PREPAID EXPENSES

6 Months Ended

Jun. 30, 2018

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

Prepaid Expenses Disclosure

5. PREPAID EXPENSES

Prepaid expenses and other current assets as of June 30, 2018 and December 31, 2017 consists of the following (in thousands):

	June 30,		December 31,
	2018		2017
Chassis converter pool agreements	$	14,641	$	18,326
Restricted cash		9,997		-
Income tax receivables		9,557		10,821
Insurance premiums & maintenance agreements		4,991		6,860
Assets held for sale		4,011		10,777
All other		14,146		10,515
	$	57,343	$	57,299

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. Assets held for sale are related to the Company’s former branch locations, as well as certain locations acquired through the Supreme acquisition. Insurance premiums and maintenance agreements are charged to expenses over the contractual life, which is generally one year or less. Additionally, prepaid expenses include costs in excess of billings on contracts for which the Company recognizes revenue over time as services are completed.

Restricted cash includes balances that resulted from the sale of certain branch assets that served as collateral to secure the Company’s long-term debt. The restriction will lapse when collateral assets are purchased. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows.

	June 30,		June 30,
	2018		2017
Cash and cash equivalents	$	119,215	$	178,633
Restricted cash included in prepaid expenses and other		9,997		-
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	129,212	$	178,633