Equipment on operating leases is reported net of accumulated depreciation of $31.1 million and $44.2 million as of May 31, 2020 and August 31, 2019, respectively. Depreciation expense was $2.6 million and $9.2 million for the three and nine months ended May 31, 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 nine years. Operating lease rental revenues included in the Company’s Statement of Income for the three and nine months ended May 31, 2020 was $9.0 million and $30.2 million, which included $2.8 million and $9.3 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 May 31, 2020, will mature as follows:

(in thousands)
Remaining three months of 2020	$	7,579
2021		28,249
2022		26,044
2023		20,567
2024		16,984
Thereafter		24,203
	$	123,626

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 nine months ended May 31, 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 78 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 May 31, 2020		Nine months ended May 31, 2020

Operating lease expense	$	4,388	$	11,238
Short-term lease expense		1,707		6,437
Total	$	6,095	$	17,675

Aggregate minimum future amounts payable under operating leases having initial or remaining non-cancelable terms at May 31, 2020 will mature as follows:

(in thousands)
Remaining three months of 2020	$	3,935
2021		13,977
2022		10,722
2023		10,231
2024		8,754
Thereafter		18,640
Total lease payments	$	66,259
Less: Imputed interest		(8,101	)
Total lease obligations	$	58,158

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

Weighted average remaining lease term
Operating leases	11.6 years

Weighted average discount rate
Operating leases		3.4	%

(in thousands)	Nine months ended May 31, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	12,121
ROU assets obtained in exchange for new operating lease liabilities	$	26,372