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Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2020
Accrued Income Taxes [Abstract]  
Income Tax Benefit (Expense) Reconciliation Table

Income tax benefit 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 factors:
 
Three months ended
September 30,
 
Nine months ended
September 30,
 
2020
 
2019
 
2020
 
2019
 
in millions
 
 
 
 
 
 
 
 
Computed “expected” tax benefit (expense) (a)
$
215.6

 
$
(98.2
)
 
$
132.8

 
$
14.3

Enacted tax law and rate changes (b)
242.3

 
12.1

 
274.0

 
2.3

Change in valuation allowances
(98.7
)
 
132.8

 
(198.3
)
 
199.2

Recognition of previously unrecognized tax benefits
—

 
(3.5
)
 
188.8

 
0.9

Non-deductible or non-taxable foreign currency exchange results
(224.4
)
 
102.7

 
(166.6
)
 
152.1

Tax benefit associated with technology innovation (c)
4.9

 
—

 
54.4

 


Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (d)
(8.6
)
 
(49.8
)
 
(26.3
)
 
(216.2
)
Non-deductible or non-taxable interest and other items
26.2

 
(22.3
)
 
(20.1
)
 
(152.2
)
International rate differences (e)
(2.9
)
 
(2.1
)
 
(6.7
)
 
13.4

Other, net
6.8

 
(0.9
)
 
7.1

 
2.4

Total income tax benefit
$
161.2

 
$
70.8

 
$
239.1

 
$
16.2

_______________

(a)
The statutory or “expected” tax rate is the U.K. rate of 19.0%.

(b)
On July 22, 2020, legislation was enacted in the U.K. to maintain the corporate income tax rate at 19.0%, reversing previous legislation that had reduced the U.K. rate to 17.0% from April 1, 2020. The impact of this rate change on our deferred balances was recorded during the third quarter of 2020.

(c)
Amount reflects the recognition of the innovation income tax deduction in Belgium, including the one-time effect of deductions related to prior periods.

(d)
These amounts reflect the net impact of differences in the treatment of income and loss items between financial reporting and tax accounting related to investments in subsidiaries and affiliates including the effects of foreign earnings.

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