0001193125-22-094968 | 20-F | XBRL Viewer

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Cover Page	12 Months Ended
Cover Page	Dec. 31, 2021 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Trading Symbol	CPA
Entity Registrant Name	COPA HOLDINGS, S.A.
Entity Central Index Key	0001345105
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Class A Common Stock, without par value
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Address, Country	PA
ICFR Auditor Attestation Flag	true
Document Registration Statement	false
Document Accounting Standard	International Financial Reporting Standards
Entity File Number	001-32696
Security Exchange Name	NYSE
Auditor Name	Ernst & Young Limited Corp.
Auditor Firm ID	1415
Auditor Location	Panama City, Republic of Panama
Entity Incorporation, State or Country Code	R1
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
Business Contact [Member]
Document Information [Line Items]
Entity Address, Country	PA
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,
Contact Personnel Name	Daniel Tapia
City Area Code	304
Local Phone Number	2774
Class A common stock [member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	30,995,120
Class B common stock [member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	10,938,125

Consolidated statement of financial position - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 211,081	$ 119,065
Investments	806,340	770,816
Accounts receivable	92,450	64,635
Expendable parts and supplies	74,778	74,319
Prepaid expenses	31,148	30,473
Prepaid income tax	16,938	16,716
Other currents assets	6,054	7,805
Total current assets excluding assets held for sale	1,238,789	1,083,829
Asset held for sale	0	135,542
Total current assets	1,238,789	1,219,371
Non-current assets
Investments	199,670	119,617
Accounts receivable	0	1,054
Prepaid expenses	6,727	6,066
Property and equipment	2,512,704	2,147,486
Right of use assets	166,328	214,279
Intangible assets	81,749	95,568
Deferred tax assets	28,196	35,595
Other non-current assets	14,098	14,348
Total non - current assets	3,009,472	2,634,013
Total assets	4,248,261	3,853,384
Current liabilities
Loans and borrowings	196,602	127,946
Current portion of lease liabilities	73,917	83,605
Trade, other payables and financial liabilities	121,330	66,683
Air traffic liability	557,331	470,695
Frequent flyer deferred revenue	34,719	16,041
Taxes payable	32,600	13,400
Accrued expenses payable	32,767	33,995
Income tax payable	3,835	1,023
Total current liabilities	1,053,101	813,388
Non-current liabilities
Loans and borrowings long-term	1,229,031	1,035,954
Lease liabilities	104,734	146,905
Frequent flyer deferred revenue	60,395	75,172
Net employee defined benefit liabilities	7,670	14,332
Derivative financial instruments	268,338	245,560
Other long - term liabilities	206,813	216,325
Deferred tax liabilities	18,782	22,190
Total non - current liabilities	1,895,763	1,756,438
Total liabilities	2,948,864	2,569,826
Equity
Additional paid in capital	98,348	91,341
Treasury stock	(176,902)	(136,388)
Retained earnings	1,367,866	1,324,022
Accumulated other comprehensive loss	(18,670)	(24,082)
Total equity	1,299,397	1,283,558
Commitments and contingencies	0	0
Total liabilities and equity	4,248,261	3,853,384
Class A common stock [member]
Equity
Common stock	21,289	21,199
Total equity	21,289	21,199
Class B common stock [member]
Equity
Common stock	7,466	7,466
Total equity	$ 7,466	$ 7,466

Consolidated statement of financial position (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Class A common stock [member]
Statement [LineItems]
Common stock, shares issued	33,998,654	33,861,872
Common stock, shares outstanding	30,995,120	31,421,265
Class B common stock [member]
Statement [LineItems]
Common stock, shares issued	10,938,125	10,938,125
Common stock, shares outstanding	10,938,125	10,938,125
Common stock, no par value	$ 0	$ 0

Consolidated statement of profit or loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating revenue
Passenger revenue	$ 1,412,390	$ 760,594	$ 2,612,605
Cargo and mail revenue	71,577	21,002	62,460
Other operating revenue	25,964	19,407	32,343
Total operating revenue	1,509,931	801,003	2,707,408
Operating expenses
Fuel	383,179	166,723	696,249
Wages, salaries, benefits and other employees' expenses	258,128	256,327	450,439
Passenger servicing	35,869	27,566	102,103
Airport facilities and handling charges	131,335	59,536	181,959
Sales and distribution	129,877	70,395	210,623
Maintenance, materials and repairs	41,888	76,948	127,562
Depreciation and amortization	239,946	259,336	282,080
(Reversal) impairment of non financial assets	(5,441)	243,097	89,344
Flight operations	55,766	30,028	102,806
Other operating and administrative expenses	87,426	71,977	118,090
Total operating expenses	1,357,973	1,261,933	2,361,255
Operating profit (loss)	151,958	(460,930)	346,153
Non-operating (expense) income
Finance cost	(76,234)	(73,045)	(57,432)
Finance income	10,849	19,963	24,405
Loss on foreign currency fluctuations	(6,174)	(8,459)	(15,408)
Net change in fair value of derivatives	(22,778)	(107,139)	0
Other net non-operating expense	(3,291)	(1,169)	(4,279)
Total non-operating (expense) income	(97,628)	(169,849)	(52,714)
Profit (loss) before taxes	54,330	(630,779)	293,439
Income tax expense	(10,486)	23,717	(46,437)
Net profit (loss)	$ 43,844	$ (607,062)	$ 247,002
Earnings (loss) per share
Earnings Per Share Basic And Diluted Per Share	$ 1.03	$ (14.28)	$ 5.81

Consolidated statement of comprehensive income (loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of comprehensive income [abstract]
Net profit (loss)	$ 43,844	$ (607,062)	$ 247,002
Other comprehensive loss not to be reclassified to profit or loss in subsequent periods - Remeasurement of actuarial income (loss), net of amortization
Remeasurement of actuarial income (loss), net of amortization	5,412	(15,454)	(4,401)
Total comprehensive income (loss) for the year	$ 49,256	$ (622,516)	$ 242,601

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

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+ Details

Consolidated statement of changes in equity - USD ($) $ in Thousands	Total	Additional paid in capital [member]	Treasury stock [member]	Retained earnings [member]	Accumulated other comprehensive income (loss) [member]	Class A common stock [member]	Class B common stock [member]
Beginning balance (Previously stated [member]) at Dec. 31, 2018	$ 1,796,594	$ 80,041	$ (136,388)	$ 1,828,615	$ (4,227)	$ 21,087	$ 7,466
Beginning balance, shares (Previously stated [member]) at Dec. 31, 2018						31,257,686	10,938,125
Net profit (loss)	247,002			247,002
Other comprehensive income (loss)	(4,401)				(4,401)
Issuance of stock for employee awards		(55)				$ 55
Issuance of stock for employee awards, shares						80,170
Share-based compensation expense	6,149	6,149
Dividends paid	(110,438)			(110,438)
Repurchase of treasury shares	0
Ending balance at Dec. 31, 2019	1,934,906	86,135	(136,388)	1,965,179	(8,628)	$ 21,142	$ 7,466
Ending balance, shares at Dec. 31, 2019						31,337,856	10,938,125
Net profit (loss)	(607,062)			(607,062)
Other comprehensive income (loss)	(15,454)				(15,454)
Issuance of stock for employee awards		(57)				$ 57
Issuance of stock for employee awards, shares						83,409
Share-based compensation expense	5,263	5,263
Dividends paid	(33,990)			(33,990)
Other	(105)			(105)
Repurchase of treasury shares	0
Ending balance at Dec. 31, 2020	1,283,558	91,341	(136,388)	1,324,022	(24,082)	$ 21,199	$ 7,466
Ending balance, shares at Dec. 31, 2020						31,421,265	10,938,125
Net profit (loss)	43,844			43,844
Other comprehensive income (loss)	5,412				5,412
Issuance of stock for employee awards		(90)				$ 90
Issuance of stock for employee awards, shares						132,880
Share-based compensation expense	7,097	7,097
Repurchase of treasury shares	(40,514)		(40,514)			$ (559,025)
Ending balance at Dec. 31, 2021	$ 1,299,397	$ 98,348	$ (176,902)	$ 1,367,866	$ (18,670)	$ 21,289	$ 7,466
Ending balance, shares at Dec. 31, 2021						30,995,120	10,938,125

Consolidated statement of cash flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net profit (loss)	$ 43,844	$ (607,062)	$ 247,002
Adjustments for:
Income tax expense	10,846	(23,717)	46,437
Finance cost	76,234	73,045	57,432
Finance income	(10,849)	(19,963)	(24,405)
Depreciation and amortization	239,946	259,336	282,080
(Reversal) impairment of non finacial assets	(5,441)	243,097	89,344
Disposal of non financial assets	4,260	4,635	3,850
Impairment of financial assets	1,516	1,570	483
Allowance for obsolescence of expendable parts and supplies	30	47	164
Share-based compensation expense	7,097	5,263	6,149
Net change in fair value of derivatives	22,778	107,139	0
Unrealized loss on investment	274	0	0
Net foreign exchange differences	44,853	44,328	45,086
Change in:
Accounts receivable	(35,645)	71,625	(17,054)
Accounts receivable from related parties	(403)	(1,282)	76
Other current assets	(4,599)	11,148	15,653
Other assets	(6,786)	8,895	20,678
Accounts payable	49,285	(55,718)	(2,984)
Accounts payable from related parties	4,978	(11,116)	(587)
Air traffic liability	86,636	(26,679)	25,698
Frequent flyer deferred revenue	3,901	10,887	12,512
Other liability	6,450	(36,975)	48,400
Cash from operating activities	538,845	58,503	856,014
Income tax paid	(3,904)	(37,631)	(42,999)
Interest paid	(40,170)	(41,938)	(52,234)
Interest received	12,514	26,343	24,102
Net cash from operating activities	507,285	5,277	784,883
Investing activities
Acquisition of investments	(1,117,214)	(904,570)	(711,045)
Proceeds from redemption of investments	1,001,268	840,627	589,602
Advance payments on aircraft purchase contracts and other	(276,939)	0	(75,428)
Reimbursement of advance payments on aircraft purchase contracts	70,800	0	48,262
Acquisition of property and equipment	(206,795)	(44,065)	(62,397)
Proceeds from sale of property and equipment	81,336	30,666	43,603
Acquisition of intangible assets	(11,591)	(16,419)	(25,465)
Net cash used in investing activities	(459,135)	(93,761)	(192,868)
Financing activities
Proceeds from issue of convertible notes, net of costs	0	342,898	0
Proceeds from new borrowings	352,278	145,000	95,000
Payments on loans and borrowings	(142,233)	(267,086)	(426,827)
Payment of lease liability	(80,992)	(93,213)	(103,069)
Repurchase of treasury shares	(40,514)	0	0
Dividends paid	0	(33,990)	(110,438)
Net cash from (used) in financing activities	88,539	93,609	(545,334)
Net increase in cash and cash equivalents	136,689	5,125	46,681
Cash and cash equivalent at Beginning value	119,065	158,732	156,158
Effect of exchange rate change on cash	(44,673)	(44,792)	(44,107)
Cash and cash equivalent at Ending balance	$ 211,081	$ 119,065	$ 158,732

Corporate information

12 Months Ended

Dec. 31, 2021

Text block [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.

•

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.

•

La Nueva Aerolínea, S.A. is a Panamanian air carrier, incorporated according to the laws of the Republic of Panama and will provide international air transportation for passengers, cargo and mail, operating from the Republic of Panama.

La Nueva Aerolínea, S.A. will operate under “Wingo’s” brand,

low-cost

business model, and it is expected to start operations during 2022.

The Company currently offers approximately

204 daily scheduled flights to 69 destinations in 29 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 150 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 1,300 (unaudited) destinations in 195 countries (unaudited) within 26 airlines members (unaudited).

As of December 31, 2021, the Company operates a fleet of 91 aircraft with an average age of 9.1 years, and consists of 68 Boeing

737-800

Next Generation aircraft, 9 Boeing

737-700

Next Generation aircraft, and 14

737-MAX

aircraft.

The consolidated financial statements for the year ended December 31, 2021 have been authorized for issuance by the Company’s Chief Executive Officer and Chief Financial Officer on April

, 2022.

Basis of preparation

12 Months Ended

Dec. 31, 2021

Text block [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.

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.

Going concern

Covid-19

significantly impacted the world economy since 2020 and may continue to do so in the years to come.

In an effort to slow-down outbreak in the region, Panama and several countries throughout Latin America extended their restrictions on international travel. Due to these air travel restrictions, the Company did not provide scheduled commercial flights from April 2020 until July 2020, and only operated a small number of charters and humanitarian flights during that period. In August 2020, the Panamanian Government authorized the establishment of a Controlled Operations Center for the interconnection of international commercial aviation in which, in a limited way, permitted air operations for transit through the Tocumen Airport for the departure of passengers and the controlled entry of Panamanians or Panama residents.

During 2021, even though the aviation industry in Latin America still faces significant challenges due to the impact of the

Covid-19

pandemic, international travel demand is showing some signs of recovery, mainly in countries without significant travel restrictions. However, several countries in the region continue to have travel restrictions and health requirements, which affect air travel demand and continue to limit the Company’s ability to further grow its capacity.

Management has taken various measures to manage the impact of

Covid-19

including cost saving measures, revised capital expenditures plan and payments of financial obligations, reduction of labor-related expenses, as well as the reduction of other costs as a result of contract renegotiations with suppliers.

As of December 31, 2021, the Company ended the year with US$1.5 billion of available liquidity, consisting of approximately US$1.2 billion in cash, short-term and long-term investments (see notes 8 and 9), and US$295 million of committed and undrawn credit facilities (see note 27).

The Company’s continued access to sources of liquidity depends on multiple factors, including global economic conditions, government regulation, the condition of global financial markets, the availability of sufficient amounts of financing, its operating performance and its credit ratings.

Based on the recovery plan and measures taken since the inception of the

Covid-19

pandemic, the consolidated financial statements as of December 31, 2021 have been prepared according to going concern basis.

Significant accounting policies

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Significant accounting policies

3.	Significant 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
		Ownership interest
Name		2021			2020
Copa Airlines	Panama		99.9	%		99.9	%
AeroRepública	Colombia		99.9	%		99.9	%
Oval	British Virgin Islands		100	%		100	%
La Nueva Aerolínea	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 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. Refundable and nonrefundable tickets expire after one year from the date of issuance.

In addition, revenue is recognized 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, and any revenue associated with tickets sold for future travel is recognized within 12 months.

In response to

Covid-19,

the Company has established a new commercial policy that extended the tickets expiration to certain ticket to June 30, 2022, for those tickets which were scheduled to expire before June 2021. During 2021, the Company calculated a specific breakage for tickets that are expected not to be used based on this new commercial policy, therefore, the Company’s estimates may be subject to variability and may differ from historical averages.

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.

•

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.

(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

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 that 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 and hedging activities

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.

For hedge accounting purposes, hedges are classified into:

•

Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment

•

Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment

•

Hedges of a net investment in a foreign operation.

At the inception of a hedge relationship, the Company formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.

The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Company will assess whether the hedging relationship meets the hedge effectiveness requirements. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements:

•

There is ‘an economic relationship’ between the hedged item and the hedging instrument.

•

The effect of credit risk does not ‘dominate the value changes’ that result from that economic relationship.

•

The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Company actually hedges and the quantity of the hedging instrument that the Company actually uses to hedge that quantity of hedged item.

As of December 31, 2021 and 2020, the Company does not have financial instruments designated under hedge accounting.

(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.

(i)

Expendable parts and supplies

Expendable parts and supplies for flight equipment are carried at the lower of the average acquisition cost or replacement cost, and are expensed when used in operations. The replacement cost is the estimated purchase price in the ordinary course of business.

(j)

Passenger traffic commissions

Passenger traffic commissions are recognized as expense when transportation is provided and the related revenue is recognized. Passenger traffic commissions paid but not yet recognized as expense are included under “Prepaid expenses” in the accompanying consolidated statement of financial position.

(k)

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 engines	27	15	%
Major maintenance events	3-16	—
Ramp and miscellaneous
Ground equipment	10	—
Furniture, fixture, equipment and other	5-10	—
Leasehold improvements	Lesser of remaining lease term and estimated useful life of the leasehold improvement	—

(*) 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.

(l)

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 of 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

(m)

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 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 to eight years) and the amortization is recognized in the consolidated statement of profit or loss. Costs associated with maintaining computer software programs are recognized as an expense as incurred.

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 to fifteen years).

(n)

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.

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.

(r)

Non-current

assets held for sale and discontinued operations

The Company classifies

non-current

assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use.

Non-current

assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense.

The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.

Property and equipment and intangible assets are not depreciated or amortized once classified as held for sale.

If the Company has classified an asset as held for sale, but the criteria for held for sale classification is no longer met, the Company shall cease to classify the asset as held for sale.

The Company shall measure a non-current asset that ceases to be classified as held for sale at the lower of:

its carrying amount before the asset was classified as held for sale, adjusted for any depreciation, amortization or revaluations that would have been recognized had the asset not been classified as held for sale, and

ii)

its recoverable amount at the date of the subsequent decision not to sell or distribute. The recoverable amount of the asset is the higher between its fair value less costs to sell and its value in use.

All the financial statements include amounts for continuing operations. Additional disclosures about assets held for sale are provided in note 13.

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

The Company is required to charge certain taxes and fees on its passenger tickets. These taxes and fees include transportation taxes, airport passenger facility charges, and certain governmentally imposed airport arrival and departure taxes. These taxes and fees are legal assessments on the customer. Since the Company has a legal obligation to act as a collection agent with respect to these taxes and fees, such amounts are not included in passenger revenue. The Company records a liability when these amounts are collected and derecognizes the liability when payments are made to the applicable government agency or operating carrier.

(o)

Borrowing costs

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.

(p)

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.

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.

(q)

Employee benefits

Defined benefit plan

The Company sponsors a defined benefit plan, 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).

Significant accounting judgments, estimates and assumptions

12 Months Ended

Dec. 31, 2021

Text block [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.

The consolidated financial statements have thus been established taking into consideration the current context of the

Covid-19

pandemic and on the basis of financial parameters available at the closing date.

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).

•

Assets held for sale

In 2020, the Company decided to sell 14 Boeing

737-700

fleet over the next year. As of December 31, 2020 the Boeing

737-700

fleet was classified as “Asset held for sale” in the consolidated statement of financial position.

The Company considered the fleet to meet the criteria to be classified as held for sale for the following reasons:

•

The fleet was available for immediate sale and can be sold to the buyer in its current condition.

•

The actions to complete the sale were initiated and expected to be completed within one year from the date of initial classification.

•

The Board of Directors approved the plan to sell its Boeing

737-700

fleet.

During 2021, the Company signed an agreement for the sale of three Boeing

737-700

and the Board of Directors approved to keep the remaining eleven Boeing

737-700

for a period of three years. The Company has reclassified these aircraft to “Property and equipment” in the consolidated statement of financial position. Additional estimates were made by the Company to proceed with this reclassification.

For more details refer to note 13.

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).

•

Reclassification from assets held for sale to property and equipment

During 2021, the Board of Directors of the Company approved not to sale for a period of three years, eleven Boeing

737-700

that were reclassified to available for sale assets on 2020. During 2021, the Company reclassified these aircraft to property and equipment.

According to IFRS 5

“Non-current

Assets Held for Sale and Discontinued Operations”

, the Company shall measure a non-current asset that ceases to be classified as held for sale at the lower of:

ii)

The Company concluded that the recoverable amount was the fair value less cost to disposal. The Company plans to exit of its

737-700

fleet in 2025 (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, and any revenue associated with tickets sold for future travel is recognized within 12 months.

In response to

Covid-19,

the Company has established a new commercial policy that

extended the tickets expiration to certain ticket to June 30, 2022, for those tickets which were scheduled to expire before June 2021.

During 2021, the Company calculated a specific breakage for tickets that are expected not to be used based on this new commercial policy, therefore, the Company’s estimates may be subject to variability and may differ from historical averages.

•

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.

The tax positions involve considerable judgment by management and are reviewed and adjusted to account for changes in circumstances, such as lapsing of applicable statutes of limitations, conclusion of tax audits, additional exposures based on identification of new issues, or court decisions affecting a particular tax issue. Actual results may differ from estimates (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 (see note 28.6 for further disclosures):

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 standards and interpretations

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Adoption of new and amended standards and interpretations

5.	Adoption of new and amended standards and interpretations

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

The Company has exposures to LIBORs on its variable rate aircraft loans. Amendments to the financial debt instruments with contractual terms indexed to LIBOR such that they incorporate new benchmark rates, is expected to be completed between 2022 and 2023, using as the alternative reference rate, the Secured Overnight Financing Rate (SOFR).

Although US dollar LIBOR was planned to be discontinued by the end of 2021, in November 2020 the ICE Benchmark Administration (IBA), the

FCA-regulated

and authorized administrator of LIBOR, announced that it had started to consult on its intention to cease the publication of certain USD LIBORs after June 2023. As of 31 December 2021, it is still unclear when the announcement that will set a date for the termination of the publication of US dollar LIBOR will take place. Nevertheless, the Company is in the process of implementing appropriate fallback provisions for all US dollar LIBOR indexed exposures and expects to finish by the end of 2023.

As of December 31, 2021 the amendment had no impact on the consolidated financial statements of the Company. The Company intends to use the practical expedients in following years, when the change on interest rate in our financing contracts become applicable.

Amendment to IFRS 16

Leases –

Covid-19

related rent concessions

On May 28, 2020, the IASB issued

Covid-19-Related

Rent Concessions

—amendment IFRS 16

Leases

The amendments provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the

Covid-19

pandemic. As a practical expedient, a lessee may elect not to assess whether a

Covid-19

related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the

Covid-19

related rent concession the same way it would account for the change under IFRS 16, if the change were not a lease modification.

The amendment was intended to apply until 30 June 2021, but as the impact of the

Covid-19

pandemic is continuing, on 31 March 2021, the IASB extended the period of application of the practical expedient to 30 June 2022. The amendment applies to annual reporting periods beginning on or after 1 April 2021.

The practical expedient applies only to rent concessions occurring as a direct consequence of the

Covid-19

pandemic and only if all of the following conditions described in IFRS 16 paragraph 46B are met:

•

The change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change.

•

Any reduction in lease payments affects only payments originally due on or before June 30, 2022 (for example, a rent concession will meet this condition if it results in reduced lease payments before June 30, 2022 and increased lease payments that extend beyond June 30, 2022).

•

There is no substantive change to other terms and conditions of the lease.

The amendment is effective for annual reporting periods beginning on or after 1 April 2021. Earlier application is permitted.

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. (See note 14 –

Leases

Standards issued but not yet effective

12 Months Ended

Dec. 31, 2021

Text block [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.

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

The amendments are effective for reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The Company does not expect that these amendments have a material impact on its consolidated financial statements.

Amendments to IFRS 3

– Reference to the Conceptual Framework

In May 2020, the IASB issued Amendments to IFRS 3

Business Combinations—Reference to the Conceptual Framework

. The amendments are intended to replace a reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989, with a reference to the Conceptual Framework for Financial Reporting issued in March 2018 without significantly changing its requirements.

The Board also added an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37

Provisions, Contingent Liabilities and Contingent Assets

or IFRIC 21

Levies

, if incurred separately.

At the same time, the Board decided to clarify existing guidance in IFRS 3 for contingent assets that would not be affected by replacing the reference to the Framework for the Preparation and Presentation of Financial Statements.

The amendments are effective for annual reporting periods beginning on or after January 1, 2022 and apply prospectively. The Company does not expect that these amendments have a material impact on its consolidated financial statements.

Amendment to IAS 16

– Property, Plant and Equipment: Proceeds before Intended Use

In May 2020, the IASB issued

Property, Plant and Equipment — Proceeds before Intended Use

, which prohibits entities deducting from the cost of an item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss.

The amendment is effective for annual reporting periods beginning on or after January 1, 2022 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment.

The amendment is not expected to have a material impact on the Company.

Amendments to IAS 37

– Onerous Contracts – Costs of Fulfilling a Contract

In May 2020, the IASB issued amendments to IAS 37 to specify which costs an entity needs to include when assessing whether a contract is onerous or loss-making.

The amendments apply a “directly related cost approach”. The costs that relate directly to a contract to provide goods or services include both incremental costs and an allocation of costs directly related to contract activities. General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract.

The amendments are effective for annual reporting periods beginning on or after 1 January 2022. The Company will apply these amendments to contracts for which it has not yet fulfilled all its obligations at the beginning of the annual reporting period in which it first applies the amendments.

Amendment to IFRS 9 –

Fees in the ’10 per cent’ test for derecognition of financial liabilities

As part of its 2018-2020 annual improvements to IFRS standards process the IASB issued amendment to IFRS 9. The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment.

The amendment is effective for annual reporting periods beginning on or after 1 January 2022 with earlier adoption permitted. The Company will apply the amendments to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment.

The amendment is not expected to have a material impact on the Company.

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 are not expected to have a material impact on the Company.

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.

The Company will be assessing the impact of the amendments to determine the impact they will have on the Company’s accounting policy disclosures.

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 require companies to recognize deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. They will typically apply to transactions such as leases of lessees and decommissioning obligations and will require the recognition of additional deferred tax assets and liabilities.

The amendments apply for annual reporting periods beginning on or after 1 January 2023, 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 does not expect that these amendments have a material impact on its consolidated financial statements.

Revenue from contract with customers

12 Months Ended

Dec. 31, 2021

Text block [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, 2021, 2020 and 2019.


	2021		2020		2019
Passenger revenue
Passenger revenue	$	1,388,089	$	752,050	$	2,581,179
Miles redeemed		24,301		8,544		31,426

		1,412,390		760,594		2,612,605

Cargo and mail revenue		71,577		21,002		62,460

Other operating revenue
Frequent flyer program - marketing services		18,897		15,452		22,170
Other operating revenue		7,067		3,955		10,173

		25,964		19,407		32,343

	$	1,509,931	$	801,003	$	2,707,408

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:


	2021			2020
Balance at beginning of year	$	470,695		$	497,374
Sales		1,801,347			887,004
Revenue recognition		(1,326,627	)		(700,406	)
Tax recognition		(218,624	)		(113,473	)
Reimbursements		(129,296	)		(82,910	)
Interline tickets		(26,436	)		(15,056	)
Other		(13,728	)		(1,838	)

Balance at end of year	$	557,331		$	470,695

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. In response to

Covid-19,

the Company has established

new commercial policy that extended the tickets expiration to certain ticket to June 30, 2022, for those tickets which were scheduled to expire before June 2021.

The table below presents the activity of the current and

non-current

frequent flyer liability:


	2021			2020
Balance at beginning of year	$	91,213		$	80,326
Deferred of revenue		28,202			19,431
Recognition of revenue		(24,301	)		(8,544	)

Balance at end of year	$	95,114		$	91,213

Current		34,719			16,041
Non-current		60,395			75,172

	$	95,114		$	91,213

Contract assets are reflected as account 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:


	2021		2020		2019
North America	$	428,457	$	233,039	$	857,002
South America		557,827		281,008		975,530
Central America		475,590		246,727		740,358
Caribbean		22,093		20,822		102,175

	$	1,483,967	$	781,596	$	2,675,065

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

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Cash and cash equivalents

8. Cash and cash equivalents


	2021		2020
Checking and saving accounts	$	210,818	$	99,286
Time deposits of no more than ninety days		—		19,500
Cash on hand		263		279

	$	211,081	$	119,065

Time deposits earned interest based on rates determined by the banks in which the instruments are held, ranging between 0.24% and 0.40% for U.S. dollars investments during 2021 (2020: between 0.24% and 0.35% for U.S. dollars investments).

As of December 31, 2021, the cash and cash equivalents disclosed above and in the consolidated statement of cash flows include $

12.9

million (2020: $

5.9

million) that the Company has pledged from its checking and saving accounts to fulfill the collateral requirement.

As of December 31, 2021 and 2020, 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

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Investments

9.	Investments


	2021									2020
	Current			Non Current			Total			Current			Non Current			Total
Investment at amortised cost
Time deposits	$	382,000		$	103,000		$	485,000		$	430,000		$	80,000		$	510,000
Bonds		300,630			96,966			397,596			341,854			39,796			381,650

		682,630			199,966			882,596			771,854			119,796			891,650
Allowance for expected credit losses		(1,016	)		(296	)		(1,312	)		(1,038	)		(179	)		(1,217	)

		681,614			199,670			881,284			770,816			119,617			890,433
Investment at fair value through profit or loss
Investment funds		124,726			—			124,726			—			—			—

	$	806,340		$	199,670		$	1,006,010		$	770,816		$	119,617		$	890,433

Time deposits earned interest based on rates determined by the banks in which the instruments are held. The use of these instruments depends on the cash requirements of the Company. Time deposits with a contractual maturity of less than 365 days, bear interest at rates ranging between 0.22% and 4.25% (2020: between 0.27% and 4.38%), and those with a contractual maturity of more than 365 days have rates ranging between 0.60% and 2.41% (2020: between 1.20% and 4.25%).

The Company acquired bonds with semiannual interest payment, the effective interest rates of these investments ranging between 0.15% and 5.75% (2020: between 0.21% and 3.32%).

All of the investments at amortized cost 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.

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 2021, the Company recognize a net loss on instruments at FVPL of $0.3 million recorded under “Other net

non-operating

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

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Accounts receivable

10.	Accounts receivable


	2021			2020
Credit cards	$	48,361		$	35,882
Cargo and other travel agencies		12,998			10,052
Airlines and clearing house		19,689			6,156
Government		6,060			5,466
Trade receivables from related parties		1,832			1,429
Other		11,075			13,187

		100,015			72,172
Allowance for expected credit losses		(7,565	)		(6,483	)

	$	92,450		$	65,689

Current		92,450			64,635
Non-current		—			1,054

	$	92,450		$	65,689

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.


	2021			2020			2019
Balance at beginning of years	$	(6,483	)	$	(5,579	)	$	(5,057	)
Additions		(1,421	)		(1,310	)		(744	)
Write-off		339			406			222

Balance at end of year	$	(7,565	)	$	(6,483	)	$	(5,579	)

The information about the credit exposures is disclosed in note 28.3.

Expendable parts and supplies

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Expendable parts and supplies

11.	Expendable parts and supplies


	2021			2020
Material for repair and maintenance	$	70,929		$	69,737
Other inventories		4,217			4,920

		75,146			74,657
Allowance for obsolescence		(368	)		(338	)

	$	74,778		$	74,319

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 $22.0 million, $12.7 million and $32.4 million, for the years ended December 31, 2021, 2020 and 2019, respectively.

Prepaid expenses

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Prepaid expenses

12.	Prepaid expenses


	2021		2020

Prepaid taxes	$	13,095	$	10,022
Prepaid commissions		4,822		3,908
Prepaid insurance		522		5,385
Prepaid to supplier		19,436		17,224

	$	37,875	$	36,539

Current		31,148		30,473
Non-current		6,727		6,066
	$	37,875	$	36,539

The current portion of prepaid taxes include $6.4 million of tax advance of VAT, and withholdings taxes (2020: $4.0 million). The

non-current

portion of prepaid expenses mainly include tax credits for $5.2 million (2020: $4.5 million).

Prepaid to supplier mainly includes operating expenses related to aircraft rent, fuel and maintenance services.

Property and equipment

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Property and equipment

13. Property and equipment


	Land		Flight equipment			Purchase deposits for flight equipment			Ramp and miscellaneous			Furniture, fixtures, equipment a and other			Leasehold improvements			Construction in progress			Total
Cost -
Balance at January 1, 2019	$	6,301	$	3,449,527		$	474,060		$	53,736		$	30,918		$	49,404		$	14,253		$	4,078,199
Transfer of pre-delivery payments		—		78,143			(78,143	)		—			—			—			—			—
Additions		—		109,286			67,357			2,693			2,450			3,269			4,436			189,491
Disposals		—		(184,685	)		—			(102	)		(570	)		(134	)		(340	)		(185,831	)
Assets held for sale		—		(413,677	)		—			—			—			—			—			(413,677	)
Reclassifications		—		—			—			10			—			12,752			(12,762	)		—

Balance at December 31, 2019	$	6,301	$	3,038,594		$	463,274		$	56,337		$	32,798		$	65,291		$	5,587		$	3,668,182
Transfer of pre-delivery payments		—		49,860			(49,860	)		—			—			—			—			—
Additions		—		39,492			—			582			221			566			3,204			44,065
Disposals		—		(34,626	)		—			(306	)		(223	)		(780	)		—			(35,935	)
Assets held for sale		—		(554,790	)		—			—			—			—			—			(554,790	)
Reclassifications		—		244			(5,600	)		—			—			2,382			(2,626	)		(5,600	)

Balance at December 31, 2020	$	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
Accumulated depreciation and impairment -
Balance at January 1, 2019	$	—	$	(1,283,740	)	$	—		$	(40,681	)	$	(25,086	)	$	(30,561	)	$	—		$	(1,380,068	)
Depreciation for the year		—		(148,832	)		—			(3,292	)		(2,938	)		(5,757	)		—			(160,819	)
Disposals		—		178,168			—			102			518			—			—			178,788
Assets held for sale		—		226,319			—			—			—			—			—			226,319

Balance at December 31, 2019	$	—	$	(1,028,085	)	$	—		$	(43,871	)	$	(27,506	)	$	(36,318	)	$	—		$	(1,135,780	)
Depreciation for the year		—		(126,988	)		—			(3,121	)		(3,134	)		(5,759	)		—			(139,002	)
Disposals		—		32,335			—			290			179			295			—			33,099
Impairment		—		—			—			—			—			—			(4	)		(4	)
Assets held for sale		—		273,251			—			—			—			—			—			273,251

Balance at December 31, 2020	$	—	$	(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	)
Carrying amounts -
At December 31, 2019	$	6,301	$	2,010,509		$	463,274		$	12,466		$	5,292		$	28,973		$	5,587		$	2,532,402

At December 31, 2020	$	6,301	$	1,689,287		$	407,814		$	9,911		$	2,335		$	25,677		$	6,161		$	2,147,486

At December 31, 2021	$	6,301	$	1,983,550		$	476,254		$	7,785		$	1,942		$	21,292		$	15,580		$	2,512,704

Flight equipment

Flight equipment includes aircraft, engines, aircraft components, and major maintenance of own and leased aircraft.

During 2021, the Company capitalized seven Boeing 737 MAX aircraft (2020: one Boeing 737 MAX aircraft). The Company acquired these aircraft mainly 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.

Aircraft with a carrying value of $1.5 billion (include aircraft acquired through JOLCO) are pledged as collateral for the obligation of the special purpose entities as of December 31, 2021 (2020: $1.3 billion).

During 2021 and 2020, the Company identified indicators of impairment in its CGU due the capacity reductions, the temporary grounding of part of its fleet, following by the reduction in air traffic as a result of the

Covid-19

pandemic. To determine whether impairment exists, the recoverable amount at the level of the CGU, was determined using cash flow projections from financial forecasts approved by senior management covering a five-year period. The

pre-tax

discount rate applied to cash flow projections was 13.6% (2020: 13.8%). As a result of this analysis, the Company determined the recoverable amount of the CGU was in excess of its book value and, therefore, no impairment was recorded (See note 16).

Purchase deposits for flight equipment

As of December 31, 2021 the additions for $347.0 million include $276.9 million of advance payments paid on aircraft purchase contracts made during 2021.

During the first quarter of 2021, the Company reached an agreement with Boeing regarding compensation related to the Boeing 737 MAX grounding. The terms of the agreement are confidential, but the Company has received compensation in the form of certain credits concurrent with the aircraft deliveries and other considerations, including a revised delivery stream. In accordance with applicable accounting principles, the Company accounted for substantially all the compensation received from Boeing as a reduction in cost basis of the aircraft. No material financial impacts of the agreement were recorded in the Company’s earnings during the year ended December 31, 2021.

As of December 31, 2021 the total amount of purchase deposits for flight equipment corresponds to the future purchase of MAX aircraft (see note 27).

As of December 31, 2020 there were no additions to purchase deposits.

Other property and equipment

During 2021, the Company capitalized under “Leasehold improvements” $0.7 million of remodeling projects for airport facilities and offices.

As of December 31, 2021 and 2020, construction in progress mainly includes the construction of the new VIP lounge in the Terminal 2 of Tocumen airport and other remodeling projects for airport facilities and offices.

During 2020, the Company capitalized under “Leasehold improvements” $1.6 million for improvements to the Training Center located at the Ciudad del Saber in Panama City, and $0.8 million in other remodeling projects for airport facilities and offices.

Assets held for sale

Embraer 190 fleet

In November 2019, the Company announced its decision to accelerate the exit of its Embraer 190 fleet and initiated an active program to locate a buyer to sell the remaining 14 aircraft, spare engines, spare parts and inventory by 2020.

In June 2020, the Company updated the fair value less cost to sell of the Embraer 190 fleet and related assets and recognized additional impairment losses of $49.5 million, which have been included under “Impairment of

non-financial

assets” in the accompanying consolidated statement of profit or loss.

During the third quarter of 2020 the Company signed the contract for the sale of 14

EMB-190s,

6 spare engines, expendables, spare parts and supplies, and an EMB 190 flight simulator.

As of December 31, 2021, the Company has completed the delivery of the Embraer 190 assets according to the sales plan, no significant additional gain or loss was recognized on the 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.

During 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 has completed the sale of the assets according to the sales plan, no significant additional gain or loss was recognized on the sale.

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 is 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 have been included under “Impairment of

non-financial

assets” in the accompanying consolidated statement of profit or loss.

Leases

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Leases

14. Leases

The Company as a lessee

The Company leases some aircraft under long-term lease agreements with an average duration of 11 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, 2019	$	333,049		$	28,944		$	361,993
Additions		23,162			8,512			31,674
Depreciation expense		(95,564	)		(7,260	)		(102,824	)

Balance at December 31, 2019	$	260,647		$	30,196		$	290,843
Additions/(Terminations)		21,706			(1,888	)		19,818
Impairment		(1,541	)		—			(1,541	)
Depreciation expense		(88,451	)		(6,390	)		(94,841	)

Balance at December 31, 2020	$	192,361		$	21,918		$	214,279
Additions/(Terminations)		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 to the

right-of-use

assets include new leases, contract extensions, changes in discount rate and changes in rental payments.

At December 31, 2020, the impairment loss relates to leased aircraft grounded until its redelivery due the capacity reductions a result of the

Covid-19

pandemic.

Lease liabilities


	2021		2020
Current portion of lease liability
Aircraft	$	70,061	$	77,777
Real estate		3,856		5,828

	$	73,917	$	83,605

Long-term lease liability
Aircraft	$	86,167	$	125,216
Real estate		18,567		21,689

	$	104,734	$	146,905

	$	178,651	$	230,510

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, 2021 the total liability related to leases including the provision of dismantling amounts to $203.1 million (2020: $255.5 million).

Total cash outflow for leases for the years ended as December 31, 2021 and 2020:


	2021		2020
Aircraft	$	81,936	$	97,353
Real estate		5,862		6,039

	$	87,798	$	103,392

As of December 31, 2021 the average incremental borrowing rate of leased aircraft is 2.95% (2020: 3.37%).

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:


	2021			2020			2019
Depreciation and amortization
Aircraft	$	73,687		$	88,451		$	95,564
Real estate		4,506			6,390			7,260

	$	78,193		$	94,841		$	102,824
Impairment of non financial assets
Aircraft	$	—		$	1,541		$	—
Other operating and administrative expenses
Short-term leases	$	440		$	90		$	364
Leases of low-value assets		279			330			733
Variable lease payments not include in the measurement of lease liabilities		1,352			827			706
Variable lease payments by rental concessions received		(1,295	)		(489	)		—

	$	776		$	758		$	1,803
Finance cost
Aircraft	$	5,480		$	8,185		$	11,221
Real estate		1,326			1,717			2,073
Unwinding of discount and changes in the discount rate		762			832			846

	$	7,568		$	10,734		$	14,140

	$	86,537		$	107,874		$	118,767

Some property leases contain variable payment terms that are linked to the number of passengers or employees using the areas. Additional, 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.

The Company as a lessor

Since 2015, the Company is the lessor of 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 that year. Each lease

is scheduled to expire in 2022. The carrying amount of the two aircraft under operating leases is up to $12.9 million (2020: $12.3 million).

Total lease income amounts to $3.0 million for the period ended December 31, 2021 (2020: $3.2 million and 2019: $3.5 million), included under “Other operating revenue” in the accompanying consolidated statement of profit or loss.

The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date.

The future minimum lease receivables under

non-cancellable

leases are as follows:


	2021		2020
Up to one year	$	2,875	$	3,000
One to five years		—		2,875

Total minimum lease rental receivables	$	2,875	$	5,875

Net defined benefit liability

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Net defined benefit liability

15. Net defined benefit liability


	2021			2020
Fair value of plan assets	$	27,413		$	25,783

Defined benefit obligation		(34,593	)		(39,466	)
Other employee benefits		(490	)		(649	)

	$	(35,083	)	$	(40,115	)

Net defined benefit liability	$	(7,670	)	$	(14,332	)

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, 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


Year ended December 31, 2020	Defined benefit obligation			Fair value of assets			Defined benefit assets (liability)
Current service cost		2,393		$	—		$	2,393
Interest cost on net benefit obligation		706			(731	)		(25	)
Past service cost		457			—			457
Curtailment / Settlement		(2,026	)		—			(2,026	)

Net periodic benefit cost (income)	$	1,530		$	(731	)	$	799


Year ended December 31, 2019	Defined benefit obligation			Fair value of assets			Defined benefit assets (liability)
Current service cost		2,192			—			2,192
Interest cost on net benefit obligation		887			(979	)		(92	)

Net periodic benefit cost (income)	$	3,079		$	(979	)	$	2,100

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, 2019	$	(22,568	)	$	28,339		$	(680	)	$	5,091
Current service cost		(2,192	)		—			—			(2,192	)
Interest (cost) income		(887	)		979			—			92
Experience gain (loss)		(1,681	)		—			—			(1,681	)
Return on plan assets		—			138			—			138
Actuarial changes arising from changes in financial assumptions		(1,874	)		—			—			(1,874	)
Employer contributions		—			1,903			—			1,903
Benefits paid		1,007			(1,086	)		—			(79	)
Others		—			(1,187	)		38			(1,149	)

As of December 31, 2019	$	(28,195	)	$	29,086		$	(642	)	$	249
Current service cost		(2,393	)		—			—			(2,393	)
Interest (cost) income		(706	)		731			—			25
Past service cost		(457	)		—			—			(457	)
Curtailment / Settlement		2,026			—			—			2,026
Return on plan assets		—			374			—			374
Experience gain (loss)		(4,001	)		—			—			(4,001	)
Actuarial changes arising from changes in demographic assumptions		(11,285	)		—			—			(11,285	)
Actuarial changes arising from changes in financial assumptions		(1,028	)		—			—			(1,028	)
Employer contributions		—			1,709			—			1,709
Benefits paid		6,573			(6,117	)		—			456
Others		—			—			(7	)		(7	)

As of December 31, 2020	$	(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	)
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	)

As of December 31, 2021, and 2020, plan assets are comprised totally by fixed term deposits.

For the year ended December 31, 2021, actuarial gain of $5.4 million, (2020: actuarial loss of $15.5 million and 2019: $4.4 million) were recognized in other comprehensive income.

During 2021, the Company did not retire interest earned of the fund. As of December 31, 2020 employer contributions is a net amount of regular contributions by $2.8 million (2019: $4.4 million) and retirement of interest earned by $1.1 million (2019:$2.5).

The following were the principal actuarial assumptions at the reporting date:


	2021	2020	2019
Economic assumptions -
Discount rate	2.9%	2.0%	2.5%
Compensation - salary increase	4.0%	4.0%	4.0%


Demographic assumptions -
Mortality	Panama expirence		RP - 2000 no collar
Termination	2003 SoA pension plan		13% all ages
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 2021					December, 31 2020					December, 31 2019
	Increase		Decrease			Increase		Decrease			Increase		Decrease
Discount rate (0.5% movement)	$	1,876	$	(2,056	)	$	2,318	$	(2,554	)	$	709	$	(751	)

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:


	2021		2020
Up to one year	$	2,202	$	2,299
One to five years		8,853		8,777
Over five years		13,271		14,112

Total expected payments	$	24,326	$	25,188

The average duration of the defined benefit plan obligation at the end of the reporting period is 11.8 years.

Intangible assets

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Intangible assets

16.	Intangible assets


			Other intangibles assets
	Goodwill		License and software rights			Intangible in process			Total
Cost -
Balance at January 1, 2019	$	20,380	$	94,124		$	41,632		$	156,136
Additions		—		8,503			16,962			25,465
Disposals		—		(86	)		—			(86	)
Reclassifications		—		40,660			(40,660	)		—

Balance at December 31, 2019	$	20,380	$	143,201		$	17,934		$	181,515
Additions		—		4,378			12,041			16,419
Disposals		—		(5,546	)		—			(5,546	)
Reclassifications		—		13,975			(13,975	)		—

Balance at December 31, 2020	$	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
Accumulated amortization and impairment -
Balance at January 1, 2019	$	—	$	(54,968	)	$	—		$	(54,968	)
Amortization for the year		—		(18,437	)		—			(18,437	)
Disposals		—		6			—			6

Balance at December 31, 2019	$	—	$	(73,399	)	$	—		$	(73,399	)
Amortization for the year		—		(25,493	)		—			(25,493	)
Impairment		—		—			(1,020	)		(1,020	)
Disposals		—		3,092			—			3,092

Balance at December 31, 2020	$	—	$	(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	)

Carrying amounts -
At December 31, 2019	$	20,380	$	69,802		$	17,934		$	108,116

At December 31, 2020	$	20,380	$	60,208		$	14,980		$	95,568

At December 31, 2021	$	20,380	$	50,987		$	10,382		$	81,749

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 Company considers the relationship between its market capitalization and its book value, among other factors, when reviewing for indicators of impairment. During 2021, the overall decline in air transportation around the world, as well as the ongoing economic uncertainty, have led to a decreased demand in the CGU.

The recoverable amount of the CGU of $2.8 billion (2020: $2.5 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 13.6% (2020: 13.8%) and the cash flows beyond the five-year period are extrapolated using a 4.9% (2020: 4.5%) 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 13.6% 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 15.3% (i.e., +1.7%) would result in an impairment.

Other intangible assets

Intangible assets in process

Intangible assets in process as of December 31, 2021 and 2020 mainly comprise the development of sales and operational systems and improvements.

During 2021, the Company capitalized $11.2 million on marketing, sales and revenue programs. During 2020, the Company capitalized $10.8 million on marketing, sales and human resources programs.

As of December 31, 2020 the amount of $1.0 million recognized as “Impairment of

non-financial

assets” in the consolidated statement of profit or loss, is related to intangibles in process that will not continue to develop as consequence of the

Covid-19

pandemic. In addition, the Company identified and

wrote-off

$2.5 million, net of amortization related to capitalized software that were discontinued as a result of the

COVID-19

pandemic.

Other assets

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Other assets

17.	Other assets


	2021		2020
Current -
Interest receivable	$	4,791	$	6,457
Other		1,263		1,348

		6,054		7,805

Non-current -
Guarantee deposits		3,296		3,010
Deposits for litigation		7,590		8,126
Other		3,212		3,212

		14,098		14,348

	$	20,152	$	22,153

Guarantee deposits are mainly amounts paid to fuel suppliers, as required at the inception of the agreements (see note 23).

Deposit for litigation is cash deposited into the escrow account until the related dispute is settled (see note 21).

Loans and borrowings

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Loans and borrowings

18.	Loans and borrowings


	2021
	Due through	Effective rates ranged	Carrying Amount
Long term fixed rate debt	2033	0.97% to 3.70%		896,607
Long term variable rate debt	2029	0.31% to 1.47%		235,632
Loan payable	2022			50,014
Senior convertible notes	2025	14.68%		243,380

				1,425,633
Current maturities				(196,602	)

Loans and borrowings long-term			$	1,229,031


	2020
	Due through	Effective rates ranged	Carrying Amount
Long-term fixed rate debt	2029	1.49% to 4.45%		663,293
Long-term variable rate debt	2029	0.42% to 1.66%		279,778
Senior convertible notes	2025	14.68%		220,829

				1,163,900
Current maturities				(127,946	)

Loans and borrowings long-term			$	1,035,954

Maturities of the loans and borrowings for the next five years are as follows:


Year ending December 31,

2022		196,602
2023		121,829
2024		186,329
2025		426,577
2026		79,810
Thereafter		414,486

	$	1,425,633

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 are senior, unsecured obligations of the Company and will accrue interest at a rate of 4.50% per annum, payable semi-annually in arrears on April 15 and October 15 of each year.

Noteholders have the right to convert their notes only upon the occurrence of certain events. From and after October 15, 2024, noteholders may 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 will settle 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 is 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 and will be 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 are 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 40th 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. In addition, the notes are redeemable, in whole and not in part, at the Company’s option in connection with certain changes in tax law at any time. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, plus a make-whole premium.

The component corresponding to the conversion feature of the notes is recorded an embedded derivative under “Derivative financial instruments” in the consolidated statement of financial position. The fair value of the

embedded

derivative at initial recognition was $

138.4

million. At December

2021

, the fair value was $

268.3

million

(2020

: $

245.6

million) and the Company recorded an unrealized net loss of $

22.7

million

(2020

: $

107.1

million unrealized net loss) recorded 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, 2021, long-term fixed rate debt included $548.7 million (2020: $579.7 million) and long-term variable debt included $180.3 million corresponding to aircraft acquisitions using JOLCO arrangements (2020: $202.6 million).

As of December 31, 2021 the Company had $403.2 million (2020: $160.7 million) 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, are denominated in U.S. dollars, and originally bear interest at a floating rate linked to LIBOR. The Export-Import Bank guaranteed facilities typically offer an option to fix the applicable interest rate. The Company has exercised this option with respect to $347.9 million as of December 31, 2021 (2020: $83.6 million).

The detail of finance cost and income is as follows:


	2021			2020			2019
Finance income -
Interest income on short-term bank deposits	$	211		$	543		$	1,432
Interest income on investment		10,638			19,420			22,973

	$	10,849		$	19,963		$	24,405

Finance cost -
Interests expense on bank loans	$	(26,817	)	$	(29,711	)	$	(36,676	)
Interests expense on senior convertible notes		(38,301	)		(23,571	)		—
Interest on factoring		(1,365	)		(256	)		(1,316	)
Interest on lease liabilities (see note 14)		(7,568	)		(10,734	)		(14,140	)
Other finace cost		(2,183	)		(8,773	)		(5,300	)

	$	(76,234	)	$	(73,045	)	$	(57,432	)

Changes in liabilities arising from financing activities:


						Non-cash movements
	2020		Cash flows			Foreign exchange movement			Leases		Concession Covid-19			Other		2021

Loans and borrowings	$	1,163,900	$	210,045		$	—		$	—	$	—		$	51,688	$	1,425,633
Lease liability		230,510		(80,992	)		(348	)		30,776		(1,295	)		—		178,651

Total liabilities from financing activities	$	1,394,410	$	129,053		$	(348	)	$	30,776	$	(1,295	)	$	51,688	$	1,604,284


						Non-cash movements
	2019		Cash flows			Foreign exchange movement			Leases		Concession Covid-19			Other			2020
Loans and borrowings	$	1,060,765	$	220,812		$	—		$	—	$	—		$	(117,677	)	$	1,163,900
Lease liability		304,564		(93,213	)		(347	)		19,995		(489	)		—			230,510
Dividends payable		—		(33,990	)		—			—		—			—			(33,990	)

Total liabilities from financing activities	$	1,365,329	$	93,609		$	(347	)	$	19,995	$	(489	)	$	(117,677	)	$	1,360,420

The column “Leases” includes the

non-cash

additions to

right-of-use

assets and lease liabilities.

The “Concession

Covid-19”

column discloses the reduction or absence of cash outflows that arise from rent concessions to which the Company has applied the practical expedient.

For the year ended December 31, 2021 the column “Other” includes

non-cash

investing and financing transactions related to the acquisition of new aircraft, and also includes the effect of accrued but not yet paid interest on loans and borrowings.

For the year ended December 31, 2020 the column “Other” includes the recognition of the embedded derivative of the Notes recorded at its fair value at the inception of the transaction and the effect of accrued but not yet paid interest on loans and borrowings.

The Company classifies interest paid as cash flows from operating activities.

Trade, other payables and financial liabilities

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Trade, other payables and financial liabilities

19.	Trade, other payables and financial liabilities


	2021		2020
Account payables	$	112,596	$	63,461
Account payables to related parties		7,948		2,970

		120,544		66,431
Others		786		252

	$	121,330	$	66,683

See details of the account due to related parties in note 23.

Accrued expenses payable

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Accrued expenses payable

20.	Accrued expenses payable


	2021		2020
Accruals and estimations	$	4,290	$	23,589
Labor related provisions		23,163		6,541
Liability for social security contributions		5,043		3,275
Other		271		590

	$	32,767	$	33,995

During 2021, the Company returned two leased aircraft Boeing

737-700.

As of December 31, 2020, the accrual and estimation included $6.2 million of provisions related to the return of these aircraft.

As of December 31, 2021 and 2020, 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

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Other long-term liabilities

21.	Other long-term liabilities


	Provision			Provision for			Dismantling			Other long-term
	for litigations			return condition			provision			liabilities			Total

Balance at January 1, 2021	$	9,922		$	182,838		$	24,981		$	22,173		$	239,914
Increases		77			18,949			—			300			19,326
Used		—			(3,766	)		(784	)		(2,226	)		(6,776	)
Adjustment		—			(39,217	)		(319	)		—			(39,536	)
Effect of movements in exchange rates		(750	)		—			—			—			(750	)
Unused amounts reversed		(197	)		(1,448	)		(216	)		(2,159	)		(4,020	)
Unwinding of discount and changes in the discount rate		—			2,183			762			—			2,945

Balance at December 31, 2021	$	9,052		$	159,539		$	24,424		$	18,088		$	211,103

Current		—			—			—			4,290			4,290
Non-current		9,052			159,539			24,424			13,798			206,813

	$	9,052		$	159,539		$	24,424		$	18,088		$	211,103

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, 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 instance ruled in favor of INFRAERO and the Company has appealed the judgment. While the litigation is still pending, the Company continues to pay the ATAERO amounts due into an escrow account and as of December 31, 2021, the aggregate amount in such account totaled $7.5 million (2020: $8.1 million).

In the event that the Company receives a final unfavorable judgment it will be required to release the escrowed fund to INFRAERO and will not be able to recover such amounts. The Company does not, however, expect the release of such amounts to 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 2022.

During 2021, the uses of the provision correspond to the return of two leased aircraft Boeing

737-700.

Additionally, the Company adjusted $39.2 million of its provision for return condition due to a renewals of aircraft contracts during 2021.

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.

During 2021, the uses of the provision correspond to the return of two leased aircraft Boeing

737-700.

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, 2021, the provision for maintenance amounts to $14.9 million (2020: $19.0 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

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Income taxes

22.	Income taxes


	2021			2020			2019
Current taxes expense -
Current period	$	(8,892	)	$	(14,032	)	$	(55,847	)
Adjustment for prior period		2,397			162			693

	$	(6,495	)	$	(13,870	)	$	(55,154	)
Deferred taxes expenses -
Origination and reversal of temporary differences		(3,991	)		37,587			8,717

Total income tax	$	(10,486	)	$	23,717		$	(46,437	)

As of December 31, 2021, the Panamanian subsidiaries calculated income tax in accordance with the traditional method.

As of December 31, 2020, the company in Panama generated tax losses and calculated the income tax based on CAIR. In August 2021, the Company was authorized by Panamanian tax authority for the

non-application

of CAIR and the provision was reversed.

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, 2021.

During the year 2021, the deferred tax balances have been

re-measured

as a result of the change in Colombia’s income tax rate, 35% for the taxable year from 2022, according to the law N°2155 published on September 14, 2021. Deferred tax expected to reverse in the year 2022, has been measured using the effective rate that will apply for Copa Airlines (25%),

AeroRepública

(35%) and OVAL (21%)

The balances of deferred taxes are as follows:


	Statement						Statement of
	of financial position						profit or loss
	2021			2020			2021			2020			2019
Deferred tax liabilities

Maintenance deposits	$	(17,918	)	$	(23,891	)	$	(5,973	)	$	(5,972	)	$	—
Prepaid dividend tax		(2,003	)		—			2,003			(7,403	)		(1,456	)
Property and equipment		1,502			2,108			606			(5,004	)		(4,500	)
Other		(1,879	)		(1,500	)		379			(3,190	)		(1	)
Set off tax		1,516			1,093			(423	)		362			414

	$	(18,782	)	$	(22,190	)	$	(3,408	)	$	(21,207	)	$	(5,543	)
Deferred tax assets
Provision for return conditions	$	8,564		$	12,665		$	4,101		$	(2,570	)	$	(2,959	)
Air traffic liability		2,462			2,486			24			(447	)		(247	)
Other provisions		2,109			624			(1,485	)		6,202			(2,139	)
Tax loss		16,577			20,913			4,336			(19,203	)		2,585
Set off tax		(1,516	)		(1,093	)		423			(362	)		(414	)

	$	28,196		$	35,595		$	7,399		$	(16,380	)	$	(3,174	)

	$	9,414		$	13,405		$	3,991		$	(37,587	)	$	(8,717	)

At December 31, 2021, the deferred tax assets include tax losses carried forward of $10.5 million in Copa Airlines and $6.0 million in

AeroRepública

(December 2020: $11.8 million and $9.1 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 four years beginning in 2021.

At December 31,

2021

the aggregate amount of temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have been recognized, is $33.5 million (2020: Null).

Reconciliation of the effective tax rate is as follows:


	Tax rate			2021			Tax rate			2020			Tax rate			2019
Net profit (loss)				$	43,844					$	(607,062	)				$	247,002
Total income tax expense					10,486						(23,717	)					46,437

Profit excluding income tax					54,330						(630,779	)					293,439

Income taxes at Panamanian statutory rates		25.0	%		13,583			25.0	%		(157,695	)		25.0	%		73,360

Stations - Taxable / Panama		15.4	%		8,379			(13.2	%)		83,071			(13.7	%)		(40,205	)
Stations - Taxable / Non Panama		10.3	%		5,605			(1.5	%)		9,850			2.4	%		7,043
Stations - Non Taxable / Non Panama		(27.0	%)		(14,684	)		(5.3	%)		33,728			(4.9	%)		(14,444	)
Dividend tax		0.0	%		—			(1.2	%)		7,491			7.2	%		21,376
(Over) under provided in prior periods		(4.4	%)		(2,397	)		0.0	%		(162	)		(0.2	%)		(693	)

Provision for income taxes		(19.3	%)	$	10,486			3.8	%	$	(23,717	)		15.8	%	$	46,437

Accounts and transactions with related parties

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Accounts and transactions with related parties

23.	Accounts and transactions with related parties


	2021		2020
Account receivable -
Banco General, S.A.	$	1,589	$	1,231
Panama Air Cargo Terminal		217		186
Petróleos Delta, S.A.		26		12

	$	1,832	$	1,429

Account payable -
Petróleos Delta, S.A.	$	7,677	$	2,476
Assa Compañía de Seguros, S.A.		196		358
Desarrollos Inmobiliarios del Este, S.A.		37		51
Panama Air Cargo Terminal		11		40
Galindo, Arias & López		17		36
Motta Internacional, S.A.		7		—
Millicom Tigo Panamá, S.A.		3		9

	$	7,948	$	2,970

Transactions with related parties for the year ended December 31 are as follows:


		Amount of transaction			Amount of transaction			Amount of transaction
Related party	Transaction	2021			2020			2019

Petróleos Delta, S.A.	Purchase of jet fuel	$	190,628		$	102,702		$	376,765
ASSA Compañía de Seguros, S.A.	Insurance		9,713			7,147			11,215
Desarrollo Inmobiliario del Este, S.A.	Property leasing		3,384			3,301			4,017
Profuturo Administradora de Fondos de Pensión y Cesantía	Payments		2,565			2,839			5,145
Panama Air Cargo Terminal	Handling		3,193			2,037			3,522
Motta International	Purchase		108			550			1,854
Millicom Tigo Panamá, S.A.	Communications		568			703			1,396
Galindo, Arias & López	Legal services		170			236			309
GBM International, Inc.	Technological support		102			146			240
Global Brands, S.A.	Purchase		31			31			108
Televisora Nacional, S.A.	Communications		—			13			—
Banco General, S.A.	Interest income	$	(1,546	)	$	(2,657	)	$	(4,181	)

Banco General, S.A.:

The Company’s controlling shareholders have a vote and a decision within the board of directors 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. Also the Company has interest receivable by $0.9 million (2020: $1.0 million) due to short and long term time deposits in this financial institution.

Petróleos Delta, S.A.:

Since 2005, the fuel company entered into a contract with the Company to meet its jet fuel needs. The contract’s term is two years, and the last contract subscribed was on June, 2020.

While the Company’s controlling shareholders do not hold a controlling equity interest in Petróleos Delta, S.A., various members of the Company’s Board of Directors are also board members of Petróleos Delta, S. A.

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 contract 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.

Millicom Tigo Panamá, S.A.:

The Company is responsible for providing television and internet broadcasting services in Panama. A member of the Company’s Board of Directors is shareholder of Millicom Tigo Panamá, S.A.

Galindo, Arias

& López:

Certain partners of Galindo, Arias & López (a law firm) are indirect shareholders of CIASA and serve on the Company’s Board of Directors.

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:


	2021		2020		2019
Short-term employee benefits	$	2,748	$	3,177	$	4,969
Post-employment pension		53		61		95
Share-based payments		1,083		2,362		3,246

	$	3,884	$	5,600	$	8,310

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

12 Months Ended

Dec. 31, 2021

Text block [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, 2021, the Company had 33,998,654 Class A shares issued (2020: 33,861,872) and 30,995,120 shares outstanding (2020: 31,421,265), 10,938,125 Class B shares issued and outstanding (2020: 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 ratifications.

During the first quarter of 2020, the Company paid dividends in the amount of $80 cents per share. Given the uncertainty related to the

Covid-19

pandemic, including the effect on future air travel demand, on April 26, 2020 the Board of Directors postponed dividend payments for the remaining quarters of 2020 and as of December 31, 2021, the decision remains.

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 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.

A summary of the repurchased shares for the Company as of December 31, 2021 is as follows:


	Shares		Cash paid (in thousands)
2014		182,592	$	18,506
2015		2,127,900		117,882
2021		559,025		40,514

		2,869,517	$	176,902

As of December 31, 2021, the Company had $73.1 million remaining to purchase shares under its share repurchase program.

Share-based payments

12 Months Ended

Dec. 31, 2021

Text block [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 and options awards amounts to $7.1 million, $5.3 million, and $6.1 million in 2021, 2020, and 2019, respectively, and was recorded as a component of “Wages, salaries, benefits and other employees’ expenses” within operating expenses.

Non-vested

Stock

The Company approved a

non-vested

stock bonus award for certain executive officers of the Company.

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 the equity compensation plan is as follows:


Grant date	Number of instruments	Vesting conditions	Contractual life
February, 2016	147,000	15% first three anniversaries 25% fourth 30% fifth anniversary	5 years
February, 2016	63,000	Fifth anniversary	5 years
February, 2018	21,556	7% first month 31% first three anniversaries	3 years
February, 2018	14,379	33% first three anniversaries	3 years
February, 2018	1,316	15% first three anniversaries 25% fourth 30% fifth anniversary	5 years
July, 2018	6,104	Third anniversary	3 years
February, 2019	15,951	1% first month 33% first three anniversaries	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
December, 2019	1,724	100% first anniversary	1 year
February, 2020	24,650	1% first month 33% first three anniversaries	3 years
December, 2020	3,551	100% first anniversary	1 year
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

Non-vested

stock awards were measured at their fair value on the grant date. For the 2021 grants, the fair value of these

non-vested

stock awards amounts to $85.31 per share (2020: $93.99).

A summary of the

non-vested

stock award activity under the plan as of December 31, 2021, 2020 and 2019 with changes during these years is as follows (in number of shares):


	2021			2020			2019
Non-vested as of January 1		153,921			211,205			271,904
Granted		137,799			28,201			28,947
Vested		(132,880	)		(83,409	)		(80,170	)
Forfeited		(1,017	)		(2,076	)		(9,476	)

Non-vested as of December 31		157,823			153,921			211,205

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 $6.3 million (2020: $1.9 million), with a weighted average remaining contractual life of 2.6 years (2020: 1.6 years). Additionally, the Company estimates that the 2022 compensation cost related to these plans amounts to $4.0 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 to five-year period and the stock options will carry a

ten-year

term.

Earnings per share

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Earnings per share

26.	Earnings per share

Basic earnings per share amounts are calculated by dividing the net profit (loss) 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).

Convertible notes issued during 2020 are considered to be potential ordinary shares are not included in the calculation of diluted earnings per share because they are antidilutive for the year ended 31 December 2021 and 2020. These options could potentially dilute basic earnings per share in the future. The notes have not been included in the determination of basic earnings per share. Details relating to the notes are set out in note 18.

The computation of the income (losses) and share data used in the basic and diluted (loss) earnings per share is as follows:


	2021		2020			2019
Basic earnings per share—
Net profit (loss)	$	43,844	$	(607,062	)	$	247,002
Weighted-average shares outstanding		42,439		42,338			42,258
Non-vested dividend participating awards		162		170			225

		42,601		42,508			42,483

		1.03		(14.28	)		5.81

Commitments and contingencies

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Commitments and contingencies

27.	Commitments and contingencies

Purchase contracts

As of December 31, 2021, the Company had one purchase contract with Boeing entailing sixty six (66) firm orders of Boeing 737 MAX aircraft, agreed to be delivered between 2022 and 2028.

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,
2022		242,602
2023		379,985
2024		707,197
2025		517,339
2026		417,853
Thereafter		842,125

	$	3,107,101

As of December 31, 2021, the Company has paid $469.4 million (2020: $410.9 million) in predelivery deposits related to the purchase contract with Boeing for the 737 MAX aircraft.

From March 2019 to November 18, 2020, the Federal Aviation Administration (FAA) grounded all U.S. registered Boeing 737 MAX aircraft an action that was followed by most of the world’s aviation regulators, including Panamanian aviation regulators. As a consequence, during February 2021, the Company reached an agreement with Boeing regarding compensation related to the Boeing 737 MAX grounding. As part of the agreement, the Company will receive compensation in the form of certain credits concurrent with future aircraft deliveries and other considerations, including a revised delivery stream.

Labor unions

Approximately 65.8% of the Company’s 6,127 employees are unionized. There are currently

eight

(8) union organizations, five (5) covering employees in Panama, three (3) covering employees in Colombia. The Company traditionally had good relations with its employees and with all the unions and expects to continue to enjoy good relations with its employees and the unions in the future.

The five (5) unions covering employees in Panama include the pilots’ union (UNPAC); the flight attendants’ union (SIPANAB); the mechanics’ union (SITECMAP), the 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 UGETRACA which represents ground personnel and flight attendants.

Copa entered into collective bargaining agreements with the pilot’s union in July 2017, the industry union in December 2017, the mechanics’ union in June 2018 and the flight attendants’ union in October 2018. Copa does not have a collective bargain agreement negotiated with UGETRACAS because they do not have the eligible amount of employees.

Collective bargaining agreements in Panama typically have terms of four years.

The three (3) unions covering employees in Colombia are: the pilots’ union (ACDAC), the flight attendants’ union (ACAV), the industry union (SINTRATAC), approximately 33.08% of the Company’s 532 employees are unionized.

Copa entered into collective bargaining with ACDAC and ACAV in January 2018. ACDAC has not yet resolved and ACAV ended with a new arbitration collective document for two years that expired in September 2020. This new arbitration was automatically extended until March 2022. Additionally, SINTRATAC and Copa entered into collective bargaining agreement in December 2017 for terms of four years until December 2021. This agreement automatically extended until June 2022. Negotiations with ACMA were resolved by arbitration on December 31, 2015, extending the validation every 6 months from this date, until June, 2022. ACMA has not presented a new bill of petition.

Typically, collective bargaining agreements in Colombia have terms of two to three years.

Although AeroRepública usually settles many of its collective bargaining agreement negotiations through arbitration proceedings, it has traditionally experienced good relations with its unions.

In addition to unions in Panama and Colombia, the Company’s employees in Brazil are covered by industry union agreements that cover all airline industry employees in the country and airport employees in Argentina are affiliated to an industry union (UPADEP).

Lines of credit for working capital and letters of

credit

The Company maintained letters of credit with several banks with a value of $20.2 million as of December 31, 2021 (2020: $44.3 million). These letters of credit are pledged mainly for operating lessors, maintenance providers and airport operators.

The Company has committed unsecured credit facilities of $225.0 million, currently drawn $50.0 million. In addition, the Company has a secured revolving credit facility for an aggregate amount of $120.0 million. Including this facility, the Company has $295.0 million in unutilized committed credit facilities as of December 31, 2021 (2020: $305.0 million). These credit facilities have been put in place for contingency and working capital purposes.

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 management and fair value

12 Months Ended

Dec. 31, 2021

Text block [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, 2021 and 2020, the Company did not have any outstanding fuel hedge contracts.

Fuel price risk is estimated as a hypothetical 10% increase in the December 31, 2021 cost per gallon of fuel. Based on projected 2022 fuel consumption, such an increase would result in an increase to aircraft fuel expense of approximately $62.0 million in 2022 (unaudited). There are no hedged contracts for 2022.

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 $124.7 million (2020:

Null

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 65.8% of revenues and 80.4% of expenses. A significant part of our revenue is denominated in foreign currencies, including the Colombian peso, Brazilian real, Mexican peso and Argentinian peso, which represented 13.6%, 8.1%, 2.5% and 2.0%, respectively (2020: 9.1%, 9.5%, 2.9% and 4.0% respectively).

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:


	2021		2020
Assets
Cash and cash equivalents	$	10,848	$	12,322
Accounts receivable, net		50,103		27,670
Other assets		17,811		18,942

Total assets	$	78,762	$	58,934
Liabilities
Accounts payable		35,948		20,142
Taxes payable		25,827		13,757
Other liabilities		12,239		11,387

Total liabilities	$	74,014	$	45,286

Net position	$	4,748	$	13,648

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:


	2021			2020
Balance at beginning of year	$	(1,217	)	$	(957	)
(Additions)/Reversal		(95	)		(260	)

Balance at end of year	$	(1,312	)	$	(1,217	)

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.

Although the Company evaluates the concentration of risk with respect to trade receivables as low, and its customers are located in several jurisdictions and operate in largely independent markets, some of them have been affected by

Covid-19

to a greater degree than others and therefore be exposed to different risks of default. As a consequence, forward-looking information includes one or more downside scenarios related to the spread of Covid 19, specifically with respect to the categories “Government” and “Cargo and other travel agencies”.

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:


	2021
			Days past due
	Total		Current			<30			30-60			60-90			>90
Expected credit loss rate				0.0	%		3.2	%		3.4	%		13.5	%		51.2	%
Gross carrying amount	$	100,015	$	77,995		$	3,157		$	4,080		$	658		$	14,125
Expected credit loss	$	7,565	$	9		$	100		$	139		$	89		$	7,228


	2020
			Days past due
	Total		Current			<30			30-60			60-90			>90
Expected credit loss rate				0.0	%		0.1	%		2.5	%		3.7	%		41.5	%
Gross carrying amount	$	72,172	$	50,180		$	3,554		$	1,867		$	1,228		$	15,343
Expected credit loss	$	6,483	$	20		$	3		$	46		$	46		$	6,368

28.4 Interest rate 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.

As of December 31, 2021, fixed interest rates range from 0.97% to 3.70%, and the main floating rate is LIBOR.

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 31th, 2021 we had $894.0M of fixed-rated debt and $285.4M of variable-rated debt. If the interest rate average is 100 basis points more in 2021, the variable-rate debt interest expense would increase by approximately $2.8 million and the estimated fair value of the fixed-rate debt would decrease– by approximately $0.1 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, 2021.

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, 2021


	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	$	1,425,633	$	1,549,887	$	228,272	$	895,620	$	425,995
Lease liabitity		14		178,651		217,526		89,413		123,434		4,679
Account payable		19		112,596		112,596		112,596		—		—
Account payable to related parties		19		7,948		7,948		7,948		—		—

			$	1,724,828	$	1,887,957	$	438,229	$	1,019,054	$	430,674

December 31,

2020


	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	$	1,163,900	$	1,287,203	$	155,902	$	834,145	$	297,156
Lease liabitity		14		230,510		246,495		90,244		147,530		8,720
Account payable		19		63,461		63,461		63,461		—		—
Account payable to related parties		19		2,970		2,970		2,970		—		—

			$	1,460,841	$	1,600,129	$	312,577	$	981,675	$	305,876

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		2021		2020		2021		2020
Financial assets
Long-term investments		9		199,670		119,617		199,082		120,938
Financial liabilities
Loans and borrowings		18		1,425,633		1,163,900		1,549,934		1,327,282

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.

•

Asset held for sale was determined considering observable quoted prices, in active markets adjusted by the costs to disposal estimated by the Company.

•

Derivative financial instruments is 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).

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
	2021		Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Recurring fair value measurements
Assets
Investment fund		124,726		124,726		—		—

Total assets	$	124,726	$	124,726	$	—	$	—

Liabilities
Derivative financial instruments		268,338		—		268,338		—

Total liabilities	$	268,338	$	—	$	268,338	$	—


	Fair value measurement as of reporting date
	2020		Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Non-recurring fair value measurements
Assets
Asset held for sale		135,542		—		135,542		—

Total assets	$	135,542	$	—	$	135,542	$	—

Recurring fair value measurements
Liabilities
Derivative financial instruments		245,560		—		245,560		—

Total liabilities	$	245,560	$	—	$	245,560	$	—

As of December 31, 2020, The Company approach and the key assumptions used to determine the fair value less costs of disposal of the assets held for sale were as follows:


	Unobservable input	Value assigned to key assumption			Approach to determining key assumption
Asset held for sale	Sales price		145,399		Average of purchase proposals received
	Cost of disposal		(9,857	)	Estimated based on the Company’s experience with disposal of similar assets.

			135,542

Subsequent events

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Subsequent events

29.	Subsequent events

Stock Grants

During the first quarter of 2022, the Compensation Committee of the Company’s Board of Directors approved

awards. Awards under these plans will grant approximately 25,643 shares of

non-vested

stock, which will vest over a period of three to five years. The Company estimates the fair value of these awards to be approximately $2.4 million and the 2022 compensation cost for these plans will be $1.1 million.

Covid

-19

During the first quarter of 2022, the Company had 1,300 canceled flights (4% scheduled flights) due to the impact of the increase in positive Covid cases in a group of its employees, mainly driven by the Omicron variant.

The

COVID-19

pandemic is still having a negative impact on the economies of the countries in which the Company operates, thereby reducing the demand for air travel. Individual countries’ laws and regulations that require passengers to be vaccinated and tested for Covid could materially adversely affect the passenger demand. However, the Company currently believes that the impact of Omicron will be temporary and that the recovery of international air travel demand should resume later in the first quarter.

The Company has taken proactive actions, focusing on reducing fixed costs, further bolstering the liquidity position, to continue strengthening its long term competitive position and to implement initiatives to further strengthen its network and product in the post

COVID-19

world.

Conflict between Russia and Ukraine

The conflict between Russia and Ukraine beginning in February 2022 has lead to an increase in fuel costs. Due to the evolving nature of the conflict, the Company can neither predict the duration of the increasing fuel costs nor the extent of its impact on its

business operations

Significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Basis of consolidation

(a)

Basis of consolidation

•

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 following are the significant subsidiaries included in these financial statements:


	Country of Incorporation	Ownership interest
		Ownership interest
Name		2021			2020
Copa Airlines	Panama		99.9	%		99.9	%
AeroRepública	Colombia		99.9	%		99.9	%
Oval	British Virgin Islands		100	%		100	%
La Nueva Aerolínea	Panama		100	%		100	%

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

(c)

Foreign currencies

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

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

The unused tickets expire after one year, and any revenue associated with tickets sold for future travel is recognized within 12 months.

In response to

Covid-19,

Denied boarding compensation made to customers for voluntarily or involuntarily denied boarding reduces revenue when the voucher is issued to the passenger.

•

Frequent flyer program

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.

•

Ancillaries revenues

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

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

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.

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.

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.

The Company’s financial assets at amortized cost includes the Company’s investments and its receivables.

Accounts receivable are

non-derivative

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

The Company currently does not have assets classified under this category.

Financial assets designated at fair value through OCI (equity instruments)

Financial Instruments: Presentation and are not held for trading

. The classification is determined on an

instrument-by-instrument

basis.

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 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

•

(iv)

Impairment of financial assets

12-months

12-month

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.

write-off.

To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics and the day past due.

•

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 that 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

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

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)

(iii)

Derecognition

Offsetting of financial instruments

Derivative financial instruments and hedging activities

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.

For hedge accounting purposes, hedges are classified into:

•

Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment

•

Hedges of a net investment in a foreign operation.

•

There is ‘an economic relationship’ between the hedged item and the hedging instrument.

•

The effect of credit risk does not ‘dominate the value changes’ that result from that economic relationship.

•

As of December 31, 2021 and 2020, the Company does not have financial instruments designated under hedge accounting.

Impairment of non—financial assets

(g)

Impairment of non - financial assets

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.

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 on initial recognition.

Expendable parts and supplies

(i)

Expendable parts and supplies

Passenger traffic commissions

(j)

Passenger traffic commissions

Property and equipment

(k)

Property and equipment

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


Property and equipment	Estimate useful life (years)	Residual Value

Flight equipment (*)
Airframe and engines	27	15	%
Major maintenance events	3-16	—
Ramp and miscellaneous
Ground equipment	10	—
Furniture, fixture, equipment and other	5-10	—
Leasehold improvements	Lesser of remaining lease term and estimated useful life of the leasehold improvement	—

(*) Estimates for Boeing

737-700

fleet may differ , see note 13.

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.

Leases

(l)

Leases

•

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

•

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.

•

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.

The Company as lessor

Intangible assets

(m)

Intangible assets

Goodwill

Other intangible assets

The useful lives of intangible assets are assessed as either finite or indefinite.

The Company’s intangible assets and the policies applied are summarized as follows:

•

Licenses and software rights

Taxes

(n)

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.

•

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.

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.

•

Deferred tax

•

Deferred tax liabilities are recognized for all taxable temporary differences, except:

•

Ticket taxes

Borrowing costs

(o)

Borrowing costs

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.

Provisions

(p)

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.

Employee benefits

(q)

Employee benefits

Defined benefit plan

The Company sponsors a defined benefit plan, 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).

Share-based payments

Termination benefits

Non-current assets held for sale and discontinued operations

(r)

Non-current

assets held for sale and discontinued operations

The Company classifies

non-current

assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use.

Non-current

Property and equipment and intangible assets are not depreciated or amortized once classified as held for sale.

If the Company has classified an asset as held for sale, but the criteria for held for sale classification is no longer met, the Company shall cease to classify the asset as held for sale.

The Company shall measure a non-current asset that ceases to be classified as held for sale at the lower of:

ii)

All the financial statements include amounts for continuing operations. Additional disclosures about assets held for sale are provided in note 13.

Significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Schedule of Significant Subsidiaries

The following are the significant subsidiaries included in these financial statements:


	Country of Incorporation	Ownership interest
		Ownership interest
Name		2021			2020
Copa Airlines	Panama		99.9	%		99.9	%
AeroRepública	Colombia		99.9	%		99.9	%
Oval	British Virgin Islands		100	%		100	%
La Nueva Aerolínea	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 engines	27	15	%
Major maintenance events	3-16	—
Ramp and miscellaneous
Ground equipment	10	—
Furniture, fixture, equipment and other	5-10	—
Leasehold improvements	Lesser of remaining lease term and estimated useful life of the leasehold improvement	—

Revenue from contract with customers (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Summary of Disaggregated Operating Revenues

The following table shows disaggregated operating revenues for the years ended as December 31, 2021, 2020 and 2019.


	2021		2020		2019
Passenger revenue
Passenger revenue	$	1,388,089	$	752,050	$	2,581,179
Miles redeemed		24,301		8,544		31,426

		1,412,390		760,594		2,612,605

Cargo and mail revenue		71,577		21,002		62,460

Other operating revenue
Frequent flyer program - marketing services		18,897		15,452		22,170
Other operating revenue		7,067		3,955		10,173

		25,964		19,407		32,343

	$	1,509,931	$	801,003	$	2,707,408

Summary of Changes in Contract Liabilities

The table below presents the changes in air traffic liability:


	2021			2020
Balance at beginning of year	$	470,695		$	497,374
Sales		1,801,347			887,004
Revenue recognition		(1,326,627	)		(700,406	)
Tax recognition		(218,624	)		(113,473	)
Reimbursements		(129,296	)		(82,910	)
Interline tickets		(26,436	)		(15,056	)
Other		(13,728	)		(1,838	)

Balance at end of year	$	557,331		$	470,695

The table below presents the activity of the current and

non-current

frequent flyer liability:


	2021			2020
Balance at beginning of year	$	91,213		$	80,326
Deferred of revenue		28,202			19,431
Recognition of revenue		(24,301	)		(8,544	)

Balance at end of year	$	95,114		$	91,213

Current		34,719			16,041
Non-current		60,395			75,172

	$	95,114		$	91,213

Operating Revenue by Principal Geographic Area

Information concerning operating revenue by geographic area for the period ended December 31 is as follows:


	2021		2020		2019
North America	$	428,457	$	233,039	$	857,002
South America		557,827		281,008		975,530
Central America		475,590		246,727		740,358
Caribbean		22,093		20,822		102,175

	$	1,483,967	$	781,596	$	2,675,065

Cash and cash equivalents (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Schedule of Cash and Cash Equivalents


	2021		2020
Checking and saving accounts	$	210,818	$	99,286
Time deposits of no more than ninety days		—		19,500
Cash on hand		263		279

	$	211,081	$	119,065

Investments (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Schedule of Information About Investments


	2021									2020
	Current			Non Current			Total			Current			Non Current			Total
Investment at amortised cost
Time deposits	$	382,000		$	103,000		$	485,000		$	430,000		$	80,000		$	510,000
Bonds		300,630			96,966			397,596			341,854			39,796			381,650

		682,630			199,966			882,596			771,854			119,796			891,650
Allowance for expected credit losses		(1,016	)		(296	)		(1,312	)		(1,038	)		(179	)		(1,217	)

		681,614			199,670			881,284			770,816			119,617			890,433
Investment at fair value through profit or loss
Investment funds		124,726			—			124,726			—			—			—

	$	806,340		$	199,670		$	1,006,010		$	770,816		$	119,617		$	890,433

Accounts receivable (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Disclosure of Accounts Receivable


	2021			2020
Credit cards	$	48,361		$	35,882
Cargo and other travel agencies		12,998			10,052
Airlines and clearing house		19,689			6,156
Government		6,060			5,466
Trade receivables from related parties		1,832			1,429
Other		11,075			13,187

		100,015			72,172
Allowance for expected credit losses		(7,565	)		(6,483	)

	$	92,450		$	65,689

Current		92,450			64,635
Non-current		—			1,054

	$	92,450		$	65,689

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.


	2021			2020			2019
Balance at beginning of years	$	(6,483	)	$	(5,579	)	$	(5,057	)
Additions		(1,421	)		(1,310	)		(744	)
Write-off		339			406			222

Balance at end of year	$	(7,565	)	$	(6,483	)	$	(5,579	)

Expendable parts and supplies (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Disclosure of Expendable Parts and Supplies


	2021			2020
Material for repair and maintenance	$	70,929		$	69,737
Other inventories		4,217			4,920

		75,146			74,657
Allowance for obsolescence		(368	)		(338	)

	$	74,778		$	74,319

Prepaid expenses (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Detailed Information about Prepaid Expenses


	2021		2020

Prepaid taxes	$	13,095	$	10,022
Prepaid commissions		4,822		3,908
Prepaid insurance		522		5,385
Prepaid to supplier		19,436		17,224

	$	37,875	$	36,539

Current		31,148		30,473
Non-current		6,727		6,066
	$	37,875	$	36,539

Property and equipment (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Summary of Property and Equipment


	Land		Flight equipment			Purchase deposits for flight equipment			Ramp and miscellaneous			Furniture, fixtures, equipment a and other			Leasehold improvements			Construction in progress			Total
Cost -
Balance at January 1, 2019	$	6,301	$	3,449,527		$	474,060		$	53,736		$	30,918		$	49,404		$	14,253		$	4,078,199
Transfer of pre-delivery payments		—		78,143			(78,143	)		—			—			—			—			—
Additions		—		109,286			67,357			2,693			2,450			3,269			4,436			189,491
Disposals		—		(184,685	)		—			(102	)		(570	)		(134	)		(340	)		(185,831	)
Assets held for sale		—		(413,677	)		—			—			—			—			—			(413,677	)
Reclassifications		—		—			—			10			—			12,752			(12,762	)		—

Balance at December 31, 2019	$	6,301	$	3,038,594		$	463,274		$	56,337		$	32,798		$	65,291		$	5,587		$	3,668,182
Transfer of pre-delivery payments		—		49,860			(49,860	)		—			—			—			—			—
Additions		—		39,492			—			582			221			566			3,204			44,065
Disposals		—		(34,626	)		—			(306	)		(223	)		(780	)		—			(35,935	)
Assets held for sale		—		(554,790	)		—			—			—			—			—			(554,790	)
Reclassifications		—		244			(5,600	)		—			—			2,382			(2,626	)		(5,600	)

Balance at December 31, 2020	$	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
Accumulated depreciation and impairment -
Balance at January 1, 2019	$	—	$	(1,283,740	)	$	—		$	(40,681	)	$	(25,086	)	$	(30,561	)	$	—		$	(1,380,068	)
Depreciation for the year		—		(148,832	)		—			(3,292	)		(2,938	)		(5,757	)		—			(160,819	)
Disposals		—		178,168			—			102			518			—			—			178,788
Assets held for sale		—		226,319			—			—			—			—			—			226,319

Balance at December 31, 2019	$	—	$	(1,028,085	)	$	—		$	(43,871	)	$	(27,506	)	$	(36,318	)	$	—		$	(1,135,780	)
Depreciation for the year		—		(126,988	)		—			(3,121	)		(3,134	)		(5,759	)		—			(139,002	)
Disposals		—		32,335			—			290			179			295			—			33,099
Impairment		—		—			—			—			—			—			(4	)		(4	)
Assets held for sale		—		273,251			—			—			—			—			—			273,251

Balance at December 31, 2020	$	—	$	(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	)
Carrying amounts -
At December 31, 2019	$	6,301	$	2,010,509		$	463,274		$	12,466		$	5,292		$	28,973		$	5,587		$	2,532,402

At December 31, 2020	$	6,301	$	1,689,287		$	407,814		$	9,911		$	2,335		$	25,677		$	6,161		$	2,147,486

At December 31, 2021	$	6,301	$	1,983,550		$	476,254		$	7,785		$	1,942		$	21,292		$	15,580		$	2,512,704

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Right of use assets


	Aircraft			Real estate			Total
Balance at January 1, 2019	$	333,049		$	28,944		$	361,993
Additions		23,162			8,512			31,674
Depreciation expense		(95,564	)		(7,260	)		(102,824	)

Balance at December 31, 2019	$	260,647		$	30,196		$	290,843
Additions/(Terminations)		21,706			(1,888	)		19,818
Impairment		(1,541	)		—			(1,541	)
Depreciation expense		(88,451	)		(6,390	)		(94,841	)

Balance at December 31, 2020	$	192,361		$	21,918		$	214,279
Additions/(Terminations)		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

Lease liabilities


	2021		2020
Current portion of lease liability
Aircraft	$	70,061	$	77,777
Real estate		3,856		5,828

	$	73,917	$	83,605

Long-term lease liability
Aircraft	$	86,167	$	125,216
Real estate		18,567		21,689

	$	104,734	$	146,905

	$	178,651	$	230,510

Disclosure Of Cash Flows For Leases

Total cash outflow for leases for the years ended as December 31, 2021 and 2020:


	2021		2020
Aircraft	$	81,936	$	97,353
Real estate		5,862		6,039

	$	87,798	$	103,392

Disclosure Of Lease Expenses

Amounts recognized in the consolidated statement of profit or loss related to leases:


	2021			2020			2019
Depreciation and amortization
Aircraft	$	73,687		$	88,451		$	95,564
Real estate		4,506			6,390			7,260

	$	78,193		$	94,841		$	102,824
Impairment of non financial assets
Aircraft	$	—		$	1,541		$	—
Other operating and administrative expenses
Short-term leases	$	440		$	90		$	364
Leases of low-value assets		279			330			733
Variable lease payments not include in the measurement of lease liabilities		1,352			827			706
Variable lease payments by rental concessions received		(1,295	)		(489	)		—

	$	776		$	758		$	1,803
Finance cost
Aircraft	$	5,480		$	8,185		$	11,221
Real estate		1,326			1,717			2,073
Unwinding of discount and changes in the discount rate		762			832			846

	$	7,568		$	10,734		$	14,140

	$	86,537		$	107,874		$	118,767

Schedule of Future Minimum Lease Receivables under Non-cancellable Leases

The future minimum lease receivables under

non-cancellable

leases are as follows:


	2021		2020
Up to one year	$	2,875	$	3,000
One to five years		—		2,875

Total minimum lease rental receivables	$	2,875	$	5,875

Net defined benefit liability (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Summary of Employee Defined Benefit Plan


	2021			2020
Fair value of plan assets	$	27,413		$	25,783

Defined benefit obligation		(34,593	)		(39,466	)
Other employee benefits		(490	)		(649	)

	$	(35,083	)	$	(40,115	)

Net defined benefit liability	$	(7,670	)	$	(14,332	)

Summary of Components of Net Benefit Expense


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


Year ended December 31, 2020	Defined benefit obligation			Fair value of assets			Defined benefit assets (liability)
Current service cost		2,393		$	—		$	2,393
Interest cost on net benefit obligation		706			(731	)		(25	)
Past service cost		457			—			457
Curtailment / Settlement		(2,026	)		—			(2,026	)

Net periodic benefit cost (income)	$	1,530		$	(731	)	$	799


Year ended December 31, 2019	Defined benefit obligation			Fair value of assets			Defined benefit assets (liability)
Current service cost		2,192			—			2,192
Interest cost on net benefit obligation		887			(979	)		(92	)

Net periodic benefit cost (income)	$	3,079		$	(979	)	$	2,100

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, 2019	$	(22,568	)	$	28,339		$	(680	)	$	5,091
Current service cost		(2,192	)		—			—			(2,192	)
Interest (cost) income		(887	)		979			—			92
Experience gain (loss)		(1,681	)		—			—			(1,681	)
Return on plan assets		—			138			—			138
Actuarial changes arising from changes in financial assumptions		(1,874	)		—			—			(1,874	)
Employer contributions		—			1,903			—			1,903
Benefits paid		1,007			(1,086	)		—			(79	)
Others		—			(1,187	)		38			(1,149	)

As of December 31, 2019	$	(28,195	)	$	29,086		$	(642	)	$	249
Current service cost		(2,393	)		—			—			(2,393	)
Interest (cost) income		(706	)		731			—			25
Past service cost		(457	)		—			—			(457	)
Curtailment / Settlement		2,026			—			—			2,026
Return on plan assets		—			374			—			374
Experience gain (loss)		(4,001	)		—			—			(4,001	)
Actuarial changes arising from changes in demographic assumptions		(11,285	)		—			—			(11,285	)
Actuarial changes arising from changes in financial assumptions		(1,028	)		—			—			(1,028	)
Employer contributions		—			1,709			—			1,709
Benefits paid		6,573			(6,117	)		—			456
Others		—			—			(7	)		(7	)

As of December 31, 2020	$	(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	)
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	)

Summary of Sensitivity Analysis for Actuarial Assumptions

The following were the principal actuarial assumptions at the reporting date:


	2021	2020	2019
Economic assumptions -
Discount rate	2.9%	2.0%	2.5%
Compensation - salary increase	4.0%	4.0%	4.0%


Demographic assumptions -
Mortality	Panama expirence		RP - 2000 no collar
Termination	2003 SoA pension plan		13% all ages
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 2021					December, 31 2020					December, 31 2019
	Increase		Decrease			Increase		Decrease			Increase		Decrease
Discount rate (0.5% movement)	$	1,876	$	(2,056	)	$	2,318	$	(2,554	)	$	709	$	(751	)

Summary of Expected Contribution Payments to Defined Benefit Plan

The following payments are expected contributions to the defined benefit plan in future years:


	2021		2020
Up to one year	$	2,202	$	2,299
One to five years		8,853		8,777
Over five years		13,271		14,112

Total expected payments	$	24,326	$	25,188

Intangible assets (Tables)

12 Months Ended

Dec. 31, 2021

Text block [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, 2019	$	20,380	$	94,124		$	41,632		$	156,136
Additions		—		8,503			16,962			25,465
Disposals		—		(86	)		—			(86	)
Reclassifications		—		40,660			(40,660	)		—

Balance at December 31, 2019	$	20,380	$	143,201		$	17,934		$	181,515
Additions		—		4,378			12,041			16,419
Disposals		—		(5,546	)		—			(5,546	)
Reclassifications		—		13,975			(13,975	)		—

Balance at December 31, 2020	$	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
Accumulated amortization and impairment -
Balance at January 1, 2019	$	—	$	(54,968	)	$	—		$	(54,968	)
Amortization for the year		—		(18,437	)		—			(18,437	)
Disposals		—		6			—			6

Balance at December 31, 2019	$	—	$	(73,399	)	$	—		$	(73,399	)
Amortization for the year		—		(25,493	)		—			(25,493	)
Impairment		—		—			(1,020	)		(1,020	)
Disposals		—		3,092			—			3,092

Balance at December 31, 2020	$	—	$	(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	)

Carrying amounts -
At December 31, 2019	$	20,380	$	69,802		$	17,934		$	108,116

At December 31, 2020	$	20,380	$	60,208		$	14,980		$	95,568

At December 31, 2021	$	20,380	$	50,987		$	10,382		$	81,749

Other assets (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Summary of Other Assets


	2021		2020
Current -
Interest receivable	$	4,791	$	6,457
Other		1,263		1,348

		6,054		7,805

Non-current -
Guarantee deposits		3,296		3,010
Deposits for litigation		7,590		8,126
Other		3,212		3,212

		14,098		14,348

	$	20,152	$	22,153

Loans and borrowings (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Summary of Loans and borrowings


	2021
	Due through	Effective rates ranged	Carrying Amount
Long term fixed rate debt	2033	0.97% to 3.70%		896,607
Long term variable rate debt	2029	0.31% to 1.47%		235,632
Loan payable	2022			50,014
Senior convertible notes	2025	14.68%		243,380

				1,425,633
Current maturities				(196,602	)

Loans and borrowings long-term			$	1,229,031


	2020
	Due through	Effective rates ranged	Carrying Amount
Long-term fixed rate debt	2029	1.49% to 4.45%		663,293
Long-term variable rate debt	2029	0.42% to 1.66%		279,778
Senior convertible notes	2025	14.68%		220,829

				1,163,900
Current maturities				(127,946	)

Loans and borrowings long-term			$	1,035,954

Summary of Maturities of Loans and borrowings

Maturities of the loans and borrowings for the next five years are as follows:


Year ending December 31,

2022		196,602
2023		121,829
2024		186,329
2025		426,577
2026		79,810
Thereafter		414,486

	$	1,425,633

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

Summary of Finance Cost and Income

The detail of finance cost and income is as follows:


	2021			2020			2019
Finance income -
Interest income on short-term bank deposits	$	211		$	543		$	1,432
Interest income on investment		10,638			19,420			22,973

	$	10,849		$	19,963		$	24,405

Finance cost -
Interests expense on bank loans	$	(26,817	)	$	(29,711	)	$	(36,676	)
Interests expense on senior convertible notes		(38,301	)		(23,571	)		—
Interest on factoring		(1,365	)		(256	)		(1,316	)
Interest on lease liabilities (see note 14)		(7,568	)		(10,734	)		(14,140	)
Other finace cost		(2,183	)		(8,773	)		(5,300	)

	$	(76,234	)	$	(73,045	)	$	(57,432	)

Changes in Liabilities Arising from Financing Activities

Changes in liabilities arising from financing activities:


						Non-cash movements
	2020		Cash flows			Foreign exchange movement			Leases		Concession Covid-19			Other		2021

Loans and borrowings	$	1,163,900	$	210,045		$	—		$	—	$	—		$	51,688	$	1,425,633
Lease liability		230,510		(80,992	)		(348	)		30,776		(1,295	)		—		178,651

Total liabilities from financing activities	$	1,394,410	$	129,053		$	(348	)	$	30,776	$	(1,295	)	$	51,688	$	1,604,284


						Non-cash movements
	2019		Cash flows			Foreign exchange movement			Leases		Concession Covid-19			Other			2020
Loans and borrowings	$	1,060,765	$	220,812		$	—		$	—	$	—		$	(117,677	)	$	1,163,900
Lease liability		304,564		(93,213	)		(347	)		19,995		(489	)		—			230,510
Dividends payable		—		(33,990	)		—			—		—			—			(33,990	)

Total liabilities from financing activities	$	1,365,329	$	93,609		$	(347	)	$	19,995	$	(489	)	$	(117,677	)	$	1,360,420

Trade, other payables and financial liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Summary of Trade, Other Payables and Financial Liabilities


	2021		2020
Account payables	$	112,596	$	63,461
Account payables to related parties		7,948		2,970

		120,544		66,431
Others		786		252

	$	121,330	$	66,683

Accrued expenses payable (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Summary of Accrued Expenses Payable


	2021		2020
Accruals and estimations	$	4,290	$	23,589
Labor related provisions		23,163		6,541
Liability for social security contributions		5,043		3,275
Other		271		590

	$	32,767	$	33,995

Other long-term liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Summary of Other Long-term Liabilities


	Provision			Provision for			Dismantling			Other long-term
	for litigations			return condition			provision			liabilities			Total

Balance at January 1, 2021	$	9,922		$	182,838		$	24,981		$	22,173		$	239,914
Increases		77			18,949			—			300			19,326
Used		—			(3,766	)		(784	)		(2,226	)		(6,776	)
Adjustment		—			(39,217	)		(319	)		—			(39,536	)
Effect of movements in exchange rates		(750	)		—			—			—			(750	)
Unused amounts reversed		(197	)		(1,448	)		(216	)		(2,159	)		(4,020	)
Unwinding of discount and changes in the discount rate		—			2,183			762			—			2,945

Balance at December 31, 2021	$	9,052		$	159,539		$	24,424		$	18,088		$	211,103

Current		—			—			—			4,290			4,290
Non-current		9,052			159,539			24,424			13,798			206,813

	$	9,052		$	159,539		$	24,424		$	18,088		$	211,103

Income taxes (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Summary of Income Tax Expense


	2021			2020			2019
Current taxes expense -
Current period	$	(8,892	)	$	(14,032	)	$	(55,847	)
Adjustment for prior period		2,397			162			693

	$	(6,495	)	$	(13,870	)	$	(55,154	)
Deferred taxes expenses -
Origination and reversal of temporary differences		(3,991	)		37,587			8,717

Total income tax	$	(10,486	)	$	23,717		$	(46,437	)

Summary of Balances of Deferred Taxes

The balances of deferred taxes are as follows:


	Statement						Statement of
	of financial position						profit or loss
	2021			2020			2021			2020			2019
Deferred tax liabilities

Maintenance deposits	$	(17,918	)	$	(23,891	)	$	(5,973	)	$	(5,972	)	$	—
Prepaid dividend tax		(2,003	)		—			2,003			(7,403	)		(1,456	)
Property and equipment		1,502			2,108			606			(5,004	)		(4,500	)
Other		(1,879	)		(1,500	)		379			(3,190	)		(1	)
Set off tax		1,516			1,093			(423	)		362			414

	$	(18,782	)	$	(22,190	)	$	(3,408	)	$	(21,207	)	$	(5,543	)
Deferred tax assets
Provision for return conditions	$	8,564		$	12,665		$	4,101		$	(2,570	)	$	(2,959	)
Air traffic liability		2,462			2,486			24			(447	)		(247	)
Other provisions		2,109			624			(1,485	)		6,202			(2,139	)
Tax loss		16,577			20,913			4,336			(19,203	)		2,585
Set off tax		(1,516	)		(1,093	)		423			(362	)		(414	)

	$	28,196		$	35,595		$	7,399		$	(16,380	)	$	(3,174	)

	$	9,414		$	13,405		$	3,991		$	(37,587	)	$	(8,717	)

Summary of Reconciliation of Effective Tax Rate

Reconciliation of the effective tax rate is as follows:


	Tax rate			2021			Tax rate			2020			Tax rate			2019
Net profit (loss)				$	43,844					$	(607,062	)				$	247,002
Total income tax expense					10,486						(23,717	)					46,437

Profit excluding income tax					54,330						(630,779	)					293,439

Income taxes at Panamanian statutory rates		25.0	%		13,583			25.0	%		(157,695	)		25.0	%		73,360

Stations - Taxable / Panama		15.4	%		8,379			(13.2	%)		83,071			(13.7	%)		(40,205	)
Stations - Taxable / Non Panama		10.3	%		5,605			(1.5	%)		9,850			2.4	%		7,043
Stations - Non Taxable / Non Panama		(27.0	%)		(14,684	)		(5.3	%)		33,728			(4.9	%)		(14,444	)
Dividend tax		0.0	%		—			(1.2	%)		7,491			7.2	%		21,376
(Over) under provided in prior periods		(4.4	%)		(2,397	)		0.0	%		(162	)		(0.2	%)		(693	)

Provision for income taxes		(19.3	%)	$	10,486			3.8	%	$	(23,717	)		15.8	%	$	46,437

Accounts and transactions with related parties (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Summary of Accounts and Transactions with Related Parties


	2021		2020
Account receivable -
Banco General, S.A.	$	1,589	$	1,231
Panama Air Cargo Terminal		217		186
Petróleos Delta, S.A.		26		12

	$	1,832	$	1,429

Account payable -
Petróleos Delta, S.A.	$	7,677	$	2,476
Assa Compañía de Seguros, S.A.		196		358
Desarrollos Inmobiliarios del Este, S.A.		37		51
Panama Air Cargo Terminal		11		40
Galindo, Arias & López		17		36
Motta Internacional, S.A.		7		—
Millicom Tigo Panamá, S.A.		3		9

	$	7,948	$	2,970

Summary of Related Party Transactions

Transactions with related parties for the year ended December 31 are as follows:


		Amount of transaction			Amount of transaction			Amount of transaction
Related party	Transaction	2021			2020			2019

Petróleos Delta, S.A.	Purchase of jet fuel	$	190,628		$	102,702		$	376,765
ASSA Compañía de Seguros, S.A.	Insurance		9,713			7,147			11,215
Desarrollo Inmobiliario del Este, S.A.	Property leasing		3,384			3,301			4,017
Profuturo Administradora de Fondos de Pensión y Cesantía	Payments		2,565			2,839			5,145
Panama Air Cargo Terminal	Handling		3,193			2,037			3,522
Motta International	Purchase		108			550			1,854
Millicom Tigo Panamá, S.A.	Communications		568			703			1,396
Galindo, Arias & López	Legal services		170			236			309
GBM International, Inc.	Technological support		102			146			240
Global Brands, S.A.	Purchase		31			31			108
Televisora Nacional, S.A.	Communications		—			13			—
Banco General, S.A.	Interest income	$	(1,546	)	$	(2,657	)	$	(4,181	)

Summary of Key Management Personnel Compensation

Key management personnel compensation is as follows:


	2021		2020		2019
Short-term employee benefits	$	2,748	$	3,177	$	4,969
Post-employment pension		53		61		95
Share-based payments		1,083		2,362		3,246

	$	3,884	$	5,600	$	8,310

Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [abstract]

Summary of Share Repurchase Program

A summary of the repurchased shares for the Company as of December 31, 2021 is as follows:


	Shares		Cash paid (in thousands)
2014		182,592	$	18,506
2015		2,127,900		117,882
2021		559,025		40,514

		2,869,517	$	176,902

Share-based payments (Tables)

12 Months Ended

Dec. 31, 2021

Text block [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 the equity compensation plan is as follows:


Grant date	Number of instruments	Vesting conditions	Contractual life
February, 2016	147,000	15% first three anniversaries 25% fourth 30% fifth anniversary	5 years
February, 2016	63,000	Fifth anniversary	5 years
February, 2018	21,556	7% first month 31% first three anniversaries	3 years
February, 2018	14,379	33% first three anniversaries	3 years
February, 2018	1,316	15% first three anniversaries 25% fourth 30% fifth anniversary	5 years
July, 2018	6,104	Third anniversary	3 years
February, 2019	15,951	1% first month 33% first three anniversaries	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
December, 2019	1,724	100% first anniversary	1 year
February, 2020	24,650	1% first month 33% first three anniversaries	3 years
December, 2020	3,551	100% first anniversary	1 year
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

Summary of Non-vested Stock Award Activity

A summary of the

non-vested

stock award activity under the plan as of December 31, 2021, 2020 and 2019 with changes during these years is as follows (in number of shares):


	2021			2020			2019
Non-vested as of January 1		153,921			211,205			271,904
Granted		137,799			28,201			28,947
Vested		(132,880	)		(83,409	)		(80,170	)
Forfeited		(1,017	)		(2,076	)		(9,476	)

Non-vested as of December 31		157,823			153,921			211,205

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2021

Text block [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 (losses) and share data used in the basic and diluted (loss) earnings per share is as follows:


	2021		2020			2019
Basic earnings per share—
Net profit (loss)	$	43,844	$	(607,062	)	$	247,002
Weighted-average shares outstanding		42,439		42,338			42,258
Non-vested dividend participating awards		162		170			225

		42,601		42,508			42,483

		1.03		(14.28	)		5.81

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Text block [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,
2022		242,602
2023		379,985
2024		707,197
2025		517,339
2026		417,853
Thereafter		842,125

	$	3,107,101

Financial instruments—Risk management and fair value (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

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:


	2021		2020
Assets
Cash and cash equivalents	$	10,848	$	12,322
Accounts receivable, net		50,103		27,670
Other assets		17,811		18,942

Total assets	$	78,762	$	58,934
Liabilities
Accounts payable		35,948		20,142
Taxes payable		25,827		13,757
Other liabilities		12,239		11,387

Total liabilities	$	74,014	$	45,286

Net position	$	4,748	$	13,648

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:


	2021			2020
Balance at beginning of year	$	(1,217	)	$	(957	)
(Additions)/Reversal		(95	)		(260	)

Balance at end of year	$	(1,312	)	$	(1,217	)

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:


	2021
			Days past due
	Total		Current			<30			30-60			60-90			>90
Expected credit loss rate				0.0	%		3.2	%		3.4	%		13.5	%		51.2	%
Gross carrying amount	$	100,015	$	77,995		$	3,157		$	4,080		$	658		$	14,125
Expected credit loss	$	7,565	$	9		$	100		$	139		$	89		$	7,228


	2020
			Days past due
	Total		Current			<30			30-60			60-90			>90
Expected credit loss rate				0.0	%		0.1	%		2.5	%		3.7	%		41.5	%
Gross carrying amount	$	72,172	$	50,180		$	3,554		$	1,867		$	1,228		$	15,343
Expected credit loss	$	6,483	$	20		$	3		$	46		$	46		$	6,368

Summary of Financial Liabilities According to Maturity Date

December 31, 2021


	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	$	1,425,633	$	1,549,887	$	228,272	$	895,620	$	425,995
Lease liabitity		14		178,651		217,526		89,413		123,434		4,679
Account payable		19		112,596		112,596		112,596		—		—
Account payable to related parties		19		7,948		7,948		7,948		—		—

			$	1,724,828	$	1,887,957	$	438,229	$	1,019,054	$	430,674

December 31,

2020


	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	$	1,163,900	$	1,287,203	$	155,902	$	834,145	$	297,156
Lease liabitity		14		230,510		246,495		90,244		147,530		8,720
Account payable		19		63,461		63,461		63,461		—		—
Account payable to related parties		19		2,970		2,970		2,970		—		—

			$	1,460,841	$	1,600,129	$	312,577	$	981,675	$	305,876

Summary of Carrying Amount and Fair Values of Financial Assets and Financial Liabilities

28.6 Fair value measurement


			Carrying amount				Fair Value
	Note		2021		2020		2021		2020
Financial assets
Long-term investments		9		199,670		119,617		199,082		120,938
Financial liabilities
Loans and borrowings		18		1,425,633		1,163,900		1,549,934		1,327,282

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
	2021		Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Recurring fair value measurements
Assets
Investment fund		124,726		124,726		—		—

Total assets	$	124,726	$	124,726	$	—	$	—

Liabilities
Derivative financial instruments		268,338		—		268,338		—

Total liabilities	$	268,338	$	—	$	268,338	$	—


	Fair value measurement as of reporting date
	2020		Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Non-recurring fair value measurements
Assets
Asset held for sale		135,542		—		135,542		—

Total assets	$	135,542	$	—	$	135,542	$	—

Recurring fair value measurements
Liabilities
Derivative financial instruments		245,560		—		245,560		—

Total liabilities	$	245,560	$	—	$	245,560	$	—

Summary of key Assumptions used to Determine the Fair Value of Assets Held For Sale

As of December 31, 2020, The Company approach and the key assumptions used to determine the fair value less costs of disposal of the assets held for sale were as follows:


	Unobservable input	Value assigned to key assumption			Approach to determining key assumption
Asset held for sale	Sales price		145,399		Average of purchase proposals received
	Cost of disposal		(9,857	)	Estimated based on the Company’s experience with disposal of similar assets.

			135,542

Corporate Information - Additional Information (Detail)	1 Months Ended	12 Months Ended
Corporate Information - Additional Information (Detail)	May 31, 2021	Dec. 31, 2021	Dec. 31, 2021 Destinations	Dec. 31, 2021 Country	Dec. 31, 2021 Aircraft	Dec. 31, 2021 Flights	Dec. 31, 2020 Destinations Country Airlines
Parent company information [line items]
Number of Aircrafts, Operated					91	204
Number of Airline Destinations \| Destinations			69
Number of Airline Destination Countries \| Country				29
Increase in Number of International Airline Destinations \| Destinations			150
Commercial alliance renewed	five years
Property Plant and Equipment Aircraft Useful Life		9 years 1 month 6 days
Boeing 737-800 [member]
Parent company information [line items]
Number of Aircrafts, Operated \| Aircraft					68
Boeing 737-700 [member]
Parent company information [line items]
Number of Aircrafts, Operated \| Aircraft					9
Boeing 737-MAX [Member]
Parent company information [line items]
Number of Aircrafts, Operated \| Aircraft					14
ConnectMiles [member] \| Star Alliance Airlines [member]
Parent company information [line items]
Number of destinations \| Destinations							1,300
Number of countries \| Country							195
ConnectMiles [member] \| Star Alliance Airlines [member] \| Bottom of range [member]
Parent company information [line items]
Number of airlines \| Airlines							26

Basis of preparation - Additional Information (Detail) $ in Millions	Dec. 31, 2021 USD ($)
Disclosure of Basis of Preparation of Financial Statements [Abstract]
Cash	$ 1,500
Cash, Short Term and Long Term Investments	1,200
Undrawn Borrowing Facilities	$ 295

Significant Accounting Policies - Schedule of Significant Subsidiaries (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Panama [member] \| Copa Airlines [member]
Disclosure of information about unconsolidated subsidiaries [line items]
Ownership interest	99.90%	99.90%
Panama [member] \| La Nueva Aerolnea [Member]
Disclosure of information about unconsolidated subsidiaries [line items]
Ownership interest	100.00%	100.00%
Colombia [member] \| Copa Colombia [member]
Disclosure of information about unconsolidated subsidiaries [line items]
Ownership interest	99.90%	99.90%
British Virgin Islands [member] \| Oval [member]
Disclosure of information about unconsolidated subsidiaries [line items]
Ownership interest	100.00%	100.00%

Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of summary of significant accounting policies [line items]
Applicable tax rate	25.00%	25.00%	25.00%
Description of disposal of business available for sale	The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.
Extension Of Ticket Expiry	extended the tickets expiration to certain ticket to June 30, 2022, for those tickets which were scheduled to expire before June 2021.
CAIR [Member]
Disclosure of summary of significant accounting policies [line items]
Effective Income Tax Rate	4.67%
Panama [member]
Disclosure of summary of significant accounting policies [line items]
Applicable tax rate	25.00%
Dividends Tax Rate, Panamanian source income	10.00%
Dividends Tax Rate, foreign source income	5.00%
Bottom of range [member] \| Computer software licenses [member]
Disclosure of summary of significant accounting policies [line items]
Estimated useful lives	3 years
Bottom of range [member] \| Software development [member]
Disclosure of summary of significant accounting policies [line items]
Estimated useful lives	5 years
Top of range [member] \| Computer software licenses [member]
Disclosure of summary of significant accounting policies [line items]
Estimated useful lives	8 years
Top of range [member] \| Software development [member]
Disclosure of summary of significant accounting policies [line items]
Estimated useful lives	15 years

Significant Accounting Policies - Estimated Useful Lives of Assets and Considering Residual Value (Detail)	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Residual Value	15.00%
Airframe and engines [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life (years)	27 years
Residual Value	15.00%
Major maintenance events [member] \| Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life (years)	3 years
Major maintenance events [member] \| Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life (years)	16 years
Ground equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life (years)	10 years
Furniture, fixture, equipment and other [member] \| Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life (years)	5 years
Furniture, fixture, equipment and other [member] \| Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life (years)	10 years
Leasehold improvements [member]
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

Significant Accounting Judgments, Estimates and Assumptions - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021 Aircraft Integer
Disclosure of voluntary change in accounting policy [line items]
Salvage value assets rate	15.00%
Extension Of Ticket Expiry	extended the tickets expiration to certain ticket to June 30, 2022, for those tickets which were scheduled to expire before June 2021.
Boeing 737-700 [member]
Disclosure of voluntary change in accounting policy [line items]
Number Of Aircraft Sold \| Aircraft	3
Number Of Aircraft Operated \| Integer	11
Useful life of aircraft	3 years

Revenue From Contract With Customers - Summary of Disaggregated Operating Revenues (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of disaggregation of revenue from contracts with customers [line items]
Other operating revenue	$ 25,964	$ 19,407	$ 32,343
Total operating revenue	1,509,931	801,003	2,707,408
Passenger revenue excluding miles redeemed [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	1,388,089	752,050	2,581,179
Miles redeemed [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	24,301	8,544	31,426
Passenger revenue [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	1,412,390	760,594	2,612,605
Cargo and mail revenue [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	71,577	21,002	62,460
Frequent flyer program - marketing services revenue [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Other operating revenue	18,897	15,452	22,170
Other operating revenues [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Other operating revenue	$ 7,067	$ 3,955	$ 10,173

Revenue From Contract With Customers - Summary of Changes in Contract Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Air traffic liability [member]
Disclosure of changes in contact liabilities [line items]
Balance at beginning of year	$ 470,695	$ 497,374
Sales	1,801,347	887,004
Revenue recognition	(1,326,627)	(700,406)
Tax recognition	(218,624)	(113,473)
Reimbursements	(129,296)	(82,910)
Interline tickets	(26,436)	(15,056)
Other	(13,728)	(1,838)
Balance at end of year	557,331	470,695
Frequent flyer liability [member]
Disclosure of changes in contact liabilities [line items]
Balance at beginning of year	91,213	80,326
Deferred of revenue	28,202	19,431
Revenue recognition	(24,301)	(8,544)
Balance at end of year	95,114	91,213
Current	34,719	16,041
Non-current	$ 60,395	$ 75,172

Revenue from Contract with Customers - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021 Segment
Disclosure of operating segments [abstract]
Number of operating segment	1
Extension Of Ticket Expiry	extended the tickets expiration to certain ticket to June 30, 2022, for those tickets which were scheduled to expire before June 2021.

Revenue from Contract with Customers - Operating Revenue by Principal Geographic Area (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of geographical areas [line items]
Passenger, Cargo and Mail Revenue	$ 1,483,967	$ 781,596	$ 2,675,065
North America [member]
Disclosure of geographical areas [line items]
Passenger, Cargo and Mail Revenue	428,457	233,039	857,002
South America [Member]
Disclosure of geographical areas [line items]
Passenger, Cargo and Mail Revenue	557,827	281,008	975,530
Central America [Member]
Disclosure of geographical areas [line items]
Passenger, Cargo and Mail Revenue	475,590	246,727	740,358
Carribean [Member]
Disclosure of geographical areas [line items]
Passenger, Cargo and Mail Revenue	$ 22,093	$ 20,822	$ 102,175

Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and cash equivalents [abstract]
Checking and saving accounts	$ 210,818	$ 99,286
Time deposits of no more than ninety days	0	19,500
Cash on hand	263	279
Cash and cash equivalents	$ 211,081	$ 119,065	$ 158,732	$ 156,158

Cash and Cash Equivalents - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of cash and cash equivalents [line items]
Collateral pledged	$ 12.9	$ 5.9
Bottom of range [member]
Disclosure of cash and cash equivalents [line items]
Time deposits interest rate	0.24%	0.24%
Top of range [member]
Disclosure of cash and cash equivalents [line items]
Time deposits interest rate	0.40%	0.35%

Investments - Schedule of Information About Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial assets [line items]
Current	$ 806,340	$ 770,816
Non Current	199,670	119,617
Total	1,006,010	890,433
Financial assets at amortised cost, category [member]
Disclosure of detailed information about financial assets [line items]
Current	681,614	770,816
Non Current	199,670	119,617
Total	881,284	890,433
Time deposits [member]
Disclosure of detailed information about financial assets [line items]
Current	382,000	430,000
Non Current	103,000	80,000
Total	485,000	510,000
Bonds [member]
Disclosure of detailed information about financial assets [line items]
Current	300,630	341,854
Non Current	96,966	39,796
Total	397,596	381,650
Time deposits and bonds [member]
Disclosure of detailed information about financial assets [line items]
Current	682,630	771,854
Non Current	199,966	119,796
Total	882,596	891,650
Investment funds [member]
Disclosure of detailed information about financial assets [line items]
Current	124,726	0
Non Current	0	0
Total	124,726	0
Allowance for credit losses [member]
Disclosure of detailed information about financial assets [line items]
Allowance for expected credit losses	(1,312)	(1,217)
Allowance for credit losses [member] \| Current [member]
Disclosure of detailed information about financial assets [line items]
Allowance for expected credit losses	(1,016)	(1,038)
Allowance for credit losses [member] \| Non Current [Member]
Disclosure of detailed information about financial assets [line items]
Allowance for expected credit losses	$ (296)	$ (179)

Investments - Additional Information (Detail) - USD ($)	12 Months Ended
Investments - Additional Information (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Financial assets at fair value through profit or loss, category [member]
Disclosure of detailed information about investment property [line items]
Other Non-Operating Expense	$ 300,000
Currency risk [member]
Disclosure of detailed information about investment property [line items]
Risk exposure associated with instruments	0
Other price risk [member]
Disclosure of detailed information about investment property [line items]
Risk exposure associated with instruments	$ 0
Bottom of range [member] \| Time deposits denominated with a contractual maturity of less than 365 days [member]
Disclosure of detailed information about investment property [line items]
Interest rates on time deposits	0.22%	0.27%
Bottom of range [member] \| Time deposits with a contractual maturity of more than 365 days [member]
Disclosure of detailed information about investment property [line items]
Interest rates on time deposits	0.60%	1.20%
Top of range [member] \| Time deposits denominated with a contractual maturity of less than 365 days [member]
Disclosure of detailed information about investment property [line items]
Interest rates on time deposits	4.25%	4.38%
Top of range [member] \| Time deposits with a contractual maturity of more than 365 days [member]
Disclosure of detailed information about investment property [line items]
Interest rates on time deposits	2.41%	4.25%
Bottom of range Bonds with semiannual interest payment [member]
Disclosure of detailed information about investment property [line items]
Semiannual interest payment, interest rates	0.15%	0.21%
Top of range Bonds with semiannual interest payment [member]
Disclosure of detailed information about investment property [line items]
Semiannual interest payment, interest rates	5.75%	3.32%

Accounts Receivable - Disclosure of Accounts Receivable (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of accounts receivables [abstract]
Credit cards	$ 48,361	$ 35,882
Cargo and other travel agencies	12,998	10,052
Airlines and clearing house	19,689	6,156
Government	6,060	5,466
Trade receivables from related parties	1,832	1,429
Other	11,075	13,187
Total accounts receivable	100,015	72,172
Allowance for expected credit losses	(7,565)	(6,483)
Trade and other receivables	92,450	65,689
Trade and other receivables current and non - current
Current	92,450	64,635
Non - current	0	1,054
Trade and other receivables	$ 92,450	$ 65,689

Accounts Receivable - Additional Information (Detail)	12 Months Ended
Accounts Receivable - Additional Information (Detail)	Dec. 31, 2021
Bottom of range [member]
Disclosure of accounts receivable [line items]
Trade receivable term	30 days
Top of range [member]
Disclosure of accounts receivable [line items]
Trade receivable term	90 days

Accounts Receivable - Summary of Movements in the Allowance for Impairment in Respect of Account Receivables (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of accounts receivables [abstract]
Beginning balance	$ (6,483)	$ (5,579)	$ (5,057)
Additions	(1,421)	(1,310)	(744)
Write-off	339	406	222
Ending balance	$ (7,565)	$ (6,483)	$ (5,579)

Expendable Parts and Supplies - Disclosure of Expendable Parts and Supplies (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Classes of current inventories [abstract]
Material for repair and maintenance	$ 70,929	$ 69,737
Other inventories	4,217	4,920
Expendable parts and supplies, gross	75,146	74,657
Allowance for obsolescence	(368)	(338)
Expendable parts and supplies	$ 74,778	$ 74,319

Expendable Parts and Supplies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Classes of current inventories [abstract]
Expendable parts and supplies expense	$ 22.0	$ 12.7	$ 32.4

Prepaid Expenses - Detailed Information about Prepaid Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current prepayments [abstract]
Prepaid taxes	$ 13,095	$ 10,022
Prepaid commissions	4,822	3,908
Prepaid insurance	522	5,385
Prepaid to supplier	19,436	17,224
Total prepaid expenses	37,875	36,539
Current	31,148	30,473
Non-current	6,727	6,066
Prepaid expenses	$ 37,875	$ 36,539

Prepaid Expenses - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Prepaid expenses [line items]
Tax advance of VAT and withholdings taxes	$ 6.4	$ 4.0
Tax credits	$ 5.2	$ 4.5

Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		$ 2,147,486	$ 2,532,402
Ending balance	$ 2,532,402	2,512,704	2,147,486	$ 2,532,402
Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	4,078,199	3,115,922	3,668,182
Additions	189,491	435,315	44,065
Disposals	(185,831)	(43,206)	(35,935)
Assets held for sale	(413,677)		(554,790)
Reclassifications		5,543	(5,600)
Reclassifications from assets held for sale		62,875
Ending balance	3,668,182	3,576,449	3,115,922	3,668,182
Accumulated depreciation and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(1,380,068)	(968,436)	(1,135,780)
Depreciation for the year	(160,819)	(136,343)	(139,002)
Disposals	178,788	41,034	33,099
Assets held for sale	226,319		273,251
Impairment			(4)
Ending balance	(1,135,780)	(1,063,745)	(968,436)	(1,135,780)
Land [member]
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	6,301
Land [member] \| Gross carrying amount [member]
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
Assets held for sale	0		0
Reclassifications	0	0	0
Reclassifications from assets held for sale		0
Ending balance	6,301	6,301	6,301	6,301
Land [member] \| Accumulated depreciation and impairment [member]
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
Assets held for sale	0		0
Impairment			0
Ending balance	0	0	0	0
Flight equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		1,689,287	2,010,509
Ending balance	2,010,509	1,983,550	1,689,287	2,010,509
Flight equipment [member] \| Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	3,449,527	2,538,774	3,038,594
Transfer of pre-delivery payments	78,143	284,170	49,860
Additions	109,286	75,080	39,492
Disposals	(184,685)	(36,351)	(34,626)
Assets held for sale	(413,677)		(554,790)
Reclassifications	0	1,028	244
Reclassifications from assets held for sale		62,875
Ending balance	3,038,594	2,925,576	2,538,774	3,038,594
Flight equipment [member] \| Accumulated depreciation and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(1,283,740)	(849,487)	(1,028,085)
Depreciation for the year	(148,832)	(127,432)	(126,988)
Disposals	178,168	34,893	32,335
Assets held for sale	226,319		273,251
Impairment			0
Ending balance	(1,028,085)	(942,026)	(849,487)	(1,028,085)
Purchase deposits for flight equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		407,814	463,274
Ending balance	463,274	476,254	407,814	463,274
Purchase deposits for flight equipment [member] \| Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	474,060	407,814	463,274
Transfer of pre-delivery payments	(78,143)	(284,170)	(49,860)
Additions	67,357	347,010	0
Disposals	0	0	0
Assets held for sale	0		0
Reclassifications	0	5,600	(5,600)
Reclassifications from assets held for sale		0
Ending balance	463,274	476,254	407,814	463,274
Purchase deposits for flight equipment [member] \| Accumulated depreciation and impairment [member]
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
Assets held for sale	0		0
Impairment			0
Ending balance	0	0	0	0
Ramp and miscellaneous [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		9,911	12,466
Ending balance	12,466	7,785	9,911	12,466
Ramp and miscellaneous [member] \| Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	53,736	56,613	56,337
Transfer of pre-delivery payments	0	0	0
Additions	2,693	525	582
Disposals	(102)	(3,576)	(306)
Assets held for sale	0		0
Reclassifications	10	0	0
Reclassifications from assets held for sale		0
Ending balance	56,337	53,562	56,613	56,337
Ramp and miscellaneous [member] \| Accumulated depreciation and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(40,681)	(46,702)	(43,871)
Depreciation for the year	(3,292)	(2,576)	(3,121)
Disposals	102	3,501	290
Assets held for sale	0		0
Impairment			0
Ending balance	(43,871)	(45,777)	(46,702)	(43,871)
Furniture, fixture, equipment a and other [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		2,335	5,292
Ending balance	5,292	1,942	2,335	5,292
Furniture, fixture, equipment a and other [member] \| Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	30,918	32,796	32,798
Transfer of pre-delivery payments	0	0	0
Additions	2,450	1,114	221
Disposals	(570)	(140)	(223)
Assets held for sale	0		0
Reclassifications	0	135	0
Reclassifications from assets held for sale		0
Ending balance	32,798	33,905	32,796	32,798
Furniture, fixture, equipment a and other [member] \| Accumulated depreciation and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(25,086)	(30,461)	(27,506)
Depreciation for the year	(2,938)	(1,639)	(3,134)
Disposals	518	137	179
Assets held for sale	0		0
Impairment			0
Ending balance	(27,506)	(31,963)	(30,461)	(27,506)
Leasehold improvements [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		25,677	28,973
Ending balance	28,973	21,292	25,677	28,973
Leasehold improvements [member] \| Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	49,404	67,459	65,291
Transfer of pre-delivery payments	0	0	0
Additions	3,269	290	566
Disposals	(134)	(3,139)	(780)
Assets held for sale	0		0
Reclassifications	12,752	657	2,382
Reclassifications from assets held for sale		0
Ending balance	65,291	65,267	67,459	65,291
Leasehold improvements [member] \| Accumulated depreciation and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(30,561)	(41,782)	(36,318)
Depreciation for the year	(5,757)	(4,696)	(5,759)
Disposals	0	2,503	295
Assets held for sale	0		0
Impairment			0
Ending balance	(36,318)	(43,975)	(41,782)	(36,318)
Construction in progress [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		6,161	5,587
Ending balance	5,587	15,580	6,161	5,587
Construction in progress [member] \| Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	14,253	6,165	5,587
Transfer of pre-delivery payments	0	0	0
Additions	4,436	11,296	3,204
Disposals	(340)	0	0
Assets held for sale	0		0
Reclassifications	(12,762)	(1,877)	(2,626)
Reclassifications from assets held for sale		0
Ending balance	5,587	15,584	6,165	5,587
Construction in progress [member] \| Accumulated depreciation and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance		(4)	0	0
Depreciation for the year		0	0	0
Disposals		0	0	0
Assets held for sale			0	0
Impairment			(4)
Ending balance	$ 0	$ (4)	$ (4)	$ 0

Property and Equipment - Additional Information (Detail) $ in Thousands			1 Months Ended		12 Months Ended
	Dec. 31, 2021 USD ($) Aircraft	Dec. 31, 2020 USD ($) Aircraft	Aug. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2021 USD ($) Aircraft SparesEngines	Dec. 31, 2020 USD ($) Aircraft	Dec. 31, 2019 USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Average lease term					11 years
Leasehold Improvements Capitalized Cost					$ 700	$ 800
Profit (loss)					43,844	(607,062)	$ 247,002
Reversal of impairment loss					$ 5,400
Training Center [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Leasehold Improvements Capitalized Cost						$ 1,600
Impairment Testing [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Description of cash flow projections					To determine whether impairment exists, the recoverable amount at the level of the CGU, was determined using cash flow projections from financial forecasts approved by senior management covering a five-year period. The pre-tax discount rate applied to cash flow projections was 13.6% (2020: 13.8%).
Pre-tax discount rate applied to cash flow projections	13.60%	13.80%			13.60%	13.80%
Embraer 190 fleet [member]
Disclosure of detailed information about property, plant and equipment [line items]
Impairment				$ 49,500
Boeing 737-700 [member]
Disclosure of detailed information about property, plant and equipment [line items]
Impairment loss			$ 191,200
Number Of Aircraft Sold \| Aircraft					3
Useful life of aircraft					3 years
B-737-Max [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Number of aircraft capitalized \| Aircraft	7	1			7	1
Average lease term					12 years
Number Of Aircraft Sold
Disclosure of detailed information about property, plant and equipment [line items]
Profit (loss)	$ 0
B-737-700 [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Profit (loss)	0
Number Of Aircraft Sold \| Aircraft					3
Number Of Aircraft Parts Sold \| SparesEngines					4
Useful life of aircraft					3 years
Aircraft [member]
Disclosure of detailed information about property, plant and equipment [line items]
Additions purchase deposits		$ 0			$ 347,000
Carrying value pledged as collateral obligation	$ 1,500,000	$ 1,300,000			1,500,000	$ 1,300,000
Additions for advance payments contracts					$ 276,900

Leases - Right of use assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets, Beginning balance	$ 214,279	$ 290,843	$ 361,993
Additions			31,674
Additions/(Terminations)	30,242	19,818
Impairment		(1,541)
Depreciation expense	(78,193)	(94,841)	(102,824)
Right of use assets, Ending balance	166,328	214,279	290,843
Aircraft [member]
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets, Beginning balance	192,361	260,647	333,049
Additions			23,162
Additions/(Terminations)	29,157	21,706
Impairment	0	(1,541)	0
Depreciation expense	(73,687)	(88,451)	(95,564)
Right of use assets, Ending balance	147,831	192,361	260,647
Real Estate [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets, Beginning balance	21,918	30,196	28,944
Additions			8,512
Additions/(Terminations)	1,085	(1,888)
Impairment		0
Depreciation expense	(4,506)	(6,390)	(7,260)
Right of use assets, Ending balance	$ 18,497	$ 21,918	$ 30,196

Leases - Lease liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Lease Liabilities [Line Items]
Current portion of lease liability	$ 73,917	$ 83,605
Long Term Lease liability	104,734	146,905
Lease Liabilities	178,651	230,510
Aircraft [member]
Disclosure Of Lease Liabilities [Line Items]
Current portion of lease liability	70,061	77,777
Long Term Lease liability	86,167	125,216
Real Estate [Member]
Disclosure Of Lease Liabilities [Line Items]
Current portion of lease liability	3,856	5,828
Long Term Lease liability	$ 18,567	$ 21,689

Leases - Total cash outflow for leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Cash Flows For Leases [Line Items]
Cash outflow for leases	$ 87,798	$ 103,392
Aircraft [member]
Disclosure Of Cash Flows For Leases [Line Items]
Cash outflow for leases	81,936	97,353
Real Estate [Member]
Disclosure Of Cash Flows For Leases [Line Items]
Cash outflow for leases	$ 5,862	$ 6,039

Leases - Disclosure of Lease Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Depreciation and amortization
Depreciation and amortization	$ 78,193	$ 94,841	$ 102,824
Impairment of non financial assets
Impairment		1,541
Other operating and administrative expenses
Short-term leases	440	90	364
Leases of low-value assets	279	330	733
Variable lease payments not include in the measurement of lease liabilities	1,352	827	706
Variable lease payments by rental concessions received	(1,295)	(489)	0
Lease Cost Operating And Adimninstrative Expenses	776	758	1,803
Finance cost
Unwinding Of Discount And Changes In The Discount Rate	762	832	846
Finance costs	7,568	10,734	14,140
Total lease costs	86,537	107,874	118,767
Aircraft [member]
Depreciation and amortization
Depreciation and amortization	73,687	88,451	95,564
Impairment of non financial assets
Impairment	0	1,541	0
Finance cost
Interest expense on lease liabilities	5,480	8,185	11,221
Real Estate [Member]
Depreciation and amortization
Depreciation and amortization	4,506	6,390	7,260
Impairment of non financial assets
Impairment		0
Finance cost
Interest expense on lease liabilities	$ 1,326	$ 1,717	$ 2,073

Leases - Schedule of Future Minimum Lease Receivables under Non-cancellable Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of finance lease and operating lease by lessor [line items]
Future minimum lease receivables under non -cancelable leases	$ 2,875	$ 5,875
Up to one year [member]
Disclosure of finance lease and operating lease by lessor [line items]
Future minimum lease receivables under non -cancelable leases	2,875	3,000
One to five years [member]
Disclosure of finance lease and operating lease by lessor [line items]
Future minimum lease receivables under non -cancelable leases	$ 0	$ 2,875

Leases - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of finance and operating lease by lessee [Line Items]
Weighted average incremental borrowing rate	2.95%	3.37%
Average duration of long-term lease agreement	11 years
Carrying amount of aircraft under operating lease	$ 12.9	$ 12.3
Total lease income amounts	3.0	3.2	$ 3.5
Total liability related to leases including the provision of dismantling	$ 203.1	$ 255.5

Net defined benefit liability - Summary of Employee Defined Benefit Plan (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of net defined benefit asset (liability) [line items]
Fair value of plan assets	$ 27,413	$ 25,783
Employee benefits liability	(35,083)	(40,115)
Net defined benefit liability	(7,670)	(14,332)
Defined benefit obligation [member]
Disclosure of net defined benefit asset (liability) [line items]
Employee benefits liability	(34,593)	(39,466)
Other employee benefits [member]
Disclosure of net defined benefit asset (liability) [line items]
Employee benefits liability	$ (490)	$ (649)

Net defined benefit liability - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of net defined benefit asset (liability) [line items]
Duration of defined benefit plan obligation	11 years 9 months 18 days
Actuarial Gain or loss Recognized In Other Comprehensive Income	$ 5.4	$ 15.5	$ 4.4
Net Amount Of Contribution Made By Employer To Defined Benefit Plan		2.8	4.4
Interest Expense (Income) Defined Benefit Plans		$ 1.1	$ 2.5

Net defined benefit liability - Summary of Components of Net Benefit Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of net defined benefit asset (liability) [line items]
Current service cost	$ 3,272	$ 2,393	$ 2,192
Interest cost on net benefit obligation	249	(25)	(92)
Past service cost	191	457
Curtailment / Settlement		(2,026)
Net periodic benefit cost (income)	3,712	799	2,100
Defined benefit obligation [member]
Disclosure of net defined benefit asset (liability) [line items]
Current service cost	3,272	2,393	2,192
Interest cost on net benefit obligation	721	706	887
Past service cost	191	457
Curtailment / Settlement	(2,026)
Net periodic benefit cost (income)	4,184	1,530	3,079
Fair value of assets [member]
Disclosure of net defined benefit asset (liability) [line items]
Current service cost	0	0	0
Interest cost on net benefit obligation	(472)	(731)	(979)
Past service cost	0	0
Curtailment / Settlement	0
Net periodic benefit cost (income)	$ (472)	$ (731)	$ (979)

Net defined benefit liability - Summary of Reconciliation of Net Employee Defined Benefit Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of net defined benefit asset (liability) [line items]
Beginning balance	$ (14,332)	$ 249	$ 5,091
Current service cost	(3,272)	(2,393)	(2,192)
Interest (cost) income	(249)	25	92
Experience gain (loss)	602	(4,001)	(1,681)
Return on plan assets	416	374	138
Actuarial changes arising from changes in financial assumptions	4,411	(1,028)	(1,874)
Employer contributions	2,565	1,709	1,903
Benefits paid	520	456	(79)
Adjustments	2,422
Others	(562)	(7)	(1,149)
Ending balance	(7,670)	(14,332)	249
Past service cost	(191)	(457)
Curtailment / Settlement		2,026
Actuarial changes arising from changes in demographic assumptions		(11,285)
Defined benefit obligation [member]
Disclosure of net defined benefit asset (liability) [line items]
Beginning balance	(39,466)	(28,195)	(22,568)
Current service cost	(3,272)	(2,393)	(2,192)
Interest (cost) income	(721)	(706)	(887)
Experience gain (loss)	602	(4,001)	(1,681)
Return on plan assets	0	0	0
Actuarial changes arising from changes in financial assumptions	4,411	(1,028)	(1,874)
Employer contributions	0	0	0
Benefits paid	1,622	6,573	1,007
Adjustments	2,422
Others	0	0	0
Ending balance	(34,593)	(39,466)	(28,195)
Past service cost	(191)	(457)
Curtailment / Settlement		2,026
Actuarial changes arising from changes in demographic assumptions		(11,285)
Fair value of assets [member]
Disclosure of net defined benefit asset (liability) [line items]
Beginning balance	25,783	29,086	28,339
Current service cost	0	0	0
Interest (cost) income	472	731	979
Experience gain (loss)	0	0	0
Return on plan assets	416	374	138
Actuarial changes arising from changes in financial assumptions	0	0	0
Employer contributions	2,565	1,709	1,903
Benefits paid	(1,102)	(6,117)	(1,086)
Adjustments	0
Others	(721)	0	(1,187)
Ending balance	27,413	25,783	29,086
Past service cost	0	0
Curtailment / Settlement		0
Actuarial changes arising from changes in demographic assumptions		0
Other employee benefits liability [member]
Disclosure of net defined benefit asset (liability) [line items]
Beginning balance	(649)	(642)	(680)
Current service cost	0	0	0
Interest (cost) income	0	0	0
Experience gain (loss)	0	0	0
Return on plan assets	0	0	0
Actuarial changes arising from changes in financial assumptions	0	0
Employer contributions	0	0	0
Benefits paid	0	0	0
Adjustments	0
Others	159	(7)	38
Ending balance	(490)	(649)	$ (642)
Past service cost	$ 0	0
Curtailment / Settlement		0
Actuarial changes arising from changes in demographic assumptions		$ 0

Net defined benefit liability - Summary of Sensitivity Analysis for Actuarial Assumptions (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Discount rate [member]
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Actuarial assumption rate	2.90%	2.00%	2.50%
Compensation - salary increase [member]
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Actuarial assumption rate	4.00%	4.00%	4.00%
Mortality [member]
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Demographic assumptions, Mortality		Panama expirence	RP - 2000 no collar
Termination [member]
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Actuarial assumption rate			13.00%
Demographic assumptions, Mortality		2003 SoA pension plan
Male [member]
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Retirement age	62 years	62 years	62 years
Female [member]
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Retirement age	57 years	57 years	57 years

Net defined benefit liability - Summary of Additional Information about Sensitivity Analysis for Actuarial Assumptions (Detail) - Discount rate (0.5% movement) [member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase	$ 1,876	$ 2,318	$ 709
Decrease	$ (2,056)	$ (2,554)	$ (751)

Net defined benefit liability - Summary of Expected Contribution Payments to Defined Benefit Plan (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of defined benefit plans [line items]
Total expected payments	$ 24,326	$ 25,188
Up to one year [member]
Disclosure of defined benefit plans [line items]
Total expected payments	2,202	2,299
More than one year but less than five years [member]
Disclosure of defined benefit plans [line items]
Total expected payments	8,853	8,777
Over five years [member]
Disclosure of defined benefit plans [line items]
Total expected payments	$ 13,271	$ 14,112

Intangible Assets - Summary of Reconciliation of Changes in Intangible Assets and Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	$ 95,568	$ 108,116
Ending balance	81,749	95,568	$ 108,116
Gross carrying amount [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	192,388	181,515	156,136
Additions	11,591	16,419	25,465
Disposals		(5,546)	(86)
Reclassifications	0	0	0
Ending balance	203,979	192,388	181,515
Accumulated amortization and impairment [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	(96,820)	(73,399)	(54,968)
Amortization for the year	(25,410)	(25,493)	(18,437)
Disposals		3,092	6
Impairment loss		(1,020)
Ending balance	(122,230)	(96,820)	(73,399)
Goodwill [member]
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 [member] \| Gross carrying amount [member]
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 [member] \| Accumulated amortization and impairment [member]
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
Impairment loss		0
Ending balance	0	0	0
License and software rights [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	60,208	69,802
Ending balance	50,987	60,208	69,802
License and software rights [member] \| Gross carrying amount [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	156,008	143,201	94,124
Additions	1,694	4,378	8,503
Disposals		(5,546)	(86)
Reclassifications	14,495	13,975	40,660
Ending balance	172,197	156,008	143,201
License and software rights [member] \| Accumulated amortization and impairment [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	(95,800)	(73,399)	(54,968)
Amortization for the year	(25,410)	(25,493)	(18,437)
Disposals		3,092	6
Impairment loss		0
Ending balance	(121,210)	(95,800)	(73,399)
Intangible in process [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	14,980	17,934
Ending balance	10,382	14,980	17,934
Intangible in process [member] \| Gross carrying amount [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	16,000	17,934	41,632
Additions	9,897	12,041	16,962
Disposals		0	0
Reclassifications	(14,495)	(13,975)	(40,660)
Ending balance	11,402	16,000	17,934
Intangible in process [member] \| Accumulated amortization and impairment [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	(1,020)	0	0
Amortization for the year	0	0	0
Disposals		0	0
Impairment loss		(1,020)
Ending balance	$ (1,020)	$ (1,020)	$ 0

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Discount rates	13.60%
Increase in discount rate	15.30%
Intangible assets	$ 81,749	$ 95,568	$ 108,116
Percentage of rise in increase in discount rate	1.70%
Goodwill [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Estimated recoverable amount	$ 2,800,000	$ 2,500,000
Percentage of growth rate	4.90%	4.50%
Discount rates	13.60%	13.80%
Intangible assets	$ 20,380	$ 20,380	$ 20,380
Capitalised development expenditure [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets	$ 11,200	10,800
Amortization expense		2,500
Capitalised development expenditure [member] \| Covid 19 [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Impairment loss		$ 1,000

Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets [abstract]
Interest receivable	$ 4,791	$ 6,457
Other	1,263	1,348
Other currents assets	6,054	7,805
Guarantee deposits	3,296	3,010
Deposits for litigation	7,590	8,126
Other assets	3,212	3,212
Other non - current assets	14,098	14,348
Other current and non-current assets	$ 20,152	$ 22,153

Loans and borrowings - Summary of Loans and borrowings (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Debt including current maturities	$ 1,425,633	$ 1,163,900
Current maturities	(196,602)	(127,946)
Loans and borrowings long-term	1,229,031	1,035,954
Borrowing due through 2033 [member] \| Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Debt including current maturities	896,607
Borrowing due through 2022 [member]
Disclosure of detailed information about borrowings [line items]
Loan payable	50,014
Borrowing due through 2029 [member] \| Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Debt including current maturities		663,293
Borrowing due through 2029 [member] \| Floating interest rate [member]
Disclosure of detailed information about borrowings [line items]
Debt including current maturities	235,632	279,778
Senior Convertible Notes Due Through 2025 [Member]
Disclosure of detailed information about borrowings [line items]
Debt including current maturities	$ 243,380	$ 220,829
Effective interest rates of borrowings	14.68%	14.68%
Bottom of range [member] \| Borrowing due through 2033 [member] \| Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Effective interest rates of borrowings	0.97%
Bottom of range [member] \| Borrowing due through 2029 [member] \| Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Effective interest rates of borrowings		1.49%
Bottom of range [member] \| Borrowing due through 2029 [member] \| Floating interest rate [member]
Disclosure of detailed information about borrowings [line items]
Effective interest rates of borrowings	0.31%	0.42%
Top of range [member] \| Borrowing due through 2033 [member] \| Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Effective interest rates of borrowings	3.70%
Top of range [member] \| Borrowing due through 2029 [member] \| Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Effective interest rates of borrowings		4.45%
Top of range [member] \| Borrowing due through 2029 [member] \| Floating interest rate [member]
Disclosure of detailed information about borrowings [line items]
Effective interest rates of borrowings	1.47%	1.66%

Loans and borrowings - Summary of Maturities of Loans and borrowings (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Loans and borrowings maturity	$ 1,425,633	$ 1,163,900
2022 [member]
Disclosure of detailed information about borrowings [line items]
Loans and borrowings maturity	196,602
2023 [member]
Disclosure of detailed information about borrowings [line items]
Loans and borrowings maturity	121,829
2024 [member]
Disclosure of detailed information about borrowings [line items]
Loans and borrowings maturity	186,329
2025 [member]
Disclosure of detailed information about borrowings [line items]
Loans and borrowings maturity	426,577
2026 [Member]
Disclosure of detailed information about borrowings [line items]
Loans and borrowings maturity	79,810
Thereafter [member]
Disclosure of detailed information about borrowings [line items]
Loans and borrowings maturity	$ 414,486

Loans and borrowings - Summary of Senior convertible notes (Detail) - Senior Convertible Notes [Member] - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2020	Dec. 31, 2021
Disclosure of Detailed Information Of Senior Convertible Notes Explanatory [Line Items]
Debt Instrument Maturity Date	Apr. 15, 2025	Apr. 30, 2020
Nominal issue	$ 350,000	$ 350,000
Borrowing costs recognised as expense		(7,102)
Proceeds from Issue of Convertible Notes		$ 342,898

Loans and borrowings - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Debt including current maturities		$ 1,425,633	$ 1,163,900
Net change in fair value of derivatives		$ (22,778)	(107,139)	$ 0
Bottom of range [member]
Disclosure of detailed information about borrowings [line items]
Support from Export-Import Bank for net purchase price of aircraft		80.00%
Top of range [member]
Disclosure of detailed information about borrowings [line items]
Support from Export-Import Bank for net purchase price of aircraft		85.00%
Export-Import Bank of United States [member]
Disclosure of detailed information about borrowings [line items]
Outstanding indebtedness		$ 403,200	160,700
Borrowing on which fixed applicable interest rate is exercised		$ 347,900	83,600
Senior Convertible Notes [Member]
Disclosure of detailed information about borrowings [line items]
Debt Instrument Maturity Date	Apr. 15, 2025	Apr. 30, 2020
Description of conversion ratio of senior convertible notes		The initial conversion rate is 19.3564 shares per $1,000 principal amount of notes
Conversion price per principal amount		$ 51.66
Net change in fair value of derivatives		$ (22,700)	107,100
Borrowing interest rate	4.50%
Nominal Issue	$ 350,000	350,000
Fair Value		268,300	245,600
Fair value of the embedded derivative at initial recognition	$ 138,400
Finance lease [member] \| Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Debt including current maturities		548,700	579,700
Finance lease [member] \| Floating interest rate [member]
Disclosure of detailed information about borrowings [line items]
Debt including current maturities		$ 180,300	$ 202,600

Loans and borrowings - Summary of Finance Cost and Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Finance income	$ 10,849	$ 19,963	$ 24,405
Finance cost	(76,234)	(73,045)	(57,432)
Interest income on short-term bank deposits [member]
Disclosure of detailed information about borrowings [line items]
Finance income	211	543	1,432
Interest income on investment [member]
Disclosure of detailed information about borrowings [line items]
Finance income	10,638	19,420	22,973
Interests expense on bank loans [member]
Disclosure of detailed information about borrowings [line items]
Finance cost	(26,817)	(29,711)	(36,676)
Interest Expense on Senior Convertible Notes [Member]
Disclosure of detailed information about borrowings [line items]
Finance cost	(38,301)	(23,571)	0
Interest on factoring [member]
Disclosure of detailed information about borrowings [line items]
Finance cost	(1,365)	(256)	(1,316)
Interest on lease liabilities [member]
Disclosure of detailed information about borrowings [line items]
Finance cost	(7,568)	(10,734)	(14,140)
Other finance cost [member]
Disclosure of detailed information about borrowings [line items]
Finance cost	$ (2,183)	$ (8,773)	$ (5,300)

Loans and borrowings - Changes in Liabilities Arising from Financing Activities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning Balance	$ 1,360,420
Beginning Balance	1,394,410	$ 1,365,329
Cash flows	129,053	93,609
Foreign Exchange Movement	(348)	(347)
Leases	30,776	19,995
Concession Covid-19	(1,295)	(489)
Other	51,688	(117,677)
Ending balance	1,604,284	1,360,420
Loans and borrowings [member]
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning Balance	1,163,900	1,060,765
Cash flows	210,045	220,812
Foreign Exchange Movement	0	0
Leases	0	0
Concession Covid-19	0	0
Other	51,688	(117,677)
Ending balance	1,425,633	1,163,900
Lease liability [member]
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning Balance	230,510	304,564
Cash flows	(80,992)	(93,213)
Foreign Exchange Movement	(348)	(347)
Leases	30,776	19,995
Concession Covid-19	(1,295)	(489)
Other	0	0
Ending balance	178,651	230,510
Dividends payable [member]
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning Balance	$ (33,990)
Beginning Balance		0
Cash flows		(33,990)
Foreign Exchange Movement		0
Leases		0
Concession Covid-19		0
Other		0
Ending balance		$ (33,990)

Trade, Other Payables and Financial Liabilities - Summary of Trade, Other Payables and Financial Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Trade and other payables [line items]
Account payables	$ 112,596	$ 63,461
Account payables to related parties	7,948	2,970
Trade payable	120,544	66,431
Trade, other payables and financial liabilities	121,330	66,683
Others [member]
Trade and other payables [line items]
Others	$ 786	$ 252

Accrued Expenses Payable - Summary of Accrued Expenses Payable (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accrued expenses [abstract]
Accruals and estimations	$ 4,290	$ 23,589
Labor related provisions	23,163	6,541
Liability for social security contributions	5,043	3,275
Other	271	590
Accrued expenses payable	$ 32,767	$ 33,995

Accrued Expenses Payable - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 Aircraft	Dec. 31, 2020 USD ($)
Statement [Line Items]
Provision For Aircraft Returned \| $		$ 6.2
Accrual expense settlement period	12 months
B-737-700 [Member]
Statement [Line Items]
Number Of Leased Aircraft Returned \| Aircraft	2

Other Long-term Liabilities - Summary of Other Long-term Liabilities (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Disclosure of other long-term liabilities [line items]
Beginning balance	$ 239,914
Increases	19,326
Used	(6,776)
Adjustment	(39,536)
Effect of movements in exchange rates	(750)
Unused amounts reversed	(4,020)
Unwinding of discount and changes in the discount rate	2,945
Ending balance	211,103
Current and non - current
Current	4,290
Non-current	206,813
Ending balance	211,103
Provision for litigations [member]
Disclosure of other long-term liabilities [line items]
Beginning balance	9,922
Increases	77
Used	0
Adjustment	0
Effect of movements in exchange rates	(750)
Unused amounts reversed	(197)
Unwinding of discount and changes in the discount rate	0
Ending balance	9,052
Current and non - current
Current	0
Non-current	9,052
Ending balance	9,052
Provision for return condition [member]
Disclosure of other long-term liabilities [line items]
Beginning balance	182,838
Increases	18,949
Used	(3,766)
Adjustment	(39,217)
Effect of movements in exchange rates	0
Unused amounts reversed	(1,448)
Unwinding of discount and changes in the discount rate	2,183
Ending balance	159,539
Current and non - current
Current	0
Non-current	159,539
Ending balance	159,539
Dismantling provision [member]
Disclosure of other long-term liabilities [line items]
Beginning balance	24,981
Increases	0
Used	(784)
Adjustment	(319)
Effect of movements in exchange rates	0
Unused amounts reversed	(216)
Unwinding of discount and changes in the discount rate	762
Ending balance	24,424
Current and non - current
Current	0
Non-current	24,424
Ending balance	24,424
Other long term liabilities [member]
Disclosure of other long-term liabilities [line items]
Beginning balance	22,173
Increases	300
Used	(2,226)
Adjustment	0
Effect of movements in exchange rates	0
Unused amounts reversed	(2,159)
Unwinding of discount and changes in the discount rate	0
Ending balance	18,088
Current and non - current
Current	4,290
Non-current	13,798
Ending balance	$ 18,088

Other Long-term Liabilities - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) Aircraft	Dec. 31, 2020 USD ($)
Statement [Line Items]
Amount in escrow account	$ 7.5	$ 8.1
Provision For Adjustment	39.2
Provision for maintenance	14.9	$ 19.0
Trust fund	$ 3.0
B-737-700 [Member]
Statement [Line Items]
Number Of Leased Aircraft Returned \| Aircraft	2

Income Taxes - Summary of Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current taxes expense
Current period	$ (8,892)	$ (14,032)	$ (55,847)
Adjustment for prior period	2,397	162	693
Current taxes expense, total	(6,495)	(13,870)	(55,154)
Deferred taxes expenses
Origination and reversal of temporary differences	(3,991)	37,587	8,717
Total income tax expense	$ (10,486)	$ 23,717	$ (46,437)

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate	25.00%	25.00%	25.00%
Deferred tax assets	$ 28,196	$ 35,595
Temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have not been recognized	$ 33,500
Years of examination by income tax authority	3 years
DurationOfTaxLossCarryforward	5 years
Copa Airlines [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	$ 10,500	11,800
AeroRepública [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	$ 6,000	$ 9,100
Tax year 2022 [member] \| Copa Airlines [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Effective rate	25.00%
Tax year 2022 [member] \| Oval [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Effective rate	21.00%
Colombia [member] \| Tax year 2022 [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate	35.00%
Colombia [member] \| Tax year 2022 [member] \| AeroRepública [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Effective rate	35.00%
PANAMA
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate	25.00%
PANAMA \| Bottom of range [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
YearOfTaxLossesCarryforwardPutToUse	2021 years
PANAMA \| Top of range [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
YearOfTaxLossesCarryforwardPutToUse	2025 years

Income Taxes - Summary of Balances of Deferred Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax liabilities
Maintenance deposits	$ (17,918)	$ (23,891)
Prepaid dividend tax	(2,003)	0
Property and equipment	1,502	2,108
Other	(1,879)	(1,500)
Set off tax	1,516	1,093
Deferred tax liabilities	(18,782)	(22,190)
Deferred tax assets
Provision for return conditions	8,564	12,665
Air traffic liability	2,462	2,486
Other provisions	2,109	624
Tax Loss	16,577	20,913
Set off tax	(1,516)	(1,093)
Deferred tax assets	28,196	35,595
Total deferred taxes	9,414	13,405
Deferred tax liabilities
Maintenance deposits	(5,973)	(5,972)	$ 0
Prepaid dividend tax	2,003	(7,403)	(1,456)
Property and equipment	606	(5,004)	(4,500)
Other	379	(3,190)	(1)
Set off tax	(423)	362	414
Deferred tax liabilities	(3,408)	(21,207)	(5,543)
Deferred tax assets
Provision for return conditions	4,101	(2,570)	(2,959)
Air traffic liability	24	(447)	(247)
Other provisions	(1,485)	6,202	(2,139)
Tax Loss	4,336	(19,203)	2,585
Set off tax	423	(362)	(414)
Deferred tax assets	7,399	(16,380)	(3,174)
Origination and reversal of temporary differences	$ 3,991	$ (37,587)	$ (8,717)

Income Taxes - Summary of Reconciliation of Effective Tax Rate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement [Line Items]
Income taxes at Panamanian statutory rates	25.00%	25.00%	25.00%
Stations - Taxable/Panama	15.40%	(13.20%)	(13.70%)
Stations - Taxable/Non Panama	10.30%	(1.50%)	2.40%
Stations - Non Taxable/Non panama	(27.00%)	(5.30%)	(4.90%)
Dividend tax	0.00%	(1.20%)	7.20%
(Over) under provided in prior periods	(4.40%)	0.00%	(0.20%)
Provision for income taxes	(19.30%)	3.80%	15.80%
Net profit (loss)	$ 43,844	$ (607,062)	$ 247,002
Total income tax expense	10,486	(23,717)	46,437
Profit excluding income tax	54,330	(630,779)	293,439
Income taxes at Panamanian statutory rates	13,583	(157,695)	73,360
Stations - Taxable/Panama	8,379	83,071	(40,205)
Stations - Taxable/Non Panama	5,605	9,850	7,043
Stations - Non Taxable/Non panama	(14,684)	33,728	(14,444)
Dividend tax		7,491	21,376
(Over) under provided in prior periods	(2,397)	(162)	(693)
Total income tax expense	$ 10,486	$ (23,717)	$ 46,437

Accounts and Transactions with Related Parties - Summary of Accounts and Transactions with Related Parties (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [line items]
Account receivable	$ 1,832	$ 1,429
Account payable	7,948	2,970
Banco general, S. A. [member]
Disclosure of transactions between related parties [line items]
Account receivable	1,589	1,231
Panama air cargo terminal [member]
Disclosure of transactions between related parties [line items]
Account receivable	217	186
Account payable	11	40
Petroleos delta, S. A. [member]
Disclosure of transactions between related parties [line items]
Account receivable	26	12
Account payable	7,677	2,476
ASSA compania de seguros, S. A. [member]
Disclosure of transactions between related parties [line items]
Account payable	196	358
Desarrollo inmobiliario del este, S. A. [member]
Disclosure of transactions between related parties [line items]
Account payable	37	51
Galindo, arias and lopez [member]
Disclosure of transactions between related parties [line items]
Account payable	17	36
Motta international, S.A. [member]
Disclosure of transactions between related parties [line items]
Account payable	7	0
Millicom Tigo Panam, S.A. [Member]
Disclosure of transactions between related parties [line items]
Account payable	$ 3	$ 9

Accounts and Transactions with Related Parties - Summary of Related Party Transactions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Petroleos delta, S. A. [member] \| Purchase of jet fuel [member]
Disclosure of transactions between related parties [line items]
Related party	$ 190,628	$ 102,702	$ 376,765
ASSA compania de seguros, S. A. [member] \| Insurance [member]
Disclosure of transactions between related parties [line items]
Related party	9,713	7,147	11,215
Desarrollo inmobiliario del este, S. A. [member] \| Property leasing [member]
Disclosure of transactions between related parties [line items]
Related party	3,384	3,301	4,017
Profuturo Administradora de fondos de Pension y cesantia [member] \| Payments [member]
Disclosure of transactions between related parties [line items]
Related party	2,565	2,839	5,145
Panama air cargo terminal [member] \| Handling [member]
Disclosure of transactions between related parties [line items]
Related party	3,193	2,037	3,522
Motta International [member] \| Purchase [member]
Disclosure of transactions between related parties [line items]
Related party	108	550	1,854
Millicom Tigo Panam, S.A. [Member] \| Communications [member]
Disclosure of transactions between related parties [line items]
Related party	568	703	1,396
Galindo, arias and lopez [member] \| Legal services [member]
Disclosure of transactions between related parties [line items]
Related party	170	236	309
GBM International, Inc. [member] \| Technological support [member]
Disclosure of transactions between related parties [line items]
Related party	102	146	240
Global Brands Panama, S. A. [member] \| Purchase [member]
Disclosure of transactions between related parties [line items]
Related party	31	31	108
Televisora Nacional, S.A. [member] \| Communications [member]
Disclosure of transactions between related parties [line items]
Related party	0	13	0
Banco general, S. A. [member] \| Interest income [member]
Disclosure of transactions between related parties [line items]
Related party	$ (1,546)	$ (2,657)	$ (4,181)

Accounts and Transactions with Related Parties - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) ft²	Dec. 31, 2020 USD ($)
Desarrollo inmobiliario del este, S. A. [member] \| Desarrollo inmobiliario [member]
Disclosure of transactions between related parties [line items]
Approximate area of building \| ft²	105,981
Number of lease floor	four
Corporacion de inversiones areas, S. A [member] \| Desarrollo inmobiliario [member] \| Class B shares [member]
Disclosure of transactions between related parties [line items]
Percentage of ownership	100.00%
Executive officers [member]
Disclosure of transactions between related parties [line items]
Future payments pursuant to a non-compete agreement	$ 3.0
Petroleos delta, S. A. [member]
Disclosure of transactions between related parties [line items]
Contract agreement term	two years
The last contract subscribed	June, 2020
Banco General, S. A. [member]
Disclosure of transactions between related parties [line items]
Interest receivable	$ 0.9	$ 1.0

Accounts and Transactions with Related Parties - Summary of Key Management Personnel Compensation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of transactions between related parties [abstract]
Short-term employee benefits	$ 2,748	$ 3,177	$ 4,969
Post-employment pension	53	61	95
Share-based payments	1,083	2,362	3,246
Total	$ 3,884	$ 5,600	$ 8,310

Equity - Additional Information (Detail) - USD ($)	1 Months Ended		12 Months Ended
Equity - Additional Information (Detail) - USD ($)	Feb. 28, 2016	Nov. 30, 2014	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of equity [line items]
Dividend payable annual percentage	40.00%
Dividends payable per share			$ 0.80
Share repurchase program period value			$ 176,902,000
Treasury stock [member]
Disclosure of equity [line items]
Share repurchase program authorized amount		$ 250,000,000
Accelerated share repurchase [member]
Disclosure of equity [line items]
Share repurchase program period value			$ 73,100,000
Class A common stock [member]
Disclosure of equity [line items]
Common stock, shares authorised			80,000,000
Common stock, shares issued			33,998,654	33,861,872
Common stock, shares outstanding			30,995,120	31,421,265	31,337,856
Class B common stock [member]
Disclosure of equity [line items]
Common stock, shares authorised			80,000,000
Common stock, shares issued			10,938,125	10,938,125
Common stock, shares outstanding			10,938,125	10,938,125	10,938,125
Class C common stock [member]
Disclosure of equity [line items]
Common stock, shares authorised			80,000,000
Common stock, shares outstanding			0	0

Equity - Summary of Share Repurchase Program (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) shares
Disclosure Of Share Repurchase Program [Line Items]
Shares \| shares	2,869,517
Cash paid \| $	$ 176,902
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

Share-based Payments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expense	$ 7.1	$ 5.3	$ 6.1
Fair value of non-vested stock awards	$ 85.31	$ 93.99
Estimated compensation cost for next year	$ 6.3	$ 1.9
Weighted average remaining contractual life	2 years 7 months 6 days	1 year 7 months 6 days
Expected term	10 years
Bottom of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	3 years
Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	5 years
2022 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Estimated compensation cost for next year	$ 4.0

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, 2021 shares
February, 2016 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments	147,000
Vesting conditions	15% first three anniversaries 25% fourth 30% fifth anniversary
Contractual life	5 years
February, 2016 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments	63,000
Vesting conditions	Fifth anniversary
Contractual life	5 years
February, 2018 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments	21,556
Vesting conditions	7% first month 31% first three anniversaries
Contractual life	3 years
February, 2018 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments	14,379
Vesting conditions	33% first three anniversaries
Contractual life	3 years
February, 2018 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments	1,316
Vesting conditions	15% first three anniversaries 25% fourth 30% fifth anniversary
Contractual life	5 years
July, 2018 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments	6,104
Vesting conditions	Third anniversary
Contractual life	3 years
February, 2019 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments	15,951
Vesting conditions	1% first month 33% first three anniversaries
Contractual life	3 years
June, 2019 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments	9,256
Vesting conditions	33% first three anniversaries
Contractual life	3 years
June, 2019 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments	977
Vesting conditions	33% first three anniversaries
Contractual life	3 years
August, 2019 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments	1,039
Vesting conditions	33% first three anniversaries
Contractual life	3 years
December, 2019 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments	1,724
Vesting conditions	100% first anniversary
Contractual life	1 year
February, 2020 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments	24,650
Vesting conditions	1% first month 33% first three anniversaries
Contractual life	3 years
December, 2020 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments	3,551
Vesting conditions	100% first anniversary
Contractual life	1 year
February, 2021[member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments	32,852
Vesting conditions	20% first five anniversaries
Contractual life	5 years
February, 2021[member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments	103,802
Vesting conditions	33% first three anniversaries
Contractual life	3 years
April, 2021 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments	1,145
Vesting conditions	33% first three anniversaries
Contractual life	3 years

Share-based Payments - Summary of non-vested stock award activity (Detail) - Non-vested [member]	12 Months Ended
	Dec. 31, 2021 shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Non-vested at January 1	153,921	211,205	271,904
Granted	137,799	28,201	28,947
Vested	(132,880)	(83,409)	(80,170)
Forfeited	(1,017)	(2,076)	(9,476)
Non-vested at December 31	157,823	153,921	211,205

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic earnings per share—
Net profit (loss)	$ 43,844	$ (607,062)	$ 247,002
Weighted-average shares outstanding	42,439	42,338	42,258
Non-vested dividend participating awards	162	170	225
Weighted-average shares outstanding	42,601	42,508	42,483
Basic and diluted earnings (loss) per share	$ 1.03	$ (14.28)	$ 5.81

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

+ Details

Commitments and Contingencies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021 USD ($) Contract Aircraft Organization	Dec. 31, 2020 USD ($)
Commitments and contingencies [line items]
Number of company's employees \| Aircraft	532
Percentage of employees unionized	33.08%
Collective bargaining agreements terms	2 years
Number of employees \| Aircraft	532
Debt including current maturities	$ 1,425,633,000	$ 1,163,900,000
Panama Tax Authority
Commitments and contingencies [line items]
Duration of statute of limiatation for income tax	3 years
Duration of statute of limiatation for dividend tax	15 years
Unsecured Credit Facilities [Member] \| Covid 19 Member [Member]
Commitments and contingencies [line items]
Debt including current maturities	$ 225,000,000.0
Line of Credit, Current Borrowings drawn amount	50,000,000.0
Secured Credit Facilities [Member] \| Covid 19 Member [Member]
Commitments and contingencies [line items]
Debt including current maturities	$ 120,000,000.0
Labor unions [member]
Commitments and contingencies [line items]
Number of company's employees	6,127
Percentage of employees unionized	65.80%
Number of union organizations \| Organization	8
Number of employees	6,127
Labor unions [member] \| Panama [member]
Commitments and contingencies [line items]
Number of union organizations \| Organization	5
Collective bargaining agreements terms	4 years
Labor unions [member] \| Colombia [member]
Commitments and contingencies [line items]
Number of union organizations \| Organization	3
Labor unions [member] \| Top of range [member] \| Colombia [member]
Commitments and contingencies [line items]
Collective bargaining agreements terms	3 years
Purchase contracts [member] \| Boeing Company [member]
Commitments and contingencies [line items]
Predelivery Deposits	$ 469,400,000	410,900,000
Purchase contracts [member] \| Later than one year and not later than six years [member]
Commitments and contingencies [line items]
Number of purchase contracts subscribed \| Contract	66
Lines of credit for working capital and letters of credit [member]
Commitments and contingencies [line items]
Unutilized committed credit facilities	$ 295,000.0	305,000,000.0
Letters of credit	$ 20,200,000	$ 44,300,000

Commitments and Contingencies - Summary of Firm Commitment To Purchase Asset (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Firm Commitment To Purchase Asset [Line Items]
Contractual capital commitments	$ 3,107,101
2022
Firm Commitment To Purchase Asset [Line Items]
Contractual capital commitments	242,602
2023
Firm Commitment To Purchase Asset [Line Items]
Contractual capital commitments	379,985
2024
Firm Commitment To Purchase Asset [Line Items]
Contractual capital commitments	707,197
2025
Firm Commitment To Purchase Asset [Line Items]
Contractual capital commitments	517,339
2026
Firm Commitment To Purchase Asset [Line Items]
Contractual capital commitments	417,853
Thereafter
Firm Commitment To Purchase Asset [Line Items]
Contractual capital commitments	$ 842,125

Financial instruments-Risk management and fair value - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Mark to market derivative income (expense)	$ 0	$ 0
Debt including current maturities	1,425,633	1,163,900
Investments at Fair Value	$ 124,700	$ 0
Interest rate and cashflow risk [member]
Disclosure of detailed information about financial instruments [line items]
Average interest rate on derivatives	100.00%
Change in interest expense	$ 2,800
Increase decrease in fair value of debt	$ 100
Brazil, Brazil real [member]
Disclosure of detailed information about financial instruments [line items]
Percentage of foreign currency risk revenue	8.10%	9.50%
Colombia, pesos [member]
Disclosure of detailed information about financial instruments [line items]
Percentage of foreign currency risk revenue	13.60%	9.10%
Argentina, pesos [member]
Disclosure of detailed information about financial instruments [line items]
Percentage of foreign currency risk revenue	2.00%	4.00%
Mexico, pesos [member]
Disclosure of detailed information about financial instruments [line items]
Percentage of foreign currency risk revenue	2.50%	2.90%
Currency risk [member]
Disclosure of detailed information about financial instruments [line items]
Percentage of foreign exchange risk revenue	65.80%
Percentage of foreign exchange risk expenses	80.40%
Borrowing due through 2033 [member] \| Fixed interest rate [member]
Disclosure of detailed information about financial instruments [line items]
Debt including current maturities	$ 896,607
Fixed interest rates	0.97% to 3.70%
Fixed Rated Debt [Member]
Disclosure of detailed information about financial instruments [line items]
Debt including current maturities	$ 894,000
Variable Rated Debt [Member]
Disclosure of detailed information about financial instruments [line items]
Debt including current maturities	$ 285,400
Fuel derivative instruments [member]
Disclosure of detailed information about financial instruments [line items]
Derivative instrument hypothetical increases percentage	10.00%
Fuel derivative instruments [member] \| 2022 projection [member]
Disclosure of detailed information about financial instruments [line items]
Derivative instrument expense increase	$ 62,000

Financial instruments-Risk management and fair value - Summary of Foreign Currency Risk Exposure (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 211,081	$ 119,065	$ 158,732	$ 156,158
Accounts receivable, net	92,450	65,689
Other assets	20,152	22,153
Currency risk [member]
Assets
Cash and cash equivalents	10,848	12,322
Accounts receivable, net	50,103	27,670
Other assets	17,811	18,942
Total assets	78,762	58,934
Liabilities
Accounts payable	35,948	20,142
Taxes payable	25,827	13,757
Other liabilities	12,239	11,387
Total liabilities	74,014	45,286
Net position	$ 4,748	$ 13,648

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, 2021	Dec. 31, 2020
Disclosure of impairment loss and reversal of impairment loss [line items]
Balance at beginning of year	$ (1,217)	$ (957)
(Additions)/Reversal	(95)	(260)
Balance at end of year	$ (1,312)	$ (1,217)

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, 2021	Dec. 31, 2020
Disclosure of credit risk exposure [line items]
Gross carrying amount	$ 100,015	$ 72,172
Expected credit loss	$ 7,565	$ 6,483
Current [member]
Disclosure of credit risk exposure [line items]
Expected credit loss rate	0.00%	0.00%
Gross carrying amount	$ 77,995	$ 50,180
Expected credit loss	$ 9	$ 20
Past due 1 to 30 days [member]
Disclosure of credit risk exposure [line items]
Expected credit loss rate	3.20%	0.10%
Gross carrying amount	$ 3,157	$ 3,554
Expected credit loss	$ 100	$ 3
Past due 31 to 60 days [member]
Disclosure of credit risk exposure [line items]
Expected credit loss rate	3.40%	2.50%
Gross carrying amount	$ 4,080	$ 1,867
Expected credit loss	$ 139	$ 46
Past due 61 to 90 days [member]
Disclosure of credit risk exposure [line items]
Expected credit loss rate	13.50%	3.70%
Gross carrying amount	$ 658	$ 1,228
Expected credit loss	$ 89	$ 46
More than 90 days [member]
Disclosure of credit risk exposure [line items]
Expected credit loss rate	51.20%	41.50%
Gross carrying amount	$ 14,125	$ 15,343
Expected credit loss	$ 7,228	$ 6,368

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, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Long-term investments	$ 199,670	$ 119,617
Loans and borrowings	1,425,633	1,163,900
Financial Assets at Fair Value, Class [Member]
Disclosure of detailed information about financial instruments [line items]
Long-term investments	199,082	120,938
Financial Liabilities at Fair Value, Class [Member]
Disclosure of detailed information about financial instruments [line items]
Loans and borrowings	$ 1,549,934	$ 1,327,282

Financial instruments-Risk management and fair value - Summary of Company's financial instruments measured at fair value (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of fair value measurement of assets [line items]
Asset held for sale	$ 0	$ 135,542
Total assets	4,248,261	3,853,384
Derivative financial instruments	268,338	245,560
Total liabilities	2,948,864	2,569,826
Non-recurring fair value measurement
Disclosure of fair value measurement of assets [line items]
Total assets		135,542
Non-recurring fair value measurement \| Assets Held For Sale
Disclosure of fair value measurement of assets [line items]
Asset held for sale		135,542
Non-recurring fair value measurement \| Level 1 of fair value hierarchy
Disclosure of fair value measurement of assets [line items]
Total assets		0
Non-recurring fair value measurement \| Level 1 of fair value hierarchy \| Assets Held For Sale
Disclosure of fair value measurement of assets [line items]
Asset held for sale		0
Non-recurring fair value measurement \| Level 2 of fair value hierarchy
Disclosure of fair value measurement of assets [line items]
Total assets		135,542
Non-recurring fair value measurement \| Level 2 of fair value hierarchy \| Assets Held For Sale
Disclosure of fair value measurement of assets [line items]
Asset held for sale		135,542
Non-recurring fair value measurement \| Level 3 of fair value hierarchy
Disclosure of fair value measurement of assets [line items]
Total assets		0
Non-recurring fair value measurement \| Level 3 of fair value hierarchy \| Assets Held For Sale
Disclosure of fair value measurement of assets [line items]
Asset held for sale		0
Recurring fair value measurement
Disclosure of fair value measurement of assets [line items]
Total assets	124,726
Total liabilities	268,338	245,560
Recurring fair value measurement \| Investment fund
Disclosure of fair value measurement of assets [line items]
Asset held for sale	124,726
Recurring fair value measurement \| Derivatives
Disclosure of fair value measurement of assets [line items]
Derivative financial instruments	268,338	245,560
Recurring fair value measurement \| Level 1 of fair value hierarchy
Disclosure of fair value measurement of assets [line items]
Total assets	124,726
Total liabilities	0	0
Recurring fair value measurement \| Level 1 of fair value hierarchy \| Investment fund
Disclosure of fair value measurement of assets [line items]
Asset held for sale	124,726
Recurring fair value measurement \| Level 1 of fair value hierarchy \| Derivatives
Disclosure of fair value measurement of assets [line items]
Derivative financial instruments	0	0
Recurring fair value measurement \| Level 2 of fair value hierarchy
Disclosure of fair value measurement of assets [line items]
Total assets	0
Total liabilities	268,338	245,560
Recurring fair value measurement \| Level 2 of fair value hierarchy \| Derivatives
Disclosure of fair value measurement of assets [line items]
Derivative financial instruments	268,338	245,560
Recurring fair value measurement \| Level 3 of fair value hierarchy
Disclosure of fair value measurement of assets [line items]
Total assets	0
Total liabilities	0	0
Recurring fair value measurement \| Level 3 of fair value hierarchy \| Derivatives
Disclosure of fair value measurement of assets [line items]
Derivative financial instruments	$ 0	$ 0

Financial instruments-Risk management and fair value - Summary of key Assumptions used to Determine the Fair Value of Assets Held For Sale (Detail) - Assets Held for Sale $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Disclosure Of Information About Key Assumptions Used To Determine The Fair Value Of Assets Held For Sale Explanatory [Line Items]
Value assigned to key assumption	$ 135,542
Sale Price
Disclosure Of Information About Key Assumptions Used To Determine The Fair Value Of Assets Held For Sale Explanatory [Line Items]
Unobservable input	Sales price
Value assigned to key assumption	$ 145,399
Approach to determining key assumption	Average of purchase proposals received
Cost of Disposal
Disclosure Of Information About Key Assumptions Used To Determine The Fair Value Of Assets Held For Sale Explanatory [Line Items]
Unobservable input	Cost of disposal
Value assigned to key assumption	$ (9,857)
Approach to determining key assumption	Estimated based on the Company’s experience with disposal of similar assets.

Subsequent Events - Additional Information (Detail) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($) shares Awards Flights	Dec. 31, 2021
Subsequent Event [Member]
Disclosure of non-adjusting events after reporting period [line items]
Number Of Flights Cancelled \| Flights	1,300
Cancelled Flights Expressed As Percentage Against Scheduled Flights	4.00%
Year Of Increase Decrease In Fuel Cost		February 2022
Major ordinary share transactions [member]
Disclosure of non-adjusting events after reporting period [line items]
Non-vested stock, number of awards approved \| Awards	3
Non-vested stock, grant \| shares	25,643
Estimated fair vaule	$ 2.4
Estimated compensation cost for next year	$ 1.1
Non-vested stock, vesting period	vest over a period of three to five years.

Financial instruments-Risk management and fair value - Summary of Financial Liabilities According to Maturity Date (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	$ 1,724,828	$ 1,460,841
Up to one year [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	438,229	312,577
Between 1 and 4 years [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	1,019,054	981,675
More than 4 years [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	430,674	305,876
Loans and Borrowings [Member
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	1,425,633	1,163,900
Loans and Borrowings [Member \| Up to one year [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	228,272	155,902
Loans and Borrowings [Member \| Between 1 and 4 years [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	895,620	834,145
Loans and Borrowings [Member \| More than 4 years [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	425,995	297,156
Lease liability [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	178,651	230,510
Lease liability [member] \| Up to one year [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	89,413	90,244
Lease liability [member] \| Between 1 and 4 years [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	123,434	147,530
Lease liability [member] \| More than 4 years [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	4,679	8,720
Accounts payable [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	112,596	63,461
Accounts payable [member] \| Up to one year [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	112,596	63,461
Accounts payable [member] \| Between 1 and 4 years [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	0	0
Accounts payable [member] \| More than 4 years [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	0	0
Account payable to related parties [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	7,948	2,970
Account payable to related parties [member] \| Up to one year [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	7,948	2,970
Account payable to related parties [member] \| Between 1 and 4 years [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	0	0
Account payable to related parties [member] \| More than 4 years [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	0	0
Contractual cash flow [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	1,887,957	1,600,129
Contractual cash flow [member] \| Loans and Borrowings [Member
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	1,549,887	1,287,203
Contractual cash flow [member] \| Lease liability [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	217,526	246,495
Contractual cash flow [member] \| Accounts payable [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	112,596	63,461
Contractual cash flow [member] \| Account payable to related parties [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Non - derivative financial liabilities carrying amount	$ 7,948	$ 2,970