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Other expense/(income), net | 12 Months Ended
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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) |  | 2021 |  | 2020 |  | 2019
Currency transactions |  | $ | (1,179) |  |  | $ | 13,569 |  |  | $ | (4,471) |
Bank fees and other costs |  | 373 |  |  | 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.

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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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