Quarterly report pursuant to Section 13 or 15(d)

LEASE OBLIGATIONS

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LEASE OBLIGATIONS
9 Months Ended
Sep. 30, 2012
Leases [Abstract]  
LEASE OBLIGATIONS
NOTE 11 - 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 $6.7 million and $19.2 million, respectively, for the three and nine months ended September 30, 2012, compared with $4.2 million and $17.9 million, respectively, for the same periods in 2011.
Future minimum payments under capital leases and non-cancellable operating leases at September 30, 2012 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2012 (October 1 - December 31)
$
21.1

 
$
7.2

2013
72.2

 
24.6

2014
67.2

 
19.8

2015
55.9

 
13.0

2016
40.3

 
8.1

2017 and thereafter
124.6

 
28.6

Total minimum lease payments
$
381.3

 
$
101.3

Amounts representing interest
86.2

 
 
Present value of net minimum lease payments
$
295.1

(1)
 
(1)
The total is comprised of $53.6 million and $241.5 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at September 30, 2012.