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Other expense/(income), net
 12 Months Ended
Dec. 31, 2022
Other Income and Expenses [Abstract]  
Other expense/(income), net Other expense/(income), net
The components of Other expense/(income), net, are:
(in thousands)
202220212020
Currency transactions$(9,996)$(1,179)$13,569 
Sale of IP addresses(3,420)— — 
Bank fees and amortization of debt issuance costs313 373 367 
Components of net periodic pension and postretirement cost other than service(1,077)156 1,561 
Other94 3,671 (2,075)
Total
$(14,086)$3,021 $13,422 

In 2022, Other (income)/expense, net included gains related to the revaluation of nonfunctional-currency balances of $10.0 million, as compared to a gain of $1.2 million during 2021, principally resulting from a weaker Euro throughout the course of 2022.
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 and 2022.
In 2022, the Company recorded a gain of $3.4 million on the sale of IP addresses that the Company had no future critical need to retain. There were no similar gains of this nature in the previous two years.