PREPAID EXPENSES AND OTHER

3 Months Ended

Mar. 31, 2023

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

PREPAID EXPENSES AND OTHER

PREPAID EXPENSES AND OTHER

Prepaid expenses and other current assets consist of the following (in thousands):

	March 31, 2023		December 31, 2022
Chassis converter pool agreements	$	23,423	$	20,345
Assets held for sale	—		—
Income tax receivables	106		2,358
Insurance premiums & maintenance/subscription agreements	8,619		3,949
Commodity swap contracts	3,947		2,674
All other	6,339		5,601
	$	42,434	$	34,927

Chassis converter pool agreements represent chassis transferred to the Company on a restricted basis by the manufacturer, who retains the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales to the manufacturer’s dealers. There were no assets held for sale as of either date presented. Insurance premiums and maintenance/subscription agreements are charged to expense over the contractual life, which is generally one year or less. As further described in Note 9, commodity swap contracts relate to our hedging activities (that are in an asset position) to mitigate the risks associated with fluctuations in commodity prices. Other items primarily consist of investments held by the Company’s captive insurance subsidiary and other various prepaid and other assets. As of March 31, 2023 and December 31, 2022, there was no restricted cash included in prepaid expenses and other current assets.