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Other (Income) Expense
 12 Months Ended
Dec. 31, 2016
Other Income and Expenses [Abstract]  
Other (Income) Expense
Other (Income) Expense
(In millions)
2016
 
2015
 
2014
Financing fees and financial instruments
$
83

 
$
85

 
$
61

Net gains on asset sales
(31
)
 
(71
)
 
(3
)
General and product liability (income) expense - discontinued products
(27
)
 
(25
)
 
25

Royalty income
(23
)
 
(192
)
 
(35
)
Interest income
(15
)
 
(22
)
 
(28
)
Net foreign currency exchange (gains) losses
(13
)
 
77

 
239

Miscellaneous
16

 
7

 
27

 
$
(10
)
 
$
(141
)
 
$
286

Financing fees and financial instruments expense consists of commitment fees and charges incurred in connection with financing transactions. Financing fees in 2016 and 2015 included $53 million and $41 million, respectively, of redemption premiums related to the redemption of certain senior notes.
Net gains on asset sales in 2016 included a gain of $16 million related to the sale of a former wire plant site in Luxembourg and a gain of $9 million related to the sale of our interest in a supply chain logistics company. Net gains 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.
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 for the year ended December 31, 2016 includes 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 for the year ended December 31, 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.
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.
Interest income consists primarily of amounts earned on cash deposits. Interest income in 2014 also included $10 million earned on the settlement of indirect tax claims in Americas.
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 and $200 million of losses in 2014 resulting from the devaluation of the Venezuelan bolivar fuerte against the U.S. dollar.
Miscellaneous expense in 2014 also includes a charge of $16 million related to a government investigation involving our compliance with the U.S. Foreign Corrupt Practices Act in certain countries in Africa.