INCOME TAXES	3 Months Ended
Mar. 31, 2018
INCOME TAXES
INCOME TAXES	12. INCOME TAXES The Company’s tax rate was 21.8% and 17.4% for the first quarter of 2018 and 2017, respectively. The change in the Company’s tax rate for the first quarter of 2018 compared to the first quarter of 2017 was driven primarily by discrete tax items and a lower U.S. corporate tax rate. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the “Act”), which reduced the U.S. federal corporate tax rate from 35% to 21%, required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and created new taxes on certain foreign sourced earnings. The Tax Act added many new provisions including changes to bonus depreciation, the deduction for executive compensation and interest expense, a tax on global intangible low taxed income (“GILTI”), the base erosion anti abuse tax (“BEAT”) and a deduction for foreign derived intangible income (“FDII”). The SEC staff issued Staff Accounting Bulletin (“SAB 118”), which provides a measurement period of up to one year from the Tax Act’s enactment date to complete the accounting for the effects of the Tax Act. The Company is assessing the impact of the provisions of the Act, and has not yet elected an accounting policy related to GILTI. The Company recorded an estimate of the one-time transition tax in the fourth quarter of 2017, and in the first quarter of 2018 recorded additional expense of $11.3 million, primarily due to the issuance of technical guidance during the quarter. The one-time transition tax is subject to finalization of estimates of assets and liabilities at future dates, the calculation of deemed repatriation of foreign income and the state tax effect of adjustments made to federal temporary differences. The Company’s estimates are subject to continued technical guidance which may change the provisional amounts recorded in the financial statements, and will be evaluated throughout the measurement period, as permitted by SAB 118. Excess tax benefits related to employee share-based compensation were $6.8 million and $16.0 million in the first quarter of 2018 and 2017, respectively. Net discrete tax benefits of $4.6 million in 2018 related to changes in the Company’s state tax profile and changes in reserves in non-U.S. jurisdictions. 2017 discrete tax benefits of $6.8 million related to the release of reserves for uncertain tax positions due to the expiration of statute of limitation in non-U.S. jurisdictions.

12. INCOME TAXES

The Company’s tax rate was 21.8% and 17.4% for the first quarter of 2018 and 2017, respectively. The change in the Company’s tax rate for the first quarter of 2018 compared to the first quarter of 2017 was driven primarily by discrete tax items and a lower U.S. corporate tax rate.

On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the “Act”), which reduced the U.S. federal corporate tax rate from 35% to 21%, required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and created new taxes on certain foreign sourced earnings. The Tax Act added many new provisions including changes to bonus depreciation, the deduction for executive compensation and interest expense, a tax on global intangible low taxed income (“GILTI”), the base erosion anti abuse tax (“BEAT”) and a deduction for foreign derived intangible income (“FDII”). The SEC staff issued Staff Accounting Bulletin (“SAB 118”), which provides a measurement period of up to one year from the Tax Act’s enactment date to complete the accounting for the effects of the Tax Act. The Company is assessing the impact of the provisions of the Act, and has not yet elected an accounting policy related to GILTI.

The Company recorded an estimate of the one-time transition tax in the fourth quarter of 2017, and in the first quarter of 2018 recorded additional expense of $11.3 million, primarily due to the issuance of technical guidance during the quarter. The one-time transition tax is subject to finalization of estimates of assets and liabilities at future dates, the calculation of deemed repatriation of foreign income and the state tax effect of adjustments made to federal temporary differences. The Company’s estimates are subject to continued technical guidance which may change the provisional amounts recorded in the financial statements, and will be evaluated throughout the measurement period, as permitted by SAB 118.

Excess tax benefits related to employee share-based compensation were $6.8 million and $16.0 million in the first quarter of 2018 and 2017, respectively.

Net discrete tax benefits of $4.6 million in 2018 related to changes in the Company’s state tax profile and changes in reserves in non-U.S. jurisdictions. 2017 discrete tax benefits of $6.8 million related to the release of reserves for uncertain tax positions due to the expiration of statute of limitation in non-U.S. jurisdictions.