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Cover - USD ($)	12 Months Ended
Cover - USD ($)	Mar. 31, 2020	May 20, 2020	Sep. 30, 2019
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-34972
Entity Registrant Name	Booz Allen Hamilton Holding Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2634160
Entity Address, Address Line One	8283 Greensboro Drive,
Entity Address, City or Town	McLean,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	703
Local Phone Number	902-5000
Title of 12(b) Security	Class A Common Stock
Trading Symbol	BAH
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 9,760,433,437
Entity Common Stock, Shares Outstanding		137,938,100
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for its Annual Meeting of Stockholders scheduled for July 29, 2020 are incorporated by reference into Part III.
Entity Central Index Key	0001443646
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--03-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Current assets:
Cash and cash equivalents	$ 741,901	$ 283,990
Accounts receivable, net of allowance	1,459,471	1,330,364
Prepaid expenses and other current assets	126,816	84,986
Total current assets	2,328,188	1,699,340
Property and equipment, net of accumulated depreciation	208,077	172,453
Operating lease right-of-use assets	240,122	0
Intangible assets, net of accumulated amortization	300,987	287,051
Goodwill	1,581,160	1,581,160
Other long-term assets	135,432	91,837
Total assets	4,793,966	3,831,841
Current liabilities:
Current portion of long-term debt	177,865	57,924
Accounts payable and other accrued expenses	698,011	664,948
Accrued compensation and benefits	348,775	325,553
Operating lease liabilities	49,021	0
Other current liabilities	54,006	130,814
Total current liabilities	1,327,678	1,179,239
Long-term debt, net of current portion	2,007,979	1,701,837
Operating lease liabilities, net of current portion	270,266	0
Income tax reserves	56,130	11,509
Deferred tax liabilities	88,086	33,238
Other long-term liabilities	187,471	230,652
Total liabilities	3,937,610	3,156,475
Commitments and contingencies (Note 22)
Stockholders’ equity:
Common stock, Class A — $0.01 par value — authorized, 600,000,000 shares; issued, 161,333,973 shares at March 31, 2020 and 159,924,825 shares at March 31, 2019; outstanding, 138,719,921 shares at March 31, 2020 and 140,027,853 shares at March 31, 2019	1,613	1,599
Treasury stock, at cost — 22,614,052 at March 31, 2020 and 19,896,972 shares at March 31, 2019	(898,095)	(711,450)
Additional paid-in capital	468,027	401,596
Retained earnings	1,330,812	994,811
Accumulated other comprehensive loss	(46,001)	(11,190)
Total stockholders’ equity	856,356	675,366
Total liabilities and stockholders’ equity	$ 4,793,966	$ 3,831,841

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Mar. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	161,333,973	159,924,825
Common stock, shares outstanding (in shares)	138,719,921	140,027,853
Treasury stock, shares (in shares)	22,614,052	19,896,972

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Revenue	$ 7,463,841	$ 6,704,037	$ 6,167,600
Operating costs and expenses:
Cost of revenue	3,379,180	3,100,466	2,866,268
Billable expenses	2,298,413	2,004,664	1,861,312
General and administrative expenses	1,035,965	927,938	855,541
Depreciation and amortization	81,081	68,575	64,756
Total operating costs and expenses	6,794,639	6,101,643	5,647,877
Operating income	669,202	602,394	519,723
Interest expense	(96,960)	(89,517)	(82,269)
Other income (expense), net	7,192	2,526	(7,418)
Income before income taxes	579,434	515,403	430,036
Income tax expense	96,831	96,874	128,344
Net income	$ 482,603	$ 418,529	$ 301,692
Earnings per common share (Note 3):
Basic (in dollars per share)	$ 3.43	$ 2.94	$ 2.05
Diluted (in dollars per share)	$ 3.41	$ 2.91	$ 2.03

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 482,603	$ 418,529	$ 301,692
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Change in unrealized gain (loss) on derivatives designated as cash flow hedges	(39,752)
Change in unrealized gain (loss) on derivatives designated as cash flow hedges		(7,971)	4,993
Change in postretirement plan costs	4,941	11,887	(171)
Total other comprehensive (loss) income, net of tax	(34,811)	3,916	4,822
Comprehensive income	$ 447,792	$ 422,445	$ 306,514

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net income	$ 482,603	$ 418,529	$ 301,692
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	81,081	68,575	64,756
Noncash lease expense	55,096	0	0
Stock-based compensation expense	43,290	31,275	23,318
Deferred income taxes	65,434	23,006	8,956
Amortization of debt issuance costs and loss on extinguishment	6,139	9,354	5,974
Losses (gains) on dispositions	1,772	(5,464)	(246)
Changes in assets and liabilities:
Accounts receivable, net of allowance	(129,107)	(196,453)	(126,196)
Income taxes receivable / payable	(122,977)	21,634	(4,821)
Prepaid expenses and other current assets	(13,500)	(2,328)	14,119
Other long-term assets	(6)	(15,346)	(12,394)
Accrued compensation and benefits	18,044	44,137	11,296
Accounts payable and other accrued expenses	48,260	107,644	53,527
Income tax reserves	44,621	(278)	140
Other current liabilities	5,016	(7,885)	4,762
Operating lease liabilities	(37,651)	0	0
Other long-term liabilities	3,313	3,210	24,260
Net cash provided by operating activities	551,428	499,610	369,143
Cash flows from investing activities
Purchases of property, equipment, and software	(128,079)	(94,681)	(78,437)
Payments for businesses acquired, net of proceeds from sales of business	0	5,469	(19,113)
Insurance proceeds received for damage to equipment	0	0	1,097
Net cash used in investing activities	(128,079)	(89,212)	(96,453)
Cash flows from financing activities
Proceeds from issuance of common stock	14,987	11,266	8,907
Stock option exercises	8,925	12,116	12,095
Repurchases of common stock	(182,224)	(252,824)	(270,318)
Cash dividends paid	(146,602)	(114,234)	(103,411)
Repayment of debt	(76,922)	(170,512)	(317,149)
Proceeds from debt issuance	497,891	102,071	467,678
Payment of deferred payment obligation	(80,000)	0	0
Other financing activities	(1,493)	(1,249)	(951)
Net cash provided by (used in) financing activities	34,562	(413,366)	(203,149)
Net increase (decrease) in cash and cash equivalents	457,911	(2,968)	69,541
Cash and cash equivalents––beginning of year	283,990	286,958	217,417
Cash and cash equivalents––end of year	741,901	283,990	286,958
Supplemental disclosures of cash flow information
Interest	84,125	76,731	62,498
Income taxes	109,754	52,512	128,416
Supplemental disclosures of non-cash investing and financing activities
Share repurchases transacted but not settled and paid	10,736	6,315	9,146
Noncash financing activities	$ 3,920	$ 3,033	$ 0

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Class A Common Stock	Common Stock Class A Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balance (in shares) at Mar. 31, 2017			155,901,485	(7,013,777)
Beginning of year at Mar. 31, 2017	$ 584,873		$ 1,559	$ (191,900)	$ 302,907	$ 489,384	$ (17,077)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			866,099
Issuance of common stock	8,907		$ 8		8,899
Stock options exercised (in shares)			1,261,089
Stock options exercised	12,095		$ 13		12,082
Repurchase of common stock (in shares)				(7,568,357)
Repurchase of common stock	(269,557)			$ (269,557)
Recognition of liability related to future stock option exercises	(248)				(248)
Net income	301,692					301,692
Other comprehensive loss, net of tax	4,822						4,822
Dividends paid	(103,411)					(103,411)
Stock-based compensation expense	23,318				23,318
Balance (in shares) at Mar. 31, 2018			158,028,673	(14,582,134)
End of year at Mar. 31, 2018	562,491		$ 1,580	$ (461,457)	346,958	690,516	(15,106)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			876,187
Issuance of common stock	11,266		$ 9		11,257
Stock options exercised (in shares)			1,019,965
Stock options exercised	12,116		$ 10		12,106
Repurchase of common stock (in shares)		(5,100,000)		(5,314,838)
Repurchase of common stock	(249,993)			$ (249,993)
Net income	418,529					418,529
Other comprehensive loss, net of tax	3,916						3,916
Dividends paid	(114,234)					(114,234)
Stock-based compensation expense	31,275				31,275
Balance (in shares) at Mar. 31, 2019			159,924,825	(19,896,972)
End of year at Mar. 31, 2019	675,366		$ 1,599	$ (711,450)	401,596	994,811	(11,190)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			833,258
Issuance of common stock	14,987		$ 8		14,979
Stock options exercised (in shares)			575,890
Stock options exercised	8,925		$ 6		8,919
Repurchase of common stock (in shares)		(2,500,000)		(2,717,080)
Repurchase of common stock	(186,645)			$ (186,645)
Recognition of liability related to future restricted stock units vesting	(757)				(757)
Net income	482,603					482,603
Other comprehensive loss, net of tax	(34,811)						(34,811)
Dividends paid	(146,602)					(146,602)
Stock-based compensation expense	43,290				43,290
Balance (in shares) at Mar. 31, 2020			161,333,973	(22,614,052)
End of year at Mar. 31, 2020	$ 856,356		$ 1,613	$ (898,095)	$ 468,027	$ 1,330,812	$ (46,001)

Consolidated Statements of Stockholders' Equity Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 1.04	$ 0.8	$ 0.7

Business Overview	12 Months Ended
Business Overview	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Overview	BUSINESS OVERVIEW Our Business Booz Allen Hamilton Holding Corporation, including its wholly owned subsidiaries, or the Company, we, us, and our, was incorporated in Delaware in May 2008. The Company provides management and technology consulting, analytics, engineering, digital solutions, mission operations, and cyber services to U.S. and international governments, major corporations, and not-for-profit organizations. The Company reports operating results and financial data in one reportable segment. The Company is headquartered in McLean, Virginia, with approximately 27,200 employees as of March 31, 2020.

Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, and the rules and regulations of the U.S. Securities and Exchange Commission, or SEC. All intercompany balances and transactions have been eliminated in consolidation.

The consolidated financial statements and notes of the Company include its subsidiaries, and the joint ventures and partnerships over which the Company has a controlling financial interest. The Company uses the equity method to account for investments in entities that it does not control if it is otherwise able to exert significant influence over the entities' operating and financial policies.

The Company’s fiscal year ends on March 31 and unless otherwise noted, references to fiscal year or fiscal are for fiscal years ended March 31. The accompanying consolidated financial statements present the financial position of the Company as of March 31, 2020 and 2019 and the Company’s results of operations for fiscal 2020, 2019, and 2018.

Certain amounts reported in the Company's prior year consolidated financial statements have been reclassified to conform to the current year presentation. Effective April 1, 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), using the modified retrospective transition approach and, as a result, comparative information for the prior fiscal years have not been retrospectively adjusted.

Accounting Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the consolidated financial statements where estimates may have the most significant effect include the provision for claimed indirect costs, valuation and expected lives of tangible and intangible assets, contingent consideration related to business acquisitions, impairment of long-lived assets, accrued liabilities, revenue recognition, including the accrual of indirect costs, bonus and other incentive compensation, stock-based compensation, reserves for uncertain tax positions and valuation allowances on deferred tax assets, provisions for income taxes, postretirement obligations, collectability of receivables, and loss accruals for litigation. Actual results experienced by the Company may differ materially from management's estimates.

Revenue Recognition

The Company's revenues from contracts with customers (clients) are derived from offerings that include consulting, analytics, digital solutions, engineering, and cyber services, substantially with the U.S. government and its agencies, and to a lesser extent, subcontractors. The Company also serves foreign governments, as well as domestic and international commercial clients. The Company performs under various types of contracts, which include cost-reimbursable-plus-fee contracts, time-and-material contracts, and fixed-price contracts.

The Company considers a contract with a customer to exist under Topic 606, when there is approval and commitment from both the Company and the customer, the rights of the parties and payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. The Company also will consider whether two or more contracts entered into with the same customer should be combined and accounted for as a single contract. Furthermore, in certain transactions with commercial clients and with the U.S. government, the Company may commence providing services prior to receiving a formal approval from the customer. In these situations, the Company will consider the factors noted above,

the risks associated with commencing the work and legal enforceability in determining whether a contract with the customer exists under Topic 606.

Customer contracts are often modified to change the scope, price, specifications or other terms within the existing arrangement. Contract modifications are evaluated by management to determine whether the modification should be accounted for as part of the original performance obligation(s) or as a separate contract. If the modification adds distinct goods or services and increases the contract value proportionate to the stand-alone selling price of the additional goods or services, it will be accounted for as a separate contract. Generally, the Company’s contract modifications do not include goods or services which are distinct, and therefore are accounted for as part of the original performance obligation(s) with any impact on transaction price or estimated costs at completion being recorded as through a cumulative catch-up adjustment to revenue.

The Company evaluates each service deliverable contracted with the customer to determine whether it represents promises to transfer distinct goods or services. Under Topic 606, these are referred to as performance obligations. One or more service deliverables often represent a single performance obligation. This evaluation requires significant judgment and the impact of combining or separating performance obligations may change the time over which revenue from the contract is recognized. The Company’s contracts generally provide a set of integrated or highly interrelated tasks or services and are therefore accounted for as a single performance obligation. However, in cases where we provide more than one distinct good or service within a customer contract, the contract is separated into individual performance obligations which are accounted for discretely.

Contracts with the U.S. government are subject to the FAR and are priced based on estimated or actual costs of providing the goods or services. The Company derives a majority of its revenue from contracts awarded through a competitive bidding process. Pricing for non-U.S. government agencies and commercial customers is based on discrete negotiations with each customer. Certain of the Company’s contracts contain award fees, incentive fees or other provisions that may increase or decrease the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or cost targets and may be based upon customer discretion. Management estimates variable consideration as the most likely amount that we expect to achieve based on our assessment of the variable fee provisions within the contract, prior experience with similar contracts or clients, and management’s evaluation of the performance on such contracts. The Company may perform work under a contract that has not been fully funded if the work has been authorized by the management and the customer to proceed. The Company evaluates unfunded amounts as variable consideration in estimating the transaction price. We include the estimated variable consideration in our transaction price to the extent that it is probable that a significant reversal of revenue will not occur upon the ultimate settlement of the variable fee provision. In the limited number of situations where our contracts with customers contain more than one performance obligation, the Company allocates the transaction price of a contract between the performance obligations in the proportion to their respective stand-alone selling prices. The Company generally estimates the stand-alone selling price of performance obligations based on an expected cost-plus margin approach as allowed under Topic 606. Our U.S. government contracts generally contain FAR provisions that enable the customer to terminate a contract for default or for the convenience of the U.S. government.

The Company recognizes revenue for each performance obligation identified within our customer contracts when, or as, the performance obligation is satisfied by transferring the promised goods or services. Revenue may either be recognized over time or at a point in time. The Company generally recognizes revenue over time as our contracts typically involve a continuous transfer of control to the customer. A continuous transfer of control under contracts with the U.S. government and its agencies is evidenced by clauses which require the Company to be paid for costs incurred plus a reasonable margin in the event that the customer unilaterally terminates the contract for convenience. For contracts where the Company recognizes revenue over time, a contract cost-based input method is generally used to measure progress towards satisfaction of the underlying performance obligation(s). Contract costs include direct costs such as materials, labor and subcontract costs, as well as indirect costs identifiable with, or allocable to, a specific contract that are expensed as incurred. The Company does not incur material incremental costs to acquire or fulfill contracts. Under a contract cost-based input method, revenue is recognized based on the proportion of contract costs incurred to the total estimated costs expected to be incurred upon completion of the underlying performance obligation. The Company generally includes both funded and unfunded portions of customer contracts in this estimation process.

For interim financial reporting periods, contract revenue attributable to indirect costs is recognized based upon agreed-upon annual forward-pricing rates established with the U.S. government at the start of each fiscal year. Forward pricing rates are estimated and agreed upon between the Company and the U.S. government and represent indirect contract costs required to execute and administer contract obligations. The impact of any agreed-upon changes, or changes in the estimated annual forward-pricing rates, will be recorded in the interim financial reporting period when such changes are identified. This change

relates to the interim financial reporting period differences between the actual indirect costs incurred and allocated to customer contracts compared to the estimated amounts allocated to contracts using the estimated annual forward-pricing rates established with the U.S. government.

On certain contracts, principally time-and-materials and cost-reimbursable-plus-fee contracts, revenue is recognized using the right-to-invoice practical expedient as the Company is contractually able to invoice the customer based on the control transferred. However, we did not elect to use the practical expedient which would allow the Company to exclude contracts recognized using the right-to-invoice practical expedient from the remaining performance obligations disclosed below. Additionally, for stand-ready performance obligations to provide services under fixed-price contracts, revenue is recognized over time using a straight-line measure of progress as the control of the services is provided to the customer ratably over the term of the contract. If a contract does not meet the criteria for recognition of revenue over time, we recognize revenue at the point in time when control of the good or service is transferred to the customer. Determining a measure of progress towards the satisfaction of performance obligations requires management to make judgments that may affect the timing of revenue recognition.

Many of our contracts recognize revenue under a contract cost-based input method and require an Estimate-at-Completion (EAC) process, which management uses to review and monitor the progress towards the completion of our performance obligations. Under this process, management considers various inputs and assumptions related to the EAC, including, but not limited to, progress towards completion, labor costs and productivity, material and subcontractor costs, and identified risks. Estimating the total cost at completion of performance obligations is subjective and requires management to make assumptions about future activity and cost drivers under the contract. Changes in these estimates can occur for a variety of reasons and, if significant, may impact the profitability of the Company’s contracts. Changes in estimates related to contracts accounted for under the EAC process are recognized in the period when such changes are made on a cumulative catch-up basis. If the estimate of contract profitability indicates an anticipated loss on a contract, the Company recognizes the total loss at the time it is identified. For fiscal 2020, 2019 and 2018, the aggregate impact of adjustments in contract estimates was not material.

Remaining performance obligations represent the transaction price of exercised contracts for which work has not yet been performed, irrespective of whether funding has or has not been authorized and appropriated as of the date of exercise. Remaining performance obligations do not include negotiated but unexercised options or the unfunded value of expired contracts.

Cash and Cash Equivalents

Cash and cash equivalents include operating cash on hand and highly liquid investments having a weighted average maturity of 60 days or less and a weighted average life of 120 days or less. The Company’s cash equivalents consist primarily of government money market funds and money market deposit accounts. The Company maintains its cash and cash equivalents in bank accounts that, at times, exceed the federally insured FDIC limits. The Company has not experienced any losses in such accounts.

Valuation of Accounts Receivable

The Company maintains allowances for doubtful accounts against certain accounts receivables based upon the latest information regarding whether specific charges are recoverable or invoices are ultimately collectible. Assessing the recoverability of charges and collectability of customer receivables requires management judgment. The Company determines its allowance for doubtful accounts by specifically analyzing individual accounts receivable, historical bad debts, customer credit-worthiness, current economic conditions, accounts receivable aging trends for billed receivables, availability of funding, compliance with contractual terms and conditions, client satisfaction with work performed, and other factors impacting accounts receivables. Valuation reserves are periodically re-evaluated and adjusted as more information about the ultimate recoverability and collectability of accounts receivable becomes available. Upon determination that a receivable is uncollectible, the receivable balance and any associated reserve are written off.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and accounts receivable. The Company’s cash equivalents are generally invested in U.S. government money market funds and money market deposit accounts. The Company believes that credit risk for accounts receivable is limited as the receivables are primarily with the U.S. government.

Property and Equipment

Property and equipment are recorded at cost, and the balances are presented net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Furniture and equipment is depreciated over five to ten years, and computer equipment is depreciated over four years. Leasehold improvements are amortized over the shorter of the useful life of the asset or the lease term. Maintenance and repairs are charged to expense as incurred.

Business Combinations

The accounting for the Company’s business combinations consists of allocating the purchase price to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values, with the excess recorded as goodwill. The Company has up to one year from the acquisition date to use information as of each acquisition date to adjust the fair value of the acquired assets and liabilities which may result in material changes to their recorded values with an offsetting adjustment to goodwill.

We have a contingent consideration arrangement in connection with a business acquisition which requires a fair value measurement determined using probability-weighted cash flows.

Intangible Assets

Intangible assets primarily consist of the Company's trade name, customer relationships, software and other amortizable intangible assets. The Company capitalizes the following costs associated with developing internal-use computer software pertaining to upgrades in our business and financial systems: (i) external direct costs of materials and services consumed in developing or obtaining internal-use computer software and (ii) certain payroll and payroll-related costs for Company employees who are directly associated with the development of internal-use software, to the extent of the time spent directly on the project. Customer relationships are generally amortized on an accelerated basis over the expected life based on projected future cash flows of approximately three to twelve years. Software purchased or developed for internal use is amortized over three to five years. The Company's trade name is not amortized, but is tested for impairment on at least an annual basis as of January 1 and more frequently if interim indicators of impairment exist. The trade name is considered to be impaired if the carrying value exceeds its estimated fair value. The Company uses the relief from royalty method to estimate the fair value. The fair value of the asset is the present value of the license fees avoided by owning the asset, or the royalty savings. During the fiscal years ended March 31, 2020, 2019, and 2018, the Company did not record any impairment of intangible assets.

Goodwill

The Company assesses goodwill for impairment on at least an annual basis on January 1 unless interim indicators of impairment exist. Goodwill is considered to be impaired when the net book value of a reporting unit exceeds its estimated fair value. The Company operates as a single operating segment and as a single reporting unit for the purpose of evaluating goodwill. As of January 1, 2020, the Company performed its annual impairment test of goodwill by comparing the fair value of the Company (based on market capitalization) to the carrying value of the Company's net equity, and concluded that the fair value of the reporting unit was significantly greater than the carrying amount. During the fiscal years ended March 31, 2020, 2019, and 2018, the Company did not record any impairment of goodwill.

Long-Lived Assets

The Company reviews its long-lived assets, including property and equipment, amortizable intangible assets, and right-of-use (ROU) assets, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for any excess of the carrying amount over the fair value of the asset. During the fiscal years ended March 31, 2020, 2019, and 2018, the Company did not record any material impairment charges.

Leases

At contract inception the Company determines whether the contract is, or contains, a lease, which exists when the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. Operating lease balances are included in operating lease right-of-use assets, operating lease liabilities, and operating lease liabilities, net of current portion in our consolidated balance sheet. Cash payments arising from operating leases are classified within operating activities in the consolidated statement of cash flows. As of March 31, 2020, the Company has no finance leases.

The Company's leases are generally for facilities and office space and the Company recognizes ROU assets and lease liabilities at the lease commencement date for those arrangements. The initial lease liability is equal to the present value of the future minimum lease payments over the lease term. The initial measurement of the ROU asset is equal to the initial lease liability plus any initial direct costs and prepaid lease payments, less any lease incentives. At the lease commencement date the Company estimates its collateralized incremental borrowing rate based on publicly available yields adjusted for Company-specific considerations and the Company's varying lease terms in determining the present value of future payments. Certain of the Company’s leases contain options to renew or to terminate the lease which are included in the determination of the ROU assets and lease liabilities when it is reasonably certain that the Company will exercise the option. The Company's leases may also include variable lease payments, such as maintenance costs, utilities, or other variable lease-related payments which are not included in measuring ROU assets and lease liabilities and are recorded as lease expense in the period incurred.

As permitted under Topic 842 the Company elected not to recognize ROU assets and lease liabilities for leases with an initial term of 12 months or less; lease expense from these leases are recognized on a straight-line basis over the lease term. As further permitted under Topic 842, for all material classes of leased assets, the Company elected to not separate lease components from non-lease components, accounting for both components as a single lease component. As of March 31, 2020, the Company did not have any lease agreements with residual value guarantees or material restrictions or covenants.

Income Taxes

The Company provides for income taxes as a “C” corporation on income earned from operations. The Company is subject to federal, state, and foreign taxation in various jurisdictions.

Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different years for financial statement purposes than for tax purposes. Deferred tax assets and liabilities are computed based on the difference between the consolidated financial statement carrying amount and tax basis of assets and liabilities using enacted tax rates and laws for the years in which these items are expected to reverse. If management determines that some portion or all of a deferred tax asset is not “more likely than not” to be realized, a valuation allowance is recorded as a component of the income tax provision to reduce the deferred tax asset to an appropriate level in that period. In determining the need for a valuation allowance, management considers all positive and negative evidence, including historical earnings, projected future taxable income, future reversals of existing taxable temporary differences, taxable income in prior carryback periods, and prudent, feasible tax-planning strategies.

The Company periodically assesses its tax positions for all periods open to examination by tax authorities based on the latest available information. Those positions are evaluated to determine whether they will more likely than not be sustained upon examination by the Internal Revenue Service (“IRS”) or other taxing authorities. The Company reserves for these uncertain tax positions related to unrecognized income tax benefits where it is not more likely than not that the Company’s tax position will be sustained on examination and settlement with the various taxing authorities. Liabilities for unrecognized tax benefits are measured based on the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. These unrecognized tax benefits are recorded as a component of income tax expense. As uncertain tax positions in periods open to examination are closed out, or as new information becomes available, the resulting change is reflected in the recorded liability and income tax expense. Penalties and interest recognized related to the reserves for uncertain tax positions are recorded as a component of income tax expense.

Comprehensive Income

Comprehensive income is the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, and is presented in the consolidated statements of comprehensive income. Accumulated other comprehensive loss as of March 31, 2020 and 2019 consisted of net unrealized losses on the Company’s defined and postretirement benefit plans and unrealized gains or losses on interest rate swaps designated as cash flow hedges.

Stock-Based Compensation

Stock-based compensation to employees are recognized in the consolidated statements of operations based on their grant date fair values with the expense for time vested awards recognized on an accelerated basis over the vesting period. The expense for performance awards is recognized straight line over the vesting period. The Company uses the Black-Scholes option-pricing model to determine the fair value of its option awards at the time of grant.

Defined Benefit Plan and Other Postretirement Benefits

The Company recognizes the underfunded status of defined benefit plans on the consolidated balance sheets within other long-term liabilities. Gains and losses, and prior service costs and credits that have not yet been recognized through net periodic benefit cost are recognized in accumulated other comprehensive loss, net of tax effects, and will be amortized as a component of net periodic cost in future periods. The measurement date, the date at which the benefit obligations are measured, is the Company’s fiscal year-end.

The Company also offers medical and dental benefits to inactive employees (and their eligible dependents) on long-term disability. The Company accrues the costs of the benefits at the date the inactive employee becomes disability eligible and elects to participate in the benefit. The accrued cost for such benefits is calculated using an actuarial estimate of the present value of all future benefit payments for obligations at the end of the fiscal year.

Self-Funded Medical Plans

The Company maintains self-funded medical insurance. Self-funded plans include Consumer Driven Health Plans with a Health Savings Account option and traditional choice plans. Further, self-funded plans also include prescription drug and dental benefits. The Company records an incurred but unreported claim liability in the accrued compensation and benefits line of the consolidated balance sheets for self-funded plans based on an actuarial valuation. The estimate of the incurred but unreported claim liability was provided by a third-party valuation firm, primarily based on claims and participant data for the medical, dental, and pharmacy related costs.

Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, we consider the principal or most advantageous market in which the asset or liability would transact, and if necessary, consider assumptions that market participants would use when pricing the asset or liability.

The accounting guidance for fair value measurements establishes a three-level fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions (Level 3). Assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. See Note 20 to our consolidated financial statements for additional information on the Company’s fair value measurements.

Recently Adopted Accounting Standards

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), and subsequent updates, which supersedes the leases requirements in ASC 840, Leases (Topic 840) and requires lessees to recognize ROU assets and lease liabilities on their balance sheet for all leases with a lease term greater than 12 months. The Company adopted the standard on April 1, 2019 using the modified retrospective transition approach, and as a result did not recast comparative prior years' information and presented prior years' amounts and disclosures under Topic 840. The Company elected certain practical expedients, including the option not to apply lease recognition for short-term leases; an election to not separate lease from non-lease components; and a package of practical expedients such that, upon the initial adoption of Topic 842, the Company did not reassess whether expired or existing contracts contain leases, nor did the Company reassess the lease classification for expired or existing leases. The Company did not elect the practical expedient to use hindsight in determining the lease term and in assessing impairment of ROU assets.

Upon the adoption of Topic 842, the Company recognized ROU assets of $268.8 million and lease liabilities of $330.6 million on the consolidated balance sheets, inclusive of required conforming balance sheet reclassifications pertaining to accounts such as deferred rent, tenant allowances, and lease receivables. As required under Topic 842 transition guidance, the

lease liabilities recognized were measured at the present value of remaining minimum rental payments pursuant to Topic 840 which include executory costs.

The impact to the condensed balance sheet at April 1, 2019 for the adoption of Topic 842 is as follows:



	Balance at March 31, 2019		Adoption Adjustment for Topic 842			Balance at April 1, 2019
Current assets:
Prepaid expenses and other current assets	$	84,986	$	(27,515	)	$	57,471

Non-current assets:
Operating lease right-of-use assets	$	—	$	268,840		$	268,840
Other long-term assets	91,837		(4,619		)	87,218

Current liabilities:
Accounts payable and other accrued expenses	$	664,948	$	(15,197	)	$	649,751
Operating lease liabilities	—		34,645			34,645

Non-current liabilities:
Operating lease liabilities, net of current portion	$	—	$	295,915		$	295,915
Other long-term liabilities	230,652		(78,657		)	151,995

Further, at the adoption of Topic 842, the Company recognized a deferred tax liability corresponding to the operating lease right-of-use assets of $69 million and a deferred tax asset corresponding to the operating lease liabilities of $93 million, inclusive of a decrease to deferred tax assets for the deferred rent and tenant allowances of $24 million as of March 31, 2019. There was no cumulative impact to retained earnings and the adoption of Topic 842 did not have a material impact to either of the consolidated statements of operations or cash flows.

In March 2020, The FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance is intended to provide relief for entities impacted by reference rate reform. Topic 848 contains provisions and optional expedients designed to simplify requirements around designation of hedging relationships, probability assessments of hedged forecasted transactions and accounting for modifications of contracts that refer to LIBOR or other rates affected by reference rate reform. The guidance is elective and is effective on the date of issuance. Topic 848 is applied prospectively to contract modifications and as of the effective date for existing and new eligible hedging relationships. The guidance is temporary and will generally not be applicable to transactions which occur after December 31, 2022. The Company elected to adopt Topic 848 in the fourth quarter of fiscal 2020 and has elected to apply the hedge accounting practical expedient related to probability of the hedged future LIBOR indexed cash flows. The Company continues to evaluate the impact of this guidance and may apply other elections, as applicable. The adoption of this guidance did not have a material impact on the consolidated financial statements and disclosures.

Recent Accounting Pronouncements Not Yet Adopted

In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This guidance requires a customer in a cloud computing arrangement that is a service contract to follow existing internal-use software guidance to determine which implementation costs to defer and recognize as an asset. ASU 2018-15 generally aligns the guidance on capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with that of implementation costs incurred to develop or obtain internal-use software, including hosting arrangements that include an internal-use software license. ASU 2018-15 is effective for interim reporting periods for fiscal years beginning after December 15, 2019. Early adoption is permitted. The standard may be adopted either retrospectively or prospectively. The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). This guidance requires companies to record an allowance for expected credit losses over the contractual term of certain financial assets, including trade receivables and contract assets, and expands disclosure requirements for credit quality of financial assets. The adoption of ASU 2016-13 will be applied as a cumulative-effect adjustment to retained

earnings as of the beginning of the first reporting period after adoption. The Company does not expect the adoption of the new standard on April 1, 2020 to have a material impact on the Company's consolidated financial statements.

Other recent accounting pronouncements issued during fiscal 2020 and through the filing date are not expected to have a material impact on the Company's present or historical consolidated financial statements.

Revenue

12 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

The Company's revenues from contracts with customers (clients) are derived from offerings that include management and technology consulting services, analytics, digital solutions, engineering, mission operations, and cyber services, substantially with the U.S. government and its agencies, and to a lesser extent, subcontractors. The Company also serves foreign governments, as well as domestic and international commercial clients. The Company performs under various types of contracts, which include cost-reimbursable-plus-fee contracts, time-and-material contracts, and fixed-price contracts.

Disaggregation of Revenue

We disaggregate our revenue from contracts with customers by contract type, customer, as well as whether the Company acts as prime contractor or sub-contractor, as we believe these categories best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. The following series of tables presents our revenue disaggregated by these categories.

Revenue by Contract Type:

We generate revenue under the following three basic types of contracts:


•	Cost-Reimbursable Contracts: Cost-reimbursable contracts provide for the payment of allowable costs incurred during performance of the contract, up to a ceiling based on the amount that has been funded, plus a fixed fee or award fee.


•	Time-and-Materials Contracts: Under contracts in this category, we are paid a fixed hourly rate for each direct labor hour expended, and we are reimbursed for billable material costs and billable out-of-pocket expenses inclusive of allocable indirect costs. We assume the financial risk on time-and-materials contracts because our costs of performance may exceed negotiated hourly rates.


•	Fixed-Price Contracts: Under a fixed-price contract, we agree to perform the specified work for a predetermined price. To the extent our actual direct and allocated indirect costs decrease or increase from the estimates upon which the price was negotiated, we will generate more or less profit, respectively, or could incur a loss.

The table below presents the total revenue for each type of contract:



	Fiscal Year Ended March 31,
	2020			2019			2018
Cost-reimbursable	$	4,211,592	57%	$	3,580,595	53%	$	3,155,049	51%
Time-and-materials	1,737,414		23%	1,576,673		24%	1,542,899		25%
Fixed-price	1,514,835		20%	1,546,769		23%	1,469,652		24%
Total Revenue	$	7,463,841	100%	$	6,704,037	100%	$	6,167,600	100%

Revenue by Customer Type:



	Fiscal Year Ended March 31,
	2020			2019			2018
U.S. government:
Defense Clients	$	3,568,659	47%	$	3,114,571	47%	$	2,830,102	46%
Intelligence Clients	1,614,315		22%	1,566,870		23%	1,494,489		24%
Civil Clients	2,019,245		27%	1,760,996		26%	1,644,860		27%
Total U.S. government	7,202,219		96%	6,442,437		96%	5,969,451		97%
Global Commercial Clients	261,622		4%	261,600		4%	198,149		3%
Total Revenue	$	7,463,841	100%	$	6,704,037	100%	$	6,167,600	100%

Revenue by Whether the Company Acts as a Prime Contractor or a Sub-Contractor:



	Fiscal Year Ended March 31,
	2020			2019			2018
Prime Contractor	$	6,884,763	92%	$	6,159,918	92%	$	5,626,544	91%
Sub-contractor	579,078		8%	544,119		8%	541,056		9%
Total Revenue	$	7,463,841	100%	$	6,704,037	100%	$	6,167,600	100%

Performance Obligations

As of March 31, 2020 and 2019, the Company had $6.3 billion and $5.8 billion of remaining performance obligations, respectively. We expect to recognize more than half of the remaining performance obligations as of March 31, 2020 as revenue over the next 12 months, and approximately three quarters over the next 24 months. The remainder is expected to be recognized thereafter.

Contract Balances

As discussed in Note 2, the Company's performance obligations are typically satisfied over time and revenue is generally recognized using a cost-based input method. Fixed-price contracts are typically billed to the customer using milestone or fixed monthly payments, while cost-reimbursable-plus-fee and time-and-material contracts are typically billed to the customer at periodic intervals (e.g. monthly or weekly) as indicated by the terms of the contract. Disparities between the timing of revenue recognition and customer billings and cash collections results in net contract assets or liabilities being recognized at the end of each reporting period.

Contract assets primarily consist of unbilled receivables typically resulting from revenue recognized exceeding the amount billed to the customer and right to payment is not just subject to the passage of time. Contract liabilities primarily consist of advance payments, billings in excess of costs incurred and deferred revenue. Contract assets and liabilities are reported on a net contract basis at the end of each reporting period. The Company maintains an allowance for doubtful accounts to provide for an estimate of uncollected receivables. Refer to Note 6 for more information on receivables recognized from contracts accounted for under Topic 606.

The following table summarizes the contract balances recognized on the Company’s consolidated balance sheets:



	March 31, 2020		March 31, 2019
Contract assets:
Current	$	988,634	$	846,372
Long-term	62,600		61,391
Total	1,051,234		907,763
Contract liabilities:
Advance payments, billings in excess of costs incurred and deferred revenue	$	26,018	$	21,316

Changes in contract assets and contract liabilities are primarily due to the timing difference between the Company’s performance of services and payments from customers. For fiscal 2020, 2019 and 2018, we recognized revenue of $18.9 million, $25.3 million and $16.2 million, respectively, related to our contract liabilities on April 1, 2019, 2018 and 2017, respectively. To determine revenue recognized from contract liabilities during the reporting periods, the Company allocates revenue to individual contract liability balances and applies revenue recognized during the reporting periods first to the beginning balances of contract liabilities until the revenue exceeds the balances.

Earnings Per Share

12 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The Company computes basic and diluted earnings per share amounts based on net income for the periods presented. The Company uses the weighted average number of common shares outstanding during the period to calculate basic earnings per share, or EPS. Diluted EPS adjusts the weighted average number of shares outstanding to include the dilutive effect of outstanding common stock options and other stock-based awards.

The Company currently has outstanding shares of Class A Common Stock. Holders of unvested Class A Common Stock and time-vested restricted stock units are entitled to participate in non-forfeitable dividends or other distributions. These unvested restricted shares participated in the Company's dividends declared and paid in each quarter of fiscal 2020, 2019, and 2018. As such, EPS is calculated using the two-class method whereby earnings are reduced by distributed earnings as well as any available undistributed earnings allocable to holders of these unvested restricted shares. A reconciliation of the income used to compute basic and diluted EPS for the periods presented are as follows:



	Fiscal Year Ended March 31,
	2020		2019		2018
Earnings for basic computations (1)	$	481,085	$	416,664	$	299,824
Weighted-average common shares outstanding for basic computations	140,059,494		141,910,799		145,964,574
Earnings for diluted computations (1)	$	481,092	$	416,675	$	299,837
Dilutive stock options and restricted stock	1,178,641		1,245,377		1,785,448
Weighted-average common shares outstanding for diluted computations	141,238,135		143,156,176		147,750,022
Earnings per common share
Basic	$	3.43	$	2.94	$	2.05
Diluted	$	3.41	$	2.91	$	2.03

(1) During fiscal 2020, 2019, and 2018 approximately 0.4 million, 0.6 million, and 0.8 million shares of participating securities were paid dividends totaling $0.7 million, $0.6 million, and $0.8 million, respectively. There were undistributed earnings of $0.9 million, $1.2 million, and $1.1 million allocated to the participating class of securities in both basic and diluted earnings per share for fiscal 2020, 2019, and 2018, respectively. The allocated undistributed earnings and the dividends paid comprise the difference between net income presented on the consolidated statements of operations and earnings for basic and diluted computations for fiscal 2020, 2019, and 2018.

The EPS calculation for fiscal 2020, 2019, and 2018 excludes 0.2 million, 0.2 million, and 0.3 million options, respectively, as their impact was anti-dilutive.

Goodwill and Intangible Assets

12 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

Goodwill

As of both March 31, 2020 and 2019, goodwill was $1,581.2 million.

Intangible Assets

Intangible assets consisted of the following:



	March 31, 2020						March 31, 2019
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value

Amortizable intangible assets:
Customer relationships and other amortizable intangible assets	$	88,350	$	46,285	$	42,065	$	115,814	$	60,762	$	55,052
Software	101,410		32,688		68,722		88,338		46,539		41,799
Total amortizable intangible assets	$	189,760	$	78,973	$	110,787	$	204,152	$	107,301	$	96,851
Unamortizable intangible assets:
Trade name	$	190,200	$	—	$	190,200	$	190,200	$	—	$	190,200
Total	$	379,960	$	78,973	$	300,987	$	394,352	$	107,301	$	287,051

Intangible assets related to customer relationships are generally amortized on an accelerated basis over periods ranging from 3 years to 12 years, and those related to software are generally amortized on a straight line basis over periods ranging from 3 years to 5 years.

The Company performed an annual impairment test of the trade name as of January 1, 2020 and 2019, and did not identify any impairment. During fiscal 2020, gross carrying value and accumulated amortization were reduced related to fully-amortized intangible assets.

Amortization expense for fiscal 2020, 2019, and 2018 was $22.3 million, $20.9 million, and $20.7 million, respectively.

The following table summarizes the estimated annual amortization expense for future periods, which does not reflect amortization expense for certain intangible assets that are not yet placed in service:



For the Fiscal Year Ended March 31,
2021	$	17,759
2022	13,330
2023	11,131
2024	7,768
2025	4,826
Thereafter	8,256
Total estimated amortization expense	$	63,070

Accounts Receivable, Net of Allowance

12 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Accounts Receivable, Net of Allowance

ACCOUNTS RECEIVABLE, NET OF ALLOWANCE

Accounts receivable, net of allowance consisted of the following:



	March 31,
	2020			2019
Current assets:
Accounts receivable–billed	$	474,822		$	494,671
Accounts receivable–unbilled	988,634			846,372
Allowance for doubtful accounts	(3,985		)	(10,679		)
Accounts receivable, net of allowance	1,459,471			1,330,364
Other long-term assets:
Accounts receivable–unbilled	62,600			61,391
Total accounts receivable, net	$	1,522,071		$	1,391,755

Unbilled amounts represent revenues for which billings have not been presented to customers at year end. These amounts are usually billed and collected within one year subject to various conditions including, without limitation, appropriated and available funding. Long-term unbilled receivables not anticipated to be billed and collected within one year, which are primarily related to retainage, holdbacks, and long-term rate settlements to be billed at contract closeout, are included in other long-term assets in the accompanying consolidated balance sheets. The Company recognized a (benefit) provision for doubtful accounts of $(6.4) million, $11.9 million, and $0.7 million for fiscal 2020, 2019, and 2018, respectively.

Property and Equipment, Net

12 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

PROPERTY AND EQUIPMENT, NET

The components of property and equipment, net were as follows:



	March 31,
	2020			2019
Furniture and equipment	$	140,232		$	174,298
Computer equipment	94,529			96,028
Leasehold improvements	245,685			225,310
Total	480,446			495,636
Less: Accumulated depreciation and amortization	(272,369		)	(323,183		)
Property and equipment, net	$	208,077		$	172,453

Depreciation and amortization expense relating to property and equipment for fiscal 2020, 2019, and 2018 was $58.8 million, $47.8 million, and $44.3 million, respectively. During fiscal 2020 and 2019, the Company reduced the gross cost and accumulated depreciation and amortization by $171.8 million and $11.4 million, respectively, for zero net book value assets deemed no longer in service.

Accounts Payable and Other Accrued Expenses

12 Months Ended

Mar. 31, 2020

Payables and Accruals [Abstract]

Accounts Payable and Other Accrued Expenses

ACCOUNTS PAYABLE AND OTHER ACCRUED EXPENSES

Accounts payable and other accrued expenses consisted of the following:



	March 31,
	2020		2019
Vendor payables	$	432,953	$	417,648
Accrued expenses	265,058		247,300
Total accounts payable and other accrued expenses	$	698,011	$	664,948

Accrued expenses consisted primarily of the Company’s provision for claimed indirect costs, which was approximately $224.6 million and $195.3 million as of March 31, 2020 and 2019, respectively. Refer to Note 22 for further discussion of this provision.

Accrued Compensation and Benefits

12 Months Ended

Mar. 31, 2020

Accrued Compensation and Benefits

ACCRUED COMPENSATION AND BENEFITS

Accrued compensation and benefits consisted of the following:



	March 31,
	2020		2019
Bonus	$	114,359	$	117,604
Retirement	41,604		37,678
Vacation	159,512		141,953
Other	33,300		28,318
Total accrued compensation and benefits	$	348,775	$	325,553

Deferred Payment Obligation	12 Months Ended
Deferred Payment Obligation	Mar. 31, 2020
Other Liabilities Disclosure [Abstract]
Deferred Payment Obligation	DEFERRED PAYMENT OBLIGATION Pursuant to an Agreement and Plan of Merger, or the Merger Agreement, dated as of May 15, 2008, and subsequently amended, The Carlyle Group indirectly acquired all of the issued and outstanding stock of the Company. In connection with this transaction, on July 31, 2008 the Company established a Deferred Payment Obligation, or DPO, of $158.0 million, payable 8.5 years after the closing date, or until settlement of all outstanding claims, less any settled claims. Pursuant to the Merger Agreement, $78.0 million of the $158.0 million DPO was required to be paid in full to the selling stockholders. On December 11, 2009, in connection with a recapitalization transaction, $100.4 million was paid to the selling stockholders, of which $78.0 million was the repayment of that portion of the DPO, with approximately $22.4 million representing accrued interest. The remaining $80.0 million balance, which was recorded in other current liabilities, was available to indemnify the Company for certain pre-acquisition tax contingencies, related interest and penalties, and other matters pursuant to the Merger Agreement. All remaining potential claims outstanding that were able to be indemnified under the DPO related to former officers and stockholders' lawsuits, which were all settled as of December 31, 2019. See Note 22 to the accompanying consolidated financial statements. Any amounts remaining after the settlement of all claims were to be paid out to the selling stockholders. On December 18, 2019, the Company paid approximately $83.0 million to the selling stockholders, of which $80.0 million was the repayment of the remaining DPO balance, with $3.0 million representing accrued interest.

Debt

12 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt

DEBT

Debt consisted of the following:



	March 31, 2020					March 31, 2019
	Interest Rate		Outstanding Balance			Interest Rate		Outstanding Balance
Term Loan A	2.49	%	$	1,363,739		4.00	%	$	1,037,713
Term Loan B	2.74	%	388,102			4.50	%	391,050
Revolver	3.75	%	100,000			—	%	—
Senior Notes	5.13	%	350,000			5.13	%	350,000
Less: Unamortized debt issuance costs and discount on debt			(15,997		)			(19,002		)
Total			2,185,844					1,759,761
Less: Current portion of long-term debt			(177,865		)			(57,924		)
Long-term debt, net of current portion			$	2,007,979				$	1,701,837

Terms Loans and Revolving Credit Facility

On November 26, 2019 (the "Amendment Effective Date"), Booz Allen Hamilton Inc. ("Booz Allen Hamilton") and Booz Allen Hamilton Investor Corporation ("Investor"), and certain wholly-owned subsidiaries of Booz Allen Hamilton, entered into the Seventh Amendment (the "Seventh Amendment") to the Credit Agreement (as amended, the "Credit Agreement"), dated as of July 31, 2012 among Booz Allen Hamilton, Investor, certain wholly-owned subsidiaries of Booz Allen Hamilton and Bank of America, N.A., as Administrative Agent and Collateral Agent and the other lenders and financial institutions from time to time party thereto (as previously amended by the First Amendment to the Credit Agreement, dated as of August 16, 2013, the Second Amendment to the Credit Agreement, dated as of May 7, 2014, the Third Amendment to the Credit Agreement, dated as of July 13, 2016, the Fourth Amendment to the Credit Agreement, dated as of February 6, 2017, the Fifth Amendment to the Credit Agreement, dated as of March 7, 2018, and the Sixth Amendment to the Credit agreement, dated July 23, 2018). Pursuant to the Seventh Amendment, the Company reduced the applicable margin applicable to the Term Loan B ("Term Loan B" and, together with the Term Loan A, the "Term Loans") from 2.00% to 1.75% for LIBOR loans and from 1.00% to 0.75% for base rate loans and extended the maturity of the Term Loan B to November 26, 2026. The applicable margin and maturity date applicable to the Term Loan A (the "Term Loan A") remained unchanged.

Prior to the Seventh Amendment, approximately $389.0 million was outstanding under Term Loan B. Pursuant to the Seventh Amendment, certain lenders converted their existing Term Loan B loans into a new tranche of Term Loan B loans in an aggregate amount, along with Term Loan B loans advanced by certain new lenders, of approximately $389.0 million (the “New Refinancing Tranche B Term Loans”). The proceeds from the new lenders were used to prepay in full all of the existing Term Loan B loans that were not converted into the new Term Loan B tranche. Voluntary prepayments of the New Refinancing Tranche B Term Loans are permitted at any time, in minimum principal amounts, without premium or penalty, subject to a 1.00% premium payable in connection with certain repricing transactions within the first six months after the Seventh Amendment. The other terms of the New Refinancing Tranche B Term Loans are generally the same as the existing Term Loan B prior to the Seventh Amendment.

As of March 31, 2020, the Credit Agreement provided the Company with a $1,363.7 million Term Loan A, a $388.1 million Term Loan B and $500.0 million revolving credit facility (the “Revolving Credit Facility”) with a sub-limit for letters of credit of $100.0 million. As of March 31, 2020, the maturity date of Term Loan A and the termination date for the Revolving Credit Facility was July 23, 2023 and the maturity date of Term Loan B was November 26, 2026. Booz Allen Hamilton’s obligations and the guarantors’ guarantees under the Credit Agreement are secured by a first priority lien on substantially all of the assets (including capital stock of subsidiaries) of Booz Allen Hamilton, Investor and the subsidiary guarantors, subject to certain exceptions set forth in the Credit Agreement and related documentation. Subject to specified conditions, without the consent of the then-existing lenders (but subject to the receipt of commitments), the Term Loans or Revolving Credit Facility may be expanded (or a new term loan facility or revolving credit facility added to the existing facilities) by up to (i) the greater of (x) $627 million and (y) 100% of consolidated EBITDA of Booz Allen Hamilton, as of the end of the most recently ended four quarter period for which financial statements have been delivered pursuant to the Credit Agreement plus (ii) the aggregate principal amount under which pro forma consolidated net secured leverage remains less than or equal to 3.50:1.00.

At Booz Allen Hamilton’s option, borrowings under the Secured Credit Facility bear interest based either at LIBOR (adjusted for maximum reserves, and subject to a floor of zero) for the applicable interest period or a base rate (equal to the highest of (x) the administrative agent’s prime corporate rate, (y) the overnight federal funds rate plus 0.50% and (z) three-month LIBOR (adjusted for maximum reserves, and subject to a floor of zero) plus 1.00%), in each case plus an applicable margin, payable at the end of the applicable interest period and in any event at least quarterly. The applicable margin for Term Loan A and borrowings under the Revolving Credit Facility ranges from 1.25% to 2.00% for LIBOR loans and 0.25% to 1.00% for base rate loans, in each case based on Booz Allen Hamilton’s consolidated total net leverage ratio. The applicable margin for Term Loan B is 1.75% for LIBOR loans and 0.75% for base rate loans. Unused commitments under the Revolving Credit Facility are subject to a quarterly fee ranging from 0.20% to 0.35% based on Booz Allen Hamilton’s consolidated total net leverage ratio.

Booz Allen Hamilton occasionally borrows under the Revolving Credit Facility in anticipation of cash demands. During fiscal 2020 and 2019, Booz Allen Hamilton accessed a total of $100 million and $110 million, respectively, of its $500 million Revolving Credit Facility. As of March 31, 2020, $100 million was outstanding on the Revolving Credit Facility. As of March 31, 2019, there was no outstanding balance on the Revolving Credit Facility.

The Credit Agreement, as amended, requires quarterly principal payments of 1.25% of the stated principal amount of Term Loan A until maturity, and quarterly principal payments of 0.25% of the stated principal amount of Term Loan B until maturity.

The Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants. The negative covenants include limitations on the following, in each case subject to certain exceptions: (i) indebtedness and liens, (ii) mergers, consolidations or amalgamations, liquidations, wind-ups or dissolutions, and disposition of all or substantially all assets; (iii) dispositions of property; (iv) restricted payments; (v) investments; (vi) transactions with affiliates; (vii) change in fiscal periods; (viii) negative pledges; (ix) restrictive agreements; (x) line of business; and (xi) speculative hedging. The events of default include the following, in each case subject to certain exceptions: (a) failure to make required payments under the Secured Credit Facility; (b) material breaches of representations or warranties under the Secured Credit Facility; (c) failure to observe covenants or agreements under the Secured Credit Facility; (d) failure to pay or default under certain other material indebtedness; (e) bankruptcy or insolvency; (f) certain Employee Retirement Income Security Act, or ERISA events; (g) certain material judgments; (h) actual or asserted invalidity of the Guarantee and Collateral Agreements or the other security documents or failure of the guarantees or perfected liens thereunder; and (i) a change of control. In addition, Booz Allen Hamilton is required to meet certain financial covenants at each quarter end, namely Consolidated Net Total Leverage and Consolidated Net Interest Coverage Ratios. As of March 31, 2020 and 2019, Booz Allen Hamilton was in compliance with all financial covenants associated with its debt and debt-like instruments.

During fiscal 2020, interest payments of $50.3 million and $15.9 million were made for Term Loan A and Term Loan B, respectively. During fiscal 2019, interest payments of $41.9 million and $16.8 million were made for Term Loan A and Term Loan B, respectively.

Senior Notes

On April 25, 2017, Booz Allen Hamilton issued $350 million aggregate principal amount of its 5.125% Senior Notes (the "Senior Notes"), under an Indenture, dated as of April 25, 2017, among Booz Allen Hamilton, certain subsidiaries of Booz Allen Hamilton, as guarantors (the "Subsidiary Guarantors"), and Wilmington Trust, National Association, as trustee, (the "Trustee"), as supplemented by the First Supplemental Indenture, dated as of April 25, 2017, among Booz Allen Hamilton, the Subsidiary Guarantors and the Trustee. Each of Booz Allen Hamilton's existing and future domestic restricted subsidiaries that guarantee its obligations under the Secured Credit Facility and certain other indebtedness guarantee the Senior Notes on a senior unsecured basis. Booz Allen Hamilton may redeem some or all of the Senior Notes at any time prior to May 1, 2020, at a price equal to 100% of the principal amount of the Senior Notes redeemed, plus accrued and unpaid interest, if any, to (but not including) the redemption date, plus an applicable “make-whole premium.” Booz Allen Hamilton may redeem the Senior Notes at its option, in whole at any time or in part from time to time, upon certain required notice, at any time (i) on and after May 1, 2020, at a price equal to 102.56% of the principal amount of the Senior Notes, (ii) on or after May 1, 2021, at a price equal to 101.28% of the principal amount of the Senior Notes, and (iii) on May 1, 2022 and thereafter, at a price equal to 100.00% of the principal amount of the Senior Notes, in each case, plus accrued and unpaid interest, if any, to (but not including) the applicable redemption date. Interest is payable semi-annually on May 1 and November 1 of each year, beginning on November 1, 2017, and principal is due at maturity on May 1, 2025. In connection with the Senior Notes, the Company recognized $6.7 million of issuance costs, which were recorded as an offset against the carrying value of debt and will be amortized to interest expense over the term of the Senior Notes. For both fiscal 2020 and 2019, interest payments of $17.9 million were made for the Senior Notes.

Borrowings under the Term Loans, and if used, the Revolving Credit Facility, incur interest at a variable rate. In accordance with Booz Allen Hamilton's risk management strategy, between April 6, 2017 and April 4, 2019, Booz Allen Hamilton executed a series of interest rate swaps. As of March 31, 2020, Booz Allen Hamilton had interest rate swaps with an aggregate notional amount of $1 billion. These instruments hedge the variability of cash outflows for interest payments on the floating potion of the term loan debt. The Company's objectives in using cash flow hedges are to reduce volatility due to interest rate movements and to add stability to interest expense (See Note 12 in our consolidated financial statements).

The following table summarizes required future debt principal repayments (in thousands):



	Payments Due By March 31,
	Total	2021	2022	2023	2024	2025	Thereafter
Term Loan A	$1,363,739	$73,974	$73,974	$73,974	$1,141,817	$—	—
Term Loan B	388,102	3,891	3,891	3,891	3,891	3,891	368,647
Senior Notes	350,000	—	—	—	—	—	350,000
Total	$2,101,841	$77,865	$77,865	$77,865	$1,145,708	$3,891	$718,647

Interest on debt and debt-like instruments consisted of the following:



	Fiscal Year Ended March 31,
	2020		2019			2018
Term Loan A Interest Expense	$	50,080	$	42,043		$	37,575
Term Loan B Interest Expense	15,739		16,765			14,138
Interest on Revolving Credit Facility	92		115			271
Senior Notes Interest Expense	17,938		17,938			16,742
Deferred Payment Obligation Interest (1)	5,740		7,993			7,993
Amortization of Debt Issuance Costs (DIC) and Original Issue Discount (OID) (2)	4,688		5,052			5,361
Interest Swap Expense	2,094		(1,026		)	—
Other	589		637			189
Total Interest Expense	$	96,960	$	89,517		$	82,269

(1) Interest payments on the deferred payment obligation are made twice a year in January and July. The final payment was made on December 18, 2019. See Note 10 to our consolidated financial statements.

(2) DIC and OID on the Company's term loans are recorded as a reduction of long-term debt in the consolidated balance sheet and are amortized ratably over the life of the related debt using the effective rate method. DIC on the Company's Revolving Credit Facility is recorded as a long-term asset on the consolidated balance sheet and amortized ratably over the term of the Revolving Credit Facility.

Derivatives

12 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

DERIVATIVES

The Company utilizes derivative financial instruments to manage interest rate risk related to its variable rate debt. The Company’s objectives in using these interest rate derivatives, which were designated as cash flow hedges, are to manage its exposure to interest rate movements and reduce volatility of interest expense. During the first quarter of fiscal 2020, the Company entered into eight forward starting floating-to-fixed interest rate swap agreements with six financial institutions with a start date of April 30, 2019 with an aggregate notional amount of $400 million. The aggregate notional amount of all interest rate swap agreements was $1 billion as of March 31, 2020. The swaps have staggered maturities, ranging from June 30, 2021 to June 30, 2025. These swaps mature within the last tranche of the Company's floating rate debt (November 26, 2026).

The floating-to-fixed interest rate swaps involve the exchange of variable interest amounts from a counterparty for the Company making fixed-rate interest payments over the life of the agreements without exchange of the underlying notional amount and effectively converting a portion of the variable rate debt into fixed interest rate debt.

Derivative instruments are recorded in the consolidated balance sheet on a gross basis at estimated fair value. As of March 31, 2020, $18.8 million, and $37.8 million were classified as other current liabilities and other long-term liabilities, respectively, on the consolidated balance sheet. As of March 31, 2019, $1.8 million, $0.6 million, $0.9 million, and $4.3 million were classified as other current assets, other long-term assets, other current liabilities, and other long-term liabilities, respectively, on the consolidated balance sheet.

For interest rate swaps designated as cash flow hedges, the changes in the fair value of derivatives is recorded in Accumulated Other Comprehensive Loss, or AOCL, net of taxes, and is subsequently reclassified into interest expense in the period that the hedged forecasted interest payments are made on the Company's variable-rate debt. Over the next 12 months, the Company estimates that $19.4 million will be reclassified as an increase to interest expense. Cash flows associated with periodic settlements of interest rate swaps will be classified as operating activities in the consolidated statement of cash flows. The effect of derivative instruments on the accompanying consolidated financial statements is as follows:



		Fiscal year ended March 31,
Derivatives in Cash Flow Hedging Relationships	Location of Gain or Loss Recognized in Income on Derivatives	Amount of Gain or (Loss) Recognized in AOCI on Derivatives								Amount of Gain or (Loss) Reclassified from AOCI into Income							Interest Expense on Consolidated Statements of Operations
Derivatives in Cash Flow Hedging Relationships		2020			2019			2018		2020			2019		2018		2020			2019			2018
Interest rate swaps	Interest expense	$	(55,871	)	$	(9,772	)	$	7,926	$	(2,094	)	$	1,026	$	—	$	(96,960	)	$	(89,517	)	$	(82,269	)

The Company is subject to counterparty risk in connection with its interest rate swap derivative contracts. Credit risk related to a derivative financial instrument represents the possibility that the counterparty will not fulfill the terms of the contract. The Company mitigates this credit risk by entering into agreements with credit-worthy counterparties and regularly reviews its credit exposure and the creditworthiness of the counterparties.

Leases (Notes)

12 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

LEASES

The Company's leases are generally for facilities and office space. As described in Note 2, the Company adopted Topic 842 on April 1, 2019 using the modified retrospective transition approach, and as a result did not recast comparative prior period information and presented prior period amounts and disclosures under Topic 840.

The Company’s total lease cost is recorded primarily within general and administrative expenses on the consolidated statement of operations and consisted of the following:



	Fiscal Year Ended March 31,
	2020
Operating lease cost	$	71,067
Short-term lease cost	9,657
Variable lease cost	11,657
Total operating lease costs	$	92,381

Future minimum operating lease payments for noncancelable operating leases as of March 31, 2020 are as follows:



For the Fiscal Year Ending March 31,	Operating Lease Payments
2021	$	61,900
2022	67,341
2023	61,348
2024	50,554
2025	45,015
Thereafter	86,100
Total future lease payments	372,258
Less: imputed interest	(52,971		)
Total lease liabilities	$	319,287

Supplemental cash flow information related to leases was as follows:



	Fiscal Year Ended March 31,
	2020
Cash paid for amounts included in the measurement of lease liabilities	$	53,741
Operating lease liabilities arising from obtaining ROU assets (1)	26,378

(1) Includes all noncash increases and decreases arising from new or remeasured operating lease arrangements

Other information related to leases was as follows:



	As of March 31,
	2020
Weighted average remaining lease term (in years)	6.02
Weighted average discount rate	4.69	%

Prior period disclosures under Topic 840

Rent expense was approximately $82.7 million, net of $0.6 million of sublease income for fiscal 2019, and $81.2 million, net of $0.6 million of sublease income for fiscal 2018.

Future minimum operating lease payments for noncancelable operating leases and future minimum income for noncancelable sublease rentals in effect at March 31, 2019 are summarized as follows:



For the Fiscal Year Ending March 31,	Operating Lease Payments		Operating Sublease Income
2020	$	70,614	$	129
2021	68,888		12
2022	58,325		5
2023	53,463		—
2024	46,222		—
Thereafter	125,399		—
	$	422,911	$	146

Income Taxes

12 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The components of income tax expense were as follows:



	Fiscal Year Ended March 31,
	2020			2019			2018
Current
U.S. Federal	$	(2,638	)	$	34,019		$	89,300
State and local	18,410			26,232			20,074
Foreign	15,625			13,617			10,014
Total current	31,397			73,868			119,388
Deferred
U.S. Federal	59,856			23,258			11,356
State and local	5,578			(252		)	(2,400		)
Total deferred	65,434			23,006			8,956
Total	$	96,831		$	96,874		$	128,344

A reconciliation of the provision for income tax to the amount computed by applying the statutory federal income tax rate to income from continuing operations before income taxes for each of the three years ended March 31 is as follows:



	Fiscal Year Ended March 31,
	2020			2019			2018
Income tax expense computed at U.S. federal statutory rate ⁽¹⁾	$	121,681		$	108,235		$	135,667

Increases (reductions) resulting from:
State and local income taxes, net of federal tax	20,031			22,450			14,565
Foreign income taxes, net of federal tax	12,344			10,758			6,855
Meals and entertainment	1,761			1,771			2,247
Re-measurement of deferred taxes related to the 2017 Tax Act	—			(27,908		)	(9,107		)
Excess tax benefits from stock-based compensation	(10,265		)	(10,777		)	(14,457		)
Research and development and other federal credits	(90,898		)	(6,355		)	(6,563		)
Executive compensation -162(M)	2,346			2,615			345
IRS audit settlement	—			(2,573		)	—
Foreign-Derived Intangible Income (FDII)	(4,915		)	—			—
Changes in uncertain tax positions	44,621			(278		)	140
Other	125			(1,064		)	(1,348		)
Income tax expense from operations	$	96,831		$	96,874		$	128,344

(1) The U.S. federal statutory income tax rates for fiscal 2020, 2019 and 2018 are 21.0%, 21.0% and 31.5%, respectively. The fiscal 2018 rate is a blended rate of 31.5% due to the 2017 Tax Act.

The significant components of the Company’s deferred income tax assets and liabilities were as follows:



	March 31,
	2020			2019
Deferred income tax assets:
Accrued expenses	$	67,230		$	59,569
Deferred compensation	36,448			32,765
Stock-based compensation	6,909			6,265
Pension and postretirement benefits	32,437			32,697
Net operating loss carryforwards	5,741			4,570
Deferred rent and tenant allowance	—			24,565
Extended disability benefits	2,779			3,041
Interest rate swaps	14,774			752
State tax credits	19,214			13,420
Operating lease liabilities	86,565			—
Other	1,567			3,804
Total gross deferred income tax assets	273,664			181,448
Less: Valuation allowance	(4,296		)	(2,853		)
Total net deferred income tax assets	269,368			178,595
Deferred income tax liabilities:
Unbilled receivables	(199,869		)	(138,944		)
Intangible assets	(64,530		)	(60,694		)
Debt issuance costs	(1,939		)	(3,146		)
Property and equipment	(12,820		)	(926		)
Operating lease right-of-use assets	(62,623		)	—
Internally developed software	(15,673		)	(8,123		)
Total deferred income tax liabilities	(357,454		)	(211,833		)
Net deferred income tax liability	$	(88,086	)	$	(33,238	)

Deferred tax balances arise from temporary differences between the carrying amount of assets and liabilities and their tax basis and are stated at the enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided against deferred tax assets when it is more likely than not that some or all of the deferred tax asset will not be realized. In determining if the Company's deferred tax assets are realizable, management considers all positive and negative evidence, including the history of generating financial reporting earnings, future reversals of existing taxable temporary differences, projected future taxable income, as well as any tax planning strategies.

As of March 31, 2020, the Company has available federal, state, and foreign net operating loss ("NOL carryforwards") of $2.0 million, $1.3 million and $2.4 million, respectively, that may be applied against future taxable income. The federal net operating losses are primarily attributable to an acquisition and will begin to expire in fiscal 2037. We recorded a full valuation allowance against state and foreign net operating losses and a partial valuation allowance against the federal net operating losses, as we do not believe those losses will be fully utilized in the future.

Uncertain Tax Positions

The Company maintains reserves for uncertain tax positions related to unrecognized income tax benefits. These reserves involve considerable judgment and estimation and are evaluated by management based on the best information available including changes in tax laws and other information. As of March 31, 2020, 2019, and 2018, the Company has recorded $56.1 million, $11.5 million, and $11.8 million, respectively, of reserves for uncertain tax positions which includes potential tax benefits of $55.2 million, $11.1 million, and $11.6 million, respectively, that, when recognized, impact the effective tax rate.

A reconciliation of the beginning and ending amount of potential tax benefits for the periods presented is as follows:



	March 31,
	2020			2019			2018
Beginning of year	$	11,083		$	11,608		$	11,588
Increases in prior year position	34,001			93			41
Increases in current year position	10,970			575			—
Decreases in prior year position	(765		)	—			—
Settlements with taxing authorities	—			(731		)	—
Lapse of statute of limitations	(68		)	(462		)	(21		)
End of year	$	55,221		$	11,083		$	11,608

During fiscal 2020, the Company recognized an increase in reserves for uncertain tax positions of approximately $34.0 million related to an increase in research and development tax credits available for fiscal years 2016 to 2019 and $11.0 million for fiscal 2020. The Company recognized accrued interest and penalties of $0.5 million, $0.2 million and $0.1 million for fiscal 2020, 2019, and 2018, respectively, related to the reserves for uncertain tax positions in the income tax provision. Included in the total reserve for uncertain tax positions are accrued penalties and interest of approximately $0.9 million, $0.4 million and $0.2 million at March 31, 2020, 2019, and 2018, respectively.

The Company is subject to taxation in the United States and various state and foreign jurisdictions. As of March 31, 2020, the Company's tax years ended March 31, 2016 and forward are open and subject to examination by the federal tax authorities. The other jurisdictions' currently open or under examination are not considered to be material. It is reasonably possible that during the next twelve months the Company's liability for uncertain tax positions, mostly relating to a prior year acquisition, may be reduced by $11.2 million primarily due to the lapse in the statute of limitations.

The Company is currently contesting tax assessments from the District of Columbia Office of Tax and Revenue for fiscal years 2013 through 2015 at various stages of applicable administrative and judicial processes, with a combined amount at issue of approximately $11.7 million, net of associated tax benefits as of March 31, 2020. The Company has taken similar tax positions with respect to subsequent fiscal years, net of expiring statute of limitation, totaling in aggregate $32.5 million. As of March 31, 2020, the Company does not maintain reserves for any uncertain tax positions related to the contested tax benefits or the similar tax positions taken in the subsequent fiscal years. Given the Company's position on the recoverable nature of the state tax expense, it does not believe the resolution of these matters will have a material adverse effect on its results of operations, cash flows or financial condition.

Employee Benefit Plans

12 Months Ended

Mar. 31, 2020

Retirement Benefits [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

Defined Contribution Plan

The Company sponsors the Employees’ Capital Accumulation Plan, or ECAP, which is a qualified defined contribution plan that covers eligible U.S. and certain international employees. ECAP provides for distributions to participants by reason of retirement, death, disability, or termination of employment. The Company provides an annual matching contribution of up to 6% of eligible annual compensation. Total expense recognized under ECAP for fiscal 2020, 2019, and 2018 was $151.0 million, $136.3 million, and $126.9 million, respectively, and the Company-paid contributions were $146.5 million, $130.9 million, and $123.9 million, respectively.

Defined Benefit Plan and Other Postretirement Benefit Plans

The Company provides postretirement healthcare benefits to former officers under a medical indemnity insurance plan, with premiums paid by the Company. This plan is referred to as the Officer Medical Plan. The Company also established a non-qualified defined benefit plan for all officers in May 1995, or the Retired Officers' Bonus Plan, which pays a lump-sum amount of $10,000 per year of service as an officer, provided the officer meets retirement vesting requirements. In addition, the Company provides a fixed annual allowance after retirement to cover financial counseling, tax preparation, or other financial or wellness expenses. The Retired Officers' Bonus Plan is not salary related, but rather is based primarily on years of service. The Company also provides for a one-time lump sum retirement payment of one month’s salary when a vice-president retires from the Company. This is referred to as the Retired Vice-President Bonus Plan.

The Company recognizes a liability for the defined benefit plans' underfunded status, measures the defined benefit plans'

obligations that determine its funded status as of the end of the fiscal year, and recognizes as a component of accumulated other comprehensive income the changes in the defined benefit plans' funded status that are not recognized as components of net periodic benefit cost.

The components of net postretirement medical expense for the Officer Medical Plan were as follows:



	Fiscal Year Ended March 31,
	2020		2019		2018
Service cost	$	4,955	$	5,952	$	4,464
Interest cost	4,859		5,130		5,008
Net actuarial loss	—		2,108		2,271
Total postretirement medical expense	$	9,814	$	13,190	$	11,743

The service cost component of net periodic benefit cost is included in cost of revenue and general and administrative expenses, and the non-service cost components of net periodic benefit cost (interest cost and net actuarial loss) is included as part of other income (expense), net in the accompanying consolidated statements of operations.

The weighted-average discount rate used to determine the year-end benefit obligations was as follows:



	Fiscal Year Ended March 31,
	2020		2019		2018
Officer Medical Plan	3.60	%	4.10	%	4.10	%
Retired Officers’ Bonus Plan	3.60	%	4.10	%	4.10	%
Retired Vice Presidents' Bonus Plan	3.60	%	4.10	%	4.10	%

Assumed healthcare cost trend rates for the Officer Medical Plan at March 31, 2020 and 2019 were as follows:



Pre-65 initial rate	2020		2019
Healthcare cost trend rate assumed for next year	6.80	%	7.50	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2029		2027



Post-65 initial rate	2020		2019
Healthcare cost trend rate assumed for next year	7.00	%	7.75	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2029		2027

Total defined benefit plan expense, consisting of service and interest cost associated with the Retired Officers' Bonus Plan was $0.6 million for fiscal 2020 and $0.7 million for both fiscal 2019, and 2018. Benefits paid associated with the Retired Officers’ Bonus Plan were $0.6 million, $0.8 million, and $1.5 million for fiscal 2020, 2019, and 2018, respectively. The end-of-period benefit obligation of $3.8 million and $3.7 million as of March 31, 2020 and 2019, respectively, is included in postretirement obligations within other long-term liabilities in the accompanying consolidated balance sheets.

Total defined benefit plan expense, consisting of service, interest, prior service cost, and net actuarial gain associated with the Retired Vice-President Bonus Plan was $0.2 million for fiscal 2020, 2019 and 2018. Benefits paid associated with the Retired Vice-President Bonus Plan for fiscal 2020 was $0.1 million. There were no benefits paid associated with the Retired Vice-President Bonus Plan for fiscal 2019 and 2018, respectively. The end-of-period benefit obligation of $1.0 million and $0.9 million as of March 31, 2020 and 2019, respectively, is included in postretirement obligations within other long-term liabilities in the accompanying consolidated balance sheets.

Other comprehensive loss for fiscal 2020 includes unrecognized gross actuarial gain and prior service cost of $6.6 million, reduced by taxes of $1.7 million, that has not yet been recognized in net periodic pension cost for fiscal 2020 for the Retired Officers’ Bonus Plan, the Officer Medical Plan, and the Retired Vice-President Bonus Plan. Other comprehensive loss for fiscal 2019 includes unrecognized gross actuarial gain and prior service cost of $13.9 million, reduced by taxes of $3.6 million, that

has not yet been recognized in net periodic pension cost for fiscal 2019 for the Retired Officers’ Bonus Plan, the Officer Medical Plan, and the Retired Vice-President Bonus Plan.

The changes in the benefit obligation, plan assets, and funded status of the Officer Medical Plan were as follows:



	Fiscal Year Ended March 31,
	2020			2019			2018
Benefit obligation, beginning of the year	$	120,341		$	126,886		$	118,089
Service cost	4,955			5,952			4,464
Interest cost	4,859			5,130			5,008
Net actuarial (gain) loss	(6,761		)	(13,885		)	2,744
Benefits paid	(3,785		)	(3,742		)	(3,419		)
Benefit obligation, end of the year	$	119,609		$	120,341		$	126,886

The net actuarial gain related to benefit obligation in fiscal 2020 was due mainly to the repeal of excise tax on high cost health plans in December 2019, partially offset by the unfavorable impact from declines in discount rates and changes in estimated medical costs as of March 31, 2020. The net actuarial gain related to benefit obligation in fiscal 2019 was due mainly to the favorable medical cost experience in the past year as well as updates to demographic assumptions. The net actuarial loss related to benefit obligation in fiscal 2018 was due largely to a decrease in the discount rate and an updated outlook of higher future medical inflation offset by favorable medical cost experience in the past year.



	Fiscal Year Ended March 31,
Changes in plan assets	2020			2019			2018
Fair value of plan assets, beginning of the year	$	—		$	—		$	—
Employer contributions	3,785			3,742			3,419
Benefits paid	(3,785		)	(3,742		)	(3,419		)
Fair value of plan assets, end of the year	$	—		$	—		$	—

As of March 31, 2020 and 2019, the unfunded status of the Officer Medical Plan was $119.6 million and $120.3 million, respectively, which is included in other long-term liabilities in the accompanying consolidated balance sheets.

Funded Status for Defined Benefit Plans

Generally, annual contributions are made at such times and in amounts as required by law and may, from time to time, exceed minimum funding requirements. The Retired Officers’ Bonus Plan and the Retired Vice-President Bonus Plan are unfunded plans and contributions are made as benefits are paid. As of March 31, 2020 and 2019, there were no plan assets for either the Retired Officers’ Bonus Plan or the Retired Vice-President Bonus Plan and therefore, the accumulated liability of $4.8 million and $4.6 million, respectively, is unfunded. The liability will be distributed in a lump-sum payment as each officer or vice-president retires.

The expected future medical benefit payments and related contributions are as follows:




For the Fiscal Year Ending March 31,
2021	$	3,843
2022	$	4,235
2023	$	4,661
2024	$	5,052
2025	$	5,342
2026 - 2030	$	31,896

Long-term Disability Benefits

The Company offers medical and dental benefits to inactive employees (and their eligible dependents) on long-term disability. These benefits do not vary with an employee's years of service; therefore, the Company is required to accrue the costs of the benefits at the date the inactive employee becomes disability eligible and elects to participate in the benefit. The accrued cost for such benefits is calculated using an actuarial estimate. The accrued cost for these benefits was $10.7 million and $11.6 million at March 31, 2020 and 2019, respectively, and are presented in other long-term liabilities in the accompanying consolidated balance sheets.

During fiscal 2019, the long-term disability plan was amended to make Medicare the first payer of eligible medical benefits, with any excess benefits becoming the obligation of the Company. The amendment caused a re-measurement of the plan liability during the period resulting in a reduction of $11.2 million recorded in general and administrative expenses.

Deferred Compensation Plan

The Company established a non-qualified deferred compensation plan (the "Plan") for certain executives and other highly compensated employees that was effective in fiscal 2018. Pursuant to the Plan, participants are eligible to defer up to 100% of their incentive cash compensation on a tax deferred basis in excess of the IRS limits imposed on 401(k) plans. The assets of the plan are held in a consolidated trust and are subject to the claims of the Company's general creditors under federal and state laws in the event of insolvency. Consequently, the trust qualifies as a Rabbi trust for income tax purposes.

As of March 31, 2020 and 2019, $5.9 million and $3.2 million of plan investments and obligations were recorded in other long term assets and in other long term liabilities, respectively, in the condensed consolidated balance sheets, representing the fair value related to the deferred compensation plan. Adjustments to the fair value of the plan investments and obligations are recorded in operating expenses.

Accumulated Other Comprehensive Loss

12 Months Ended

Mar. 31, 2020

Equity [Abstract]

Accumulated Other Comprehensive Loss

ACCUMULATED OTHER COMPREHENSIVE LOSS

All amounts recorded in other comprehensive loss are related to the Company's post-retirement plans and interest rate swaps designated as cash flow hedges. The following table shows the changes in accumulated other comprehensive loss, net of tax:



	Fiscal Year Ended March 31, 2020
	Post-retirement plans			Derivatives designated as cash flow hedges			Totals
Beginning of year	$	(9,068	)	$	(2,122	)	$	(11,190	)
Other comprehensive income (loss) before reclassifications (1)	4,860			(41,300		)	(36,440		)
Amounts reclassified from accumulated other comprehensive loss	81			1,548			1,629
Net current-period other comprehensive income (loss)	4,941			(39,752		)	(34,811		)
End of year	$	(4,127	)	$	(41,874	)	(46,001		)

(1) Changes in other comprehensive income (loss) before reclassification for derivatives designated as cash flow hedges are recorded net of tax benefits of $14.6 million for the fiscal year ended March 31, 2020.



	Fiscal Year Ended March 31, 2019
	Post-retirement plans			Derivatives designated as cash flow hedges			Totals
Beginning of year	$	(20,955	)	$	5,849		$	(15,106	)
Other comprehensive income (loss) before reclassifications (2)	10,262			(7,214		)	3,048
Amounts reclassified from accumulated other comprehensive loss	1,625			(757		)	868
Net current-period other comprehensive income (loss)	11,887			(7,971		)	3,916
End of year	$	(9,068	)	$	(2,122	)	$	(11,190	)

(2) Changes in other comprehensive income (loss) before reclassification for derivatives designated as cash flow hedges are recorded net of tax benefits of $2.6 million for the fiscal year ended March 31, 2019.



	Fiscal Year Ended March 31, 2018
	Post-retirement plans			Derivatives designated as cash flow hedges		Totals
Beginning of year	$	(17,077	)	$	—	$	(17,077	)
Other comprehensive income (loss) before reclassifications (3)	(1,698		)	4,993		3,295
Amounts reclassified from accumulated other comprehensive loss	1,527			—		1,527
Net current-period other comprehensive income (loss)	(171		)	4,993		4,822
Reclassification of AOCI due to the 2017 Tax Act (4)	(3,707		)	856		(2,851		)
End of year	$	(20,955	)	$	5,849	$	(15,106	)

(3) Changes in other comprehensive income (loss) before reclassification for derivatives designated as cash flow hedges are recorded net of tax expenses of $2.9 million for the fiscal year ended March 31, 2018

(4) The amount reclassified from accumulated other comprehensive income to retained earnings from the adoption of ASU 2018-02 in fiscal 2018.

The following table presents the reclassifications out of accumulated other comprehensive loss to net income:



	Fiscal Year Ended March 31,
	2020			2019			2018
Amounts reclassified from accumulated other comprehensive loss:
Post-retirement plans (Note 15):
Amortization of net actuarial loss included in net periodic benefit cost	$	109		$	2,201		$	2,387
Tax benefit (expense)	(28		)	(576		)	(860		)
Net of tax	$	81		$	1,625		$	1,527
Derivatives designated as cash flow hedges (Note 12):
Reclassification of hedge (loss) gain	$	2,094		$	(1,026	)	$	—
Tax benefit (expense)	(546		)	269			—
Net of tax	$	1,548		$	(757	)	$	—

Other Long-Term Liabilities

12 Months Ended

Mar. 31, 2020

Other Liabilities Disclosure [Abstract]

Other Long-Term Liabilities

OTHER LONG-TERM LIABILITIES

Other long-term liabilities consisted of the following:



	March 31,
	2020		2019
Deferred rent (1)	$	—	$	78,658
Postretirement benefit obligations	124,375		124,925
Other (2)	63,096		27,069
Total other long-term liabilities	$	187,471	$	230,652

(1) Deferred rent balance was reclassified to operating lease right-of-use assets on the consolidated balance sheet as a result of the adoption of Topic 842 in fiscal 2020. See Notes 2 and 13.

(2) Balances at March 31, 2020 and 2019 primarily include the Company's long-term disability obligation of $10.7 million and $11.6 million, respectively, and the long-term liability portion of the Company's derivative instruments of $37.8 million. See Notes 15 and 12, respectively, to our consolidated financial statements.

Stockholders' Equity

12 Months Ended

Mar. 31, 2020

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Common Stock

Holders of Class A Common Stock are entitled to one vote for each share. Each share of Class A Common is entitled to participate equally in all dividends and other distributions declared on and payable with respect to the Class A Common Stock, subject to the preferences and rights of any preferred stock and General Corporation Law of the State of Delaware. The Company’s ability to pay dividends to stockholders is limited as a practical matter by restrictions in the agreements governing the Company's indebtedness.

The authorized and unissued shares of Class A Common Stock are available for future issuance upon stock option exercises and vesting of restricted stock units without additional stockholder approval.

Share Repurchase Program

On December 21, 2011, the Board of Directors adopted a share repurchase program, which was most recently increased on May 23, 2019 to authorize the repurchase of up to $1,310.0 million in shares of Class A Common Stock. A special committee of the Board of Directors evaluates market conditions and other relevant factors and initiates repurchases under the program from time to time. The share repurchase program may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice. During fiscal 2020, the Company purchased 2.5 million shares of Class A Common Stock in a series of open market transactions for $173.4 million. During fiscal 2019, the Company purchased 5.1 million shares of Class A Common Stock in a series of open market transactions for $239.8 million. As of March 31, 2020, the Company had $484.8 million remaining under the share repurchase program.

Dividends

The following table summarizes the cash distributions recognized in the consolidated statement of cash flows:



	Fiscal Year Ended March 31,
	2020		2019		2018
Recurring dividends (1)	$	146,602	$	114,234	$	103,411
Dividend equivalents (2)	—		280		951
Total distributions	$	146,602	$	114,514	$	104,362

(1) Amounts represent recurring quarterly dividends that were declared and paid for during each quarter of fiscal 2020, 2019, and 2018.

(2) Dividend equivalents are distributions made to option holders equal to the special dividends declared and paid.

Related-Party Transactions	12 Months Ended
Related-Party Transactions	Mar. 31, 2020
Related Party Transactions [Abstract]
Related-Party Transactions	RELATED-PARTY TRANSACTIONS In March, 2017, the Company supported the formation of the Booz Allen Foundation, a nonprofit corporation organized and operated exclusively for charitable, scientific and educational purposes within the meaning of Section 501(c)(3) of the Code. The Company is the sole member of the foundation, which gives it the authority to appoint two out of five of the Booz Allen Foundation’s directors and consent rights regarding certain extraordinary corporate actions approved by the Company's Board of Directors. The Company made a binding and irrevocable pledge of $5.0 million to the Booz Allen Foundation, payable in installments, and recorded the pledge obligation in other current liabilities on the consolidated balance sheet of the Company in March 2017. As of March 31, 2019, the Company had satisfied the pledge obligation in full. Two of our directors currently serve on the board of directors of a subcontractor to which the Company subcontracted $79.7 million and $55.3 million of services for fiscal 2020 and 2019, respectively.

Stock-Based Compensation

12 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

The following table summarizes stock-based compensation expense recognized in the consolidated statements of operations:



	Fiscal Year Ended March 31,
	2020		2019		2018
Cost of revenue	$	16,272	$	8,990	$	7,771
General and administrative expenses	27,018		22,285		15,547
Total	$	43,290	$	31,275	$	23,318

The following table summarizes the total stock-based compensation expense recognized in the consolidated statements of operations by the following types of equity awards:



	Fiscal Year Ended March 31,
	2020		2019		2018
Equity Incentive Plan Options	$	2,741	$	2,374	$	2,036
Restricted Stock Awards	40,549		28,901		21,282
Total	$	43,290	$	31,275	$	23,318

As of March 31, 2020 and 2019, there was $33.5 million and $27.8 million, respectively, of total unrecognized compensation cost related to unvested stock-based compensation agreements. The unrecognized compensation cost as of March 31, 2020 is expected to be fully amortized over the next 5 years. Absent the effect of accelerating stock compensation cost for any departures of employees who may continue to vest in their equity awards, the following tables summarize the unrecognized compensation cost, the weighted average period the cost is expected to be amortized, and the estimated annual compensation cost for the future periods indicated below (excludes any future award):



	Unrecognized Compensation Cost				Weighted Average Remaining Period to be Recognized
	March 31, 2020		March 31, 2019		March 31, 2020	March 31, 2019
Equity Incentive Plan Options	$	3,721	$	3,501	3.57	3.61
Restricted Stock Awards	29,738		24,259		1.78	1.75
Total	$	33,459	$	27,760



	Total Unrecognized Compensation Cost
	Total		2021		2022		2023		2024		2025
Equity Incentive Plan Options	$	3,721	$	1,872	$	1,100	$	543	$	190	$	16
Restricted Stock Awards	29,738		20,428		9,104		161		45		—
Total	$	33,459	$	22,300	$	10,204	$	704	$	235	$	16

Equity Incentive Plan

The Company's Equity Incentive Plan, or EIP, was adopted in connection with the Merger Agreement for employees and directors of Holding. The EIP was amended and restated in 2010 in connection with the Company’s initial public offering, and on May 22, 2014 and January 28, 2020. Awards under the EIP may be made in the form of stock options; stock purchase rights; restricted stock; restricted stock units; performance shares; performance units; stock appreciation rights; deferred share units; dividend equivalents; and other stock-based awards.

Stock Options

Stock options under the EIP are granted at the discretion of the Board of Directors or its Compensation Committee and expire ten years from the grant date. Stock options generally vest in equal installments over a five-year period subject to the grantee’s continued service on each applicable vesting. All options under the EIP are exercisable, upon vesting, for shares of Class A Common Stock of Holding. During fiscal 2020, 270,332 options were granted under the EIP.

The aggregate grant date fair value of the EIP Options issued during fiscal 2020 and 2019, was $3.7 million and $3.5 million, respectively, and is recorded as expense over the vesting period. The total fair value of EIP Options vested during fiscal 2020 and 2019 was $2.4 million and $2.5 million, respectively. The total intrinsic value of EIP options exercised during fiscal 2020 and 2019 was $30.6 million and $47.2 million, respectively. As of March 31, 2020 and 2019, there were 10,097,483 and 10,708,159 options, respectively, available for future grant under the EIP.

Annual Incentive Plans

On October 1, 2010, the Board of Directors adopted an Annual Incentive Plan (or “AIP”) in connection with the initial public offering to more appropriately align the Company’s compensation programs with those of similarly situated companies. The amount of the annual incentive payment is determined based on performance targets established by the Board of Directors and a portion of the bonus may be paid in the form of equity (including stock and other awards under the EIP). Such equity awards vest over a three-year period subject to the employee’s continued service to the Company. The related expense is recognized in the accompanying consolidated statements of operations based on grant date fair value over the vesting period of three years.

During fiscal 2018, the Company implemented a new annual incentive program for officers and key employees. The equity compensation would be issued in the form of restricted stock units of which a portion would vest based on the passage of time, and the other portion would vest based on specified performance conditions to be achieved over a specified time period. A restricted stock unit represents a contingent right to receive one share of Class A Common Stock upon vesting. Service-based restricted stock units vest in equal installments over a three-year period subject to the grantee's continued service on each applicable vesting date and are settled for shares of the Company's common stock. Dividend equivalents are paid in respect of the service-based restricted stock units when dividends are paid on the Company's common stock. Performance-based awards vest at the end of a three-year period subject to certain specified financial performance criteria and the grantee's continued service through the period. These awards are settled for Company Class A Common Stock and dividend equivalents. Compensation expense for performance-based awards during the performance period is estimated at each reporting date using management's expectation of the probable achievement of the specified performance criteria.

During fiscal 2020, the Company implemented a program whereby certain non-officer employees would be eligible to receive a portion of their annual bonus in equity. The equity compensation would be issued in the form of restricted stock units that would vest immediately after issuance. The associated expense will be recognized in the accompanying consolidated statements of operations based on grant date fair value.

Grants of Class A Restricted Common Stock and Restricted Stock Units

During fiscal 2020, the Board of Directors granted an aggregate of 589,818 Restricted Stock Units with service-based and performance-based vesting conditions to existing officers, vice presidents, and other employees and non-employees of the Company, as well as to newly promoted and hired partners and vice presidents. The awards will vest based on the applicable vesting period for the specific award subject to the employees' continued employment with the Company.

The Board of Directors also granted 30,389 shares of Class A Restricted Common Stock to members of the Board of Directors during fiscal 2020. These awards generally vest over one year.

The aggregate fair value of all awards issued during fiscal 2020 was $39.7 million and was based on the grant date stock price, which ranged from $62.12 to $78.55. This amount will be recognized in the accompanying consolidated statements of operations over the applicable vesting period of the awards.

The total fair value of restricted stock shares vested during fiscal 2020 and 2019 was $27.9 million and $21.5 million, respectively.

As permitted under the terms of the EIP, the Compensation Committee, as Administrator of the Plan, authorized the withholding of taxes not to exceed the minimum statutory withholding amount, through the surrender of shares of Class A Common Stock issuable upon the vesting or accelerated vesting of Restricted Stock. As a result of these transactions, the Company repurchased 194,064 shares and recorded them as treasury shares at a total cost of $13.2 million in fiscal 2020.

Methodology

The Company uses the Black-Scholes option-pricing model to determine the estimated fair value for stock-based awards. The fair value of the Company’s stock is based on the closing price on the New York Stock Exchange on the date of grant.

During fiscal 2020, the Company’s Board of Directors authorized and declared four quarterly cash dividends: $0.23 per share in the first and second quarters, $0.27 per share in the third quarter, and $0.31 per share in the fourth quarter. Therefore, an annualized dividend yield between 2.12% and 2.60% was used in the Black-Scholes option-pricing model for all grants issued during the fiscal year. The Company plans to continue paying recurring dividends in the near term and assessing its excess cash resources to determine the best way to utilize its excess cash flow to meet its objectives. One way the Company may utilize excess cash includes the payment of special dividends. The Company does not anticipate or forecast the payment of special dividends and therefore does not include special dividends in the annual dividend yield that the company uses to calculate the fair value of stock options, as the Company does not pay these special dividends on a regular basis.

The risk-free interest rate is determined by reference to the U.S. Treasury yield curve rates with the remaining term equal to the expected life assumed at the date of grant. The average expected life is calculated based on the Company's historical experience with respect to its stock plan activity in combination with an estimate of when vested and unexercised option shares will be exercised. Forfeitures were estimated based on the Company’s historical analysis of officer and vice-president attrition levels and actual forfeiture rates by grant date. Implied volatility is calculated as of each grant date based on our historical volatility. Other than the expected life of the option, volatility is the most sensitive input to our option grants.

The weighted average assumptions used in the Black-Scholes option-pricing model for stock option awards were as follows:



	For The Fiscal Year Ended March 31,
	2020			2019			2018
Dividend yield	2.17		%	2.01		%	1.90		%
Expected volatility	24.74		%	25.83		%	33.04		%
Risk-free interest rate	2.11		%	2.81		%	1.81		%
Expected life (in years)	5.00			5.00			5.00
Weighted-average grant date fair value	$	12.39		$	9.67		$	9.35

The following table summarizes unvested restricted stock activity for the periods presented:



	Number of Shares	Weighted Average Grant Date Fair Value

Unvested Restricted Stock Awards
Unvested at March 31, 2019	932,781	38.19
Granted	620,207	64.00
Vested	612,321	45.53
Forfeited	53,231	45.81
Unvested at March 31, 2020	887,436	50.72

The following table summarizes stock option activity for the periods presented:



	Number of Options	Weighted Average Exercise Price
Equity Incentive Plan Options
Options outstanding at March 31, 2019	2,091,355	$	25.83	*
Granted	270,332	63.80
Forfeited	32,658	34.99
Expired	—	—
Exercised	575,890	15.50
Options outstanding at March 31, 2020	1,753,139	$	34.91	*

* Reflects exercise price adjustment of $6.36 per grant for the $6.50 dividend per share issued on July 30, 2012.

The following table summarizes unvested stock options for the periods presented:



	Number of Options	Weighted Average Grant Date Fair Value
Equity Incentive Plan Options
Unvested at March 31, 2019	608,613	$	9.04
Granted	270,332	12.39
Vested	265,970	9.14
Forfeited	32,658	8.85
Unvested at March 31, 2020	580,317	$	10.56

The following table summarizes stock options outstanding at March 31, 2020:



Range of exercise prices ⁽¹⁾	Stock Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Intrinsic Value		Stock Options Exercisable	Weighted Average Exercise Price	Weighted Average Remaining Contractual Life	Intrinsic Value
				(In years)					(In years)
Equity Incentive Plan
$9.71 - $78.55	1,753,139	$34.91	(1)	6.06	$	59,128	1,172,822	$27.65	4.91	$48,073

(1) Reflects exercise price adjustment of $6.36 per grant for the $6.50 dividend per share issued July 30, 2012.

Employee Stock Purchase Plan

The Company offers a tax qualified Employee Stock Purchase Plan, or ESPP, which is designed to enable eligible employees to periodically purchase shares of the Class A Common Stock up to an aggregate of 10 million shares at a five percent discount from the fair market value of the Class A Common Stock. The ESPP provides for quarterly offering periods. For the year ended March 31, 2020, 227,810 shares of Class A Common Stock were purchased by employees under the ESPP. Since the program's inception, 2,659,803 shares have been purchased by employees.

Fair Value Measurements

12 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The accounting standard for fair value measurements establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions (Level 3).

A financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The financial instruments measured at fair value in the accompanying consolidated balance sheets consist of the following:



	Recurring Fair Value Measurements as of March 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Long term deferred compensation plan asset (2)	5,879		—		—		5,879
Total Assets	$	5,879	$	—	$	—	$	5,879
Liabilities:
Contingent consideration liability (3)	$	—	$	—	$	1,224	$	1,224
Current derivative instruments (1)	—		18,831		—		18,831
Long-term derivative instruments (1)	—		37,819		—		37,819
Long term deferred compensation plan liability (2)	5,879		—		—		5,879
Total Liabilities	$	5,879	$	56,650	$	1,224	$	63,753



	Recurring Fair Value Measurements as of March 31, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Current derivative instruments (1)	$	—	$	1,790	$	—	$	1,790
Long-term derivative instruments (1)	—		614		—		614
Long term deferred compensation plan asset (2)	$	3,169	$	—	$	—	$	3,169
Total Assets	$	3,169	$	2,404	$	—	$	5,573
Liabilities:
Contingent consideration liability (3)	$	—	$	—	$	1,224	$	1,224
Current derivative instruments (1)	$	—	$	929	$	—	$	929
Long-term derivative instruments (1)	$	—	$	4,347	$	—	$	4,347
Long term deferred compensation plan liability (2)	$	3,169	$	—	$	—	$	3,169
Total liabilities	$	3,169	$	5,276	$	1,224	$	9,669

(1) The Company’s interest rate swaps are considered over-the-counter derivatives and fair value is estimated based on the present value of future cash flows using a model-derived valuation that uses Level 2 observable inputs such as interest rate yield curves. See Note 12 to the consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges.

(2) Investments in this category consist of primarily of mutual funds whose fair values are determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. These assets represent investments held in a consolidated trust to fund the Company's non-qualified deferred compensation plan and are recorded in other long-term assets and other long-term liabilities on our consolidated balance sheets.

(3) The Company recognized a contingent consideration liability of $3.6 million in connection with the acquisition of Aquilent in fiscal 2017. As of both March 31, 2020 and 2019, the estimated fair value of the contingent consideration liability was $1.2 million, and was valued using probability-weighted cash flows, which is based on the use of Level 3 fair value measurement inputs.

The fair value of the Company's cash and cash equivalents, which are Level 1 inputs, approximated its carrying values at March 31, 2020 and 2019. The fair value of the Company's debt instruments approximated its carrying value at March 31, 2020 and 2019. The fair value of debt is determined using quoted prices or other market information obtained from recent trading activity of each debt tranche in markets that are not active (Level 2 inputs). The fair value is corroborated by prices derived from the interest rate spreads of recently completed leveraged loan transactions of a similar credit profile, industry, and terms to that of the Company. The fair value of Senior Notes is determined using quoted prices or other market information from recent trading activity in the high-yield bond market (Level 2 inputs).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Letters of Credit and Third-Party Guarantees As of March 31, 2020 and 2019, the Company was contingently liable under open standby letters of credit and bank guarantees issued by our banks in favor of third parties that totaled $9.7 million and $9.5 million, respectively. These letters of credit and bank guarantees primarily support insurance and bid and performance obligations. At March 31, 2020 and 2019, approximately $0.9 million and $1.0 million, respectively, of these instruments reduce the available borrowings under the Revolving Credit Facility. The remainder is guaranteed under a separate $15.0 million facility established in fiscal 2015 of which $6.2 million and $6.5 million, respectively, was available to the Company at March 31, 2020 and 2019. Government Contracting Matters - Provision for Claimed Indirect Costs For fiscal 2020, 2019, and 2018, approximately 96%, 96%, and 97%, respectively, of the Company’s revenue was generated from contracts where the end user was an agency or department of the U.S. government, including contracts where the Company performed either as a prime contractor or subcontractor, and regardless of the geographic location in which the work was performed. U.S. government contracts and subcontracts are subject to extensive legal and regulatory requirements. From time to time and in the ordinary course of business, agencies of the U.S. government audit our claimed indirect costs and conduct inquiries and investigations of our business practices with respect to government contracts to determine whether the Company’s operations are conducted in accordance with these requirements and the terms of the relevant contracts. U.S. government agencies, including the Defense Contract Audit Agency (DCAA), routinely audit our claimed indirect costs, for compliance with the Cost Accounting Standards and the Federal Acquisition Regulation. These agencies also conduct reviews and investigations and make inquiries regarding our accounting and other systems in connection with our performance and business practices with respect to our government contracts and subcontracts. U.S. government audits, inquiries, or investigations of the Company, whether related to the Company’s U.S. government contracts or subcontracts or conducted for other reasons, could result in administrative, civil, or criminal liabilities, including withholding of payments, suspension of payments, repayments, fines, or penalties being imposed upon the Company, or could lead to suspension or debarment from future U.S. government contracting. Management believes it has recorded the appropriate provision for claimed indirect costs for any audit, inquiry, or investigation of which it is aware that may be subject to any reductions and/or penalties. As of March 31, 2020 and 2019, the Company had recorded liabilities of approximately $224.6 million and $195.3 million, respectively, for estimated adjustments to claimed indirect costs based on its historical DCAA audit results, including the final resolution of such audits with the Defense Contract Management Agency, for claimed indirect costs incurred subsequent to fiscal 2011, and for contracts not yet closed that are subject to audit and final resolution. Litigation Our performance under U.S. government contracts and compliance with the terms of those contracts and applicable laws and regulations are subject to continuous audit, review, and investigation by the U.S. government, which may include such investigative techniques as subpoenas or civil investigative demands. Given the nature of our business, these audits, reviews, and investigations may focus, among other areas, on various aspects of procurement integrity, labor time reporting, sensitive and/or classified information access and control, executive compensation, and post government employment restrictions. We are not always aware of our status in such matters, but we are currently aware of certain pending audits and investigations involving labor time reporting, procurement integrity, and classified information access. In addition, from time to time, we are also involved in legal proceedings and investigations arising in the ordinary course of business, including those relating to employment matters, relationships with clients and contractors, intellectual property disputes, and other business matters. These legal proceedings seek various remedies, including claims for monetary damages in varying amounts, none of which are considered material, or are unspecified as to amount. Although the outcome of any such matter is inherently uncertain and may be materially adverse, based on current information, we do not expect any of the currently ongoing audits, reviews, investigations, or litigation to have a material adverse effect on our financial condition and results of operations. As of March 31, 2020 and 2019, there were no material amounts accrued in the consolidated financial statements related to these proceedings. Six former officers and stockholders who had departed the company prior to the acquisition of the Company by the Carlyle Group (the "Carlyle Acquisition") have filed a total of nine suits in various jurisdictions, with original filing dates ranging from July 3, 2008 through December 15, 2009, against us and certain of our current and former directors and officers. Three of these suits were amended on July 2, 2010 and then further amended into one consolidated complaint on September 7, 2010. Another two of the original nine suits were consolidated into one complaint on September 24, 2014. Each of the suits arises out of the Carlyle Acquisition and alleges that the former stockholders are entitled to certain payments that they would have received if they had held their stock at the time of the Carlyle Acquisition. Some of the suits also allege that the acquisition price paid to stockholders was insufficient. The various suits assert claims for breach of contract, tortious interference with contract, breach of fiduciary duty, civil Racketeer Influenced and Corrupt Organizations Act, or RICO, violations, violations of the ERISA, and/or securities and common law fraud. Three of these suits have been dismissed with all appeals exhausted. The two suits that were consolidated into one action on September 24, 2014 were settled on April 16, 2015. One of the remaining suits has been dismissed by the United States District Court for the Southern District of California and such dismissal was upheld by the United States Court of Appeals for the Ninth Circuit. The plaintiff in this suit subsequently filed a Petition for Writ of Certiorari to the United States Supreme Court, which was denied by the United States Supreme Court on January 9, 2017. The other three remaining suits that were previously consolidated on September 7, 2010 have been dismissed by the United States District Court for the Southern District of New York and were on appeal before the United States Court of Appeals for the Second Circuit. On July 13, 2017, the United States Court of Appeals for the Second Circuit affirmed the ruling of the United States District Court for the Southern District of New York, except for one plaintiff’s securities fraud claim, which was remanded to the United States District Court for the Southern District of New York to give the plaintiff, Paul Kocourek, leave to file another amended complaint to attempt to plead a securities fraud claim. On April 6, 2018, the plaintiff filed an amended complaint in which Mr. Kocourek, individually, as Trustee of the Paul Kocourek Trust and on behalf of the putative class, alleges that the Company and certain former officers and directors violated Sections 10(b), 20(a) and 14(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). On June 2, 2019, the United States District Court for the Southern District of New York granted defendants' motion to dismiss the amended complaint in its entirety. On July 11, 2019, the plaintiff filed a notice to appeal the ruling. On October 17, 2019, the plaintiff and the defendants reached an agreement to settle this matter. Pursuant to that agreement, the plaintiff was obligated to dismiss his appeal. On November 12, 2019, the parties filed a stipulation withdrawing the appeal, which was ordered by the court the same day. On June 7, 2017, Booz Allen Hamilton Inc. was informed that the U.S. Department of Justice (DOJ) is conducting a civil and criminal investigation of the Company. In connection with the investigation, the DOJ has requested information from the Company relating to certain elements of the Company’s cost accounting and indirect cost charging practices with the U.S. government. Since learning of the investigation, the Company has engaged a law firm experienced in these matters to represent the Company in connection with this matter and respond to the government's requests. As is commonly the case with this type of matter, the Company has also been in contact with other regulatory agencies and bodies, including the Securities and Exchange Commission, which notified the Company that it is conducting an investigation that the Company believes relates to matters that are also the subject of the DOJ's investigation. The Company may receive additional regulatory or governmental inquiries related to the matters that are the subject of the DOJ's investigation. In accordance with the Company's practice, the company is cooperating with all relevant government parties. The total cost associated with these matters will depend on many factors, including the duration of these matters and any related findings. At this stage, the Company is not able to reasonably estimate the expected amount or range of cost or any loss associated with these matters. On June 19, 2017, a purported stockholder of the Company filed a putative class action lawsuit in the United States District Court for the Eastern District of Virginia styled Langley v. Booz Allen Hamilton Holding Corp., No. 17-cv-00696 naming the Company, its Chief Executive Officer and its Chief Financial Officer as defendants purportedly on behalf of all purchasers of the Company’s securities from May 19, 2016 through June 15, 2017. On September 5, 2017, the court named two lead plaintiffs and on October 20, 2017, the lead plaintiffs filed a consolidated amended complaint. The complaint asserts claims under Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder, alleging misrepresentations or omissions by the Company purporting to relate to matters that are the subject of the DOJ investigation described above. The plaintiffs seek to recover from the Company and the individual defendants an unspecified amount of damages. The Company believes the suit lacks merit and intends to defend against the lawsuit. Motions to dismiss were argued on January 12, 2018, and on February 8, 2018, the court dismissed the amended complaint in its entirety without prejudice. At this stage of the lawsuit, the Company is not able to reasonably estimate the expected amount or range of cost or any loss associated with the lawsuit. On November 13, 2017, a Verified Shareholder Derivative Complaint was filed in the United States District Court for the District of Delaware styled Celine Thum v. Rozanski et. al., C.A. No. 17-cv-01638, naming the Company as a nominal defendant and numerous current and former officers and directors as defendants. The complaint asserts claims for breach of fiduciary duties, unjust enrichment, waste of corporate assets, abuse of control, gross mismanagement, and violations of Sections 14(a), 10(b) and 20(a) of the Exchange Act, purportedly relating to matters that are the subject of the DOJ investigation described above. The parties have stipulated to a stay of the proceedings pending the outcome of the securities litigation (described above), which the court so ordered on January 24, 2018. At a status conference on October 31, 2019, the court ordered the parties to meet and confer and submit a status report by November 29, 2019. On December 12, 2019, the court ordered that the stay remain in effect. At this stage of the lawsuit, the Company is not able to reasonably estimate the expected amount or range of cost or any loss associated with the lawsuit.

Business Segment Information	12 Months Ended
Business Segment Information	Mar. 31, 2020
Segment Reporting [Abstract]
Business Segment Information	BUSINESS SEGMENT INFORMATIONThe Company reports operating results and financial data in one operating and reportable segment. The Company manages its business as a single profit center in order to promote collaboration, provide comprehensive functional service offerings across its entire client base, and provide incentives to employees based on the success of the organization as a whole. Although certain information regarding served markets and functional capabilities is discussed for purposes of promoting an understanding of the Company’s complex business, the Company manages its business and allocates resources at the consolidated level of a single operating segment.

Unaudited Quarterly Financial Data

12 Months Ended

Mar. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Financial Data

UNAUDITED QUARTERLY FINANCIAL DATA



	Fiscal 2020 Quarters
	First		Second		Third		Fourth
Revenue	$	1,825,176	$	1,819,577	$	1,849,441	$	1,969,647
Operating income	179,046		172,035		169,045		149,076
Income before income taxes	155,830		148,177		146,723		128,704
Net income	117,386		114,325		112,026		138,866
Earnings per common share:
Basic (1)	$	0.83	$	0.81	$	0.79	$	0.99
Diluted (1)	$	0.83	$	0.80	$	0.79	$	0.98



	Fiscal 2019 Quarters
	First		Second		Third		Fourth
Revenue	$	1,646,848	$	1,613,997	$	1,663,112	$	1,780,080
Operating income	161,612		143,751		161,932		135,099
Income before income taxes	137,367		119,887		140,269		117,880
Net income	104,204		92,713		132,037		89,575
Earnings per common share:
Basic (1)	$	0.72	$	0.65	$	0.92	$	0.64
Diluted (1)	$	0.72	$	0.64	$	0.92	$	0.63

(1) Earnings per share are computed independently for each of the quarters presented and therefore may not sum to the total for the fiscal year.

Supplemental Financial Information

12 Months Ended

Mar. 31, 2020

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Supplemental Financial Information

SUPPLEMENTAL FINANCIAL INFORMATION

The following schedule summarizes valuation and qualifying accounts for the periods presented:



	Fiscal Year Ended March 31,
	2020			2019			2018
Allowance for doubtful accounts:
Beginning balance	$	10,679		$	77		$	—
(Benefit) provision for doubtful accounts	(6,454		)	11,882			706
Charges against allowance	(240		)	(1,280		)	(629		)
Ending balance	$	3,985		$	10,679		$	77
Tax valuation allowance
Beginning balance	(2,853		)	(1,373		)	—
Other adjustments	(1,443		)	(1,480		)	(1,373		)
Ending balance	$	(4,296	)	(2,853		)	(1,373		)

Subsequent Events	12 Months Ended
Subsequent Events	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Shares repurchased and withheld to cover taxes The Company paid $10.7 million during the first quarter of fiscal 2021 for 156,414 shares of Class A Common Stock withheld to cover taxes related to Restricted Stock vesting during the fourth quarter of fiscal 2020 that had not settled in cash by March 31, 2020. Dividend Declared On May 26, 2020, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.31 per share. Payment of the dividend will be made on June 30, 2020 to stockholders of record at the close of business on June 15, 2020.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, and the rules and regulations of the U.S. Securities and Exchange Commission, or SEC. All intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements and notes of the Company include its subsidiaries, and the joint ventures and partnerships over which the Company has a controlling financial interest. The Company uses the equity method to account for investments in entities that it does not control if it is otherwise able to exert significant influence over the entities' operating and financial policies. The Company’s fiscal year ends on March 31 and unless otherwise noted, references to fiscal year or fiscal are for fiscal years ended March 31.
Reclassification	Certain amounts reported in the Company's prior year consolidated financial statements have been reclassified to conform to the current year presentation.
Accounting Estimates	Accounting Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the consolidated financial statements where estimates may have the most significant effect include the provision for claimed indirect costs, valuation and expected lives of tangible and intangible assets, contingent consideration related to business acquisitions, impairment of long-lived assets, accrued liabilities, revenue recognition, including the accrual of indirect costs, bonus and other incentive compensation, stock-based compensation, reserves for uncertain tax positions and valuation allowances on deferred tax assets, provisions for income taxes, postretirement obligations, collectability of receivables, and loss accruals for litigation. Actual results experienced by the Company may differ materially from management's estimates.
Revenue Recognition	Revenue Recognition The Company's revenues from contracts with customers (clients) are derived from offerings that include consulting, analytics, digital solutions, engineering, and cyber services, substantially with the U.S. government and its agencies, and to a lesser extent, subcontractors. The Company also serves foreign governments, as well as domestic and international commercial clients. The Company performs under various types of contracts, which include cost-reimbursable-plus-fee contracts, time-and-material contracts, and fixed-price contracts. The Company considers a contract with a customer to exist under Topic 606, when there is approval and commitment from both the Company and the customer, the rights of the parties and payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. The Company also will consider whether two or more contracts entered into with the same customer should be combined and accounted for as a single contract. Furthermore, in certain transactions with commercial clients and with the U.S. government, the Company may commence providing services prior to receiving a formal approval from the customer. In these situations, the Company will consider the factors noted above, the risks associated with commencing the work and legal enforceability in determining whether a contract with the customer exists under Topic 606. Customer contracts are often modified to change the scope, price, specifications or other terms within the existing arrangement. Contract modifications are evaluated by management to determine whether the modification should be accounted for as part of the original performance obligation(s) or as a separate contract. If the modification adds distinct goods or services and increases the contract value proportionate to the stand-alone selling price of the additional goods or services, it will be accounted for as a separate contract. Generally, the Company’s contract modifications do not include goods or services which are distinct, and therefore are accounted for as part of the original performance obligation(s) with any impact on transaction price or estimated costs at completion being recorded as through a cumulative catch-up adjustment to revenue. The Company evaluates each service deliverable contracted with the customer to determine whether it represents promises to transfer distinct goods or services. Under Topic 606, these are referred to as performance obligations. One or more service deliverables often represent a single performance obligation. This evaluation requires significant judgment and the impact of combining or separating performance obligations may change the time over which revenue from the contract is recognized. The Company’s contracts generally provide a set of integrated or highly interrelated tasks or services and are therefore accounted for as a single performance obligation. However, in cases where we provide more than one distinct good or service within a customer contract, the contract is separated into individual performance obligations which are accounted for discretely. Contracts with the U.S. government are subject to the FAR and are priced based on estimated or actual costs of providing the goods or services. The Company derives a majority of its revenue from contracts awarded through a competitive bidding process. Pricing for non-U.S. government agencies and commercial customers is based on discrete negotiations with each customer. Certain of the Company’s contracts contain award fees, incentive fees or other provisions that may increase or decrease the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or cost targets and may be based upon customer discretion. Management estimates variable consideration as the most likely amount that we expect to achieve based on our assessment of the variable fee provisions within the contract, prior experience with similar contracts or clients, and management’s evaluation of the performance on such contracts. The Company may perform work under a contract that has not been fully funded if the work has been authorized by the management and the customer to proceed. The Company evaluates unfunded amounts as variable consideration in estimating the transaction price. We include the estimated variable consideration in our transaction price to the extent that it is probable that a significant reversal of revenue will not occur upon the ultimate settlement of the variable fee provision. In the limited number of situations where our contracts with customers contain more than one performance obligation, the Company allocates the transaction price of a contract between the performance obligations in the proportion to their respective stand-alone selling prices. The Company generally estimates the stand-alone selling price of performance obligations based on an expected cost-plus margin approach as allowed under Topic 606. Our U.S. government contracts generally contain FAR provisions that enable the customer to terminate a contract for default or for the convenience of the U.S. government. The Company recognizes revenue for each performance obligation identified within our customer contracts when, or as, the performance obligation is satisfied by transferring the promised goods or services. Revenue may either be recognized over time or at a point in time. The Company generally recognizes revenue over time as our contracts typically involve a continuous transfer of control to the customer. A continuous transfer of control under contracts with the U.S. government and its agencies is evidenced by clauses which require the Company to be paid for costs incurred plus a reasonable margin in the event that the customer unilaterally terminates the contract for convenience. For contracts where the Company recognizes revenue over time, a contract cost-based input method is generally used to measure progress towards satisfaction of the underlying performance obligation(s). Contract costs include direct costs such as materials, labor and subcontract costs, as well as indirect costs identifiable with, or allocable to, a specific contract that are expensed as incurred. The Company does not incur material incremental costs to acquire or fulfill contracts. Under a contract cost-based input method, revenue is recognized based on the proportion of contract costs incurred to the total estimated costs expected to be incurred upon completion of the underlying performance obligation. The Company generally includes both funded and unfunded portions of customer contracts in this estimation process. For interim financial reporting periods, contract revenue attributable to indirect costs is recognized based upon agreed-upon annual forward-pricing rates established with the U.S. government at the start of each fiscal year. Forward pricing rates are estimated and agreed upon between the Company and the U.S. government and represent indirect contract costs required to execute and administer contract obligations. The impact of any agreed-upon changes, or changes in the estimated annual forward-pricing rates, will be recorded in the interim financial reporting period when such changes are identified. This change relates to the interim financial reporting period differences between the actual indirect costs incurred and allocated to customer contracts compared to the estimated amounts allocated to contracts using the estimated annual forward-pricing rates established with the U.S. government. On certain contracts, principally time-and-materials and cost-reimbursable-plus-fee contracts, revenue is recognized using the right-to-invoice practical expedient as the Company is contractually able to invoice the customer based on the control transferred. However, we did not elect to use the practical expedient which would allow the Company to exclude contracts recognized using the right-to-invoice practical expedient from the remaining performance obligations disclosed below. Additionally, for stand-ready performance obligations to provide services under fixed-price contracts, revenue is recognized over time using a straight-line measure of progress as the control of the services is provided to the customer ratably over the term of the contract. If a contract does not meet the criteria for recognition of revenue over time, we recognize revenue at the point in time when control of the good or service is transferred to the customer. Determining a measure of progress towards the satisfaction of performance obligations requires management to make judgments that may affect the timing of revenue recognition. Many of our contracts recognize revenue under a contract cost-based input method and require an Estimate-at-Completion (EAC) process, which management uses to review and monitor the progress towards the completion of our performance obligations. Under this process, management considers various inputs and assumptions related to the EAC, including, but not limited to, progress towards completion, labor costs and productivity, material and subcontractor costs, and identified risks. Estimating the total cost at completion of performance obligations is subjective and requires management to make assumptions about future activity and cost drivers under the contract. Changes in these estimates can occur for a variety of reasons and, if significant, may impact the profitability of the Company’s contracts. Changes in estimates related to contracts accounted for under the EAC process are recognized in the period when such changes are made on a cumulative catch-up basis. If the estimate of contract profitability indicates an anticipated loss on a contract, the Company recognizes the total loss at the time it is identified. For fiscal 2020, 2019 and 2018, the aggregate impact of adjustments in contract estimates was not material. Remaining performance obligations represent the transaction price of exercised contracts for which work has not yet been performed, irrespective of whether funding has or has not been authorized and appropriated as of the date of exercise. Remaining performance obligations do not include negotiated but unexercised options or the unfunded value of expired contracts.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include operating cash on hand and highly liquid investments having a weighted average maturity of 60 days or less and a weighted average life of 120 days or less. The Company’s cash equivalents consist primarily of government money market funds and money market deposit accounts. The Company maintains its cash and cash equivalents in bank accounts that, at times, exceed the federally insured FDIC limits. The Company has not experienced any losses in such accounts.
Valuation of Accounts Receivable	Valuation of Accounts Receivable The Company maintains allowances for doubtful accounts against certain accounts receivables based upon the latest information regarding whether specific charges are recoverable or invoices are ultimately collectible. Assessing the recoverability of charges and collectability of customer receivables requires management judgment. The Company determines its allowance for doubtful accounts by specifically analyzing individual accounts receivable, historical bad debts, customer credit-worthiness, current economic conditions, accounts receivable aging trends for billed receivables, availability of funding, compliance with contractual terms and conditions, client satisfaction with work performed, and other factors impacting accounts receivables. Valuation reserves are periodically re-evaluated and adjusted as more information about the ultimate recoverability and collectability of accounts receivable becomes available. Upon determination that a receivable is uncollectible, the receivable balance and any associated reserve are written off.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and accounts receivable. The Company’s cash equivalents are generally invested in U.S. government money market funds and money market deposit accounts. The Company believes that credit risk for accounts receivable is limited as the receivables are primarily with the U.S. government.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost, and the balances are presented net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Furniture and equipment is depreciated over five to ten years, and computer equipment is depreciated over four years. Leasehold improvements are amortized over the shorter of the useful life of the asset or the lease term. Maintenance and repairs are charged to expense as incurred.
Business Combinations	Business Combinations The accounting for the Company’s business combinations consists of allocating the purchase price to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values, with the excess recorded as goodwill. The Company has up to one year from the acquisition date to use information as of each acquisition date to adjust the fair value of the acquired assets and liabilities which may result in material changes to their recorded values with an offsetting adjustment to goodwill. We have a contingent consideration arrangement in connection with a business acquisition which requires a fair value measurement determined using probability-weighted cash flows.
Intangible Assets	Intangible Assets Intangible assets primarily consist of the Company's trade name, customer relationships, software and other amortizable intangible assets. The Company capitalizes the following costs associated with developing internal-use computer software pertaining to upgrades in our business and financial systems: (i) external direct costs of materials and services consumed in developing or obtaining internal-use computer software and (ii) certain payroll and payroll-related costs for Company employees who are directly associated with the development of internal-use software, to the extent of the time spent directly on the project. Customer relationships are generally amortized on an accelerated basis over the expected life based on projected future cash flows of approximately three to twelve years. Software purchased or developed for internal use is amortized over three to five years. The Company's trade name is not amortized, but is tested for impairment on at least an annual basis as of January 1 and more frequently if interim indicators of impairment exist. The trade name is considered to be impaired if the carrying value exceeds its estimated fair value. The Company uses the relief from royalty method to estimate the fair value. The fair value of the asset is the present value of the license fees avoided by owning the asset, or the royalty savings.
Goodwill	Goodwill The Company assesses goodwill for impairment on at least an annual basis on January 1 unless interim indicators of impairment exist. Goodwill is considered to be impaired when the net book value of a reporting unit exceeds its estimated fair value. The Company operates as a single operating segment and as a single reporting unit for the purpose of evaluating goodwill. As of January 1, 2020, the Company performed its annual impairment test of goodwill by comparing the fair value of the Company (based on market capitalization) to the carrying value of the Company's net equity, and concluded that the fair value of the reporting unit was significantly greater than the carrying amount.
Long-Lived Assets	Long-Lived Assets The Company reviews its long-lived assets, including property and equipment, amortizable intangible assets, and right-of-use (ROU) assets, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for any excess of the carrying amount over the fair value of the asset.
Leases	Leases At contract inception the Company determines whether the contract is, or contains, a lease, which exists when the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. Operating lease balances are included in operating lease right-of-use assets, operating lease liabilities, and operating lease liabilities, net of current portion in our consolidated balance sheet. Cash payments arising from operating leases are classified within operating activities in the consolidated statement of cash flows. As of March 31, 2020, the Company has no finance leases. The Company's leases are generally for facilities and office space and the Company recognizes ROU assets and lease liabilities at the lease commencement date for those arrangements. The initial lease liability is equal to the present value of the future minimum lease payments over the lease term. The initial measurement of the ROU asset is equal to the initial lease liability plus any initial direct costs and prepaid lease payments, less any lease incentives. At the lease commencement date the Company estimates its collateralized incremental borrowing rate based on publicly available yields adjusted for Company-specific considerations and the Company's varying lease terms in determining the present value of future payments. Certain of the Company’s leases contain options to renew or to terminate the lease which are included in the determination of the ROU assets and lease liabilities when it is reasonably certain that the Company will exercise the option. The Company's leases may also include variable lease payments, such as maintenance costs, utilities, or other variable lease-related payments which are not included in measuring ROU assets and lease liabilities and are recorded as lease expense in the period incurred. As permitted under Topic 842 the Company elected not to recognize ROU assets and lease liabilities for leases with an initial term of 12 months or less; lease expense from these leases are recognized on a straight-line basis over the lease term. As further permitted under Topic 842, for all material classes of leased assets, the Company elected to not separate lease components from non-lease components, accounting for both components as a single lease component. As of March 31, 2020, the Company did not have any lease agreements with residual value guarantees or material restrictions or covenants.
Income Taxes	Income Taxes The Company provides for income taxes as a “C” corporation on income earned from operations. The Company is subject to federal, state, and foreign taxation in various jurisdictions. Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different years for financial statement purposes than for tax purposes. Deferred tax assets and liabilities are computed based on the difference between the consolidated financial statement carrying amount and tax basis of assets and liabilities using enacted tax rates and laws for the years in which these items are expected to reverse. If management determines that some portion or all of a deferred tax asset is not “more likely than not” to be realized, a valuation allowance is recorded as a component of the income tax provision to reduce the deferred tax asset to an appropriate level in that period. In determining the need for a valuation allowance, management considers all positive and negative evidence, including historical earnings, projected future taxable income, future reversals of existing taxable temporary differences, taxable income in prior carryback periods, and prudent, feasible tax-planning strategies. The Company periodically assesses its tax positions for all periods open to examination by tax authorities based on the latest available information. Those positions are evaluated to determine whether they will more likely than not be sustained upon examination by the Internal Revenue Service (“IRS”) or other taxing authorities. The Company reserves for these uncertain tax positions related to unrecognized income tax benefits where it is not more likely than not that the Company’s tax position will be sustained on examination and settlement with the various taxing authorities. Liabilities for unrecognized tax benefits are measured based on the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. These unrecognized tax benefits are recorded as a component of income tax expense. As uncertain tax positions in periods open to examination are closed out, or as new information becomes available, the resulting change is reflected in the recorded liability and income tax expense. Penalties and interest recognized related to the reserves for uncertain tax positions are recorded as a component of income tax expense.
Comprehensive Income	Comprehensive Income Comprehensive income is the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, and is presented in the consolidated statements of comprehensive income.
Share-Based Payments	Stock-Based Compensation Stock-based compensation to employees are recognized in the consolidated statements of operations based on their grant date fair values with the expense for time vested awards recognized on an accelerated basis over the vesting period. The expense for performance awards is recognized straight line over the vesting period. The Company uses the Black-Scholes option-pricing model to determine the fair value of its option awards at the time of grant.
Defined Benefit Plan and Other Postretirement Benefits	Defined Benefit Plan and Other Postretirement Benefits The Company recognizes the underfunded status of defined benefit plans on the consolidated balance sheets within other long-term liabilities. Gains and losses, and prior service costs and credits that have not yet been recognized through net periodic benefit cost are recognized in accumulated other comprehensive loss, net of tax effects, and will be amortized as a component of net periodic cost in future periods. The measurement date, the date at which the benefit obligations are measured, is the Company’s fiscal year-end. The Company also offers medical and dental benefits to inactive employees (and their eligible dependents) on long-term disability. The Company accrues the costs of the benefits at the date the inactive employee becomes disability eligible and elects to participate in the benefit. The accrued cost for such benefits is calculated using an actuarial estimate of the present value of all future benefit payments for obligations at the end of the fiscal year.
Self-Funded Medical Plans	Self-Funded Medical Plans The Company maintains self-funded medical insurance. Self-funded plans include Consumer Driven Health Plans with a Health Savings Account option and traditional choice plans. Further, self-funded plans also include prescription drug and dental benefits. The Company records an incurred but unreported claim liability in the accrued compensation and benefits line of the consolidated balance sheets for self-funded plans based on an actuarial valuation. The estimate of the incurred but unreported claim liability was provided by a third-party valuation firm, primarily based on claims and participant data for the medical, dental, and pharmacy related costs.
Fair Value Measurements	Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, we consider the principal or most advantageous market in which the asset or liability would transact, and if necessary, consider assumptions that market participants would use when pricing the asset or liability. The accounting guidance for fair value measurements establishes a three-level fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions (Level 3). Assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
Recently Adopted Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), and subsequent updates, which supersedes the leases requirements in ASC 840, Leases (Topic 840) and requires lessees to recognize ROU assets and lease liabilities on their balance sheet for all leases with a lease term greater than 12 months. The Company adopted the standard on April 1, 2019 using the modified retrospective transition approach, and as a result did not recast comparative prior years' information and presented prior years' amounts and disclosures under Topic 840. The Company elected certain practical expedients, including the option not to apply lease recognition for short-term leases; an election to not separate lease from non-lease components; and a package of practical expedients such that, upon the initial adoption of Topic 842, the Company did not reassess whether expired or existing contracts contain leases, nor did the Company reassess the lease classification for expired or existing leases. The Company did not elect the practical expedient to use hindsight in determining the lease term and in assessing impairment of ROU assets. In March 2020, The FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance is intended to provide relief for entities impacted by reference rate reform. Topic 848 contains provisions and optional expedients designed to simplify requirements around designation of hedging relationships, probability assessments of hedged forecasted transactions and accounting for modifications of contracts that refer to LIBOR or other rates affected by reference rate reform. The guidance is elective and is effective on the date of issuance. Topic 848 is applied prospectively to contract modifications and as of the effective date for existing and new eligible hedging relationships. The guidance is temporary and will generally not be applicable to transactions which occur after December 31, 2022. The Company elected to adopt Topic 848 in the fourth quarter of fiscal 2020 and has elected to apply the hedge accounting practical expedient related to probability of the hedged future LIBOR indexed cash flows. The Company continues to evaluate the impact of this guidance and may apply other elections, as applicable. The adoption of this guidance did not have a material impact on the consolidated financial statements and disclosures. Recent Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This guidance requires a customer in a cloud computing arrangement that is a service contract to follow existing internal-use software guidance to determine which implementation costs to defer and recognize as an asset. ASU 2018-15 generally aligns the guidance on capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with that of implementation costs incurred to develop or obtain internal-use software, including hosting arrangements that include an internal-use software license. ASU 2018-15 is effective for interim reporting periods for fiscal years beginning after December 15, 2019. Early adoption is permitted. The standard may be adopted either retrospectively or prospectively. The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). This guidance requires companies to record an allowance for expected credit losses over the contractual term of certain financial assets, including trade receivables and contract assets, and expands disclosure requirements for credit quality of financial assets. The adoption of ASU 2016-13 will be applied as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period after adoption. The Company does not expect the adoption of the new standard on April 1, 2020 to have a material impact on the Company's consolidated financial statements. Other recent accounting pronouncements issued during fiscal 2020 and through the filing date are not expected to have a material impact on the Company's present or historical consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The impact to the condensed balance sheet at April 1, 2019 for the adoption of Topic 842 is as follows:



	Balance at March 31, 2019		Adoption Adjustment for Topic 842			Balance at April 1, 2019
Current assets:
Prepaid expenses and other current assets	$	84,986	$	(27,515	)	$	57,471

Non-current assets:
Operating lease right-of-use assets	$	—	$	268,840		$	268,840
Other long-term assets	91,837		(4,619		)	87,218

Current liabilities:
Accounts payable and other accrued expenses	$	664,948	$	(15,197	)	$	649,751
Operating lease liabilities	—		34,645			34,645

Non-current liabilities:
Operating lease liabilities, net of current portion	$	—	$	295,915		$	295,915
Other long-term liabilities	230,652		(78,657		)	151,995

Revenue (Tables)

12 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The table below presents the total revenue for each type of contract:



	Fiscal Year Ended March 31,
	2020			2019			2018
Cost-reimbursable	$	4,211,592	57%	$	3,580,595	53%	$	3,155,049	51%
Time-and-materials	1,737,414		23%	1,576,673		24%	1,542,899		25%
Fixed-price	1,514,835		20%	1,546,769		23%	1,469,652		24%
Total Revenue	$	7,463,841	100%	$	6,704,037	100%	$	6,167,600	100%

Revenue by Customer Type:



	Fiscal Year Ended March 31,
	2020			2019			2018
U.S. government:
Defense Clients	$	3,568,659	47%	$	3,114,571	47%	$	2,830,102	46%
Intelligence Clients	1,614,315		22%	1,566,870		23%	1,494,489		24%
Civil Clients	2,019,245		27%	1,760,996		26%	1,644,860		27%
Total U.S. government	7,202,219		96%	6,442,437		96%	5,969,451		97%
Global Commercial Clients	261,622		4%	261,600		4%	198,149		3%
Total Revenue	$	7,463,841	100%	$	6,704,037	100%	$	6,167,600	100%

Revenue by Whether the Company Acts as a Prime Contractor or a Sub-Contractor:



	Fiscal Year Ended March 31,
	2020			2019			2018
Prime Contractor	$	6,884,763	92%	$	6,159,918	92%	$	5,626,544	91%
Sub-contractor	579,078		8%	544,119		8%	541,056		9%
Total Revenue	$	7,463,841	100%	$	6,704,037	100%	$	6,167,600	100%

Contract with Customer, Asset and Liability

The following table summarizes the contract balances recognized on the Company’s consolidated balance sheets:



	March 31, 2020		March 31, 2019
Contract assets:
Current	$	988,634	$	846,372
Long-term	62,600		61,391
Total	1,051,234		907,763
Contract liabilities:
Advance payments, billings in excess of costs incurred and deferred revenue	$	26,018	$	21,316

Earnings Per Share (Tables)

12 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Reconciliation of Income Used to Compute Basic and Diluted EPS

A reconciliation of the income used to compute basic and diluted EPS for the periods presented are as follows:



	Fiscal Year Ended March 31,
	2020		2019		2018
Earnings for basic computations (1)	$	481,085	$	416,664	$	299,824
Weighted-average common shares outstanding for basic computations	140,059,494		141,910,799		145,964,574
Earnings for diluted computations (1)	$	481,092	$	416,675	$	299,837
Dilutive stock options and restricted stock	1,178,641		1,245,377		1,785,448
Weighted-average common shares outstanding for diluted computations	141,238,135		143,156,176		147,750,022
Earnings per common share
Basic	$	3.43	$	2.94	$	2.05
Diluted	$	3.41	$	2.91	$	2.03

Goodwill and Intangible Assets (Tables)

12 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

Intangible assets consisted of the following:



	March 31, 2020						March 31, 2019
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value

Amortizable intangible assets:
Customer relationships and other amortizable intangible assets	$	88,350	$	46,285	$	42,065	$	115,814	$	60,762	$	55,052
Software	101,410		32,688		68,722		88,338		46,539		41,799
Total amortizable intangible assets	$	189,760	$	78,973	$	110,787	$	204,152	$	107,301	$	96,851
Unamortizable intangible assets:
Trade name	$	190,200	$	—	$	190,200	$	190,200	$	—	$	190,200
Total	$	379,960	$	78,973	$	300,987	$	394,352	$	107,301	$	287,051

Summary of Expected Amortization Expense for Intangible Assets



For the Fiscal Year Ended March 31,
2021	$	17,759
2022	13,330
2023	11,131
2024	7,768
2025	4,826
Thereafter	8,256
Total estimated amortization expense	$	63,070

Accounts Receivable, Net of Allowance (Tables)

12 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Summary of Accounts Receivable, Net

Accounts receivable, net of allowance consisted of the following:



	March 31,
	2020			2019
Current assets:
Accounts receivable–billed	$	474,822		$	494,671
Accounts receivable–unbilled	988,634			846,372
Allowance for doubtful accounts	(3,985		)	(10,679		)
Accounts receivable, net of allowance	1,459,471			1,330,364
Other long-term assets:
Accounts receivable–unbilled	62,600			61,391
Total accounts receivable, net	$	1,522,071		$	1,391,755

Property and Equipment, Net (Tables)

12 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Summary of Components of Property and Equipment, Net

The components of property and equipment, net were as follows:



	March 31,
	2020			2019
Furniture and equipment	$	140,232		$	174,298
Computer equipment	94,529			96,028
Leasehold improvements	245,685			225,310
Total	480,446			495,636
Less: Accumulated depreciation and amortization	(272,369		)	(323,183		)
Property and equipment, net	$	208,077		$	172,453

Accounts Payable and Other Accrued Expenses (Tables)

12 Months Ended

Mar. 31, 2020

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Other Accrued Expenses

Accounts payable and other accrued expenses consisted of the following:



	March 31,
	2020		2019
Vendor payables	$	432,953	$	417,648
Accrued expenses	265,058		247,300
Total accounts payable and other accrued expenses	$	698,011	$	664,948

Accrued Compensation and Benefits (Tables)

12 Months Ended

Mar. 31, 2020

Schedule of Accrued Compensation and Benefits

Accrued compensation and benefits consisted of the following:



	March 31,
	2020		2019
Bonus	$	114,359	$	117,604
Retirement	41,604		37,678
Vacation	159,512		141,953
Other	33,300		28,318
Total accrued compensation and benefits	$	348,775	$	325,553

Debt (Tables)

12 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following:



	March 31, 2020					March 31, 2019
	Interest Rate		Outstanding Balance			Interest Rate		Outstanding Balance
Term Loan A	2.49	%	$	1,363,739		4.00	%	$	1,037,713
Term Loan B	2.74	%	388,102			4.50	%	391,050
Revolver	3.75	%	100,000			—	%	—
Senior Notes	5.13	%	350,000			5.13	%	350,000
Less: Unamortized debt issuance costs and discount on debt			(15,997		)			(19,002		)
Total			2,185,844					1,759,761
Less: Current portion of long-term debt			(177,865		)			(57,924		)
Long-term debt, net of current portion			$	2,007,979				$	1,701,837

Schedule of Future Debt Principal Repayments

The following table summarizes required future debt principal repayments (in thousands):



	Payments Due By March 31,
	Total	2021	2022	2023	2024	2025	Thereafter
Term Loan A	$1,363,739	$73,974	$73,974	$73,974	$1,141,817	$—	—
Term Loan B	388,102	3,891	3,891	3,891	3,891	3,891	368,647
Senior Notes	350,000	—	—	—	—	—	350,000
Total	$2,101,841	$77,865	$77,865	$77,865	$1,145,708	$3,891	$718,647

Schedule of Interest Expense

Interest on debt and debt-like instruments consisted of the following:



	Fiscal Year Ended March 31,
	2020		2019			2018
Term Loan A Interest Expense	$	50,080	$	42,043		$	37,575
Term Loan B Interest Expense	15,739		16,765			14,138
Interest on Revolving Credit Facility	92		115			271
Senior Notes Interest Expense	17,938		17,938			16,742
Deferred Payment Obligation Interest (1)	5,740		7,993			7,993
Amortization of Debt Issuance Costs (DIC) and Original Issue Discount (OID) (2)	4,688		5,052			5,361
Interest Swap Expense	2,094		(1,026		)	—
Other	589		637			189
Total Interest Expense	$	96,960	$	89,517		$	82,269

Derivatives (Tables)

12 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The effect of derivative instruments on the accompanying consolidated financial statements is as follows:



		Fiscal year ended March 31,
Derivatives in Cash Flow Hedging Relationships	Location of Gain or Loss Recognized in Income on Derivatives	Amount of Gain or (Loss) Recognized in AOCI on Derivatives								Amount of Gain or (Loss) Reclassified from AOCI into Income							Interest Expense on Consolidated Statements of Operations
Derivatives in Cash Flow Hedging Relationships		2020			2019			2018		2020			2019		2018		2020			2019			2018
Interest rate swaps	Interest expense	$	(55,871	)	$	(9,772	)	$	7,926	$	(2,094	)	$	1,026	$	—	$	(96,960	)	$	(89,517	)	$	(82,269	)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Leases (Tables)

12 Months Ended

Mar. 31, 2020

Leases [Abstract]

Schedules of Lease Cost

Supplemental cash flow information related to leases was as follows:



	Fiscal Year Ended March 31,
	2020
Cash paid for amounts included in the measurement of lease liabilities	$	53,741
Operating lease liabilities arising from obtaining ROU assets (1)	26,378

(1) Includes all noncash increases and decreases arising from new or remeasured operating lease arrangements

Other information related to leases was as follows:



	As of March 31,
	2020
Weighted average remaining lease term (in years)	6.02
Weighted average discount rate	4.69	%

The Company’s total lease cost is recorded primarily within general and administrative expenses on the consolidated statement of operations and consisted of the following:



	Fiscal Year Ended March 31,
	2020
Operating lease cost	$	71,067
Short-term lease cost	9,657
Variable lease cost	11,657
Total operating lease costs	$	92,381

Schedule of Future Minimum Operating Lease Payments

Future minimum operating lease payments for noncancelable operating leases as of March 31, 2020 are as follows:



For the Fiscal Year Ending March 31,	Operating Lease Payments
2021	$	61,900
2022	67,341
2023	61,348
2024	50,554
2025	45,015
Thereafter	86,100
Total future lease payments	372,258
Less: imputed interest	(52,971		)
Total lease liabilities	$	319,287

Future minimum operating lease payments for noncancelable operating leases and future minimum income for noncancelable sublease rentals in effect at March 31, 2019 are summarized as follows:



For the Fiscal Year Ending March 31,	Operating Lease Payments		Operating Sublease Income
2020	$	70,614	$	129
2021	68,888		12
2022	58,325		5
2023	53,463		—
2024	46,222		—
Thereafter	125,399		—
	$	422,911	$	146

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Summary of Components of Income Tax Expense

The components of income tax expense were as follows:



	Fiscal Year Ended March 31,
	2020			2019			2018
Current
U.S. Federal	$	(2,638	)	$	34,019		$	89,300
State and local	18,410			26,232			20,074
Foreign	15,625			13,617			10,014
Total current	31,397			73,868			119,388
Deferred
U.S. Federal	59,856			23,258			11,356
State and local	5,578			(252		)	(2,400		)
Total deferred	65,434			23,006			8,956
Total	$	96,831		$	96,874		$	128,344

Schedule of Effective Income Tax Rate Reconciliation



	Fiscal Year Ended March 31,
	2020			2019			2018
Income tax expense computed at U.S. federal statutory rate ⁽¹⁾	$	121,681		$	108,235		$	135,667

Increases (reductions) resulting from:
State and local income taxes, net of federal tax	20,031			22,450			14,565
Foreign income taxes, net of federal tax	12,344			10,758			6,855
Meals and entertainment	1,761			1,771			2,247
Re-measurement of deferred taxes related to the 2017 Tax Act	—			(27,908		)	(9,107		)
Excess tax benefits from stock-based compensation	(10,265		)	(10,777		)	(14,457		)
Research and development and other federal credits	(90,898		)	(6,355		)	(6,563		)
Executive compensation -162(M)	2,346			2,615			345
IRS audit settlement	—			(2,573		)	—
Foreign-Derived Intangible Income (FDII)	(4,915		)	—			—
Changes in uncertain tax positions	44,621			(278		)	140
Other	125			(1,064		)	(1,348		)
Income tax expense from operations	$	96,831		$	96,874		$	128,344

(1) The U.S. federal statutory income tax rates for fiscal 2020, 2019 and 2018 are 21.0%, 21.0% and 31.5%, respectively. The fiscal 2018 rate is a blended rate of 31.5% due to the 2017 Tax Act.

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred income tax assets and liabilities were as follows:



	March 31,
	2020			2019
Deferred income tax assets:
Accrued expenses	$	67,230		$	59,569
Deferred compensation	36,448			32,765
Stock-based compensation	6,909			6,265
Pension and postretirement benefits	32,437			32,697
Net operating loss carryforwards	5,741			4,570
Deferred rent and tenant allowance	—			24,565
Extended disability benefits	2,779			3,041
Interest rate swaps	14,774			752
State tax credits	19,214			13,420
Operating lease liabilities	86,565			—
Other	1,567			3,804
Total gross deferred income tax assets	273,664			181,448
Less: Valuation allowance	(4,296		)	(2,853		)
Total net deferred income tax assets	269,368			178,595
Deferred income tax liabilities:
Unbilled receivables	(199,869		)	(138,944		)
Intangible assets	(64,530		)	(60,694		)
Debt issuance costs	(1,939		)	(3,146		)
Property and equipment	(12,820		)	(926		)
Operating lease right-of-use assets	(62,623		)	—
Internally developed software	(15,673		)	(8,123		)
Total deferred income tax liabilities	(357,454		)	(211,833		)
Net deferred income tax liability	$	(88,086	)	$	(33,238	)

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of potential tax benefits for the periods presented is as follows:



	March 31,
	2020			2019			2018
Beginning of year	$	11,083		$	11,608		$	11,588
Increases in prior year position	34,001			93			41
Increases in current year position	10,970			575			—
Decreases in prior year position	(765		)	—			—
Settlements with taxing authorities	—			(731		)	—
Lapse of statute of limitations	(68		)	(462		)	(21		)
End of year	$	55,221		$	11,083		$	11,608

Employee Benefit Plans (Tables)

12 Months Ended

Mar. 31, 2020

Retirement Benefits [Abstract]

Schedule of Components of Net Postretirement Medical Expense

The components of net postretirement medical expense for the Officer Medical Plan were as follows:



	Fiscal Year Ended March 31,
	2020		2019		2018
Service cost	$	4,955	$	5,952	$	4,464
Interest cost	4,859		5,130		5,008
Net actuarial loss	—		2,108		2,271
Total postretirement medical expense	$	9,814	$	13,190	$	11,743

Schedule of Weighted-average Discount Rate For Benefit Obligation

The weighted-average discount rate used to determine the year-end benefit obligations was as follows:



	Fiscal Year Ended March 31,
	2020		2019		2018
Officer Medical Plan	3.60	%	4.10	%	4.10	%
Retired Officers’ Bonus Plan	3.60	%	4.10	%	4.10	%
Retired Vice Presidents' Bonus Plan	3.60	%	4.10	%	4.10	%

Schedule of Assumed Health Care Cost Trend Rates

Assumed healthcare cost trend rates for the Officer Medical Plan at March 31, 2020 and 2019 were as follows:



Pre-65 initial rate	2020		2019
Healthcare cost trend rate assumed for next year	6.80	%	7.50	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2029		2027



Post-65 initial rate	2020		2019
Healthcare cost trend rate assumed for next year	7.00	%	7.75	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2029		2027

Schedule of Change in Benefit Obligation

The changes in the benefit obligation, plan assets, and funded status of the Officer Medical Plan were as follows:



	Fiscal Year Ended March 31,
	2020			2019			2018
Benefit obligation, beginning of the year	$	120,341		$	126,886		$	118,089
Service cost	4,955			5,952			4,464
Interest cost	4,859			5,130			5,008
Net actuarial (gain) loss	(6,761		)	(13,885		)	2,744
Benefits paid	(3,785		)	(3,742		)	(3,419		)
Benefit obligation, end of the year	$	119,609		$	120,341		$	126,886

Schedule of Change in Fair Value of Plan Assets



	Fiscal Year Ended March 31,
Changes in plan assets	2020			2019			2018
Fair value of plan assets, beginning of the year	$	—		$	—		$	—
Employer contributions	3,785			3,742			3,419
Benefits paid	(3,785		)	(3,742		)	(3,419		)
Fair value of plan assets, end of the year	$	—		$	—		$	—

Schedule of Expected Future Benefit Payments

The expected future medical benefit payments and related contributions are as follows:




For the Fiscal Year Ending March 31,
2021	$	3,843
2022	$	4,235
2023	$	4,661
2024	$	5,052
2025	$	5,342
2026 - 2030	$	31,896

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Mar. 31, 2020

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following table shows the changes in accumulated other comprehensive loss, net of tax:



	Fiscal Year Ended March 31, 2020
	Post-retirement plans			Derivatives designated as cash flow hedges			Totals
Beginning of year	$	(9,068	)	$	(2,122	)	$	(11,190	)
Other comprehensive income (loss) before reclassifications (1)	4,860			(41,300		)	(36,440		)
Amounts reclassified from accumulated other comprehensive loss	81			1,548			1,629
Net current-period other comprehensive income (loss)	4,941			(39,752		)	(34,811		)
End of year	$	(4,127	)	$	(41,874	)	(46,001		)



	Fiscal Year Ended March 31, 2019
	Post-retirement plans			Derivatives designated as cash flow hedges			Totals
Beginning of year	$	(20,955	)	$	5,849		$	(15,106	)
Other comprehensive income (loss) before reclassifications (2)	10,262			(7,214		)	3,048
Amounts reclassified from accumulated other comprehensive loss	1,625			(757		)	868
Net current-period other comprehensive income (loss)	11,887			(7,971		)	3,916
End of year	$	(9,068	)	$	(2,122	)	$	(11,190	)



	Fiscal Year Ended March 31, 2018
	Post-retirement plans			Derivatives designated as cash flow hedges		Totals
Beginning of year	$	(17,077	)	$	—	$	(17,077	)
Other comprehensive income (loss) before reclassifications (3)	(1,698		)	4,993		3,295
Amounts reclassified from accumulated other comprehensive loss	1,527			—		1,527
Net current-period other comprehensive income (loss)	(171		)	4,993		4,822
Reclassification of AOCI due to the 2017 Tax Act (4)	(3,707		)	856		(2,851		)
End of year	$	(20,955	)	$	5,849	$	(15,106	)

(4) The amount reclassified from accumulated other comprehensive income to retained earnings from the adoption of ASU 2018-02 in fiscal 2018.

Summary of Reclassifications Out of Accumulated Other Comprehensive Loss to Net Income

The following table presents the reclassifications out of accumulated other comprehensive loss to net income:



	Fiscal Year Ended March 31,
	2020			2019			2018
Amounts reclassified from accumulated other comprehensive loss:
Post-retirement plans (Note 15):
Amortization of net actuarial loss included in net periodic benefit cost	$	109		$	2,201		$	2,387
Tax benefit (expense)	(28		)	(576		)	(860		)
Net of tax	$	81		$	1,625		$	1,527
Derivatives designated as cash flow hedges (Note 12):
Reclassification of hedge (loss) gain	$	2,094		$	(1,026	)	$	—
Tax benefit (expense)	(546		)	269			—
Net of tax	$	1,548		$	(757	)	$	—

Other Long-Term Liabilities (Tables)

12 Months Ended

Mar. 31, 2020

Other Liabilities Disclosure [Abstract]

Schedule of Other Long-Term Liabilities

Other long-term liabilities consisted of the following:



	March 31,
	2020		2019
Deferred rent (1)	$	—	$	78,658
Postretirement benefit obligations	124,375		124,925
Other (2)	63,096		27,069
Total other long-term liabilities	$	187,471	$	230,652

(1) Deferred rent balance was reclassified to operating lease right-of-use assets on the consolidated balance sheet as a result of the adoption of Topic 842 in fiscal 2020. See Notes 2 and 13.

Stockholders Equity (Tables)

12 Months Ended

Mar. 31, 2020

Equity [Abstract]

Summary of Dividends Declared

The following table summarizes the cash distributions recognized in the consolidated statement of cash flows:



	Fiscal Year Ended March 31,
	2020		2019		2018
Recurring dividends (1)	$	146,602	$	114,234	$	103,411
Dividend equivalents (2)	—		280		951
Total distributions	$	146,602	$	114,514	$	104,362

(1) Amounts represent recurring quarterly dividends that were declared and paid for during each quarter of fiscal 2020, 2019, and 2018.

(2) Dividend equivalents are distributions made to option holders equal to the special dividends declared and paid.

Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of Stock-based Compensation Expense Recognized in the Consolidated Statements of Operations

The following table summarizes stock-based compensation expense recognized in the consolidated statements of operations:



	Fiscal Year Ended March 31,
	2020		2019		2018
Cost of revenue	$	16,272	$	8,990	$	7,771
General and administrative expenses	27,018		22,285		15,547
Total	$	43,290	$	31,275	$	23,318

The following table summarizes the total stock-based compensation expense recognized in the consolidated statements of operations by the following types of equity awards:



	Fiscal Year Ended March 31,
	2020		2019		2018
Equity Incentive Plan Options	$	2,741	$	2,374	$	2,036
Restricted Stock Awards	40,549		28,901		21,282
Total	$	43,290	$	31,275	$	23,318

Schedule of Unrecognized Compensation Cost

Absent the effect of accelerating stock compensation cost for any departures of employees who may continue to vest in their equity awards, the following tables summarize the unrecognized compensation cost, the weighted average period the cost is expected to be amortized, and the estimated annual compensation cost for the future periods indicated below (excludes any future award):



	Unrecognized Compensation Cost				Weighted Average Remaining Period to be Recognized
	March 31, 2020		March 31, 2019		March 31, 2020	March 31, 2019
Equity Incentive Plan Options	$	3,721	$	3,501	3.57	3.61
Restricted Stock Awards	29,738		24,259		1.78	1.75
Total	$	33,459	$	27,760



	Total Unrecognized Compensation Cost
	Total		2021		2022		2023		2024		2025
Equity Incentive Plan Options	$	3,721	$	1,872	$	1,100	$	543	$	190	$	16
Restricted Stock Awards	29,738		20,428		9,104		161		45		—
Total	$	33,459	$	22,300	$	10,204	$	704	$	235	$	16

Schedule of Black Scholes Weighted Average Assumptions

The weighted average assumptions used in the Black-Scholes option-pricing model for stock option awards were as follows:



	For The Fiscal Year Ended March 31,
	2020			2019			2018
Dividend yield	2.17		%	2.01		%	1.90		%
Expected volatility	24.74		%	25.83		%	33.04		%
Risk-free interest rate	2.11		%	2.81		%	1.81		%
Expected life (in years)	5.00			5.00			5.00
Weighted-average grant date fair value	$	12.39		$	9.67		$	9.35

Schedule of Unvested Restricted Stock Activity

The following table summarizes unvested restricted stock activity for the periods presented:



	Number of Shares	Weighted Average Grant Date Fair Value

Unvested Restricted Stock Awards
Unvested at March 31, 2019	932,781	38.19
Granted	620,207	64.00
Vested	612,321	45.53
Forfeited	53,231	45.81
Unvested at March 31, 2020	887,436	50.72

Share-based Payment Arrangement, Option, Activity

The following table summarizes stock option activity for the periods presented:



	Number of Options	Weighted Average Exercise Price
Equity Incentive Plan Options
Options outstanding at March 31, 2019	2,091,355	$	25.83	*
Granted	270,332	63.80
Forfeited	32,658	34.99
Expired	—	—
Exercised	575,890	15.50
Options outstanding at March 31, 2020	1,753,139	$	34.91	*

* Reflects exercise price adjustment of $6.36 per grant for the $6.50 dividend per share issued on July 30, 2012.

The following table summarizes unvested stock options for the periods presented:



	Number of Options	Weighted Average Grant Date Fair Value
Equity Incentive Plan Options
Unvested at March 31, 2019	608,613	$	9.04
Granted	270,332	12.39
Vested	265,970	9.14
Forfeited	32,658	8.85
Unvested at March 31, 2020	580,317	$	10.56

The following table summarizes stock options outstanding at March 31, 2020:



Range of exercise prices ⁽¹⁾	Stock Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Intrinsic Value		Stock Options Exercisable	Weighted Average Exercise Price	Weighted Average Remaining Contractual Life	Intrinsic Value
				(In years)					(In years)
Equity Incentive Plan
$9.71 - $78.55	1,753,139	$34.91	(1)	6.06	$	59,128	1,172,822	$27.65	4.91	$48,073

(1) Reflects exercise price adjustment of $6.36 per grant for the $6.50 dividend per share issued July 30, 2012.

Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Summary of Fair Value Measurements

The financial instruments measured at fair value in the accompanying consolidated balance sheets consist of the following:



	Recurring Fair Value Measurements as of March 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Long term deferred compensation plan asset (2)	5,879		—		—		5,879
Total Assets	$	5,879	$	—	$	—	$	5,879
Liabilities:
Contingent consideration liability (3)	$	—	$	—	$	1,224	$	1,224
Current derivative instruments (1)	—		18,831		—		18,831
Long-term derivative instruments (1)	—		37,819		—		37,819
Long term deferred compensation plan liability (2)	5,879		—		—		5,879
Total Liabilities	$	5,879	$	56,650	$	1,224	$	63,753



	Recurring Fair Value Measurements as of March 31, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Current derivative instruments (1)	$	—	$	1,790	$	—	$	1,790
Long-term derivative instruments (1)	—		614		—		614
Long term deferred compensation plan asset (2)	$	3,169	$	—	$	—	$	3,169
Total Assets	$	3,169	$	2,404	$	—	$	5,573
Liabilities:
Contingent consideration liability (3)	$	—	$	—	$	1,224	$	1,224
Current derivative instruments (1)	$	—	$	929	$	—	$	929
Long-term derivative instruments (1)	$	—	$	4,347	$	—	$	4,347
Long term deferred compensation plan liability (2)	$	3,169	$	—	$	—	$	3,169
Total liabilities	$	3,169	$	5,276	$	1,224	$	9,669

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Unaudited Quarterly Financial Data (Tables)

12 Months Ended

Mar. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information



	Fiscal 2020 Quarters
	First		Second		Third		Fourth
Revenue	$	1,825,176	$	1,819,577	$	1,849,441	$	1,969,647
Operating income	179,046		172,035		169,045		149,076
Income before income taxes	155,830		148,177		146,723		128,704
Net income	117,386		114,325		112,026		138,866
Earnings per common share:
Basic (1)	$	0.83	$	0.81	$	0.79	$	0.99
Diluted (1)	$	0.83	$	0.80	$	0.79	$	0.98



	Fiscal 2019 Quarters
	First		Second		Third		Fourth
Revenue	$	1,646,848	$	1,613,997	$	1,663,112	$	1,780,080
Operating income	161,612		143,751		161,932		135,099
Income before income taxes	137,367		119,887		140,269		117,880
Net income	104,204		92,713		132,037		89,575
Earnings per common share:
Basic (1)	$	0.72	$	0.65	$	0.92	$	0.64
Diluted (1)	$	0.72	$	0.64	$	0.92	$	0.63

(1) Earnings per share are computed independently for each of the quarters presented and therefore may not sum to the total for the fiscal year.

Supplemental Financial Information (Tables)

12 Months Ended

Mar. 31, 2020

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule of Valuation and Qualifying Accounts

The following schedule summarizes valuation and qualifying accounts for the periods presented:



	Fiscal Year Ended March 31,
	2020			2019			2018
Allowance for doubtful accounts:
Beginning balance	$	10,679		$	77		$	—
(Benefit) provision for doubtful accounts	(6,454		)	11,882			706
Charges against allowance	(240		)	(1,280		)	(629		)
Ending balance	$	3,985		$	10,679		$	77
Tax valuation allowance
Beginning balance	(2,853		)	(1,373		)	—
Other adjustments	(1,443		)	(1,480		)	(1,373		)
Ending balance	$	(4,296	)	(2,853		)	(1,373		)

Business Overview (Details)	12 Months Ended
Business Overview (Details)	Mar. 31, 2020 employee segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments \| segment	1
Number of employees \| employee	27,200

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	12 Months Ended
	Mar. 31, 2020
Furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Computer equipment
Property, Plant and Equipment [Line Items]
Useful life	4 years

Summary of Significant Accounting Policies - Intangible Assets and Goodwill (Details) - USD ($)	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Impairment charge on intangibles	$ 0	$ 0	$ 0
Goodwill impairment	0	0	0
Impairment charges	$ 0	$ 0	$ 0
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	3 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	12 years
Software \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	3 years
Software \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	5 years

Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Apr. 01, 2019	Mar. 31, 2019
Accounting Policies [Abstract]
Right-of-use asset	$ 240,122	$ 268,840	$ 0
Operating lease liabilities	$ 319,287	330,600
Deferred tax liability corresponding to operating lease right-of-use assets		69,000
Deferred tax asset corresponding to operating lease liabilities		$ 93,000
Operating lease, deferred rent and tenant allowances			$ 24,000

Summary of Significant Accounting Policies - Schedule of Effect of Adoption (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Apr. 01, 2019	Mar. 31, 2019
Current assets:
Prepaid expenses and other current assets	$ 126,816	$ 57,471	$ 84,986
Assets, Noncurrent [Abstract]
Operating lease right-of-use assets	240,122	268,840	0
Other long-term assets	135,432	87,218	91,837
Liabilities, Current [Abstract]
Accounts payable and other accrued expenses	698,011	649,751	664,948
Operating lease liabilities	49,021	34,645	0
Liabilities, Noncurrent [Abstract]
Operating lease liabilities, net of current portion	270,266	295,915	0
Other long-term liabilities	$ 187,471	151,995	$ 230,652
Accounting Standards Update 2018-02
Current assets:
Prepaid expenses and other current assets		(27,515)
Assets, Noncurrent [Abstract]
Operating lease right-of-use assets		268,840
Other long-term assets		(4,619)
Liabilities, Current [Abstract]
Accounts payable and other accrued expenses		(15,197)
Operating lease liabilities		34,645
Liabilities, Noncurrent [Abstract]
Operating lease liabilities, net of current portion		295,915
Other long-term liabilities		$ (78,657)

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 1,969,647	$ 1,849,441	$ 1,819,577	$ 1,825,176	$ 1,780,080	$ 1,663,112	$ 1,613,997	$ 1,646,848	$ 7,463,841	$ 6,704,037	$ 6,167,600
Revenue (as a percent)									100.00%	100.00%	100.00%
Prime Contractor
Disaggregation of Revenue [Line Items]
Revenue									$ 6,884,763	$ 6,159,918	$ 5,626,544
Revenue (as a percent)									92.00%	92.00%	91.00%
Sub-contractor
Disaggregation of Revenue [Line Items]
Revenue									$ 579,078	$ 544,119	$ 541,056
Revenue (as a percent)									8.00%	8.00%	9.00%
Global Commercial Clients
Disaggregation of Revenue [Line Items]
Revenue									$ 261,622	$ 261,600	$ 198,149
Revenue (as a percent)									4.00%	4.00%	3.00%
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue									$ 7,202,219	$ 6,442,437	$ 5,969,451
Revenue (as a percent)									96.00%	96.00%	97.00%
UNITED STATES \| Defense Clients
Disaggregation of Revenue [Line Items]
Revenue									$ 3,568,659	$ 3,114,571	$ 2,830,102
Revenue (as a percent)									47.00%	47.00%	46.00%
UNITED STATES \| Intelligence Clients
Disaggregation of Revenue [Line Items]
Revenue									$ 1,614,315	$ 1,566,870	$ 1,494,489
Revenue (as a percent)									22.00%	23.00%	24.00%
UNITED STATES \| Civil Clients
Disaggregation of Revenue [Line Items]
Revenue									$ 2,019,245	$ 1,760,996	$ 1,644,860
Revenue (as a percent)									27.00%	26.00%	27.00%
Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue									$ 4,211,592	$ 3,580,595	$ 3,155,049
Revenue (as a percent)									57.00%	53.00%	51.00%
Time-and-materials
Disaggregation of Revenue [Line Items]
Revenue									$ 1,737,414	$ 1,576,673	$ 1,542,899
Revenue (as a percent)									23.00%	24.00%	25.00%
Fixed-price
Disaggregation of Revenue [Line Items]
Revenue									$ 1,514,835	$ 1,546,769	$ 1,469,652
Revenue (as a percent)									20.00%	23.00%	24.00%

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue, amount of remaining performance obligation	$ 6,300.0	$ 5,800.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability, revenue recognized	$ 18.9	$ 25.3	$ 16.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing, period one	12 months
Remaining performance obligation, expected timing, period two	24 months
Remaining performance obligation, percentage	75.00%

Revenue - Summary of Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Contract assets:
Current	$ 988,634	$ 846,372
Long-term	62,600	61,391
Total	1,051,234	907,763
Contract liabilities:
Advance payments, billings in excess of costs incurred and deferred revenue	$ 26,018	$ 21,316

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Earnings for basic computations									$ 481,085	$ 416,664	$ 299,824
Weighted-average common shares outstanding for basic computations (in shares)									140,059,494	141,910,799	145,964,574
Earnings for diluted computations									$ 481,092	$ 416,675	$ 299,837
Dilutive stock options and restricted stock (in shares)									1,178,641	1,245,377	1,785,448
Weighted-average common shares outstanding for diluted computations (in shares)									141,238,135	143,156,176	147,750,022
Earnings per common share
Basic (in dollars per share)	$ 0.99	$ 0.79	$ 0.81	$ 0.83	$ 0.64	$ 0.92	$ 0.65	$ 0.72	$ 3.43	$ 2.94	$ 2.05
Diluted (in dollars per share)	$ 0.98	$ 0.79	$ 0.80	$ 0.83	$ 0.63	$ 0.92	$ 0.64	$ 0.72	$ 3.41	$ 2.91	$ 2.03
Cash dividends paid									$ 146,602	$ 114,234	$ 103,411
Restricted Stock
Earnings per common share
Unvested shares participating in the payment of the Company's dividends declared									400,000	600,000	800,000
Cash dividends paid									$ 700	$ 600	$ 800
Undistributed earnings (loss) allocated to participating securities, basic									900	1,200	1,100
Undistributed earnings (loss) allocated to participating securities, diluted									$ 900	$ 1,200	$ 1,100
Stock Options
Earnings per common share
Antidilutive options excluded from the computation of EPS (in shares)									200,000	200,000	300,000

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,581,160	$ 1,581,160
Amortization of intangible assets	$ 22,300	$ 20,900	$ 20,700
Customer relationships and other amortizable intangible assets \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	3 years
Customer relationships and other amortizable intangible assets \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	12 years
Software \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	3 years
Software \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	5 years

Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	$ 189,760	$ 204,152
Accumulated Amortization	78,973	107,301
Total estimated amortization expense	110,787	96,851
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Intangible assets, gross	379,960	394,352
Net Carrying Value	300,987	287,051
Trade name
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Unamortizable intangible assets	190,200	190,200
Customer relationships and other amortizable intangible assets
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	88,350	115,814
Accumulated Amortization	46,285	60,762
Total estimated amortization expense	42,065	55,052
Software
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	101,410	88,338
Accumulated Amortization	32,688	46,539
Total estimated amortization expense	$ 68,722	$ 41,799

Goodwill and Intangible Assets - Schedule of Expected Amortization Expense (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 17,759
2022	13,330
2023	11,131
2024	7,768
2025	4,826
Thereafter	8,256
Total estimated amortization expense	$ 63,070

Accounts Receivable, Net of Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Current assets:
Accounts receivable–billed	$ 474,822	$ 494,671
Accounts receivable–unbilled	988,634	846,372
Allowance for doubtful accounts	(3,985)	(10,679)
Accounts receivable, net of allowance	1,459,471	1,330,364
Other long-term assets:
Accounts receivable–unbilled	62,600	61,391
Total accounts receivable, net	1,522,071	1,391,755
Provision for doubtful accounts	$ (6,400)	$ 11,900	$ 700

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 480,446	$ 495,636
Less: Accumulated depreciation and amortization	(272,369)	(323,183)
Property and equipment, net	208,077	172,453
Depreciation and amortization expense related to property and equipment	58,800	47,800	$ 44,300
Reduction to gross cost and accumulated depreciation for zero net book value assets	171,800	11,400
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	140,232	174,298
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	94,529	96,028
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 245,685	$ 225,310

Accounts Payable and Other Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Apr. 01, 2019	Mar. 31, 2019
Payables and Accruals [Abstract]
Vendor payables	$ 432,953		$ 417,648
Accrued expenses	265,058		247,300
Total accounts payable and other accrued expenses	698,011	$ 649,751	664,948
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Provision for claimed indirect costs	$ 224,600		$ 195,300

Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Compensation Related Costs [Abstract]
Bonus	$ 114,359	$ 117,604
Retirement	41,604	37,678
Vacation	159,512	141,953
Other	33,300	28,318
Total accrued compensation and benefits	$ 348,775	$ 325,553

Deferred Payment Obligation (Details) - USD ($) $ in Thousands				12 Months Ended
	Dec. 18, 2019	Dec. 11, 2009	Jul. 31, 2008	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Other Liabilities Disclosure [Abstract]
Deferred payment obligation, original amount			$ 158,000
Deferred payment obligation, term			8 years 6 months
Deferred payment obligation, payment pursuant of the merger agreement		$ 78,000	$ 78,000
Deferred payment obligation, payment	$ 83,000	100,400		$ 80,000	$ 0	$ 0
Deferred payment obligation, accrued interest payment	3,000	$ 22,400		5,740	$ 7,993	$ 7,993
Deferred payment obligation				$ 80,000
Required payment on DPO	$ 80,000

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Nov. 26, 2019	Nov. 25, 2019	Mar. 31, 2019	Apr. 25, 2017
Long-term Debt, Current and Noncurrent [Abstract]
Total	$ 2,101,841
Less: Unamortized debt issuance costs and discount on debt	(15,997)			$ (19,002)
Long-term debt	2,185,844			1,759,761
Less: Current portion of long-term debt	(177,865)			(57,924)
Long-term debt, net of current portion	2,007,979			$ 1,701,837
Term Loan A
Long-term Debt, Current and Noncurrent [Abstract]
Total	1,363,739
Term Loan B
Long-term Debt, Current and Noncurrent [Abstract]
Total	$ 388,102
Revolver
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate on long term debt	3.75%			0.00%
Total	$ 100,000			$ 0
Secured Debt \| Term Loan A
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate on long term debt	2.49%			4.00%
Total	$ 1,363,739			$ 1,037,713
Secured Debt \| Term Loan B
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate on long term debt	2.74%			4.50%
Total	$ 388,102	$ 389,000	$ 389,000	$ 391,050
Senior Notes
Long-term Debt, Current and Noncurrent [Abstract]
Total	$ 350,000
Senior Notes \| Senior Notes
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate on long term debt	5.13%			5.13%
Total	$ 350,000			$ 350,000	$ 350,000

Debt - Narrative (Details) - USD ($)			3 Months Ended	12 Months Ended
Debt - Narrative (Details) - USD ($)	Nov. 26, 2019	Nov. 25, 2019	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Apr. 25, 2017
Debt Instrument [Line Items]
Total			$ 2,101,841,000	$ 2,101,841,000
Maximum expanded loan facility				$ 627,000,000
Percentage of consolidated EBITDA required				100.00%
Maximum net secured leverage ratio				350.00%
Cash Flow Hedging \| Interest Rate Swap \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Notional amount of interest rate swap			1,000,000,000	$ 1,000,000,000
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate				1.00%
Overnight Federal Funds Rate
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate				0.50%
Secured Debt \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate				0.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity			500,000,000.0	$ 500,000,000.0
Revolving credit facility, amount outstanding			100,000,000	100,000,000	$ 0
Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity			100,000,000.0	100,000,000.0
Senior Notes
Debt Instrument [Line Items]
Total			350,000,000	350,000,000
Term Loan B
Debt Instrument [Line Items]
Total			388,102,000	$ 388,102,000
Interest paid			15,900,000		16,800,000
Term Loan B \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	1.75%	2.00%		1.75%
Term Loan B \| Base Rate
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	0.75%	1.00%
Term Loan B \| Alternative Base Rate (ABR)
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate				0.75%
Term Loan B \| Secured Debt
Debt Instrument [Line Items]
Total	$ 389,000,000.0	$ 389,000,000.0	$ 388,102,000	$ 388,102,000	391,050,000
Premium payable (as a percent)	1.00%
Quarterly periodic payment percentage, principal			0.25%	0.25%
Term Loan A
Debt Instrument [Line Items]
Total			$ 1,363,739,000	$ 1,363,739,000
Interest paid			50,300,000		41,900,000
Term Loan A \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate				1.25%
Term Loan A \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate				2.00%
Term Loan A \| Alternative Base Rate (ABR) \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate				0.25%
Term Loan A \| Alternative Base Rate (ABR) \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate				1.00%
Term Loan A \| Secured Debt
Debt Instrument [Line Items]
Total			$ 1,363,739,000	$ 1,363,739,000	1,037,713,000
Quarterly periodic payment percentage, principal			1.25%	1.25%
Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from line of credit				$ 100,000,000	110,000,000
Revolving Credit Facility \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate				1.25%
Revolving Credit Facility \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate				2.00%
Revolving Credit Facility \| Alternative Base Rate (ABR) \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate				0.25%
Revolving Credit Facility \| Alternative Base Rate (ABR) \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate				1.00%
Revolving Credit Facility \| Secured Debt \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage				0.20%
Revolving Credit Facility \| Secured Debt \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage				0.35%
Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Total			$ 350,000,000	$ 350,000,000	$ 350,000,000	$ 350,000,000
Interest paid				$ 17,900,000
Stated interest rate						5.125%
Redemption of principal amount (as a percent)				100.00%
Debt issuance costs						$ 6,700,000
May 1, 2020 \| Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Redemption price (as a percent)				102.56%
May 1, 2021 \| Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Redemption price (as a percent)				101.28%
May 1, 2022 \| Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Redemption price (as a percent)				100.00%

Debt - Schedule of Future Debt Principal Repayments (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Debt Instrument [Line Items]
Total	$ 2,101,841
2021	77,865
2022	77,865
2023	77,865
2024	1,145,708
2025	3,891
Thereafter	718,647
Term Loan A
Debt Instrument [Line Items]
Total	1,363,739
2021	73,974
2022	73,974
2023	73,974
2024	1,141,817
2025	0
Thereafter	0
Term Loan B
Debt Instrument [Line Items]
Total	388,102
2021	3,891
2022	3,891
2023	3,891
2024	3,891
2025	3,891
Thereafter	368,647
Senior Notes
Debt Instrument [Line Items]
Total	350,000
2021	0
2022	0
2023	0
2024	0
2025	0
Thereafter	$ 350,000

Debt - Schedule of Detail of Interest Expense (Details) - USD ($) $ in Thousands			12 Months Ended
	Dec. 18, 2019	Dec. 11, 2009	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Debt Instrument [Line Items]
Deferred payment obligation, accrued interest payment	$ 3,000	$ 22,400	$ 5,740	$ 7,993	$ 7,993
Amortization of debt issuance costs			4,688	5,052	5,361
Interest Swap Expense			2,094	(1,026)	0
Other			589	637	189
Total Interest Expense			96,960	89,517	82,269
Secured Debt \| Term Loan A
Debt Instrument [Line Items]
Interest expense, debt			50,080	42,043	37,575
Secured Debt \| Term Loan B
Debt Instrument [Line Items]
Interest expense, debt			15,739	16,765	14,138
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense, debt			92	115	271
Senior Notes
Debt Instrument [Line Items]
Interest expense, debt			$ 17,938	$ 17,938	$ 16,742

Derivatives - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
Derivatives - Narrative (Details) $ in Millions	Dec. 31, 2018 agreement	Mar. 31, 2020 USD ($) financial_institution	Mar. 31, 2019 USD ($)
Other Current Assets
Derivative [Line Items]
Estimated fair value of derivative assets			$ 1.8
Other Noncurrent Assets
Derivative [Line Items]
Estimated fair value of derivative assets			0.6
Other Current Liabilities
Derivative [Line Items]
Estimated fair value of derivative liabilities		$ 18.8
Estimated fair value of derivative assets			0.9
Other Noncurrent Liabilities
Derivative [Line Items]
Estimated fair value of derivative liabilities		$ 37.8
Estimated fair value of derivative assets			$ 4.3
Cash Flow Hedging \| Designated as Hedging Instrument \| Forward Starting Floating-To-Fixed Interest Rate Swap
Derivative [Line Items]
Number of agreements entered into during period \| agreement	8
Number of financial institutions \| financial_institution		6
Notional amount of interest rate swap		$ 400.0
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest Rate Swap
Derivative [Line Items]
Notional amount of interest rate swap		1,000.0
Estimated amounts to be reclassified over 12 months		$ 19.4

Derivatives - Schedule of Effect of Derivatives on Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Expense on Consolidated Statements of Operations	$ (96,960)	$ (89,517)	$ (82,269)
Interest Rate Swap \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain or (Loss) Recognized in AOCI on Derivatives	(55,871)	(9,772)	7,926
Amount of Gain or (Loss) Reclassified from AOCI into Income	(2,094)	1,026	0
Interest Expense on Consolidated Statements of Operations	$ (96,960)	$ (89,517)	$ (82,269)

Leases - Schedule of Lease Cost (Details) $ in Thousands	12 Months Ended
Leases - Schedule of Lease Cost (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Leases [Abstract]
Operating lease cost	$ 71,067
Short-term lease cost	9,657
Variable lease cost	11,657
Total operating lease costs	$ 92,381

Leases - Future Minimum Obligations for Noncancelable Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Apr. 01, 2019
Leases [Abstract]
2021	$ 61,900
2022	67,341
2023	61,348
2024	50,554
2025	45,015
Thereafter	86,100
Total future lease payments	372,258
Less: imputed interest	(52,971)
Total lease liabilities	$ 319,287	$ 330,600

Leases - Supplemental Cash Flow and Other Information (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	6 years 7 days
Operating lease liabilities arising from obtaining ROU assets	$ 53,741
Weighted average remaining lease term (in years)	$ 26,378
Weighted average discount rate	4.69%

Leases - Future Minimum Income For Noncancelable Sublease Rentals (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Leases [Abstract]
Rent expense	$ 82,700	$ 81,200
Sublease income	600	$ 600
Operating Lease Payments
2020	70,614
2021	68,888
2022	58,325
2023	53,463
2024	46,222
Thereafter	125,399
Operating leases, future minimum payments due	422,911
Operating Sublease Income
2020	129
2021	12
2022	5
2023	0
2024	0
Thereafter	0
Operating leases, future minimum payments due, future minimum sublease rentals	$ 146

Income Taxes - Components of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Current
U.S. Federal	$ (2,638)	$ 34,019	$ 89,300
State and local	18,410	26,232	20,074
Foreign	15,625	13,617	10,014
Total current	31,397	73,868	119,388
Deferred
U.S. Federal	59,856	23,258	11,356
State and local	5,578	(252)	(2,400)
Total deferred	65,434	23,006	8,956
Total	$ 96,831	$ 96,874	$ 128,344

Income Taxes - Reconciliation of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense computed at U.S. federal statutory rate	$ 121,681	$ 108,235	$ 135,667
Increases (reductions) resulting from:
State and local income taxes, net of federal tax	20,031	22,450	14,565
Foreign income taxes, net of federal tax	12,344	10,758	6,855
Meals and entertainment	1,761	1,771	2,247
Re-measurement of deferred taxes related to the 2017 Tax Act	0	(27,908)	(9,107)
Excess tax benefits from stock-based compensation	(10,265)	(10,777)	(14,457)
Research and development and other federal credits	(90,898)	(6,355)	(6,563)
Executive compensation -162(M)	2,346	2,615	345
IRS audit settlement	0	(2,573)	0
Foreign-Derived Intangible Income (FDII)	(4,915)	0	0
Changes in uncertain tax positions	44,621	(278)	140
Other	125	(1,064)	(1,348)
Total	$ 96,831	$ 96,874	$ 128,344
Federal statutory income tax rate	21.00%	21.00%	31.50%

Income Taxes - Components of Net Deferred Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Deferred income tax assets:
Accrued expenses	$ 67,230	$ 59,569
Deferred compensation	36,448	32,765
Stock-based compensation	6,909	6,265
Pension and postretirement benefits	32,437	32,697
Net operating loss carryforwards	5,741	4,570
Deferred rent and tenant allowance	0	24,565
Extended disability benefits	2,779	3,041
Interest rate swaps	14,774	752
State tax credits	19,214	13,420
Operating lease liabilities	86,565	0
Other	1,567	3,804
Total gross deferred income tax assets	273,664	181,448
Less: Valuation allowance	(4,296)	(2,853)
Total net deferred income tax assets	269,368	178,595
Deferred income tax liabilities:
Unbilled receivables	(199,869)	(138,944)
Intangible assets	(64,530)	(60,694)
Debt issuance costs	(1,939)	(3,146)
Property and equipment	(12,820)	(926)
Operating lease right-of-use assets	(62,623)	0
Internally developed software	(15,673)	(8,123)
Total deferred income tax liabilities	(357,454)	(211,833)
Net deferred income tax liabilities	$ (88,086)	$ (33,238)

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Operating Loss Carryforwards [Line Items]
Blended rate (as a percent)			31.50%
Income tax reserves	$ 56,130	$ 11,509	$ 11,800
Unrecognized tax benefits that would impact effective tax rate	55,200	11,100	11,600
Accrued interest and penalties	500	200	100
Income tax reserve, accrued penalties and interest	900	400	200
Reasonably possible change in unrecognized tax benefits from lapse of statute of limitations	11,200
Reconciliation of the beginning and ending amount of potential tax benefits
Beginning of year	11,083	11,608	11,588
Increases in prior year position	34,001	93	41
Increases in current year position	10,970	575	0
Decreases in prior year position	(765)	0	0
Settlements with taxing authorities	0	(731)	0
Lapse of statute of limitations	(68)	(462)	(21)
End of year	55,221	$ 11,083	$ 11,608
Domestic
Operating Loss Carryforwards [Line Items]
Net operating losses	2,000
State
Operating Loss Carryforwards [Line Items]
Net operating losses	1,300
Foreign
Operating Loss Carryforwards [Line Items]
Net operating losses	2,400
Tax Years 2013-2015
Operating Loss Carryforwards [Line Items]
Income tax assessments	11,700
Tax Years 2016-2019
Operating Loss Carryforwards [Line Items]
Income tax assessments	$ 32,500

Employee Benefit Plans - Narrative (Details) - USD ($)	12 Months Ended
Employee Benefit Plans - Narrative (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Retirement Benefits [Abstract]
Employer matching contribution, percentage of match	6.00%
Employees’ capital accumulation plan, total expense recognized	$ 151,000,000.0	$ 136,300,000	$ 126,900,000
Employees’ capital accumulation plan, company-paid contributions	146,500,000	130,900,000	$ 123,900,000
Defined Benefit Plan Disclosure [Line Items]
Long-term disability obligation	$ 10,700,000	11,600,000
Reduction to plan liability		11,200,000
Deferred compensation plans, maximum eligible deferral of compensation percentage	100.00%
Long-term deferred compensation costs	$ 5,900,000	3,200,000
Retired Officers' Bonus Plan
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation arrangement with individual, annual cash award granted per year of service, amount	10,000
Retired Officers' Bonus Plan and Retired Vice-President Bonus Plan \| Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, funded (unfunded) status of plan	$ 4,800,000	$ 4,600,000

Employee Benefit Plans - Components of Net Postretirement Medical Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Document Period End Date	Mar. 31, 2020
Officer Medical Plan \| Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 4,955	$ 5,952	$ 4,464
Interest cost	4,859	5,130	5,008
Net actuarial loss	0	2,108	2,271
Total postretirement medical expense	$ 9,814	$ 13,190	$ 11,743

Employee Benefit Plans - Weighted Average Discount Rate (Details) - Other Postretirement Benefits Plan	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Officer Medical Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate for benefit obligation	3.60%	4.10%	4.10%
Retired Officers' Bonus Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate for benefit obligation	3.60%	4.10%	4.10%
Retired Vice Presidents' Bonus Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate for benefit obligation	3.60%	4.10%	4.10%

Employee Benefit Plans - Healthcare Cost Trend Rates (Details) - Officer Medical Plan - Other Postretirement Benefits Plan	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate assumed for next year, Pre 65	6.80%	7.50%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate), Pre 65	4.50%	4.50%
Health care cost trend rate assumed for next year, Post 65	7.00%	7.75%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate), Post 65	4.50%	4.50%

Employee Benefit Plans - Retired Officers' Bonus Plan and Retired VP Bonus Plan (Details) - Other Postretirement Benefits Plan - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Officer
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, funded (unfunded) status of plan	$ 3,800	$ 3,700
Retired Officers' Bonus Plan \| Officer
Defined Benefit Plan Disclosure [Line Items]
Total pension expense	600	700
Benefits paid	600	800	$ 1,500
Retired Vice Presidents' Bonus Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation	1,000	900	900
Retired Vice Presidents' Bonus Plan \| Officer
Defined Benefit Plan Disclosure [Line Items]
Total pension expense	200	200	200
Benefits paid	100
Officer Medical Plan
Defined Benefit Plan Disclosure [Line Items]
Total pension expense	9,814	13,190	11,743
Benefits paid	3,785	3,742	3,419
Defined benefit plan, funded (unfunded) status of plan	(119,600)	(120,300)
Benefit obligation	119,609	120,341	126,886	$ 118,089
Fair value of plan assets	0	0	$ 0	$ 0
Retired Officers' Bonus Plan and Retired Vice-President Bonus Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, funded (unfunded) status of plan	(4,800)	(4,600)
Fair value of plan assets	$ 0	$ 0

Employee Benefit Plans - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Retirement Benefits [Abstract]
Unrecognized gross actuarial gain	$ 6.6	$ 13.9
Unrecognized actuarial gain, tax	$ 1.7	$ 3.6

Employee Benefit Plans - Change in Benefit Obligation and Change in Plan Assets (Details) - Officer Medical Plan - Other Postretirement Benefits Plan - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of the year	$ 120,341	$ 126,886	$ 118,089
Service cost	4,955	5,952	4,464
Interest cost	4,859	5,130	5,008
Net actuarial (gain) loss	(6,761)	(13,885)	2,744
Benefits paid	(3,785)	(3,742)	(3,419)
Benefit obligation, end of the year	119,609	120,341	126,886
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of the year	0	0	0
Employer contributions	3,785	3,742	3,419
Benefits paid	(3,785)	(3,742)	(3,419)
Fair value of plan assets, end of the year	0	0	$ 0
Defined benefit plan, funded (unfunded) status of plan	$ (119,600)	$ (120,300)

Employee Benefit Plans - Future Benefit Payments (Details) $ in Thousands	Mar. 31, 2020 USD ($)
For the Fiscal Year Ending March 31,
2021	$ 3,843
2022	4,235
2023	4,661
2024	5,052
2025	5,342
2026 - 2030	$ 31,896

Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of year	$ 675,366	$ 562,491	$ 584,873
Other comprehensive income (loss) before reclassifications	(36,440)	3,048	3,295
Amounts reclassified from accumulated other comprehensive loss	1,629	868	1,527
Total other comprehensive (loss) income, net of tax	(34,811)	3,916	4,822
Reclassification of AOCI due to the 2017 Tax Act (4)			(2,851)
End of year	856,356	675,366	562,491
Tax expense (benefit)	(14,600)	2,600	2,900
Post-retirement plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of year	(9,068)	(20,955)	(17,077)
Other comprehensive income (loss) before reclassifications	4,860	10,262	(1,698)
Amounts reclassified from accumulated other comprehensive loss	81	1,625	1,527
Total other comprehensive (loss) income, net of tax	4,941	11,887	(171)
Reclassification of AOCI due to the 2017 Tax Act (4)			(3,707)
End of year	(4,127)	(9,068)	(20,955)
Derivatives designated as cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of year	(2,122)
Other comprehensive income (loss) before reclassifications	(41,300)
Amounts reclassified from accumulated other comprehensive loss	1,548
Total other comprehensive (loss) income, net of tax	(39,752)
End of year	(41,874)	(2,122)
Derivatives designated as cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of year	(2,122)	5,849	0
Other comprehensive income (loss) before reclassifications		(7,214)	4,993
Amounts reclassified from accumulated other comprehensive loss		(757)	0
Total other comprehensive (loss) income, net of tax		(7,971)	4,993
Reclassification of AOCI due to the 2017 Tax Act (4)			856
End of year		(2,122)	5,849
Totals
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of year	(11,190)	(15,106)	(17,077)
End of year	$ (46,001)	$ (11,190)	$ (15,106)

Accumulated Other Comprehensive Loss - Schedule of Reclassifications out of Accumulated Other Comprehensive Loss to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial loss included in net periodic benefit cost	$ 128,704	$ 146,723	$ 148,177	$ 155,830	$ 117,880	$ 140,269	$ 119,887	$ 137,367	$ 579,434	$ 515,403	$ 430,036
Tax benefit (expense)									(96,831)	(96,874)	(128,344)
Net income	$ 138,866	$ 112,026	$ 114,325	$ 117,386	$ 89,575	$ 132,037	$ 92,713	$ 104,204	482,603	418,529	301,692
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of net actuarial loss
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial loss included in net periodic benefit cost									109	2,201	2,387
Tax benefit (expense)									(28)	(576)	(860)
Net income									81	1,625	1,527
Reclassification out of Accumulated Other Comprehensive Income \| Derivatives designated as cash flow hedges
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial loss included in net periodic benefit cost									2,094	(1,026)	0
Tax benefit (expense)									(546)	269	0
Net income									$ 1,548	$ (757)	$ 0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Apr. 01, 2019	Mar. 31, 2019
Other Commitments [Line Items]
Deferred rent			$ 78,658
Postretirement benefit obligations	$ 124,375		124,925
Other	63,096		27,069
Total other long-term liabilities	187,471	$ 151,995	230,652
Long-term disability obligation	10,700		$ 11,600
Other Noncurrent Liabilities
Other Commitments [Line Items]
Estimated fair value of derivative liabilities	$ 37,800

Stockholders' Equity - Narrative (Details) shares in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2020 USD ($) vote shares	Mar. 31, 2019 USD ($) shares	May 23, 2019 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock votes per share \| vote	1
Share repurchase program, remaining authorized repurchase amount	$ 484.8
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, remaining authorized repurchase amount			$ 1,310.0
Repurchase of common stock (in shares) \| shares	2.5	5.1
Share repurchase program, amount authorized	$ 173.4	$ 239.8

Stockholders' Equity - Summary of Dividends (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recurring dividends	$ 146,602	$ 114,234	$ 103,411
Dividends	146,602	114,514	104,362
Dividend equivalents
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends	$ 0	$ 280	$ 951

Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 43,290	$ 31,275	$ 23,318
EIP \| Stock Options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,741	2,374	2,036
Annual Incentive Plan \| Restricted Stock \| Class A Common Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	40,549	28,901	21,282
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	16,272	8,990	7,771
General and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 27,018	$ 22,285	$ 15,547

Stock-Based Compensation - Summary of Unrecognized Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock-based compensation agreements	$ 33,459	$ 27,760
Unrecognized compensation cost, amortization period	5 years
Total	$ 33,459	27,760
2021	22,300
2022	10,204
2023	704
2024	235
2025	16
EIP \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock-based compensation agreements	$ 3,721	$ 3,501
Unrecognized compensation cost, amortization period	3 years 6 months 25 days	3 years 7 months 9 days
Total	$ 3,721	$ 3,501
2021	1,872
2022	1,100
2023	543
2024	190
2025	16
Annual Incentive Plan \| Restricted Stock \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock-based compensation agreements	$ 29,738	$ 24,259
Unrecognized compensation cost, amortization period	1 year 9 months 10 days	1 year 9 months
Total	$ 29,738	$ 24,259
2021	20,428
2022	9,104
2023	161
2024	45
2025	$ 0

Stock-Based Compensation - Summary of Stock Plans (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 01, 2010	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period		5 years
Repurchase of common stock		$ 186,645	$ 249,993	$ 269,557
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock (in shares)		2,500,000	5,100,000
EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)		270,332
Restricted stock granted (in shares)		620,207
Repurchase of common stock (in shares)		194,064
Repurchase of common stock		$ 13,200
EIP \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expiration period		10 years
Stock options granted (in shares)		270,332
Total Fair Value		$ 3,700	$ 3,500
Fair value of options vested		2,400	2,500
Intrinsic value of options exercised		$ 30,600	$ 47,200
Options available for future grant (in shares)		10,097,483	10,708,159
EIP \| Restricted Stock \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of all awards issued		$ 27,900	$ 21,500
EIP \| Restricted Stock Units (RSUs) \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)		589,818
Aggregate fair value of all awards issued		$ 39,700
Annual Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period	3 years
Officer \| Annual Incentive Plan \| Restricted Stock \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period		3 years
Director \| EIP \| Restricted Stock \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period		1 year
Restricted stock granted (in shares)		30,389
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date share price (in dollars per share)		$ 62.12
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date share price (in dollars per share)		$ 78.55

Stock-Based Compensation - Schedule of Stock Options Granted (Details)	12 Months Ended
	Mar. 31, 2020 shares
EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	270,332

Stock-Based Compensation - Stock Option Assumptions (Details) - $ / shares	3 Months Ended				12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield (as a percent)					2.17%	2.01%	1.90%
Expected volatility					24.74%	25.83%	33.04%
Risk-free interest rate					2.11%	2.81%	1.81%
Expected life (in years)					5 years	5 years	5 years
Weighted-average grant date fair value (in dollars per share)					$ 12.39	$ 9.67	$ 9.35
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield (as a percent)					2.12%
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield (as a percent)					2.60%
Ordinary Dividend
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per share (in dollars per share)	$ 0.31	$ 0.27	$ 0.23	$ 0.23

Stock-Based Compensation - Stock Option and Restricted Stock Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				12 Months Ended
	Jul. 30, 2012	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2020
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Granted, weighted average grant date fair value (in dollars per share)						$ 12.39	$ 9.67	$ 9.35
EIP
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested, beginning balance (in shares)					932,781	932,781
Granted (in shares)						620,207
Vested (in shares)						612,321
Forfeited (in shares)						53,231
Unvested, ending balance (in shares)		887,436				887,436	932,781
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested, beginning balance, weighted average grant date fair value (in dollars per share)					$ 38.19	$ 38.19
Granted, weighted average grant date fair value (in dollars per share)						64.00
Vested, weighted average grant date fair value (in dollars per share)						45.53
Forfeited, weighted average grant date fair value (in dollars per share)						45.81
Unvested, ending balance, weighted average grant date fair value (in dollars per share)		$ 50.72				$ 50.72	$ 38.19
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Granted (in shares)						270,332
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Granted (in shares)						270,332
EIP \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)					2,091,355	2,091,355
Granted (in shares)						270,332
Forfeited (in shares)						32,658
Expired (in shares)						0
Exercised (in shares)						575,890
Outstanding, ending balance (in shares)		1,753,139				1,753,139	2,091,355
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding, beginning balance, weighted average exercise price (in dollars per share)					$ 25.83	$ 25.83
Granted, weighted average exercise price (in dollars per share)						63.80
Forfeited, weighted average exercise price (in dollars per share)						34.99
Expired, weighted average exercise price (in dollars per share)						0
Exercised, weighted average exercise price (in dollars per share)						15.50
Outstanding, ending balance, weighted average exercise price (in dollars per share)		$ 34.91				$ 34.91	$ 25.83
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Unvested, beginning balance (in shares)					608,613	608,613
Granted (in shares)						270,332
Vested (in shares)						265,970
Forfeited (in shares)						32,658
Unvested, ending balance (in shares)		580,317				580,317	608,613
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested, beginning balance, weighted average grant date fair value (in dollars per share)					$ 9.04	$ 9.04
Granted, weighted average grant date fair value (in dollars per share)						12.39
Vested, weighted average grant date fair value (in dollars per share)						9.14
Forfeited, weighted average grant date fair value (in dollars per share)						8.85
Unvested, ending balance, weighted average grant date fair value (in dollars per share)		$ 10.56				$ 10.56	$ 9.04
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Stock options outstanding (in shares)		1,753,139			2,091,355	1,753,139	2,091,355		1,753,139
Outstanding, weighted average exercise price (in dollars per share)		$ 34.91			$ 25.83	$ 34.91	$ 25.83		$ 34.91
Outstanding, weighted average remaining contractual life (in years)						6 years 21 days
Outstanding, intrinsic value									$ 59,128
Stock options exercisable (in shares)									1,172,822
Stock options exercisable, weighted average exercise price (in dollars per share)									$ 27.65
Stock options exercisable, weighted average remaining contractual life (in years)						4 years 10 months 28 days
Stock options exercisable, intrinsic value									$ 48,073
Ordinary Dividend
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Dividends declared per share (in dollars per share)		$ 0.31	$ 0.27	$ 0.23	$ 0.23
Special Cash Dividend
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Dividends declared per share (in dollars per share)	$ 6.50
Special Cash Dividend \| EIP \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Dividend, option exercise price reduction, per share (in dollars per share)	$ 6.36
Stock Options \| EIP
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Exercise price, lower range limit (in dollars per share)						$ 9.71
Exercise price, upper range limit (in dollars per share)						$ 78.55

Stock-Based Compensation - Employee Stock purchase Plan (Details)	12 Months Ended	113 Months Ended
	Mar. 31, 2020 shares	Mar. 31, 2020 shares
EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to be repurchased (in shares)	10,000,000	10,000,000
Discount for shares repurchased (as a percent)	5.00%
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, Shares, employee stock purchase plans	227,810	2,659,803

Fair Value Measurements - Schedule of Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2017
Assets, Fair Value Disclosure [Abstract]
Long-term deferred compensation costs	$ 5,900	$ 3,200
Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Current derivative instruments		1,790
Long-term derivative instruments		614
Long-term deferred compensation costs	5,879	3,169
Total assets	5,879	5,573
Liabilities, Fair Value Disclosure [Abstract]
Contingent consideration liability	1,224	1,224
Current derivative instruments	18,831	929
Long-term derivative instruments	37,819	4,347
Long-term deferred compensation costs	5,879	3,169
Total liabilities	63,753	9,669
Fair Value, Measurements, Recurring \| Level 1
Assets, Fair Value Disclosure [Abstract]
Current derivative instruments		0
Long-term derivative instruments		0
Long-term deferred compensation costs	5,879	3,169
Total assets	5,879	3,169
Liabilities, Fair Value Disclosure [Abstract]
Contingent consideration liability	0	0
Current derivative instruments	0	0
Long-term derivative instruments	0	0
Long-term deferred compensation costs	5,879	3,169
Total liabilities	5,879	3,169
Fair Value, Measurements, Recurring \| Level 2
Assets, Fair Value Disclosure [Abstract]
Current derivative instruments		1,790
Long-term derivative instruments		614
Long-term deferred compensation costs	0	0
Total assets	0	2,404
Liabilities, Fair Value Disclosure [Abstract]
Contingent consideration liability	0	0
Current derivative instruments	18,831	929
Long-term derivative instruments	37,819	4,347
Long-term deferred compensation costs	0	0
Total liabilities	56,650	5,276
Fair Value, Measurements, Recurring \| Level 3
Assets, Fair Value Disclosure [Abstract]
Current derivative instruments		0
Long-term derivative instruments		0
Long-term deferred compensation costs	0	0
Total assets	0	0
Liabilities, Fair Value Disclosure [Abstract]
Contingent consideration liability	1,224	1,224
Current derivative instruments	0	0
Long-term derivative instruments	0	0
Long-term deferred compensation costs	0	0
Total liabilities	1,224	1,224
Other Noncurrent Liabilities \| Fair Value, Measurements, Recurring \| Level 3
Liabilities, Fair Value Disclosure [Abstract]
Contingent consideration liability	$ 1,200	$ 1,200	$ 3,600

Related-Party Transactions (Details) - Affiliated Entity $ in Millions	12 Months Ended
	Mar. 31, 2020 USD ($) director	Mar. 31, 2019 USD ($)	Mar. 31, 2017 USD ($)
Related Party Transaction [Line Items]
Number of directors	2
Number of directors appointable	5
Pledge Obligation
Related Party Transaction [Line Items]
Amount of pledge \| $			$ 5.0
Services Performed Under Subcontractor
Related Party Transaction [Line Items]
Number of directors	2
Amount of related party transaction \| $	$ 79.7	$ 55.3

Commitments and Contingencies - Government Contracting and Guarantees (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2015
Contracts with U.S. government agencies or other U.S. government contractors
Concentration Risk [Line Items]
Concentration risk, percentage	96.00%	96.00%	97.00%
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Liability for reductions and/or penalties from U.S Government audits	$ 224.6	$ 195.3
Financial Standby Letter of Credit
Concentration Risk [Line Items]
Guarantor obligations, carrying value	9.7	9.5
Guarantor obligations, reduction to available borrowings	0.9	1.0
Guarantor obligations, facility				$ 15.0
Guarantor obligations, available amount	$ 6.2	$ 6.5

Commitments and Contingencies - Litigation (Details)				17 Months Ended	84 Months Ended
Commitments and Contingencies - Litigation (Details)	Sep. 05, 2017 plaintiff	Jan. 09, 2017 claim	Apr. 16, 2015 claim	Dec. 15, 2009 plaintiff claim	Mar. 31, 2017 claim	Sep. 24, 2014 claim	Sep. 07, 2010 claim	Jul. 02, 2010 claim
United States District Court For The Eastern District Of Virginia Styled Langley V. Booz Allen Hamilton Holding Corp.
Loss Contingencies [Line Items]
Loss contingencies, number of plaintiffs \| plaintiff	2
Former stockholder litigation
Loss Contingencies [Line Items]
Loss contingencies, number of plaintiffs \| plaintiff				6
Loss contingencies, new claims filed, number				9
Loss contingencies, claims amended, number						2		3
Loss contingencies, pending claims, number						1	1
Loss contingencies, claims dismissed, number					3
Loss contingencies, claims settled, number			1
Former stockholder litigation \| United States Court of Appeals for the Ninth Circuit
Loss Contingencies [Line Items]
Loss contingencies, claims dismissed, number		1
Former stockholder litigation \| United States District Court for the Southern District of New York
Loss Contingencies [Line Items]
Loss contingencies, pending claims, number							3

Business Segment Information (Details)	12 Months Ended
Business Segment Information (Details)	Mar. 31, 2020 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 1,969,647	$ 1,849,441	$ 1,819,577	$ 1,825,176	$ 1,780,080	$ 1,663,112	$ 1,613,997	$ 1,646,848	$ 7,463,841	$ 6,704,037	$ 6,167,600
Operating income	149,076	169,045	172,035	179,046	135,099	161,932	143,751	161,612	669,202	602,394	519,723
Income before income taxes	128,704	146,723	148,177	155,830	117,880	140,269	119,887	137,367	579,434	515,403	430,036
Net income	$ 138,866	$ 112,026	$ 114,325	$ 117,386	$ 89,575	$ 132,037	$ 92,713	$ 104,204	$ 482,603	$ 418,529	$ 301,692
Earnings per common share:
Basic (in dollars per share)	$ 0.99	$ 0.79	$ 0.81	$ 0.83	$ 0.64	$ 0.92	$ 0.65	$ 0.72	$ 3.43	$ 2.94	$ 2.05
Diluted (in dollars per share)	$ 0.98	$ 0.79	$ 0.80	$ 0.83	$ 0.63	$ 0.92	$ 0.64	$ 0.72	$ 3.41	$ 2.91	$ 2.03

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Supplemental Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 10,679	$ 77	$ 0
Provision for doubtful accounts	(6,454)	11,882	706
Charges against allowance	(240)	(1,280)	(629)
Ending balance	3,985	10,679	77
Tax valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	2,853	1,373	0
Charges against allowance	(1,443)	(1,480)	(1,373)
Ending balance	$ 4,296	$ 2,853	$ 1,373

Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	May 26, 2020	Jun. 30, 2020
Subsequent Event [Line Items]
Dividends declared per share (in dollars per share)	$ 0.31
Restricted Stock \| Class A Common Stock
Subsequent Event [Line Items]
Stock repurchased, restricted stock awards, value withheld for taxes		$ 10.7
Stock repurchased, restricted stock withheld for taxes (in shares)		156,414

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 0
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(2,851,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 2,851,000