The components of the provision for income taxes consist of the following.

On December 22, 2017, new federal income tax legislation, the Tax Cuts and Jobs Act (‘Act’), was signed into law. Effective January 1, 2018, the U.S. corporate federal statutory income tax rate was reduced from 35.0% to 21.0% and required re-measurement of deferred balances to the new statutory rates as of December 31, 2017. The re-measurement of the Company’s deferred taxes created a tax benefit of $51,707, including a $53,545 benefit associated with unrealized gains on marketable securities.

The Act also imposed a mandatory on-time transition tax on undistributed international earnings. We do not expect to have any additional tax liability related to a transition tax. The Company did not have a net tax expense or benefit on income from international operations. Losses before income taxes during 2017 were $12,890. of which $6,660 derived from international operations.

As of December 31, 2017, we had approximately $357 of unrecognized tax benefits, including approximately $29 of interest and penalties, which are included in other long-term liabilities in the consolidated balance sheet. As of December 31, 2016, we had approximately $396 of unrecognized tax benefits, including approximately $20 of interest and penalties, which are included in other long-term liabilities in the consolidated balance sheet. Our continuing practice is to recognize interest expense and penalties related to income tax matters in income tax expense. The unrecognized tax benefits of $357 would impact the effective income tax rate if recognized. Adjustments to the Company’s unrecognized tax benefit for gross increases for current period tax position, gross decreases for prior period tax positions and the lapse of statute of limitations during 2017, 2016 and 2015 were not significant.

We file income tax returns which are periodically audited by various foreign, federal, state, and local jurisdictions. With few exceptions, we are no longer subject to federal, state, and local tax examinations for fiscal years prior to 2014. We believe we have certain state income tax exposures related to fiscal years 2014 through 2016. Because of the expiration of the various state statutes of limitations for these fiscal years, it is possible that the total amount of unrecognized tax benefits will decrease by approximately $36 within 12 months.

Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse.

Our deferred tax assets and liabilities consist of the following.

Receivables on the balance sheet include income taxes receivable of $751 as of December 31, 2017. Accounts payable and accrued expenses on the consolidated balance sheet include income taxes payable of $1,060 as of December 31, 2016. Income taxes paid during 2017, 2016 and 2015 were $3,211, $6,961 and $2,063, respectively. Income tax refunds totaled $233 and $16 in 2016 and 2015, respectively.