0001443646-21-000079 | 10-K | XBRL Viewer | Booz Allen Hamilton Holding Corp

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Cover - USD ($)	12 Months Ended
Cover - USD ($)	Mar. 31, 2021	May 17, 2021	Sep. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2021
Current Fiscal Year End Date	--03-31
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 11,257,045,142
Entity Common Stock, Shares Outstanding		135,407,562
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for its Annual Meeting of Stockholders scheduled for July 28, 2021 are incorporated by reference into Part III.
Entity Central Index Key	0001443646
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Current assets:
Cash and cash equivalents	$ 990,955	$ 741,901
Accounts receivable, net	1,411,894	1,459,471
Prepaid expenses and other current assets	233,323	126,816
Total current assets	2,636,172	2,328,188
Property and equipment, net of accumulated depreciation	204,642	208,077
Operating lease right-of-use assets	239,374	240,122
Intangible assets, net of accumulated amortization	307,128	300,987
Goodwill	1,581,160	1,581,160
Other long-term assets	531,125	135,432
Total assets	5,499,601	4,793,966
Current liabilities:
Current portion of long-term debt	77,865	177,865
Accounts payable and other accrued expenses	666,971	698,011
Accrued compensation and benefits	425,615	348,775
Operating lease liabilities	54,956	49,021
Other current liabilities	65,698	54,006
Total current liabilities	1,291,105	1,327,678
Long-term debt, net of current portion	2,278,731	2,007,979
Operating lease liabilities, net of current portion	263,144	270,266
Deferred tax liabilities	364,461	88,086
Other long-term liabilities	230,984	243,601
Total liabilities	4,428,425	3,937,610
Commitments and contingencies (Note 21)
Stockholders’ equity:
Common Stock, Value, Issued	1,629	1,613
Treasury Stock, Value	(1,216,163)	(898,095)
Additional paid-in capital	557,957	468,027
Retained earnings	1,757,524	1,330,812
Accumulated other comprehensive loss	(29,771)	(46,001)
Total stockholders’ equity	1,071,176	856,356
Total liabilities and stockholders’ equity	$ 5,499,601	$ 4,793,966

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Mar. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock, issued (in shares)	162,950,606	161,333,973
Common stock, outstanding (in shares)	136,246,029	138,719,921
Treasury stock (in shares)	26,704,577	22,614,052

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenue	$ 7,858,938	$ 7,463,841	$ 6,704,037
Operating costs and expenses:
Cost of revenue	3,657,530	3,379,180	3,100,466
Billable expenses	2,325,888	2,298,413	2,004,664
General and administrative expenses	1,036,834	1,035,965	927,938
Depreciation and amortization	84,315	81,081	68,575
Total operating costs and expenses	7,104,567	6,794,639	6,101,643
Operating income	754,371	669,202	602,394
Interest expense	(81,270)	(96,960)	(89,517)
Other (expense) income, net	(10,662)	7,192	2,526
Income before income taxes	662,439	579,434	515,403
Income tax expense	53,481	96,831	96,874
Net income	$ 608,958	$ 482,603	$ 418,529
Earnings per common share (Note 3):
Basic (in dollars per share)	$ 4.40	$ 3.43	$ 2.94
Diluted (in dollars per share)	$ 4.37	$ 3.41	$ 2.91

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 608,958	$ 482,603	$ 418,529
Other comprehensive income, net of tax:
Change in unrealized gain (loss) on derivatives designated as cash flow hedges	13,665	(39,752)	(7,971)
Change in postretirement plan costs	2,565	4,941	11,887
Total other comprehensive (loss) income, net of tax	16,230	(34,811)	3,916
Comprehensive income	$ 625,188	$ 447,792	$ 422,445

- Definition

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

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income	$ 608,958	$ 482,603	$ 418,529
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	84,315	81,081	68,575
Noncash lease expense	53,202	55,096	0
Stock-based compensation expense	59,844	43,290	31,275
Deferred income taxes	231,998	65,434	23,006
Amortization of debt issuance costs	4,395	4,688	5,052
Loss on debt extinguishment	13,239	1,451	4,302
Losses (gains) on dispositions, and other	(3,322)	1,772	(5,464)
Changes in assets and liabilities:
Accounts receivable, net	47,081	(129,107)	(196,453)
Income taxes receivable / payable	(363,396)	(122,977)	21,634
Prepaid expenses and other current assets	(1,797)	(13,500)	(2,328)
Other long-term assets	(3,272)	(6)	(15,346)
Accrued compensation and benefits	71,713	18,044	44,137
Accounts payable and other accrued expenses	(31,506)	48,260	107,644
Other current liabilities	(9,463)	5,016	(7,885)
Operating lease liabilities	(53,641)	(37,651)	0
Other long-term liabilities	10,336	47,934	2,932
Net cash provided by operating activities	718,684	551,428	499,610
Cash flows from investing activities
Purchases of property, equipment, and software	(87,210)	(128,079)	(94,681)
Payment for minority investment in entity	(74,168)	0	0
Proceeds from sales of assets, net of payment	3,094	0	5,469
Net cash used in investing activities	(158,284)	(128,079)	(89,212)
Cash flows from financing activities
Proceeds from issuance of common stock	19,408	14,987	11,266
Stock option exercises	11,747	8,925	12,116
Repurchases of common stock	(313,397)	(182,224)	(252,824)
Cash dividends paid	(181,066)	(146,602)	(114,234)
Debt extinguishment costs	(8,971)	0	0
Repayment of debt	(527,865)	(76,922)	(170,512)
Proceeds from debt issuance	691,496	497,891	102,071
Payment of deferred payment obligation	0	(80,000)	0
Other financing activities	(2,698)	(1,493)	(1,249)
Net cash provided by (used in) financing activities	(311,346)	34,562	(413,366)
Net increase (decrease) in cash and cash equivalents	249,054	457,911	(2,968)
Cash and cash equivalents––beginning of year	741,901	283,990	286,958
Cash and cash equivalents––end of year	990,955	741,901	283,990
Supplemental disclosures of cash flow information
Interest	60,955	84,125	76,731
Income taxes	176,711	109,754	52,512
Supplemental disclosures of non-cash investing and financing activities
Share repurchases transacted but not settled and paid	15,408	10,736	6,315
Noncash financing activities	$ 178	$ 3,920	$ 3,033

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Topic 326 adoption impact	Class A Common Stock	Common Stock Class A Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Retained Earnings Topic 326 adoption impact	Accumulated Other Comprehensive Loss
Balance (in shares) at Mar. 31, 2018				158,028,673	(14,582,134)
Beginning 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)					(5,314,838)
Repurchase of common stock	(249,993)				$ (249,993)
Net income	418,529						418,529
Other comprehensive income (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
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Other comprehensive income (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	$ (1,180)		$ 1,613	$ (898,095)	468,027	1,330,812	$ (1,180)	(46,001)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				1,112,183
Issuance of common stock	18,814			$ 11		18,803
Stock options exercised (in shares)				504,450
Stock options exercised	11,747			$ 5		11,742
Repurchase of common stock (in shares)			(3,800,000)		(4,090,525)
Repurchase of common stock	(318,068)				$ (318,068)
Recognition of liability related to future restricted stock units vesting	(456)					(456)
Net income	608,958						608,958
Other comprehensive income (loss), net of tax	16,230								16,230
Dividends paid	(181,066)						(181,066)
Stock-based compensation expense	59,841					59,841
Balance (in shares) at Mar. 31, 2021				162,950,606	(26,704,577)
End of year at Mar. 31, 2021	$ 1,071,176			$ 1,629	$ (1,216,163)	$ 557,957	$ 1,757,524		$ (29,771)

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 1.30	$ 1.04	$ 0.80

Business Overview	12 Months Ended
Business Overview	Mar. 31, 2021
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 27,700 employees as of March 31, 2021.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2021
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, 2021 and 2020 and the Company’s results of operations for fiscal 2021, 2020, and 2019. Certain amounts reported in the Company's prior year consolidated financial statements have been reclassified to conform to the current year presentation. 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 generally 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 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, are recorded in the interim financial reporting period when such changes are identified. These changes relate 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 2021, 2020 and 2019, 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. 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 two 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, 2021, 2020, and 2019, 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, 2021, 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, 2021, 2020, and 2019, 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, 2021, 2020, and 2019, 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 ("ROU") 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, 2021, the Company had 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, 2021, 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, 2021 and 2020 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 is recognized in the consolidated statements of operations based on the grant date fair values with the expense for time vested awards recognized on an accelerated basis over the vesting period. The Company estimates forfeitures anticipated to occur during the vesting period for the purposes of recognizing costs associated with stock-based compensation. 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 19 to our consolidated financial statements for additional information on the Company’s fair value measurements. Recently Adopted Accounting Standards 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 Company adopted this standard effective April 1, 2020 using the modified retrospective method. The adoption of this standard did not have a material impact on the consolidated financial statements and disclosures. 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. The Company adopted this standard effective April 1, 2020 on a prospective basis, and adoption of this standard did not have a material impact on the consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This guidance includes removal of certain exceptions to the general principles of Topic 740 and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. The provisions of this standard are effective for years beginning after December 15, 2020, with early adoption permitted. The Company early adopted the standard effective April 1, 2020, and applied most of the relevant amendments prospectively. The Company’s adoption did not have a material impact on the consolidated financial statements. 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. In August 2020, the SEC issued Release No. 33-10825, Modernization of Regulation S-K Items 101, 103 and 105, with the intent of improving the readability of filed documents and simplifying registrants' compliance efforts. This amendment became effective on November 9, 2020. The Company’s adoption only impacted the Company's disclosures and did not impact the consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In November 2020, the SEC issued Release No. 33-10890, Amendments to Management's Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information, to simplify, modernize and enhance certain financial disclosure requirements in Regulation S-K. Companies are required to adopt the amendment for their first fiscal year ending on or after August 9, 2021, with early adoption permitted on an item-by-item basis. The Company is currently assessing the future impact of this amendment on its related disclosures. Other recent accounting pronouncements issued during fiscal 2021 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, 2021

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,
		2021			2020			2019
Cost-reimbursable			$	4,419,533	56%	$	4,211,592	57%	$	3,580,595	53%
Time-and-materials			1,962,999		25%	1,737,414		23%	1,576,673		24%
Fixed-price			1,476,406		19%	1,514,835		20%	1,546,769		23%
Total Revenue			$	7,858,938	100%	$	7,463,841	100%	$	6,704,037	100%

Revenue by Customer Type:


	Fiscal Year Ended March 31,
		2021			2020			2019
U.S. government:
Defense Clients			$	3,898,802	49%	$	3,568,659	47%	$	3,114,571	47%
Intelligence Clients			1,571,411		20%	1,614,315		22%	1,566,870		23%
Civil Clients			2,185,030		28%	2,019,245		27%	1,760,996		26%
Total U.S. government			7,655,243		97%	7,202,219		96%	6,442,437		96%
Global Commercial Clients			203,695		3%	261,622		4%	261,600		4%
Total Revenue			$	7,858,938	100%	$	7,463,841	100%	$	6,704,037	100%

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


	Fiscal Year Ended March 31,
		2021			2020			2019
Prime Contractor			$	7,311,313	93%	$	6,884,763	92%	$	6,159,918	92%
Sub-contractor			547,625		7%	579,078		8%	544,119		8%
Total Revenue			$	7,858,938	100%	$	7,463,841	100%	$	6,704,037	100%

Performance Obligations

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 exclude negotiated but unexercised options, the unfunded value of expired contracts, and certain variable consideration which the Company does not expect to recognize as revenue.

As of March 31, 2021 and 2020, the Company had $6.7 billion and $6.3 billion of remaining performance obligations, respectively. We expect to recognize approximately 70% of the remaining performance obligations as of March 31, 2021 as revenue over the next 12 months, and approximately 85% 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, 2021		March 31, 2020
Contract assets:
Current	$	1,037,968	$	988,634
Long-term	63,869		62,600
Total	1,101,837		1,051,234
Contract liabilities:
Advance payments, billings in excess of costs incurred and deferred revenue	$	15,906	$	26,018

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 2021, 2020 and 2019, we recognized revenue of $24.5 million, $18.9 million and $25.3 million, respectively, related to our contract liabilities on April 1, 2020, 2019 and 2018, 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Earnings Per Share

12 Months Ended

Mar. 31, 2021

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 2021, 2020, and 2019. 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,
	2021		2020		2019
Earnings for basic computations (1)	$	605,437	$	481,085	$	416,664
Weighted-average common shares outstanding for basic computations	137,722,589		140,059,494		141,910,799
Earnings for diluted computations (1)	$	605,455	$	481,092	$	416,675
Dilutive stock options and restricted stock	980,631		1,178,641		1,245,377
Weighted-average common shares outstanding for diluted computations	138,703,220		141,238,135		143,156,176
Earnings per share of common stock
Basic	$	4.40	$	3.43	$	2.94
Diluted	$	4.37	$	3.41	$	2.91

(1) During fiscal 2021, 2020, and 2019 approximately 0.8 million, 0.4 million, and 0.6 million shares of participating securities were paid dividends totaling $1.0 million, $0.7 million, and $0.6 million, respectively. There were undistributed earnings of $2.5 million, $0.9 million, and $1.2 million allocated to the participating class of securities in both basic and diluted earnings per share of common stock for fiscal 2021, 2020, and 2019, 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 2021, 2020, and 2019.

The EPS calculation for fiscal 2021, 2020, and 2019 excludes 0.03 million, 0.2 million, and 0.2 million options, respectively, as their impact was anti-dilutive.

Goodwill and Intangible Assets

12 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

Goodwill

As of both March 31, 2021 and 2020, goodwill was $1,581.2 million. The Company performed an annual impairment test of the goodwill as of January 1, 2021 and 2020, and did not identify any impairment.

Intangible Assets

Intangible assets consisted of the following:


	March 31, 2021						March 31, 2020
	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	$	82,400	$	50,503	$	31,897	$	88,350	$	46,285	$	42,065
Software	114,972		29,941		85,031		101,410		32,688		68,722
Total amortizable intangible assets	$	197,372	$	80,444	$	116,928	$	189,760	$	78,973	$	110,787
Unamortizable intangible assets:
Trade name	$	190,200	$	—	$	190,200	$	190,200	$	—	$	190,200
Total	$	387,572	$	80,444	$	307,128	$	379,960	$	78,973	$	300,987

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 2 years to 5 years.

The Company performed an annual impairment test of the trade name as of January 1, 2021 and 2020, and did not identify any impairment.

Amortization expense for fiscal 2021, 2020, and 2019 was $19.3 million, $22.3 million, and $20.9 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,
2022	$	17,824
2023	15,587
2024	11,796
2025	6,801
2026	4,074
Thereafter	4,865
Total estimated amortization expense	$	60,947

Accounts Receivable, Net

12 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Accounts Receivable, Net

ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consisted of the following:


	March 31,
	2021		2020
Current assets:
Accounts receivable–billed	$	375,383	$	474,822
Accounts receivable–unbilled	1,037,968		988,634
Allowance for doubtful accounts	(1,457)		(3,985)
Accounts receivable, net	1,411,894		1,459,471
Other long-term assets:
Accounts receivable–unbilled	63,869		62,600
Total accounts receivable, net	$	1,475,763	$	1,522,071

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 $(2.6) million, $(6.4) million, and $11.9 million for fiscal 2021, 2020, and 2019, respectively.

Property and Equipment, Net

12 Months Ended

Mar. 31, 2021

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,
	2021		2020
Furniture and equipment	$	117,430	$	140,232
Computer equipment	97,571		94,529
Leasehold improvements	225,132		245,685
Total	440,133		480,446
Less: Accumulated depreciation and amortization	(235,491)		(272,369)
Property and equipment, net	$	204,642	$	208,077

Depreciation and amortization expense relating to property and equipment for fiscal 2021, 2020, and 2019 was $65.0 million, $58.8 million, and $47.8 million, respectively. During fiscal 2021 and 2020, the Company reduced the gross cost and accumulated depreciation and amortization by $100.3 million and $171.8 million, respectively, for zero net book value assets deemed no longer in service.

Accounts Payable and Other Accrued Expenses

12 Months Ended

Mar. 31, 2021

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,
	2021		2020
Vendor payables	$	371,744	$	432,953
Accrued expenses	295,227		265,058
Total accounts payable and other accrued expenses	$	666,971	$	698,011

Accrued expenses consisted primarily of the Company’s provision for claimed indirect costs, which was approximately $263.2 million and $224.6 million as of March 31, 2021 and 2020, respectively. Refer to Note 21 for further discussion of this provision.

Accrued Compensation and Benefits

12 Months Ended

Mar. 31, 2021

Accrued Compensation and Benefits

ACCRUED COMPENSATION AND BENEFITS

Accrued compensation and benefits consisted of the following:


	March 31,
	2021		2020
Bonus	$	130,565	$	114,359
Retirement	44,474		41,604
Vacation	202,100		159,512
Other	48,476		33,300
Total accrued compensation and benefits	$	425,615	$	348,775

Debt

12 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

DEBT

Debt consisted of the following:


	March 31, 2021				March 31, 2020
	Interest Rate		Outstanding Balance		Interest Rate		Outstanding Balance
Term Loan A	1.61	%	$	1,289,764	2.49	%	$	1,363,739
Term Loan B	1.86	%	384,212		2.74	%	388,102
Revolver	—	%	—		3.75	%	100,000
Senior Notes	3.88	%	700,000		—	%	—
2017 Senior Notes	—	%	—		5.13	%	350,000
Less: Unamortized debt issuance costs and discount on debt			(17,380)				(15,997)
Total			2,356,596				2,185,844
Less: Current portion of long-term debt			(77,865)				(177,865)
Long-term debt, net of current portion			$	2,278,731			$	2,007,979

Term Loans and Revolving Credit Facility

On November 26, 2019 (the "Amendment Effective Date"), Booz Allen Hamilton Inc. ("Booz Allen Hamilton"), 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 as of 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. 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, 2021, the Credit Agreement provided Booz Allen Hamilton with a $1,289.8 million Term Loan A, a $384.2 million Term Loan B and a $500.0 million revolving credit facility (the “Revolving Credit Facility”) with a sub-limit for letters of credit of $100.0 million (collectively, the "Secured Credit Facility"). As of March 31, 2021, 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 the 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 2021, Booz Allen Hamilton accessed no amounts of its $500.0 million Revolving Credit Facility. During fiscal 2020, Booz Allen Hamilton accessed a total of $100 million, of its $500 million Revolving Credit Facility. As of March 31, 2021, there was no outstanding balance on the Revolving Credit Facility. As of March 31, 2020, $100 million was outstanding on the Revolving Credit Facility, which was repaid in June 2020.

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, 2021 and 2020, Booz Allen Hamilton was in compliance with all financial covenants associated with its debt and debt-like instruments.

During fiscal 2021, interest payments of $23.6 million and $7.8 million were made for Term Loan A and Term Loan B, respectively. During fiscal 2020, interest payments of $50.3 million and $15.9 million were made for Term Loan A and Term Loan B, respectively.

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, 2021, 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 Term Loans and the Revolving Credit Facility. 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 11 in our consolidated financial statements).

Senior Notes

On August 24, 2020, Booz Allen Hamilton issued $700.0 million aggregate principal amount of its 3.875% Senior Notes due 2028 (the “Senior Notes”) under an Indenture, dated as of August 24, 2020, 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 August 24, 2020, among Booz Allen Hamilton, the Subsidiary Guarantors and the Trustee. Each of Booz Allen Hamilton's existing and future restricted subsidiaries that guarantee its obligations under the Secured Credit Facility or certain other indebtedness guarantee the Senior Notes on a senior unsecured basis. The Senior Notes and the guarantees are Booz Allen Hamilton’s and each Subsidiary Guarantors’ senior unsecured obligations and rank equally in right of payment with all of Booz Allen Hamilton’s and the Subsidiary Guarantors’ existing and future senior indebtedness and rank senior in right of payment to any of Booz Allen Hamilton’s and the Subsidiary Guarantors’ future subordinated indebtedness.

Booz Allen Hamilton may redeem some or all of the Senior Notes at any time prior to September 1, 2023, at a price equal to 100.00% 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 September 1, 2023, at a price equal to 101.94% of the principal amount of the Senior Notes, (ii) on or after September 1, 2024, at a price equal to 100.97% of the principal amount of the Senior Notes, and (iii) on September 1, 2025 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. In addition, at any time on or prior to September 1, 2023, Booz Allen Hamilton may redeem up to 40.00% of the original aggregate principal amount of the Senior Notes with the net cash proceeds of certain equity offerings at a redemption price equal to 103.88% of the principal amount of the Senior Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 50.00% of the original aggregate principal amount of the Senior Notes remains outstanding after each such redemption; and the redemption occurs within 180 days of the closing date of such equity offering.

Interest is payable on the Senior Notes semi-annually on March 1 and September 1 of each year, beginning on March 1, 2021, and principal is due at maturity on September 1, 2028. In connection with the issuance of the Senior Notes, the Company recognized $9.2 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 fiscal 2021, interest payments of $14.1 million were made for the Senior Notes.

2017 Senior Notes

On April 25, 2017, Booz Allen Hamilton issued $350.0 million aggregate principal amount of its 5.125% Senior Notes due 2025 (the "2017 Senior Notes"), under an Indenture, dated as of April 25, 2017, among Booz Allen Hamilton, certain subsidiaries of Booz Allen Hamilton, as guarantors, and Wilmington Trust, National Association, as trustee, as supplemented by the First Supplemental Indenture, dated as of April 25, 2017, among Booz Allen Hamilton, certain subsidiaries of Booz Allen Hamilton, as guarantors, and Wilmington Trust, National Association, as trustee. Each of Booz Allen Hamilton's existing and future domestic restricted subsidiaries that guaranteed its obligations under the Secured Credit Facility and certain other indebtedness guaranteed the 2017 Senior Notes on a senior unsecured basis.

On August 24, 2020, Booz Allen Hamilton used a portion of the net proceeds from the sale of the Senior Notes to redeem in full $350.0 million aggregate principal amount of the outstanding 2017 Senior Notes at a redemption price of 102.563% of the principal amount thereof, plus accrued and unpaid interest thereon to (but excluding) the redemption date, and to pay all

fees and expenses related to the foregoing. Booz Allen Hamilton intends to use the remaining net proceeds from the sale of the Senior Notes for working capital and other general corporate purposes.

During fiscal 2021, the Company recorded $13.2 million of loss on debt extinguishment in other (expense) income, net on the Consolidated Statements of Operations, including $9.0 million of the premium paid at redemption, and write-off of the unamortized debt issuance cost of the 2017 Senior Notes. For fiscal 2021 and 2020, interest payments of $14.6 million and $17.9 million were made for the 2017 Senior Notes, respectively.

The following table summarizes required future debt principal repayments:


	Payments Due By March 31,
	Total	2022	2023	2024	2025	2026	Thereafter
Term Loan A	$1,289,764	$73,974	$73,974	$1,141,816	$—	$—	—
Term Loan B	384,212	3,891	3,891	3,891	3,891	3,891	364,757
Senior Notes	700,000	—	—	—	—	—	700,000
Total	$2,373,976	$77,865	$77,865	$1,145,707	$3,891	$3,891	$1,064,757

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


	Fiscal Year Ended March 31,
	2021		2020		2019
Term Loan A Interest Expense	$	23,541	$	50,080	$	42,043
Term Loan B Interest Expense	7,787		15,739		16,765
Interest on Revolving Credit Facility	799		92		115
Senior Notes Interest Expense	23,476		17,938		17,938
Deferred Payment Obligation Interest (1)	—		5,740		7,993
Amortization of Debt Issuance Costs (DIC) and Original Issue Discount (OID) (2)	4,396		4,688		5,052
Interest Swap Expense	20,558		2,094		(1,026)
Other	713		589		637
Total Interest Expense	$	81,270	$	96,960	$	89,517

(1) In connection with Carlyle Group indirectly acquiring all of the issued and outstanding stock of the Company on July 31, 2008, the Company established a Deferred Payment Obligation, payable 8.5 years after the closing date, or until settlement of all outstanding claims, less any settled claims. All remaining potential claims outstanding that were able to be indemnified under the Deferred Payment Obligation related to former officers and stockholders' lawsuits, were all settled as of December 31, 2019. Interest payments on the Deferred Payment Obligation were made twice a year in January and July. The final payment was made during fiscal 2020.

(2) DIC and OID on the Term Loans and Senior Notes 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, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

DERIVATIVESThe 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. The aggregate notional amount of all interest rate swap agreements was $1 billion as of March 31, 2021. 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, 2021, $17.2 million, and $21.0 million were classified as other current liabilities and other long-term liabilities, respectively, on the consolidated balance sheet. 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.

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 $17.2 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		2021		2020		2019		2021		2020		2019		2021		2020		2019
Interest rate swaps	Interest expense	$	(2,071)	$	(55,871)	$	(9,772)	$	(20,558)	$	(2,094)	$	1,026	$	(81,270)	$	(96,960)	$	(89,517)

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

12 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

LEASES

The Company's leases are generally for facilities and office space. The Company adopted ASU 2016-02, Leases (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 ASC 840, Leases (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,
	2021		2020
Operating lease cost	$	68,702	$	71,067
Short-term lease cost	3,780		9,657
Variable lease cost	12,843		11,657
Total operating lease costs	$	85,325	$	92,381

Rental expense for operating leases classified under Topic 840 for fiscal 2019 was approximately $82.7 million, net of $0.6 million of sublease income.

Future minimum operating lease payments for noncancelable operating leases as of March 31, 2021 are as follows:


For the Fiscal Year Ending March 31,	Operating Lease Payments
2022	$	68,498
2023	71,553
2024	62,235
2025	57,691
2026	45,464
Thereafter	58,639
Total future lease payments	364,080
Less: imputed interest	(45,980)
Total lease liabilities	$	318,100

Supplemental cash flow information related to leases was as follows:


	Fiscal Year Ended March 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities	$	69,320	$	53,741
Operating lease liabilities arising from obtaining ROU assets (1)	52,454		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:


	March 31,
	2021		2020
Weighted average remaining lease term (in years)	5.53		6.02
Weighted average discount rate	4.64	%	4.69	%

Income Taxes

12 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The components of income tax expense were as follows:


	Fiscal Year Ended March 31,
	2021		2020		2019
Current
U.S. Federal	$	(227,309)	$	(2,638)	$	34,019
State and local	39,542		18,410		26,232
Foreign	9,250		15,625		13,617
Total current	(178,517)		31,397		73,868
Deferred
U.S. Federal	245,624		59,856		23,258
State and local	(13,626)		5,578		(252)

Total deferred	231,998		65,434		23,006
Total	$	53,481	$	96,831	$	96,874

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,
	2021		2020		2019
Income tax expense computed at U.S. federal statutory rate	$	139,112	$	121,681	$	108,235

Increases (reductions) resulting from:
State and local income taxes, net of federal tax	17,586		20,031		22,450
Foreign income taxes, net of federal tax	6,679		12,344		10,758
Meals and entertainment	653		1,761		1,771
Re-measurement of deferred taxes	—		—		(27,908)
Re-measurement of current year losses under CARES Act	(76,767)		—		—
Excess tax benefits from stock-based compensation	(8,556)		(10,265)		(10,777)
Research and development and other federal credits	(30,313)		(90,898)		(6,355)
Executive compensation -162(M)	3,813		2,346		2,615
IRS audit settlement	—		—		(2,573)
Foreign-Derived Intangible Income (FDII)	(4,536)		(4,915)		—
Changes in uncertain tax positions	6,793		44,621		(278)
Other	(983)		125		(1,064)
Income tax expense from operations	$	53,481	$	96,831	$	96,874

The Company reported a change in its method of accounting for the capitalization of costs associated with property, plant and equipment on its 2020 U.S. federal tax return that was filed in the fourth quarter of fiscal 2021, and intends to file a permissible subsequent change in method of accounting (also related to property, plant and equipment) in its 2021 U.S. federal tax return to be filed in fiscal 2022. These method changes resulted in an increase in tax on the fiscal 2020 U.S. federal tax return over the prior year estimate as well as the generation of a net operating loss for fiscal 2021. As a result of a provision in the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"), taxpayers are allowed to carry net operating losses generated in fiscal 2019, 2020 and 2021 back to the five prior tax years (fiscal years 2016 - 2020). Accordingly, the Company has recorded a long-term income tax receivable of $273.4 million related to the U.S. federal carry back of the fiscal 2021 loss. Additionally, the Company has recorded a $238.9 million U.S. federal deferred tax liability as a result of the fiscal 2020 change in method of accounting. This deferred tax liability is reflected within the property and equipment deferred in the Company's significant components of deferred income tax assets and liabilities. The corporate tax rate for the Company was 35% during fiscal 2016 and 2017, 31.5% during fiscal 2018, and 21% since fiscal 2019. As the Company intends to carry the U.S. federal net operating loss generated in fiscal 2021 back to fiscal 2016 and subsequent years, this resulted in an income tax benefit of $76.8 million related to the re-measurement of the current year loss in the applicable fiscal years.

For state tax purposes, an incremental net operating loss carryforward of $89.6 million that was generated is expected to be utilized in fiscal 2022 and future years. Including the impact of these state carryforwards, this transaction resulted in an incremental state deferred tax asset of $11.8 million.

The Company has both income tax receivables and income tax payable on its consolidated balance sheet as follows:


	March 31,
	2021		2020
Current income tax receivable	$	175,541	$	69,734
Long term income tax receivable	$	333,188	$	53,848
Current income tax payable	$	30,694	$	5,178

The current income tax receivable as of March 31, 2021 represents estimated payments made in fiscal 2021 and prior periods that will be applied to the Company’s fiscal 2022 U.S. federal and state tax returns. This amount is classified as prepaid expenses and other current assets on the consolidated balance sheet. The current income tax payable as of March 31, 2021 represents current liabilities associated with the Company’s amended fiscal 2020 U.S. state returns that the Company intends to file in fiscal 2022. This amount is classified as other current liabilities on the consolidated balance sheet. The long-term income tax receivable as of March 31, 2021 represents the carryback claim for the fiscal 2021 net operating loss and the amended U.S. federal return refund claims for research and development tax credits. This amount is classified as other long-term assets on the consolidated balance sheet.

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


	March 31,
	2021		2020
Deferred income tax assets:
Accrued expenses	$	78,005	$	67,230
Deferred compensation	52,191		36,448
Stock-based compensation	5,724		6,909
Pension and postretirement benefits	32,881		32,437
Net operating loss carryforwards	98,471		5,741

Extended disability benefits	2,838		2,779
Interest rate swaps	9,955		14,774
Federal tax credits	12,582		—
State tax credits	27,243		19,214
Operating lease liabilities	86,046		86,565
Other	3,378		1,567
Total gross deferred income tax assets	409,314		273,664
Less: Valuation allowance	(6,165)		(4,296)
Total net deferred income tax assets	403,149		269,368
Deferred income tax liabilities:
Unbilled receivables	(245,809)		(199,869)
Intangible assets	(69,519)		(64,530)
Debt issuance costs	(1,488)		(1,939)
Property and equipment	(336,321)		(12,820)
Operating lease right-of-use assets	(62,442)		(62,623)
Internally developed software	(20,309)		(15,673)

Total deferred income tax liabilities	(735,888)		(357,454)
Net deferred income tax liability	$	(332,739)	$	(88,086)

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 discussed above, the increase in the property and equipment deferred tax liability relates to the Company's fiscal 2020 change in method of accounting and represents income to be recognized in fiscal 2022 and 2023.

As of March 31, 2021, the Company has available federal, state, and foreign net operating loss ("NOL carryforwards") of $2.0 million, $91.9 million and $4.6 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. The state net operating losses are primarily attributable to current year losses, with varying expiration or no expiration dates. For state tax purposes, the fiscal

2021 loss generally cannot be carried back to prior tax years and as such, a net operating loss carryforward was recorded rather than an income tax receivable. We recorded a partial valuation allowance against those federal, state and foreign net operating losses that we believe will expire prior to utilization.

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, 2021, 2020, and 2019, the Company has recorded $62.9 million, $56.1 million, and $11.5 million, respectively, of reserves for uncertain tax positions which includes potential tax benefits of $62.7 million, $55.2 million, and $11.1 million, respectively, that, when recognized, impact the effective tax rate. As of March 31, 2021, $11.1 million of the reserve is reflected as a reduction to deferred taxes and the remaining balance is recorded as a component of other long-term liabilities in the consolidated balance sheet. As of March 31, 2020, the entire balance is reflected as a component of other long-term liabilities, having been reclassified from income tax reserves on the prior year consolidated balance sheet.

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


	March 31,
	2021		2020		2019
Beginning of year	$	55,221	$	11,083	$	11,608
Increases in prior year position	5,018		34,001		93
Increases in current year position	12,753		10,970		575
Decreases in prior year position	—		(765)		—
Settlements with taxing authorities	—		—		(731)
Lapse of statute of limitations	(10,250)		(68)		(462)
End of year	$	62,742	$	55,221	$	11,083

During fiscal 2021, the Company recognized an increase in reserves for uncertain tax positions of approximately $5.0 million related to an increase in research and development tax credits available for fiscal years 2016 to 2020 and $12.8 million for fiscal 2021. This was partially offset by the release of $10.3 million in reserves for uncertain tax positions related to the expiration of the statute of limitations of acquired uncertain tax position liabilities. The Company recognized accrued interest and penalties of $0.3 million, $0.5 million and $0.2 million for fiscal 2021, 2020, and 2019, 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 $1.2 million, $0.9 million and $0.4 million at March 31, 2021, 2020, and 2019, respectively.

The Company is subject to taxation in the United States and various state and foreign jurisdictions. As of March 31, 2021, 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.

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 federal tax benefits as of March 31, 2021. The Company has taken similar tax positions with respect to subsequent fiscal years, with approximately $38.6 million, net of federal tax benefits, of total potential future tax expense that would arise from an adverse final resolution. As of March 31, 2021, 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 recoverable nature of the state tax expense, the Company does not believe that the resolution of these matters will have a material adverse effect on its results of operations, cash flows or financial condition.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Employee Benefit Plans

12 Months Ended

Mar. 31, 2021

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 2021, 2020, and 2019 was $166.3 million, $151.0 million, and $136.3 million, respectively, and the Company-paid contributions were $163.0 million, $146.5 million, and $130.9 million, respectively.

Defined Benefit Plan

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 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,
	2021		2020		2019
Service cost	$	5,657	$	4,955	$	5,952
Interest cost	4,237		4,859		5,130
Net actuarial loss	—		—		2,108
Total postretirement medical expense	$	9,894	$	9,814	$	13,190

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) are 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 obligation for the Officer Medical Plan were 3.40%, 3.60% and 4.10% for fiscal 2021, 2020, and 2019, respectively.

Assumed healthcare cost trend rates for the Officer Medical Plan at March 31, 2021 and 2020 were as follows:


Pre-65 initial rate	2021		2020
Healthcare cost trend rate assumed for next year	6.55	%	6.80	%
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		2029


Post-65 initial rate	2021		2020
Healthcare cost trend rate assumed for next year	6.75	%	7.00	%
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		2029

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


	Fiscal Year Ended March 31,
	2021		2020		2019
Benefit obligation, beginning of the year	$	119,609	$	120,341	$	126,886
Service cost	5,657		4,955		5,952
Interest cost	4,237		4,859		5,130
Net actuarial (gain) loss	(3,466)		(6,761)		(13,885)
Benefits paid	(4,519)		(3,785)		(3,742)
Benefit obligation, end of the year	$	121,518	$	119,609	$	120,341

The net actuarial gain related to the benefit obligation in fiscal 2021 was primarily due to a favorable medical cost experience, partially offset by the unfavorable impact from declines in discount rates as of March 31, 2021. The net actuarial gain related to the 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.


	Fiscal Year Ended March 31,
Changes in plan assets	2021		2020		2019
Fair value of plan assets, beginning of the year	$	—	$	—	$	—
Employer contributions	4,519		3,785		3,742
Benefits paid	(4,519)		(3,785)		(3,742)
Fair value of plan assets, end of the year	$	—	$	—	$	—

As of March 31, 2021 and 2020, the unfunded status of the Officer Medical Plan was $121.5 million and $119.6 million, respectively, which is included in other long-term liabilities in the accompanying consolidated balance sheets.

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


For the Fiscal Year Ending March 31,
2022	$	4,057
2023	$	4,434
2024	$	4,790
2025	$	5,062
2026	$	5,485
2027 - 2031	$	32,152

Postretirement Benefit Plans

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.

Total defined benefit plan expense, consisting of service and interest cost associated with the Retired Officers' Bonus Plan was $0.6 million, for both fiscal 2021 and 2020, and $0.7 million for fiscal 2019. Benefits paid associated with the Retired Officers’ Bonus Plan were $1.1 million, $0.6 million, and $0.8 million for fiscal 2021, 2020, and 2019, respectively. The end-of-period benefit obligation of $3.4 million and $3.8 million as of March 31, 2021 and 2020, 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 2021, 2020 and 2019. There were no benefits paid associated with the Retired Vice-President Bonus Plan for fiscal 2021 and 2019. Benefits paid associated with the Retired Vice-President Bonus Plan was $0.1 million for fiscal 2020. The end-of-period benefit obligation of $1.1 million and $1.0 million as of March 31, 2021 and 2020, respectively, is included in postretirement obligations within other long-term liabilities in the accompanying consolidated balance sheets.

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


	Fiscal Year Ended March 31,
	2021		2020		2019
Retired Officers’ Bonus Plan	3.40	%	3.60	%	4.10	%
Retired Vice Presidents' Bonus Plan	3.40	%	3.60	%	4.10	%

Other comprehensive loss for fiscal 2021 includes unrecognized gross actuarial gain and prior service cost of $3.4 million, reduced by taxes of $0.9 million, that has not yet been recognized in net periodic pension cost for fiscal 2021 for the Retired Officers’ Bonus Plan, the Officer Medical Plan, and the Retired Vice-President Bonus Plan. 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.

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, 2021 and 2020, 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 $4.5 million and $4.8 million, respectively, is unfunded. The liability will be distributed in a lump-sum payment as each officer or vice-president retires.

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 $10.9 million and $10.7 million at March 31, 2021 and 2020, 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, 2021 and 2020, $14.1 million and $5.9 million of plan investments and obligations were recorded in other long term assets and in other long term liabilities, respectively, in the 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.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Accumulated Other Comprehensive Loss

12 Months Ended

Mar. 31, 2021

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, 2021
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of year	$	(4,127)	$	(41,874)	$	(46,001)
Other comprehensive income (loss) before reclassifications (1)	2,481		(1,529)		952
Amounts reclassified from accumulated other comprehensive loss	84		15,194		15,278
Net current-period other comprehensive income	2,565		13,665		16,230
End of year	(1,562)		(28,209)		(29,771)

(1) Changes in other comprehensive income (loss) before reclassification for derivatives designated as cash flow hedges are recorded net of tax benefits of $0.5 million for the fiscal year ended March 31, 2021.


	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 (2)	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)

(2) 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 (3)	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)

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

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


	Fiscal Year Ended March 31,
	2021		2020		2019
Amounts reclassified from accumulated other comprehensive loss:
Post-retirement plans (Note 14):
Amortization of net actuarial loss included in net periodic benefit cost	$	114	$	109	$	2,201
Tax benefit (expense)	(30)		(28)		(576)
Net of tax	$	84	$	81	$	1,625
Derivatives designated as cash flow hedges (Note 11):
Reclassification of hedge (loss) gain	$	20,558	$	2,094	$	(1,026)
Tax benefit (expense)	(5,364)		(546)		269
Net of tax	$	15,194	$	1,548	$	(757)

Other Long-Term Liabilities

12 Months Ended

Mar. 31, 2021

Other Liabilities Disclosure [Abstract]

Other Long-Term Liabilities

OTHER LONG-TERM LIABILITIES

Other long-term liabilities consisted of the following:


	March 31,
	2021		2020

Postretirement benefit obligations	126,054		124,375
Reserves for uncertain tax positions	$	53,203	$	56,130
Other (1)	51,727		63,096
Total other long-term liabilities	$	230,984	$	243,601

(1) Balances at March 31, 2021 and March 31, 2020 primarily include the long-term liability portion of the Company's derivative instruments of $21.0 million and $37.8 million, respectively, the long term deferred compensation plan liability of $14.1 million and $5.9 million, respectively, and the Company's long term disability obligation of $10.9 million and $10.7 million, respectively. See Note 11 and Note 14 to our consolidated financial statements.

Stockholders' Equity

12 Months Ended

Mar. 31, 2021

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 January 27, 2021 to authorize the repurchase of up to $1,710.0 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 2021, the Company purchased 3.8 million shares of Class A Common Stock in a series of open market transactions for $293.4 million. 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. As of March 31, 2021, the Company had $591.5 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,
	2021		2020		2019
Recurring dividends (1)	$	181,066	$	146,602	$	114,234
Dividend equivalents (2)	—		—		280
Total distributions	$	181,066	$	146,602	$	114,514

(1) Amounts represent recurring quarterly dividends that were declared and paid for during each quarter of fiscal 2021, 2020, and 2019.

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

Stock-Based Compensation

12 Months Ended

Mar. 31, 2021

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,
	2021		2020		2019
Cost of revenue	$	27,682	$	16,272	$	8,990
General and administrative expenses	32,162		27,018		22,285
Total	$	59,844	$	43,290	$	31,275

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,
	2021		2020		2019
Equity Incentive Plan Options	$	2,625	$	2,741	$	2,374
Restricted Stock Awards	57,219		40,549		28,901
Total	$	59,844	$	43,290	$	31,275

As of March 31, 2021 and 2020, there was $43.3 million and $33.5 million, respectively, of total unrecognized compensation cost related to unvested stock-based compensation agreements. The unrecognized compensation cost as of March 31, 2021 is expected to be fully amortized over the next 5 years. Absent the effect of forfeiture or acceleration of stock compensation cost for any departures of employees, 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, 2021		March 31, 2020		March 31, 2021	March 31, 2020
Equity Incentive Plan Options	$	3,426	$	3,721	3.45	3.57
Restricted Stock Awards	39,881		29,738		1.87	1.78
Total	$	43,307	$	33,459


	Total Unrecognized Compensation Cost
	Total		2022		2023		2024		2025		2026
Equity Incentive Plan Options	$	3,426	$	1,798	$	983	$	468	$	167	$	10
Restricted Stock Awards	39,881		25,925		12,894		1,062		—		—
Total	$	43,307	$	27,723	$	13,877	$	1,530	$	167	$	10

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. As of March 31, 2021 and 2020, there were 9.3 million and 10.1 million shares, respectively, available for future grant under the EIP.

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 2021, 270,930 options were granted under the EIP.

The aggregate grant date fair value of the EIP options issued during fiscal 2021 and 2020, was $3.6 million and $3.7 million, respectively, and is recorded as expense over the vesting period. The total fair value of EIP options vested during both fiscal 2021 and 2020 was $2.4 million. The total intrinsic value of EIP options exercised during fiscal 2021 and 2020 was $28.9 million and $30.6 million, respectively.

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.

The Company maintains annual incentive programs 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 Class A Common Stock. Dividend equivalents are paid in respect of the service-based restricted stock units when dividends are paid on the Company's Class A 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 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.

The Company also maintains 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 or over an applicable vesting period subject to the employee's continued service for the Company. 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 2021, the Board of Directors granted an aggregate of 968,903 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 20,829 shares of Class A Restricted Common Stock to members of the Board of Directors during fiscal 2021. These awards generally vest over one year.

The aggregate fair value of all awards issued during fiscal 2021 was $69.0 million and was based on the grant date stock price, which ranged from $34.02 to $97.84. 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 2021 and 2020 was $49.8 million and $27.9 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 314,956 shares and recorded them as treasury shares at a total cost of $24.6 million in fiscal 2021.

Methodology

The Company uses the Black-Scholes option-pricing model to determine the estimated fair value for stock option 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 2021, the Company’s Board of Directors authorized and declared four quarterly cash dividends: $0.31 per share in the first, second and third quarters and $0.37 per share in the fourth quarter. Therefore, an annualized dividend yield between 2.32% and 2.86% 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,
	2021			2020			2019
Dividend yield	2.72		%	2.17		%	2.01		%
Expected volatility	27.41		%	24.74		%	25.83		%
Risk-free interest rate	0.35		%	2.11		%	2.81		%
Expected life (in years)	5.00			5.00			5.00
Weighted-average grant date fair value	$	13.1		$	12.39		$	9.67

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, 2020	887,436	$	50.72
Granted	989,732	69.75
Vested	895,521	55.65
Forfeited	61,147	65.94
Unvested at March 31, 2021	920,500	$	65.37

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, 2020	1,753,139	$	34.91
Granted	270,930	75.55
Forfeited	106,712	61.36
Expired	—	—
Exercised	504,450	23.29
Options outstanding at March 31, 2021	1,412,907	$	44.86

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, 2020	580,317	$	10.56
Granted	270,930	13.10
Vested	229,823	10.57
Forfeited	106,712	11.81
Unvested at March 31, 2021	514,712	$	11.64

The following table summarizes stock options outstanding at March 31, 2021:


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
$9.94 - $97.84	1,412,907	$44.86	6.34	$	50,399	898,195	$36.10	5.3	$39,905

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, 2021, 249,095 shares of Class A Common Stock were purchased by employees under the ESPP. Since the program's inception, 2,908,898 shares have been purchased by employees.

Fair Value Measurements

12 Months Ended

Mar. 31, 2021

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, 2021
	Level 1		Level 2		Level 3		Total
Assets:


Long term deferred compensation plan asset (1)	14,142		—		—		14,142
Total Assets	$	14,142	$	—	$	—	$	14,142
Liabilities:
Contingent consideration liability (2)	$	—	$	—	$	1,223	$	1,223
Current derivative instruments (3)	—		17,163		—		17,163
Long-term derivative instruments (3)	—		20,999		—		20,999
Long term deferred compensation plan liability (1)	14,142		—		—		14,142
Total Liabilities	$	14,142	$	38,162	$	1,223	$	53,527


	Recurring Fair Value Measurements as of March 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:


Long term deferred compensation plan asset (1)	$	5,879	$	—	$	—	$	5,879
Total Assets	$	5,879	$	—	$	—	$	5,879
Liabilities:
Contingent consideration liability (2)	$	—	$	—	$	1,224	$	1,224
Current derivative instruments (3)	$	—	$	18,831	$	—	$	18,831
Long-term derivative instruments (3)	$	—	$	37,819	$	—	$	37,819
Long term deferred compensation plan liability (1)	$	5,879	$	—	$	—	$	5,879
Total liabilities	$	5,879	$	56,650	$	1,224	$	63,753

(1) 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.

(2) 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, 2021 and 2020, 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.

(3) 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 11 to the consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges.

The fair value of the Company's cash and cash equivalents, which are Level 1 inputs, approximated its carrying values at March 31, 2021 and 2020. The fair value of the Company's debt instruments approximated its carrying value at March 31, 2021 and 2020. 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

Related-Party Transactions	12 Months Ended
Related-Party Transactions	Mar. 31, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	RELATED-PARTY TRANSACTIONSTwo of our directors currently serve on the board of directors of a subcontractor to which the Company subcontracted $85.9 million, $79.7 million and $55.3 million of services for fiscal 2021, 2020 and 2019, respectively.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Letters of Credit and Third-Party Guarantees As of March 31, 2021 and 2020, 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 $9.8 million and $9.7 million, respectively. These letters of credit and bank guarantees primarily support insurance and bid and performance obligations. At both March 31, 2021 and 2020, approximately $0.9 million of these instruments reduce the available borrowings under the Revolving Credit Facility. The remainder is guaranteed under a separate $20.0 million facility, originally established in fiscal 2015 and most recently increased to $20.0 million in fiscal 2021, of which $11.1 million and $6.2 million, respectively, was available to the Company at March 31, 2021 and 2020. Government Contracting Matters - Provision for Claimed Indirect Costs For fiscal 2021, 2020, and 2019, approximately 97%, 96%, and 96%, 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, 2021 and 2020, the Company had recorded liabilities of approximately $263.2 million and $224.6 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, 2021 and 2020, there were no material amounts accrued in the consolidated financial statements related to these proceedings. 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 SEC, which notified the Company that it is conducting an investigation that the Company believes relates to the 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. On May 12, 2021, the Company was informed that the DOJ has closed its criminal investigation. 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. On December 12, 2019, the court ordered that the stay remain in effect and ordered the parties to submit periodic status reports. On May 27, 2020 and November 23, 2020, the parties submitted status reports stating that plaintiff believes the stay should remain in effect and defendants do not object to the stay remaining 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, 2021
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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Unaudited Quarterly Financial Data

12 Months Ended

Mar. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Financial Data

UNAUDITED QUARTERLY FINANCIAL DATA


	Fiscal 2021 Quarters
	First		Second		Third		Fourth
Revenue	$	1,956,453	$	2,019,185	$	1,904,020	$	1,979,280
Operating income	191,887		207,221		184,257		171,006
Income before income taxes	170,816		175,400		165,983		150,240
Net income	129,329		136,081		144,371		199,177
Earnings per common share:
Basic (1)	$	0.93	$	0.98	$	1.04	$	1.45
Diluted (1)	$	0.92	$	0.98	$	1.03	$	1.43


	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

(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, 2021

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,
	2021		2020		2019
Allowance for doubtful accounts:
Beginning balance	$	3,985	$	10,679	$	77
Cumulative effect of accounting changes (1)	496		—		—
(Benefit) provision for doubtful accounts	(2,599)		(6,454)		11,882
Charges against allowance	(425)		(240)		(1,280)
Ending balance	$	1,457	$	3,985	$	10,679
Tax valuation allowance
Beginning balance	(4,296)		(2,853)		(1,373)
Other adjustments	(1,869)		(1,443)		(1,480)
Ending balance	$	(6,165)	(4,296)		(2,853)

(1) Represents the adjustments to the allowance for expected credit losses for the adoption of Topic 326 in Fiscal 2021

Subsequent Events	12 Months Ended
Subsequent Events	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Shares repurchased and withheld to cover taxes The Company paid $15.4 million during the first quarter of fiscal 2022 for 191,327 shares of Class A Common Stock withheld to cover taxes related to Restricted Stock vesting during the fourth quarter of fiscal 2021 that had not settled in cash by March 31, 2021. Dividend Declared On May 21, 2021, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.37 per share. Payment of the dividend will be made on June 30, 2021 to stockholders of record at the close of business on June 15, 2021. Acquisition On May 3, 2021, the Company entered into a membership interest purchase agreement with Liberty IT Solutions, LLC ("Liberty"), pursuant to which the Company has agreed to purchase 100% of the outstanding ownership interests of Liberty for $725 million, subject to certain adjustments. The transaction is expected to close in the first quarter of fiscal 2022, subject to regulatory approvals.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
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 generally 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 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, are recorded in the interim financial reporting period when such changes are identified. These changes relate 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 2021, 2020 and 2019, 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 EquipmentProperty 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 CombinationsThe 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.
Intangible Assets	Intangible AssetsIntangible 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 two 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	GoodwillThe 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, 2021, 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 AssetsThe 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 ("ROU") 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, 2021, the Company had 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.
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 IncomeComprehensive 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.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation to employees is recognized in the consolidated statements of operations based on the grant date fair values with the expense for time vested awards recognized on an accelerated basis over the vesting period. The Company estimates forfeitures anticipated to occur during the vesting period for the purposes of recognizing costs associated with stock-based compensation. 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 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 Company adopted this standard effective April 1, 2020 using the modified retrospective method. The adoption of this standard did not have a material impact on the consolidated financial statements and disclosures. 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. The Company adopted this standard effective April 1, 2020 on a prospective basis, and adoption of this standard did not have a material impact on the consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This guidance includes removal of certain exceptions to the general principles of Topic 740 and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. The provisions of this standard are effective for years beginning after December 15, 2020, with early adoption permitted. The Company early adopted the standard effective April 1, 2020, and applied most of the relevant amendments prospectively. The Company’s adoption did not have a material impact on the consolidated financial statements. 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. In August 2020, the SEC issued Release No. 33-10825, Modernization of Regulation S-K Items 101, 103 and 105, with the intent of improving the readability of filed documents and simplifying registrants' compliance efforts. This amendment became effective on November 9, 2020. The Company’s adoption only impacted the Company's disclosures and did not impact the consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In November 2020, the SEC issued Release No. 33-10890, Amendments to Management's Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information, to simplify, modernize and enhance certain financial disclosure requirements in Regulation S-K. Companies are required to adopt the amendment for their first fiscal year ending on or after August 9, 2021, with early adoption permitted on an item-by-item basis. The Company is currently assessing the future impact of this amendment on its related disclosures. Other recent accounting pronouncements issued during fiscal 2021 and through the filing date are not expected to have a material impact on the Company's present or historical consolidated financial statements.

Revenue (Tables)

12 Months Ended

Mar. 31, 2021

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,
		2021			2020			2019
Cost-reimbursable			$	4,419,533	56%	$	4,211,592	57%	$	3,580,595	53%
Time-and-materials			1,962,999		25%	1,737,414		23%	1,576,673		24%
Fixed-price			1,476,406		19%	1,514,835		20%	1,546,769		23%
Total Revenue			$	7,858,938	100%	$	7,463,841	100%	$	6,704,037	100%

Revenue by Customer Type:


	Fiscal Year Ended March 31,
		2021			2020			2019
U.S. government:
Defense Clients			$	3,898,802	49%	$	3,568,659	47%	$	3,114,571	47%
Intelligence Clients			1,571,411		20%	1,614,315		22%	1,566,870		23%
Civil Clients			2,185,030		28%	2,019,245		27%	1,760,996		26%
Total U.S. government			7,655,243		97%	7,202,219		96%	6,442,437		96%
Global Commercial Clients			203,695		3%	261,622		4%	261,600		4%
Total Revenue			$	7,858,938	100%	$	7,463,841	100%	$	6,704,037	100%

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


	Fiscal Year Ended March 31,
		2021			2020			2019
Prime Contractor			$	7,311,313	93%	$	6,884,763	92%	$	6,159,918	92%
Sub-contractor			547,625		7%	579,078		8%	544,119		8%
Total Revenue			$	7,858,938	100%	$	7,463,841	100%	$	6,704,037	100%

Contract with Customer, Asset and Liability

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


	March 31, 2021		March 31, 2020
Contract assets:
Current	$	1,037,968	$	988,634
Long-term	63,869		62,600
Total	1,101,837		1,051,234
Contract liabilities:
Advance payments, billings in excess of costs incurred and deferred revenue	$	15,906	$	26,018

Earnings Per Share (Tables)

12 Months Ended

Mar. 31, 2021

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,
	2021		2020		2019
Earnings for basic computations (1)	$	605,437	$	481,085	$	416,664
Weighted-average common shares outstanding for basic computations	137,722,589		140,059,494		141,910,799
Earnings for diluted computations (1)	$	605,455	$	481,092	$	416,675
Dilutive stock options and restricted stock	980,631		1,178,641		1,245,377
Weighted-average common shares outstanding for diluted computations	138,703,220		141,238,135		143,156,176
Earnings per share of common stock
Basic	$	4.40	$	3.43	$	2.94
Diluted	$	4.37	$	3.41	$	2.91

Goodwill and Intangible Assets (Tables)

12 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

Intangible assets consisted of the following:


	March 31, 2021						March 31, 2020
	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	$	82,400	$	50,503	$	31,897	$	88,350	$	46,285	$	42,065
Software	114,972		29,941		85,031		101,410		32,688		68,722
Total amortizable intangible assets	$	197,372	$	80,444	$	116,928	$	189,760	$	78,973	$	110,787
Unamortizable intangible assets:
Trade name	$	190,200	$	—	$	190,200	$	190,200	$	—	$	190,200
Total	$	387,572	$	80,444	$	307,128	$	379,960	$	78,973	$	300,987

Summary of Expected Amortization Expense for Intangible Assets


For the Fiscal Year Ended March 31,
2022	$	17,824
2023	15,587
2024	11,796
2025	6,801
2026	4,074
Thereafter	4,865
Total estimated amortization expense	$	60,947

Accounts Receivable, Net (Tables)

12 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Summary of Accounts Receivable, Net

Accounts receivable, net consisted of the following:


	March 31,
	2021		2020
Current assets:
Accounts receivable–billed	$	375,383	$	474,822
Accounts receivable–unbilled	1,037,968		988,634
Allowance for doubtful accounts	(1,457)		(3,985)
Accounts receivable, net	1,411,894		1,459,471
Other long-term assets:
Accounts receivable–unbilled	63,869		62,600
Total accounts receivable, net	$	1,475,763	$	1,522,071

Property and Equipment, Net (Tables)

12 Months Ended

Mar. 31, 2021

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,
	2021		2020
Furniture and equipment	$	117,430	$	140,232
Computer equipment	97,571		94,529
Leasehold improvements	225,132		245,685
Total	440,133		480,446
Less: Accumulated depreciation and amortization	(235,491)		(272,369)
Property and equipment, net	$	204,642	$	208,077

Accounts Payable and Other Accrued Expenses (Tables)

12 Months Ended

Mar. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Other Accrued Expenses

Accounts payable and other accrued expenses consisted of the following:


	March 31,
	2021		2020
Vendor payables	$	371,744	$	432,953
Accrued expenses	295,227		265,058
Total accounts payable and other accrued expenses	$	666,971	$	698,011

Accrued Compensation and Benefits (Tables)

12 Months Ended

Mar. 31, 2021

Schedule of Accrued Compensation and Benefits

Accrued compensation and benefits consisted of the following:


	March 31,
	2021		2020
Bonus	$	130,565	$	114,359
Retirement	44,474		41,604
Vacation	202,100		159,512
Other	48,476		33,300
Total accrued compensation and benefits	$	425,615	$	348,775

Debt (Tables)

12 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following:


	March 31, 2021				March 31, 2020
	Interest Rate		Outstanding Balance		Interest Rate		Outstanding Balance
Term Loan A	1.61	%	$	1,289,764	2.49	%	$	1,363,739
Term Loan B	1.86	%	384,212		2.74	%	388,102
Revolver	—	%	—		3.75	%	100,000
Senior Notes	3.88	%	700,000		—	%	—
2017 Senior Notes	—	%	—		5.13	%	350,000
Less: Unamortized debt issuance costs and discount on debt			(17,380)				(15,997)
Total			2,356,596				2,185,844
Less: Current portion of long-term debt			(77,865)				(177,865)
Long-term debt, net of current portion			$	2,278,731			$	2,007,979

Schedule of Future Debt Principal Repayments

The following table summarizes required future debt principal repayments:


	Payments Due By March 31,
	Total	2022	2023	2024	2025	2026	Thereafter
Term Loan A	$1,289,764	$73,974	$73,974	$1,141,816	$—	$—	—
Term Loan B	384,212	3,891	3,891	3,891	3,891	3,891	364,757
Senior Notes	700,000	—	—	—	—	—	700,000
Total	$2,373,976	$77,865	$77,865	$1,145,707	$3,891	$3,891	$1,064,757

Schedule of Interest Expense

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


	Fiscal Year Ended March 31,
	2021		2020		2019
Term Loan A Interest Expense	$	23,541	$	50,080	$	42,043
Term Loan B Interest Expense	7,787		15,739		16,765
Interest on Revolving Credit Facility	799		92		115
Senior Notes Interest Expense	23,476		17,938		17,938
Deferred Payment Obligation Interest (1)	—		5,740		7,993
Amortization of Debt Issuance Costs (DIC) and Original Issue Discount (OID) (2)	4,396		4,688		5,052
Interest Swap Expense	20,558		2,094		(1,026)
Other	713		589		637
Total Interest Expense	$	81,270	$	96,960	$	89,517

Derivatives (Tables)

12 Months Ended

Mar. 31, 2021

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		2021		2020		2019		2021		2020		2019		2021		2020		2019
Interest rate swaps	Interest expense	$	(2,071)	$	(55,871)	$	(9,772)	$	(20,558)	$	(2,094)	$	1,026	$	(81,270)	$	(96,960)	$	(89,517)

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959

+ Details

Leases (Tables)

12 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedules of Lease Cost

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,
	2021		2020
Operating lease cost	$	68,702	$	71,067
Short-term lease cost	3,780		9,657
Variable lease cost	12,843		11,657
Total operating lease costs	$	85,325	$	92,381

Supplemental cash flow information related to leases was as follows:


	Fiscal Year Ended March 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities	$	69,320	$	53,741
Operating lease liabilities arising from obtaining ROU assets (1)	52,454		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:


	March 31,
	2021		2020
Weighted average remaining lease term (in years)	5.53		6.02
Weighted average discount rate	4.64	%	4.69	%

Schedule of Future Minimum Operating Lease Payments

Future minimum operating lease payments for noncancelable operating leases as of March 31, 2021 are as follows:


For the Fiscal Year Ending March 31,	Operating Lease Payments
2022	$	68,498
2023	71,553
2024	62,235
2025	57,691
2026	45,464
Thereafter	58,639
Total future lease payments	364,080
Less: imputed interest	(45,980)
Total lease liabilities	$	318,100

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2021

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,
	2021		2020		2019
Current
U.S. Federal	$	(227,309)	$	(2,638)	$	34,019
State and local	39,542		18,410		26,232
Foreign	9,250		15,625		13,617
Total current	(178,517)		31,397		73,868
Deferred
U.S. Federal	245,624		59,856		23,258
State and local	(13,626)		5,578		(252)

Total deferred	231,998		65,434		23,006
Total	$	53,481	$	96,831	$	96,874

Schedule of Effective Income Tax Rate Reconciliation


	Fiscal Year Ended March 31,
	2021		2020		2019
Income tax expense computed at U.S. federal statutory rate	$	139,112	$	121,681	$	108,235

Increases (reductions) resulting from:
State and local income taxes, net of federal tax	17,586		20,031		22,450
Foreign income taxes, net of federal tax	6,679		12,344		10,758
Meals and entertainment	653		1,761		1,771
Re-measurement of deferred taxes	—		—		(27,908)
Re-measurement of current year losses under CARES Act	(76,767)		—		—
Excess tax benefits from stock-based compensation	(8,556)		(10,265)		(10,777)
Research and development and other federal credits	(30,313)		(90,898)		(6,355)
Executive compensation -162(M)	3,813		2,346		2,615
IRS audit settlement	—		—		(2,573)
Foreign-Derived Intangible Income (FDII)	(4,536)		(4,915)		—
Changes in uncertain tax positions	6,793		44,621		(278)
Other	(983)		125		(1,064)
Income tax expense from operations	$	53,481	$	96,831	$	96,874

Schedule of Components of Income Tax Receivables and Payables

The Company has both income tax receivables and income tax payable on its consolidated balance sheet as follows:


	March 31,
	2021		2020
Current income tax receivable	$	175,541	$	69,734
Long term income tax receivable	$	333,188	$	53,848
Current income tax payable	$	30,694	$	5,178

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,
	2021		2020
Deferred income tax assets:
Accrued expenses	$	78,005	$	67,230
Deferred compensation	52,191		36,448
Stock-based compensation	5,724		6,909
Pension and postretirement benefits	32,881		32,437
Net operating loss carryforwards	98,471		5,741

Extended disability benefits	2,838		2,779
Interest rate swaps	9,955		14,774
Federal tax credits	12,582		—
State tax credits	27,243		19,214
Operating lease liabilities	86,046		86,565
Other	3,378		1,567
Total gross deferred income tax assets	409,314		273,664
Less: Valuation allowance	(6,165)		(4,296)
Total net deferred income tax assets	403,149		269,368
Deferred income tax liabilities:
Unbilled receivables	(245,809)		(199,869)
Intangible assets	(69,519)		(64,530)
Debt issuance costs	(1,488)		(1,939)
Property and equipment	(336,321)		(12,820)
Operating lease right-of-use assets	(62,442)		(62,623)
Internally developed software	(20,309)		(15,673)

Total deferred income tax liabilities	(735,888)		(357,454)
Net deferred income tax liability	$	(332,739)	$	(88,086)

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,
	2021		2020		2019
Beginning of year	$	55,221	$	11,083	$	11,608
Increases in prior year position	5,018		34,001		93
Increases in current year position	12,753		10,970		575
Decreases in prior year position	—		(765)		—
Settlements with taxing authorities	—		—		(731)
Lapse of statute of limitations	(10,250)		(68)		(462)
End of year	$	62,742	$	55,221	$	11,083

Employee Benefit Plans (Tables)

12 Months Ended

Mar. 31, 2021

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,
	2021		2020		2019
Service cost	$	5,657	$	4,955	$	5,952
Interest cost	4,237		4,859		5,130
Net actuarial loss	—		—		2,108
Total postretirement medical expense	$	9,894	$	9,814	$	13,190

Schedule of Assumed Health Care Cost Trend Rates

Assumed healthcare cost trend rates for the Officer Medical Plan at March 31, 2021 and 2020 were as follows:


Pre-65 initial rate	2021		2020
Healthcare cost trend rate assumed for next year	6.55	%	6.80	%
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		2029


Post-65 initial rate	2021		2020
Healthcare cost trend rate assumed for next year	6.75	%	7.00	%
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		2029

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,
	2021		2020		2019
Benefit obligation, beginning of the year	$	119,609	$	120,341	$	126,886
Service cost	5,657		4,955		5,952
Interest cost	4,237		4,859		5,130
Net actuarial (gain) loss	(3,466)		(6,761)		(13,885)
Benefits paid	(4,519)		(3,785)		(3,742)
Benefit obligation, end of the year	$	121,518	$	119,609	$	120,341

Schedule of Change in Fair Value of Plan Assets


	Fiscal Year Ended March 31,
Changes in plan assets	2021		2020		2019
Fair value of plan assets, beginning of the year	$	—	$	—	$	—
Employer contributions	4,519		3,785		3,742
Benefits paid	(4,519)		(3,785)		(3,742)
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,
2022	$	4,057
2023	$	4,434
2024	$	4,790
2025	$	5,062
2026	$	5,485
2027 - 2031	$	32,152

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,
	2021		2020		2019
Retired Officers’ Bonus Plan	3.40	%	3.60	%	4.10	%
Retired Vice Presidents' Bonus Plan	3.40	%	3.60	%	4.10	%

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Mar. 31, 2021

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, 2021
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of year	$	(4,127)	$	(41,874)	$	(46,001)
Other comprehensive income (loss) before reclassifications (1)	2,481		(1,529)		952
Amounts reclassified from accumulated other comprehensive loss	84		15,194		15,278
Net current-period other comprehensive income	2,565		13,665		16,230
End of year	(1,562)		(28,209)		(29,771)


	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 (2)	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 (3)	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)

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,
	2021		2020		2019
Amounts reclassified from accumulated other comprehensive loss:
Post-retirement plans (Note 14):
Amortization of net actuarial loss included in net periodic benefit cost	$	114	$	109	$	2,201
Tax benefit (expense)	(30)		(28)		(576)
Net of tax	$	84	$	81	$	1,625
Derivatives designated as cash flow hedges (Note 11):
Reclassification of hedge (loss) gain	$	20,558	$	2,094	$	(1,026)
Tax benefit (expense)	(5,364)		(546)		269
Net of tax	$	15,194	$	1,548	$	(757)

Other Long-Term Liabilities (Tables)

12 Months Ended

Mar. 31, 2021

Other Liabilities Disclosure [Abstract]

Schedule of Other Long-Term Liabilities

Other long-term liabilities consisted of the following:


	March 31,
	2021		2020

Postretirement benefit obligations	126,054		124,375
Reserves for uncertain tax positions	$	53,203	$	56,130
Other (1)	51,727		63,096
Total other long-term liabilities	$	230,984	$	243,601

Stockholders Equity (Tables)

12 Months Ended

Mar. 31, 2021

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,
	2021		2020		2019
Recurring dividends (1)	$	181,066	$	146,602	$	114,234
Dividend equivalents (2)	—		—		280
Total distributions	$	181,066	$	146,602	$	114,514

(1) Amounts represent recurring quarterly dividends that were declared and paid for during each quarter of fiscal 2021, 2020, and 2019.

(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, 2021

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,
	2021		2020		2019
Cost of revenue	$	27,682	$	16,272	$	8,990
General and administrative expenses	32,162		27,018		22,285
Total	$	59,844	$	43,290	$	31,275

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,
	2021		2020		2019
Equity Incentive Plan Options	$	2,625	$	2,741	$	2,374
Restricted Stock Awards	57,219		40,549		28,901
Total	$	59,844	$	43,290	$	31,275

Schedule of Unrecognized Compensation Cost

Absent the effect of forfeiture or acceleration of stock compensation cost for any departures of employees, 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, 2021		March 31, 2020		March 31, 2021	March 31, 2020
Equity Incentive Plan Options	$	3,426	$	3,721	3.45	3.57
Restricted Stock Awards	39,881		29,738		1.87	1.78
Total	$	43,307	$	33,459


	Total Unrecognized Compensation Cost
	Total		2022		2023		2024		2025		2026
Equity Incentive Plan Options	$	3,426	$	1,798	$	983	$	468	$	167	$	10
Restricted Stock Awards	39,881		25,925		12,894		1,062		—		—
Total	$	43,307	$	27,723	$	13,877	$	1,530	$	167	$	10

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,
	2021			2020			2019
Dividend yield	2.72		%	2.17		%	2.01		%
Expected volatility	27.41		%	24.74		%	25.83		%
Risk-free interest rate	0.35		%	2.11		%	2.81		%
Expected life (in years)	5.00			5.00			5.00
Weighted-average grant date fair value	$	13.1		$	12.39		$	9.67

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, 2020	887,436	$	50.72
Granted	989,732	69.75
Vested	895,521	55.65
Forfeited	61,147	65.94
Unvested at March 31, 2021	920,500	$	65.37

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, 2020	1,753,139	$	34.91
Granted	270,930	75.55
Forfeited	106,712	61.36
Expired	—	—
Exercised	504,450	23.29
Options outstanding at March 31, 2021	1,412,907	$	44.86

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, 2020	580,317	$	10.56
Granted	270,930	13.10
Vested	229,823	10.57
Forfeited	106,712	11.81
Unvested at March 31, 2021	514,712	$	11.64

The following table summarizes stock options outstanding at March 31, 2021:


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
$9.94 - $97.84	1,412,907	$44.86	6.34	$	50,399	898,195	$36.10	5.3	$39,905

Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2021

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, 2021
	Level 1		Level 2		Level 3		Total
Assets:


Long term deferred compensation plan asset (1)	14,142		—		—		14,142
Total Assets	$	14,142	$	—	$	—	$	14,142
Liabilities:
Contingent consideration liability (2)	$	—	$	—	$	1,223	$	1,223
Current derivative instruments (3)	—		17,163		—		17,163
Long-term derivative instruments (3)	—		20,999		—		20,999
Long term deferred compensation plan liability (1)	14,142		—		—		14,142
Total Liabilities	$	14,142	$	38,162	$	1,223	$	53,527


	Recurring Fair Value Measurements as of March 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:


Long term deferred compensation plan asset (1)	$	5,879	$	—	$	—	$	5,879
Total Assets	$	5,879	$	—	$	—	$	5,879
Liabilities:
Contingent consideration liability (2)	$	—	$	—	$	1,224	$	1,224
Current derivative instruments (3)	$	—	$	18,831	$	—	$	18,831
Long-term derivative instruments (3)	$	—	$	37,819	$	—	$	37,819
Long term deferred compensation plan liability (1)	$	5,879	$	—	$	—	$	5,879
Total liabilities	$	5,879	$	56,650	$	1,224	$	63,753

- 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, 2021

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information


	Fiscal 2021 Quarters
	First		Second		Third		Fourth
Revenue	$	1,956,453	$	2,019,185	$	1,904,020	$	1,979,280
Operating income	191,887		207,221		184,257		171,006
Income before income taxes	170,816		175,400		165,983		150,240
Net income	129,329		136,081		144,371		199,177
Earnings per common share:
Basic (1)	$	0.93	$	0.98	$	1.04	$	1.45
Diluted (1)	$	0.92	$	0.98	$	1.03	$	1.43


	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

(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, 2021

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,
	2021		2020		2019
Allowance for doubtful accounts:
Beginning balance	$	3,985	$	10,679	$	77
Cumulative effect of accounting changes (1)	496		—		—
(Benefit) provision for doubtful accounts	(2,599)		(6,454)		11,882
Charges against allowance	(425)		(240)		(1,280)
Ending balance	$	1,457	$	3,985	$	10,679
Tax valuation allowance
Beginning balance	(4,296)		(2,853)		(1,373)
Other adjustments	(1,869)		(1,443)		(1,480)
Ending balance	$	(6,165)	(4,296)		(2,853)

(1) Represents the adjustments to the allowance for expected credit losses for the adoption of Topic 326 in Fiscal 2021

Business Overview (Details)	12 Months Ended
Business Overview (Details)	Mar. 31, 2021 employee segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1
Number of reportable segments	1
Number of employees \| employee	27,700

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	12 Months Ended
	Mar. 31, 2021
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, 2021	Mar. 31, 2020	Mar. 31, 2019
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)	2 years
Software \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	5 years

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 1,979,280	$ 1,904,020	$ 2,019,185	$ 1,956,453	$ 1,969,647	$ 1,849,441	$ 1,819,577	$ 1,825,176	$ 7,858,938	$ 7,463,841	$ 6,704,037
Revenue (as a percent)									100.00%	100.00%	100.00%
Prime Contractor
Disaggregation of Revenue [Line Items]
Revenue									$ 7,311,313	$ 6,884,763	$ 6,159,918
Revenue (as a percent)									93.00%	92.00%	92.00%
Sub-contractor
Disaggregation of Revenue [Line Items]
Revenue									$ 547,625	$ 579,078	$ 544,119
Revenue (as a percent)									7.00%	8.00%	8.00%
Global Commercial Clients
Disaggregation of Revenue [Line Items]
Revenue									$ 203,695	$ 261,622	$ 261,600
Revenue (as a percent)									3.00%	4.00%	4.00%
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue									$ 7,655,243	$ 7,202,219	$ 6,442,437
Revenue (as a percent)									97.00%	96.00%	96.00%
UNITED STATES \| Defense Clients
Disaggregation of Revenue [Line Items]
Revenue									$ 3,898,802	$ 3,568,659	$ 3,114,571
Revenue (as a percent)									49.00%	47.00%	47.00%
UNITED STATES \| Intelligence Clients
Disaggregation of Revenue [Line Items]
Revenue									$ 1,571,411	$ 1,614,315	$ 1,566,870
Revenue (as a percent)									20.00%	22.00%	23.00%
UNITED STATES \| Civil Clients
Disaggregation of Revenue [Line Items]
Revenue									$ 2,185,030	$ 2,019,245	$ 1,760,996
Revenue (as a percent)									28.00%	27.00%	26.00%
Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue									$ 4,419,533	$ 4,211,592	$ 3,580,595
Revenue (as a percent)									56.00%	57.00%	53.00%
Time-and-materials
Disaggregation of Revenue [Line Items]
Revenue									$ 1,962,999	$ 1,737,414	$ 1,576,673
Revenue (as a percent)									25.00%	23.00%	24.00%
Fixed-price
Disaggregation of Revenue [Line Items]
Revenue									$ 1,476,406	$ 1,514,835	$ 1,546,769
Revenue (as a percent)									19.00%	20.00%	23.00%

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue, amount of remaining performance obligation	$ 6,700.0	$ 6,300.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability, revenue recognized	$ 24.5	$ 18.9	$ 25.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing	12 months
Remaining performance obligation, percentage	70.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing	24 months
Remaining performance obligation, percentage	85.00%

Revenue - Summary of Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Contract assets:
Current	$ 1,037,968	$ 988,634
Long-term	63,869	62,600
Total	1,101,837	1,051,234
Contract liabilities:
Advance payments, billings in excess of costs incurred and deferred revenue	$ 15,906	$ 26,018

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Earnings for basic computations									$ 605,437	$ 481,085	$ 416,664
Weighted-average common shares outstanding for basic computations (in shares)									137,722,589	140,059,494	141,910,799
Earnings for diluted computations									$ 605,455	$ 481,092	$ 416,675
Dilutive stock options and restricted stock (in shares)									980,631	1,178,641	1,245,377
Weighted-average common shares outstanding for diluted computations (in shares)									138,703,220	141,238,135	143,156,176
Earnings per share of common stock
Basic (in dollars per share)	$ 1.45	$ 1.04	$ 0.98	$ 0.93	$ 0.99	$ 0.79	$ 0.81	$ 0.83	$ 4.40	$ 3.43	$ 2.94
Diluted (in dollars per share)	$ 1.43	$ 1.03	$ 0.98	$ 0.92	$ 0.98	$ 0.79	$ 0.80	$ 0.83	$ 4.37	$ 3.41	$ 2.91
Cash dividends paid									$ 181,066	$ 146,602	$ 114,234
Restricted Stock
Earnings per share of common stock
Unvested shares participating in the payment of the Company's dividends declared									800,000	400,000	600,000
Cash dividends paid									$ 1,000	$ 700	$ 600
Undistributed earnings (loss) allocated to participating securities, basic									2,500	900	1,200
Undistributed earnings (loss) allocated to participating securities, diluted									$ 2,500	$ 900	$ 1,200
Stock Options
Earnings per share of common stock
Antidilutive options excluded from the computation of EPS (in shares)									30,000.00	200,000	200,000

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,581,160	$ 1,581,160
Amortization of intangible assets	$ 19,300	$ 22,300	$ 20,900
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)	2 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, 2021	Mar. 31, 2020
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	$ 197,372	$ 189,760
Accumulated Amortization	80,444	78,973
Total estimated amortization expense	116,928	110,787
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Intangible assets, gross	387,572	379,960
Net Carrying Value	307,128	300,987
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	82,400	88,350
Accumulated Amortization	50,503	46,285
Total estimated amortization expense	31,897	42,065
Software
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	114,972	101,410
Accumulated Amortization	29,941	32,688
Total estimated amortization expense	$ 85,031	$ 68,722

Goodwill and Intangible Assets - Schedule of Expected Amortization Expense (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 17,824
2023	15,587
2024	11,796
2025	6,801
2026	4,074
Thereafter	4,865
Total estimated amortization expense	$ 60,947

Accounts Receivable, Net (Details) - USD ($) $ in Thousands	12 Months Ended
Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Current assets:
Accounts receivable–billed	$ 375,383	$ 474,822
Accounts receivable–unbilled	1,037,968	988,634
Allowance for doubtful accounts	(1,457)	(3,985)
Accounts receivable, net	1,411,894	1,459,471
Other long-term assets:
Accounts receivable–unbilled	63,869	62,600
Total accounts receivable, net	1,475,763	1,522,071
Provision for doubtful accounts	$ (2,600)	$ (6,400)	$ 11,900

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 440,133	$ 480,446
Less: Accumulated depreciation and amortization	(235,491)	(272,369)
Property and equipment, net	204,642	208,077
Depreciation and amortization expense related to property and equipment	65,000	58,800	$ 47,800
Reduction to gross cost and accumulated depreciation for zero net book value assets	100,300	171,800
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	117,430	140,232
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	97,571	94,529
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 225,132	$ 245,685

Accounts Payable and Other Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Payables and Accruals [Abstract]
Vendor payables	$ 371,744	$ 432,953
Accrued expenses	295,227	265,058
Total accounts payable and other accrued expenses	666,971	698,011
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Provision for claimed indirect costs	$ 263,200	$ 224,600

Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Compensation Related Costs [Abstract]
Bonus	$ 130,565	$ 114,359
Retirement	44,474	41,604
Vacation	202,100	159,512
Other	48,476	33,300
Total accrued compensation and benefits	$ 425,615	$ 348,775

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Nov. 26, 2019	Nov. 25, 2019
Long-term Debt, Current and Noncurrent [Abstract]
Total	$ 2,373,976
Less: Unamortized debt issuance costs and discount on debt	(17,380)	$ (15,997)
Long-term debt	2,356,596	2,185,844
Less: Current portion of long-term debt	(77,865)	(177,865)
Long-term debt, net of current portion	2,278,731	$ 2,007,979
Term Loan A
Long-term Debt, Current and Noncurrent [Abstract]
Total	1,289,764
Term Loan B
Long-term Debt, Current and Noncurrent [Abstract]
Total	$ 384,212
Revolver
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate on long term debt (as a percent)	0.00%	3.75%
Total	$ 0	$ 100,000
Secured Debt \| Term Loan A
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate on long term debt (as a percent)	1.61%	2.49%
Total	$ 1,289,764	$ 1,363,739
Secured Debt \| Term Loan B
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate on long term debt (as a percent)	1.86%	2.74%
Total	$ 384,212	$ 388,102	$ 389,000	$ 389,000
Senior Notes
Long-term Debt, Current and Noncurrent [Abstract]
Total	$ 700,000
Senior Notes \| Senior Notes
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate on long term debt (as a percent)	3.88%	0.00%
Total	$ 700,000	$ 0
Senior Notes \| 2017 Senior Notes
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate on long term debt (as a percent)	0.00%	5.13%
Total	$ 0	$ 350,000

Debt - Narrative (Details) - USD ($)				12 Months Ended
Debt - Narrative (Details) - USD ($)	Aug. 24, 2020	Nov. 26, 2019	Nov. 25, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Apr. 25, 2017
Debt Instrument [Line Items]
Debt outstanding				$ 2,373,976,000
Maximum expanded loan facility				$ 627,000,000
Percentage of consolidated EBITDA required				100.00%
Maximum net secured leverage ratio				350.00%
Loss on debt extinguishment				$ 13,239,000	$ 1,451,000	$ 4,302,000
Payment of premiums and write-off of debt issuance costs				9,000,000.0
Cash Flow Hedging \| Interest Rate Swap \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Notional amount of interest rate swap				$ 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
Revolving credit facility, amount outstanding				0	100,000,000
Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity				100,000,000.0
Senior Notes
Debt Instrument [Line Items]
Debt outstanding				700,000,000
Term Loan B
Debt Instrument [Line Items]
Debt outstanding				384,212,000
Interest paid				$ 7,800,000	15,900,000
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]
Debt outstanding		$ 389,000,000.0	$ 389,000,000.0	$ 384,212,000	388,102,000
Quarterly periodic payment percentage, principal				0.25%
Term Loan A
Debt Instrument [Line Items]
Debt outstanding				$ 1,289,764,000
Interest paid				$ 23,600,000	50,300,000
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]
Debt outstanding				$ 1,289,764,000	1,363,739,000
Quarterly periodic payment percentage, principal				1.25%
Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from line of credit					100,000,000
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]
Debt outstanding				$ 700,000,000	0
Interest paid				14,100,000
Face amount of debt	$ 700,000,000.0
Stated interest rate	3.875%
Redemption price (as a percent)	100.00%
Debt issuance costs	$ 9,200,000
2017 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt outstanding				0	350,000,000
Interest paid				$ 14,600,000	$ 17,900,000
Face amount of debt	$ 350,000,000.0						$ 350,000,000.0
Stated interest rate							5.125%
Redemption price (as a percent)	102.563%
September 1, 2023 \| Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Redemption price (as a percent)	101.94%
September 1, 2024 \| Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Redemption price (as a percent)	100.97%
September 1, 2025 \| Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Redemption price (as a percent)	100.00%
Prior to September 1, 2023 \| Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Redemption price (as a percent)	103.88%
Redemption of principal amount (as a percent)	40.00%
Redemption of principal, redemption period	180 days
Prior to September 1, 2023 \| Senior Notes \| Senior Notes \| Minimum
Debt Instrument [Line Items]
Percentage of principal amount outstanding (as a percent)	50.00%

Debt - Schedule of Future Debt Principal Repayments (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Debt Instrument [Line Items]
Total	$ 2,373,976
2022	77,865
2023	77,865
2024	1,145,707
2025	3,891
2026	3,891
Thereafter	1,064,757
Term Loan A
Debt Instrument [Line Items]
Total	1,289,764
2022	73,974
2023	73,974
2024	1,141,816
2025	0
2026	0
Thereafter	0
Term Loan B
Debt Instrument [Line Items]
Total	384,212
2022	3,891
2023	3,891
2024	3,891
2025	3,891
2026	3,891
Thereafter	364,757
Senior Notes
Debt Instrument [Line Items]
Total	700,000
2022	0
2023	0
2024	0
2025	0
2026	0
Thereafter	$ 700,000

Debt - Schedule of Detail of Interest Expense (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 31, 2008	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Deferred payment obligation, accrued interest payment		$ 0	$ 5,740	$ 7,993
Amortization of debt issuance costs		4,396	4,688	5,052
Interest Swap Expense		20,558	2,094	(1,026)
Other		713	589	637
Total Interest Expense		81,270	96,960	89,517
Deferred payment obligation, payment period	8 years 6 months
Secured Debt \| Term Loan A
Debt Instrument [Line Items]
Interest expense, debt		23,541	50,080	42,043
Secured Debt \| Term Loan B
Debt Instrument [Line Items]
Interest expense, debt		7,787	15,739	16,765
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense, debt		799	92	115
Senior Notes
Debt Instrument [Line Items]
Interest expense, debt		$ 23,476	$ 17,938	$ 17,938

Derivatives - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Other Current Liabilities
Derivative [Line Items]
Estimated fair value of derivative liabilities	$ 17.2	$ 18.8
Other Noncurrent Liabilities
Derivative [Line Items]
Estimated fair value of derivative liabilities	21.0	$ 37.8
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	$ 17.2

Derivatives - Schedule of Effect of Derivatives on Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Expense on Consolidated Statements of Operations	$ (81,270)	$ (96,960)	$ (89,517)
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	(2,071)	(55,871)	(9,772)
Amount of Gain or (Loss) Reclassified from AOCI into Income	(20,558)	(2,094)	1,026
Interest Expense on Consolidated Statements of Operations	$ (81,270)	$ (96,960)	$ (89,517)

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating lease cost	$ 68,702	$ 71,067
Short-term lease cost	3,780	9,657
Variable lease cost	12,843	11,657
Total operating lease costs	$ 85,325	$ 92,381
Rent expense, net			$ 82,700
Sublease income			$ 600

Leases - Future Minimum Obligations for Noncancelable Operating Leases (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 68,498
2023	71,553
2024	62,235
2025	57,691
2026	45,464
Thereafter	58,639
Total future lease payments	364,080
Less: imputed interest	(45,980)
Total lease liabilities	$ 318,100

Leases - Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 69,320	$ 53,741
Operating lease liabilities arising from obtaining ROU asset	$ 52,454	$ 26,378
Weighted average remaining lease term (in years)	5 years 6 months 10 days	6 years 7 days
Weighted average discount rate	4.64%	4.69%

Income Taxes - Components of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Current
U.S. Federal	$ (227,309)	$ (2,638)	$ 34,019
State and local	39,542	18,410	26,232
Foreign	9,250	15,625	13,617
Total current	(178,517)	31,397	73,868
Deferred
U.S. Federal	245,624	59,856	23,258
State and local	(13,626)	5,578	(252)
Total deferred	231,998	65,434	23,006
Total	$ 53,481	$ 96,831	$ 96,874

Income Taxes - Reconciliation of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense computed at U.S. federal statutory rate	$ 139,112	$ 121,681	$ 108,235
Increases (reductions) resulting from:
State and local income taxes, net of federal tax	17,586	20,031	22,450
Foreign income taxes, net of federal tax	6,679	12,344	10,758
Meals and entertainment	653	1,761	1,771
Re-measurement of deferred taxes	0	0	(27,908)
Re-measurement of current year losses under CARES Act	(76,767)	0	0
Excess tax benefits from stock-based compensation	(8,556)	(10,265)	(10,777)
Research and development and other federal credits	(30,313)	(90,898)	(6,355)
Executive compensation -162(M)	3,813	2,346	2,615
IRS audit settlement	0	0	(2,573)
Foreign-Derived Intangible Income (FDII)	(4,536)	(4,915)	0
Changes in uncertain tax positions	6,793	44,621	(278)
Other	(983)	125	(1,064)
Total	$ 53,481	$ 96,831	$ 96,874

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Operating Loss Carryforwards [Line Items]
Long term income tax receivable	$ 333,188	$ 53,848
Income tax expense (benefit) from remeasurement of net operating losses, COVID-19	76,800
Reserves for uncertain tax positions	62,900	56,100	$ 11,500
Unrecognized tax benefits that would impact effective tax rate	62,700	55,200	11,100
Unrecognized tax benefits that decrease deferred tax assets	11,100
Reasonably possible change in unrecognized tax benefits from lapse of statute of limitations	10,300
Accrued interest and penalties	300	500	200
Income tax reserve, accrued penalties and interest	1,200	900	400
Reconciliation of the beginning and ending amount of potential tax benefits
Beginning of year	55,221	11,083	11,608
Increases in prior year position	5,018	34,001	93
Increases in current year position	12,753	10,970	575
Decreases in prior year position	0	(765)	0
Settlements with taxing authorities	0	0	(731)
Lapse of statute of limitations	(10,250)	(68)	(462)
End of year	62,742	$ 55,221	$ 11,083
Federal
Operating Loss Carryforwards [Line Items]
Long term income tax receivable	273,400
Deferred tax liability from change in method of accounting	238,900
Net operating losses	2,000
State
Operating Loss Carryforwards [Line Items]
Net operating losses	91,900
Foreign
Operating Loss Carryforwards [Line Items]
Net operating losses	4,600
Tax Year 2022 and Thereafter \| State
Operating Loss Carryforwards [Line Items]
Net operating losses	89,600
Incremental state deferred tax asset	11,800
Tax Years 2013-2015
Operating Loss Carryforwards [Line Items]
Income tax assessments	11,700
Tax Years 2016-2021
Operating Loss Carryforwards [Line Items]
Income tax assessments	$ 38,600

Income Taxes - Schedule of Income Tax Receivable and Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Current income tax receivable	$ 175,541	$ 69,734
Long term income tax receivable	333,188	53,848
Current income tax payable	$ 30,694	$ 5,178

Income Taxes - Components of Net Deferred Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Deferred income tax assets:
Accrued expenses	$ 78,005	$ 67,230
Deferred compensation	52,191	36,448
Stock-based compensation	5,724	6,909
Pension and postretirement benefits	32,881	32,437
Net operating loss carryforwards	98,471	5,741
Extended disability benefits	2,838	2,779
Interest rate swaps	9,955	14,774
Federal tax credits	12,582	0
State tax credits	27,243	19,214
Operating lease liabilities	86,046	86,565
Other	3,378	1,567
Total gross deferred income tax assets	409,314	273,664
Less: Valuation allowance	(6,165)	(4,296)
Total net deferred income tax assets	403,149	269,368
Deferred income tax liabilities:
Unbilled receivables	(245,809)	(199,869)
Intangible assets	(69,519)	(64,530)
Debt issuance costs	(1,488)	(1,939)
Property and equipment	(336,321)	(12,820)
Operating lease right-of-use assets	(62,442)	(62,623)
Internally developed software	(20,309)	(15,673)
Total deferred income tax liabilities	(735,888)	(357,454)
Net deferred income tax liabilities	$ (332,739)	$ (88,086)

Employee Benefit Plans - Narrative (Details) - USD ($)	12 Months Ended
Employee Benefit Plans - Narrative (Details) - USD ($)	Mar. 31, 2021	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	$ 166,300,000	$ 151,000,000.0	$ 136,300,000
Employees’ capital accumulation plan, company-paid contributions	163,000,000.0	146,500,000	130,900,000
Defined Benefit Plan Disclosure [Line Items]
Unrecognized gross actuarial gain	3,400,000	6,600,000
Unrecognized actuarial gain, tax	900,000	1,700,000
Long-term disability obligation	$ 10,900,000	10,700,000
Reduction to plan liability			$ 11,200,000
Deferred compensation plans, maximum eligible deferral of compensation percentage	100.00%
Long-term deferred compensation costs	$ 14,100,000	5,900,000
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
Other Postretirement Benefits Plan \| Officer
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation	3,400,000	3,800,000
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	(4,500,000)	(4,800,000)
Fair value of plan assets	$ 0	$ 0
Retired Officers' Bonus Plan \| Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate for benefit obligation (as a percent)	3.40%	3.60%	4.10%
Retired Officers' Bonus Plan \| Other Postretirement Benefits Plan \| Officer
Defined Benefit Plan Disclosure [Line Items]
Total pension expense	$ 600,000	$ 600,000	$ 700,000
Benefits paid	$ 1,100,000	$ 600,000	$ 800,000
Retired Vice Presidents' Bonus Plan \| Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate for benefit obligation (as a percent)	3.40%	3.60%	4.10%
Benefits paid	$ 0	$ 100,000	$ 0
Benefit obligation	1,100,000	1,000,000.0
Retired Vice Presidents' Bonus Plan \| Other Postretirement Benefits Plan \| Officer
Defined Benefit Plan Disclosure [Line Items]
Total pension expense	$ 200,000	$ 200,000	$ 200,000
Officer Medical Plan \| Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate for benefit obligation (as a percent)	3.40%	3.60%	4.10%
Defined benefit plan, funded (unfunded) status of plan	$ (121,500,000)	$ (119,600,000)
Total pension expense	9,894,000	9,814,000	$ 13,190,000
Benefits paid	4,519,000	3,785,000	3,742,000
Benefit obligation	121,518,000	119,609,000	120,341,000	$ 126,886,000
Fair value of plan assets	$ 0	$ 0	$ 0	$ 0

Employee Benefit Plans - Components of Net Postretirement Medical Expense (Details) - Officer Medical Plan - Other Postretirement Benefits Plan - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 5,657	$ 4,955	$ 5,952
Interest cost	4,237	4,859	5,130
Net actuarial loss	0	0	2,108
Total postretirement medical expense	$ 9,894	$ 9,814	$ 13,190

Employee Benefit Plans - Healthcare Cost Trend Rates (Details) - Officer Medical Plan - Other Postretirement Benefits Plan	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate assumed for next year, Pre 65	6.55%	6.80%
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	6.75%	7.00%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate), Post 65	4.50%	4.50%

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, 2021	Mar. 31, 2020	Mar. 31, 2019
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of the year	$ 119,609	$ 120,341	$ 126,886
Service cost	5,657	4,955	5,952
Interest cost	4,237	4,859	5,130
Net actuarial (gain) loss	(3,466)	(6,761)	(13,885)
Benefits paid	(4,519)	(3,785)	(3,742)
Benefit obligation, end of the year	121,518	119,609	120,341
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	4,519	3,785	3,742
Benefits paid	(4,519)	(3,785)	(3,742)
Fair value of plan assets, end of the year	$ 0	$ 0	$ 0

Employee Benefit Plans - Future Benefit Payments (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2022	$ 4,057
2023	4,434
2024	4,790
2025	5,062
2026	5,485
2027 - 2031	$ 32,152

Employee Benefit Plans - Weighted Average Discount Rate (Details) - Other Postretirement Benefits Plan	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Retired Officers' Bonus Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate for benefit obligation (as a percent)	3.40%	3.60%	4.10%
Retired Vice Presidents' Bonus Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate for benefit obligation (as a percent)	3.40%	3.60%	4.10%

Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of year	$ 856,356	$ 675,366	$ 562,491
Other comprehensive income (loss) before reclassifications	952	(36,440)	3,048
Amounts reclassified from accumulated other comprehensive loss	15,278	1,629	868
Total other comprehensive (loss) income, net of tax	16,230	(34,811)	3,916
End of year	1,071,176	856,356	675,366
Tax expense (benefit)	(500)	(14,600)	2,600
Post-retirement plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of year	(4,127)	(9,068)	(20,955)
Other comprehensive income (loss) before reclassifications	2,481	4,860	10,262
Amounts reclassified from accumulated other comprehensive loss	84	81	1,625
Total other comprehensive (loss) income, net of tax	2,565	4,941	11,887
End of year	(1,562)	(4,127)	(9,068)
Derivatives designated as cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of year	(41,874)	(2,122)	5,849
Other comprehensive income (loss) before reclassifications	(1,529)	(41,300)	(7,214)
Amounts reclassified from accumulated other comprehensive loss	15,194	1,548	(757)
Total other comprehensive (loss) income, net of tax	13,665	(39,752)	(7,971)
End of year	(28,209)	(41,874)	(2,122)
Totals
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of year	(46,001)	(11,190)	(15,106)
End of year	$ (29,771)	$ (46,001)	$ (11,190)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

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, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial loss included in net periodic benefit cost	$ 150,240	$ 165,983	$ 175,400	$ 170,816	$ 128,704	$ 146,723	$ 148,177	$ 155,830	$ 662,439	$ 579,434	$ 515,403
Tax benefit (expense)									(53,481)	(96,831)	(96,874)
Net income	$ 199,177	$ 144,371	$ 136,081	$ 129,329	$ 138,866	$ 112,026	$ 114,325	$ 117,386	608,958	482,603	418,529
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									114	109	2,201
Tax benefit (expense)									(30)	(28)	(576)
Net income									84	81	1,625
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									20,558	2,094	(1,026)
Tax benefit (expense)									(5,364)	(546)	269
Net income									$ 15,194	$ 1,548	$ (757)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- 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, 2021	Mar. 31, 2020
Other Commitments [Line Items]
Postretirement benefit obligations	$ 126,054	$ 124,375
Reserves for uncertain tax positions	53,203	56,130
Other	51,727	63,096
Total other long-term liabilities	230,984	243,601
Long-term disability obligation	10,900	10,700
Fair Value, Measurements, Recurring
Other Commitments [Line Items]
Long-term deferred compensation costs	14,142	5,879
Level 1 \| Fair Value, Measurements, Recurring
Other Commitments [Line Items]
Long-term deferred compensation costs	14,142	5,879
Other Noncurrent Liabilities
Other Commitments [Line Items]
Estimated fair value of derivative liabilities	$ 21,000	$ 37,800

Stockholders' Equity - Narrative (Details) shares in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2021 USD ($) vote shares	Mar. 31, 2020 USD ($) shares	Dec. 21, 2011 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	$ 591.5
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, remaining authorized repurchase amount			$ 1,710.0
Repurchase of common stock (in shares) \| shares	3.8	2.5
Share repurchase program, amount authorized	$ 293.4	$ 173.4

Stockholders' Equity - Summary of Dividends (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recurring dividends	$ 181,066	$ 146,602	$ 114,234
Dividends	181,066	146,602	114,514
Dividend equivalents
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends	$ 0	$ 0	$ 280

Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 59,844	$ 43,290	$ 31,275
EIP \| Stock Options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,625	2,741	2,374
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	57,219	40,549	28,901
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	27,682	16,272	8,990
General and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 32,162	$ 27,018	$ 22,285

Stock-Based Compensation - Summary of Unrecognized Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock-based compensation agreements	$ 43,307	$ 33,459
Unrecognized compensation cost, amortization period	5 years
Total	$ 43,307	33,459
2022	27,723
2023	13,877
2024	1,530
2025	167
2026	10
EIP \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock-based compensation agreements	$ 3,426	$ 3,721
Unrecognized compensation cost, amortization period	3 years 5 months 12 days	3 years 6 months 25 days
Total	$ 3,426	$ 3,721
2022	1,798
2023	983
2024	468
2025	167
2026	10
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	$ 39,881	$ 29,738
Unrecognized compensation cost, amortization period	1 year 10 months 13 days	1 year 9 months 10 days
Total	$ 39,881	$ 29,738
2022	25,925
2023	12,894
2024	1,062
2025	0
2026	$ 0

Stock-Based Compensation - Summary of Stock Plans (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 01, 2010	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock		$ 318,068	$ 186,645	$ 249,993
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock (in shares)		3,800,000	2,500,000
EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period		5 years
Stock options granted (in shares)		270,930
Restricted stock granted (in shares)		989,732
Repurchase of common stock (in shares)		314,956
Repurchase of common stock		$ 24,600
EIP \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options available for future grant (in shares)		9,300,000	10,100,000
Stock option expiration period		10 years
Stock options granted (in shares)		270,930
Total Fair Value		$ 3,600	$ 3,700
Fair value of options vested		2,400
Intrinsic value of options exercised		28,900	30,600
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		$ 49,800	$ 27,900
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)		968,903
Aggregate fair value of all awards issued		$ 69,000
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)		20,829
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date share price (in dollars per share)		$ 34.02
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date share price (in dollars per share)		$ 97.84

Stock-Based Compensation - Stock Option Assumptions (Details) - $ / shares	3 Months Ended				12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield (as a percent)					2.72%	2.17%	2.01%
Expected volatility					27.41%	24.74%	25.83%
Risk-free interest rate					0.35%	2.11%	2.81%
Expected life (in years)					5 years	5 years	5 years
Weighted-average grant date fair value (in dollars per share)					$ 13.1	$ 12.39	$ 9.67
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield (as a percent)					2.32%
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield (as a percent)					2.86%
Ordinary Dividend
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per share (in dollars per share)	$ 0.37	$ 0.31	$ 0.31	$ 0.31

Stock-Based Compensation - Stock Option and Restricted Stock Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2021
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)					$ 13.1	$ 12.39	$ 9.67
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)				887,436	887,436
Granted (in shares)					989,732
Vested (in shares)					895,521
Forfeited (in shares)					61,147
Unvested, ending balance (in shares)	920,500				920,500	887,436
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)				$ 50.72	$ 50.72
Granted, weighted average grant date fair value (in dollars per share)					69.75
Vested, weighted average grant date fair value (in dollars per share)					55.65
Forfeited, weighted average grant date fair value (in dollars per share)					65.94
Unvested, ending balance, weighted average grant date fair value (in dollars per share)	$ 65.37				$ 65.37	$ 50.72
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Granted (in shares)					270,930
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Granted (in shares)					270,930
EIP \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)				1,753,139	1,753,139
Granted (in shares)					270,930
Forfeited (in shares)					106,712
Expired (in shares)					0
Exercised (in shares)					504,450
Outstanding, ending balance (in shares)	1,412,907				1,412,907	1,753,139
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)				$ 34.91	$ 34.91
Granted, weighted average exercise price (in dollars per share)					75.55
Forfeited, weighted average exercise price (in dollars per share)					61.36
Expired, weighted average exercise price (in dollars per share)					0
Exercised, weighted average exercise price (in dollars per share)					23.29
Outstanding, ending balance, weighted average exercise price (in dollars per share)	$ 44.86				$ 44.86	$ 34.91
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Unvested, beginning balance (in shares)				580,317	580,317
Granted (in shares)					270,930
Vested (in shares)					229,823
Forfeited (in shares)					106,712
Unvested, ending balance (in shares)	514,712				514,712	580,317
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)				$ 10.56	$ 10.56
Granted, weighted average grant date fair value (in dollars per share)					13.10
Vested, weighted average grant date fair value (in dollars per share)					10.57
Forfeited, weighted average grant date fair value (in dollars per share)					11.81
Unvested, ending balance, weighted average grant date fair value (in dollars per share)	$ 11.64				$ 11.64	$ 10.56
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Stock options outstanding (in shares)	1,412,907			1,753,139	1,412,907	1,753,139		1,412,907
Outstanding, weighted average exercise price (in dollars per share)	$ 44.86			$ 34.91	$ 44.86	$ 34.91		$ 44.86
Outstanding, weighted average remaining contractual life (in years)					6 years 4 months 2 days
Outstanding, intrinsic value								$ 50,399
Stock options exercisable (in shares)								898,195
Stock options exercisable, weighted average exercise price (in dollars per share)								$ 36.10
Stock options exercisable, weighted average remaining contractual life (in years)					5 years 3 months 18 days
Stock options exercisable, intrinsic value								$ 39,905
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)	$ 0.37	$ 0.31	$ 0.31	$ 0.31
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)					$ 9.94
Exercise price, upper range limit (in dollars per share)					$ 97.84

Stock-Based Compensation - Employee Stock purchase Plan (Details)	12 Months Ended	125 Months Ended
	Mar. 31, 2021 shares	Mar. 31, 2021 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	249,095	2,908,898

Fair Value Measurements - Schedule of Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2017
Assets, Fair Value Disclosure [Abstract]
Long-term deferred compensation costs	$ 14,100	$ 5,900
Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Long-term deferred compensation costs	14,142	5,879
Total assets	14,142	5,879
Liabilities, Fair Value Disclosure [Abstract]
Contingent consideration liability	1,223	1,224
Current derivative instruments	17,163	18,831
Long-term derivative instruments	20,999	37,819
Long-term deferred compensation costs	14,142	5,879
Total liabilities	53,527	63,753
Fair Value, Measurements, Recurring \| Level 1
Assets, Fair Value Disclosure [Abstract]
Long-term deferred compensation costs	14,142	5,879
Total assets	14,142	5,879
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	14,142	5,879
Total liabilities	14,142	5,879
Fair Value, Measurements, Recurring \| Level 2
Assets, Fair Value Disclosure [Abstract]
Long-term deferred compensation costs	0	0
Total assets	0	0
Liabilities, Fair Value Disclosure [Abstract]
Contingent consideration liability	0	0
Current derivative instruments	17,163	18,831
Long-term derivative instruments	20,999	37,819
Long-term deferred compensation costs	0	0
Total liabilities	38,162	56,650
Fair Value, Measurements, Recurring \| Level 3
Assets, Fair Value Disclosure [Abstract]
Long-term deferred compensation costs	0	0
Total assets	0	0
Liabilities, Fair Value Disclosure [Abstract]
Contingent consideration liability	1,223	1,224
Current derivative instruments	0	0
Long-term derivative instruments	0	0
Long-term deferred compensation costs	0	0
Total liabilities	1,223	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 - Services Performed Under Subcontractor $ in Millions	12 Months Ended
	Mar. 31, 2021 USD ($) director	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)
Related Party Transaction [Line Items]
Number of directors \| director	2
Amount of related party transaction \| $	$ 85.9	$ 79.7	$ 55.3

Commitments and Contingencies - Government Contracting and Guarantees (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2015
Contracts with U.S. government agencies or other U.S. government contractors
Concentration Risk [Line Items]
Concentration risk, percentage	97.00%	96.00%	96.00%
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Liability for reductions and/or penalties from U.S Government audits	$ 263.2	$ 224.6
Financial Standby Letter of Credit
Concentration Risk [Line Items]
Guarantor obligations, carrying value	9.8	9.7
Guarantor obligations, reduction to available borrowings	0.9	0.9
Guarantor obligations, facility	20.0			$ 20.0
Guarantor obligations, available amount	$ 11.1	$ 6.2

Business Segment Information (Details)	12 Months Ended
Business Segment Information (Details)	Mar. 31, 2021 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, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 1,979,280	$ 1,904,020	$ 2,019,185	$ 1,956,453	$ 1,969,647	$ 1,849,441	$ 1,819,577	$ 1,825,176	$ 7,858,938	$ 7,463,841	$ 6,704,037
Operating income	171,006	184,257	207,221	191,887	149,076	169,045	172,035	179,046	754,371	669,202	602,394
Income before income taxes	150,240	165,983	175,400	170,816	128,704	146,723	148,177	155,830	662,439	579,434	515,403
Net income	$ 199,177	$ 144,371	$ 136,081	$ 129,329	$ 138,866	$ 112,026	$ 114,325	$ 117,386	$ 608,958	$ 482,603	$ 418,529
Earnings per common share:
Basic (in dollars per share)	$ 1.45	$ 1.04	$ 0.98	$ 0.93	$ 0.99	$ 0.79	$ 0.81	$ 0.83	$ 4.40	$ 3.43	$ 2.94
Diluted (in dollars per share)	$ 1.43	$ 1.03	$ 0.98	$ 0.92	$ 0.98	$ 0.79	$ 0.80	$ 0.83	$ 4.37	$ 3.41	$ 2.91

- Definition

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

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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.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Supplemental Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 3,985	$ 10,679	$ 77
Provision for doubtful accounts	(2,599)	(6,454)	11,882
Charges against allowance	(425)	(240)	(1,280)
Ending balance	1,457	3,985	10,679
Allowance for doubtful accounts \| Topic 326 adoption impact
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	496
Ending balance		496
Tax valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	4,296	2,853	1,373
Charges against allowance	(1,869)	(1,443)	(1,480)
Ending balance	$ 6,165	$ 4,296	$ 2,853

Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	May 21, 2021	May 03, 2021	Jun. 30, 2021
Subsequent Event [Line Items]
Dividends declared per share (in dollars per share)	$ 0.37
Liberty
Subsequent Event [Line Items]
Voting interests acquired (as a percent)		100.00%
Payment for business acquisition		$ 725.0
Restricted Stock \| Class A Common Stock
Subsequent Event [Line Items]
Stock repurchased, restricted stock awards, value withheld for taxes			$ 15.4
Stock repurchased, restricted stock withheld for taxes (in shares)			191,327