For the months ended the Company recorded a benefit for income taxes of reflecting an effective tax rate of negative The Tax Cut and Jobs Act of (the “Tax Reform Act”) was enacted on The Tax Reform Act reduced certain federal corporate income tax rates effective and changed certain other provisions. The effective tax rate for the quarter ended is a blended rate reflecting the anticipated benefit of quarters of federal tax rate reductions for fiscal Our quarter tax benefit reflects a lower tax rate and a -time benefit of related to the favorable impact of a revaluation of our net deferred tax liability that decreased the income tax provision for the quarter ended and reduced long-term deferred tax liabilities as of The final impact of the Tax Reform Act differ due to and among other things, changes in interpretations, assumptions made by the Company, the issuance of additional guidance, and actions the Company take as a result of the Tax Reform Act. Additionally, differences between the effective tax rate and the statutory tax rate are related to nondeductible meals and entertainment, favorable domestic manufacturing deduction and research and development credits.

 

As of and the Company had a remaining valuation allowance of approximately and respectively, related to state net operating loss carry forwards the Company does expect to utilize. As a result of recording the impact of the Tax Reform Act on its deferred assets and liabilities, the Company recorded an increase in its valuation allowance against state net operating losses carried forward of approximately in the quarter ended Based on the Company’s analysis and review of long-term forecasts and all available evidence, the Company has determined that there should be further change in this existing valuation allowance in the quarter ended

 

For the months ended the Company recorded a provision for income taxes of reflecting an effective tax rate of The primary difference between the effective tax rate and the statutory tax rate was related to nondeductible meals and entertainment, favorable domestic manufacturing deduction and research and development credits, expenses related to equity award compensation and favorable discrete items for the quarter from tax benefits related to stock-based compensation awards.

 

Deferred taxes recognize the impact of temporary differences between the amounts of the assets and liabilities recorded for financial statement purposes and these amounts measured in accordance with tax laws. The Company’s realization of deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax asset for expected utilization using a “more likely than criteria by assessing the available positive and negative factors surrounding its recoverability.

 

d tax benefits as a component of income tax expense. The Company does expect any material changes in its unrecognized tax positions over the next months.