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Other (Income) Expense
 12 Months Ended
Dec. 31, 2017
Other Income and Expenses [Abstract]  
Other (Income) Expense
Other (Income) Expense
(In millions)
2017
 
2016
 
2015
Financing fees and financial instruments
$
55

 
$
83

 
$
85

Royalty income
(32
)
 
(23
)
 
(192
)
Net (gains) losses on asset sales
(14
)
 
(31
)
 
(71
)
Interest income
(13
)
 
(15
)
 
(22
)
Net foreign currency exchange (gains) losses
(7
)
 
(13
)
 
77

General and product liability (income) expense - discontinued products
—

 
(27
)
 
(25
)
Miscellaneous
19

 
16

 
7

 
$
8

 
$
(10
)
 
$
(141
)
Financing fees and financial instruments expense consists of commitment fees and charges incurred in connection with financing transactions. Financing fees and financial instruments expense in 2017 includes a 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 expense in 2016 included 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. Financing fees and financial instruments expense in 2015 included a premium of $41 million related to the redemption of our $1,000 million 8.25% senior notes due 2020 in December 2015.
Royalty income is derived primarily from licensing arrangements related to divested businesses as well as other licensing arrangements. 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 (gains) losses on asset sales in 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 in 2016 included a gain of $16 million related to the sale of the former wire plant site and a gain of $9 million related to the sale of our interest in a supply chain logistics company. Net (gains) losses on asset sales in 2015 included a gain of $48 million related to the dissolution of the global alliance with SRI and a gain of $30 million on the sale of our investment in shares of SRI. Refer to Note 5. Net gains on asset sales in 2015 also included losses of $14 million in EMEA, primarily related to the sales of certain sub-Saharan Africa retail businesses.
Interest income consists primarily of amounts earned on cash deposits.
Foreign currency exchange in all periods reflects net gains and losses resulting from the effect of exchange rate changes on various foreign currency transactions worldwide, including $34 million of losses in 2015 resulting from the devaluation of the Venezuelan bolivar fuerte against the U.S. dollar.
General and product liability (income) expense - discontinued products includes charges for claims against us related primarily to asbestos personal injury claims, net of probable insurance recoveries. General and product liability (income) expense - discontinued products in 2017 includes a benefit of $5 million for the recovery of past costs from certain asbestos insurers. General and product liability (income) expense - discontinued products in 2016 included a benefit of $24 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. General and product liability (income) expense - discontinued products in 2015 included a benefit of $25 million for the recovery of past costs from one of our asbestos insurers and a benefit of $21 million related to changes in assumptions for probable insurance recoveries for asbestos claims in future periods. The 2015 benefits were partially offset by an $8 million increase in the net asbestos liability based on updated assumptions for defense and indemnity costs in future periods based on historical cost data and trends.
Miscellaneous expense in 2017 includes $14 million related to expenses incurred by the Company as a direct result of hurricanes Harvey and Irma during 2017.