Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Income Tax Benefit (Expense) Reconciliation

Income tax expense attributable to our earnings (loss) 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,
		2024		2023
		in millions

Computed “expected” tax benefit (expense) (a)		$	(138.5)	$	164.7
Non-deductible or non-taxable foreign currency exchange results		164.2		(88.2)
Non-deductible or non-taxable interest and other expenses		(27.1)		(26.1)
Change in valuation allowances		(20.9)		19.7
International rate differences (b)		(6.2)		(4.4)
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates		(3.6)		(76.6)
Other, net		5.2		(1.6)


Total income tax expense		$	(26.9)	$	(12.5)

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(a)The statutory or “expected” tax rates are the U.K. rates of 25.0% for the 2024 period and 23.5% for the 2023 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. Although we are domiciled in Bermuda, we use the U.K. statutory rate to compute our “expected” tax benefit (expense) as management believes it is more meaningful.

(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.