Quarterly report pursuant to Section 13 or 15(d)

LEASE OBLIGATIONS

v2.4.0.8
LEASE OBLIGATIONS
 6 Months Ended
Jun. 30, 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 $4.0 million and $11.3 million for the three and six months ended June 30, 2014, respectively, compared with $7.4 million and $14.2 million for the same respective period in 2013.
Future minimum payments under capital leases and non-cancellable operating leases at June 30, 2014 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2014 (July 1 - December 31)
$
33.5

 
$
9.5

2015
89.0

 
14.2

2016
38.0

 
9.2

2017
30.5

 
8.3

2018
22.4

 
7.1

2019 and thereafter
37.8

 
14.7

Total minimum lease payments
$
251.2

 
$
63.0

Amounts representing interest
43.4

 
 
Present value of net minimum lease payments
$
207.8

(1) 
 
                                         
(1) 
The total is comprised of $82.0 million and $125.7 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at June 30, 2014.