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Concentration of Risk | 12 Months Ended
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Dec. 31, 2024
Risks and Uncertainties [Abstract] |
Concentration of Risk | Concentration of Risk Geographical and credit risks As of December 31, 2024, 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 116 customers whose principal places of business are located in 58 countries as of December 31, 2024 compared to 119 lessees in 62 countries as of December 31, 2023. Over 95% of the Company’s aircraft are operated internationally. The following table sets forth the regional concentration based on each airline's principal place of business of the Company’s flight equipment subject to operating leases based on net book value as of December 31, 2024 and 2023:
|  | December 31, 2024 |  | December 31, 2023
Region |  | Net Book Value |  | % of Total |  | Net Book Value |  | % of Total
|  | (in thousands, except percentages)
Europe |  | $ | 11,653,668 |  |  | 41.4 | % |  | $ | 9,881,024 |  |  | 37.7 | %
Asia Pacific |  | 10,077,621 |  |  | 35.8 | % |  | 10,456,435 |  |  | 39.8 | %
Central America, South America, and Mexico |  | 2,685,098 |  |  | 9.5 | % |  | 2,361,089 |  |  | 9.0 | %
The Middle East and Africa |  | 1,971,448 |  |  | 7.0 | % |  | 2,062,420 |  |  | 7.9 | %
U.S. and Canada |  | 1,782,631 |  |  | 6.3 | % |  | 1,470,240 |  |  | 5.6 | %
Total |  | $ | 28,170,466 |  |  | 100.0 | % |  | $ | 26,231,208 |  |  | 100.0 | %
At December 31, 2024 and 2023, the Company owned and managed leased aircraft to customers in the following regions based on each airline's principal place of business:
|  | December 31, 2024 |  | December 31, 2023
Region |  | Number of Customers(1) |  | % of Total |  | Number of Customers(1) |  | % of Total
Europe |  | 51 |  |  | 44.0 | % |  | 50 |  |  | 42.0 | %
Asia Pacific |  | 32 |  |  | 27.6 | % |  | 34 |  |  | 28.6 | %
The Middle East and Africa |  | 14 |  |  | 12.1 | % |  | 15 |  |  | 12.6 | %
U.S. and Canada |  | 11 |  |  | 9.5 | % |  | 12 |  |  | 10.1 | %
Central America, South America and Mexico |  | 8 |  |  | 6.8 | % |  | 8 |  |  | 6.7 | %
Total |  | 116 |  |  | 100.0 | % |  | 119 |  |  | 100.0 | %
(1) A customer is an airline with its own operating certificate.
The following table sets forth the dollar amount and percentage of the Company’s Rental of flight equipment revenues from its flight equipment subject to operating leases attributable to the indicated regions based on each airline’s principal place of business:
|  | Year Ended December 31, 2024 |  | Year Ended December 31, 2023 |  | Year Ended December 31, 2022
Region |  | Amount of Rental Revenue |  | % of Total |  | Amount of Rental Revenue |  | % of Total |  | Amount of Rental Revenue |  | % of Total
|  | (in thousands, except percentages)
Asia Pacific |  | $ | 1,004,202 |  |  | 40.4 | % |  | $ | 1,156,837 |  |  | 46.7 | % |  | $ | 1,067,270 |  |  | 48.2 | %
Europe |  | 944,637 |  |  | 38.0 | % |  | 769,407 |  |  | 31.1 | % |  | 611,091 |  |  | 27.6 | %
The Middle East and Africa |  | 206,846 |  |  | 8.3 | % |  | 262,554 |  |  | 10.6 | % |  | 251,243 |  |  | 11.3 | %
Central America, South America and Mexico |  | 189,919 |  |  | 7.6 | % |  | 156,275 |  |  | 6.3 | % |  | 141,638 |  |  | 6.4 | %
U.S. and Canada |  | 142,351 |  |  | 5.7 | % |  | 132,534 |  |  | 5.3 | % |  | 143,266 |  |  | 6.5 | %
Total |  | $ | 2,487,955 |  |  | 100.0 | % |  | $ | 2,477,607 |  |  | 100.0 | % |  | $ | 2,214,508 |  |  | 100.0 | %
For the year ended December 31, 2024, no individual country represented at least 10% of the Company’s rental revenue based on each airline’s principal place of business; however, for the years ended December 31, 2023 and 2022, China was the only individual country that represented at least 10% of the Company’s rental revenue based on each airline’s principal place of business, with rental revenues of $330.8 million and $360.0 million, respectively. For the years ended December 31, 2024, 2023 and 2022, no individual airline contributed more than 10% to the Company’s 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 -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent + Details
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