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Other (Income) Expense
 9 Months Ended
Sep. 30, 2017
Other Income and Expenses [Abstract]  
OTHER (INCOME) EXPENSE
OTHER (INCOME) EXPENSE
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(In millions)
2017
 
2016
 
2017
 
2016
Financing fees and financial instruments
$
8

 
$
7

 
$
48

 
$
75

Royalty income
(10
)
 
(4
)
 
(26
)
 
(18
)
Net (gains) losses on asset sales
(1
)
 
(27
)
 
(14
)
 
(28
)
Interest income
(3
)
 
(4
)
 
(10
)
 
(12
)
Net foreign currency exchange (gains) losses
(1
)
 
(1
)
 
(4
)
 
(4
)
General and product liability expense (income) - discontinued products
(3
)
 
2

 
—

 
(14
)
Miscellaneous expense
14

 
4

 
15

 
4

 
$
4

 
$
(23
)
 
$
9

 
$
3


Financing fees and financial instruments consist of commitment fees and charges incurred in connection with financing transactions. Financing fees and financial instruments for the nine months ended September 30, 2017 include a redemption premium of $25 million related to the redemption of our $700 million 7% senior notes due 2022 in May 2017. Financing fees and financial instruments for the nine months ended September 30, 2016 include redemption premiums of $53 million related to the redemption of our $900 million 6.5% senior notes due 2021 in June 2016 and our €250 million 6.75% senior notes due 2019 in January 2016.
Net (gains) losses on asset sales for the nine months ended September 30, 2017 include a gain of $6 million related to the sale of a former wire plant site in Luxembourg. Net (gains) losses on asset sales for the three and nine months ended September 30, 2016 include a $16 million gain related to the sale of the former wire plant site and a $9 million gain related to the sale of our interest in a supply chain logistics company.
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 nine months ended September 30, 2017 includes a benefit of $5 million for the recovery of past costs from certain asbestos insurers. General and product liability expense (income) - discontinued products for the nine months ended September 30, 2016 includes a benefit of $4 million for the recovery of past costs from certain asbestos insurers and a benefit of $10 million related to changes in assumptions for probable insurance recoveries for asbestos claims in future periods.
Miscellaneous expense for the three and nine months ended September 30, 2017 includes $12 million related to expenses incurred by the Company as a direct result of hurricanes Harvey and Irma during the third quarter of 2017.
Also, included in Other (Income) Expense is royalty income which is derived primarily from licensing arrangements related to divested businesses as well as other licensing arrangements, interest income which primarily consists of amounts earned on cash deposits, and net foreign currency exchange (gains) losses.