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Income Taxes
 9 Months Ended
Mar. 31, 2024
Income Taxes  
Income Taxes

11. Income Taxes

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The determination of the annual effective tax rate is based upon a number of significant estimates and judgments, including the estimated annual pretax income in each tax jurisdiction in which we operate and the development of tax planning strategies during the year. In addition, as a global commercial enterprise, our tax expense can be impacted by changes in tax rates or laws, the finalization of tax audits and reviews and other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions.

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The effective tax rates for the three months ended March 31, 2023 and 2024 were 23.8% and 22.6%, respectively. During the three months ended March 31, 2024, we recognized a net discrete tax benefit of $0.2 million related to equity-based compensation under ASU 2016-09 and changes in prior year tax estimates. During the three-month period ended March 31, 2023, we recognized a net discrete tax expense of $0.2 million related to equity-based compensation under ASU 2016 - 09 and changes in prior year tax estimates.

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The effective tax rates for the nine months ended March 31, 2023 and 2024 were 22.6% and 21.7%, respectively. During the nine months ended March 31, 2024, we recognized net discrete tax benefits of $0.8 million related to equity-based compensation under ASU 2016-09 and $2.3 million for changes in prior year tax estimates. During the nine months ended March 31, 2023, we recognized a net discrete tax benefit of $0.6 million related to equity-based compensation under ASU 2016-09 and changes in prior year tax estimates.