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Other expense/(income), net
 12 Months Ended
Dec. 31, 2021
Other Income and Expenses [Abstract]  
Other expense/(income), net Other expense/(income), net
The components of Other expense/(income), net, are:
(in thousands)
202120202019
Currency transactions
$(1,179)$13,569 $(4,471)
Bank fees and other costs373 367 348 
Pension settlements and curtailments
— 411 450 
Components of net periodic pension and postretirement cost other than service
156 1,561 1,105 
Other
3,671 (2,486)1,011 
Total
$3,021 $13,422 $(1,557)

In 2021, Other (income)/expense, net included gains related to the revaluation of nonfunctional-currency balances of $1.2 million, as compared to a loss of $13.6 million during 2020, principally resulting from the effect of variations in the strength of the peso on intercompany demand loans payable by Mexican subsidiaries.
As a result of changes in business conditions that occurred in the first quarter of 2020, certain loan repayments were no longer expected in the foreseeable future and, beginning April 1, 2020, the revaluation effects for those loans were recorded in Other comprehensive income, which resulted in a pre-tax gain of $5.0 million being recorded in Other comprehensive income in 2020. The same loans had an insignificant effect on Other comprehensive income in 2021.
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.