11. Prepaid and Other Current Assets
Prepaid expenses and other current assets are comprised of the following (in thousands):
|
|
March 31,
2020 |
|
|
December 31,
2019 |
|
Deposits and advances |
|
$ |
373 |
|
|
$ |
1,123 |
|
Prepaid insurance |
|
|
2,648 |
|
|
|
3,858 |
|
Prepaid regulatory fees |
|
|
2,330 |
|
|
|
4,016 |
|
Income and other tax receivables (1) |
|
|
124,527 |
|
|
|
13,740 |
|
Prepaid taxes |
|
|
3,200 |
|
|
|
3,255 |
|
Other current receivables |
|
|
16,364 |
|
|
|
15,996 |
|
Other prepaid assets |
|
|
30,575 |
|
|
|
28,176 |
|
Chargebacks receivable (2) |
|
|
24,392 |
|
|
|
— |
|
Total prepaid expenses and other current assets |
|
$ |
204,409 |
|
|
$ |
70,164 |
|
|
(1) |
On March 27, 2020, President Trump signed into law the CARES Act. The CARES Act is an emergency economic stimulus package in response to the coronavirus outbreak which, among other things, includes provisions relating to income and non-income-based tax laws. Amneal recorded a U.S. federal income tax receivable of $110 million related to benefits associated with the CARES Act. For further details, refer to Note 8. Income Taxes. |
|
(2) |
When a sale occurs on a contract item, the difference between the cost paid to the manufacturer by the Company and the contract cost that the end customer has with the manufacturer is rebated back to the Company by the manufacturer. The Company establishes a chargeback (rebate) receivable and a reduction to cost of goods sold in the same period as the related sale. |
|