Effective tax rate
1Q 2004: 14.6%
- Reduction is due to completion of various tax audit cycles that resulted in a one-time, non-cash benefit of $20 million of accrued tax liabilities, or 10 cents per share
- Compares to 37.0% for 1Q 2003
2004: Anticipate a blended rate of 37.0% for remainder of year