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Other (Income) Expense | 3 Months Ended
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Mar. 31, 2024
Other Income and Expenses [Abstract] |
Other (Income) Expense | NOTE 4. OTHER (INCOME) EXPENSE
|  | Three Months Ended |
|  | March 31, |
(In millions) |  | 2024 |  |  | 2023 |
Non-service related pension and other postretirement benefits cost |  | $ | 23 |  |  | $ | 29 |
Financing fees and financial instruments expense |  |  | 15 |  |  |  | 12 |
Net foreign currency exchange (gains) losses |  |  | 1 |  |  |  | 12 |
Interest income |  |  | (15 | ) |  |  | (16 | )
General and product liability expense - discontinued products |  |  | 2 |  |  |  | 2 |
Royalty income |  |  | (5 | ) |  |  | (7 | )
Net (gains) losses on asset sales |  |  | 2 |  |  |  | (2 | )
Miscellaneous (income) expense |  |  | 7 |  |  |  | (5 | )
|  | $ | 30 |  |  | $ | 25 |
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. Pension expense for the three months ended March 31, 2024 includes a pension settlement credit of $5 million related to a premium refund on the purchase of a group annuity contract for the Cooper Tire U.S. salaried defined benefit pension plan in 2023. For further information, refer to Note to the Consolidated Financial Statements No. 10, Pension, Savings and Other Postretirement Benefit Plans. Net foreign currency exchange (gains) losses for the three months ended March 31, 2024 and March 31, 2023 includes a loss of $1 million and $8 million, respectively, related to the devaluation of the Argentine peso. Miscellaneous (income) expense for the three months ended March 31, 2024 includes an $8 million loss related to the sale of receivables in Argentina. Misc ellaneous (income) expense for the three months ended March 31, 2023 includes $11 million of expense for non-indemnified costs for product liability claims related to products manufactured by a formerly consolidated joint venture entity, $11 million of income related to a favorable court decision setting aside a previous unfavorable verdict on intellectual property-related legal claims, and $5 million of income related to the write-off of accumulated foreign currency translation in Russia. Other (Income) Expense also includes financing fees and financial instruments expense, which consists of commitment fees and charges incurred in connection with financing transactions; interest income; 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; and net (gains) losses on asset sales.

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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 -Topic 610 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//610/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 720 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//720/tableOfContent + Details
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