Quarterly report pursuant to Section 13 or 15(d)

LEASE OBLIGATIONS

v3.5.0.2
LEASE OBLIGATIONS
6 Months Ended
Jun. 30, 2016
Leases [Abstract]  
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 $2.2 million and $4.6 million for the three and six months ended June 30, 2016, compared with $2.0 million and $6.3 million for the same period in 2015.
Future minimum payments under capital leases and non-cancellable operating leases at June 30, 2016 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2016 (July 1 - December 31)
$
12.4

 
$
4.6

2017
22.8

 
8.9

2018
18.4

 
7.5

2019
10.2

 
4.9

2020
9.2

 
4.9

2021 and thereafter
9.3

 
5.0

Total minimum lease payments
$
82.3

 
$
35.8

Amounts representing interest
15.4

 
 
Present value of net minimum lease payments
$
66.9

(1) 
 
(1) 
The total is comprised of $18.2 million and $48.7 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at June 30, 2016.