The effective tax rate for the three and six month periods ended March 29, 2020 and March 31, 2019 was as follows:


	Three Month Periods Ended		Six Month Periods Ended
Effective tax rate	March 29, 2020	March 31, 2019	March 29, 2020	March 31, 2019
SBH	24.3%	29.6%	15.9%	23.9%
SB/RH	23.5%	58.2%	15.0%	33.5%

The estimated annual effective tax rate applied to the three and six month periods ended March 29, 2020 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, certain nondeductible expenses, 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 six month period ended March 29, 2020, the Company also recognized a $5.3 million tax benefit from the favorable settlement of an income tax examination.