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Quarterly report pursuant to Section 13 or 15(d)

LEASE OBLIGATIONS

v2.4.0.6
LEASE OBLIGATIONS
3 Months Ended
Mar. 31, 2013
Leases [Abstract] Ìý
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 $6.8 million and $6.3 million, respectively, for the three months ended MarchÌý31, 2013 and 2012.
Future minimum payments under capital leases and non-cancellable operating leases at MarchÌý31, 2013 are as follows:
Ìý
(In Millions)
Ìý
Capital Leases
Ìý
Operating Leases
2013 (April 1 - December 31)
$
56.8

Ìý
$
18.8

2014
69.5

Ìý
19.7

2015
58.2

Ìý
13.0

2016
42.2

Ìý
8.1

2017
34.8

Ìý
7.4

2018 and thereafter
91.8

Ìý
21.5

Total minimum lease payments
$
353.3

Ìý
$
88.5

Amounts representing interest
76.7

Ìý
Ìý
Present value of net minimum lease payments
$
276.6

(1)
Ìý
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(1)
The total is comprised of $53.5 million and $223.1 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at MarchÌý31, 2013.