INCOME TAXES

6 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

Generally, the Company's effective tax rate differs from the statutory tax rate primarily due to foreign withholding taxes, valuation allowances and US taxation on foreign earnings, which are partially offset by research and development tax credits, foreign tax credits and the foreign derived intangible income deduction.

The Company's effective tax rates were 19.7% and 1,057.4% for the three months ended September 30, 2021 and 2020, respectively. The effective tax rate for the three months ended September 30, 2021 differed from the effective tax rate for the three months ended September 30, 2020, primarily due to the impact of research and development tax credits, foreign tax

credits, the foreign derived intangible income deduction, foreign withholding taxes, and U.S. taxation on foreign earnings relative to forecasted profits, partially offset by discrete non-deductible stock compensation and the remeasurement of certain deferred taxes due to a change in enacted tax rate in the UK.The Company's effective tax rates were 5.7% and 11.8% for the six months ended September 30, 2021 and 2020, respectively. The effective tax rate for the six months ended September 30, 2021 differed from the effective tax rate for the six months ended September 30, 2020, primarily due to the impact of research and development tax credits, foreign tax credits, the foreign derived intangible income deduction, foreign withholding taxes, and U.S. taxation on foreign earnings relative to forecasted profits, partially offset by discrete non-deductible stock compensation.