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INCOME TAXES
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The following table summarizes our Income tax expense:
Three Months EndedNine Months Ended
September 30,September 30,
(in millions, except percentages)2023202220232022
Income before income taxes$2,318 $2,432 $5,206 $3,783 
Income tax expense$(146)$(646)$(1,010)$(850)
Effective tax rate6.3 %26.6 %19.4 %22.5 %
Our effective income tax rate of 6.3% for the three months ended September 30, 2023 was lower than the U.S. federal statutory rate of 21% primarily due to a decrease in unrecognized tax benefits as a result of reaching agreement with a tax authority on certain tax positions.
Our effective income tax rate of 19.4% for the nine months ended September 30, 2023 was lower than the U.S. federal statutory rate of 21% primarily due to the above mentioned reason for the three months ended September 30, 2023, partially offset by remeasurement of certain deferred tax liabilities related to acquired intangible assets and non-deductible acquired IPR&D expenses recorded associated with our acquisitions of XinThera and Tmunity.
Our effective income tax rates of 26.6% and 22.5% for the three and nine months ended September 30, 2022, respectively, were higher than the U.S. federal statutory rate of 21% primarily due to a non-deductible acquired IPR&D charge recorded associated with our acquisition of MiroBio.
Our income tax returns are subject to audit by federal, state and foreign tax authorities. We are currently under examination by the Internal Revenue Service for our 2016 to 2018 tax years. There are differing interpretations of tax laws and regulations, and as a result, significant disputes may arise with these tax authorities involving issues of the timing and amount of deductions and allocations of income among various tax jurisdictions. We periodically evaluate our exposures associated with our tax filing positions.
We believe that it is reasonably possible that our unrecognized tax benefits may further decrease by approximately $400 million in the next 12 months due to potential resolutions with a tax authority.