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Quarterly report pursuant to Section 13 or 15(d)

LEASE OBLIGATIONS

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LEASE OBLIGATIONS
9 Months Ended
Sep. 30, 2016
Leases [Abstract] Ìý
LEASE OBLIGATIONS
NOTE 10 - LEASE OBLIGATIONS
We lease certain mining, production and other equipment under operating and capital leases. The capital 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 $2.2 million and $6.8 million for the three and nine months ended SeptemberÌý30, 2016, respectively, compared with $3.2 million and $9.5 million, respectively, for the same periods in 2015.
Future minimum payments under capital leases and non-cancellable operating leases at SeptemberÌý30, 2016 are as follows:
Ìý
(In Millions)
Ìý
Capital Leases
Ìý
Operating Leases
2016 (October 1 - December 31)
$
6.4

Ìý
$
2.3

2017
23.4

Ìý
8.9

2018
18.9

Ìý
7.6

2019
10.5

Ìý
4.9

2020
9.4

Ìý
4.9

2021 and thereafter
9.4

Ìý
5.0

Total minimum lease payments
$
78.0

Ìý
$
33.6

Amounts representing interest
14.2

Ìý
Ìý
Present value of net minimum lease payments
$
63.8

(1)Ìý
Ìý
(1)Ìý
The total is comprised of $18.3 million and $45.5 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at SeptemberÌý30, 2016.