INCOME TAXES

9 Months Ended

Dec. 31, 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 14.2% and 3.0% for the three months ended December 31, 2021 and 2020, respectively, and 15.5% and 14.9% for the nine months ended December 31, 2021 and 2020, respectively. The effective tax rate for the three and nine months ended December 31, 2021 differed from the effective tax rate for the three and nine months ended December 31, 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, and discrete income tax benefits related to the finalization of tax returns and a tax restructuring that occurred during the quarter ended December 31, 2021.