0001443646-24-000075 | 10-K | XBRL Viewer | Booz Allen Hamilton Holding Corp

Goodwill and Intangible Assets (Tables)

12 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets consisted of the following:


	March 31, 2024						March 31, 2023
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Amortizable intangible assets:
Programs and contract assets, channel relationships, and other amortizable intangible assets	$	591,895	$	237,764	$	354,131	$	599,794	$	169,316	$	430,478
Software	146,284		89,572		56,712		134,152		69,215		64,937
Total amortizable intangible assets	$	738,179	$	327,336	$	410,843	$	733,946	$	238,531	$	495,415
Unamortizable intangible assets:
Trade name	$	190,200	$	—	$	190,200	$	190,200	$	—	$	190,200
Total	$	928,379	$	327,336	$	601,043	$	924,146	$	238,531	$	685,615

Summary of Expected Amortization Expense for Intangible Assets

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


For the Fiscal Year Ended March 31,
2025	$	82,085
2026	70,883
2027	58,885
2028	50,833
2029	43,315
Thereafter	104,842
Total estimated amortization expense	$	410,843

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	Mar. 31, 2024
Furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Computer equipment
Property, Plant and Equipment [Line Items]
Useful life	4 years

Subsequent Events	12 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn May 24, 2024, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.51 per share. Payment of the dividend will be made on June 28, 2024 to stockholders of record at the close of business on June 13, 2024.

Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Recurring Fair Value Measurements

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


	Recurring Fair Value Measurements as of March 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Current derivative instruments (1)	$	—	$	8,713	$	—	$	8,713
Long-term derivative instruments (1)	—		1,556		—		1,556
Long term deferred compensation plan asset (2)	28,957		—		—		28,957

Total Assets	$	28,957	$	10,269	$	—	$	39,226
Liabilities:


Long term deferred compensation plan liability (2)	28,957		—		—		28,957
Total Liabilities	$	28,957	$	—	$	—	$	28,957


	Recurring Fair Value Measurements as of March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Current derivative instruments (1)	$	—	$	11,245	$	—	$	11,245
Long-term derivative instruments (1)	—		3,530		—		3,530
Long term deferred compensation plan asset (2)	$	20,090	$	—	$	—	$	20,090
Total Assets	$	20,090	$	14,775	$	—	$	34,865
Liabilities:


Long-term derivative instruments (1)	—		1,369		—		1,369
Long term deferred compensation plan liability (2)	20,090		—		—		20,090
Total liabilities	$	20,090	$	1,369	$	—	$	21,459

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

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

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

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


	March 31, 2024				March 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Term Loan A	$	1,588,125	$	1,582,170	$	1,629,375	$	1,600,861
3.875% Senior Notes due 2028	700,000		656,677		700,000		638,540
4.000% Senior Notes due 2029	500,000		465,470		500,000		451,930
5.950% Senior Notes due 2033	650,000		672,815		—		—

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Letters of Credit and Third-Party Guarantees As of March 31, 2024 and 2023, 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 $4.4 million and $6.1 million, respectively. These letters of credit and bank guarantees primarily support insurance and bid and performance obligations. At both March 31, 2024 and 2023, approximately $1.3 million of these instruments reduce the available borrowings under the Revolving Credit Facility. The remainder is guaranteed under a separate $7.5 million facility of which $4.4 million and $2.7 million were available to the Company at March 31, 2024 and March 31, 2023, respectively. Government Contracting Matters - Provision for Claimed Indirect Costs For each of the fiscal years 2024, 2023, and 2022, approximately 98%, 97%, and 97%, respectively, of the Company’s revenue was generated from contracts where the end user was an agency or department of the U.S. government, including contracts where the Company performed either as a prime contractor or subcontractor, and regardless of the geographic location in which the work was performed. U.S. government contracts and subcontracts are subject to extensive legal and regulatory requirements. From time to time and in the ordinary course of business, agencies of the U.S. government, 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. Based upon DCAA’s recent audit findings, the Company reduced a portion of its provision for claimed indirect costs related to fiscal 2022 by approximately $18.3 million during the second quarter of fiscal 2024, which resulted in a corresponding increase to revenue, to reflect our best estimate of the final indirect cost rates for fiscal 2022. Operating income for the fiscal year ended March 31, 2024 was accordingly increased by $18.3 million and net income was increased by $13.5 million (or $0.10 of basic and diluted earnings per common share for the fiscal year ended March 31, 2024). Our final indirect cost rates for fiscal 2022 remain subject to negotiation with the Defense Contract Management Agency (“DCMA”) Administrative Contracting Officer. Management believes it has recorded the appropriate provision for claimed indirect costs for any audit, inquiry, or investigation of which it is aware that may be subject to any reductions and/or penalties. As of March 31, 2024 and 2023, the Company had recorded liabilities of approximately $363.7 million and $326.7 million, respectively, for estimated adjustments to claimed indirect costs based on its historical DCAA audit results, including the final resolution of such audits with the Defense Contract Management Agency, for claimed indirect costs incurred subsequent to fiscal 2011, and for contracts not yet closed that are subject to audit and final resolution. Litigation Our performance under U.S. government contracts and compliance with the terms of those contracts and applicable laws and regulations are subject to continuous audit, review, and investigation by the U.S. government, which may include such investigative techniques as subpoenas or civil investigative demands. Given the nature of our business, these audits, reviews, and investigations may focus, among other areas, on various aspects of procurement integrity, labor time reporting, sensitive and/or classified information access and control, executive compensation, and post government employment restrictions. We are not always aware of our status in such matters, but we are currently aware of certain pending audits and investigations involving labor time reporting, procurement integrity, and classified information access. In addition, from time to time, we are also involved in legal proceedings and investigations arising in the ordinary course of business, including those relating to employment matters, relationships with clients and contractors, intellectual property disputes, and other business matters. These legal proceedings seek various remedies, including claims for monetary damages in varying amounts, none of which are considered material, or are unspecified as to amount. Although the outcome of any such matter is inherently uncertain and may be materially adverse, based on current information, we do not expect any of the currently ongoing audits, reviews, investigations, or litigation to have a material adverse effect on our financial condition and results of operations. As of March 31, 2024 and 2023, there were no material amounts accrued in the consolidated financial statements related to these proceedings. On June 7, 2017, Booz Allen Hamilton was informed that the U.S. Department of Justice (“DOJ”) was conducting a civil and criminal investigation of the Company. In connection with the investigation, the DOJ 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. The investigation resulted from a qui tam lawsuit filed on or about September 26, 2016 in the United States District Court for the District of Columbia pursuant to the qui tam provisions of the civil False Claims Act (the “Civil Action”), which lawsuit was under judicial seal until July 21, 2023. After learning of the investigation, the Company 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 was also contacted by other regulatory agencies and bodies, including the SEC, which notified the Company that it was conducting an investigation that the Company believes related to the matters that were also the subject of the DOJ's investigation. On May 12, 2021, the Company was informed that the DOJ closed its criminal investigation. On July 21, 2023, the Company entered into a Settlement Agreement (the “Settlement Agreement”) with the United States of America, acting through the DOJ and on behalf of the Department of Defense and Defense Contract Management Agency (collectively the “United States”), and Relator Sarah A. Feinberg, to resolve the DOJ’s civil investigation and the Civil Action. The Company entered into the Settlement Agreement to avoid the delay, uncertainty and expense of protracted litigation. The Settlement Agreement contains no admission of liability by the Company. Under the terms of the Settlement Agreement, the Company agreed to pay to the United States $377.5 million (the “Settlement Amount”). The Company paid the Settlement Amount with cash on hand and by drawing on its revolving credit facility. As of June 30, 2023, the Company had recorded a $377.5 million reserve relating to this investigation and had previously disclosed that it believed the range of reasonably possible loss in connection with the investigation to be between $350 million and $378 million. Following the United States’ receipt of the Settlement Amount, the Company was released from any civil or administrative monetary claims under the civil False Claims Act and other specified civil statutes and common law theories of liability for certain elements of the Company’s cost accounting and indirect cost charging practices from April 1, 2011 through March 31, 2021, and the claim brought in the Civil Action was dismissed with prejudice. On July 27, 2023, the Company was informed that the SEC concluded its investigation without recommending an enforcement action.

Stockholders’ Equity - Summary of Dividends (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Recurring dividends	$ 253,413	$ 235,726	$ 209,057

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
End of period (in shares)				(26,704,577)
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			1,224,207
Issuance of common stock	22,170		$ 15		22,155
Stock options exercised (in shares)			197,732
Stock options exercised	5,929		$ 2		5,927
Repurchase of common stock (in shares)				(5,083,620)
Repurchase of common stock	(419,291)			$ (419,291)
Recognition of liability related to future restricted stock units vesting	1,213				1,213
Net income	466,577					466,740		(163)
Other comprehensive income, net of tax	38,356						38,356
Dividends paid	(209,193)					(209,193)
Stock-based compensation expense	69,784				69,784
Contribution to non-controlling interest	0				(814)			814
End of period (in shares) at Mar. 31, 2022			164,372,545
End of period at Mar. 31, 2022	1,046,721		$ 1,646	$ (1,635,454)	656,222	2,015,071	8,585	651
Increase (Decrease) in Stockholders' Equity [Roll Forward]
End of period (in shares)				(31,788,197)
Issuance of common stock (in shares)			1,170,726
Issuance of common stock	24,663		$ 10		24,653
Stock options exercised (in shares)			329,061
Stock options exercised	11,384		$ 3		11,381
Repurchase of common stock (in shares)		(2,100,000)		(2,446,547)
Repurchase of common stock	(224,451)	$ (196,200)		$ (224,451)
Net income	271,215					271,791		(576)
Other comprehensive income, net of tax	20,748						20,748
Dividends paid	(235,407)					(235,407)
Stock-based compensation expense	80,272				80,272
Contribution to non-controlling interest	0				(3,068)			3,068
De-Consolidation of non-controlling interest	$ (3,143)							(3,143)
End of period (in shares) at Mar. 31, 2023	131,637,588		165,872,332
End of period at Mar. 31, 2023	$ 992,002		$ 1,659	$ (1,859,905)	769,460	2,051,455	29,333	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
End of period (in shares)	34,234,744			(34,234,744)
Issuance of common stock (in shares)			1,194,324
Issuance of common stock	$ 28,665		$ 12		28,653
Stock options exercised (in shares)			335,612
Stock options exercised	15,745		$ 3		15,742
Repurchase of common stock (in shares)		(3,200,000)		(3,524,401)
Repurchase of common stock	(417,641)	$ (372,800)		$ (417,641)
Net income	605,706					605,706		0
Other comprehensive income, net of tax	(19,801)						(19,801)
Dividends paid	(253,096)					(253,096)
Stock-based compensation expense	$ 94,982				94,982
End of period (in shares) at Mar. 31, 2024	129,643,123		167,402,268
End of period at Mar. 31, 2024	$ 1,046,562		$ 1,674	$ (2,277,546)	$ 908,837	$ 2,404,065	$ 9,532	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
End of period (in shares)	37,759,145			(37,759,145)

Accounts Payable and Other Accrued Expenses (Tables)

12 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Other Accrued Expenses

Accounts payable and other accrued expenses consisted of the following:


	March 31,
	2024		2023
Vendor payables	$	653,131	$	597,808
Accrued expenses	397,539		718,832
Total accounts payable and other accrued expenses	$	1,050,670	$	1,316,640

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Accounting standards update [Extensible List]				Accounting Standards Update 2016-13 [Member]
Dividends paid (in dollars per share)	$ 1.92	$ 1.76	$ 1.54

- Definition

Indicates amendment to accounting standards.

+ References

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

Derivatives - Schedule of Outstanding Interest Rate Swap Derivative Contracts (Details) - Cash Flow Hedging - Designated as Hedging Instrument $ in Thousands	Mar. 31, 2024 USD ($)
Interest Rate Swap 1
Derivative [Line Items]
Notional Amount	$ 200,000
Interest Rate Swap 2
Derivative [Line Items]
Notional Amount	200,000
Interest Rate Swap 3
Derivative [Line Items]
Notional Amount	150,000
Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 550,000

Fair Value Measurements - Schedule of Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Assets:
Current derivative instruments	$ 8,713	$ 11,245
Long-term derivative instruments	1,556	3,530
Long-term deferred compensation plan asset	28,957	20,090
Total Assets	39,226	34,865
Liabilities:
Long-term derivative instruments		1,369
Long-term deferred compensation plan liability	28,957	20,090
Total Liabilities	28,957	21,459
Level 1
Assets:
Current derivative instruments	0	0
Long-term derivative instruments	0	0
Long-term deferred compensation plan asset	28,957	20,090
Total Assets	28,957	20,090
Liabilities:
Long-term derivative instruments		0
Long-term deferred compensation plan liability	28,957	20,090
Total Liabilities	28,957	20,090
Level 2
Assets:
Current derivative instruments	8,713	11,245
Long-term derivative instruments	1,556	3,530
Long-term deferred compensation plan asset	0	0
Total Assets	10,269	14,775
Liabilities:
Long-term derivative instruments		1,369
Long-term deferred compensation plan liability	0	0
Total Liabilities	0	1,369
Level 3
Assets:
Current derivative instruments	0	0
Long-term derivative instruments	0	0
Long-term deferred compensation plan asset	0	0
Total Assets	0	0
Liabilities:
Long-term derivative instruments		0
Long-term deferred compensation plan liability	0	0
Total Liabilities	$ 0	$ 0

Stock-based Compensation - Restricted Stock Activity (Details) - Equity Incentive Plan Options	12 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares)	1,184,587
Granted (in shares)	982,447
Vested (in shares)	949,651
Forfeited (in shares)	106,720
Unvested, ending balance (in shares)	1,110,663
Weighted Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 87.08
Granted (in dollars per share) \| $ / shares	98.94
Vested (in dollars per share) \| $ / shares	90.79
Forfeited (in dollars per share) \| $ / shares	96.81
Unvested, ending balance (in dollars per share) \| $ / shares	$ 93.46
Performance Shares
Number of Shares
Unvested, ending balance (in shares)	100,000
Weighted Average Grant Date Fair Value
Performance period	3 years

Goodwill and Intangible Assets - Narrative (Details) - USD ($)			3 Months Ended	12 Months Ended
	Jan. 01, 2024	Jan. 01, 2023	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Goodwill				$ 2,343,789,000	$ 2,338,399,000
Goodwill impairment	$ 0	$ 0		0	0	$ 0
Impairment charge on intangibles				0	0	0
Amortization of intangible assets				93,300,000	$ 94,300,000	$ 76,200,000
Ever Watch
Finite-Lived Intangible Assets [Line Items]
Goodwill				$ 5,400,000
Initial accounting incomplete, adjustment, intangibles			$ 7,900,000
Programs and contract assets, channel relationships, and other amortizable intangible assets \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)				2 years
Programs and contract assets, channel relationships, and other amortizable intangible assets \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)				14 years
Software \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)				1 year
Software \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)				10 years
Trade name
Finite-Lived Intangible Assets [Line Items]
Impairment charge on intangibles	$ 0	$ 0

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Other Pension, Postretirement and Supplemental Plans
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of match (as a percent)	6.00%
Employees’ capital accumulation plan, total expense recognized	$ 218.4	$ 190.5	$ 176.8
Employees’ capital accumulation plan, company-paid contributions	$ 213.3	$ 185.7	$ 171.6
Officer Medical Plan \| Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate for benefit obligation (as a percent)	5.20%	4.90%	3.75%
Defined benefit plan, unfunded status of plan	$ 127.0	$ 105.6

Derivatives - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Estimated amounts to be reclassified over 12 months	$ 8.7
Other Current Assets
Derivative [Line Items]
Derivative asset	8.7	$ 11.2
Other Long-Term Assets
Derivative [Line Items]
Derivative asset	$ 1.6	3.5
Other Long-Term Liabilities
Derivative [Line Items]
Derivative liability		$ 1.4

Stock-based Compensation

12 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

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


	Fiscal Year Ended March 31,
	2024		2023		2022
Cost of revenue	$	43,995	$	43,378	$	36,836
General and administrative expenses	50,987		36,894		32,948
Total	$	94,982	$	80,272	$	69,784

The following table summarizes the total stock-based compensation expense recognized in the 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:


	Fiscal Year Ended March 31,
	2024		2023		2022
Equity Incentive Plan Options	$	1,319	$	2,550	$	1,793
Restricted Stock and Other Awards	93,663		77,722		67,991

Total	$	94,982	$	80,272	$	69,784

As of March 31, 2024 and 2023, there was $62.3 million and $50.9 million, respectively, of total unrecognized compensation cost related to unvested stock-based compensation agreements. The unrecognized compensation cost as of March 31, 2024 is expected to be fully amortized over the next five years. Absent the effect of forfeiture or acceleration of stock compensation cost for departures of employees, the following tables summarize the unrecognized compensation cost and the weighted average period the cost is expected to be amortized (excludes any future award):


	Unrecognized Compensation Cost				Weighted Average Remaining Period to be Recognized
	March 31, 2024		March 31, 2023		March 31, 2024	March 31, 2023
Equity Incentive Plan Options	$	2,592	$	3,495	3.6	3.7
Restricted Stock and Other Awards	59,706		47,451		1.7	1.8
Total	$	62,298	$	50,946

Equity Incentive Plan

Awards under the Company's Equity Incentive Plan (the “EIP”) may be made in the form of stock options; stock purchase rights; restricted stock; restricted stock units; performance shares; performance units; stock appreciation rights; deferred share units; dividend equivalents; and other stock-based awards. As of March 31, 2024 and 2023, there were 6.0 million and 7.7 million shares, respectively, available for future grant under the EIP.

Stock Options

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

As of March 31, 2024 and 2023, 0.2 million and 0.4 million options were unvested under the EIP, with a weighted average grant date fair value of $18.45 and $15.61, respectively. There were 0.8 million and 1.1 million EIP options outstanding as of March 31, 2024 and 2023, with a weighted average exercise price of $67.98 and $60.55, respectively.

Annual Incentive Plans

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

The Company maintains annual incentive programs for officers and key employees. The equity compensation would be issued in the form of restricted stock units of which a portion would vest based on the passage of time, and the other portion would vest based on specified performance conditions to be achieved over a specified time period. A restricted stock unit represents a contingent right to receive one share of Class A Common Stock upon vesting. Service-based restricted stock units vest in equal installments over a three-year period subject to the grantee's continued service on each applicable vesting date and are settled for shares of Class A Common Stock. Dividend equivalents are paid in respect of the service-based restricted stock units when dividends are paid on the Company's Class A Common Stock. The related expense is recognized in the accompanying consolidated statements of operations based on grant date fair value over the vesting period.

Performance-based awards vest at the end of a three-year period, subject to certain specified financial performance criteria, the grantee's continued service through the period, and certification of final performance by the Compensation, Culture and People Committee of the Board of Directors. The performance-based awards granted during fiscal 2024 included additional market conditions related to the Company’s total shareholder return relative to its peer group over the three-year performance period. The Company recognizes compensation expense for these performance-based awards with market conditions based on the grant-date fair value calculated using a Monte Carlo model. These awards are settled for Class A Common Stock and dividend equivalents. Compensation expense for performance-based awards during the performance period is estimated at each reporting date using management's expectation of the probable achievement of the specified performance criteria.

The Company also issues equity awards under other programs in the form of restricted stock units that would vest immediately after issuance or over an applicable vesting period subject to the employee's continued service for the Company. The associated expenses are recognized in the accompanying consolidated statements of operations based on grant date fair value.

Grants of Class A Restricted Common Stock and Restricted Stock Units

During fiscal 2024, the Board of Directors granted an aggregate of 1.0 million Restricted Stock Units with service-based and performance-based vesting conditions to existing officers, vice presidents, and other employees and non-employees of the Company, as well as to newly promoted and hired partners and vice presidents. The awards will vest based on the applicable vesting period for the specific award subject to the employees' continued employment with the Company. The Board also granted Class A Restricted Common Stock to members of the Board during fiscal 2024. These awards generally vest over one year.

The aggregate fair value of all awards issued during fiscal 2024 was $97.2 million and will be recognized in the accompanying consolidated statements of operations over the applicable vesting period of the awards. The total fair value of restricted stock shares vested during fiscal 2024 and 2023 was $86.2 million and $70.2 million, respectively.

As permitted under the terms of the EIP, the Compensation, Culture and People Committee, as Administrator of the Plan, authorized the withholding of taxes not to exceed the minimum statutory withholding amount, through the surrender of shares of Class A Common Stock issuable upon the vesting or accelerated vesting of Restricted Stock. As a result of these transactions, the Company repurchased 0.3 million shares and recorded them as treasury shares at a total cost of $42.3 million in fiscal 2024.

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


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested Restricted Stock Awards
Unvested at March 31, 2023	1,184,587	$	87.08
Granted	982,447	98.94
Vested	949,651	90.79
Forfeited	106,720	96.81
Unvested at March 31, 2024 (1)	1,110,663	$	93.46

(1) Unvested restricted stock includes 0.1 million shares of performance-based awards that completed the three-year performance period but remained unsettled at March 31, 2024, subject to the certification of final performance by the Compensation, Culture and People Committee of the Board of Directors.

Employee Stock Purchase Plan

The Company offers a tax qualified Employee Stock Purchase Plan, or ESPP, which is designed to enable eligible employees to periodically purchase shares of the Class A Common Stock at a five percent discount from the fair market value of the Class A Common Stock. The ESPP provides for quarterly offering periods. For the year ended March 31, 2024, 0.2 million shares of Class A Common Stock were purchased by employees under the ESPP. Since the program's inception, 3.7 million shares have been purchased by employees of the total 10.0 million shares available.

Stock-based Compensation (Tables)

12 Months Ended

Mar. 31, 2024

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 consolidated statements of operations:


	Fiscal Year Ended March 31,
	2024		2023		2022
Cost of revenue	$	43,995	$	43,378	$	36,836
General and administrative expenses	50,987		36,894		32,948
Total	$	94,982	$	80,272	$	69,784


	Fiscal Year Ended March 31,
	2024		2023		2022
Equity Incentive Plan Options	$	1,319	$	2,550	$	1,793
Restricted Stock and Other Awards	93,663		77,722		67,991

Total	$	94,982	$	80,272	$	69,784

Schedule of Unrecognized Compensation Cost

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


	Unrecognized Compensation Cost				Weighted Average Remaining Period to be Recognized
	March 31, 2024		March 31, 2023		March 31, 2024	March 31, 2023
Equity Incentive Plan Options	$	2,592	$	3,495	3.6	3.7
Restricted Stock and Other Awards	59,706		47,451		1.7	1.8
Total	$	62,298	$	50,946

Schedule of Unvested Restricted Stock Activity

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


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested Restricted Stock Awards
Unvested at March 31, 2023	1,184,587	$	87.08
Granted	982,447	98.94
Vested	949,651	90.79
Forfeited	106,720	96.81
Unvested at March 31, 2024 (1)	1,110,663	$	93.46

Stockholders’ Equity (Tables)

12 Months Ended

Mar. 31, 2024

Equity [Abstract]

Summary of Dividends Declared

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


	Fiscal Year Ended March 31,
	2024		2023		2022
Recurring dividends (1)	$	253,413	$	235,726	$	209,057

(1) Amounts represent recurring quarterly dividends that were declared and paid for during each quarter of fiscal 2024, 2023, and 2022.

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	$ 992,002	$ 1,046,721	$ 1,071,176
Other comprehensive (loss) income before reclassifications	(7,346)	21,665	25,326
Amounts reclassified from accumulated other comprehensive income	(12,455)	(917)	13,030
Total other comprehensive (loss) income, net of tax	(19,801)	20,748	38,356
End of period	1,046,562	992,002	1,046,721
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	29,333	8,585	(29,771)
Total other comprehensive (loss) income, net of tax	(19,801)	20,748	38,356
End of period	9,532	29,333	8,585
Post-retirement plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	19,450	8,811	(1,562)
Other comprehensive (loss) income before reclassifications	(15,989)	10,644	10,294
Amounts reclassified from accumulated other comprehensive income	(1,485)	(5)	79
Total other comprehensive (loss) income, net of tax	(17,474)	10,639	10,373
End of period	1,976	19,450	8,811
Other comprehensive income benefit (expense)	5,500	3,800	3,600
Derivatives designated as cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	9,883	(226)	(28,209)
Other comprehensive (loss) income before reclassifications	8,643	11,021	15,032
Amounts reclassified from accumulated other comprehensive income	(10,970)	(912)	12,951
Total other comprehensive (loss) income, net of tax	(2,327)	10,109	27,983
End of period	7,556	9,883	(226)
Other comprehensive income benefit (expense)	$ (3,200)	$ 3,900	$ 5,300

- Definition

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

+ References

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-Name Accounting Standards Codification
-Section 50
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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Goodwill and Intangible Assets - Schedule of Expected Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 82,085
2026	70,883
2027	58,885
2028	50,833
2029	43,315
Thereafter	104,842
Net Carrying Value	$ 410,843	$ 495,415

Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Compensation Related Costs [Abstract]
Bonus	$ 151,063	$ 120,023
Retirement	57,465	52,480
Vacation	223,385	203,627
Other	74,217	69,075
Total accrued compensation and benefits	$ 506,130	$ 445,205

Earnings Per Share

12 Months Ended

Mar. 31, 2024

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

The Company currently has outstanding shares of Class A Common Stock. Holders of unvested Class A Restricted Common Stock are entitled to participate in non-forfeitable dividends or other distributions (“participating securities”). These unvested restricted shares participated in the Company's dividends declared and paid in each quarter of fiscal 2024, 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 these unvested restricted shares. A reconciliation of the income used to compute basic and diluted EPS for the periods presented are as follows:


	Fiscal Year Ended March 31,
	2024		2023		2022
Numerator: (1)
Earnings for basic computations	$	600,740	$	269,656	$	463,626
Earnings for diluted computations	$	600,750	$	269,657	$	463,635
Denominator:
Weighted-average common stock shares outstanding, basic	130,366,501		132,161,646		134,134,034
Dilutive stock options and restricted stock	449,402		554,790		716,774
Weighted-average common stock shares outstanding, diluted (2)	130,815,903		132,716,436		134,850,808
Earnings per share of common share:
Basic	$	4.61	$	2.04	$	3.46
Diluted (2)	$	4.59	$	2.03	$	3.44

(1) The difference between earnings for basic and diluted computations and net income presented on the consolidated statements of operations is due to undistributed earnings and dividends allocated to the participating securities. During fiscal 2024, 2023, and 2022, respectively, approximately 1.1 million, 1.1 million, and 0.9 million shares of participating securities were paid dividends totaling $2.1 million, $1.8 million, and $1.4 million, respectively. There were undistributed earnings of $2.9 million, $0.3 million, and $1.7 million allocated to the participating class of securities in both basic and diluted earnings per share of common stock for fiscal 2024, 2023, and 2022, respectively.

(2) The impact of anti-dilutive options excluded from the calculation of diluted EPS was not material during the periods presented.

Income Taxes - Components of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Current
U.S. Federal	$ 229,234	$ 354,569	$ 232,844
State and local	116,751	86,947	26,333
Foreign	2,635	9,120	8,486
Total current	348,620	450,636	267,663
Deferred
U.S. Federal	(94,321)	(300,494)	(146,581)
State and local	(5,990)	(50,318)	11,781
Foreign	(695)	(3,090)	4,603
Total deferred	(101,006)	(353,902)	(130,197)
Total	$ 247,614	$ 96,734	$ 137,466

Employee Benefit Plans - Change in Benefit Obligation and Change in Plan Assets (Details) - Officer Medical Plan - Other Postretirement Benefits Plan - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of the year	$ 105,585	$ 113,505	$ 121,518
Service cost	5,100	6,117	6,505
Interest cost	5,067	4,182	4,063
Net actuarial loss (gain)	17,163	(14,288)	(13,563)
Benefits paid	(5,927)	(3,931)	(5,018)
Benefit obligation, end of the year	126,988	105,585	113,505
Changes in plan assets
Fair value of plan assets, beginning of the year	0	0	0
Employer contributions	5,927	3,931	5,018
Benefits paid	(5,927)	(3,931)	(5,018)
Fair value of plan assets, end of the year	$ 0	$ 0	$ 0

Debt (Tables)

12 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following on the dates below:


	March 31, 2024				March 31, 2023
	Interest Rate		Outstanding Balance		Interest Rate		Outstanding Balance
Term Loan A	6.677	%	$	1,588,125	5.970	%	$	1,629,375

Senior Notes due 2028	3.875	%	700,000		3.875	%	700,000
Senior Notes due 2029	4.000	%	500,000		4.000	%	500,000
Senior Notes due 2033	5.950	%	650,000		—	%	—
Less: Unamortized debt issuance costs and discount on debt			(26,309)				(17,230)
Total			3,411,816				2,812,145
Less: Current portion of long-term debt			(61,875)				(41,250)
Long-term debt, net of current portion			$	3,349,941			$	2,770,895

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


	Three Months Ended March 31,				Fiscal Year Ended March 31,
	2024		2023		2024		2023
Term Loan A	27,027		24,233		107,286		63,244
Term Loan B	—		—		—		5,209
Total	$	27,027	$	24,233	$	107,286	$	68,453

The following table summarizes the material terms of the Company’s Senior Notes as of March 31, 2024:

Indenture Date

Principal

Interest Rate

Maturity Date

Interest Payable

Issuance Costs

Senior Notes due 2033

8/4/2023

$650.0 million

5.950%

8/4/2033

February and August 4

$12.4

million

Senior Notes due 2029

6/17/2021

$500.0 million

4.000%

7/1/2029

July and January 1

$6.5

million

Senior Notes due 2028

8/24/2020

$700.0 million

3.875%

9/1/2028

March and September 1

$9.2

million

Schedule of Future Debt Principal Repayments

The following table summarizes required future debt repayments:


	Payments Due By March 31,
	Total		2025		2026		2027		2028		2029		Thereafter
Term Loan A	$	1,588,125	$	61,875	$	82,500	$	82,500	$	1,361,250	$	—	$	—
Senior Notes due 2028	700,000		—		—		—		—		700,000		—
Senior Notes due 2029	500,000		—		—		—		—		—		500,000
Senior Notes due 2033	650,000		—		—		—		—		—		650,000
Interest on indebtedness	942,804		192,101		187,040		181,454		125,934		72,237		184,038
Total	$	4,380,929	$	253,976	$	269,540	$	263,954	$	1,487,184	$	772,237	$	1,334,038

Schedule of Interest Expense

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


	Fiscal Year Ended March 31,
	2024		2023		2022
Term Loan A	$	107,891	$	63,463	$	19,570
Term Loan B	—		5,186		7,207
Revolving Credit Facility	1,438		—		25
Senior Notes	72,693		47,125		42,902
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1)	4,920		4,350		4,619
Interest Rate Swaps	(14,932)		(1,237)		17,535
Other	891		963		494
Total Interest Expense	$	172,901	$	119,850	$	92,352

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

Derivatives - Schedule of Effect of Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Accumulated Gain (Loss)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from AOCI, current period, tax	$ 4,000	$ 300	$ (4,600)
Interest rate swaps \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain Recognized in AOCI on Derivatives	11,794	14,919	20,352
Amount of Gain (Loss) Reclassified from AOCI into Income	$ 14,932	$ 1,237	$ (17,535)

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue, amount of remaining performance obligation	$ 8,700.0	$ 7,900.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability, revenue recognized	17.2	24.4	$ 14.9
Provision (benefit) for credit losses	$ (0.3)	$ (2.0)	$ (1.5)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as per percent)	70.00%
Remaining performance obligation, expected timing, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as per percent)	80.00%
Remaining performance obligation, expected timing, period	24 months

Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Oct. 14, 2022	Sep. 30, 2023	Dec. 31, 2022	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Goodwill				$ 2,343,789	$ 2,338,399
Variable Interest Entity, Not Primary Beneficiary
Business Acquisition [Line Items]
Equity securities, fair value					7,600
Equity securities gain (loss)				$ (7,600)	$ 8,900
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| MENA business
Business Acquisition [Line Items]
Gain on disposition of business		$ 31,200
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| MTS Business
Business Acquisition [Line Items]
Gain on disposition of business			$ 4,600
EverWatch
Business Acquisition [Line Items]
Cash consideration (gross of cash acquired)	$ 445,074
Intangible assets	$ 108,600
Useful life (in years)	14 years
Goodwill	$ 330,898

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Earnings for basic computations	$ 600,740	$ 269,656	$ 463,626
Earnings for diluted computations	$ 600,750	$ 269,657	$ 463,635
Weighted-average common stock shares outstanding, basic (in shares)	130,366,501	132,161,646	134,134,034
Dilutive stock options and restricted stock (in shares)	449,402	554,790	716,774
Weighted-average common stock shares outstanding, diluted (in shares)	130,815,903	132,716,436	134,850,808
Earnings per share of common share:
Basic (in dollars per share)	$ 4.61	$ 2.04	$ 3.46
Diluted (in dollars per share)	$ 4.59	$ 2.03	$ 3.44
Cash dividends paid	$ 253,413	$ 235,726	$ 209,057
Restricted Stock and Other Awards
Earnings per share of common share:
Unvested shares participating in the payment of the company's dividends declared (in shares)	1,100,000	1,100,000	900,000
Cash dividends paid	$ 2,100	$ 1,800	$ 1,400
Undistributed earnings (loss) allocated to participating securities, basic	2,900	300	1,700
Undistributed earnings (loss) allocated to participating securities, diluted	$ 2,900	$ 300	$ 1,700

Stock-based Compensation - Equity Incentive Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 01, 2010	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock		$ 417,641	$ 224,451	$ 419,291
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock (in shares)		3,200,000	2,100,000
Repurchase of common stock		$ 372,800	$ 196,200
Equity Incentive Plan Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding, unvested (in shares)		200,000	400,000
Outstanding, weighted average grant date fair value (in dollars per share)		$ 18.45	$ 15.61
Stock options outstanding (in shares)		800,000	1,100,000
Outstanding, weighted average exercise price (in dollars per share)		$ 67.98	$ 60.55
Restricted stock granted (in shares)		982,447
Repurchase of common stock (in shares)		300,000
Repurchase of common stock		$ 42,300
Restricted Stock and Other Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period	3 years
Equity Incentive Plan Options \| Equity Incentive Plan Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options available for future grant (in shares)		6,000,000	7,700,000
Stock option expiration period		10 years
Stock option vesting period		5 years
Restricted Stock and Other Awards \| Equity Incentive Plan Options \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of all awards issued		$ 86,200	$ 70,200
Restricted Stock and Other Awards \| Equity Incentive Plan Options \| Director \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period		1 year
Restricted Stock and Other Awards \| Restricted Stock and Other Awards \| Officer \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period		3 years
Stock issued upon conversion (in shares)		1
Restricted Stock and Other Awards \| Restricted Stock and Other Awards \| Director \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period		3 years
Restricted Stock Units (RSUs) \| Equity Incentive Plan Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period		3 years
Restricted Stock Units (RSUs) \| Equity Incentive Plan Options \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)		1,000,000
Aggregate fair value of all awards issued		$ 97,200

Leases (Tables)

12 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedules of Lease Cost

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


	Fiscal Year Ended March 31,
	2024		2023		2022
Operating lease cost	$	63,575	$	68,620	$	69,831
Short-term lease cost	1,211		455		585
Variable lease cost	12,911		11,237		11,641
Total operating lease costs	$	77,697	$	80,312	$	82,057

Supplemental cash flow information related to leases was as follows:


	Fiscal Year Ended March 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities	$	75,633	$	66,529	$	76,100
Operating lease liabilities arising from obtaining ROU assets (1)	$	40,151	$	16,517	$	41,206

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

Other information related to leases was as follows:


	March 31,
	2024		2023
Weighted average remaining lease term (in years)	4.5		4.6
Weighted average discount rate	4.9	%	4.7	%

Schedule of Future Minimum Operating Lease Payments

Future minimum operating lease payments for noncancelable operating leases as of March 31, 2024 are as follows:


For the Fiscal Year Ending March 31,	Operating Lease Payments
2025	$	54,337
2026	61,710
2027	49,558
2028	41,357
2029	18,929
Thereafter	29,948
Total future lease payments	255,839
Less: imputed interest	(30,518)
Total lease liabilities	$	225,321

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Pay vs Performance Disclosure
Net income	$ 605,706	$ 271,791	$ 466,740

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: 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 20: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Reconciliation of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense computed at U.S. federal statutory rate	$ 179,197	$ 77,269	$ 126,981
Increases (reductions) resulting from:
State and local income taxes, net of federal tax	85,486	32,599	28,762
Foreign income taxes, net of federal tax	(7,932)	4,765	9,243
Non-deductible expenses, including non-deductible penalties	4,867	34,825	859
Excess tax benefits from stock-based compensation	(10,091)	(5,247)	(4,227)
Research and development and other federal credits	(31,289)	(33,159)	(34,080)
Executive compensation -162(m)	6,307	4,295	3,614
Foreign-Derived Intangible Income (FDII)	(13,971)	(15,869)	(9,115)
Changes in uncertain tax positions (including indirect effects)	37,592	(6,498)	16,938
Other	(2,552)	3,754	(1,509)
Total	$ 247,614	$ 96,734	$ 137,466

Acquisitions and Divestitures

12 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Divestitures

Acquisition and Divestitures

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 $445.1 million, net of post-closing adjustments and also incurred transaction costs 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.

The Company recognized $108.6 million of intangible assets which consists primarily of contract assets and were valued using the excess earnings method discounted cash flow approach, incorporating Level 3 inputs as described under the fair value hierarchy of Topic 820. These unobservable inputs reflect the Company's own judgment about which assumptions market participants would use in pricing an asset on a non-recurring basis. The intangible assets will be amortized over the estimated useful life of fourteen years. The goodwill of $330.9 million is primarily attributable to EverWatch's specialized workforce and the expected synergies between the Company and EverWatch, and is non-deductible for tax purposes.

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


Cash consideration (gross of cash acquired)	$	445,074

Purchase price allocation:
Cash	4,779
Current assets	27,725
Operating lease right-of-use asset	7,894
Other long-term assets	5,078
Intangible assets	108,600
Deferred tax liabilities	(20,394)
Current liabilities	(11,612)
Operating lease liabilities - short-term	(1,362)
Operating lease liabilities - long-term	(6,532)
Total fair value of identifiable net assets acquired	$	114,176

Goodwill	$	330,898

The acquisition was 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. During the first quarter of fiscal 2024, the Company completed the

determination of fair values of the acquired assets and liabilities assumed. See note 6, “Goodwill and Intangible Assets,” for additional information. 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, the Company de-recognized the assets and liabilities associated with the MENA business and recognized a pre-tax gain of $31.2 million in the second quarter of fiscal 2023, which is reflected in other income, net, on the consolidated statement of operations.

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, the Company de-recognized the assets and liabilities associated with the MTS business and recognized a pre-tax gain of $4.6 million during the third quarter of fiscal 2023, which is reflected in other income, net, on the consolidated statement of operations.

Business Deconsolidation

In fiscal 2023, 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 its retained equity investment of $7.6 million which was 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 was reflected in other income, net, on the fiscal 2023 consolidated statement of operations. In the last quarter of fiscal 2024, it was determined that the investment was impaired and it was written off, with the resulting pre-tax loss of $7.6 million reflected in other income, net, on the fiscal 2024 consolidated statement of operations.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 605,706	$ 271,215	$ 466,577
Other comprehensive income, net of tax:
Change in unrealized (loss) gain on derivatives designated as cash flow hedges	(2,327)	10,109	27,983
Change in postretirement plan costs	(17,474)	10,639	10,373
Total other comprehensive (loss) income, net of tax	(19,801)	20,748	38,356
Comprehensive income	585,905	291,963	504,933
Comprehensive loss attributable to non-controlling interest	0	576	163
Comprehensive income attributable to common stockholders	$ 585,905	$ 292,539	$ 505,096

- 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).

+ References

+ Details

- Definition

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

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+ Details

Stock-based Compensation - Employee Stock purchase Plan (Details) shares in Millions	12 Months Ended	161 Months Ended
	Mar. 31, 2024 shares	Mar. 31, 2024 shares
Equity Incentive Plan Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount for shares repurchased (as a percent)	5.00%
Shares authorized to be repurchased (in shares)	10.0	10.0
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, employee stock purchase plans (in shares)	0.2	3.7

- Definition

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-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Stockholders’ Equity - Narrative (Details) $ in Thousands, shares in Millions		12 Months Ended
	May 22, 2024 USD ($)	Mar. 31, 2024 USD ($) vote shares	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock votes per share \| vote		1
Repurchase of common stock		$ 417,641	$ 224,451	$ 419,291
Share repurchase program, remaining authorized repurchase amount		$ 483,200
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock (in shares) \| shares		3.2	2.1
Repurchase of common stock		$ 372,800	$ 196,200
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, increase in authorized amount	$ 525,000
Share repurchase program, amount authorized	$ 3,085,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue - Summary of Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Current assets:
Accounts receivable–billed	$ 700,066	$ 551,666
Accounts receivable–unbilled (contract assets)	1,347,577	1,223,482
Allowance for credit losses	(301)	(318)
Accounts receivable, net	2,047,342	1,774,830
Accounts receivable–unbilled (contract assets)	57,355	59,455
Total accounts receivable, net	2,104,697	1,834,285
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)	$ 15,527	$ 18,995

Goodwill and Intangible Assets

12 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

Goodwill was $2,343.8 million and $2,338.4 million as of March 31, 2024 and March 31, 2023, respectively. The $5.4 million increase in the carrying amount of goodwill was attributable to the Company's finalization of the accounting for the acquisition of EverWatch. The Company performed an annual impairment test of the goodwill as of January 1, 2024 and 2023, and did not identify any impairment.

Intangible Assets

Intangible assets consisted of the following:


	March 31, 2024						March 31, 2023
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Amortizable intangible assets:
Programs and contract assets, channel relationships, and other amortizable intangible assets	$	591,895	$	237,764	$	354,131	$	599,794	$	169,316	$	430,478
Software	146,284		89,572		56,712		134,152		69,215		64,937
Total amortizable intangible assets	$	738,179	$	327,336	$	410,843	$	733,946	$	238,531	$	495,415
Unamortizable intangible assets:
Trade name	$	190,200	$	—	$	190,200	$	190,200	$	—	$	190,200
Total	$	928,379	$	327,336	$	601,043	$	924,146	$	238,531	$	685,615

The decrease in the gross carrying value of amortizable intangible assets (excluding software) was primarily attributable to a $7.9 million adjustment related to the Company's finalization of the accounting for the acquisition of EverWatch in the first quarter of fiscal 2024.

Programs and contract assets, channel relationships, and other amortizable intangible assets are generally amortized on an accelerated basis over periods ranging from two to fourteen years, and those related to software are generally amortized on a straight line basis over periods ranging from one to ten years.

The Company performed an annual impairment test of the trade name as of January 1, 2024 and 2023, and did not identify any impairment.

Amortization expense for fiscal 2024, 2023, and 2022 was $93.3 million, $94.3 million, and $76.2 million, respectively.


For the Fiscal Year Ended March 31,
2025	$	82,085
2026	70,883
2027	58,885
2028	50,833
2029	43,315
Thereafter	104,842
Total estimated amortization expense	$	410,843

Leases - Future Minimum Obligations for Noncancelable Operating Leases (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 54,337
2026	61,710
2027	49,558
2028	41,357
2029	18,929
Thereafter	29,948
Total future lease payments	255,839
Less: imputed interest	(30,518)
Total lease liabilities	$ 225,321

Leases - Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 75,633	$ 66,529	$ 76,100
Operating lease liabilities arising from obtaining ROU asset	$ 40,151	$ 16,517	$ 41,206
Weighted average remaining lease term (in years)	4 years 6 months	4 years 7 months 6 days
Weighted average discount rate	4.90%	4.70%

Business Segment Information (Details)	12 Months Ended
Business Segment Information (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	$ 738,179	$ 733,946
Accumulated Amortization	327,336	238,531
Net Carrying Value	410,843	495,415
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Intangible assets, gross	928,379	924,146
Net Carrying Value	601,043	685,615
Trade name
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Unamortizable intangible assets	190,200	190,200
Programs and contract assets, channel relationships, and other amortizable intangible assets
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	591,895	599,794
Accumulated Amortization	237,764	169,316
Net Carrying Value	354,131	430,478
Software
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	146,284	134,152
Accumulated Amortization	89,572	69,215
Net Carrying Value	$ 56,712	$ 64,937

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries that are majority-owned or otherwise controlled by the Company and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). All intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements and notes of the Company include its subsidiaries and other entities over which the Company has a controlling financial interest or where the Company is a primary beneficiary. The Company uses the equity method to account for investments in entities that it does not control if it is otherwise able to exert significant influence over the entities' operating and financial policies. Equity investments in entities over which the Company does not have the ability to exercise significant influence and whose securities do not have a readily determinable fair value are carried at cost (measurement alternative). The Company’s fiscal year ends on March 31 and unless otherwise noted, references to fiscal year or fiscal are for fiscal years ended March 31.
Reclassification	Certain amounts reported in the Company's prior year consolidated financial statements have been reclassified to conform to the current year presentation.
Accounting Estimates	Accounting Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the consolidated financial statements where estimates may have the most significant effect include the provision for claimed indirect costs, valuation and expected lives of tangible and intangible assets, impairment of long-lived assets, accrued liabilities, revenue recognition, including the accrual of indirect costs, bonus and other incentive compensation, stock-based compensation, reserves for uncertain tax positions and valuation allowances on deferred tax assets, provisions for income taxes, postretirement obligations, collectability of receivables, and loss accruals for litigation. Actual results experienced by the Company may differ materially from management's estimates.
Revenue Recognition	Revenue Recognition The Company's revenues from contracts with customers (clients) are derived from offerings that include management and technology consulting services, analytics, digital solutions, engineering, mission operations and cyber services, substantially all 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 and generates revenue under three basic types of contracts, as described below: •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 Company considers a contract with a customer to exist under Accounting Standards Codification (“ASC”) No. 606, Revenue from Contracts with Customers (“Topic 606”), when there is approval and commitment from both the Company and the customer, the rights of the parties and payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. The Company also will consider whether two or more contracts entered into with the same customer should be combined and accounted for as a single contract. Furthermore, in certain transactions with commercial clients and with the U.S. government, the Company may commence providing services prior to receiving a formal approval from the customer. In these situations, the Company will consider the factors noted above, the risks associated with commencing the work and legal enforceability in determining whether a contract with the customer exists under Topic 606. Customer contracts are often modified to change the scope, price, specifications or other terms within the existing arrangement. Contract modifications are evaluated by management to determine whether the modification should be accounted for as part of the original performance obligation(s) or as a separate contract. If the modification adds distinct goods or services and increases the contract value proportionate to the stand-alone selling price of the additional goods or services, it will be accounted for as a separate contract. Generally, the Company’s contract modifications do not include goods or services which are distinct, and therefore are accounted for as part of the original performance obligation(s) with any impact on transaction price or estimated costs at completion being recorded as through a cumulative catch-up adjustment to revenue. The Company evaluates each service deliverable contracted with the customer to determine whether it represents promises to transfer distinct goods or services. Under Topic 606, these are referred to as performance obligations. One or more service deliverables often represent a single performance obligation. This evaluation requires significant judgment and the impact of combining or separating performance obligations may change the time over which revenue from the contract is recognized. The Company’s contracts generally provide a set of integrated or highly interrelated tasks or services and are therefore accounted for as a single performance obligation. However, in cases where we provide more than one distinct good or service within a customer contract, the contract is separated into individual performance obligations which are accounted for discretely. The Company's performance obligations are typically satisfied over time and revenue is generally recognized using a cost-based input method. Fixed-price contracts are typically billed to the customer using milestone or fixed monthly payments, while cost-reimbursable-plus-fee and time-and-materials contracts are typically billed to the customer at periodic intervals (e.g. monthly or weekly) as indicated by the terms of the contract. Disparities between the timing of revenue recognition and customer billings and cash collections result in net contract assets or liabilities being recognized at the end of each reporting period. Contract assets primarily consist of unbilled receivables typically resulting from revenue recognized exceeding the amount billed to the customer and right to payment is not just subject to the passage of time. Unbilled amounts represent revenues for which billings have not yet been presented to customers. These amounts are generally billed and collected within one year subject to various conditions including, without limitation, appropriated and available funding. Long-term unbilled receivables not anticipated to be billed and collected within one year, which are primarily related to retainage, holdbacks, and long-term rate settlements to be billed at contract closeout, are included in other long-term assets in the accompanying 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. 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. 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. Contracts with the U.S. government are generally subject to the Federal Acquisition Regulation (the “FAR”) and are priced based on estimated or actual costs of providing the goods or services. The Company derives a majority of its revenue from contracts awarded through a competitive bidding process. Pricing for non-U.S. government agencies and commercial customers is based on discrete negotiations with each customer. Certain of the Company’s contracts contain award fees, incentive fees or other provisions that may increase or decrease the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or cost targets and may be based upon customer discretion. Management estimates variable consideration as the most likely amount that we expect to achieve based on our assessment of the variable fee provisions within the contract, prior experience with similar contracts or clients, and management’s evaluation of the performance on such contracts. The Company may perform work under a contract that has not been fully funded if the work has been authorized by management and the customer to proceed. The Company evaluates unfunded amounts as variable consideration in estimating the transaction price. We include the estimated variable consideration in our transaction price to the extent that it is probable that a significant reversal of revenue will not occur upon the ultimate settlement of the variable fee provision. Our U.S. government contracts generally contain FAR provisions that enable the customer to terminate a contract for default or for the convenience of the U.S. government. The Company recognizes revenue for each performance obligation identified within our customer contracts when, or as, the performance obligation is satisfied by transferring the promised goods or services. Revenue may either be recognized over time or at a point in time. The Company generally recognizes revenue over time as our contracts typically involve a continuous transfer of control to the customer. A continuous transfer of control under contracts with the U.S. government and its agencies is evidenced by clauses which require the Company to be paid for costs incurred plus a reasonable margin in the event that the customer unilaterally terminates the contract for convenience. For contracts where the Company recognizes revenue over time, a contract cost-based input method is generally used to measure progress towards satisfaction of the underlying performance obligation(s). Contract costs include direct costs such as materials, labor and subcontract costs, as well as indirect costs identifiable with, or allocable to, a specific contract that are expensed as incurred. The Company does not incur material incremental costs to acquire or fulfill contracts. Under a contract cost-based input method, revenue is recognized based on the proportion of contract costs incurred to the total estimated costs expected to be incurred upon completion of the underlying performance obligation. The Company generally includes both funded and unfunded portions of customer contracts in this estimation process. For interim financial reporting periods, contract revenue attributable to indirect costs is recognized based upon agreed-upon annual forward-pricing rates established with the U.S. government at the start of each fiscal year. Forward pricing rates are estimated and agreed upon between the Company and the U.S. government and represent indirect contract costs required to execute and administer contract obligations. The impact of any agreed-upon changes, or changes in the estimated annual forward-pricing rates, are recorded in the interim financial reporting period when such changes are identified. These changes relate to the interim financial reporting period differences between the actual indirect costs incurred and allocated to customer contracts compared to the estimated amounts allocated to contracts using the estimated annual forward-pricing rates established with the U.S. government. At the end of each fiscal year, estimated annual forward-pricing rates are adjusted to reported actual rates, with contract revenue attributable to indirect costs adjusted accordingly. These preliminary actual rates and their ultimate impact on contract revenue are subject to final audit and negotiation with the U.S. government, which may take place several years in the future. On certain contracts, principally time-and-materials and cost-reimbursable-plus-fee contracts, revenue is recognized using the right-to-invoice practical expedient as the Company is contractually able to invoice the customer based on the control transferred. However, we did not elect to use the practical expedient which would allow the Company to exclude contracts recognized using the right-to-invoice practical expedient from the remaining performance obligations disclosed below. Additionally, for stand-ready performance obligations to provide services under fixed-price contracts, revenue is recognized over time using a straight-line measure of progress as the control of the services is provided to the customer ratably over the term of the contract. If a contract does not meet the criteria for recognition of revenue over time, we recognize revenue at the point in time when control of the good or service is transferred to the customer. Determining a measure of progress towards the satisfaction of performance obligations requires management to make judgments that may affect the timing of revenue recognition. Many of our contracts recognize revenue under a contract cost-based input method and require an Estimate-at-Completion (“EAC”) process, which management uses to review and monitor the progress towards the completion of our performance obligations. Under this process, management considers various inputs and assumptions related to the EAC, including, but not limited to, progress towards completion, labor costs and productivity, material and subcontractor costs, and identified risks. Estimating the total cost at completion of performance obligations is subjective and requires management to make assumptions about future activity and cost drivers under the contract. Changes in these estimates can occur for a variety of reasons and, if significant, may impact the profitability of the Company’s contracts. Changes in estimates related to contracts accounted for under the EAC process are recognized in the period when such changes are made on a cumulative catch-up basis. If the estimate of contract profitability indicates an anticipated loss on a contract, the Company recognizes the total loss at the time it is identified. For fiscal 2024, 2023 and 2022, the aggregate impact of adjustments in contract estimates was not material. Remaining performance obligations represent the transaction price of exercised contracts for which work has not yet been performed, irrespective of whether funding has or has not been authorized and appropriated as of the date of exercise. Remaining performance obligations 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include unrestricted cash accounts and highly liquid investments that have a maturity of three months or less at the date of purchase. The Company’s cash equivalents consist primarily of government money market funds and money market deposit accounts. The Company maintains its cash and cash equivalents in bank accounts that, at times, exceed the federally insured FDIC limits. The Company has not experienced any losses in such accounts.
Valuation of Accounts Receivable	Valuation of Accounts Receivable The Company maintains allowances for doubtful accounts against certain accounts receivables based upon the latest information regarding whether specific charges are recoverable or invoices are ultimately collectible. Assessing the recoverability of charges and collectability of customer receivables requires management judgment. The Company determines its allowance for doubtful accounts by specifically analyzing individual accounts receivable, historical bad debts, customer credit-worthiness, current economic conditions, accounts receivable aging trends for billed receivables, availability of funding, compliance with contractual terms and conditions, client satisfaction with work performed, and other factors impacting accounts receivables. Valuation reserves are periodically re-evaluated and adjusted as more information about the ultimate recoverability and collectability of accounts receivable becomes available. Upon determination that a receivable is uncollectible, the receivable balance and any associated reserve are written off.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and accounts receivable. The Company’s cash equivalents are generally invested in U.S. government money market funds and money market deposit accounts. The Company believes that credit risk for accounts receivable is limited as the receivables are primarily with the U.S. government.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost, and the balances are presented net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Furniture and equipment is depreciated over five to ten years, and computer equipment is depreciated over four years. Leasehold improvements are amortized over the shorter of the useful life of the asset or lease term. Maintenance and repairs are charged to expense as incurred.
Business Combinations	Business Combinations The accounting for the Company’s business combinations consists of allocating the purchase price to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values, with the excess recorded as goodwill. The Company has up to one year from the acquisition date to use information as of each acquisition date to adjust the fair value of the acquired assets and liabilities which may result in material changes to their recorded values with an offsetting adjustment to goodwill.
Intangible Assets	Intangible Assets Intangible assets primarily consist of programs and contracts assets, channel relationships, the Company's trade name, customer relationships, software and other amortizable intangible assets. The Company capitalizes the following costs associated with developing internal-use computer software pertaining to upgrades in our business and financial systems: (i) external direct costs of materials and services consumed in developing or obtaining internal-use computer software and (ii) certain payroll and payroll-related costs for Company employees who are directly associated with the development of internal-use software, to the extent of the time spent directly on the project. Programs and contract assets, channel relationships, and other amortizable intangible assets are generally amortized on an accelerated basis over the expected life based on projected future cash flows of approximately two to fourteen years. Software purchased or developed for internal use is amortized over one to ten years. The Company's trade name intangible asset is not amortized, but is tested for impairment on at least an annual basis as of January 1 and more frequently if interim indicators of impairment exist. The trade name is considered to be impaired if the carrying value exceeds its estimated fair value. The Company uses the relief from royalty method to estimate the fair value. The fair value of the asset is the present value of the license fees avoided by owning the asset, or the royalty savings.
Goodwill	Goodwill The Company assesses goodwill for impairment on at least an annual basis on January 1 unless interim indicators of impairment exist. Goodwill is considered to be impaired when the net book value of a reporting unit exceeds its estimated fair value. The Company operates as a single operating segment and as a single reporting unit for the purpose of evaluating goodwill. As of January 1, 2024, the Company performed its annual impairment test of goodwill by comparing the fair value of the Company (based on market capitalization) to the carrying value of the Company's net equity, and concluded that the fair value of the reporting unit was significantly greater than the carrying amount.
Long-Lived Assets	Long-Lived Assets The Company reviews its long-lived assets, including property and equipment, amortizable intangible assets, and right-of-use (“ROU”) assets, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for any excess of the carrying amount over the fair value of the asset.
Leases	Leases At contract inception, the Company determines whether the contract is, or contains, a lease, which exists when the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. Operating lease balances are included in operating lease ROU assets, operating lease liabilities, and operating lease liabilities, net of current portion in our consolidated balance sheet. Cash payments arising from operating leases are classified within operating activities in the consolidated statement of cash flows. As of March 31, 2024, the Company had no finance leases. The Company's leases are generally for facilities and office space and the Company recognizes ROU assets and lease liabilities at the lease commencement date for those arrangements. The initial lease liability is equal to the present value of the future minimum lease payments over the lease term. The initial measurement of the ROU asset is equal to the initial lease liability plus any initial direct costs and prepaid lease payments, less any lease incentives. At the lease commencement date, the Company estimates its collateralized incremental borrowing rate based on publicly available yields adjusted for Company-specific considerations and the Company's varying lease terms in determining the present value of future payments. Certain of the Company’s leases contain options to renew or to terminate the lease which are included in the determination of the ROU assets and lease liabilities when it is reasonably certain that the Company will exercise the option. The Company's leases may also include variable lease payments, such as an escalation clause based on consumer price index rates, maintenance costs, and utilities. Variable lease payments that depend on an index or a rate are included in the determination of ROU assets and lease liabilities using the index or rate at the lease commencement date, whereas variable lease-related payments that do not depend on an index or rate are recorded as lease expense in the period incurred. ROU assets are evaluated for impairment in a manner consistent with the treatment of other long-lived assets. As permitted under Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“Topic 842”), the Company elected the short-term lease policy election not to recognize ROU assets and lease liabilities for leases with an initial term of 12 months or less; lease expense from these leases is recognized on a straight-line basis over the lease term. As further permitted under Topic 842, for all material classes of leased assets, the Company elected to apply the practical expedient to not separate lease components from non-lease components, and instead account for both components as a single lease component.
Income Taxes	Income Taxes The Company provides for income taxes as a “C” corporation on income earned from operations. The Company is subject to federal, state, and foreign taxation in various jurisdictions. Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different years for financial statement purposes than for tax purposes. Deferred tax assets and liabilities are computed based on the difference between the consolidated financial statement carrying amount and tax basis of assets and liabilities using enacted tax rates and laws for the years in which these items are expected to reverse. If management determines that some portion or all of a deferred tax asset is not “more likely than not” to be realized, a valuation allowance is recorded as a component of the income tax provision to reduce the deferred tax asset to an appropriate level in that period. In determining the need for a valuation allowance, management considers all positive and negative evidence, including historical earnings, projected future taxable income, future reversals of existing taxable temporary differences, taxable income in prior carryback periods, and prudent, feasible tax-planning strategies. The Company periodically assesses its tax positions for all periods open to examination by tax authorities based on the latest available information. Those positions are evaluated to determine whether they will more likely than not be sustained upon examination by the Internal Revenue Service (“IRS”) or other taxing authorities. The Company reserves for these uncertain tax positions related to unrecognized income tax benefits where it is not more likely than not that the Company’s tax position will be sustained on examination and settlement with the various taxing authorities. Liabilities for unrecognized tax benefits are measured based on the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. These unrecognized tax benefits are recorded as a component of income tax expense. As uncertain tax positions in periods open to examination are closed out, or as new information becomes available, the resulting change is reflected in the recorded liability and income tax expense. Penalties and interest recognized related to the reserves for uncertain tax positions are recorded as a component of income tax expense.
Comprehensive Income	Comprehensive Income Comprehensive income is the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, and is presented in the consolidated statements of comprehensive income. Accumulated other comprehensive income as of March 31, 2024 and 2023 consisted of net unrealized gains or losses on the Company’s defined and postretirement benefit plans and unrealized gains or losses on interest rate swaps designated as cash flow hedges.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation to employees is recognized in the consolidated statements of operations based on the grant date fair values with the expense for time vested awards recognized on an accelerated basis over the vesting period. The Company estimates forfeitures anticipated to occur during the vesting period for the purposes of recognizing costs associated with stock-based compensation. The expense for performance awards is estimated at each reporting date using management's expectation of the probable achievement of the specified performance criteria and is recognized straight line over the vesting period. The Company uses the Black-Scholes option-pricing model to determine the fair value of its option awards at the time of grant.
Defined Contribution Plan and Other Post-Retirement Benefits	Defined Contribution Plan and Other Post-Retirement Benefits The Company recognizes the underfunded status of defined contribution plans and other post-retirement benefits on the consolidated balance sheets within other long-term liabilities. Gains and losses, and prior service costs and credits that have not yet been recognized through net periodic benefit cost are recognized in accumulated other comprehensive loss, net of tax effects, and will be amortized as a component of net periodic cost in future periods. The measurement date, the date at which the benefit obligations are measured, is the Company’s fiscal year-end.
Self-Funded Medical Plans	Self-Funded Medical Plans The Company maintains self-funded medical insurance. Self-funded plans include Consumer Driven Health Plans with a Health Savings Account option and traditional choice plans. Further, self-funded plans also include prescription drug and dental benefits. The Company records an incurred but unreported claim liability in the accrued compensation and benefits line of the consolidated balance sheets for self-funded plans based on an actuarial valuation. The estimate of the incurred but unreported claim liability was provided by a third-party valuation firm, primarily based on claims and participant data for the medical, dental, and pharmacy related costs.
Fair Value Measurements	Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company considers the principal or most advantageous market in which the asset or liability would transact, and if necessary, considers assumptions that market participants would use when pricing the asset or liability. The accounting standard for fair value measurements establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (“Level 1”); inputs other than quoted prices in active markets that are observable either directly or indirectly (“Level 2”); and unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions (“Level 3”). A financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.
Investments in Variable Interest Entities and Other Investments	Investments in Variable Interest Entities and Other Investments The Company invests in certain companies that advance or develop new technologies applicable to its business. Each investment is evaluated for consolidation under the variable interest entities model and/or the voting interest model. The results of these investments are not material to the consolidated financial statements for the periods presented. 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 Level 3 inputs and are accounted for under the measurement alternative. As of March 31, 2024 and March 31, 2023, respectively, the total of equity and other investments related to unconsolidated entities included in other long term assets of the Company’s consolidated balance sheet were $42.0 million and $23.1 million.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“Topic 805”), which amends the accounting for acquired revenue contracts with customers in a business combination to address recognition of an acquired contract liability and payment terms, and their effect on subsequent revenue recognized by the acquirer. Topic 805 is effective for annual periods beginning after December 15, 2022 on a prospective basis. Early adoption is permitted. The Company early adopted the requirements of Topic 805 to apply the amendments prospectively to all business combinations that occurred on or after April 1, 2022. 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 (“Topic 848”). 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 the London Interbank Offered Rate (“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. During the first quarter of fiscal 2024, the Company modified its interest rate swap agreements to transition from LIBOR-indexed to Term Secured Overnight Financing Rate (“SOFR”) indexed periodic swap payments to align with interest payments in connection with its Term SOFR-indexed debt. As such, the Company elected the optional expedients under Topic 848 which allows the cash flow hedge to continue being recognized under hedge accounting without de-designation upon a change in critical terms affected by the reference rate reform. The adoption of this guidance did not have a material impact on the consolidated financial statements and disclosures. The Company has elected to apply the hedge accounting practical expedient related to the probability of hedged future LIBOR-indexed cash flows and continued 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, 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 In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), which enhances reportable segment disclosure requirements, including significant segment expenses and interim disclosures (“Topic 280”). The guidance allows for disclosure of multiple measures of a segment’s profit or loss, and it requires that public entities with a single reportable segment provide all disclosures required by the ASU and all existing disclosures in Topic 280. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments are to be applied retrospectively, and early adoption is permitted. The Company is currently assessing the impact of this update and does not expect this update to have a material impact on its present or historical consolidated financial statements. Other recent accounting pronouncements issued during fiscal 2024 and through the filing date are not expected to have a material impact on the Company's present or historical consolidated financial statements.

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 9.2		$ 9.2	$ 13.7
Reserves for uncertain tax positions	115.4		115.4	552.3	$ 79.9
Unrecognized tax benefits that would impact effective tax rate	104.2		104.2	91.1	78.5
Unrecognized tax benefits that decrease deferred tax assets	1.4		1.4	3.0
Accrued interest and penalties			7.4	2.9	1.7
Income tax reserve, accrued penalties and interest	13.2		13.2	$ 5.8	$ 2.9
Income taxes paid	13.2	$ 10.5
Federal
Operating Loss Carryforwards [Line Items]
Net operating losses	1.2		1.2
State
Operating Loss Carryforwards [Line Items]
Net operating losses	3.1		3.1
Foreign
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 4.9		4.9
Tax Years 2013-2015
Operating Loss Carryforwards [Line Items]
Income tax assessments			$ 42.7

Business Overview	12 Months Ended
Business Overview	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Overview	Business Overview Our Business Booz Allen Hamilton Holding Corporation, including its wholly owned subsidiaries, or the Company, we, us, and our, was incorporated in Delaware in May 2008. The Company provides management and technology consulting, analytics, engineering, digital solutions, mission operations, and cyber services to U.S. and international governments, major corporations, and not-for-profit organizations. The Company reports operating results and financial data in one reportable segment. The Company is headquartered in McLean, Virginia, with approximately 34,200 employees as of March 31, 2024.

Property and Equipment, Net (Tables)

12 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Summary of Components of Property and Equipment, Net

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


	March 31,
	2024		2023
Furniture and equipment	$	121,544	$	119,316
Computer equipment	107,902		111,538
Leasehold improvements	269,964		258,258
Total	499,410		489,112
Less: Accumulated depreciation and amortization	(311,131)		(293,926)
Property and equipment, net	$	188,279	$	195,186

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Components of Income Tax Expense

The components of income tax expense were as follows:


	Fiscal Year Ended March 31,
	2024		2023		2022
Current
U.S. Federal	$	229,234	$	354,569	$	232,844
State and local	116,751		86,947		26,333
Foreign	2,635		9,120		8,486
Total current	348,620		450,636		267,663
Deferred
U.S. Federal	(94,321)		(300,494)		(146,581)
State and local	(5,990)		(50,318)		11,781
Foreign	(695)		(3,090)		4,603
Total deferred	(101,006)		(353,902)		(130,197)
Total	$	247,614	$	96,734	$	137,466

Schedule of Effective Income Tax Rate Reconciliation

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


	Fiscal Year Ended March 31,
	2024		2023		2022
Income tax expense computed at U.S. federal statutory rate	$	179,197	$	77,269	$	126,981

Increases (reductions) resulting from:
State and local income taxes, net of federal tax	85,486		32,599		28,762
Foreign income taxes, net of federal tax	(7,932)		4,765		9,243
Non-deductible expenses, including non-deductible penalties	4,867		34,825		859
Excess tax benefits from stock-based compensation	(10,091)		(5,247)		(4,227)
Research and development and other federal credits	(31,289)		(33,159)		(34,080)
Executive compensation -162(m)	6,307		4,295		3,614
Foreign-Derived Intangible Income (FDII)	(13,971)		(15,869)		(9,115)
Changes in uncertain tax positions (including indirect effects)	37,592		(6,498)		16,938
Other	(2,552)		3,754		(1,509)
Income tax expense from operations	$	247,614	$	96,734	$	137,466

Schedule of Components of Income Tax Receivables and Payables

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


	March 31,
	2024		2023
Current income tax receivable	$	47,158	$	23,633
Long term income tax receivable	$	152,474	$	167,821
Current income tax payable	$	11,331	$	14,523

Schedule of Components of Deferred Tax Assets and Liabilities

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


	March 31,
	2024		2023
Deferred income tax assets:
Accrued expenses	$	102,618	$	146,945
Deferred compensation	54,314		47,931
Stock-based compensation	11,107		11,628
Pension and postretirement benefits	34,895		28,585
Net operating loss and other carryforwards	9,621		16,984
Research and development expenditures and indirect effects	248,147		599,381
State tax credits	108		11,516
Operating lease liabilities	63,781		69,604
Other	10,261		9,100
Total gross deferred income tax assets	534,852		941,674
Less: Valuation allowance	(8,078)		(11,788)
Total net deferred income tax assets	526,774		929,886
Deferred income tax liabilities:
Unbilled receivables	(131,919)		(177,321)
Intangible assets	(93,207)		(88,858)
Property and equipment	(25,725)		(34,905)
Operating lease right-of-use assets	(45,022)		(48,939)
Other	(3,730)		(6,083)
Total deferred income tax liabilities	(299,603)		(356,106)
Net deferred income tax asset	$	227,171	$	573,780

Schedule of Unrecognized Tax Benefits

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


	March 31,
	2024		2023		2022
Beginning of year	$	547,885	$	78,519	$	62,742
Increases in prior year position	40,704		—		2,620
Increases in current year position	13,352		470,881		13,530
Decreases in prior year position	(473,848)		(1,328)		(373)
Settlements with taxing authorities	(23,696)		—		—
Lapse of statute of limitations	(234)		(187)		—
End of year	$	104,163	$	547,885	$	78,519

Stockholders’ Equity

12 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders’ Equity

Common Stock

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

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

Share Repurchase Program

On December 21, 2011, the Board of Directors adopted a share repurchase program, which was most recently increased by $525.0 million to $3,085.0 million on May 22, 2024. A special committee of the Board evaluates market conditions and other relevant factors and initiates repurchases under the program from time to time. The share repurchase program may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice. During fiscal 2024, the Company purchased 3.2 million shares of Class A Common Stock in a series of open market transactions for $372.8 million. During fiscal 2023, the Company purchased 2.1 million shares of Class A Common Stock in a series of open market transactions for $196.2 million. As of March 31, 2024, the Company had $483.2 million remaining under the share repurchase program.

Dividends

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


	Fiscal Year Ended March 31,
	2024		2023		2022
Recurring dividends (1)	$	253,413	$	235,726	$	209,057

(1) Amounts represent recurring quarterly dividends that were declared and paid for during each quarter of fiscal 2024, 2023, and 2022.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

12 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The components of income tax expense were as follows:


	Fiscal Year Ended March 31,
	2024		2023		2022
Current
U.S. Federal	$	229,234	$	354,569	$	232,844
State and local	116,751		86,947		26,333
Foreign	2,635		9,120		8,486
Total current	348,620		450,636		267,663
Deferred
U.S. Federal	(94,321)		(300,494)		(146,581)
State and local	(5,990)		(50,318)		11,781
Foreign	(695)		(3,090)		4,603
Total deferred	(101,006)		(353,902)		(130,197)
Total	$	247,614	$	96,734	$	137,466


	Fiscal Year Ended March 31,
	2024		2023		2022
Income tax expense computed at U.S. federal statutory rate	$	179,197	$	77,269	$	126,981

Increases (reductions) resulting from:
State and local income taxes, net of federal tax	85,486		32,599		28,762
Foreign income taxes, net of federal tax	(7,932)		4,765		9,243
Non-deductible expenses, including non-deductible penalties	4,867		34,825		859
Excess tax benefits from stock-based compensation	(10,091)		(5,247)		(4,227)
Research and development and other federal credits	(31,289)		(33,159)		(34,080)
Executive compensation -162(m)	6,307		4,295		3,614
Foreign-Derived Intangible Income (FDII)	(13,971)		(15,869)		(9,115)
Changes in uncertain tax positions (including indirect effects)	37,592		(6,498)		16,938
Other	(2,552)		3,754		(1,509)
Income tax expense from operations	$	247,614	$	96,734	$	137,466

Tax Receivables and Payables

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


	March 31,
	2024		2023
Current income tax receivable	$	47,158	$	23,633
Long term income tax receivable	$	152,474	$	167,821
Current income tax payable	$	11,331	$	14,523

Current income tax receivable represents previously made estimated payments that will be applied to the Company’s future U.S. federal and state tax returns. This amount is classified as prepaid expenses and other current assets on the consolidated balance sheet. Current income tax payable represents current liabilities associated with the Company’s current tax returns that the Company intends to file in fiscal 2025. This amount is classified as other current liabilities on the consolidated balance sheet.

The long-term income tax receivable represents the amended U.S. federal return refund claims for research and development tax credits and the carryback claim for the fiscal 2021 net operating loss which is classified as other long-term assets on the consolidated balance sheet. The Company is currently under federal audit by the IRS for fiscal years 2016, 2017 and 2019-2021 and the receipt of our U.S federal return refund claims is contingent upon the completion of the ongoing IRS audits.

Deferred Taxes

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


	March 31,
	2024		2023
Deferred income tax assets:
Accrued expenses	$	102,618	$	146,945
Deferred compensation	54,314		47,931
Stock-based compensation	11,107		11,628
Pension and postretirement benefits	34,895		28,585
Net operating loss and other carryforwards	9,621		16,984
Research and development expenditures and indirect effects	248,147		599,381
State tax credits	108		11,516
Operating lease liabilities	63,781		69,604
Other	10,261		9,100
Total gross deferred income tax assets	534,852		941,674
Less: Valuation allowance	(8,078)		(11,788)
Total net deferred income tax assets	526,774		929,886
Deferred income tax liabilities:
Unbilled receivables	(131,919)		(177,321)
Intangible assets	(93,207)		(88,858)
Property and equipment	(25,725)		(34,905)
Operating lease right-of-use assets	(45,022)		(48,939)
Other	(3,730)		(6,083)
Total deferred income tax liabilities	(299,603)		(356,106)
Net deferred income tax asset	$	227,171	$	573,780

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

As of March 31, 2024 and 2023, the Company had available federal, state, and foreign net operating loss (“NOL carryforwards”) of $9.2 million and $13.7 million, respectively, that may be applied against future taxable income. The federal net operating loss of $1.2 million is primarily attributable to an acquisition and will begin to expire in fiscal 2037. The state net operating loss of $3.1 million is primarily attributable to losses in jurisdictions in which the Company does not file a consolidated return. The foreign net operating loss of $4.9 million is primarily attributable to operations in jurisdictions where the Company has not historically been profitable. The Company recorded a partial valuation allowance against those federal, state and foreign net operating losses it believes will expire prior to utilization.

Uncertain Tax Positions

The Company maintains reserves for uncertain tax positions related to unrecognized income tax benefits. These reserves involve considerable judgment and estimation and are evaluated by management based on the best information available including changes in tax laws and other information. As of March 31, 2024, 2023, and 2022, the Company has recorded $115.4 million, $552.3 million, and $79.9 million, respectively, of reserves for uncertain tax positions which include potential tax benefits of $104.2 million, $91.1 million, and $78.5 million, respectively, that, when recognized, impact the effective tax rate. As of March 31, 2024 and 2023, $1.4 million and $3.0 million, respectively, of the reserve is reflected as a reduction to deferred taxes and the remaining balance is recorded as a component of other long-term liabilities in the consolidated balance sheet.

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


	March 31,
	2024		2023		2022
Beginning of year	$	547,885	$	78,519	$	62,742
Increases in prior year position	40,704		—		2,620
Increases in current year position	13,352		470,881		13,530
Decreases in prior year position	(473,848)		(1,328)		(373)
Settlements with taxing authorities	(23,696)		—		—
Lapse of statute of limitations	(234)		(187)		—
End of year	$	104,163	$	547,885	$	78,519

The Company recognized accrued interest and penalties of $7.4 million, $2.9 million and $1.7 million for fiscal 2024, 2023, and 2022, respectively, related to the reserves for uncertain tax positions in the income tax provision. Included in the total reserve for uncertain tax positions are accrued penalties and interest of approximately $13.2 million, $5.8 million and $2.9 million at March 31, 2024, 2023, and 2022, respectively.

The Company is subject to taxation in the United States and various state and foreign jurisdictions. As of March 31, 2024, the Company's tax years ended March 31, 2016 and forward are open and subject to examination by the federal tax authorities. The other jurisdictions currently open or under examination are not considered to be material.

During fiscal 2023, the Company recognized an increase in reserves for uncertain tax positions related to an increase in research and development tax credits available, as in prior years, and the required capitalization of research and development expenditures, which became effective in fiscal 2023. The uncertain tax positions related to the capitalization of research and development expenditures were offset by a deferred tax asset.

During fiscal 2024, the Company completed a detailed study of its research and development expenditures and confirmed management's position that only certain contracts and activities are required to be capitalized and amortized under the rules enacted as part of the Tax Cuts and Jobs Act of 2017, specifically Section 174. This was further supported by guidance issued by the Internal Revenue Service in September and December 2023. As a result, the Company reversed its uncertain tax position reserve related to Section 174 with a corresponding decrease to deferred tax assets. During fiscal 2024, the Company also recognized an increase in reserves for uncertain tax position reserve related to research and development tax credits, as in prior years.

In the fourth quarter of fiscal 2024, the Company received an unfavorable ruling from the District of Columbia Court of Appeals related to contested tax assessments from the District of Columbia Office of Tax and Revenue (“DC OTR”) for fiscal years 2013 through 2015. As previously disclosed, no reserves had previously been accrued related to this matter and as such, $42.7 million of income tax expense has been recorded in the fiscal 2024 consolidated statement of operations, which reflects the tax liability including interest and penalties, net of federal benefit. This expense is related to the years at issue in the litigation, which were previously paid under protest, and the subsequent periods in which the position had been taken. The Company has filed amended tax returns related to these subsequent periods and paid $13.2 million of incremental cash taxes in the fourth quarter of fiscal 2024. The remaining $10.5 million of settlements with taxing authorities was previously paid.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Stock-based Compensation - Schedule of Unrecognized Compensation Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 62,298	$ 50,946
Weighted Average Remaining Period to be Recognized	5 years
Equity Incentive Plan Options \| Equity Incentive Plan Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 2,592	$ 3,495
Weighted Average Remaining Period to be Recognized	3 years 7 months 6 days	3 years 8 months 12 days
Restricted Stock and Other Awards \| Restricted Stock and Other Awards \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 59,706	$ 47,451
Weighted Average Remaining Period to be Recognized	1 year 8 months 12 days	1 year 9 months 18 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-based Compensation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Unrecognized compensation cost	$ 62,298	$ 50,946
Performance period	5 years

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Mar. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Revenue

12 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

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


Revenue by Contract Type:	Fiscal Year Ended March 31,
		2024			2023			2022
Cost-reimbursable			$	5,873,045	55%	$	4,908,451	53%	$	4,514,262	54%
Time-and-materials			2,530,366		24%	2,296,965		25%	2,017,094		24%
Fixed-price			2,258,485		21%	2,053,495		22%	1,832,344		22%
Total Revenue			$	10,661,896	100%	$	9,258,911	100%	$	8,363,700	100%


Revenue by Customer Type:	Fiscal Year Ended March 31,
		2024			2023			2022
U.S. government(1):
Defense Clients			$	5,055,779	47%	$	4,228,110	45%	$	3,965,590	47%
Intelligence Clients			1,774,405		17%	1,686,622		18%	1,573,216		19%
Civil Clients			3,658,465		34%	3,112,537		34%	2,608,618		31%
Total U.S. government			10,488,649		98%	9,027,269		97%	8,147,424		97%
Global Commercial Clients			173,247		2%	231,642		3%	216,276		3%
Total Revenue			$	10,661,896	100%	$	9,258,911	100%	$	8,363,700	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. Comparative periods revenue by customer type has been recast to reflect the changes.


Revenue by Whether the Company Acts as a Prime Contractor or a Sub-Contractor:	Fiscal Year Ended March 31,
		2024			2023			2022
Prime Contractor			$	10,143,192	95%	$	8,755,628	95%	$	7,864,273	94%
Sub-contractor			518,704		5%	503,283		5%	499,427		6%
Total Revenue			$	10,661,896	100%	$	9,258,911	100%	$	8,363,700	100%

Performance Obligations

As of March 31, 2024 and 2023, the Company had $8.7 billion and $7.9 billion of remaining performance obligations, respectively. We expect to recognize approximately 70% of the remaining performance obligations as of March 31, 2024 as revenue over the next 12 months, and approximately 80% over the next 24 months. The remainder is expected to be recognized thereafter.

Contract Balances

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


	March 31,
	2024		2023
Current assets:
Accounts receivable–billed	$	700,066	$	551,666
Accounts receivable–unbilled (contract assets)	1,347,577		1,223,482
Allowance for credit losses	(301)		(318)
Accounts receivable, net	2,047,342		1,774,830
Other long-term assets:
Accounts receivable–unbilled (contract assets)	57,355		59,455
Total accounts receivable, net	$	2,104,697	$	1,834,285
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)	$	15,527	$	18,995

For fiscal 2024, 2023 and 2022, we recognized revenue of $17.2 million, $24.4 million and $14.9 million, respectively, related to our contract liabilities on April 1, 2023, 2022 and 2021, respectively.

Benefit for credit losses recognized were $(0.3) million, $(2.0) million, and $(1.5) million for fiscal 2024, 2023, and 2022, respectively.

- 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.

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+ Details

Debt - Schedule of Future Debt Principal Repayments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Interest on indebtedness
Total	$ 942,804
2025	192,101
2026	187,040
2027	181,454
2028	125,934
2029	72,237
Thereafter	184,038
Total
Total	4,380,929
2025	253,976
2026	269,540
2027	263,954
2028	1,487,184
2029	772,237
Thereafter	1,334,038
Term Loan A
Long-term debt, gross
Total	1,588,125
2025	61,875
2026	82,500
2027	82,500
2028	1,361,250
2029	0
Thereafter	0
Senior Notes due 2028 \| Senior Notes
Long-term debt, gross
Total	700,000	$ 700,000
2025	0
2026	0
2027	0
2028	0
2029	700,000
Thereafter	0
Senior Notes due 2029 \| Senior Notes
Long-term debt, gross
Total	500,000	500,000
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	500,000
Senior Notes due 2033 \| Senior Notes
Long-term debt, gross
Total	650,000	$ 0
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	$ 650,000

Derivatives (Tables)

12 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Effect of Derivative Instruments

The following table summarizes the material terms of the Company’s outstanding interest rate swap derivative contracts as of March 31, 2024:

Effective Date

Maturity Date

Terms

Notional Amount

April 28, 2023

(1)

June 30, 2024

Variable to Fixed

200,000

April 28, 2023

(1)

June 30, 2025

Variable to Fixed

200,000

June 30, 2023

June 30, 2026

Variable to Fixed

150,000

Total

550,000

(1) Swap agreement was originally effective on April 30, 2019 and were amended during the first quarter of fiscal 2024 to transition from LIBOR-indexed to Term SOFR-indexed periodic swap payments to align with interest payments in connection with its Term SOFR-indexed debt. See Note 2, “Summary of Significant Accounting Policies,” to the consolidated financial statements for further information on the transition.

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


Derivatives in Cash Flow Hedging Relationships	Location of Gain or Loss Recognized in Income on Derivatives	Amount of Gain Recognized in AOCI on Derivatives						Amount of Gain (Loss) Reclassified from AOCI into Income (1)
		Fiscal year ended March 31,						Fiscal year ended March 31,
		2024		2023		2022		2024		2023		2022
Interest rate swaps	Interest expense	$	11,794	$	14,919	$	20,352	$	14,932	$	1,237	$	(17,535)

(1) The reclassifications from accumulated other comprehensive gain (loss) to net income was reduced by taxes of $4.0 million, $0.3 million and $4.6 million, respectively, for fiscal 2024, 2023 and 2022.

- 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 + Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Mar. 31, 2023
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)	167,402,268	165,872,332
Common stock, outstanding (in shares)	129,643,123	131,637,588

Related Party Transactions (Details) $ in Millions	12 Months Ended
Related Party Transactions (Details) $ in Millions	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($) director
Related Party Transaction [Line Items]
Amount of related party transaction	$ 0.0	$ 0.0
Affiliated Entity \| Services Performed Under Subcontractor
Related Party Transaction [Line Items]
Number of directors \| director			2
Amount of related party transaction			$ 70.0

Debt - Schedule of Interest Payment (Details) - Term Loans - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Interest payments	$ 27,027	$ 24,233	$ 107,286	$ 68,453
Term Loan A
Debt Instrument [Line Items]
Interest payments	27,027	24,233	107,286	63,244
Term Loan B
Debt Instrument [Line Items]
Interest payments	$ 0	$ 0	$ 0	$ 5,209

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Acquisitions and Divestitures - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Oct. 14, 2022	Mar. 31, 2024	Mar. 31, 2023
Purchase price allocation:
Goodwill		$ 2,343,789	$ 2,338,399
EverWatch
Business Acquisition [Line Items]
Cash consideration (gross of cash acquired)	$ 445,074
Purchase price allocation:
Cash	4,779
Current assets	27,725
Operating lease right-of-use asset	7,894
Other long-term assets	5,078
Intangible assets	108,600
Deferred tax liabilities	(20,394)
Current liabilities	(11,612)
Operating lease liabilities - short-term	(1,362)
Operating lease liabilities - long-term	(6,532)
Total fair value of identifiable net assets acquired	114,176
Goodwill	$ 330,898

Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Aug. 24, 2020
3.875% Senior Notes due 2028 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument (as a percent)	3.875%		3.875%
4.000% Senior Notes due 2029 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument (as a percent)	4.00%
$5.950% Senior Notes due 2033 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument (as a percent)	5.95%
Carrying Amount \| Term Loan A \| Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 1,588,125	$ 1,629,375
Carrying Amount \| 3.875% Senior Notes due 2028 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	700,000	700,000
Carrying Amount \| 4.000% Senior Notes due 2029 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	500,000	500,000
Carrying Amount \| $5.950% Senior Notes due 2033 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	650,000	0
Estimated Fair Value \| Term Loan A \| Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,582,170	1,600,861
Estimated Fair Value \| 3.875% Senior Notes due 2028 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	656,677	638,540
Estimated Fair Value \| 4.000% Senior Notes due 2029 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	465,470	451,930
Estimated Fair Value \| $5.950% Senior Notes due 2033 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 672,815	$ 0

Accumulated Other Comprehensive Income

12 Months Ended

Mar. 31, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income

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


	Fiscal Year Ended March 31, 2024
	Post-retirement plans		Derivatives designated as cash flow hedges		Total
Beginning of year	$	19,450	$	9,883	$	29,333
Other comprehensive (loss) income before reclassifications (1)	(15,989)		8,643		(7,346)
Amounts reclassified from accumulated other comprehensive income	(1,485)		(10,970)		(12,455)
Net current-period other comprehensive income	(17,474)		(2,327)		(19,801)
End of year	$	1,976	$	7,556	$	9,532

(1) Changes in other comprehensive income before reclassification for post-retirement plans and derivatives designated as cash flow hedges are recorded net of tax benefit (expense) of $5.5 million and $(3.2) million, respectively, for the fiscal year ended March 31, 2024.


	Fiscal Year Ended March 31, 2023
	Post-retirement plans		Derivatives designated as cash flow hedges		Total
Beginning of year	$	8,811	$	(226)	$	8,585
Other comprehensive income before reclassifications (2)	10,644		11,021		21,665
Amounts reclassified from accumulated other comprehensive income	(5)		(912)		(917)
Net current-period other comprehensive income	10,639		10,109		20,748
End of year	$	19,450	$	9,883	$	29,333

(2) Changes in other comprehensive income (loss) before reclassification for post-retirement plans and derivatives designated as cash flow hedges are recorded net of tax benefit of $3.8 million and $3.9 million, respectively, for the fiscal year ended March 31, 2023.


	Fiscal Year Ended March 31, 2022
	Post-retirement plans		Derivatives designated as cash flow hedges		Total
Beginning of year	$	(1,562)	$	(28,209)	$	(29,771)
Other comprehensive income before reclassifications (3)	10,294		15,032		25,326
Amounts reclassified from accumulated other comprehensive income	79		12,951		13,030
Net current-period other comprehensive income	10,373		27,983		38,356

End of year	$	8,811	$	(226)	$	8,585

(3) Changes in other comprehensive income (loss) before reclassification for post-retirement plans and derivatives designated as cash flow hedges are recorded net of tax benefit of $3.6 million and $5.3 million, respectively, for the fiscal year ended March 31, 2022.

Leases

12 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

The Company's leases are generally for facilities and office space.

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


	Fiscal Year Ended March 31,
	2024		2023		2022
Operating lease cost	$	63,575	$	68,620	$	69,831
Short-term lease cost	1,211		455		585
Variable lease cost	12,911		11,237		11,641
Total operating lease costs	$	77,697	$	80,312	$	82,057

Future minimum operating lease payments for noncancelable operating leases as of March 31, 2024 are as follows:


For the Fiscal Year Ending March 31,	Operating Lease Payments
2025	$	54,337
2026	61,710
2027	49,558
2028	41,357
2029	18,929
Thereafter	29,948
Total future lease payments	255,839
Less: imputed interest	(30,518)
Total lease liabilities	$	225,321

Supplemental cash flow information related to leases was as follows:


	Fiscal Year Ended March 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities	$	75,633	$	66,529	$	76,100
Operating lease liabilities arising from obtaining ROU assets (1)	$	40,151	$	16,517	$	41,206

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

Other information related to leases was as follows:


	March 31,
	2024		2023
Weighted average remaining lease term (in years)	4.5		4.6
Weighted average discount rate	4.9	%	4.7	%

Accrued Compensation and Benefits (Tables)

12 Months Ended

Mar. 31, 2024

Schedule of Accrued Compensation and Benefits

Accrued compensation and benefits consisted of the following:


	March 31,
	2024		2023
Bonus	$	151,063	$	120,023
Retirement	57,465		52,480
Vacation	223,385		203,627
Other	74,217		69,075
Total accrued compensation and benefits	$	506,130	$	445,205

Earnings Per Share (Tables)

12 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

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

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


	Fiscal Year Ended March 31,
	2024		2023		2022
Numerator: (1)
Earnings for basic computations	$	600,740	$	269,656	$	463,626
Earnings for diluted computations	$	600,750	$	269,657	$	463,635
Denominator:
Weighted-average common stock shares outstanding, basic	130,366,501		132,161,646		134,134,034
Dilutive stock options and restricted stock	449,402		554,790		716,774
Weighted-average common stock shares outstanding, diluted (2)	130,815,903		132,716,436		134,850,808
Earnings per share of common share:
Basic	$	4.61	$	2.04	$	3.46
Diluted (2)	$	4.59	$	2.03	$	3.44

(2) The impact of anti-dilutive options excluded from the calculation of diluted EPS was not material during the periods presented.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries that are majority-owned or otherwise controlled by the Company and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). All intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements and notes of the Company include its subsidiaries and other entities over which the Company has a controlling financial interest or where the Company is a primary beneficiary. The Company uses the equity method to account for investments in entities that it does not control if it is otherwise able to exert significant influence over the entities' operating and financial policies. Equity investments in entities over which the Company does not have the ability to exercise significant influence and whose securities do not have a readily determinable fair value are carried at cost (measurement alternative). The Company’s fiscal year ends on March 31 and unless otherwise noted, references to fiscal year or fiscal are for fiscal years ended March 31. The accompanying consolidated financial statements present the financial position of the Company as of March 31, 2024 and 2023 and the Company’s results of operations for fiscal 2024, 2023, and 2022. Certain amounts reported in the Company's prior year consolidated financial statements have been reclassified to conform to the current year presentation. Accounting Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the consolidated financial statements where estimates may have the most significant effect include the provision for claimed indirect costs, valuation and expected lives of tangible and intangible assets, impairment of long-lived assets, accrued liabilities, revenue recognition, including the accrual of indirect costs, bonus and other incentive compensation, stock-based compensation, reserves for uncertain tax positions and valuation allowances on deferred tax assets, provisions for income taxes, postretirement obligations, collectability of receivables, and loss accruals for litigation. Actual results experienced by the Company may differ materially from management's estimates. Revenue Recognition The Company's revenues from contracts with customers (clients) are derived from offerings that include management and technology consulting services, analytics, digital solutions, engineering, mission operations and cyber services, substantially all 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 and generates revenue under three basic types of contracts, as described below: •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 Company considers a contract with a customer to exist under Accounting Standards Codification (“ASC”) No. 606, Revenue from Contracts with Customers (“Topic 606”), when there is approval and commitment from both the Company and the customer, the rights of the parties and payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. The Company also will consider whether two or more contracts entered into with the same customer should be combined and accounted for as a single contract. Furthermore, in certain transactions with commercial clients and with the U.S. government, the Company may commence providing services prior to receiving a formal approval from the customer. In these situations, the Company will consider the factors noted above, the risks associated with commencing the work and legal enforceability in determining whether a contract with the customer exists under Topic 606. Customer contracts are often modified to change the scope, price, specifications or other terms within the existing arrangement. Contract modifications are evaluated by management to determine whether the modification should be accounted for as part of the original performance obligation(s) or as a separate contract. If the modification adds distinct goods or services and increases the contract value proportionate to the stand-alone selling price of the additional goods or services, it will be accounted for as a separate contract. Generally, the Company’s contract modifications do not include goods or services which are distinct, and therefore are accounted for as part of the original performance obligation(s) with any impact on transaction price or estimated costs at completion being recorded as through a cumulative catch-up adjustment to revenue. The Company evaluates each service deliverable contracted with the customer to determine whether it represents promises to transfer distinct goods or services. Under Topic 606, these are referred to as performance obligations. One or more service deliverables often represent a single performance obligation. This evaluation requires significant judgment and the impact of combining or separating performance obligations may change the time over which revenue from the contract is recognized. The Company’s contracts generally provide a set of integrated or highly interrelated tasks or services and are therefore accounted for as a single performance obligation. However, in cases where we provide more than one distinct good or service within a customer contract, the contract is separated into individual performance obligations which are accounted for discretely. The Company's performance obligations are typically satisfied over time and revenue is generally recognized using a cost-based input method. Fixed-price contracts are typically billed to the customer using milestone or fixed monthly payments, while cost-reimbursable-plus-fee and time-and-materials contracts are typically billed to the customer at periodic intervals (e.g. monthly or weekly) as indicated by the terms of the contract. Disparities between the timing of revenue recognition and customer billings and cash collections result in net contract assets or liabilities being recognized at the end of each reporting period. Contract assets primarily consist of unbilled receivables typically resulting from revenue recognized exceeding the amount billed to the customer and right to payment is not just subject to the passage of time. Unbilled amounts represent revenues for which billings have not yet been presented to customers. These amounts are generally billed and collected within one year subject to various conditions including, without limitation, appropriated and available funding. Long-term unbilled receivables not anticipated to be billed and collected within one year, which are primarily related to retainage, holdbacks, and long-term rate settlements to be billed at contract closeout, are included in other long-term assets in the accompanying 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. 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. 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. Contracts with the U.S. government are generally subject to the Federal Acquisition Regulation (the “FAR”) and are priced based on estimated or actual costs of providing the goods or services. The Company derives a majority of its revenue from contracts awarded through a competitive bidding process. Pricing for non-U.S. government agencies and commercial customers is based on discrete negotiations with each customer. Certain of the Company’s contracts contain award fees, incentive fees or other provisions that may increase or decrease the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or cost targets and may be based upon customer discretion. Management estimates variable consideration as the most likely amount that we expect to achieve based on our assessment of the variable fee provisions within the contract, prior experience with similar contracts or clients, and management’s evaluation of the performance on such contracts. The Company may perform work under a contract that has not been fully funded if the work has been authorized by management and the customer to proceed. The Company evaluates unfunded amounts as variable consideration in estimating the transaction price. We include the estimated variable consideration in our transaction price to the extent that it is probable that a significant reversal of revenue will not occur upon the ultimate settlement of the variable fee provision. Our U.S. government contracts generally contain FAR provisions that enable the customer to terminate a contract for default or for the convenience of the U.S. government. The Company recognizes revenue for each performance obligation identified within our customer contracts when, or as, the performance obligation is satisfied by transferring the promised goods or services. Revenue may either be recognized over time or at a point in time. The Company generally recognizes revenue over time as our contracts typically involve a continuous transfer of control to the customer. A continuous transfer of control under contracts with the U.S. government and its agencies is evidenced by clauses which require the Company to be paid for costs incurred plus a reasonable margin in the event that the customer unilaterally terminates the contract for convenience. For contracts where the Company recognizes revenue over time, a contract cost-based input method is generally used to measure progress towards satisfaction of the underlying performance obligation(s). Contract costs include direct costs such as materials, labor and subcontract costs, as well as indirect costs identifiable with, or allocable to, a specific contract that are expensed as incurred. The Company does not incur material incremental costs to acquire or fulfill contracts. Under a contract cost-based input method, revenue is recognized based on the proportion of contract costs incurred to the total estimated costs expected to be incurred upon completion of the underlying performance obligation. The Company generally includes both funded and unfunded portions of customer contracts in this estimation process. For interim financial reporting periods, contract revenue attributable to indirect costs is recognized based upon agreed-upon annual forward-pricing rates established with the U.S. government at the start of each fiscal year. Forward pricing rates are estimated and agreed upon between the Company and the U.S. government and represent indirect contract costs required to execute and administer contract obligations. The impact of any agreed-upon changes, or changes in the estimated annual forward-pricing rates, are recorded in the interim financial reporting period when such changes are identified. These changes relate to the interim financial reporting period differences between the actual indirect costs incurred and allocated to customer contracts compared to the estimated amounts allocated to contracts using the estimated annual forward-pricing rates established with the U.S. government. At the end of each fiscal year, estimated annual forward-pricing rates are adjusted to reported actual rates, with contract revenue attributable to indirect costs adjusted accordingly. These preliminary actual rates and their ultimate impact on contract revenue are subject to final audit and negotiation with the U.S. government, which may take place several years in the future. On certain contracts, principally time-and-materials and cost-reimbursable-plus-fee contracts, revenue is recognized using the right-to-invoice practical expedient as the Company is contractually able to invoice the customer based on the control transferred. However, we did not elect to use the practical expedient which would allow the Company to exclude contracts recognized using the right-to-invoice practical expedient from the remaining performance obligations disclosed below. Additionally, for stand-ready performance obligations to provide services under fixed-price contracts, revenue is recognized over time using a straight-line measure of progress as the control of the services is provided to the customer ratably over the term of the contract. If a contract does not meet the criteria for recognition of revenue over time, we recognize revenue at the point in time when control of the good or service is transferred to the customer. Determining a measure of progress towards the satisfaction of performance obligations requires management to make judgments that may affect the timing of revenue recognition. Many of our contracts recognize revenue under a contract cost-based input method and require an Estimate-at-Completion (“EAC”) process, which management uses to review and monitor the progress towards the completion of our performance obligations. Under this process, management considers various inputs and assumptions related to the EAC, including, but not limited to, progress towards completion, labor costs and productivity, material and subcontractor costs, and identified risks. Estimating the total cost at completion of performance obligations is subjective and requires management to make assumptions about future activity and cost drivers under the contract. Changes in these estimates can occur for a variety of reasons and, if significant, may impact the profitability of the Company’s contracts. Changes in estimates related to contracts accounted for under the EAC process are recognized in the period when such changes are made on a cumulative catch-up basis. If the estimate of contract profitability indicates an anticipated loss on a contract, the Company recognizes the total loss at the time it is identified. For fiscal 2024, 2023 and 2022, the aggregate impact of adjustments in contract estimates was not material. Remaining performance obligations represent the transaction price of exercised contracts for which work has not yet been performed, irrespective of whether funding has or has not been authorized and appropriated as of the date of exercise. Remaining performance obligations 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. Cash and Cash Equivalents Cash and cash equivalents include unrestricted cash accounts and highly liquid investments that have a maturity of three months or less at the date of purchase. The Company’s cash equivalents consist primarily of government money market funds and money market deposit accounts. The Company maintains its cash and cash equivalents in bank accounts that, at times, exceed the federally insured FDIC limits. The Company has not experienced any losses in such accounts. Valuation of Accounts Receivable The Company maintains allowances for doubtful accounts against certain accounts receivables based upon the latest information regarding whether specific charges are recoverable or invoices are ultimately collectible. Assessing the recoverability of charges and collectability of customer receivables requires management judgment. The Company determines its allowance for doubtful accounts by specifically analyzing individual accounts receivable, historical bad debts, customer credit-worthiness, current economic conditions, accounts receivable aging trends for billed receivables, availability of funding, compliance with contractual terms and conditions, client satisfaction with work performed, and other factors impacting accounts receivables. Valuation reserves are periodically re-evaluated and adjusted as more information about the ultimate recoverability and collectability of accounts receivable becomes available. Upon determination that a receivable is uncollectible, the receivable balance and any associated reserve are written off. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and accounts receivable. The Company’s cash equivalents are generally invested in U.S. government money market funds and money market deposit accounts. The Company believes that credit risk for accounts receivable is limited as the receivables are primarily with the U.S. government. Property and Equipment Property and equipment are recorded at cost, and the balances are presented net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Furniture and equipment is depreciated over five to ten years, and computer equipment is depreciated over four years. Leasehold improvements are amortized over the shorter of the useful life of the asset or lease term. Maintenance and repairs are charged to expense as incurred. Business Combinations The accounting for the Company’s business combinations consists of allocating the purchase price to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values, with the excess recorded as goodwill. The Company has up to one year from the acquisition date to use information as of each acquisition date to adjust the fair value of the acquired assets and liabilities which may result in material changes to their recorded values with an offsetting adjustment to goodwill. Intangible Assets Intangible assets primarily consist of programs and contracts assets, channel relationships, the Company's trade name, customer relationships, software and other amortizable intangible assets. The Company capitalizes the following costs associated with developing internal-use computer software pertaining to upgrades in our business and financial systems: (i) external direct costs of materials and services consumed in developing or obtaining internal-use computer software and (ii) certain payroll and payroll-related costs for Company employees who are directly associated with the development of internal-use software, to the extent of the time spent directly on the project. Programs and contract assets, channel relationships, and other amortizable intangible assets are generally amortized on an accelerated basis over the expected life based on projected future cash flows of approximately two to fourteen years. Software purchased or developed for internal use is amortized over one to ten years. The Company's trade name intangible asset is not amortized, but is tested for impairment on at least an annual basis as of January 1 and more frequently if interim indicators of impairment exist. The trade name is considered to be impaired if the carrying value exceeds its estimated fair value. The Company uses the relief from royalty method to estimate the fair value. The fair value of the asset is the present value of the license fees avoided by owning the asset, or the royalty savings. During the fiscal years ended March 31, 2024, 2023, and 2022, the Company did not record any impairment of intangible assets. Goodwill The Company assesses goodwill for impairment on at least an annual basis on January 1 unless interim indicators of impairment exist. Goodwill is considered to be impaired when the net book value of a reporting unit exceeds its estimated fair value. The Company operates as a single operating segment and as a single reporting unit for the purpose of evaluating goodwill. As of January 1, 2024, the Company performed its annual impairment test of goodwill by comparing the fair value of the Company (based on market capitalization) to the carrying value of the Company's net equity, and concluded that the fair value of the reporting unit was significantly greater than the carrying amount. During the fiscal years ended March 31, 2024, 2023, and 2022, the Company did not record any impairment of goodwill. Long-Lived Assets The Company reviews its long-lived assets, including property and equipment, amortizable intangible assets, and right-of-use (“ROU”) assets, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for any excess of the carrying amount over the fair value of the asset. During the fiscal years ended March 31, 2024, 2023, and 2022, the Company did not record any material impairment charges. Leases At contract inception, the Company determines whether the contract is, or contains, a lease, which exists when the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. Operating lease balances are included in operating lease ROU assets, operating lease liabilities, and operating lease liabilities, net of current portion in our consolidated balance sheet. Cash payments arising from operating leases are classified within operating activities in the consolidated statement of cash flows. As of March 31, 2024, the Company had no finance leases. The Company's leases are generally for facilities and office space and the Company recognizes ROU assets and lease liabilities at the lease commencement date for those arrangements. The initial lease liability is equal to the present value of the future minimum lease payments over the lease term. The initial measurement of the ROU asset is equal to the initial lease liability plus any initial direct costs and prepaid lease payments, less any lease incentives. At the lease commencement date, the Company estimates its collateralized incremental borrowing rate based on publicly available yields adjusted for Company-specific considerations and the Company's varying lease terms in determining the present value of future payments. Certain of the Company’s leases contain options to renew or to terminate the lease which are included in the determination of the ROU assets and lease liabilities when it is reasonably certain that the Company will exercise the option. The Company's leases may also include variable lease payments, such as an escalation clause based on consumer price index rates, maintenance costs, and utilities. Variable lease payments that depend on an index or a rate are included in the determination of ROU assets and lease liabilities using the index or rate at the lease commencement date, whereas variable lease-related payments that do not depend on an index or rate are recorded as lease expense in the period incurred. ROU assets are evaluated for impairment in a manner consistent with the treatment of other long-lived assets. As permitted under Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“Topic 842”), the Company elected the short-term lease policy election not to recognize ROU assets and lease liabilities for leases with an initial term of 12 months or less; lease expense from these leases is recognized on a straight-line basis over the lease term. As further permitted under Topic 842, for all material classes of leased assets, the Company elected to apply the practical expedient to not separate lease components from non-lease components, and instead account for both components as a single lease component. As of March 31, 2024, the Company did not have any lease agreements with residual value guarantees or material restrictions or covenants. Income Taxes The Company provides for income taxes as a “C” corporation on income earned from operations. The Company is subject to federal, state, and foreign taxation in various jurisdictions. Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different years for financial statement purposes than for tax purposes. Deferred tax assets and liabilities are computed based on the difference between the consolidated financial statement carrying amount and tax basis of assets and liabilities using enacted tax rates and laws for the years in which these items are expected to reverse. If management determines that some portion or all of a deferred tax asset is not “more likely than not” to be realized, a valuation allowance is recorded as a component of the income tax provision to reduce the deferred tax asset to an appropriate level in that period. In determining the need for a valuation allowance, management considers all positive and negative evidence, including historical earnings, projected future taxable income, future reversals of existing taxable temporary differences, taxable income in prior carryback periods, and prudent, feasible tax-planning strategies. The Company periodically assesses its tax positions for all periods open to examination by tax authorities based on the latest available information. Those positions are evaluated to determine whether they will more likely than not be sustained upon examination by the Internal Revenue Service (“IRS”) or other taxing authorities. The Company reserves for these uncertain tax positions related to unrecognized income tax benefits where it is not more likely than not that the Company’s tax position will be sustained on examination and settlement with the various taxing authorities. Liabilities for unrecognized tax benefits are measured based on the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. These unrecognized tax benefits are recorded as a component of income tax expense. As uncertain tax positions in periods open to examination are closed out, or as new information becomes available, the resulting change is reflected in the recorded liability and income tax expense. Penalties and interest recognized related to the reserves for uncertain tax positions are recorded as a component of income tax expense. Comprehensive Income Comprehensive income is the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, and is presented in the consolidated statements of comprehensive income. Accumulated other comprehensive income as of March 31, 2024 and 2023 consisted of net unrealized gains or losses on the Company’s defined and postretirement benefit plans and unrealized gains or losses on interest rate swaps designated as cash flow hedges. Stock-Based Compensation Stock-based compensation to employees is recognized in the consolidated statements of operations based on the grant date fair values with the expense for time vested awards recognized on an accelerated basis over the vesting period. The Company estimates forfeitures anticipated to occur during the vesting period for the purposes of recognizing costs associated with stock-based compensation. The expense for performance awards is estimated at each reporting date using management's expectation of the probable achievement of the specified performance criteria and is recognized straight line over the vesting period. The Company uses the Black-Scholes option-pricing model to determine the fair value of its option awards at the time of grant. Defined Contribution Plan and Other Post-Retirement Benefits The Company recognizes the underfunded status of defined contribution plans and other post-retirement benefits on the consolidated balance sheets within other long-term liabilities. Gains and losses, and prior service costs and credits that have not yet been recognized through net periodic benefit cost are recognized in accumulated other comprehensive loss, net of tax effects, and will be amortized as a component of net periodic cost in future periods. The measurement date, the date at which the benefit obligations are measured, is the Company’s fiscal year-end. Self-Funded Medical Plans The Company maintains self-funded medical insurance. Self-funded plans include Consumer Driven Health Plans with a Health Savings Account option and traditional choice plans. Further, self-funded plans also include prescription drug and dental benefits. The Company records an incurred but unreported claim liability in the accrued compensation and benefits line of the consolidated balance sheets for self-funded plans based on an actuarial valuation. The estimate of the incurred but unreported claim liability was provided by a third-party valuation firm, primarily based on claims and participant data for the medical, dental, and pharmacy related costs. Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company considers the principal or most advantageous market in which the asset or liability would transact, and if necessary, considers assumptions that market participants would use when pricing the asset or liability. The accounting standard for fair value measurements establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (“Level 1”); inputs other than quoted prices in active markets that are observable either directly or indirectly (“Level 2”); and unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions (“Level 3”). A financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Investments in Variable Interest Entities and Other Investments The Company invests in certain companies that advance or develop new technologies applicable to its business. Each investment is evaluated for consolidation under the variable interest entities model and/or the voting interest model. The results of these investments are not material to the consolidated financial statements for the periods presented. 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 Level 3 inputs and are accounted for under the measurement alternative. As of March 31, 2024 and March 31, 2023, respectively, the total of equity and other investments related to unconsolidated entities included in other long term assets of the Company’s consolidated balance sheet were $42.0 million and $23.1 million. Recently Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“Topic 805”), which amends the accounting for acquired revenue contracts with customers in a business combination to address recognition of an acquired contract liability and payment terms, and their effect on subsequent revenue recognized by the acquirer. Topic 805 is effective for annual periods beginning after December 15, 2022 on a prospective basis. Early adoption is permitted. The Company early adopted the requirements of Topic 805 to apply the amendments prospectively to all business combinations that occurred on or after April 1, 2022. 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 (“Topic 848”). 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 the London Interbank Offered Rate (“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. During the first quarter of fiscal 2024, the Company modified its interest rate swap agreements to transition from LIBOR-indexed to Term Secured Overnight Financing Rate (“SOFR”) indexed periodic swap payments to align with interest payments in connection with its Term SOFR-indexed debt. As such, the Company elected the optional expedients under Topic 848 which allows the cash flow hedge to continue being recognized under hedge accounting without de-designation upon a change in critical terms affected by the reference rate reform. The adoption of this guidance did not have a material impact on the consolidated financial statements and disclosures. The Company has elected to apply the hedge accounting practical expedient related to the probability of hedged future LIBOR-indexed cash flows and continued 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, 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 In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), which enhances reportable segment disclosure requirements, including significant segment expenses and interim disclosures (“Topic 280”). The guidance allows for disclosure of multiple measures of a segment’s profit or loss, and it requires that public entities with a single reportable segment provide all disclosures required by the ASU and all existing disclosures in Topic 280. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments are to be applied retrospectively, and early adoption is permitted. The Company is currently assessing the impact of this update and does not expect this update to have a material impact on its present or historical consolidated financial statements. Other recent accounting pronouncements issued during fiscal 2024 and through the filing date are not expected to have a material impact on the Company's present or historical consolidated financial statements.

Business Segment Information	12 Months Ended
Business Segment Information	Mar. 31, 2024
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information The Company reports operating results and financial data in one operating and reportable segment. The Company manages its business as a single profit center in order to promote collaboration, provide comprehensive functional service offerings across its entire client base, and provide incentives to employees based on the success of the organization as a whole. Although certain information regarding served markets and functional capabilities is discussed for purposes of promoting an understanding of the Company’s complex business, the Company manages its business and allocates resources at the consolidated level of a single operating segment.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Income Taxes - Reconciliation of Potential Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of the beginning and ending amount of potential tax benefits
Beginning of year	$ 547,885	$ 78,519	$ 62,742
Increases in prior year position	40,704	0	2,620
Increases in current year position	13,352	470,881	13,530
Decreases in prior year position	(473,848)	(1,328)	(373)
Settlements with taxing authorities	(23,696)	0	0
Lapse of statute of limitations	(234)	(187)	0
End of year	$ 104,163	$ 547,885	$ 78,519

Commitments and Contingencies (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 21, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2023
Concentration Risk [Line Items]
Operating income (loss)		$ 1,013,403	$ 446,848	$ 685,181
Net income		$ 605,706	$ 271,791	$ 466,740
Basic (in dollars per share)		$ 4.61	$ 2.04	$ 3.46
Diluted (in dollars per share)		$ 4.59	$ 2.03	$ 3.44
Claimed Indirect Costs
Concentration Risk [Line Items]
Decrease in reserve		$ 18,300
Claimed Indirect Costs \| Unfavorable Regulatory Action
Concentration Risk [Line Items]
Provision for claimed indirect costs		363,700	$ 326,700
Claimed Indirect Costs \| Revision of Prior Period, Adjustment
Concentration Risk [Line Items]
Operating income (loss)		18,300
Net income		$ 13,500
Basic (in dollars per share)		$ 0.10
Diluted (in dollars per share)		$ 0.10
U.S. Department of Justice
Concentration Risk [Line Items]
Estimate of possible loss			$ 350,000		$ 377,500
U.S. Department of Justice \| Minimum
Concentration Risk [Line Items]
Estimate of possible loss					350,000
U.S. Department of Justice \| Maximum
Concentration Risk [Line Items]
Estimate of possible loss					$ 378,000
U.S. Department of Justice \| Unfavorable Regulatory Action
Concentration Risk [Line Items]
Amount awarded to other party	$ 377,500
Total U.S. government \| Revenue Benchmark \| Contracts with U.S. Government Agencies or Other U.S. Government Contractors
Concentration Risk [Line Items]
Concentration risk (as a percent)		98.00%	97.00%	97.00%
Financial Standby Letter of Credit
Concentration Risk [Line Items]
Guarantor obligations, carrying value		$ 4,400	$ 6,100
Guarantor obligations, reduction to available borrowings		1,300
Guarantor obligations, facility		7,500
Guarantor obligations, available amount		$ 4,400	$ 2,700

Debt

12 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

Debt consisted of the following on the dates below:


	March 31, 2024				March 31, 2023
	Interest Rate		Outstanding Balance		Interest Rate		Outstanding Balance
Term Loan A	6.677	%	$	1,588,125	5.970	%	$	1,629,375

Senior Notes due 2028	3.875	%	700,000		3.875	%	700,000
Senior Notes due 2029	4.000	%	500,000		4.000	%	500,000
Senior Notes due 2033	5.950	%	650,000		—	%	—
Less: Unamortized debt issuance costs and discount on debt			(26,309)				(17,230)
Total			3,411,816				2,812,145
Less: Current portion of long-term debt			(61,875)				(41,250)
Long-term debt, net of current portion			$	3,349,941			$	2,770,895

Credit Agreement

Booz Allen Hamilton Inc. (“Booz Allen Hamilton”), Booz Allen Hamilton Investor Corporation (“Investor”), and certain wholly owned subsidiaries of Booz Allen Hamilton are parties to a Credit Agreement dated as of July 31, 2012, as amended (the “Credit Agreement”), with certain institutional lenders and Bank of America, N.A., as Administrative Agent, Collateral Agent and Issuing Lender. As of March 31, 2024, the Credit Agreement provided Booz Allen Hamilton with a $1,588.1 million Term Loan A (“Term Loan A”) and a $1.0 billion revolving credit facility (the “Revolving Credit Facility”), with a sub-limit for letters of credit of $200.0 million. As of March 31, 2024, the maturity date of the Term Loan A and the Revolving Commitments is September 7, 2027. Voluntary prepayments of the Term Loan A and the Revolving Loans are permitted at any time, in minimum principal amounts, without premium or penalty. Booz Allen Hamilton’s obligations and the guarantors’ guarantees under the Credit Agreement were 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 was released in connection with Booz Allen Hamilton obtaining investment grade ratings from both Moody's and S&P. On September 7, 2022 (the “Ninth Amendment Effective Date”), the previously outstanding Term Loan B loans under the Credit Agreement were prepaid in full.

On July 27, 2023 (the “Tenth Amendment Effective Date”), Booz Allen Hamilton entered into a Tenth Amendment (the “Amendment”) to the Credit Agreement (as amended prior to the Tenth Amendment Effective Date, the “Existing Credit Agreement” and, as amended by the Amendment, the “Amended Credit Agreement”) with Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”), and the lenders and other financial institutions party thereto, in order to make permanent certain changes to the Existing Credit Agreement in connection with Booz Allen Hamilton obtaining investment grade ratings from both Moody's and S&P and prepaying the Term Loan B loans in full and to make certain additional changes in connection therewith, including, among other things, (i) removing the requirements for the obligations under the Amended Credit Agreement to be secured, (ii) removing the requirement for any subsidiary or other affiliate of Booz Allen Hamilton (other than the Company) to provide any guarantee of the obligations under the Amended Credit Agreement, and (iii) removing or modifying certain covenants applicable to Booz Allen Hamilton. Pursuant to the Amendment, all guarantees in respect of the Existing Credit Agreement have been released. The Amendment did not impact any of the terms of the Credit Agreement related to amortization or payments.

On the Tenth Amendment Effective Date in connection with the Amendment, the Company entered into a Guarantee Agreement (the “Guarantee Agreement”) in favor of the Administrative Agent, pursuant to which the Company guarantees on an unsecured basis the obligations of Booz Allen Hamilton under the Amended Credit Agreement subject to certain conditions. Pursuant to the Amended Credit Agreement Booz Allen Hamilton has the option, though not any obligation, to join one or more of its domestic subsidiaries as a guarantor under the Guarantee Agreement.

Term Loan A amortizes 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 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 Term Loan A. The remaining balance of Term Loan A will be payable upon maturity.

The rate at which Term Loan A and the 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 Term Loan A and the 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.

The Company occasionally borrows under the Revolving Credit Facility for our working capital needs. During fiscal 2024, the Company borrowed $500.0 million on its Revolving Credit Facility for working capital needs, which was subsequently repaid as of March 31, 2024. As of March 31, 2024 and March 31, 2023, respectively, there was no outstanding balance on the Revolving Credit Facility.

Borrowings under Term Loan A, and if used, the Revolving Credit Facility, incur interest at a variable rate. As of March 31, 2024, 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 Term Loan A and the Revolving Credit Facility. The Company's objectives in using cash flow hedges are to reduce volatility due to interest rate movements and to add stability to interest expense (see Note 11, “Derivatives,” to the consolidated financial statements).

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


	Three Months Ended March 31,				Fiscal Year Ended March 31,
	2024		2023		2024		2023
Term Loan A	27,027		24,233		107,286		63,244
Term Loan B	—		—		—		5,209
Total	$	27,027	$	24,233	$	107,286	$	68,453

The Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants. In connection with Booz Allen Hamilton obtaining investment grade ratings from both Moody's and S&P, certain activities previously restricted by certain negative covenants are permitted subject to pro forma compliance with the financial covenants and no events of default having occurred or are continuing. In addition, Booz Allen Hamilton is required to meet certain financial covenants at each quarter end, namely Consolidated Net Total Leverage and Consolidated Net Interest Coverage Ratios. As of March 31, 2024 and March 31, 2023, Booz Allen Hamilton was in compliance with all financial covenants associated with its debt and debt-like instruments.

Senior Notes

On August 4, 2023, Booz Allen Hamilton issued $650.0 million aggregate principal amount of its 5.950% Senior Notes due August 4, 2033 (the “Senior Notes due 2033”) under an Indenture and First Supplemental Indenture, both dated as of August 4, 2023 (the “Indenture”), among Booz Allen Hamilton, Booz Allen Hamilton Holding Corporation, as parent guarantor, and U.S. Bank Trust Company, National Association, as trustee. The Senior Notes due 2033 are unsecured senior indebtedness of Booz Allen Hamilton and are fully and unconditionally guaranteed on an unsecured and unsubordinated basis by Booz Allen Hamilton Holding Corporation, and rank equally and ratably in right of payment with all of Booz Allen Hamilton’s and Booz Allen Hamilton Holding Corporation’s other unsecured and unsubordinated indebtedness outstanding from time to time, pursuant to the Indenture.

On June 17, 2021, Booz Allen Hamilton issued $500.0 million aggregate principal amount of its 4.000% Senior Notes due July 1, 2029 (the “Senior Notes due 2029”) under an Indenture and First Supplemental Indenture, both dated as of June 17, 2021, among Booz Allen Hamilton, certain subsidiaries of Booz Allen Hamilton, as guarantors (the “2029 Subsidiary Guarantors”), and Wilmington Trust, National Association, as trustee. The Senior Notes due 2029 are Booz Allen Hamilton’s senior unsecured obligations and rank equally in right of payment with all of Booz Allen Hamilton’s and the 2029 Subsidiary Guarantors’ existing and future senior indebtedness and rank senior in right of payment to any of Booz Allen Hamilton’s future subordinated indebtedness. The net proceeds from the sale of the Senior Notes due 2029 were used to fund the acquisition of Liberty and to pay related fees and expenses.

On August 24, 2020, Booz Allen Hamilton issued $700.0 million aggregate principal amount of its 3.875% Senior Notes due September 1, 2028 (the “Senior Notes due 2028”, and, together with the Senior Notes due 2029 and Senior Notes due 2033, the “Senior Notes”) under an Indenture and First Supplemental Indenture, both dated as of August 24, 2020, among Booz Allen Hamilton, certain subsidiaries of Booz Allen Hamilton, as guarantors (the “2028 Subsidiary Guarantors”), and Wilmington Trust, National Association, as trustee. The Senior Notes due 2028 are Booz Allen Hamilton’s senior unsecured obligations and rank equally in right of payment with all of Booz Allen Hamilton’s and the 2028 Subsidiary Guarantors’ existing and future senior indebtedness and rank senior in right of payment to any of Booz Allen Hamilton’s future subordinated indebtedness.

The following table summarizes the material terms of the Company’s Senior Notes as of March 31, 2024:

Indenture Date

Principal

Interest Rate

Maturity Date

Interest Payable

Issuance Costs

Senior Notes due 2033

8/4/2023

$650.0 million

5.950%

8/4/2033

February and August 4

$12.4

million

Senior Notes due 2029

6/17/2021

$500.0 million

4.000%

7/1/2029

July and January 1

$6.5

million

Senior Notes due 2028

8/24/2020

$700.0 million

3.875%

9/1/2028

March and September 1

$9.2

million

Interest is payable semi-annually in cash in arrears, with the principal due at maturity. Issuance Costs were recorded as an offset against the carrying value of respective debt and are being amortized to interest expense over the term of the respective debt.

All the Senior Notes’ Indentures contain certain covenants, events of default, and other customary provisions. In connection with the Senior Notes obtaining investment grade ratings from Moody’s and S&P, in January 2023, certain negative covenants in the indentures governing the Senior Notes 2028 and Senior Notes 2029 were suspended, and the related guarantees were released.

Senior Notes Redemption Options

Booz Allen Hamilton may redeem some or all of the Senior Notes due 2033 prior to May 4, 2033 at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Senior Notes 2033 matured on May 4, 2033) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Supplemental Indenture) plus 35 basis points less (b) interest accrued to, but excluding, the redemption date, and (2) 100.00% of the principal amount of the Senior Notes 2033 to be redeemed, plus, in either case, accrued and unpaid interest on the principal amount being redeemed to, but excluding, the redemption date. On or after May 4, 2033, Booz Allen Hamilton may redeem the Senior Notes 2033, in whole or in part, at any time and from time to time, at a redemption price equal to 100.00% of the principal amount of the Senior Notes 2033 being redeemed plus accrued and unpaid interest on the principal amount being redeemed, but excluding, to the redemption date.

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

Booz Allen Hamilton has the ability to redeem the Senior Notes due 2028 at its option, in whole at any time or in part from time to time, upon certain required notice, (i) on and after September 1, 2023, at a price equal to 101.938% of the principal amount of the Senior Notes due 2028 redeemed, (ii) on or after September 1, 2024, at a price equal to 100.969% of the principal amount of the Senior Notes due 2028 redeemed, and (iii) on September 1, 2025 and thereafter, at a price equal to 100.00% of the principal amount of the Senior Notes due 2028 redeemed, in each case, plus accrued and unpaid interest, if any, to (but not including) the applicable redemption date.

Scheduled Maturities and Interest Expense

The following table summarizes required future debt repayments:


	Payments Due By March 31,
	Total		2025		2026		2027		2028		2029		Thereafter
Term Loan A	$	1,588,125	$	61,875	$	82,500	$	82,500	$	1,361,250	$	—	$	—
Senior Notes due 2028	700,000		—		—		—		—		700,000		—
Senior Notes due 2029	500,000		—		—		—		—		—		500,000
Senior Notes due 2033	650,000		—		—		—		—		—		650,000
Interest on indebtedness	942,804		192,101		187,040		181,454		125,934		72,237		184,038
Total	$	4,380,929	$	253,976	$	269,540	$	263,954	$	1,487,184	$	772,237	$	1,334,038

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


	Fiscal Year Ended March 31,
	2024		2023		2022
Term Loan A	$	107,891	$	63,463	$	19,570
Term Loan B	—		5,186		7,207
Revolving Credit Facility	1,438		—		25
Senior Notes	72,693		47,125		42,902
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1)	4,920		4,350		4,619
Interest Rate Swaps	(14,932)		(1,237)		17,535
Other	891		963		494
Total Interest Expense	$	172,901	$	119,850	$	92,352

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, fair value	$ 554,257	$ 404,862
Money Market Funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, fair value	$ 192,700	$ 237,800

Audit Information	12 Months Ended
Audit Information	Mar. 31, 2024
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia
Auditor Firm ID	42

Stock-based Compensation - Schedule of Stock-Based Compensation Expense Recognized in the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 94,982	$ 80,272	$ 69,784
Equity Incentive Plan Options \| Equity Incentive Plan Options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,319	2,550	1,793
Restricted Stock and Other Awards \| Restricted Stock and Other Awards \| Class A Common Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	93,663	77,722	67,991
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	43,995	43,378	36,836
General and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 50,987	$ 36,894	$ 32,948

Derivatives

12 Months Ended

Mar. 31, 2024

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 following table summarizes the material terms of the Company’s outstanding interest rate swap derivative contracts as of March 31, 2024:

Effective Date

Maturity Date

Terms

Notional Amount

April 28, 2023

(1)

June 30, 2024

Variable to Fixed

200,000

April 28, 2023

(1)

June 30, 2025

Variable to Fixed

200,000

June 30, 2023

June 30, 2026

Variable to Fixed

150,000

Total

550,000

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

Derivative instruments are recorded in the consolidated balance sheet on a gross basis at estimated fair value. As of March 31, 2024, $8.7 million and $1.6 million were classified as other current assets and other long-term assets, respectively, on the consolidated balance sheet. As of March 31, 2023, $11.2 million, $3.5 million and $1.4 million were classified as other current assets, other long term assets and other long-term liabilities, respectively, on the consolidated balance sheet. See Note 18, “Fair Value Measurements,” to the consolidated financial statements for additional information on the fair values and location of our derivative instruments on the consolidated balance sheet.

For interest rate swaps designated as cash flow hedges, the changes in the fair value of derivatives is recorded in Accumulated Other Comprehensive Income (“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. See Note 15, “Accumulated Other Comprehensive Income,” and Note 10, “Debt,” to the consolidated financial statements for additional information on reclassifications from AOCI and interest payments related to the derivatives. The effect of derivative instruments on the accompanying consolidated financial statements is as follows:


Derivatives in Cash Flow Hedging Relationships	Location of Gain or Loss Recognized in Income on Derivatives	Amount of Gain Recognized in AOCI on Derivatives						Amount of Gain (Loss) Reclassified from AOCI into Income (1)
		Fiscal year ended March 31,						Fiscal year ended March 31,
		2024		2023		2022		2024		2023		2022
Interest rate swaps	Interest expense	$	11,794	$	14,919	$	20,352	$	14,932	$	1,237	$	(17,535)

Over the next 12 months, the Company estimates that $8.7 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 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.

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Less: Unamortized debt issuance costs and discount on debt	$ (26,309)	$ (17,230)
Total	3,411,816	2,812,145
Less: Current portion of long-term debt	(61,875)	(41,250)
Long-term debt, net of current portion	3,349,941	$ 2,770,895
Term Loan A
Debt Instrument [Line Items]
Outstanding Balance	$ 1,588,125
Term Loan A \| Term Loans
Debt Instrument [Line Items]
Interest Rate	6.677%	5.97%
Outstanding Balance	$ 1,588,125	$ 1,629,375
Senior Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Interest Rate	3.875%	3.875%
Outstanding Balance	$ 700,000	$ 700,000
Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Interest Rate	4.00%	4.00%
Outstanding Balance	$ 500,000	$ 500,000
Senior Notes due 2033 \| Senior Notes
Debt Instrument [Line Items]
Interest Rate	5.95%	0.00%
Outstanding Balance	$ 650,000	$ 0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 10,661,896	$ 9,258,911	$ 8,363,700
Operating costs and expenses:
Cost of revenue	4,921,071	4,304,810	3,899,622
Billable expenses	3,281,776	2,808,857	2,474,163
General and administrative expenses	1,281,443	1,532,912	1,158,987
Depreciation and amortization	164,203	165,484	145,747
Total operating costs and expenses	9,648,493	8,812,063	7,678,519
Operating income	1,013,403	446,848	685,181
Interest expense	(172,901)	(119,850)	(92,352)
Other income, net	12,818	40,951	11,214
Income before income taxes	853,320	367,949	604,043
Income tax expense	247,614	96,734	137,466
Net income	605,706	271,215	466,577
Net loss attributable to non-controlling interest	0	576	163
Net income attributable to common stockholders	$ 605,706	$ 271,791	$ 466,740
Earnings per share of common stock (Note 4):
Basic (in dollars per share)	$ 4.61	$ 2.04	$ 3.46
Diluted (in dollars per share)	$ 4.59	$ 2.03	$ 3.44

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Mar. 31, 2024	May 20, 2024	Sep. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--03-31
Document Transition Report	false
Entity File Number	001-34972
Entity Registrant Name	Booz Allen Hamilton Holding Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2634160
Entity Address, Address Line One	8283 Greensboro Drive,
Entity Address, City or Town	McLean,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	703
Local Phone Number	902-5000
Title of 12(b) Security	Class A Common Stock
Trading Symbol	BAH
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 14,260,987,781
Entity Common Stock, Shares Outstanding		129,320,488
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for its Annual Meeting of Stockholders scheduled for July 24, 2024 are incorporated by reference into Part III.
Entity Central Index Key	0001443646
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Document Financial Statement Error Correction [Flag]	false

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 10,661,896	$ 9,258,911	$ 8,363,700
Revenue (as a percent)	100.00%	100.00%	100.00%
Prime Contractor
Disaggregation of Revenue [Line Items]
Revenue	$ 10,143,192	$ 8,755,628	$ 7,864,273
Revenue (as a percent)	95.00%	95.00%	94.00%
Sub-contractor
Disaggregation of Revenue [Line Items]
Revenue	$ 518,704	$ 503,283	$ 499,427
Revenue (as a percent)	5.00%	5.00%	6.00%
Global Commercial Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 173,247	$ 231,642	$ 216,276
Revenue (as a percent)	2.00%	3.00%	3.00%
Total U.S. government
Disaggregation of Revenue [Line Items]
Revenue	$ 10,488,649	$ 9,027,269	$ 8,147,424
Revenue (as a percent)	98.00%	97.00%	97.00%
Total U.S. government \| Defense Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 5,055,779	$ 4,228,110	$ 3,965,590
Revenue (as a percent)	47.00%	45.00%	47.00%
Total U.S. government \| Intelligence Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 1,774,405	$ 1,686,622	$ 1,573,216
Revenue (as a percent)	17.00%	18.00%	19.00%
Total U.S. government \| Civil Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 3,658,465	$ 3,112,537	$ 2,608,618
Revenue (as a percent)	34.00%	34.00%	31.00%
Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	$ 5,873,045	$ 4,908,451	$ 4,514,262
Revenue (as a percent)	55.00%	53.00%	54.00%
Time-and-materials
Disaggregation of Revenue [Line Items]
Revenue	$ 2,530,366	$ 2,296,965	$ 2,017,094
Revenue (as a percent)	24.00%	25.00%	24.00%
Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	$ 2,258,485	$ 2,053,495	$ 1,832,344
Revenue (as a percent)	21.00%	22.00%	22.00%

Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

The following table presents the changes in accumulated other comprehensive income, net of tax:


	Fiscal Year Ended March 31, 2024
	Post-retirement plans		Derivatives designated as cash flow hedges		Total
Beginning of year	$	19,450	$	9,883	$	29,333
Other comprehensive (loss) income before reclassifications (1)	(15,989)		8,643		(7,346)
Amounts reclassified from accumulated other comprehensive income	(1,485)		(10,970)		(12,455)
Net current-period other comprehensive income	(17,474)		(2,327)		(19,801)
End of year	$	1,976	$	7,556	$	9,532


	Fiscal Year Ended March 31, 2023
	Post-retirement plans		Derivatives designated as cash flow hedges		Total
Beginning of year	$	8,811	$	(226)	$	8,585
Other comprehensive income before reclassifications (2)	10,644		11,021		21,665
Amounts reclassified from accumulated other comprehensive income	(5)		(912)		(917)
Net current-period other comprehensive income	10,639		10,109		20,748
End of year	$	19,450	$	9,883	$	29,333


	Fiscal Year Ended March 31, 2022
	Post-retirement plans		Derivatives designated as cash flow hedges		Total
Beginning of year	$	(1,562)	$	(28,209)	$	(29,771)
Other comprehensive income before reclassifications (3)	10,294		15,032		25,326
Amounts reclassified from accumulated other comprehensive income	79		12,951		13,030
Net current-period other comprehensive income	10,373		27,983		38,356

End of year	$	8,811	$	(226)	$	8,585

Income Taxes - Components of Net Deferred Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Deferred income tax assets:
Accrued expenses	$ 102,618	$ 146,945
Deferred compensation	54,314	47,931
Stock-based compensation	11,107	11,628
Pension and postretirement benefits	34,895	28,585
Net operating loss and other carryforwards	9,621	16,984
Research and development expenditures and indirect effects	248,147	599,381
State tax credits	108	11,516
Operating lease liabilities	63,781	69,604
Other	10,261	9,100
Total gross deferred income tax assets	534,852	941,674
Less: Valuation allowance	(8,078)	(11,788)
Total net deferred income tax assets	526,774	929,886
Deferred income tax liabilities:
Unbilled receivables	(131,919)	(177,321)
Intangible assets	(93,207)	(88,858)
Property and equipment	(25,725)	(34,905)
Operating lease right-of-use assets	(45,022)	(48,939)
Other	(3,730)	(6,083)
Total deferred income tax liabilities	(299,603)	(356,106)
Net deferred income tax asset	$ 227,171	$ 573,780

Related Party Transactions	12 Months Ended
Related Party Transactions	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Two of our directors served on the board of directors of a subcontractor to which the Company subcontracted $70.0 million of services for fiscal 2022. The subcontractor was acquired by another company in August 2021, at which point the two directors ceased to serve on the board of directors. Other than the fiscal 2022 subcontractor fees noted, we did not have any other material related party transactions in fiscal 2024, 2023 or 2022.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Business Overview (Details)	12 Months Ended
Business Overview (Details)	Mar. 31, 2024 employee segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1
Number of reportable segments	1
Number of employees \| employee	34,200

Employee Benefit Plans (Tables)

12 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Schedule of Components of Net Postretirement Medical Expense

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


	Fiscal Year Ended March 31,
	2024		2023		2022
Service cost	$	5,100	$	6,117	$	6,505
Interest cost	5,067		4,182		4,063

Total postretirement medical expense	$	10,167	$	10,299	$	10,568

Schedule of Assumed Health Care Cost Trend Rates

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


Pre-65 initial rate	2024		2023
Healthcare cost trend rate assumed for next year	7.25	%	6.60	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2033		2032


Post-65 initial rate	2024		2023
Healthcare cost trend rate assumed for next year	7.50	%	6.80	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2033		2032

Schedule of Change in Benefit Obligation

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


	Fiscal Year Ended March 31,
	2024		2023		2022
Benefit obligation, beginning of the year	$	105,585	$	113,505	$	121,518
Service cost	5,100		6,117		6,505
Interest cost	5,067		4,182		4,063
Net actuarial loss (gain)	17,163		(14,288)		(13,563)
Benefits paid	(5,927)		(3,931)		(5,018)
Benefit obligation, end of the year	$	126,988	$	105,585	$	113,505

Schedule of Change in Fair Value of Plan Assets


	Fiscal Year Ended March 31,
Changes in plan assets	2024		2023		2022
Fair value of plan assets, beginning of the year	$	—	$	—	$	—
Employer contributions	5,927		3,931		5,018
Benefits paid	(5,927)		(3,931)		(5,018)
Fair value of plan assets, end of the year	$	—	$	—	$	—

Schedule of Expected Future Benefit Payments

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


For the Fiscal Year Ending March 31,
2025	$	5,142
2026	5,677
2027	6,117
2028	6,658
2029	7,173
2030 - 2034	42,398
Total	$	73,165

Accrued Compensation and Benefits

12 Months Ended

Mar. 31, 2024

Accrued Compensation and Benefits

Accrued compensation and benefits consisted of the following:


	March 31,
	2024		2023
Bonus	$	151,063	$	120,023
Retirement	57,465		52,480
Vacation	223,385		203,627
Other	74,217		69,075
Total accrued compensation and benefits	$	506,130	$	445,205

Employee Benefit Plans

12 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

Defined Contribution Plan

The Company sponsors the Employees’ Capital Accumulation Plan (the “ECAP”), which is a qualified defined contribution plan that covers eligible U.S. and certain international employees. ECAP provides for distributions to participants by reason of retirement, death, disability, or termination of employment. The Company provides an annual matching contribution of up to 6% of eligible annual compensation. Total expense recognized under ECAP for fiscal 2024, 2023, and 2022 was $218.4 million, $190.5 million, and $176.8 million, respectively, and the Company-paid contributions were $213.3 million, $185.7 million, and $171.6 million, respectively.

Post Retirement Benefits

The Company provides postretirement healthcare benefits to former officers under a medical indemnity insurance plan, with premiums paid by the Company. This plan is referred to as the Officer Medical Plan. The Company recognizes a liability for the defined benefit plans' underfunded status, measures the defined benefit plans' obligations that determine its funded status as of the end of the fiscal year, and recognizes as a component of accumulated other comprehensive income the changes in the defined benefit plans' funded status that are not recognized as components of net periodic benefit cost. See Note 15, “Accumulated Other Comprehensive Income,” to our consolidated financial statements.

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


	Fiscal Year Ended March 31,
	2024		2023		2022
Service cost	$	5,100	$	6,117	$	6,505
Interest cost	5,067		4,182		4,063

Total postretirement medical expense	$	10,167	$	10,299	$	10,568

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

The weighted-average discount rate used to determine the year-end benefit obligation for the Officer Medical Plan were 5.20%, 4.90% and 3.75% for fiscal 2024, 2023, and 2022, respectively.

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


Pre-65 initial rate	2024		2023
Healthcare cost trend rate assumed for next year	7.25	%	6.60	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2033		2032


Post-65 initial rate	2024		2023
Healthcare cost trend rate assumed for next year	7.50	%	6.80	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2033		2032

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


	Fiscal Year Ended March 31,
	2024		2023		2022
Benefit obligation, beginning of the year	$	105,585	$	113,505	$	121,518
Service cost	5,100		6,117		6,505
Interest cost	5,067		4,182		4,063
Net actuarial loss (gain)	17,163		(14,288)		(13,563)
Benefits paid	(5,927)		(3,931)		(5,018)
Benefit obligation, end of the year	$	126,988	$	105,585	$	113,505

The net actuarial loss related to the benefit obligation in fiscal 2024 was primarily due to unfavorable updates in estimated medical claims, medical inflation, and demographic assumptions, partially offset by increases in discount rates. The net actuarial gain related to the benefit obligation in fiscal 2023 was primarily due to a favorable change from using an amounts-weighted to a headcount-weighted mortality table and increases in discount rates, partially offset by updates to estimated medical costs and the outlook of higher future medical inflation. The net actuarial gain related to the benefit obligation in fiscal 2022 was primarily due to favorable changes in estimated medical costs and increases in discount rates, partially offset by updates to demographic assumptions and outlook of higher future medical inflation.


	Fiscal Year Ended March 31,
Changes in plan assets	2024		2023		2022
Fair value of plan assets, beginning of the year	$	—	$	—	$	—
Employer contributions	5,927		3,931		5,018
Benefits paid	(5,927)		(3,931)		(5,018)
Fair value of plan assets, end of the year	$	—	$	—	$	—

As of March 31, 2024 and 2023, the unfunded status of the Officer Medical Plan was $127.0 million and $105.6 million, respectively, which is included in other long-term liabilities in the accompanying consolidated balance sheets.

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


For the Fiscal Year Ending March 31,
2025	$	5,142
2026	5,677
2027	6,117
2028	6,658
2029	7,173
2030 - 2034	42,398
Total	$	73,165

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Melody Barnes [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Melody Barnes, a member of the Board of Directors, adopted a new Rule 10b5-1 trading arrangement on March 14, 2024 that will terminate on March 14, 2025. Under the trading arrangement, up to an aggregate of 1,041 shares of common stock are available to be sold by the broker upon reaching pricing targets defined in the trading arrangement.
Name	Melody Barnes
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 14, 2024
Arrangement Duration	365 days
Aggregate Available	1,041	1,041
Richard Crowe [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Richard Crowe, an Executive Vice President and President for the Company's Civil sector, adopted a new Rule 10b5-1 trading arrangement on March 4, 2024 that will terminate on February 28, 2025. Under the trading arrangement, up to an aggregate of 5,249 shares of common stock are available to be sold by the broker upon reaching pricing targets defined in the trading arrangement
Name	Richard Crowe
Title	Executive Vice President and President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 4, 2024
Arrangement Duration	361 days
Aggregate Available	5,249	5,249
Susan Penfield [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Susan Penfield, our Chief Technology Officer, adopted a new Rule 10b5-1 trading arrangement on February 8, 2024 that will terminate on June 7, 2024. Under the trading arrangement, up to an aggregate of 30,161 shares of common stock issuable upon the exercise of options are available to be sold by the broker upon reaching pricing targets defined in the trading arrangement
Name	Susan Penfield
Title	Chief Technology Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 8, 2024
Arrangement Duration	120 days
Aggregate Available	30,161	30,161

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID)	$ 4,920	$ 4,350	$ 4,619
Interest Rate Swaps	(14,932)	(1,237)	17,535
Other	891	963	494
Total Interest Expense	172,901	119,850	92,352
Term Loans \| Term Loan A
Debt Instrument [Line Items]
Interest expense on debt	107,891	63,463	19,570
Term Loans \| Term Loan B
Debt Instrument [Line Items]
Interest expense on debt	0	5,186	7,207
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense on debt	1,438	0	25
Senior Notes
Debt Instrument [Line Items]
Interest expense on debt	$ 72,693	$ 47,125	$ 42,902

Debt - Schedule of Material Terms of Senior Notes (Details) - Senior Notes - USD ($)	Mar. 31, 2024	Aug. 04, 2023	Jun. 17, 2021	Aug. 24, 2020
Senior Notes due 2033
Debt Instrument [Line Items]
Principal		$ 650,000,000
Interest Rate		5.95%
Issuance Costs		$ 12,400,000
Senior Notes due 2029
Debt Instrument [Line Items]
Principal			$ 500,000,000
Interest Rate			4.00%
Issuance Costs			$ 6,500,000
Senior Notes due 2028
Debt Instrument [Line Items]
Principal				$ 700,000,000
Interest Rate	3.875%			3.875%
Issuance Costs				$ 9,200,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies - Intangible Assets and Goodwill (Details) - USD ($)			12 Months Ended
	Jan. 01, 2024	Jan. 01, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Impairment charge on intangibles			$ 0	$ 0	$ 0
Goodwill impairment	$ 0	$ 0	0	0	0
Impairment charges			$ 0	$ 0	$ 0
Programs and contract assets, channel relationships, and other amortizable intangible assets \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)			2 years
Programs and contract assets, channel relationships, and other amortizable intangible assets \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)			14 years
Software \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)			1 year
Software \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)			10 years

Employee Benefit Plans - Future Benefit Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2025	$ 5,142
2026	5,677
2027	6,117
2028	6,658
2029	7,173
2030 - 2034	42,398
Total	$ 73,165

Fair Value Measurements

12 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

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


	Recurring Fair Value Measurements as of March 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Current derivative instruments (1)	$	—	$	8,713	$	—	$	8,713
Long-term derivative instruments (1)	—		1,556		—		1,556
Long term deferred compensation plan asset (2)	28,957		—		—		28,957

Total Assets	$	28,957	$	10,269	$	—	$	39,226
Liabilities:


Long term deferred compensation plan liability (2)	28,957		—		—		28,957
Total Liabilities	$	28,957	$	—	$	—	$	28,957


	Recurring Fair Value Measurements as of March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Current derivative instruments (1)	$	—	$	11,245	$	—	$	11,245
Long-term derivative instruments (1)	—		3,530		—		3,530
Long term deferred compensation plan asset (2)	$	20,090	$	—	$	—	$	20,090
Total Assets	$	20,090	$	14,775	$	—	$	34,865
Liabilities:


Long-term derivative instruments (1)	—		1,369		—		1,369
Long term deferred compensation plan liability (2)	20,090		—		—		20,090
Total liabilities	$	20,090	$	1,369	$	—	$	21,459

The fair value of the Company's cash and cash equivalents, which are Level 1 inputs, approximated its carrying values at March 31, 2024 and 2023. The Company’s cash and cash equivalent balances presented on the accompanying consolidated balance sheets include $192.7 million and $237.8 million of marketable securities in money market funds as of March 31, 2024 and 2023, respectively.

The Company's long-term 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 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:


	March 31, 2024				March 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Term Loan A	$	1,588,125	$	1,582,170	$	1,629,375	$	1,600,861
3.875% Senior Notes due 2028	700,000		656,677		700,000		638,540
4.000% Senior Notes due 2029	500,000		465,470		500,000		451,930
5.950% Senior Notes due 2033	650,000		672,815		—		—

For our investments that are measured at fair value on a non-recurring basis, we did not have any material measurement adjustments during fiscal 2024. See Note 5, “Acquisition and Divestitures,” to the consolidated financial statements for details on non-recurring fair value measurement adjustments related to the assets and liabilities acquired through our acquisitions.

- 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

Summary of Significant Accounting Policies - Investments in Variable Interest Entities and Other Investments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Variable interest entities and other investments	$ 42.0	$ 23.1

Employee Benefit Plans - Components of Net Postretirement Medical Expense (Details) - Officer Medical Plan - Other Postretirement Benefits Plan - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 5,100	$ 6,117	$ 6,505
Interest cost	5,067	4,182	4,063
Total postretirement medical expense	$ 10,167	$ 10,299	$ 10,568

Accounts Payable and Other Accrued Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Payables and Accruals [Abstract]
Vendor payables		$ 653,131		$ 597,808
Accrued expenses		397,539		718,832
Total accounts payable and other accrued expenses		1,050,670		1,316,640
U.S. Department of Justice
Loss Contingencies [Line Items]
Estimate of possible loss			$ 377,500	350,000
Payments for legal settlements	$ 350,000
Unfavorable Regulatory Action \| Claimed Indirect Costs
Loss Contingencies [Line Items]
Provision for claimed indirect costs		$ 363,700		$ 326,700

Employee Benefit Plans - Healthcare Cost Trend Rates (Details) - Officer Medical Plan - Other Postretirement Benefits Plan	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate assumed for next year, Pre 65	7.25%	6.60%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate), Pre 65	4.50%	4.50%
Health care cost trend rate assumed for next year, Post 65	7.50%	6.80%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate), Post 65	4.50%	4.50%

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 499,410	$ 489,112
Less: Accumulated depreciation and amortization	(311,131)	(293,926)
Property and equipment, net	188,279	195,186
Depreciation and amortization expense related to property and equipment	70,900	71,200	$ 69,500
Reduction to gross cost and accumulated depreciation for zero net book value assets	36,300	24,700
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	121,544	119,316
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	107,902	111,538
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 269,964	$ 258,258

Accounts Payable and Other Accrued Expenses

12 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accounts Payable and Other Accrued Expenses

Accounts payable and other accrued expenses consisted of the following:


	March 31,
	2024		2023
Vendor payables	$	653,131	$	597,808
Accrued expenses	397,539		718,832
Total accounts payable and other accrued expenses	$	1,050,670	$	1,316,640

Accrued expenses consisted primarily of the Company’s provision for claimed indirect costs, (approximately $363.7 million and $326.7 million as of March 31, 2024 and 2023, respectively). Accrued expenses at March 31, 2023 also included a $350.0 million reserve associated with the settlement of the U.S. Department of Justice's investigation of the Company which was subsequently settled and paid in the second quarter of fiscal 2024. Refer to Note 20, “Commitments and Contingencies,” to the consolidated financial statements for further discussion of these items.

Revenue (Tables)

12 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


Revenue by Contract Type:	Fiscal Year Ended March 31,
		2024			2023			2022
Cost-reimbursable			$	5,873,045	55%	$	4,908,451	53%	$	4,514,262	54%
Time-and-materials			2,530,366		24%	2,296,965		25%	2,017,094		24%
Fixed-price			2,258,485		21%	2,053,495		22%	1,832,344		22%
Total Revenue			$	10,661,896	100%	$	9,258,911	100%	$	8,363,700	100%


Revenue by Customer Type:	Fiscal Year Ended March 31,
		2024			2023			2022
U.S. government(1):
Defense Clients			$	5,055,779	47%	$	4,228,110	45%	$	3,965,590	47%
Intelligence Clients			1,774,405		17%	1,686,622		18%	1,573,216		19%
Civil Clients			3,658,465		34%	3,112,537		34%	2,608,618		31%
Total U.S. government			10,488,649		98%	9,027,269		97%	8,147,424		97%
Global Commercial Clients			173,247		2%	231,642		3%	216,276		3%
Total Revenue			$	10,661,896	100%	$	9,258,911	100%	$	8,363,700	100%


Revenue by Whether the Company Acts as a Prime Contractor or a Sub-Contractor:	Fiscal Year Ended March 31,
		2024			2023			2022
Prime Contractor			$	10,143,192	95%	$	8,755,628	95%	$	7,864,273	94%
Sub-contractor			518,704		5%	503,283		5%	499,427		6%
Total Revenue			$	10,661,896	100%	$	9,258,911	100%	$	8,363,700	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 consolidated balance sheets:


	March 31,
	2024		2023
Current assets:
Accounts receivable–billed	$	700,066	$	551,666
Accounts receivable–unbilled (contract assets)	1,347,577		1,223,482
Allowance for credit losses	(301)		(318)
Accounts receivable, net	2,047,342		1,774,830
Other long-term assets:
Accounts receivable–unbilled (contract assets)	57,355		59,455
Total accounts receivable, net	$	2,104,697	$	1,834,285
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)	$	15,527	$	18,995

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 554,257	$ 404,862
Accounts receivable, net	$ 2,047,342	$ 1,774,830
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets	Prepaid expenses and other current assets
Prepaid expenses and other current assets	$ 137,310	$ 108,366
Total current assets	2,738,909	2,288,058
Property and equipment, net of accumulated depreciation	188,279	195,186
Operating lease right-of-use assets	174,345	187,798
Intangible assets, net of accumulated amortization	601,043	685,615
Goodwill	2,343,789	2,338,399
Deferred tax assets	$ 227,171	$ 573,780
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Other long-term assets	$ 290,152	$ 281,816
Total assets	6,563,688	6,550,652
Current liabilities:
Current portion of long-term debt	61,875	41,250
Accounts payable and other accrued expenses	1,050,670	1,316,640
Accrued compensation and benefits	506,130	445,205
Operating lease liabilities	$ 43,187	$ 51,238
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Other current liabilities	$ 30,328	$ 42,721
Total current liabilities	1,692,190	1,897,054
Long-term debt, net of current portion	3,349,941	2,770,895
Operating lease liabilities, net of current portion	182,134	198,144
Income tax reserves	$ 120,237	$ 552,623
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Other long-term liabilities	$ 172,624	$ 139,934
Total liabilities	5,517,126	5,558,650
Commitments and contingencies (Note 20)
Stockholders’ equity:
Common stock, Class A - $0.01 par value - 600,000,000 shares authorized; 167,402,268 shares and 165,872,332 shares issued at March 31, 2024 and March 31, 2023, respectively; 129,643,123 shares and 131,637,588 shares outstanding at March 31, 2024 and March 31, 2023, respectively	1,674	1,659
Treasury stock, at cost - 37,759,145 and 34,234,744 shares at March 31, 2024 and March 31, 2023, respectively	(2,277,546)	(1,859,905)
Additional paid-in capital	908,837	769,460
Retained earnings	2,404,065	2,051,455
Accumulated other comprehensive income	9,532	29,333
Total stockholders’ equity	1,046,562	992,002
Total liabilities and stockholders’ equity	$ 6,563,688	$ 6,550,652

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income	$ 605,706	$ 271,215	$ 466,577
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	164,203	165,484	145,747
Noncash lease expense	53,604	55,950	55,881
Stock-based compensation expense	94,982	80,272	69,784
Deferred income taxes	(101,006)	(353,902)	(130,197)
Amortization of debt issuance costs	4,920	4,350	4,619
Loss on debt extinguishment	965	10,251	2,515
Net loss (gains) on dispositions, impairments and other	8,461	(45,754)	(3,388)
Net loss (gains) associated with equity method investment activities	421	2,116	(12,759)
Changes in assets and liabilities:
Accounts receivable, net	(269,639)	(130,187)	(154,652)
Income taxes receivable / payable	(11,370)	3,708	132,029
Prepaid expenses and other current and long-term assets	(10,367)	181,907	(19,489)
Accrued compensation and benefits	47,741	1,332	12,620
Accounts payable and other accrued expenses	(282,072)	409,516	194,827
Other current and long-term liabilities	(47,711)	(53,436)	(27,588)
Net cash provided by operating activities	258,838	602,822	736,526
Cash flows from investing activities
Purchases of property, equipment, and software	(66,699)	(76,130)	(79,964)
Payments for business acquisitions, net of cash acquired	(406)	(440,295)	(780,334)
Payments for cost method investments	(23,535)	(5,000)	(7,000)
Proceeds from sale of businesses	0	53,409	0
Other investing activities	0	0	(427)
Net cash used in investing activities	(90,640)	(468,016)	(867,725)
Cash flows from financing activities
Proceeds from issuance of common stock	28,665	24,663	23,371
Stock option exercises	15,745	11,384	5,929
Repurchases of common stock	(404,141)	(223,858)	(418,859)
Cash dividends paid	(253,413)	(235,726)	(209,057)
Proceeds from revolving credit facility	500,000	0	60,000
Repayments on revolving credit facility, term loans, and Senior Notes	(541,250)	(417,068)	(112,257)
Net proceeds from debt issuance	635,591	414,751	487,027
Net cash used in financing activities	(18,803)	(425,854)	(163,846)
Net increase (decrease) in cash and cash equivalents	149,395	(291,048)	(295,045)
Cash and cash equivalents––beginning of year	404,862	695,910	990,955
Cash and cash equivalents––end of year	554,257	404,862	695,910
Net cash paid during the period for:
Interest	155,848	115,578	64,699
Income taxes	335,911	256,394	127,069
Supplemental disclosures of non-cash investing and financing activities
Share repurchases transacted but not settled and paid	29,445	16,432	15,839
Unpaid property, equipment and software purchases	$ 16,117	$ 0	$ 0

Property and Equipment, Net

12 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

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


	March 31,
	2024		2023
Furniture and equipment	$	121,544	$	119,316
Computer equipment	107,902		111,538
Leasehold improvements	269,964		258,258
Total	499,410		489,112
Less: Accumulated depreciation and amortization	(311,131)		(293,926)
Property and equipment, net	$	188,279	$	195,186

Depreciation and amortization expense relating to property and equipment for fiscal 2024, 2023, and 2022 was $70.9 million, $71.2 million, and $69.5 million, respectively. During fiscal 2024 and 2023, the Company reduced the gross cost and accumulated depreciation and amortization by $36.3 million and $24.7 million, respectively, for zero net book value assets deemed no longer in service.

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 63,575	$ 68,620	$ 69,831
Short-term lease cost	1,211	455	585
Variable lease cost	12,911	11,237	11,641
Total operating lease costs	$ 77,697	$ 80,312	$ 82,057

Subsequent Events (Details)	May 24, 2024 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share (in dollars per share)	$ 0.51

Debt - Narrative (Details) - USD ($)					9 Months Ended	12 Months Ended
Debt - Narrative (Details) - USD ($)	May 04, 2023	Sep. 07, 2022	Jun. 17, 2021	Aug. 24, 2020	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Aug. 04, 2023
Debt Instrument [Line Items]
Proceeds from revolving credit facility						$ 500,000,000	$ 0	$ 60,000,000
Interest rate swaps \| Cash Flow Hedging \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Notional amount of interest rate swaps						550,000,000
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 \| Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from revolving credit facility						500,000,000
Repayments of lines of credit					$ 500,000,000
Revolving credit facility, amount outstanding						0	$ 0
Term Loans \| Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity						200,000,000
Term Loan A \| Term Loans
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity						1,588,100,000
Term Loan A \| Term Loans \| Base Rate \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate		0.00%
Term Loan A \| Term Loans \| Base Rate \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate		1.00%
Term Loan A \| Term Loans \| Before Two Year Anniversary
Debt Instrument [Line Items]
Debt instrument (as a percent)		0.625%
Term Loan A \| Term Loans \| After Two Year But Before Five Year Anniversary
Debt Instrument [Line Items]
Debt instrument (as a percent)		1.25%
Secured Credit Facility \| Term Loans \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity						$ 1,000,000,000
Revolving Commitments \| Minimum
Debt Instrument [Line Items]
Commitment fee (as a percent)		0.10%
Revolving Commitments \| Maximum
Debt Instrument [Line Items]
Commitment fee (as a percent)		0.35%
Senior Notes due 2033 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument (as a percent)									5.95%
Face amount of debt									$ 650,000,000
Senior Notes due 2033 \| Senior Notes \| Period Two
Debt Instrument [Line Items]
Redemption of principal amount (as a percent)	100.00%
Senior Notes due 2033 \| Senior Notes \| Period Three
Debt Instrument [Line Items]
Redemption of principal amount (as a percent)	100.00%
Senior Notes due 2033 \| Senior Notes \| Treasury Rate
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	0.35%
Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument (as a percent)			4.00%
Face amount of debt			$ 500,000,000
Redemption price (as a percent)			104.00%
Percentage of principal amount outstanding (as a percent)			50.00%
Redemption of principal, redemption period			180 days
Senior Notes due 2029 \| Senior Notes \| Period Two
Debt Instrument [Line Items]
Redemption of principal amount (as a percent)			102.00%
Senior Notes due 2029 \| Senior Notes \| Period Three
Debt Instrument [Line Items]
Redemption of principal amount (as a percent)			101.00%
Senior Notes due 2029 \| Senior Notes \| Period One
Debt Instrument [Line Items]
Redemption of principal amount (as a percent)			100.00%
Redemption price (as a percent)			40.00%
Senior Notes due 2029 \| Senior Notes \| Period Four
Debt Instrument [Line Items]
Redemption of principal amount (as a percent)			100.00%
Senior Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument (as a percent)				3.875%		3.875%
Face amount of debt				$ 700,000,000
Senior Notes due 2028 \| Senior Notes \| Period Two
Debt Instrument [Line Items]
Redemption of principal amount (as a percent)				101.938%
Senior Notes due 2028 \| Senior Notes \| Period Three
Debt Instrument [Line Items]
Redemption of principal amount (as a percent)				100.969%
Senior Notes due 2028 \| Senior Notes \| Period Four
Debt Instrument [Line Items]
Redemption of principal amount (as a percent)				100.00%

Income Taxes - Schedule of Income Tax Receivable and Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Current income tax receivable	$ 47,158	$ 23,633
Long term income tax receivable	152,474	167,821
Current income tax payable	$ 11,331	$ 14,523

Acquisitions and Divestitures (Tables)

12 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

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


Cash consideration (gross of cash acquired)	$	445,074

Purchase price allocation:
Cash	4,779
Current assets	27,725
Operating lease right-of-use asset	7,894
Other long-term assets	5,078
Intangible assets	108,600
Deferred tax liabilities	(20,394)
Current liabilities	(11,612)
Operating lease liabilities - short-term	(1,362)
Operating lease liabilities - long-term	(6,532)
Total fair value of identifiable net assets acquired	$	114,176

Goodwill	$	330,898