Equipment on Operating Leases, net

12 Months Ended

Aug. 31, 2018

Equipment on Operating Leases, net

Note 5 - Equipment on Operating Leases, net

Equipment on operating leases is reported net of accumulated depreciation of $64.9 million and $91.1 million as of August 31, 2018 and 2017, respectively. Depreciation expense was $11.2 million, $12.1 million and $16.6 million as of August 31, 2018, 2017 and 2016, 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,
2019	$	26,246
2020		19,898
2021		13,311
2022		11,311
2023		8,562
Thereafter		14,733
	$	94,061

Certain equipment is also operated under daily, monthly or car hire utilization arrangements. Associated revenue amounted to $12.8 million, $13.0 million and $14.7 million for the years ended August 31, 2018, 2017 and 2016, respectively.