INCOME TAXES

9 Months Ended

Dec. 31, 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 0.9% and 13.1% for the three months ended December 31, 2023 and 2022, respectively. The effective tax rate for the three months ended December 31, 2023 differed from the effective tax rate for the three months ended December 31, 2022 primarily due to the discrete income tax benefits related to the finalization of tax returns and the goodwill impairment incurred during the three months ended December 31, 2023.

The Company's effective tax rates were 3.3% and 9.5% for the nine months ended December 31, 2023 and 2022, respectively. The effective tax rate for the nine months ended December 31, 2023 differed from the effective tax rate for the nine months ended December 31, 2022 primarily due to the discrete income tax benefits related to the finalization of tax returns and the goodwill impairment incurred during the nine months ended December 31, 2023.