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Income Taxes (Tables) | 3 Months Ended
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Mar. 31, 2021
Accrued Income Taxes [Abstract] |
Income Tax Benefit (Expense) Reconciliation Table | Income tax expense attributable to our earnings 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,
|  |  |  |  | 2021 |  | 2020
|  |  |  |  | in millions
Computed “expected” tax expense (a) |  |  |  |  | $ | (306.1) |  |  | $ | (192.1) |
Non-deductible or non-taxable foreign currency exchange results |  |  |  |  | 119.7 |  |  | 153.6 |
Change in valuation allowances |  |  |  |  | 34.5 |  |  | (88.7) |
International rate differences (b) |  |  |  |  | (23.9) |  |  | (16.1) |
Recognition of previously unrecognized tax benefits |  |  |  |  | 20.5 |  |  | — |
Non-deductible or non-taxable interest and other items |  |  |  |  | (15.7) |  |  | (20.4) |
Tax benefit associated with technology innovation (c) |  |  |  |  | 5.8 |  |  | 44.8 |
Enacted tax law and rate changes |  |  |  |  | (0.3) |  |  | 36.1 |
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (d) |  |  |  |  | 0.2 |  |  | 3.1 |
Other, net |  |  |  |  | (5.2) |  |  | (0.4) |
Total income tax expense |  |  |  |  | $ | (170.5) |  |  | $ | (80.1) |
_______________ (a)The statutory or “expected” tax rates are the U.K. rates of 19.0% for the 2021 period and 17.5% for the 2020 period. The statutory rate for the 2020 period represents the blended rate in effect for the year ended December 31, 2020 based on the 19.0% statutory rate that was in effect for the first quarter of 2020 and the 17.0% statutory rate that was expected to be in effect for the remainder of 2020. 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. In March 2021, it was announced that the U.K. corporate tax rate will increase to 25% from April 1, 2023. This U.K. rate change has yet to be enacted and the impact on our deferred tax balances will not be recorded until the quarter of enactment. (b)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. (c)Amount reflects the recognition of the innovation income tax deduction in Belgium. The amount for the 2020 period includes 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.

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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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