Quarterly report pursuant to Section 13 or 15(d)

LEASE OBLIGATIONS

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LEASE OBLIGATIONS
 3 Months Ended
Mar. 31, 2014
Leases [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 $7.3 million and $6.8 million, respectively, for the three months ended March 31, 2014 and 2013.
Future minimum payments under capital leases and non-cancellable operating leases at March 31, 2014 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2014 (April 1 - December 31)
$
49.9

 
$
12.1

2015
88.4

 
14.0

2016
37.5

 
9.6

2017
30.1

 
7.5

2018
22.0

 
6.8

2019 and thereafter
37.2

 
14.7

Total minimum lease payments
$
265.1

 
$
64.7

Amounts representing interest
46.8

 
 
Present value of net minimum lease payments
$
218.3

(1) 
 
                                         
(1) 
The total is comprised of $84.0 million and $134.3 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at March 31, 2014.