Quarterly report pursuant to Section 13 or 15(d)

LEASE OBLIGATIONS

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LEASE OBLIGATIONS
 6 Months Ended
Jun. 30, 2013
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 $7.4 million and $14.2 million for the three and six months ended June 30, 2013, respectively, compared with $6.2 million and $12.5 million for the same respective periods in 2012.
Future minimum payments under capital leases and non-cancellable operating leases at June 30, 2013 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2013 (July 1 - December 31)
$
35.8

 
$
13.4

2014
65.0

 
20.1

2015
53.6

 
13.4

2016
38.2

 
8.3

2017
31.1

 
7.5

2018 and thereafter
84.6

 
21.5

Total minimum lease payments
$
308.3

 
$
84.2

Amounts representing interest
63.3

 
 
Present value of net minimum lease payments
$
245.0

(1)
 
                                         
(1)
The total is comprised of $50.5 million and $194.5 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at June 30, 2013.