For the year, our dividend payout was $5.0 billion and our net share repurchases totaled $3.5 billion, at the high end of our stated outlook of $3.0 to $3.5 billion.
Effective Tax Rate
The reported effective tax rates for the quarter and full year were 23.3% and 24.8%, respectively. The underlying effective annual tax rate on operations in 2013 was 23.0%, and we expect it to be approximately the same for 2014. 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.2014 Outlook The bottling transactions completed in 2013 are anticipated to have an unfavorable 1% structural impact on both our full-year 2014 net revenues and operating income. Currency exchange rates are expected to have an unfavorable impact on our reported results in 2014. Based on current spot rates, our existing hedge positions, and the cycling of our prior year rates, we estimate currency to be an approximate 7% headwind on our full-year operating income, and an approximate 10% headwind on first quarter operating income. The underlying effective annual tax rate on operations in 2014 is currently expected to be approximately 23.0%. In 2014, we are targeting net share repurchases of $2.5 to $3.0 billion. Productivity Initiatives In 2014, we are expanding our previously announced productivity and reinvestment program to drive an incremental $1 billion in productivity by 2016 that will be redirected primarily into increased media investments. This commitment is incremental to the productivity and reinvestment initiatives that we committed to delivering from 2012 through the end of 2015.
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