Quarterly report pursuant to Section 13 or 15(d)

LEASE OBLIGATIONS

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LEASE OBLIGATIONS
 3 Months Ended
Mar. 31, 2018
Leases [Abstract]  
LEASE OBLIGATIONS
NOTE 12 - LEASE OBLIGATIONS
We lease certain mining, production and other equipment under operating and capital leases. The capital leases are for varying lengths, generally at market interest rates and contain purchase and/or renewal options at the end of the terms. Some capital lease payments could be accelerated upon cancellation of certain contracts at Asia Pacific Iron Ore. Our operating lease expense was $1.6 million for the three months ended March 31, 2018, compared with $1.7 million for the comparable period in 2017.
Future minimum payments under capital leases and non-cancellable operating leases as of March 31, 2018 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2018 (April 1 - December 31)
$
14.7

 
$
3.3

2019
12.0

 
1.9

2020
11.0

 
1.8

2021
10.3

 
1.8

2022
2.1

 
1.8

2023 and thereafter
—

 
7.5

Total minimum lease payments
$
50.1

 
$
18.1

Amounts representing interest
7.6

 
 
Present value of net minimum lease payments1
$
42.5

 
 
 
 
 
 
1 The total is comprised of $14.6 million and $27.9 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2018.