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Income Taxes
3 Months Ended
Mar. 30, 2014
Income Tax Disclosure [Abstract]  
INCOME TAXES
INCOME TAXES

The worldwide effective income tax rates for the fiscal first quarters of 2014 and 2013 were 12.9% and 17.9%, respectively. The lower effective tax rate in 2014 as compared to 2013 was primarily due to a tax benefit of $398 million associated with the Conor Medsystems divestiture which reduced the 2014 first quarter tax rate by 7.3%. The 2013 first quarter tax rate was reduced by 2.4% compared to the 2014 rate due to the benefit from the U.S. Research & Development (R&D) tax credit and the Controlled Foreign Corporation (CFC) look-through provisions.  The 2013 first quarter tax rate included both the 2012 benefit and the 2013 benefit from the R&D tax credit and the CFC look-through provisions, since those provisions were enacted into law in January 2013 and were retroactive to January 1, 2012.  The 2014 first quarter tax rate reflected no benefit from the R&D tax credit and CFC look-through, since those provisions expired at year end 2013.

During the first quarter of 2014, the Company reached a settlement agreement related to substantially all issues regarding the U.S. Internal Revenue Service audit related to tax years 2006 - 2009. As a result of this settlement, the Company adjusted the unrecognized tax benefits related to these matters, which lowered tax expense. The Company also recorded additional U.S. tax expense related to the planned increase in dividends from current year foreign earnings as compared to prior year.

As of March 30, 2014, the Company had approximately $2.3 billion of liabilities from unrecognized tax benefits which reflects the settlement agreement described above. The Company believes it is possible that audits may be completed by tax authorities in some jurisdictions over the next twelve months. The Company is not able to provide a reasonably reliable estimate of the timing of any other future tax payments relating to uncertain tax positions.