7. INCOME TAXES


	Three Months Ended				Six Months Ended
	December 31,		December 31,		December 31,		December 31,
	2018		2017		2018		2017
	(Amounts in thousands, except rate)				(Amounts in thousands, except rate)
Income tax benefit (expense)	$	2,148	$	(48,360)	$	(1,967)	$	(55,904)
Effective tax rate		(10.3%)		148.5%		5.3%		83.9%

The decrease in the effective tax rate for the three and six months ended December 31, 2018 was primarily related to the Company’s refined analysis of the transition tax as part of H.R. 1, originally known as the Tax Cuts and Jobs Act (the “Act”), and our ability to utilize additional foreign tax credits. As of December 31, 2018, the Company completed its analysis of the Act within the measurement period provided by Staff Accounting Bulletin No. 118 and the amounts are no longer considered provisional. Despite the completion of our analysis, many aspects of the law remain unclear and future guidance could impact the Company. A material impact due to evolving guidance is not anticipated, however, the Company will continue to monitor any new developments.