Equipment on operating leases is reported net of accumulated depreciation of $30.5 million and $33.4 million as of May 31, 2021 and August 31, 2020, respectively. Depreciation expense was $3.3 million and $10.1 million for the three and nine months ended May 31, 2021, respectively and $2.6 million and $9.2 million for the three and nine months ended May 31, 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 approximately fifteen years. Operating lease rental revenues included in the Company’s Statements of Income for the three and nine months ended May 31, 2021 was $8.0 million and $32.1 million, respectively, which included $2.8 million and $10.2 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 Income for the three and nine months ended May 31, 2020 was $9.0 million and $30.2 million, respectively, 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, 2021, will mature as follows:

(in thousands)
Remaining three months of 2021	$	8,705
2022		24,151
2023		19,714
2024		17,224
2025		10,775
Thereafter		23,627
	$	104,196

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, 2021 and 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				Nine Months Ended
	May 31, 2021		May 31, 2020		May 31, 2021		May 31, 2020
Operating lease expense	$	2,920	$	4,388	$	10,438	$	11,238
Short-term lease expense		991		1,707		3,577		6,437
Total	$	3,911	$	6,095	$	14,015	$	17,675

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

(in thousands)
Remaining three months of 2021	$	2,405
2022		9,151
2023		8,713
2024		7,429
2025		5,070
Thereafter		17,557
Total lease payments	$	50,325
Less: Imputed interest		(6,008	)
Total lease obligations	$	44,317

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

Weighted average remaining lease term:
Operating leases	13.8 Years

Weighted average discount rate:
Operating leases		3.0	%

(in thousands)	Nine months ended May 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	10,091
ROU assets obtained in exchange for new operating lease liabilities	$	404
ROU assets disposed of for lease terminations	$	(12,053	)