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Other (Income) Expense
 6 Months Ended
Jun. 30, 2016
Other Income and Expenses [Abstract]  
OTHER (INCOME) EXPENSE
OTHER (INCOME) EXPENSE
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
(In millions)
2016
 
2015
 
2016
 
2015
Financing fees and financial instruments
$
52

 
$
11

 
$
68

 
$
23

General and product liability expense (income) — discontinued products
(14
)
 
4

 
(16
)
 
9

Royalty income
(10
)
 
(10
)
 
(14
)
 
(175
)
Interest income
(4
)
 
(4
)
 
(8
)
 
(9
)
Net foreign currency exchange (gains) losses
(1
)
 
13

 
(3
)
 
29

Net gains on asset sales
—

 
(1
)
 
(1
)
 
(1
)
Miscellaneous (income) expense
(3
)
 
—

 
—

 
5

 
$
20

 
$
13

 
$
26

 
$
(119
)

Financing fees and financial instruments consists 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, 2016 includes a $44 million redemption premium related to the redemption of certain notes as further described in Note to the Consolidated Financial Statements No. 7, Financing Arrangements and Derivative Financial Instruments, in this Form 10-Q.
General and product liability expense (income) - discontinued products consists of charges for claims against us related primarily to asbestos personal injury claims, net of probable insurance recoveries. General and product liability expense (income) - discontinued products for the three and six months ended June 30, 2016 includes a benefit of $4 million for the recovery of past costs from one of our asbestos insurers and a benefit of $10 million related to changes in assumptions for probable insurance recoveries for asbestos claims in future periods.
Royalty income is derived primarily from licensing arrangements related to divested businesses. Royalty income for the six months ended June 30, 2015 includes 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.
Also included in Other (Income) Expense are interest income primarily consisting of amounts earned on cash deposits; foreign currency exchange (gains) and losses; and net (gains) and losses on asset sales.