v3.10.0.1
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2018
Accrued Income Taxes [Abstract]  
Income Tax Benefit (Expense) Reconciliation Table Income tax expense attributable to our 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
 
Six months ended
 
June 30,
 
June 30,
 
2018
 
2017
 
2018
 
2017
 
in millions
 
 
 
 
 
 
 
 
Computed “expected” tax benefit (expense) (a)
$
(109.4
)
 
$
133.3

 
$
15.0

 
$
188.0

Mandatory Repatriation Tax (b)
242.0

 
—

 
(968.5
)
 
—

Change in valuation allowances (b) (c):
 
 
 
 
 
 
 
Expense
18.9

 
(102.2
)
 
(16.1
)
 
(169.6
)
Benefit
(131.2
)
 
(2.0
)
 
422.1

 
10.0

Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (c):
 
 
 
 
 
 
 
Expense
(91.4
)
 
(41.3
)
 
(146.6
)
 
(80.8
)
Benefit
(0.4
)
 
(0.1
)
 
3.3

 
0.3

Non-deductible or non-taxable foreign currency exchange results (c):
 
 
 
 
 
 
 
Expense
78.0

 
(103.4
)
 
(4.9
)
 
(132.5
)
Benefit
71.3

 
3.0

 
73.6

 
4.3

Non-deductible or non-taxable interest and other items (c):
 
 
 
 
 
 
 
Expense
(15.0
)
 
(5.7
)
 
(41.8
)
 
(52.6
)
Benefit
9.3

 
10.0

 
22.4

 
18.8

International rate differences (c) (d):
 
 
 
 
 
 
 
Expense
(13.5
)
 
(3.5
)
 
(22.6
)
 
(19.1
)
Benefit
15.5

 
41.4

 
31.2

 
75.3

Other, net
18.7

 
1.8

 
15.7

 
7.5

Total income tax benefit (expense)
$
92.8

 
$
(68.7
)
 
$
(617.2
)
 
$
(150.4
)
_______________

(a)
The statutory or “expected” tax rates are U.K. rates of 19.0% for the 2018 periods and 19.25% for the 2017 periods. The statutory rate for the 2017 periods represents the blended rate in effect for the year ended December 31, 2017 based on the 20.0% statutory rate that was in effect for the first quarter of 2017 and the 19.0% statutory rate that was in effect for the remainder of 2017.

(b)
As further discussed below, the liability we have recorded for the Mandatory Repatriation Tax (as defined and described below) is significantly lower than the amount included in our income tax expense due primarily to the expected use of carryforward tax attributes in the U.S., all of which were subject to valuation allowances prior to the initial recognition of the Mandatory Repatriation Tax during the first quarter of 2018.

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

(d)
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.