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Income Taxes | 6 Months Ended
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Sep. 30, 2025
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 income taxes is generated outside of Switzerland. The income tax provision for the three and six months ended September 30, 2025 was $32.4 million and $60.9 million based on an effective income tax rate of 15.9% and 16.1% of pre-tax income, respectively. The income tax provision for the same periods ended September 30, 2024 was $30.6 million and $56.1 million based on an effective income tax rate of 17.4% and 16.3% of pre-tax income, respectively. The change in the effective income tax rate for the three and six months ended September 30, 2025, compared with the same periods ended September 30, 2024, was primarily due to the change in the mix of income and losses in the various tax jurisdictions in which the Company operates and less tax incentives for foreign derived intangible income and R&D as compared to prior period, offset by return to provision adjustments. The change in the effective income tax rate for the three and six months ended September 30, 2025, compared with the same periods ended September 30, 2024, was primarily due to the change in the mix of income and losses in the various tax jurisdictions in which the Company operates and less tax incentives for foreign derived intangible income and R&D as compared to prior period, offset with a change in uncertain tax positions. On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted into law in the United States and will be generally effective for the Company beginning in fiscal year 2027. The OBBBA includes numerous provisions that affect corporate taxation, impacting areas such as R&D expensing, bonus depreciation, and international tax provisions. The Company has reviewed the provisions of the OBBBA to determine the potential impact on the Company's financial statements. Based on this review, and considering the Company's current tax position and operations, at this time the Company does not expect the OBBBA to have a material impact on its income taxes, including current and deferred tax balances and the effective tax rate. However, the Company is still in the process of evaluating the full impact of the OBBBA and any material changes to the Company's assessment will be disclosed in future filings as required. For the three months ended September 30, 2025, the Company assessed its exposure to the OECD Pillar Two global minimum tax rules. The Company has determined that, for the fiscal year 2026, most jurisdictions in which it operates should qualify for the transitional Country-by-Country Reporting ("CbCR") safe harbor, as outlined in the OECD Administrative Guidance and enacted domestic legislation. The Company's CbCR has been prepared in accordance with the requirements for a Qualified CbCR, using qualified financial statements. Based on this data, most jurisdictions continue to meet safe harbor qualifications at 16% tax rates, and therefore, the Company is only required to perform a detailed Pillar Two top-up tax calculation for limited jurisdictions. The estimated top up tax for fiscal year 2026 is not material and has been included in the calculation of the Company's annual effective tax rate. The OECD and participating countries continue to issue underlying rules and administrative guidance related to Pillar Two, and the Company continues to monitor the relevant developments.

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