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Income Taxes (Tables) | 9 Months Ended
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Sep. 30, 2016
Income Tax Disclosure [Abstract] |
Schedule of Effective Income Tax Rate Reconciliation | The below chart provides a reconciliation between our reported effective tax rate and the EAETR.
| Three Months Ended September 30
| 2016 |  | 2015
(in Millions) | Before Tax |  | Tax | Effective Tax Rate % Impact |  | Before Tax |  | Tax | Effective Tax Rate % Impact
Continuing operations | $ | 95.2 |  |  | $ | 12.6 |  | 13.2 | % |  | $ | (19.7 | ) |  | $ | (25.1 | ) | 127.4 | %
Discrete items: |  |  |  |  |  |  |  |  |
Acquisition-related charges (1) | — |  |  | — |  |  |  | — |  |  | — |  |
Currency remeasurement (2) | 8.1 |  |  | 1.1 |  |  |  | 2.2 |  |  | (2.1 | ) |
Other discrete items (3) | (1.3 | ) |  | (0.1 | ) |  |  | 48.7 |  |  | 5.0 |  |
Tax only discrete items (4) | — |  |  | 6.0 |  |  |  | — |  |  | 19.0 |  |
Total discrete items | $ | 6.8 |  |  | $ | 7.0 |  |  |  | $ | 50.9 |  |  | $ | 21.9 |  |
Continuing operations, before discrete items | $ | 102.0 |  |  | $ | 19.6 |  |  |  | $ | 31.2 |  |  | $ | (3.2 | ) |
Quarterly effect of changes in the EAETR (5) |  |  |  | 19.2 | % |  |  |  |  | (10.3 | )%
| Nine Months Ended September 30
| 2016 |  | 2015
(in Millions) | Before Tax |  | Tax | Effective Tax Rate % Impact |  | Before Tax |  | Tax | Effective Tax Rate % Impact
Continuing operations | $ | 285.7 |  |  | $ | 75.5 |  | 26.4 | % |  | $ | (54.0 | ) |  | $ | (56.4 | ) | 104.4 | %
Discrete items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition-related charges (1) | — |  |  | — |  |  |  |  | 211.7 |  |  | 77.8 |  |  |
Currency remeasurement (2) | 15.3 |  |  | 0.6 |  |  |  |  | 26.2 |  |  | 1.8 |  |  |
Other discrete items (3) | 100.4 |  |  | 3.8 |  |  |  |  | 84.1 |  |  | 14.2 |  |  |
Tax only discrete items (4) | — |  |  | 2.8 |  |  |  |  | — |  |  | 19.9 |  |  |
Total discrete items | $ | 115.7 |  |  | $ | 7.2 |  |  |  |  | $ | 322.0 |  |  | $ | 113.7 |  |  |
Continuing operations, before discrete items | $ | 401.4 |  |  | $ | 82.7 |  |  |  | $ | 268.0 |  |  | $ | 57.3 |  |
Year-to-date effect of changes in the EAETR (5) |  |  |  | 20.6 | % |  |  |  |  | 21.4 | %
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(1) | Due to the nature of acquisition-related charges incurred during 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 nine months ended September 30, 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 accounted for discretely for GAAP purposes.
(2) | Represents transaction gains or losses for currency remeasurement offset by associated hedge gains or losses, both of which are accounted for discretely in accordance with GAAP. Certain transaction gains or losses are considered non-taxable permanent items, while offsetting hedge gains or losses are taxable.
(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 and nine months ended September 30, 2016, the Other discrete items component of the EAETR reconciliation primarily relates to the discrete accounting for these pretax losses. For the three and nine months ended September 30, 2015, the Other discrete items primarily related to certain restructuring and other charges.
(4) | For the three and nine months ended September 30, 2016 tax only discrete items is comprised primarily of the tax effect of currency remeasurement associated with foreign statutory operations, changes in uncertain tax and interest liabilities, and changes in prior year estimates of subsidiary tax liabilities. For the three and nine months ended September 30, 2015, this component was comprised primarily of currency remeasurement associated with foreign statutory operations and changes in realizability or measurement of certain deferred tax assets.
(5) | The decrease in the EAETR for the nine months ended September 30, 2016 is primarily driven by lower current year projected domestic earnings and domestic tax legislation enacted during the fourth quarter of 2015, which decreased the amount of projected domestic tax expense. The increase in the EAETR for the three months ended September 30, 2016 is primarily driven by changes in market conditions experienced by our FMC Agricultural Solutions segment in Brazil that significantly impacted the EAETR for the three months ended September 30, 2015.

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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319 + Details
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