Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Accrued Income Taxes [Abstract]

Income Tax Expense Reconciliation Table

Income tax 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 factors:

	Three months ended March 31,
	2023		2022
	in millions
Computed “expected” tax benefit (expense) (a)	$	164.7	$	(219.8)
Non-deductible or non-taxable foreign currency exchange results	(88.2)		128.2
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (b)	(76.6)		62.2
Non-deductible or non-taxable interest and other expenses	(26.1)		(32.2)
Valuation allowance	19.7		13.9
International rate differences (c)	(4.4)		(40.9)
Other, net	(1.6)		7.4
Total income tax expense	$	(12.5)	$	(81.2)

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(a)The statutory or “expected” tax rates are the U.K. rates of 23.5% for the 2023 period and 19.0% for the 2022 period. The statutory rate for the 2023 period represents the blended rate in effect for the year ended December 31, 2023 based on the 19.0% statutory rate that was in effect for the first quarter of 2023 and the 25.0% statutory rate that is in effect from April 1, 2023.

(b)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.

(c)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.