Income tax benefit (expense) attributable to our earnings (loss) from continuing operations before income taxes differs from the amounts computed using the applicable income tax rate as a result of the following:



		Three months ended March 31,
		2014			2013
	in millions

Computed “expected” tax benefit (expense) (a)		$	115.5		$	(14.1	)
International rate differences (b)		51.2			18.7
Change in valuation allowances		(50.3		)	(0.8		)
Tax effect of intercompany financing		40.5			—
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates		(34.1		)	13.2
Non-deductible or non-taxable interest and other expenses		(31.0		)	(34.2		)
Recognition of previously unrecognized tax benefits		28.8			—
Other, net		(3.6		)	(3.1		)
Total income tax benefit (expense)		$	117.0		$	(20.3	)

_______________

(a)

The statutory or “expected” tax rate is the U.K. rate of 21.5% for the three months ended March 31, 2014 and the U.S. rate of 35.0% for the three months ended March 31, 2013. In July 2013, a law was enacted that decreased the U.K. corporate income tax rate to 21.0% in April 2014, with a further decline to 20.0% scheduled for April 2015. Substantially all of the impact of these rate changes on our deferred tax balances was recorded in the third quarter of 2013.


(b)	Amounts reflect statutory rates in jurisdictions in which we operate outside of the U.K. for the three months ended March 31, 2014 and outside of the U.S. for the three months ended March 31, 2013.