Other Assets

3 Months Ended

Mar. 31, 2020

Other Assets

Other current assets are comprised of the following components:



	March 31		December 31
(In millions)	2020		2019
Recoverable taxes	$	62	$	61
Prepaid assets and deposits	30		22
Joint venture receivables	28		41
Contractually reimbursable engineering costs	25		29
China bank notes	19		16
Royalty agreements	10		17
Other	3		7
	$	177	$	193

The Company sold $27 million and $23 million of China bank notes during the three months ended March 31, 2020 and 2019 respectively. The collection of such bank notes are included in operating cash flows based on the substance of the underlying transactions, which are operating in nature. As of March 31, 2020, $24 million remains outstanding and will mature by the end of the third quarter of 2020.

Other non-current assets are comprised of the following components:



	March 31		December 31
(In millions)	2020		2019
Deferred tax assets	$	56	$	59
Contractually reimbursable engineering costs	33		24
Recoverable taxes	21		28
Royalty agreements	14		11
Joint venture notes receivables	6		8
Other	20		20
	$	150	$	150

During 2019, the Company amended royalty agreements with certain suppliers as part of cost reduction efforts. As of March 31, 2020, $10 million was recorded in other current assets and $14 million in other non-current assets, with an offsetting amount of $14 million in accounts payable and $7 million in other non-current liabilities relating to these agreements. The Company recorded $4 million of royalty expense during the three months ended March 31, 2020 associated with such arrangements.

Current and non-current contractually reimbursable engineering costs are related to pre-production design and development costs incurred pursuant to long-term supply arrangements that are contractually guaranteed for reimbursement by customers. The Company expects to receive cash reimbursement payments of $19 million during the remainder of 2020, $15 million in 2021, $14 million in 2022, $3 million in 2023 and $7 million in 2024 and beyond.