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Other (Income)/Expense, Net | 12 Months Ended
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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.

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- Definition The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 720 -URI http://asc.fasb.org/topic&trid=2122503 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 610 -URI http://asc.fasb.org/topic&trid=49130413 + Details
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