Income Taxes |
3 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company’s quarterly provision for income taxes for the three months ended June 30, 2025 was calculated by applying the estimated annual effective tax rate to year-to-date pre-tax income or loss and adjusting for discrete items that occurred during the period. The Company’s quarterly provision for income taxes for the three months ended June 30, 2024 was calculated using the discrete method, as allowed under FASB Accounting Standards Codification 740-270, Income Taxes - Interim Reporting. The discrete method used in the prior year calculates income tax expense as if the three-month interim period was an annual period. The effective tax rate for the three months ended June 30, 2025 and 2024 was (59.6)% and 71.9%, respectively. For the three months ended June 30, 2025, the difference between the Company’s effective rate and the U.S. statutory rate of 21.0% is primarily due to tax expense related to foreign currency gains, liabilities for unrecognized tax benefits, and nondeductible interest expense. On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act of 2025 ("OBBBA"). This legislation includes several changes to U.S. federal income tax law, including the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act and changes to the international tax framework. Certain provisions of the OBBBA are effective for the Company's fiscal year ending March 31, 2026, and the Company is currently evaluating the impact it will have on our condensed consolidated financial statements.
|