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Other (Income) Expense | 6 Months Ended
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Jun. 30, 2018
Other Income and Expenses [Abstract] |
OTHER (INCOME) EXPENSE | OTHER (INCOME) EXPENSE
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(In millions) | 2018 |  | 2017 |  | 2018 |  | 2017
Non-service related pension and other postretirement benefits cost | $ | 25 |  |  | $ | 11 |  |  | $ | 59 |  |  | $ | 19 |
Financing fees and financial instruments | 9 |  |  | 32 |  |  | 18 |  |  | 40 |
Royalty income | (5 | ) |  | (11 | ) |  | (10 | ) |  | (16 | )
Interest income | (2 | ) |  | (3 | ) |  | (6 | ) |  | (7 | )
Net foreign currency exchange (gains) losses | 2 |  |  | (2 | ) |  | (5 | ) |  | (3 | )
General and product liability expense (income) - discontinued products | (3 | ) |  | 1 |  |  | (2 | ) |  | 3 |
Net (gains) losses on asset sales | (2 | ) |  | (12 | ) |  | — |  |  | (13 | )
Miscellaneous expense | 21 |  |  | — |  |  | 28 |  |  | 1 |
| $ | 45 |  |  | $ | 16 |  |  | $ | 82 |  |  | $ | 24 |
Non-service related pension and other postretirement benefits cost consists primarily of the interest cost, expected return on plan assets and amortization components of net periodic cost, as well as curtailments and settlements which are not related to rationalization plans. Non-service related pension and other postretirement benefits cost for the six months ended June 30, 2018 includes expense of $9 million related to the adoption of the new accounting standards update which no longer allows non-service related pension and other postretirement benefits cost to be capitalized in inventory. For further information, refer to Note to the Consolidated Financial Statements No. 10, Pension, Savings and Other Postretirement Benefit Plans, in this Form 10-Q. Financing fees and financial instruments consist of commitment fees and charges incurred in connection with financing transactions. Financing fees and financial instruments for the three and six months ended June 30, 2017 include a redemption premium of $25 million related to the redemption of our $700 million 7% senior notes due 2022 in May 2017. Net (gains) losses on asset sales for the three and six months ended June 30, 2017 include a gain of $6 million related to the sale of a former wire plant site in Luxembourg. Miscellaneous expense for the three and six months ended June 30, 2018 includes transaction costs of $10 million and $14 million, respectively, related to our announced TireHub, LLC ("TireHub") joint venture and continuing repair expenses of $8 million and $11 million, respectively, incurred by the Company as a direct result of hurricanes Harvey and Irma during the third quarter of 2017. Other (Income) Expense also includes royalty income which is derived primarily from licensing arrangements related to divested businesses as well as other licensing arrangements, interest income, which primarily consists of amounts earned on cash deposits, net foreign currency exchange (gains) and losses, and general and product liability expense (income) - discontinued products, which consists of charges for claims against us related primarily to asbestos personal injury claims, net of probable insurance recoveries.

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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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