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Income Taxes (Tables) | 3 Months Ended
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Mar. 31, 2017
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 of our continuing operations.
| Three Months Ended March 31
| 2017 |  | 2016
(in Millions) | Before Tax | Tax | Effective Tax Rate % |  | Before Tax | Tax | Effective Tax Rate %
Continuing operations | $ | 54.4 |  | $ | 9.4 |  | 17.3 | % |  | $ | 46.4 |  | $ | 20.4 |  | 44.0 | %
Discrete items: |  |  |  |  |  |  |
Acquisition-related charges (1) | 9.2 |  | 2.6 |  |  |  | — |  | — |  |
Currency remeasurement (2) | 5.1 |  | 2.6 |  |  |  | 2.1 |  | — |  |
Other discrete items (3) | 38.1 |  | 2.1 |  |  |  | 46.9 |  | 0.2 |  |
Tax only discrete items (4) | — |  | (4.0 | ) |  |  | — |  | (2.5 | ) |
Total discrete items | $ | 52.4 |  | $ | 3.3 |  |  |  | $ | 49.0 |  | $ | (2.3 | ) |
Continuing operations, before discrete items | $ | 106.8 |  | $ | 12.7 |  |  |  | $ | 95.4 |  | $ | 18.1 |  |
Estimated Annualized Effective Tax Rate (EAETR) (5) |  |  | 11.9 | % |  |  |  | 19.0 | %
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(1) | See Note 3 for more information on acquisition-related charges.
(2) | Represents transaction gains or losses for currency remeasurement offset by associated hedge gains or losses, which are accounted for discretely in accordance with GAAP. Certain transaction gains or losses for currency remeasurement are not taxable, while offsetting hedge gains or losses are taxable.
(3) | GAAP generally requires subsidiaries for which a full a valuation allowance has been provided to be excluded from the EAETR. For the three months ended March 31, 2017 and March 31, 2016, the other discrete items component of the EAETR reconciliation primarily relates to the discrete accounting for these pretax losses.
(4) | For the three months ended March 31, 2017, tax only discrete items is comprised primarily of the tax effect of changes in valuation allowances of historical deferred tax assets. For the three months ended March 31, 2016, this component was comprised primarily of currency remeasurement associated with foreign statutory operations.
(5) |

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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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