Corteva, Inc.
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
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Leases
NOTE 13 -LEASES
The company has operating and finance leases for real estate, transportation, certain machinery and equipment, and information technology assets. The company’s leases have remaining lease terms of approximately 1 to 37 years. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend the lease when it is reasonably certain that the company will exercise that option. Some leasing arrangements require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance and tax payments. The variable lease payments are not presented as part of the initial ROU asset or lease liability.
Certain of the company's leases include residual value guarantees. These residual value guarantees are based on a percentage of the lessor's asset acquisition price and the amount of such guarantee generally declines over the course of the lease term. The portion of residual value guarantees that are probable of payment are included in the related lease liability. At December 31, 2025, the company has future maximum payments for residual value guarantees in operating leases of $183 million with final expirations through 2035. The company's lease agreements do not contain any material restrictive covenants.
The components of lease cost for the years ended December 31, 2025, 2024 and 2023 were as follows:
| For the Year Ended December 31, | |||
|---|---|---|---|
| (In millions) | 2025 | 2024 | 2023 |
| Operating lease cost | $161 | $176 | $169 |
| Finance lease cost | |||
| Amortization of right-of-use assets | — | 1 | 1 |
| Total finance lease cost | $— | $1 | $1 |
| Short-term lease cost | 37 | 27 | 23 |
| Variable lease cost | 7 | 8 | 11 |
| Total lease cost | $205 | $212 | $204 |
Supplemental cash flow information related to leases for the years ended December 31, 2025, 2024 and 2023 was as follows:
| For the Year Ended December 31, | |||
|---|---|---|---|
| (In millions) | 2025 | 2024 | 2023 |
| Cash paid for amounts included in the measurement of lease liabilities: | |||
| Operating cash outflows from operating leases | $166 | $188 | $169 |
| Financing cash outflows from finance leases | $— | $1 | $1 |
New leases entered into during the years ended December 31, 2025 and 2024 were not material, on an individual basis.
Supplemental balance sheet information related to leases is as follows:
| (In millions) | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Operating Leases | ||
| Operating lease right-of-use assets 1 | $411 | $414 |
| Current operating lease liabilities 2 | 122 | 134 |
| Noncurrent operating lease liabilities 3 | 293 | 342 |
| Total operating lease liabilities | $415 | $476 |
| Finance Leases | ||
| Property, plant, and equipment, gross | $14 | $14 |
| Accumulated depreciation | (14) | (14) |
| Property, plant, and equipment, net | $— | $— |
| Short-term borrowings and finance lease obligations | — | — |
| Long-term debt | — | — |
| Total finance lease liabilities | $— | $— |
Included inother assets in the Consolidated Balance Sheets.
Included inaccrued and other current liabilities in the Consolidated Balance Sheets.
Included inother noncurrent obligations in the Consolidated Balance Sheets.
The company utilizes the incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable.
| Lease Term and Discount Rate | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Weighted-average remaining lease term (years) | ||
| Operating leases | 6.20 | 6.44 |
| Finance leases | 0 | 0.38 |
| Weighted average discount rate | ||
| Operating leases | 3.85% | 3.32% |
| Finance leases | —% | 3.29% |
Maturities of lease liabilities are as follows:
| Maturity of Lease Liabilities at December 31, 2025 | Operating Leases |
|---|---|
| (In millions) | |
| 2026 | $136 |
| 2027 | 95 |
| 2028 | 71 |
| 2029 | 51 |
| 2030 | 33 |
| 2031 and thereafter | 87 |
| Total lease payments | $473 |
| Less: Interest | 58 |
| Present value of lease liabilities | $415 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.