We anticipate the impact of these investments will be approximately $0.02 per share after-tax in the second quarter. Including these strategic cost, we anticipate that corporate expenses for the second quarter will run approximately $95 million to $100 million.
Our effective tax rate for the first quarter also came in slightly lower than expected at approximately 27% due to a tax basis adjustment. For the remainder of 2014 we're expecting the effective tax rate to be approximately 28% to 29%. Cash flow from operations during the first quarter was $954 million nearly triple the cash flow from the first quarter of 2013.
Adjusting for the $500 million in stock repurchases, we generated approximately $300 million in cash during the quarter. As we progress through 2014, we believe we are well positioned to generate significantly more cash and that our cash flow will grow sustainably in the coming years. As a reminder we're working to grow the percentage of cash available for distribution to shareholders up to roughly 35% of our operating cash flows over the next few years, which is nearly double our historic average.
For the second quarter we expect our average share count will be approximately 850 million. We continue to expect that our capital expenditures for 2014 will be approximately $3 billion. We also expect depreciation and amortization to be approximately $2.1 billion during 2014.
Now moving to the Eastern Hemisphere outlook. In the second quarter we're anticipating a low double-digit percentage improvement in revenue as we recover from the first quarter seasonal drop-off and we expect margins to move solidly into the mid-teens. Over the course of the year revenue and margin should continue to progressively stair step higher with full year margins averaging in the upper teens.
In Latin America we expect Brazil to be a headwind for the remainder of this year, an average of 24 rigs we're drilling during the first quarter and activity is expected to remain at this reduced level for the rest of 2014 and into 2015. However, IPM activity is beginning to pick up in Mexico to offset the Brazil slowdown. For the second quarter, we expect a high single digit percentage improvement in revenue in Latin America. We believe margins will only be modestly higher than the first quarter, due not only to lower Brazil activity, but also the project mobilization cost in Mexico. We expect a more meaningful step up in revenues and margins in the second half of the year, which should bring full year revenue and margins in line with 2013.
Concluding with North America, in the second quarter, we're expecting higher U.S. land activity to more than offset the seasonal Canadian spring break up. The logistics issues we experienced in the first quarter should also abate and we will yield more benefit from our HALvantage initiatives. The net result is that we should see a low to mid-single-digit percentage improvement in North America revenue in the second quarter and margins will return to second half 2013 levels. As Dave commented earlier, we fully expect North American margins will approach 20% before year-end.