Other Current Assets

3 Months Ended

Mar. 31, 2020

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

Other current assets consist of the following (in thousands):



	March 31, 2020		December 31, 2019
Tax receivables principally value added taxes	$	18,706	$	16,049
Receivable due from information technology provider	12,852		6,262
Prepaid insurance	2,167		2,918
Derivatives (foreign currency forward exchange contracts)	1,726		838
Prepaid social charges	1,493		1,216
Service contracts	1,406		2,013
Prepaid inventory	780		684
Recoverable income taxes	225		297
Prepaid debt fees	206		207
Prepaid and other current assets	9,002		7,425
Other Current Assets	$	48,563	$	37,909

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.