Taxation (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Summary of (provision) benefit for income taxes

The company's (provision) for income taxes is summarized as follows:

$ in millions	2014		2013		2012
Current:
Federal	(227.5	)	(149.3	)	(103.5	)
State	(31.3	)	(22.0	)	(15.6	)
Foreign	(161.2	)	(129.9	)	(114.6	)
	(420.0	)	(301.2	)	(233.7	)
Deferred:
Federal	26.8		(24.1	)	(30.2	)
State	1.0		(7.4	)	9.4
Foreign	1.6		(4.2	)	(6.9	)
	29.4		(35.7	)	(27.7	)
Total income tax (provision)	(390.6	)	(336.9	)	(261.4	)

Schedule of deferred tax recognized on balance sheet

The net deferred tax recognized in the Consolidated Balance Sheets at December 31, 2014 and 2013, respectively, includes the following:

$ in millions	2014		2013
Deferred tax assets:
Deferred compensation arrangements	56.2		59.6
Accrued rent expenses	18.3		20.0
Tax loss carryforwards	75.0		104.8
Postretirement medical, pension and other benefits	25.5		32.6
Investment basis differences	47.8		3.9
Accrued bonus	46.3		25.9
Other	—		13.1
Total deferred tax assets	269.1		259.9
Valuation allowance	(72.7	)	(102.8	)
Deferred tax assets, net of valuation allowance	196.4		157.1
Deferred tax liabilities:
Deferred sales commissions	(21.0	)	(23.2	)
Goodwill and intangibles	(447.4	)	(420.5	)
Undistributed earnings of subsidiaries	(1.6	)	(1.4	)
Revaluation reserve	(5.0	)	(5.3	)
Other	(7.9	)	(22.9	)
Total deferred tax liabilities	(482.9	)	(473.3	)
Net deferred tax assets/(liabilities)	(286.5	)	(316.2	)

Reconciliation between statutory and effective tax rates on income from operations

A reconciliation between the statutory rate and the effective tax rate on income from operations for the years ended December 31, 2014, 2013 and 2012 is as follows:

	2014		2013		2012
Statutory Rate	35.0	%	35.0	%	35.0	%
Foreign jurisdiction statutory income tax rates	(8.5	)%	(9.4	)%	(9.5	)%
State taxes, net of federal tax effect	1.4	%	1.5	%	1.4	%
Change in valuation allowance for unrecognized tax losses	(0.1	)%	(0.1	)%	0.8	%
Other	0.5	%	0.7	%	0.7	%
(Gains)/losses attributable to noncontrolling interests	(0.3	)%	(0.9	)%	3.1	%
Effective tax rate per Consolidated Statements of Income	28.0	%	26.8	%	31.5	%

Division of income/(losses) before taxes between U.S. and foreign

The division of income/(losses) before taxes between U.S. and foreign for the years ended December 31,2014, 2013 and 2012 is as follows:

$ in millions (except percentages)	2014		2013		2012
U.S.	659.6		553.1		456.6
CIP - U.S.	63.0		45.2		59.7
Total U.S. income before income taxes	722.6		598.3		516.3
Foreign	724.4		666.1		474.5
CIP - Foreign	(51.9	)	(9.2	)	(160.2	)
Total Foreign income before income taxes	672.5		656.9		314.3
Income from continuing operations before income taxes	1,395.1		1,255.2		830.6

Reconciliation Of Changes In Unrecognized Tax Benefits

A reconciliation of the change in the UTB balance from January 1, 2012, to December 31, 2014, is as follows:

$ in millions	Gross Unrecognized Income Tax Benefits
Balance at January 1, 2012	19.5
Additions for tax positions related to the current year	—
Additions for tax positions related to prior years	4.3
Other reductions for tax positions related to prior years	(1.2	)
Reductions for statute closings	—
Balance at December 31, 2012	22.6
Additions for tax positions related to the current year	1.0
Additions for tax positions related to prior years	0.7
Other reductions for tax positions related to prior years	(7.5	)
Reductions for statute closings	—
Balance at December 31, 2013	16.8
Additions for tax positions related to the current year	—
Additions for tax positions related to prior years	1.2
Other reductions for tax positions related to prior years	(10.8	)
Reductions for statute closings	(1.2	)
Balance at December 31, 2014	6.0