0001443646-22-000133 | 10-Q | XBRL Viewer | Booz Allen Hamilton Holding Corp

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Cover - shares	3 Months Ended
Cover - shares	Jun. 30, 2022	Jul. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-34972
Entity Registrant Name	Booz Allen Hamilton Holding Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2634160
Entity Address, Address Line One	8283 Greensboro Drive,
Entity Address, City or Town	McLean,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	703
Local Phone Number	902-5000
Title of 12(b) Security	Class A Common Stock
Trading Symbol	BAH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		132,327,822
Entity Central Index Key	0001443646
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--03-31

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 497,828	$ 695,910
Accounts receivable, net	1,828,376	1,622,989
Prepaid expenses and other current assets	94,949	126,777
Total current assets	2,421,153	2,445,676
Property and equipment, net of accumulated depreciation	194,948	202,229
Operating lease right-of-use assets	213,467	227,231
Intangible assets, net of accumulated amortization	626,907	646,682
Goodwill	2,021,931	2,021,931
Other long-term assets	483,993	481,826
Total assets	5,962,399	6,025,575
Current liabilities:
Current portion of long-term debt	68,379	68,379
Accounts payable and other accrued expenses	898,329	902,616
Accrued compensation and benefits	361,119	438,634
Operating lease liabilities	55,272	52,334
Other current liabilities	132,892	71,991
Total current liabilities	1,515,991	1,533,954
Long-term debt, net of current portion	2,715,497	2,731,693
Operating lease liabilities, net of current portion	229,998	247,070
Deferred tax liabilities	58,087	239,602
Other long-term liabilities	343,702	226,535
Total liabilities	4,863,275	4,978,854
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, Class A — $0.01 par value — authorized, 600,000,000 shares; issued, 164,900,879 shares at June 30, 2022 and 164,372,545 shares at March 31, 2022; outstanding, 132,423,378 shares at June 30, 2022 and 132,584,348 shares at March 31, 2022	1,650	1,646
Treasury stock, at cost — 32,477,501 shares at June 30, 2022 and 31,788,197 shares at March 31, 2022	(1,693,012)	(1,635,454)
Additional paid-in capital	679,632	656,222
Retained earnings	2,095,093	2,015,071
Accumulated other comprehensive loss	14,342	8,585
Total Booz Allen stockholders' equity	1,097,705	1,046,070
Non-controlling interest	1,419	651
Total stockholders’ equity	1,099,124	1,046,721
Total liabilities and stockholders’ equity	$ 5,962,399	$ 6,025,575

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Mar. 31, 2022
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)	164,900,879	164,372,545
Common stock, outstanding (in shares)	132,423,378	132,584,348
Treasury stock (in shares)	32,477,501	31,788,197

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue	$ 2,249,600	$ 1,989,066
Operating costs and expenses:
Cost of revenue	1,074,973	962,719
Billable expenses	674,266	555,545
General and administrative expenses	253,064	301,800
Depreciation and amortization	40,102	27,745
Total operating costs and expenses	2,042,405	1,847,809
Operating income	207,195	141,257
Interest expense	(24,655)	(21,270)
Other income (expense), net	(2,958)	(533)
Income before income taxes	179,582	119,454
Income tax expense	41,489	27,352
Net income	138,093	92,102
Net loss attributable to non-controlling interest	191	0
Net income attributable to common stockholders	$ 138,284	$ 92,102
Earnings per common share (Note 4):
Basic (in dollars per share)	$ 1.04	$ 0.68
Diluted (in dollars per share)	$ 1.03	$ 0.67

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 138,093	$ 92,102
Other comprehensive income, net of tax:
Change in unrealized gain on derivatives designated as cash flow hedges	5,759	2,994
Change in postretirement plan costs	(2)	19
Total other comprehensive income, net of tax	5,757	3,013
Comprehensive income	143,850	95,115
Comprehensive loss attributable to non-controlling interest	191	0
Comprehensive income attributable to common stockholders	$ 144,041	$ 95,115

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net income	$ 138,093	$ 92,102
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	40,102	27,745
Noncash lease expense	13,787	13,581
Stock-based compensation expense	13,696	12,444
Amortization of debt issuance costs	1,161	1,129
Loss on debt extinguishment	0	2,515
Losses (gains) on dispositions, and other	688	(27)
Changes in assets and liabilities:
Accounts receivable, net	(205,387)	(220,112)
Deferred income taxes and income taxes receivable / payable	34,802	22,323
Prepaid expenses and other current and long-term assets	(10,636)	(8,874)
Accrued compensation and benefits	(61,039)	(75,509)
Accounts payable and other accrued expenses	(4,287)	121,862
Other current and long-term liabilities	(6,614)	159
Net cash used in operating activities	(45,634)	(10,662)
Cash flows from investing activities
Purchases of property, equipment, and software	(13,734)	(9,008)
Payments for business acquisitions, net of cash acquired	0	(665,583)
Payments for cost method investments	0	(2,000)
Net cash used in investing activities	(13,734)	(676,591)
Cash flows from financing activities
Proceeds from issuance of common stock	6,081	5,758
Stock option exercises	4,596	1,794
Repurchases of common stock	(73,397)	(123,805)
Cash dividends paid	(58,899)	(51,641)
Repayments on revolving credit facility, term loans, and Senior Notes	(17,095)	(60,973)
Net proceeds from debt issuance	0	487,027
Proceeds from revolving credit facility	0	60,000
Net cash (used in) provided by financing activities	(138,714)	318,160
Net decrease in cash and cash equivalents	(198,082)	(369,093)
Cash and cash equivalents––beginning of period	695,910	990,955
Cash and cash equivalents––end of period	497,828	621,862
Net cash paid during the period for:
Interest	8,735	6,713
Income taxes	2,952	1,673
Supplemental disclosures of non-cash investing and financing activities
Share repurchases transacted but not settled and paid	$ 0	$ 3,041

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($)
$ in Thousands

Total

Common Stock

Treasury Stock

Additional Paid-In Capital

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Non-Controlling Interest

Beginning of period (shares) at Mar. 31, 2021

162,950,606

Treasury stock, beginning of period (shares) at Mar. 31, 2021

(26,704,577)

Beginning of period at Mar. 31, 2021

$ 1,071,176

$ 1,629

$ (1,216,163)

$ 557,957

$ 1,757,524

$ (29,771)

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

Issuance of common stock (shares)

458,943

Issuance of common stock

4,679

$ 5

4,674

Stock options exercised (shares)

55,205

Stock options exercised

1,794

$ 1

1,793

Repurchase of common stock (shares)

^[1]

(1,330,820)

Repurchase of common stock

^[1]

(111,438)

$ (111,438)

Recognition of liability related to future restricted stock units vesting

360

Net income

92,102

Other comprehensive income, net of tax

3,013

Dividends paid per share of common stock

(50,597)

Stock-based compensation expense

12,444

End of period (shares) at Jun. 30, 2021

163,464,754

Treasury stock, end of period (shares) at Jun. 30, 2021

(28,035,397)

End of period at Jun. 30, 2021

$ 1,023,533

$ 1,635

$ (1,327,601)

577,228

1,799,029

(26,758)

Beginning of period (shares) at Mar. 31, 2022

132,584,348

164,372,545

Treasury stock, beginning of period (shares) at Mar. 31, 2022

31,788,197

(31,788,197)

Beginning of period at Mar. 31, 2022

$ 1,046,721

$ 1,646

$ (1,635,454)

656,222

2,015,071

8,585

$ 651

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

Issuance of common stock (shares)

385,009

Issuance of common stock

6,081

$ 3

6,078

Stock options exercised (shares)

143,325

Stock options exercised

4,596

$ 1

4,595

Repurchase of common stock (shares)

^[2]

(689,304)

Repurchase of common stock

^[2]

(57,558)

$ (57,558)

Recognition of liability related to future restricted stock units vesting

Net income

138,093

138,284

(191)

Other comprehensive income, net of tax

5,757

Dividends paid per share of common stock

(58,262)

Stock-based compensation expense

13,696

Contribution to non-controlling interest

$ 0

(959)

959

End of period (shares) at Jun. 30, 2022

132,423,378

164,900,879

Treasury stock, end of period (shares) at Jun. 30, 2022

32,477,501

(32,477,501)

End of period at Jun. 30, 2022

$ 1,099,124

$ 1,650

$ (1,693,012)

$ 679,632

$ 2,095,093

$ 14,342

$ 1,419

[1]

During the three months ended June 30, 2021, the Company purchased 1.2 million shares of the Company’s Class A Common Stock in a series of open market transactions for $98.2 million. Additionally, the Company repurchased shares for $13.3 million during the three months ended June 30, 2021 to cover the minimum statutory withholding taxes on restricted stock units that vested on various dates during the period.

[2]

During the three months ended June 30, 2022, the Company purchased 0.6 million shares of the Company’s Class A Common Stock in a series of open market transactions for $46.9 million. Additionally, the Company repurchased shares for $10.6 million during the three months ended June 30, 2022 to cover the minimum statutory withholding taxes on restricted stock units that vested on various dates during the period.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (Parenthetical) - USD ($)
$ in Thousands, shares in Millions

3 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Dividends paid (in dollars per share)

$ 0.43

$ 0.37

Repurchase of common stock, value

$ 57,558

^[1]

$ 111,438

^[2]

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

$ 10,600

$ 13,300

Class A Common Stock

Repurchase of common stock (in shares)

0.6

1.2

Repurchase of common stock, value

$ 46,900

$ 98,200

[1]

[2]

BUSINESS OVERVIEW	3 Months Ended
BUSINESS OVERVIEW	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS OVERVIEW	BUSINESS OVERVIEWBooz Allen Hamilton Holding Corporation, including its wholly owned subsidiaries, or the Company, we, us, and our, was incorporated in Delaware in May 2008. The Company provides management and technology consulting, analytics, engineering, digital solutions, mission operations, and cyber services to U.S. and international governments, major corporations, and not-for-profit organizations. The Company reports operating results and financial data in one reportable segment. The Company is headquartered in McLean, Virginia, with approximately 29,300 employees as of June 30, 2022.

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission, or SEC, and should be read in conjunction with the information contained in the Company's Annual Report on Form 10-K for the year ended March 31, 2022. The interim period unaudited condensed consolidated financial statements are presented as described below. Certain information and disclosures normally required for annual financial statements have been condensed or omitted pursuant to GAAP and SEC rules and regulations. In the opinion of management, all adjustments considered necessary for fair presentation of the results of the interim periods presented have been included. The Company’s fiscal year ends on March 31 and unless otherwise noted, references to fiscal year or fiscal are for fiscal years ended March 31. The results of operations for the three months ended June 30, 2022 are not necessarily indicative of results to be expected for the full fiscal year. The condensed consolidated financial statements and notes of the Company include its subsidiaries, and 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. Certain amounts reported in the Company's prior year condensed consolidated financial statements have been reclassified to conform to the current year presentation. Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the financial statements where estimates may have the most significant effect include the provision for claimed indirect costs, valuation and lives of tangible and intangible assets, impairment of long-lived assets, accrued liabilities, revenue recognition, including the accrual of indirect costs, bonus and other incentive compensation, stock-based compensation, reserves for uncertain tax positions and valuation allowances on deferred tax assets, provisions for income taxes, postretirement obligations, collectability of receivables, and loss accruals for litigation. Actual results experienced by the Company may differ materially from management's estimates. Recent Accounting Pronouncements Not Yet Adopted Accounting and reporting pronouncements effective after June 30, 2022 and issued through the filing date are not expected to have a material impact on the Company's condensed consolidated financial statements.

REVENUE

3 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

REVENUE

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

Contract Estimates

We recognize revenue for many of our contracts under a contract cost-based input method and require an Estimate-at-Completion ("EAC") process, which management uses to review and monitor the progress towards the completion of our performance obligations. Under this process, management considers various inputs and assumptions related to the EAC, including, but not limited to, progress towards completion, labor costs and productivity, material and subcontractor costs, and identified risks. Estimating the total cost at the completion of our performance obligations is subjective and requires management to make assumptions about future activity and cost drivers under the contract. Changes in these estimates can occur for a variety of reasons and, if significant, may impact the revenue and profitability of the Company’s contracts. Changes in estimates related to contracts accounted for under the EAC process are recognized on a cumulative catch-up basis in the period when such changes are determinable and reasonably estimable. If the estimate of contract profitability indicates an anticipated loss on a contract, the Company recognizes the total loss at the time it is identified. For each of the three months ended June 30, 2022 and 2021, the aggregate impact of adjustments in contract estimates was not material.

Disaggregation of Revenue

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

Revenue by Contract Type:

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

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

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

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

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


	Three Months Ended June 30,
		2022			2021
Cost-reimbursable			$	1,190,828	53	%	$	1,115,426	56	%
Time-and-materials			545,902		24	%	497,449		25	%
Fixed-price			512,870		23	%	376,191		19	%
Total Revenue			$	2,249,600	100	%	$	1,989,066	100	%

Revenue by Customer Type:


	Three Months Ended June 30,
		2022			2021
U.S. government(1):
Defense Clients			$	1,019,991	45	%	$	973,605	49	%
Intelligence Clients			408,883		18	%	379,174		19	%
Civil Clients			757,714		34	%	592,796		30	%
Total U.S. government			2,186,588		97	%	1,945,575		98	%
Global Commercial Clients			63,012		3	%	43,491		2	%
Total Revenue			$	2,249,600	100	%	$	1,989,066	100	%

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

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


	Three Months Ended June 30,
		2022			2021
Prime Contractor			$	2,131,295	95	%	$	1,861,722	94	%
Subcontractor			118,305		5	%	127,344		6	%
Total Revenue			$	2,249,600	100	%	$	1,989,066	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 June 30, 2022 and March 31, 2022, the Company had $7.5 billion and $7.4 billion of remaining performance obligations, respectively. We expect to recognize approximately 70% of the remaining performance obligations at June 30, 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

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

Contract assets primarily consist of unbilled receivables typically resulting from revenue recognized exceeding the amount billed to the customer and right to payment is not just subject to the passage of time. Unbilled amounts represent revenues for which billings have not been presented to customers. These amounts are generally billed and collected within one year subject to various conditions including, without limitation, appropriated and available funding. Long-term unbilled receivables not anticipated to be billed and collected within one year, which are primarily related to retainage, holdbacks, and long-term rate settlements to be billed at contract closeout, are included in other long-term assets in the accompanying condensed consolidated balance sheets. Contract liabilities primarily consist of advance payments, billings in excess of costs incurred and deferred revenue. Contract assets and liabilities are reported on a net contract basis at the end of each reporting period. The Company maintains an allowance for credit losses to provide for an estimate of uncollectible receivables. Provision for credit losses recognized was not material for the three months ended June 30, 2022 and 2021.

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


	June 30, 2022		March 31, 2022
Current assets
Accounts receivable–billed	$	627,774	$	465,322
Accounts receivable–unbilled (contract assets)	1,200,602		1,157,667
Allowance for credit losses	—		—
Accounts receivable, net	1,828,376		1,622,989
Other long-term assets
Accounts receivable–unbilled (contract assets)	63,960		64,339
Total accounts receivable, net	$	1,892,336	$	1,687,328
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)	$	33,762	$	26,747

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 the three months ended June 30, 2022 and 2021, we recognized revenue of $16.3 million and $11.9 million, respectively, related to our contract liabilities on April 1, 2022 and 2021, 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

EARNINGS PER SHARE

3 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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

The Company currently has outstanding shares of Class A Common Stock. Unvested Class A Restricted Common Stock holders are entitled to participate in non-forfeitable dividends or other distributions. These unvested restricted shares participated in the Company's dividends declared and were paid in the first quarter of fiscal 2023 and 2022. As such, EPS is calculated using the two-class method whereby earnings are reduced by distributed earnings as well as any available undistributed earnings allocable to holders of unvested restricted shares. A reconciliation of the income used to compute basic and diluted EPS for the periods presented are as follows:


	Three Months Ended June 30,
		2022		2021
Earnings for basic computations (1)		$	137,369	$	91,621
Weighted-average common shares outstanding for basic computations		132,371,487		135,569,968
Earnings for diluted computations (1)		$	137,372	$	91,622
Dilutive stock options and restricted stock		639,601		822,375
Weighted-average common shares outstanding for diluted computations		133,011,088		136,392,343
Earnings per common share
Basic		$	1.04	$	0.68
Diluted		$	1.03	$	0.67

(1) During the three months ended June 30, 2022 and 2021, approximately 0.9 million and 0.7 million participating securities were paid dividends totaling $0.4 million and $0.3 million, respectively. There were undistributed earnings of $0.5 million and $0.2 million for the three months ended June 30, 2022 and 2021, respectively, allocated to the participating class of securities in both basic and diluted EPS. The allocated undistributed earnings and the dividends paid comprise the difference between net income presented on the condensed consolidated statements of operations and earnings for basic and diluted computations for the three months ended June 30, 2022 and 2021. The impact of any anti-dilutive options excluded from the calculation of EPS was not material.

ACQUISITIONS, DIVESTITURES, AND GOODWILL	3 Months Ended
ACQUISITIONS, DIVESTITURES, AND GOODWILL	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS, DIVESTITURES, AND GOODWILL	ACQUISITIONS, DIVESTITURES, AND GOODWILL Acquisitions EverWatch On March 16, 2022, the Company announced that it had entered into a stock purchase 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. If consummated, the Company expects to fund the acquisition with cash on hand. The transaction is subject to satisfaction of customary closing conditions. On June 29, 2022, the U.S. Department of Justice (“DOJ”) initiated a lawsuit seeking to enjoin consummation of the transaction. In connection with the DOJ’s lawsuit, the Company and EverWatch agreed to delay any closing of the transaction until October 9, 2022 or the date on which the court denies the DOJ’s request for a preliminary injunction and/or permanent injunction, whichever is earlier. The DOJ litigation and related delay have introduced an increased level of uncertainty regarding the ability of the parties to consummate the transaction. The Company can make no assurances that the transaction will be consummated. 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 June 30, 2022, $9.2 million of net accounts receivable, $0.7 million of other assets, $1.3 million of deferred revenue, $0.8 million of bonus payable, and $0.1 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 As of June 30, 2022 and March 31, 2022, goodwill was $2,021.9 million. As of June 30, 2022, approximately $7.9 million of goodwill has been allocated to the assets held for sale related to the Company's divestiture of its MENA business noted above.

ACCOUNTS PAYABLE AND OTHER ACCRUED EXPENSES

3 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE AND OTHER ACCRUED EXPENSES

Accounts payable and other accrued expenses consisted of the following:


	June 30, 2022		March 31, 2022
Vendor payables	$	502,372	$	539,524
Accrued expenses	395,957		363,092
Total accounts payable and other accrued expenses	$	898,329	$	902,616

Accrued expenses consisted primarily of the Company’s provision for claimed indirect costs, which were approximately $295.6 million and $290.4 million as of June 30, 2022 and March 31, 2022, respectively. See Note 15 for further discussion of this provision.

ACCRUED COMPENSATION AND BENEFITS

3 Months Ended

Jun. 30, 2022

ACCRUED COMPENSATION AND BENEFITS

Accrued compensation and benefits consisted of the following:


	June 30, 2022		March 31, 2022
Bonus	$	32,140	$	96,040
Retirement	67,794		48,169
Vacation	205,298		206,199
Other	55,887		88,226
Total accrued compensation and benefits	$	361,119	$	438,634

DEBT

3 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

DEBT

Debt consisted of the following:


	June 30, 2022				March 31, 2022
	Interest Rate		Outstanding Balance		Interest Rate		Outstanding Balance
Term Loan A	2.31	%	$	1,225,276	1.71	%	$	1,241,398
Term Loan B	2.81	%	379,348		2.21	%	380,321

Senior Notes due 2028	3.88	%	700,000		3.88	%	700,000
Senior Notes due 2029	4.00	%	500,000		4.00	%	500,000
Less: Unamortized debt issuance costs and discount on debt			(20,748)				(21,647)
Total			2,783,876				2,800,072
Less: Current portion of long-term debt			(68,379)				(68,379)
Long-term debt, net of current portion			$	2,715,497			$	2,731,693

Credit Agreement

As of June 30, 2022, the Credit Agreement provided Booz Allen Hamilton Inc. ("Booz Allen Hamilton") with a $1,225.3 million Term Loan A ("Term Loan A"), a $379.3 million Term Loan B ("Term Loan B", and, together with Term Loan A, the "Term Loans"), and a $1,000.0 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 June 30, 2022, the maturity date of Term Loan A and Term Loan B are June 24, 2026 and November 26, 2026, respectively. 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, Booz Allen Hamilton Investor Corporation, and the subsidiary guarantors, subject to certain exceptions set forth in the Credit Agreement and related documentation.

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

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. 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 June 30, 2022 and March 31, 2022, Booz Allen Hamilton was in compliance with all financial covenants associated with its debt and debt-like instruments.

For the three months ended June 30, 2022 and 2021, interest payments of $6.3 million and $4.9 million were made for Term Loan A, respectively, and $2.4 million and $1.8 million were made for Term Loan B, respectively.

Borrowings under the Term Loans, and if used, the Revolving Credit Facility, incur interest at a variable rate. As of June 30, 2022, Booz Allen Hamilton had interest rate swaps with an aggregate notional amount of $550.0 million. These instruments hedge the variability of cash outflows for interest payments on the Term Loans and Revolving Credit Facility. The Company's objectives in using cash flow hedges are to reduce volatility due to interest rate movements and to add stability to interest expense (see Note 9 to our condensed consolidated financial statements).

Senior Notes

On June 17, 2021, Booz Allen Hamilton issued $500.0 million aggregate principal amounts of its 4.000% Senior Notes due July 1, 2029 (the “Senior Notes due 2029”) under an Indenture, dated as of June 17, 2021, among Booz Allen Hamilton, certain subsidiaries of Booz Allen Hamilton, as guarantors (the “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 Guarantor's 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 IT Solutions, LLC ("Liberty"), a leading digital partner driving transformation across the federal IT ecosystem, in June of 2021 and to pay related fees and expenses.

Interest is payable on the Senior Notes due 2029 semi-annually in cash in arrears on July 1 and January 1 of each year, beginning on January 1, 2022. In connection with the issuance of the Senior Notes due 2029, the Company recognized $6.5 million of issuance costs, which were recorded as an offset against the carrying value of debt and will be amortized to interest expense over the term of the Senior Notes due 2029.

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.

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.

There were no changes to the Company’s outstanding debt obligations during the quarter. For additional information on the Company’s debt arrangements and default provisions, see Note 10, “Debt,” of the Company’s consolidated financial statements included in the fiscal 2022 Form 10-K.

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


	Three Months Ended June 30,
		2022		2021
	(In thousands)
Term Loan A Interest Expense		$	6,359	$	5,229
Term Loan B Interest Expense		$	2,429	1,801
Interest on Revolving Credit Facility		$	—	25
Senior Notes Interest Expense		$	11,781	7,559
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1)		$	1,161	1,128
Interest Swap Expense		$	2,831	5,443
Other		$	94	85
Total Interest Expense		$	24,655	$	21,270

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

- Definition

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

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+ Details

DERIVATIVES

3 Months Ended

Jun. 30, 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 $550.0 million as of June 30, 2022. The swaps have staggered maturities, ranging from June 30, 2023 to June 30, 2025. These swaps mature within the last tranche of the Company's floating rate debt (November 26, 2026).

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

Derivative instruments are recorded in the condensed consolidated balance sheet on a gross basis at estimated fair value. As of June 30, 2022, $3.4 million and $4.1 million, were classified as other current assets and other long-term assets, respectively, on the condensed consolidated balance sheet. 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 condensed consolidated balance sheet.

For interest rate swaps designated as cash flow hedges, the changes in the fair value of derivatives is recorded in Accumulated Other Comprehensive Loss, or AOCL, net of taxes, and is subsequently reclassified into interest expense in the period that the hedged forecasted interest payments are made on the Company's variable-rate debt. The effect of derivative instruments on the accompanying condensed consolidated financial statements for the three months ended June 30, 2022 and 2021 is as follows:


		Three Months Ended June 30,
Derivatives in Cash Flow Hedging Relationships	Location of Gain or Loss Recognized in Income on Derivatives	Amount of Pre-Tax Gain or (Loss) Recognized in AOCL on Derivatives				Amount of Pre-Tax Gain or (Loss) Reclassified from AOCL into Income (1)
		2022		2021		2022		2021
Interest rate swaps	Interest expense	$	4,966	$	(1,394)	$	(2,831)	$	(5,443)

(1) The reclassifications from accumulated other comprehensive loss to net income was reduced by taxes of $0.7 million and $1.4 million for the three months ended June 30, 2022 and 2021, respectively.

Over the next 12 months, the Company estimates that $3.4 million will be reclassified as a decrease to interest expense. Cash flows associated with periodic settlements of interest rate swaps will be classified as operating activities in the condensed consolidated statement of cash flows.

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

INCOME TAXES	3 Months Ended
INCOME TAXES	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective income tax rates were 23.1% and 22.9% for the three months ended June 30, 2022 and 2021. Our effective tax rates for these periods differ from the federal statutory rate 21.0% primarily due to the inclusion of state and foreign income taxes and permanent rate differences, which are predominantly related to certain executive compensation and the accrual of reserves for uncertain tax positions, offset by research and development tax credits, excess tax benefits for employee share-based compensation, and the Foreign Derived Intangible Income deduction. The Company is currently contesting tax assessments from the District of Columbia Office of Tax and Revenue ("DC OTR") for fiscal years 2013 through 2015. The assessment relates to $11.7 million of taxes, net of federal tax benefits, as of June 30, 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. The Company intends to continue to vigorously defend this matter and filed its appellate brief on May 9, 2022. DC OTR's response brief is due August 8, 2022, absent an extension, while the Company's response brief is due August 29, 2022. The Company has taken similar tax positions with respect to subsequent fiscal years. As of June 30, 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 $55.9 million, net of federal benefits.

- 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

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+ Details

EMPLOYEE BENEFIT PLANS	3 Months Ended
EMPLOYEE BENEFIT PLANS	Jun. 30, 2022
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANSThe Company sponsors the Employees’ Capital Accumulation Plan, or ECAP, which is a qualified defined contribution plan that covers eligible U.S. and certain international employees. ECAP provides for distributions to participants by reason of retirement, death, disability, or termination of employment. The Company provides an annual matching contribution of up to 6% of eligible annual compensation. Total expenses recognized under ECAP were $46.2 million and $43.2 million for the three months ended June 30, 2022 and 2021, respectively.The Company also provides post-retirement healthcare benefits to former officers under a medical indemnity insurance plan, with premiums paid by the Company. As of June 30, 2022 and March 31, 2022, the unfunded status of the post-retirement medical plan was $115.0 million and $113.5 million, respectively, which is included in other long-term liabilities in the accompanying condensed consolidated balance sheets. Remaining balance sheet and income statement impacts of any benefit plans are immaterial for all periods presented in these Condensed Consolidated Financial Statements.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

ACCUMULATED OTHER COMPREHENSIVE LOSS

3 Months Ended

Jun. 30, 2022

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

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


	Three Months Ended June 30, 2022
		Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of period		$	8,811	$	(226)	$	8,585
Other comprehensive income before reclassifications(1)		—		3,668		3,668
Amounts reclassified from accumulated other comprehensive income (loss)		(2)		2,091		2,089
Net current-period other comprehensive income (loss)		(2)		5,759		5,757
End of period		$	8,809	$	5,533	$	14,342

(1) Changes in other comprehensive income before reclassification for derivatives designated as cash flow hedges are recorded net of tax benefit of $1.3 million for the three months ended June 30, 2022, respectively.


	Three Months Ended June 30, 2021
		Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of period		$	(1,562)	$	(28,209)	$	(29,771)
Other comprehensive loss before reclassifications(2)		—		(1,031)		(1,031)
Amounts reclassified from accumulated other comprehensive loss		19		4,025		4,044
Net current-period other comprehensive income		19		2,994		3,013
End of period		$	(1,543)	$	(25,215)	$	(26,758)

(2) Changes in other comprehensive loss before reclassification for derivatives designated as cash flow hedges are recorded net of tax benefits of $0.4 million for the three months ended June 30, 2021.

STOCK-BASED COMPENSATION

3 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

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


	Three Months Ended June 30,
		2022		2021
Cost of revenue		$	7,482	$	5,885
General and administrative expenses		6,214		6,559
Total		$	13,696	$	12,444

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


	Three Months Ended June 30,
		2022		2021
Equity Incentive Plan Options		$	552	$	573
Restricted Stock and other awards		13,144		11,871
Total		$	13,696	$	12,444

As of June 30, 2022, there was $99.2 million of total unrecognized compensation cost related to unvested stock-based compensation agreements. The unrecognized compensation cost as of June 30, 2022 is expected to be fully amortized over the next 4.92 years. Absent the effect of accelerating stock compensation cost for any departures of employees who may continue to vest in their equity awards, the following table summarizes the unrecognized compensation cost and the weighted-average period the cost is expected to be amortized.


	June 30, 2022
	Unrecognized Compensation Cost		Weighted Average Remaining Period to be Recognized (in years)
Equity Incentive Plan Options	$	5,518	4.11
Restricted Stock and other Awards	93,632		1.98
Total	$	99,150

Equity Incentive Plan

As of June 30, 2022, there were 1.3 million EIP options outstanding, of which 0.6 million were unvested.

During the three months ended June 30, 2022, the Board of Directors granted 0.8 million restricted stock units to certain employees of the Company. The aggregate value of these awards was $66.4 million based on the grant date stock price

FAIR VALUE MEASUREMENTS

3 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

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

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


	Recurring Fair Value Measurements as of June 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Current derivative instruments (2)	$	—	$	3,424	$	—	$	3,424
Long-term deferred compensation plan asset (1)	20,186		—		—		20,186
Long term derivative instruments (2)	—		4,099		—		4,099
Total Assets	$	20,186	$	7,523	$	—	$	27,709
Liabilities:
Long-term deferred compensation plan liability (1)	20,186		—		—		20,186
Total Liabilities	$	20,186	$	—	$	—	$	20,186


	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 (2)	—		4,088		—		4,088
Total Assets	$	16,512	$	4,088	$	—	$	20,600
Liabilities:
Current derivative instruments (2)	$	—	$	4,324	$	—	$	4,324
Long-term derivative instruments (2)	—		39		—		39
Long-term deferred compensation plan liability (1)	16,512		—		—		16,512
Total Liabilities	$	16,512	$	4,363	$	—	$	20,875

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

(2) The Company’s interest rate swaps are considered over-the-counter derivatives and fair value is estimated based on the present value of future cash flows using a model-derived valuation that uses Level 2 observable inputs such as interest rate yield curves. See Note 9 to the condensed consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges.

The fair value of the Company's cash and cash equivalents, which are Level 1 inputs, approximated its carrying values at June 30, 2022 and March 31, 2022. The fair value of the Company's debt instruments approximated its carrying value at June 30, 2022 and March 31, 2022. 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 the 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

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Letters of Credit and Third-Party Guarantees As of June 30, 2022 and March 31, 2022, 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 $7.7 million and $8.4 million, respectively. These letters of credit and bank guarantees primarily support insurance and bid and performance obligations. At both June 30, 2022 and March 31, 2022, approximately $1.0 million of these instruments reduced the available borrowings under the Revolving Credit Facility. The remainder is guaranteed under a separate $20.0 million facility of which $13.2 million and $12.6 million were available to the Company at June 30, 2022 and March 31, 2022, respectively. Government Contracting Matters - Provision for Claimed Indirect Costs For the three months ended June 30, 2022 and 2021, approximately 97% and 98%, 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. As noted in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2022, in the ordinary course of business, agencies of the U.S. government, including the Defense Contract Audit Agency (DCAA), audit the Company’s claimed indirect costs and conduct inquiries and investigations of our business practices with respect to government contracts to determine whether the Company's operations are conducted in accordance with these requirements and the terms of the relevant contracts. Management believes it has recorded the appropriate provision for claimed indirect costs for any audit, inquiry, or investigation of which it is aware that may be subject to any reductions and/or penalties. As of June 30, 2022 and March 31, 2022, the Company had recorded liabilities of approximately $295.6 million and $290.4 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 June 30, 2022 and March 31, 2022, there were no material amounts accrued in the condensed consolidated financial statements related to these proceedings. As previously disclosed in Note 20 to the consolidated financial statements of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2022, the Company is not able to reasonably estimate the expected amount or range of cost or any loss associated with these matters.

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Estimates	Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the financial statements where estimates may have the most significant effect include the provision for claimed indirect costs, valuation and lives of tangible and intangible assets, impairment of long-lived assets, accrued liabilities, revenue recognition, including the accrual of indirect costs, bonus and other incentive compensation, stock-based compensation, reserves for uncertain tax positions and valuation allowances on deferred tax assets, provisions for income taxes, postretirement obligations, collectability of receivables, and loss accruals for litigation. Actual results experienced by the Company may differ materially from management's estimates.
Recently Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet AdoptedAccounting and reporting pronouncements effective after June 30, 2022 and issued through the filing date are not expected to have a material impact on the Company's condensed consolidated financial statements.

REVENUE (Tables)

3 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Three Months Ended June 30,
		2022			2021
Cost-reimbursable			$	1,190,828	53	%	$	1,115,426	56	%
Time-and-materials			545,902		24	%	497,449		25	%
Fixed-price			512,870		23	%	376,191		19	%
Total Revenue			$	2,249,600	100	%	$	1,989,066	100	%

Revenue by Customer Type:


	Three Months Ended June 30,
		2022			2021
U.S. government(1):
Defense Clients			$	1,019,991	45	%	$	973,605	49	%
Intelligence Clients			408,883		18	%	379,174		19	%
Civil Clients			757,714		34	%	592,796		30	%
Total U.S. government			2,186,588		97	%	1,945,575		98	%
Global Commercial Clients			63,012		3	%	43,491		2	%
Total Revenue			$	2,249,600	100	%	$	1,989,066	100	%

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


	Three Months Ended June 30,
		2022			2021
Prime Contractor			$	2,131,295	95	%	$	1,861,722	94	%
Subcontractor			118,305		5	%	127,344		6	%
Total Revenue			$	2,249,600	100	%	$	1,989,066	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:


	June 30, 2022		March 31, 2022
Current assets
Accounts receivable–billed	$	627,774	$	465,322
Accounts receivable–unbilled (contract assets)	1,200,602		1,157,667
Allowance for credit losses	—		—
Accounts receivable, net	1,828,376		1,622,989
Other long-term assets
Accounts receivable–unbilled (contract assets)	63,960		64,339
Total accounts receivable, net	$	1,892,336	$	1,687,328
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)	$	33,762	$	26,747

EARNINGS PER SHARE (Tables)

3 Months Ended

Jun. 30, 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:


	Three Months Ended June 30,
		2022		2021
Earnings for basic computations (1)		$	137,369	$	91,621
Weighted-average common shares outstanding for basic computations		132,371,487		135,569,968
Earnings for diluted computations (1)		$	137,372	$	91,622
Dilutive stock options and restricted stock		639,601		822,375
Weighted-average common shares outstanding for diluted computations		133,011,088		136,392,343
Earnings per common share
Basic		$	1.04	$	0.68
Diluted		$	1.03	$	0.67

ACCOUNTS PAYABLE AND OTHER ACCRUED EXPENSES (Tables)

3 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and other accrued expenses consisted of the following:


	June 30, 2022		March 31, 2022
Vendor payables	$	502,372	$	539,524
Accrued expenses	395,957		363,092
Total accounts payable and other accrued expenses	$	898,329	$	902,616

ACCRUED COMPENSATION AND BENEFITS (Tables)

3 Months Ended

Jun. 30, 2022

Schedule of Accrued Compensation and Benefits

Accrued compensation and benefits consisted of the following:


	June 30, 2022		March 31, 2022
Bonus	$	32,140	$	96,040
Retirement	67,794		48,169
Vacation	205,298		206,199
Other	55,887		88,226
Total accrued compensation and benefits	$	361,119	$	438,634

DEBT (Tables)

3 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following:


	June 30, 2022				March 31, 2022
	Interest Rate		Outstanding Balance		Interest Rate		Outstanding Balance
Term Loan A	2.31	%	$	1,225,276	1.71	%	$	1,241,398
Term Loan B	2.81	%	379,348		2.21	%	380,321

Senior Notes due 2028	3.88	%	700,000		3.88	%	700,000
Senior Notes due 2029	4.00	%	500,000		4.00	%	500,000
Less: Unamortized debt issuance costs and discount on debt			(20,748)				(21,647)
Total			2,783,876				2,800,072
Less: Current portion of long-term debt			(68,379)				(68,379)
Long-term debt, net of current portion			$	2,715,497			$	2,731,693

Schedule of Interest Expense

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


	Three Months Ended June 30,
		2022		2021
	(In thousands)
Term Loan A Interest Expense		$	6,359	$	5,229
Term Loan B Interest Expense		$	2,429	1,801
Interest on Revolving Credit Facility		$	—	25
Senior Notes Interest Expense		$	11,781	7,559
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1)		$	1,161	1,128
Interest Swap Expense		$	2,831	5,443
Other		$	94	85
Total Interest Expense		$	24,655	$	21,270

DERIVATIVES (Tables)

3 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The effect of derivative instruments on the accompanying condensed consolidated financial statements for the three months ended June 30, 2022 and 2021 is as follows:


		Three Months Ended June 30,
Derivatives in Cash Flow Hedging Relationships	Location of Gain or Loss Recognized in Income on Derivatives	Amount of Pre-Tax Gain or (Loss) Recognized in AOCL on Derivatives				Amount of Pre-Tax Gain or (Loss) Reclassified from AOCL into Income (1)
		2022		2021		2022		2021
Interest rate swaps	Interest expense	$	4,966	$	(1,394)	$	(2,831)	$	(5,443)

- 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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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

3 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

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


	Three Months Ended June 30, 2022
		Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of period		$	8,811	$	(226)	$	8,585
Other comprehensive income before reclassifications(1)		—		3,668		3,668
Amounts reclassified from accumulated other comprehensive income (loss)		(2)		2,091		2,089
Net current-period other comprehensive income (loss)		(2)		5,759		5,757
End of period		$	8,809	$	5,533	$	14,342


	Three Months Ended June 30, 2021
		Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of period		$	(1,562)	$	(28,209)	$	(29,771)
Other comprehensive loss before reclassifications(2)		—		(1,031)		(1,031)
Amounts reclassified from accumulated other comprehensive loss		19		4,025		4,044
Net current-period other comprehensive income		19		2,994		3,013
End of period		$	(1,543)	$	(25,215)	$	(26,758)

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

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

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


	Three Months Ended June 30,
		2022		2021
Cost of revenue		$	7,482	$	5,885
General and administrative expenses		6,214		6,559
Total		$	13,696	$	12,444

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


	Three Months Ended June 30,
		2022		2021
Equity Incentive Plan Options		$	552	$	573
Restricted Stock and other awards		13,144		11,871
Total		$	13,696	$	12,444

Schedule of Unrecognized Compensation Cost

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


	June 30, 2022
	Unrecognized Compensation Cost		Weighted Average Remaining Period to be Recognized (in years)
Equity Incentive Plan Options	$	5,518	4.11
Restricted Stock and other Awards	93,632		1.98
Total	$	99,150

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Recurring Fair Value Measurements

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


	Recurring Fair Value Measurements as of June 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Current derivative instruments (2)	$	—	$	3,424	$	—	$	3,424
Long-term deferred compensation plan asset (1)	20,186		—		—		20,186
Long term derivative instruments (2)	—		4,099		—		4,099
Total Assets	$	20,186	$	7,523	$	—	$	27,709
Liabilities:
Long-term deferred compensation plan liability (1)	20,186		—		—		20,186
Total Liabilities	$	20,186	$	—	$	—	$	20,186


	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 (2)	—		4,088		—		4,088
Total Assets	$	16,512	$	4,088	$	—	$	20,600
Liabilities:
Current derivative instruments (2)	$	—	$	4,324	$	—	$	4,324
Long-term derivative instruments (2)	—		39		—		39
Long-term deferred compensation plan liability (1)	16,512		—		—		16,512
Total Liabilities	$	16,512	$	4,363	$	—	$	20,875

- 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)	3 Months Ended
BUSINESS OVERVIEW (Details)	Jun. 30, 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

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 2,249,600	$ 1,989,066
Total revenue (as a percent)	100.00%	100.00%
Prime Contractor
Disaggregation of Revenue [Line Items]
Revenue	$ 2,131,295	$ 1,861,722
Total revenue (as a percent)	95.00%	94.00%
Subcontractor
Disaggregation of Revenue [Line Items]
Revenue	$ 118,305	$ 127,344
Total revenue (as a percent)	5.00%	6.00%
Total U.S. government
Disaggregation of Revenue [Line Items]
Revenue	$ 2,186,588	$ 1,945,575
Total revenue (as a percent)	97.00%	98.00%
Defense Clients \| Total U.S. government
Disaggregation of Revenue [Line Items]
Revenue	$ 1,019,991	$ 973,605
Total revenue (as a percent)	45.00%	49.00%
Intelligence Clients \| Total U.S. government
Disaggregation of Revenue [Line Items]
Revenue	$ 408,883	$ 379,174
Total revenue (as a percent)	18.00%	19.00%
Civil Clients \| Total U.S. government
Disaggregation of Revenue [Line Items]
Revenue	$ 757,714	$ 592,796
Total revenue (as a percent)	34.00%	30.00%
Global Commercial Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 63,012	$ 43,491
Total revenue (as a percent)	3.00%	2.00%
Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	$ 1,190,828	$ 1,115,426
Total revenue (as a percent)	53.00%	56.00%
Time-and-materials
Disaggregation of Revenue [Line Items]
Revenue	$ 545,902	$ 497,449
Total revenue (as a percent)	24.00%	25.00%
Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	$ 512,870	$ 376,191
Total revenue (as a percent)	23.00%	19.00%

REVENUE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
REVENUE - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue, amount of remaining performance obligation	$ 7,500.0		$ 7,400.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability, revenue recognized	$ 16.3	$ 11.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	70.00%
Remaining performance obligation, expected timing, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	85.00%
Remaining performance obligation, expected timing, period	24 months

REVENUE - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Current assets
Accounts receivable–billed	$ 627,774	$ 465,322
Accounts receivable–unbilled (contract assets)	1,200,602	1,157,667
Allowance for credit losses	0	0
Accounts receivable, net	1,828,376	1,622,989
Accounts receivable–unbilled (contract assets)	63,960	64,339
Total accounts receivable, net	1,892,336	1,687,328
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)	$ 33,762	$ 26,747

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Earnings for basic computations	$ 137,369	$ 91,621
Earnings for diluted computations	$ 137,372	$ 91,622
Dilutive stock options and restricted stock (in shares)	639,601	822,375
Earnings per common share
Basic (in dollars per share)	$ 1.04	$ 0.68
Diluted (in dollars per share)	$ 1.03	$ 0.67
Unvested shares participating in the payment of the Company's dividends declared (in shares)	900,000	700,000
Dividends	$ 400	$ 300
Undistributed earnings allocated to participating securities, basic	500	200
Undistributed earnings allocated to participating securities, diluted	$ 500	$ 200
Class A Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding for basic computations (in shares)	132,371,487	135,569,968
Weighted-average common shares outstanding for diluted computations (in shares)	133,011,088	136,392,343

ACQUISITIONS, DIVESTITURES, AND GOODWILL (Details) - USD ($) $ in Thousands	Mar. 16, 2022	Jun. 30, 2022	Mar. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 2,021,931	$ 2,021,931
MENA business \| Discontinued Operations, Held-for-sale
Business Acquisition [Line Items]
Accounts receivable		9,200
Other assets		700
Deferred revenue		1,300
Bonus payable		800
Accounts payable		100
Disposal group, including discontinued operation, goodwill		$ 7,900
EverWatch
Business Acquisition [Line Items]
Consideration transferred	$ 440,000

ACCOUNTS PAYABLE AND OTHER ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Payables and Accruals [Abstract]
Vendor payables	$ 502,372	$ 539,524
Accrued expenses	395,957	363,092
Total accounts payable and other accrued expenses	898,329	902,616
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Provision for claimed indirect costs	$ 295,600	$ 290,400

ACCRUED COMPENSATION AND BENEFITS (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Compensation Related Costs [Abstract]
Bonus	$ 32,140	$ 96,040
Retirement	67,794	48,169
Vacation	205,298	206,199
Other	55,887	88,226
Total accrued compensation and benefits	$ 361,119	$ 438,634

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Long-term Debt, Current and Noncurrent [Abstract]
Less: Unamortized debt issuance costs and discount on debt	$ (20,748)	$ (21,647)
Total	2,783,876	2,800,072
Less: Current portion of long-term debt	(68,379)	(68,379)
Long-term debt, net of current portion	$ 2,715,497	$ 2,731,693
Term Loans \| Term Loan A
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	2.31%	1.71%
Outstanding Balance	$ 1,225,276	$ 1,241,398
Term Loans \| Term Loan B
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	2.81%	2.21%
Outstanding Balance	$ 379,348	$ 380,321
Senior Notes \| Senior Notes due 2028
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	3.88%	3.88%
Outstanding Balance	$ 700,000	$ 700,000
Senior Notes \| Senior Notes due 2029
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	4.00%	4.00%
Outstanding Balance	$ 500,000	$ 500,000

DEBT - Narrative (Details) - USD ($)	3 Months Ended
DEBT - Narrative (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022	Jun. 17, 2021	Aug. 24, 2020
Minimum
Debt Instrument [Line Items]
Commitment fee (as a percent)	0.175%
Maximum
Debt Instrument [Line Items]
Commitment fee (as a percent)	0.35%
Designated as Hedging Instrument \| Interest Rate Swap \| Cash Flow Hedging
Debt Instrument [Line Items]
Notional amount of interest rate swaps	$ 550,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 1,000,000,000
Revolving Credit Facility \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	1.125%
Revolving Credit Facility \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	2.00%
Revolving Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	0.125%
Revolving Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	1.00%
Term Loan A
Debt Instrument [Line Items]
Interest payments	$ 6,300,000	$ 4,900,000
Term Loan A \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	1.125%
Term Loan A \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	2.00%
Term Loan B
Debt Instrument [Line Items]
Interest payments	$ 2,400,000	$ 1,800,000
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 \| Base Rate
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	0.75%
Term Loans \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	1.00%
Term Loans \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	0.00%
Term Loans \| Overnight Federal Funds Rate
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	0.50%
Term Loans \| Base Rate \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	0.00%
Term Loans \| Term Loan A
Debt Instrument [Line Items]
Long-term debt outstanding	$ 1,225,276,000		$ 1,241,398,000
Quarterly periodic payment, principal (as a percent)	1.25%
Term Loans \| Term Loan A \| Base Rate \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	0.125%
Term Loans \| Term Loan A \| Base Rate \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	1.00%
Term Loans \| Term Loan B
Debt Instrument [Line Items]
Long-term debt outstanding	$ 379,348,000		380,321,000
Quarterly periodic payment, principal (as a percent)	0.25%
Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 200,000,000
Senior Notes \| Senior Notes due 2029
Debt Instrument [Line Items]
Long-term debt outstanding	500,000,000		500,000,000
Face amount of debt				$ 500,000,000
Debt instrument (as a percent)				4.00%
Debt issuance costs				$ 6,500,000
Senior Notes \| Senior Notes due 2028
Debt Instrument [Line Items]
Long-term debt outstanding	$ 700,000,000		$ 700,000,000
Face amount of debt					$ 700,000,000
Debt instrument (as a percent)					3.875%
Debt issuance costs					$ 9,200,000

DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
DEBT - Interest Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID)	$ 1,161	$ 1,128
Interest Swap Expense	2,831	5,443
Other	94	85
Total Interest Expense	24,655	21,270
Term Loans \| Term Loan A
Debt Instrument [Line Items]
Interest expense on debt	6,359	5,229
Term Loans \| Term Loan B
Debt Instrument [Line Items]
Interest expense on debt	2,429	1,801
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense on debt	0	25
Senior Notes
Debt Instrument [Line Items]
Interest expense on debt	$ 11,781	$ 7,559

DERIVATIVES - Narrative (Details) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Derivative [Line Items]
Estimate of amount to be reclassified over the next 12 months	$ 3,400,000
Other Current Assets
Derivative [Line Items]
Derivative asset	3,400,000
Other Noncurrent Assets
Derivative [Line Items]
Derivative asset	4,100,000	$ 4,100,000
Other Current Liabilities
Derivative [Line Items]
Derivative liability		4,300,000
Other Noncurrent Liabilities
Derivative [Line Items]
Derivative liability		$ 39,000
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest Rate Swap
Derivative [Line Items]
Notional amount of interest rate swaps	$ 550,000,000

DERIVATIVES - Effect of Derivatives on Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from AOCI, current period, tax	$ 700	$ 1,400
Interest Rate Swap \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Pre-Tax Gain or (Loss) Recognized in AOCL on Derivatives	4,966	(1,394)
Amount of Pre-Tax Gain or (Loss) Reclassified from AOCL into Income	$ (2,831)	$ (5,443)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021
Operating Loss Carryforwards [Line Items]
Effective income tax rate (as a percent)	23.10%	22.90%
Minimum
Operating Loss Carryforwards [Line Items]
Potential future tax expense that would arise	$ 40.2
Maximum
Operating Loss Carryforwards [Line Items]
Potential future tax expense that would arise	55.9
Tax Years 2013-2015
Operating Loss Carryforwards [Line Items]
Income tax assessments	$ 11.7

EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of match (as a percent)	6.00%
Employees’ capital accumulation plan, total expense recognized	$ 46.2	$ 43.2
Officer Medical Plan \| Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, unfunded status of plan	$ 115.0		$ 113.5

ACCUMULATED OTHER COMPREHENSIVE LOSS - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	$ 1,046,721	$ 1,071,176
Other comprehensive income (loss) before reclassifications	3,668	(1,031)
Amounts reclassified from accumulated other comprehensive income (loss)	2,089	4,044
Total other comprehensive income, net of tax	5,757	3,013
End of period	1,099,124	1,023,533
Other comprehensive income (loss) before reclassifications, tax benefit	1,300	400
Post-retirement plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	8,811	(1,562)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	(2)	19
Total other comprehensive income, net of tax	(2)	19
End of period	8,809	(1,543)
Derivatives designated as cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	(226)	(28,209)
Other comprehensive income (loss) before reclassifications	3,668	(1,031)
Amounts reclassified from accumulated other comprehensive income (loss)	2,091	4,025
Total other comprehensive income, net of tax	5,759	2,994
End of period	5,533	(25,215)
Totals
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	8,585	(29,771)
Total other comprehensive income, net of tax	5,757	3,013
End of period	$ 14,342	$ (26,758)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 45
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-URI https://asc.fasb.org/extlink&oid=124436220&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

STOCK-BASED COMPENSATION - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 13,696	$ 12,444
Equity Incentive Plan Options \| Equity Incentive Plan Options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	552	573
Restricted Stock and other awards \| Restricted Stock and other awards \| Class A Common Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	13,144	11,871
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	7,482	5,885
General and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 6,214	$ 6,559

STOCK-BASED COMPENSATION - Unrecognized Compensation (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 99,150
Weighted Average Remaining Period to be Recognized (in years)	4 years 11 months 1 day
Equity Incentive Plan Options \| Equity Incentive Plan Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 5,518
Weighted Average Remaining Period to be Recognized (in years)	4 years 1 month 9 days
Restricted Stock and other awards \| Restricted Stock and other awards \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 93,632
Weighted Average Remaining Period to be Recognized (in years)	1 year 11 months 23 days

STOCK-BASED COMPENSATION - Stock Plans (Details) - Equity Incentive Plan Options shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2022 USD ($) shares
Equity Incentive Plan Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	1.3
Stock options outstanding, unvested (in shares)	0.6
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)	0.8
Fair value of options granted \| $	$ 66.4

FAIR VALUE MEASUREMENTS - Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Assets:
Current derivative instruments	$ 3,424
Long-term deferred compensation plan asset	20,186	$ 16,512
Long term derivative instruments	4,099	4,088
Total Assets	27,709	20,600
Liabilities:
Current derivative instruments		4,324
Long-term derivative instruments		39
Long-term deferred compensation plan liability	20,186	16,512
Total Liabilities	20,186	20,875
Level 1
Assets:
Current derivative instruments	0
Long-term deferred compensation plan asset	20,186	16,512
Long term derivative instruments	0	0
Total Assets	20,186	16,512
Liabilities:
Current derivative instruments		0
Long-term derivative instruments		0
Long-term deferred compensation plan liability	20,186	16,512
Total Liabilities	20,186	16,512
Level 2
Assets:
Current derivative instruments	3,424
Long-term deferred compensation plan asset	0	0
Long term derivative instruments	4,099	4,088
Total Assets	7,523	4,088
Liabilities:
Current derivative instruments		4,324
Long-term derivative instruments		39
Long-term deferred compensation plan liability	0	0
Total Liabilities	0	4,363
Level 3
Assets:
Current derivative instruments	0
Long-term deferred compensation plan asset	0	0
Long term derivative instruments	0	0
Total Assets	0	0
Liabilities:
Current derivative instruments		0
Long-term derivative instruments		0
Long-term deferred compensation plan liability	0	0
Total Liabilities	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Contracts with U.S. government agencies or other U.S. government contractors \| Revenue Benchmark \| Total U.S. government
Concentration Risk [Line Items]
Concentration risk (as a percent)	97.00%	98.00%
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Liability for reductions and/or penalties from U.S Government audits	$ 295.6		$ 290.4
Financial Standby Letter of Credit
Concentration Risk [Line Items]
Guarantor obligations, carrying value	7.7		8.4
Guarantor obligations, reduction to available borrowings	1.0		1.0
Guarantor obligations, facility	20.0		20.0
Guarantor obligations, available amount	$ 13.2		$ 12.6