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Other (Income) Expense
 9 Months Ended
Sep. 30, 2019
Other Income and Expenses [Abstract]  
OTHER (INCOME) EXPENSE OTHER (INCOME) EXPENSE
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(In millions)
2019
 
2018
 
2019
 
2018
Gain on TireHub transaction, net of transaction costs
$
—

 
$
(287
)
 
$
—

 
$
(273
)
Non-service related pension and other postretirement benefits cost
28

 
33

 
85

 
92

Financing fees and financial instruments expense
8

 
9

 
26

 
27

Net foreign currency exchange (gains) losses
3

 
(2
)
 
(15
)
 
(7
)
General and product liability expense - discontinued products
2

 
5

 
10

 
3

Royalty income
(5
)
 
(5
)
 
(15
)
 
(15
)
Net (gains) losses on asset sales
1

 
(1
)
 
(5
)
 
(1
)
Interest income
(5
)
 
(6
)
 
(13
)
 
(12
)
Miscellaneous expense
3

 
1

 
1

 
15

 
$
35

 
$
(253
)
 
$
74

 
$
(171
)

Gain on TireHub transaction represents the difference between the fair value of the equity interest received and the net book value of the assets and liabilities contributed in connection with the formation of TireHub, a distribution joint venture in the United States. For the three and nine months ended September 30, 2018, we recognized a gain of $286 million and incurred transaction costs of ($1) million and $13 million, respectively.
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 nine months ended September 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. 11, Pension, Savings and Other Postretirement Benefit Plans, in this Form 10-Q.
Miscellaneous expense for the three and nine months ended September 30, 2019 includes expenses of $5 million incurred by the Company as a direct result of flooding at our Beaumont, Texas chemical facility during the third quarter of 2019. Miscellaneous expense for the three and nine months ended September 30, 2018 includes continuing repair expenses of $2 million and $12 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 financing fees and financial instruments expense which consists of commitment fees and charges incurred in connection with financing transactions; net foreign currency exchange (gains) and losses; general and product liability expense - discontinued products, which consists of charges for claims against us related primarily to asbestos personal injury claims, net of probable insurance recoveries; royalty income which is derived primarily from licensing arrangements; net (gains) and losses on asset sales; and interest income.