than the book value per share of our investment in CCE. These issuances of stock reduced our ownership interest in the total outstanding shares of CCE common stock from approximately 37 percent to approximately 36 percent. 

In 2003, our Company recorded approximately $8 million of noncash pretax gains on issuances of stock by equity method investees. These gains primarily related to the issuance by CCE of common stock valued at an amount greater than the book value per share of our investment in CCE. These issuances of stock reduced our ownership interest in the total outstanding shares of CCE common stock by less than 1 percent. 

Income Taxes 

Our effective tax rate reflects tax benefits derived from significant operations outside the United States, which are generally taxed at rates lower than the U.S. statutory rate of 35 percent. 

Our effective tax rate of approximately 27.2 percent for the year ended December 31, 2005, included the following: 

an income tax benefit primarily related to the Philippines impairment charges at a rate of approximately 4 percent; 

an income tax benefit of approximately $101 million related to the reversal of previously accrued taxes resulting from the favorable resolution of various tax matters; and 

a tax provision of approximately $315 million related to repatriation of previously unremitted foreign earnings under the Jobs Creation Act. 

Our effective tax rate of approximately 22.1 percent for the year ended December 31, 2004, included the following: 

an income tax benefit of approximately $128 million related to the reversal of previously accrued taxes resulting from the favorable resolution of various tax matters; 

an income tax benefit on "Other Operating Charges," discussed above, at a rate of approximately 36 percent; 

an income tax provision of approximately $75 million related to the recording of a valuation allowance on deferred tax assets of CCEAG; and 

an income tax benefit of approximately $50 million as a result of the realization of certain tax credits related to the Jobs Creation Act. 

Our effective tax rate of approximately 20.9 percent for the year ended December 31, 2003, included the following: 

an income tax benefit of approximately $50 million related to the reversal of previously accrued taxes resulting from the favorable resolution of various tax matters partially offset by additional taxes primarily related to the repatriation of funds; 

the effective tax rate for the costs related to the streamlining initiatives of approximately 33 percent; 

the effective tax rate for the proceeds received related to the vitamin antitrust litigation matter of approximately 34 percent (refer to Note 17 of Notes to Consolidated Financial Statements); and 

the effective tax rate for the charge related to a Latin American equity method investee of approximately 3 percent. 

Based on current tax laws, the Company's effective tax rate in 2006 is expected to be approximately 24 percent before considering the effect of any unusual or special items that may affect our tax rate in future years. 

Liquidity, Capital Resources and Financial Position 

We believe our ability to generate cash from