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Quarterly report pursuant to Section 13 or 15(d)

LEASE OBLIGATIONS

v2.4.1.9
LEASE OBLIGATIONS
 3 Months Ended
Mar. 31, 2015
Leases [Abstract] 听
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 $4.3 million for the three months ended March听31, 2015, respectively, compared with $6.2 million for the same respective period in 2014.
Future minimum payments under capital leases and non-cancellable operating leases at March听31, 2015 are as follows:
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(In Millions)
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Capital Leases
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Operating Leases
2015 (April 1 - December 31)
$
20.5

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$
7.5

2016
25.8

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7.9

2017
22.8

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7.3

2018
18.4

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6.6

2019
10.0

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4.8

2020 and thereafter
18.8

听
9.9

Total minimum lease payments
$
116.3

听
$
44.0

Amounts representing interest
25.1

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Present value of net minimum lease payments
$
91.2

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The total is comprised of $19.5 million and $71.7 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at March听31, 2015.