Quarterly report pursuant to Section 13 or 15(d)

LEASE OBLIGATIONS

v2.4.0.8
LEASE OBLIGATIONS
 9 Months Ended
Sep. 30, 2014
Leases [Abstract]  
LEASE OBLIGATIONS
NOTE 9 - LEASE OBLIGATIONS
We lease certain mining, production and other equipment under operating and capital leases. The leases are for varying lengths, generally at market interest rates and contain purchase and/or renewal options at the end of the terms. Our operating lease expense was $5.0 million and $16.3 million for the three and nine months ended September 30, 2014, respectively, compared with $5.3 million and $19.5 million for the same respective period in 2013.
Future minimum payments under capital leases and non-cancellable operating leases at September 30, 2014 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2014 (October 1 - December 31)
$
16.1

 
$
4.7

2015
86.6

 
14.0

2016
35.9

 
9.2

2017
28.6

 
8.2

2018
20.9

 
6.9

2019 and thereafter
35.3

 
14.7

Total minimum lease payments
$
223.4

 
$
57.7

Amounts representing interest
37.0

 
 
Present value of net minimum lease payments
$
186.4

(1) 
 
                                         
(1) 
The total is comprised of $78.0 million and $108.4 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at September 30, 2014.