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Other Income, Net
 3 Months Ended
Mar. 31, 2016
Other Income and Expenses [Abstract]  
Other Income, Net
Other Income, Net 
 
Three Months Ended
 
March 31,
 
2016
2015
Royalty income
$
57

$
34

Interest income
16

25

Equity in earnings of affiliates, net
10

4

Net gain on sales of businesses and other assets1
373

5

Net exchange (losses) gains2
(121
)
79

Miscellaneous income and expenses, net3
37

52

Other income, net
$
372

$
199

 

1. 
Includes a pre-tax gain of $369 ($214 net of tax) for the three months ended March 31, 2016 related to the sale of DuPont (Shenzhen) Manufacturing Limited. See Note 3 for additional information.
2. 
The $79 net exchange gain for the three months ended March 31, 2015, includes a net $(40) pre-tax exchange loss associated with the devaluation of the Ukrainian hryvnia.
3.  
Miscellaneous income and expenses, net, includes interest items, certain insurance recoveries and gains related to litigation settlements and other items.

The following table summarizes the impacts of the company's foreign currency hedging program on the company's results of operations for the three months ended March 31, 2016 and 2015. The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The hedging program gains (losses) are largely taxable (tax deductible) in the U.S., whereas the offsetting exchange gains (losses) on the re-measurement of the net monetary asset positions are often not taxable (tax deductible) in their local jurisdictions. The net pre-tax exchange gains (losses) are recorded in other income, net and the related tax impact is recorded in provision for income taxes on continuing operations in the interim Consolidated Income Statements.
 
Three Months Ended
 
March 31,
 
2016
2015
Subsidiary Monetary Position Gain (Loss)
 
 
Pre-tax exchange gain (loss)1
$
33

$
(200
)
Local tax benefits (expenses)
13

(109
)
Net after-tax impact from subsidiary exchange gain (loss)
46

(309
)
 
 
 
Hedging Program Gain (Loss)
 
 
Pre-tax exchange (loss) gain
(154
)
279

Tax benefits (expenses)
55

(100
)
Net after-tax impact from hedging program exchange (loss) gain
(99
)
179

 
 
 
Total Exchange Gain (Loss)
 
 
Pre-tax exchange (loss) gain
(121
)
79

Tax benefits (expenses)
68

(209
)
Net after-tax exchange loss
$
(53
)
$
(130
)

1. 
Excludes equity affiliates.