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Concentration of Risk | 12 Months Ended
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Dec. 31, 2019
Concentration of Risk |
Concentration of Risk | Note 6. Concentration of Risk Geographical and credit risks As of December 31, 2019, all of the Company's Rental of flight equipment revenues were generated by leasing flight equipment to foreign and domestic airlines, and the Company leased and managed aircraft to 106 customers whose principal places of business are located in 59 countries as of December 31, 2019 compared to 94 lessees in 56 countries as of December 31, 2018. ​ Over 95% of our aircraft are operated internationally. The following table sets forth the regional concentration based on each airline's principal place of business of our flight equipment subject to operating leases based on net book value as of December 31, 2019 and 2018: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019 | ​ | December 31, 2018 |
​ |  | Net Book |  | ​ |  | Net Book |  | ​ |
Region | ​ | Value | ​ | % of Total | ​ | Value(1) | ​ | % of Total |
​ | ​ | (in thousands, except percentages) |
Europe | ​ | $ | 5,438,775 | ​ | 29.0 | % | $ | 4,692,341 | ​ | 29.9 | %
Asia (excluding China) | ​ | ​ | 4,985,525 | ​ | 26.7 | % | ​ | 3,846,785 | ​ | 24.5 | %
China | ​ |  | 2,930,752 | ​ | 15.7 | % |  | 2,663,903 | ​ | 17.0 | %
The Middle East and Africa | ​ |  | 2,242,215 | ​ | 12.0 | % |  | 1,952,900 | ​ | 12.4 | %
Central America, South America, and Mexico | ​ |  | 1,116,814 | ​ | 6.0 | % |  | 1,078,900 | ​ | 6.9 | %
U.S. and Canada | ​ |  | 996,398 | ​ | 5.3 | % |  | 757,884 | ​ | 4.8 | %
Pacific, Australia, and New Zealand | ​ |  | 993,858 | ​ | 5.3 | % |  | 714,397 | ​ | 4.5 | %
Total | ​ | $ | 18,704,337 | ​ | 100.0 | % | $ | 15,707,110 | ​ | 100.0 | %
(1) | As of December 31, 2018, we had six aircraft held for sale with a carrying value of $241.6 million included in the table above.
At December 31, 2019 and 2018, we owned and managed leased aircraft to customers in the following regions based on each airline's principal place of business: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019 | ​ | December 31, 2018 | ​
​ |  | Number of |  | ​ |  | Number of |  | ​ |
Region | ​ | Customers(1) | ​ | % of Total | ​ | Customers(1) | ​ | % of Total | ​
Europe |  | 43 |  | 40.6 | % | 33 |  | 35.1 | %
Asia (excluding China) |  | 19 |  | 17.9 | % | 18 |  | 19.1 | %
The Middle East and Africa | ​ | 13 | ​ | 12.3 | % | 11 | ​ | 11.8 | %
U.S. and Canada |  | 10 |  | 9.4 | % | 10 |  | 10.6 | %
Central America, South America, and Mexico |  | 9 |  | 8.5 | % | 10 |  | 10.6 | %
China |  | 9 |  | 8.5 | % | 9 |  | 9.6 | %
Pacific, Australia, and New Zealand |  | 3 |  | 2.8 | % | 3 |  | 3.2 | %
Total |  | 106 |  | 100.0 | % | 94 |  | 100.0 | %
(1) | A customer is an airline with its own operating certificate.
The following table sets forth the dollar amount and percentage of our Rental of flight equipment revenues from our flight equipment subject to operating leases attributable to the indicated regions based on each airline’s principal place of business: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended | ​ | Year Ended | ​ | Year Ended |
​ | ​ | December 31, 2019 | ​ | December 31, 2018 | ​ | December 31, 2017 |
​ |  | Amount of |  | ​ |  | Amount of |  | ​ |  | Amount of |  | ​ |
​ | ​ | Rental | ​ | ​ | ​ | Rental | ​ | ​ | ​ | Rental | ​ | ​ |
Region | ​ | Revenue | ​ | % of Total | ​ | Revenue | ​ | % of Total | ​ | Revenue | ​ | % of Total |
​ |  | ​ | (in thousands, except percentages) | ​
Europe | ​ | $ | 531,778 | ​ | 27.7 | % | $ | 476,515 | ​ | 29.2 | % | $ | 450,628 | ​ | 31.1 | %
Asia (excluding China) | ​ |  | 484,017 | ​ | 25.3 | % |  | 412,465 | ​ | 25.3 | % |  | 332,284 | ​ | 22.9 | %
China | ​ | ​ | 357,278 | ​ | 18.6 | % | ​ | 329,977 | ​ | 20.2 | % | ​ | 324,147 | ​ | 22.3 | %
The Middle East and Africa | ​ |  | 226,932 | ​ | 11.8 | % |  | 179,497 | ​ | 11.0 | % |  | 116,799 | ​ | 8.1 | %
Central America, South America, and Mexico | ​ |  | 124,850 | ​ | 6.6 | % |  | 108,736 | ​ | 6.7 | % |  | 102,205 | ​ | 7.0 | %
U.S. and Canada | ​ |  | 98,627 | ​ | 5.1 | % |  | 77,678 | ​ | 4.8 | % |  | 76,685 | ​ | 5.3 | %
Pacific, Australia, and New Zealand | ​ |  | 93,387 | ​ | 4.9 | % |  | 46,332 | ​ | 2.8 | % |  | 47,987 | ​ | 3.3 | %
Total | ​ | $ | 1,916,869 | ​ | 100.0 | % | $ | 1,631,200 | ​ | 100.0 | % | $ | 1,450,735 | ​ | 100.0 | %
​ Based on our lease placements of future new aircraft deliveries, we anticipate that a majority of our aircraft will be located in the Europe and Asia regions. For the years ended December 31, 2019, 2018, and 2017, China was the only individual country that represented at least 10% of our rental revenue based on each airline's principal place of business. In 2019, 2018, and 2017, no individual airline represented at least 10% of our rental revenue. Currency risk The Company attempts to minimize currency and exchange risks by entering into aircraft purchase agreements and a majority of lease agreements and debt agreements with U.S. dollars as the designated payment currency.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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