0001443646-22-000058 | 10-K | XBRL Viewer | Booz Allen Hamilton Holding Corp

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Cover - USD ($)	12 Months Ended
Cover - USD ($)	Mar. 31, 2022	May 17, 2022	Sep. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2022
Current Fiscal Year End Date	--03-31
Document Transition Report	false
Entity File Number	001-34972
Entity Registrant Name	Booz Allen Hamilton Holding Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2634160
Entity Address, Address Line One	8283 Greensboro Drive,
Entity Address, City or Town	McLean,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	703
Local Phone Number	902-5000
Title of 12(b) Security	Class A Common Stock
Trading Symbol	BAH
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 10,457,916,666
Entity Common Stock, Shares Outstanding		132,185,735
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for its Annual Meeting of Stockholders scheduled for July 27, 2022 are incorporated by reference into Part III.
Entity Central Index Key	0001443646
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY

Audit Information	12 Months Ended
Audit Information	Mar. 31, 2022
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia
Auditor Firm ID	42

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 695,910	$ 990,955
Accounts receivable, net	1,622,989	1,411,894
Prepaid expenses and other current assets	126,777	233,323
Total current assets	2,445,676	2,636,172
Property and equipment, net of accumulated depreciation	202,229	204,642
Operating lease right-of-use assets	227,231	239,374
Intangible assets, net of accumulated amortization	646,682	307,128
Goodwill	2,021,931	1,581,160
Other long-term assets	481,826	531,125
Total assets	6,025,575	5,499,601
Current liabilities:
Current portion of long-term debt	68,379	77,865
Accounts payable and other accrued expenses	902,616	666,971
Accrued compensation and benefits	438,634	425,615
Operating lease liabilities	52,334	54,956
Other current liabilities	71,991	65,698
Total current liabilities	1,533,954	1,291,105
Long-term debt, net of current portion	2,731,693	2,278,731
Operating lease liabilities, net of current portion	247,070	263,144
Deferred tax liabilities	239,602	364,461
Other long-term liabilities	226,535	230,984
Total liabilities	4,978,854	4,428,425
Commitments and contingencies (Note 20)
Stockholders’ equity:
Common Stock, Value, Issued	1,646	1,629
Treasury Stock, Value	(1,635,454)	(1,216,163)
Additional paid-in capital	656,222	557,957
Retained earnings	2,015,071	1,757,524
Accumulated other comprehensive income (loss)	8,585	(29,771)
Total Booz Allen stockholders’ equity	1,046,070	1,071,176
Non-controlling interest	651	0
Total stockholders’ equity	1,046,721	1,071,176
Total liabilities and stockholders’ equity	$ 6,025,575	$ 5,499,601

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	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)	164,372,545	162,950,606
Common stock, outstanding (in shares)	132,584,348	136,246,029
Treasury stock (in shares)	31,788,197	26,704,577

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenue	$ 8,363,700	$ 7,858,938	$ 7,463,841
Operating costs and expenses:
Cost of revenue	3,899,622	3,657,530	3,379,180
Billable expenses	2,474,163	2,325,888	2,298,413
General and administrative expenses	1,158,987	1,036,834	1,035,965
Depreciation and amortization	145,747	84,315	81,081
Total operating costs and expenses	7,678,519	7,104,567	6,794,639
Operating income	685,181	754,371	669,202
Interest expense	(92,352)	(81,270)	(96,960)
Other income (expense), net	11,214	(10,662)	7,192
Income before income taxes	604,043	662,439	579,434
Income tax expense	137,466	53,481	96,831
Net income	466,577	608,958	482,603
Net loss attributable to non-controlling interest	(163)	0	0
Net income attributable to common stockholders	$ 466,740	$ 608,958	$ 482,603
Earnings per share of common stock (Note 4):
Basic (in dollars per share)	$ 3.46	$ 4.40	$ 3.43
Diluted (in dollars per share)	$ 3.44	$ 4.37	$ 3.41

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 466,577	$ 608,958	$ 482,603
Other comprehensive income, net of tax:
Change in unrealized gain (loss) on derivatives designated as cash flow hedges	27,983	13,665	(39,752)
Change in postretirement plan costs	10,373	2,565	4,941
Total other comprehensive (loss) income, net of tax	38,356	16,230	(34,811)
Comprehensive income	$ 504,933	$ 625,188	$ 447,792

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income	$ 466,577	$ 608,958	$ 482,603
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	145,747	84,315	81,081
Noncash lease expense	55,881	53,202	55,096
Stock-based compensation expense	69,784	59,844	43,290
Deferred income taxes	(130,197)	231,998	65,434
Amortization of debt issuance costs	4,619	4,395	4,688
Loss on debt extinguishment	2,515	13,239	1,451
(Gains) losses on dispositions, and other	(3,388)	(3,322)	1,772
Gains associated with equity method investment activities	(12,759)	0	0
Changes in assets and liabilities:
Accounts receivable, net	(154,652)	47,081	(129,107)
Income taxes receivable / payable	132,029	(363,396)	(122,977)
Prepaid expenses and other current and long-term assets	(19,489)	(5,069)	(13,506)
Accrued compensation and benefits	12,620	71,713	18,044
Accounts payable and other accrued expenses	194,827	(31,506)	48,260
Other current and long-term liabilities	(27,588)	(52,768)	15,299
Net cash provided by operating activities	736,526	718,684	551,428
Cash flows from investing activities
Purchases of property, equipment, and software	(79,964)	(87,210)	(128,079)
Payments for business acquisitions, net of cash acquired	(780,334)	0	0
Proceeds from sales of assets, net of payment	0	3,094	0
Payment for minority investment in entity	0	(74,168)	0
Payments for cost method investments	(7,000)	0	0
Other investing activities	(427)	0	0
Net cash used in investing activities	(867,725)	(158,284)	(128,079)
Cash flows from financing activities
Proceeds from issuance of common stock	23,371	19,408	14,987
Stock option exercises	5,929	11,747	8,925
Repurchases of common stock	(418,859)	(313,397)	(182,224)
Cash dividends paid	(209,057)	(181,066)	(146,602)
Debt extinguishment costs	0	(8,971)	0
Repayments on revolving credit facility, term loans, and Senior Notes	(112,257)	(527,865)	(76,922)
Net proceeds from debt issuance	487,027	691,496	497,891
Payment of deferred payment obligation	0	0	(80,000)
Proceeds from revolving credit facility	60,000	0	0
Other financing activities	0	(2,698)	(1,493)
Net cash (used in) provided by financing activities	(163,846)	(311,346)	34,562
Net (decrease) increase in cash and cash equivalents	(295,045)	249,054	457,911
Cash and cash equivalents––beginning of year	990,955	741,901	283,990
Cash and cash equivalents––end of year	695,910	990,955	741,901
Supplemental disclosures of cash flow information
Interest	64,699	60,955	84,125
Income taxes	127,069	176,711	109,754
Supplemental disclosures of non-cash investing and financing activities
Share repurchases transacted but not settled and paid	15,839	15,408	10,736
Noncash financing activities	$ 0	$ 178	$ 3,920

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Class A Common Stock	Common Stock Class A Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interest
Beginning of period (in shares) at Mar. 31, 2019				159,924,825	(19,896,972)
Beginning of period at Mar. 31, 2019	$ 675,366			$ 1,599	$ (711,450)	$ 401,596	$ 994,811		$ (11,190)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				833,258
Issuance of common stock	14,987			$ 8		14,979
Stock options exercised (in shares)				575,890
Stock options exercised	8,925			$ 6		8,919
Repurchase of common stock (in shares)					(2,717,080)
Repurchase of common stock	(186,645)				$ (186,645)
Recognition of liability related to future restricted stock units vesting	(757)					(757)
Net income	$ 482,603						482,603
Accounting Standards Update [Extensible List]	Accounting Standards Update 2016-13 [Member]
Other comprehensive income, net of tax	$ (34,811)								(34,811)
Dividends paid	(146,602)						(146,602)
Stock-based compensation expense	43,290					43,290
End of period (shares) at Mar. 31, 2020				161,333,973	(22,614,052)
End of period at Mar. 31, 2020	856,356	$ (1,180)		$ 1,613	$ (898,095)	468,027	1,330,812	$ (1,180)	(46,001)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				1,112,183
Issuance of common stock	18,814			$ 11		18,803
Stock options exercised (in shares)				504,450
Stock options exercised	11,747			$ 5		11,742
Repurchase of common stock (in shares)			(3,800,000)		(4,090,525)
Repurchase of common stock	(318,068)				$ (318,068)
Recognition of liability related to future restricted stock units vesting	(456)					(456)
Net income	608,958						608,958
Other comprehensive income, net of tax	16,230								16,230
Dividends paid	(181,066)						(181,066)
Stock-based compensation expense	59,841					59,841
End of period (shares) at Mar. 31, 2021				162,950,606	(26,704,577)
End of period at Mar. 31, 2021	1,071,176			$ 1,629	$ (1,216,163)	557,957	1,757,524		(29,771)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				1,224,207
Issuance of common stock	22,170			$ 15		22,155
Stock options exercised (in shares)				197,732
Stock options exercised	5,929			$ 2		5,927
Repurchase of common stock (in shares)			(4,700,000)		(5,083,620)
Repurchase of common stock	(419,291)				$ (419,291)
Recognition of liability related to future restricted stock units vesting	1,213					1,213
Net income	466,577						466,740			(163)
Other comprehensive income, net of tax	38,356								38,356
Dividends paid	(209,193)						(209,193)
Stock-based compensation expense	69,784					69,784
Contribution to non-controlling interest	0					(814)				814
End of period (shares) at Mar. 31, 2022				164,372,545	(31,788,197)
End of period at Mar. 31, 2022	$ 1,046,721			$ 1,646	$ (1,635,454)	$ 656,222	$ 2,015,071		$ 8,585	$ 651

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 1.54	$ 1.30	$ 1.04

BUSINESS OVERVIEW	12 Months Ended
BUSINESS OVERVIEW	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS OVERVIEW	BUSINESS OVERVIEW Our Business Booz Allen Hamilton Holding Corporation, including its wholly owned subsidiaries, or the Company, we, us, and our, was incorporated in Delaware in May 2008. The Company provides management and technology consulting, analytics, engineering, digital solutions, mission operations, and cyber services to U.S. and international governments, major corporations, and not-for-profit organizations. The Company reports operating results and financial data in one reportable segment. The Company is headquartered in McLean, Virginia, with approximately 29,300 employees as of March 31, 2022.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries that are majority-owned or otherwise controlled by the Company and have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, and the rules and regulations of the U.S. Securities and Exchange Commission, or SEC. All intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements and notes of the Company include its subsidiaries and other entities over which the Company has a controlling financial interest or where the company is a primary beneficiary. 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. Equity investments in entities over which the Company does not have the ability to exercise significant influence and whose securities do not have a readily determinable fair value are carried at cost or cost net of other-than-temporary impairments. The Company’s fiscal year ends on March 31 and unless otherwise noted, references to fiscal year or fiscal are for fiscal years ended March 31. The accompanying consolidated financial statements present the financial position of the Company as of March 31, 2022 and 2021 and the Company’s results of operations for fiscal 2022, 2021, and 2020. Certain amounts reported in the Company's prior year consolidated financial statements have been reclassified to conform to the current year presentation. Accounting Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the consolidated financial statements where estimates may have the most significant effect include the provision for claimed indirect costs, valuation and expected lives of tangible and intangible assets, impairment of long-lived assets, accrued liabilities, revenue recognition, including the accrual of indirect costs, bonus and other incentive compensation, stock-based compensation, reserves for uncertain tax positions and valuation allowances on deferred tax assets, provisions for income taxes, postretirement obligations, collectability of receivables, and loss accruals for litigation. Actual results experienced by the Company may differ materially from management's estimates. Revenue Recognition The Company's revenues from contracts with customers (clients) are derived from offerings that include consulting, analytics, digital solutions, engineering, and cyber services, substantially with the U.S. government and its agencies, and to a lesser extent, subcontractors. The Company also serves foreign governments, as well as domestic and international commercial clients. The Company performs under various types of contracts, which include cost-reimbursable-plus-fee contracts, time-and-materials contracts, and fixed-price contracts. The Company considers a contract with a customer to exist under Accounting Standards Codification (ASC) No. 606, Revenue from Contracts with Customers (Topic 606), when there is approval and commitment from both the Company and the customer, the rights of the parties and payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. The Company also will consider whether two or more contracts entered into with the same customer should be combined and accounted for as a single contract. Furthermore, in certain transactions with commercial clients and with the U.S. government, the Company may commence providing services prior to receiving a formal approval from the customer. In these situations, the Company will consider the factors noted above, the risks associated with commencing the work and legal enforceability in determining whether a contract with the customer exists under Topic 606. Customer contracts are often modified to change the scope, price, specifications or other terms within the existing arrangement. Contract modifications are evaluated by management to determine whether the modification should be accounted for as part of the original performance obligation(s) or as a separate contract. If the modification adds distinct goods or services and increases the contract value proportionate to the stand-alone selling price of the additional goods or services, it will be accounted for as a separate contract. Generally, the Company’s contract modifications do not include goods or services which are distinct, and therefore are accounted for as part of the original performance obligation(s) with any impact on transaction price or estimated costs at completion being recorded as through a cumulative catch-up adjustment to revenue. The Company evaluates each service deliverable contracted with the customer to determine whether it represents promises to transfer distinct goods or services. Under Topic 606, these are referred to as performance obligations. One or more service deliverables often represent a single performance obligation. This evaluation requires significant judgment and the impact of combining or separating performance obligations may change the time over which revenue from the contract is recognized. The Company’s contracts generally provide a set of integrated or highly interrelated tasks or services and are therefore accounted for as a single performance obligation. However, in cases where we provide more than one distinct good or service within a customer contract, the contract is separated into individual performance obligations which are accounted for discretely. Contracts with the U.S. government are generally subject to the FAR and are priced based on estimated or actual costs of providing the goods or services. The Company derives a majority of its revenue from contracts awarded through a competitive bidding process. Pricing for non-U.S. government agencies and commercial customers is based on discrete negotiations with each customer. Certain of the Company’s contracts contain award fees, incentive fees or other provisions that may increase or decrease the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or cost targets and may be based upon customer discretion. Management estimates variable consideration as the most likely amount that we expect to achieve based on our assessment of the variable fee provisions within the contract, prior experience with similar contracts or clients, and management’s evaluation of the performance on such contracts. The Company may perform work under a contract that has not been fully funded if the work has been authorized by management and the customer to proceed. The Company evaluates unfunded amounts as variable consideration in estimating the transaction price. We include the estimated variable consideration in our transaction price to the extent that it is probable that a significant reversal of revenue will not occur upon the ultimate settlement of the variable fee provision. In the limited number of situations where our contracts with customers contain more than one performance obligation, the Company allocates the transaction price of a contract between the performance obligations in the proportion to their respective stand-alone selling prices. The Company generally estimates the stand-alone selling price of performance obligations based on an expected cost-plus margin approach as allowed under Topic 606. Our U.S. government contracts generally contain FAR provisions that enable the customer to terminate a contract for default or for the convenience of the U.S. government. The Company recognizes revenue for each performance obligation identified within our customer contracts when, or as, the performance obligation is satisfied by transferring the promised goods or services. Revenue may either be recognized over time or at a point in time. The Company generally recognizes revenue over time as our contracts typically involve a continuous transfer of control to the customer. A continuous transfer of control under contracts with the U.S. government and its agencies is evidenced by clauses which require the Company to be paid for costs incurred plus a reasonable margin in the event that the customer unilaterally terminates the contract for convenience. For contracts where the Company recognizes revenue over time, a contract cost-based input method is generally used to measure progress towards satisfaction of the underlying performance obligation(s). Contract costs include direct costs such as materials, labor and subcontract costs, as well as indirect costs identifiable with, or allocable to, a specific contract that are expensed as incurred. The Company does not incur material incremental costs to acquire or fulfill contracts. Under a contract cost-based input method, revenue is recognized based on the proportion of contract costs incurred to the total estimated costs expected to be incurred upon completion of the underlying performance obligation. The Company generally includes both funded and unfunded portions of customer contracts in this estimation process. For interim financial reporting periods, contract revenue attributable to indirect costs is recognized based upon agreed-upon annual forward-pricing rates established with the U.S. government at the start of each fiscal year. Forward pricing rates are estimated and agreed upon between the Company and the U.S. government and represent indirect contract costs required to execute and administer contract obligations. The impact of any agreed-upon changes, or changes in the estimated annual forward-pricing rates, are recorded in the interim financial reporting period when such changes are identified. These changes relate to the interim financial reporting period differences between the actual indirect costs incurred and allocated to customer contracts compared to the estimated amounts allocated to contracts using the estimated annual forward-pricing rates established with the U.S. government. On certain contracts, principally time-and-materials and cost-reimbursable-plus-fee contracts, revenue is recognized using the right-to-invoice practical expedient as the Company is contractually able to invoice the customer based on the control transferred. However, we did not elect to use the practical expedient which would allow the Company to exclude contracts recognized using the right-to-invoice practical expedient from the remaining performance obligations disclosed below. Additionally, for stand-ready performance obligations to provide services under fixed-price contracts, revenue is recognized over time using a straight-line measure of progress as the control of the services is provided to the customer ratably over the term of the contract. If a contract does not meet the criteria for recognition of revenue over time, we recognize revenue at the point in time when control of the good or service is transferred to the customer. Determining a measure of progress towards the satisfaction of performance obligations requires management to make judgments that may affect the timing of revenue recognition. Many of our contracts recognize revenue under a contract cost-based input method and require an Estimate-at-Completion (EAC) process, which management uses to review and monitor the progress towards the completion of our performance obligations. Under this process, management considers various inputs and assumptions related to the EAC, including, but not limited to, progress towards completion, labor costs and productivity, material and subcontractor costs, and identified risks. Estimating the total cost at completion of performance obligations is subjective and requires management to make assumptions about future activity and cost drivers under the contract. Changes in these estimates can occur for a variety of reasons and, if significant, may impact the profitability of the Company’s contracts. Changes in estimates related to contracts accounted for under the EAC process are recognized in the period when such changes are made on a cumulative catch-up basis. If the estimate of contract profitability indicates an anticipated loss on a contract, the Company recognizes the total loss at the time it is identified. For fiscal 2022, 2021 and 2020, the aggregate impact of adjustments in contract estimates was not material. Remaining performance obligations represent the transaction price of exercised contracts for which work has not yet been performed, irrespective of whether funding has or has not been authorized and appropriated as of the date of exercise. Remaining performance obligations do not include negotiated but unexercised options or the unfunded value of expired contracts. Cash and Cash Equivalents Cash and cash equivalents include operating cash on hand and highly liquid investments having a weighted average maturity of 60 days or less and a weighted average life of 120 days or less. The Company’s cash equivalents consist primarily of government money market funds and money market deposit accounts. The Company maintains its cash and cash equivalents in bank accounts that, at times, exceed the federally insured FDIC limits. The Company has not experienced any losses in such accounts. Valuation of Accounts Receivable The Company maintains allowances for doubtful accounts against certain accounts receivables based upon the latest information regarding whether specific charges are recoverable or invoices are ultimately collectible. Assessing the recoverability of charges and collectability of customer receivables requires management judgment. The Company determines its allowance for doubtful accounts by specifically analyzing individual accounts receivable, historical bad debts, customer credit-worthiness, current economic conditions, accounts receivable aging trends for billed receivables, availability of funding, compliance with contractual terms and conditions, client satisfaction with work performed, and other factors impacting accounts receivables. Valuation reserves are periodically re-evaluated and adjusted as more information about the ultimate recoverability and collectability of accounts receivable becomes available. Upon determination that a receivable is uncollectible, the receivable balance and any associated reserve are written off. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and accounts receivable. The Company’s cash equivalents are generally invested in U.S. government money market funds and money market deposit accounts. The Company believes that credit risk for accounts receivable is limited as the receivables are primarily with the U.S. government. Property and Equipment Property and equipment are recorded at cost, and the balances are presented net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Furniture and equipment is depreciated over five to ten years, and computer equipment is depreciated over four years. Leasehold improvements are amortized over the shorter of the useful life of the asset or the lease term. Maintenance and repairs are charged to expense as incurred. Business Combinations The accounting for the Company’s business combinations consists of allocating the purchase price to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values, with the excess recorded as goodwill. The Company has up to one year from the acquisition date to use information as of each acquisition date to adjust the fair value of the acquired assets and liabilities which may result in material changes to their recorded values with an offsetting adjustment to goodwill. Intangible Assets Intangible assets primarily consist of programs and contracts assets, channel relationships, the Company's trade name, customer relationships, software and other amortizable intangible assets. The Company capitalizes the following costs associated with developing internal-use computer software pertaining to upgrades in our business and financial systems: (i) external direct costs of materials and services consumed in developing or obtaining internal-use computer software and (ii) certain payroll and payroll-related costs for Company employees who are directly associated with the development of internal-use software, to the extent of the time spent directly on the project. Programs and contract assets, channel relationships, and other amortizable intangible assets are generally amortized on an accelerated basis over the expected life based on projected future cash flows of approximately two to twelve years. Software purchased or developed for internal use is amortized over one to five years. The majority of the Company's trade name intangible assets are not amortized, but are tested for impairment on at least an annual basis as of January 1 and more frequently if interim indicators of impairment exist. The trade name is considered to be impaired if the carrying value exceeds its estimated fair value. The Company uses the relief from royalty method to estimate the fair value. The fair value of the asset is the present value of the license fees avoided by owning the asset, or the royalty savings. During the fiscal years ended March 31, 2022, 2021, and 2020, the Company did not record any impairment of intangible assets. Goodwill The Company assesses goodwill for impairment on at least an annual basis on January 1 unless interim indicators of impairment exist. Goodwill is considered to be impaired when the net book value of a reporting unit exceeds its estimated fair value. The Company operates as a single operating segment and as a single reporting unit for the purpose of evaluating goodwill. As of January 1, 2022, the Company performed its annual impairment test of goodwill by comparing the fair value of the Company (based on market capitalization) to the carrying value of the Company's net equity, and concluded that the fair value of the reporting unit was significantly greater than the carrying amount. During the fiscal years ended March 31, 2022, 2021, and 2020, the Company did not record any impairment of goodwill. Long-Lived Assets The Company reviews its long-lived assets, including property and equipment, amortizable intangible assets, and right-of-use (ROU) assets, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for any excess of the carrying amount over the fair value of the asset. During the fiscal years ended March 31, 2022, 2021, and 2020, the Company did not record any impairment charges. Leases At contract inception, the Company determines whether the contract is, or contains, a lease, which exists when the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. Operating lease balances are included in operating lease right-of-use ("ROU") assets, operating lease liabilities, and operating lease liabilities, net of current portion in our consolidated balance sheet. Cash payments arising from operating leases are classified within operating activities in the consolidated statement of cash flows. As of March 31, 2022, the Company had no finance leases. The Company's leases are generally for facilities and office space and the Company recognizes ROU assets and lease liabilities at the lease commencement date for those arrangements. The initial lease liability is equal to the present value of the future minimum lease payments over the lease term. The initial measurement of the ROU asset is equal to the initial lease liability plus any initial direct costs and prepaid lease payments, less any lease incentives. At the lease commencement date, the Company estimates its collateralized incremental borrowing rate based on publicly available yields adjusted for Company-specific considerations and the Company's varying lease terms in determining the present value of future payments. Certain of the Company’s leases contain options to renew or to terminate the lease which are included in the determination of the ROU assets and lease liabilities when it is reasonably certain that the Company will exercise the option. The Company's leases may also include variable lease payments, such as an escalation clause based on consumer price index rates, maintenance costs, and utilities. Variable lease payments that depend on an index or a rate are included in the determination of ROU assets and lease liabilities using the index or rate at the lease commencement date, whereas variable lease-related payments that do not depend on an index or rate are recorded as lease expense in the period incurred. ROU assets are evaluated for impairment in a manner consistent with the treatment of other long-lived assets. As permitted under Topic 842, the Company elected not to recognize ROU assets and lease liabilities for leases with an initial term of 12 months or less; lease expense from these leases is recognized on a straight-line basis over the lease term. As further permitted under Topic 842, for all material classes of leased assets, the Company elected to not separate lease components from non-lease components, and instead account for both components as a single lease component. As of March 31, 2022, the Company did not have any lease agreements with residual value guarantees or material restrictions or covenants. Income Taxes The Company provides for income taxes as a “C” corporation on income earned from operations. The Company is subject to federal, state, and foreign taxation in various jurisdictions. Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different years for financial statement purposes than for tax purposes. Deferred tax assets and liabilities are computed based on the difference between the consolidated financial statement carrying amount and tax basis of assets and liabilities using enacted tax rates and laws for the years in which these items are expected to reverse. If management determines that some portion or all of a deferred tax asset is not “more likely than not” to be realized, a valuation allowance is recorded as a component of the income tax provision to reduce the deferred tax asset to an appropriate level in that period. In determining the need for a valuation allowance, management considers all positive and negative evidence, including historical earnings, projected future taxable income, future reversals of existing taxable temporary differences, taxable income in prior carryback periods, and prudent, feasible tax-planning strategies. The Company periodically assesses its tax positions for all periods open to examination by tax authorities based on the latest available information. Those positions are evaluated to determine whether they will more likely than not be sustained upon examination by the Internal Revenue Service (“IRS”) or other taxing authorities. The Company reserves for these uncertain tax positions related to unrecognized income tax benefits where it is not more likely than not that the Company’s tax position will be sustained on examination and settlement with the various taxing authorities. Liabilities for unrecognized tax benefits are measured based on the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. These unrecognized tax benefits are recorded as a component of income tax expense. As uncertain tax positions in periods open to examination are closed out, or as new information becomes available, the resulting change is reflected in the recorded liability and income tax expense. Penalties and interest recognized related to the reserves for uncertain tax positions are recorded as a component of income tax expense. Stock-Based Compensation Stock-based compensation to employees is recognized in the consolidated statements of operations based on the grant date fair values with the expense for time vested awards recognized on an accelerated basis over the vesting period. The Company estimates forfeitures anticipated to occur during the vesting period for the purposes of recognizing costs associated with stock-based compensation. The expense for performance awards is estimated at each reporting date using management's expectation of the probable achievement of the specified performance criteria and is recognized straight line over the vesting period. The Company uses the Black-Scholes option-pricing model to determine the fair value of its option awards at the time of grant. Defined Benefit Plan, Other Post-Retirement Benefits and Long-term Disability Plan The Company recognizes the underfunded status of defined benefit plans and other post-retirement benefits on the consolidated balance sheets within other long-term liabilities. Gains and losses, and prior service costs and credits that have not yet been recognized through net periodic benefit cost are recognized in accumulated other comprehensive loss, net of tax effects, and will be amortized as a component of net periodic cost in future periods. The measurement date, the date at which the benefit obligations are measured, is the Company’s fiscal year-end. The Company also offers medical and dental benefits to inactive employees (and their eligible dependents) on long-term disability. The Company accrues the costs of the benefits at the date the inactive employee becomes disability eligible and elects to participate in the benefit. The accrued cost for such benefits is calculated using an actuarial estimate of the present value of all future benefit payments for obligations at the end of the fiscal year. Self-Funded Medical Plans The Company maintains self-funded medical insurance. Self-funded plans include Consumer Driven Health Plans with a Health Savings Account option and traditional choice plans. Further, self-funded plans also include prescription drug and dental benefits. The Company records an incurred but unreported claim liability in the accrued compensation and benefits line of the consolidated balance sheets for self-funded plans based on an actuarial valuation. The estimate of the incurred but unreported claim liability was provided by a third-party valuation firm, primarily based on claims and participant data for the medical, dental, and pharmacy related costs. Recently Adopted Accounting Standards 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. The Company updated its disclosures throughout this Annual Report on Form 10-K to comply with these amendments. The Company’s adoption only impacted the Company's disclosures and did not impact the consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which amends the accounting for acquired revenue contracts with customers in a business combination to address recognition of an acquired contract liability and payment terms, and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 is effective for annual periods beginning after December 15, 2022 on a prospective basis. Early adoption is permitted. The Company early adopted the requirements of ASU 2021-08 to apply the amendments prospectively to all business combinations that occurred on or after April 1, 2022. Recent Accounting Pronouncements Not Yet Adopted Other recent accounting pronouncements issued during fiscal 2022 and through the filing date are not expected to have a material impact on the Company's present or historical consolidated financial statements.

REVENUE

12 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

REVENUE

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

Disaggregation of Revenue

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

Revenue by Contract Type:

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

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

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

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

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


	Fiscal Year Ended March 31,
		2022			2021			2020
Cost-reimbursable			$	4,514,262	54%	$	4,419,533	56%	$	4,211,592	57%
Time-and-materials			2,017,094		24%	1,962,999		25%	1,737,414		23%
Fixed-price			1,832,344		22%	1,476,406		19%	1,514,835		20%
Total Revenue			$	8,363,700	100%	$	7,858,938	100%	$	7,463,841	100%

Revenue by Customer Type:


	Fiscal Year Ended March 31,
		2022			2021			2020
U.S. government(1):
Defense Clients			$	3,955,473	47%	$	3,920,503	49%	$	3,596,081	47%
Intelligence Clients			1,573,037		19%	1,549,417		20%	1,580,925		22%
Civil Clients			2,618,914		31%	2,183,184		28%	2,020,320		27%
Total U.S. government			8,147,424		97%	7,653,104		97%	7,197,326		96%
Global Commercial Clients			216,276		3%	205,834		3%	266,515		4%
Total Revenue			$	8,363,700	100%	$	7,858,938	100%	$	7,463,841	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 Sub-Contractor:


	Fiscal Year Ended March 31,
		2022			2021			2020
Prime Contractor			$	7,864,273	94%	$	7,311,313	93%	$	6,884,763	92%
Sub-contractor			499,427		6%	547,625		7%	579,078		8%
Total Revenue			$	8,363,700	100%	$	7,858,938	100%	$	7,463,841	100%

Performance Obligations

Remaining performance obligations represent the transaction price of exercised contracts for which work has not yet been performed, irrespective of whether funding has or has not been authorized and appropriated as of the date of exercise. Remaining performance obligations exclude negotiated but unexercised options, the unfunded value of expired contracts, and certain variable consideration which the Company does not expect to recognize as revenue.

As of March 31, 2022 and 2021, the Company had $7.4 billion and $6.7 billion of remaining performance obligations, respectively. We expect to recognize approximately 70% of the remaining performance obligations as of March 31, 2022 as revenue over the next 12 months, and approximately 85% over the next 24 months. The remainder is expected to be recognized thereafter.

Contract Balances

As discussed in Note 2, the Company's performance obligations are typically satisfied over time and revenue is generally recognized using a cost-based input method. Fixed-price contracts are typically billed to the customer using milestone or fixed monthly payments, while cost-reimbursable-plus-fee and time-and-materials 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 yet been presented to customers. 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. Benefit for credit losses recognized were $(1.5) million, $(2.6) million, and $(6.4) million for fiscal 2022, 2021, and 2020, respectively.

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


	March 31,
	2022		2021
Current assets:
Accounts receivable–billed	$	465,322	$	375,383
Accounts receivable–unbilled (contract assets)	1,157,667		1,037,968
Allowance for credit losses	—		(1,457)
Accounts receivable, net	1,622,989		1,411,894
Other long-term assets:
Accounts receivable–unbilled (contract assets)	64,339		63,869
Total accounts receivable, net	$	1,687,328	$	1,475,763
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)	$	26,747	$	15,906

Changes in contract assets and contract liabilities are primarily due to the timing difference between the Company’s performance of services and payments from customers. For fiscal 2022, 2021 and 2020, we recognized revenue of $14.9 million, $24.5 million and $18.9 million, respectively, related to our contract liabilities on April 1, 2021, 2020 and 2019, 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

12 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

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 shares of common stock outstanding during the period to calculate basic earnings per share, or EPS. Diluted EPS adjusts the weighted average number of shares outstanding to include the dilutive effect of outstanding common stock options and other stock-based awards.

The Company currently has outstanding shares of Class A Common Stock. Holders of unvested Class A Restricted Common Stock are entitled to participate in non-forfeitable dividends or other distributions. These unvested restricted shares participated in the Company's dividends declared and paid in each quarter of fiscal 2022, 2021, and 2020. As such, EPS is calculated using the two-class method whereby earnings are reduced by distributed earnings as well as any available undistributed earnings allocable to holders of these unvested restricted shares. A reconciliation of the income used to compute basic and diluted EPS for the periods presented are as follows:


	Fiscal Year Ended March 31,
	2022		2021		2020
Earnings for basic computations (1)	$	463,626	$	605,437	$	481,085
Weighted-average of common stock shares outstanding for basic computations	134,134,034		137,722,589		140,059,494
Earnings for diluted computations (1)	$	463,635	$	605,455	$	481,092
Dilutive stock options and restricted stock	716,774		980,631		1,178,641
Weighted-average of common stock shares outstanding for diluted computations	134,850,808		138,703,220		141,238,135
Earnings per share of common stock
Basic	$	3.46	$	4.40	$	3.43
Diluted	$	3.44	$	4.37	$	3.41

(1) During fiscal 2022, 2021, and 2020 approximately 0.9 million, 0.8 million, and 0.4 million shares of participating securities were paid dividends totaling $1.4 million, $1.0 million, and $0.7 million, respectively. There were undistributed earnings of $1.7 million, $2.5 million, and $0.9 million allocated to the participating class of securities in both basic and diluted earnings per share of common stock for fiscal 2022, 2021, and 2020, respectively. The allocated undistributed earnings and the dividends paid comprise the difference between net income presented on the consolidated statements of operations and earnings for basic and diluted computations for fiscal 2022, 2021, and 2020. The impact of any anti-dilutive options included in the calculation of EPS was not material.

ACQUISITIONS AND DIVESTITURES

12 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS AND DIVESTITURES

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 $120.3 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 Consolidated Statement of Operations for fiscal 2022. 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.

As a result of the Tracepoint transaction, 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 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 $94.3 million is largely attributable to Tracepoint's specialized workforce. During the fourth quarter of fiscal 2022, the Company finalized Tracepoint's post-closing working capital.

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. During the third quarter of fiscal 2022, the Company finalized Liberty's post-closing working capital.

Purchase Price Allocation

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


Cash consideration (gross of cash acquired and including net adjustments)	$	789,429
Fair value of non-controlling interest	80,063
Total purchase consideration	869,492

Purchase price allocation:
Cash	9,096
Current assets	57,519
Operating lease right-of-use asset	2,532
Other long-term assets	2,825
Intangible assets	399,500
Current liabilities	(40,217)
Operating lease liabilities-current	(1,017)
Operating lease liabilities-long term	(1,516)
Total fair value of identifiable net assets acquired	$	428,722

Goodwill	$	440,770

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. As of March 31, 2022, the Company had completed the determination of fair values of the acquired assets and liabilities assumed. Pro forma results of operations for these acquisitions in the aggregate are not presented because these acquisitions are not material to the Company's consolidated results of operations.

EverWatch

In the fourth quarter of fiscal 2022, the Company announced that it had entered into a definitive agreement to acquire EverWatch Corp. ("EverWatch"), a leading provider of advanced solutions to the defense and intelligence communities for approximately $440.0 million, subject to customary adjustments. The Company expects to fund the acquisition with cash on hand. The transaction is expected to close in fiscal 2023.

Divestitures

In April 2022, the Company entered into an agreement with Oliver Wyman, a global management consulting firm and a business of Marsh McLennan, to divest the Company's management consulting business serving the Middle East and North Africa (MENA) region, which is substantially comprised of the contracts associated with the MENA business and the team of management consultants that provide services under those contracts. The Company concluded that the assets and liabilities associated with the MENA business met the criteria to be reported as held for sale on the consolidated balance sheet as of March 31, 2022. As of March 31, 2022, $23.6 million of accounts receivable, $0.7 million of other assets, $1.7 million of deferred revenue, and $0.2 million of accounts payable were included in other current assets and other current liabilities on the consolidated balance sheet. The transaction is expected to close in fiscal 2023, subject to customary closing conditions, including regulatory approvals.

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Goodwill

Goodwill was $2,021.9 million and $1,581.2 million as of March 31, 2022 and March 31, 2021, 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. Approximately $10.0 million of goodwill was allocated to the assets held for sale related to the Company's divestiture of its MENA business noted above.The Company performed an annual impairment test of the goodwill as of January 1, 2022 and 2021, and did not identify any impairment.

Intangible Assets

Intangible assets consisted of the following:


	March 31, 2022						March 31, 2021
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value

Amortizable intangible assets:
Programs and contract assets, channel relationships, and other amortizable intangible assets (1)	$	483,294	$	101,584	$	381,710	$	82,400	$	50,503	$	31,897
Software	119,398		44,626		74,772		114,972		29,941		85,031
Total amortizable intangible assets	$	602,692	$	146,210	$	456,482	$	197,372	$	80,444	$	116,928
Unamortizable intangible assets:
Trade name	$	190,200	$	—	$	190,200	$	190,200	$	—	$	190,200
Total	$	792,892	$	146,210	$	646,682	$	387,572	$	80,444	$	307,128

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

Programs and contract assets, channel relationships, and other amortizable intangible assets are generally amortized on an accelerated basis over periods ranging from 2 years to 12 years, and those related to software are generally amortized on a straight line basis over periods ranging from 1 years to 5 years.

The Company performed an annual impairment test of the trade name as of January 1, 2022 and 2021, and did not identify any impairment.

Amortization expense for fiscal 2022, 2021, and 2020 was $76.2 million, $19.3 million, and $22.3 million, respectively.

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


For the Fiscal Year Ended March 31,
2023	$	85,776
2024	71,149
2025	60,811
2026	53,552
2027	43,585
Thereafter	141,609
Total estimated amortization expense	$	456,482

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

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


	March 31,
	2022		2021
Furniture and equipment	$	117,250	$	117,430
Computer equipment	104,296		97,571
Leasehold improvements	235,342		225,132
Total	456,888		440,133
Less: Accumulated depreciation and amortization	(254,659)		(235,491)
Property and equipment, net	$	202,229	$	204,642

Depreciation and amortization expense relating to property and equipment for fiscal 2022, 2021, and 2020 was $69.5 million, $65.0 million, and $58.8 million, respectively. During fiscal 2022 and 2021, the Company reduced the gross cost and accumulated depreciation and amortization by $55.0 million and $100.3 million, respectively, for zero net book value assets deemed no longer in service.

ACCOUNTS PAYABLE AND OTHER ACCRUED EXPENSES

12 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE AND OTHER ACCRUED EXPENSES

Accounts payable and other accrued expenses consisted of the following:


	March 31,
	2022		2021
Vendor payables	$	539,524	$	371,744
Accrued expenses	363,092		295,227
Total accounts payable and other accrued expenses	$	902,616	$	666,971

Accrued expenses consisted primarily of the Company’s provision for claimed indirect costs, which was approximately $290.4 million and $263.2 million as of March 31, 2022 and 2021, respectively. Refer to Note 20 for further discussion of this provision.

ACCRUED COMPENSATION AND BENEFITS

12 Months Ended

Mar. 31, 2022

ACCRUED COMPENSATION AND BENEFITS

Accrued compensation and benefits consisted of the following:


	March 31,
	2022		2021
Bonus	$	96,040	$	130,565
Retirement	48,169		44,474
Vacation	206,199		202,100
Other	88,226		48,476
Total accrued compensation and benefits	$	438,634	$	425,615

DEBT

12 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

DEBT

Debt consisted of the following:


	March 31, 2022				March 31, 2021
	Interest Rate		Outstanding Balance		Interest Rate		Outstanding Balance
Term Loan A	1.71	%	$	1,241,398	1.61	%	$	1,289,764
Term Loan B	2.21	%	380,321		1.86	%	384,212
Revolver	—	%	—		—	%	—
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			(21,647)				(17,380)
Total			2,800,072				2,356,596
Less: Current portion of long-term debt			(68,379)				(77,865)
Long-term debt, net of current portion			$	2,731,693			$	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.

Prior to the Eighth Amendment, approximately $1,289.8 million was outstanding under Term Loan A (the "Existing Tranche A Term Loans"). Pursuant to the Eighth Amendment, certain lenders under the Existing Credit Agreement converted their Existing Tranche A Term Loans into a new tranche of tranche A term loans (the “New Refinancing Tranche A Term Loans”) in an aggregate amount, along with the New Refinancing Tranche A Term Loans advanced by certain new lenders, of approximately $1,289.8 million. The proceeds from the new lenders were used to prepay in full all of the Existing Tranche A Term Loans that were not converted into the New Refinancing Tranche A Term Loans. Voluntary prepayments of the New Refinancing Tranche A Term Loans are permitted at any time, in minimum principal amounts, without premium or penalty. The other terms of the New Refinancing Tranche A Term Loans are generally the same as the Existing Tranche A Term Loans prior to the Eighth Amendment.

Prior to the Eighth Amendment, approximately $500.0 million of revolving commitments (the “Existing Revolving Commitments”) were available under the Existing Credit Agreement, with a sublimit for letters of credit of $100.0 million. Pursuant to the Eighth Amendment, certain lenders under the Existing Credit Agreement converted their Existing Revolving Commitments into a new tranche of revolving commitments (the “New Revolving Commitments” and the revolving credit loans made thereunder, the “New Revolving Loans”) in an aggregate amount, along with the New Revolving Commitments of certain new lenders, of $1,000 million, with a sublimit for letters of credit of $200.0 million.

As of March 31, 2022, the Credit Agreement provided Booz Allen Hamilton with a $1,241.4 million Term Loan A, a $380.3 million Term Loan B and a $1,000 million revolving credit facility (the “Revolving Credit Facility”) with a sub-limit for letters of credit of $200.0 million (collectively, the "Secured Credit Facility"). As of March 31, 2022, 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 Secured Credit Facility bear interest based either at LIBOR (adjusted for maximum reserves, and subject to a floor of zero) for the applicable interest period or a base rate (equal to the highest of (x) the administrative agent’s prime corporate rate, (y) the overnight federal funds rate plus 0.50% and (z) three-month LIBOR (adjusted for maximum reserves, and subject to a floor of zero) plus 1.00%), in each case plus an applicable margin, payable at the end of the applicable interest period and in any event at least quarterly. The applicable margin for Term Loan A and borrowings under the Revolving Credit Facility ranges from 1.125% 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. The applicable margin for Term Loan B is 1.75% for LIBOR loans and 0.75% for base rate loans.

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 March 31, 2022 and 2021, Booz Allen Hamilton was in compliance with all financial covenants associated with its debt and debt-like instruments.

During fiscal 2022, interest payments of $19.6 million and $7.2 million were made for Term Loan A and Term Loan B, respectively. During fiscal 2021, interest payments of $23.6 million and $7.8 million were made for Term Loan A and Term Loan B, respectively.

Borrowings under the Term Loans, and if used, the Revolving Credit Facility, incur interest at a variable rate. In accordance with Booz Allen Hamilton's risk management strategy, between April 6, 2017 and April 4, 2019, Booz Allen Hamilton executed a series of interest rate swaps. As of March 31, 2022, Booz Allen Hamilton had interest rate swaps with an aggregate notional amount of $700 million. These instruments hedge the variability of cash outflows for interest payments on the Term Loans and the Revolving Credit Facility. The Company's objectives in using cash flow hedges are to reduce volatility due to interest rate movements and to add stability to interest expense (see Note 11 in our consolidated financial statements).

Senior Notes

On June 17, 2021, Booz Allen Hamilton issued $500.0 million aggregate principal amount 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 “2029 Subsidiary Guarantors”), and Wilmington Trust, National Association (in such capacity, the “2029 Trustee”), as supplemented by the First Supplemental Indenture, dated as of June 17, 2021, among Booz Allen Hamilton, the 2029 Subsidiary Guarantors and the 2029 Trustee. The Senior Notes due 2029 and the related guarantees are Booz Allen Hamilton’s and each 2029 Subsidiary Guarantors’ senior unsecured obligations and rank equally in right of payment with all of Booz Allen Hamilton’s and the 2029 Subsidiary Guarantors’ existing and future senior indebtedness and rank senior in right of payment to any of Booz Allen Hamilton’s and the 2029 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.

Booz Allen Hamilton may redeem some or all of the Senior Notes due 2029 at any time prior to July 1, 2024, at a price equal to 100.00% of the principal amount of the Senior Notes due 2029 redeemed, plus accrued and unpaid interest, if any, to (but not including) the redemption date, plus an applicable “make-whole premium.” Booz Allen Hamilton may redeem the Senior Notes due 2029 at its option, in whole at any time or in part from time to time, upon certain required notice, at any time (i) on and after July 1, 2024, at a price equal to 102.00% of the principal amount of the Senior Notes due 2029 redeemed, (ii) on or after July 1, 2025, at a price equal to 101.00% of the principal amount of the Senior Notes due 2029 redeemed, and (iii) on July 1, 2026 and thereafter, at a price equal to 100.00% of the principal amount of the Senior Notes due 2029 redeemed, in each case, plus accrued and unpaid interest, if any, to (but not including) the applicable redemption date. In addition, at any time on or prior to July 1, 2024, Booz Allen Hamilton may redeem up to 40.00% of the Senior Notes due 2029 with an amount equal to the net cash proceeds of certain equity offerings at a redemption price equal to 104.00%, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided, however, that at least 50.00% of the original aggregate principal amount of the Senior Notes due 2029 must remain outstanding after each such redemption; and provided, further, that such redemption shall occur within 180 days after the date on which any such equity offering is consummated.

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.

On August 24, 2020, Booz Allen Hamilton issued $700.0 million aggregate principal amount of its 3.875% Senior Notes due 2028 (the “Senior Notes due 2028”, and, together with the Senior Notes due 2029, the "Senior Notes") under an Indenture, dated as of August 24, 2020, among Booz Allen Hamilton, certain subsidiaries of Booz Allen Hamilton, as guarantors (the “2028 Subsidiary Guarantors”), and Wilmington Trust, National Association as trustee (in such capacity, the “2028 Trustee”), as supplemented by the First Supplemental Indenture, dated as of August 24, 2020, among Booz Allen Hamilton, the 2028 Subsidiary Guarantors and the 2028 Trustee. Each of Booz Allen Hamilton's existing and future restricted subsidiaries that guarantee its obligations under the Secured Credit Facility or certain other indebtedness guarantee the Senior Notes due 2028 on a senior unsecured basis. The Senior Notes due 2028 and the guarantees are Booz Allen Hamilton’s and each 2028 Subsidiary Guarantors’ senior unsecured obligations and rank equally in right of payment with all of Booz Allen Hamilton’s and the 2028 Subsidiary Guarantors’ existing and future senior indebtedness and rank senior in right of payment to any of Booz Allen Hamilton’s and the Subsidiary Guarantors’ future subordinated indebtedness.

Booz Allen Hamilton may redeem some or all of the Senior Notes due 2028 at any time prior to September 1, 2023, at a price equal to 100.00% of the principal amount of the Senior Notes due 2028 redeemed, plus accrued and unpaid interest, if any, to (but not including) the redemption date, plus an applicable “make-whole premium.” Booz Allen Hamilton may redeem the Senior Notes due 2028 at its option, in whole at any time or in part from time to time, upon certain required notice, at any time (i) on and after September 1, 2023, at a price equal to 101.94% of the principal amount of the Senior Notes due 2028, (ii) on or after September 1, 2024, at a price equal to 100.97% of the principal amount of the Senior Notes due 2028, and (iii) on September 1, 2025 and thereafter, at a price equal to 100.00% of the principal amount of the Senior Notes due 2028, in each case, plus accrued and unpaid interest, if any, to (but not including) the applicable redemption date. In addition, at any time on or prior to September 1, 2023, Booz Allen Hamilton may redeem up to 40.00% of the original aggregate principal amount of the Senior Notes due 2028 with the net cash proceeds of certain equity offerings at a redemption price equal to 103.88% of the principal amount of the Senior Notes due 2028, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 50.00% of the original aggregate principal amount of the Senior Notes due 2028 remains outstanding after each such redemption; and the redemption occurs within 180 days of the closing date of such equity offering.

Interest is payable on the Senior Notes due 2028 semi-annually on March 1 and September 1 of each year, beginning on March 1, 2021, and principal is due at maturity on September 1, 2028. In connection with the issuance of the Senior Notes due 2028, the Company recognized $9.2 million of issuance costs, which were recorded as an offset against the carrying value of debt and will be amortized to interest expense over the term of the Senior Notes due 2028.

The following table summarizes required future debt principal repayments:


	Payments Due By March 31,
	Total	2023	2024	2025	2026	2027	Thereafter
Term Loan A	$1,241,398	$64,488	$64,488	$64,488	$64,488	$983,446	—
Term Loan B	380,321	3,891	3,891	3,891	3,891	364,757	—
Senior Notes 2028	700,000	—	—	—	—	—	700,000
Senior Notes 2029	500,000	—	—	—	—	—	500,000
Interest on indebtedness	446,697	76,677	75,550	74,270	73,067	56,445	90,688
Total	$3,268,416	$145,056	$143,929	$142,649	$141,446	$1,404,648	$1,290,688

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


	Fiscal Year Ended March 31,
	2022		2021		2020
Term Loan A Interest Expense	$	19,570	$	23,541	$	50,080
Term Loan B Interest Expense	7,207		7,787		15,739
Interest on Revolving Credit Facility	25		799		92
Senior Notes Interest Expense	42,902		23,476		17,938
Deferred Payment Obligation Interest (1)	—		—		5,740
Amortization of Debt Issuance Costs (DIC) and Original Issue Discount (OID) (2)	4,619		4,396		4,688
Interest Swap Expense	17,535		20,558		2,094
Other	494		713		589
Total Interest Expense	$	92,352	$	81,270	$	96,960

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

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

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

DERIVATIVES

12 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 March 31, 2022. 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 converting a portion of the variable rate debt into fixed interest rate debt.

Derivative instruments are recorded in the consolidated balance sheet on a gross basis at estimated fair value. As of March 31, 2022, $4.1 million, $4.3 million and $39 thousand were classified as other long term assets, other current liabilities and other long-term liabilities, respectively, on the 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 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 Income (Loss), net of taxes, and is subsequently reclassified into interest expense in the period that the hedged forecasted interest payments are made on the Company's variable-rate debt. Over the next 12 months, the Company estimates that $4.4 million will be reclassified as an increase to interest expense. Cash flows associated with periodic settlements of interest rate swaps will be classified as operating activities in the consolidated statement of cash flows. The effect of derivative instruments on the accompanying consolidated financial statements is as follows:


		Fiscal year ended March 31,
Derivatives in Cash Flow Hedging Relationships	Location of Gain or Loss Recognized in Income on Derivatives	Amount of Gain (Loss) Recognized in AOCI on Derivatives						Amount of Loss Reclassified from AOCI into Income (1)
Derivatives in Cash Flow Hedging Relationships		2022		2021		2020		2022		2021		2020
Interest rate swaps	Interest expense	$	20,352	$	(2,071)	$	(55,871)	$	(17,535)	$	(20,558)	$	(2,094)

(1) The reclassifications from accumulated other comprehensive gain (loss) to net income was reduced by taxes of $4.6 million, $5.4 million and $0.5 million for fiscal 2022, 2021 and 2020.

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

LEASES

12 Months Ended

Mar. 31, 2022

Leases [Abstract]

LEASES

The Company's leases are generally for facilities and office space. The Company adopted ASU 2016-02, Leases (Topic 842) on April 1, 2019 using the modified retrospective transition approach, and as a result did not recast comparative prior period information and presented prior period amounts and disclosures under ASC 840, Leases (Topic 840).

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


	Fiscal Year Ended March 31,
	2022		2021		2020
Operating lease cost	$	69,831	$	68,702	$	71,067
Short-term lease cost	585		3,780		9,657
Variable lease cost	11,641		12,843		11,657
Total operating lease costs	$	82,057	$	85,325	$	92,381

Future minimum operating lease payments for noncancelable operating leases as of March 31, 2022 are as follows:


For the Fiscal Year Ending March 31,	Operating Lease Payments
2023	$	64,528
2024	74,462
2025	70,907
2026	52,065
2027	30,400
Thereafter	45,537
Total future lease payments	337,899
Less: imputed interest	(38,495)
Total lease liabilities	$	299,404

Supplemental cash flow information related to leases was as follows:


	Fiscal Year Ended March 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities	$	76,100	$	69,320	$	53,741
Operating lease liabilities arising from obtaining ROU assets (1)	41,206		52,454		26,378

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

Other information related to leases was as follows:


	March 31,
	2022		2021
Weighted average remaining lease term (in years)	5.0		5.5
Weighted average discount rate	4.5	%	4.6	%

INCOME TAXES

12 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of income tax expense were as follows:


	Fiscal Year Ended March 31,
	2022		2021		2020
Current
U.S. Federal	$	232,844	$	(227,309)	$	(2,638)
State and local	26,333		39,542		18,410
Foreign	8,486		9,250		15,625
Total current	267,663		(178,517)		31,397
Deferred
U.S. Federal	(146,581)		245,624		59,856
State and local	11,781		(13,626)		5,578
Foreign	4,603		—		—
Total deferred	(130,197)		231,998		65,434
Total	$	137,466	$	53,481	$	96,831

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


	Fiscal Year Ended March 31,
	2022		2021		2020
Income tax expense computed at U.S. federal statutory rate	$	126,981	$	139,112	$	121,681

Increases (reductions) resulting from:
State and local income taxes, net of federal tax	28,762		17,586		20,031
Foreign income taxes, net of federal tax	9,243		6,679		12,344
Meals and entertainment	343		653		1,761
Re-measurement of current year losses under CARES Act	—		(76,767)		—
Excess tax benefits from stock-based compensation	(4,227)		(8,556)		(10,265)
Research and development and other federal credits	(34,080)		(30,313)		(90,898)
Executive compensation -162(m)	3,614		3,813		2,346
Foreign-Derived Intangible Income (FDII)	(9,115)		(4,536)		(4,915)
Changes in uncertain tax positions	16,938		6,793		44,621
Other	(993)		(983)		125
Income tax expense from operations	$	137,466	$	53,481	$	96,831

For the fiscal 2021 tax year, the Company generated a tax loss for U.S. Federal and state tax purposes resulting from the treatment of costs associated with property, plant, and equipment. As a result of a provision in the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"), taxpayers are allowed to carry net operating losses generated in fiscal 2019, 2020 and 2021 back to the five prior tax years (fiscal years 2016 - 2020). Accordingly, the Company recorded a long-term income tax receivable in fiscal 2021 which was largely offset by a corresponding deferred tax liability reflected within the property and equipment deferred tax liability in the Company's significant components of deferred income tax assets and liabilities. The corporate tax rate for the Company was 35% during fiscal 2016 and 2017, 31.5% during fiscal 2018, and 21% since fiscal 2019. Carrying the loss back to these years with higher tax rates resulted in an income tax benefit in fiscal 2021 of $76.8 million related to the re-measurement of the loss for the applicable carryback fiscal years. The receivable remained outstanding at the end of fiscal 2022. For state tax purposes, an incremental net operating loss carryforward of $89.6 million that was generated was used in fiscal 2022 and will continue to be utilized in fiscal 2023 to offset state taxes. Including the impact of these state carryforwards, this transaction resulted in an incremental state deferred tax asset of $11.8 million.

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


	March 31,
	2022		2021
Current income tax receivable	$	47,142	$	175,541
Long term income tax receivable	$	341,738	$	333,188
Current income tax payable	$	34,324	$	30,694

The current income tax receivable as of March 31, 2022 represents estimated payments made in fiscal 2022 and prior periods that will be applied to the Company’s future U.S. federal and state tax returns. This amount is classified as prepaid expenses and other current assets on the consolidated balance sheet. The current income tax payable as of March 31, 2022 represents current liabilities associated with the Company’s amended fiscal 2020 U.S. state returns that the Company intends to file in fiscal 2023. This amount is classified as other current liabilities on the consolidated balance sheet. The long-term income tax receivable as of March 31, 2022 represents the carryback claim for the fiscal 2021 net operating loss and the amended U.S. federal return refund claims for research and development tax credits. This amount is classified as other long-term assets on the consolidated balance sheet.

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


	March 31,
	2022		2021
Deferred income tax assets:
Accrued expenses	$	80,344	$	78,005
Deferred compensation	56,361		52,191
Stock-based compensation	9,783		5,724
Pension and postretirement benefits	30,797		32,881
Net operating loss carryforwards	44,118		98,471
Extended disability benefits	2,426		2,838
Interest rate swaps	75		9,955
Federal tax credits	—		12,582
State tax credits	24,268		27,243
Operating lease liabilities	82,799		86,046
Other	—		3,378
Total gross deferred income tax assets	330,971		409,314
Less: Valuation allowance	(8,715)		(6,165)
Total net deferred income tax assets	322,256		403,149
Deferred income tax liabilities:
Unbilled receivables	(209,753)		(245,809)
Intangible assets	(56,657)		(69,519)
Debt issuance costs	(1,435)		(1,488)
Property and equipment	(198,940)		(336,321)
Operating lease right-of-use assets	(59,401)		(62,442)
Internally developed software	—		(20,309)
Other	(3,345)		—
Total deferred income tax liabilities	(529,531)		(735,888)
Net deferred income tax liability	$	(207,275)	$	(332,739)

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

As of March 31, 2022 and 2021, the Company had available federal, state, and foreign net operating loss ("NOL carryforwards") of $44.1 million and $98.5 million, respectively, that may be applied against future taxable income. The federal net operating loss of $1.4 million is primarily attributable to an acquisition and will begin to expire in fiscal 2037. The state net operating loss of $36.6 million is primarily attributable to the fiscal 2021 loss. The foreign net operating loss is primarily attributable to operations in jurisdictions where the Company is expanding its business. The Company recorded a partial valuation allowance against those federal, state and foreign net operating losses it believes will expire prior to utilization.

Uncertain Tax Positions

The Company maintains reserves for uncertain tax positions related to unrecognized income tax benefits. These reserves involve considerable judgment and estimation and are evaluated by management based on the best information available including changes in tax laws and other information. As of March 31, 2022, 2021, and 2020, the Company has recorded $79.9 million, $62.9 million, and $56.1 million, respectively, of reserves for uncertain tax positions which includes potential tax benefits of $78.5 million, $62.7 million, and $55.2 million, respectively, that, when recognized, impact the effective tax rate. As of March 31, 2022 and 2021, $3.1 million and $11.1 million, respectively, of the reserve is reflected as a reduction to deferred taxes and the remaining balance is recorded as a component of other long-term liabilities in the consolidated balance sheet.

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


	March 31,
	2022		2021		2020
Beginning of year	$	62,742	$	55,221	$	11,083
Increases in prior year position	2,620		5,018		34,001
Increases in current year position	13,530		12,753		10,970
Decreases in prior year position	(373)		—		(765)
Settlements with taxing authorities	—		—		—
Lapse of statute of limitations	—		(10,250)		(68)
End of year	$	78,519	$	62,742	$	55,221

During fiscal 2022, the Company recognized an increase in reserves for uncertain tax positions of approximately $13.5 million related to an increase in research and development tax credits available for fiscal years 2022 and prior years. The Company recognized accrued interest and penalties of $1.7 million, $0.3 million and $0.5 million for fiscal 2022, 2021, and 2020, respectively, related to the reserves for uncertain tax positions in the income tax provision. Included in the total reserve for uncertain tax positions are accrued penalties and interest of approximately $2.9 million, $1.2 million and $0.9 million at March 31, 2022, 2021, and 2020, respectively.

The Company is subject to taxation in the United States and various state and foreign jurisdictions. As of March 31, 2022, the Company's tax years ended March 31, 2016 and forward are open and subject to examination by the federal tax authorities. The other jurisdictions' currently open or under examination are not considered to be material.

The Company is currently contesting tax assessments from the District of Columbia Office of Tax and Revenue ("DC OTR") for fiscal years 2013 through 2015. The assessment relates to $11.7 million of taxes, net of federal tax benefits, as of March 31, 2022. During 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 ("DC COA"). In the fourth quarter of fiscal year 2022, the DC COA filed the briefing order, indicating that the Company's brief is due May 9, 2022 and, absent the DC OTR requesting an extension, DC OTR's response brief is due June 8, 2022. The Company filed its brief on May 9, 2022.

As a result of the ruling in favor of the DC OTR, the Company made an $8.6 million payment during the second quarter of fiscal 2022 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 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 March 31, 2022, 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. Management continues to evaluate this position quarterly to determine if a change in estimate is needed. 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 $55.8 million, net of federal benefit.

Effective fiscal 2023, the Tax Cuts and Jobs Act of 2017 requires the capitalization of research and development costs for tax purposes, which can then be amortized over five years and 15 years for domestic and foreign costs, respectively. Congress has proposed tax legislation to delay the effective date of this change to 2026, but it is uncertain whether the proposed delay will ultimately be enacted into law. If the current effective date remains in place, the Company's initial assessment is that the Company would experience a material decrease in cash from operations, but that the deferred tax liability would be offset by a corresponding amount.

The Company has a significant long-term income tax receivable as of March 31, 2022, which primarily represents the amended U.S. federal return refund claims for research and development tax credits and the carryback claim for the fiscal 2021 net operating loss. The Company is currently under federal audit by the Internal Revenue Service (“IRS”) for fiscal years 2016, 2017 and 2019 and the receipt of our U.S federal return refund claims is contingent upon the completion of the ongoing IRS audits.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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+ Details

EMPLOYEE BENEFIT PLANS

12 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

Defined Contribution Plan

The Company sponsors the Employees’ Capital Accumulation Plan, or ECAP, which is a qualified defined contribution plan that covers eligible U.S. and certain international employees. ECAP provides for distributions to participants by reason of retirement, death, disability, or termination of employment. The Company provides an annual matching contribution of up to 6% of eligible annual compensation. Total expense recognized under ECAP for fiscal 2022, 2021, and 2020 was $176.8 million, $166.3 million, and $151.0 million, respectively and the Company-paid contributions were $171.6 million, $163.0 million, and $146.5 million, respectively.

Post Retirement Benefit Plans

The Company provides postretirement healthcare benefits to former officers under a medical indemnity insurance plan, with premiums paid by the Company. This plan is referred to as the Officer Medical Plan. The Company recognizes a liability for the defined benefit plans' underfunded status, measures the defined benefit plans' obligations that determine its funded status as of the end of the fiscal year, and recognizes as a component of accumulated other comprehensive income the changes in the defined benefit plans' funded status that are not recognized as components of net periodic benefit cost.

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


	Fiscal Year Ended March 31,
	2022		2021		2020
Service cost	$	6,505	$	5,657	$	4,955
Interest cost	4,063		4,237		4,859

Total postretirement medical expense	$	10,568	$	9,894	$	9,814

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

The weighted-average discount rate used to determine the year-end benefit obligation for the Officer Medical Plan were 3.75%, 3.40% and 3.60% for fiscal 2022, 2021, and 2020, respectively.

Assumed healthcare cost trend rates for the Officer Medical Plan at March 31, 2022 and 2021 were as follows:


Pre-65 initial rate	2022		2021
Healthcare cost trend rate assumed for next year	6.30	%	6.55	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2031		2029


Post-65 initial rate	2022		2021
Healthcare cost trend rate assumed for next year	6.45	%	6.75	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2031		2029

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


	Fiscal Year Ended March 31,
	2022		2021		2020
Benefit obligation, beginning of the year	$	121,518	$	119,609	$	120,341
Service cost	6,505		5,657		4,955
Interest cost	4,063		4,237		4,859
Net actuarial gain	(13,563)		(3,466)		(6,761)
Benefits paid	(5,018)		(4,519)		(3,785)
Benefit obligation, end of the year	$	113,505	$	121,518	$	119,609

The net actuarial gain related to the benefit obligation in fiscal 2022 was primarily due to favorable changes in estimated medical costs and increases in discount rates, partially offset by updates to demographic assumptions and outlook of higher future medical inflation. The net actuarial gain related to the benefit obligation in fiscal 2021 was primarily due to a favorable medical cost experience, partially offset by the unfavorable impact from declines in discount rates as of March 31, 2021. The net actuarial gain related to the benefit obligation in fiscal 2020 was due mainly to the repeal of excise tax on high cost health plans in December 2019, partially offset by the unfavorable impact from declines in discount rates and changes in estimated medical costs as of March 31, 2020.


	Fiscal Year Ended March 31,
Changes in plan assets	2022		2021		2020
Fair value of plan assets, beginning of the year	$	—	$	—	$	—
Employer contributions	5,018		4,519		3,785
Benefits paid	(5,018)		(4,519)		(3,785)
Fair value of plan assets, end of the year	$	—	$	—	$	—

As of March 31, 2022 and 2021, the unfunded status of the Officer Medical Plan was $113.5 million and $121.5 million, respectively, which is included in other long-term liabilities in the accompanying consolidated balance sheets.

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


For the Fiscal Year Ending March 31,
2023	$	4,001
2024	$	4,304
2025	$	4,546
2026	$	4,931
2027	$	5,239
2028 - 2032	$	31,203

Long-term Disability Benefits

The Company offers medical and dental benefits to inactive employees (and their eligible dependents) on long-term disability. These benefits do not vary with an employee's years of service; therefore, the Company is required to accrue the costs of the benefits at the date the inactive employee becomes disability eligible and elects to participate in the benefit. The accrued cost for such benefits is calculated using an actuarial estimate. The accrued cost for these benefits was $9.3 million and $10.9 million at March 31, 2022 and 2021, respectively, and are presented in other long-term liabilities in the accompanying consolidated balance sheets.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Mar. 31, 2022

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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


	Fiscal Year Ended March 31, 2022
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of year	$	(1,562)	$	(28,209)	$	(29,771)
Other comprehensive income before reclassifications (1)	10,294		15,032		25,326
Amounts reclassified from accumulated other comprehensive loss	79		12,951		13,030
Net current-period other comprehensive income	10,373		27,983		38,356
End of year	8,811		(226)		8,585

(1) Changes in other comprehensive income (loss) before reclassification for derivatives designated as cash flow hedges are recorded net of tax benefits of $5.3 million for the fiscal year ended March 31, 2022.


	Fiscal Year Ended March 31, 2021
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of year	$	(4,127)	$	(41,874)	$	(46,001)
Other comprehensive income (loss) before reclassifications (2)	2,481		(1,529)		952
Amounts reclassified from accumulated other comprehensive loss	84		15,194		15,278
Net current-period other comprehensive income	2,565		13,665		16,230
End of year	$	(1,562)	$	(28,209)	$	(29,771)

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


	Fiscal Year Ended March 31, 2020
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of year	$	(9,068)	$	(2,122)	$	(11,190)
Other comprehensive income (loss) before reclassifications (3)	4,860		(41,300)		(36,440)
Amounts reclassified from accumulated other comprehensive loss	81		1,548		1,629
Net current-period other comprehensive income (loss)	4,941		(39,752)		(34,811)

End of year	$	(4,127)	$	(41,874)	$	(46,001)

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

STOCKHOLDERS’ EQUITY

12 Months Ended

Mar. 31, 2022

Equity [Abstract]

STOCKHOLDERS’ EQUITY

Common Stock

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

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

Share Repurchase Program

On December 21, 2011, the Board of Directors adopted a share repurchase program, which was most recently increased on January 26, 2022 to authorize the repurchase of up to $2,160.0 million in shares of Class A Common Stock. A special committee of the Board of Directors evaluates market conditions and other relevant factors and initiates repurchases under the program from time to time. The share repurchase program may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice. During fiscal 2022, the Company purchased 4.7 million shares of Class A Common Stock in a series of open market transactions for $389.9 million. During fiscal 2021, the Company purchased 3.8 million shares of Class A Common Stock in a series of open market transactions for $293.4 million. As of March 31, 2022, the Company had $651.6 million remaining under the share repurchase program.

Dividends

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


	Fiscal Year Ended March 31,
	2022		2021		2020
Recurring dividends (1)	$	209,057	$	181,066	$	146,602

(1) Amounts represent recurring quarterly dividends that were declared and paid for during each quarter of fiscal 2022, 2021, and 2020.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCK-BASED COMPENSATION

12 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

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


	Fiscal Year Ended March 31,
	2022		2021		2020
Cost of revenue	$	36,836	$	27,682	$	16,272
General and administrative expenses	32,948		32,162		27,018
Total	$	69,784	$	59,844	$	43,290

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


	Fiscal Year Ended March 31,
	2022		2021		2020
Equity Incentive Plan Options	$	1,793	$	2,625	$	2,741
Restricted Stock and Other Awards	67,991		57,219		40,549

Total	$	69,784	$	59,844	$	43,290

As of March 31, 2022 and 2021, there was $48.9 million and $43.3 million, respectively, of total unrecognized compensation cost related to unvested stock-based compensation agreements. The unrecognized compensation cost as of March 31, 2022 is expected to be fully amortized over the next 4.7 years. Absent the effect of forfeiture or acceleration of stock compensation cost for any departures of employees, the following tables summarize the unrecognized compensation cost, the weighted average period the cost is expected to be amortized, and the estimated annual compensation cost for the future periods indicated below (excludes any future award):


	Unrecognized Compensation Cost				Weighted Average Remaining Period to be Recognized
	March 31, 2022		March 31, 2021		March 31, 2022	March 31, 2021
Equity Incentive Plan Options	$	2,359	$	3,426	3.2	3.5
Restricted Stock and Other Awards	46,528		39,881		1.7	1.9
Total	$	48,887	$	43,307


	Total Unrecognized Compensation Cost
	Total		2023		2024		2025		2026		2027
Equity Incentive Plan Options	$	2,359	$	1,274	$	681	$	312	$	88	$	4
Restricted Stock and Other Awards	46,528		30,448		12,455		3,238		387		—
Total	$	48,887	$	31,722	$	13,136	$	3,550	$	475	$	4

Equity Incentive Plan

Awards under the Company's Equity Incentive Plan, or EIP, may be made in the form of stock options; stock purchase rights; restricted stock; restricted stock units; performance shares; performance units; stock appreciation rights; deferred share units; dividend equivalents; and other stock-based awards. As of March 31, 2022 and 2021, there were 8.6 million and 9.3 million shares, respectively, available for future grant under the EIP.

Stock Options

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

During fiscal 2022 and 2021, the Company granted 0.1 million and 0.3 million options under the EIP, with an aggregate grant date fair value of $1.6 million and $3.6 million, respectively.The total fair value of EIP options vested during both fiscal 2022 and 2021 were $2.4 million. The total intrinsic value of EIP options exercised during fiscal 2022 and 2021 was $11.4 million and $28.9 million, respectively.

As of March 31, 2022 and 2021, 0.3 million and 0.5 million options were unvested under the EIP, with a weighted average grant date fair value of $12.73 and $11.64, respectively. There were 1.3 million and 1.4 million EIP options outstanding as of March 31, 2022 and 2021, with a weighted average exercise price of $49.34 and $44.86, respectively.

Annual Incentive Plans

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

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

The Company also maintains a program whereby certain non-officer employees would be eligible to receive a portion of their annual bonus in equity. The equity compensation would be issued in the form of restricted stock units that would vest immediately after issuance or over an applicable vesting period subject to the employee's continued service for the Company. The associated expense will be recognized in the accompanying consolidated statements of operations based on grant date fair value.

Grants of Class A Restricted Common Stock and Restricted Stock Units

During fiscal 2022, the Board of Directors granted an aggregate of 1.1 million Restricted Stock Units with service-based and performance-based vesting conditions to existing officers, vice presidents, and other employees and non-employees of the Company, as well as to newly promoted and hired partners and vice presidents. The awards will vest based on the applicable vesting period for the specific award subject to the employees' continued employment with the Company. The Board of Directors also granted Class A Restricted Common Stock to members of the Board of Directors during fiscal 2022. These awards generally vest over one year.

The aggregate fair value of all awards issued during fiscal 2022 was $89.9 million and was based on the grant date stock price, which ranged from $41.65 to $89.78. This amount will be recognized in the accompanying consolidated statements of

operations over the applicable vesting period of the awards. The total fair value of restricted stock shares vested during fiscal 2022 and 2021 was $59.6 million and $49.8 million, respectively.

As permitted under the terms of the EIP, the Compensation, Culture and People Committee, as Administrator of the Plan, authorized the withholding of taxes not to exceed the minimum statutory withholding amount, through the surrender of shares of Class A Common Stock issuable upon the vesting or accelerated vesting of Restricted Stock. As a result of these transactions, the Company repurchased 0.3 million shares and recorded them as treasury shares at a total cost of $29.3 million in fiscal 2022.

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


	Number of Shares	Weighted Average Grant Date Fair Value

Unvested Restricted Stock Awards
Unvested at March 31, 2021	920,500	$	65.37
Granted	1,154,622	77.85
Vested	935,485	63.72
Forfeited	75,377	80.33
Unvested at March 31, 2022	1,064,260	$	79.29

Employee Stock Purchase Plan

The Company offers a tax qualified Employee Stock Purchase Plan, or ESPP, which is designed to enable eligible employees to periodically purchase shares of the Class A Common Stock at a five percent discount from the fair market value of the Class A Common Stock. The ESPP provides for quarterly offering periods. For the year ended March 31, 2022, 0.3 million shares of Class A Common Stock were purchased by employees under the ESPP. Since the program's inception, 3.2 million shares have been purchased by employees of the total 10 million shares available.

FAIR VALUE MEASUREMENTS

12 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

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

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

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


	Recurring Fair Value Measurements as of March 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:


Long term deferred compensation plan asset (1)	16,512		—		—		16,512
Long-term derivative instruments (3)	—		4,088		—		4,088
Total Assets	$	16,512	$	4,088	$	—	$	20,600
Liabilities:
Current derivative instruments (3)	—		4,324		—		4,324
Long-term derivative instruments (3)	—		39		—		39
Long term deferred compensation plan liability (1)	16,512		—		—		16,512
Total Liabilities	$	16,512	$	4,363	$	—	$	20,875


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

(2) The Company recognized a contingent consideration liability of $3.6 million in connection with the acquisition of Aquilent in fiscal 2017. As of 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. As of March 31, 2022 the relevant statute of limitations pertaining to the contingent liability expired at which point the Company wrote off the existing liability balance.

(3) The Company’s interest rate swaps are considered over-the-counter derivatives and fair value is estimated based on the present value of future cash flows using a model-derived valuation that uses Level 2 observable inputs such as interest rate yield curves. See Note 11 to the consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges.

We did not have any material items that were measured at fair value on a non-recurring basis as of March 31, 2022, 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 March 31, 2022 and 2021. The fair value of the Company's debt instruments approximated its carrying value at March 31, 2022 and 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 Senior Notes due 2028 are 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	12 Months Ended
RELATED-PARTY TRANSACTIONS	Mar. 31, 2022
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONSTwo of our directors served on the board of directors of a subcontractor to which the Company subcontracted $70.0 million, $85.9 million and $79.7 million of services for fiscal 2022, 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	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Letters of Credit and Third-Party Guarantees As of March 31, 2022 and 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 $8.4 million and $9.8 million, respectively. These letters of credit and bank guarantees primarily support insurance and bid and performance obligations. At March 31, 2022 and 2021, approximately $1.0 million and $0.9 million of these instruments reduce the available borrowings under the Revolving Credit Facility. The remainder is guaranteed under a separate $20.0 million facility of which $12.6 million and $11.1 million, respectively, was available to the Company at March 31, 2022 and 2021. Government Contracting Matters - Provision for Claimed Indirect Costs For fiscal 2022, 2021, and 2020, approximately 97%, 97%, and 96%, respectively, of the Company’s revenue was generated from contracts where the end user was an agency or department of the U.S. government, including contracts where the Company performed either as a prime contractor or subcontractor, and regardless of the geographic location in which the work was performed. U.S. government contracts and subcontracts are subject to extensive legal and regulatory requirements. From time to time and in the ordinary course of business, agencies of the U.S. government audit our claimed indirect costs and conduct inquiries and investigations of our business practices with respect to government contracts to determine whether the Company’s operations are conducted in accordance with these requirements and the terms of the relevant contracts. U.S. government agencies, including the Defense Contract Audit Agency (DCAA), routinely audit our claimed indirect costs, for compliance with the Cost Accounting Standards and the Federal Acquisition Regulation. These agencies also conduct reviews and investigations and make inquiries regarding our accounting and other systems in connection with our performance and business practices with respect to our government contracts and subcontracts. U.S. government audits, inquiries, or investigations of the Company, whether related to the Company’s U.S. government contracts or subcontracts or conducted for other reasons, could result in administrative, civil, or criminal liabilities, including withholding of payments, suspension of payments, repayments, fines, or penalties being imposed upon the Company, or could lead to suspension or debarment from future U.S. government contracting. Management believes it has recorded the appropriate provision for claimed indirect costs for any audit, inquiry, or investigation of which it is aware that may be subject to any reductions and/or penalties. As of March 31, 2022 and 2021, the Company had recorded liabilities of approximately $290.4 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 March 31, 2022 and 2021, there were no material amounts accrued in the consolidated financial statements related to these proceedings. On June 7, 2017, Booz Allen Hamilton Inc. was informed that the U.S. Department of Justice (DOJ) is conducting a civil and criminal investigation of the Company. In connection with the investigation, the DOJ has requested information from the Company relating to certain elements of the Company’s cost accounting and indirect cost charging practices with the U.S. government. Since learning of the investigation, the Company has engaged a law firm experienced in these matters to represent the Company in connection with this matter and respond to the government's requests. As is commonly the case with this type of matter, the Company has also been in contact with other regulatory agencies and bodies, including the SEC, which notified the Company that it is conducting an investigation that the Company believes relates to the matters that are also the subject of the DOJ's investigation. The Company may receive additional regulatory or governmental inquiries related to the matters that are the subject of the DOJ's investigation. In accordance with the Company's practice, the Company is cooperating with all relevant government parties. On May 12, 2021, the Company was informed that the DOJ has closed its criminal investigation. The total cost associated with these matters will depend on many factors, including the duration of these matters and any related findings. At this stage, the Company is not able to reasonably estimate the expected amount or range of cost or any loss associated with these matters. On June 19, 2017, a purported stockholder of the Company filed a putative class action lawsuit in the United States District Court for the Eastern District of Virginia styled Langley v. Booz Allen Hamilton Holding Corp., No. 17-cv-00696 naming the Company, its Chief Executive Officer and its Chief Financial Officer as defendants purportedly on behalf of all purchasers of the Company’s securities from May 19, 2016 through June 15, 2017. On September 5, 2017, the court named two lead plaintiffs, and on October 20, 2017, the lead plaintiffs filed a consolidated amended complaint. The complaint asserts claims under Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder, alleging misrepresentations or omissions by the Company purporting to relate to matters that are the subject of the DOJ investigation described above. The plaintiffs seek to recover from the Company and the individual defendants an unspecified amount of damages. The Company believes the suit lacks merit and intends to defend against the lawsuit. Motions to dismiss were argued on January 12, 2018, and on February 8, 2018, the court dismissed the amended complaint in its entirety without prejudice. At this stage of the lawsuit, the Company is not able to reasonably estimate the expected amount or range of cost or any loss associated with the lawsuit. On November 13, 2017, a Verified Shareholder Derivative Complaint was filed in the United States District Court for the District of Delaware styled Celine Thum v. Rozanski et al., C.A. No. 17-cv-01638, naming the Company as a nominal defendant and numerous current and former officers and directors as defendants. The complaint asserts claims for breach of fiduciary duties, unjust enrichment, waste of corporate assets, abuse of control, gross mismanagement, and violations of Sections 14(a), 10(b) and 20(a) of the Exchange Act, purportedly relating to matters that are the subject of the DOJ investigation described above. The parties have stipulated to a stay of the proceedings pending the outcome of the securities litigation (described above), which the court so ordered on January 24, 2018. On December 12, 2019, the court ordered that the stay remain in effect and ordered the parties to submit periodic status reports. On May 27, 2020, November 23, 2020, May 24, 2021, and November 22, 2021, the parties submitted status reports stating that plaintiff believes the stay should remain in effect and defendants do not object to the stay remaining in effect. At this stage of the lawsuit, the Company is not able to reasonably estimate the expected amount or range of cost or any loss associated with the lawsuit.

BUSINESS SEGMENT INFORMATION	12 Months Ended
BUSINESS SEGMENT INFORMATION	Mar. 31, 2022
Segment Reporting [Abstract]
BUSINESS SEGMENT INFORMATION	BUSINESS SEGMENT INFORMATIONThe Company reports operating results and financial data in one operating and reportable segment. The Company manages its business as a single profit center in order to promote collaboration, provide comprehensive functional service offerings across its entire client base, and provide incentives to employees based on the success of the organization as a whole. Although certain information regarding served markets and functional capabilities is discussed for purposes of promoting an understanding of the Company’s complex business, the Company manages its business and allocates resources at the consolidated level of a single operating segment.

- Definition

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

+ References

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+ Details

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn May 20, 2022, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.43 per share. Payment of the dividend will be made on June 30, 2022 to stockholders of record at the close of business on June 15, 2022.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries that are majority-owned or otherwise controlled by the Company and have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, and the rules and regulations of the U.S. Securities and Exchange Commission, or SEC. All intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements and notes of the Company include its subsidiaries and other entities over which the Company has a controlling financial interest or where the company is a primary beneficiary. 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. Equity investments in entities over which the Company does not have the ability to exercise significant influence and whose securities do not have a readily determinable fair value are carried at cost or cost net of other-than-temporary impairments. The Company’s fiscal year ends on March 31 and unless otherwise noted, references to fiscal year or fiscal are for fiscal years ended March 31.
Reclassification	Certain amounts reported in the Company's prior year consolidated financial statements have been reclassified to conform to the current year presentation.
Accounting Estimates	Accounting Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the consolidated financial statements where estimates may have the most significant effect include the provision for claimed indirect costs, valuation and expected lives of tangible and intangible assets, impairment of long-lived assets, accrued liabilities, revenue recognition, including the accrual of indirect costs, bonus and other incentive compensation, stock-based compensation, reserves for uncertain tax positions and valuation allowances on deferred tax assets, provisions for income taxes, postretirement obligations, collectability of receivables, and loss accruals for litigation. Actual results experienced by the Company may differ materially from management's estimates.
Revenue Recognition	Revenue Recognition The Company's revenues from contracts with customers (clients) are derived from offerings that include consulting, analytics, digital solutions, engineering, and cyber services, substantially with the U.S. government and its agencies, and to a lesser extent, subcontractors. The Company also serves foreign governments, as well as domestic and international commercial clients. The Company performs under various types of contracts, which include cost-reimbursable-plus-fee contracts, time-and-materials contracts, and fixed-price contracts. The Company considers a contract with a customer to exist under Accounting Standards Codification (ASC) No. 606, Revenue from Contracts with Customers (Topic 606), when there is approval and commitment from both the Company and the customer, the rights of the parties and payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. The Company also will consider whether two or more contracts entered into with the same customer should be combined and accounted for as a single contract. Furthermore, in certain transactions with commercial clients and with the U.S. government, the Company may commence providing services prior to receiving a formal approval from the customer. In these situations, the Company will consider the factors noted above, the risks associated with commencing the work and legal enforceability in determining whether a contract with the customer exists under Topic 606. Customer contracts are often modified to change the scope, price, specifications or other terms within the existing arrangement. Contract modifications are evaluated by management to determine whether the modification should be accounted for as part of the original performance obligation(s) or as a separate contract. If the modification adds distinct goods or services and increases the contract value proportionate to the stand-alone selling price of the additional goods or services, it will be accounted for as a separate contract. Generally, the Company’s contract modifications do not include goods or services which are distinct, and therefore are accounted for as part of the original performance obligation(s) with any impact on transaction price or estimated costs at completion being recorded as through a cumulative catch-up adjustment to revenue. The Company evaluates each service deliverable contracted with the customer to determine whether it represents promises to transfer distinct goods or services. Under Topic 606, these are referred to as performance obligations. One or more service deliverables often represent a single performance obligation. This evaluation requires significant judgment and the impact of combining or separating performance obligations may change the time over which revenue from the contract is recognized. The Company’s contracts generally provide a set of integrated or highly interrelated tasks or services and are therefore accounted for as a single performance obligation. However, in cases where we provide more than one distinct good or service within a customer contract, the contract is separated into individual performance obligations which are accounted for discretely. Contracts with the U.S. government are generally subject to the FAR and are priced based on estimated or actual costs of providing the goods or services. The Company derives a majority of its revenue from contracts awarded through a competitive bidding process. Pricing for non-U.S. government agencies and commercial customers is based on discrete negotiations with each customer. Certain of the Company’s contracts contain award fees, incentive fees or other provisions that may increase or decrease the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or cost targets and may be based upon customer discretion. Management estimates variable consideration as the most likely amount that we expect to achieve based on our assessment of the variable fee provisions within the contract, prior experience with similar contracts or clients, and management’s evaluation of the performance on such contracts. The Company may perform work under a contract that has not been fully funded if the work has been authorized by management and the customer to proceed. The Company evaluates unfunded amounts as variable consideration in estimating the transaction price. We include the estimated variable consideration in our transaction price to the extent that it is probable that a significant reversal of revenue will not occur upon the ultimate settlement of the variable fee provision. In the limited number of situations where our contracts with customers contain more than one performance obligation, the Company allocates the transaction price of a contract between the performance obligations in the proportion to their respective stand-alone selling prices. The Company generally estimates the stand-alone selling price of performance obligations based on an expected cost-plus margin approach as allowed under Topic 606. Our U.S. government contracts generally contain FAR provisions that enable the customer to terminate a contract for default or for the convenience of the U.S. government. The Company recognizes revenue for each performance obligation identified within our customer contracts when, or as, the performance obligation is satisfied by transferring the promised goods or services. Revenue may either be recognized over time or at a point in time. The Company generally recognizes revenue over time as our contracts typically involve a continuous transfer of control to the customer. A continuous transfer of control under contracts with the U.S. government and its agencies is evidenced by clauses which require the Company to be paid for costs incurred plus a reasonable margin in the event that the customer unilaterally terminates the contract for convenience. For contracts where the Company recognizes revenue over time, a contract cost-based input method is generally used to measure progress towards satisfaction of the underlying performance obligation(s). Contract costs include direct costs such as materials, labor and subcontract costs, as well as indirect costs identifiable with, or allocable to, a specific contract that are expensed as incurred. The Company does not incur material incremental costs to acquire or fulfill contracts. Under a contract cost-based input method, revenue is recognized based on the proportion of contract costs incurred to the total estimated costs expected to be incurred upon completion of the underlying performance obligation. The Company generally includes both funded and unfunded portions of customer contracts in this estimation process. For interim financial reporting periods, contract revenue attributable to indirect costs is recognized based upon agreed-upon annual forward-pricing rates established with the U.S. government at the start of each fiscal year. Forward pricing rates are estimated and agreed upon between the Company and the U.S. government and represent indirect contract costs required to execute and administer contract obligations. The impact of any agreed-upon changes, or changes in the estimated annual forward-pricing rates, are recorded in the interim financial reporting period when such changes are identified. These changes relate to the interim financial reporting period differences between the actual indirect costs incurred and allocated to customer contracts compared to the estimated amounts allocated to contracts using the estimated annual forward-pricing rates established with the U.S. government. On certain contracts, principally time-and-materials and cost-reimbursable-plus-fee contracts, revenue is recognized using the right-to-invoice practical expedient as the Company is contractually able to invoice the customer based on the control transferred. However, we did not elect to use the practical expedient which would allow the Company to exclude contracts recognized using the right-to-invoice practical expedient from the remaining performance obligations disclosed below. Additionally, for stand-ready performance obligations to provide services under fixed-price contracts, revenue is recognized over time using a straight-line measure of progress as the control of the services is provided to the customer ratably over the term of the contract. If a contract does not meet the criteria for recognition of revenue over time, we recognize revenue at the point in time when control of the good or service is transferred to the customer. Determining a measure of progress towards the satisfaction of performance obligations requires management to make judgments that may affect the timing of revenue recognition. Many of our contracts recognize revenue under a contract cost-based input method and require an Estimate-at-Completion (EAC) process, which management uses to review and monitor the progress towards the completion of our performance obligations. Under this process, management considers various inputs and assumptions related to the EAC, including, but not limited to, progress towards completion, labor costs and productivity, material and subcontractor costs, and identified risks. Estimating the total cost at completion of performance obligations is subjective and requires management to make assumptions about future activity and cost drivers under the contract. Changes in these estimates can occur for a variety of reasons and, if significant, may impact the profitability of the Company’s contracts. Changes in estimates related to contracts accounted for under the EAC process are recognized in the period when such changes are made on a cumulative catch-up basis. If the estimate of contract profitability indicates an anticipated loss on a contract, the Company recognizes the total loss at the time it is identified. For fiscal 2022, 2021 and 2020, the aggregate impact of adjustments in contract estimates was not material. Remaining performance obligations represent the transaction price of exercised contracts for which work has not yet been performed, irrespective of whether funding has or has not been authorized and appropriated as of the date of exercise. Remaining performance obligations do not include negotiated but unexercised options or the unfunded value of expired contracts.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include operating cash on hand and highly liquid investments having a weighted average maturity of 60 days or less and a weighted average life of 120 days or less. The Company’s cash equivalents consist primarily of government money market funds and money market deposit accounts. The Company maintains its cash and cash equivalents in bank accounts that, at times, exceed the federally insured FDIC limits. The Company has not experienced any losses in such accounts.
Valuation of Accounts Receivable	Valuation of Accounts Receivable The Company maintains allowances for doubtful accounts against certain accounts receivables based upon the latest information regarding whether specific charges are recoverable or invoices are ultimately collectible. Assessing the recoverability of charges and collectability of customer receivables requires management judgment. The Company determines its allowance for doubtful accounts by specifically analyzing individual accounts receivable, historical bad debts, customer credit-worthiness, current economic conditions, accounts receivable aging trends for billed receivables, availability of funding, compliance with contractual terms and conditions, client satisfaction with work performed, and other factors impacting accounts receivables. Valuation reserves are periodically re-evaluated and adjusted as more information about the ultimate recoverability and collectability of accounts receivable becomes available. Upon determination that a receivable is uncollectible, the receivable balance and any associated reserve are written off.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and accounts receivable. The Company’s cash equivalents are generally invested in U.S. government money market funds and money market deposit accounts. The Company believes that credit risk for accounts receivable is limited as the receivables are primarily with the U.S. government.
Property and Equipment	Property and EquipmentProperty and equipment are recorded at cost, and the balances are presented net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Furniture and equipment is depreciated over five to ten years, and computer equipment is depreciated over four years. Leasehold improvements are amortized over the shorter of the useful life of the asset or the lease term. Maintenance and repairs are charged to expense as incurred.
Business Combinations	Business CombinationsThe accounting for the Company’s business combinations consists of allocating the purchase price to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values, with the excess recorded as goodwill. The Company has up to one year from the acquisition date to use information as of each acquisition date to adjust the fair value of the acquired assets and liabilities which may result in material changes to their recorded values with an offsetting adjustment to goodwill.
Intangible Assets	Intangible AssetsIntangible assets primarily consist of programs and contracts assets, channel relationships, the Company's trade name, customer relationships, software and other amortizable intangible assets. The Company capitalizes the following costs associated with developing internal-use computer software pertaining to upgrades in our business and financial systems: (i) external direct costs of materials and services consumed in developing or obtaining internal-use computer software and (ii) certain payroll and payroll-related costs for Company employees who are directly associated with the development of internal-use software, to the extent of the time spent directly on the project. Programs and contract assets, channel relationships, and other amortizable intangible assets are generally amortized on an accelerated basis over the expected life based on projected future cash flows of approximately two to twelve years. Software purchased or developed for internal use is amortized over one to five years. The majority of the Company's trade name intangible assets are not amortized, but are tested for impairment on at least an annual basis as of January 1 and more frequently if interim indicators of impairment exist. The trade name is considered to be impaired if the carrying value exceeds its estimated fair value. The Company uses the relief from royalty method to estimate the fair value. The fair value of the asset is the present value of the license fees avoided by owning the asset, or the royalty savings.
Goodwill	GoodwillThe Company assesses goodwill for impairment on at least an annual basis on January 1 unless interim indicators of impairment exist. Goodwill is considered to be impaired when the net book value of a reporting unit exceeds its estimated fair value. The Company operates as a single operating segment and as a single reporting unit for the purpose of evaluating goodwill. As of January 1, 2022, the Company performed its annual impairment test of goodwill by comparing the fair value of the Company (based on market capitalization) to the carrying value of the Company's net equity, and concluded that the fair value of the reporting unit was significantly greater than the carrying amount.
Long-Lived Assets	Long-Lived AssetsThe Company reviews its long-lived assets, including property and equipment, amortizable intangible assets, and right-of-use (ROU) assets, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for any excess of the carrying amount over the fair value of the asset.
Leases	Leases At contract inception, the Company determines whether the contract is, or contains, a lease, which exists when the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. Operating lease balances are included in operating lease right-of-use ("ROU") assets, operating lease liabilities, and operating lease liabilities, net of current portion in our consolidated balance sheet. Cash payments arising from operating leases are classified within operating activities in the consolidated statement of cash flows. As of March 31, 2022, the Company had no finance leases. The Company's leases are generally for facilities and office space and the Company recognizes ROU assets and lease liabilities at the lease commencement date for those arrangements. The initial lease liability is equal to the present value of the future minimum lease payments over the lease term. The initial measurement of the ROU asset is equal to the initial lease liability plus any initial direct costs and prepaid lease payments, less any lease incentives. At the lease commencement date, the Company estimates its collateralized incremental borrowing rate based on publicly available yields adjusted for Company-specific considerations and the Company's varying lease terms in determining the present value of future payments. Certain of the Company’s leases contain options to renew or to terminate the lease which are included in the determination of the ROU assets and lease liabilities when it is reasonably certain that the Company will exercise the option. The Company's leases may also include variable lease payments, such as an escalation clause based on consumer price index rates, maintenance costs, and utilities. Variable lease payments that depend on an index or a rate are included in the determination of ROU assets and lease liabilities using the index or rate at the lease commencement date, whereas variable lease-related payments that do not depend on an index or rate are recorded as lease expense in the period incurred. ROU assets are evaluated for impairment in a manner consistent with the treatment of other long-lived assets. As permitted under Topic 842, the Company elected not to recognize ROU assets and lease liabilities for leases with an initial term of 12 months or less; lease expense from these leases is recognized on a straight-line basis over the lease term. As further permitted under Topic 842, for all material classes of leased assets, the Company elected to not separate lease components from non-lease components, and instead account for both components as a single lease component.
Income Taxes	Income Taxes The Company provides for income taxes as a “C” corporation on income earned from operations. The Company is subject to federal, state, and foreign taxation in various jurisdictions. Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different years for financial statement purposes than for tax purposes. Deferred tax assets and liabilities are computed based on the difference between the consolidated financial statement carrying amount and tax basis of assets and liabilities using enacted tax rates and laws for the years in which these items are expected to reverse. If management determines that some portion or all of a deferred tax asset is not “more likely than not” to be realized, a valuation allowance is recorded as a component of the income tax provision to reduce the deferred tax asset to an appropriate level in that period. In determining the need for a valuation allowance, management considers all positive and negative evidence, including historical earnings, projected future taxable income, future reversals of existing taxable temporary differences, taxable income in prior carryback periods, and prudent, feasible tax-planning strategies. The Company periodically assesses its tax positions for all periods open to examination by tax authorities based on the latest available information. Those positions are evaluated to determine whether they will more likely than not be sustained upon examination by the Internal Revenue Service (“IRS”) or other taxing authorities. The Company reserves for these uncertain tax positions related to unrecognized income tax benefits where it is not more likely than not that the Company’s tax position will be sustained on examination and settlement with the various taxing authorities. Liabilities for unrecognized tax benefits are measured based on the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. These unrecognized tax benefits are recorded as a component of income tax expense. As uncertain tax positions in periods open to examination are closed out, or as new information becomes available, the resulting change is reflected in the recorded liability and income tax expense. Penalties and interest recognized related to the reserves for uncertain tax positions are recorded as a component of income tax expense.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation to employees is recognized in the consolidated statements of operations based on the grant date fair values with the expense for time vested awards recognized on an accelerated basis over the vesting period. The Company estimates forfeitures anticipated to occur during the vesting period for the purposes of recognizing costs associated with stock-based compensation. The expense for performance awards is estimated at each reporting date using management's expectation of the probable achievement of the specified performance criteria and is recognized straight line over the vesting period. The Company uses the Black-Scholes option-pricing model to determine the fair value of its option awards at the time of grant.
Defined Benefit Plan, Other Post-Retirement Benefits and Long-term Disability Plan	Defined Benefit Plan, Other Post-Retirement Benefits and Long-term Disability Plan The Company recognizes the underfunded status of defined benefit plans and other post-retirement benefits on the consolidated balance sheets within other long-term liabilities. Gains and losses, and prior service costs and credits that have not yet been recognized through net periodic benefit cost are recognized in accumulated other comprehensive loss, net of tax effects, and will be amortized as a component of net periodic cost in future periods. The measurement date, the date at which the benefit obligations are measured, is the Company’s fiscal year-end. The Company also offers medical and dental benefits to inactive employees (and their eligible dependents) on long-term disability. The Company accrues the costs of the benefits at the date the inactive employee becomes disability eligible and elects to participate in the benefit. The accrued cost for such benefits is calculated using an actuarial estimate of the present value of all future benefit payments for obligations at the end of the fiscal year.
Self-Funded Medical Plans	Self-Funded Medical Plans The Company maintains self-funded medical insurance. Self-funded plans include Consumer Driven Health Plans with a Health Savings Account option and traditional choice plans. Further, self-funded plans also include prescription drug and dental benefits. The Company records an incurred but unreported claim liability in the accrued compensation and benefits line of the consolidated balance sheets for self-funded plans based on an actuarial valuation. The estimate of the incurred but unreported claim liability was provided by a third-party valuation firm, primarily based on claims and participant data for the medical, dental, and pharmacy related costs.
Recently Adopted Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Standards 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. The Company updated its disclosures throughout this Annual Report on Form 10-K to comply with these amendments. The Company’s adoption only impacted the Company's disclosures and did not impact the consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which amends the accounting for acquired revenue contracts with customers in a business combination to address recognition of an acquired contract liability and payment terms, and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 is effective for annual periods beginning after December 15, 2022 on a prospective basis. Early adoption is permitted. The Company early adopted the requirements of ASU 2021-08 to apply the amendments prospectively to all business combinations that occurred on or after April 1, 2022. Recent Accounting Pronouncements Not Yet Adopted Other recent accounting pronouncements issued during fiscal 2022 and through the filing date are not expected to have a material impact on the Company's present or historical consolidated financial statements.

REVENUE (Tables)

12 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Fiscal Year Ended March 31,
		2022			2021			2020
Cost-reimbursable			$	4,514,262	54%	$	4,419,533	56%	$	4,211,592	57%
Time-and-materials			2,017,094		24%	1,962,999		25%	1,737,414		23%
Fixed-price			1,832,344		22%	1,476,406		19%	1,514,835		20%
Total Revenue			$	8,363,700	100%	$	7,858,938	100%	$	7,463,841	100%

Revenue by Customer Type:


	Fiscal Year Ended March 31,
		2022			2021			2020
U.S. government(1):
Defense Clients			$	3,955,473	47%	$	3,920,503	49%	$	3,596,081	47%
Intelligence Clients			1,573,037		19%	1,549,417		20%	1,580,925		22%
Civil Clients			2,618,914		31%	2,183,184		28%	2,020,320		27%
Total U.S. government			8,147,424		97%	7,653,104		97%	7,197,326		96%
Global Commercial Clients			216,276		3%	205,834		3%	266,515		4%
Total Revenue			$	8,363,700	100%	$	7,858,938	100%	$	7,463,841	100%

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


	Fiscal Year Ended March 31,
		2022			2021			2020
Prime Contractor			$	7,864,273	94%	$	7,311,313	93%	$	6,884,763	92%
Sub-contractor			499,427		6%	547,625		7%	579,078		8%
Total Revenue			$	8,363,700	100%	$	7,858,938	100%	$	7,463,841	100%

Schedule of Contract Assets and Liabilities

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


	March 31,
	2022		2021
Current assets:
Accounts receivable–billed	$	465,322	$	375,383
Accounts receivable–unbilled (contract assets)	1,157,667		1,037,968
Allowance for credit losses	—		(1,457)
Accounts receivable, net	1,622,989		1,411,894
Other long-term assets:
Accounts receivable–unbilled (contract assets)	64,339		63,869
Total accounts receivable, net	$	1,687,328	$	1,475,763
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)	$	26,747	$	15,906

EARNINGS PER SHARE (Tables)

12 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of 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:


	Fiscal Year Ended March 31,
	2022		2021		2020
Earnings for basic computations (1)	$	463,626	$	605,437	$	481,085
Weighted-average of common stock shares outstanding for basic computations	134,134,034		137,722,589		140,059,494
Earnings for diluted computations (1)	$	463,635	$	605,455	$	481,092
Dilutive stock options and restricted stock	716,774		980,631		1,178,641
Weighted-average of common stock shares outstanding for diluted computations	134,850,808		138,703,220		141,238,135
Earnings per share of common stock
Basic	$	3.46	$	4.40	$	3.43
Diluted	$	3.44	$	4.37	$	3.41

ACQUISITIONS AND DIVESTITURES (Tables)

12 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

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


Cash consideration (gross of cash acquired and including net adjustments)	$	789,429
Fair value of non-controlling interest	80,063
Total purchase consideration	869,492

Purchase price allocation:
Cash	9,096
Current assets	57,519
Operating lease right-of-use asset	2,532
Other long-term assets	2,825
Intangible assets	399,500
Current liabilities	(40,217)
Operating lease liabilities-current	(1,017)
Operating lease liabilities-long term	(1,516)
Total fair value of identifiable net assets acquired	$	428,722

Goodwill	$	440,770

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

Intangible assets consisted of the following:


	March 31, 2022						March 31, 2021
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value

Amortizable intangible assets:
Programs and contract assets, channel relationships, and other amortizable intangible assets (1)	$	483,294	$	101,584	$	381,710	$	82,400	$	50,503	$	31,897
Software	119,398		44,626		74,772		114,972		29,941		85,031
Total amortizable intangible assets	$	602,692	$	146,210	$	456,482	$	197,372	$	80,444	$	116,928
Unamortizable intangible assets:
Trade name	$	190,200	$	—	$	190,200	$	190,200	$	—	$	190,200
Total	$	792,892	$	146,210	$	646,682	$	387,572	$	80,444	$	307,128

Summary of Expected Amortization Expense for Intangible Assets


For the Fiscal Year Ended March 31,
2023	$	85,776
2024	71,149
2025	60,811
2026	53,552
2027	43,585
Thereafter	141,609
Total estimated amortization expense	$	456,482

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of Components of Property and Equipment, Net

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


	March 31,
	2022		2021
Furniture and equipment	$	117,250	$	117,430
Computer equipment	104,296		97,571
Leasehold improvements	235,342		225,132
Total	456,888		440,133
Less: Accumulated depreciation and amortization	(254,659)		(235,491)
Property and equipment, net	$	202,229	$	204,642

ACCOUNTS PAYABLE AND OTHER ACCRUED EXPENSES (Tables)

12 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Other Accrued Expenses

Accounts payable and other accrued expenses consisted of the following:


	March 31,
	2022		2021
Vendor payables	$	539,524	$	371,744
Accrued expenses	363,092		295,227
Total accounts payable and other accrued expenses	$	902,616	$	666,971

ACCRUED COMPENSATION AND BENEFITS (Tables)

12 Months Ended

Mar. 31, 2022

Schedule of Accrued Compensation and Benefits

Accrued compensation and benefits consisted of the following:


	March 31,
	2022		2021
Bonus	$	96,040	$	130,565
Retirement	48,169		44,474
Vacation	206,199		202,100
Other	88,226		48,476
Total accrued compensation and benefits	$	438,634	$	425,615

DEBT (Tables)

12 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following:


	March 31, 2022				March 31, 2021
	Interest Rate		Outstanding Balance		Interest Rate		Outstanding Balance
Term Loan A	1.71	%	$	1,241,398	1.61	%	$	1,289,764
Term Loan B	2.21	%	380,321		1.86	%	384,212
Revolver	—	%	—		—	%	—
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			(21,647)				(17,380)
Total			2,800,072				2,356,596
Less: Current portion of long-term debt			(68,379)				(77,865)
Long-term debt, net of current portion			$	2,731,693			$	2,278,731

Schedule of Future Debt Principal Repayments

The following table summarizes required future debt principal repayments:


	Payments Due By March 31,
	Total	2023	2024	2025	2026	2027	Thereafter
Term Loan A	$1,241,398	$64,488	$64,488	$64,488	$64,488	$983,446	—
Term Loan B	380,321	3,891	3,891	3,891	3,891	364,757	—
Senior Notes 2028	700,000	—	—	—	—	—	700,000
Senior Notes 2029	500,000	—	—	—	—	—	500,000
Interest on indebtedness	446,697	76,677	75,550	74,270	73,067	56,445	90,688
Total	$3,268,416	$145,056	$143,929	$142,649	$141,446	$1,404,648	$1,290,688

Schedule of Interest Expense

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


	Fiscal Year Ended March 31,
	2022		2021		2020
Term Loan A Interest Expense	$	19,570	$	23,541	$	50,080
Term Loan B Interest Expense	7,207		7,787		15,739
Interest on Revolving Credit Facility	25		799		92
Senior Notes Interest Expense	42,902		23,476		17,938
Deferred Payment Obligation Interest (1)	—		—		5,740
Amortization of Debt Issuance Costs (DIC) and Original Issue Discount (OID) (2)	4,619		4,396		4,688
Interest Swap Expense	17,535		20,558		2,094
Other	494		713		589
Total Interest Expense	$	92,352	$	81,270	$	96,960

DERIVATIVES (Tables)

12 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

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


		Fiscal year ended March 31,
Derivatives in Cash Flow Hedging Relationships	Location of Gain or Loss Recognized in Income on Derivatives	Amount of Gain (Loss) Recognized in AOCI on Derivatives						Amount of Loss Reclassified from AOCI into Income (1)
Derivatives in Cash Flow Hedging Relationships		2022		2021		2020		2022		2021		2020
Interest rate swaps	Interest expense	$	20,352	$	(2,071)	$	(55,871)	$	(17,535)	$	(20,558)	$	(2,094)

(1) The reclassifications from accumulated other comprehensive gain (loss) to net income was reduced by taxes of $4.6 million, $5.4 million and $0.5 million for fiscal 2022, 2021 and 2020.

- 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

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+ Details

LEASES (Tables)

12 Months Ended

Mar. 31, 2022

Leases [Abstract]

Schedules of Lease Cost

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


	Fiscal Year Ended March 31,
	2022		2021		2020
Operating lease cost	$	69,831	$	68,702	$	71,067
Short-term lease cost	585		3,780		9,657
Variable lease cost	11,641		12,843		11,657
Total operating lease costs	$	82,057	$	85,325	$	92,381

Supplemental cash flow information related to leases was as follows:


	Fiscal Year Ended March 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities	$	76,100	$	69,320	$	53,741
Operating lease liabilities arising from obtaining ROU assets (1)	41,206		52,454		26,378

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

Other information related to leases was as follows:


	March 31,
	2022		2021
Weighted average remaining lease term (in years)	5.0		5.5
Weighted average discount rate	4.5	%	4.6	%

Schedule of Future Minimum Operating Lease Payments

Future minimum operating lease payments for noncancelable operating leases as of March 31, 2022 are as follows:


For the Fiscal Year Ending March 31,	Operating Lease Payments
2023	$	64,528
2024	74,462
2025	70,907
2026	52,065
2027	30,400
Thereafter	45,537
Total future lease payments	337,899
Less: imputed interest	(38,495)
Total lease liabilities	$	299,404

INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Components of Income Tax Expense

The components of income tax expense were as follows:


	Fiscal Year Ended March 31,
	2022		2021		2020
Current
U.S. Federal	$	232,844	$	(227,309)	$	(2,638)
State and local	26,333		39,542		18,410
Foreign	8,486		9,250		15,625
Total current	267,663		(178,517)		31,397
Deferred
U.S. Federal	(146,581)		245,624		59,856
State and local	11,781		(13,626)		5,578
Foreign	4,603		—		—
Total deferred	(130,197)		231,998		65,434
Total	$	137,466	$	53,481	$	96,831

Schedule of Effective Income Tax Rate Reconciliation


	Fiscal Year Ended March 31,
	2022		2021		2020
Income tax expense computed at U.S. federal statutory rate	$	126,981	$	139,112	$	121,681

Increases (reductions) resulting from:
State and local income taxes, net of federal tax	28,762		17,586		20,031
Foreign income taxes, net of federal tax	9,243		6,679		12,344
Meals and entertainment	343		653		1,761
Re-measurement of current year losses under CARES Act	—		(76,767)		—
Excess tax benefits from stock-based compensation	(4,227)		(8,556)		(10,265)
Research and development and other federal credits	(34,080)		(30,313)		(90,898)
Executive compensation -162(m)	3,614		3,813		2,346
Foreign-Derived Intangible Income (FDII)	(9,115)		(4,536)		(4,915)
Changes in uncertain tax positions	16,938		6,793		44,621
Other	(993)		(983)		125
Income tax expense from operations	$	137,466	$	53,481	$	96,831

Schedule of Components of Income Tax Receivables and Payables

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


	March 31,
	2022		2021
Current income tax receivable	$	47,142	$	175,541
Long term income tax receivable	$	341,738	$	333,188
Current income tax payable	$	34,324	$	30,694

Schedule of Components of Deferred Tax Assets and Liabilities

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


	March 31,
	2022		2021
Deferred income tax assets:
Accrued expenses	$	80,344	$	78,005
Deferred compensation	56,361		52,191
Stock-based compensation	9,783		5,724
Pension and postretirement benefits	30,797		32,881
Net operating loss carryforwards	44,118		98,471
Extended disability benefits	2,426		2,838
Interest rate swaps	75		9,955
Federal tax credits	—		12,582
State tax credits	24,268		27,243
Operating lease liabilities	82,799		86,046
Other	—		3,378
Total gross deferred income tax assets	330,971		409,314
Less: Valuation allowance	(8,715)		(6,165)
Total net deferred income tax assets	322,256		403,149
Deferred income tax liabilities:
Unbilled receivables	(209,753)		(245,809)
Intangible assets	(56,657)		(69,519)
Debt issuance costs	(1,435)		(1,488)
Property and equipment	(198,940)		(336,321)
Operating lease right-of-use assets	(59,401)		(62,442)
Internally developed software	—		(20,309)
Other	(3,345)		—
Total deferred income tax liabilities	(529,531)		(735,888)
Net deferred income tax liability	$	(207,275)	$	(332,739)

Schedule of Unrecognized Tax Benefits

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


	March 31,
	2022		2021		2020
Beginning of year	$	62,742	$	55,221	$	11,083
Increases in prior year position	2,620		5,018		34,001
Increases in current year position	13,530		12,753		10,970
Decreases in prior year position	(373)		—		(765)
Settlements with taxing authorities	—		—		—
Lapse of statute of limitations	—		(10,250)		(68)
End of year	$	78,519	$	62,742	$	55,221

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Schedule of Components of Net Postretirement Medical Expense

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


	Fiscal Year Ended March 31,
	2022		2021		2020
Service cost	$	6,505	$	5,657	$	4,955
Interest cost	4,063		4,237		4,859

Total postretirement medical expense	$	10,568	$	9,894	$	9,814

Schedule of Assumed Health Care Cost Trend Rates

Assumed healthcare cost trend rates for the Officer Medical Plan at March 31, 2022 and 2021 were as follows:


Pre-65 initial rate	2022		2021
Healthcare cost trend rate assumed for next year	6.30	%	6.55	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2031		2029


Post-65 initial rate	2022		2021
Healthcare cost trend rate assumed for next year	6.45	%	6.75	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2031		2029

Schedule of Change in Benefit Obligation

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


	Fiscal Year Ended March 31,
	2022		2021		2020
Benefit obligation, beginning of the year	$	121,518	$	119,609	$	120,341
Service cost	6,505		5,657		4,955
Interest cost	4,063		4,237		4,859
Net actuarial gain	(13,563)		(3,466)		(6,761)
Benefits paid	(5,018)		(4,519)		(3,785)
Benefit obligation, end of the year	$	113,505	$	121,518	$	119,609

Schedule of Change in Fair Value of Plan Assets


	Fiscal Year Ended March 31,
Changes in plan assets	2022		2021		2020
Fair value of plan assets, beginning of the year	$	—	$	—	$	—
Employer contributions	5,018		4,519		3,785
Benefits paid	(5,018)		(4,519)		(3,785)
Fair value of plan assets, end of the year	$	—	$	—	$	—

Schedule of Expected Future Benefit Payments

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


For the Fiscal Year Ending March 31,
2023	$	4,001
2024	$	4,304
2025	$	4,546
2026	$	4,931
2027	$	5,239
2028 - 2032	$	31,203

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

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


	Fiscal Year Ended March 31, 2022
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of year	$	(1,562)	$	(28,209)	$	(29,771)
Other comprehensive income before reclassifications (1)	10,294		15,032		25,326
Amounts reclassified from accumulated other comprehensive loss	79		12,951		13,030
Net current-period other comprehensive income	10,373		27,983		38,356
End of year	8,811		(226)		8,585


	Fiscal Year Ended March 31, 2021
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of year	$	(4,127)	$	(41,874)	$	(46,001)
Other comprehensive income (loss) before reclassifications (2)	2,481		(1,529)		952
Amounts reclassified from accumulated other comprehensive loss	84		15,194		15,278
Net current-period other comprehensive income	2,565		13,665		16,230
End of year	$	(1,562)	$	(28,209)	$	(29,771)


	Fiscal Year Ended March 31, 2020
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of year	$	(9,068)	$	(2,122)	$	(11,190)
Other comprehensive income (loss) before reclassifications (3)	4,860		(41,300)		(36,440)
Amounts reclassified from accumulated other comprehensive loss	81		1,548		1,629
Net current-period other comprehensive income (loss)	4,941		(39,752)		(34,811)

End of year	$	(4,127)	$	(41,874)	$	(46,001)

STOCKHOLDERS’ EQUITY (Tables)

12 Months Ended

Mar. 31, 2022

Equity [Abstract]

Summary of Dividends Declared

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


	Fiscal Year Ended March 31,
	2022		2021		2020
Recurring dividends (1)	$	209,057	$	181,066	$	146,602

(1) Amounts represent recurring quarterly dividends that were declared and paid for during each quarter of fiscal 2022, 2021, and 2020.

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

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

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


	Fiscal Year Ended March 31,
	2022		2021		2020
Cost of revenue	$	36,836	$	27,682	$	16,272
General and administrative expenses	32,948		32,162		27,018
Total	$	69,784	$	59,844	$	43,290

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


	Fiscal Year Ended March 31,
	2022		2021		2020
Equity Incentive Plan Options	$	1,793	$	2,625	$	2,741
Restricted Stock and Other Awards	67,991		57,219		40,549

Total	$	69,784	$	59,844	$	43,290

Schedule of Unrecognized Compensation Cost

Absent the effect of forfeiture or acceleration of stock compensation cost for any departures of employees, the following tables summarize the unrecognized compensation cost, the weighted average period the cost is expected to be amortized, and the estimated annual compensation cost for the future periods indicated below (excludes any future award):


	Unrecognized Compensation Cost				Weighted Average Remaining Period to be Recognized
	March 31, 2022		March 31, 2021		March 31, 2022	March 31, 2021
Equity Incentive Plan Options	$	2,359	$	3,426	3.2	3.5
Restricted Stock and Other Awards	46,528		39,881		1.7	1.9
Total	$	48,887	$	43,307


	Total Unrecognized Compensation Cost
	Total		2023		2024		2025		2026		2027
Equity Incentive Plan Options	$	2,359	$	1,274	$	681	$	312	$	88	$	4
Restricted Stock and Other Awards	46,528		30,448		12,455		3,238		387		—
Total	$	48,887	$	31,722	$	13,136	$	3,550	$	475	$	4

Schedule of Unvested Restricted Stock Activity

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


	Number of Shares	Weighted Average Grant Date Fair Value

Unvested Restricted Stock Awards
Unvested at March 31, 2021	920,500	$	65.37
Granted	1,154,622	77.85
Vested	935,485	63.72
Forfeited	75,377	80.33
Unvested at March 31, 2022	1,064,260	$	79.29

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Fair Value Measurements

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


	Recurring Fair Value Measurements as of March 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:


Long term deferred compensation plan asset (1)	16,512		—		—		16,512
Long-term derivative instruments (3)	—		4,088		—		4,088
Total Assets	$	16,512	$	4,088	$	—	$	20,600
Liabilities:
Current derivative instruments (3)	—		4,324		—		4,324
Long-term derivative instruments (3)	—		39		—		39
Long term deferred compensation plan liability (1)	16,512		—		—		16,512
Total Liabilities	$	16,512	$	4,363	$	—	$	20,875


	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)	12 Months Ended
BUSINESS OVERVIEW (Details)	Mar. 31, 2022 employee segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1
Number of reportable segments	1
Number of employees \| employee	29,300

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Details)	12 Months Ended
	Mar. 31, 2022
Furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Computer equipment
Property, Plant and Equipment [Line Items]
Useful life	4 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets and Goodwill (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Impairment charge on intangibles	$ 0	$ 0	$ 0
Goodwill impairment	0	0	0
Impairment charges	$ 0	$ 0	$ 0
Programs and contract assets, channel relationships, and other amortizable intangible assets \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	2 years
Programs and contract assets, channel relationships, and other amortizable intangible assets \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	12 years
Software \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	1 year
Software \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	5 years

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 8,363,700	$ 7,858,938	$ 7,463,841
Revenue (as a percent)	100.00%	100.00%	100.00%
Prime Contractor
Disaggregation of Revenue [Line Items]
Revenue	$ 7,864,273	$ 7,311,313	$ 6,884,763
Revenue (as a percent)	94.00%	93.00%	92.00%
Sub-contractor
Disaggregation of Revenue [Line Items]
Revenue	$ 499,427	$ 547,625	$ 579,078
Revenue (as a percent)	6.00%	7.00%	8.00%
Global Commercial Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 216,276	$ 205,834	$ 266,515
Revenue (as a percent)	3.00%	3.00%	4.00%
Total U.S. government
Disaggregation of Revenue [Line Items]
Revenue	$ 8,147,424	$ 7,653,104	$ 7,197,326
Revenue (as a percent)	97.00%	97.00%	96.00%
Total U.S. government \| Defense Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 3,955,473	$ 3,920,503	$ 3,596,081
Revenue (as a percent)	47.00%	49.00%	47.00%
Total U.S. government \| Intelligence Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 1,573,037	$ 1,549,417	$ 1,580,925
Revenue (as a percent)	19.00%	20.00%	22.00%
Total U.S. government \| Civil Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 2,618,914	$ 2,183,184	$ 2,020,320
Revenue (as a percent)	31.00%	28.00%	27.00%
Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	$ 4,514,262	$ 4,419,533	$ 4,211,592
Revenue (as a percent)	54.00%	56.00%	57.00%
Time-and-materials
Disaggregation of Revenue [Line Items]
Revenue	$ 2,017,094	$ 1,962,999	$ 1,737,414
Revenue (as a percent)	24.00%	25.00%	23.00%
Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	$ 1,832,344	$ 1,476,406	$ 1,514,835
Revenue (as a percent)	22.00%	19.00%	20.00%

REVENUE - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
REVENUE - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue, amount of remaining performance obligation	$ 7,400.0	$ 6,700.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Provision (benefit) for credit losses	(1.5)	(2.6)	$ (6.4)
Contract with customer, liability, revenue recognized	$ 14.9	$ 24.5	$ 18.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as per percent)	70.00%
Remaining performance obligation, expected timing, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as per percent)	85.00%
Remaining performance obligation, expected timing, period	24 months

REVENUE - Summary of Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Contract with Customer, Asset, after Allowance for Credit Loss [Abstract]
Accounts receivable–billed	$ 465,322	$ 375,383
Accounts receivable–unbilled (contract assets)	1,157,667	1,037,968
Allowance for credit losses	0	(1,457)
Accounts receivable, net	1,622,989	1,411,894
Accounts receivable–unbilled (contract assets)	64,339	63,869
Total accounts receivable, net	1,687,328	1,475,763
Contract with Customer, Liability [Abstract]
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)	$ 26,747	$ 15,906

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Earnings for basic computations	$ 463,626	$ 605,437	$ 481,085
Weighted-average of common stock shares outstanding for basic computations (in shares)	134,134,034	137,722,589	140,059,494
Earnings for diluted computations	$ 463,635	$ 605,455	$ 481,092
Dilutive stock options and restricted stock (in shares)	716,774	980,631	1,178,641
Weighted-average of common stock shares outstanding for diluted computations (in shares)	134,850,808	138,703,220	141,238,135
Earnings per share of common stock
Basic (in dollars per share)	$ 3.46	$ 4.40	$ 3.43
Diluted (in dollars per share)	$ 3.44	$ 4.37	$ 3.41
Cash dividends paid	$ 209,057	$ 181,066	$ 146,602
Restricted Stock
Earnings per share of common stock
Unvested shares participating in the payment of the Company's dividends declared (in shares)	900,000	800,000	400,000
Cash dividends paid	$ 1,400	$ 1,000	$ 700
Undistributed earnings (loss) allocated to participating securities, basic	1,700	2,500	900
Undistributed earnings (loss) allocated to participating securities, diluted	$ 1,700	$ 2,500	$ 900

ACQUISITIONS AND DIVESTITURES - Narrative (Details) - USD ($) $ in Thousands				3 Months Ended
	Sep. 10, 2021	Sep. 09, 2021	Jun. 11, 2021	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Goodwill				$ 2,021,931	$ 1,581,160
Accounts receivable held-for-sale				23,600
Other assets held-for-sale				700
Deferred revenue held-for-sale				1,700
Accounts payable held-for-sale				200
Equity Method Investment, Nonconsolidated Investee or Group of Investees \| Tracepoint LLC
Business Acquisition [Line Items]
Equity method investment, ownership (as a percent)		40.00%
Gains associated with equity method investment activities		$ 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)	$ 120,300
Intangible assets	$ 90,500
Useful life (in years)	10 years
Goodwill	$ 94,300
Liberty
Business Acquisition [Line Items]
Cash consideration (gross of cash acquired and including net adjustments)			$ 669,100
Intangible assets			$ 309,000
Useful life (in years)			12 years
Goodwill			$ 346,500
EverWatch
Business Acquisition [Line Items]
Purchase consideration				$ 440,000

ACQUISITIONS AND DIVESTITURES - Purchase Price Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Purchase price allocation:
Goodwill	$ 2,021,931	$ 1,581,160
Tracepoint LLC and Liberty IT Solutions LLC
Business Acquisition [Line Items]
Cash consideration (gross of cash acquired and including net adjustments)	789,429
Fair value of non-controlling interest	80,063
Total purchase consideration	869,492
Purchase price allocation:
Cash	9,096
Current assets	57,519
Operating lease right-of-use asset	2,532
Other long-term assets	2,825
Intangible assets	399,500
Current liabilities	(40,217)
Operating lease liabilities-current	(1,017)
Operating lease liabilities-long term	(1,516)
Total fair value of identifiable net assets acquired	428,722
Goodwill	$ 440,770

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 2,021,931	$ 1,581,160
Goodwill allocated to assets held-for-sale	10,000
Amortization of intangible assets	$ 76,200	$ 19,300	$ 22,300
Programs and contract assets, channel relationships, and other amortizable intangible assets \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	2 years
Programs and contract assets, channel relationships, and other amortizable intangible assets \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	12 years
Software \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	1 year
Software \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	5 years

GOODWILL AND INTANGIBLE ASSETS - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	$ 602,692	$ 197,372
Accumulated Amortization	146,210	80,444
Net Carrying Value	456,482	116,928
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Intangible assets, gross	792,892	387,572
Net Carrying Value	646,682	307,128
Trade name
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Unamortizable intangible assets	190,200	190,200
Programs and contract assets, channel relationships, and other amortizable intangible assets
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	483,294	82,400
Accumulated Amortization	101,584	50,503
Net Carrying Value	381,710	31,897
Software
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	119,398	114,972
Accumulated Amortization	44,626	29,941
Net Carrying Value	$ 74,772	$ 85,031

GOODWILL AND INTANGIBLE ASSETS - Schedule of Expected Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 85,776
2024	71,149
2025	60,811
2026	53,552
2027	43,585
Thereafter	141,609
Net Carrying Value	$ 456,482	$ 116,928

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 456,888	$ 440,133
Less: Accumulated depreciation and amortization	(254,659)	(235,491)
Property and equipment, net	202,229	204,642
Depreciation and amortization expense related to property and equipment	69,500	65,000	$ 58,800
Reduction to gross cost and accumulated depreciation for zero net book value assets	55,000	100,300
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	117,250	117,430
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	104,296	97,571
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 235,342	$ 225,132

ACCOUNTS PAYABLE AND OTHER ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Payables and Accruals [Abstract]
Vendor payables	$ 539,524	$ 371,744
Accrued expenses	363,092	295,227
Total accounts payable and other accrued expenses	902,616	666,971
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Provision for claimed indirect costs	$ 290,400	$ 263,200

ACCRUED COMPENSATION AND BENEFITS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Compensation Related Costs [Abstract]
Bonus	$ 96,040	$ 130,565
Retirement	48,169	44,474
Vacation	206,199	202,100
Other	88,226	48,476
Total accrued compensation and benefits	$ 438,634	$ 425,615

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 23, 2021	Mar. 31, 2021
Long-term Debt, Current and Noncurrent [Abstract]
Less: Unamortized debt issuance costs and discount on debt	$ (21,647)		$ (17,380)
Long-term debt	2,800,072		2,356,596
Less: Current portion of long-term debt	(68,379)		(77,865)
Long-term debt, net of current portion	2,731,693		$ 2,278,731
Term Loan A
Long-term Debt, Current and Noncurrent [Abstract]
Total	1,241,398
Term Loan B
Long-term Debt, Current and Noncurrent [Abstract]
Total	$ 380,321
Revolver
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate on long term debt (as a percent)	0.00%		0.00%
Total	$ 0		$ 0
Secured Debt \| Term Loan A
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate on long term debt (as a percent)	1.71%		1.61%
Total	$ 1,241,398	$ 1,289,800	$ 1,289,764
Secured Debt \| Term Loan B
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate on long term debt (as a percent)	2.21%		1.86%
Total	$ 380,321		$ 384,212
Senior Notes \| Senior Notes due 2028
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate on long term debt (as a percent)	3.88%		3.88%
Total	$ 700,000		$ 700,000
Senior Notes \| Senior Notes due 2029
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate on long term debt (as a percent)	4.00%		0.00%
Total	$ 500,000		$ 0

DEBT - Narrative (Details) - USD ($)			12 Months Ended
DEBT - Narrative (Details) - USD ($)	Jun. 17, 2021	Aug. 24, 2020	Mar. 31, 2022	Mar. 31, 2021	Jun. 24, 2021	Jun. 23, 2021
Debt Instrument [Line Items]
Maximum expanded loan facility			$ 909,000,000
Percentage of consolidated EBITDA required			100.00%
Maximum net secured leverage ratio			350.00%
Cash Flow Hedging \| Interest Rate Swap \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Notional amount of interest rate swap			$ 700,000,000
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			1.00%
Overnight Federal Funds Rate
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			0.50%
Secured Debt \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			0.00%
Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity			$ 200,000,000		$ 200,000,000	$ 100,000,000
Term Loan A
Debt Instrument [Line Items]
Long-term debt outstanding			1,241,398,000
Interest paid			$ 19,600,000	$ 23,600,000
Term Loan A \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			1.125%
Term Loan A \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			2.00%
Term Loan A \| Alternative Base Rate (ABR) \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			0.125%
Term Loan A \| Alternative Base Rate (ABR) \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			1.00%
Term Loan A \| Secured Debt
Debt Instrument [Line Items]
Long-term debt outstanding			$ 1,241,398,000	1,289,764,000		1,289,800,000
Quarterly periodic payment percentage, principal			1.25%
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt outstanding					$ 1,000,000,000	$ 500,000,000
Revolving credit facility, maximum borrowing capacity			$ 1,000,000,000
Revolving Credit Facility \| Secured Debt \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage			0.175%
Revolving Credit Facility \| Secured Debt \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage			0.35%
Term Loan B
Debt Instrument [Line Items]
Long-term debt outstanding			$ 380,321,000
Interest paid			$ 7,200,000	7,800,000
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 \| Alternative Base Rate (ABR)
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			0.75%
Term Loan B \| Secured Debt
Debt Instrument [Line Items]
Long-term debt outstanding			$ 380,321,000	384,212,000
Quarterly periodic payment percentage, principal			0.25%
Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt outstanding			$ 500,000,000	0
Face amount of debt	$ 500,000,000	$ 700,000,000
Stated interest rate	4.00%	3.875%
Redemption price (as a percent)	104.00%
Percentage of principal amount outstanding (as a percent)	50.00%
Redemption of principal, redemption period	180 days
Debt issuance costs	$ 6,500,000
Senior Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt outstanding			$ 700,000,000	$ 700,000,000
Redemption price (as a percent)		103.88%
Percentage of principal amount outstanding (as a percent)		50.00%
Redemption of principal, redemption period		180 days
Debt issuance costs		$ 9,200,000
Period One \| Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Redemption of principal amount (as a percent)	100.00%
Redemption price (as a percent)	40.00%
Period One \| Senior Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Redemption of principal amount (as a percent)		100.00%
Redemption price (as a percent)		40.00%
Period Two \| Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Redemption of principal amount (as a percent)	102.00%
Period Two \| Senior Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Redemption of principal amount (as a percent)		101.94%
Period Three \| Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Redemption of principal amount (as a percent)	101.00%
Period Three \| Senior Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Redemption of principal amount (as a percent)		100.97%
Period Four \| Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Redemption of principal amount (as a percent)	100.00%
Period Four \| Senior Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Redemption of principal amount (as a percent)		100.00%

DEBT - Schedule of Future Debt Principal Repayments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Interest on indebtedness
Total	$ 446,697
2023	76,677
2024	75,550
2025	74,270
2026	73,067
2027	56,445
Thereafter	90,688
Total
Total	3,268,416
2023	145,056
2024	143,929
2025	142,649
2026	141,446
2027	1,404,648
Thereafter	1,290,688
Term Loan A
Long-term debt, gross
Total	1,241,398
2023	64,488
2024	64,488
2025	64,488
2026	64,488
2027	983,446
Thereafter	0
Term Loan B
Long-term debt, gross
Total	380,321
2023	3,891
2024	3,891
2025	3,891
2026	3,891
2027	364,757
Thereafter	0
Senior Notes 2028 \| Senior Notes
Long-term debt, gross
Total	700,000	$ 700,000
2023	0
2024	0
2025	0
2026	0
2027	0
Thereafter	700,000
Senior Notes 2029 \| Senior Notes
Long-term debt, gross
Total	500,000	$ 0
2023	0
2024	0
2025	0
2026	0
2027	0
Thereafter	$ 500,000

DEBT - Schedule of Detail of Interest Expense (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 31, 2008	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Deferred payment obligation, accrued interest payment		$ 0	$ 0	$ 5,740
Amortization of debt issuance costs		4,619	4,396	4,688
Interest Swap Expense		17,535	20,558	2,094
Other		494	713	589
Total Interest Expense		92,352	81,270	96,960
Deferred payment obligation, payment period	8 years 6 months
Secured Debt \| Term Loan A
Debt Instrument [Line Items]
Interest expense, debt		19,570	23,541	50,080
Secured Debt \| Term Loan B
Debt Instrument [Line Items]
Interest expense, debt		7,207	7,787	15,739
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense, debt		25	799	92
Senior Notes
Debt Instrument [Line Items]
Interest expense, debt		$ 42,902	$ 23,476	$ 17,938

DEBT - Schedule of Debt Principal Repayments (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Term Loan A
Debt Instrument [Line Items]
Total	$ 1,241,398
2020	64,488
2021	64,488
2022	64,488
2023	64,488
2024	983,446
Thereafter	0
Term Loan B
Debt Instrument [Line Items]
Total	380,321
2020	3,891
2021	3,891
2022	3,891
2023	3,891
2024	364,757
Thereafter	$ 0

DERIVATIVES - Narrative (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Other Noncurrent Assets
Derivative [Line Items]
Estimated fair value of derivative assets	$ 4,100,000
Other Current Liabilities
Derivative [Line Items]
Estimated fair value of derivative liabilities	4,300,000	$ 17,200,000
Other Noncurrent Liabilities
Derivative [Line Items]
Estimated fair value of derivative liabilities	39,000	$ 21,000,000
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest Rate Swap
Derivative [Line Items]
Notional amount of interest rate swap	700,000,000
Estimated amounts to be reclassified over 12 months	$ 4,400,000

DERIVATIVES - Schedule of Effect of Derivatives on Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Derivatives designated as cash flow hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from AOCI, tax	$ (4,600)	$ (5,400)	$ (500)
Interest Rate Swap \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Derivatives	20,352	(2,071)	(55,871)
Amount of Loss Reclassified from AOCI into Income	$ (17,535)	$ (20,558)	$ (2,094)

LEASES - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease cost	$ 69,831	$ 68,702	$ 71,067
Short-term lease cost	585	3,780	9,657
Variable lease cost	11,641	12,843	11,657
Total operating lease costs	$ 82,057	$ 85,325	$ 92,381

LEASES - Future Minimum Obligations for Noncancelable Operating Leases (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 64,528
2024	74,462
2025	70,907
2026	52,065
2027	30,400
Thereafter	45,537
Total future lease payments	337,899
Less: imputed interest	(38,495)
Total lease liabilities	$ 299,404

LEASES - Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 76,100	$ 69,320	$ 53,741
Operating lease liabilities arising from obtaining ROU asset	$ 41,206	$ 52,454	$ 26,378
Weighted average remaining lease term (in years)	5 years	5 years 6 months
Weighted average discount rate	4.50%	4.60%

INCOME TAXES - Components of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Current
U.S. Federal	$ 232,844	$ (227,309)	$ (2,638)
State and local	26,333	39,542	18,410
Foreign	8,486	9,250	15,625
Total current	267,663	(178,517)	31,397
Deferred
U.S. Federal	(146,581)	245,624	59,856
State and local	11,781	(13,626)	5,578
Foreign	4,603	0	0
Total deferred	(130,197)	231,998	65,434
Total	$ 137,466	$ 53,481	$ 96,831

INCOME TAXES - Reconciliation of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense computed at U.S. federal statutory rate	$ 126,981	$ 139,112	$ 121,681
Increases (reductions) resulting from:
State and local income taxes, net of federal tax	28,762	17,586	20,031
Foreign income taxes, net of federal tax	9,243	6,679	12,344
Meals and entertainment	343	653	1,761
Re-measurement of current year losses under CARES Act	0	(76,767)	0
Excess tax benefits from stock-based compensation	(4,227)	(8,556)	(10,265)
Research and development and other federal credits	(34,080)	(30,313)	(90,898)
Executive compensation -162(m)	3,614	3,813	2,346
Foreign-Derived Intangible Income (FDII)	(9,115)	(4,536)	(4,915)
Changes in uncertain tax positions	16,938	6,793	44,621
Other	(993)	(983)	125
Total	$ 137,466	$ 53,481	$ 96,831

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit) from remeasurement of net operating losses, COVID-19		$ 76,800
Net operating losses	$ 44,100	98,500
Reserves for uncertain tax positions	79,900	62,900	$ 56,100
Unrecognized tax benefits that would impact effective tax rate	78,500	62,700	55,200
Unrecognized tax benefits that decrease deferred tax assets	3,100	11,100
Increase in reserves for uncertain tax positions	13,530	12,753	10,970
Accrued interest and penalties	1,700	300	500
Income tax reserve, accrued penalties and interest	2,900	$ 1,200	$ 900
Penalties and interest accrued	4,900
Minimum
Operating Loss Carryforwards [Line Items]
Potential future tax expense that would arise	40,200
Maximum
Operating Loss Carryforwards [Line Items]
Potential future tax expense that would arise	55,800
Federal
Operating Loss Carryforwards [Line Items]
Net operating losses	1,400
State
Operating Loss Carryforwards [Line Items]
Net operating losses	36,600
Tax Year 2022 and Thereafter \| State
Operating Loss Carryforwards [Line Items]
Net operating losses	89,600
Incremental state deferred tax asset	11,800
Tax Years 2013-2015
Operating Loss Carryforwards [Line Items]
Income tax assessments	11,700
Penalties accrued	8,600
Tax Years 2014 and 2015
Operating Loss Carryforwards [Line Items]
Penalties accrued	$ 3,700

INCOME TAXES - Schedule of Income Tax Receivable and Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Current income tax receivable	$ 47,142	$ 175,541
Long term income tax receivable	341,738	333,188
Current income tax payable	$ 34,324	$ 30,694

INCOME TAXES - Components of Net Deferred Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Deferred income tax assets:
Accrued expenses	$ 80,344	$ 78,005
Deferred compensation	56,361	52,191
Stock-based compensation	9,783	5,724
Pension and postretirement benefits	30,797	32,881
Net operating loss carryforwards	44,118	98,471
Extended disability benefits	2,426	2,838
Interest rate swaps	75	9,955
Federal tax credits	0	12,582
State tax credits	24,268	27,243
Operating lease liabilities	82,799	86,046
Other	0	3,378
Total gross deferred income tax assets	330,971	409,314
Less: Valuation allowance	(8,715)	(6,165)
Total net deferred income tax assets	322,256	403,149
Deferred income tax liabilities:
Unbilled receivables	(209,753)	(245,809)
Intangible assets	(56,657)	(69,519)
Debt issuance costs	(1,435)	(1,488)
Property and equipment	(198,940)	(336,321)
Operating lease right-of-use assets	(59,401)	(62,442)
Internally developed software	0	(20,309)
Other	(3,345)	0
Total deferred income tax liabilities	(529,531)	(735,888)
Net deferred income tax liabilities	$ (207,275)	$ (332,739)

INCOME TAXES - Reconciliation of Potential Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Reconciliation of the beginning and ending amount of potential tax benefits
Beginning of year	$ 62,742	$ 55,221	$ 11,083
Increases in prior year position	2,620	5,018	34,001
Increases in current year position	13,530	12,753	10,970
Decreases in prior year position	(373)	0	(765)
Settlements with taxing authorities	0	0	0
Lapse of statute of limitations	0	(10,250)	(68)
End of year	$ 78,519	$ 62,742	$ 55,221

EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Retirement Benefits [Abstract]
Employer matching contribution, percentage of match	6.00%
Employees’ capital accumulation plan, total expense recognized	$ 176.8	$ 166.3	$ 151.0
Employees’ capital accumulation plan, company-paid contributions	171.6	163.0	$ 146.5
Defined Benefit Plan Disclosure [Line Items]
Long-term disability obligation	$ 9.3	$ 10.9
Officer Medical Plan \| Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate for benefit obligation (as a percent)	3.75%	3.40%	3.60%
Defined benefit plan, funded (unfunded) status of plan	$ (113.5)	$ (121.5)

EMPLOYEE BENEFIT PLANS - Components of Net Postretirement Medical Expense (Details) - Officer Medical Plan - Other Postretirement Benefits Plan - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 6,505	$ 5,657	$ 4,955
Interest cost	4,063	4,237	4,859
Total postretirement medical expense	$ 10,568	$ 9,894	$ 9,814

EMPLOYEE BENEFIT PLANS - Healthcare Cost Trend Rates (Details) - Officer Medical Plan - Other Postretirement Benefits Plan	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate assumed for next year, Pre 65	6.30%	6.55%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate), Pre 65	4.50%	4.50%
Health care cost trend rate assumed for next year, Post 65	6.45%	6.75%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate), Post 65	4.50%	4.50%

EMPLOYEE BENEFIT PLANS - Change in Benefit Obligation and Change in Plan Assets (Details) - Officer Medical Plan - Other Postretirement Benefits Plan - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of the year	$ 121,518	$ 119,609	$ 120,341
Service cost	6,505	5,657	4,955
Interest cost	4,063	4,237	4,859
Net actuarial gain	(13,563)	(3,466)	(6,761)
Benefits paid	(5,018)	(4,519)	(3,785)
Benefit obligation, end of the year	113,505	121,518	119,609
Changes in plan assets
Fair value of plan assets, beginning of the year	0	0	0
Employer contributions	5,018	4,519	3,785
Benefits paid	(5,018)	(4,519)	(3,785)
Fair value of plan assets, end of the year	$ 0	$ 0	$ 0

EMPLOYEE BENEFIT PLANS - Future Benefit Payments (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2023	$ 4,001
2024	4,304
2025	4,546
2026	4,931
2027	5,239
2028 - 2032	$ 31,203

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of year	$ 1,071,176
Other comprehensive income (loss) before reclassifications	25,326	$ 952	$ (36,440)
Amounts reclassified from accumulated other comprehensive loss	13,030	15,278	1,629
Total other comprehensive (loss) income, net of tax	38,356	16,230	(34,811)
End of year	1,046,070	1,071,176
Tax expense (benefit)	(5,300)	(500)	14,600
Post-retirement plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of year	(1,562)	(4,127)	(9,068)
Other comprehensive income (loss) before reclassifications	10,294	2,481	4,860
Amounts reclassified from accumulated other comprehensive loss	79	84	81
Total other comprehensive (loss) income, net of tax	10,373	2,565	4,941
End of year	8,811	(1,562)	(4,127)
Derivatives designated as cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of year	(28,209)	(41,874)	(2,122)
Other comprehensive income (loss) before reclassifications	15,032	(1,529)	(41,300)
Amounts reclassified from accumulated other comprehensive loss	12,951	15,194	1,548
Total other comprehensive (loss) income, net of tax	27,983	13,665	(39,752)
End of year	(226)	(28,209)	(41,874)
Totals
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of year	(29,771)	(46,001)	(11,190)
End of year	$ 8,585	$ (29,771)	$ (46,001)

- 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
-Publisher FASB
-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

STOCKHOLDERS’ EQUITY - Narrative (Details) shares in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2022 USD ($) vote shares	Mar. 31, 2021 USD ($) shares	Dec. 21, 2011 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock votes per share \| vote	1
Share repurchase program, remaining authorized repurchase amount	$ 651.6
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, remaining authorized repurchase amount			$ 2,160.0
Repurchase of common stock (in shares) \| shares	4.7	3.8
Share repurchase program, amount authorized	$ 389.9	$ 293.4

STOCKHOLDERS’ EQUITY - Summary of Dividends (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Equity [Abstract]
Recurring dividends	$ 209,057	$ 181,066	$ 146,602

STOCK-BASED COMPENSATION - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 69,784	$ 59,844	$ 43,290
EIP \| Stock Options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,793	2,625	2,741
Annual Incentive Plan \| Restricted Stock \| Class A Common Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	67,991	57,219	40,549
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	36,836	27,682	16,272
General and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 32,948	$ 32,162	$ 27,018

STOCK-BASED COMPENSATION - Summary of Unrecognized Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock-based compensation agreements	$ 48,887	$ 43,307
Unrecognized compensation cost, amortization period	4 years 8 months 12 days
Total	$ 48,887	43,307
2023	31,722
2024	13,136
2025	3,550
2026	475
2027	4
EIP \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock-based compensation agreements	$ 2,359	$ 3,426
Unrecognized compensation cost, amortization period	3 years 2 months 12 days	3 years 6 months
Total	$ 2,359	$ 3,426
2023	1,274
2024	681
2025	312
2026	88
2027	4
Annual Incentive Plan \| Restricted Stock \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock-based compensation agreements	$ 46,528	$ 39,881
Unrecognized compensation cost, amortization period	1 year 8 months 12 days	1 year 10 months 24 days
Total	$ 46,528	$ 39,881
2023	30,448
2024	12,455
2025	3,238
2026	387
2027	$ 0

STOCK-BASED COMPENSATION - Summary of Stock Plans (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 01, 2010	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock		$ 419,291	$ 318,068	$ 186,645
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock (in shares)		4,700,000	3,800,000
EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)		100,000	300,000
Grant date fair value of options granted during period		$ 1,600	$ 3,600
Fair value of options vested		2,400	2,400
Intrinsic value of options exercised		$ 11,400	$ 28,900
Stock options outstanding, unvested (in shares)		300,000	500,000
Outstanding, weighted average grant date fair value (in dollars per share)		$ 12.73	$ 11.64
Stock options outstanding (in shares)		1,300,000	1,400,000
Outstanding, weighted average exercise price (in dollars per share)		$ 49.34	$ 44.86
Restricted stock granted (in shares)		1,154,622
Repurchase of common stock (in shares)		300,000
Repurchase of common stock		$ 29,300
EIP \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options available for future grant (in shares)		8,600,000	9,300,000
Stock option expiration period		10 years
Stock option vesting period		5 years
EIP \| Restricted Stock \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of all awards issued		$ 59,600	$ 49,800
EIP \| Restricted Stock Units (RSUs) \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)		1,100,000
Aggregate fair value of all awards issued		$ 89,900
Annual Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period	3 years
Officer \| Annual Incentive Plan \| Restricted Stock \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period		3 years
Stock issued upon conversion (in shares)		1
Director \| EIP \| Restricted Stock \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period		1 year
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date share price (in dollars per share)		$ 41.65
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date share price (in dollars per share)		$ 89.78

STOCK-BASED COMPENSATION - Restricted Stock Activity (Details) - EIP	12 Months Ended
	Mar. 31, 2022 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	920,500
Granted (in shares) \| shares	1,154,622
Vested (in shares) \| shares	935,485
Forfeited (in shares) \| shares	75,377
Unvested, ending balance (in shares) \| shares	1,064,260
Weighted Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 65.37
Granted (in dollars per share) \| $ / shares	77.85
Vested (in dollars per share) \| $ / shares	63.72
Forfeited (in dollars per share) \| $ / shares	80.33
Unvested, ending balance (in dollars per share) \| $ / shares	$ 79.29

STOCK-BASED COMPENSATION - Employee Stock purchase Plan (Details) - shares shares in Millions	12 Months Ended	125 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount for shares repurchased (as a percent)	5.00%
Shares authorized to be repurchased (in shares)	10.0
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, Shares, employee stock purchase plans	0.3	3.2

FAIR VALUE MEASUREMENTS - Schedule of Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2017
Assets:
Long-term deferred compensation costs	$ 16,512	$ 14,142
Long-term derivative instruments	4,088
Total Assets	20,600	14,142
Liabilities:
Contingent consideration liability		1,223
Current derivative instruments	4,324	17,163
Long-term derivative instruments	39	20,999
Long-term deferred compensation costs	16,512	14,142
Total Liabilities	20,875	53,527
Level 1
Assets:
Long-term deferred compensation costs	16,512	14,142
Long-term derivative instruments	0
Total Assets	16,512	14,142
Liabilities:
Contingent consideration liability		0
Current derivative instruments	0	0
Long-term derivative instruments	0	0
Long-term deferred compensation costs	16,512	14,142
Total Liabilities	16,512	14,142
Level 2
Assets:
Long-term deferred compensation costs	0	0
Long-term derivative instruments	4,088
Total Assets	4,088	0
Liabilities:
Contingent consideration liability		0
Current derivative instruments	4,324	17,163
Long-term derivative instruments	39	20,999
Long-term deferred compensation costs	0	0
Total Liabilities	4,363	38,162
Level 3
Assets:
Long-term deferred compensation costs	0	0
Long-term derivative instruments	0
Total Assets	0	0
Liabilities:
Contingent consideration liability		1,223
Current derivative instruments	0	0
Long-term derivative instruments	0	0
Long-term deferred compensation costs	0	0
Total Liabilities	$ 0	1,223
Other Noncurrent Liabilities \| Level 3
Liabilities:
Contingent consideration liability		$ 1,200	$ 3,600

RELATED-PARTY TRANSACTIONS (Details) - Affiliated Entity - Services Performed Under Subcontractor $ in Millions	12 Months Ended
	Mar. 31, 2022 USD ($) director	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Aug. 31, 2021 director
Related Party Transaction [Line Items]
Number of directors \| director	2			2
Amount of related party transaction \| $	$ 70.0	$ 85.9	$ 79.7

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
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	97.00%	97.00%	96.00%
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Liability for reductions and/or penalties from U.S Government audits	$ 290.4	$ 263.2
Financial Standby Letter of Credit
Concentration Risk [Line Items]
Guarantor obligations, carrying value	8.4	9.8
Guarantor obligations, reduction to available borrowings	1.0	0.9
Guarantor obligations, facility	20.0
Guarantor obligations, available amount	$ 12.6	$ 11.1

BUSINESS SEGMENT INFORMATION (Details)	12 Months Ended
BUSINESS SEGMENT INFORMATION (Details)	Mar. 31, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

SUBSEQUENT EVENTS (Details)	May 20, 2022 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share (in dollars per share)	$ 0.43