Income Taxes (Tables)

3 Months Ended

Mar. 31, 2017

Accrued Income Taxes [Abstract]

Income Tax Benefit (Expense) Reconciliation Table

Income tax benefit (expense) attributable to our 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
	March 31,
	2017			2016
	in millions
Computed “expected” tax benefit (a)	$	23.2		$	84.3
Change in valuation allowances (b):
Expense	(81.9		)	(233.6		)
Benefit	23.8			133.7
Non-deductible or non-taxable foreign currency exchange results (b):
Expense	(58.5		)	(1.3		)
Benefit	1.9			18.6
Non-deductible or non-taxable interest and other items (b):
Expense	(69.7		)	(22.1		)
Benefit	13.1			9.9
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (b):
Expense	(14.0		)	(23.7		)
Benefit	0.4			11.3
Enacted tax law and rate change	9.7			(4.2		)
Recognition of previously unrecognized tax benefits	3.6			15.0
International rate differences (b) (c):
Benefit	35.8			35.2
Expense	(31.7		)	(6.6		)
Tax effect of intercompany financing	—			38.1
Other, net	(2.5		)	(5.7		)
Total income tax benefit (expense)	$	(146.8	)	$	48.9

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(a) The statutory or “expected” tax rates are U.K. rates of 19.25% for the 2017 period and 20.0% for the 2016 period. The statutory rate for the 2017 period represents the blended rate that will be in effect for the year ended December 31, 2017 based on the 20.0% statutory rate that will be in effect for the first quarter of 2017 and the 19.0% statutory rate that will be in effect for the remainder of 2017.

(b) Country jurisdictions giving rise to income tax benefits are grouped together and shown separately from country jurisdictions giving rise to income tax expenses.

(c)

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