Annual report pursuant to Section 13 and 15(d)

LEASE OBLIGATIONS

v3.8.0.1
LEASE OBLIGATIONS
 12 Months Ended
Dec. 31, 2017
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 $7.1 million, $7.6 million and $12.0 million for the years ended December 31, 2017, 2016 and 2015, respectively. Capital lease assets were $37.4 million and $29.3 million at December 31, 2017 and 2016, respectively. Corresponding accumulated amortization of capital leases included in respective allowances for depreciation were $21.0 million and $13.1 million at December 31, 2017 and 2016, respectively.
Future minimum payments under capital leases and non-cancellable operating leases at December 31, 2017 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2018
$
20.8

 
$
4.9

2019
12.1

 
1.8

2020
11.1

 
1.8

2021
10.5

 
1.8

2022
2.1

 
1.8

2023 and thereafter
—

 
7.5

Total minimum lease payments
$
56.6

 
$
19.6

Amounts representing interest
8.8

 
 
Present value of net minimum lease payments1
$
47.8

 
 
 
 
 
 
1 The total is comprised of $16.9 million and $30.9 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Consolidated Financial Position at December 31, 2017.