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Income Taxes
 9 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company used a discrete effective tax rate method to calculate taxes for the three and nine months ended December 31, 2022. The Company determined that applying an estimate of the annual effective tax rate would not provide a reasonable estimate as small changes in estimated “ordinary” loss could result in significant changes in the estimated annual effective tax rate. Accordingly, for the three and nine months ended December 31, 2022, the Company recorded a total deferred tax expense of $0.2 million and $0.6 million, respectively, due to the inability to use some portion of its federal and state NOL carryforwards against the deferred tax liability created by the amortization of indefinite-lived intangibles.
The Company’s net operating losses (“NOLs”) generated after March 31, 2018 may be used as an indefinite-lived asset to offset its deferred tax liability but are limited to 80% of future taxable income. The deferred tax liabilities as of December 31, 2022 are approximately $2.6 million for federal and $2.2 million for state.