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INCOME TAXES | 9 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES Income tax expense and the effective income tax rate were as follows:
| Three Months Ended December 31, |  | Nine Months Ended December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Income tax expense | $ | 127,208 |  |  | $ | 109,134 |  |  | $ | 237,327 |  |  | $ | 182,716 |
Effective income tax rate | 21.8 | % |  | 21.9 | % |  | 22.6 | % |  | 22.4 | %
The tax provisions during the three and nine months ended December 31, 2024, and 2023, were computed using the estimated effective income tax rate applicable to each of the domestic and foreign taxable jurisdictions for the fiscal years ending March 31, 2025, and March 31, 2024, respectively, and were adjusted for discrete items that occurred within the periods presented above. During the current period, the net change in the effective income tax rate, compared to the prior period, was primarily due to changes in jurisdictional mix of worldwide income before income taxes, partially offset by a lower benefit from net discrete items, including a change in return-to-provision adjustments and tax benefits for stock-based compensation. In addition, the net change in the effective income tax rate due to net discrete items during the nine months ended December 31, 2024 included a change in valuation allowance on tax attributes. Recent Tax Law Changes. The Organization for Economic Co-operation and Development (commonly known as OECD) has released Pillar Two model rules introducing a 15% global minimum tax rate for large multinational corporations to be effective starting with tax periods ending in 2024. Various jurisdictions in which the Company operates have enacted or plan to enact legislation beginning in calendar year 2024 or in subsequent years. The enactment of Pillar Two legislation did not have a material effect on the Company’s condensed consolidated statements of comprehensive income during the current period. The Company will continue to monitor and reflect the impact of such legislative changes in future periods, as each of the respective jurisdictions enact the legislation and the legislation becomes effective.

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