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Prepaid and Other Current Assets
3 Months Ended
Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Prepaid and Other Current Assets

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.