Equipment on operating leases is reported net of accumulated depreciation of $32.9 million and $44.2 million as of February 29, 2020 and August 31, 2019, respectively. Depreciation expense was $3.0 million and $6.6 million for the three and six months ended February 29, 2020. In addition, certain railcar equipment leased-in by the Company on operating leases is subleased to customers under non-cancelable operating leases with lease terms ranging from one to five years. Operating lease rental revenues included in the Company’s Statement of Income for the three and six months ended February 29, 2020 was $9.8 million and $21.2 million, which included $2.8 million and $6.5 million, respectively, of revenue as a result of daily, monthly or car hire utilization arrangements.

Aggregate minimum future amounts receivable under all non-cancelable operating leases and subleases at February 29, 2020, will mature as follows:

(in thousands)
Remaining six months of 2020	$	12,272
2021		22,314
2022		20,372
2023		14,812
2024		11,135
Thereafter		22,009
	$	102,914

The Company leases railcars, real estate, and certain equipment under operating and, to a lesser extent, finance lease arrangements. As of and for the three and six months ended February 29, 2020, finance leases were not a material component of the Company's lease portfolio. The Company’s real estate and equipment leases have remaining lease terms ranging from less than one year to 79 years, with some including options to extend up to 15 years. The Company recognizes a lease liability and corresponding right-of-use (ROU) asset based on the present value of lease payments. To determine the present value of lease payments, as most of its leases do not provide a readily determinable implicit rate, the Company’s incremental borrowing rate is used to discount the lease payments based on information available at lease commencement date. The Company gives consideration to its recent debt issuances as well as publicly available data for instruments with similar characteristics when estimating its incremental borrowing rate.

(in thousands)	Three months ended February 29, 2020		Six months ended February 29, 2020
Operating lease expense	$	3,424	$	6,850
Short-term lease expense		3,217		4,730
Total	$	6,641	$	11,580

Aggregate minimum future amounts payable under operating leases having initial or remaining non-cancelable terms at February 29, 2020 will mature as follows:

(in thousands)
Remaining six months of 2020	$	6,153
2021		8,988
2022		5,935
2023		5,433
2024		3,948
Thereafter		10,436
Total lease payments	$	40,893
Less: Imputed interest		(4,897	)
Total lease obligations	$	35,996

The table below presents additional information related to the Company’s leases:

Weighted average remaining lease term
Operating leases	14.4 years

Weighted average discount rate
Operating leases		3.2	%

(in thousands)

Six months ended

February 29,

2020

Cash paid for amounts included in the measurement

of lease liabilities

Operating cash flows from operating leases

7,432