(15) Income Taxes

The Company’s income tax expense based on income before income taxes for the periods presented was as follows:


	Three Months Ended
	March 31,
	2018			2017
		(In thousands, excluding percentages)
Income tax benefit	$	(31)		$	(2,952)
Effective tax rate		1.1	%		76.8	%

The Company’s income tax benefit for the three months ended March 31, 2018 totaled $31 thousand, or an effective tax rate of 1.1%, compared to a benefit of $3.0 million, or an effective tax rate of 76.8%, for the same period of 2017. The decrease in income tax benefit for the three months ended March 31, 2018 was partly attributable to an excess tax benefit from share based compensation for the three months ended March 31, 2017, compared to an additional expense in the comparable period of 2018, in accordance with ASU 2016-09.

As of March 31, 2018, the Company had not completed its accounting for the tax effects of the U.S. Tax Reform, due to additional anticipated guidance from standard-setting bodies and the need to obtain additional information to complete calculations. In accordance with SEC Staff Accounting bulletin No. 118, the Company will adjust the provisional estimates previously recorded in December 31, 2017, within the measurement period when the amounts are determined. There have been no changes to the provisional estimates that we initially recorded during the year ended Decmber 31, 2017 as of March 31, 2018.

The Company assesses the need for any deferred tax asset valuation allowances at the end of each reporting period. The determination of whether a valuation allowance for deferred tax assets is needed is subject to considerable judgment and requires an evaluation of all available positive and negative evidence. The Company’s assessment concluded that maintaining valuation allowances on deferred tax assets in Australia, Mexico, and Spain was appropriate, as the Company currently believes that it is more likely than not that the related deferred tax assets will not be realized.

The deferred tax expenses and benefits associated with the Company’s net unrealized gains and losses on derivative instruments and foreign currency translation adjustments have been recorded in the Accumulated other comprehensive loss, net line item in the accompanying Consolidated Balance Sheets.