v3.26.1
INCOME TAXES (Tables)
 12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of (Loss) Income from Continuing Operations Before Income Taxes Components of Loss before income taxes are as follows:
 Fiscal Year Ended March 31,
202620252024
Domestic$(447.2)$(2,471.1)$(2,081.8)
Foreign249.4 (2,020.2)(1,621.0)
Loss before income taxes$(197.8)$(4,491.3)$(3,702.8)
Schedule of Provision for Current and Deferred Income Taxes
Provision for (benefit from) current and deferred income taxes consists of the following:
 Fiscal Year Ended March 31,
202620252024
Current:   
U.S. federal$9.9 $0.2 $23.0 
U.S. state and local2.1 11.5 12.4 
Foreign166.1 115.0 107.5 
Total current income taxes178.1 126.7 142.9 
Deferred:
U.S. federal0.3 (55.3)24.6 
U.S. state and local— — (22.6)
Foreign(78.0)(83.8)(103.5)
Total deferred income taxes(77.7)(139.1)(101.5)
Provision for (benefit from) income taxes$100.4 $(12.4)$41.4 
Schedule of Reconciliation of Effective Tax Rate to the U.S. Statutory Federal Income Tax Rate A reconciliation of our effective tax rate to the U.S. statutory federal income tax rate pursuant to the disclosure requirements of ASU 2023-09 for the fiscal year ended March 31, 2026 is as follows:
Fiscal Year Ended March 31, 2026
U.S. federal statutory rate$(41.5)21.0 %
State and local taxes, net of U.S. federal benefit(1)
4.9 (2.5)%
Foreign tax effects(2)
Turkey
Withholding taxes62.6 (31.7)%
Nondeductible and other10.6 (5.4)%
United Kingdom
Nondeductible and other(3)
11.2 (5.6)%
Switzerland
Foreign tax rate differential9.3 (4.7)%
Nondeductible and other7.1 (3.6)%
Other foreign jurisdictions9.9 (5.0)%
Effect of cross-border tax laws(4)
(30.4)15.3 %
Research & development credits(45.1)22.8 %
Changes in valuation allowances(5)
103.8 (52.5)%
Nontaxable or nondeductible items
Excess tax benefits from stock-based compensation(25.3)12.8 %
Nondeductible compensation7.0 (3.6)%
Nondeductible and other2.4 (1.1)%
Changes in unrecognized tax benefits, including interest(6)
13.9 (7.0)%
Effective tax rate$100.4 (50.8)%
(1) California and Minnesota state taxes make up the majority (greater than 50%) of this category. Changes in state valuation allowances as a result of a determination in the fiscal year ended March 31, 2026 that it was more likely than not that such deferred tax assets would not be realized, are reflected in this category.
(2) Foreign tax effects include the changes in our valuation allowance on deferred tax assets as a result of a determination in the fiscal year ended March 31, 2026 that it was more likely than not that such deferred tax assets would not be realized. The changes are included in their respective international jurisdictions.
(3) Includes the impact of Pillar Two.
(4) Effect of cross-border tax laws are presented on a net basis, primarily related to Net Controlled Foreign Corporation Tested Income (NCTI), formally known as Global Intangible Low Taxed Income (GILTI) and foreign tax credits.
(5) The change in domestic valuation allowance includes an increase in our valuation allowance on deferred tax assets as a result of a determination in the fiscal year ended March 31, 2026 that it was more likely than not that such deferred tax assets would not be realized.
(6) Changes in unrecognized tax benefits are presented on an aggregated basis for all jurisdictions.
 Fiscal Year Ended March 31,
20252024
U.S. federal statutory rate21.0 %21.0 %
State and local taxes, net of U.S. federal benefit0.4 %0.6 %
Foreign tax rate differential(1)
(0.2)%0.2 %
Foreign earnings(2)
(0.5)%(1.5)%
Tax credits(3)
1.2 %1.7 %
Excess tax benefits from stock-based compensation0.2 %(0.1)%
Earn-out adjustments— %0.1 %
Valuation allowance-domestic(4)
(5.0)%(9.1)%
Valuation allowance-foreign(4)
(0.6)%(1.1)%
Nondeductible compensation(0.1)%(0.1)%
Global intangible low-taxed income(0.5)%(1.0)%
Foreign-derived intangible income0.3 %0.5 %
Change in reserves— %0.9 %
Goodwill impairment(16.0)%(12.8)%
Other0.1 %(0.4)%
Effective tax rate0.3 %(1.1)%
(1) The foreign rate differentials in relation to foreign earnings, for all periods presented, are primarily driven by changes in the mix of our foreign earnings and the difference between the foreign and U.S. income tax rates.
(2) Fiscal year ended March 31, 2024 includes tax expense of $29.2 from a decrease in the deferred tax assets related to Switzerland's Federal Act on Tax Reform and AVH Financing ("TRAF") enacted on January 1, 2020.
(3) Tax benefits were recorded for fiscal years ended March 31, 2025 and 2024 attributable to certain tax credits related to software development activities.
(4) The change in domestic and foreign valuation allowance includes an increase in our valuation allowance on deferred tax assets as a result of a determination in the fiscal years ended March 31, 2025 and 2024 that it was more likely than not that such deferred tax assets would not be realized.
Schedule of Effects of Temporary Differences that Gave Rise to Deferred Tax Assets and Liabilities The effects of temporary differences that gave rise to our deferred tax assets and liabilities were as follows:
 March 31,
20262025
Deferred tax assets:  
Capitalized development costs, software and depreciation$388.4 $440.6 
Tax credit carryforward339.3 232.5 
Net operating loss carryforward199.8 104.1 
Equity-based compensation146.0 158.3 
Tax basis step up related to TRAF131.4 131.1 
Operating lease liabilities108.3 100.2 
Accrued compensation expense101.6 79.7 
Disallowed interest7.7 20.8 
Deferred revenue8.9 2.8 
Business reorganization0.8 1.1 
Other22.6 25.7 
Total deferred tax assets1,454.8 1,296.9 
Less: Valuation allowance(1,262.3)(1,127.0)
Net deferred tax assets$192.5 $169.9 
Deferred tax liabilities:
Intangible amortization$(207.8)$(338.1)
Right-of-use assets(89.3)(76.3)
Withholding taxes(77.6)(15.0)
Total deferred tax liabilities(374.7)(429.4)
Net deferred tax liability(1)
$(182.2)$(259.5)
(1) As of March 31, 2026 and 2025, $0.1 and $0.1 are included in Deferred tax assets, included within Other assets, respectively, on our Consolidated Balance Sheets. As of March 31, 2026 and 2025, $182.3 and $259.6 are included in Deferred tax liabilities, net, respectively, on our Consolidated Balance Sheets.
Schedule of Aggregate Changes to the Liability for Gross Uncertain Tax Positions, Excluding Interest and Penalties The aggregate changes to the liability for gross uncertain tax positions, excluding interest and penalties, were as follows:
 Fiscal Year Ended March 31,
202620252024
Balance, beginning of period$218.6 $242.8 $274.7 
Additions:
Current year tax positions28.7 63.6 41.4 
Prior year tax positions— — 2.3 
Reduction of prior year tax positions(10.2)(60.3)— 
Lapse of statute of limitations(18.3)(28.1)(76.2)
Other— 0.6 0.6 
Balance, end of period$218.8 $218.6 $242.8 
Schedule of Cash Flow, Supplemental Disclosures
Cash paid for income taxes, net of refunds received, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the fiscal year ended March 31, 2026 were as follows:
Fiscal Year Ended March 31, 2026
U.S. federal$— 
U.S. state and local0.7 
Foreign:
Finland26.0 
Turkey83.6 
United Kingdom19.3 
Other19.8 
Total$149.4