NOTE H - AIRCRAFT AND ENGINES HELD FOR LEASE AND LEASE RENTAL

Aircraft and engines held for operating leases, net, consists of the following (in thousands):

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The Company did not record an impairment of leased assets during the years ended December 31, 2023 and 2021, respectively. The Company recorded an impairment $0.9 million for the year ended December 31, 2022, and is included in cost of leasing in the Consolidated Statements of Operations.

Total depreciation expense included in cost of leasing in the Consolidated Statements of Operations is as follows (in thousands):

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Contingent rental fees recognized as revenues related to supplemental rent were as follows (in thousands):

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The Company’s current operating lease agreements for Flight Equipment on lease expire over the next two to nine months. The minimum future lease rentals contracted to be received under these existing operating leases of Flight Equipment at December 31, 2023 are $5.1 million, all expected to be received in 2024. These amounts are based upon the assumption that Flight Equipment under operating leases will remain on lease for the length of time specified by the respective lease agreements.

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