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INCOME TAXES
 6 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES Income Taxes
The Company's effective tax rate was 21.3% and (8.2)% for the three months ended September 30, 2025 and 2024, respectively, and (71.9)% and (7.7)% for the six months ended September 30, 2025 and 2024, respectively. The difference in the effective tax rate and the U.S. federal statutory rate was primarily due to the full valuation allowance that the Company maintains against its U.S. deferred tax assets after adjusting for the impact of certain provisions enacted under the Tax Cuts and Jobs Act, current tax liabilities of profitable foreign subsidiaries subject to different local income tax rates, and state taxes in the United States. The effective tax rate is calculated by dividing the provision for income taxes by the income (loss) before provision for income taxes.
One Big Beautiful Bill Act
On July 4, 2025, the United States enacted tax reform legislation through the One Big Beautiful Bill Act (the "OBBBA") (formally known as An Act to provide for reconciliation, pursuant to title II of H. Con. Res. 14). Included in this legislation are provisions that allow the immediate expensing of domestic U.S. research and development expenses, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations. The legislation has multiple effective dates, with certain provisions coming into effect for the Company in its fiscal year ending March 31, 2026 and other provisions coming into effect in subsequent years.
The Company has evaluated the impact of the legislation and has reflected applicable changes to its tax provision, including the reduction of taxes payable for the fiscal year ending March 31, 2026. Since some of the changes in the legislation will require Treasury to issue new interpretive guidance and there is uncertainty around state-level conformity, the Company’s assessment of the OBBBA remains ongoing.