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Other (Income) Expense | 3 Months Ended
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Mar. 31, 2022
Other Income and Expenses [Abstract] |
Other (Income) Expense | NOTE 5. OTHER (INCOME) EXPENSE
|  | Three Months Ended |
|  | March 31, |
(In millions) |  | 2022 |  |  | 2021 |
Non-service related pension and other postretirement benefits cost |  | $ | 13 |  |  | $ | 17 |
Financing fees and financial instruments expense |  |  | 7 |  |  |  | 7 |
Net foreign currency exchange (gains) losses |  |  | 2 |  |  |  | 11 |
General and product liability expense - discontinued products |  |  | 2 |  |  |  | 1 |
Royalty income |  |  | (11 | ) |  |  | (5 | )
Net (gains) losses on asset sales |  |  | (4 | ) |  |  | — |
Interest income |  |  | (5 | ) |  |  | (5 | )
Transaction costs |  |  | — |  |  |  | 8 |
Miscellaneous (income) expense |  |  | 1 |  |  |  | — |
|  | $ | 5 |  |  | $ | 34 |
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. For further information, refer to Note to the Consolidated Financial Statements No. 11, Pension, Savings and Other Postretirement Benefit Plans. Net foreign currency exchange (gains) losses include $7 million of expense in the first quarter of 2021 related to the out of period adjustments discussed in Note to the Consolidated Financial Statements No. 1, Accounting Policies. Royalty income of $11 million in the first quarter of 2022 increased $6 million compared to the first quarter of 2021 primarily due to an increase in chemical royalties in Americas. Net gains on asset sales of $4 million in the first quarter of 2022 primarily relate to the sale of an equity investment in Americas. Transaction costs include legal, consulting and other expenses incurred by us in connection with the Cooper Tire acquisition in 2021. Other (Income) Expense also includes financing fees and financial instruments expense which consists of commitment fees and charges incurred in connection with financing transactions; 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; and interest income.

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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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