Other (Income) Expense

3 Months Ended

Mar. 31, 2021

Other Income And Expenses [Abstract]

Other (Income) Expense

NOTE 4. OTHER (INCOME) EXPENSE

	Three Months Ended
	March 31,
(In millions)	2021			2020
Non-service related pension and other postretirement benefits cost	$	17		$	26
Financing fees and financial instruments expense		7			7
Net foreign currency exchange (gains) losses		11			(1	)
General and product liability expense - discontinued products		1			2
Royalty income		(5	)		(5	)
Net (gains) losses on asset sales		—			(1	)
Interest income		(5	)		(3	)
Transaction costs		8			—
Miscellaneous (income) expense		—			2
	$	34		$	27

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 (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.

Transaction costs for the three months ended March 31, 2021 include legal, consulting and other expenses incurred by the Company in connection with the Merger Agreement between Goodyear and Cooper Tire.

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 which is derived primarily from licensing arrangements; net (gains) and losses on asset sales; and interest income.