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Income Taxes
 6 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Income Tax Disclosure
13.    Income Taxes

Income tax expense (benefit) as a percentage of income (loss) from continuing operations before income tax expense was 26% and 21% in the three months ended September 30, 2022 and September 30, 2021, respectively and 38% and 16% in the six months ended September 30, 2022 and September 30, 2021. Typically these percentages vary from the U.S. statutory rate of 21% primarily due to varying effective tax rates at the Company's foreign subsidiaries, and the jurisdictional mix of income for these subsidiaries.

During the first six months of 2023, the rate was unfavorably impacted 7 percentage points due to settlement of income tax assessments related to tax periods prior to the Company’s acquisition of Stahl Cranesystems GmbH (“STAHL"). In accordance with the tax indemnification clause of the share purchase agreement, the Company received full reimbursement from STAHL’s prior owner which was recorded as a gain in Other (income) expense, net on the Condensed Consolidated Statements of Operations during the period. The tax rate for the six months ended September 30, 2022 also reflects an unfavorable impact of 6 percentage points due to the recording of a U.S. state tax valuation allowance. The valuation allowance primarily relates to changes in the Company’s expectations regarding its ability to more likely than not utilize certain state net operating losses prior to their expiration. The tax rate for the three months ended September 30, 2022 was also unfavorably impacted by
valuation allowances. The impact of equity compensation decreased the rate by 8 percentages points during the six months ended September 30, 2021 but did not have a significant impact on the rate for the three months ended September 30, 2021.

The Company estimates that the effective tax rate related to continuing operations will be approximately 29% to 31% for fiscal 2023.

Refer to the Company’s consolidated financial statements included in its 2022 10-K for further information on income taxes.