INCOME TAXES

6 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

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

The Company's effective tax rates were 21.9% and 10.3% for the three months ended September 30, 2023 and 2022, respectively. The effective tax rate for the three months ended September 30, 2023 differed from the effective tax rate for the three months ended September 30, 2022 primarily due to the impact of U.S. taxation of foreign earnings and the foreign derived intangible income deduction relative to forecasted profits, and a discrete provision from the gain on divestiture.

The Company's effective tax rates were 22.0% and 15.3% for the six months ended September 30, 2023 and 2022, respectively. The effective tax rate for the six months ended September 30, 2023 differed from the effective tax rate for the six months ended September 30, 2022 primarily due to the impact of U.S. taxation of foreign earnings and the foreign derived intangible income deduction relative to forecasted profits, and a discrete provision from the gain on divestiture.