Equipment on operating leases is reported net of accumulated depreciation of $34.4 million, $33.4 million, and $44.2 million as of August 31, 2021, 2020, and 2019, respectively. Depreciation expense was $13.8 million, $11.6 million and $13.3 million as of August 31, 2021, 2020, and 2019 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 Consolidated Statements of Income as of August 31, 2021, 2020, and 2019 was $69.4 million, $38.7 million and $44.7 million respectively, which included $17.1 million, $11.2 million, and $14.0 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 August 31, 2021, will mature as follows:

(In thousands)
2022	$	25,745
2023		20,687
2024		17,375
2025		11,150
2026		9,258
Thereafter		20,915
	$	105,130

The Company leases railcars, real estate, and certain equipment under operating and, to a lesser extent, finance lease arrangements. As of and for the twelve months ended August 31, 2021, 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.

	Twelve months ended August 31,
(In thousands)	2021		2020
Operating lease expense	$	13,222	$	15,256
Short-term lease expense		5,252		8,313
Total	$	18,474	$	23,569

In accordance with Topic 840, lease expense was $19.9 million for the year ended August 31, 2019.

Aggregate minimum future amounts payable under operating leases having initial or remaining non-cancelable terms at August 31, 2021 will mature as follows:

(In thousands)
2022	$	9,643
2023		8,809
2024		7,518
2025		5,070
2026		3,795
Thereafter		13,450
Total lease payments	$	48,285
Less: Imputed interest		(5,717	)
Total lease obligations	$	42,568

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

Weighted average remaining lease term
Operating leases	13.6 years
Weighted average discount rate
Operating leases		3.0	%

(In thousands)	Twelve months ended August 31, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	12,603
ROU assets obtained in exchange for new operating lease liabilities	$	1,141
ROU assets disposed of for lease terminations	$	(12,053	)