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Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2016
Accrued Income Taxes [Abstract]  
Income Tax Benefit (Expense) Reconciliation Table
Income tax expense attributable to our earnings (loss) before income taxes differs from the amounts computed using the applicable income tax rate as a result of the following factors:
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2016
 
2015
 
2016
 
2015
 
in millions
 
 
 
 
 
 
 
 
Computed “expected” tax benefit (expense) (a)
$
(33.0
)
 
$
56.0

 
$
51.3

 
$
175.9

Change in valuation allowances (b):
 
 
 
 
 
 
 
Decrease
(1.5
)
 
(160.3
)
 
(235.1
)
 
(386.3
)
Increase
(119.8
)
 
42.8

 
13.9

 
43.8

Non-deductible or non-taxable foreign currency exchange results (b):
 
 
 
 
 
 
 
Increase
103.5

 
(67.3
)
 
122.1

 
2.2

Decrease
(1.0
)
 
(21.2
)
 
(2.3
)
 
(29.9
)
Tax effect of intercompany financing
47.0

 
38.5

 
85.1

 
76.7

Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (b):
 
 
 
 
 
 
 
Decrease
(74.7
)
 
(26.7
)
 
(98.4
)
 
(27.7
)
Increase
7.5

 
(2.7
)
 
18.8

 
11.8

International rate differences (b) (c):
 
 
 
 
 
 
 
Increase
41.8

 
31.4

 
77.0

 
125.3

Decrease
(16.4
)
 
(21.0
)
 
(23.0
)
 
(34.5
)
Non-deductible or non-taxable interest and other expenses (b):
 
 
 
 
 
 
 
Decrease
(23.1
)
 
(15.3
)
 
(45.2
)
 
(49.0
)
Increase
12.0

 
12.1

 
21.9

 
23.3

Recognition of previously unrecognized tax benefits
2.9

 
4.7

 
17.9

 
13.6

Other, net
(1.2
)
 
(1.0
)
 
(11.1
)
 
2.7

Total income tax expense
$
(56.0
)
 
$
(130.0
)
 
$
(7.1
)
 
$
(52.1
)
_______________

(a)
The statutory or “expected” tax rate is the U.K. rate of 20.0%. During 2015, the U.K. enacted legislation that will change the corporate income tax rate from the current rate of 20.0% to 19.0% in April 2017 and 18.0% in April 2020. Substantially all of the impact of these rate changes on our deferred tax balances was recorded in the fourth quarter of 2015 when the change in law was enacted.

(b)
Country jurisdictions giving rise to increases within the six-month period are grouped together and shown separately from country jurisdictions giving rise to decreases within the six-month period.

(c)
Amounts reflect adjustments (either an increase or a decrease) to “expected” tax benefit (expense) for statutory rates in jurisdictions in which we operate outside of the U.K.