama Air Cargo Terminal: Provides cargo and courier services in Panama, an entity controlled by the same group of investors that controls CIASA. Motta Internacional, S.A. & Global Brands, S. A.: The Company purchases most of the alcohol and other beverages served on its aircraft from Motta Internacional, S. A. and Global Brands, S. A., both of which are controlled by the Company’s controlling shareholders. Galindo, Arias & López: Certain partners of Galindo, Arias & López (a law firm) are indirect shareholders of CIASA. GBM International, Inc.: Provides systems integration and computer services, as well as technical services and enterprise management. A member of the Company’s Board of Directors is shareholder of GBM International, Inc. Televisora Nacional, S.A.: This Panamanian television channel provides broadcasting services. A member of the Company’s Board of Directors is a shareholder of Televisora Nacional, S. A . Compensation of key management personnel Key management personnel compensation is as follows: 2023 2022 2021 Short-term employee benefits $ 4,975 $ 2,901 $ 2,748 Post-employment pension 96 56 53 Share-based payments 1,548 318 1,083 $ 6,619 $ 3,275 $ 3,884 The Company has not set aside any additional funds for future payments to executive officers, other than one pursuant to a non-compete agreement for $3.0 million established in 2006 (see note 21). |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [abstract] | |
Equity | 24. Equity Common stock The authorized capital stock consists of 80 million shares of common stock without par value, divided into Class A shares, Class B shares, and Class C shares. As of December 31, 2023, the Company had 34,110,338 Class A shares issued (2022: 34,033,575) and 31,101,689 shares outstanding (2022: 28,477,704), 10,938,125 Class B shares issued and outstanding (2022: 10,938,125) and no Class C shares outstanding. Class A and Class B shares have the same economic rights and privileges, including the right to receive dividends. • Class A shares The holders of the Class A shares are not entitled to vote at our shareholders’ meetings, except in connection with the following specific matters: (i) a transformation of the Company into another corporate type; (ii) a merger, consolidation, or spin-off of the Company, (iii) a change of corporate purpose; (iv) voluntarily delisting Class A shares from the NYSE; (v) and any amendment to the foregoing special voting provisions adversely affecting the rights and privileges of the Class A shares. • Class B shares Every holder of Class B shares is entitled to one vote per share on all matters for which shareholders are entitled to vote. The Class B shares may only be held by Panamanians, and upon registration of any transfer of a Class B share to a holder that does not certify that it is Panamanian, such Class B share shall automatically convert into a Class A share. Transferees of Class B shares will be required to deliver to the Company a written certification of their status as Panamanian as a condition to registering the transfer to them of Class B shares. • Class C shares The Independent Directors Committee of the Board of Directors, or the Board of Directors as a whole if applicable, is authorized to issue Class C shares to the Class B holders pro rata in proportion to such Class B holders’ ownership of Copa Holdings. The Class C shares will have no economic value and will not be transferable except to Class B holders, but will possess such voting rights as the Independent Directors Committee shall deem necessary to ensure the effective control of the Company by Panamanians. The Class C shares will be redeemable by the Company at such time as the Independent Directors Committee determines that such a triggering event shall no longer be in effect. The Class C shares will not be entitled to any dividends or any other economic rights. Class A shares are listed on the NYSE under the symbol “CPA” The Class B shares and Class C shares will not be listed on any stock exchange unless the Board of Directors determines that it is in the best interest of the Company to list the Class B shares on the Panama Stock Exchange. Dividends The payment of dividends on shares is subject to the discretion of the Board of Directors. Under Panamanian law, the Company may pay dividends only out of retained earnings and capital surplus. The Articles of Incorporation provides that all dividends declared by the Board of Directors will be paid equally with respect to all of the Class A and Class B shares. In February 2016, the Board of Directors of the Company approved to change the dividend policy to base the calculation of the payment of yearly dividends to shareholders in an amount of up to 40% of the prior year’s annual consolidated underlying net income, distributed in equal quarterly installments upon board ratification. On April 26, 2020 the Board of Directors postponed dividend payments given the uncertainty related to the Covid-19 pandemic, during the years 2021 and 2022. On March 22, 2023, the Board of Directors of the Company approved a 2023 dividend of $0.82 cents per share per quarter of 2023. Treasury stock When shares recognized as equity are repurchased, the amount of the consideration paid, which includes directly attributable cost net of any tax effects, is recognized as a deduction from equity and presented separately in the balance sheet. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is presented within share premium. Since treasury stock is not considered outstanding for share count purposes, it is excluded from average common shares outstanding for basic and diluted earnings per share. In November, 2014, the Board of Directors of the Company approved a $250.0 million share repurchase program. Subsequently, during the second quarter of 2022, the Board approved the expansion of the current shares repurchase program by $200.0 million. In October 2023, the Company completed its previously disclosed Share Repurchase Program and on November 15, 2023, the board of directors of the Company approved a new $200.0 million Share Repurchase Program. Purchases will be made from time to time, subject to market and economic conditions, applicable legal requirements, and other relevant factors. On September 18, 2023, the Company settled the notes issued in April 2020. The Notes that were converted were settled for $349.0 million in cash, plus approximately 3.7 million shares, reissued from the Company’s treasury shares (see Note 18). The movement of the treasury shares is as follow: Shares Cash paid At January 1, 2022 2,869,517 $ (176,902) Acquisition of treasury shares 2,571,917 (167,639) At December 31, 2022 5,441,434 (344,541) Acquisition of treasury shares 1,141,316 (105,932) Share settlement convertible notes (3,694,845) 246,343 At December 31, 2023 2,887,905 $ (204,130) A summary of the total shares repurchased by the Company through December 31, 2023 is as follows: Shares Cash paid 2014 182,592 $ (18,506) 2015 2,127,900 (117,882) 2021 559,025 (40,514) 2022 2,571,917 (167,639) 2023 1,141,316 (105,932) 6,582,750 $ (450,473) |
Share-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share-based payments | 25. Share-based payments The Company has established equity compensation plans under which it administers restricted stock, stock options, and certain other equity-based awards to attract, retain, and motivate executive officers, certain key employees, and non-employee directors to compensate them for their contributions to the growth and profitability of the Company. Shares delivered under this award program may be sourced from treasury stock, or authorized unissued shares. The Company’s equity compensation plans are accounted for under IFRS 2 Share-Based Payment (“IFRS 2”). IFRS 2 requires companies to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award or at fair value of the award at each reporting date, depending on the type of award granted. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the award, which is usually the vesting period. The total compensation cost recognized for non-vested stock awards amounts to $4.4 million, $5.2 million, and $7.1 million in 2023, 2022, and 2021, respectively, and was recorded as a component of “Wages, salaries, benefits and other employees’ expenses” within operating expenses. A summary of the terms and conditions, properly approved by the Compensation Committee of our Board of Directors, relating to the grants of the non-vested stock award under share-based payments plans is as follows: Grant date Number of instruments Vesting conditions Contractual life February, 2018 1,316 15% first three anniversaries 25% fourth 30% fifth anniversary 5 years February, 2019 15,951 1% first month 3 years June, 2019 9,256 33% first three anniversaries 3 years June, 2019 977 33% first three anniversaries 3 years August, 2019 1,039 33% first three anniversaries 3 years February, 2020 24,650 1% first month 33% first three anniversaries 3 years February, 2021 32,852 20% first five anniversaries 5 years February, 2021 103,802 33% first three anniversaries 3 years April, 2021 1,145 33% first three anniversaries 3 years February, 2022 13,943 33% first three anniversaries 3 years June, 2022 20,368 33% first three anniversaries 3 years June, 2022 994 33% first three anniversaries 3 years February, 2023 30,567 33% first three anniversaries 3 years June, 2023 10,809 33% first three anniversaries 3 years September, 2023 634 33% first three anniversaries 3 years Non-vested stock awards were measured at their fair value on the grant date. For the 2023 grants, the fair value of these non-vested stock awards amounts to $91.69 per share (2022: $71.59). A summary of the non-vested stock award activity under the plan as of December 31, 2023, 2022 and 2021 with changes during these years is as follows (in number of shares): 2023 2022 2021 Non-vested as of January 1 138,243 157,823 153,921 Granted 42,010 35,305 137,799 Vested (59,066) (54,501) (132,880) Forfeited (443) (384) (1,017) Non-vested as of December 31 120,744 138,243 157,823 The Company uses the accelerated attribution method to recognize the compensation cost for awards with graded vesting periods. The Company estimates that the remaining compensation cost, not yet recognized for the non-vested stock awards, amounts to $3.1 million (2022: $3.7 million), with a weighted average remaining contractual life of 2.0 years years (2022: 2.2 years). Additionally, the Company estimates that the 2024 compensation cost related to these plans amounts to $2.2 million. The Company plans to make additional equity-based awards under the plan from time to time, including additional non-vested stock and stock option awards. The Company anticipates that future employee non-vested stock and stock option awards granted pursuant to the plan will generally vest over a three |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Earnings per share | 26. Earnings per share Basic earnings per share amounts are calculated by dividing the net profit for the year attributable to ordinary equity holders of the parent by the weighted average number of shares outstanding during the year, increased by the number of non-vested dividend participating share-based payment awards outstanding during the period. Diluted earnings per share amounts are calculated by dividing the net profit (loss) attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares, when the effect of their inclusion is dilutive (decreases earnings per share or increases loss per share). The computation of the income and share data used in the basic and diluted earnings per share is as follows: 2023 2022 2021 Basic earnings per share— Net profit $ 514,097 $ 348,054 $ 43,844 Weighted-average shares outstanding 40,105 40,445 42,439 Non-vested dividend participating awards 123 136 162 40,228 40,581 42,601 12.78 8.58 1.03 Diluted earnings per share— Net profit $ 514,097 $ 348,054 $ 43,844 Interest on convertible senior notes — 42,403 — Net change in fair value of derivatives — (17,189) — Net profit income adjusted for the effect of dilution 514,097 373,268 43,844 Weighted-average shares outstanding 40,228 40,581 42,601 Convertible shares — 6,775 — 40,228 47,356 42,601 12.78 7.88 1.03 As of December 31, 2023, the Company doesn’t have any outstanding transaction involving potential ordinary shares. On September 18, 2023, the Company settled the notes issued in April 2020 (see Note 18). |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitment and Contingencies [Abstract] | |
Commitments and contingencies | 27. Commitments and contingencies Purchase contracts As of December 31, 2023, the Company had one purchase contract with Boeing entailing 57 firm orders of Boeing 737 MAX aircraft, agreed to be delivered between 2024 and 2028. Also, the Company has agreed to purchase and take delivery between 2024 and 2028,of — 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, 2024 469,096 2025 762,389 2026 583,561 2027 539,680 2028 420,981 $ 2,775,707 As of December 31, 2023, the Company has paid $689.1 million (2022: $720.5 million) in predelivery deposits related to the purchase contract with Boeing for the 737 MAX aircraft. Labor unions Approximately 64.2% of the Company’s 7,625 employees are unionized. There are currently nine (9) union organizations, five (5) covering employees in Panama, and four (4) 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 industry union (SIELAS), which represents ground personnel, messengers, drivers, passenger service agents, counter agents, and other non-executive administrative staff, and other 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 industry union in March 2022. Copa Airlines does not have a collective bargain agreement negotiated with UGETRACAS, an aviation industry union in Panama, because they do not have the eligible amount of employees. Collective bargaining agreements in Panama typically have terms of 4 years. The four (4) unions covering employees in Colombia are: the pilots’ union (ACDAC), the flight attendants’ union (ACAV), the industry union (SINTRATAC), the mechanics’union (ACMA), approximately 29.4% of the Company’s 625 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 2024. ACAV ended with a new arbitration collective document for two years that expired in September 2020. This arbitration was automatically extended until March 2024. Additionally, SINTRATAC and AeroRepública entered into collective bargaining agreement in September 2022 for terms of four years until August 2026. Negotiations with ACMA were resolved by arbitration on December 31, 2015, extending the validation every 6 months from this date, until June, 2024. ACMA has not presented a new bill of petition. Typically, collective bargaining agreements in Colombia have terms of two 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 $31.3 million as of December 31, 2023 (2022: $32.3 million). These letters of credit are pledged mainly for operating lessors, maintenance providers and airport operators. The Company has aggregate unsecured credit facilities of $325.0 million (2022: 355.0 million). These credit facilities are in place for contingency and working capital purposes. As of December 31, 2023, 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. |
Financial instruments-Risk mana
Financial instruments-Risk management and fair value | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of credit risk exposure [abstract] | |
Financial instruments - Risk management and fair value | 28. Financial instruments - Risk management and fair value In the normal course of its operations, the Company is exposed to a variety of financial risks: market risk (especially cash flow, currency, commodity prices and interest rate risk), credit risks and liquidity risk. In terms of equity, the Company’s objectives when managing equity are to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal equity structure to reduce the cost of capital. The Company has established risk management policies to minimize potential adverse effects on the Company’s financial performance: 28.1. Fuel price risk The Company has risks that are common in its industry, related to the price level of aircraft fuel, which can significantly affect its operations, financial position and liquidity. In the past the Company has entered into financial derivative contracts in an effort to mitigate this risk, but with inconsistent results. The Company has not entered into new fuel hedge contracts, and has adopted a new strategy of remaining unhedged, while regularly reviewing its policies based on market conditions and others factors. As of December 31, 2023 and 2022, the Company did not have any outstanding fuel hedge contracts. Fuel price risk is estimated as a hypothetical 10% increase in the December 31, 2023 cost per gallon of fuel. Based on projected 2023 fuel consumption, such an increase would result in an increase to aircraft fuel expense of approximately $89.1 million in 2024 (unaudited). 28.2. Market risk Equity price risk The Company’s listed and non-listed equity investments are susceptible to market price risk arising from uncertainties about future values of the investment securities. The Company manages the equity price risk through diversification and by placing limits on individual and total equity instruments. Reports on the equity portfolio are submitted to the Company’s senior management on a regular basis. The Company’s Board of Directors reviews and approves all equity investment decisions. At the reporting date, the exposure on investments at fair value is $102.1 million (2022: 95.5 million). Foreign currency risk Foreign exchange risk is originated when the Company performs transactions and maintains monetary assets and liabilities in currencies that are different from the functional currency of the Company. Assets and liabilities in foreign currency are translated using the exchange rates at the end of the period, except for non-monetary assets and liabilities that are translated at the equivalent cost of the U.S. dollar at the acquisition date and maintained at the historical rate. The results of foreign operations are translated using the average exchange rates that were in place during the period. Gains and losses deriving from exchange rates are included within “(Loss) Gain on foreign currency fluctuations” in the consolidated statement of profit or loss. The majority of the Company’s obligations are denominated in U.S. dollars. Since Panama uses the U.S. dollar as legal tender, the majority of the Company’s operating expenses are also denominated in U.S. dollars, approximately 64.3% of revenues and 79.2% of expenses, for the year ended 2023. A significant part of our revenue is denominated in the following foreign currencies: 2023 2022 % % U.S. dollars 64.3 % 63.3 % Foreign currencies - Colombian peso 10.0 % 12.1 % Brazilian real 7.7 % 8.0 % Argentinian peso 5.1 % 4.6 % Chilean peso 3.1 % 3.2 % Mexican peso 3.5 % 2.6 % Other currencies 6.3 % 6.2 % 100.0 % 100.0 % Generally, the Company’s exposure to most of these foreign currencies, is limited to the period of up to two weeks between the completion of a sale and the conversion to U.S. dollar. The following chart summarizes the Company’s foreign currency risk exposure (assets and liabilities denominated in foreign currency) as of December 31: 2023 2022 Assets Cash and cash equivalents $ 15,858 $ 13,546 Accounts receivable, net 108,767 48,900 Other assets 25,707 20,605 Total assets $ 150,332 $ 83,051 Liabilities Accounts payable 53,393 16,969 Taxes payable 38,157 38,303 Other liabilities 16,543 13,465 Total liabilities $ 108,093 $ 68,737 Net position $ 42,239 $ 14,314 From time to time the Company enters into factoring agreements on receivables outstanding on credit card sales in certain countries. 28.3. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its financing activities, including deposits with banks and investments in financial instruments and from its accounts receivable. IFRS 9 requires the Company to recognize an allowance for ECLs for all financial assets not held at fair value through profit or loss. The carrying amounts of financial assets represent the maximum credit risk. Short and long-term investments To mitigate the credit risk arising from deposits in bank, the Company only conducts business with financial institutions that have an investment grade above BBB- from Standard & Poor’s and liquidity indicators aligning with or above the market average. For the investments in financial instruments, different from deposits in bank, the Company requires a grade above A- from Standard & Poor’s. The Company has established a policy to perform an assessment, at the end of each quarterly reporting period, of whether a financial instrument’s credit risk has increased significantly since initial recognition, by monitoring changes in credit risk ratings published by Standard & Poor’s. As the financial instruments are considered to be low risk, the impairment provision is determined at 12-month ECLs using the general approach as prescribed by IFRS 9. The movement in the allowance for impairment for short and long-term investments at amortized cost for the year ended December 31 was as follows: 2023 2022 Balance at beginning of year $ (2,955) $ (1,312) (Additions) / Reversal 697 (1,643) Balance at end of year $ (2,258) $ (2,955) Accounts receivable Regarding credit risk originating from commercial accounts receivable, the Company does not consider it significant since most of the accounts receivable can be easily converted into cash, usually in periods no longer than one month. The risk is managed by each business unit subject to the Company’s established policy, procedures and control relating to customer credit risk management. Specific credit limits and payment terms have been established according to periodic analysis of the client’s payment capacity. A considerable amount of the Company’s tickets sales are processed through major credit cards, resulting in accounts receivable that are generally short-term and usually collected before revenue is recognized. The Company considers that the credit risk associated with these accounts receivable is controllable based on the industry’s trends and strong policies and procedures established and followed by the Company. As a result of the previously explained, the Company evaluates the concentration of risk with respect to trade receivables as low. An impairment analysis is performed at each quarterly reporting date using a provision matrix to measure expected credit losses. Loss rates are calculated using a ‘roll rate’ method based on the probability of a receivable progressing through successive stages of delinquency to write-off. To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics and the day past due. Loss rates are based on actual credit loss experience over the last 12 months and adjusted for forward-looking factors specific to the debtors and the economic environment over the expected life of the receivables. Set out below is the information about the credit risk exposure on the Company’s trade receivables using a provision matrix as of December 31: 2023 Days past due Total Current <30 30-60 60-90 >90 Expected credit loss rate 0.0% 8.8% 9.0% 24.4% 53.9% Gross carrying amount $162,544 $153,289 $2,487 $1,174 $258 $5,336 Expected credit loss $3,297 $35 $218 $106 $63 $2,875 2022 Days past due Total Current <30 30-60 60-90 >90 Expected credit loss rate 0.0% 5.9% 13.1% 30.5% 57.3% Gross carrying amount $145,273 $127,412 $2,877 $2,134 $545 $12,305 Expected credit loss $7,690 $28 $170 $279 $166 $7,047 28.4. Interest rates and cash flow risk The income and operating cash flows of the Company are substantially independent of changes in interest rates, because the Company does not have significant assets that generate interest except for surplus cash and cash equivalents and short and long-term investments. Interest rate risk originates mainly from long-term debt related to aircraft financing. These long-term lease payments at variable interest rates expose the Company to cash flow risk. The Company mitigates this risk by entering into fixed rate financing agreements in at least half of its outstanding debt. During 2023, the Company finish the process of implementing appropriate fall back clauses for its long term variable rate debt based of LIBOR and incorporated the new benchmark based on SOFR. As of December 31, 2023, fixed interest rates range from 1.73% to 3.99%, and the main floating rate is SORF. The Company’s earnings are affected by changes in interest rates primarily due to the impact of those changes on interest expenses from variable-rate debt instruments. As of December 31, 2023 we had $1,039.8 million of fixed-rated debt and $422.9 million of variable-rated debt. If the interest rate average is 100 basis points more in 2024 than 2023, the variable-rate debt interest expense would increase by approximately $4.2 million, and the estimated fair value of the fixed-rate debt would increase by approximately $16.1 million. These amounts are determined by considering the impact of the hypothetical interest rates on the variable-rate debt and marketable securities equivalent balances at December 31, 2023. 28.5. Liquidity risk The Company’s policy requires having sufficient cash to fulfill its obligations. The Company maintains sufficient cash on hand and in banks or cash equivalents that are highly liquid. The Company also has credit lines in financial institutions that allow it to withstand potential cash shortages to fulfill its short-term commitments (see note 27). The table below summarizes the Company’s financial liabilities according to their maturity date. The amounts in the table are the contractual undiscounted cash flows. Balances due within twelve months equal their carrying balances as the impact of discounting is not significant. December 31, 2023 Note Carrying amount Contractual cash flow Less than twelve months Between 1 and 4 years More than 4 years Non-derivative financial liabilities Loans and borrowings 18 $ 1,462,691 $ 1,624,325 $ 256,216 $ 780,090 $ 588,019 Lease liability 14 283,657 322,858 80,513 195,340 47,005 Account payable 19 182,303 182,303 182,303 — — Account payable to related parties 19 1,228 1,228 1,228 — — $ 1,929,879 $ 2,130,714 $ 520,260 $ 975,430 $ 635,024 December 31, 2022 Note Carrying amount Contractual cash flow Less than twelve months Between 1 and 4 years More than 4 years Non-derivative financial liabilities Loans and borrowings 18 $ 1,444,303 $ 1,538,467 $ 167,759 $ 920,846 $ 449,862 Lease liability 14 238,373 341,847 106,076 195,253 40,518 Account payable 19 166,660 166,660 166,660 — — Account payable to related parties 19 1,004 1,004 1,004 — — $ 1,850,340 $ 2,047,978 $ 441,499 $ 1,116,099 $ 490,380 28.6. Fair value measurement Set out below is a comparison, by class, of the carrying amounts and fair values of the Company’s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values: Carrying amount Fair Value Note 2023 2022 2023 2022 Financial assets Long-term investments 9 258,934 202,056 260,534 201,061 Financial liabilities Loans and borrowings 18 1,462,691 1,444,303 1,494,124 1,559,435 The fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The management assessed that the fair values of cash and short-term investments, accounts receivables, account payable and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The following methods and assumptions were used to estimate the fair values: • The fair values of the quoted notes and bonds are based on price quotations at the reporting date. • Debt obligations, financial assets, and financial liabilities are estimated by discounting future cash flows using the Company’s current incremental borrowing for a similar liability. The following chart summarizes the Company’s financial instruments measured at fair value, classified according to the valuation method: Fair value measurement as of reporting date 2023 Quoted Significant Significant Recurring fair value measurements Assets Investment fund 102,063 102,063 — — Total assets $ 102,063 $ 102,063 $ — $ — Fair value measurement as of reporting date 2022 Quoted prices in active markets (Level 1) Significant Significant Recurring fair value measurements Assets Investment fund 95,474 95,474 — — Total assets $ 95,474 $ 95,474 $ — $ — Liabilities Derivative financial instruments 251,150 — 251,150 — Total liabilities $ 251,150 $ — $ 251,150 $ — Derivative financial instruments are valued by the Company, using a Least Square Monte Carlo pricing method by modelling the different triggers under which the notes can be converted. The market data used to calibrate the model are historical volatility measures based on stock prices of the Company obtained from Bloomberg and a zero-coupon interest rate curve in US$ (US$ Libor 3m Swap curve). |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | 29. Subsequent events Dividends On February 7, 2024, the Board of Directors of Copa Holdings approved a 2024 dividend of $1.61 cents per share per quarter, corresponding to 40% of the adjusted consolidated net income of 2023. Proposed dividends are subject to board ratification each quarter, and are not recognized as a liability as at December 31, 2023. Stock Grants During the first quarter of 2024, the Compensation Committee of the Company’s Board of Directors approved 3 awards. Awards under these plans will grant approximately 50,176 shares of non-vested stock, which will vest over a period of three years. The Company estimates the fair value of these awards to be approximately $5.0 million and the 2024 compensation cost for these plans will be $2.3 million. 737 MAX fleet During the month of January of 2024 the Company suspended operations of twenty-one 737 MAX9 aircraft, following the Airworthiness Directive issued by the United States Federal Aviation Administration (FAA) on January 6. From January 6 to January 29, a total of 1,788 flights were cancelled. After undergoing the technical inspections required by the regulators, all of these aircraft returned to Copa Airlines’ flight schedule. The Company is in the process of reaching an agreement with Boeing regarding compensation related to the grounding of the Boeing 737 MAX. In accordance with applicable accounting principles, the Company expect to booked any compensation received from Boeing as a reduction of the cost basis of the aircraft. The agreement is expected to be signed during the second quarter of 2024. |
Material accounting policies (P
Material accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Material Accounting Policies [Abstract] | |
Basis of consolidation | (a) Basis of consolidation These consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Control is achieved when the Company is exposed to, or has right to, variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Company controls the investee, when it has: • power over the investee, • exposure, or rights to, variable returns from its involvement with the investee, and • the ability to use its power over the investee to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. |
Current versus non-current classification | (b) Current versus non-current classification The Company presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is: • expected to be realized or intended to be sold or consumed in the normal operating cycle • expected to be realized within twelve months after the reporting period, or • cash or cash equivalent, unless restricted. All other assets are classified as non-current. A liability is current when: • it is expected to be settled in the normal operating cycle • it is due to be settled within twelve months after the reporting period, or • there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Company classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. |
Foreign currencies | Functional and presentation currency These consolidated financial statements are presented in United States dollars (U.S. dollars “$”), which is the Company’s functional currency and the legal tender of the Republic of Panama. The Republic of Panama does not issue its own paper currency; instead, the U.S. dollar is used as legal currency. All values are rounded to the nearest thousand in U.S. dollars ($000), except when otherwise indicated. (c) Foreign currencies The Company’s consolidated financial statements are presented in U.S. dollars, which is the Company’s functional currency. The Company determines the functional currency for each entity, and the items included in the financial statements of each entity are measured using that functional currency. Transactions and balances Transactions in foreign currencies are initially recorded by the Company at the respective functional currency spot rates on the date when the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot exchange rate at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Foreign exchange gains and losses are included in the exchange rate difference line in the consolidated statement of profit or loss for the year. |
Revenue recognition | (d) Revenue recognition Revenue is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The consideration received or receivable is measured taking into account contractually defined terms of payment and excluding taxes or duties. The following specific recognition criteria must also be met before revenue is recognized: Passenger revenue Passenger revenue is primarily composed of passenger ticket sales, frequent flyer miles redeemed and ancillaries revenues associated with a passenger’s flight. • Passenger tickets Passenger revenue from tickets is recognized when transportation is provided or when the ticket expires unused, rather than when a ticket is sold. The amount of passenger ticket sales, not yet recognized as revenue, is reflected under “Air traffic liability” in the consolidated statement of financial position. For tickets that are expected not to be used, the Company performs a monthly liability evaluation using its historical experience with refundable and nonrefundable expired tickets and other facts. A year after the sale is made, actual ticket breakage is removed from “Air Traffic liability” and the provision is reversed. The unused tickets expire after one year from the sale date, and any revenue associated with tickets sold for future travel is recognized within 12 months. The Company sells certain tickets with connecting flights with one or more segments operated by its other airline partners. For segments operated by other airline partners, the Company has determined that it is acting as an agent on behalf of the other airlines as they are responsible for their portion of the contract. The Company, as the agent, reduces its “Air traffic liability” when consideration is remitted to those airlines, and recognizes revenue for the net amount representing commission to be retained by the Company for any segments flown by other airlines. Denied boarding compensation made to customers for voluntarily or involuntarily denied boarding reduces revenue when the voucher is issued to the passenger. In response to Covid-19 the Company established a new commercial policy where some tickets scheduled to expire before June 2021, were extended to June 30, 2022. During 2022, the Company calculated a specific breakage for tickets that were not expected to be used based on this commercial policy. As of December 31, 2022, all revenue related to these tickets has been recognized in the consolidated statement of profit or loss and since then, there are no tickets with expiration dates for more than one year. • Frequent flyer program The Company’s frequent flyer program objective, is to reward customer loyalty. Members in this program earn miles for travel on Copa Airlines, Star Alliance partners’ airlines and also by purchasing the goods and services of the Company network of non-airline partners and co-branded credit cards. The miles or points earned can be exchanged for flights on Copa or any of other Star Alliance partners’ airlines. Passenger revenue includes flights redeemed under our frequent flyer program. When a passenger elects to receive Copa’s frequent flyer miles in connection with a flight, the Company recognizes a portion of the tickets sale as revenue when the air transportation is provided and recognizes a deferred liability (Frequent flyer deferred revenue) for the portion of the ticket sale representing the value of the related miles as a separate performance obligation. To determine the amount of revenue to be deferred, the Company estimates and allocates the fair value of the miles that were essentially sold along with the airfare, based on a weighted average ticket value, which incorporates the expected redemption of miles including factors such as redemption pattern, cabin class and geographic region. A statistical model that estimates the percentages of points that will not be redeemed before expiration is used to estimate breakage. The breakage and the fair value of the miles are reviewed at least annually, and any adjustments are reflected on a prospective basis to passenger revenues. The Company calculates the short and long-term portion of the frequent flyer deferred revenue, using a model that includes estimates based on the members’ redemption rates projected by management due to clients’ behavior. Currently, when a member of another carrier frequent flyer program redeems miles on a Copa Airlines flight, those carriers pay to the Company a per mile rate. The rates paid by them depend on the class of service, the flight length, and the availability of the reward and is included in passenger revenues. • Ancillaries revenues Primarily composed of services performed in conjunction with a passenger’s flight, including administrative fees (such as ticket change fees), baggage fees, and other ticket-related fees. These ancillary fees are part of the travel performance obligation and, as such, are recognized as passenger revenue when the travel occurs. Cargo and mail revenue Cargo and mail revenue is recognized when the Company provides and completes the shipping services as requested by the client and the risks on the merchandise and goods are transferred. Other operating revenue Other operating revenue includes revenue associated with the marketing component of the frequent flyer program. This revenue is comprised of the marketing component of mileage sales to co-branded card, other partners and other marketing related payments. The Company sells miles to non-airline businesses with which it has marketing agreements. The main contracts to sell miles are related to co-branded credit card relationships with major banks in the region. The Company determined the selling prices of miles according to a method which allocates consideration based upon the relative selling price of the deliverables. The relative selling price of the deliverables is determined based upon the estimated standalone selling prices of each deliverable in the arrangement and is allocated between the miles sold to the passenger (as described above) and the marketing elements. Revenue allocated to the performance obligations related to, marketing components, is recorded in other operating revenue when miles are delivered. The remaining amounts included within other revenue are related to lease income, advertising and vacation-related services. |
Cash and cash equivalents | (e) Cash and cash equivalents Cash and cash equivalents in the statement of financial position, comprise cash on hand and in banks, money market accounts, and time deposits with original maturities of three months or less from the date of purchase. The Company evaluates the term and conditions relating to its restricted cash to determine where it should be presented, as current assets in cash and cash equivalents or as non-current assets in long-term investments. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash net of outstanding bank overdrafts, if any. The Company has elected to present the statement of cash flows using the indirect method. As of December 31, 2023 and 2022, the Company cash position is comprised from cash on hand and in banks. |
Financial instruments | (f) Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Company’s financial assets include cash and cash equivalents, short and long-term investments and accounts receivable. (i) Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial assets contractual cash flow characteristics and the Company’s business model for managing them. With the exception of accounts receivables that do not contain a significant financing component or for which the Company has applied the practical expedient, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Accounts receivable that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price. In order for a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are ‘solely payments of principal and interest’ (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Company’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. All financial assets are recognized on the trade date, which is the date on which the Company becomes a party to the contractual provisions of an instrument. (ii) Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: • Financial assets at amortized cost (debt instruments) • Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) • Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) • Financial assets at fair value through profit or loss Financial assets at amortized cost This category is the most relevant to the Company. The Company measures financial assets at amortized cost if both of the following conditions are met: • The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Company’s financial assets at amortized cost includes the Company’s investments and its receivables. The Company invests in short-term deposits and bonds with original maturities of more than three months but less than one year, and invests in long-term deposits and bonds with maturities greater than one year. These investments are classified as short and long-term investments, respectively, in the accompanying consolidated statement of financial position. Accounts receivable are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. These financial instruments are initially recognized and carried at the original invoice amount since recognition of interest under the amortized cost would be immaterial less a provision for impairment. Financial assets at fair value through OCI (debt instruments) The Company measures debt instruments at fair value through OCI if both of the following conditions are met: • The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. The Company currently does not have assets classified under this category. Financial assets designated at fair value through OCI (equity instruments) Upon initial recognition, the Company may elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in the statement of profit or loss when the right of payment has been established, except when the Company benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Company currently does not have assets classified under this category. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortized cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. (iii) Derecognition A financial asset is derecognized when: • the rights to receive cash flows from the asset have expired, or • the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement, and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates, if and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Company’s continuing involvement in the asset. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. (iv) Impairment of financial assets The Company recognizes an allowance for expected credit losses (ECLs) on financial asset measured at amortized cost. Loss allowance for financial assets are deducted from the gross carrying amount on the assets. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). Both, lifetime ECLs and 12-month ECLs, are calculated on either an individual basis or a collective basis, depending on the nature of the underlying portfolio of financial instruments. The Company has established a policy to perform an assessment, at the end of each quarterly reporting period, of whether a financial instrument’s credit risk has increased significantly since initial recognition, by considering the change in the risk of default occurring over the remaining life of the financial instrument. For accounts receivables the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each quarterly reporting date. The Company has established a provision matrix to measure ECLs. Loss rates are calculated using a ‘roll rate’ method based on the probability of a receivable progressing through successive stages of delinquency to write-off. To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics and the day past due. Loss rates are based on actual credit loss experience over the last 12 months and adjusted for forward-looking factors specific to the debtors and the economic environment over the expected life of the receivables. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. The Company considers that there are no realistic prospects of recovery of the asset if any of the following indicators are present: • the debtor is in a state of permanent disability • the Company has exhausted all legal and/or administrative recourse • where the account exceeds one year without decreases • when there are no documents establishing the debt Losses arising from impairment are recognized under “Other operating and administrative expenses” in the consolidated statement of profit or loss. Financial liabilities (i) Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company’s financial liabilities include trade and other payables and loans and borrowings including bank overdrafts, and derivative financial instruments. (ii) Subsequent measurement For purposes of subsequent measurement, financial liabilities are classified in two categories: • Financial liabilities at fair value through profit or loss • Financial liabilities at amortized cost (loans and borrowings) Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Company that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. Financial liabilities at amortized cost (loans and borrowings) Subsequent to initial recognition, all borrowings and loans are measured at amortized cost using the EIR method. Gains and losses are recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included under finance cost in the consolidated statement of profit or loss. (iii) Derecognition Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expire. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statement of profit or loss. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Company has a legally enforceable right to set off the recognized amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the ordinary course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. Derivative financial instruments Derivative instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at their fair value. |
Impairment of non-financial assets | (g) Impairment of non - financial assets The Company assesses at each reporting date whether there is an indication that an asset or its cash-generating unit (CGU) may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s or CGU’s recoverable amount. The recoverable amount is the higher of an asset’s or its CGU’s fair value less costs to sell and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Impairment losses of continuing operations, including impairment on inventories, are recognized under “Impairment of non-financial assets” in the consolidated statement of profit or loss. For assets, excluding goodwill, an assessment is made at each reporting date to determine whether there is any indication that previously recognized impairment losses no longer exist or may have decreased. If such indication exists, the Company estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit or loss. |
Senior convertible notes | (h) Senior convertible notes Senior convertible notes are classified as hybrid instruments that comprise a debt host contract for the interest and principal payments plus a derivative instrument for the conversion option. The initial carrying amount of the non-derivative host contract is the difference between the fair value minus transaction costs of the hybrid instrument and the fair value of the embedded derivative. Under this approach, all of the transaction costs are always allocated to and deducted from the carrying amount of the non-derivative host contract on initial recognition. After initial recognition, the debt host contract would be measured at amortized cost, and the derivative liability, not being closely related to the debt host contract, would be measured at fair value through profit or loss. In September 2023, the Company settled the total outstanding notes (see Note 18). |
Property and equipment | (i) Property and equipment Property and equipment comprise mainly airframe, engines, and other related flight equipment. All property and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. When a major maintenance inspection or overhaul cost is embedded in the initial purchase cost of an aircraft, the Company estimates the carrying amount of the component. These initial built-in maintenance assets are depreciated over the estimated time period until the first maintenance event is performed. The cost of major maintenance events completed after the aircraft acquisition are capitalized and depreciated over the estimated time period until the next major maintenance event. The remaining value of the previously capitalized component if any, is charged to expense upon completion of the subsequent maintenance event. The Company recognizes the depreciation on a straight-line basis which for some aircraft components is akin to depreciation based on use, over the estimated useful life of the assets. Depreciation is recognized in the consolidated statement of profit or loss from the date the property, and equipment is installed and ready for use. Property and equipment Estimate useful life (years) Residual Value Flight equipment (*) Airframe and core engines 27 15% Major maintenance events 3-16 — Conversion to freighter Lesser of 10 years and remaining useful life of the aircraft Cabin refurbishment Lesser of remaining useful Ramp and miscellaneous Ground equipment 10 — Furniture, fixture, equipment and other 5-10 — Leasehold improvements Lesser of remaining lease — (*) Estimates for Boeing 737-700 fleet may differ , see note 13. An item of property and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognized. The costs of major maintenance events for leased aircraft are capitalized and depreciated over the shorter of the scheduled usage period to the next major inspection event or the remaining life of lease term (as appropriate), the remaining value of the previously capitalized maintenance or the right-of-use asset (“ROU”) component if any, is charged to expense upon completion of the subsequent maintenance event. The residual values, useful lives, and methods of depreciation of property and equipment are reviewed at each financial year-end and adjusted prospectively, if appropriate. The land owned by the Company is recognized at cost less any accumulated impairment. Borrowing costs directly attributable to the acquisition, construction, or production of any qualifying asset, that necessarily takes a substantial period of time to get ready for its intended use or sale, are capitalized as part of the cost of the asset during that period of time. Other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. |
Leases | (j) Leases At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract, conveys the right to control the use of an identified asset, the Company assesses whether: • The Company has the right to obtain substantially all of the economic benefits from use of the identified asset; and • The Company has the right to direct the use of the identified asset. The Company as a lessee At the commencement date, the Company recognizes a ROU and a lease liability. The ROU is measured at cost and comprises: • the amount of the initial measurement of the lease liability, • any lease payments made at or before the commencement date, less any lease incentives received; • any initial direct costs incurred by the lessee; and • an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. The Company incurs the obligation for those costs either at the commencement date or as a consequence of having used the underlying asset during a particular period. The ROU is subsequently depreciated using the straight line method from the commencement date to the earlier of the end of the useful life of the ROU or component, or lease term. The estimated useful life of ROU is determined on the same basis of owned property and equipment. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. The ROU assets are also subject to impairment. Refer to the accounting policies in section (g) impairment of non-financial assets. In this regard, the Company applies the following, by class of underlying asset: • for the leases of real estate, the Company has elected to separate non-lease components. • for aircraft leases, the value of major maintenance inspection or overhaul embedded in the aircraft is recognized as a separated component and is depreciated over the estimated time period until the first maintenance event is performed or the remaining life of lease term (as appropriate) which ever is shorter. The lease liability, is initially measured at the present value of the lease payments that are not paid at that date, discounted using the interest rate implicit in the lease, if that rate can be readily determined or the lessee’s incremental borrowing rate. The lease payments included in the measurement of the lease liability comprise: • fixed payments (including in-substance fixed payments), less any lease incentives receivable; • variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; • amounts expected to be payable by the lessee under residual value guarantees; • the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and • payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. Variable lease payments that do not depend on an index or a rate are recognized as lease expenses in the period in which the event or condition that triggers the payment occurs, under “Other operating and administrative expenses” in the consolidated statement of profit or loss. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or a rate, if there is a change in the Company’s estimated amount expected to be payable under a residual value guarantee or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the ROU, or is recorded in profit or loss if the carrying amount of ROU has been reduced to zero. Financing arrangements where is certain that the asset will be purchased at the end of the lease term, are “in substance purchases” and not leases, in those cases, the related liability is considered a financial liability under IFRS 9 and the asset, as property and equipment, according to IAS 16. The Company has elected not to recognize ROU and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low value assets. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term as “Other operating and administrative expenses” in the consolidated statement of profit or loss. The Company as lessor When assets are leased under operating leases, the asset is included in the consolidated statement of financial position according to its nature. Revenue from operating leases is recognized over the lease term on a straight-line basis as part of other operating revenue. Initial direct costs incurred by the Company in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized as an expense over the lease term on the same basis as the related lease income. Sale and leaseback transactions The Company enters into transactions whereby an asset is sold and subsequently lease back. The Company applies the IFRS 15 requirements for determining whether the transfer of an asset is accounted for as a sale. If the transfer of an asset by the seller-lessee satisfies the requirements of IFRS 15 to be accounted for as a sale of the asset: • The seller-lessee measures the ROU at the proportion of the previous carrying amount that relates to the ROU retained by the seller-lessee; and • The buyer-lessor shall account for the purchase applying the appropriate standards and for the lease applying IFRS 16. Where either the sale is below fair value or the leasing arrangement below market rates, adjustments are required to measure the proceeds at fair value. Below market terms are to be accounted for as a prepayment of lease payments and above market terms shall be accounted for as additional financing provided by the buyer to the seller. The adjustment must be measured with reference to the more determinable of the difference between the consideration for the sale and the fair value of the asset or the difference between the present value of the contractual lease payments and the present value of payments for the lease at market rates. If the transaction does not meet the sale recognition requirements of IFRS 15: • the seller-lessee shall continue to recognize the transferred asset and shall recognize a financial liability equal to the transfer proceeds. It shall account for the financial liability applying IFRS 9. • the buyer-lessor shall not recognize the transferred asset and shall recognize a financial asset equal to the transfer proceeds. It shall account for the financial asset applying IFRS 9. |
Intangible assets | (k) Intangible assets Goodwill Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred over the net identifiable assets acquired and liabilities assumed of the acquired subsidiary at the date of acquisition. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Company’s CGU or group of CGU’s that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. Other intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets, excluding capitalized development costs, are not capitalized and the expenditure is reflected in the consolidated statement of profit or loss in the year in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over their useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite life is recognized in the consolidated statement of profit or loss as the expense category that is consistent with the function of the intangible assets. Intangible assets with indefinite useful life are not amortized but are tested for impairment at least annually, either individually or at the CGU level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Gains and losses arising from the derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statement of profit or lossconsolidated statement of profit or lossconsolidated statement of profit or loss when the asset is derecognized. The Company’s intangible assets and the policies applied are summarized as follows: • Licenses and software rights Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized using the straight-line method over their estimated useful life (from three Costs that are directly associated with the production of identifiable and unique software products controlled by the Company and that are estimated to generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Direct costs include the software development employee costs and an appropriate portion of relevant overheads. These costs are amortized using the straight-line method over their estimated useful life (from five |
Taxes | (l) Taxes Income tax expense Income tax expense comprises current and deferred tax. It is recognized in profit or loss except when related to the items recognized directly in equity or in other comprehensive income (“OCI”). • Current income tax The Company pays taxes in the Republic of Panama and in other countries in which it operates, based on regulations in effect in each respective country. Revenue arises principally from foreign operations, and according to the Panamanian Tax Code, these foreign operations are not subject to income tax in Panama. The Panamanian tax code for the airline industry states that tax is based on net income earned for passenger traffic with origin or final destination in the Republic of Panama. The applicable tax rate is currently 25%. Additionally, entities with annual taxable income over one million five hundred thousand dollars, must pay income tax on the greater of: • Net taxable income calculated by the traditional method, or • Net taxable income resulting from applying four-point sixty-seven percent (4.67%) to the total taxable income (alternative method “CAIR”). In the event that, due to income tax, the taxpayer incurs in losses or that the effective rate is higher than 25%, the taxpayer may submit a request to the authorities for the non-application of the alternative method and in its effective that the payment of income tax is accepted on the traditional basis. Dividends from the Panamanian subsidiaries are separately subject to a 10% withholding tax on the portion attributable to Panamanian sourced income and a 5% withholding tax on the portion attributable to foreign sourced income. The Company is also subject to local tax regulations in each of the other jurisdictions where it operates, the great majority of which are related to income taxes. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the countries where the Company operates and generates taxable income. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions when appropriate. • Deferred tax Deferred tax is calculated using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized, except: • when the deferred tax asset relating to the deductible temporary difference arises from initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss. • in respect of deductible temporary differences associated with investments in subsidiaries, associates, and interests in joint ventures, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax liabilities are recognized for all taxable temporary differences, except: • when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss. • in respect of taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. • Ticket taxes |
Provisions | (m) Provisions Provisions for costs, including restitution, restructuring and legal claims and assessments are recognized when: • the Company has a present legal or constructive obligation as a result of past events; • it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and the amount of obligation can be reliably estimated. When the Company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement. For aircraft leases, the Company is contractually obliged to return the aircraft in a defined condition. The Company accrues a provision for return conditions which are based on the usage of leased aircraft throughout the duration of the lease. Return conditions are based on the net present value of the estimated costs of returning the aircraft and are recognized in the consolidated statement of profit or loss under “Maintenance, materials and repairs”. These costs are reviewed annually and adjustments, if any, are recognized prospectively over the remaining lease term. |
Employee benefits | (n) Employee benefits Defined benefit plan The Company has a defined benefit plan in accordance with Panamanian law, which requires contributions to be made to a separately administered fund. The calculation of the defined benefit obligation is performed annually by a qualified actuary using the projected unit credit actuarial cost method (PUC). Remeasurements of the net defined benefit liability, which comprises actuarial gains and losses, the return on plan assets and the effect of the asset ceiling (if any), are recognized immediately in other comprehensive income. The Company determines the net interest by applying the discount rate to the net defined benefit liability or asset. The Company recognizes the following changes in the net defined benefit obligation in the consolidated statement of profit or loss. Share-based payments Employees (including senior executives) of the Company receive compensation in the form of share-based payment transactions, whereby employees render services as consideration for equity instruments (equity-settled transactions). The cost of equity-settled transactions is recognized, together with a corresponding increase in additional paid in capital in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company’s best estimate of the number of equity instruments that will ultimately vest. Expense or credit for a period represents the movement in cumulative expense recognized as of the beginning and end of that period and is recognized under “Wages, salaries, benefits and other employees’ expenses” expense in the consolidated statement of profit or loss (note 25). Termination benefits Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Company recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without realistic possibility of withdrawal, or providing termination benefits as a result of an offer made to encourage voluntary redundancy. |
Material accounting policies (T
Material accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Material Accounting Policies [Abstract] | |
Schedule of Significant Subsidiaries | The following are the significant subsidiaries included in these financial statements: Country of Incorporation Ownership interest Name 2023 2022 Copa Airlines Panama 99.9 % 99.9 % AeroRepublica Colombia 99.9 % 99.9 % Oval British Virgin Islands 100 % 100 % LNA Panama 100 % 100 % |
Estimated Useful Lives of Assets and Considering Residual Value | Property and equipment Estimate useful life (years) Residual Value Flight equipment (*) Airframe and core engines 27 15% Major maintenance events 3-16 — Conversion to freighter Lesser of 10 years and remaining useful life of the aircraft Cabin refurbishment Lesser of remaining useful Ramp and miscellaneous Ground equipment 10 — Furniture, fixture, equipment and other 5-10 — Leasehold improvements Lesser of remaining lease — (*) Estimates for Boeing 737-700 fleet may differ , see note 13. |
Revenue from contract with cu_2
Revenue from contract with customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Summary of Disaggregated Operating Revenues | The following table shows disaggregated operating revenues for the years ended as December 31, 2023, 2022 and 2021. 2023 2022 2021 Passenger revenue Passenger revenue $ 3,263,764 $ 2,793,420 $ 1,388,089 Miles redeemed 52,597 31,299 24,301 3,316,361 2,824,719 1,412,390 Cargo and mail revenue 97,105 101,765 71,577 Other operating revenue Frequent flyer program - marketing services 37,930 28,396 18,897 Other operating revenue 5,608 10,153 7,067 43,538 38,549 25,964 $ 3,457,004 $ 2,965,033 $ 1,509,931 |
Summary of Changes in Contract Liabilities | The table below presents the changes in air traffic liability: 2023 2022 Balance at beginning of year $ 651,805 $ 557,331 Sales 3,722,763 3,320,260 Revenue recognition (3,076,635) (2,623,256) Tax recognition (547,206) (450,541) Reimbursements (84,033) (105,508) Interline tickets (52,675) (52,496) Other (2,163) 6,015 Balance at end of year $ 611,856 $ 651,805 The table below presents the activity of the current and non-current frequent flyer liability: 2023 2022 Balance at beginning of year $ 111,526 $ 95,114 Deferred of revenue 65,887 47,711 Recognition of revenue (52,597) (31,299) Balance at end of year $ 124,816 $ 111,526 Current 55,062 55,292 Non-current 69,754 56,234 $ 124,816 $ 111,526 |
Operating Revenue by Principal Geographic Area | Information concerning operating revenue by geographic area for the period ended December 31 is as follows: 2023 2022 2021 North America $ 1,328,504 $ 957,730 $ 428,457 South America 1,233,362 1,094,450 557,827 Central America 796,679 819,534 475,590 Caribbean 54,921 54,770 22,093 $ 3,413,466 $ 2,926,484 $ 1,483,967 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash and Cash Equivalents | 2023 2022 Checking and saving accounts $ 151,146 $ 122,184 Time deposit 55,000 — Cash on hand 229 240 $ 206,375 $ 122,424 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about investment property [abstract] | |
Schedule of information about investments | 2023 2022 Current Non Current Total Current Non Current Total Investment at amortised cost Time deposits $ 314,495 $ 100,000 $ 414,495 $ 432,750 $ 65,000 $ 497,750 Bonds 293,311 160,132 453,443 286,203 137,907 424,110 607,806 260,132 867,938 718,953 202,907 921,860 Allowance for expected credit losses (1,060) (1,198) (2,258) (2,104) (851) (2,955) 606,746 258,934 865,680 716,849 202,056 918,905 Investment at fair value through profit or loss Investment funds 102,063 — 102,063 95,474 — 95,474 $ 708,809 $ 258,934 $ 967,743 $ 812,323 $ 202,056 $ 1,014,379 |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables [abstract] | |
Disclosure of Accounts Receivable | 2023 2022 Credit cards $ 86,673 $ 75,274 Clearing house 27,873 32,278 Airlines 3,904 2,180 Cargo and courier 9,204 9,023 Agencies 2,628 4,090 Government 8,799 6,446 Account receivables from related parties 2,527 2,168 Other 20,936 13,814 162,544 145,273 Allowance for expected credit losses (3,297) (7,690) $ 159,247 $ 137,583 |
Summary of Movements in the Allowance for Impairment in Respect of Account Receivables | The change in the allowance for expected credit losses in respect of accounts receivable during the year was as follows. 2023 2022 2021 Balance at beginning of years $ (7,690) $ (7,565) $ (6,483) Additions /(Reversal) (496) (765) (1,421) Write-off 4,889 640 339 Balance at end of year $ (3,297) $ (7,690) $ (7,565) |
Expendable parts and supplies (
Expendable parts and supplies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Classes of current inventories [abstract] | |
Disclosure of Expendable Parts and Supplies | 2023 2022 Material for repair and maintenance $ 111,938 $ 88,276 Other inventories 4,768 5,158 116,706 93,434 Allowance for obsolescence (102) (102) $ 116,604 $ 93,332 |
Prepaid expenses (Tables)
Prepaid expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Prepayments [Abstract] | |
Detailed Information about Prepaid Expenses | 2023 2022 Prepaid taxes $ 20,521 $ 25,385 Prepaid commissions 3,489 3,936 Prepaid insurance 416 446 Prepaid to supplier 29,842 30,325 $ 54,268 $ 60,092 Current 44,635 52,322 Non-current 9,633 7,770 $ 54,268 $ 60,092 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of Property and Equipment | Land Flight equipment Purchase deposits for flight equipment Ramp and miscellaneous Furniture, fixtures, equipment and other Leasehold improvements Construction in progress Total Cost - Balance at January 1, 2021 $ 6,301 $ 2,538,774 $ 407,814 $ 56,613 $ 32,796 $ 67,459 $ 6,165 $ 3,115,922 Transfer of pre-delivery payments — 284,170 (284,170) — — — — — Additions — 75,080 347,010 525 1,114 290 11,296 435,315 Disposals — (36,351) — (3,576) (140) (3,139) — (43,206) Reclassifications — 1,028 5,600 — 135 657 (1,877) 5,543 Reclassifications from assets held for sale — 62,875 — — — — — 62,875 Balance at December 31, 2021 $ 6,301 $ 2,925,576 $ 476,254 $ 53,562 $ 33,905 $ 65,267 $ 15,584 $ 3,576,449 Transfer of pre-delivery payments — 50,977 (50,977) — — — — — Additions — 228,908 383,176 2,903 3,318 3,291 882 622,478 Disposals — (46,121) — (1,395) (4,265) (164) (29) (51,974) Reclassifications — 8,179 (76,200) — — 5,873 (14,052) (76,200) Balance at December 31, 2022 $ 6,301 $ 3,167,519 $ 732,253 $ 55,070 $ 32,958 $ 74,267 $ 2,385 $ 4,070,753 Transfer of pre-delivery payments — 211,703 (211,703) — — — — — Additions — 373,983 205,030 3,993 3,760 1,991 9,302 598,059 Disposals — (56,979) — (427) (1,476) (897) — (59,779) Reclassifications — (549) (25,400) — — 617 (68) (25,400) Balance at December 31, 2023 $ 6,301 $ 3,695,677 $ 700,180 $ 58,636 $ 35,242 $ 75,978 $ 11,619 $ 4,583,633 Accumulated depreciation and impairment - Balance at January 1, 2021 $ — $ (849,487) $ — $ (46,702) $ (30,461) $ (41,782) $ (4) $ (968,436) Depreciation for the year — (127,432) — (2,576) (1,639) (4,696) — (136,343) Disposals — 34,893 — 3,501 137 2,503 — 41,034 Balance at December 31, 2021 $ — $ (942,026) $ — $ (45,777) $ (31,963) $ (43,975) $ (4) $ (1,063,745) Depreciation for the year — (163,674) — (2,392) (1,354) (4,490) — (171,910) Disposals — 42,631 — 1,366 4,265 164 — 48,426 Balance at December 31, 2022 $ — $ (1,063,069) $ — $ (46,803) $ (29,052) $ (48,301) $ (4) $ (1,187,229) Depreciation for the year — (200,851) — (2,546) (2,190) (4,320) — (209,907) Disposals — 49,382 — 398 1,470 885 — 52,135 Balance at December 31, 2023 $ — $ (1,214,538) $ — $ (48,951) $ (29,772) $ (51,736) $ (4) $ (1,345,001) Carrying amounts - At December 31, 2021 $ 6,301 $ 1,983,550 $ 476,254 $ 7,785 $ 1,942 $ 21,292 $ 15,580 $ 2,512,704 At December 31, 2022 $ 6,301 $ 2,104,450 $ 732,253 $ 8,267 $ 3,906 $ 25,966 $ 2,381 $ 2,883,524 At December 31, 2023 $ 6,301 $ 2,481,139 $ 700,180 $ 9,685 $ 5,470 $ 24,242 $ 11,615 $ 3,238,632 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Information About Right of Use Assets | Information about leases for which the Company is a lessee is presented below: Right of use assets Aircraft Real estate Total Balance at January 1, 2021 $ 192,361 $ 21,918 $ 214,279 Additions 29,157 1,085 30,242 Depreciation expense (73,687) (4,506) (78,193) Balance at December 31, 2021 $ 147,831 $ 18,497 $ 166,328 Additions 132,122 10,069 142,191 Depreciation expense (69,167) (4,972) (74,139) Balance at December 31, 2022 $ 210,786 $ 23,594 $ 234,380 Additions 120,747 1,960 122,707 Depreciation expense (70,622) (5,319) (75,941) Balance at December 31, 2023 $ 260,911 $ 20,235 $ 281,146 |
Disclosure of Lease liabilities | Lease liabilities 2023 2022 Current portion of lease liability Aircraft $ 62,234 $ 74,906 Real estate 6,070 5,178 $ 68,304 $ 80,084 Long-term lease liability Aircraft $ 196,873 $ 135,609 Real estate 18,480 22,680 $ 215,353 $ 158,289 $ 283,657 $ 238,373 |
Disclosure of Lease Expenses | Amounts recognized in the consolidated statement of profit or loss related to leases: 2023 2022 2021 Depreciation and amortization Depreciation expense of right of use assets $ 75,941 $ 74,139 $ 78,193 Other operating and administrative expenses Short-term leases $ 12,310 $ 9,530 $ 440 Leases of low-value assets 425 377 279 Variable lease payments not include in the measurement of lease liabilities 2,895 3,222 1,352 Variable lease payments by rental concessions received — — (1,295) $ 15,630 $ 13,129 $ 776 Finance cost Interest expense on lease liability $ 12,173 $ 6,626 $ 6,806 Unwinding of discount and changes in the discount rate 1,106 819 762 $ 13,279 $ 7,445 $ 7,568 $ 104,850 $ 94,713 $ 86,537 |
Net defined benefit assets (l_2
Net defined benefit assets (liability) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of net defined benefit liability (asset) [abstract] | |
Summary of Employee Defined Benefit Plan | 2023 2022 Fair value of plan assets $ 37,159 $ 31,197 Defined benefit obligation (31,440) (30,332) Other employee benefits (373) (361) $ (31,813) $ (30,693) Net defined benefit asset $ 5,346 $ 504 |
Summary of Details of Defined Benefit Plans | Seniority premium plan: is a contingent liability that companies must pay to their employees according to article 224 of Panama’s Labor Code according to the following: Eligibility: All employees Benefit: One week of salary per years of service Salary: Average of the 5 prior years of the monthly base salary Payment: Lump sum |
Summary of Components of Net Benefit Expense | The following table summarizes the components of net benefit expense included under “Wages, salaries, benefits and other employees’ expenses” in the accompanying consolidated statement of profit or loss: Year ended December 31,2023 Defined benefit Fair value of Defined benefit Current service cost $ 2,725 $ — $ 2,725 Interest cost on net benefit obligation 1,715 (1,641) 74 Past service cost 13 — 13 Net periodic benefit cost (income) $ 4,453 $ (1,641) $ 2,812 Year ended December 31,2022 Defined benefit obligation Fair value of assets Defined benefit assets (liability) Current service cost 2,860 $ — $ 2,860 Interest cost on net benefit obligation 972 (722) 250 Past service cost 16 — 16 Net periodic benefit cost (income) $ 3,848 $ (722) $ 3,126 Year ended December 31,2021 Defined benefit obligation Fair value of assets Defined benefit assets (liability) Current service cost 3,272 — 3,272 Interest cost on net benefit obligation 721 (472) 249 Past service cost 191 — 191 Net periodic benefit cost (income) $ 4,184 $ (472) $ 3,712 |
Summary of Reconciliation of Net Employee Defined Benefit Liabilities | The following table shows reconciliation from the opening balance to the closing balances for net employee defined benefit liabilities and its components: Defined benefit obligation Fair value of assets Other employee benefits liability Net defined benefit assets (liability) At January 1, 2021 $ (39,466) $ 25,783 $ (649) $ (14,332) Current service cost (3,272) — — (3,272) Interest (cost) income (721) 472 — (249) Past service cost (191) — — (191) Curtailment / Settlement — — — — Return on plan assets — 416 — 416 Experience gain (loss) 602 — — 602 Actuarial changes arising from changes in financial assumptions 4,411 — — 4,411 Employer contributions — 2,565 — 2,565 Benefits paid 1,622 (1,102) — 520 Adjustments 2,422 — — 2,422 Others — (721) 159 (562) As of December 31, 2021 $ (34,593) $ 27,413 $ (490) $ (7,670) Current service cost (2,860) — — (2,860) Interest (cost) income (972) 722 — (250) Past service cost (16) — — (16) Return on plan assets — 172 172 Experience gain (loss) (3,959) — — (3,959) Actuarial changes arising from changes in financial assumptions 10,874 — — 10,874 Employer contributions — 3,911 — 3,911 Benefits paid 1,194 (869) — 325 Others — (152) 129 (23) As of December 31, 2022 $ (30,332) $ 31,197 $ (361) $ 504 Current service cost (2,725) — — (2,725) Interest (cost) income (1,715) 1,641 — (74) Past service cost (13) — — (13) Return on plan assets — (251) (251) Experience gain (loss) 80 — — 80 Actuarial changes arising from changes in financial assumptions 2,295 — — 2,295 Employer contributions — 4,572 — 4,572 Benefits paid 970 — — 970 Others — — (12) (12) As of December 31, 2023 $ (31,440) $ 37,159 $ (373) $ 5,346 |
Summary of Sensitivity Analysis for Actuarial Assumptions | The following were the principal actuarial assumptions at the reporting date: 2023 2022 2021 Economic assumptions - Discount rate 6.7% 5.9% 2.9% Compensation - salary increase 4.0% 4.0% 4.0% Demographic assumptions - Mortality Panama expirence Termination 2003 SoA pension plan Retirement Males 62 years Females 57 years |
Summary of Additional Information about Sensitivity Analysis for Actuarial Assumptions | Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amount shown below: December, 31 2023 December, 31 2022 December, 31 2021 Increase Decrease Increase Decrease Increase Decrease Discount rate (0.5% movement) $ 1,296 $ (1,400) $ 1,338 $ (1,451) $ 1,876 $ (2,056) |
Summary of Expected Contribution Payments to Defined Benefit Plan | The following payments are expected contributions to the defined benefit plan in future years: 2023 2022 Up to one year $ 3,313 $ 2,532 One to five years 11,873 10,989 Over five years 18,878 16,847 Total expected payments $ 34,064 $ 30,368 |
Intangibles (Tables)
Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |
Summary of Reconciliation of Changes in Intangible Assets and Goodwill | Other intangibles assets Goodwill License and software rights Intangible in process Total Cost - Balance at January 1, 2021 $ 20,380 $ 156,008 $ 16,000 $ 192,388 Additions — 1,694 9,897 11,591 Reclassifications — 14,495 (14,495) — Balance at December 31, 2021 $ 20,380 $ 172,197 $ 11,402 $ 203,979 Additions — 2,899 15,562 18,461 Disposals — (29,214) — (29,214) Reclassifications — 9,594 (9,594) — Balance at December 31, 2022 $ 20,380 $ 155,476 $ 17,370 $ 193,226 Additions — 6,059 23,638 29,697 Disposals — — — — Reclassifications — 13,530 (13,530) — Balance at December 31, 2023 $ 20,380 $ 175,065 $ 27,478 $ 222,923 Accumulated amortization and impairment— Balance at January 1, 2021 $ — $ (95,800) $ (1,020) $ (96,820) Amortization for the year — (25,410) — (25,410) Balance at December 31, 2021 $ — $ (121,210) $ (1,020) $ (122,230) Amortization for the year — (21,655) — (21,655) Disposals — 29,214 — 29,214 Balance at December 31, 2022 $ — $ (113,651) $ (1,020) $ (114,671) Amortization for the year — (20,266) — (20,266) Disposals — — — — Balance at December 31, 2023 $ — $ (133,917) $ (1,020) $ (134,937) Carrying amounts - At December 31, 2021 $ 20,380 $ 50,987 $ 10,382 $ 81,749 At December 31, 2022 $ 20,380 $ 41,825 $ 16,350 $ 78,555 At December 31, 2023 $ 20,380 $ 41,148 $ 26,458 $ 87,986 |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Assets [abstract] | |
Summary of Other Assets | 2023 2022 Current - Interest receivable $ 18,037 $ 10,554 Other 14,190 6,489 32,227 17,043 Non-current - Guarantee deposits 4,605 5,493 Deposits for litigation 9,231 8,300 Other 3,212 3,212 17,048 17,005 $ 49,275 $ 34,048 |
Loans and borrowings (Tables)
Loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings [abstract] | |
Summary of Loans and Borrowings | 2023 Due Effective rates Carrying Long term fixed rate debt 2034 1.73% to 3.99% 1,039,821 Long term variable rate debt 2033 6.53% to 6.86% 422,870 1,462,691 Current maturities (222,430) Loans and borrowings long-term $ 1,240,261 2022 Due Effective rates Carrying Long-term fixed rate debt 2034 1.73% to 3.95% 983,138 Long-term variable rate debt 2029 4.97% to 6.35% 191,132 Senior convertible notes 2025 14.68% 270,033 1,444,303 Current maturities (142,484) Loans and borrowings long-term $ 1,301,819 |
Summary of Maturities of Loans and Borrowings | Maturities of the loans and borrowings for the next five years are as follows: 2024 222,430 2025 227,628 2026 120,522 2027 128,653 2028 211,853 Thereafter 551,605 $ 1,462,691 |
Summary of Senior Convertible Notes | The net proceeds from the offering, after deducting the initial purchasers’ discounts, commissions and other transaction costs is as follows: Nominal issue Cost assigned to the debt host liability Net funding Date April 30, 2020 $ 350,000 $ (7,102) $ 342,898 |
Disclosure of Detailed information about Impact of the Embedded Derivative on the Financial Statements Explanatory | The impact of the embedded derivative on the consolidated statement of financial position and consolidated statement of profit or loss is, as follows: Statement of financial position Statement of profit or loss 2023 2022 2023 2022 2021 Derivative financial instrument $ — $ 251,150 $ (98,347) $ 17,189 $ (22,778) |
Summary of Finance Cost and Income | The detail of finance cost and income is as follows: 2023 2022 2021 Finance income - Interest income on short-term bank deposits $ 1,541 $ 954 $ 211 Interest income on investment 48,667 17,076 10,638 $ 50,208 $ 18,030 $ 10,849 Finance cost - Interests expense on bank loans $ (41,917) $ (30,502) $ (26,817) Interests expense on senior convertible notes (87,862) (42,403) (38,301) Interest on factoring (3,315) (5,393) (1,365) Interest expense on lease liabilities (13,279) (7,445) (7,568) Unwinding of discount and changes in the discount rate (11,843) (1,888) (2,183) $ (158,216) $ (87,631) $ (76,234) |
Changes in Liabilities Arising from Financing Activities | Changes in liabilities arising from financing activities: 2022 Cash flows Non-cash movements Foreign exchange movement Leases Other 2023 Loans and borrowings $ 1,444,303 $ (73,945) $ — $ — $ 92,333 $ 1,462,691 Lease liability 238,373 (79,999) 448 124,835 — 283,657 Total liabilities used in financing activities $ 1,682,676 $ (153,944) $ 448 $ 124,835 $ 92,333 $ 1,746,348 Non-cash movements 2021 Cash flows Foreign exchange movement Leases Other 2022 Loans and borrowings $ 1,425,633 $ (27,038) $ — $ — $ 45,708 $ 1,444,303 Lease liability 178,651 (79,017) (275) 139,014 — 238,373 Total liabilities used in financing activities $ 1,604,284 $ (106,055) $ (275) $ 139,014 $ 45,708 $ 1,682,676 |
Trade, other payables and fin_2
Trade, other payables and financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables [abstract] | |
Summary of Trade, Other Payables and Financial Liabilities | 2023 2022 Accounts payable $ 182,303 $ 166,660 Accounts payable to related parties 1,228 1,004 183,531 167,664 Others 1,403 1,175 $ 184,934 $ 168,839 |
Accrued expenses payable (Table
Accrued expenses payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Expenses [Abstract] | |
Summary of Accrued Expenses Payable | 2023 2022 Accruals and estimations $ 4,231 $ 4,167 Labor related provisions 53,510 34,423 Liability for social security contributions 7,018 6,323 Other 181 — $ 64,940 $ 44,913 |
Other long-term liabilities (Ta
Other long-term liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Non-current liabilities [abstract] | |
Summary of Other Long-term Liabilities | Provision for litigations Provision for return condition Dismantling provision Other long-term liabilities Total Balance at January 1, 2022 $ 9,907 $ 174,269 $ 28,056 $ 12,553 $ 224,785 Increases 561 18,741 715 1,606 21,623 Used (282) — — (4,301) (4,583) Adjustment — (13,262) (2,755) — (16,017) Effect of movements in exchange rates 909 — — — 909 Unused amounts reversed (961) — — — (961) Unwinding of discount and changes in the discount rate — 11,843 1,106 — 12,949 Balance at December 31, 2023 $ 10,134 $ 191,591 $ 27,122 $ 9,858 $ 238,705 Current — — — 4,231 4,231 Non-current 10,134 191,591 27,122 5,627 234,474 $ 10,134 $ 191,591 $ 27,122 $ 9,858 $ 238,705 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Major components of tax expense (income) [abstract] | |
Summary of Income Tax Expense | 2023 2022 2021 Current taxes expense - Current period $ (76,630) $ (45,561) $ (8,892) Adjustment for prior period 18 626 2,397 $ (76,612) $ (44,935) $ (6,495) Deferred taxes expenses - Origination and reversal of temporary differences (20,393) 4,759 (3,991) Total income tax $ (97,005) $ (40,176) $ (10,486) |
Summary of Balances of Deferred Taxes | The balances of deferred taxes are as follows: Statement Statement of 2023 2022 2023 2022 2021 Deferred tax liabilities Maintenance deposits $ (5,972) $ (11,945) $ (5,973) $ (5,973) $ (5,973) Prepaid dividend tax (30,984) (5,801) 25,183 3,798 2,003 Property and equipment 389 944 555 558 606 Right of use assets (17,136) — 17,136 — — Other (1,385) (1,738) (353) (141) 379 Set off tax 18,719 1,969 (16,750) (453) (423) $ (36,369) $ (16,571) $ 19,798 $ (2,211) $ (3,408) Deferred tax assets Provision for return conditions $ 11,521 $ 9,807 $ (1,714) $ (1,243) $ 4,101 Air traffic liability 2,089 2,686 597 (224) 24 Lease Liability 18,971 — (18,971) — — Other provisions 3,849 1,946 (1,903) 161 (1,485) Tax loss 12,437 18,273 5,836 (1,695) 4,336 Set off tax (18,719) (1,969) 16,750 453 423 $ 30,148 $ 30,743 $ 595 $ (2,548) $ 7,399 $ (6,221) $ 14,172 $ 20,393 $ (4,759) $ 3,991 |
Summary of Reconciliation of Effective Tax Rate | Reconciliation of the effective tax rate is as follows: Tax rate 2023 Tax rate 2022 Tax rate 2021 Net profit $ 514,097 $ 348,054 $ 43,844 Total income tax expense 97,005 40,176 10,486 Profit excluding income tax 611,102 388,230 54,330 Income taxes at Panamanian statutory rates 25.0 % 152,776 25.0 % 97,057 25.0 % 13,583 Stations - Taxable / Panama (10.2 %) (62,113) (16.8 %) (65,384) 15.4 % 8,379 Stations - Taxable / Non Panama (0.7 %) (4,414) 0.2 % 945 10.3 % 5,605 Stations - Non Taxable / Non Panama (1.1 %) (6,483) (2.3 %) (8,961) (27.0 %) (14,684) Dividend tax 2.8 % 17,257 4.4 % 17,145 — % — Over provided in prior periods — % (18) (0.1 %) (626) (4.4 %) (2,397) Provision for income taxes 15.9 % $ 97,005 10.4 % $ 40,176 19.3 % $ 10,486 |
Accounts and transactions wit_2
Accounts and transactions with related parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Summary of Accounts and Transactions with Related Parties | 2023 2022 Accounts receivable - Banco General, S.A. $ 2,408 $ 1,960 Panama Air Cargo Terminal 119 208 $ 2,527 $ 2,168 Accounts payable - Assa Compañía de Seguros, S.A. 496 765 Desarrollos Inmobiliarios del Este, S.A. 19 51 Panama Air Cargo Terminal 658 141 Galindo, Arias & López 24 28 Motta Internacional, S.A. 13 14 GBM International, Inc. 5 5 $ 1,228 $ 1,004 |
Summary of Related Party Transactions | Transactions with related parties for the year ended December 31 are as follows: Related party Transaction Amount of Amount of Amount of ASSA Compañía de Seguros, S.A. Insurance 12,116 10,157 9,713 Desarrollo Inmobiliario del Este, S.A. Property leasing 3,564 2,989 3,384 Profuturo Administradora de Fondos de Pensión y Cesantía Payments 4,572 3,911 2,565 Panama Air Cargo Terminal Handling 3,889 4,116 3,193 Motta International Purchase 1,013 812 108 Galindo, Arias & López Legal services 407 530 170 GBM International, Inc. Technological support 51 50 102 Global Brands, S.A. Purchase 83 60 31 Banco General, S.A. Interest income,net $ (2,368) $ (829) $ (1,546) |
Summary of Key Management Personnel Compensation | Key management personnel compensation is as follows: 2023 2022 2021 Short-term employee benefits $ 4,975 $ 2,901 $ 2,748 Post-employment pension 96 56 53 Share-based payments 1,548 318 1,083 $ 6,619 $ 3,275 $ 3,884 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [abstract] | |
Summary of Movement of Treasury Shares | The movement of the treasury shares is as follow: Shares Cash paid At January 1, 2022 2,869,517 $ (176,902) Acquisition of treasury shares 2,571,917 (167,639) At December 31, 2022 5,441,434 (344,541) Acquisition of treasury shares 1,141,316 (105,932) Share settlement convertible notes (3,694,845) 246,343 At December 31, 2023 2,887,905 $ (204,130) |
Summary of Share Repurchase Program | A summary of the total shares repurchased by the Company through December 31, 2023 is as follows: Shares Cash paid 2014 182,592 $ (18,506) 2015 2,127,900 (117,882) 2021 559,025 (40,514) 2022 2,571,917 (167,639) 2023 1,141,316 (105,932) 6,582,750 $ (450,473) |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Summary of Terms and Conditions, Relating to the Grants of the Non-vested Stock Award under the Equity Compensation Plan | A summary of the terms and conditions, properly approved by the Compensation Committee of our Board of Directors, relating to the grants of the non-vested stock award under share-based payments plans is as follows: Grant date Number of instruments Vesting conditions Contractual life February, 2018 1,316 15% first three anniversaries 25% fourth 30% fifth anniversary 5 years February, 2019 15,951 1% first month 3 years June, 2019 9,256 33% first three anniversaries 3 years June, 2019 977 33% first three anniversaries 3 years August, 2019 1,039 33% first three anniversaries 3 years February, 2020 24,650 1% first month 33% first three anniversaries 3 years February, 2021 32,852 20% first five anniversaries 5 years February, 2021 103,802 33% first three anniversaries 3 years April, 2021 1,145 33% first three anniversaries 3 years February, 2022 13,943 33% first three anniversaries 3 years June, 2022 20,368 33% first three anniversaries 3 years June, 2022 994 33% first three anniversaries 3 years February, 2023 30,567 33% first three anniversaries 3 years June, 2023 10,809 33% first three anniversaries 3 years September, 2023 634 33% first three anniversaries 3 years |
Summary of Non-vested Stock Award Activity | A summary of the non-vested stock award activity under the plan as of December 31, 2023, 2022 and 2021 with changes during these years is as follows (in number of shares): 2023 2022 2021 Non-vested as of January 1 138,243 157,823 153,921 Granted 42,010 35,305 137,799 Vested (59,066) (54,501) (132,880) Forfeited (443) (384) (1,017) Non-vested as of December 31 120,744 138,243 157,823 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Schedule of Computation of the Income (Loss) and Share Data Used in the Basic and Diluted Earnings Per Share | The computation of the income and share data used in the basic and diluted earnings per share is as follows: 2023 2022 2021 Basic earnings per share— Net profit $ 514,097 $ 348,054 $ 43,844 Weighted-average shares outstanding 40,105 40,445 42,439 Non-vested dividend participating awards 123 136 162 40,228 40,581 42,601 12.78 8.58 1.03 Diluted earnings per share— Net profit $ 514,097 $ 348,054 $ 43,844 Interest on convertible senior notes — 42,403 — Net change in fair value of derivatives — (17,189) — Net profit income adjusted for the effect of dilution 514,097 373,268 43,844 Weighted-average shares outstanding 40,228 40,581 42,601 Convertible shares — 6,775 — 40,228 47,356 42,601 12.78 7.88 1.03 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitment and Contingencies [Abstract] | |
Schedule of Firm Commitment to Purchase Asset | 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, 2024 469,096 2025 762,389 2026 583,561 2027 539,680 2028 420,981 $ 2,775,707 |
Financial instruments-Risk ma_2
Financial instruments-Risk management and fair value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of credit risk exposure [abstract] | |
Disclosure of Foreign Currency | A significant part of our revenue is denominated in the following foreign currencies: 2023 2022 % % U.S. dollars 64.3 % 63.3 % Foreign currencies - Colombian peso 10.0 % 12.1 % Brazilian real 7.7 % 8.0 % Argentinian peso 5.1 % 4.6 % Chilean peso 3.1 % 3.2 % Mexican peso 3.5 % 2.6 % Other currencies 6.3 % 6.2 % 100.0 % 100.0 % |
Summary of Foreign Currency Risk Exposure | The following chart summarizes the Company’s foreign currency risk exposure (assets and liabilities denominated in foreign currency) as of December 31: 2023 2022 Assets Cash and cash equivalents $ 15,858 $ 13,546 Accounts receivable, net 108,767 48,900 Other assets 25,707 20,605 Total assets $ 150,332 $ 83,051 Liabilities Accounts payable 53,393 16,969 Taxes payable 38,157 38,303 Other liabilities 16,543 13,465 Total liabilities $ 108,093 $ 68,737 Net position $ 42,239 $ 14,314 |
Movement in Allowance for Impairment for Short and Long-term Investments at Amortized Cost | The movement in the allowance for impairment for short and long-term investments at amortized cost for the year ended December 31 was as follows: 2023 2022 Balance at beginning of year $ (2,955) $ (1,312) (Additions) / Reversal 697 (1,643) Balance at end of year $ (2,258) $ (2,955) |
Summary of Credit Risk Exposure on Trade Receivables using Provision Matrix | Set out below is the information about the credit risk exposure on the Company’s trade receivables using a provision matrix as of December 31: 2023 Days past due Total Current <30 30-60 60-90 >90 Expected credit loss rate 0.0% 8.8% 9.0% 24.4% 53.9% Gross carrying amount $162,544 $153,289 $2,487 $1,174 $258 $5,336 Expected credit loss $3,297 $35 $218 $106 $63 $2,875 2022 Days past due Total Current <30 30-60 60-90 >90 Expected credit loss rate 0.0% 5.9% 13.1% 30.5% 57.3% Gross carrying amount $145,273 $127,412 $2,877 $2,134 $545 $12,305 Expected credit loss $7,690 $28 $170 $279 $166 $7,047 |
Summary of Financial Liabilities According to Maturity Date | The table below summarizes the Company’s financial liabilities according to their maturity date. The amounts in the table are the contractual undiscounted cash flows. Balances due within twelve months equal their carrying balances as the impact of discounting is not significant. December 31, 2023 Note Carrying amount Contractual cash flow Less than twelve months Between 1 and 4 years More than 4 years Non-derivative financial liabilities Loans and borrowings 18 $ 1,462,691 $ 1,624,325 $ 256,216 $ 780,090 $ 588,019 Lease liability 14 283,657 322,858 80,513 195,340 47,005 Account payable 19 182,303 182,303 182,303 — — Account payable to related parties 19 1,228 1,228 1,228 — — $ 1,929,879 $ 2,130,714 $ 520,260 $ 975,430 $ 635,024 December 31, 2022 Note Carrying amount Contractual cash flow Less than twelve months Between 1 and 4 years More than 4 years Non-derivative financial liabilities Loans and borrowings 18 $ 1,444,303 $ 1,538,467 $ 167,759 $ 920,846 $ 449,862 Lease liability 14 238,373 341,847 106,076 195,253 40,518 Account payable 19 166,660 166,660 166,660 — — Account payable to related parties 19 1,004 1,004 1,004 — — $ 1,850,340 $ 2,047,978 $ 441,499 $ 1,116,099 $ 490,380 |
Summary of Carrying Amount and Fair Values of Financial Assets and Financial Liabilities | Set out below is a comparison, by class, of the carrying amounts and fair values of the Company’s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values: Carrying amount Fair Value Note 2023 2022 2023 2022 Financial assets Long-term investments 9 258,934 202,056 260,534 201,061 Financial liabilities Loans and borrowings 18 1,462,691 1,444,303 1,494,124 1,559,435 |
Summary of Company's financial instruments measured at fair value | The following chart summarizes the Company’s financial instruments measured at fair value, classified according to the valuation method: Fair value measurement as of reporting date 2023 Quoted Significant Significant Recurring fair value measurements Assets Investment fund 102,063 102,063 — — Total assets $ 102,063 $ 102,063 $ — $ — Fair value measurement as of reporting date 2022 Quoted prices in active markets (Level 1) Significant Significant Recurring fair value measurements Assets Investment fund 95,474 95,474 — — Total assets $ 95,474 $ 95,474 $ — $ — Liabilities Derivative financial instruments 251,150 — 251,150 — Total liabilities $ 251,150 $ — $ 251,150 $ — |
Corporate information - Additio
Corporate information - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2022 T | May 31, 2021 | Dec. 31, 2023 destination airline | Dec. 31, 2023 destination airline flight | Dec. 31, 2023 destination airline | Dec. 31, 2023 destination airline Country | Dec. 31, 2023 destination airline aircraft | |
Parent company information [line items] | |||||||
Number of operated aircrafts | 375 | 106 | |||||
Number of airline destinations | destination | 82 | ||||||
Number of airline destination countries | Country | 32 | ||||||
Number of international airline destinations (more than) | destination | 180 | ||||||
Commercial alliance renewed | five years | ||||||
Aircraft useful life | 9 years 8 months 12 days | ||||||
Boeing 737-800 | |||||||
Parent company information [line items] | |||||||
Number of operated aircrafts | 67 | ||||||
Boeing 737-700 | |||||||
Parent company information [line items] | |||||||
Number of operated aircrafts | 9 | ||||||
Boeing 737-800 BCF | |||||||
Parent company information [line items] | |||||||
Number of operated aircrafts | 1 | ||||||
Capacity per aircraft | T | 21.70 | ||||||
Boeing 737-MAX | |||||||
Parent company information [line items] | |||||||
Number of operated aircrafts | 29 | ||||||
ConnectMiles | Star Alliance Airlines | |||||||
Parent company information [line items] | |||||||
Number of destinations | destination | 1,200 | 1,200 | 1,200 | 1,200 | 1,200 | ||
ConnectMiles | Star Alliance Airlines | Bottom of range | |||||||
Parent company information [line items] | |||||||
Number of airlines | airline | 26 | 26 | 26 | 26 | 26 |
Material accounting policies -
Material accounting policies - Schedule of Significant Subsidiaries (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Panama | Copa Airlines | ||
Disclosure of information about unconsolidated subsidiaries [line items] | ||
Ownership interest | 99.90% | 99.90% |
Panama | LNA | ||
Disclosure of information about unconsolidated subsidiaries [line items] | ||
Ownership interest | 100% | 100% |
Colombia | AeroRepublica | ||
Disclosure of information about unconsolidated subsidiaries [line items] | ||
Ownership interest | 99.90% | 99.90% |
British Virgin Islands | Oval | ||
Disclosure of information about unconsolidated subsidiaries [line items] | ||
Ownership interest | 100% | 100% |
Material accounting policies _2
Material accounting policies - Estimated Useful Lives of Assets and Considering Residual Value (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Residual Value | 0.15 |
Airframe and core engines | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimate useful life (years) | 27 years |
Residual Value | 0.15 |
Major maintenance events | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimate useful life (years) | 3 years |
Major maintenance events | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimate useful life (years) | 16 years |
Conversion to freighter | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimate useful life (years) | 10 years |
Estimated useful lives | Lesser of 10 years and remaining useful life of the aircraft |
Cabin refurbishment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | Lesser of remaining useful life of the aircraft and estimated useful life of the refurbishment |
Ground equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimate useful life (years) | 10 years |
Furniture, fixture, equipment and other | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimate useful life (years) | 5 years |
Furniture, fixture, equipment and other | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimate useful life (years) | 10 years |
Leasehold improvements | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | Lesser of remaining lease term and estimated useful life of the leasehold improvement |
Material accounting policies _3
Material accounting policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of summary of significant accounting policies [line items] | |||
Applicable tax rate | 25% | 25% | 25% |
CAIR | |||
Disclosure of summary of significant accounting policies [line items] | |||
Effective rate | 4.67% | ||
Panama | |||
Disclosure of summary of significant accounting policies [line items] | |||
Applicable tax rate | 25% | ||
Dividends from Panamanian source income | 10% | ||
Dividends from foreign source income | 5% | ||
Bottom of range | Computer software licenses | |||
Disclosure of summary of significant accounting policies [line items] | |||
Estimated useful lives | 3 years | ||
Bottom of range | Software development | |||
Disclosure of summary of significant accounting policies [line items] | |||
Estimated useful lives | 5 years | ||
Top of range | Computer software licenses | |||
Disclosure of summary of significant accounting policies [line items] | |||
Estimated useful lives | 8 years | ||
Top of range | Software development | |||
Disclosure of summary of significant accounting policies [line items] | |||
Estimated useful lives | 15 years |
Significant accounting judgme_2
Significant accounting judgments, estimates and assumptions - Additional Information (Detail) | Dec. 31, 2023 |
Disclosure of Accounting Judgements and Estimates [Abstract] | |
Salvage value assets rate | 0.15 |
Adoption of new and amended s_2
Adoption of new and amended standards and interpretations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Income tax benefit | $ (97,005) | $ (40,176) | $ (10,486) |
IAS 12 | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Income tax benefit | $ 1,800 |
Revenue from contract with cu_3
Revenue from contract with customers - Summary of Disaggregated Operating Revenues (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Other operating revenue | $ 43,538 | $ 38,549 | $ 25,964 |
Total operating revenue | 3,457,004 | 2,965,033 | 1,509,931 |
Passenger revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 3,316,361 | 2,824,719 | 1,412,390 |
Passenger revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 3,263,764 | 2,793,420 | 1,388,089 |
Miles redeemed | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 52,597 | 31,299 | 24,301 |
Cargo and mail revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 97,105 | 101,765 | 71,577 |
Frequent flyer program - marketing services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Other operating revenue | 37,930 | 28,396 | 18,897 |
Other operating revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Other operating revenue | $ 5,608 | $ 10,153 | $ 7,067 |
Revenue from contract with cu_4
Revenue from contract with customers - Summary of Changes in Contract Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Air traffic liability | ||
Disclosure of changes in contact liabilities [line items] | ||
Balance at beginning of year | $ 651,805 | $ 557,331 |
Sales | 3,722,763 | 3,320,260 |
Revenue recognition | (3,076,635) | (2,623,256) |
Tax recognition | (547,206) | (450,541) |
Reimbursements | (84,033) | (105,508) |
Interline tickets | (52,675) | (52,496) |
Other | (2,163) | 6,015 |
Balance at end of year | 611,856 | 651,805 |
Frequent flyer liability | ||
Disclosure of changes in contact liabilities [line items] | ||
Balance at beginning of year | 111,526 | 95,114 |
Revenue recognition | (52,597) | (31,299) |
Deferred of revenue | 65,887 | 47,711 |
Balance at end of year | 124,816 | 111,526 |
Current | 55,062 | 55,292 |
Non-current | $ 69,754 | $ 56,234 |
Revenue from contract with cu_5
Revenue from contract with customers - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 segment | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Number of operating segments | 1 |
Revenue from contract with cu_6
Revenue from contract with customers - Operating Revenue by Principal Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of geographical areas [line items] | |||
Passenger, cargo and mail revenue | $ 3,413,466 | $ 2,926,484 | $ 1,483,967 |
North America | |||
Disclosure of geographical areas [line items] | |||
Passenger, cargo and mail revenue | 1,328,504 | 957,730 | 428,457 |
South America | |||
Disclosure of geographical areas [line items] | |||
Passenger, cargo and mail revenue | 1,233,362 | 1,094,450 | 557,827 |
Central America | |||
Disclosure of geographical areas [line items] | |||
Passenger, cargo and mail revenue | 796,679 | 819,534 | 475,590 |
Caribbean | |||
Disclosure of geographical areas [line items] | |||
Passenger, cargo and mail revenue | $ 54,921 | $ 54,770 | $ 22,093 |
Cash and cash equivalents - Sch
Cash and cash equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents [abstract] | ||||
Checking and saving accounts | $ 151,146 | $ 122,184 | ||
Time deposit | 55,000 | 0 | ||
Cash on hand | 229 | 240 | ||
Cash and cash equivalents | $ 206,375 | $ 122,424 | $ 211,081 | $ 119,065 |
Cash and cash equivalents - Add
Cash and cash equivalents - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents [abstract] | ||
Collateral pledged | $ 1.4 | $ 7.3 |
Investments - Schedule of Infor
Investments - Schedule of Information About Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial assets [line items] | |||
Current | $ 708,809 | $ 812,323 | |
Long-term investments | 258,934 | 202,056 | |
Total | 967,743 | 1,014,379 | |
Allowance for expected credit losses | (2,258) | (2,955) | $ (1,312) |
Financial assets at amortized cost, category | |||
Disclosure of detailed information about financial assets [line items] | |||
Current | 606,746 | 716,849 | |
Long-term investments | 258,934 | 202,056 | |
Total | 865,680 | 918,905 | |
Current | |||
Disclosure of detailed information about financial assets [line items] | |||
Allowance for expected credit losses | (1,060) | (2,104) | |
Non Current | |||
Disclosure of detailed information about financial assets [line items] | |||
Allowance for expected credit losses | (1,198) | (851) | |
Time deposits and bonds | |||
Disclosure of detailed information about financial assets [line items] | |||
Current | 607,806 | 718,953 | |
Long-term investments | 260,132 | 202,907 | |
Total | 867,938 | 921,860 | |
Time deposits | |||
Disclosure of detailed information about financial assets [line items] | |||
Current | 314,495 | 432,750 | |
Long-term investments | 100,000 | 65,000 | |
Total | 414,495 | 497,750 | |
Bonds | |||
Disclosure of detailed information about financial assets [line items] | |||
Current | 293,311 | 286,203 | |
Long-term investments | 160,132 | 137,907 | |
Total | 453,443 | 424,110 | |
Investment funds | |||
Disclosure of detailed information about financial assets [line items] | |||
Current | 102,063 | 95,474 | |
Long-term investments | 0 | 0 | |
Total | $ 102,063 | $ 95,474 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about investment property [line items] | |||
Time deposits pledged as collateral | $ 6,500 | ||
Other net non-operating income (expense) | 7,153 | $ 70 | $ (3,291) |
Financial assets at fair value through profit or loss, category | |||
Disclosure of detailed information about investment property [line items] | |||
Other net non-operating income (expense) | $ 6,300 | $ (4,200) | |
Bottom of range | |||
Disclosure of detailed information about investment property [line items] | |||
Interest rates on listed corporate bonds | 1% | 0.40% | |
Top of range | |||
Disclosure of detailed information about investment property [line items] | |||
Interest rates on listed corporate bonds | 5.70% | 5.25% |
Accounts receivable - Disclosur
Accounts receivable - Disclosure of Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade and other receivables [abstract] | ||
Credit cards | $ 86,673 | $ 75,274 |
Clearing house | 27,873 | 32,278 |
Airlines | 3,904 | 2,180 |
Cargo and courier | 9,204 | 9,023 |
Agencies | 2,628 | 4,090 |
Government | 8,799 | 6,446 |
Account receivables from related parties | 2,527 | 2,168 |
Other | 20,936 | 13,814 |
Total accounts receivable | 162,544 | 145,273 |
Allowance for expected credit losses | (3,297) | (7,690) |
Trade and other receivables | $ 159,247 | $ 137,583 |
Accounts receivable - Additiona
Accounts receivable - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Bottom of range | |
Disclosure of accounts receivable [line items] | |
Trade receivable term | 30 days |
Top of range | |
Disclosure of accounts receivable [line items] | |
Trade receivable term | 90 days |
Accounts receivable - Summary o
Accounts receivable - Summary of Movements in the Allowance for Impairment in Respect of Account Receivables (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Trade and other receivables [abstract] | |||
Beginning balance | $ (7,690) | $ (7,565) | $ (6,483) |
Additions | (496) | (765) | (1,421) |
Write-off | 4,889 | 640 | 339 |
Ending balance | $ (3,297) | $ (7,690) | $ (7,565) |
Expendable parts and supplies -
Expendable parts and supplies - Disclosure of Expendable Parts and Supplies (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Classes of current inventories [abstract] | ||
Material for repair and maintenance | $ 111,938 | $ 88,276 |
Other inventories | 4,768 | 5,158 |
Expendable parts and supplies, gross | 116,706 | 93,434 |
Allowance for obsolescence | (102) | (102) |
Expendable parts and supplies | $ 116,604 | $ 93,332 |
Expendable parts and supplies_2
Expendable parts and supplies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Classes of current inventories [abstract] | |||
Expendable parts and supplies expense | $ 34.7 | $ 25.4 | $ 22 |
Prepaid expenses - Detailed Inf
Prepaid expenses - Detailed Information about Prepaid Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepayments [Abstract] | ||
Prepaid taxes | $ 20,521 | $ 25,385 |
Prepaid commissions | 3,489 | 3,936 |
Prepaid insurance | 416 | 446 |
Prepaid to supplier | 29,842 | 30,325 |
Total prepaid expenses | 54,268 | 60,092 |
Current | 44,635 | 52,322 |
Non-current | 9,633 | 7,770 |
Prepaid expenses | $ 54,268 | $ 60,092 |
Prepaid expenses - Additional I
Prepaid expenses - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Prepayments [Abstract] | ||
Tax advance of VAT and withholdings taxes | $ 10.9 | $ 9.2 |
Tax credits | $ 9.6 | $ 7.7 |
Property and equipment - Summar
Property and equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | $ 2,883,524 | $ 2,512,704 | |
Ending balance | 3,238,632 | 2,883,524 | $ 2,512,704 |
Cost - | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 4,070,753 | 3,576,449 | 3,115,922 |
Transfer of pre-delivery payments | 0 | 0 | 0 |
Additions | 598,059 | 622,478 | 435,315 |
Disposals | (59,779) | (51,974) | (43,206) |
Reclassifications | (25,400) | (76,200) | 5,543 |
Reclassifications from assets held for sale | 62,875 | ||
Ending balance | 4,583,633 | 4,070,753 | 3,576,449 |
Accumulated depreciation and impairment - | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (1,187,229) | (1,063,745) | (968,436) |
Depreciation for the year | (209,907) | (171,910) | (136,343) |
Disposals | 52,135 | 48,426 | 41,034 |
Ending balance | (1,345,001) | (1,187,229) | (1,063,745) |
Land | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 6,301 | 6,301 | |
Ending balance | 6,301 | 6,301 | 6,301 |
Land | Cost - | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 6,301 | 6,301 | 6,301 |
Transfer of pre-delivery payments | 0 | 0 | 0 |
Additions | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 |
Reclassifications | 0 | 0 | 0 |
Reclassifications from assets held for sale | 0 | ||
Ending balance | 6,301 | 6,301 | 6,301 |
Land | Accumulated depreciation and impairment - | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 0 | 0 | 0 |
Depreciation for the year | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 |
Flight equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2,104,450 | 1,983,550 | |
Ending balance | 2,481,139 | 2,104,450 | 1,983,550 |
Flight equipment | Cost - | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 3,167,519 | 2,925,576 | 2,538,774 |
Transfer of pre-delivery payments | 211,703 | 50,977 | 284,170 |
Additions | 373,983 | 228,908 | 75,080 |
Disposals | (56,979) | (46,121) | (36,351) |
Reclassifications | (549) | 8,179 | 1,028 |
Reclassifications from assets held for sale | 62,875 | ||
Ending balance | 3,695,677 | 3,167,519 | 2,925,576 |
Flight equipment | Accumulated depreciation and impairment - | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (1,063,069) | (942,026) | (849,487) |
Depreciation for the year | (200,851) | (163,674) | (127,432) |
Disposals | 49,382 | 42,631 | 34,893 |
Ending balance | (1,214,538) | (1,063,069) | (942,026) |
Purchase deposits for flight equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 732,253 | 476,254 | |
Ending balance | 700,180 | 732,253 | 476,254 |
Purchase deposits for flight equipment | Cost - | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 732,253 | 476,254 | 407,814 |
Transfer of pre-delivery payments | (211,703) | (50,977) | (284,170) |
Additions | 205,030 | 383,176 | 347,010 |
Disposals | 0 | 0 | 0 |
Reclassifications | (25,400) | (76,200) | 5,600 |
Reclassifications from assets held for sale | 0 | ||
Ending balance | 700,180 | 732,253 | 476,254 |
Purchase deposits for flight equipment | Accumulated depreciation and impairment - | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 0 | 0 | 0 |
Depreciation for the year | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 |
Ramp and miscellaneous | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 8,267 | 7,785 | |
Ending balance | 9,685 | 8,267 | 7,785 |
Ramp and miscellaneous | Cost - | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 55,070 | 53,562 | 56,613 |
Transfer of pre-delivery payments | 0 | 0 | 0 |
Additions | 3,993 | 2,903 | 525 |
Disposals | (427) | (1,395) | (3,576) |
Reclassifications | 0 | 0 | 0 |
Reclassifications from assets held for sale | 0 | ||
Ending balance | 58,636 | 55,070 | 53,562 |
Ramp and miscellaneous | Accumulated depreciation and impairment - | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (46,803) | (45,777) | (46,702) |
Depreciation for the year | (2,546) | (2,392) | (2,576) |
Disposals | 398 | 1,366 | 3,501 |
Ending balance | (48,951) | (46,803) | (45,777) |
Furniture, fixtures, equipment and other | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 3,906 | 1,942 | |
Ending balance | 5,470 | 3,906 | 1,942 |
Furniture, fixtures, equipment and other | Cost - | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 32,958 | 33,905 | 32,796 |
Transfer of pre-delivery payments | 0 | 0 | 0 |
Additions | 3,760 | 3,318 | 1,114 |
Disposals | (1,476) | (4,265) | (140) |
Reclassifications | 0 | 0 | 135 |
Reclassifications from assets held for sale | 0 | ||
Ending balance | 35,242 | 32,958 | 33,905 |
Furniture, fixtures, equipment and other | Accumulated depreciation and impairment - | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (29,052) | (31,963) | (30,461) |
Depreciation for the year | (2,190) | (1,354) | (1,639) |
Disposals | 1,470 | 4,265 | 137 |
Ending balance | (29,772) | (29,052) | (31,963) |
Leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 25,966 | 21,292 | |
Ending balance | 24,242 | 25,966 | 21,292 |
Leasehold improvements | Cost - | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 74,267 | 65,267 | 67,459 |
Transfer of pre-delivery payments | 0 | 0 | 0 |
Additions | 1,991 | 3,291 | 290 |
Disposals | (897) | (164) | (3,139) |
Reclassifications | 617 | 5,873 | 657 |
Reclassifications from assets held for sale | 0 | ||
Ending balance | 75,978 | 74,267 | 65,267 |
Leasehold improvements | Accumulated depreciation and impairment - | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (48,301) | (43,975) | (41,782) |
Depreciation for the year | (4,320) | (4,490) | (4,696) |
Disposals | 885 | 164 | 2,503 |
Ending balance | (51,736) | (48,301) | (43,975) |
Construction in progress | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2,381 | 15,580 | |
Ending balance | 11,615 | 2,381 | 15,580 |
Construction in progress | Cost - | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2,385 | 15,584 | 6,165 |
Transfer of pre-delivery payments | 0 | 0 | 0 |
Additions | 9,302 | 882 | 11,296 |
Disposals | 0 | (29) | 0 |
Reclassifications | (68) | (14,052) | (1,877) |
Reclassifications from assets held for sale | 0 | ||
Ending balance | 11,619 | 2,385 | 15,584 |
Construction in progress | Accumulated depreciation and impairment - | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (4) | (4) | (4) |
Depreciation for the year | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 |
Ending balance | $ (4) | $ (4) | $ (4) |
Property and equipment - Additi
Property and equipment - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) aircraft | Dec. 31, 2021 USD ($) | Mar. 31, 2022 T | Aug. 31, 2020 USD ($) aircraft | Dec. 31, 2023 USD ($) aircraft | Dec. 31, 2022 USD ($) aircraft | Dec. 31, 2021 USD ($) spareEngine aircraft | Sep. 26, 2022 aircraft | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Average lease term | 13 years | |||||||
Asset recognized from insurance reimbursement | $ 11,500 | |||||||
Capitalized expenditure improvements during the year | $ 600 | |||||||
Net profit | $ 514,097 | $ 348,054 | $ 43,844 | |||||
Reversal of impairment loss | 5,400 | |||||||
Training Center | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Capitalized expenditure improvements during the year | $ 5,200 | |||||||
B-737-Max | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Number of aircraft capitalized | aircraft | 8 | 8 | 3 | |||||
Average lease term | 12 years | |||||||
Boeing 737-800 BCF | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Capacity per aircraft | T | 21.70 | |||||||
B-737-800 | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Number of aircrafts damaged | aircraft | 1 | |||||||
B-737-700 | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Impairment loss | $ 191,200 | |||||||
Number of aircraft sold | aircraft | 3 | |||||||
Number of aircraft parts sold | spareEngine | 4 | |||||||
Net profit | $ 0 | |||||||
Number of aircrafts approved to sell | aircraft | 14 | |||||||
Number of aircrafts previously approved for sale, subsequently retained | aircraft | 11 | |||||||
Number of aircrafts sold | aircraft | 2 | |||||||
Aircraft | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Carrying value pledged as collateral obligation | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | |||||
Additions purchase deposits | 200,200 | 383,200 | ||||||
Additions for advance payments contracts | $ 200,000 | $ 377,700 | ||||||
Aircraft | Boeing 737-800 BCF | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Useful life of aircraft | 10 years | |||||||
Aircraft | B-737-700 | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Useful life of aircraft | 3 years |
Leases - Right of use assets (D
Leases - Right of use assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | $ 234,380 | $ 166,328 | $ 214,279 |
Additions | 122,707 | 142,191 | 30,242 |
Depreciation expense | (75,941) | (74,139) | (78,193) |
Ending balance | 281,146 | 234,380 | 166,328 |
Aircraft | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 210,786 | 147,831 | 192,361 |
Additions | 120,747 | 132,122 | 29,157 |
Depreciation expense | (70,622) | (69,167) | (73,687) |
Ending balance | 260,911 | 210,786 | 147,831 |
Real estate | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 23,594 | 18,497 | 21,918 |
Additions | 1,960 | 10,069 | 1,085 |
Depreciation expense | (5,319) | (4,972) | (4,506) |
Ending balance | $ 20,235 | $ 23,594 | $ 18,497 |
Leases - Lease liabilities (Det
Leases - Lease liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Lease Liabilities [Line Items] | ||
Current portion of lease liability | $ 68,304 | $ 80,084 |
Long-term lease liability | 215,353 | 158,289 |
Lease liabilities | 283,657 | 238,373 |
Aircraft | ||
Disclosure Of Lease Liabilities [Line Items] | ||
Current portion of lease liability | 62,234 | 74,906 |
Long-term lease liability | $ 196,873 | $ 135,609 |
Leases - Disclosure of Lease Ex
Leases - Disclosure of Lease Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation and amortization | |||
Depreciation expense of right of use assets | $ 75,941 | $ 74,139 | $ 78,193 |
Other operating and administrative expenses | |||
Short-term leases | 12,310 | 9,530 | 440 |
Leases of low-value assets | 425 | 377 | 279 |
Variable lease payments not include in the measurement of lease liabilities | 2,895 | 3,222 | 1,352 |
Variable lease payments by rental concessions received | 0 | 0 | (1,295) |
Total operating and administrative expenses | 15,630 | 13,129 | 776 |
Finance cost | |||
Interest expense on lease liability | 12,173 | 6,626 | 6,806 |
Unwinding of discount and changes in the discount rate | 1,106 | 819 | 762 |
Total finance costs | 13,279 | 7,445 | 7,568 |
Total lease costs | 104,850 | 94,713 | $ 86,537 |
Lease liabilities | 215,353 | 158,289 | |
Current portion of lease liability | 68,304 | 80,084 | |
Aircraft | |||
Finance cost | |||
Lease liabilities | 196,873 | 135,609 | |
Current portion of lease liability | 62,234 | 74,906 | |
Real estate | |||
Finance cost | |||
Lease liabilities | 18,480 | 22,680 | |
Current portion of lease liability | $ 6,070 | $ 5,178 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 12 Months Ended | 87 Months Ended | ||
Dec. 31, 2023 USD ($) aircraft | Dec. 31, 2022 USD ($) aircraft | Dec. 31, 2021 USD ($) | Aug. 31, 2022 aircraft | |
Disclosure of finance and operating lease by lessee [Line Items] | ||||
Average duration of long-term lease agreement | 13 years | |||
Lease liabilities including provision of dismantling amounts | $ 310.8 | $ 266.4 | ||
Cash outflow for leases | $ 92.2 | $ 85.6 | ||
Weighted average incremental borrowing rate | 4.60% | 3.60% | ||
Total lease income amounts | $ 1.7 | $ 3 | ||
B-737 Max 9 | ||||
Disclosure of finance and operating lease by lessee [Line Items] | ||||
Number of new aircrafts leased | aircraft | 1 | 3 | ||
Lease term | 8 years | |||
B-737-700 | ||||
Disclosure of finance and operating lease by lessee [Line Items] | ||||
Number of new aircrafts leased | aircraft | 2 |
Net defined benefit assets (l_3
Net defined benefit assets (liability) - Summary of Employee Defined Benefit Plan (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of net defined benefit asset (liability) [line items] | ||
Fair value of plan assets | $ 37,159 | $ 31,197 |
Employee benefits liability | (31,813) | (30,693) |
Net defined benefit asset | 5,346 | 504 |
Defined benefit obligation | ||
Disclosure of net defined benefit asset (liability) [line items] | ||
Employee benefits liability | (31,440) | (30,332) |
Other employee benefits | ||
Disclosure of net defined benefit asset (liability) [line items] | ||
Employee benefits liability | $ (373) | $ (361) |
Net defined benefit assets (l_4
Net defined benefit assets (liability) - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) wk | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of net defined benefit asset (liability) [line items] | |||
Actuarial gain recognized in other comprehensive income | $ | $ (2.1) | $ (7.2) | $ 5.4 |
Duration of defined benefit plan obligation | 8 years 3 months 18 days | ||
Seniority Premium Plan | |||
Disclosure of net defined benefit asset (liability) [line items] | |||
Number of weeks salary per years of service | wk | 1 | ||
Average of monthly base salary, number of years | 5 years |
Net defined benefit assets (l_5
Net defined benefit assets (liability) - Summary of Components of Net Benefit Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of net defined benefit asset (liability) [line items] | |||
Current service cost | $ 2,725 | $ 2,860 | $ 3,272 |
Interest cost on net benefit obligation | 74 | 250 | 249 |
Past service cost | 13 | 16 | 191 |
Net periodic benefit cost (income) | 2,812 | 3,126 | 3,712 |
Defined benefit obligation | |||
Disclosure of net defined benefit asset (liability) [line items] | |||
Current service cost | 2,725 | 2,860 | 3,272 |
Interest cost on net benefit obligation | 1,715 | 972 | 721 |
Past service cost | 13 | 16 | 191 |
Net periodic benefit cost (income) | 4,453 | 3,848 | 4,184 |
Fair value of assets | |||
Disclosure of net defined benefit asset (liability) [line items] | |||
Current service cost | 0 | 0 | 0 |
Interest cost on net benefit obligation | (1,641) | (722) | (472) |
Past service cost | 0 | 0 | 0 |
Net periodic benefit cost (income) | $ (1,641) | $ (722) | $ (472) |
Net defined benefit assets (l_6
Net defined benefit assets (liability) - Summary of Reconciliation of Net Employee Defined Benefit Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of net defined benefit asset (liability) [line items] | |||
Beginning balance | $ 504 | $ (7,670) | $ (14,332) |
Current service cost | (2,725) | (2,860) | (3,272) |
Interest (cost) income | (74) | (250) | (249) |
Past service cost | (13) | (16) | (191) |
Curtailment / Settlement | 0 | ||
Return on plan assets | (251) | 172 | 416 |
Experience gain (loss) | 80 | (3,959) | 602 |
Actuarial changes arising from changes in financial assumptions | 2,295 | 10,874 | 4,411 |
Employer contributions | 4,572 | 3,911 | 2,565 |
Benefits paid | 970 | 325 | 520 |
Adjustments | 2,422 | ||
Others | (12) | (23) | (562) |
Ending balance | 5,346 | 504 | (7,670) |
Defined benefit obligation | |||
Disclosure of net defined benefit asset (liability) [line items] | |||
Beginning balance | (30,332) | (34,593) | (39,466) |
Current service cost | (2,725) | (2,860) | (3,272) |
Interest (cost) income | (1,715) | (972) | (721) |
Past service cost | (13) | (16) | (191) |
Curtailment / Settlement | 0 | ||
Return on plan assets | 0 | 0 | 0 |
Experience gain (loss) | 80 | (3,959) | 602 |
Actuarial changes arising from changes in financial assumptions | 2,295 | 10,874 | 4,411 |
Employer contributions | 0 | 0 | 0 |
Benefits paid | 970 | 1,194 | 1,622 |
Adjustments | 2,422 | ||
Others | 0 | 0 | 0 |
Ending balance | (31,440) | (30,332) | (34,593) |
Fair value of assets | |||
Disclosure of net defined benefit asset (liability) [line items] | |||
Beginning balance | 31,197 | 27,413 | 25,783 |
Current service cost | 0 | 0 | 0 |
Interest (cost) income | 1,641 | 722 | 472 |
Past service cost | 0 | 0 | 0 |
Curtailment / Settlement | 0 | ||
Return on plan assets | (251) | 172 | 416 |
Experience gain (loss) | 0 | 0 | 0 |
Actuarial changes arising from changes in financial assumptions | 0 | 0 | 0 |
Employer contributions | 4,572 | 3,911 | 2,565 |
Benefits paid | 0 | (869) | (1,102) |
Adjustments | 0 | ||
Others | 0 | (152) | (721) |
Ending balance | 37,159 | 31,197 | 27,413 |
Other employee benefits liability | |||
Disclosure of net defined benefit asset (liability) [line items] | |||
Beginning balance | (361) | (490) | (649) |
Current service cost | 0 | 0 | 0 |
Interest (cost) income | 0 | 0 | 0 |
Past service cost | 0 | 0 | 0 |
Curtailment / Settlement | 0 | ||
Return on plan assets | 0 | ||
Experience gain (loss) | 0 | 0 | 0 |
Actuarial changes arising from changes in financial assumptions | 0 | 0 | 0 |
Employer contributions | 0 | 0 | 0 |
Benefits paid | 0 | 0 | 0 |
Adjustments | 0 | ||
Others | (12) | 129 | 159 |
Ending balance | $ (373) | $ (361) | $ (490) |
Net defined benefit assets (l_7
Net defined benefit assets (liability) - Summary of Sensitivity Analysis for Actuarial Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Actuarial assumption rate | 0.50% | 0.50% | 0.50% |
Discount rate | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Actuarial assumption rate | 6.70% | 5.90% | 2.90% |
Compensation - salary increase | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Actuarial assumption rate | 4% | 4% | 4% |
Mortality | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Demographic assumptions, Mortality | Panama expirence | ||
Termination | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Demographic assumptions, Mortality | 2003 SoA pension plan | ||
Males | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Retirement age | 62 years | 62 years | 62 years |
Females | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Retirement age | 57 years | 57 years | 57 years |
Net defined benefit assets (l_8
Net defined benefit assets (liability) - Summary of Additional Information about Sensitivity Analysis for Actuarial Assumptions (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Percentage of reasonably possible increase in actuarial assumption | 0.50% | 0.50% | 0.50% |
Percentage of reasonably possible decrease in actuarial assumption | 0.50% | 0.50% | 0.50% |
Discount rate (0.5% movement) | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase | $ 1,296 | $ 1,338 | $ 1,876 |
(Decrease) | $ (1,400) | $ (1,451) | $ (2,056) |
Net defined benefit assets (l_9
Net defined benefit assets (liability) - Summary of Expected Contribution Payments to Defined Benefit Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of defined benefit plans [line items] | ||
Total expected payments | $ 34,064 | $ 30,368 |
Up to one year | ||
Disclosure of defined benefit plans [line items] | ||
Total expected payments | 3,313 | 2,532 |
One to five years | ||
Disclosure of defined benefit plans [line items] | ||
Total expected payments | 11,873 | 10,989 |
Over five years | ||
Disclosure of defined benefit plans [line items] | ||
Total expected payments | $ 18,878 | $ 16,847 |
Intangibles - Summary of Reconc
Intangibles - Summary of Reconciliation of Changes in Intangible Assets and Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | $ 78,555 | $ 81,749 | |
Ending balance | 87,986 | 78,555 | $ 81,749 |
Cost - | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 193,226 | 203,979 | 192,388 |
Additions | 29,697 | 18,461 | 11,591 |
Disposals | 0 | (29,214) | |
Reclassifications | 0 | 0 | 0 |
Ending balance | 222,923 | 193,226 | 203,979 |
Accumulated amortization and impairment— | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | (114,671) | (122,230) | (96,820) |
Amortization for the year | (20,266) | (21,655) | (25,410) |
Disposals | 0 | 29,214 | |
Ending balance | (134,937) | (114,671) | (122,230) |
Goodwill | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 20,380 | 20,380 | |
Ending balance | 20,380 | 20,380 | 20,380 |
Goodwill | Cost - | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 20,380 | 20,380 | 20,380 |
Additions | 0 | 0 | 0 |
Disposals | 0 | 0 | |
Reclassifications | 0 | 0 | 0 |
Ending balance | 20,380 | 20,380 | 20,380 |
Goodwill | Accumulated amortization and impairment— | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 0 | 0 | 0 |
Amortization for the year | 0 | 0 | 0 |
Disposals | 0 | 0 | |
Ending balance | 0 | 0 | 0 |
License and software rights | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 41,825 | 50,987 | |
Ending balance | 41,148 | 41,825 | 50,987 |
License and software rights | Cost - | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 155,476 | 172,197 | 156,008 |
Additions | 6,059 | 2,899 | 1,694 |
Disposals | 0 | (29,214) | |
Reclassifications | 13,530 | 9,594 | 14,495 |
Ending balance | 175,065 | 155,476 | 172,197 |
License and software rights | Accumulated amortization and impairment— | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | (113,651) | (121,210) | (95,800) |
Amortization for the year | (20,266) | (21,655) | (25,410) |
Disposals | 0 | 29,214 | |
Ending balance | (133,917) | (113,651) | (121,210) |
Intangible in process | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 16,350 | 10,382 | |
Ending balance | 26,458 | 16,350 | 10,382 |
Intangible in process | Cost - | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 17,370 | 11,402 | 16,000 |
Additions | 23,638 | 15,562 | 9,897 |
Disposals | 0 | 0 | |
Reclassifications | (13,530) | (9,594) | (14,495) |
Ending balance | 27,478 | 17,370 | 11,402 |
Intangible in process | Accumulated amortization and impairment— | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | (1,020) | (1,020) | (1,020) |
Amortization for the year | 0 | 0 | 0 |
Disposals | 0 | 0 | |
Ending balance | $ (1,020) | $ (1,020) | $ (1,020) |
Intangibles - Additional Inform
Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Increase in discount rate | 26.40% | ||
Percentage of rise in increase in discount rate | 10.60% | ||
Intangible assets | $ 87,986 | $ 78,555 | $ 81,749 |
Goodwill | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Estimated recoverable amount | $ 6,200,000 | $ 5,100,000 | |
Pre-tax discount rate applied to cash flow projections | 15.80% | 13.80% | |
Growth rate used to extrapolate cash flow projections | 3% | 3% | |
Intangible assets | $ 20,380 | $ 20,380 | $ 20,380 |
Capitalized development expenditure | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets | $ 13,500 | $ 9,600 |
Other assets - Summary of Other
Other assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Interest receivable | $ 18,037 | $ 10,554 |
Other | 14,190 | 6,489 |
Other currents assets | 32,227 | 17,043 |
Non-current assets | ||
Guarantee deposits | 4,605 | 5,493 |
Deposits for litigation | 9,231 | 8,300 |
Other | 3,212 | 3,212 |
Other non - current assets | 17,048 | 17,005 |
Other current and non-current assets | $ 49,275 | $ 34,048 |
Loans and borrowings - Summary
Loans and borrowings - Summary of Loans and Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Debt including current maturities | $ 1,462,691 | $ 1,444,303 |
Current maturities | (222,430) | (142,484) |
Loans and borrowings long-term | 1,240,261 | 1,301,819 |
2034 | Long term fixed rate debt | ||
Disclosure of detailed information about borrowings [line items] | ||
Debt including current maturities | 1,039,821 | 983,138 |
2033 | Long term variable rate debt | ||
Disclosure of detailed information about borrowings [line items] | ||
Debt including current maturities | $ 422,870 | |
2029 | Long term variable rate debt | ||
Disclosure of detailed information about borrowings [line items] | ||
Debt including current maturities | $ 191,132 | |
2025 | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest rates of borrowings | 14.68% | |
Debt including current maturities | $ 270,033 | |
Bottom of range | 2034 | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest rates of borrowings | 1.73% | 1.73% |
Bottom of range | 2033 | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest rates of borrowings | 6.53% | |
Bottom of range | 2029 | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest rates of borrowings | 4.97% | |
Top of range | 2034 | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest rates of borrowings | 3.99% | 3.95% |
Top of range | 2033 | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest rates of borrowings | 6.86% | |
Top of range | 2029 | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest rates of borrowings | 6.35% |
Loans and borrowings - Summar_2
Loans and borrowings - Summary of Maturities of Loans and Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 1,462,691 | $ 1,444,303 |
2024 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 222,430 | |
2025 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 227,628 | |
2026 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 120,522 | |
2027 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 128,653 | |
2028 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 211,853 | |
Thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 551,605 |
Loans and borrowings - Addition
Loans and borrowings - Additional Information (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2023 USD ($) $ / shares shares | Sep. 18, 2023 | Jul. 14, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | Apr. 30, 2020 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||
Number of trading days immediately before maturity date | 40 days | |||||
Conversion price percentage | 1.30 | |||||
Percentage redemption price on convertible notes | 1 | |||||
Conversion ratio per $1,000 principal amount of Notes (in shares) | shares | 0.0193564 | 0.0193564 | 0.0201603 | |||
Share settlement convertible notes | $ 349,000 | $ 349,495 | ||||
Remeasurement of convertible notes | 87,900 | |||||
Debt including current maturities | $ 1,462,691 | $ 1,462,691 | $ 1,444,303 | |||
Class A common stock | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Share settlement convertible notes (in shares) | shares | 3,700,000 | 3,694,845 | ||||
Bottom of range | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Support from Export-Import Bank for net purchase price of aircraft | 80% | |||||
Top of range | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Support from Export-Import Bank for net purchase price of aircraft | 85% | |||||
Senior Convertible Notes | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Principal amount | $ 350,000 | $ 350,000 | $ 350,000 | |||
Effective interest rates of borrowings | 4.50% | |||||
Conversion price per principal amount | $ / shares | $ 51.66 | |||||
Fair value of the embedded derivative at initial recognition | $ 138,400 | |||||
Export-Import Bank of United States | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Outstanding indebtedness | 416,600 | $ 416,600 | $ 466,600 | |||
2025 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Effective interest rates of borrowings | 14.68% | |||||
Shares settlement convertible notes, not converted by holders | $ 1,000 | |||||
Debt including current maturities | $ 270,033 | |||||
Finance lease | Long term fixed rate debt | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Debt including current maturities | 623,200 | 623,200 | 516,500 | |||
Finance lease | Long term variable rate debt | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Debt including current maturities | $ 422,900 | $ 422,900 | $ 157,800 |
Loans and borrowings - Summar_3
Loans and borrowings - Summary of Senior Convertible Notes (Detail) - Senior Convertible Notes - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Apr. 30, 2020 | |
Disclosure of Detailed Information Of Senior Convertible Notes Explanatory [Line Items] | ||
Nominal issue | $ 350,000 | $ 350,000 |
Cost assigned to the debt host liability | (7,102) | |
Net funding | $ 342,898 |
Loans and borrowings - Disclosu
Loans and borrowings - Disclosure of Detailed Information About Impact of the Embedded Derivative on the Financial Statements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclousre of Detailed information about Impact of the Embedded Derivative on the Financial Statements [Line Items] | |||
Derivative financial instruments | $ 0 | $ 251,150 | |
Derivative financial instrument | (98,347) | 17,189 | $ (22,778) |
Senior Convertible Notes | |||
Disclousre of Detailed information about Impact of the Embedded Derivative on the Financial Statements [Line Items] | |||
Derivative financial instruments | 0 | 251,150 | |
Derivative financial instrument | $ (98,347) | $ 17,189 | $ (22,778) |
Loans and borrowings - Summar_4
Loans and borrowings - Summary of Finance Cost and Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | |||
Finance income | $ 50,208 | $ 18,030 | $ 10,849 |
Finance cost - | (158,216) | (87,631) | (76,234) |
Interest income on short-term bank deposits | |||
Disclosure of detailed information about borrowings [line items] | |||
Finance income | 1,541 | 954 | 211 |
Interest income on investment | |||
Disclosure of detailed information about borrowings [line items] | |||
Finance income | 48,667 | 17,076 | 10,638 |
Interests expense on bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Finance cost - | (41,917) | (30,502) | (26,817) |
Interests expense on senior convertible notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Finance cost - | (87,862) | (42,403) | (38,301) |
Interest on factoring | |||
Disclosure of detailed information about borrowings [line items] | |||
Finance cost - | (3,315) | (5,393) | (1,365) |
Interest expense on lease liabilities | |||
Disclosure of detailed information about borrowings [line items] | |||
Finance cost - | (13,279) | (7,445) | (7,568) |
Unwinding of discount and changes in the discount rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Finance cost - | $ (11,843) | $ (1,888) | $ (2,183) |
Loans and borrowings - Changes
Loans and borrowings - Changes in Liabilities Arising from Financing Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning Balance | $ 1,682,676 | $ 1,604,284 |
Cash flows | (153,944) | (106,055) |
Foreign exchange movement | 448 | (275) |
Leases | 124,835 | 139,014 |
Other | 92,333 | 45,708 |
Ending balance | 1,746,348 | 1,682,676 |
Loans and borrowings | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning Balance | 1,444,303 | 1,425,633 |
Cash flows | (73,945) | (27,038) |
Foreign exchange movement | 0 | 0 |
Leases | 0 | 0 |
Other | 92,333 | 45,708 |
Ending balance | 1,462,691 | 1,444,303 |
Lease liability | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning Balance | 238,373 | 178,651 |
Cash flows | (79,999) | (79,017) |
Foreign exchange movement | 448 | (275) |
Leases | 124,835 | 139,014 |
Other | 0 | 0 |
Ending balance | $ 283,657 | $ 238,373 |
Trade, other payables and fin_3
Trade, other payables and financial liabilities - Summary of Trade, Other Payables and Financial Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade and other payables [abstract] | ||
Accounts payable | $ 182,303 | $ 166,660 |
Accounts payable to related parties | 1,228 | 1,004 |
Trade payable | 183,531 | 167,664 |
Others | 1,403 | 1,175 |
Trade, other payables and financial liabilities | $ 184,934 | $ 168,839 |
Accrued expenses payable - Summ
Accrued expenses payable - Summary of Accrued Expenses Payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Expenses [Abstract] | ||
Accruals and estimations | $ 4,231 | $ 4,167 |
Labor related provisions | 53,510 | 34,423 |
Liability for social security contributions | 7,018 | 6,323 |
Other | 181 | 0 |
Accrued expenses payable | $ 64,940 | $ 44,913 |
Accrued expenses payable - Addi
Accrued expenses payable - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Expenses [Abstract] | |
Accrual expense settlement period | 12 months |
Other long-term liabilities - S
Other long-term liabilities - Summary of Other Long-term Liabilities (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Disclosure of other long-term liabilities [line items] | |
Balance at January 1, 2022 | $ 224,785 |
Increases | 21,623 |
Used | (4,583) |
Adjustment | (16,017) |
Effect of movements in exchange rates | 909 |
Unused amounts reversed | (961) |
Unwinding of discount and changes in the discount rate | 12,949 |
Balance at December 31, 2023 | 238,705 |
Current and Non-Current: | |
Current | 4,231 |
Non-current | 234,474 |
Other liabilities | 238,705 |
Provision for litigations | |
Disclosure of other long-term liabilities [line items] | |
Balance at January 1, 2022 | 9,907 |
Increases | 561 |
Used | (282) |
Adjustment | 0 |
Effect of movements in exchange rates | 909 |
Unused amounts reversed | (961) |
Unwinding of discount and changes in the discount rate | 0 |
Balance at December 31, 2023 | 10,134 |
Current and Non-Current: | |
Current | 0 |
Non-current | 10,134 |
Other liabilities | 10,134 |
Provision for return condition | |
Disclosure of other long-term liabilities [line items] | |
Balance at January 1, 2022 | 174,269 |
Increases | 18,741 |
Used | 0 |
Adjustment | (13,262) |
Effect of movements in exchange rates | 0 |
Unused amounts reversed | 0 |
Unwinding of discount and changes in the discount rate | 11,843 |
Balance at December 31, 2023 | 191,591 |
Current and Non-Current: | |
Current | 0 |
Non-current | 191,591 |
Other liabilities | 191,591 |
Dismantling provision | |
Disclosure of other long-term liabilities [line items] | |
Balance at January 1, 2022 | 28,056 |
Increases | 715 |
Used | 0 |
Adjustment | (2,755) |
Effect of movements in exchange rates | 0 |
Unused amounts reversed | 0 |
Unwinding of discount and changes in the discount rate | 1,106 |
Balance at December 31, 2023 | 27,122 |
Current and Non-Current: | |
Current | 0 |
Non-current | 27,122 |
Other liabilities | 27,122 |
Other long-term liabilities | |
Disclosure of other long-term liabilities [line items] | |
Balance at January 1, 2022 | 12,553 |
Increases | 1,606 |
Used | (4,301) |
Adjustment | 0 |
Effect of movements in exchange rates | 0 |
Unused amounts reversed | 0 |
Unwinding of discount and changes in the discount rate | 0 |
Balance at December 31, 2023 | 9,858 |
Current and Non-Current: | |
Current | 4,231 |
Non-current | 5,627 |
Other liabilities | $ 9,858 |
Other long-term liabilities - A
Other long-term liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Non-current liabilities [abstract] | ||
Amount in escrow account | $ 8.4 | $ 8.2 |
Provision For adjustment | 13.3 | |
Provision for maintenance | 6.5 | $ 9.2 |
Trust fund | $ 3 |
Income taxes - Summary of Incom
Income taxes - Summary of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current taxes expense - | |||
Current period | $ (76,630) | $ (45,561) | $ (8,892) |
Adjustment for prior period | 18 | 626 | 2,397 |
Current taxes expense, total | (76,612) | (44,935) | (6,495) |
Deferred taxes expenses - | |||
Origination and reversal of temporary differences | (20,393) | 4,759 | (3,991) |
Total income tax | $ (97,005) | $ (40,176) | $ (10,486) |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 30,148 | $ 30,743 |
Copa Airlines | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Effective rate | 25% | 25% |
Deferred tax assets | $ 7,600 | $ 11,400 |
AeroRepublica | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 4,800 | $ 6,900 |
Colombia | AeroRepublica | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Effective rate | 35% | 35% |
Income taxes - Summary of Balan
Income taxes - Summary of Balances of Deferred Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred tax liabilities | |||
Deferred tax liabilities | $ (36,369) | $ (16,571) | |
Set off tax | 18,719 | 1,969 | |
Net deferred tax liabilities | (36,369) | (16,571) | |
Deferred tax assets | |||
Deferred tax assets | 30,148 | 30,743 | |
Set off tax | (18,719) | (1,969) | |
Net deferred tax assets | 30,148 | 30,743 | |
Total deferred taxes | (6,221) | 14,172 | |
Deferred tax liabilities | |||
Set off tax | (16,750) | (453) | $ (423) |
Deferred tax liabilities | 19,798 | (2,211) | (3,408) |
Deferred tax assets | |||
Set off tax | 16,750 | 453 | 423 |
Deferred tax assets | 595 | (2,548) | 7,399 |
Origination and reversal of temporary differences | 20,393 | (4,759) | 3,991 |
Maintenance deposits | |||
Deferred tax liabilities | |||
Deferred tax liabilities | (5,972) | (11,945) | |
Deferred tax liabilities | |||
Deferred tax expense (income) recognised in profit or loss | (5,973) | (5,973) | (5,973) |
Deferred tax assets | |||
Deferred tax expense (income) recognised in profit or loss | (5,973) | (5,973) | (5,973) |
Prepaid dividend tax | |||
Deferred tax liabilities | |||
Deferred tax liabilities | (30,984) | (5,801) | |
Deferred tax liabilities | |||
Deferred tax expense (income) recognised in profit or loss | 25,183 | 3,798 | 2,003 |
Deferred tax assets | |||
Deferred tax expense (income) recognised in profit or loss | 25,183 | 3,798 | 2,003 |
Property and equipment | |||
Deferred tax liabilities | |||
Deferred tax liabilities | 389 | 944 | |
Deferred tax liabilities | |||
Deferred tax expense (income) recognised in profit or loss | 555 | 558 | 606 |
Deferred tax assets | |||
Deferred tax expense (income) recognised in profit or loss | 555 | 558 | 606 |
Right of use assets | |||
Deferred tax liabilities | |||
Deferred tax liabilities | (17,136) | 0 | |
Deferred tax liabilities | |||
Deferred tax expense (income) recognised in profit or loss | 17,136 | 0 | 0 |
Deferred tax assets | |||
Deferred tax expense (income) recognised in profit or loss | 17,136 | 0 | 0 |
Other | |||
Deferred tax liabilities | |||
Deferred tax liabilities | (1,385) | (1,738) | |
Deferred tax liabilities | |||
Deferred tax expense (income) recognised in profit or loss | (353) | (141) | 379 |
Deferred tax assets | |||
Deferred tax expense (income) recognised in profit or loss | (353) | (141) | 379 |
Provision for return conditions | |||
Deferred tax assets | |||
Deferred tax assets | 11,521 | 9,807 | |
Deferred tax liabilities | |||
Deferred tax expense (income) recognised in profit or loss | (1,714) | (1,243) | 4,101 |
Deferred tax assets | |||
Deferred tax expense (income) recognised in profit or loss | (1,714) | (1,243) | 4,101 |
Air traffic liability | |||
Deferred tax assets | |||
Deferred tax assets | 2,089 | 2,686 | |
Deferred tax liabilities | |||
Deferred tax expense (income) recognised in profit or loss | 597 | (224) | 24 |
Deferred tax assets | |||
Deferred tax expense (income) recognised in profit or loss | 597 | (224) | 24 |
Lease Liability | |||
Deferred tax assets | |||
Deferred tax assets | 18,971 | 0 | |
Deferred tax liabilities | |||
Deferred tax expense (income) recognised in profit or loss | (18,971) | 0 | 0 |
Deferred tax assets | |||
Deferred tax expense (income) recognised in profit or loss | (18,971) | 0 | 0 |
Other provisions | |||
Deferred tax assets | |||
Deferred tax assets | 3,849 | 1,946 | |
Deferred tax liabilities | |||
Deferred tax expense (income) recognised in profit or loss | (1,903) | 161 | (1,485) |
Deferred tax assets | |||
Deferred tax expense (income) recognised in profit or loss | (1,903) | 161 | (1,485) |
Tax loss | |||
Deferred tax assets | |||
Deferred tax assets | 12,437 | 18,273 | |
Deferred tax liabilities | |||
Deferred tax expense (income) recognised in profit or loss | 5,836 | (1,695) | 4,336 |
Deferred tax assets | |||
Deferred tax expense (income) recognised in profit or loss | $ 5,836 | $ (1,695) | $ 4,336 |
Income taxes - Summary of Recon
Income taxes - Summary of Reconciliation of Effective Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tax rate | |||
Income taxes at Panamanian statutory rates | 25% | 25% | 25% |
Stations - Taxable / Panama | (10.20%) | (16.80%) | 15.40% |
Stations - Taxable / Non Panama | (0.70%) | 0.20% | 10.30% |
Stations - Non Taxable / Non Panama | (1.10%) | (2.30%) | (27.00%) |
Dividend tax | 2.80% | 4.40% | 0% |
Over provided in prior periods | 0% | (0.10%) | (4.40%) |
Provision for income taxes | 15.90% | 10.40% | 19.30% |
Net profit | $ 514,097 | $ 348,054 | $ 43,844 |
Total income tax expense | 97,005 | 40,176 | 10,486 |
Profit before taxes | 611,102 | 388,230 | 54,330 |
Income taxes at Panamanian statutory rates | 152,776 | 97,057 | 13,583 |
Stations - Taxable / Panama | (62,113) | (65,384) | 8,379 |
Stations - Taxable / Non Panama | (4,414) | 945 | 5,605 |
Stations - Non Taxable / Non Panama | (6,483) | (8,961) | (14,684) |
Dividend tax | 17,257 | 17,145 | 0 |
Over provided in prior periods | (18) | (626) | (2,397) |
Provision for income taxes | $ 97,005 | $ 40,176 | $ 10,486 |
Accounts and transactions wit_3
Accounts and transactions with related parties - Summary of Accounts and Transactions with Related Parties (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of transactions between related parties [line items] | ||
Accounts receivable - | $ 2,527 | $ 2,168 |
Accounts payable - | 1,228 | 1,004 |
Banco General, S.A. | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable - | 2,408 | 1,960 |
Panama Air Cargo Terminal | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable - | 119 | 208 |
Accounts payable - | 658 | 141 |
Assa Compañía de Seguros, S.A. | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable - | 496 | 765 |
Desarrollos Inmobiliarios del Este, S.A. | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable - | 19 | 51 |
Galindo, Arias & López | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable - | 24 | 28 |
Motta Internacional, S.A. | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable - | 13 | 14 |
GBM International, Inc. | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable - | $ 5 | $ 5 |
Accounts and transactions wit_4
Accounts and transactions with related parties - Summary of Related Party Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Assa Compañía de Seguros, S.A. | Insurance | |||
Disclosure of transactions between related parties [line items] | |||
Related party | $ 12,116 | $ 10,157 | $ 9,713 |
Desarrollos Inmobiliarios del Este, S.A. | Property leasing | |||
Disclosure of transactions between related parties [line items] | |||
Related party | 3,564 | 2,989 | 3,384 |
Profuturo Administradora de Fondos de Pensión y Cesantía | Payments | |||
Disclosure of transactions between related parties [line items] | |||
Related party | 4,572 | 3,911 | 2,565 |
Panama Air Cargo Terminal | Handling | |||
Disclosure of transactions between related parties [line items] | |||
Related party | 3,889 | 4,116 | 3,193 |
Motta International | Purchase | |||
Disclosure of transactions between related parties [line items] | |||
Related party | 1,013 | 812 | 108 |
Galindo, Arias & López | Legal services | |||
Disclosure of transactions between related parties [line items] | |||
Related party | 407 | 530 | 170 |
GBM International, Inc. | Technological support | |||
Disclosure of transactions between related parties [line items] | |||
Related party | 51 | 50 | 102 |
Global Brands, S.A. | Purchase | |||
Disclosure of transactions between related parties [line items] | |||
Related party | 83 | 60 | 31 |
Banco General, S.A. | Interest income,net | |||
Disclosure of transactions between related parties [line items] | |||
Related party | $ (2,368) | $ (829) | $ (1,546) |
Accounts and transactions wit_5
Accounts and transactions with related parties - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) ft² floor | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Banco General, S.A. | |||
Disclosure of transactions between related parties [line items] | |||
Interest receivable | $ 1.8 | $ 0.1 | |
Proceeds from sale of miles | $ 24.9 | $ 18.9 | $ 13.8 |
Desarrollos Inmobiliarios del Este, S.A. | Desarrollo inmobiliario | |||
Disclosure of transactions between related parties [line items] | |||
Number of lease floor | floor | 4 | ||
Approximate area of building | ft² | 105,981 | ||
Corporacion de inversiones areas, S. A | Desarrollo inmobiliario | Class B shares | |||
Disclosure of transactions between related parties [line items] | |||
Percentage of ownership | 100% | ||
Executive officers | |||
Disclosure of transactions between related parties [line items] | |||
Future payments pursuant to a non-compete agreement | $ 3 |
Accounts and transactions wit_6
Accounts and transactions with related parties - Summary of Key Management Personnel Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |||
Short-term employee benefits | $ 4,975 | $ 2,901 | $ 2,748 |
Post-employment pension | 96 | 56 | 53 |
Share-based payments | 1,548 | 318 | 1,083 |
Total | $ 6,619 | $ 3,275 | $ 3,884 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2023 | Feb. 28, 2016 | Nov. 30, 2014 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2023 | Mar. 22, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of equity [line items] | ||||||||||
Common stock, shares authorized | 80,000,000 | 80,000,000 | ||||||||
Dividend payable annual percentage | 40% | |||||||||
Dividends declared, per share, per quarter (in dollars per share) | $ 0.82 | |||||||||
Treasury stock | ||||||||||
Disclosure of equity [line items] | ||||||||||
Common stock, shares outstanding (in shares) | 2,887,905 | 2,887,905 | 5,441,434 | 2,869,517 | ||||||
Share repurchase program authorized amount | $ 200 | $ 250 | $ 200 | |||||||
Share settlement convertible notes (in shares) | 3,694,845 | |||||||||
Class A common stock | ||||||||||
Disclosure of equity [line items] | ||||||||||
Common stock, shares issued (in shares) | 34,110,338 | 34,110,338 | 34,033,575 | |||||||
Common stock, shares outstanding (in shares) | 31,101,689 | 31,101,689 | 28,477,704 | 30,995,120 | 31,421,265 | |||||
Share settlement convertible notes (in shares) | 3,700,000 | 3,694,845 | ||||||||
Class B common stock | ||||||||||
Disclosure of equity [line items] | ||||||||||
Common stock, shares issued (in shares) | 10,938,125 | 10,938,125 | 10,938,125 | |||||||
Common stock, shares outstanding (in shares) | 10,938,125 | 10,938,125 | 10,938,125 | 10,938,125 | 10,938,125 | |||||
Class C common stock | ||||||||||
Disclosure of equity [line items] | ||||||||||
Common stock, shares outstanding (in shares) | 0 | 0 |
Equity - Summary of Movement of
Equity - Summary of Movement of Treasury Shares (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of equity [line items] | |||||
Cash paid | $ 2,122,148 | $ 2,122,148 | $ 1,492,110 | $ 1,299,397 | $ 1,283,558 |
Acquisition of treasury shares | (105,932) | $ (167,639) | (40,514) | ||
Share settlement convertible notes | 349,000 | $ 349,495 | |||
Treasury stock | |||||
Disclosure of equity [line items] | |||||
Beginning balance, shares (in shares) | 5,441,434 | 2,869,517 | |||
Cash paid | $ (204,130) | $ (204,130) | $ (344,541) | (176,902) | $ (136,388) |
Acquisition of treasury shares (in shares) | 1,141,316 | 2,571,917 | |||
Acquisition of treasury shares | $ (105,932) | $ (167,639) | $ (40,514) | ||
Share settlement convertible notes (in shares) | (3,694,845) | ||||
Share settlement convertible notes | $ 246,343 | ||||
Ending balance, shares (in shares) | 2,887,905 | 2,887,905 | 5,441,434 | 2,869,517 |
Equity - Summary of Share Repur
Equity - Summary of Share Repurchase Program (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) shares | |
Disclosure Of Share Repurchase Program [Line Items] | |
Shares | shares | 6,582,750 |
Cash paid | $ | $ (450,473) |
2014 | |
Disclosure Of Share Repurchase Program [Line Items] | |
Shares | shares | 182,592 |
Cash paid | $ | $ (18,506) |
2015 | |
Disclosure Of Share Repurchase Program [Line Items] | |
Shares | shares | 2,127,900 |
Cash paid | $ | $ (117,882) |
2021 | |
Disclosure Of Share Repurchase Program [Line Items] | |
Shares | shares | 559,025 |
Cash paid | $ | $ (40,514) |
2022 | |
Disclosure Of Share Repurchase Program [Line Items] | |
Shares | shares | 2,571,917 |
Cash paid | $ | $ (167,639) |
2023 | |
Disclosure Of Share Repurchase Program [Line Items] | |
Shares | shares | 1,141,316 |
Cash paid | $ | $ (105,932) |
Share-based payments - Addition
Share-based payments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation expense | $ 4.4 | $ 5.2 | $ 7.1 |
Fair value of non-vested stock awards | $ 91.69 | $ 71.59 | |
Weighted average remaining contractual life | 2 years | 2 years 2 months 12 days | |
Estimated compensation cost for next year | $ 3.1 | $ 3.7 | |
Expected term | 10 years | ||
Bottom of range | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 3 years | ||
Top of range | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 5 years | ||
2024 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated compensation cost for next year | $ 2.2 |
Share-based payments - Summary
Share-based payments - Summary of Terms and Conditions, Relating to the Grants of the Non-vested Stock Award under the Equity Compensation Plan (Detail) | 12 Months Ended |
Dec. 31, 2023 shares | |
February, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments | 1,316 |
Contractual life | 5 years |
February, 2018 | Vesting Tranche 1 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.15 |
February, 2018 | Vesting Tranche 2 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.15 |
February, 2018 | Vesting Tranche 3 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.15 |
February, 2018 | Vesting Tranche 4 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.25 |
February, 2018 | Vesting Tranche 5 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.30 |
February, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments | 15,951 |
Contractual life | 3 years |
February, 2019 | Vesting Tranche 1 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.01 |
February, 2019 | Vesting Tranche 2 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
February, 2019 | Vesting Tranche 3 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
February, 2019 | Vesting Tranche 4 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
June, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments | 9,256 |
Contractual life | 3 years |
June, 2019 | Vesting Tranche 1 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
June, 2019 | Vesting Tranche 2 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
June, 2019 | Vesting Tranche 3 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
June, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments | 977 |
Contractual life | 3 years |
June, 2019 | Vesting Tranche 1 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
June, 2019 | Vesting Tranche 2 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
June, 2019 | Vesting Tranche 3 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
August, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments | 1,039 |
Contractual life | 3 years |
August, 2019 | Vesting Tranche 1 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
August, 2019 | Vesting Tranche 2 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
August, 2019 | Vesting Tranche 3 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
February, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments | 24,650 |
Contractual life | 3 years |
February, 2020 | Vesting Tranche 1 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.01 |
February, 2020 | Vesting Tranche 2 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
February, 2020 | Vesting Tranche 3 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
February, 2020 | Vesting Tranche 4 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
February, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments | 32,852 |
Contractual life | 5 years |
February, 2021 | Vesting Tranche 1 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.20 |
February, 2021 | Vesting Tranche 2 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.20 |
February, 2021 | Vesting Tranche 3 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.20 |
February, 2021 | Vesting Tranche 4 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.20 |
February, 2021 | Vesting Tranche 5 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.20 |
February, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments | 103,802 |
Contractual life | 3 years |
February, 2021 | Vesting Tranche 1 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
February, 2021 | Vesting Tranche 2 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
February, 2021 | Vesting Tranche 3 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
April, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments | 1,145 |
Contractual life | 3 years |
April, 2021 | Vesting Tranche 1 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
April, 2021 | Vesting Tranche 2 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
April, 2021 | Vesting Tranche 3 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
February, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments | 13,943 |
Contractual life | 3 years |
February, 2022 | Vesting Tranche 1 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
February, 2022 | Vesting Tranche 2 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
February, 2022 | Vesting Tranche 3 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
June, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments | 20,368 |
Contractual life | 3 years |
June, 2022 | Vesting Tranche 1 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
June, 2022 | Vesting Tranche 2 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
June, 2022 | Vesting Tranche 3 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
June, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments | 994 |
Contractual life | 3 years |
June, 2022 | Vesting Tranche 1 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
June, 2022 | Vesting Tranche 2 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
June, 2022 | Vesting Tranche 3 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
February, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments | 30,567 |
Contractual life | 3 years |
February, 2023 | Vesting Tranche 1 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
February, 2023 | Vesting Tranche 2 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
February, 2023 | Vesting Tranche 3 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
June, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments | 10,809 |
Contractual life | 3 years |
June, 2023 | Vesting Tranche 1 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
June, 2023 | Vesting Tranche 2 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
June, 2023 | Vesting Tranche 3 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
September, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments | 634 |
Contractual life | 3 years |
September, 2023 | Vesting Tranche 1 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
September, 2023 | Vesting Tranche 2 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
September, 2023 | Vesting Tranche 3 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting conditions | 0.33 |
Share-based payments - Summar_2
Share-based payments - Summary of non-vested stock award activity (Detail) - Non-vested - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Non-vested as of January 1 | 138,243 | 157,823 | 153,921 |
Granted | 42,010 | 35,305 | 137,799 |
Vested | (59,066) | (54,501) | (132,880) |
Forfeited | (443) | (384) | (1,017) |
Non-vested as of December 31 | 120,744 | 138,243 | 157,823 |
Earnings per share - Schedule o
Earnings per share - Schedule of Computation of the Income (Loss) and Share Data Used in the Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic earnings per share— | |||
Net profit | $ 514,097 | $ 348,054 | $ 43,844 |
Weighted-average shares outstanding (in shares) | 40,105,000 | 40,445,000 | 42,439,000 |
Non-vested dividend participating awards (in shares) | 123,000 | 136,000 | 162,000 |
Weighted average number of ordinary shares used in calculating basic earnings per share (in shares) | 40,228,000 | 40,581,000 | 42,601,000 |
Basic (in dollars per share) | $ 12.78 | $ 8.58 | $ 1.03 |
Diluted earnings per share— | |||
Net profit | $ 514,097 | $ 348,054 | $ 43,844 |
Interest on convertible senior notes | 0 | 42,403 | 0 |
Net change in fair value of derivatives | 0 | (17,189) | 0 |
Net profit income adjusted for the effect of dilution | $ 514,097 | $ 373,268 | $ 43,844 |
Weighted average number of ordinary shares used in calculating basic earnings per share (in shares) | 40,228,000 | 40,581,000 | 42,601,000 |
Convertible shares (in shares) | 0 | 6,775,000 | 0 |
Adjusted weighted average number of ordinary (in shares) | 40,228,000 | 47,356,000 | 42,601,000 |
Diluted (in dollars per share) | $ 12.78 | $ 7.88 | $ 1.03 |
Earnings per share - Additional
Earnings per share - Additional Information (Detail) shares in Millions | 12 Months Ended |
Dec. 31, 2021 shares | |
Earnings per share [abstract] | |
Antidilutive securities excluded from the computation of earnings per share | 6.7 |
Commitments and contingencies -
Commitments and contingencies - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Sep. 30, 2022 | Jan. 31, 2018 | Dec. 31, 2023 USD ($) organization firmOrder employee spareEngine contract | Dec. 31, 2022 USD ($) | |
Commitments and contingencies [line items] | |||||
Percentage of employees unionized | 29.40% | ||||
Number of company's employees | employee | 625 | ||||
Debt including current maturities | $ 1,462,691 | $ 1,444,303 | |||
Credit Facilities | |||||
Commitments and contingencies [line items] | |||||
Unsecured credit facilities | 325,000 | 355,000 | |||
Debt including current maturities | $ 0 | ||||
Purchase contracts | |||||
Commitments and contingencies [line items] | |||||
Number of spare engines committed to purchase | spareEngine | 0 | ||||
Purchase contracts | Boeing Company | |||||
Commitments and contingencies [line items] | |||||
Predelivery deposits | $ 689,100 | 720,500 | |||
Purchase contracts | 2024-2028 | |||||
Commitments and contingencies [line items] | |||||
Number of purchase contracts | contract | 1 | ||||
Number of firm orders | firmOrder | 57 | ||||
Labor unions | |||||
Commitments and contingencies [line items] | |||||
Percentage of employees unionized | 64.20% | ||||
Number of company's employees | employee | 7,625 | ||||
Number of union organizations | organization | 9 | ||||
Labor unions | Panama | |||||
Commitments and contingencies [line items] | |||||
Number of union organizations | organization | 5 | ||||
Collective bargaining agreements terms | 4 years | ||||
Labor unions | Colombia | |||||
Commitments and contingencies [line items] | |||||
Number of union organizations | organization | 4 | ||||
Labor unions | Colombia | ACAV | |||||
Commitments and contingencies [line items] | |||||
Collective bargaining agreements terms | 2 years | ||||
Labor unions | Colombia | SINTRATAC | |||||
Commitments and contingencies [line items] | |||||
Collective bargaining agreements terms | 4 years | ||||
Labor unions | Colombia | ACMA | |||||
Commitments and contingencies [line items] | |||||
Renewal of term extension period | 6 months | ||||
Labor unions | Bottom of range | Colombia | |||||
Commitments and contingencies [line items] | |||||
Collective bargaining agreements terms | 2 years | ||||
Labor unions | Top of range | Colombia | |||||
Commitments and contingencies [line items] | |||||
Collective bargaining agreements terms | 3 years | ||||
Lines of credit for working capital and letters of credit | |||||
Commitments and contingencies [line items] | |||||
Letters of credit | $ 31,300 | $ 32,300 |
Commitments and contingencies_2
Commitments and contingencies - Summary of Firm Commitment to Purchase Asset (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Firm Commitment To Purchase Asset [Line Items] | |
Contractual capital commitments | $ 2,775,707 |
2024 | |
Firm Commitment To Purchase Asset [Line Items] | |
Contractual capital commitments | 469,096 |
2025 | |
Firm Commitment To Purchase Asset [Line Items] | |
Contractual capital commitments | 762,389 |
2026 | |
Firm Commitment To Purchase Asset [Line Items] | |
Contractual capital commitments | 583,561 |
2027 | |
Firm Commitment To Purchase Asset [Line Items] | |
Contractual capital commitments | 539,680 |
2028 | |
Firm Commitment To Purchase Asset [Line Items] | |
Contractual capital commitments | $ 420,981 |
Financial instruments-Risk ma_3
Financial instruments-Risk management and fair value - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | ||
Mark to market derivative income (expense) | $ 0 | $ 0 |
Investments at fair value | 102,100 | 95,500 |
Debt including current maturities | $ 1,462,691 | $ 1,444,303 |
Interest rate and cash flow risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average interest rate on derivatives | 100% | |
Change in interest expense | $ 4,200 | |
Increase decrease in fair value of debt | $ 16,100 | |
U.S. dollars | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage of foreign exchange risk expenses | 79.20% | |
2034 | Bottom of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Effective interest rates of borrowings | 1.73% | 1.73% |
2034 | Long term fixed rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt including current maturities | $ 1,039,821 | $ 983,138 |
2033 | Bottom of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Effective interest rates of borrowings | 6.53% | |
Fixed Rated Debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt including current maturities | $ 1,039,800 | |
Variable Rated Debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt including current maturities | $ 422,900 | |
Fuel derivative instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative instrument hypothetical increases percentage | 10% | |
Fuel derivative instruments | 2023 projection | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative instrument expense increase | $ 89,100 |
Financial instruments-Risk ma_4
Financial instruments-Risk management and fair value - Summary of Foreign Currency (Details) - Currency risk | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of credit risk exposure [line items] | ||
Percentage of foreign currency risk revenue | 100% | 100% |
U.S. dollars | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of foreign exchange risk revenue | 64.30% | 63.30% |
Colombian peso | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of foreign currency risk revenue | 10% | 12.10% |
Brazilian real | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of foreign currency risk revenue | 7.70% | 8% |
Argentinian peso | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of foreign currency risk revenue | 5.10% | 4.60% |
Chilean peso | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of foreign currency risk revenue | 3.10% | 3.20% |
Mexican peso | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of foreign currency risk revenue | 3.50% | 2.60% |
Other currencies | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of foreign currency risk revenue | 6.30% | 6.20% |
Financial instruments-Risk ma_5
Financial instruments-Risk management and fair value - Summary of Foreign Currency Risk Exposure (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||||
Cash and cash equivalents | $ 206,375 | $ 122,424 | $ 211,081 | $ 119,065 |
Accounts receivable, net | 159,247 | 137,583 | ||
Other assets | 49,275 | 34,048 | ||
U.S. dollars | ||||
ASSETS | ||||
Cash and cash equivalents | 15,858 | 13,546 | ||
Accounts receivable, net | 108,767 | 48,900 | ||
Other assets | 25,707 | 20,605 | ||
Total assets | 150,332 | 83,051 | ||
Liabilities | ||||
Accounts payable | 53,393 | 16,969 | ||
Taxes payable | 38,157 | 38,303 | ||
Other liabilities | 16,543 | 13,465 | ||
Total liabilities | 108,093 | 68,737 | ||
Net position | $ 42,239 | $ 14,314 |
Financial instruments-Risk ma_6
Financial instruments-Risk management and fair value - Risk Management and Fair Value - Movement in Allowance for Impairment for Short and Long-term Investments at Amortized Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of credit risk exposure [abstract] | ||
Balance at beginning of year | $ (2,955) | $ (1,312) |
(Additions)/Reversal | 697 | (1,643) |
Balance at end of year | $ (2,258) | $ (2,955) |
Financial instruments-Risk ma_7
Financial instruments-Risk management and fair value - Summary of Credit Risk Exposure on Trade Receivables using Provision Matrix (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | $ 162,544 | $ 145,273 |
Expected credit loss | $ 3,297 | $ 7,690 |
Current | ||
Disclosure of credit risk exposure [line items] | ||
Expected credit loss rate | 0% | 0% |
Gross carrying amount | $ 153,289 | $ 127,412 |
Expected credit loss | $ 35 | $ 28 |
Less than 30 | ||
Disclosure of credit risk exposure [line items] | ||
Expected credit loss rate | 8.80% | 5.90% |
Gross carrying amount | $ 2,487 | $ 2,877 |
Expected credit loss | $ 218 | $ 170 |
30-60 | ||
Disclosure of credit risk exposure [line items] | ||
Expected credit loss rate | 9% | 13.10% |
Gross carrying amount | $ 1,174 | $ 2,134 |
Expected credit loss | $ 106 | $ 279 |
60-90 | ||
Disclosure of credit risk exposure [line items] | ||
Expected credit loss rate | 24.40% | 30.50% |
Gross carrying amount | $ 258 | $ 545 |
Expected credit loss | $ 63 | $ 166 |
>90 | ||
Disclosure of credit risk exposure [line items] | ||
Expected credit loss rate | 53.90% | 57.30% |
Gross carrying amount | $ 5,336 | $ 12,305 |
Expected credit loss | $ 2,875 | $ 7,047 |
Financial instruments-Risk ma_8
Financial instruments-Risk management and fair value - Summary of Financial Liabilities According to Maturity Date (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | $ 1,929,879 | $ 1,850,340 |
Up to one year | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 520,260 | 441,499 |
Between 1 and 4 years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 975,430 | 1,116,099 |
More than 4 years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 635,024 | 490,380 |
Loans and borrowings | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 1,462,691 | 1,444,303 |
Loans and borrowings | Up to one year | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 256,216 | 167,759 |
Loans and borrowings | Between 1 and 4 years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 780,090 | 920,846 |
Loans and borrowings | More than 4 years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 588,019 | 449,862 |
Lease liability | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 283,657 | 238,373 |
Lease liability | Up to one year | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 80,513 | 106,076 |
Lease liability | Between 1 and 4 years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 195,340 | 195,253 |
Lease liability | More than 4 years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 47,005 | 40,518 |
Account payable | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 182,303 | 166,660 |
Account payable | Up to one year | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 182,303 | 166,660 |
Account payable | Between 1 and 4 years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 0 | 0 |
Account payable | More than 4 years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 0 | 0 |
Account payable to related parties | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 1,228 | 1,004 |
Account payable to related parties | Up to one year | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 1,228 | 1,004 |
Account payable to related parties | Between 1 and 4 years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 0 | 0 |
Account payable to related parties | More than 4 years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 0 | 0 |
Contractual cash flow | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 2,130,714 | 2,047,978 |
Contractual cash flow | Loans and borrowings | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 1,624,325 | 1,538,467 |
Contractual cash flow | Lease liability | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 322,858 | 341,847 |
Contractual cash flow | Account payable | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | 182,303 | 166,660 |
Contractual cash flow | Account payable to related parties | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non - derivative financial liabilities carrying amount | $ 1,228 | $ 1,004 |
Financial instruments-Risk ma_9
Financial instruments-Risk management and fair value - Summary of Carrying Amount and Fair Values of Financial Assets and Financial Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Long-term investments | $ 258,934 | $ 202,056 |
Borrowings | 1,462,691 | 1,444,303 |
Fair Value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Borrowings | 1,494,124 | 1,559,435 |
Fair Value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long-term investments | $ 260,534 | $ 201,061 |
Financial instruments-Risk m_10
Financial instruments-Risk management and fair value - Summary of Company's Financial Instruments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of fair value measurement of assets [line items] | ||
Assets | $ 5,196,836 | $ 4,690,362 |
Derivative financial instruments | 0 | 251,150 |
Total liabilities | 3,074,688 | 3,198,252 |
Recurring fair value measurement | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 102,063 | 95,474 |
Total liabilities | 251,150 | |
Recurring fair value measurement | Investment funds | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 102,063 | 95,474 |
Recurring fair value measurement | Derivatives | ||
Disclosure of fair value measurement of assets [line items] | ||
Derivative financial instruments | 251,150 | |
Recurring fair value measurement | Quoted prices in active markets (Level 1) | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 102,063 | 95,474 |
Total liabilities | 0 | |
Recurring fair value measurement | Quoted prices in active markets (Level 1) | Investment funds | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 102,063 | 95,474 |
Recurring fair value measurement | Quoted prices in active markets (Level 1) | Derivatives | ||
Disclosure of fair value measurement of assets [line items] | ||
Derivative financial instruments | 0 | |
Recurring fair value measurement | Significant observable inputs (Level 2) | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 0 | 0 |
Total liabilities | 251,150 | |
Recurring fair value measurement | Significant observable inputs (Level 2) | Derivatives | ||
Disclosure of fair value measurement of assets [line items] | ||
Derivative financial instruments | 251,150 | |
Recurring fair value measurement | Significant unobservable inputs (Level 3) | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | $ 0 | 0 |
Total liabilities | 0 | |
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Derivatives | ||
Disclosure of fair value measurement of assets [line items] | ||
Derivative financial instruments | $ 0 |
Subsequent events - Additional
Subsequent events - Additional Information (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Feb. 07, 2024 $ / shares | Jan. 31, 2024 aircraft | Jan. 29, 2024 flight | Feb. 28, 2016 | Mar. 31, 2024 USD ($) award shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Dividend payable annual percentage | 40% | |||||||
Share-based compensation expense | $ 4.4 | $ 5.2 | $ 7.1 | |||||
2024 Dividend Plan | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Dividends payable (in dollars per share) | $ / shares | 1.61 | |||||||
Dividend payable annual percentage | 40% | |||||||
Announcement of new equity awards | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of share-based compensation awards approved | award | 3 | |||||||
Number of shares authorized for grant (in shares) | shares | 50,176 | |||||||
Share-based arrangement, vesting period | 3 years | |||||||
Fair value of non-vested stock awards | $ 5 | |||||||
Share-based compensation expense | $ 2.3 | |||||||
Announcement of change in operations | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of flights cancelled | flight | 1,788 | |||||||
Announcement of change in operations | B-737 Max 9 | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of aircrafts suspended | aircraft | 21 |