Annual report pursuant to Section 13 and 15(d)

LEASE OBLIGATIONS

v3.6.0.2
LEASE OBLIGATIONS
 12 Months Ended
Dec. 31, 2016
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 $7.6 million, $12.0 million and $17.8 million for the years ended December 31, 2016, 2015 and 2014, respectively. Capital lease assets were $29.3 million and $32.5 million at December 31, 2016 and 2015, respectively. Corresponding accumulated amortization of capital leases included in respective allowances for depreciation were $13.1 million and $8.7 million at December 31, 2016 and 2015, respectively.
Future minimum payments under capital leases and non-cancellable operating leases at December 31, 2016 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2017
$
22.0

 
$
6.9

2018
17.9

 
5.6

2019
9.9

 
3.0

2020
9.0

 
2.9

2021
8.3

 
3.0

2022 and thereafter
0.7

 
—

Total minimum lease payments
$
67.8

 
$
21.4

Amounts representing interest
12.0

 
 
Present value of net minimum lease payments1
$
55.8

 
 
 
 
 
 
1 The total is comprised of $17.4 million and $38.4 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Consolidated Financial Position at December 31, 2016.