Quarterly report pursuant to Section 13 or 15(d)

LEASE OBLIGATIONS

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LEASE OBLIGATIONS
 9 Months Ended
Sep. 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 $5.3 million and $19.5 million for the three and nine months ended September 30, 2013, respectively, compared with $6.7 million and $19.2 million for the same respective periods in 2012.
Future minimum payments under capital leases and non-cancellable operating leases at September 30, 2013 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2013 (October 1 - December 31)
$
18.2

 
$
8.2

2014
65.5

 
20.0

2015
87.0

 
13.5

2016
36.1

 
8.3

2017
28.6

 
7.5

2018 and thereafter
54.2

 
21.5

Total minimum lease payments
$
289.6

 
$
79.0

Amounts representing interest
54.4

 
 
Present value of net minimum lease payments
$
235.2

(1)
 
                                         
(1)
The total is comprised of $51.3 million and $183.9 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at September 30, 2013.