Effective tax rate | |||||||||
Year ended December 31, | 2013 | 2012 | 2011 | ||||||
Statutory U.S. federal tax rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
Increase/(decrease) in tax rate resulting from: | |||||||||
U.S. state and local income taxes, net of U.S. federal income tax benefit | 2.2 | 1.6 | 1.6 | ||||||
Tax-exempt income | (3.1 | ) | (2.9 | ) | (2.1 | ) | |||
Non-U.S. subsidiary earnings(a) | (4.9 | ) | (2.4 | ) | (2.3 | ) | |||
Business tax credits | (5.4 | ) | (4.2 | ) | (4.0 | ) | |||
Nondeductible legal expense(b) | 8.0 | (0.2 | ) | 0.9 | |||||
Other, net | (1.0 | ) | (0.5 | ) | — | ||||
Effective tax rate | 30.8 | % | 26.4 | % | 29.1 | % | |||
(a) | Includes earnings deemed to be reinvested indefinitely in non-U.S. subsidiaries. |
(b) | The prior periods have been revised to conform with the current presentation. |