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Other (Income) Expense
 3 Months Ended
Mar. 31, 2016
Other Income and Expenses [Abstract]  
OTHER (INCOME) EXPENSE
OTHER (INCOME) EXPENSE
 
Three Months Ended
 
March 31,
(In millions)
2016
 
2015
Financing fees and financial instruments
$
16

 
$
12

Royalty income
(4
)
 
(165
)
Interest income
(4
)
 
(5
)
Net foreign currency exchange (gains) losses
(2
)
 
16

General and product liability expense (income) — discontinued products
(2
)
 
5

Net (gains) losses on asset sales
(1
)
 
1

Miscellaneous
3

 
4

 
$
6

 
$
(132
)

Royalty income in the first quarter of 2016 was $4 million, compared to $165 million in the first quarter of 2015. Royalty income is derived primarily from licensing arrangements related to divested businesses. Royalty income in 2015 included a one-time pre-tax gain of $155 million on the recognition of deferred income resulting from the termination of a licensing agreement associated with the sale of our former Engineered Products business ("Veyance"). The licensing agreement was terminated following the acquisition of Veyance by Continental AG in January 2015.
Net foreign currency exchange gains in the first quarter of 2016 were $2 million compared to losses of $16 million in the first quarter of 2015.
Also included in Other (Income) Expense are financing fees and financial instruments expense consisting of commitment fees and charges incurred in connection with financing transactions; interest income consisting primarily of amounts earned on cash deposits; general and product liability expense (income) — discontinued products which includes charges for claims against us related primarily to asbestos personal injury claims, net of probable insurance recoveries; and net gains and losses on asset sales. During the first quarter of 2016 general and product liability — discontinued products included a $3 million benefit for an insurance recovery related to past costs.