
	Three Months Ended
	March 31,
(In millions)	2022			2021
Non-service related pension and other postretirement benefits cost	$	13		$	17
Financing fees and financial instruments expense		7			7
Net foreign currency exchange (gains) losses		2			11
General and product liability expense - discontinued products		2			1
Royalty income		(11	)		(5	)
Net (gains) losses on asset sales		(4	)		—
Interest income		(5	)		(5	)
Transaction costs		—			8
Miscellaneous (income) expense		1			—
	$	5		$	34

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. For further information, refer to Note to the Consolidated Financial Statements No. 11, Pension, Savings and Other Postretirement Benefit Plans.

Net foreign currency exchange (gains) losses include $7 million of expense in the first quarter of 2021 related to the out of period adjustments discussed in Note to the Consolidated Financial Statements No. 1, Accounting Policies.

Royalty income of $11 million in the first quarter of 2022 increased $6 million compared to the first quarter of 2021 primarily due to an increase in chemical royalties in Americas.

Net gains on asset sales of $4 million in the first quarter of 2022 primarily relate to the sale of an equity investment in Americas.

Transaction costs include legal, consulting and other expenses incurred by us in connection with the Cooper Tire acquisition in 2021.

Other (Income) Expense also includes financing fees and financial instruments expense which consists of commitment fees and charges incurred in connection with financing transactions; 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; and interest income.