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Income Taxes
 9 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
 
The Company is incorporated in Switzerland but operates in various countries with differing tax laws and rates. Further, a portion of the Company’s income before taxes and the provision for (benefit from) income taxes are generated outside of Switzerland.

The income tax provision for the three and nine months ended December 31, 2022 was $42.7 million and $87.8 million, based on an effective income tax rate of 23.3% and 21.4% of pre-tax income, respectively. The income tax provision for the same periods ended December 30, 2021 was $49.3 million and $107.8 million, based on an effective income tax rate of 19.0% and 16.7% of pre-tax income, respectively.

The change in the effective income tax rate for the three and nine months ended December 31, 2022 was primarily due to the mix of income and losses in the various tax jurisdictions in which the Company operates. There were discrete tax benefits of $0.2 million and $1.4 million from the recognition of excess tax benefits in the United States in the three and nine months ended December 31, 2022, respectively. In addition, there were discrete tax benefits of $1.7 million and $3.2 million from the reversal of uncertain tax positions from the expiration of statutes of limitations, respectively, in the three and nine month period ended December 31, 2022. The change in the effective income tax rate for the three and nine months ended December 31, 2021 was primarily due to the mix of income and losses in the various tax jurisdictions in which the Company operates. There were discrete tax benefits of $0.8 million and $15.2 million from the recognition of excess tax benefits in the United States in the three and nine months ended December 31, 2021, respectively. Furthermore, there were discrete tax benefits of $1.3 million and $2.8 million from the reversal of uncertain tax positions from the expiration of statutes of limitations, respectively, in the three and nine month period ended December 31, 2021.

As of December 31, 2022 and March 31, 2022, the total amount of unrecognized tax benefits due to uncertain tax positions was $184.0 million and $176.0 million, respectively, all of which would affect the effective income tax rate if recognized.

As of December 31, 2022 and March 31, 2022, the Company had $117.6 million and $83.4 million, respectively, in non-current income taxes payable including interest and penalties, related to the Company's income tax liability for uncertain tax positions.
 
The Company recognizes interest and penalties related to unrecognized tax positions in the income tax provision. As of December 31, 2022 and March 31, 2022, the Company had $5.2 million and $3.6 million, respectively, of accrued interest and penalties related to uncertain tax positions in non-current income taxes payable.
 
Although the Company has adequately provided for uncertain tax positions, the provisions related to these positions may change as revised estimates are made or the underlying matters are settled or otherwise resolved. During fiscal year 2023, the Company continues to review its tax positions and provide for or reverse unrecognized tax benefits as they arise. During the next twelve months, it is reasonably possible that the amount of unrecognized tax benefits could increase or decrease significantly due to changes in tax law in various jurisdictions, new tax audits and changes in the U.S. dollar as compared to other currencies. Excluding these factors, uncertain tax
positions may decrease by as much as $4.3 million from the lapse of the statutes of limitations in various jurisdictions during the next twelve months.On August 16, 2022, the “Inflation Reduction Act” (H.R. 5376) ("IRA") was signed into law in the United States. The IRA establishes a new corporate alternative minimum tax based on financial statement income adjusted for certain items. The new minimum tax is effective for tax years beginning after December 31, 2022. The Company does not expect the IRA will have a material impact to the Company's financial statements when it becomes effective.