Other (Income) Expense

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

Other (Income) Expense

NOTE 4. OTHER (INCOME) EXPENSE

	Three Months Ended
	March 31,
(In millions)	2023			2022
Non-service related pension and other postretirement benefits cost	$	29		$	13
Financing fees and financial instruments expense		12			7
Net foreign currency exchange (gains) losses		12			2
General and product liability expense - discontinued products		2			2
Royalty income		(7	)		(11	)
Net (gains) losses on asset sales		(2	)		(4	)
Interest income		(16	)		(5	)
Miscellaneous (income) expense		(5	)		1
	$	25		$	5

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. 10, Pension, Savings and Other Postretirement Benefit Plans.

Net foreign currency exchange losses in the first quarter of 2023 includes $8 million related to the devaluation of the Argentine peso.

Interest income in the first quarter of 2023 includes interest income in Argentina of $8 million.

Miscellaneous (income) expense for the first quarter of 2023 includes $11 million of expense for non-indemnified costs for product liability claims related to products manufactured by a formerly consolidated joint venture entity, $11 million of income related to a favorable court decision setting aside a previous unfavorable verdict on intellectual property-related legal claims, and $5 million of income related to the write-off of accumulated foreign currency translation in Russia.

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; royalty income; and net (gains) losses on asset sales.