Note 5 - Equipment on Operating Leases, net

Equipment on operating leases is reported net of accumulated depreciation of $91.1 million and $92.6 million as of August 31, 2017 and 2016, respectively. Depreciation expense was $12.1 million, $16.6 million and $9.4 million as of August 31, 2017, 2016 and 2015, respectively. In addition, certain railcar equipment leased-in by the Company on operating leases (see Note 21 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, 2018	$	29,168
2019		22,762
2020		16,159
2021		8,232
2022		5,377
Thereafter		5,487

	$	87,185

Certain equipment is also operated under daily, monthly or car hire utilization arrangements. Associated revenue amounted to $13.0 million, $14.7 million and $20.2 million for the years ended August 31, 2017, 2016 and 2015, respectively.