Quarterly report pursuant to Section 13 or 15(d)

LEASE OBLIGATIONS

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LEASE OBLIGATIONS
 6 Months Ended
Jun. 30, 2015
Leases [Abstract]  
LEASE OBLIGATIONS
NOTE 10 - 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 $2.0 million and $6.3 million for the three and six months ended June 30, 2015, respectively, compared with $3.3 million and $9.5 million for the same respective period in 2014.
Future minimum payments under capital leases and non-cancellable operating leases at June 30, 2015 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2015 (July 1 - December 31)
$
13.0

 
$
5.4

2016
25.2

 
8.4

2017
23.1

 
7.3

2018
18.6

 
6.6

2019
10.1

 
4.8

2020 and thereafter
19.0

 
9.9

Total minimum lease payments
$
109.0

 
$
42.4

Amounts representing interest
23.2

 
 
Present value of net minimum lease payments
$
85.8

(1) 
 
                                         
(1) 
The total is comprised of $18.2 million and $67.6 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at June 30, 2015.