XML 31 R11.htm IDEA: XBRL DOCUMENT v3.20.2
Other Current Assets
 9 Months Ended
Sep. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Current Assets
Other Current Assets


Other current assets consist of the following (in thousands):
September 30, 2020December 31, 2019
Tax receivables principally value added taxes$23,188 $16,049 
Receivable due from information technology provider2,402 6,262 
Prepaid inventory1,392 684 
Derivatives (foreign currency forward exchange contracts)599 838 
Service contracts446 2,013 
Prepaid insurance341 2,918 
Deferred financing fees209 207 
Prepaid social charges95 1,216 
Recoverable income taxes50 297 
Prepaid and other current assets8,913 7,425 
Other Current Assets$37,635 $37,909 
In the fourth quarter of 2019, the company entered into an agreement 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 Condensed Consolidated Financial Statements included elsewhere in this report.