Total selling, general and administrative expenses decreased
5% to $25.3 billion in 2014 due to a reduction in marketing
spending, overhead expense and restructuring costs. SG&A
as a percentage of net sales decreased 170 basis points to
30.5%. Lower restructuring spending drove 30 basis points
of the decline. Marketing spending as a percentage of net
sales decreased 80 basis points primarily due to lower
spending behind a focus on more efficient marketing support
and scale benefits from increased net sales. Overhead
spending decreased 50 basis points from productivity
savings of 40 basis points and scale benefits from increased
net sales. The 2014 impact from foreign currency policy
changes in Venezuela was comparable to the prior year
devaluation impact