0001443646-21-000179 | 10-Q | XBRL Viewer | Booz Allen Hamilton Holding Corp

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Cover - shares	6 Months Ended
Cover - shares	Sep. 30, 2021	Oct. 26, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-34972
Entity Registrant Name	Booz Allen Hamilton Holding Corp
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		133,896,656
Entity Central Index Key	0001443646
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--03-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 788,697	$ 990,955
Accounts receivable, net	1,511,579	1,411,894
Prepaid expenses and other current assets	119,633	233,323
Total current assets	2,419,909	2,636,172
Property and equipment, net of accumulated depreciation	195,214	204,642
Operating lease right-of-use assets	234,150	239,374
Intangible assets, net of accumulated amortization	682,280	307,128
Goodwill	2,022,830	1,581,160
Other long-term assets	471,409	531,125
Total assets	6,025,792	5,499,601
Current liabilities:
Current portion of long-term debt	68,379	77,865
Accounts payable and other accrued expenses	858,805	666,971
Accrued compensation and benefits	384,694	425,615
Operating lease liabilities	55,258	54,956
Other current liabilities	70,148	65,698
Total current liabilities	1,437,284	1,291,105
Long-term debt, net of current portion	2,764,083	2,278,731
Operating lease liabilities, net of current portion	254,103	263,144
Deferred tax liabilities	282,344	364,461
Other long-term liabilities	239,880	230,984
Total liabilities	4,977,694	4,428,425
Commitments and contingencies (Note 17)
Stockholders’ equity:
Common stock, Class A — $0.01 par value — authorized, 600,000,000 shares; issued, 163,627,651 shares at September 30, 2021 and 162,950,606 shares at March 31, 2021; outstanding, 134,325,110 shares at September 30, 2021 and 136,246,029 shares at March 31, 2021	1,636	1,629
Treasury stock, at cost — 29,302,541 shares at September 30, 2021 and 26,704,577 shares at March 31, 2021	(1,433,136)	(1,216,163)
Additional paid-in capital	600,930	557,957
Retained earnings	1,902,667	1,757,524
Accumulated other comprehensive loss	(23,999)	(29,771)
Total stockholders’ equity	1,048,098	1,071,176
Total liabilities and stockholders’ equity	$ 6,025,792	$ 5,499,601

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Mar. 31, 2021
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)	163,627,651	162,950,606
Common stock, outstanding (in shares)	134,325,110	136,246,029
Treasury stock (in shares)	29,302,541	26,704,577

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 2,106,038	$ 2,019,185	$ 4,095,104	$ 3,975,638
Operating costs and expenses:
Cost of revenue	947,689	942,597	1,910,408	1,891,499
Billable expenses	640,120	603,652	1,195,665	1,152,729
General and administrative expenses	262,260	244,700	564,060	490,555
Depreciation and amortization	37,602	21,015	65,347	41,747
Total operating costs and expenses	1,887,671	1,811,964	3,735,480	3,576,530
Operating income	218,367	207,221	359,624	399,108
Interest expense	(24,254)	(19,787)	(45,524)	(40,022)
Other income (expense), net	6,848	(12,034)	6,315	(12,870)
Income before income taxes	200,961	175,400	320,415	346,216
Income tax expense	46,127	39,319	73,479	80,806
Net income	$ 154,834	$ 136,081	$ 246,936	$ 265,410
Earnings per common share (Note 4):
Basic (in dollars per share)	$ 1.14	$ 0.98	$ 1.82	$ 1.91
Diluted (in dollars per share)	$ 1.14	$ 0.98	$ 1.81	$ 1.90

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 154,834	$ 136,081	$ 246,936	$ 265,410
Other comprehensive income, net of tax:
Change in unrealized gain on derivatives designated as cash flow hedges	2,739	3,664	5,733	2,225
Change in postretirement plan costs	20	22	39	44
Total other comprehensive income, net of tax	2,759	3,686	5,772	2,269
Comprehensive income	$ 157,593	$ 139,767	$ 252,708	$ 267,679

- 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

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income	$ 246,936	$ 265,410
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	65,347	41,747
Noncash lease expense	27,664	26,891
Stock-based compensation expense	28,428	25,632
Amortization of debt issuance costs	2,294	2,176
Loss on debt extinguishment	2,515	13,239
(Gains) losses on dispositions, and other	(3,018)	25
Gain on consolidation of equity method investment	(5,666)	0
Changes in assets and liabilities:
Accounts receivable, net	(43,125)	(8,606)
Deferred income taxes and income taxes receivable / payable	59,350	51,846
Prepaid expenses and other current and long-term assets	(27,747)	(13,943)
Accrued compensation and benefits	(25,268)	22,788
Accounts payable and other accrued expenses	149,586	154,140
Other current and long-term liabilities	(17,550)	(15,321)
Net cash provided by operating activities	459,746	566,024
Cash flows from investing activities
Purchases of property, equipment, and software	(29,675)	(38,084)
Payments for business acquisitions, net of cash acquired	(779,581)	0
Cash paid for cost method investment	(2,000)	0
Net cash used in investing activities	(811,256)	(38,084)
Cash flows from financing activities
Proceeds from issuance of common stock	11,526	9,092
Stock option exercises	3,016	6,492
Repurchases of common stock	(232,381)	(116,291)
Cash dividends paid	(101,869)	(86,836)
Debt extinguishment costs	0	(8,971)
Repayments on revolving credit facility and term loan	(78,067)	(488,933)
Net proceeds from debt issuance	487,027	691,496
Proceeds from revolving credit facility	60,000	0
Other financing activities	0	(700)
Net cash provided by financing activities	149,252	5,349
Net (decrease) increase in cash and cash equivalents	(202,258)	533,289
Cash and cash equivalents––beginning of period	990,955	741,901
Cash and cash equivalents––end of period	788,697	1,275,190
Net cash paid during the period for:
Interest	27,658	32,282
Income taxes	$ 15,249	$ 24,451

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands

Total

Class A Common Stock

Common Stock

Class A Common Stock

Treasury Stock

Additional Paid-In Capital

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Topic 326 adoption impact

Retained Earnings

Beginning balance (shares) at Mar. 31, 2020

161,333,973

(22,614,052)

Beginning of period at Mar. 31, 2020

$ 856,356

$ 1,613

$ (898,095)

$ 468,027

$ 1,330,812

$ (46,001)

$ (1,180)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock (shares)

443,338

Issuance of common stock

9,092

$ 5

9,087

Stock options exercised (shares)

302,023

Stock options exercised

6,492

$ 3

6,489

Repurchase of common stock (shares)

(1,300,000)

(1,440,681)

^[1]

Repurchase of common stock

(105,555)

^[1]

$ (96,400)

$ (105,555)

^[1]

Recognition of liability related to future restricted stock units vesting

280

Net income

265,410

Other comprehensive income, net of tax

2,269

Dividends paid per share of common stock

(86,836)

Stock-based compensation expense

25,629

Ending balance (shares) at Sep. 30, 2020

162,079,334

(24,054,733)

End of period at Sep. 30, 2020

971,957

$ 1,621

$ (1,003,650)

509,512

1,508,206

(43,732)

Beginning balance (shares) at Jun. 30, 2020

161,856,727

(23,659,991)

Beginning of period at Jun. 30, 2020

882,467

$ 1,618

$ (973,601)

486,739

1,415,129

(47,418)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock (shares)

81,482

Issuance of common stock

4,669

$ 2

4,667

Stock options exercised (shares)

141,125

Stock options exercised

3,367

$ 1

3,366

Repurchase of common stock (shares)

(394,742)

Repurchase of common stock

(30,049)

$ (30,049)

Recognition of liability related to future restricted stock units vesting

(59)

Net income

136,081

Other comprehensive income, net of tax

3,686

Dividends paid per share of common stock

(43,004)

Stock-based compensation expense

14,799

Ending balance (shares) at Sep. 30, 2020

162,079,334

(24,054,733)

End of period at Sep. 30, 2020

971,957

$ 1,621

$ (1,003,650)

509,512

1,508,206

(43,732)

Beginning balance (shares) at Mar. 31, 2021

162,950,606

(26,704,577)

Beginning of period at Mar. 31, 2021

1,071,176

$ 1,629

$ (1,216,163)

557,957

1,757,524

(29,771)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock (shares)

558,681

Issuance of common stock

10,323

$ 6

10,317

Stock options exercised (shares)

118,364

Stock options exercised

3,016

$ 1

3,015

Repurchase of common stock (shares)

(2,400,000)

(2,597,964)

^[2]

Repurchase of common stock

(216,973)

^[2]

$ (203,700)

$ (216,973)

^[2]

Recognition of liability related to future restricted stock units vesting

1,213

Net income

246,936

Other comprehensive income, net of tax

5,772

Dividends paid per share of common stock

(101,793)

Stock-based compensation expense

28,428

Ending balance (shares) at Sep. 30, 2021

163,627,651

(29,302,541)

End of period at Sep. 30, 2021

1,048,098

$ 1,636

$ (1,433,136)

600,930

1,902,667

(23,999)

Beginning balance (shares) at Jun. 30, 2021

163,464,754

(28,035,397)

Beginning of period at Jun. 30, 2021

1,023,533

$ 1,635

$ (1,327,601)

577,228

1,799,029

(26,758)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock (shares)

99,738

Issuance of common stock

5,643

$ 0

5,643

Stock options exercised (shares)

63,159

Stock options exercised

1,223

$ 1

1,222

Repurchase of common stock (shares)

^[2]

(1,267,144)

Repurchase of common stock

^[2]

(105,535)

$ (105,535)

Recognition of liability related to future restricted stock units vesting

853

Net income

154,834

Other comprehensive income, net of tax

2,759

Dividends paid per share of common stock

(51,196)

Stock-based compensation expense

15,984

Ending balance (shares) at Sep. 30, 2021

163,627,651

(29,302,541)

End of period at Sep. 30, 2021

$ 1,048,098

$ 1,636

$ (1,433,136)

$ 600,930

$ 1,902,667

$ (23,999)

[1]

During the six months ended September 30, 2020, the Company purchased 1.3 million shares of the Company’s Class A Common Stock in a series of open market transactions for $96.4 million. Additionally, the Company repurchased shares for $9.2 million during the six months ended September 30, 2020 to cover the minimum statutory withholding taxes on restricted stock units that vested on various dates during the period.

[2]

During the six months ended September 30, 2021, the Company purchased 2.4 million shares of the Company’s Class A Common Stock in a series of open market transactions for $203.7 million. Additionally, the Company repurchased shares for $13.3 million during the six months ended September 30, 2021 to cover the minimum statutory withholding taxes on restricted stock units that vested on various dates during the period.

Condensed Consolidated Statements Of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($)
$ in Thousands, shares in Millions

3 Months Ended

6 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Dividends paid (in dollars per share)

$ 0.37

$ 0.31

$ 0.74

$ 0.62

Repurchase of common stock, value

$ 105,535

^[1]

$ 30,049

$ 216,973

^[1]

$ 105,555

^[2]

Repurchase of shares to cover tax withholding on restricted stock units that vested

$ 13,300

$ 9,200

Class A Common Stock

Repurchase of common stock (in shares)

2.4

1.3

Repurchase of common stock, value

$ 203,700

$ 96,400

[1]

[2]

Business Overview	6 Months Ended
Business Overview	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Overview	BUSINESS OVERVIEWBooz 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 29,200 employees as of September 30, 2021

Basis of Presentation	6 Months Ended
Basis of Presentation	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission, or SEC, and should be read in conjunction with the information contained in the Company's Annual Report on Form 10-K for the year ended March 31, 2021. The interim period unaudited condensed consolidated financial statements are presented as described below. Certain information and disclosures normally required for annual financial statements have been condensed or omitted pursuant to GAAP and SEC rules and regulations. In the opinion of management, all adjustments considered necessary for fair presentation of the results of the interim period presented have been included. 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 results of operations for the six months ended September 30, 2021 are not necessarily indicative of results to be expected for the full fiscal year. The condensed 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. Certain amounts reported in the Company's prior year condensed consolidated financial statements have been reclassified to conform to the current year presentation. Accounting Estimates The preparation of 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 financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the financial statements where estimates may have the most significant effect include the provision for claimed indirect costs, valuation and lives of tangible and intangible assets, 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. 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. This amendment became effective on February 10, 2021. The Company’s adoption is expected to impact fiscal 2022 Form 10-K disclosures. Other accounting and reporting pronouncements effective after September 30, 2021 and issued through the filing date are not expected to have a material impact on the Company's condensed consolidated financial statements.

Revenue

6 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue

REVENUEThe Company's revenues from contracts with customers (clients) are derived from offerings that include consulting, analytics, digital solutions, engineering, mission, 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 contracts, time-and-materials contracts, and fixed-price contracts.

Contract Estimates

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 the completion of our 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 revenue and profitability of the Company’s contracts. Changes in estimates related to contracts accounted for under the EAC process are recognized on a cumulative catch-up basis in the period when such changes are determinable and reasonably estimable. 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 each of the three and six months ended September 30, 2021 and 2020, the aggregate impact of adjustments in contract estimates was not material.

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 subcontractor, 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:


	Three Months Ended September 30,								Six Months Ended September 30,
	2021				2020				2021				2020
Cost-reimbursable	$	1,127,189	53	%	$	1,138,501	56	%	$	2,242,614	55	%	$	2,230,549	56	%
Time-and-materials	500,263		24	%	504,663		25	%	997,713		24	%	1,007,209		25	%
Fixed-price	478,586		23	%	376,021		19	%	854,777		21	%	737,880		19	%
Total Revenue	$	2,106,038	100	%	$	2,019,185	100	%	$	4,095,104	100	%	$	3,975,638	100	%

Revenue by Customer Type:


	Three Months Ended September 30,								Six Months Ended September 30,
	2021				2020				2021				2020
U.S. government(1):
Defense Clients	$	999,174	48	%	$	1,005,555	50	%	$	1,975,101	48	%	$	1,940,170	49	%
Intelligence Clients	393,569		19	%	390,383		19	%	770,325		19	%	793,052		20	%
Civil Clients	662,261		31	%	569,125		28	%	1,255,156		31	%	1,128,327		28	%
Total U.S. government	2,055,004		98	%	1,965,063		97	%	4,000,582		98	%	3,861,549		97	%
Global Commercial Clients	51,034		2	%	54,122		3	%	94,522		2	%	114,089		3	%
Total Revenue	$	2,106,038	100	%	$	2,019,185	100	%	$	4,095,104	100	%	$	3,975,638	100	%

(1) Certain contracts were reassigned between the various verticals of our U.S. government business shown in the table above to better align our operations to the customers we serve within each market. Prior year revenue by customer type has been recast to reflect the changes.

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


	Three Months Ended September 30,								Six Months Ended September 30,
	2021				2020				2021				2020
Prime Contractor	$	1,978,216	94	%	$	1,880,778	93	%	$	3,839,939	94	%	$	3,684,382	93	%
Subcontractor	127,822		6	%	138,407		7	%	255,165		6	%	291,256		7	%
Total Revenue	$	2,106,038	100	%	$	2,019,185	100	%	$	4,095,104	100	%	$	3,975,638	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 September 30, 2021 and March 31, 2021, the Company had $8.1 billion and $6.7 billion of remaining performance obligations, respectively. We expect to recognize approximately 70% of the remaining performance obligations at September 30, 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

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 result 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. Unbilled amounts represent revenues for which billings have not been presented to customers at quarter-end or year-end. These amounts are generally 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 condensed consolidated balance sheets. 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 credit losses to provide for an estimate of uncollectible receivables. Provision for credit losses recognized was not material for the three and six months ended September 30, 2021 and 2020.

The following table summarizes the contract assets and liabilities, and accounts receivable, net of allowance recognized on the Company’s condensed consolidated balance sheets:


	Contract Balances	September 30, 2021		March 31, 2021
Current assets
Accounts receivable–billed		$	426,571	$	375,383
Accounts receivable–unbilled	Contract assets	1,085,008		1,037,968
Allowance for credit losses		—		(1,457)
Accounts receivable, net		1,511,579		1,411,894
Other long-term assets
Accounts receivable–unbilled	Contract assets	64,084		63,869
Total accounts receivable, net		$	1,575,663	$	1,475,763
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue	Contract liabilities	$	14,878	$	15,906

Changes in contract assets and contract liabilities are primarily due to the timing difference between the Company’s performance of services and billings to customers. For the three months ended September 30, 2021 and 2020, we recognized revenue of $2.3 million and $2.5 million, respectively, and for the six months ended September 30, 2021 and 2020, we recognized revenue of $14.2 million and $22.0 million, respectively, related to our contract liabilities on April 1, 2021 and 2020, 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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&loc=SL49130554-203045

+ Details

Earnings Per Share

6 Months Ended

Sep. 30, 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. Unvested Class A Restricted Common Stock holders are entitled to participate in non-forfeitable dividends or other distributions. These unvested restricted shares participated in the Company's dividends declared and were paid in the first and second quarters of fiscal 2022 and 2021. 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 unvested restricted shares. A reconciliation of the income used to compute basic and diluted EPS for the periods presented are as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Earnings for basic computations (1)	$	153,742	$	135,283	$	245,418	$	263,951
Weighted-average common shares outstanding for basic computations	134,759,240		137,882,906		135,158,270		138,017,120
Earnings for diluted computations (1)	$	153,745	$	135,286	$	245,422	$	263,958
Dilutive stock options and restricted stock	557,189		864,734		689,278		987,262
Weighted-average common shares outstanding for diluted computations	135,316,429		138,747,640		135,847,548		139,004,382
Earnings per common share
Basic	$	1.14	$	0.98	$	1.82	$	1.91
Diluted	$	1.14	$	0.98	$	1.81	$	1.90

(1) During the three months ended September 30, 2021 and 2020, approximately 1.0 million and 0.8 million participating securities were paid dividends totaling $0.4 million and $0.3 million, respectively. During the six months ended September 30, 2021 and 2020, approximately 0.8 million and 0.8 million participating securities were paid dividends totaling $0.6 million and $0.5 million, respectively. For the three months ended September 30, 2021 and 2020, there were undistributed earnings of $0.7 million and $0.5 million, respectively, allocated to the participating class of securities in both basic and diluted EPS. For the six months ended September 30, 2021 and 2020, there were undistributed earnings of $0.9 million and $1.0 million, respectively, allocated to the participating class of securities in both basic and diluted EPS. The allocated undistributed earnings and the dividends paid comprise the difference between net income presented on the condensed consolidated statements of operations and earnings for basic and diluted computations for the three and six months ended September 30, 2021 and 2020.

The EPS calculation for the three months ended September 30, 2021 and 2020 excludes 0.1 million and 0.3 million options, respectively, as their impact was anti-dilutive. The EPS calculation for the six months ended September 30, 2021 and 2020 excludes 0.1 million and 0.2 million options, respectively, as their impact was anti-dilutive.

Acquisition, Goodwill and Intangible Assets

6 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisition, Goodwill and Intangible Assets

ACQUISITION, GOODWILL AND INTANGIBLE ASSETS

Acquisitions

Tracepoint Holdings, LLC

On September 10, 2021, the Company acquired the remaining 60% equity interest in Tracepoint Holdings, LLC ("Tracepoint"), an industry-leading digital forensics and incident response company serving public and private sector clients, for cash consideration of approximately $120.0 million, net of adjustments (the "Tracepoint Transaction"). As a result of the transaction, Tracepoint and Tracepoint, LLC became wholly owned subsidiaries of Booz Allen Hamilton Inc. The acquisition complements the Company’s existing cybersecurity portfolio and expands its position in the private sector cyber market.

Prior to the closing of the Tracepoint Transaction, the Company held a 40% interest in Tracepoint, which was accounted for as an equity method investment. The equity method investment associated with Tracepoint was remeasured at fair value on the closing date of the Tracepoint Transaction, resulting in a gain of $5.7 million. This gain is presented as a component of Other Income on the Condensed Consolidated Statement of Operations for the three and six months ended September 30, 2021. The fair value of the previously held equity method investment was determined based upon valuations of the Tracepoint business and future business outlook using projected future cash flows.

Under the terms of the purchase agreement, the Company has 120 days after closing to provide proposed post-closing working capital adjustments to the sellers which are subject to dispute. The final purchase price allocations will be completed after the underlying information has been finalized and agreed upon by the sellers and the Company.

The Company recognized $90.5 million of intangible assets which primarily consists of channel relationships. Channel relationships were valued using the excess earnings method discounted cash flow approach, incorporating Level 3 inputs as described under the fair value hierarchy of Accounting Standards Codification (ASC) No. 820, Fair Value Measurement (Topic 820). These unobservable inputs reflect the Company's own judgment about which assumptions market participants would use in pricing an asset on a non-recurring basis. The intangible asset is expected to be amortized over the estimated useful life of 10 years. The goodwill of $95.2 million is largely attributable to Tracepoint's specialized workforce.

Liberty IT Solutions, LLC

On June 11, 2021, the Company acquired Liberty IT Solutions, LLC ("Liberty") for cash consideration of approximately $669.1 million, net of adjustments related to working capital, and transaction costs incurred as part of the acquisition, including compensation expenses paid by the Company that were associated with employee retention. As a result of the transaction, Liberty became a wholly owned subsidiary of Booz Allen Hamilton Inc. Liberty is a leading digital partner driving transformation across the federal IT ecosystem. The acquisition complements the Company’s digital transformation portfolio resulting in a deeper range of advanced technology solutions.

The Company recognized $309.0 million of intangible assets which consist of programs and contracts assets, and were valued using the excess earnings method discounted cash flow approach, incorporating Level 3 inputs as described under the fair value hierarchy of Topic 820. These unobservable inputs reflect the Company's own judgment about which assumptions market participants would use in pricing an asset on a non-recurring basis. The intangible assets are expected to be amortized over the estimated useful life of 12 years. The goodwill of $346.5 million is primarily attributable to Liberty's specialized workforce and the expected synergies between the Company and Liberty.

Purchase Price Allocation

The following table summarizes the cumulative consideration paid and the preliminary allocation of the purchase price paid for Tracepoint and Liberty:


Cash consideration (gross of cash acquired and including net adjustments)	$	789,108
Fair value of non-controlling interest	79,997
Total purchase consideration	869,105

Purchase price allocation:
Cash	9,096
Current assets	57,562
Operating lease right-of-use asset	2,532
Other long-term assets	2,495
Intangible assets	399,500
Current liabilities	(41,216)
Operating lease liabilities-current	(1,017)
Operating lease liabilities-long term	(1,516)
Total fair value of identifiable net assets acquired	$	427,436

Preliminary goodwill	$	441,669

The acquisitions of Liberty and Tracepoint were accounted for under the acquisition method of accounting, which requires the total acquisition consideration to be allocated to the assets acquired and liabilities assumed based on an estimate of the acquisition date fair value, with the difference reflected in goodwill.

The fair values of assets acquired and liabilities assumed are preliminary and based on valuation estimates and assumptions. The accounting for business combinations require estimates and judgments regarding expectations of future cash flows of the acquired business, and the allocations of those cash flows to identifiable tangible and intangible assets. The estimates and assumptions underlying the preliminary valuations are subject to collection of information necessary to complete the valuations (specifically related to projected financial information) within the measurement periods, which are up to one year from the respective acquisition dates. Although the Company does not currently expect material changes to the initial value of net assets acquired, the Company continues to evaluate assumptions related to the valuation of the assets acquired and liabilities assumed. Any adjustments to our estimates of purchase price allocation will be made in the periods in which the adjustments are determined, and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates. Adjustments recorded during the three and six months ended September 30, 2021 were not material to our results from operations. As of September 30, 2021, the Company has not finalized the determination of fair values allocated to various assets and liabilities, including, but not limited to, accounts receivable, intangible assets, property, plant, and equipment, other current and long-term assets, accounts payable and accrued liabilities, and goodwill.

Pro forma results of operations for these acquisitions in the aggregate are not presented because these acquisitions are not material to the Company's condensed consolidated results of operations.

Goodwill

As of September 30, 2021 and March 31, 2021, goodwill was $2,022.8 million and $1,581.2 million, respectively. The increase in the carrying amount of goodwill was attributable to the Company's acquisitions of Liberty and Tracepoint, and the majority of goodwill is expected to be deductible for tax purposes.

Intangible Assets

Intangible assets consisted of the following:


	September 30, 2021						March 31, 2021
	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(1)	$	481,900	$	69,366	$	412,534	$	82,400	$	50,503	$	31,897
Software	121,518		41,972		79,546		114,972		29,941		85,031
Total amortizable intangible assets	$	603,418	$	111,338	$	492,080	$	197,372	$	80,444	$	116,928
Unamortizable intangible assets:
Trade name	$	190,200	$	—	$	190,200	$	190,200	$	—	$	190,200
Total	$	793,618	$	111,338	$	682,280	$	387,572	$	80,444	$	307,128

(1)The increase in the carrying amount of customer relationships and other amortizable intangible assets was attributable to the Company's acquisitions of Liberty and Tracepoint.

The following table summarizes the remainder of fiscal 2022 and estimated annual amortization expense for future periods:


Fiscal Year Ending
Remainder of 2022	$	44,563
2023	82,319
2024	68,904
2025	59,591
2026	52,732
Thereafter	183,971
	$	492,080

Amortization expense for the three months ended September 30, 2021 and September 30, 2020 was $20.4 million and $5.0 million, respectively. Amortization expense for the six months ended September 30, 2021 and September 30, 2020 was $30.7 million and $9.8 million, respectively.

Accounts Payable and Other Accrued Expenses

6 Months Ended

Sep. 30, 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:


	September 30, 2021		March 31, 2021
Vendor payables	$	483,807	$	371,744
Accrued expenses	374,998		295,227
Total accounts payable and other accrued expenses	$	858,805	$	666,971

Accrued expenses consisted primarily of the Company’s provision for claimed indirect costs, which were approximately $276.9 million and $263.2 million as of September 30, 2021 and March 31, 2021, respectively. See Note 17 for further discussion of this provision.

Accrued Compensation and Benefits

6 Months Ended

Sep. 30, 2021

Accrued Compensation and Benefits

ACCRUED COMPENSATION AND BENEFITS

Accrued compensation and benefits consisted of the following:


	September 30, 2021		March 31, 2021
Bonus	$	56,052	$	130,565
Retirement	79,724		44,474
Vacation	204,486		202,100
Other	44,432		48,476
Total accrued compensation and benefits	$	384,694	$	425,615

Debt

6 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

DEBT

Debt consisted of the following:


	September 30, 2021				March 31, 2021
	Interest Rate		Outstanding Balance		Interest Rate		Outstanding Balance
Term Loan A	1.58	%	$	1,273,642	1.61	%	$	1,289,764
Term Loan B	1.83	%	382,266		1.86	%	384,212

Senior Notes due 2028	3.88	%	700,000		3.88	%	700,000
Senior Notes due 2029	4.00	%	500,000		—	%	—
Less: Unamortized debt issuance costs and discount on debt			(23,446)				(17,380)
Total			2,832,462				2,356,596
Less: Current portion of long-term debt			(68,379)				(77,865)
Long-term debt, net of current portion			$	2,764,083			$	2,278,731

Credit Agreement

On June 24, 2021, 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 eighth amendment (the "Eighth Amendment") to the Credit Agreement dated as of July 31, 2012, as amended (the "Existing Credit Agreement" and, as amended, the "Credit Agreement"), with certain institutional lenders and Bank of America, N.A., as Administrative Agent and Collateral Agent. The Eighth Amendment added an additional tier in the pricing grid and extended the maturity applicable to both the Term Loan A ("Term Loan A") and revolving credit facility (the "Revolving Credit Facility") to June 24, 2026, increased the aggregate principal amount of the Revolving Credit Facility and the letter of credit sublimit thereunder, and made certain other amendments to the financial covenants and other terms under the Existing Credit Agreement. The interest rate and maturity date applicable to Term Loan B ("Term Loan B" and, together with Term Loan A, the "Term Loans") remained unchanged.

As of September 30, 2021, the Credit Agreement provided Booz Allen Hamilton with a $1,273.6 million Term Loan A, a $382.3 million Term Loan B, and a $1,000.0 million Revolving Credit Facility, with a sub-limit for letters of credit of $200.0 million (collectively, the "Secured Credit Facility"). As of September 30, 2021, the maturity date of Term Loan B was November 26, 2026. Booz Allen Hamilton’s obligations and the guarantors’ guarantees under the Credit Agreement (the "Guarantee") 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) $909 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 senior secured leverage remains less than or equal to 3.50:1.00.

At Booz Allen Hamilton’s option, borrowings under the Term Loan A and the Revolving 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 (i) the administrative agent’s prime corporate rate, (ii) the overnight federal funds rate plus

0.50%, and (iii) three-month LIBOR (adjusted for maximum reserves, and subject to a floor of zero) plus 1.00%), in each case plus an applicable margin as determined by the pricing grid, 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 1.125% to 2.00% for LIBOR loans and 0.125% to 1.00% for base rate loans, in each case based on Booz Allen Hamilton’s consolidated total net leverage ratio. Unused commitments under the Revolving Credit Facility are subject to a quarterly fee ranging from 0.175% to 0.35% based on Booz Allen Hamilton’s consolidated total net leverage ratio. Booz Allen Hamilton also agreed to pay customary letter of credit and agency fees. The applicable margin for Term Loan B is 1.75% for LIBOR loans and 0.75% for base rate loans.

Booz Allen Hamilton occasionally borrows under the Revolving Credit Facility in anticipation of cash demands. For the three months ended September 30, 2021, Booz Allen Hamilton did not access its Revolving Credit Facility. For the six months ended September 30, 2021, Booz Allen Hamilton accessed $60.0 million of its Revolving Credit Facility, which was both borrowed and repaid in June 2021. For the three and six months ended September 30, 2020, Booz Allen Hamilton did not access its Revolving Credit Facility. As of September 30, 2021 and March 31, 2021, there was no outstanding balance on the Revolving Credit Facility.

The Credit Agreement 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 September 30, 2021 and March 31, 2021, Booz Allen Hamilton was in compliance with all financial covenants associated with its debt and debt-like instruments.

For the three months ended September 30, 2021 and 2020, interest payments of $5.6 million and $5.8 million were made for Term Loan A, respectively, and $1.8 million and $1.9 million were made for Term Loan B, respectively. For the six months ended September 30, 2021 and 2020, interest payments of $10.5 million and $12.7 million were made for Term Loan A, respectively, and $3.6 million and $4.1 million were made for 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 September 30, 2021, Booz Allen Hamilton had interest rate swaps with an aggregate notional amount of $700.0 million. These instruments hedge the variability of cash outflows for interest payments on the Term Loans and 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 9 to our condensed consolidated financial statements).

Senior Notes

On June 17, 2021, Booz Allen Hamilton issued $500.0 million aggregate principal amounts of its 4.000% Senior Notes due July 1, 2029 (the “Senior Notes due 2029”) under an Indenture, dated as of June 17, 2021, among Booz Allen Hamilton, certain subsidiaries of Booz Allen Hamilton, as guarantors (the “Subsidiary Guarantors”), and Wilmington Trust, National Association (in such capacity, the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of June 17, 2021, among Booz Allen Hamilton, the Subsidiary Guarantors and the Trustee. The Senior Notes due 2029 and the related 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. The net proceeds from the sale of the Senior Notes due 2029 were used to fund the acquisition of Liberty and to pay related fees and expenses.

Interest is payable on the Senior Notes due 2029 semi-annually in cash in arrears on July 1 and January 1 of each year, beginning on January 1, 2022. In connection with the issuance of the Senior Notes due 2029, the Company recognized $6.5 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 due 2029.

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
	(In thousands)				(In thousands)
Term Loan A Interest Expense	$	5,234	$	5,722	$	10,463	$	12,640
Term Loan B Interest Expense	1,805		1,894		3,606		4,108
Interest on Revolving Credit Facility	—		—		25		799
Senior Notes Interest Expense	11,781		5,505		19,340		9,989
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1)	1,165		1,106		2,294		2,176
Interest Swap Expense	4,087		5,364		9,530		9,805
Other	182		196		266		505
Total Interest Expense	$	24,254	$	19,787	$	45,524	$	40,022

(1) DIC and OID on the Term Loans and senior notes are recorded as a reduction of long-term debt in the condensed consolidated balance sheet and are amortized ratably over the life of the related debt using the effective rate method. DIC on the Revolving Credit Facility is recorded as a long-term asset on the condensed consolidated balance sheet and amortized ratably over the term of the Revolving Credit Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Derivatives

6 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

DERIVATIVES

The Company utilizes derivative financial instruments to manage interest rate risk related to its variable rate debt. The Company’s objectives in using these interest rate derivatives, which were designated as cash flow hedges, are to manage its exposure to interest rate movements and reduce volatility of interest expense. The aggregate notional amount of all interest rate swap agreements was $700.0 million as of September 30, 2021. The swaps have staggered maturities, ranging from June 30, 2022 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 convert a portion of the variable rate debt into fixed interest rate debt.

Derivative instruments are recorded in the condensed consolidated balance sheet on a gross basis at estimated fair value. As of September 30, 2021, $15.2 million was classified for both other current liabilities and other long-term liabilities on the condensed consolidated balance sheet. 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 condensed 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. The effect of derivative instruments on the accompanying condensed consolidated financial statements for the three and six months ended September 30, 2021 and 2020 is as follows:


		Three Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships	Location of Gain or Loss Recognized in Income on Derivatives	Amount of (Loss) or Gain Recognized in AOCL on Derivatives				Amount of (Loss) or Gain Reclassified from AOCL into Income (1)
		2021		2020		2021		2020
Interest rate swaps	Interest expense	$	(381)	$	(408)	$	(4,087)	$	(5,364)

(1) The reclassifications from accumulated other comprehensive loss to net income was reduced by taxes of $1.1 million and $1.4 million for the three months ended September 30, 2021 and 2020, respectively.


		Six Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships	Location of Gain or Loss Recognized in Income on Derivatives	Amount of (Loss) or Gain Recognized in AOCL on Derivatives				Amount of (Loss) or Gain Reclassified from AOCL into Income (2)
		2021		2020		2021		2020
Interest rate swaps	Interest expense	$	(1,775)	$	(6,795)	$	(9,530)	$	(9,805)

(2) The reclassifications from accumulated other comprehensive loss to net income was reduced by taxes of $2.5 million and $2.6 million for the six months ended September 30, 2021 and 2020, respectively.

Over the next 12 months, the Company estimates that $15.2 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 condensed consolidated statement of cash flows.

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.

Income Taxes	6 Months Ended
Income Taxes	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company’s effective income tax rates were 23.0% and 22.4% for the three months ended September 30, 2021 and September 30, 2020, respectively, and 22.9% and 23.3% for the six months ended September 30, 2021 and 2020, respectively. Our effective tax rates for these periods differ from the federal statutory rate of 21.0% primarily due to the inclusion of state and foreign income taxes and permanent rate differences, which are predominantly related to certain executive compensation and the accrual of reserves for uncertain tax positions, offset by research and development tax credits, excess tax benefits for employee share-based compensation, and the Foreign Derived Intangible Income deduction. The Company is currently contesting tax assessments from the District of Columbia Office of Tax and Revenue ("DC OTR") for fiscal years 2013 through 2015. The assessment relates to $11.7 million of taxes, net of federal tax benefits, as of September 30, 2021. During the second quarter of fiscal 2022, the Company received notification that the District of Columbia Office of Administrative Hearings ruled in favor of the DC OTR. The Company is currently appealing the decision with the District of Columbia Court of Appeals. The Company intends to continue to vigorously defend this matter. As a result of the ruling in favor of the DC OTR, the Company made an $8.6 million payment related to these assessments, consisting of $3.7 million of tax related to fiscal 2014 and 2015, as well as $4.9 million of penalties and interest. This payment was made under protest and, given the Company's belief that it will be recovered, the payment has been recorded as a long term income tax-receivable (a component of other long-term assets) on its condensed consolidated balance sheet. There has been no impact to income tax expense during fiscal 2022 related to this payment. The Company has taken similar tax positions with respect to subsequent fiscal years. As of September 30, 2021, the Company does not maintain reserves for any uncertain tax positions related to the contested tax benefits related to 2013 through 2015, nor does it maintain reserves for the similar tax positions taken in the subsequent fiscal years. If an adverse final resolution were to occur with respect to uncertain tax positions related to the contested tax benefits or the similar tax positions taken for fiscal years 2013 through 2020, the total potential future tax expense that would arise would be approximately $40.2 million to $55.0 million, net of federal benefits. The Company maintained reserves for uncertain tax positions of $70.5 million and $62.9 million as of September 30, 2021 and March 31, 2021, respectively, $11.1 million of which is reflected as a reduction to deferred taxes with the remaining balance included in other long-term liabilities in the accompanying condensed consolidated balance sheets. As of September 30, 2021, the Company's reserves for uncertain tax positions are related entirely to research and development tax credits. During the second quarter of fiscal 2022, the Company received a notice from the IRS that the Company's fiscal years 2016, 2017, and 2019 were selected for examination. The Company will continue to evaluate its reserves for uncertain tax positions in conjunction with the IRS examination, and as of September 30, 2021 does not believe any modifications to the previously recorded reserves are necessary.

- 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.

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+ Details

Other Long-Term Liabilities

6 Months Ended

Sep. 30, 2021

Other Liabilities Disclosure [Abstract]

Other Long-Term Liabilities

OTHER LONG-TERM LIABILITIES

Other long-term liabilities consisted of the following:


	September 30, 2021		March 31, 2021

Postretirement benefit obligations	128,686		126,054
Reserves for uncertain tax positions	60,738		53,203
Other(1)	50,456		51,727
Total other long-term liabilities	$	239,880	$	230,984

(1) Components of other long-term liabilities at September 30, 2021 and March 31, 2021 primarily include the Company's long-term deferred compensation plan liability, the long-term liability portion of derivative instruments, and the long-term disability obligation.

Employee Benefit Plans

6 Months Ended

Sep. 30, 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 expenses recognized under ECAP were $42.7 million and $40.2 million for the three months ended September 30, 2021 and 2020, respectively, and $85.9 million and $81.3 million for the six months ended September 30, 2021 and 2020, 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 components of net postretirement medical expense for the Officer Medical Plan were as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Service cost	$	1,626	$	1,414	$	3,252	$	2,828
Interest cost	1,016		1,059		2,032		2,118

Total postretirement medical expense	$	2,642	$	2,473	$	5,284	$	4,946

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

As of September 30, 2021 and March 31, 2021, the unfunded status of the post-retirement medical plan was $124.1 million and $121.5 million, respectively, which is included in other long-term liabilities in the accompanying condensed consolidated balance sheets.

- Definition

The entire disclosure for retirement benefits.

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-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Accumulated Other Comprehensive Loss

6 Months Ended

Sep. 30, 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:


	Three Months Ended September 30, 2021						Six Months Ended September 30, 2021
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals		Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of period	$	(1,543)	$	(25,215)	$	(26,758)	$	(1,562)	$	(28,209)	$	(29,771)
Other comprehensive loss before reclassifications(1)	—		(281)		(281)		—		(1,312)		(1,312)
Amounts reclassified from accumulated other comprehensive loss	20		3,020		3,040		39		7,045		7,084
Net current-period other comprehensive income	20		2,739		2,759		39		5,733		5,772
End of period	$	(1,523)	$	(22,476)	$	(23,999)	$	(1,523)	$	(22,476)	$	(23,999)

(1) Changes in other comprehensive income (loss) before reclassification for derivatives designated as cash flow hedges are recorded net of tax benefits of $0.1 million and $0.5 million for the three and six months ended September 30, 2021, respectively.


	Three Months Ended September 30, 2020						Six Months Ended September 30, 2020
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals		Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of period	$	(4,105)	$	(43,313)	$	(47,418)	$	(4,127)	$	(41,874)	$	(46,001)
Other comprehensive loss before reclassifications(2)	—		(301)		(301)		—		(5,023)		(5,023)
Amounts reclassified from accumulated other comprehensive loss	22		3,965		3,987		44		7,248		7,292
Net current-period other comprehensive income	22		3,664		3,686		44		2,225		2,269
End of period	$	(4,083)	$	(39,649)	$	(43,732)	$	(4,083)	$	(39,649)	$	(43,732)

(2) Changes in other comprehensive income (loss) before reclassification for derivatives designated as cash flow hedges are recorded net of tax benefits of $0.1 million and $1.8 million for the three and six months ended September 30, 2020, respectively.

Stock-Based Compensation

6 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Cost of revenue	$	6,712	$	5,769	$	12,597	$	10,267
General and administrative expenses	9,272		9,030		15,831		15,365
Total	$	15,984	$	14,799	$	28,428	$	25,632

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Equity Incentive Plan Options	$	652	$	684	$	1,225	$	1,130
Restricted Stock Awards	$	15,332	14,115		27,203		24,502
Total	$	15,984	$	14,799	$	28,428	$	25,632

As of September 30, 2021, there was $77.2 million of total unrecognized compensation cost related to unvested stock-based compensation agreements. The unrecognized compensation cost as of September 30, 2021 is expected to be fully amortized over the next 4.9 years. Absent the effect of accelerating stock compensation cost for any departures of employees who may continue to vest in their equity awards, the following table summarizes the unrecognized compensation cost and the weighted-average period the cost is expected to be amortized.


	September 30, 2021
	Unrecognized Compensation Cost		Weighted Average Remaining Period to be Recognized (in years)
Equity Incentive Plan Options	$	3,761	3.53
Restricted Stock Awards	73,428		1.81
Total	$	77,189

Equity Incentive Plan

As of September 30, 2021, there were 1,373,926 EIP options outstanding, of which 594,095 were unvested.

During the three months ended September 30, 2021, the Board of Directors granted 259,393 restricted stock units to certain employees of the Company. The aggregate value of these awards was $22.8 million based on the grant date stock price, which ranged from $81.68 to $89.78.

Fair Value Measurements

6 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTSThe 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 condensed consolidated balance sheets consist of the following:


	Recurring Fair Value Measurements as of September 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:


Long-term deferred compensation plan asset (1)	19,263		—		—		19,263
Total Assets	$	19,263	$	—	$	—	$	19,263
Liabilities:
Contingent consideration liability (2)	$	—	$	—	$	1,223	1,223
Current derivative instruments (3)	—		15,183		—		15,183
Long-term derivative instruments (3)	—		15,225		—		15,225
Long-term deferred compensation plan liability (1)	19,263		—		—		19,263
Total Liabilities	$	19,263	$	30,408	$	1,223	$	50,894


	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

(1) Investments in this category consist 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 condensed consolidated balance sheets.

(2) The Company recognized a contingent consideration liability of $3.6 million in connection with its acquisition of Aquilent in fiscal 2017. As of both September 30, 2021 and March 31, 2021, 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 9 to the condensed consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges.

We did not have any material items that were measured at fair value on a non-recurring basis as of September 30, 2021, with the exception of the assets and liabilities acquired through the acquisitions of Liberty and Tracepoint (see Note 5).

The fair value of the Company's cash and cash equivalents, which are Level 1 inputs, approximated its carrying values at September 30, 2021 and March 31, 2021. The fair value of the Company's debt instruments approximated its carrying value at September 30, 2021 and March 31, 2021. 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 the Senior Notes due 2029 and Booz Allen Hamilton's 3.875% Senior Notes due 2028 (the "Senior Notes due 2028") is determined using quoted prices or other market information obtained 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	6 Months Ended
Related-Party Transactions	Sep. 30, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	RELATED-PARTY TRANSACTIONS Two of our directors served on the board of directors of a subcontractor to which the Company subcontracted $17.3 million and $21.7 million of services for the three months ended September 30, 2021 and 2020, respectively, and $35.1 million and $45.0 million of services for the six months ended September 30, 2021 and 2020, respectively. The subcontractor was acquired by another company in August 2021, at which point the two directors ceased to serve on the board of directors.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Letters of Credit and Third-Party Guarantees As of September 30, 2021 and March 31, 2021, 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 $8.2 million and $9.8 million, respectively. These letters of credit and bank guarantees primarily support insurance and bid and performance obligations. At both September 30, 2021 and March 31, 2021, approximately $0.9 million of these instruments reduced 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 $12.7 million and $11.1 million were available to the Company at September 30, 2021 and March 31, 2021, respectively. Government Contracting Matters - Provision for Claimed Indirect Costs For the three months ended September 30, 2021 and 2020, approximately 98% and 97% 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. For the six months ended September 30, 2021 and 2020, approximately 98% and 97% and of the Company's revenue, respectively, was generated from such contracts. U.S. government contracts and subcontracts are subject to extensive legal and regulatory requirements. As noted in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2021, in the ordinary course of business, agencies of the U.S. government, including the Defense Contract Audit Agency (DCAA), audit the Company’s 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. 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 September 30, 2021 and March 31, 2021, the Company had recorded liabilities of approximately $276.9 million and $263.2 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 September 30, 2021 and March 31, 2021, there were no material amounts accrued in the condensed consolidated financial statements related to these proceedings. As previously disclosed in Note 21 to the consolidated financial statements of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2021, the Company is not able to reasonably estimate the expected amount or range of cost or any loss associated with these matters.

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Estimates	Accounting Estimates The preparation of 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 financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the financial statements where estimates may have the most significant effect include the provision for claimed indirect costs, valuation and lives of tangible and intangible assets, 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.
Recently Accounting Pronouncements Not Yet Adopted	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. This amendment became effective on February 10, 2021. The Company’s adoption is expected to impact fiscal 2022 Form 10-K disclosures. Other accounting and reporting pronouncements effective after September 30, 2021 and issued through the filing date are not expected to have a material impact on the Company's condensed consolidated financial statements.

Revenue (Tables)

6 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Three Months Ended September 30,								Six Months Ended September 30,
	2021				2020				2021				2020
Cost-reimbursable	$	1,127,189	53	%	$	1,138,501	56	%	$	2,242,614	55	%	$	2,230,549	56	%
Time-and-materials	500,263		24	%	504,663		25	%	997,713		24	%	1,007,209		25	%
Fixed-price	478,586		23	%	376,021		19	%	854,777		21	%	737,880		19	%
Total Revenue	$	2,106,038	100	%	$	2,019,185	100	%	$	4,095,104	100	%	$	3,975,638	100	%

Revenue by Customer Type:


	Three Months Ended September 30,								Six Months Ended September 30,
	2021				2020				2021				2020
U.S. government(1):
Defense Clients	$	999,174	48	%	$	1,005,555	50	%	$	1,975,101	48	%	$	1,940,170	49	%
Intelligence Clients	393,569		19	%	390,383		19	%	770,325		19	%	793,052		20	%
Civil Clients	662,261		31	%	569,125		28	%	1,255,156		31	%	1,128,327		28	%
Total U.S. government	2,055,004		98	%	1,965,063		97	%	4,000,582		98	%	3,861,549		97	%
Global Commercial Clients	51,034		2	%	54,122		3	%	94,522		2	%	114,089		3	%
Total Revenue	$	2,106,038	100	%	$	2,019,185	100	%	$	4,095,104	100	%	$	3,975,638	100	%

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


	Three Months Ended September 30,								Six Months Ended September 30,
	2021				2020				2021				2020
Prime Contractor	$	1,978,216	94	%	$	1,880,778	93	%	$	3,839,939	94	%	$	3,684,382	93	%
Subcontractor	127,822		6	%	138,407		7	%	255,165		6	%	291,256		7	%
Total Revenue	$	2,106,038	100	%	$	2,019,185	100	%	$	4,095,104	100	%	$	3,975,638	100	%

Summary of Contract Balances

The following table summarizes the contract assets and liabilities, and accounts receivable, net of allowance recognized on the Company’s condensed consolidated balance sheets:


	Contract Balances	September 30, 2021		March 31, 2021
Current assets
Accounts receivable–billed		$	426,571	$	375,383
Accounts receivable–unbilled	Contract assets	1,085,008		1,037,968
Allowance for credit losses		—		(1,457)
Accounts receivable, net		1,511,579		1,411,894
Other long-term assets
Accounts receivable–unbilled	Contract assets	64,084		63,869
Total accounts receivable, net		$	1,575,663	$	1,475,763
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue	Contract liabilities	$	14,878	$	15,906

Earnings Per Share (Tables)

6 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Reconciliation of the 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:


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Earnings for basic computations (1)	$	153,742	$	135,283	$	245,418	$	263,951
Weighted-average common shares outstanding for basic computations	134,759,240		137,882,906		135,158,270		138,017,120
Earnings for diluted computations (1)	$	153,745	$	135,286	$	245,422	$	263,958
Dilutive stock options and restricted stock	557,189		864,734		689,278		987,262
Weighted-average common shares outstanding for diluted computations	135,316,429		138,747,640		135,847,548		139,004,382
Earnings per common share
Basic	$	1.14	$	0.98	$	1.82	$	1.91
Diluted	$	1.14	$	0.98	$	1.81	$	1.90

Acquisition, Goodwill and Intangible Assets (Tables)

6 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the cumulative consideration paid and the preliminary allocation of the purchase price paid for Tracepoint and Liberty:


Cash consideration (gross of cash acquired and including net adjustments)	$	789,108
Fair value of non-controlling interest	79,997
Total purchase consideration	869,105

Purchase price allocation:
Cash	9,096
Current assets	57,562
Operating lease right-of-use asset	2,532
Other long-term assets	2,495
Intangible assets	399,500
Current liabilities	(41,216)
Operating lease liabilities-current	(1,017)
Operating lease liabilities-long term	(1,516)
Total fair value of identifiable net assets acquired	$	427,436

Preliminary goodwill	$	441,669

Schedule of Finite-Lived Intangible Assets

Intangible assets consisted of the following:


	September 30, 2021						March 31, 2021
	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(1)	$	481,900	$	69,366	$	412,534	$	82,400	$	50,503	$	31,897
Software	121,518		41,972		79,546		114,972		29,941		85,031
Total amortizable intangible assets	$	603,418	$	111,338	$	492,080	$	197,372	$	80,444	$	116,928
Unamortizable intangible assets:
Trade name	$	190,200	$	—	$	190,200	$	190,200	$	—	$	190,200
Total	$	793,618	$	111,338	$	682,280	$	387,572	$	80,444	$	307,128

(1)The increase in the carrying amount of customer relationships and other amortizable intangible assets was attributable to the Company's acquisitions of Liberty and Tracepoint.

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table summarizes the remainder of fiscal 2022 and estimated annual amortization expense for future periods:


Fiscal Year Ending
Remainder of 2022	$	44,563
2023	82,319
2024	68,904
2025	59,591
2026	52,732
Thereafter	183,971
	$	492,080

Accounts Payable and Other Accrued Expenses (Tables)

6 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and other accrued expenses consisted of the following:


	September 30, 2021		March 31, 2021
Vendor payables	$	483,807	$	371,744
Accrued expenses	374,998		295,227
Total accounts payable and other accrued expenses	$	858,805	$	666,971

Accrued Compensation and Benefits (Tables)

6 Months Ended

Sep. 30, 2021

Schedule of accrued compensation and benefits

Accrued compensation and benefits consisted of the following:


	September 30, 2021		March 31, 2021
Bonus	$	56,052	$	130,565
Retirement	79,724		44,474
Vacation	204,486		202,100
Other	44,432		48,476
Total accrued compensation and benefits	$	384,694	$	425,615

Debt (Tables)

6 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following:


	September 30, 2021				March 31, 2021
	Interest Rate		Outstanding Balance		Interest Rate		Outstanding Balance
Term Loan A	1.58	%	$	1,273,642	1.61	%	$	1,289,764
Term Loan B	1.83	%	382,266		1.86	%	384,212

Senior Notes due 2028	3.88	%	700,000		3.88	%	700,000
Senior Notes due 2029	4.00	%	500,000		—	%	—
Less: Unamortized debt issuance costs and discount on debt			(23,446)				(17,380)
Total			2,832,462				2,356,596
Less: Current portion of long-term debt			(68,379)				(77,865)
Long-term debt, net of current portion			$	2,764,083			$	2,278,731

Schedule of Interest Expense

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
	(In thousands)				(In thousands)
Term Loan A Interest Expense	$	5,234	$	5,722	$	10,463	$	12,640
Term Loan B Interest Expense	1,805		1,894		3,606		4,108
Interest on Revolving Credit Facility	—		—		25		799
Senior Notes Interest Expense	11,781		5,505		19,340		9,989
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1)	1,165		1,106		2,294		2,176
Interest Swap Expense	4,087		5,364		9,530		9,805
Other	182		196		266		505
Total Interest Expense	$	24,254	$	19,787	$	45,524	$	40,022

Derivatives (Tables)

6 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The effect of derivative instruments on the accompanying condensed consolidated financial statements for the three and six months ended September 30, 2021 and 2020 is as follows:


		Three Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships	Location of Gain or Loss Recognized in Income on Derivatives	Amount of (Loss) or Gain Recognized in AOCL on Derivatives				Amount of (Loss) or Gain Reclassified from AOCL into Income (1)
		2021		2020		2021		2020
Interest rate swaps	Interest expense	$	(381)	$	(408)	$	(4,087)	$	(5,364)


		Six Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships	Location of Gain or Loss Recognized in Income on Derivatives	Amount of (Loss) or Gain Recognized in AOCL on Derivatives				Amount of (Loss) or Gain Reclassified from AOCL into Income (2)
		2021		2020		2021		2020
Interest rate swaps	Interest expense	$	(1,775)	$	(6,795)	$	(9,530)	$	(9,805)

- 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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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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-Section 50
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-URI http://asc.fasb.org/extlink&oid=125515794&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=125515794&loc=SL5579240-113959

+ Details

Other Long-Term Liabilities (Tables)

6 Months Ended

Sep. 30, 2021

Other Liabilities Disclosure [Abstract]

Summary of Other Long-Term Liabilities

Other long-term liabilities consisted of the following:


	September 30, 2021		March 31, 2021

Postretirement benefit obligations	128,686		126,054
Reserves for uncertain tax positions	60,738		53,203
Other(1)	50,456		51,727
Total other long-term liabilities	$	239,880	$	230,984

Employee Benefit Plans (Tables)

6 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Components of net postretirement medical expense

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Service cost	$	1,626	$	1,414	$	3,252	$	2,828
Interest cost	1,016		1,059		2,032		2,118

Total postretirement medical expense	$	2,642	$	2,473	$	5,284	$	4,946

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Sep. 30, 2021

Equity [Abstract]

Schedule of accumulated other comprehensive loss

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


	Three Months Ended September 30, 2021						Six Months Ended September 30, 2021
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals		Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of period	$	(1,543)	$	(25,215)	$	(26,758)	$	(1,562)	$	(28,209)	$	(29,771)
Other comprehensive loss before reclassifications(1)	—		(281)		(281)		—		(1,312)		(1,312)
Amounts reclassified from accumulated other comprehensive loss	20		3,020		3,040		39		7,045		7,084
Net current-period other comprehensive income	20		2,739		2,759		39		5,733		5,772
End of period	$	(1,523)	$	(22,476)	$	(23,999)	$	(1,523)	$	(22,476)	$	(23,999)


	Three Months Ended September 30, 2020						Six Months Ended September 30, 2020
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals		Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of period	$	(4,105)	$	(43,313)	$	(47,418)	$	(4,127)	$	(41,874)	$	(46,001)
Other comprehensive loss before reclassifications(2)	—		(301)		(301)		—		(5,023)		(5,023)
Amounts reclassified from accumulated other comprehensive loss	22		3,965		3,987		44		7,248		7,292
Net current-period other comprehensive income	22		3,664		3,686		44		2,225		2,269
End of period	$	(4,083)	$	(39,649)	$	(43,732)	$	(4,083)	$	(39,649)	$	(43,732)

Stock-Based Compensation (Tables)

6 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

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

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Cost of revenue	$	6,712	$	5,769	$	12,597	$	10,267
General and administrative expenses	9,272		9,030		15,831		15,365
Total	$	15,984	$	14,799	$	28,428	$	25,632

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Equity Incentive Plan Options	$	652	$	684	$	1,225	$	1,130
Restricted Stock Awards	$	15,332	14,115		27,203		24,502
Total	$	15,984	$	14,799	$	28,428	$	25,632

Schedule of Unrecognized Compensation Cost

Absent the effect of accelerating stock compensation cost for any departures of employees who may continue to vest in their equity awards, the following table summarizes the unrecognized compensation cost and the weighted-average period the cost is expected to be amortized.


	September 30, 2021
	Unrecognized Compensation Cost		Weighted Average Remaining Period to be Recognized (in years)
Equity Incentive Plan Options	$	3,761	3.53
Restricted Stock Awards	73,428		1.81
Total	$	77,189

Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Recurring Fair Value Measurements

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


	Recurring Fair Value Measurements as of September 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:


Long-term deferred compensation plan asset (1)	19,263		—		—		19,263
Total Assets	$	19,263	$	—	$	—	$	19,263
Liabilities:
Contingent consideration liability (2)	$	—	$	—	$	1,223	1,223
Current derivative instruments (3)	—		15,183		—		15,183
Long-term derivative instruments (3)	—		15,225		—		15,225
Long-term deferred compensation plan liability (1)	19,263		—		—		19,263
Total Liabilities	$	19,263	$	30,408	$	1,223	$	50,894


	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

- 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

Business Overview (Details)	6 Months Ended
Business Overview (Details)	Sep. 30, 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	29,200

Revenue - Schedules of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 2,106,038	$ 2,019,185	$ 4,095,104	$ 3,975,638
Total revenue (as a percent)	100.00%	100.00%	100.00%	100.00%
Prime Contractor
Disaggregation of Revenue [Line Items]
Revenue	$ 1,978,216	$ 1,880,778	$ 3,839,939	$ 3,684,382
Total revenue (as a percent)	94.00%	93.00%	94.00%	93.00%
Subcontractor
Disaggregation of Revenue [Line Items]
Revenue	$ 127,822	$ 138,407	$ 255,165	$ 291,256
Total revenue (as a percent)	6.00%	7.00%	6.00%	7.00%
Total U.S. government
Disaggregation of Revenue [Line Items]
Revenue	$ 2,055,004	$ 1,965,063	$ 4,000,582	$ 3,861,549
Total revenue (as a percent)	98.00%	97.00%	98.00%	97.00%
Defense Clients \| Total U.S. government
Disaggregation of Revenue [Line Items]
Revenue	$ 999,174	$ 1,005,555	$ 1,975,101	$ 1,940,170
Total revenue (as a percent)	48.00%	50.00%	48.00%	49.00%
Intelligence Clients \| Total U.S. government
Disaggregation of Revenue [Line Items]
Revenue	$ 393,569	$ 390,383	$ 770,325	$ 793,052
Total revenue (as a percent)	19.00%	19.00%	19.00%	20.00%
Civil Clients \| Total U.S. government
Disaggregation of Revenue [Line Items]
Revenue	$ 662,261	$ 569,125	$ 1,255,156	$ 1,128,327
Total revenue (as a percent)	31.00%	28.00%	31.00%	28.00%
Global Commercial Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 51,034	$ 54,122	$ 94,522	$ 114,089
Total revenue (as a percent)	2.00%	3.00%	2.00%	3.00%
Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	$ 1,127,189	$ 1,138,501	$ 2,242,614	$ 2,230,549
Total revenue (as a percent)	53.00%	56.00%	55.00%	56.00%
Time-and-materials
Disaggregation of Revenue [Line Items]
Revenue	$ 500,263	$ 504,663	$ 997,713	$ 1,007,209
Total revenue (as a percent)	24.00%	25.00%	24.00%	25.00%
Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	$ 478,586	$ 376,021	$ 854,777	$ 737,880
Total revenue (as a percent)	23.00%	19.00%	21.00%	19.00%

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue, amount of remaining performance obligation	$ 8,100.0		$ 8,100.0		$ 6,700.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability, revenue recognized	$ 2.3	$ 2.5	$ 14.2	$ 22.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing, period	12 months		12 months
Remaining performance obligation, percentage	70.00%		70.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing, period	24 months		24 months
Remaining performance obligation, percentage	85.00%		85.00%

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Contract with Customer, Asset, after Allowance for Credit Loss [Abstract]
Accounts receivable–billed	$ 426,571	$ 375,383
Accounts receivable–unbilled	1,085,008	1,037,968
Allowance for credit losses	0	(1,457)
Accounts receivable, net	1,511,579	1,411,894
Accounts receivable–unbilled	64,084	63,869
Total accounts receivable, net	1,575,663	1,475,763
Contract with Customer, Liability [Abstract]
Advance payments, billings in excess of costs incurred and deferred revenue	$ 14,878	$ 15,906

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Earnings for basic computations	$ 153,742	$ 135,283	$ 245,418	$ 263,951
Earnings for diluted computations	$ 153,745	$ 135,286	$ 245,422	$ 263,958
Dilutive stock options and restricted stock (in shares)	557,189	864,734	689,278	987,262
Earnings per common share
Basic (in dollars per share)	$ 1.14	$ 0.98	$ 1.82	$ 1.91
Diluted (in dollars per share)	$ 1.14	$ 0.98	$ 1.81	$ 1.90
Unvested shares participating in the payment of the Company's dividends declared (in shares)	1,000,000	800,000
Unvested shares, cash dividends paid	$ 400	$ 300	$ 101,869	$ 86,836
Undistributed earnings allocated to participating securities, basic	700	500
Undistributed earnings allocated to participating securities, diluted	$ 700	$ 500
Antidilutive options excluded from the computation of EPS (in shares)	100,000	300,000
Restricted Stock Awards
Earnings per common share
Unvested shares participating in the payment of the Company's dividends declared (in shares)			800,000	800,000
Unvested shares, cash dividends paid			$ 600	$ 500
Undistributed earnings allocated to participating securities, basic			900	1,000
Undistributed earnings allocated to participating securities, diluted			$ 900	$ 1,000
Equity Incentive Plan Options
Earnings per common share
Antidilutive options excluded from the computation of EPS (in shares)			100,000	200,000
Class A Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding for basic computations (in shares)	134,759,240	137,882,906	135,158,270	138,017,120
Weighted-average common shares outstanding for diluted computations (in shares)	135,316,429	138,747,640	135,847,548	139,004,382

Acquisition, Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands				3 Months Ended		6 Months Ended
	Sep. 10, 2021	Sep. 09, 2021	Jun. 11, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Business Acquisition [Line Items]
Gain on consolidation of equity method investment						$ 5,666	$ 0
Goodwill				$ 2,022,830		2,022,830		$ 1,581,160
Amortization expense				$ 20,400	$ 5,000	$ 30,700	$ 9,800
Tracepoint LLC \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Business Acquisition [Line Items]
Equity method investment, ownership (as a percent)		40.00%
Gain on consolidation of equity method investment		$ 5,700
Tracepoint LLC
Business Acquisition [Line Items]
Ownership interest acquired (as a percent)	60.00%
Cash consideration (gross of cash acquired and including net adjustments)	$ 120,000
Period to propose working capital adjustments	120 days
Intangible assets	$ 90,500
Useful life (in years)	10 years
Goodwill	$ 95,200
Liberty IT Solutions, LLC
Business Acquisition [Line Items]
Period to propose working capital adjustments			120 days
Intangible assets			$ 309,000
Useful life (in years)			12 years
Goodwill			$ 346,500
Total purchase consideration			$ 669,100

Acquisition, Goodwill and Intangible Assets - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2021	Mar. 31, 2021
Purchase price allocation:
Preliminary goodwill	$ 2,022,830	$ 1,581,160
Tracepoint LLC and Liberty IT Solutions LLC
Business Acquisition [Line Items]
Cash consideration (gross of cash acquired and including net adjustments)	789,108
Fair value of non-controlling interest	79,997
Total purchase consideration	869,105
Purchase price allocation:
Cash	9,096
Current assets	57,562
Operating lease right-of-use asset	2,532
Other long-term assets	2,495
Intangible assets	399,500
Current liabilities	(41,216)
Operating lease liabilities-current	(1,017)
Operating lease liabilities-long term	(1,516)
Total fair value of identifiable net assets acquired	427,436
Preliminary goodwill	$ 441,669

Acquisition, Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 603,418	$ 197,372
Accumulated Amortization	111,338	80,444
Net Carrying Value	492,080	116,928
Total intangible assets, gross	793,618	387,572
Total intangible assets, net	682,280	307,128
Trade Names
Finite-Lived Intangible Assets [Line Items]
Trade name	190,200	190,200
Customer relationships and other amortizable intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	481,900	82,400
Accumulated Amortization	69,366	50,503
Net Carrying Value	412,534	31,897
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	121,518	114,972
Accumulated Amortization	41,972	29,941
Net Carrying Value	$ 79,546	$ 85,031

Acquisition, Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Remainder of 2022	$ 44,563
2023	82,319
2024	68,904
2025	59,591
2026	52,732
Thereafter	183,971
Net Carrying Value	$ 492,080	$ 116,928

Accounts Payable and Other Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Payables and Accruals [Abstract]
Vendor payables	$ 483,807	$ 371,744
Accrued expenses	374,998	295,227
Total accounts payable and other accrued expenses	858,805	666,971
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Provision for claimed indirect costs	$ 276,900	$ 263,200

Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Compensation Related Costs [Abstract]
Bonus	$ 56,052	$ 130,565
Retirement	79,724	44,474
Vacation	204,486	202,100
Other	44,432	48,476
Total accrued compensation and benefits	$ 384,694	$ 425,615

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Long-term Debt, Current and Noncurrent [Abstract]
Less: Unamortized debt issuance costs and discount on debt	$ (23,446)	$ (17,380)
Total	2,832,462	2,356,596
Less: Current portion of long-term debt	(68,379)	(77,865)
Long-term debt, net of current portion	$ 2,764,083	$ 2,278,731
Term Loans \| Term Loan A
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate	1.58%	1.61%
Long-term debt outstanding	$ 1,273,642	$ 1,289,764
Term Loans \| Term Loan B
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate	1.83%	1.86%
Long-term debt outstanding	$ 382,266	$ 384,212
Senior Notes \| Senior Notes due 2028
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate	3.88%	3.88%
Long-term debt outstanding	$ 700,000	$ 700,000
Senior Notes \| Senior Notes due 2029
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate	4.00%	0.00%
Long-term debt outstanding	$ 500,000	$ 0

Debt - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Debt - Narrative (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 17, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Long-term debt, maximum expanded loan facility			$ 909,000,000
Percentage of consolidated EBITDA required for expansion of loan			100.00%
Net secured leverage ratio			350.00%
Proceeds from revolving credit facility			$ 60,000,000	$ 0
Minimum
Debt Instrument [Line Items]
Commitment fee percentage			0.175%
Maximum
Debt Instrument [Line Items]
Commitment fee percentage			0.35%
Term Loan A
Debt Instrument [Line Items]
Interest payments	$ 5,600,000	$ 5,800,000	$ 10,500,000	12,700,000
Term Loan A \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			1.125%
Term Loan A \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			2.00%
Term Loan B
Debt Instrument [Line Items]
Interest payments	1,800,000	$ 1,900,000	$ 3,600,000	$ 4,100,000
Term Loan B \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			1.75%
Term Loan B \| Base Rate
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			0.75%
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	1,000,000,000		$ 1,000,000,000
Proceeds from revolving credit facility			$ 60,000,000
Revolving Credit Facility \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			1.125%
Revolving Credit Facility \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			2.00%
Revolving Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			0.125%
Revolving Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			1.00%
Term Loans \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			1.00%
Term Loans \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			0.00%
Term Loans \| Overnight Federal Funds Rate
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			0.50%
Term Loans \| Base Rate \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			0.00%
Term Loans \| Term Loan A
Debt Instrument [Line Items]
Long-term debt outstanding	$ 1,273,642,000		$ 1,273,642,000			$ 1,289,764,000
Quarterly periodic payment percentage, principal	1.25%		1.25%
Term Loans \| Term Loan A \| Base Rate \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			0.125%
Term Loans \| Term Loan A \| Base Rate \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			1.00%
Term Loans \| Term Loan B
Debt Instrument [Line Items]
Long-term debt outstanding	$ 382,266,000		$ 382,266,000			384,212,000
Quarterly periodic payment percentage, principal	0.25%		0.25%
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, amount outstanding	$ 0		$ 0			0
Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	200,000,000		200,000,000
Senior Notes \| Senior Notes due 2029
Debt Instrument [Line Items]
Long-term debt outstanding	500,000,000		500,000,000			$ 0
Face amount of debt					$ 500,000,000
Debt instrument, stated percentage					4.00%
Debt issuance costs					$ 6,500,000
Designated as Hedging Instrument \| Interest Rate Swap \| Cash Flow Hedging
Debt Instrument [Line Items]
Notional amount of interest rate swaps	$ 700,000,000		$ 700,000,000

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID)	$ 1,165	$ 1,106	$ 2,294	$ 2,176
Interest Swap Expense	4,087	5,364	9,530	9,805
Other	182	196	266	505
Total Interest Expense	24,254	19,787	45,524	40,022
Term Loans \| Term Loan A
Debt Instrument [Line Items]
Interest expense on debt	5,234	5,722	10,463	12,640
Term Loans \| Term Loan B
Debt Instrument [Line Items]
Interest expense on debt	1,805	1,894	3,606	4,108
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense on debt	0	0	25	799
Senior Notes
Debt Instrument [Line Items]
Interest expense on debt	$ 11,781	$ 5,505	$ 19,340	$ 9,989

Derivatives - Narrative (Details) - USD ($)	Sep. 30, 2021	Mar. 31, 2021
Derivative [Line Items]
Estimate of amount to be reclassified over the next 12 months	$ 15,200,000
Other Current Liabilities
Derivative [Line Items]
Fair value of derivative liabilities	15,200,000	$ 17,200,000
Other Noncurrent Liabilities
Derivative [Line Items]
Fair value of derivative liabilities		$ 21,000,000
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest Rate Swap
Derivative [Line Items]
Notional amount of interest rate swaps	$ 700,000,000

Derivatives - Schedule of Effect of Derivatives on Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivatives designated as cash flow hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from AOCI, tax	$ (1,100)	$ 1,400	$ (2,500)	$ 2,600
Interest Rate Swap \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Loss) or Gain Recognized in AOCL on Derivatives	(381)	(408)	(1,775)	(6,795)
Amount of (Loss) or Gain Reclassified from AOCL into Income (2)	$ (4,087)	$ (5,364)	$ (9,530)	$ (9,805)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Operating Loss Carryforwards [Line Items]
Effective income tax rate (as a percent)	23.00%	22.40%	22.90%	23.30%
Penalties and interest accrued	$ 4.9		$ 4.9
Reserve for uncertain tax positions	70.5		70.5		$ 62.9
Reserve for uncertain tax positions, research and development tax credits	11.1		11.1
Minimum
Operating Loss Carryforwards [Line Items]
Potential future tax expense that would arise	40.2		40.2
Maximum
Operating Loss Carryforwards [Line Items]
Potential future tax expense that would arise	55.0		55.0
Tax Years 2013-2015
Operating Loss Carryforwards [Line Items]
Income tax assessments			11.7
Penalties accrued	8.6		8.6
Tax Years 2014 and 2015
Operating Loss Carryforwards [Line Items]
Penalties accrued	$ 3.7		$ 3.7

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Postretirement benefit obligations	$ 128,686	$ 126,054
Reserves for uncertain tax positions	60,738	53,203
Other	50,456	51,727
Total other long-term liabilities	$ 239,880	$ 230,984

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Retirement Benefits [Abstract]
Employer matching contribution, percent of match			6.00%
Employees’ capital accumulation plan, total expense recognized	$ 42,700	$ 40,200	$ 85,900	$ 81,300
Officer Medical Plan \| Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,626	1,414	3,252	2,828
Interest cost	1,016	1,059	2,032	2,118
Total postretirement medical expense	2,642	$ 2,473	5,284	$ 4,946
Defined benefit plan, unfunded status of plan	$ 124,100		$ 124,100		$ 121,500

Accumulated Other Comprehensive Loss - Schedule of Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of period	$ 1,023,533	$ 882,467	$ 1,071,176	$ 856,356
Other comprehensive income (loss) before reclassifications	(281)	(301)	(1,312)	(5,023)
Amounts reclassified from accumulated other comprehensive loss	3,040	3,987	7,084	7,292
Total other comprehensive income, net of tax	2,759	3,686	5,772	2,269
End of period	1,048,098	971,957	1,048,098	971,957
Other comprehensive income (loss) before reclassifications, tax	100	100	500	1,800
Post-retirement plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of period	(1,543)	(4,105)	(1,562)	(4,127)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive loss	20	22	39	44
Total other comprehensive income, net of tax	20	22	39	44
End of period	(1,523)	(4,083)	(1,523)	(4,083)
Derivatives designated as cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of period	(25,215)	(43,313)	(28,209)	(41,874)
Other comprehensive income (loss) before reclassifications	(281)	(301)	(1,312)	(5,023)
Amounts reclassified from accumulated other comprehensive loss	3,020	3,965	7,045	7,248
Total other comprehensive income, net of tax	2,739	3,664	5,733	2,225
End of period	(22,476)	(39,649)	(22,476)	(39,649)
Totals
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of period	(26,758)	(47,418)	(29,771)	(46,001)
End of period	$ (23,999)	$ (43,732)	$ (23,999)	$ (43,732)

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 15,984	$ 14,799	$ 28,428	$ 25,632
Equity Incentive Plan Options \| EIP
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	652	684	1,225	1,130
Restricted Stock Awards \| Annual Incentive Plan \| Class A Common Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	15,332	14,115	27,203	24,502
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	6,712	5,769	12,597	10,267
General and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 9,272	$ 9,030	$ 15,831	$ 15,365

Stock-Based Compensation - Unrecognized Compensation (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock-based compensation agreements	$ 77,189
Unrecognized compensation cost, amortization period	4 years 10 months 24 days
EIP \| Equity Incentive Plan Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock-based compensation agreements	$ 3,761
Unrecognized compensation cost, amortization period	3 years 6 months 10 days
Annual Incentive Plan \| Restricted Stock Awards \| 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	$ 73,428
Unrecognized compensation cost, amortization period	1 year 9 months 21 days

Stock-Based Compensation - Stock Plans (Details) - EIP $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Equity Incentive Plan Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	1,373,926
Stock options outstanding, unvested (in shares)	594,095
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)	259,393
Fair value of options granted \| $	$ 22.8
Minimum \| Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price on grant date (in dollars per share) \| $ / shares	$ 81.68
Maximum \| Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price on grant date (in dollars per share) \| $ / shares	$ 89.78

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021	Mar. 31, 2017
Senior Notes due 2028
Liabilities:
Debt instrument, stated percentage	3.875%
Fair Value, Measurements, Recurring
Assets:
Long term deferred compensation costs	$ 19,263	$ 14,142
Total Assets	19,263	14,142
Liabilities:
Contingent consideration, liability	1,223	1,223
Current derivative instruments	15,183	17,163
Long term derivative instruments	15,225	20,999
Long term deferred compensation plan liability	19,263	14,142
Total Liabilities	50,894	53,527
Fair Value, Measurements, Recurring \| Level 1
Assets:
Long term deferred compensation costs	19,263	14,142
Total Assets	19,263	14,142
Liabilities:
Contingent consideration, liability	0	0
Current derivative instruments	0	0
Long term derivative instruments	0	0
Long term deferred compensation plan liability	19,263	14,142
Total Liabilities	19,263	14,142
Fair Value, Measurements, Recurring \| Level 2
Assets:
Long term deferred compensation costs	0	0
Total Assets	0	0
Liabilities:
Contingent consideration, liability	0	0
Current derivative instruments	15,183	17,163
Long term derivative instruments	15,225	20,999
Long term deferred compensation plan liability	0	0
Total Liabilities	30,408	38,162
Fair Value, Measurements, Recurring \| Level 3
Assets:
Long term deferred compensation costs	0	0
Total Assets	0	0
Liabilities:
Contingent consideration, liability	1,223	1,223
Current derivative instruments	0	0
Long term derivative instruments	0	0
Long term deferred compensation plan liability	0	0
Total Liabilities	1,223	1,223
Fair Value, Measurements, Recurring \| Level 3 \| Other noncurrent liabilities
Liabilities:
Contingent consideration, liability	$ 1,200	$ 1,200	$ 3,600

Related-Party Transactions (Details) - Affiliated Entity - Services Performed Under Subcontractor $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2021 USD ($) director	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) director	Sep. 30, 2020 USD ($)
Related Party Transaction [Line Items]
Number of directors \| director	2		2
Payments to related party \| $	$ 17.3	$ 21.7	$ 35.1	$ 45.0

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Contracts with U.S. government agencies or other U.S. government contractors \| Revenue Benchmark \| Total U.S. government
Concentration Risk [Line Items]
Concentration risk, percentage	98.00%	97.00%	98.00%	97.00%
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Liability for reductions and/or penalties from U.S Government audits	$ 276.9		$ 276.9		$ 263.2
Financial Standby Letter of Credit
Concentration Risk [Line Items]
Guarantor obligations, carrying value	8.2		8.2		9.8
Guarantor obligations, reduction to available borrowings			0.9		0.9
Guarantor obligations, facility					20.0
Guarantor obligations, available amount	$ 12.7		$ 12.7		$ 11.1

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details