6.OPERATING LEASES

Lease Expense

In the normal course of business, we lease office space and warehouse and distribution facilities under non-cancelable operating lease agreements. We rent office space, primarily for international and domestic regional sales administration offices, in commercial office complexes that are conducive to sales and administrative operations. We also rent warehousing and distribution facilities that are designed to provide secure storage and efficient distribution of our training products, books, and accessories. These operating lease agreements often contain renewal options that may be exercised at our discretion after the completion of the base rental term. In addition, many of the rental agreements provide for regular increases to the base rental rate at specified intervals, which usually occur on an annual basis. At August 31, 2016, we had operating leases with remaining terms ranging from less than one year to approximately seven years. The following table summarizes our future minimum lease payments under operating lease agreements at August 31, 2016 (in thousands):



YEAR ENDING
AUGUST 31,
2017	$	466
2018		298
2019		307
2020		326
2021		325
Thereafter		362
	$	2,084

We recognize lease expense on a straight-line basis over the life of the lease agreement. Contingent rent expense is recognized as it is incurred and was insignificant for the periods presented. Total rent expense recorded in selling, general, and administrative expense from operating lease agreements was $2.2 million, $2.3 million, and $2.2 million for the fiscal years ended August 31, 2016, 2015, and 2014.

Lease Income

We have subleased the majority of our corporate headquarters campus located in Salt Lake City, Utah to multiple, unrelated tenants as well as to FC Organizational Products (FCOP, refer to Note 17). We recognize sublease income on a straight-line basis over the life of the sublease agreement. The cost basis of the office space available for lease was $35.8 million, which had a carrying value of $9.6 million at August 31, 2016. The following future minimum lease payments due to us from our sublease agreements at August 31, 2016 include lease income of approximately $0.7 million per year from FCOP. The majority of contracted lease income after fiscal 2021 is from FCOP (in thousands):



YEAR ENDING
AUGUST 31,
2017	$	4,027
2018		4,073
2019		3,792
2020		3,891
2021		2,056
Thereafter		2,997
	$	20,836

Sublease revenue totaled $4.4 million, $4.4 million, and $3.9 million during the fiscal years ended August 31, 2016, 2015, and 2014.