Income Taxes

The following table presents Income tax expense and the effective tax rate:



	Three Months Ended March 31,
	2019			2018
	(Dollars in thousands)
Income tax expense	$	27,297		$	18,172
Effective tax rate	14		%	12		%

The effective tax rate for the three months ended March 31, 2019 was lower than the statutory federal rate of 21% primarily due to foreign income taxed at lower rates, and $11.0 million of excess tax benefits related to stock-based compensation, partially offset by state income taxes. The effective tax rate for the three months ended March 31, 2018 was lower than the statutory federal rate of 21% primarily due to tax benefits from foreign income taxed at lower rates, $12.1 million of tax benefits recognized related to changes to provisional amounts previously recognized for the impact of the 2017 Tax Cuts and Jobs Act (“Tax Act”), and $5.5 million of excess tax benefits related to stock-based compensation, partially offset by state income taxes.

During the three months ended March 31, 2019, the Company completed the repatriation of $249.0 million of cash held by foreign subsidiaries, net of $13.1 million of foreign withholding taxes which were previously accrued in 2018.