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Income Taxes (Tables)
6 Months Ended
Jun. 30, 2015
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The below chart provides reconciliation between our reported effective tax rates and the EAETR.
 
Three Months Ended June 30
 
2015
 
2014
(in Millions)
Before Tax
 
Tax
Effective Tax Rate % Impact
 
Before Tax
 
Tax
Effective Tax Rate % Impact
Continuing operations
$
75.9

 
$
17.8

23.5
%
 
$
134.4

 
$
36.4

27.1
%
 
 
 
 
 
 
 
 
 
 
Discrete items:
 
 
 
 
 
 
 
 
 
Acquisition-related charges (1)
21.0

 
7.5

 
 

 

 
Currency remeasurement (2)
17.7

 
6.7

 
 
12.4

 
0.7

 
Other discrete items
13.6

 
1.9

 
 
14.3

 
3.6

 
Tax only discrete items (3)

 
(2.1
)
 
 

 
1.1

 
Total discrete items
$
52.3

 
$
14.0

 
 
$
26.7

 
$
5.4

 
 
 
 
 
 
 
 
 
 
 
Continuing operations, before discrete items
$
128.2

 
$
31.8

 
 
$
161.1

 
$
41.8

 
Estimated Annualized Effective Tax Rate (EAETR) (4)
 
 
 
24.8
%
 
 
 
 
25.9
%

 
Six Months Ended June 30
 
2015
 
2014
(in Millions)
Before Tax
 
Tax
Effective Tax Rate % Impact
 
Before Tax
 
Tax
Effective Tax Rate % Impact
Continuing operations
$
(34.3
)
 
$
(31.3
)
91.3
%
 
$
266.0

 
$
71.0

26.7
%
 
 
 
 
 
 
 
 
 
 
Discrete items:
 
 
 
 
 
 
 
 
 
Acquisition-related charges (1)
211.7

 
77.8

 
 

 

 
Currency remeasurement (2)
24.0

 
3.9

 
 
12.4

 
0.7

 
Other discrete items
35.4

 
9.2

 
 
27.3

 
7.8

 
Tax only discrete items (3)

 
0.9

 
 

 
1.1

 
Total discrete items
$
271.1

 
$
91.8

 
 
$
39.7

 
$
9.6

 
 
 
 
 
 
 
 
 
 
 
Continuing operations, before discrete items
$
236.8

 
$
60.5

 
 
$
305.7

 
$
80.6

 
Estimated Annualized Effective Tax Rate (EAETR) (4)
 
 
 
25.5
%
 
 
 
 
26.4
%
___________________ 
(1)
Acquisition-related charges for the three and six months ended June 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 gain/loss on hedging the purchase price associated with 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 transactions gains or losses on currency remeasurement, offset by the associated hedge gains or losses. Transaction gains or losses are considered non-taxable permanent items and their associated hedge gain or losses are treated discretely for tax purposes.
(3)
Includes the tax effect of currency remeasurement associated with our foreign statutory operations that in accordance with GAAP income tax accounting guidance shall be treated discretely for tax purposes.
(4)
Change in the EAETR period to period is primarily due to income mix between subsidiaries.