Note 15 – Concentrations

A significant portion of our portfolio is concentrated among a few customers and in distinct geographic regions, particularly in the United States. Our portfolio is also concentrated by varying degrees across aircraft product types and vintages. Our concentration risk is mitigated in part by intercompany guarantees from Boeing with respect to certain portfolio assets, which primarily relate to 717 aircraft.

Portfolio carrying values for our five largest customers were as follows at December 31:


	2011					2010
	Carrying Value		% of Total Portfolio			Carrying Value		% of Total Portfolio
AirTran/Southwest	$	1,261		29.1	%	$	1,364		29.0	%
Continental		415		9.6			447		9.5
Hawaiian		374		8.6			422		9.0
American		362		8.4			426		9.1
Korean		159		3.7			172		3.7
	$	2,571		59.4	%	$	2,831		60.3	%

For the years ended December 31, 2011 and 2010, AirTran Holdings, Inc. accounted for 21% and 18% of our revenue.

Portfolio carrying values were represented in the following regions at December 31:


	2011					2010
	Carrying Value		% of Total Portfolio			Carrying Value		% of Total Portfolio
United States ⁽¹⁾	$	3,198		73.9	%	$	3,604		76.8	%
Europe		693		16.0			619		13.2
Asia/Australia		241		5.6			280		5.9
Latin America		79		1.8			89		1.9
Other		116		2.7			102		2.2
	$	4,327		100.0	%	$	4,694		100.0	%

⁽¹⁾

United States includes assets held for sale or re-lease that may be physically located in another region.

Revenue by geographic region was as follows for the years ended December 31:


	2011		2010		2009
United States	$	334	$	409	$	430
Europe		123		128		138
Asia/Australia		45		45		51
Latin America		20		41		30
Other		10		16		11
	$	532	$	639	$	660

Portfolio carrying values were represented by the following product types at December 31:


	2011		2010
717	$	2,001	$	2,163
757		631		720
737		408		386
767		316		383
MD-11 ⁽¹⁾		311		359
747		225		256
MD-80		183		200
777		134		47
Other ⁽²⁾		118		180
	$	4,327	$	4,694

⁽¹⁾

MD-11 aircraft are currently in freighter configuration or are committed to be modified into freighter configuration.

⁽²⁾

Other includes aircraft, equipment, notes and stock. Some of these aircraft are out of production, but are supported by the manufacturer or other third party parts and service providers.

Our aircraft portfolio by vintage, based on carrying value (excluding investments and pooled assets), are categorized as follows at December 31:


	2011			2010
2007 and newer		3.4	%		1.1	%
2002 - 2006		45.2			45.1
1997 - 2001		39.0			38.8
1996 and older		12.4			15.0
		100.0	%		100.0	%