Fourth quarter reported EPS was $0.41 and comparable EPS was $0.45. Items impacting comparability reduced fourth quarter 2012 reported EPS by a net $0.04 and reduced fourth quarter 2011 reported EPS by a net $0.03. In both periods, these items included restructuring charges, costs related to global productivity initiatives, gains/charges related to equity investees, net gains/losses on transactions, net gains/losses related to our economic hedges, primarily commodities, and certain tax matters. Items impacting comparability in fourth quarter 2012 also included charges related to changes in the structure of Beverage Partners Worldwide (BPW). Items impacting comparability in fourth quarter 2011 also included CCE integration costs.
Full-year cash from operations was $10,645 million, up 12%, primarily due to an improvement in working capital of approximately $800 million, which partially benefited from the timing of certain working capital items.
Effective Tax Rate
The reported effective tax rates for the quarter and full year were 20.5% and 23.1%, respectively. The underlying effective annual tax rate on operations in 2012 was 24.0%, and we expect it to be approximately the same for 2013. The variance between the reported rate and the underlying rate was due to the tax effect of various items impacting comparability, separately disclosed in this document in the Reconciliation of GAAP and Non-GAAP Financial Measures schedule.The underlying effective tax rate does not reflect the impact of significant or unusual items and discrete events, which, if and when they occur, are separately recognized in the appropriate period. Items Impacting Prior Year Results First quarter 2011 results included a net charge of $0.02 per share due to restructuring charges, costs related to global productivity initiatives and the CCE integration, and charges related to the natural disasters in Japan, partially offset by a gain on the sale of the Company’s stake in Chilean bottler Coca-Cola Embonor S.A.