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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Provision for income taxes

Our provision for income taxes consisted of the following:

		Year Ended December 31,
($ in millions)		2017			2016		2015
U.S. Federal:
	Current	$	12.2		1.3		30.3
	Noncurrent	122.2			—		—
	Deferred	(9.2		)	(11.1	)	17.8
		$	125.2		(9.8	)	48.1
State and Local:
	Current	$	5.4		8.2		5.3
	Noncurrent	19.1			—		—
	Deferred	(7.4		)	(4.0	)	1.9
		$	17.1		4.2		7.2
International:
	Current	$	141.2		105.4		81.9
	Deferred	(15.7		)	8.2		(4.4	)
		$	125.5		113.6		77.5
Total		$	267.8		108.0		132.8

Reconciliation of reported tax expense to federal statutory tax

Income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 35% to earnings before provision for income taxes as a result of the following:

		Year Ended December 31,
($ in millions)		2017						2016						2015
Income tax expense at statutory rates		$	183.8		35.0	%		$	154.8		35.0	%		$	202.7		35.0	%
	Increase (reduction) in income taxes from:
	State and local income taxes, net of federal income tax benefit	(0.4		)	(0.1	)		2.8			0.6			5.9			1.0
	Amortization of goodwill and other intangibles	(6.7		)	(1.3	)		(5.7		)	(1.3	)		(5.1		)	(0.9	)
	Nondeductible expenses	7.0			1.3			6.7			1.5			5.4			0.9
	International earnings taxed at various rates	(68.7		)	(13.1	)		(59.1		)	(13.4	)		(57.0		)	(9.8	)
	Valuation allowances	5.8			1.1			8.3			1.9			(4.7		)	(0.8	)
	Recognition of tax benefit, net of nondeductible indemnification asset write-off	—			—			—			—			(8.3		)	(1.4	)
	Transition tax due to U.S. tax reform	141.3			26.9			—			—			—			—
	Other, net	5.7			1.2			0.2			0.1			(6.1		)	(1.1	)
Total		$	267.8		51.0	%		$	108.0		24.4	%		$	132.8		22.9	%

Income (loss) before taxes from domestic and international sources

Our income before taxes from domestic (U.S.) and international sources is presented in the following table.

	Year Ended December 31,
($ in millions)	2017			2016		2015
Domestic	$	54.8		57.2		132.1
International	470.3			385.2		447.0
Total	$	525.1		442.4		579.1

Tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below.

	December 31,
($ in millions)	2017			2016		2015
Deferred tax assets attributable to:
Accrued expenses	$	230.6		224.2		170.5
U.S. federal and state loss and credit carryovers	15.2			21.7		6.6
Allowances for uncollectible accounts	16.5			12.7		7.1
International loss carryovers	134.8			118.1		121.0
Investments in real estate ventures	—			—		26.9
Pension liabilities	20.4			18.2		12.6
Other	—			7.4		—
Deferred tax assets	417.5			402.3		344.7
Less: valuation allowances	(59.7		)	(51.7	)	(51.7	)
Net deferred tax assets	$	357.8		350.6		293.0
Deferred tax liabilities attributable to:
Property and equipment	$	17.9		24.3		0.6
Intangible assets	121.6			152.8		123.9
Income deferred for tax purposes	4.1			2.1		2.2
Investment in real estate ventures	2.0			11.9		—
Other	7.0			0.1		0.4
Deferred tax liabilities	$	152.6		191.2		127.1
Net deferred taxes	$	205.2		159.4		165.9

Reconciliation of beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is presented in the following table.

($ in millions)	2017			2016
Balance as of January 1	$	37.6		28.3
Additions based on tax positions related to the current year	8.0			10.8
Increase/(Decrease) related to tax positions of prior years	3.8			(1.5	)
Lapse of statute of limitations	—			—
Balance as of December 31	$	49.4		37.6

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