Fiscal year 2013 compared with fiscal year 2012
The effective tax rate on continuing operations decreased
390 basis points to 23.1% in 2013. The primary drivers of
this rate decline were approximately 210 basis points due to
the non-deductibility of impairment charges related to our
Appliances and Salon Professional businesses, which were
higher in the base period versus the current year,
approximately 100 basis points due to the tax impacts from
acquisition and divestiture activity (primarily the nontaxable
gain on the purchase of the balance of the Baby Care
and Feminine Care joint venture in Iberia), approximately 20
basis points from the impact of the Venezuela currency
devaluation, and approximately 50 basis points due to the
net impact of favorable discrete adjustments related to
uncertain income tax positions. The 2013 net benefit was
$275 million, or 180 basis points, versus a net benefit of 130
basis points in 2012.