Income taxes	3 Months Ended
Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income taxes	Note 8. Income taxes Our consolidated effective income tax rates for the first quarter of 2017 and 2016 were 27.2% and 12.4%, respectively. Our effective income tax rate normally reflects benefits from the recurring impact of: (a) dividends received deductions applicable to certain investments in equity securities, (b) income production tax credits related to wind-powered electricity generation placed in service in the U.S. and (c) lower income tax rates applicable to earnings of certain foreign subsidiaries. On February 29, 2016, we exchanged our long-held investment in P&G common stock for the common stock of Duracell. This exchange produced a pre-tax gain of $1.1 billion for financial reporting purposes. The exchange transaction was structured as a tax-free reorganization under the Internal Revenue Code. As a result, no income taxes were payable on the excess of the fair value of the business received over the tax basis of the P&G shares exchanged and we recorded a one-time reduction of certain deferred income tax liabilities (approximately $750 million) that were recorded in 2005 in connection with our exchange of The Gillette Company common stock for P&G common stock upon the merger of those two companies. The P&G/Duracell exchange produced a 17.7 percentage point reduction in our consolidated effective income tax rate for the first quarter of 2016.

Income taxes

3 Months Ended

Mar. 31, 2017

Note 8. Income taxes

Our consolidated effective income tax rates for the first quarter of 2017 and 2016 were 27.2% and 12.4%, respectively. Our effective income tax rate normally reflects benefits from the recurring impact of: (a) dividends received deductions applicable to certain investments in equity securities, (b) income production tax credits related to wind-powered electricity generation placed in service in the U.S. and (c) lower income tax rates applicable to earnings of certain foreign subsidiaries.

On February 29, 2016, we exchanged our long-held investment in P&G common stock for the common stock of Duracell. This exchange produced a pre-tax gain of $1.1 billion for financial reporting purposes. The exchange transaction was structured as a tax-free reorganization under the Internal Revenue Code. As a result, no income taxes were payable on the excess of the fair value of the business received over the tax basis of the P&G shares exchanged and we recorded a one-time reduction of certain deferred income tax liabilities (approximately $750 million) that were recorded in 2005 in connection with our exchange of The Gillette Company common stock for P&G common stock upon the merger of those two companies. The P&G/Duracell exchange produced a 17.7 percentage point reduction in our consolidated effective income tax rate for the first quarter of 2016.