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Income Taxes | 3 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES On July 4, 2025, the United States enacted the One Big Beautiful Bill Act (“OBBB”) which extended or modified certain corporate tax provisions under the 2017 Tax Cuts and Jobs Act (“TCJA”). The impacts of the OBBB are not included in our operating results for the three months ended June 30, 2025. The OBBB modified certain business deductions, including allowing for immediate expensing of U.S. research & development expenditures, effective in our current fiscal year. The OBBB also modified various international tax provisions which were set to change or expire after 2025 under the TCJA. Such modifications, including U.S. taxation of profits derived from foreign operations and associated foreign tax credit limitations, are effective in our fiscal year 2027. We are evaluating the impact of the OBBB on our Condensed Consolidated Financial Statements. The provision for income taxes for the three months ended June 30, 2025 is based on our projected annual effective tax rate for fiscal year 2026, adjusted for specific items that are required to be recognized in the period in which they are incurred. Our effective tax rate for the three months ended June 30, 2025 was 26 percent, as compared to 29 percent for the same period prior year. The decrease in effective tax rate year-over-year is primarily due to higher excess tax benefits from stock-based compensation compared to prior year. We are subject to income tax examinations in various jurisdictions with respect to fiscal years after 2015. The timing and potential resolution of income tax examinations is highly uncertain. While we continue to measure our uncertain tax positions, the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued. It is reasonably possible that material reduction of unrecognized tax benefits may occur within the next 12 months, which would impact our effective tax rate. The actual amount could vary significantly depending on the ultimate timing and nature of any settlements and tax interpretations.

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