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



	Three Months Ended September 30
	2017								2016
(in Millions)	Before Tax			Tax			Effective Tax Rate %		Before Tax			Tax		Effective Tax Rate %
Continuing operations	$	59.3		$	(11.6	)	(19.6	)%	$	55.0		$	6.5	11.8	%
Discrete items:
Acquisition-related charges ⁽¹⁾	48.8			15.4					—			—
Currency remeasurement ⁽²⁾	4.6			1.2					7.5			1.1
Other discrete items ⁽³⁾	(4.1		)	1.3					(3.6		)	0.6
Tax only discrete items ⁽⁴⁾	—			4.7					—			1.7
Total discrete items	$	49.3		$	22.6				$	3.9		$	3.4
Continuing operations, before discrete items	$	108.6		$	11.0				$	58.9		$	9.9
Estimated Annualized Effective Tax Rate (EAETR) ⁽⁵⁾							10.1	%						16.8	%



	Nine Months Ended September 30
	2017						2016
(in Millions)	Before Tax		Tax		Effective Tax Rate %		Before Tax		Tax		Effective Tax Rate %
Continuing operations	$	165.7	$	1.1	0.7	%	$	168.7	$	47.4	28.1	%
Discrete items:
Acquisition-related charges ⁽¹⁾	78.7		24.5				—		—
Currency remeasurement ⁽²⁾	16.1		5.4				13.5		0.5
Other discrete items ⁽³⁾	83.4		4.6				90.9		2.0
Tax only discrete items ⁽⁴⁾	—		5.8				—		0.2
Total discrete items	$	178.2	$	40.3			$	104.4	$	2.7
Continuing operations, before discrete items	$	343.9	$	41.4			$	273.1	$	50.1
Estimated Annualized Effective Tax Rate (EAETR) ⁽⁵⁾					12.0	%					18.3	%

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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 valuation allowance has been provided to be excluded from the EAETR. For the three and nine months ended September 30, 2017 and 2016, the other discrete items component of the EAETR reconciliation primarily relates to the discrete accounting for these pretax losses.

(4)

For the three and nine months ended September 30, 2017, tax only discrete items are comprised of the tax effect of currency remeasurement associated with foreign statutory operations, changes in realizability of certain deferred tax assets, changes in uncertain tax liabilities and related interest, excess tax benefits associated with share-based compensation, and changes in prior year estimates of subsidiary tax liabilities. For the three and nine months ended September 30, 2016, tax only discrete items are comprised primarily of the tax effect of currency remeasurement associated with foreign statutory operations, changes in realizability or measurement of certain deferred tax assets, and changes in prior year estimates of subsidiary tax liabilities.


(5)	The decrease in the EAETR for the three and nine months ended September 30, 2017 is primarily driven by reduced domestic earnings in our FMC Agricultural Solutions business and the impact of the full integration of Cheminova into our global supply chain.