Other Current Assets

12 Months Ended

Dec. 31, 2019

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Current Assets

Other current assets as of December 31, 2019 and 2018 consist of the following (in thousands):

	2019		2018
Tax receivables principally value added taxes	$	16,049	$	16,372
Receivable due from information technology provider	6,262		—
Prepaid insurance	2,918		2,626
Service contracts	2,013		2,201
Prepaid social charges	1,216		—
Derivatives (foreign currency forward contracts)	838		1,020
Prepaid inventory	684		521
Recoverable income taxes	297		787
Prepaid debt fees	207		395
Prepaid and other current assets	7,425		7,141
Other Current Assets	$	37,909	$	31,063

In the fourth quarter of 2019, the company entered into an agreement with to outsource substantially all of the company’s information technology ("IT") business service activities, including, among other things, support, rationalization and upgrading of the company’s legacy information technology systems and implementation of a global enterprise resource planning system. The agreement provides for reimbursement by the IT provider of IT expenses incurred by the company which are shown as Receivable due from IT provider above. The amount of pass through charges will diminish as IT expenses are recorded directly by the IT provider. In addition, a corresponding current payable is due to the IT provider. See "Accrued Expenses" in the notes to the Consolidated Financial Statements included elsewhere in this report.

Regarding prepaid social charges, the company was in a liability position as of December 31, 2018.