Other (Income)/Expense, net

3 Months Ended

Mar. 31, 2020

Other Income and Expenses [Abstract]

Other (Income)/Expense, net

6. Other (Income)/Expense, net

The components of Other (Income)/Expense, net are:

	Three months ended March 31, 2020
(in thousands)	2020	2019
Currency transaction (gains)/losses	$14,834	$(2,038)
Bank fees and amortization of debt issuance costs	75	109
Components of net periodic pension and postretirement cost other than service	385	281
Other	275	440
Total	$15,569	$(1,208)

Other (income)/expense, net for the first three months of 2020 includes losses related to the revaluation of nonfunctional-currency balances of $14.8 million, which principally resulted from an intercompany demand loan payable by a Mexican subsidiary 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, loan repayments are not expected in the foreseeable future and, beginning April 1, 2020, revaluation effects will be recorded in Other comprehensive income. Other (income)/expense, net, for the first three months of 2019 included gains related to the revaluation of nonfunctional-currency balances of $2.0 million.