0001443646-23-000021 | 10-Q | XBRL Viewer | Booz Allen Hamilton Holding Corp

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Cover - shares	9 Months Ended
Cover - shares	Dec. 31, 2022	Jan. 24, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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		132,275,873
Entity Central Index Key	0001443646
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--03-31

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 370,939	$ 695,910
Accounts receivable, net	1,807,776	1,622,989
Prepaid expenses and other current assets	106,651	126,777
Total current assets	2,285,366	2,445,676
Property and equipment, net of accumulated depreciation	192,306	202,229
Operating lease right-of-use assets	191,040	227,231
Intangible assets, net of accumulated amortization	714,861	646,682
Goodwill	2,337,584	2,021,931
Deferred tax assets	343,939	32,328
Other long-term assets	280,633	449,498
Total assets	6,345,729	6,025,575
Current liabilities:
Current portion of long-term debt	41,250	68,379
Accounts payable and other accrued expenses	986,580	902,616
Accrued compensation and benefits	430,135	438,634
Operating lease liabilities	55,317	52,334
Other current liabilities	69,437	71,991
Total current liabilities	1,582,719	1,533,954
Long-term debt, net of current portion	2,780,461	2,731,693
Operating lease liabilities, net of current portion	199,439	247,070
Income tax reserves	425,603	79,176
Deferred tax liabilities	0	239,602
Other long-term liabilities	151,828	147,359
Total liabilities	5,140,050	4,978,854
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, Class A - $0.01 par value - authorized, 600,000,000 shares; issued, 165,262,848 shares at December 31, 2022 and 164,372,545 shares at March 31, 2022; outstanding, 132,355,835 shares at December 31, 2022 and 132,584,348 shares at March 31, 2022	1,653	1,646
Treasury stock, at cost — 32,907,013 shares at December 31, 2022 and 31,788,197 shares at March 31, 2022	(1,733,690)	(1,635,454)
Additional paid-in capital	733,022	656,222
Retained earnings	2,182,615	2,015,071
Accumulated other comprehensive loss	22,079	8,585
Total Booz Allen stockholders' equity	1,205,679	1,046,070
Non-controlling interest	0	651
Total stockholders’ equity	1,205,679	1,046,721
Total liabilities and stockholders’ equity	$ 6,345,729	$ 6,025,575

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 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)	165,262,848	164,372,545
Common stock, outstanding (in shares)	132,355,835	132,584,348
Treasury stock (in shares)	32,907,013	31,788,197

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 2,277,074	$ 2,030,520	$ 6,825,650	$ 6,125,624
Operating costs and expenses:
Cost of revenue	1,043,474	929,568	3,175,897	2,840,044
Billable expenses	710,526	621,550	2,069,733	1,817,215
General and administrative expenses	422,388	262,614	969,064	826,606
Depreciation and amortization	42,046	39,576	121,200	104,923
Total operating costs and expenses	2,218,434	1,853,308	6,335,894	5,588,788
Operating income	58,640	177,212	489,756	536,836
Interest expense	(32,031)	(23,677)	(85,028)	(69,201)
Other income, net	14,619	5,401	38,121	11,716
Income before income taxes	41,228	158,936	442,849	479,351
Income tax expense	10,539	30,090	103,286	103,569
Net income	30,689	128,846	339,563	375,782
Net loss attributable to non-controlling interest	308	85	650	85
Net income attributable to common stockholders	$ 30,997	$ 128,931	$ 340,213	$ 375,867
Earnings per common share (Note 4):
Basic (in dollars per share)	$ 0.23	$ 0.96	$ 2.55	$ 2.77
Diluted (in dollars per share)	$ 0.23	$ 0.95	$ 2.54	$ 2.76

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 30,689	$ 128,846	$ 339,563	$ 375,782
Other comprehensive income, net of tax:
Change in unrealized gain on derivatives designated as cash flow hedges	(62)	6,925	13,498	12,658
Change in postretirement plan costs	0	20	(4)	59
Total other comprehensive (loss) income, net of tax	(62)	6,945	13,494	12,717
Comprehensive income	30,627	135,791	353,057	388,499
Comprehensive loss attributable to non-controlling interest	308	85	650	85
Comprehensive income attributable to common stockholders	$ 30,935	$ 135,876	$ 353,707	$ 388,584

- 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 (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income	$ 339,563	$ 375,782
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	121,200	104,923
Noncash lease expense	41,632	41,718
Stock-based compensation expense	50,992	45,187
Amortization of debt issuance costs	3,329	3,463
Loss on debt extinguishment	10,251	2,515
Gain on dispositions, and other	(45,711)	(3,564)
Gain associated with equity method investment activities	0	(12,761)
Changes in assets and liabilities:
Accounts receivable, net	(169,375)	(150,156)
Deferred income taxes and income taxes receivable / payable	(206,065)	38,453
Prepaid expenses and other current and long-term assets	178,383	(19,953)
Accrued compensation and benefits	2,815	(5,371)
Accounts payable and other accrued expenses	79,550	88,529
Other current and long-term liabilities	(40,890)	(27,614)
Net cash provided by operating activities	365,674	481,151
Cash flows from investing activities
Purchases of property, equipment, and software	(51,398)	(51,608)
Payments for business acquisitions, net of cash acquired	(440,069)	(780,213)
Payments for cost method investments	(2,000)	(3,000)
Proceeds from sale of businesses	53,409	0
Other investing activities	0	(427)
Net cash used in investing activities	(440,058)	(835,248)
Cash flows from financing activities
Proceeds from issuance of common stock	18,003	17,240
Stock option exercises	10,705	3,558
Repurchases of common stock	(114,075)	(315,148)
Cash dividends paid	(173,216)	(151,664)
Repayments on revolving credit facility, term loans, and Senior Notes	(406,755)	(95,162)
Net proceeds from debt issuance	414,751	487,027
Proceeds from revolving credit facility	0	60,000
Net cash (used in) provided by financing activities	(250,587)	5,851
Net decrease in cash and cash equivalents	(324,971)	(348,246)
Cash and cash equivalents––beginning of period	695,910	990,955
Cash and cash equivalents––end of period	370,939	642,709
Net cash paid during the period for:
Interest	67,782	34,185
Income taxes	$ 123,214	$ 62,142

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

Total

Class A Common Stock

Common Stock

Class A Common Stock

Treasury Stock

Additional Paid-In Capital

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Non-Controlling Interest

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

162,950,606

Beginning of period at Mar. 31, 2021

$ 1,071,176

$ 1,629

$ (1,216,163)

$ 557,957

$ 1,757,524

$ (29,771)

$ 0

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

(26,704,577)

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

Issuance of common stock (in shares)

637,766

Issuance of common stock

16,037

$ 7

16,030

Stock options exercised (in shares)

133,594

Stock options exercised

3,558

$ 1

3,557

Repurchase of common stock (in shares)

(3,400,000)

(3,590,097)

^[1]

Repurchase of common stock

(299,740)

^[1]

$ (286,300)

$ (299,740)

^[1]

Recognition of liability related to future restricted stock units vesting

1,213

Net income

375,782

375,867

(85)

Other comprehensive income, net of tax

12,717

Dividends declared

(151,676)

Stock-based compensation expense

45,187

Contribution to non-controlling interest

(3,312)

3,312

End of period (in shares) at Dec. 31, 2021

163,721,966

End of period at Dec. 31, 2021

1,074,254

$ 1,637

$ (1,515,903)

620,632

1,981,715

(17,054)

3,227

End of period (in shares) at Dec. 31, 2021

(30,294,674)

Beginning of period (in shares) at Sep. 30, 2021

163,627,651

Beginning of period at Sep. 30, 2021

1,048,098

$ 1,636

$ (1,433,136)

600,930

1,902,667

(23,999)

Beginning of period (in shares) at Sep. 30, 2021

(29,302,541)

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

Issuance of common stock (in shares)

79,085

Issuance of common stock

5,714

$ 1

5,713

Stock options exercised (in shares)

15,230

Stock options exercised

542

Repurchase of common stock (in shares)

(992,133)

Repurchase of common stock

(82,767)

$ (82,767)

Recognition of liability related to future restricted stock units vesting

Net income

128,846

128,931

(85)

Other comprehensive income, net of tax

6,945

Dividends declared

(49,883)

Stock-based compensation expense

16,759

Contribution to non-controlling interest

(3,312)

3,312

End of period (in shares) at Dec. 31, 2021

163,721,966

End of period at Dec. 31, 2021

$ 1,074,254

$ 1,637

$ (1,515,903)

620,632

1,981,715

(17,054)

3,227

End of period (in shares) at Dec. 31, 2021

(30,294,674)

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

132,584,348

164,372,545

Beginning of period at Mar. 31, 2022

$ 1,046,721

$ 1,646

$ (1,635,454)

656,222

2,015,071

8,585

651

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

(31,788,197)

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

Issuance of common stock (in shares)

590,027

Issuance of common stock

$ 18,003

$ 4

17,999

Stock options exercised (in shares)

300,276

Stock options exercised

10,705

$ 3

10,702

Repurchase of common stock (in shares)

(1,000,000)

(1,118,816)

^[2]

Repurchase of common stock

(98,236)

^[2]

$ (86,400)

$ (98,236)

^[2]

Net income

339,563

340,213

(650)

Other comprehensive income, net of tax

13,494

Dividends declared

(172,669)

Stock-based compensation expense

50,992

Contribution to non-controlling interest

(2,893)

2,893

De-consolidation of non-controlling interest

$ (2,894)

(2,894)

End of period (in shares) at Dec. 31, 2022

132,355,835

165,262,848

End of period at Dec. 31, 2022

$ 1,205,679

$ 1,653

$ (1,733,690)

733,022

2,182,615

22,079

End of period (in shares) at Dec. 31, 2022

(32,907,013)

Beginning of period (in shares) at Sep. 30, 2022

165,110,617

Beginning of period at Sep. 30, 2022

$ 1,218,535

$ 1,651

$ (1,722,881)

706,620

2,208,952

22,141

2,052

Beginning of period (in shares) at Sep. 30, 2022

(32,795,658)

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

Issuance of common stock (in shares)

86,802

Issuance of common stock

5,951

Stock options exercised (in shares)

65,429

Stock options exercised

2,713

$ 2

2,711

Repurchase of common stock (in shares)

(111,355)

Repurchase of common stock

(10,809)

$ (10,809)

Net income

30,689

30,997

(308)

Other comprehensive income, net of tax

(62)

Dividends declared

(57,334)

Stock-based compensation expense

18,890

Contribution to non-controlling interest

(1,150)

1,150

De-consolidation of non-controlling interest

$ (2,894)

(2,894)

End of period (in shares) at Dec. 31, 2022

132,355,835

165,262,848

End of period at Dec. 31, 2022

$ 1,205,679

$ 1,653

$ (1,733,690)

$ 733,022

$ 2,182,615

$ 22,079

$ 0

End of period (in shares) at Dec. 31, 2022

(32,907,013)

[1]

During the nine months ended December 31, 2021, the Company purchased 3.4 million shares of the Company’s Class A Common Stock in a series of open market transactions for $286.3 million. Additionally, the Company repurchased shares for $13.4 million during the nine months ended December 31, 2021 to cover the minimum statutory withholding taxes on restricted stock units that vested on various dates during the period.

[2]

During the nine months ended December 31, 2022, the Company purchased 1.0 million shares of the Company’s Class A Common Stock in a series of open market transactions for $86.4 million. Additionally, the Company repurchased shares for $11.8 million during the nine months ended December 31, 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

9 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

Dividends paid (in dollars per share)

$ 0.43

$ 0.37

$ 1.29

$ 1.11

Repurchase of common stock, value

$ 10,809

$ 82,767

$ 98,236

^[1]

$ 299,740

^[2]

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

$ 11,800

$ 13,400

Class A Common Stock

Repurchase of common stock (in shares)

1.0

3.4

Repurchase of common stock, value

$ 86,400

$ 286,300

[1]

[2]

Business Overview	9 Months Ended
Business Overview	Dec. 31, 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 31,100 employees as of December 31, 2022.

Basis of Presentation	9 Months Ended
Basis of Presentation	Dec. 31, 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 nine months ended December 31, 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 fiscal year condensed consolidated financial statements have been reclassified to conform to the current fiscal 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. Recently Adopted Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (“Topic 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance is intended to provide relief for entities impacted by reference rate reform. Topic 848 contains provisions and optional accounting expedients designed to simplify requirements around the designation of hedging relationships, probability assessments of hedged forecasted transactions, and accounting for modifications of contracts that refer to LIBOR or other rates affected by reference rate reform. The guidance is elective and is effective on the date of issuance. Topic 848 is applied prospectively to contract modifications and as of the effective date for existing and new eligible hedging relationships. The Company has elected to apply the hedge accounting practical expedient related to the probability of hedged future LIBOR indexed cash flows and continues its quantitative method of assessing subsequent hedge effectiveness in the fourth quarter of fiscal 2020. Further, during the second quarter of fiscal year 2023, the Company transitioned its term loans from LIBOR-indexed interest payments to Term SOFR-indexed interest payments in connection with the Ninth Amendment of the Credit Agreement. For its interest rate swaps designated as cash flow hedges, the Company elected to apply certain of the accounting expedients to assume that the reference rates upon which hedged forecasted transactions will be based on match the LIBOR-indexed rates used in the Company's interest rate swaps consistent with past presentation. The Company continues to evaluate the impact of Topic 848 and may apply other elections, as applicable. The adoption of this guidance did not have a material impact on the consolidated financial statements and disclosures. Recent Accounting Pronouncements Not Yet Adopted Accounting and reporting pronouncements effective after December 31, 2022 and issued through the filing date are not expected to have a material impact on the Company's condensed consolidated financial statements.

Revenue

9 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

The 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 and nine months ended December 31, 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 December 31,								Nine Months Ended December 31,
	2022				2021				2022				2021
Cost-reimbursable	$	1,211,589	53	%	$	1,079,893	53	%	$	3,603,824	53	%	$	3,322,507	54	%
Time-and-materials	572,491		25	%	484,718		24	%	1,682,831		25	%	1,482,431		24	%
Fixed-price	492,994		22	%	465,909		23	%	1,538,995		22	%	1,320,686		22	%
Total Revenue	$	2,277,074	100	%	$	2,030,520	100	%	$	6,825,650	100	%	$	6,125,624	100	%

Revenue by Customer Type:


	Three Months Ended December 31,								Nine Months Ended December 31,
	2022				2021				2022				2021
U.S. government(1):
Defense Clients	$	1,043,535	46	%	$	946,141	47	%	$	3,082,634	45	%	$	2,916,210	48	%
Intelligence Clients	419,227		18	%	369,345		18	%	1,260,653		18	%	1,144,933		18	%
Civil Clients	758,473		33	%	651,050		32	%	2,299,969		34	%	1,905,984		31	%
Total U.S. government	2,221,235		97	%	1,966,536		97	%	6,643,256		97	%	5,967,127		97	%
Global Commercial Clients	55,839		3	%	63,984		3	%	182,394		3	%	158,497		3	%
Total Revenue	$	2,277,074	100	%	$	2,030,520	100	%	$	6,825,650	100	%	$	6,125,624	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 December 31,								Nine Months Ended December 31,
	2022				2021				2022				2021
Prime Contractor	$	2,151,265	94	%	$	1,913,657	94	%	$	6,461,935	95	%	$	5,753,596	94	%
Subcontractor	125,809		6	%	116,863		6	%	363,715		5	%	372,028		6	%
Total Revenue	$	2,277,074	100	%	$	2,030,520	100	%	$	6,825,650	100	%	$	6,125,624	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 December 31, 2022 and March 31, 2022, the Company had $8.1 billion and $7.4 billion of remaining performance obligations, respectively. We expect to recognize approximately 70% of the remaining performance obligations at December 31, 2022 as revenue over the next 12 months, and approximately 85% over the next 24 months. The remainder is expected to be recognized thereafter.

Contract Balances

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 and nine months ended December 31, 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:


	December 31, 2022		March 31, 2022
Current assets
Accounts receivable–billed	$	624,317	$	465,322
Accounts receivable–unbilled (contract assets)	1,183,522		1,157,667
Allowance for credit losses	(63)		—
Accounts receivable, net	1,807,776		1,622,989
Other long-term assets
Accounts receivable–unbilled (contract assets)	58,945		64,339
Total accounts receivable, net	$	1,866,721	$	1,687,328
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)	$	21,619	$	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 December 31, 2022 and 2021, we recognized revenue of $4.2 million and $0.1 million, respectively, and for the nine months ended December 31, 2022 and 2021, we recognized revenue of $24.2 million and $14.3 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

9 Months Ended

Dec. 31, 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, second, and third quarters 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 December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Earnings for basic computations (1)	$	30,526	$	127,992	$	337,607	$	373,413
Weighted-average common shares outstanding for basic computations	132,224,802		133,587,858		132,286,243		134,629,367
Earnings for diluted computations (1)	$	30,526	$	127,995	$	337,612	$	373,421
Dilutive stock options and restricted stock	535,075		674,392		545,326		684,859
Weighted-average common shares outstanding for diluted computations	132,759,877		134,262,250		132,831,569		135,314,226
Earnings per common share
Basic	$	0.23	$	0.96	$	2.55	$	2.77
Diluted	$	0.23	$	0.95	$	2.54	$	2.76

(1) During the three months ended December 31, 2022 and 2021, approximately 1.1 million and 1.0 million participating securities were paid dividends totaling $0.5 million and $0.4 million, respectively. During the nine months ended December 31, 2022 and 2021, approximately 1.0 million and 0.9 million participating securities were paid dividends totaling $1.3 million and $1.0 million, respectively. There were undistributed earnings of $— million and $0.6 million for the three months ended December 31, 2022 and 2021, respectively, allocated to the participating class of securities in both basic and diluted EPS. There were undistributed earnings of $1.3 million and $1.5 million for the nine months ended December 31, 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 and nine months ended December 31, 2022 and 2021. The impact of any anti-dilutive options excluded from the calculation of EPS was not material.

Acquisitions, Divestiture and Goodwill

9 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions, Divestiture and Goodwill

Acquisition

On October 14, 2022, the Company completed the acquisition of EverWatch Corp. (“EverWatch”), a leading provider of advanced solutions to the defense and intelligence communities for approximately $444.8 million, net of post-closing adjustments and transaction costs incurred as part of the acquisition. The acquisition was funded with cash on hand. As a result of the transaction, EverWatch became a wholly owned subsidiary of Booz Allen Hamilton Inc.

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

The following table summarizes the consideration and the preliminary allocation of the purchase price paid for EverWatch:


Cash consideration (gross of cash acquired)	$	444,847

Purchase price allocation:
Cash	4,779
Current assets	27,305
Operating lease right-of-use asset	7,894
Other long-term assets	4,119
Intangible assets	125,100
Deferred tax liabilities	(29,525)
Current liabilities	(11,625)
Operating lease liabilities - short-term	(1,362)
Operating lease liabilities - long-term	(6,532)
Total fair value of identifiable net assets acquired	$	120,153

Goodwill	$	324,694

The acquisition is accounted for under the acquisition method of accounting, which requires the total acquisition consideration to be allocated to the assets acquired and liabilities assumed based on an estimate of the acquisition date fair value, with the difference reflected in goodwill. The preliminary goodwill of $324.7 million is primarily attributable to EverWatch's specialized workforce and the expected synergies between the Company and EverWatch.

The Company preliminarily recognized $125.1 million of intangible assets which consists of contract assets and backlog, and will be valued using the excess earnings method discounted cash flow approach, incorporating Level 3 inputs as described under the fair value hierarchy of Topic 820. These unobservable inputs will reflect the Company's own judgment about which assumptions market participants would use in pricing an asset on a non-recurring basis. The intangible assets are expected to be amortized over the estimated useful life of 17 years.

The valuation of assets acquired and liabilities assumed are preliminary and based on valuation estimates and assumptions. The accounting for business combinations requires estimates and judgments regarding expectations of

future cash flows of the acquired business, and the allocations of those cash flows to identifiable tangible and intangible assets. The estimates, assumptions and discount rate underlying the preliminary valuations are subject to collection of information necessary to complete the valuations (specifically related to projected financial information) within the measurement period, which is up to one year from the acquisition date. Although the Company does not currently expect material changes to the initial value of net assets acquired, the Company continues to evaluate assumptions related to the valuation of the assets acquired and liabilities assumed. Any adjustments to our estimates of purchase price allocation will be made in the periods in which the adjustments are determined, and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates.

Pro forma results of operations for this acquisition are not presented because the acquisition is not material to the Company's consolidated results of operations.

Divestitures

Middle East and North Africa Management Consulting Business

On September 1, 2022, the Company completed the divestiture of its management consulting business serving the Middle East and North Africa (“MENA”) region to Oliver Wyman, a global management consulting firm and a business of Marsh McLennan. The divestiture was substantially comprised of the contracts associated with the MENA business, the assets and liabilities associated with those contracts, and the workforce that provides services under those contracts.

As a result of this transaction, during the second quarter the Company de-recognized the assets and liabilities associated with the MENA business and recognized a pre-tax gain of $31.2 million, which is reflected in other income, net, on the condensed consolidated statement of operations. The consideration for the sale of the business is subject to customary working capital adjustments, which may impact the amount of gain recognized.

Managed Threat Services Business

On December 5, 2022, the Company completed the divestiture of its commercial Managed Threat Services (“MTS”) business to Security On-Demand. The divestiture was substantially comprised of the contracts associated with the MTS business, the assets and liabilities associated with those contracts, and the workforce that provides services under those contracts.

As a result of this transaction, during the third quarter the Company de-recognized the assets and liabilities associated with the MTS business and recognized a pre-tax gain of $4.6 million which is reflected in other income, net, on the condensed consolidated statement of operations. The consideration for the sale of the business is subject to customary working capital adjustments and contingent consideration, which may impact the amount of gain recognized.

Business Deconsolidation

In December 2022, the Company forfeited certain participating rights of a consolidated artificial intelligence software platform business which has unrelated third-party interest holders and is classified as a variable interest entity (VIE). As a result of this transaction, the Company determined that it is not the primary beneficiary of the VIE and thus de-recognized the assets, liabilities and non-controlling interest of this business. The Company recorded the fair value of our retained equity investment of $7.6 million which is accounted for under the measurement alternative. The resulting pre-tax gain, calculated as the investment value less the net de-recognized balances, was $8.9 million and is reflected in other income, net, on the condensed consolidated statement of operations.

Goodwill

As of December 31, 2022 and March 31, 2022, goodwill was $2,337.6 million and $2,021.9 million, respectively. The increase in the carrying amount of goodwill was attributable the Company's acquisition of EverWatch, and the $324.7 million goodwill acquired is expected to be non-deductible for tax purposes. The Company allocated approximately $7.0 million and $2.0 million of goodwill to the MENA business and the MTS business, respectively, as part of the divestitures noted above.

Accounts Payable and Other Accrued Expenses

9 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accounts Payable and Other Accrued Expenses

Accounts payable and other accrued expenses consisted of the following:


	December 31, 2022		March 31, 2022
Vendor payables	$	482,245	$	539,524
Accrued expenses	504,335		363,092
Total accounts payable and other accrued expenses	$	986,580	$	902,616

Accrued expenses consisted primarily of the Company’s provision for claimed indirect costs (approximately $311.6 million and $290.4 million as of December 31, 2022 and March 31, 2022, respectively), and the reserve associated with the U.S. Department of Justice's investigation of the Company ($124.0 million as of December 31, 2022). See Note 15, “Commitments and Contingencies,” to the condensed consolidated financial statements for further discussion of this provision.

Accrued Compensation and Benefits

9 Months Ended

Dec. 31, 2022

Accrued Compensation and Benefits

Accrued compensation and benefits consisted of the following:


	December 31, 2022		March 31, 2022
Bonus	$	97,923	$	96,040
Retirement	109,251		48,169
Vacation	172,346		206,199
Other	50,615		88,226
Total accrued compensation and benefits	$	430,135	$	438,634

Debt

9 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

Debt consisted of the following:


	December 31, 2022				March 31, 2022
	Interest Rate		Outstanding Balance		Interest Rate		Outstanding Balance
New Term Loan A	5.67	%	$	1,639,688	—	%	$	—
Existing Term Loan A Loans	—	%	—		1.71	%	1,241,398
Existing Term Loan B Loans	—	%	—		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			(17,977)				(21,647)
Total			2,821,711				2,800,072
Less: Current portion of long-term debt			(41,250)				(68,379)
Long-term debt, net of current portion			$	2,780,461			$	2,731,693

Credit Agreement

On September 7, 2022 (the “Ninth Amendment Effective Date”), Booz Allen Hamilton Inc. (“Booz Allen Hamilton”), Booz Allen Hamilton Investor Corporation (“Investor”), and certain wholly owned subsidiaries of Booz Allen Hamilton, entered into the Ninth Amendment (the “Ninth Amendment”) to the Credit Agreement dated as of July 31, 2012, as amended (the “Existing Credit Agreement” and, as amended, the “Credit Agreement”), with certain institutional lenders and Bank of America, N.A., as Administrative Agent, Collateral Agent, Issuing Lender, Refinancing Revolver Lender, New Refinancing Tranche A Term Lender and 2022 Supplemental Tranche A Lender. As of December 31, 2022, the Credit Agreement provided Booz Allen Hamilton with a $1,639.7 million Term Loan A (“New Term Loan A”) 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”). Booz Allen Hamilton’s obligations and the guarantors’ guarantees under the Credit Agreement are secured by a first priority lien on substantially all of the assets (including capital stock of subsidiaries) of Booz Allen Hamilton, Investor and the subsidiary guarantors, subject to certain exceptions set forth in the Credit Agreement and related documentation; such security is expected to be released in connection with Booz Allen Hamilton obtaining investment grade ratings from both Moody's and S&P.

Pursuant to the Ninth Amendment, (i) $1,000.0 million of revolving commitments outstanding under the Existing Credit Agreement were refinanced by a new tranche of revolving commitments (the “New Revolving Commitments” and the revolving credit loans made thereunder, the “New Revolving Loans”) in an aggregate amount of $1,000.0 million, with a sublimit for letters of credit of $200.0 million and (ii) approximately $1,225.3 million of Term Loan A loans (the “Existing Term Loan A Loans”) and $379.3 million of Term Loan B loans (the “Existing Term Loan B Loans”) outstanding under the Existing Credit Agreement were refinanced by a new tranche of Term Loan A loans in an aggregate amount, along with additional new tranche A term loans advanced by certain lenders, totaling $1,650.0 million. The majority of the proceeds of the New Term Loan A were used to prepay in full all of the Existing Term Loan A Loans and Existing Term Loan B Loans.

The Ninth Amendment extended the maturity of the New Term Loan A and the New Revolving Commitments to September 7, 2027. Voluntary prepayments of the New Term Loan A and the New Revolving Loans are permitted at any time, in minimum principal amounts, without premium or penalty.

The New Term Loan A will amortize in consecutive quarterly installments in an amount equal to (i) on the last business day of each full fiscal quarter that begins after the Ninth Amendment Effective Date but on or before the two year anniversary of the Ninth Amendment Effective Date, 0.625% of the stated principal amount of the New Term Loan A and (ii) on the last business day of each full fiscal quarter that begins after the two year anniversary of the Ninth Amendment Effective Date but before the five year anniversary of the Ninth Amendment Effective Date, 1.25% of the stated principal amount of the New Term Loan A. The remaining balance of the New Term Loan A will be payable upon maturity.

The rate at which the New Term Loan A and the New Revolving Loans bear interest will be based either on Term SOFR (subject to a 0.10% adjustment and 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 Term SOFR (subject to a 0.10% adjustment and a floor of zero) plus 1.00%), in each case plus an applicable margin, payable at the end of the applicable interest period and in any event at least quarterly. The applicable margin for the New Term Loan A and the New Revolving Loans ranges from 1.00% to 2.00% for Term SOFR loans and zero to 1.00% for base rate loans, in each case based on the lower of (i) the applicable rate per annum determined pursuant to a consolidated total net leverage ratio grid and (ii) the applicable rate per annum determined pursuant to a ratings grid. Unused New Revolving Commitments are subject to a quarterly fee ranging from 0.10% to 0.35% based on the lower of (i) the applicable fee rate per annum determined pursuant to a consolidated total net leverage ratio grid and (ii) the applicable fee rate per annum determined pursuant to a ratings grid. Booz Allen Hamilton has also agreed to pay customary letter of credit and agency fees.

In connection with the Ninth Amendment, the Company accelerated the amortization of ratable portions of the Debt Issuance Costs, or DIC, and Original Issue Discount, or OID associated with the prior senior secured loan facilities of $3.4 million.These expenses are reflected in other expense, net in the condensed consolidated statement of operations for the three and nine months ended December 31, 2022. Additionally, the Company expensed third party debt issuance costs of $6.9 million that did not qualify for deferral, which are reflected in general and administrative costs in the condensed consolidated statement of operations for the three and nine months ended December 31, 2022.

The Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants. In addition, Booz Allen Hamilton is required to meet a financial covenant at each quarter end based on a consolidated net total leverage ratio. As of December 31, 2022 and March 31, 2022, Booz Allen Hamilton was in compliance with all financial covenants associated with its debt and debt-like instruments. In connection with Booz Allen Hamilton obtaining investment grade ratings from both Moody's and S&P, activities restricted by certain negative covenants are expected to be permitted subject to pro forma compliance with the financial covenants and no events of default having occurred and continuing.

The following table summarizes interest payments made on the Company’s term loans:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
New Term Loan A	$	24,845	$	—	$	24,845	$	—
Existing Term Loan A	—		4,733		14,165		15,197
Existing Term Loan B	—		1,795		5,209		5,401
Total	$	24,845	$	6,528	$	44,219	$	20,598

Borrowings under the New Term Loan A, and if used, the Revolving Credit Facility, incur interest at a variable rate. As of December 31, 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, “Derivatives,” to our condensed consolidated financial statements).

Senior Notes

For information on the terms, conditions, and restrictions of the Company's 4.000% Senior Notes due July 1, 2029 (the “Senior Notes due 2029”) and 3.875% Senior Notes due 2028 (the “Senior Notes due 2028”, and, together with the Senior Notes due 2029, the “Senior Notes”), see Note 10, “Debt,” of the Company’s consolidated financial statements included in the fiscal 2022 Form 10-K.

In connection with Booz Allen Hamilton obtaining investment grade ratings from both Moody's and S&P, certain negative covenants in the indentures governing the Senior Notes were suspended, and guarantees of the Senior Notes were released.

Interest Expense

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


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
New Term Loan A Interest Expense	$	20,733	$	—	$	39,210	$	—
Existing Term Loan A Loans Interest Expense	—		4,724		—		15,187
Existing Term Loan B Loans Interest Expense	—		1,795		5,186		5,401
Interest on Revolving Credit Facility	—		—		—		25
Senior Notes Interest Expense	11,781		11,781		35,344		31,121
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1)	1,042		1,168		3,329		3,462
Interest Swap Expense	(1,648)		4,097		1,571		13,627
Other	123		112		388		378
Total Interest Expense	$	32,031	$	23,677	$	85,028	$	69,201

(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

9 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The Company utilizes derivative financial instruments to manage interest rate risk related to its variable rate debt. The Company’s objectives in using these interest rate derivatives, which were designated as cash flow hedges, are to manage its exposure to interest rate movements and reduce volatility of interest expense. The aggregate notional amount of all interest rate swap agreements was $550.0 million as of December 31, 2022. The swaps have staggered maturities, ranging from June 30, 2023 to June 30, 2025.

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 December 31, 2022, $11.5 million and $6.5 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 are recorded in Accumulated Other Comprehensive Income (Loss), or AOCI, net of taxes, and is subsequently reclassified into interest expense, net in the period that the hedged forecasted interest payments are made on the Company's variable-rate debt. The effect of derivative instruments on the accompanying condensed consolidated financial statements for the three and nine months ended December 31, 2022 and 2021 is as follows:


		Three Months Ended December 31,
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 AOCI on Derivatives				Amount of Pre-Tax Gain or (Loss) Reclassified from AOCI into Income (1)
		2022		2021		2022		2021
Interest rate swaps	Interest income (expense)	$	1,565	$	5,271	$	1,648	$	(4,097)

(1) The reclassifications from accumulated other comprehensive income (loss) to net income were reduced by tax benefit (expense) of ($0.4 million) and $1.1 million for the three months ended December 31, 2022 and 2021, respectively.


		Nine Months Ended December 31,
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 AOCI on Derivatives				Amount of Pre-Tax Gain or (Loss) Reclassified from AOCI into Income (2)
		2022		2021		2022		2021
Interest rate swaps	Interest income (expense)	$	16,704	$	3,496	$	(1,571)	$	(13,627)

(2) The reclassifications from accumulated other comprehensive loss to net income was reduced by taxes of $0.4 million and $3.6 million for the nine months ended December 31, 2022 and 2021, respectively.

Over the next 12 months, the Company estimates that $11.6 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	9 Months Ended
Income Taxes	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rates were 25.6% and 18.9% for the three months ended December 31, 2022 and 2021, respectively, and 23.3% and 21.6% for the nine months ended December 31, 2022 and 2021, respectively. Our effective tax rates for these periods differ from the federal statutory rate of 21.0% primarily due to the inclusion of state and foreign income taxes and permanent rate differences, which are predominantly related to certain executive compensation and the accrual of reserves for uncertain tax positions, offset by research and development tax credits, excess tax benefits for employee share-based compensation, and the Foreign Derived Intangible Income deduction. The Company is currently contesting tax assessments from the District of Columbia Office of Tax and Revenue (“DC OTR”) for fiscal years 2013 through 2015. The assessment relates to $11.7 million of taxes, net of federal tax benefits, as of December 31, 2022. During fiscal 2022, the Company received notification that the District of Columbia Office of Administrative Hearings ruled in favor of the DC OTR. The Company is currently appealing the decision with the District of Columbia Court of Appeals. The Company intends to continue to vigorously defend this matter. Oral arguments will occur in calendar year 2023. The Company has taken similar tax positions with respect to subsequent fiscal years. As of December 31, 2022, the Company does not maintain reserves for any uncertain tax positions related to the contested tax benefits related to 2013 through 2015, nor does it maintain reserves for the similar tax positions taken in the subsequent fiscal years. Management continues to evaluate this position quarterly to determine if a change in estimate is needed. If an adverse final resolution were to occur with respect to uncertain tax positions related to the contested tax benefits or the similar tax positions taken for fiscal years 2013 through 2020, the total potential future tax expense that would arise would be approximately $40.2 million to $58.8 million, net of federal benefits. For the fiscal 2021 tax year, the Company generated a tax loss for U.S. Federal and state tax purposes resulting from the treatment of costs associated with property, plant, and equipment. As a result of a provision in the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), the Company was allowed to carry this loss back to the five prior tax years (fiscal years 2016 to 2020). Accordingly, the Company recorded a long-term income tax receivable in fiscal 2021 (due to the uncertainty around expectations for the timing of refund receipt) which was largely offset by a corresponding deferred tax liability reflected within the property and equipment deferred tax liability in the Company's significant components of deferred income tax assets and liabilities. In October 2022, the Company received a partial federal tax refund of approximately $174.0 million plus interest for its carryback claim related to the above, which reduced the long-term income tax receivable on our Condensed Consolidated Balance Sheet as of December 31, 2022.

- Definition

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

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+ Details

Employee Benefit Plans	9 Months Ended
Employee Benefit Plans	Dec. 31, 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 for matching contributions under ECAP were $47.0 million and $42.3 million for the three months ended December 31, 2022 and 2021, respectively, and $139.1 million and $128.2 million for the nine months ended December 31, 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 December 31, 2022 and March 31, 2022, the unfunded status of the post-retirement medical plan was $118.4 million and $113.5 million, respectively, which is included in other long-term liabilities in the accompanying condensed consolidated balance sheets. Balance sheet and income statement impacts of any remaining benefit plans are immaterial for all periods presented in these condensed consolidated financial statements.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Dec. 31, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

All amounts recorded in other comprehensive income (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 December 31, 2022						Nine Months Ended December 31, 2022
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals		Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of period	$	8,807	$	13,334	$	22,141	$	8,811	$	(226)	$	8,585
Other comprehensive income before reclassifications(1)	2		1,155		1,157		—		12,337		12,337
Amounts reclassified from accumulated other comprehensive income (loss)	(2)		(1,217)		(1,219)		(4)		1,161		1,157
Net current-period other comprehensive income (loss)	—		(62)		(62)		(4)		13,498		13,494
End of period	$	8,807	$	13,272	$	22,079	$	8,807	$	13,272	$	22,079

(1) Changes in other comprehensive income before reclassification for derivatives designated as cash flow hedges are recorded net of tax expense of $0.4 million and $4.4 million for the three and nine months ended December 31, 2022, respectively.


	Three Months Ended December 31, 2021						Nine Months Ended December 31, 2021
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals		Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of period	$	(1,523)	$	(22,476)	$	(23,999)	$	(1,562)	$	(28,209)	$	(29,771)
Other comprehensive loss before reclassifications(2)	—		3,896		3,896		—		2,585		2,585
Amounts reclassified from accumulated other comprehensive loss	20		3,029		3,049		59		10,073		10,132
Net current-period other comprehensive income	20		6,925		6,945		59		12,658		12,717
End of period	$	(1,503)	$	(15,551)	$	(17,054)	$	(1,503)	$	(15,551)	$	(17,054)

(2) Changes in other comprehensive loss before reclassification for derivatives designated as cash flow hedges are recorded net of tax expense of $1.4 million and $0.9 million for the three and nine months ended December 31, 2021, respectively.

Stock-Based Compensation

9 Months Ended

Dec. 31, 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 December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Cost of revenue	$	9,091	$	7,235	$	26,227	$	19,832
General and administrative expenses	9,679		9,524		24,765		25,355
Total	$	18,770	$	16,759	$	50,992	$	45,187

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, including stock options, time-based and performance-based restricted stock awards. Compensation expense for performance-based awards is estimated at each reporting date using management's expectation of the probable achievement of the specified performance criteria of each tranche during the respective performance periods:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Equity Incentive Plan Options	$	772	$	252	$	2,005	$	1,477
Restricted Stock and other awards	$	17,998	16,507		48,987		43,710
Total	$	18,770	$	16,759	$	50,992	$	45,187

As of December 31, 2022, there was $66.4 million of total unrecognized compensation cost related to unvested stock-based compensation agreements. The unrecognized compensation cost as of December 31, 2022 is expected to be fully amortized over the next 4.84 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.


	December 31, 2022
	Unrecognized Compensation Cost		Weighted Average Remaining Period to be Recognized (in years)
Equity Incentive Plan Options	$	4,539	3.83
Restricted Stock Awards	61,897		1.81
Total	$	66,436

Equity Incentive Plan

As of December 31, 2022, there were 1.2 million EIP options outstanding, of which 0.6 million were unvested.

During the three months ended December 31, 2022, the Board of Directors granted 0.1 million restricted stock units to certain employees of the Company. The aggregate value of these awards was $15.0 million based on the grant date stock price.

Fair Value Measurements

9 Months Ended

Dec. 31, 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 December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Current derivative instruments (2)	$	—	$	11,483	$	—	$	11,483
Long-term deferred compensation plan asset (1)	19,392		—		—		19,392
Long term derivative instruments (2)	—		6,518		—		6,518
Total Assets	$	19,392	$	18,001	$	—	$	37,393
Liabilities:
Long-term deferred compensation plan liability (1)	19,392		—		—		19,392
Total Liabilities	$	19,392	$	—	$	—	$	19,392


	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, “Derivatives,” 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 December 31, 2022 and March 31, 2022.

The Company's debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair values of debt are determined using quoted prices or other market information obtained from recent trading activity of the debt 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). The carrying amount and estimated fair value of debt consists of the following:


	December 31, 2022				March 31, 2022
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
New Term Loan A	$	1,639,688	$	1,602,795	$	—	$	—
Existing Term Loan A Loans	—		—		1,241,398		1,218,122
Existing Term Loan B Loans	—		—		380,321		379,461
3.88% Senior Notes due 2028	700,000		624,092		700,000		676,228
4.00% Senior Notes due 2029	500,000		443,125		500,000		488,335

- 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	9 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Letters of Credit and Third-Party Guarantees As of December 31, 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 $6.1 million and $8.4 million, respectively. These letters of credit and bank guarantees primarily support insurance and bid and performance obligations. At both December 31, 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 $14.9 million and $12.6 million were available to the Company at December 31, 2022 and March 31, 2022, respectively. Government Contracting Matters - Provision for Claimed Indirect Costs For both the three months ended December 31, 2022 and 2021, approximately 97% of the Company's revenue was generated from contracts where the end user was an agency or department of the U.S. government, including contracts where the Company performed either as a prime contractor or subcontractor, and regardless of the geographic location in which the work was performed. For both the nine months ended December 31, 2022 and 2021, approximately 97% of the Company's revenue was generated from such contracts. 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 December 31, 2022 and March 31, 2022, the Company had recorded liabilities of approximately $311.6 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 December 31, 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, “Commitments and Contingencies,” 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. On June 7, 2017, Booz Allen Hamilton was informed that the U.S. Department of Justice (“DOJ”) is conducting a civil and criminal investigation of the Company. In connection with the investigation, the DOJ has requested information from the Company relating to certain elements of the Company’s cost accounting and indirect cost charging practices with the U.S. government. Since learning of the investigation, the Company has engaged a law firm experienced in these matters to represent the Company in connection with this matter and respond to the government's requests. As is commonly the case with this type of matter, the Company has also been in contact with other regulatory agencies and bodies, including the SEC, which notified the Company that it is conducting an investigation that the Company believes relates to the matters that are also the subject of the DOJ's investigation. The Company may receive additional regulatory or governmental inquiries related to the matters that are the subject of the DOJ's investigation. On May 12, 2021, the Company was informed that the DOJ has closed its criminal investigation. In accordance with the Company's practice, the Company continues to cooperate with all relevant government parties and believes that it has meritorious defenses to the concerns raised by the DOJ. In order to explore whether a negotiated resolution is possible, the Company has entered into settlement discussions with the DOJ. In connection with these settlement discussions, the Company recorded a $124.0 million reserve in the third quarter of fiscal 2023 as a component of general and administrative expenses in our condensed consolidated statements of operations, which we believe represents the low end of our range of probable loss. There can be no assurance that any settlement will be achieved and, if a settlement is achieved, what the total dollar amount will be of any such settlement. Accordingly, at this time the Company is not able to reasonably estimate the possible range of cost or any loss in excess of the reserve associated with these matters. Changes in the reserve may be required in future periods as discussions with the DOJ continue and additional information becomes available. The total cost associated with these matters will depend on many factors, including the duration of these matters and any related findings. Any settlement that is achieved or any adverse outcome in any litigation that is brought could have a material adverse impact on our financial condition and results of operations.

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Dec. 31, 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 Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (“Topic 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance is intended to provide relief for entities impacted by reference rate reform. Topic 848 contains provisions and optional accounting expedients designed to simplify requirements around the designation of hedging relationships, probability assessments of hedged forecasted transactions, and accounting for modifications of contracts that refer to LIBOR or other rates affected by reference rate reform. The guidance is elective and is effective on the date of issuance. Topic 848 is applied prospectively to contract modifications and as of the effective date for existing and new eligible hedging relationships. The Company has elected to apply the hedge accounting practical expedient related to the probability of hedged future LIBOR indexed cash flows and continues its quantitative method of assessing subsequent hedge effectiveness in the fourth quarter of fiscal 2020. Further, during the second quarter of fiscal year 2023, the Company transitioned its term loans from LIBOR-indexed interest payments to Term SOFR-indexed interest payments in connection with the Ninth Amendment of the Credit Agreement. For its interest rate swaps designated as cash flow hedges, the Company elected to apply certain of the accounting expedients to assume that the reference rates upon which hedged forecasted transactions will be based on match the LIBOR-indexed rates used in the Company's interest rate swaps consistent with past presentation. The Company continues to evaluate the impact of Topic 848 and may apply other elections, as applicable. The adoption of this guidance did not have a material impact on the consolidated financial statements and disclosures. Recent Accounting Pronouncements Not Yet Adopted Accounting and reporting pronouncements effective after December 31, 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)

9 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Three Months Ended December 31,								Nine Months Ended December 31,
	2022				2021				2022				2021
Cost-reimbursable	$	1,211,589	53	%	$	1,079,893	53	%	$	3,603,824	53	%	$	3,322,507	54	%
Time-and-materials	572,491		25	%	484,718		24	%	1,682,831		25	%	1,482,431		24	%
Fixed-price	492,994		22	%	465,909		23	%	1,538,995		22	%	1,320,686		22	%
Total Revenue	$	2,277,074	100	%	$	2,030,520	100	%	$	6,825,650	100	%	$	6,125,624	100	%

Revenue by Customer Type:


	Three Months Ended December 31,								Nine Months Ended December 31,
	2022				2021				2022				2021
U.S. government(1):
Defense Clients	$	1,043,535	46	%	$	946,141	47	%	$	3,082,634	45	%	$	2,916,210	48	%
Intelligence Clients	419,227		18	%	369,345		18	%	1,260,653		18	%	1,144,933		18	%
Civil Clients	758,473		33	%	651,050		32	%	2,299,969		34	%	1,905,984		31	%
Total U.S. government	2,221,235		97	%	1,966,536		97	%	6,643,256		97	%	5,967,127		97	%
Global Commercial Clients	55,839		3	%	63,984		3	%	182,394		3	%	158,497		3	%
Total Revenue	$	2,277,074	100	%	$	2,030,520	100	%	$	6,825,650	100	%	$	6,125,624	100	%

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


	Three Months Ended December 31,								Nine Months Ended December 31,
	2022				2021				2022				2021
Prime Contractor	$	2,151,265	94	%	$	1,913,657	94	%	$	6,461,935	95	%	$	5,753,596	94	%
Subcontractor	125,809		6	%	116,863		6	%	363,715		5	%	372,028		6	%
Total Revenue	$	2,277,074	100	%	$	2,030,520	100	%	$	6,825,650	100	%	$	6,125,624	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:


	December 31, 2022		March 31, 2022
Current assets
Accounts receivable–billed	$	624,317	$	465,322
Accounts receivable–unbilled (contract assets)	1,183,522		1,157,667
Allowance for credit losses	(63)		—
Accounts receivable, net	1,807,776		1,622,989
Other long-term assets
Accounts receivable–unbilled (contract assets)	58,945		64,339
Total accounts receivable, net	$	1,866,721	$	1,687,328
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)	$	21,619	$	26,747

Earnings Per Share (Tables)

9 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Income Used to Compute Basic and Diluted EPS

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


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Earnings for basic computations (1)	$	30,526	$	127,992	$	337,607	$	373,413
Weighted-average common shares outstanding for basic computations	132,224,802		133,587,858		132,286,243		134,629,367
Earnings for diluted computations (1)	$	30,526	$	127,995	$	337,612	$	373,421
Dilutive stock options and restricted stock	535,075		674,392		545,326		684,859
Weighted-average common shares outstanding for diluted computations	132,759,877		134,262,250		132,831,569		135,314,226
Earnings per common share
Basic	$	0.23	$	0.96	$	2.55	$	2.77
Diluted	$	0.23	$	0.95	$	2.54	$	2.76

Acquisitions, Divestiture and Goodwill (Tables)

9 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the consideration and the preliminary allocation of the purchase price paid for EverWatch:


Cash consideration (gross of cash acquired)	$	444,847

Purchase price allocation:
Cash	4,779
Current assets	27,305
Operating lease right-of-use asset	7,894
Other long-term assets	4,119
Intangible assets	125,100
Deferred tax liabilities	(29,525)
Current liabilities	(11,625)
Operating lease liabilities - short-term	(1,362)
Operating lease liabilities - long-term	(6,532)
Total fair value of identifiable net assets acquired	$	120,153

Goodwill	$	324,694

Accounts Payable and Other Accrued Expenses (Tables)

9 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and other accrued expenses consisted of the following:


	December 31, 2022		March 31, 2022
Vendor payables	$	482,245	$	539,524
Accrued expenses	504,335		363,092
Total accounts payable and other accrued expenses	$	986,580	$	902,616

Accrued Compensation and Benefits (Tables)

9 Months Ended

Dec. 31, 2022

Schedule of Accrued Compensation and Benefits

Accrued compensation and benefits consisted of the following:


	December 31, 2022		March 31, 2022
Bonus	$	97,923	$	96,040
Retirement	109,251		48,169
Vacation	172,346		206,199
Other	50,615		88,226
Total accrued compensation and benefits	$	430,135	$	438,634

Debt (Tables)

9 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following:


	December 31, 2022				March 31, 2022
	Interest Rate		Outstanding Balance		Interest Rate		Outstanding Balance
New Term Loan A	5.67	%	$	1,639,688	—	%	$	—
Existing Term Loan A Loans	—	%	—		1.71	%	1,241,398
Existing Term Loan B Loans	—	%	—		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			(17,977)				(21,647)
Total			2,821,711				2,800,072
Less: Current portion of long-term debt			(41,250)				(68,379)
Long-term debt, net of current portion			$	2,780,461			$	2,731,693

The following table summarizes interest payments made on the Company’s term loans:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
New Term Loan A	$	24,845	$	—	$	24,845	$	—
Existing Term Loan A	—		4,733		14,165		15,197
Existing Term Loan B	—		1,795		5,209		5,401
Total	$	24,845	$	6,528	$	44,219	$	20,598

Schedule of Interest Expense

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


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
New Term Loan A Interest Expense	$	20,733	$	—	$	39,210	$	—
Existing Term Loan A Loans Interest Expense	—		4,724		—		15,187
Existing Term Loan B Loans Interest Expense	—		1,795		5,186		5,401
Interest on Revolving Credit Facility	—		—		—		25
Senior Notes Interest Expense	11,781		11,781		35,344		31,121
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1)	1,042		1,168		3,329		3,462
Interest Swap Expense	(1,648)		4,097		1,571		13,627
Other	123		112		388		378
Total Interest Expense	$	32,031	$	23,677	$	85,028	$	69,201

Derivatives (Tables)

9 Months Ended

Dec. 31, 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 and nine months ended December 31, 2022 and 2021 is as follows:


		Three Months Ended December 31,
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 AOCI on Derivatives				Amount of Pre-Tax Gain or (Loss) Reclassified from AOCI into Income (1)
		2022		2021		2022		2021
Interest rate swaps	Interest income (expense)	$	1,565	$	5,271	$	1,648	$	(4,097)


		Nine Months Ended December 31,
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 AOCI on Derivatives				Amount of Pre-Tax Gain or (Loss) Reclassified from AOCI into Income (2)
		2022		2021		2022		2021
Interest rate swaps	Interest income (expense)	$	16,704	$	3,496	$	(1,571)	$	(13,627)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Dec. 31, 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 December 31, 2022						Nine Months Ended December 31, 2022
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals		Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of period	$	8,807	$	13,334	$	22,141	$	8,811	$	(226)	$	8,585
Other comprehensive income before reclassifications(1)	2		1,155		1,157		—		12,337		12,337
Amounts reclassified from accumulated other comprehensive income (loss)	(2)		(1,217)		(1,219)		(4)		1,161		1,157
Net current-period other comprehensive income (loss)	—		(62)		(62)		(4)		13,498		13,494
End of period	$	8,807	$	13,272	$	22,079	$	8,807	$	13,272	$	22,079


	Three Months Ended December 31, 2021						Nine Months Ended December 31, 2021
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals		Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of period	$	(1,523)	$	(22,476)	$	(23,999)	$	(1,562)	$	(28,209)	$	(29,771)
Other comprehensive loss before reclassifications(2)	—		3,896		3,896		—		2,585		2,585
Amounts reclassified from accumulated other comprehensive loss	20		3,029		3,049		59		10,073		10,132
Net current-period other comprehensive income	20		6,925		6,945		59		12,658		12,717
End of period	$	(1,503)	$	(15,551)	$	(17,054)	$	(1,503)	$	(15,551)	$	(17,054)

Stock-Based Compensation (Tables)

9 Months Ended

Dec. 31, 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 December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Cost of revenue	$	9,091	$	7,235	$	26,227	$	19,832
General and administrative expenses	9,679		9,524		24,765		25,355
Total	$	18,770	$	16,759	$	50,992	$	45,187


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Equity Incentive Plan Options	$	772	$	252	$	2,005	$	1,477
Restricted Stock and other awards	$	17,998	16,507		48,987		43,710
Total	$	18,770	$	16,759	$	50,992	$	45,187

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.


	December 31, 2022
	Unrecognized Compensation Cost		Weighted Average Remaining Period to be Recognized (in years)
Equity Incentive Plan Options	$	4,539	3.83
Restricted Stock Awards	61,897		1.81
Total	$	66,436

Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 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 December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Current derivative instruments (2)	$	—	$	11,483	$	—	$	11,483
Long-term deferred compensation plan asset (1)	19,392		—		—		19,392
Long term derivative instruments (2)	—		6,518		—		6,518
Total Assets	$	19,392	$	18,001	$	—	$	37,393
Liabilities:
Long-term deferred compensation plan liability (1)	19,392		—		—		19,392
Total Liabilities	$	19,392	$	—	$	—	$	19,392


	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

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying amount and estimated fair value of debt consists of the following:


	December 31, 2022				March 31, 2022
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
New Term Loan A	$	1,639,688	$	1,602,795	$	—	$	—
Existing Term Loan A Loans	—		—		1,241,398		1,218,122
Existing Term Loan B Loans	—		—		380,321		379,461
3.88% Senior Notes due 2028	700,000		624,092		700,000		676,228
4.00% Senior Notes due 2029	500,000		443,125		500,000		488,335

- 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)	9 Months Ended
Business Overview (Details)	Dec. 31, 2022 employee segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1
Number of reportable segments	1
Number of employees \| employee	31,100

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 2,277,074	$ 2,030,520	$ 6,825,650	$ 6,125,624
Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100.00%	100.00%	100.00%	100.00%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100.00%	100.00%	100.00%	100.00%
Revenue from Contract with Customer Benchmark \| Contractor Concentration Type Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100.00%	100.00%	100.00%	100.00%
Prime Contractor
Disaggregation of Revenue [Line Items]
Revenue	$ 2,151,265	$ 1,913,657	$ 6,461,935	$ 5,753,596
Prime Contractor \| Revenue from Contract with Customer Benchmark \| Contractor Concentration Type Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	94.00%	94.00%	95.00%	94.00%
Subcontractor
Disaggregation of Revenue [Line Items]
Revenue	$ 125,809	$ 116,863	$ 363,715	$ 372,028
Subcontractor \| Revenue from Contract with Customer Benchmark \| Contractor Concentration Type Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	6.00%	6.00%	5.00%	6.00%
Total U.S. government
Disaggregation of Revenue [Line Items]
Revenue	$ 2,221,235	$ 1,966,536	$ 6,643,256	$ 5,967,127
Total U.S. government \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	97.00%	97.00%	97.00%	97.00%
Defense Clients \| Total U.S. government
Disaggregation of Revenue [Line Items]
Revenue	$ 1,043,535	$ 946,141	$ 3,082,634	$ 2,916,210
Defense Clients \| Total U.S. government \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	46.00%	47.00%	45.00%	48.00%
Intelligence Clients \| Total U.S. government
Disaggregation of Revenue [Line Items]
Revenue	$ 419,227	$ 369,345	$ 1,260,653	$ 1,144,933
Intelligence Clients \| Total U.S. government \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	18.00%	18.00%	18.00%	18.00%
Civil Clients \| Total U.S. government
Disaggregation of Revenue [Line Items]
Revenue	$ 758,473	$ 651,050	$ 2,299,969	$ 1,905,984
Civil Clients \| Total U.S. government \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	33.00%	32.00%	34.00%	31.00%
Global Commercial Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 55,839	$ 63,984	$ 182,394	$ 158,497
Global Commercial Clients \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	3.00%	3.00%	3.00%	3.00%
Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	$ 1,211,589	$ 1,079,893	$ 3,603,824	$ 3,322,507
Cost-reimbursable \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	53.00%	53.00%	53.00%	54.00%
Time-and-materials
Disaggregation of Revenue [Line Items]
Revenue	$ 572,491	$ 484,718	$ 1,682,831	$ 1,482,431
Time-and-materials \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	25.00%	24.00%	25.00%	24.00%
Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	$ 492,994	$ 465,909	$ 1,538,995	$ 1,320,686
Fixed-price \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	22.00%	23.00%	22.00%	22.00%

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue, amount of remaining performance obligation	$ 8,100.0		$ 8,100.0		$ 7,400.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability, revenue recognized	$ 4.2	$ 0.1	$ 24.2	$ 14.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	70.00%		70.00%
Remaining performance obligation, expected timing, period	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	85.00%		85.00%
Remaining performance obligation, expected timing, period	24 months		24 months

Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Current assets
Accounts receivable–billed	$ 624,317	$ 465,322
Accounts receivable–unbilled (contract assets)	1,183,522	1,157,667
Allowance for credit losses	(63)	0
Accounts receivable, net	1,807,776	1,622,989
Accounts receivable–unbilled (contract assets)	58,945	64,339
Total accounts receivable, net	1,866,721	1,687,328
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)	$ 21,619	$ 26,747

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings for basic computations	$ 30,526	$ 127,992	$ 337,607	$ 373,413
Weighted-average common shares outstanding for basic computations (in shares)	132,224,802	133,587,858	132,286,243	134,629,367
Earnings for diluted computations	$ 30,526	$ 127,995	$ 337,612	$ 373,421
Dilutive stock options and restricted stock (in shares)	535,075	674,392	545,326	684,859
Weighted-average common shares outstanding for diluted computations (in shares)	132,759,877	134,262,250	132,831,569	135,314,226
Earnings per common share
Basic (in dollars per share)	$ 0.23	$ 0.96	$ 2.55	$ 2.77
Diluted (in dollars per share)	$ 0.23	$ 0.95	$ 2.54	$ 2.76
Unvested shares participating in the payment of the company's dividends declared (in shares)	1,100,000	1,000,000	1,000,000	900,000
Dividends	$ 500	$ 400	$ 1,300	$ 1,000
Undistributed earnings allocated to participating securities, basic	0	600	1,300	1,500
Undistributed earnings allocated to participating securities, diluted	$ 0	$ 600	$ 1,300	$ 1,500

Acquisitions, Divestiture and Goodwill - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Oct. 14, 2022	Dec. 31, 2022	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 2,337,584	$ 2,337,584		$ 2,021,931
Variable Interest Entity, Not Primary Beneficiary
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity securities, fair value		7,600	7,600
Equity securities gains		8,900
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| MENA Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposition of business				$ 31,200
Disposal group, including discontinued operation, goodwill		7,000	7,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| MTS Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposition of business			4,600
Disposal group, including discontinued operation, goodwill		$ 2,000	$ 2,000
EverWatch
Business Acquisition [Line Items]
Consideration transferred	$ 444,800
Period for post-closing working capital adjustments	120 days
Goodwill	$ 324,694
Intangible assets	$ 125,100
Useful life (in years)	17 years

Acquisitions, Divestiture and Goodwill - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Oct. 14, 2022	Dec. 31, 2022	Mar. 31, 2022
Purchase price allocation:
Goodwill		$ 2,337,584	$ 2,021,931
EverWatch
Business Acquisition [Line Items]
Cash consideration (gross of cash acquired)	$ 444,847
Purchase price allocation:
Cash	4,779
Current assets	27,305
Operating lease right-of-use asset	7,894
Other long-term assets	4,119
Intangible assets	125,100
Deferred tax liabilities	(29,525)
Current liabilities	(11,625)
Operating lease liabilities - short-term	(1,362)
Operating lease liabilities - long-term	(6,532)
Total fair value of identifiable net assets acquired	120,153
Goodwill	$ 324,694

Accounts Payable and Other Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Payables and Accruals [Abstract]
Vendor payables	$ 482,245	$ 539,524
Accrued expenses	504,335	363,092
Total accounts payable and other accrued expenses	986,580	902,616
U.S. Department of Justice
Loss Contingencies [Line Items]
Estimate of possible loss	124,000
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Provision for claimed indirect costs	$ 311,600	$ 290,400

Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Compensation Related Costs [Abstract]
Bonus	$ 97,923	$ 96,040
Retirement	109,251	48,169
Vacation	172,346	206,199
Other	50,615	88,226
Total accrued compensation and benefits	$ 430,135	$ 438,634

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Long-term Debt, Current and Noncurrent [Abstract]
Less: Unamortized debt issuance costs and discount on debt	$ (17,977)	$ (21,647)
Total	2,821,711	2,800,072
Less: Current portion of long-term debt	(41,250)	(68,379)
Long-term debt, net of current portion	$ 2,780,461	$ 2,731,693
Term Loans \| New Term Loan A
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	5.67%	0.00%
Outstanding Balance	$ 1,639,688	$ 0
Term Loans \| Existing Term Loan A Loans
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	0.00%	1.71%
Outstanding Balance	$ 0	$ 1,241,398
Term Loans \| Existing Term Loan B Loans
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	0.00%	2.21%
Outstanding Balance	$ 0	$ 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 ($)		3 Months Ended		9 Months Ended
Debt - Narrative (Details) - USD ($)	Sep. 07, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Amortization of debt issuance costs and discounts		$ 1,042,000	$ 1,168,000	$ 3,329,000	$ 3,462,000
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest Rate Swap
Debt Instrument [Line Items]
Notional amount of interest rate swaps		550,000,000		550,000,000
Third Party
Debt Instrument [Line Items]
Amortization of debt issuance costs and discounts		6,900,000		6,900,000
New Revolving Commitments \| Minimum
Debt Instrument [Line Items]
Commitment fee (as a percent)	0.10%
New Revolving Commitments \| Maximum
Debt Instrument [Line Items]
Commitment fee (as a percent)	0.35%
Term Loans \| SOFR
Debt Instrument [Line Items]
Variable rate, adjustment	0.10%
Variable rate, floor	0.00%
Term Loans \| SOFR \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	1.00%
Term Loans \| SOFR \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	2.00%
Term Loans \| Overnight Federal Funds Rate
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	0.50%
Term Loans \| Three-month Term SOFR
Debt Instrument [Line Items]
Variable rate, adjustment	0.10%
Variable rate, floor	0.00%
Long-term debt, basis spread on variable rate	1.00%
Term Loans \| New Term Loan A
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 1,650,000,000	1,639,700,000		1,639,700,000
Term Loans \| New Term Loan A \| Base Rate \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	0.00%
Term Loans \| New Term Loan A \| Base Rate \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	1.00%
Term Loans \| New Term Loan A \| Before Two Year Anniversary
Debt Instrument [Line Items]
Debt instrument (as a percent)	0.625%
Term Loans \| New Term Loan A \| After Two Year But Before Five Year Anniversary
Debt Instrument [Line Items]
Debt instrument (as a percent)	1.25%
Term Loans \| Secured Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity		1,000,000,000		1,000,000,000
Term Loans \| Secured Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity		$ 200,000,000		$ 200,000,000
Term Loans \| New Revolving Commitments
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 1,000,000,000
Revolving credit facility, amount outstanding	1,000,000,000
Term Loans \| New Revolving Commitments \| Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	200,000,000
Term Loans \| Term Loan A
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	1,225,300,000
Term Loans \| Term Loan B
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	379,300,000
Term Loans \| Existing Term Loan A Loans
Debt Instrument [Line Items]
Debt issuance costs, net	$ 3,400,000
Senior Notes \| 4.00% Senior Notes due 2029
Debt Instrument [Line Items]
Debt instrument (as a percent)		4.00%		4.00%
Senior Notes \| Senior Notes due 2028
Debt Instrument [Line Items]
Debt instrument (as a percent)		3.875%		3.875%

Debt - Interest Payment (Details) - Term Loans - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Interest payments	$ 24,845	$ 6,528	$ 44,219	$ 20,598
New Term Loan A
Debt Instrument [Line Items]
Interest payments	24,845	0	24,845	0
Term Loan A
Debt Instrument [Line Items]
Interest payments	0	4,733	14,165	15,197
Term Loan B
Debt Instrument [Line Items]
Interest payments	$ 0	$ 1,795	$ 5,209	$ 5,401

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Debt - Interest Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Amortization of debt issuance cost (DIC) and original issue discount (OID)	$ 1,042	$ 1,168	$ 3,329	$ 3,462
Interest Swap Expense	(1,648)	4,097	1,571	13,627
Other	123	112	388	378
Total Interest Expense	32,031	23,677	85,028	69,201
Term Loans \| New Term Loan A
Debt Instrument [Line Items]
Interest expense on debt	20,733	0	39,210	0
Term Loans \| Term Loan A
Debt Instrument [Line Items]
Interest expense on debt	0	4,724	0	15,187
Term Loans \| Term Loan B
Debt Instrument [Line Items]
Interest expense on debt	0	1,795	5,186	5,401
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense on debt	0	0	0	25
Senior Notes
Debt Instrument [Line Items]
Interest expense on debt	$ 11,781	$ 11,781	$ 35,344	$ 31,121

Derivatives - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Derivative [Line Items]
Derivative asset		$ 4,100
Estimate of amount to be reclassified over the next 12 months	$ 11,600
Other Current Assets
Derivative [Line Items]
Derivative asset	11,500
Other Noncurrent Assets
Derivative [Line Items]
Derivative asset	6,500
Other Current Liabilities
Derivative [Line Items]
Derivative liability		4,300
Other Noncurrent Liabilities
Derivative [Line Items]
Derivative liability		$ 39
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest income (expense)
Derivative [Line Items]
Notional amount of interest rate swaps	$ 550,000

Derivatives - Effect of Derivatives on Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from AOCI, current period, tax	$ 400	$ (1,100)	$ (400)	$ (3,600)
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest income (expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Pre-Tax Gain or (Loss) Recognized in AOCI on Derivatives	1,565	5,271	16,704	3,496
Amount of Pre-Tax Gain or (Loss) Reclassified from AOCI into Income	$ 1,648	$ (4,097)	$ (1,571)	$ (13,627)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2022
Operating Loss Carryforwards [Line Items]
Effective income tax rate (as a percent)	25.60%	18.90%	23.30%	21.60%
Refund amount					$ 174.0
Minimum
Operating Loss Carryforwards [Line Items]
Potential future tax expense that would arise	$ 40.2		$ 40.2
Maximum
Operating Loss Carryforwards [Line Items]
Potential future tax expense that would arise	$ 58.8		58.8
Tax Years 2013-2015
Operating Loss Carryforwards [Line Items]
Income tax assessments			$ 11.7

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 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	$ 47.0	$ 42.3	$ 139.1	$ 128.2
Officer Medical Plan \| Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, unfunded status of plan	$ 118.4		$ 118.4		$ 113.5

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	$ 1,218,535	$ 1,048,098	$ 1,046,721	$ 1,071,176
Other comprehensive income (loss) before reclassifications	1,157	3,896	12,337	2,585
Amounts reclassified from accumulated other comprehensive income (loss)	(1,219)	3,049	1,157	10,132
Total other comprehensive (loss) income, net of tax	(62)	6,945	13,494	12,717
End of period	1,205,679	1,074,254	1,205,679	1,074,254
Other comprehensive income (loss) before reclassifications, tax expense	400	1,400	4,400	900
Totals
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	22,141	(23,999)	8,585	(29,771)
Total other comprehensive (loss) income, net of tax	(62)	6,945	13,494	12,717
End of period	22,079	(17,054)	22,079	(17,054)
Post-retirement plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	8,807	(1,523)	8,811	(1,562)
Other comprehensive income (loss) before reclassifications	2	0	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	(2)	20	(4)	59
Total other comprehensive (loss) income, net of tax	0	20	(4)	59
End of period	8,807	(1,503)	8,807	(1,503)
Derivatives designated as cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	13,334	(22,476)	(226)	(28,209)
Other comprehensive income (loss) before reclassifications	1,155	3,896	12,337	2,585
Amounts reclassified from accumulated other comprehensive income (loss)	(1,217)	3,029	1,161	10,073
Total other comprehensive (loss) income, net of tax	(62)	6,925	13,498	12,658
End of period	$ 13,272	$ (15,551)	$ 13,272	$ (15,551)

- 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
-Topic 250
-SubTopic 10
-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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section S99
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-Subparagraph (SX 210.3-04)
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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
-Publisher FASB
-Name Accounting Standards Codification
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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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-Name Accounting Standards Codification
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-Section 65
-Paragraph 1
-Subparagraph (e)(3)
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=128097895&loc=SL121327923-165333

+ Details

Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 18,770	$ 16,759	$ 50,992	$ 45,187
Equity Incentive Plan Options \| Equity Incentive Plan Options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	772	252	2,005	1,477
Restricted Stock 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	17,998	16,507	48,987	43,710
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	9,091	7,235	26,227	19,832
General and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 9,679	$ 9,524	$ 24,765	$ 25,355

Stock-Based Compensation - Unrecognized Compensation (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 66,436
Weighted Average Remaining Period to be Recognized (in years)	4 years 10 months 2 days
Equity Incentive Plan Options \| Equity Incentive Plan Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 4,539
Weighted Average Remaining Period to be Recognized (in years)	3 years 9 months 29 days
Restricted Stock and other awards \| Restricted Stock Awards \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 61,897
Weighted Average Remaining Period to be Recognized (in years)	1 year 9 months 21 days

Stock-Based Compensation - Equity Incentive Plan (Details) - Equity Incentive Plan Options shares in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Dec. 31, 2022 shares	Dec. 31, 2022 USD ($) shares
Equity Incentive Plan Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	1.2	1.2
Stock options outstanding, unvested (in shares)	0.6	0.6
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)	0.1
Fair value of options granted \| $		$ 15.0

Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Assets:
Current derivative instruments	$ 11,483
Long-term deferred compensation plan asset	19,392	$ 16,512
Long term derivative instruments	6,518	4,088
Total Assets	37,393	20,600
Liabilities:
Current derivative instruments		4,324
Long-term derivative instruments		39
Long-term deferred compensation plan liability	19,392	16,512
Total Liabilities	19,392	20,875
Level 1
Assets:
Current derivative instruments	0
Long-term deferred compensation plan asset	19,392	16,512
Long term derivative instruments	0	0
Total Assets	19,392	16,512
Liabilities:
Current derivative instruments		0
Long-term derivative instruments		0
Long-term deferred compensation plan liability	19,392	16,512
Total Liabilities	19,392	16,512
Level 2
Assets:
Current derivative instruments	11,483
Long-term deferred compensation plan asset	0	0
Long term derivative instruments	6,518	4,088
Total Assets	18,001	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

Fair Value Measurements - Carrying Amounts of Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
3.88% Senior Notes due 2028 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument (as a percent)	3.88%
4.00% Senior Notes due 2029 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument (as a percent)	4.00%
Carrying Amount \| New Term Loan A \| Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 1,639,688	$ 0
Carrying Amount \| Existing Term Loan A Loans \| Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	1,241,398
Carrying Amount \| Existing Term Loan B Loans \| Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	380,321
Carrying Amount \| 3.88% Senior Notes due 2028 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	700,000	700,000
Carrying Amount \| 4.00% Senior Notes due 2029 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	500,000	500,000
Estimated Fair Value \| New Term Loan A \| Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,602,795	0
Estimated Fair Value \| Existing Term Loan A Loans \| Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	1,218,122
Estimated Fair Value \| Existing Term Loan B Loans \| Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	379,461
Estimated Fair Value \| 3.88% Senior Notes due 2028 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	624,092	676,228
Estimated Fair Value \| 4.00% Senior Notes due 2029 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 443,125	$ 488,335

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
U.S. Department of Justice
Loss Contingencies [Line Items]
Estimate of possible loss	$ 124.0		$ 124.0
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%	97.00%	97.00%	97.00%
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Liability for reductions and/or penalties from U.S Government audits	$ 311.6		$ 311.6		$ 290.4
Financial Standby Letter of Credit
Concentration Risk [Line Items]
Guarantor obligations, carrying value	6.1		6.1		8.4
Guarantor obligations, reduction to available borrowings			1.0		1.0
Guarantor obligations, facility	20.0		20.0		20.0
Guarantor obligations, available amount	$ 14.9		$ 14.9		$ 12.6