Annual report pursuant to Section 13 and 15(d)

LEASE OBLIGATIONS

v2.4.0.8
LEASE OBLIGATIONS
 12 Months Ended
Dec. 31, 2013
Leases [Abstract]  
LEASE OBLIGATIONS
NOTE 11 - 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 $29.5 million, $25.8 million and $26.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. Capital lease assets were $404.0 million and $471.7 million at December 31, 2013 and 2012, respectively. Corresponding accumulated amortization of capital leases included in respective allowances for depreciation were $198.5 million and $184.5 million at December 31, 2013 and 2012, respectively.
Future minimum payments under capital leases and non-cancellable operating leases at December 31, 2013 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2014
$
64.2

 
$
20.0

2015
85.7

 
13.1

2016
34.8

 
8.1

2017
27.4

 
7.3

2018
19.6

 
6.7

2019 and thereafter
32.2

 
14.7

Total minimum lease payments
$
263.9

 
$
69.9

Amounts representing interest
48.0

 
 
Present value of net minimum lease payments
$
215.9

(1)
 
                                         
(1)
The total is comprised of $49.0 million and $166.9 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at December 31, 2013.