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Other Current Assets
 6 Months Ended
Jun. 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):
June 30, 2020December 31, 2019
Tax receivables principally value added taxes$19,318  $16,049  
Receivable due from information technology provider9,687  6,262  
Prepaid inventory2,369  684  
Derivatives (foreign currency forward exchange contracts)2,178  838  
Prepaid insurance1,264  2,918  
Service contracts595  2,013  
Prepaid social charges562  1,216  
Recoverable income taxes228  297  
Deferred financing fees209  207  
Prepaid and other current assets8,965  7,425  
Other Current Assets$45,375  $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.