Note 7 — Leases

At December 31, 2025, we had approximately $25.7 million of right of use assets recorded in non-current other assets, and $25.7 million of related liabilities, $18.7 million of which was included in other non-current liabilities with the current portion of $7.0 million included in accrued liabilities. The weighted average of the remaining lease terms was approximately 5 years. We discount the future lease payments of our leases using the prevailing rates extended to us by our lenders relevant to the period of inception. These rates are comprised of SOFR plus a stated spread less a component related to collateralization. The rates are relative to the duration of the lease at inception and the country of origin. The weighted average interest rate used in calculating the fair values listed above was 4.2%.

Operating lease expense recognized during the years ended December 31, 2025, 2024 and 2023, was $16.1 million, $15.3 million and $16.1 million, respectively. Expense related to operating leases which have a duration of a year or less were not material. Expenses for finance leases for the years ended December 31, 2025, 2024 and 2023 were not material.