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Other Assets | 6 Months Ended
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Jun. 30, 2021
Other Assets [Abstract] |
Other Assets | Other Assets Other current assets are comprised of the following components:
| June 30, |  | December 31,
(In millions) | 2021 |  | 2020
Recoverable taxes | $ | 39 |  |  | $ | 52 |
Contractually reimbursable engineering costs | 37 |  |  | 31 |
Joint venture receivables | 28 |  |  | 53 |
Prepaid assets and deposits | 24 |  |  | 18 |
Royalty agreements | 4 |  |  | 7 |
China bank notes | — |  |  | 15 |
Other | 6 |  |  | 4 |
| $ | 138 |  |  | $ | 180 |
The Company receives bank notes from certain customers in China to settle trade accounts receivable. 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. The Company redeemed $82 million and $73 million of China bank notes during the six months ended June 30, 2021 and 2020, respectively. Remaining amounts outstanding at third-party institutions related to sold bank notes will mature by the end of the fourth quarter of 2021. Other non-current assets are comprised of the following components:
| June 30, |  | December 31,
(In millions) | 2021 |  | 2020
Deferred tax assets | $ | 56 |  |  | $ | 55 |
Contractually reimbursable engineering costs | 34 |  |  | 31 |
Recoverable taxes | 22 |  |  | 21 |
Royalty agreements | 3 |  |  | 8 |
Joint venture notes receivable | — |  |  | 7 |
Other | 11 |  |  | 13 |
| $ | 126 |  |  | $ | 135 |
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 $28 million during the remainder of 2021, $18 million in 2022, $15 million in 2023, $8 million in 2024 and $2 million in 2025 and beyond.

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- Definition The entire disclosure for other assets. This disclosure includes other current assets and other noncurrent assets. + References No definition available. + Details
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