Equipment on Operating Leases, net

12 Months Ended

Aug. 31, 2012

Note 7 - Equipment on Operating Leases, net

Equipment on operating leases is reported net of accumulated depreciation of $100.2 million and $94.8 million as of August 31, 2012 and 2011. Depreciation expense was $13.6 million, $12.9 million and $12.4 million as of August 31, 2012, 2011 and 2010. In addition, certain railcar equipment leased-in by the Company on operating leases (see Note 22 Lease Commitments) is subleased to customers under non-cancelable operating leases. Aggregate minimum future amounts receivable under all non-cancelable operating leases and subleases are as follows:


(In thousands)
Year ending August 31,
2013	$	28,540
2014		23,507
2015		19,303
2016		12,975
2017		11,640
Thereafter		15,986

	$	111,951

Certain equipment is also operated under daily, monthly or car hire utilization arrangements. Associated revenue amounted to $23.4 million, $18.7 million and $18.4 million for the years ended August 31, 2012, 2011 and 2010.

- Definition

The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

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