0001443646-24-000200 | 10-Q | XBRL Viewer | Booz Allen Hamilton Holding Corp

Accrued Compensation and Benefits

6 Months Ended

Sep. 30, 2024

Accrued compensation and benefits consisted of the following:


	September 30, 2024		March 31, 2024
Bonus	$	59,251	$	151,063
Retirement	129,948		57,465
Vacation	242,022		223,385
Other	249,276		74,217
Total accrued compensation and benefits	$	680,497	$	506,130

Other accrued compensation and benefits as of September 30, 2024 and March 31, 2024, respectively, includes $240.0 million and $41.7 million of the Company’s accrued payroll related liabilities. The Company changed its payroll cadence during the second quarter of fiscal 2025, resulting in the increased liability at period end.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 390,112	$ 170,718	$ 555,345	$ 332,106

- Definition

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

+ References

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+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	24.00%	24.40%	23.70%	22.20%
Long-term income tax receivable	$ 152,500		$ 152,500		$ 152,500
Tax Credit Carryforward [Line Items]
Income tax reserves	132,847		132,847		120,237
Research and Development Tax Credits
Tax Credit Carryforward [Line Items]
Income tax reserves	$ 126,900		$ 126,900		$ 115,400

Fair Value Measurements - Schedule of Recurring Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Assets:
Current derivative instruments	$ 2,869	$ 8,713
Long term derivative instruments		1,556
Long-term deferred compensation plan asset	38,761	28,957
Total Assets	41,630	39,226
Liabilities:
Current derivative instruments	1,141
Long-term derivative instruments	4,988
Long-term deferred compensation plan liability	38,761	28,957
Total Liabilities	44,890	28,957
Level 1
Assets:
Current derivative instruments	0	0
Long term derivative instruments		0
Long-term deferred compensation plan asset	38,761	28,957
Total Assets	38,761	28,957
Liabilities:
Current derivative instruments	0
Long-term derivative instruments	0
Long-term deferred compensation plan liability	38,761	28,957
Total Liabilities	38,761	28,957
Level 2
Assets:
Current derivative instruments	2,869	8,713
Long term derivative instruments		1,556
Long-term deferred compensation plan asset	0	0
Total Assets	2,869	10,269
Liabilities:
Current derivative instruments	1,141
Long-term derivative instruments	4,988
Long-term deferred compensation plan liability	0	0
Total Liabilities	6,129	0
Level 3
Assets:
Current derivative instruments	0	0
Long term derivative instruments		0
Long-term deferred compensation plan asset	0	0
Total Assets	0	0
Liabilities:
Current derivative instruments	0
Long-term derivative instruments	0
Long-term deferred compensation plan liability	0	0
Total Liabilities	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ 555,345	$ 332,106
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	83,185	82,754
Noncash lease expense	26,036	28,059
Stock-based compensation expense	45,712	37,510
Amortization of debt issuance costs	2,721	2,245
Loss on debt extinguishment	0	965
Net (gains) losses on investments, dispositions, and other	(10,729)	1,408
Changes in operating assets and liabilities:
Accounts receivable, net	(160,631)	(235,244)
Deferred income taxes and income taxes receivable / payable	(29,993)	(67,978)
Prepaid expenses and other current and long-term assets	(29,409)	(22,149)
Accrued compensation and benefits	195,332	5,553
Accounts payable and other accrued expenses	(23,563)	(260,873)
Other current and long-term liabilities	(14,787)	(23,273)
Net cash provided by (used in) operating activities	639,219	(118,917)
Cash flows from investing activities
Purchases of property, equipment, and software	(56,247)	(27,436)
Payments for business acquisitions and dispositions, net of cash acquired	(92,541)	(406)
Payments for cost method investments	(4,484)	(9,160)
Net cash used in investing activities	(153,272)	(37,002)
Cash flows from financing activities
Proceeds from issuance of common stock	16,037	13,947
Stock option exercises	4,634	13,133
Repurchases of common stock	(348,572)	(209,187)
Cash dividends paid	(132,954)	(125,122)
Proceeds from revolving credit facility	0	500,000
Repayments on revolving credit facility, term loans, and Senior Notes	(20,625)	(520,625)
Net proceeds from debt issuance	0	636,207
Net cash (used in) provided by financing activities	(481,480)	308,353
Net increase in cash and cash equivalents	4,467	152,434
Cash and cash equivalents––beginning of period	554,257	404,862
Cash and cash equivalents––end of period	558,724	557,296
Net cash paid during the period for:
Interest	97,138	78,098
Income taxes	189,746	144,720
Supplemental disclosures of non-cash investing activities:
Unpaid property, equipment, and software purchases	$ 3,603	$ 0

Stock-Based Compensation

6 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	9,464	$	9,038	$	16,823	$	16,952
General and administrative expenses	16,320		10,787		28,889		20,558
Total	$	25,784	$	19,825	$	45,712	$	37,510

The following table summarizes the total stock-based compensation expense recognized in the condensed consolidated statements of operations by the following types of equity awards, including stock options, time-based and performance-based restricted stock awards. Compensation expense for performance-based awards is estimated at each reporting date using management's expectation of the probable achievement of the specified performance criteria of each tranche during the respective performance periods:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
Equity Incentive Plan Options	$	262	$	374	$	510	$	694
Restricted Stock and other awards	25,522		19,451		45,202		36,816
Total	$	25,784	$	19,825	$	45,712	$	37,510

As of September 30, 2024, there was $114.5 million of total unrecognized compensation cost related to unvested stock-based compensation agreements. Absent the effect of forfeiture or acceleration of stock compensation cost for any departures of employees, the following table summarizes the unrecognized compensation cost and the weighted-average period the cost is expected to be amortized (excludes any future award):


	September 30, 2024
	Unrecognized Compensation Cost		Weighted Average Remaining Period to be Recognized (in years)
Equity Incentive Plan Options	$	1,885	3.26
Restricted Stock Awards	112,572		1.92
Total	$	114,457

Equity Incentive Plan

During the three and six months ended September 30, 2024, the Board of Directors granted 0.1 million and 0.6 million, respectively, time-based and performance-based restricted stock units to certain employees of the Company. The aggregate value of these awards was $9.5 million and $92.0 million for each respective period based on the grant date fair value. The performance-based awards granted during the six months ended September 30, 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.

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of match (as a percent)			6.00%
Employees’ capital accumulation plan, total expense recognized	$ 61.1	$ 53.6	$ 123.0	$ 108.1
Officer Medical Plan \| Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, unfunded status of plan	$ 129.2		$ 129.2		$ 127.0

Accumulated Other Comprehensive Income / (Loss) (Tables)

6 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

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


	Three Months Ended September 30, 2024						Six Months Ended September 30, 2024
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals		Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of period	$	2,087	$	5,316	$	7,403	$	1,976	$	7,556	$	9,532
Other comprehensive loss before reclassifications(1)	—		(5,788)		(5,788)		—		(5,240)		(5,240)
Amounts reclassified from accumulated other comprehensive income (2)	112		(2,003)		(1,891)		223		(4,791)		(4,568)
Net current-period other comprehensive income (loss)	112		(7,791)		(7,679)		223		(10,031)		(9,808)
End of period	$	2,199	$	(2,475)	$	(276)	$	2,199	$	(2,475)	$	(276)

(1) Changes in other comprehensive income / (loss) before reclassification for derivatives designated as cash flow hedges are recorded net of tax benefit of $2.0 million and $1.8 million for the three and six months ended September 30, 2024, respectively. The tax impact of other comprehensive income before reclassification for post-retirement plans for the three and six months ended September 30, 2024 was immaterial.

(2) The reclassifications from accumulated other comprehensive income to net income for derivatives designated as cash flow hedges are recorded net of tax expense of $0.7 million and $1.7 million for the three and six months ended September 30, 2024, respectively. The tax impact of reclassifications from accumulated other comprehensive loss to net income for post-retirement plans for the three and six months ended September 30, 2024 was immaterial.


	Three Months Ended September 30, 2023						Six Months Ended September 30, 2023
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals		Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of period	$	19,067	$	13,624	$	32,691	$	19,450	$	9,883	$	29,333
Other comprehensive income before reclassifications(3)	—		2,344		2,344		—		8,700		8,700
Amounts reclassified from accumulated other comprehensive income(4)	(383)		(2,760)		(3,143)		(766)		(5,375)		(6,141)
Net current-period other comprehensive (loss) income	(383)		(416)		(799)		(766)		3,325		2,559
End of period	$	18,684	$	13,208	$	31,892	$	18,684	$	13,208	$	31,892

(3) Changes in other comprehensive income before reclassification for derivatives designated as cash flow hedges are recorded net of tax expense of $0.8 million and $3.1 million for the three and six months ended September 30, 2023, respectively.

(4) The reclassifications from accumulated other comprehensive income to net income for derivatives designated as cash flow hedges are recorded net of tax expense of $1.0 million and $1.9 million for the three and six months ended September 30, 2023, respectively. The tax impact of reclassifications from accumulated other comprehensive income to net income for post-retirement plans for the three and six months ended September 30, 2023 was immaterial.

Income Taxes	6 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rates were 24.0% and 24.4% for the three months ended September 30, 2024 and 2023, respectively, and 23.7% and 22.2% for the six months ended September 30, 2024 and 2023, respectively. Our effective tax rates for these periods differ from the federal statutory rate of 21.0% primarily due to the inclusion of state and foreign income taxes and permanent rate differences, which are predominantly related to certain executive compensation and the accrual of reserves for uncertain tax positions, offset by research and development tax credits, excess tax benefits for employee share-based compensation, and the Foreign Derived Intangible Income deduction. As of September 30, 2024 and March 31, 2024 the Company recorded $126.9 million and $115.4 million, respectively, of reserves for uncertain tax positions primarily related to research and development tax credits. As of September 30, 2024 and March 31, 2024, the Company has recorded both a current income tax receivable (classified as prepaid expenses and other current assets) and a current income tax payable (classified as other current liabilities) on its condensed consolidated balance sheet. These amounts are reflective of fiscal 2025 and 2024 tax accruals in each U.S. Federal, state, and foreign jurisdiction, as adjusted for estimated payments made to date. In addition, as of September 30, 2024 and March 31, 2024, the Company has recorded a long-term income tax receivable of $152.5 million, which 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 condensed 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.

- Definition

The entire disclosure for income tax.

+ References

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-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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+ Details

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Current assets
Accounts receivable–billed	$ 696,976	$ 700,066
Accounts receivable–unbilled (contract assets)	1,529,647	1,347,577
Allowance for credit losses	(1,265)	(301)
Accounts receivable, net	2,225,358	2,047,342
Other long-term assets
Accounts receivable–unbilled (contract assets)	57,703	57,355
Total accounts receivable, net	2,283,061	2,104,697
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)	$ 17,065	$ 15,527

Accounts Payable and Other Accrued Expenses

6 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accounts Payable and Other Accrued Expenses

Accounts payable and other accrued expenses consisted of the following:


	September 30, 2024		March 31, 2024
Vendor payables	$	677,440	$	653,131
Provision for claimed costs	245,925		363,745
Accrued expenses	101,678		33,794
Total accounts payable and other accrued expenses	$	1,025,043	$	1,050,670

See Note 15, “Commitments and Contingencies,” to the condensed consolidated financial statements for further discussion of the Company’s provision for claimed costs.

Derivatives - Schedule of Effect of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivatives designated as cash flow hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from AOCI, current period, tax	$ 700	$ 1,000	$ 1,700	$ 1,900
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-Tax (Loss) Gain Recognized in AOCI on Derivatives	(7,806)	3,173	(7,067)	11,772
Pre-Tax Gain Reclassified from AOCI into Income	$ 2,702	$ 3,702	$ 6,461	$ 7,271

Accounts Payable and Other Accrued Expenses (Tables)

6 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and other accrued expenses consisted of the following:


	September 30, 2024		March 31, 2024
Vendor payables	$	677,440	$	653,131
Provision for claimed costs	245,925		363,745
Accrued expenses	101,678		33,794
Total accounts payable and other accrued expenses	$	1,025,043	$	1,050,670

Revenue (Tables)

6 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Three Months Ended September 30,								Six Months Ended September 30,
	2024				2023				2024				2023
Cost-reimbursable	$	1,781,044	57	%	$	1,463,949	55	%	$	3,440,967	56	%	$	2,914,133	55	%
Time-and-materials	722,818		23	%	638,607		24	%	1,393,386		23	%	1,274,340		24	%
Fixed-price	642,524		20	%	563,726		21	%	1,253,830		21	%	1,132,295		21	%
Total Revenue	$	3,146,386	100	%	$	2,666,282	100	%	$	6,088,183	100	%	$	5,320,768	100	%

Revenue by Customer Type:


	Three Months Ended September 30,								Six Months Ended September 30,
	2024				2023				2024				2023
Defense Clients	$	1,544,108	49	%	$	1,270,943	47	%	$	2,960,978	48	%	$	2,492,638	47	%
Intelligence Clients	496,420		16	%	442,924		17	%	957,459		16	%	920,456		17	%
Civil Clients (1)	1,105,858		35	%	952,415		36	%	2,169,746		36	%	1,907,674		36	%
Total Revenue	$	3,146,386	100	%	$	2,666,282	100	%	$	6,088,183	100	%	$	5,320,768	100	%

(1) As of the first quarter of fiscal 2025, Civil Clients includes revenue from Global Commercial Clients, which was previously separately reported. Prior periods’ revenues have been recast to reflect the change.

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


	Three Months Ended September 30,								Six Months Ended September 30,
	2024				2023				2024				2023
Prime Contractor	$	3,001,344	95	%	$	2,537,085	95	%	$	5,809,029	95	%	$	5,054,643	95	%
Subcontractor	145,042		5	%	129,197		5	%	$	279,154	5	%	266,125		5	%
Total Revenue	$	3,146,386	100	%	$	2,666,282	100	%	$	6,088,183	100	%	$	5,320,768	100	%

Schedule of Contract Assets and Liabilities

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


	September 30, 2024		March 31, 2024
Current assets
Accounts receivable–billed	$	696,976	$	700,066
Accounts receivable–unbilled (contract assets)	1,529,647		1,347,577
Allowance for credit losses	(1,265)		(301)
Accounts receivable, net	2,225,358		2,047,342
Other long-term assets
Accounts receivable–unbilled (contract assets)	57,703		57,355
Total accounts receivable, net	$	2,283,061	$	2,104,697
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)	$	17,065	$	15,527

Business Overview	6 Months Ended
Business Overview	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Overview	Business Overview 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, cyber services and artificial intelligence 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 35,800 employees as of September 30, 2024.

Acquisition, Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	$ 782,530	$ 738,179
Accumulated Amortization	374,244	327,336
Net Carrying Value	408,286	410,843
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Intangible assets, gross	972,730	928,379
Intangible assets, net	598,486	601,043
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	618,894	591,895
Accumulated Amortization	270,552	237,764
Net Carrying Value	348,342	354,131
Software
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	163,636	146,284
Accumulated Amortization	103,692	89,572
Net Carrying Value	$ 59,944	$ 56,712

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Mar. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, at fair value	$ 558,724	$ 554,257
Recurring Fair Value Measurements \| Money Market Funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, at fair value	284,500	192,700
Fair Value, Nonrecurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, fair value	52,500	$ 37,400
Assets, fair value adjustment	0
Liabilities, fair value adjustment	$ 0

- 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

- Definition

Fair value of investment in security owned.

+ References

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+ Details

Stock-Based Compensation (Tables)

6 Months Ended

Sep. 30, 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 condensed consolidated statements of operations:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	9,464	$	9,038	$	16,823	$	16,952
General and administrative expenses	16,320		10,787		28,889		20,558
Total	$	25,784	$	19,825	$	45,712	$	37,510


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
Equity Incentive Plan Options	$	262	$	374	$	510	$	694
Restricted Stock and other awards	25,522		19,451		45,202		36,816
Total	$	25,784	$	19,825	$	45,712	$	37,510

Schedule of Unrecognized Compensation Cost

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


	September 30, 2024
	Unrecognized Compensation Cost		Weighted Average Remaining Period to be Recognized (in years)
Equity Incentive Plan Options	$	1,885	3.26
Restricted Stock Awards	112,572		1.92
Total	$	114,457

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings for basic computations	$ 387,779	$ 169,277	$ 552,345	$ 329,428
Earnings for diluted computations	$ 387,786	$ 169,280	$ 552,353	$ 329,434
Weighted-average common stock shares outstanding, basic (in shares)	128,391,878	130,792,215	128,893,263	130,913,026
Dilutive stock options and restricted stock (in shares)	456,199	340,930	494,459	424,887
Weighted-average common stock shares outstanding, diluted (in shares)	128,848,077	131,133,145	129,387,722	131,337,913
Earnings per common share:
Basic (in dollars per share)	$ 3.02	$ 1.29	$ 4.29	$ 2.52
Diluted (in dollars per share)	$ 3.01	$ 1.29	$ 4.27	$ 2.51
Unvested shares participating in the payment of the company's dividends declared (in shares)	800,000	1,100,000	700,000	1,100,000

Earnings Per Share (Tables)

6 Months Ended

Sep. 30, 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:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
Numerator (1):
Earnings for basic computations	$	387,779	$	169,277	$	552,345	$	329,428
Earnings for diluted computations	$	387,786	$	169,280	$	552,353	$	329,434
Denominator:
Weighted-average common stock shares outstanding, basic	128,391,878		130,792,215		128,893,263		130,913,026
Dilutive stock options and restricted stock	456,199		340,930		494,459		424,887
Weighted-average common stock shares outstanding, diluted (2)	128,848,077		131,133,145		129,387,722		131,337,913
Earnings per common share:
Basic	$	3.02	$	1.29	$	4.29	$	2.52
Diluted (2)	$	3.01	$	1.29	$	4.27	$	2.51

(1) The difference between earnings for basic and diluted computations and net income presented on the condensed consolidated statements of operations is due to undistributed earnings and dividends allocated to the participating securities. There were approximately 0.8 million and 1.1 million of participating securities for the three months ended September 30, 2024 and 2023, respectively, and 0.7 million and 1.1 million shares of participating securities for the six months ended September 30, 2024 and 2023, respectively.

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

Earnings Per Share

6 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

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

The Company currently has outstanding shares of Class A Common Stock. Holders of certain 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 the second quarter of fiscal 2025 and 2024. 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:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
Numerator (1):
Earnings for basic computations	$	387,779	$	169,277	$	552,345	$	329,428
Earnings for diluted computations	$	387,786	$	169,280	$	552,353	$	329,434
Denominator:
Weighted-average common stock shares outstanding, basic	128,391,878		130,792,215		128,893,263		130,913,026
Dilutive stock options and restricted stock	456,199		340,930		494,459		424,887
Weighted-average common stock shares outstanding, diluted (2)	128,848,077		131,133,145		129,387,722		131,337,913
Earnings per common share:
Basic	$	3.02	$	1.29	$	4.29	$	2.52
Diluted (2)	$	3.01	$	1.29	$	4.27	$	2.51

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

Accrued Compensation and Benefits (Tables)

6 Months Ended

Sep. 30, 2024

Schedule of Accrued Compensation and Benefits

Accrued compensation and benefits consisted of the following:


	September 30, 2024		March 31, 2024
Bonus	$	59,251	$	151,063
Retirement	129,948		57,465
Vacation	242,022		223,385
Other	249,276		74,217
Total accrued compensation and benefits	$	680,497	$	506,130

Debt - Narrative (Details) - USD ($)		3 Months Ended	6 Months Ended
Debt - Narrative (Details) - USD ($)	Sep. 07, 2022	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Debt Instrument [Line Items]
Proceeds from revolving credit facility			$ 0	$ 500,000,000
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest Rate Swap
Debt Instrument [Line Items]
Notional amount of interest rate swaps		$ 550,000,000	550,000,000
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%
Term Loans \| 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 \| 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 \| Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from revolving credit facility		0
Revolving credit facility, amount outstanding		0	0		$ 0
Term Loans \| Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity		200,000,000	200,000,000
Term Loans \| Term Loan A
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity		1,567,500,000	1,567,500,000
Term Loans \| Term Loan A \| Base Rate \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	0.00%
Term Loans \| Term Loan A \| Base Rate \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	1.00%
Term Loans \| Term Loan A \| Before Two Year Anniversary
Debt Instrument [Line Items]
Debt instrument (as a percent)	0.625%
Term Loans \| Term Loan A \| After Two Year But Before Five Year Anniversary
Debt Instrument [Line Items]
Debt instrument (as a percent)	1.25%
Term Loans \| Secured Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity		$ 1,000,000,000.0	$ 1,000,000,000.0

Stock-Based Compensation - Schedule of Unrecognized Compensation Cost (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 114,457
Equity Incentive Plan Options \| Equity Incentive Plan Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 1,885
Weighted Average Remaining Period to be Recognized (in years)	3 years 3 months 3 days
Restricted Stock and other awards \| Restricted Stock Awards \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 112,572
Weighted Average Remaining Period to be Recognized (in years)	1 year 11 months 1 day

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements

6 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Recurring Fair Value Measurements

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

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


	Recurring Fair Value Measurements as of September 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Current derivative instruments (1)	$	—	$	2,869	$	—	$	2,869

Long-term deferred compensation plan asset (2)	38,761		—		—		38,761
Total Assets	$	38,761	$	2,869	$	—	$	41,630
Liabilities:
Current derivative instruments (1)	—		1,141		—		1,141
Long-term derivative instruments (1)	—		4,988		—		4,988
Long-term deferred compensation plan liability (2)	38,761		—		—		38,761
Total Liabilities	$	38,761	$	6,129	$	—	$	44,890


	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

(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 9, “Derivatives,” to the condensed 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 and liabilities represent investments held in a consolidated trust to fund the Company's non-qualified deferred compensation plan and are recorded in other long-term assets and other long-term liabilities on our condensed consolidated balance sheets.

Cash, Cash Equivalents and Marketable Securities

The fair value of the Company's cash and cash equivalents, which are Level 1 inputs, approximated its carrying value at September 30, 2024 and March 31, 2024. The Company’s cash and cash equivalent balances presented on the accompanying condensed consolidated balance sheets include $284.5 million and $192.7 million of marketable securities in money market funds as of September 30, 2024 and March 31, 2024, respectively.

Long-term Debt

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 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 long-term debt consists of the following:


	September 30, 2024				March 31, 2024
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Term Loan A	$	1,567,500	$	1,565,541	$	1,588,125	$	1,582,170
3.875% Senior Notes due 2028	700,000		679,133		700,000		656,677
4.000% Senior Notes due 2029	500,000		485,875		500,000		465,470
5.950% Senior Notes due 2033	650,000		695,065		650,000		672,815

Nonrecurring Fair Value Measurements

As of September 30, 2024 and March 31, 2024, the total of our investments that are accounted for at fair value on a non-recurring basis under the measurement alternative were $52.5 million and $37.4 million, respectively. While these assets are not measured at fair value on an ongoing basis, they are subject to fair value adjustments in certain circumstances (e.g., observable price changes or impairment). We did not have any material measurement adjustments during the six months ended September 30, 2024, with the exception of the assets and liabilities acquired through our acquisitions (see Note 5, “Acquisition, Goodwill and Intangible Assets,” to the condensed consolidated financial statements).

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Mar. 31, 2024
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)	167,841,004	167,402,268
Common stock, outstanding (in shares)	127,901,888	129,643,123
Treasury stock (in shares)	39,939,116	37,759,145

Derivatives - Schedule of Outstanding Interest Rate Swap Derivative Contracts (Details) - Cash Flow Hedging - Designated as Hedging Instrument $ in Thousands	Sep. 30, 2024 USD ($)
Interest Rate Swap
Derivative [Line Items]
Notional Amount	$ 550,000
Interest Rate Swap 1
Derivative [Line Items]
Notional Amount	200,000
Interest Rate Swap 2
Derivative [Line Items]
Notional Amount	150,000
Interest Rate Swap 3
Derivative [Line Items]
Notional Amount	$ 200,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 3,146,386	$ 2,666,282	$ 6,088,183	$ 5,320,768
Operating costs and expenses:
Cost of revenue	1,362,282	1,232,712	2,733,516	2,484,628
Billable expenses	968,022	824,788	1,913,003	1,637,092
General and administrative expenses	225,417	300,886	554,706	614,887
Depreciation and amortization	42,056	40,907	83,185	82,754
Total operating costs and expenses	2,597,777	2,399,293	5,284,410	4,819,361
Operating income	548,609	266,989	803,773	501,407
Interest expense	(47,045)	(44,756)	(92,976)	(80,230)
Other income, net	11,788	3,556	16,916	5,480
Income before income taxes	513,352	225,789	727,713	426,657
Income tax expense	123,240	55,071	172,368	94,551
Net income	$ 390,112	$ 170,718	$ 555,345	$ 332,106
Earnings per common share (Note 4):
Basic (in dollars per share)	$ 3.02	$ 1.29	$ 4.29	$ 2.52
Diluted (in dollars per share)	$ 3.01	$ 1.29	$ 4.27	$ 2.51

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Long-term Debt, Current and Noncurrent [Abstract]
Less: Unamortized debt issuance costs and discount on debt	$ (24,225)	$ (26,309)
Total	3,393,275	3,411,816
Less: Current portion of long-term debt	(82,500)	(61,875)
Long-term debt, net of current portion	$ 3,310,775	$ 3,349,941
Term Loans \| Term Loan A
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	6.597%	6.677%
Outstanding Balance	$ 1,567,500	$ 1,588,125
Senior Notes \| Senior Notes due 2028
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	3.875%	3.875%
Outstanding Balance	$ 700,000	$ 700,000
Senior Notes \| Senior Notes due 2029
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	4.00%	4.00%
Outstanding Balance	$ 500,000	$ 500,000
Senior Notes \| Senior Notes due 2033
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	5.95%	5.95%
Outstanding Balance	$ 650,000	$ 650,000

Debt (Tables)

6 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following on the dates below:


	September 30, 2024				March 31, 2024
	Interest Rate		Outstanding Balance		Interest Rate		Outstanding Balance
Term Loan A	6.597	%	$	1,567,500	6.677	%	$	1,588,125



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		5.950	%	650,000
Less: Unamortized debt issuance costs and discount on debt			(24,225)				(26,309)
Total			3,393,275				3,411,816
Less: Current portion of long-term debt			(82,500)				(61,875)
Long-term debt, net of current portion			$	3,310,775			$	3,349,941

The following table summarizes the material terms of the Company’s Senior Notes as of September 30, 2024:


	Indenture Date	Principal		Interest Rate	Maturity Date	Interest Payable	Issuance Costs
Senior Notes due 2033	8/4/2023	$	650,000	5.950%	8/4/2033	February and August 4	$	12,400
Senior Notes due 2029	6/17/2021	500,000		4.000%	7/1/2029	July and January 1	6,500
Senior Notes due 2028	8/24/2020	700,000		3.875%	9/1/2028	March and September 1	9,200
Total		$	1,850,000				$	28,100

Schedule of Interest Expense

Interest expense consisted of the following:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)				(In thousands)
Term Loan A	26,836		27,312		53,623		53,415
Revolving Credit Facility	—		1,420		—		1,438
Senior Notes	21,450		18,012		42,900		29,793
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1)	1,370		1,218		2,721		2,245
Interest Rate Swaps	(2,702)		(3,702)		(6,461)		(7,271)
Other	91		496		193		610
Total Interest Expense	$	47,045	$	44,756	$	92,976	$	80,230

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

Commitments and Contingencies (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Concentration Risk [Line Items]
Operating income (loss)	$ 548,609	$ 266,989	$ 803,773	$ 501,407
Net income	$ 390,112	$ 170,718	$ 555,345	$ 332,106
Basic (in dollars per share)	$ 3.02	$ 1.29	$ 4.29	$ 2.52
Diluted (in dollars per share)	$ 3.01	$ 1.29	$ 4.27	$ 2.51
Liability for reductions and/or penalties from U.S Government audits	$ 245,925		$ 245,925		$ 363,745
Insurance reimbursements	115,300
Claimed Indirect Costs \| Revision of Prior Period, Adjustment
Concentration Risk [Line Items]
Operating income (loss)	121,700		121,700
Net income	$ 90,100		$ 90,100
Basic (in dollars per share)	$ 0.70		$ 0.70
Diluted (in dollars per share)	$ 0.70		$ 0.70
Claimed Indirect Costs \| Increase To Revenue To Reflect Best Estimate Of Final Cost Rates
Concentration Risk [Line Items]
Decrease in reserve	$ 121,700
Liability for reductions and/or penalties from U.S Government audits	245,900		$ 245,900		363,700
U.S. Government Contracts
Concentration Risk [Line Items]
Liability for reductions and/or penalties from U.S Government audits	$ 0		$ 0		0
Contracts with U.S. Government Agencies or Other U.S. Government Contractors \| Revenue Benchmark \| U.S.
Concentration Risk [Line Items]
Concentration risk (as a percent)	99.00%	98.00%	98.00%	98.00%
Financial Standby Letter of Credit
Concentration Risk [Line Items]
Guarantor obligations, carrying value	$ 4,500		$ 4,500		4,400
Guarantor obligations, reduction to available borrowings			1,400		1,300
Guarantor obligations, facility	7,500		7,500		7,500
Guarantor obligations, available amount	$ 4,500		$ 4,500		$ 4,400

Business Overview (Details)	6 Months Ended
Business Overview (Details)	Sep. 30, 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	35,800

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID)	$ 1,370	$ 1,218	$ 2,721	$ 2,245
Interest Rate Swaps	(2,702)	(3,702)	(6,461)	(7,271)
Other	91	496	193	610
Total Interest Expense	47,045	44,756	92,976	80,230
Term Loans \| Term Loan A
Debt Instrument [Line Items]
Interest expense on debt	26,836	27,312	53,623	53,415
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense on debt	0	1,420	0	1,438
Senior Notes
Debt Instrument [Line Items]
Interest expense on debt	$ 21,450	$ 18,012	$ 42,900	$ 29,793

Cover - shares	6 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 21, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-34972
Entity Registrant Name	Booz Allen Hamilton Holding Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2634160
Entity Address, Address Line One	8283 Greensboro Drive,
Entity Address, City or Town	McLean,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	703
Local Phone Number	902-5000
Title of 12(b) Security	Class A Common Stock
Trading Symbol	BAH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		127,772,744
Entity Central Index Key	0001443646
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--03-31

Accumulated Other Comprehensive Income / (Loss)

6 Months Ended

Sep. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income / (Loss)

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


	Three Months Ended September 30, 2024						Six Months Ended September 30, 2024
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals		Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of period	$	2,087	$	5,316	$	7,403	$	1,976	$	7,556	$	9,532
Other comprehensive loss before reclassifications(1)	—		(5,788)		(5,788)		—		(5,240)		(5,240)
Amounts reclassified from accumulated other comprehensive income (2)	112		(2,003)		(1,891)		223		(4,791)		(4,568)
Net current-period other comprehensive income (loss)	112		(7,791)		(7,679)		223		(10,031)		(9,808)
End of period	$	2,199	$	(2,475)	$	(276)	$	2,199	$	(2,475)	$	(276)


	Three Months Ended September 30, 2023						Six Months Ended September 30, 2023
	Post-retirement plans		Derivatives designated as cash flow hedges		Totals		Post-retirement plans		Derivatives designated as cash flow hedges		Totals
Beginning of period	$	19,067	$	13,624	$	32,691	$	19,450	$	9,883	$	29,333
Other comprehensive income before reclassifications(3)	—		2,344		2,344		—		8,700		8,700
Amounts reclassified from accumulated other comprehensive income(4)	(383)		(2,760)		(3,143)		(766)		(5,375)		(6,141)
Net current-period other comprehensive (loss) income	(383)		(416)		(799)		(766)		3,325		2,559
End of period	$	18,684	$	13,208	$	31,892	$	18,684	$	13,208	$	31,892

Debt

6 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

Debt consisted of the following on the dates below:


	September 30, 2024				March 31, 2024
	Interest Rate		Outstanding Balance		Interest Rate		Outstanding Balance
Term Loan A	6.597	%	$	1,567,500	6.677	%	$	1,588,125



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		5.950	%	650,000
Less: Unamortized debt issuance costs and discount on debt			(24,225)				(26,309)
Total			3,393,275				3,411,816
Less: Current portion of long-term debt			(82,500)				(61,875)
Long-term debt, net of current portion			$	3,310,775			$	3,349,941

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 September 30, 2024, the Credit Agreement provided Booz Allen Hamilton with a $1,567.5 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 September 30, 2024, the maturity date of Term Loan A and the Revolving Commitments is September 7, 2027. Voluntary prepayments of 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 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. There were no borrowings during the first half of fiscal 2025 and as of September 30, 2024 and March 31, 2024, 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 September 30, 2024, the Company 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 a portion of the Company’s floating rate borrowings under the Credit Agreement. The Company's objectives in using cash flow hedges are to reduce volatility due to interest rate movements and to add stability to interest expense (See Note 9, “Derivatives,” to our condensed consolidated financial statements).

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, specifically the consolidated net total leverage ratio. As of September 30, 2024 and March 31, 2024, Booz Allen Hamilton was in compliance with all financial covenants associated with its debt and debt-like instruments.

Senior Notes

The following table summarizes the material terms of the Company’s Senior Notes as of September 30, 2024:


	Indenture Date	Principal		Interest Rate	Maturity Date	Interest Payable	Issuance Costs
Senior Notes due 2033	8/4/2023	$	650,000	5.950%	8/4/2033	February and August 4	$	12,400
Senior Notes due 2029	6/17/2021	500,000		4.000%	7/1/2029	July and January 1	6,500
Senior Notes due 2028	8/24/2020	700,000		3.875%	9/1/2028	March and September 1	9,200
Total		$	1,850,000				$	28,100

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. For further information on the Senior Notes, including terms, conditions, restrictions and redemption options, see Note 10, “Debt,” of the Company’s consolidated financial statements included in the fiscal 2024 Annual Report on Form 10-K.

All 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. The Senior Notes due 2033 are fully and unconditionally guaranteed on an unsecured and unsubordinated basis by Booz Allen Hamilton Holding Corporation, pursuant to the relevant indenture.

Interest Expense

Interest expense consisted of the following:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)				(In thousands)
Term Loan A	26,836		27,312		53,623		53,415
Revolving Credit Facility	—		1,420		—		1,438
Senior Notes	21,450		18,012		42,900		29,793
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1)	1,370		1,218		2,721		2,245
Interest Rate Swaps	(2,702)		(3,702)		(6,461)		(7,271)
Other	91		496		193		610
Total Interest Expense	$	47,045	$	44,756	$	92,976	$	80,230

- 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(3)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-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 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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

Reference 13: 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 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: 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 21: 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

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Letters of Credit and Third-Party Guarantees As of September 30, 2024 and March 31, 2024, 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 $4.5 million and $4.4 million, respectively. These letters of credit and bank guarantees primarily support insurance and bid and performance obligations. At September 30, 2024 and March 31, 2024, respectively, approximately $1.4 million and $1.3 million of these instruments reduced the available borrowings under the Revolving Credit Facility. The remainder is guaranteed under a separate $7.5 million facility of which $4.5 million and $4.4 million was available to the Company at September 30, 2024 and March 31, 2024, respectively. Government Contracting Matters - Provision for Claimed Costs For the three months ended September 30, 2024 and 2023, approximately 99% and 98%, respectively, of the Company's revenue was generated from contracts where the end user was an agency or department of the U.S. government, including contracts where the Company performed either as a prime contractor or subcontractor, and regardless of the geographic location in which the work was performed. For both the six months ended September 30, 2024 and 2023, approximately 98% of the Company's revenue was generated from such contracts. As noted in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, in the ordinary course of business, agencies of the U.S. government, including the Defense Contract Audit Agency (“DCAA”), audit the Company’s claimed 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 information obtained from DCAA’s audit findings over four historical rate years, the Company changed its estimate and reduced a portion of its provision for claimed costs during the second quarter of fiscal 2025, which resulted in a $121.7 million increase to revenue, to reflect our best estimate of the final cost rates for the outstanding audit years. Operating income for the three and six months ended September 30, 2024 was accordingly increased by $121.7 million and net income was increased by $90.1 million (or $0.70 of basic and $0.70 diluted earnings per common share for the three and six months ended September 30, 2024). Our final cost rates for the recently audited years remain subject to negotiation with the Defense Contract Management Agency (“DCMA”) Administrative Contracting Officer. Management believes it has recorded the appropriate provision for claimed costs for any audit, inquiry, or investigation of which it is aware that may be subject to any reductions and/or penalties. As of September 30, 2024 and March 31, 2024, the Company had recorded liabilities of approximately $245.9 million and $363.7 million, respectively, for estimated adjustments to claimed costs based on its historical DCAA audit results, including the final resolution of such audits with DCMA, for claimed costs incurred subsequent to fiscal 2011. 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 both September 30, 2024 and March 31, 2024, there were no material amounts accrued in the condensed consolidated financial statements related to these proceedings as either the amounts are immaterial or the Company is not able to reasonably estimate the expected amount or range of cost or any loss associated with these matters. During the three months ended September 30, 2024, the Company secured insurance recoveries of $115.3 million from claims related to the Company’s settlement described in Note 20, “Commitments and Contingencies,” to the consolidated financial statements contained within our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. The insurance recoveries offset our general and administrative expenses in our Condensed Consolidated Statement of Operations.

Accumulated Other Comprehensive Income / (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	$ 1,083,941	$ 1,017,071	$ 1,046,562	$ 992,002
Other comprehensive income (loss) before reclassifications	(5,788)	2,344	(5,240)	8,700
Amounts reclassified from accumulated other comprehensive income	(1,891)	(3,143)	(4,568)	(6,141)
Total other comprehensive (loss) income, net of tax	(7,679)	(799)	(9,808)	2,559
End of period	1,200,769	1,072,130	1,200,769	1,072,130
Totals
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	7,403	32,691	9,532	29,333
Total other comprehensive (loss) income, net of tax	(7,679)	(799)	(9,808)	2,559
End of period	(276)	31,892	(276)	31,892
Post-retirement plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	2,087	19,067	1,976	19,450
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive income	112	(383)	223	(766)
Total other comprehensive (loss) income, net of tax	112	(383)	223	(766)
End of period	2,199	18,684	2,199	18,684
Derivatives designated as cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	5,316	13,624	7,556	9,883
Other comprehensive income (loss) before reclassifications	(5,788)	2,344	(5,240)	8,700
Amounts reclassified from accumulated other comprehensive income	(2,003)	(2,760)	(4,791)	(5,375)
Total other comprehensive (loss) income, net of tax	(7,791)	(416)	(10,031)	3,325
End of period	(2,475)	13,208	(2,475)	13,208
Tax (benefit) expense	(2,000)	800	(1,800)	3,100
Reclassification from AOCI, current period, tax	$ 700	$ 1,000	$ 1,700	$ 1,900

CONDENSED 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)

Beginning of period (in shares) at Mar. 31, 2023

165,872,332

Beginning of period at Mar. 31, 2023

$ 992,002

$ 1,659

$ (1,859,905)

$ 769,460

$ 2,051,455

$ 29,333

Beginning of period (in shares) at Mar. 31, 2023

(34,234,744)

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

Issuance of common stock (in shares)

504,499

Issuance of common stock

13,947

$ 5

13,942

Stock options exercised (in shares)

292,294

Stock options exercised

13,133

$ 3

13,130

Repurchase of common stock (in shares)

(1,700,000)

(1,860,515)

^[1]

Repurchase of common stock

(194,513)

^[1]

$ (180,100)

$ (194,513)

^[1]

Net income

332,106

Other comprehensive (loss) income, net of tax

2,559

Dividends paid

(124,614)

Stock-based compensation expense

37,510

End of period (in shares) at Sep. 30, 2023

166,669,125

End of period at Sep. 30, 2023

1,072,130

$ 1,667

$ (2,054,418)

834,042

2,258,947

31,892

End of period (in shares) at Sep. 30, 2023

(36,095,259)

Beginning of period (in shares) at Jun. 30, 2023

166,521,283

Beginning of period at Jun. 30, 2023

1,017,071

$ 1,665

$ (1,972,886)

805,240

2,150,361

32,691

Beginning of period (in shares) at Jun. 30, 2023

(35,404,913)

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

Issuance of common stock (in shares)

107,930

Issuance of common stock

7,022

$ 1

7,021

Stock options exercised (in shares)

39,912

Stock options exercised

1,957

$ 1

1,956

Repurchase of common stock (in shares)

(690,346)

Repurchase of common stock

(81,532)

$ (81,532)

Net income

170,718

Other comprehensive (loss) income, net of tax

(799)

Dividends paid

(62,132)

Stock-based compensation expense

19,825

End of period (in shares) at Sep. 30, 2023

166,669,125

End of period at Sep. 30, 2023

$ 1,072,130

$ 1,667

$ (2,054,418)

834,042

2,258,947

31,892

End of period (in shares) at Sep. 30, 2023

(36,095,259)

Beginning of period (in shares) at Mar. 31, 2024

129,643,123

167,402,268

Beginning of period at Mar. 31, 2024

$ 1,046,562

$ 1,674

$ (2,277,546)

908,837

2,404,065

9,532

Beginning of period (in shares) at Mar. 31, 2024

(37,759,145)

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

Issuance of common stock (in shares)

348,772

Issuance of common stock

$ 16,037

$ 3

16,034

Stock options exercised (in shares)

89,964

Stock options exercised

4,634

$ 1

4,633

Repurchase of common stock (in shares)

(2,100,000)

(2,179,971)

^[2]

Repurchase of common stock

(324,381)

^[2]

$ (308,500)

$ (324,381)

^[2]

Net income

555,345

Other comprehensive (loss) income, net of tax

(9,808)

Dividends paid

(133,332)

Stock-based compensation expense

$ 45,712

45,712

End of period (in shares) at Sep. 30, 2024

127,901,888

167,841,004

End of period at Sep. 30, 2024

$ 1,200,769

$ 1,678

$ (2,601,927)

975,216

2,826,078

(276)

End of period (in shares) at Sep. 30, 2024

(39,939,116)

Beginning of period (in shares) at Jun. 30, 2024

167,705,104

Beginning of period at Jun. 30, 2024

$ 1,083,941

$ 1,677

$ (2,367,452)

940,404

2,501,909

7,403

Beginning of period (in shares) at Jun. 30, 2024

(38,354,730)

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

Issuance of common stock (in shares)

112,184

Issuance of common stock

7,424

$ 1

7,423

Stock options exercised (in shares)

23,716

Stock options exercised

1,605

Repurchase of common stock (in shares)

(1,600,000)

(1,584,386)

^[3]

Repurchase of common stock

(234,475)

^[3]

$ (230,200)

$ (234,475)

^[3]

Net income

390,112

Other comprehensive (loss) income, net of tax

(7,679)

Dividends paid

(65,943)

Stock-based compensation expense

$ 25,784

25,784

End of period (in shares) at Sep. 30, 2024

127,901,888

167,841,004

End of period at Sep. 30, 2024

$ 1,200,769

$ 1,678

$ (2,601,927)

$ 975,216

$ 2,826,078

$ (276)

End of period (in shares) at Sep. 30, 2024

(39,939,116)

[1]	During the six months ended September 30, 2023, the Company purchased 1.7 million shares of the Company’s Class A Common Stock for $180.1 million. Additionally, the Company repurchased shares for $13.2 million during the six months ended September 30, 2023 to cover the minimum statutory withholding taxes on restricted stock units that vested on various dates during the period.
[2]	During the six months ended September 30, 2024, the Company purchased 2.1 million shares of the Company’s Class A Common Stock for $308.5 million. Additionally, the Company repurchased shares for $15.9 million during the six months ended September 30, 2024 to cover the minimum statutory taxes on repurchases and restricted stock units that vested on various dates during the period.
[3]	During the three months ended September 30, 2024, the Company purchased 1.6 million shares of the Company’s Class A Common Stock for $230.2 million. Additionally, the Company repurchased shares for $4.2 million during the three months ended September 30, 2024 to cover the minimum statutory taxes on repurchases and restricted stock units that vested on various dates during the period.

Debt - Schedule of Material Terms of Senior Notes (Details) - Senior Notes - USD ($)	Aug. 04, 2023	Jun. 17, 2021	Aug. 24, 2020
Debt Instrument [Line Items]
Principal			$ 1,850,000,000
Issuance Costs			28,100,000
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%
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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.12-04(a))
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Reference 4: 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 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Recognized in the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 25,784	$ 19,825	$ 45,712	$ 37,510
Equity Incentive Plan Options \| Equity Incentive Plan Options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	262	374	510	694
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	25,522	19,451	45,202	36,816
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	9,464	9,038	16,823	16,952
General and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 16,320	$ 10,787	$ 28,889	$ 20,558

Accounts Payable and Other Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Payables and Accruals [Abstract]
Vendor payables	$ 677,440	$ 653,131
Provision for claimed costs	245,925	363,745
Accrued expenses	101,678	33,794
Total accounts payable and other accrued expenses	$ 1,025,043	$ 1,050,670

Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Recurring Fair Value Measurements

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


	Recurring Fair Value Measurements as of September 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Current derivative instruments (1)	$	—	$	2,869	$	—	$	2,869

Long-term deferred compensation plan asset (2)	38,761		—		—		38,761
Total Assets	$	38,761	$	2,869	$	—	$	41,630
Liabilities:
Current derivative instruments (1)	—		1,141		—		1,141
Long-term derivative instruments (1)	—		4,988		—		4,988
Long-term deferred compensation plan liability (2)	38,761		—		—		38,761
Total Liabilities	$	38,761	$	6,129	$	—	$	44,890


	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

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

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


	September 30, 2024				March 31, 2024
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Term Loan A	$	1,567,500	$	1,565,541	$	1,588,125	$	1,582,170
3.875% Senior Notes due 2028	700,000		679,133		700,000		656,677
4.000% Senior Notes due 2029	500,000		485,875		500,000		465,470
5.950% Senior Notes due 2033	650,000		695,065		650,000		672,815

Derivatives (Tables)

6 Months Ended

Sep. 30, 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 September 30, 2024:

Effective Date

Maturity Date

Terms

Notional Amount

April 28, 2023

June 30, 2025

Variable to Fixed

200,000

June 30, 2023

June 30, 2026

Variable to Fixed

150,000

June 28, 2024

June 30, 2027

Variable to Fixed

200,000

Total

550,000

The effect of derivative instruments on the accompanying condensed consolidated financial statements for the periods presented is as follows:


Derivatives in Cash Flow Hedging Relationships		Pre-Tax (Loss) Gain Recognized in AOCI on Derivatives				Pre-Tax Gain Reclassified from AOCI into Income
	Three Months Ended September 30,					Three Months Ended September 30,
	2024	2023					2024	2023
Interest rate swaps (1)		$	(7,806)	$	3,173			$	2,702	$	3,702


Derivatives in Cash Flow Hedging Relationships		Pre-Tax (Loss) Gain Recognized in AOCI on Derivatives					Pre-Tax Gain Reclassified from AOCI into Income
	Six Months Ended September 30,					Six Months Ended September 30,
	2024	2023				2024	2023
Interest rate swaps (1)		$	(7,067)	$	11,772		$	6,461	$	7,271

(1) The reclassifications from accumulated other comprehensive income to net income are included in interest expense in the Condensed Consolidated Statement of Operations.

- 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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 558,724	$ 554,257
Accounts receivable, net	2,225,358	2,047,342
Prepaid expenses and other current assets	132,941	137,310
Total current assets	2,917,023	2,738,909
Property and equipment, net of accumulated depreciation	181,142	188,279
Operating lease right-of-use assets	171,076	174,345
Intangible assets, net of accumulated amortization	598,486	601,043
Goodwill	2,404,937	2,343,789
Deferred tax assets	293,273	227,171
Other long-term assets	312,437	290,152
Total assets	6,878,374	6,563,688
Current liabilities:
Current portion of long-term debt	82,500	61,875
Accounts payable and other accrued expenses	1,025,043	1,050,670
Accrued compensation and benefits	680,497	506,130
Operating lease liabilities	46,725	43,187
Other current liabilities	40,090	30,328
Total current liabilities	1,874,855	1,692,190
Long-term debt, net of current portion	3,310,775	3,349,941
Operating lease liabilities, net of current portion	169,701	182,134
Income tax reserves	132,847	120,237
Other long-term liabilities	189,427	172,624
Total liabilities	5,677,605	5,517,126
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, Class A - $0.01 par value - authorized: 600,000,000 shares; issued: 167,841,004 and 167,402,268 shares at September 30, 2024 and March 31, 2024, respectively; outstanding: 127,901,888 and 129,643,123 shares at September 30, 2024 and March 31, 2024, respectively	1,678	1,674
Treasury stock, at cost - 39,939,116 and 37,759,145 shares at September 30, 2024 and March 31, 2024	(2,601,927)	(2,277,546)
Additional paid-in capital	975,216	908,837
Retained earnings	2,826,078	2,404,065
Accumulated other comprehensive (loss) income	(276)	9,532
Total stockholders’ equity	1,200,769	1,046,562
Total liabilities and stockholders’ equity	$ 6,878,374	$ 6,563,688

Acquisition, Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands		6 Months Ended
	Jun. 07, 2024	Sep. 30, 2024	Mar. 31, 2024
Business Acquisition [Line Items]
Goodwill		$ 2,404,937	$ 2,343,789
PGSC
Business Acquisition [Line Items]
Consideration transferred	$ 98,700
Goodwill	61,100
Goodwill, expected tax deductible amount	61,100
Finite-lived intangibles	$ 27,000
Useful life (in years)	12 years
Initial accounting incomplete, adjustment, intangibles		$ 44,400

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Section 55
-Paragraph 49
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+ Details

Basis of Presentation (Details) - USD ($) $ in Millions	Sep. 30, 2024	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable interest entities and other investments	$ 57.1	$ 42.0

Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Compensation Related Costs [Abstract]
Bonus	$ 59,251	$ 151,063
Retirement	129,948	57,465
Vacation	242,022	223,385
Other	249,276	74,217
Total accrued compensation and benefits	680,497	506,130
Accrued payroll tax withholdings and insurance	$ 240,000	$ 41,700

Acquisition, Goodwill and Intangible Assets

6 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisition, Goodwill and Intangible Assets

Acquisition

On June 7, 2024, the Company completed the acquisition of PAR Government Systems Corporation (“PGSC”), a wholly owned subsidiary of PAR Technology Corporation, for approximately $98.7 million, net of post-closing adjustments and incurred transaction costs as part of the acquisition. PGSC was founded in 1985 and headquartered in Rome, New York, and delivers differentiated services and solutions in strategic mission areas, including the provision of real-time communications and mobile situational awareness to maintain battlespace dominance for a range of government customers. The acquisition was funded with cash on hand. As a result of the transaction, PGSC became a wholly owned subsidiary of Booz Allen Hamilton Inc.

Under the terms of the purchase agreement, the purchase price is subject to post-closing working capital and other customary adjustments. The final purchase price allocations will be completed after the underlying information has been finalized and agreed upon by the seller and the Company.

The acquisition is accounted for under the acquisition method of accounting, which requires the total acquisition consideration to be allocated to the assets acquired and liabilities assumed based on an estimate of the acquisition date fair value, with the difference reflected in goodwill. The preliminary goodwill of $61.1 million is primarily attributable to the expected synergies between the Company and PGSC and PGSC’s specialized workforce and is deductible for tax purposes.

The Company preliminarily recognized $27.0 million of intangible assets which consists primarily of contract assets and are being amortized over the estimated useful life of twelve years.

The valuation of PGSC’s assets acquired and liabilities assumed are preliminary and based on valuation estimates and assumptions. Although the Company does not currently expect material changes to the initial value of net assets acquired, the Company continues to evaluate assumptions related to the valuation of the assets acquired and liabilities assumed. Any adjustments to our estimates of purchase price allocation will be made in the periods in which the adjustments are determined, and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates.

Goodwill

As of September 30, 2024 and March 31, 2024, goodwill was $2,404.9 million and $2,343.8 million, respectively. The $61.1 million increase in the carrying amount of goodwill was attributable the Company's acquisition of PGSC.

Intangible Assets

Intangible assets consisted of the following:


	September 30, 2024						March 31, 2024
	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	$	618,894	$	270,552	$	348,342	$	591,895	$	237,764	$	354,131
Software	163,636		103,692		59,944		146,284		89,572		56,712
Total amortizable intangible assets	$	782,530	$	374,244	$	408,286	$	738,179	$	327,336	$	410,843
Unamortizable intangible assets:
Trade name	$	190,200	$	—	$	190,200	$	190,200	$	—	$	190,200
Total	$	972,730	$	374,244	$	598,486	$	928,379	$	327,336	$	601,043

The $44.4 million increase in the gross carrying amount of intangible assets was primarily attributable the Company's acquisition of PGSC, with the remainder resulting from increases in the Company’s internally developed software.

Derivatives - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Mar. 31, 2024
Derivative [Line Items]
Estimate of amount to be reclassified over the next 12 months	$ 1.7
Other Current Assets
Derivative [Line Items]
Derivative asset	2.9	$ 8.7
Other Current Liabilities
Derivative [Line Items]
Derivative liability	1.1
Other Noncurrent Liabilities
Derivative [Line Items]
Derivative liability	$ 5.0
Other Noncurrent Assets
Derivative [Line Items]
Derivative asset		$ 1.6

Stock-Based Compensation - Equity Incentive Plan (Narrative) (Details) $ in Thousands, shares in Millions	3 Months Ended	6 Months Ended
	Sep. 30, 2024 USD ($) shares	Sep. 30, 2024 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 114,457	$ 114,457
Equity Incentive Plan Options \| Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares) \| shares	0.1	0.6
Fair value of options granted	$ 9,500	$ 92,000
Performance period		3 years

- 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

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed 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 (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the information contained in the Company's Annual Report on Form 10-K for the year ended March 31, 2024. The interim period unaudited condensed consolidated financial statements are presented as described below. Certain information and disclosures normally required for annual financial statements have been condensed or omitted pursuant to GAAP and SEC rules and regulations. In the opinion of management, all adjustments considered necessary for fair presentation of the results of the interim periods presented have been included. The Company’s fiscal year ends on March 31 and, unless otherwise noted, references to fiscal year or fiscal are for fiscal years ended March 31. The results of operations for the six months ended September 30, 2024 are not necessarily indicative of results to be expected for the full fiscal year. The condensed consolidated financial statements and notes of the Company include its subsidiaries, and other entities over which the Company has a controlling financial interest or where the Company is a primary beneficiary. Certain amounts reported in the Company's prior fiscal year condensed consolidated financial statements have been reclassified to conform to the current fiscal year presentation.
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 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 accounted for under the measurement alternative, where they are subject to fair value adjustments in certain circumstances (e.g., observable price changes or impairment). The results of our investments are not material to the unaudited condensed and consolidated financial statements for the periods presented. As of September 30, 2024 and March 31, 2024, respectively, the total of equity and other investments related to unconsolidated entities included in other long term assets of the Company’s condensed consolidated balance sheet were $57.1 million and $42.0 million.
Accounting Estimates	Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, as well as the disclosure of contingent assets and liabilities at the date of the financial statements or during the relevant reporting periods (as applicable). The Company bases its estimates on assumptions, both historical and forward-looking, that it believes are reasonable and appropriate. Actual results may differ materially from those estimates. Estimates are used for, but not limited to, revenue recognition including the profitability of long-term contracts and indirect costs accruals, the provision for claimed costs, fair value measurements and the valuation and expected lives of intangible assets, incentive compensation, income taxes including reserves for uncertain tax positions, postretirement obligations and contingencies. See Note 2, “Summary of Significant Accounting Policies” to the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended March 31, 2024 for further details on significant estimates and assumptions used.
Recent Accounting Pronouncements Not Yet Adopted	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
Revenue	The Company's revenues from contracts with customers (clients) are derived from offerings that include management and technology consulting services, analytics, digital solutions, engineering, mission operations, cyber services and artificial intelligence, 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, which include cost-reimbursable contracts, time-and-materials contracts, and fixed-price contracts. Contract Estimates We recognize revenue for many of our contracts under a contract cost-based input method and require an Estimate-at-Completion (“EAC”) process, which management uses to review and monitor the progress towards the completion of our performance obligations. Under this process, management considers various inputs and assumptions related to the EAC, including, but not limited to, progress towards completion, labor costs and productivity, material and subcontractor costs, and identified risks. Estimating the total cost at the completion of our performance obligations is subjective and requires management to make assumptions about future activity and cost drivers under the contract. Changes in these estimates can occur for a variety of reasons and, if significant, may impact the profitability of the Company’s contracts. Changes in estimates related to contracts accounted for under the EAC process are recognized on a cumulative catch-up basis in the period when such changes are determinable and reasonably estimable. If the estimate of contract profitability indicates an anticipated loss on a contract, the Company recognizes the total loss at the time it is identified. For each of the three and six months ended September 30, 2024 and 2023, the aggregate impact of adjustments in contract estimates was not material. Disaggregation of Revenue We disaggregate our revenue from contracts with customers by contract type 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: The Company performs and generates revenue under the following three basic types of contracts: •Cost-Reimbursable Contracts: Cost-reimbursable contracts provide for the payment of allowable costs incurred during performance of the contract, up to a ceiling based on the amount that has been funded, plus a fixed fee or award fee. •Time-and-Materials Contracts: Under contracts in this category, we are paid a fixed hourly rate for each direct labor hour expended, and we are reimbursed for billable material costs and billable out-of-pocket expenses inclusive of allocable indirect costs. We assume the financial risk on time-and-materials contracts because our costs of performance may exceed negotiated hourly rates. •Fixed-Price Contracts: Under a fixed-price contract, we agree to perform the specified work for a predetermined price. To the extent our actual direct and allocated indirect costs decrease or increase from the estimates upon which the price was negotiated, we will generate more or less profit, respectively, or could incur a loss. 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. The Company's performance obligations are typically satisfied over time and revenue is generally recognized using a cost-based input method. Fixed-price contracts are typically billed to the customer using milestone or fixed monthly payments, while cost-reimbursable-plus-fee and time-and-material contracts are typically billed to the customer at periodic intervals (e.g., monthly or weekly) as indicated by the terms of the contract. Disparities between the timing of revenue recognition and customer billings and cash collections result in net contract assets or liabilities being recognized at the end of each reporting period. Contract assets primarily consist of unbilled receivables typically resulting from revenue recognized exceeding the amount billed to the customer and right to payment is not just subject to the passage of time. Unbilled amounts represent revenues for which billings have not been presented to customers. These amounts are generally billed and collected within one year subject to various conditions including, without limitation, appropriated and available funding. Long-term unbilled receivables not anticipated to be billed and collected within one year, which are primarily related to retainage, holdbacks, and long-term rate settlements to be billed at contract closeout, are included in other long-term assets in the accompanying condensed consolidated balance sheets. Contract liabilities primarily consist of advance payments, billings in excess of costs incurred and deferred revenue. Contract assets and liabilities are reported on a net contract basis at the end of each reporting period. The Company maintains an allowance for credit losses to provide for an estimate of uncollectible receivables.

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 3,146,386	$ 2,666,282	$ 6,088,183	$ 5,320,768
Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100.00%	100.00%	100.00%	100.00%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100.00%	100.00%	100.00%	100.00%
Revenue from Contract with Customer Benchmark \| Contractor Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100.00%	100.00%	100.00%	100.00%
Prime Contractor
Disaggregation of Revenue [Line Items]
Revenue	$ 3,001,344	$ 2,537,085	$ 5,809,029	$ 5,054,643
Prime Contractor \| Revenue from Contract with Customer Benchmark \| Contractor Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	95.00%	95.00%	95.00%	95.00%
Subcontractor
Disaggregation of Revenue [Line Items]
Revenue	$ 145,042	$ 129,197	$ 279,154	$ 266,125
Subcontractor \| Revenue from Contract with Customer Benchmark \| Contractor Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	5.00%	5.00%	5.00%	5.00%
Defense Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 1,544,108	$ 1,270,943	$ 2,960,978	$ 2,492,638
Defense Clients \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	49.00%	47.00%	48.00%	47.00%
Intelligence Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 496,420	$ 442,924	$ 957,459	$ 920,456
Intelligence Clients \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	16.00%	17.00%	16.00%	17.00%
Civil Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 1,105,858	$ 952,415	$ 2,169,746	$ 1,907,674
Civil Clients \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	35.00%	36.00%	36.00%	36.00%
Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	$ 1,781,044	$ 1,463,949	$ 3,440,967	$ 2,914,133
Cost-reimbursable \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	57.00%	55.00%	56.00%	55.00%
Time-and-materials
Disaggregation of Revenue [Line Items]
Revenue	$ 722,818	$ 638,607	$ 1,393,386	$ 1,274,340
Time-and-materials \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	23.00%	24.00%	23.00%	24.00%
Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	$ 642,524	$ 563,726	$ 1,253,830	$ 1,132,295
Fixed-price \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	20.00%	21.00%	21.00%	21.00%

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue, amount of remaining performance obligation	$ 11,000.0		$ 11,000.0		$ 8,700.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability, revenue recognized	$ 1.1	$ 1.7	$ 9.5	$ 16.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	70.00%		70.00%
Remaining performance obligation, expected timing, period	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	80.00%		80.00%
Remaining performance obligation, expected timing, period	24 months		24 months

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

3 Months Ended

6 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dividends paid (in dollars per share)

$ 0.51

$ 0.47

$ 1.02

$ 0.94

Repurchase of common stock, value

$ 234,475

^[1]

$ 81,532

$ 324,381

^[2]

$ 194,513

^[3]

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

$ 4,200

$ 15,900

$ 13,200

Class A Common Stock

Repurchase of common stock (in shares)

1.6

2.1

1.7

Repurchase of common stock, value

$ 230,200

$ 308,500

$ 180,100

[1]	During the three months ended September 30, 2024, the Company purchased 1.6 million shares of the Company’s Class A Common Stock for $230.2 million. Additionally, the Company repurchased shares for $4.2 million during the three months ended September 30, 2024 to cover the minimum statutory taxes on repurchases and restricted stock units that vested on various dates during the period.
[2]	During the six months ended September 30, 2024, the Company purchased 2.1 million shares of the Company’s Class A Common Stock for $308.5 million. Additionally, the Company repurchased shares for $15.9 million during the six months ended September 30, 2024 to cover the minimum statutory taxes on repurchases and restricted stock units that vested on various dates during the period.
[3]	During the six months ended September 30, 2023, the Company purchased 1.7 million shares of the Company’s Class A Common Stock for $180.1 million. Additionally, the Company repurchased shares for $13.2 million during the six months ended September 30, 2023 to cover the minimum statutory withholding taxes on restricted stock units that vested on various dates during the period.

Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
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%
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%
Recurring Fair Value Measurements \| Carrying Amount \| Term Loan A \| Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 1,567,500	$ 1,588,125
Recurring Fair Value Measurements \| 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
Recurring Fair Value Measurements \| 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
Recurring Fair Value Measurements \| Carrying Amount \| 5.950% Senior Notes due 2033 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	650,000	650,000
Recurring Fair Value Measurements \| Estimated Fair Value \| Term Loan A \| Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,565,541	1,582,170
Recurring Fair Value Measurements \| Estimated Fair Value \| 3.875% Senior Notes due 2028 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	679,133	656,677
Recurring Fair Value Measurements \| Estimated Fair Value \| 4.000% Senior Notes due 2029 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	485,875	465,470
Recurring Fair Value Measurements \| Estimated Fair Value \| 5.950% Senior Notes due 2033 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 695,065	$ 672,815

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Employee Benefit Plans	6 Months Ended
Employee Benefit Plans	Sep. 30, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans 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. The 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 for matching contributions under the ECAP were $61.1 million and $53.6 million for the three months ended September 30, 2024 and 2023, respectively, and $123.0 million and $108.1 million for the six months ended September 30, 2024 and 2023, respectively. The Company also provides post-retirement healthcare benefits to former officers under a medical indemnity insurance plan, with premiums paid by the Company. As of September 30, 2024 and March 31, 2024, the unfunded status of the post-retirement medical plan was $129.2 million and $127.0 million, respectively, which is included in other long-term liabilities in the accompanying condensed consolidated balance sheets. Balance sheet and income statement impacts of any remaining benefit plans are immaterial for all periods presented in these condensed consolidated financial statements.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Acquisition, Goodwill and Intangible Assets (Tables)

6 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of the following:


	September 30, 2024						March 31, 2024
	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	$	618,894	$	270,552	$	348,342	$	591,895	$	237,764	$	354,131
Software	163,636		103,692		59,944		146,284		89,572		56,712
Total amortizable intangible assets	$	782,530	$	374,244	$	408,286	$	738,179	$	327,336	$	410,843
Unamortizable intangible assets:
Trade name	$	190,200	$	—	$	190,200	$	190,200	$	—	$	190,200
Total	$	972,730	$	374,244	$	598,486	$	928,379	$	327,336	$	601,043

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 390,112	$ 170,718	$ 555,345	$ 332,106
Other comprehensive income, net of tax:
Change in unrealized (loss) gain on derivatives designated as cash flow hedges	(7,791)	(416)	(10,031)	3,325
Change in postretirement plan costs	112	(383)	223	(766)
Total other comprehensive (loss) income, net of tax	(7,679)	(799)	(9,808)	2,559
Comprehensive income attributable to common stockholders	$ 382,433	$ 169,919	$ 545,537	$ 334,665

- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

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+ Details

Basis of Presentation	6 Months Ended
Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed 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 (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the information contained in the Company's Annual Report on Form 10-K for the year ended March 31, 2024. The interim period unaudited condensed consolidated financial statements are presented as described below. Certain information and disclosures normally required for annual financial statements have been condensed or omitted pursuant to GAAP and SEC rules and regulations. In the opinion of management, all adjustments considered necessary for fair presentation of the results of the interim periods presented have been included. The Company’s fiscal year ends on March 31 and, unless otherwise noted, references to fiscal year or fiscal are for fiscal years ended March 31. The results of operations for the six months ended September 30, 2024 are not necessarily indicative of results to be expected for the full fiscal year. The condensed consolidated financial statements and notes of the Company include its subsidiaries, and other entities over which the Company has a controlling financial interest or where the Company is a primary beneficiary. Certain amounts reported in the Company's prior fiscal year condensed consolidated financial statements have been reclassified to conform to the current fiscal year presentation. 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 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 accounted for under the measurement alternative, where they are subject to fair value adjustments in certain circumstances (e.g., observable price changes or impairment). The results of our investments are not material to the unaudited condensed and consolidated financial statements for the periods presented. As of September 30, 2024 and March 31, 2024, respectively, the total of equity and other investments related to unconsolidated entities included in other long term assets of the Company’s condensed consolidated balance sheet were $57.1 million and $42.0 million. Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, as well as the disclosure of contingent assets and liabilities at the date of the financial statements or during the relevant reporting periods (as applicable). The Company bases its estimates on assumptions, both historical and forward-looking, that it believes are reasonable and appropriate. Actual results may differ materially from those estimates. Estimates are used for, but not limited to, revenue recognition including the profitability of long-term contracts and indirect costs accruals, the provision for claimed costs, fair value measurements and the valuation and expected lives of intangible assets, incentive compensation, income taxes including reserves for uncertain tax positions, postretirement obligations and contingencies. See Note 2, “Summary of Significant Accounting Policies” to the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended March 31, 2024 for further details on significant estimates and assumptions used. 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

Derivatives

6 Months Ended

Sep. 30, 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 September 30, 2024:

Effective Date

Maturity Date

Terms

Notional Amount

April 28, 2023

June 30, 2025

Variable to Fixed

200,000

June 30, 2023

June 30, 2026

Variable to Fixed

150,000

June 28, 2024

June 30, 2027

Variable to Fixed

200,000

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 convert a portion of the variable rate debt into fixed interest rate debt.

Derivative instruments are recorded in the condensed consolidated balance sheet on a gross basis at estimated fair value. As of September 30, 2024, $2.9 million, $1.1 million and $5.0 million were classified as other current assets, other current liabilities and other long-term liabilities, respectively, on the condensed consolidated balance sheet. 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 condensed consolidated balance sheet.

For interest rate swaps designated as cash flow hedges, the changes in the fair value of derivatives are recorded in Accumulated Other Comprehensive Income (“AOCI”), net of taxes, and are subsequently reclassified into interest expense, net in the period that the hedged forecasted interest payments are made on the Company's variable-rate debt. The effect of derivative instruments on the accompanying condensed consolidated financial statements for the periods presented is as follows:


Derivatives in Cash Flow Hedging Relationships		Pre-Tax (Loss) Gain Recognized in AOCI on Derivatives				Pre-Tax Gain Reclassified from AOCI into Income
	Three Months Ended September 30,					Three Months Ended September 30,
	2024	2023					2024	2023
Interest rate swaps (1)		$	(7,806)	$	3,173			$	2,702	$	3,702


Derivatives in Cash Flow Hedging Relationships		Pre-Tax (Loss) Gain Recognized in AOCI on Derivatives					Pre-Tax Gain Reclassified from AOCI into Income
	Six Months Ended September 30,					Six Months Ended September 30,
	2024	2023				2024	2023
Interest rate swaps (1)		$	(7,067)	$	11,772		$	6,461	$	7,271

(1) The reclassifications from accumulated other comprehensive income to net income are included in interest expense in the Condensed Consolidated Statement of Operations.

Over the next 12 months, the Company estimates that $1.7 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 condensed consolidated statement of cash flows.

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

Revenue

6 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

The Company's revenues from contracts with customers (clients) are derived from offerings that include management and technology consulting services, analytics, digital solutions, engineering, mission operations, cyber services and artificial intelligence, 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, which include cost-reimbursable contracts, time-and-materials contracts, and fixed-price contracts.

Contract Estimates

We recognize revenue for many of our contracts under a contract cost-based input method and require an Estimate-at-Completion (“EAC”) process, which management uses to review and monitor the progress towards the completion of our performance obligations. Under this process, management considers various inputs and assumptions related to the EAC, including, but not limited to, progress towards completion, labor costs and productivity, material and subcontractor costs, and identified risks. Estimating the total cost at the completion of our performance obligations is subjective and requires management to make assumptions about future activity and cost drivers under the contract. Changes in these estimates can occur for a variety of reasons and, if significant, may impact the profitability of the Company’s contracts. Changes in estimates related to contracts accounted for under the EAC process are recognized on a cumulative catch-up basis in the period when such changes are determinable and reasonably estimable. If the estimate of contract profitability indicates an anticipated loss on a contract, the Company recognizes the total loss at the time it is identified. For each of the three and six months ended September 30, 2024 and 2023, the aggregate impact of adjustments in contract estimates was not material.

Disaggregation of Revenue

We disaggregate our revenue from contracts with customers by contract type 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:

The Company performs and generates revenue under the following three basic types of contracts:

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

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

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

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


	Three Months Ended September 30,								Six Months Ended September 30,
	2024				2023				2024				2023
Cost-reimbursable	$	1,781,044	57	%	$	1,463,949	55	%	$	3,440,967	56	%	$	2,914,133	55	%
Time-and-materials	722,818		23	%	638,607		24	%	1,393,386		23	%	1,274,340		24	%
Fixed-price	642,524		20	%	563,726		21	%	1,253,830		21	%	1,132,295		21	%
Total Revenue	$	3,146,386	100	%	$	2,666,282	100	%	$	6,088,183	100	%	$	5,320,768	100	%

Revenue by Customer Type:


	Three Months Ended September 30,								Six Months Ended September 30,
	2024				2023				2024				2023
Defense Clients	$	1,544,108	49	%	$	1,270,943	47	%	$	2,960,978	48	%	$	2,492,638	47	%
Intelligence Clients	496,420		16	%	442,924		17	%	957,459		16	%	920,456		17	%
Civil Clients (1)	1,105,858		35	%	952,415		36	%	2,169,746		36	%	1,907,674		36	%
Total Revenue	$	3,146,386	100	%	$	2,666,282	100	%	$	6,088,183	100	%	$	5,320,768	100	%

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


	Three Months Ended September 30,								Six Months Ended September 30,
	2024				2023				2024				2023
Prime Contractor	$	3,001,344	95	%	$	2,537,085	95	%	$	5,809,029	95	%	$	5,054,643	95	%
Subcontractor	145,042		5	%	129,197		5	%	$	279,154	5	%	266,125		5	%
Total Revenue	$	3,146,386	100	%	$	2,666,282	100	%	$	6,088,183	100	%	$	5,320,768	100	%

Performance Obligations

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

As of September 30, 2024 and March 31, 2024, the Company had $11.0 billion and $8.7 billion of remaining performance obligations, respectively. We expect to recognize approximately 70% of the remaining performance obligations at September 30, 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 Company's performance obligations are typically satisfied over time and revenue is generally recognized using a cost-based input method. Fixed-price contracts are typically billed to the customer using milestone or fixed monthly payments, while cost-reimbursable-plus-fee and time-and-material contracts are typically billed to the customer at periodic intervals (e.g., monthly or weekly) as indicated by the terms of the contract. Disparities between the timing of revenue recognition and customer billings and cash collections result in net contract assets or liabilities being recognized at the end of each reporting period.

Contract assets primarily consist of unbilled receivables typically resulting from revenue recognized exceeding the amount billed to the customer and right to payment is not just subject to the passage of time. Unbilled amounts represent revenues for which billings have not been presented to customers. These amounts are generally billed and collected within one year subject to various conditions including, without limitation, appropriated and available funding. Long-term unbilled receivables not anticipated to be billed and collected within one year, which are primarily related to retainage, holdbacks, and long-term rate settlements to be billed at contract closeout, are included in other long-term assets in the accompanying condensed consolidated balance sheets. Contract liabilities primarily consist of advance payments, billings in excess of costs incurred and deferred revenue. Contract assets and liabilities are reported on a net contract basis at the end of each reporting period. The Company maintains an allowance for credit losses to provide for an estimate of uncollectible receivables. Provision for credit losses recognized was not material for each of the three and six months ended September 30, 2024 and 2023.

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


	September 30, 2024		March 31, 2024
Current assets
Accounts receivable–billed	$	696,976	$	700,066
Accounts receivable–unbilled (contract assets)	1,529,647		1,347,577
Allowance for credit losses	(1,265)		(301)
Accounts receivable, net	2,225,358		2,047,342
Other long-term assets
Accounts receivable–unbilled (contract assets)	57,703		57,355
Total accounts receivable, net	$	2,283,061	$	2,104,697
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)	$	17,065	$	15,527

Changes in contract assets and contract liabilities are primarily due to the timing difference between the Company’s performance of services and payments from customers. For the three months ended September 30, 2024 and 2023, we recognized revenue of $1.1 million and $1.7 million, respectively, and for the six months ended September 30, 2024 and 2023, we recognized revenue of $9.5 million and $16.2 million, respectively, related to our contract liabilities on April 1, 2024 and 2023, respectively. To determine revenue recognized from contract liabilities during the reporting periods, the Company allocates revenue to individual contract liability balances and applies revenue recognized during the reporting periods first to the beginning balances of contract liabilities until the revenue exceeds the balances.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details