The effective tax rate for the three month periods ended December 29, 2019 and December 30, 2018 was as follows:


	Three Month Periods Ended
Effective tax rate	December 29, 2019	December 30, 2018
SBH	(1.9)%	10.3%
SB/RH	(2.5)%	(9.0)%

The estimated annual effective tax rate applied to the three month period ended December 29, 2019 differs from the US federal statutory rate of 21% principally due to income earned outside the U.S. that is subject to U.S. tax, including the U.S. tax on global intangible low taxed income (“GILTI”), net operating losses outside the U.S. that are not more likely than not to result in a tax benefit, and foreign rates that differ from the US federal statutory rate. The Company has U.S. net operating loss carryforwards, which do not allow it to take advantage of the foreign-derived intangible income (“FDII”) deduction. The Company’s federal effective tax rate on GILTI is therefore 21%. During the three month period ended December 29, 2019, the Company also recognized a $5.3 million tax benefit from the favorable settlement of an income tax examination.

The December 29, 2019 Condensed Consolidated Statement of Financial Position for SB/RH contains $4.4 million of income taxes receivable from its parent company, calculated as if SB/RH were a separate taxpayer.