The below chart provides a reconciliation between our reported effective tax rate and the EAETR.



	Three Months Ended March 31
	2016							2015
(in Millions)	Before Tax		Tax			Effective Tax Rate % Impact		Before Tax			Tax			Effective Tax Rate % Impact
Continuing operations	$	85.7	$	30.9		36.1	%	$	(110.2	)	$	(49.1	)	44.6	%

Discrete items:
Acquisition-related charges ⁽¹⁾	—		—					190.7			70.3
Currency remeasurement ⁽²⁾	2.3		0.5					6.3			(2.8		)
Other discrete items ⁽³⁾	51.0		1.4					21.8			7.3
Tax only discrete items ⁽⁴⁾	—		(2.9		)			—			3.0
Total discrete items	$	53.3	$	(1.0	)			$	218.8		$	77.8

Continuing operations, before discrete items	$	139.0	$	29.9				$	108.6		$	28.7
Quarterly effect of changes in the EAETR ⁽⁵⁾						21.5	%							26.4	%

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(1)

Due to the nature of acquisition-related charges incurred in the first quarter of 2016, these charges are not treated discretely in accordance with GAAP. As such, the amounts differ from total acquisition-related charges as presented in Note 3. Acquisition-related charges for the three months ended March 31, 2015 are primarily taxed at domestic tax rates resulting in a material tax benefit. The acquisition-related charges are comprised of legal and professional fees and a loss incurred from hedging activity associated with the purchase price of Cheminova. See Note 3 for more information. As noted in footnote (2), below, hedge gains or losses are treated discretely for tax purposes.


(2)	Represents transaction gains or losses for currency remeasurement, offset by the associated hedge gains or losses. Certain transaction gains or losses are considered non-taxable permanent items and their associated hedge gain or losses are treated discretely for tax purposes.

(3)

In accordance with GAAP, subsidiaries for which a full valuation allowance has been provided generally are not accounted for as a component of the EAETR. For the three months ended March 31, 2016, the Other discrete items component of the EAETR reconciliation primarily relates to the impact of excluding these pretax losses. For the three months ended March 31, 2015, the Other discrete items primarily related to restructuring and IPR&D.


(4)	Includes the tax effect of currency remeasurement associated with our foreign statutory operations that, in accordance with GAAP income tax accounting guidance, is treated discretely for tax purposes.


(5)	The decrease in the EAETR is primarily driven by lower current year projected domestic earnings. Further, domestic tax legislation enacted during the fourth quarter of 2015 has decreased the amount of projected domestic tax expense for the three months ended March 31, 2016, as compared to the first quarter of 2015.