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LEASE OBLIGATIONS | 3 Months Ended
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Mar. 31, 2018
Leases [Abstract] |
LEASE OBLIGATIONS | NOTE 12 - 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. Some capital lease payments could be accelerated upon cancellation of certain contracts at Asia Pacific Iron Ore. Our operating lease expense was $1.6 million for the three months ended March 31, 2018, compared with $1.7 million for the comparable period in 2017. Future minimum payments under capital leases and non-cancellable operating leases as of March 31, 2018 are as follows:
| (In Millions)
| Capital Leases |  | Operating Leases
2018 (April 1 - December 31) | $ | 14.7 |  |  | $ | 3.3 |
2019 | 12.0 |  |  | 1.9 |
2020 | 11.0 |  |  | 1.8 |
2021 | 10.3 |  |  | 1.8 |
2022 | 2.1 |  |  | 1.8 |
2023 and thereafter | — |  |  | 7.5 |
Total minimum lease payments | $ | 50.1 |  |  | $ | 18.1 |
Amounts representing interest | 7.6 |  |  |
Present value of net minimum lease payments 1 | $ | 42.5 |  |  |
1 The total is comprised of $14.6 million and $27.9 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2018.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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