Other (Income)/Expense, Net

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Other (Income)/Expense, Net

Other (income)/expense, net

The components of Other (income)/expense, net, are:

(in thousands)	2020		2019		2018
Currency transactions	$	13,569	$	(4,471)	$	(67)
Bank fees and amortization of debt issuance costs	367		348		417
Pension settlements and curtailments	—		450		1,494
Components of net periodic pension and postretirement cost other than service	1,561		1,105		1,089
Other	(2,075)		1,011		1,104
Total	$	13,422	$	(1,557)	$	4,037

In 2020, Other (income)/expense, net included losses related to the revaluation of nonfunctional-currency balances of $13.6 million, which principally resulted from intercompany demand loans payable by Mexican subsidiaries combined with the effects of a much weaker peso in 2020. As a result of changes in business conditions that occurred in the first quarter of 2020, certain loan repayments are no longer expected in the foreseeable future and, beginning April 1, 2020, the revaluation effects for those loans are being recorded in Other comprehensive income, which resulted in a pre-tax gain of $5.0 million being recorded in Other comprehensive income in 2020.

In 2020, the Company recorded other income of $2.6 million related to a successful claim for a rebate of foreign sales tax paid in previous years.

In 2019, the Company took actions to freeze accrued benefits under the United Kingdom defined benefit pension plan, which resulted in a curtailment charge of $0.5 million.

In 2018, the Company took actions to settle a portion of its non-U.S. defined benefit pension plan liabilities, which resulted in a settlement charge of $2.2 million. Also in 2018, the Company recorded a pension curtailment gain of $0.7 million related to the restructuring in Sélestat, France.