Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2022

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

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets as of December 31, 2022 and 2021 consisted of the following (in thousands):

	As of December 31,
	2022		2021
Deferred charge for taxes on intercompany profit	$	164,771	$	66,175
Advance payments for inventory		156,824		160,103
Rabbi trust assets		28,227		26,519
Prepaid income taxes and income tax receivable		9,835		36,388
Other prepaid expenses and other current assets		89,692		67,921
Prepaid expenses and other current assets	$	449,349	$	357,106

Deferred charge for taxes on intercompany profit increased $98.6 million, from $66.2 million during the year ended December 31, 2021 to $164.8 million during the year ended December 31, 2022 due to an increase in tax benefit related to deferred charges for taxes on higher intercompany inventory transfers.