In the normal course of business, we lease office space, primarily for international 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, and certain office equipment. These leases are classified as operating leases. Operating lease assets and liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. Since most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Leases with an initial term of 12 months or less are not recorded on the balance sheet and we do not have significant amounts of variable lease payments.

Some of our operating leases contain renewal options that may be exercised at our discretion after the completion of the base rental term. At August 31, 2023, we had operating leases with remaining terms ranging from less than one year to approximately five years. The amounts of assets and liabilities (in thousands) and other information related to our operating leases follows:



	Balance Sheet
	Caption	Amount
Assets:
Operating lease right of use assets	Other long-term assets	$	812

Liabilities:
Current:
Operating lease liabilities	Accrued liabilities		579
Long-Term:
Operating lease liabilities	Other long-term liabilities		233
		$	812

Weighted Average Remaining Lease Term:
Operating leases (years)			1.6

Weighted Average Discount Rate:
Operating leases			5.0	%

In fiscal 2023, we obtained $0.6 million of right-of-use operating lease assets in exchange for operating lease liabilities. Future minimum lease payments under our operating leases at August 31, 2023, are as follows (in thousands):



YEAR ENDING
AUGUST 31,
2024	$	607
2025		179
2026		38
2027		22
2028		7
Thereafter		-
Total operating lease payments		853
Less imputed interest		(41)
Present value of operating lease liabilities	$	812

We recognize lease expense on a straight-line basis over the life of the lease agreement. Total rent expense recorded in selling, general, and administrative expense from our lease agreements totaled $1.2 million, $1.5 million, and $1.6 million for the fiscal years ended August 31, 2023, 2022, and 2021.

We have subleased the majority of our corporate headquarters campus located in Salt Lake City, Utah to multiple tenants. These sublease agreements are accounted for as operating leases. We recognize sublease income on a straight-line basis over the life of the sublease agreement. The cost basis of our corporate campus is $37.1 million, which had a carrying value of $3.0 million at August 31, 2023. The following future minimum lease payments due to us from our sublease agreements at August 31, 2023, are as follows (in thousands):



YEAR ENDING
AUGUST 31,
2024	$	2,197
2025		1,814
2026		-
Thereafter		-
	$	4,011