Quarterly report pursuant to Section 13 or 15(d)

Lease Obligations

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Lease Obligations
 9 Months Ended
Sep. 30, 2011
Lease Obligations [Abstract]  
Lease Obligations

NOTE 9 – 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 $4.2 million and $17.9 million, respectively, for the three and nine months ended September 30, 2011, compared with $6.2 million and $18.1 million, respectively, for the same periods in 2010.

Future minimum payments under capital leases and non-cancellable operating leases at September 30, 2011 are as follows:

 

     (In Millions)  
     Capital
Leases		     Operating
Leases		  

2011 (October 1 - December 31)

      $     16.8          $     7.7     

2012

      62.6          21.2     

2013

      55.0          20.8     

2014

      50.0          16.0     

2015

      38.8          9.1     

2016 and thereafter

      99.0          25.0     
  

 

 

    

 

 

  

Total minimum lease payments

      322.2          $     99.8     
    

 

 

  

Amounts representing interest

      68.6       
  

 

 

    

Present value of net minimum lease payments

      $     253.6   (1)   
  

 

 

    

(1)    The total is comprised of $47.8 million and $205.8 million classified as Other current liabilities and Other liabilities, respectively, on the Statements of Unaudited Condensed Consolidated Financial Position at September 30, 2011.