Mission Produce, Inc. Leases Disclosure
| October 31, | ||||||||||||||
| (In millions) | Location on Consolidated Balance Sheets | 2025 | 2024 | |||||||||||
| Assets | ||||||||||||||
| Operating | Operating lease right-of-use assets | $ | 67.7 | $ | 67.8 | |||||||||
| Finance | 22.4 | 23.2 | ||||||||||||
| Total lease assets | $ | 90.1 | $ | 91.0 | ||||||||||
| Liabilities | ||||||||||||||
| Current | ||||||||||||||
| Operating | Operating leases—current portion | $ | 6.9 | $ | 6.4 | |||||||||
| Finance | Finance leases—current portion | 3.1 | 2.9 | |||||||||||
| Noncurrent | ||||||||||||||
| Operating | Operating leases, net of current portion | 67.5 | 67.4 | |||||||||||
| Finance | Finance leases, net of current portion | 22.0 | 21.5 | |||||||||||
| Total lease liabilities | $ | 99.5 | $ | 98.2 | ||||||||||
| (In millions) | Inventory | Property, plant and equipment | Cost of sales | Selling, general and administrative expenses | Interest Expense | Total | |||||||||||||||||||||||||||||
Year ended October 31, 2025 | |||||||||||||||||||||||||||||||||||
| Operating leases | |||||||||||||||||||||||||||||||||||
| Lease cost | $ | — | $ | 0.1 | $ | 8.4 | $ | 1.8 | $ | — | $ | 10.3 | |||||||||||||||||||||||
| Variable lease cost | — | — | 2.5 | — | — | 2.5 | |||||||||||||||||||||||||||||
| Short-term lease cost | 4.1 | 2.0 | 16.3 | 0.6 | — | 23.0 | |||||||||||||||||||||||||||||
| Finance leases | |||||||||||||||||||||||||||||||||||
| Amortization of right-of-use assets | — | 0.4 | 1.3 | — | — | 1.7 | |||||||||||||||||||||||||||||
| Interest on lease liabilities | — | — | — | — | 2.3 | 2.3 | |||||||||||||||||||||||||||||
| Total lease cost | $ | 4.1 | $ | 2.5 | $ | 28.5 | $ | 2.4 | $ | 2.3 | $ | 39.8 | |||||||||||||||||||||||
Year ended October 31, 2024 | |||||||||||||||||||||||||||||||||||
| Operating leases | |||||||||||||||||||||||||||||||||||
| Lease cost | $ | 0.1 | $ | — | $ | 8.4 | $ | 1.7 | $ | — | $ | 10.2 | |||||||||||||||||||||||
| Variable lease cost | — | — | 2.5 | — | — | 2.5 | |||||||||||||||||||||||||||||
| Short-term lease cost | 3.8 | 2.4 | 14.2 | 1.0 | — | 21.4 | |||||||||||||||||||||||||||||
| Finance leases | |||||||||||||||||||||||||||||||||||
| Amortization of right-of-use assets | — | — | 1.5 | — | — | 1.5 | |||||||||||||||||||||||||||||
| Interest on lease liabilities | — | — | — | — | 2.2 | 2.2 | |||||||||||||||||||||||||||||
| Total lease cost | $ | 3.9 | $ | 2.4 | $ | 26.6 | $ | 2.7 | $ | 2.2 | $ | 37.8 | |||||||||||||||||||||||
Year ended October 31, 2023 | |||||||||||||||||||||||||||||||||||
| Operating leases | |||||||||||||||||||||||||||||||||||
| Lease cost | $ | 0.1 | $ | — | $ | 8.4 | $ | 1.8 | $ | — | $ | 10.3 | |||||||||||||||||||||||
| Variable lease cost | — | — | 2.4 | — | — | 2.4 | |||||||||||||||||||||||||||||
| Short-term lease cost | 1.6 | 4.1 | 15.6 | 1.5 | — | 22.8 | |||||||||||||||||||||||||||||
| Finance leases | |||||||||||||||||||||||||||||||||||
| Amortization of right-of-use assets | — | — | 1.3 | 0.1 | — | 1.4 | |||||||||||||||||||||||||||||
| Interest on lease liabilities | — | — | — | — | 1.5 | 1.5 | |||||||||||||||||||||||||||||
| Total lease cost | $ | 1.7 | $ | 4.1 | $ | 27.7 | $ | 3.4 | $ | 1.5 | $ | 38.4 | |||||||||||||||||||||||
| Years ended October 31, | |||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities of cash flows for: | |||||||||||||||||
| Operating lease liabilities | $ | 9.3 | $ | 9.2 | $ | 8.1 | |||||||||||
| Finance lease liabilities | 2.2 | 1.4 | — | ||||||||||||||
| Right-of-use assets obtained in exchange for new operating lease liabilities | 6.4 | 0.7 | 12.2 | ||||||||||||||
| (In millions) | |||||||||||
| Year ending October 31, | Operating Leases | Finance Leases | |||||||||
| 2026 | $ | 9.2 | $ | 3.1 | |||||||
| 2027 | 9.0 | 3.1 | |||||||||
| 2028 | 8.0 | 3.0 | |||||||||
| 2029 | 7.2 | 2.7 | |||||||||
| 2030 | 6.9 | 2.3 | |||||||||
| Thereafter | 70.5 | 45.1 | |||||||||
Total undiscounted future minimum lease payments | $ | 110.8 | $ | 59.3 | |||||||
| Less imputed interest | (36.4) | (34.2) | |||||||||
Total discounted future minimum lease payments | $ | 74.4 | $ | 25.1 | |||||||
Operating Leases | Finance Leases | ||||||||||
| Weighted average remaining lease term (in years) | 14.6 | 19.3 | |||||||||
| Weighted average discount rate | 5.5 | % | 9.9 | % | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 18, 2025 | Showing above |
| 2024 | Dec 19, 2024 | |
| 2023 | Dec 21, 2023 | |
| 2022 | Dec 22, 2022 | |
| 2021 | Dec 22, 2021 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.