Income taxes

6 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income taxes

Income taxes

Our income tax provision reflects our estimate of the effective tax rate expected to be applicable for the full fiscal year, adjusted for any discrete events which are recorded in the period they occur. The estimates are re-evaluated each quarter based on our estimated tax expense for the full fiscal year.

Our effective tax rate was 15.4% for the six months ended September 30, 2020 compared to 38.9% for the six months ended September 30, 2021. Our effective tax rate was 22.0% for the three months ended September 30, 2020 compared to 65.7% for the three months ended September 30, 2021. Ignoring the impact of foreign exchange gains and losses net of tax, the effective tax rate for the six months ended September 30, 2020 and 2021, was 29.0% and 35.0%, respectively, and for the three months ended September 30, 2020 and 2021, was 28.4% and 38.6%, respectively.