JBT MAREL CorpJBTM
JBT MAREL Corp Leases Disclosure
LEASES
Lessee Accounting
The components of the Company’s lease costs for the years ended December 31, were as follows:
| (In millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Fixed lease cost | $ | 31.7 | $ | 16.1 | $ | 16.5 | |||||||||||
| Variable lease cost | 7.7 | 3.4 | 4.0 | ||||||||||||||
| Total operating lease cost | $ | 39.4 | $ | 19.5 | $ | 20.5 | |||||||||||
Included within operating lease costs are short-term lease costs, which were $2.8 million, $1.1 million, and $1.4 million for the years ended December 31, 2025, 2024, and 2023, respectively, and sublease income which was immaterial for the years ended December 31, 2025, 2024, and 2023. The Company’s finance lease cost was $4.9 million for the year ended December 31, 2025, and immaterial for the years ended December 31, 2024 and 2023.
Supplemental cash flow information related to the Company’s leases for the years ended December 31, was as follows:
| (In millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Operating cash flows from operating leases | $ | 27.0 | $ | 14.5 | $ | 15.0 | |||||||||||
| Right-of-use assets obtained in exchange for new operating lease liabilities | 29.6 | 9.2 | 10.8 | ||||||||||||||
Financing cash flows from finance leases were $4.8 million for the year ended December 31, 2025, and immaterial for the years ended December 31, 2024 and 2023. Right-of-use assets obtained in exchange for new finance lease liabilities were $4.6 million, $1.3 million, and $1.2 million for the years ended December 31, 2025, 2024, and 2023.
Supplemental balance sheet information related to the Company’s leases as of December 31, was as follows:
| (In millions) | Balance Sheet Classification | 2025 | 2024 | ||||||||||||||
| Lease ROU assets: | |||||||||||||||||
| Operating | Other assets | $ | 75.1 | $ | 32.3 | ||||||||||||
Finance (a) | Net property, plant and equipment | 12.6 | 4.7 | ||||||||||||||
| Total lease ROU assets | $ | 87.7 | $ | 37.0 | |||||||||||||
| Lease liabilities: | |||||||||||||||||
| Current: | |||||||||||||||||
| Operating | Other current liabilities | $ | 22.0 | $ | 11.9 | ||||||||||||
Finance (a) | 4.2 | 1.0 | |||||||||||||||
| Long-term: | |||||||||||||||||
| Operating | Other liabilities | 56.2 | 21.7 | ||||||||||||||
Finance (a) | 6.0 | 1.4 | |||||||||||||||
| Total lease liabilities | $ | 88.4 | $ | 36.0 | |||||||||||||
(a) Finance leases include real estate leases for which the Company is a lessee for an indefinite lease term. However, these finance leases have no lease liability outstanding as of December 31, 2025 as no amounts are due under the lease.
The following table presents the weighted-average remaining lease term and discount rates for the leases for which the Company is the lessee:
| (In millions) | 2025 | 2024 | |||||||||
| Weighted-average remaining lease term (years) | |||||||||||
| Operating leases | 5.3 | 3.9 | |||||||||
Finance leases(a) | 3.0 | 3.0 | |||||||||
| Weighted-average discount rate | |||||||||||
| Operating leases | 6.1% | 5.5% | |||||||||
Finance leases(a) | 6.2% | 6.1% | |||||||||
(a) Excludes real estate finance leases for which the Company is a lessee for an indefinite lease term and has no lease liability outstanding as of December 31, 2025.
The majority of ROU assets and lease liabilities, approximately 69%, relate to real estate leases, with the remaining amount primarily comprised of vehicle leases.
Maturity of operating and finance lease liabilities as of December 31, 2025, in millions:
| (In millions) | Operating Leases | Finance Leases | |||||||||
Year 1(a) | $ | 22.2 | $ | 4.7 | |||||||
| Year 2 | 19.2 | 3.2 | |||||||||
| Year 3 | 14.8 | 2.0 | |||||||||
| Year 4 | 10.8 | 0.9 | |||||||||
| Year 5 | 5.6 | 0.2 | |||||||||
| After Year 5 | 22.1 | 0.1 | |||||||||
| Total lease payments | $ | 94.7 | $ | 11.1 | |||||||
| Less: Interest on lease payments | (16.5) | (0.9) | |||||||||
| Present value of lease liabilities | $ | 78.2 | $ | 10.2 | |||||||
(a) Represents the next 12 months
Lessor Accounting
Operating Leases:
The following tables provide the required information regarding operating leases for which the Company is the lessor.
Operating Lease Revenue:
| (In millions) | December 31, 2025 | December 31, 2024 | December 31, 2023 | ||||||||||||||
| Fixed payment revenue | $ | 70.8 | $ | 67.2 | $ | 63.8 | |||||||||||
| Variable payment revenue | 30.0 | 28.6 | 33.8 | ||||||||||||||
| Total | $ | 100.8 | $ | 95.8 | $ | 97.6 | |||||||||||
Operating Lessor Maturity Analysis as of December 31, 2025, in millions:
Year 1(a) | $ | 58.7 | |||
| Year 2 | 38.8 | ||||
| Year 3 | 32.7 | ||||
| Year 4 | 21.5 | ||||
| Year 5 | 10.7 | ||||
| After Year 5 | 14.9 | ||||
| Total lease receivables | $ | 177.3 | |||
(a) Represents the next 12 months
Sales-Type Leases:
Sales-Type Lessor Maturity Analysis as of December 31, 2025, in millions:
Year 1(a) | $ | 1.7 | |||
| Year 2 | 1.7 | ||||
| Year 3 | 1.3 | ||||
Year 4 | 1.0 | ||||
Year 5 | 0.4 | ||||
After Year 5 | — | ||||
| Total lease receivables | $ | 6.1 | |||
(a) Represents the next 12 months
Sales-type lease revenue was $3.3 million, $5.8 million, and $5.2 million for the years ended December 31, 2025, 2024, and 2023 respectively.
Our net investment in sales-type leases were classified in the Consolidated Balance Sheets as of December 31, as follows:
| (In millions) | 2025 | 2024 | |||||||||
| Trade receivables, net of allowances | $ | 3.5 | $ | 4.1 | |||||||
| Other assets | 4.9 | 4.6 | |||||||||
| Total | $ | 8.4 | $ | 8.7 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Mar 2, 2020 | |
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.