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						Six months ended
	June 30,						June 30,
	2014			2013			2014			2013
	in millions

Computed “expected” tax benefit (expense) (a)	$	49.3		$	(47.4	)	$	162.0		$	(56.7	)
Change in valuation allowances	(92.2		)	1.9			(142.5		)	1.1
International rate differences (b)	48.7			28.5			102.7			42.4
Non-deductible or non-taxable interest and other expenses	(51.8		)	(48.6		)	(82.8		)	(82.8		)
Tax effect of intercompany financing	41.0			7.4			81.5			7.4
Recognition of previously unrecognized tax benefits	—			—			28.8			—
Non-deductible or non-taxable foreign currency exchange results	(17.9		)	12.7			(23.3		)	10.2
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates	22.2			(43.9		)	(11.9		)	(30.7		)
Enacted tax law and rate changes	1.1			(8.0		)	5.7			(8.4		)
Loss of subsidiary tax attributes due to a deemed change in control	—			(91.4		)	—			(91.4		)
Other, net	0.2			(4.5		)	(2.6		)	(4.7		)
Total income tax benefit (expense)	$	0.6		$	(193.3	)	$	117.6		$	(213.6	)

_______________

(a)

In July 2013, a law was enacted that decreased the U.K. corporate income tax rate from 23.0% to 21.0% in April 2014, with a further decline to 20.0% scheduled for April 2015. Accordingly, the statutory or “expected” tax rates used in this table are 21.0% for the 2014 periods and 23% for the 2013 periods. 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.