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Income Taxes (Tables) | 9 Months Ended
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Sep. 30, 2018
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 September 30,
| 2018 |  | 2017
(in Millions) | Before Tax | Tax | Effective Tax Rate % |  | Before Tax | Tax | Effective Tax Rate %
Continuing operations | $ | 109.6 |  | $ | 30.1 |  | 27.5 | % |  | $ | 59.3 |  | $ | (11.6 | ) | (19.6 | )%
Discrete items: |  |  |  |  |  |  |
Transaction-related charges (1) | $ | 6.8 |  | $ | 1.5 |  |  |  | $ | 48.8 |  | $ | 15.4 |  |
Currency remeasurement (2) | — |  | 1.8 |  |  |  | 4.6 |  | 1.2 |  |
Other discrete items (3) | 32.8 |  | 6.1 |  |  |  | (4.1 | ) | 1.3 |  |
Tax only discrete items (4) | — |  | (17.2 | ) |  |  | — |  | 4.7 |  |
Total discrete items | $ | 39.6 |  | $ | (7.8 | ) |  |  | $ | 49.3 |  | $ | 22.6 |  |
Continuing operations, before discrete items | $ | 149.2 |  | $ | 22.3 |  |  |  | $ | 108.6 |  | $ | 11.0 |  |
Estimated Annualized Effective Tax Rate (EAETR) (5) |  |  | 14.9 | % |  |  |  | 10.1 | %
| Nine Months Ended September 30,
| 2018 |  | 2017
(in Millions) | Before Tax | Tax | Effective Tax Rate % |  | Before Tax | Tax | Effective Tax Rate %
Continuing operations | $ | 581.5 |  | $ | 100.4 |  | 17.3 | % |  | $ | 165.7 |  | $ | 1.1 |  | 0.7 | %
Discrete items: |  |  |  |  |  |  |
Transaction-related charges (1) | $ | 14.8 |  | $ | 3.1 |  |  |  | $ | 78.7 |  | $ | 24.5 |  |
Currency remeasurement (2) | 3.3 |  | 3.4 |  |  |  | 16.1 |  | 5.4 |  |
Other discrete items (3) | 104.4 |  | 13.2 |  |  |  | 83.4 |  | 4.6 |  |
Tax only discrete items (4) | — |  | (12.4 | ) |  |  | — |  | 5.8 |  |
Total discrete items | $ | 122.5 |  | $ | 7.3 |  |  |  | $ | 178.2 |  | $ | 40.3 |  |
Continuing operations, before discrete items | $ | 704.0 |  | $ | 107.7 |  |  |  | $ | 343.9 |  | $ | 41.4 |  |
Estimated Annualized Effective Tax Rate (EAETR) (5) |  |  | 15.3 | % |  |  |  | 12.0 | %
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(1) | As of the three and nine months ended September 30, 2018, amount relates to FMC Lithium separation-related charges. As of the three and nine months ended September 30, 2017, amount relates to DuPont 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. During the three months ended September 30, 2018, other discrete items were materially comprised of restructuring charges and other integration related costs associated with the acquired DuPont Crop Protection Business and the discrete accounting for excluded pretax losses of subsidiaries for which a full valuation allowance has been provided. During the nine months ended September 30, 2018, other discrete items also included the gain attributable to the sale of a portion of FMC's European herbicide portfolio to Nufarm Limited recorded in the first quarter. See Note 4 for additional information on the Company’s Nufarm divestment. For the three and nine months ended September 30, 2017, the other discrete items component of the EAETR reconciliation primarily relates to the discrete accounting for the excluded pretax losses of subsidiaries for which a full valuation allowance has been provided.
(4) | For the three and nine months ended September 30, 2017 and September 30, 2018, tax only discrete items are primarily 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, changes in prior year estimates of subsidiary tax liabilities, and adjustments to our provisional tax expense related to the Act.
(5) | The primary drivers for the increase in effective tax rate for both the three and nine months ended September 30, 2018 as compared to 2017 are shown in the table above. The remaining change was due to the integration of the DuPont Crop Protection Business into our global supply chain as well as the effect of the global intangible low-taxed income (GILTI) provisions of the Act.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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