Equipment on operating leases is reported net of accumulated depreciation of $33.6 million and $33.4 million as of February 28, 2021 and August 31, 2020, respectively. Depreciation expense was $3.2 million and $6.8 million for the three and six months ended February 28, 2021, respectively and $3.0 million and $6.6 million for the three and six months ended February 29, 2020, respectively. 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 fifteen years. Operating lease rental revenues included in the Company’s Statements of Operations for the three and six months ended February 28, 2021 was $12.3 million and $24.1 million, respectively, which included $3.8 million and $7.4 million, respectively, of revenue as a result of daily, monthly or car hire utilization arrangements. Operating lease rental revenues included in the Company’s Statements of Operations for the three and six months ended February 29, 2020 was $9.8 million and $21.2 million, respectively, 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 28, 2021, will mature as follows:

(in thousands)
Remaining six months of 2021	$	17,049
2022		30,183
2023		25,421
2024		22,777
2025		12,638
Thereafter		27,870
	$	135,938

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 28, 2021 and 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 77 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				Six Months Ended
	February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Operating lease expense	$	3,625	$	3,424	$	7,493	$	6,850
Short-term lease expense		1,280		3,217		2,586		4,730
Total	$	4,905	$	6,641	$	10,079	$	11,580

Aggregate minimum future amounts payable under operating leases having initial or remaining non-cancelable terms at February 28, 2021 will mature as follows:

(in thousands)
Remaining six months of 2021	$	6,492
2022		12,414
2023		11,983
2024		10,848
2025		6,324
Thereafter		17,409
Total lease payments	$	65,470
Less: Imputed interest		(7,308	)
Total lease obligations	$	58,162

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

Weighted average remaining lease term:
Operating leases	11.5 Years

Weighted average discount rate:
Operating leases		3.2	%

(in thousands)	Six months ended February 28, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7,327
ROU assets obtained in exchange for new operating lease liabilities	$	30