Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2019

Other Assets and Other Liabilities [Abstract]

Other Assets and Other Liabilities

10.Other Assets and Other Liabilities

Other assets follow (in millions):

	December 31,
	2019		2018
Current assets:
Derivative instruments (Note 15)	$	157	$	103
South Korean tax deposits		33
Other current assets		683		599
Other current assets	$	873	$	702
Non-current assets:
Derivative instruments (Note 15)	$	92	$	45
South Korean tax deposits		415		425
Operating leases (Note 4)		504
Other non-current assets		476		551
Other assets	$	1,487	$	1,021

10.Other Assets and Other Liabilities (continued)

South Korean tax deposits

CPM is currently appealing certain tax assessments and tax refund claims for tax years 2010 through 2018.  The Company is required to deposit the disputed tax amounts with the South Korean government as a condition of its appeal of any tax assessments.  We believe that it is more likely than not that we will prevail in the appeal process, and as a result we recorded a non-current receivable of $415 million as of December 31, 2019 for the amount on deposit with the South Korean government. In the fourth quarter of 2019, we received a refund of $38 million from the South Korean government related to tax years 2006 to 2009. As of December 31, 2019, we have also recorded a current receivable of $33 million for an amount refunded in January 2020 related to the same issue for tax year 2015.

Other liabilities follow (in millions):

	December 31,
	2019		2018
Current liabilities:
Wages and employee benefits	$	565	$	642
Income taxes		182		169
Derivative instruments (Note 15)		100		56
Asbestos and other litigation		57		113
Customer deposits (Note 2)		104		54
Short-term leases (Note 4)		62
Other current liabilities		853		817
Other accrued liabilities	$	1,923	$	1,851
Non-current liabilities:
Defined benefit pension plan liabilities	$	980	$	831
Derivative instruments (Note 15)		165		386
Asbestos and other litigation		196		279
Investment in Hemlock Semiconductor Group (1)		270
Customer deposits (Note 2)		927		922
Deferred tax liabilities		325		347
Long-term leases (Note 4)		450
Other non-current liabilities		667		887
Other liabilities	$	3,980	$	3,652

(1)The negative carrying value resulted from a one-time charge to this entity in 2019 for the impairment of certain assets. Refer to Note 6 (Investments) to the consolidated financial statements for additional information.
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