Booz Allen Hamilton Holding (BAH) 10-Q27 Oct 232024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 24, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		130,381,202
Entity Central Index Key	0001443646
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--03-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 557,296	$ 404,862
Accounts receivable, net	2,009,847	1,774,830
Prepaid expenses and other current assets	133,412	108,366
Total current assets	2,700,555	2,288,058
Property and equipment, net of accumulated depreciation	178,914	195,186
Operating lease right-of-use assets	169,640	187,798
Intangible assets, net of accumulated amortization	637,787	685,615
Goodwill	2,343,789	2,338,399
Deferred tax assets	833,597	573,780
Other long-term assets	298,327	281,816
Total assets	7,162,609	6,550,652
Current liabilities:
Current portion of long-term debt	41,250	41,250
Accounts payable and other accrued expenses	1,056,369	1,316,640
Accrued compensation and benefits	435,576	445,205
Operating lease liabilities	46,141	51,238
Other current liabilities	26,405	42,721
Total current liabilities	1,605,741	1,897,054
Long-term debt, net of current portion	3,389,152	2,770,895
Operating lease liabilities, net of current portion	180,031	198,144
Income tax reserves	769,755	552,623
Other long-term liabilities	145,800	139,934
Total liabilities	6,090,479	5,558,650
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, Class A - $0.01 par value - authorized, 600,000,000 shares; issued, 166,669,125 shares at September 30, 2023 and 165,872,332 shares at March 31, 2023; outstanding, 130,573,866 shares at September 30, 2023 and 131,637,588 shares at March 31, 2023	1,667	1,659
Treasury stock, at cost — 36,095,259 shares at September 30, 2023 and 34,234,744 shares at March 31, 2023	(2,054,418)	(1,859,905)
Additional paid-in capital	834,042	769,460
Retained earnings	2,258,947	2,051,455
Accumulated other comprehensive income	31,892	29,333
Total stockholders’ equity	1,072,130	992,002
Total liabilities and stockholders’ equity	$ 7,162,609	$ 6,550,652

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Mar. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock, issued (in shares)	166,669,125	165,872,332
Common stock, outstanding (in shares)	130,573,866	131,637,588
Treasury stock (in shares)	36,095,259	34,234,744

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue	$ 2,666,282	$ 2,298,976	$ 5,320,768	$ 4,548,576
Operating costs and expenses:
Cost of revenue	1,232,712	1,057,450	2,484,628	2,132,423
Billable expenses	824,788	684,941	1,637,092	1,359,207
General and administrative expenses	300,886	293,612	614,887	546,676
Depreciation and amortization	40,907	39,052	82,754	79,154
Total operating costs and expenses	2,399,293	2,075,055	4,819,361	4,117,460
Operating income	266,989	223,921	501,407	431,116
Interest expense	(44,756)	(28,342)	(80,230)	(52,997)
Other income, net	3,556	26,460	5,480	23,502
Income before income taxes	225,789	222,039	426,657	401,621
Income tax expense	55,071	51,258	94,551	92,747
Net income	170,718	170,781	332,106	308,874
Net loss attributable to non-controlling interest	0	151	0	342
Net income attributable to common stockholders	$ 170,718	$ 170,932	$ 332,106	$ 309,216
Earnings per common share (Note 4):
Basic (in dollars per share)	$ 1.29	$ 1.28	$ 2.52	$ 2.32
Diluted (in dollars per share)	$ 1.29	$ 1.28	$ 2.51	$ 2.31

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 170,718	$ 170,781	$ 332,106	$ 308,874
Other comprehensive income, net of tax:
Change in unrealized gain on derivatives designated as cash flow hedges	(416)	7,801	3,325	13,560
Change in postretirement plan costs	(383)	(2)	(766)	(4)
Total other comprehensive income, net of tax	(799)	7,799	2,559	13,556
Comprehensive income	169,919	178,580	334,665	322,430
Comprehensive loss attributable to non-controlling interest	0	151	0	342
Comprehensive income attributable to common stockholders	$ 169,919	$ 178,731	$ 334,665	$ 322,772

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income	$ 332,106	$ 308,874
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	82,754	79,154
Noncash lease expense	28,059	27,558
Stock-based compensation expense	37,510	32,222
Amortization of debt issuance costs	2,245	2,287
Loss on debt extinguishment	965	10,251
Losses (gains) on dispositions, and other	1,408	(30,151)
Changes in assets and liabilities:
Accounts receivable, net	(235,244)	(39,358)
Deferred income taxes and income taxes receivable / payable	(67,978)	(130,843)
Prepaid expenses and other current and long-term assets	(22,149)	(15,885)
Accrued compensation and benefits	5,553	(26,629)
Accounts payable and other accrued expenses	(260,873)	41,453
Other current and long-term liabilities	(23,273)	(31,841)
Net cash (used in) provided by operating activities	(118,917)	227,092
Cash flows from investing activities
Purchases of property, equipment, and software	(27,436)	(29,734)
Payments for business acquisitions and dispositions	(406)	0
Payments for cost method investments	(9,160)	0
Proceeds from sale of businesses	0	44,063
Net cash (used in) provided by investing activities	(37,002)	14,329
Cash flows from financing activities
Proceeds from issuance of common stock	13,947	12,052
Stock option exercises	13,133	7,992
Repurchases of common stock	(209,187)	(103,266)
Cash dividends paid	(125,122)	(115,897)
Repayments on revolving credit facility, term loans, and Senior Notes	(520,625)	(396,443)
Net proceeds from debt issuance	636,207	414,751
Proceeds from revolving credit facility	500,000	0
Net cash provided by (used in) financing activities	308,353	(180,811)
Net increase in cash and cash equivalents	152,434	60,610
Cash and cash equivalents––beginning of period	404,862	695,910
Cash and cash equivalents––end of period	557,296	756,520
Net cash paid during the period for:
Interest	78,098	42,936
Income taxes	$ 144,720	$ 215,767

CONDENSED CONSOLIDATED STATEM_4

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)	Non-Controlling Interest
Beginning of period (in shares) at Mar. 31, 2022				164,372,545
Beginning of period at Mar. 31, 2022	$ 1,046,721			$ 1,646	$ (1,635,454)		$ 656,222	$ 2,015,071	$ 8,585	$ 651
Beginning of period (in shares) at Mar. 31, 2022					(31,788,197)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				503,225
Issuance of common stock	12,052			$ 4			12,048
Stock options exercised (in shares)				234,847
Stock options exercised	7,992			$ 1			7,991
Repurchase of common stock (in shares)			(900,000)		(1,007,461)	[1]
Repurchase of common stock	(87,427)	[1]	$ (76,400)		$ (87,427)	[1]
Net income	308,874							309,216		(342)
Other comprehensive income, net of tax	13,556								13,556
Dividends declared	(115,335)							(115,335)
Stock-based compensation expense	32,102						32,102
Contribution to non-controlling interest	0						(1,743)			1,743
End of period (in shares) at Sep. 30, 2022				165,110,617
End of period at Sep. 30, 2022	1,218,535			$ 1,651	$ (1,722,881)		706,620	2,208,952	22,141	2,052
End of period (in shares) at Sep. 30, 2022					(32,795,658)
Beginning of period (in shares) at Jun. 30, 2022				164,900,879
Beginning of period at Jun. 30, 2022	1,099,124			$ 1,650	$ (1,693,012)		679,632	2,095,093	14,342	1,419
Beginning of period (in shares) at Jun. 30, 2022					(32,477,501)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				118,216
Issuance of common stock	5,971			$ 1			5,970
Stock options exercised (in shares)				91,522
Stock options exercised	3,396						3,396
Repurchase of common stock (in shares)					(318,157)
Repurchase of common stock	(29,869)				$ (29,869)
Net income	170,781							170,932		(151)
Other comprehensive income, net of tax	7,799								7,799
Dividends declared	(57,073)							(57,073)
Stock-based compensation expense	18,406						18,406
Contribution to non-controlling interest	0						(784)			784
End of period (in shares) at Sep. 30, 2022				165,110,617
End of period at Sep. 30, 2022	$ 1,218,535			$ 1,651	$ (1,722,881)		706,620	2,208,952	22,141	$ 2,052
End of period (in shares) at Sep. 30, 2022					(32,795,658)
Beginning of period (in shares) at Mar. 31, 2023	131,637,588			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)				(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)	[2]
Repurchase of common stock	(194,513)	[2]	$ (180,100)		$ (194,513)	[2]
Net income	332,106							332,106
Other comprehensive income, net of tax	2,559								2,559
Dividends declared	(124,614)							(124,614)
Stock-based compensation expense	$ 37,510						37,510
End of period (in shares) at Sep. 30, 2023	130,573,866			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)				(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							170,718
Other comprehensive income, net of tax	(799)								(799)
Dividends declared	(62,132)							(62,132)
Stock-based compensation expense	$ 19,825						19,825
End of period (in shares) at Sep. 30, 2023	130,573,866			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)				(36,095,259)

[1]During the six months ended September 30, 2022, the Company purchased 0.9 million shares of the Company’s Class A Common Stock in a series of open market transactions for $76.4 million. Additionally, the Company repurchased shares for $11.0 million during the six months ended September 30, 2022 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, 2023, the Company purchased 1.7 million shares of the Company’s Class A Common Stock in a series of open market transactions 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.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023		Sep. 30, 2022
Dividends paid (in dollars per share)	$ 0.47	$ 0.43	$ 0.94		$ 0.86
Repurchase of common stock, value	$ 81,532	$ 29,869	$ 194,513	[1]	$ 87,427	[2]
Repurchase of shares to cover tax withholding on restricted stock units that vested			$ 13,200		$ 11,000
Class A Common Stock
Repurchase of common stock (in shares)			1.7		0.9
Repurchase of common stock, value			$ 180,100		$ 76,400

[1]During the six months ended September 30, 2023, the Company purchased 1.7 million shares of the Company’s Class A Common Stock in a series of open market transactions 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, 2022, the Company purchased 0.9 million shares of the Company’s Class A Common Stock in a series of open market transactions for $76.4 million. Additionally, the Company repurchased shares for $11.0 million during the six months ended September 30, 2022 to cover the minimum statutory withholding taxes on restricted stock units that vested on various dates during the period.

Business Overview

Business Overview	6 Months Ended
Business Overview	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Overview	Business OverviewBooz Allen Hamilton Holding Corporation, including its wholly owned subsidiaries, or the Company, we, us, and our, was incorporated in Delaware in May 2008. The Company provides management and technology consulting, analytics, engineering, digital solutions, mission operations, and cyber services to U.S. and international governments, major corporations, and not-for-profit organizations. The Company reports operating results and financial data in one reportable segment. The Company is headquartered in McLean, Virginia, with approximately 33,100 employees as of September 30, 2023.

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to 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, 2023. 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, 2023 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 results of these investments are not material to the unaudited condensed and consolidated financial statements for the periods presented. The Company uses the equity method to account for investments in entities that it does not control if it is otherwise able to exert significant influence over the entities' operating and financial policies. Equity investments in entities over which the Company does not have the ability to exercise significant influence and whose securities do not have a readily determinable fair value are accounted for under the measurement alternative. As of September 30, 2023 and March 31, 2023, respectively, the total of equity and other investments related to unconsolidated entities included in other long term assets of the Company’s condensed consolidated balance sheet were $32.9 million and $23.1 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 and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the financial statements where estimates may have the most significant effect include the provision for claimed indirect costs, valuation and expected lives of tangible and intangible assets, impairment of long-lived assets, accrued liabilities, revenue recognition, including the accrual of indirect costs, bonus and other incentive compensation, stock-based compensation, reserves for uncertain tax positions and valuation allowances on deferred tax assets, provisions for income taxes, postretirement obligations, collectability of receivables, and loss accruals for litigation. Actual results experienced by the Company may differ materially from management's estimates. Recently Adopted Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“Topic 848”). The guidance is intended to provide relief for entities impacted by reference rate reform. Topic 848 contains provisions and optional accounting expedients designed to simplify requirements around the designation of hedging relationships, probability assessments of hedged forecasted transactions, and accounting for modifications of contracts that refer to the London Interbank Offered Rate (“LIBOR”) or other rates affected by reference rate reform. The guidance is elective and is effective on the date of issuance. Topic 848 is applied prospectively to contract modifications and as of the effective date for existing and new eligible hedging relationships. During the first quarter of fiscal 2024, the Company modified its interest rate swap agreements to transition from LIBOR-indexed to term SOFR-indexed periodic swap payments to align with interest payments in connection with its term SOFR-indexed debt. As such, the Company elected the optional expedients under Topic 848 which allows the cash flow hedge to continue being recognized under hedge accounting without de-designation upon a change in critical terms affected by the reference rate reform. The adoption of this guidance did not have a material impact on the condensed consolidated financial statements and disclosures. Recent Accounting Pronouncements Not Yet Adopted Accounting and reporting pronouncements effective after September 30, 2023 and issued through the filing date are not expected to have a material impact on the Company's condensed consolidated financial statements.

Revenue

Revenue	6 Months Ended
Revenue	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company's revenues from contracts with customers (clients) are derived from offerings that include management and technology consulting services, analytics, digital solutions, engineering, mission operations, and cyber services, substantially 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, 2023 and 2022, 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: We generate revenue under the following three basic types of contracts: • Cost-Reimbursable Contracts: Cost-reimbursable contracts provide for the payment of allowable costs incurred during performance of the contract, up to a ceiling based on the amount that has been funded, plus a fixed fee or award fee. • Time-and-Materials Contracts: Under contracts in this category, we are paid a fixed hourly rate for each direct labor hour expended, and we are reimbursed for billable material costs and billable out-of-pocket expenses inclusive of allocable indirect costs. We assume the financial risk on time-and-materials contracts because our costs of performance may exceed negotiated hourly rates. • Fixed-Price Contracts: Under a fixed-price contract, we agree to perform the specified work for a predetermined price. To the extent our actual direct and allocated indirect costs decrease or increase from the estimates upon which the price was negotiated, we will generate more or less profit, respectively, or could incur a loss. The table below presents the total revenue for each type of contract: Three Months Ended Six Months Ended 2023 2022 2023 2022 Cost-reimbursable $ 1,463,949 55 % $ 1,201,407 52 % $ 2,914,133 55 % $ 2,392,235 53 % Time-and-materials 638,607 24 % 564,438 25 % 1,274,340 24 % 1,110,340 24 % Fixed-price 563,726 21 % 533,131 23 % 1,132,295 21 % 1,046,001 23 % Total Revenue $ 2,666,282 100 % $ 2,298,976 100 % $ 5,320,768 100 % $ 4,548,576 100 % Revenue by Customer Type: Three Months Ended Six Months Ended 2023 2022 2023 2022 U.S. government (1) : Defense Clients $ 1,270,135 48 % $ 1,028,275 45 % $ 2,494,452 47 % $ 2,056,086 45 % Intelligence Clients 444,982 17 % 425,874 18 % 921,479 17 % 829,997 18 % Civil Clients 916,069 34 % 781,279 34 % 1,821,029 34 % 1,535,939 34 % Total U.S. government 2,631,186 99 % 2,235,428 97 % 5,236,960 98 % 4,422,022 97 % Global Commercial Clients 35,096 1 % 63,548 3 % 83,808 2 % 126,554 3 % Total Revenue $ 2,666,282 100 % $ 2,298,976 100 % $ 5,320,768 100 % $ 4,548,576 100 % (1) Certain contracts were reassigned between the various verticals of our U.S. government business shown in the table above to better align our operations to the customers we serve within each market. Prior year revenue by customer type has been recast to reflect the changes. Revenue by Whether the Company Acts as a Prime Contractor or a Subcontractor: Three Months Ended Six Months Ended 2023 2022 2023 2022 Prime Contractor $ 2,537,085 95 % $ 2,179,375 95 % $ 5,054,643 95 % $ 4,310,670 95 % Subcontractor 129,197 5 % 119,601 5 % 266,125 5 % 237,906 5 % Total Revenue $ 2,666,282 100 % $ 2,298,976 100 % $ 5,320,768 100 % $ 4,548,576 100 % 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, 2023 and March 31, 2023, the Company had $9.8 billion and $7.9 billion of remaining performance obligations, respectively. We expect to recognize approximately 75% of the remaining performance obligations at September 30, 2023 as revenue over the next 12 months, and approximately 85% over the next 24 months. The remainder is expected to be recognized thereafter. Contract Balances The Company's performance obligations are typically satisfied over time and revenue is generally recognized using a cost-based input method. Fixed-price contracts are typically billed to the customer using milestone or fixed monthly payments, while cost-reimbursable-plus-fee and time-and-material contracts are typically billed to the customer at periodic intervals (e.g., monthly or weekly) as indicated by the terms of the contract. Disparities between the timing of revenue recognition and customer billings and cash collections result in net contract assets or liabilities being recognized at the end of each reporting period. Contract assets primarily consist of unbilled receivables typically resulting from revenue recognized exceeding the amount billed to the customer and right to payment is not just subject to the passage of time. Unbilled amounts represent revenues for which billings have not been presented to customers. These amounts are generally billed and collected within one year subject to various conditions including, without limitation, appropriated and available funding. Long-term unbilled receivables not anticipated to be billed and collected within one year, which are primarily related to retainage, holdbacks, and long-term rate settlements to be billed at contract closeout, are included in other long-term assets in the accompanying condensed consolidated balance sheets. Contract liabilities primarily consist of advance payments, billings in excess of costs incurred and deferred revenue. Contract assets and liabilities are reported on a net contract basis at the end of each reporting period. The Company maintains an allowance for credit losses to provide for an estimate of uncollectible receivables. Provision for credit losses recognized was not material for the three and six months ended September 30, 2023 and 2022. 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, March 31, Current assets Accounts receivable–billed $ 678,241 $ 551,666 Accounts receivable–unbilled (contract assets) 1,331,785 1,223,482 Allowance for credit losses (179) (318) Accounts receivable, net 2,009,847 1,774,830 Other long-term assets Accounts receivable–unbilled (contract assets) 59,653 59,455 Total accounts receivable, net $ 2,069,500 $ 1,834,285 Other current liabilities Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities) $ 14,918 $ 18,995 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

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company computes basic and diluted earnings per share amounts based on net income attributable to common stockholders for the periods presented. The Company uses the weighted average number of shares of common stock outstanding during the period to calculate basic earnings per share, or EPS. Diluted EPS adjusts the weighted average number of shares outstanding to include the dilutive effect of outstanding common stock options and other stock-based awards. The Company currently has outstanding shares of Class A Common Stock. Holders of unvested Class A Restricted Common Stock are entitled to participate in non-forfeitable dividends or other distributions (“participating securities”). These unvested restricted shares participated in the Company's dividends declared and paid in the second quarter of fiscal 2024 and 2023. 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 Six Months Ended 2023 2022 2023 2022 Numerator (1) : Earnings for basic computations $ 169,277 $ 169,543 $ 329,428 $ 306,933 Earnings for diluted computations $ 169,280 $ 169,546 $ 329,434 $ 306,939 Denominator: Weighted-average common stock shares outstanding, basic 130,792,215 132,266,373 130,913,026 132,317,689 Dilutive stock options and restricted stock 340,930 462,872 424,887 551,452 Weighted-average common stock shares outstanding, diluted (2) 131,133,145 132,729,245 131,337,913 132,869,141 Earnings per common share: Basic $ 1.29 $ 1.28 $ 2.52 $ 2.32 Diluted (2) $ 1.29 $ 1.28 $ 2.51 $ 2.31 (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 1.1 million of participating securities for the three months ended September 30, 2023 and 2022, respectively, and 1.1 million and 1.0 million shares of participating securities for the six months ended September 30, 2023 and 2022, respectively. (2) The impact of anti-dilutive options excluded from the calculation of EPS was not material during the periods presented.

Acquisition, Goodwill and Intan

Acquisition, Goodwill and Intangible Assets	6 Months Ended
Acquisition, Goodwill and Intangible Assets	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition, Goodwill and Intangible Assets	Acquisition, Goodwill and Intangible Assets Acquisition On October 14, 2022, the Company completed the acquisition of EverWatch Corp. (“EverWatch”), a leading provider of advanced solutions to the defense and intelligence communities for approximately $445.1 million, net of post-closing adjustments and incurred transaction costs as part of the acquisition. The acquisition was funded with cash on hand. As a result of the transaction, EverWatch became a wholly owned subsidiary of Booz Allen Hamilton Inc. The Company recognized $108.6 million of intangible assets which consists primarily of contract assets and were valued using the excess earnings method discounted cash flow approach, incorporating Level 3 inputs as described under the fair value hierarchy of Topic 820. These unobservable inputs reflect the Company's own judgment about which assumptions market participants would use in pricing an asset on a non-recurring basis. The intangible assets are being amortized over the estimated useful life of 14 years. The goodwill of $330.9 million is primarily attributable to EverWatch's specialized workforce and the expected synergies between the Company and EverWatch, and is non-deductible for tax purposes. The following table summarizes the consideration and the allocation of the purchase price paid for EverWatch: Cash consideration (gross of cash acquired) $ 445,074 Purchase price allocation: Cash 4,779 Current assets 27,725 Operating lease right-of-use asset 7,894 Other long-term assets 5,078 Intangible assets 108,600 Deferred tax liabilities (20,394) Current liabilities (11,612) Operating lease liabilities - short-term (1,362) Operating lease liabilities - long-term (6,532) Total fair value of identifiable net assets acquired $ 114,176 Goodwill $ 330,898 The acquisition was accounted for under the acquisition method of accounting, which requires the total acquisition consideration to be allocated to the assets acquired and liabilities assumed based on an estimate of the acquisition date fair value, with the difference reflected in goodwill. During the first quarter of fiscal 2024, the Company completed the determination of fair values of the acquired assets and liabilities assumed. Pro forma results of operations for this acquisition are not presented because the acquisition is not material to the Company's consolidated results of operations. Goodwill As of September 30, 2023 and March 31, 2023, goodwill was $2,343.8 million and $2,338.4 million, respectively. The $5.4 million increase in the carrying amount of goodwill was attributable the Company's finalization of the accounting for the acquisition of EverWatch. Intangible Assets Intangible assets consisted of the following: September 30, 2023 March 31, 2023 Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Amortizable intangible assets: Programs and contract assets, channel relationships, and other amortizable intangible assets $ 591,894 $ 203,365 $ 388,529 $ 599,794 $ 169,316 $ 430,478 Software 141,301 82,243 59,058 134,152 69,215 64,937 Total amortizable intangible assets $ 733,195 $ 285,608 $ 447,587 $ 733,946 $ 238,531 $ 495,415 Unamortizable intangible assets: Trade name $ 190,200 $ — $ 190,200 $ 190,200 $ — $ 190,200 Total $ 923,395 $ 285,608 $ 637,787 $ 924,146 $ 238,531 $ 685,615 The decrease in the gross carrying value of intangible assets was primarily attributable to a $7.9 million adjustment related to the Company's finalization of the accounting for the acquisition of EverWatch in the first quarter of fiscal 2024.

Accounts Payable and Other Accr

Accounts Payable and Other Accrued Expenses	6 Months Ended
Accounts Payable and Other Accrued Expenses	Sep. 30, 2023
Payables and Accruals [Abstract]
Accounts Payable and Other Accrued Expenses	Accounts Payable and Other Accrued Expenses Accounts payable and other accrued expenses consisted of the following: September 30, March 31, Vendor payables $ 603,188 $ 597,808 Accrued expenses 453,181 718,832 Total accounts payable and other accrued expenses $ 1,056,369 $ 1,316,640 Accrued expenses consisted primarily of the Company’s provision for claimed indirect costs (approximately $328.9 million and $326.7 million as of September 30, 2023 and March 31, 2023, respectively). Accrued expenses at March 31, 2023 also included a $350.0 million reserve associated with the settlement of the U.S. Department of Justice's investigation of the Company which was subsequently settled and paid in the second quarter of fiscal 2024. See Note 15, “Commitments and Contingencies,” to the condensed consolidated financial statements for further discussion of these items.

Accrued Compensation and Benefi

Accrued Compensation and Benefits	6 Months Ended
Accrued Compensation and Benefits	Sep. 30, 2023
Compensation Related Costs [Abstract]
Accrued Compensation and Benefits	Accrued Compensation and Benefits Accrued compensation and benefits consisted of the following: September 30, March 31, Bonus $ 64,810 $ 120,023 Retirement 100,203 52,480 Vacation 217,421 203,627 Other 53,142 69,075 Total accrued compensation and benefits $ 435,576 $ 445,205

Debt

Debt	6 Months Ended
Debt	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following: September 30, 2023 March 31, 2023 Interest Outstanding Interest Outstanding Term Loan A 6.67 % $ 1,608,750 5.97 % $ 1,629,375 Senior Notes due 2028 3.88 % 700,000 3.88 % 700,000 Senior Notes due 2029 4.00 % 500,000 4.00 % 500,000 Senior Notes due 2033 5.95 % 650,000 — Less: Unamortized debt issuance costs and discount on debt (28,348) (17,230) Total 3,430,402 2,812,145 Less: Current portion of long-term debt (41,250) (41,250) Long-term debt, net of current portion $ 3,389,152 $ 2,770,895 Credit Agreement Booz Allen Hamilton Inc. (“Booz Allen Hamilton”), Booz Allen Hamilton Investor Corporation (“Investor”), and certain wholly owned subsidiaries of Booz Allen Hamilton are parties to a Credit Agreement dated as of July 31, 2012, as amended (the “Credit Agreement”), with certain institutional lenders and Bank of America, N.A., as Administrative Agent, Collateral Agent and Issuing Lender. As of September 30, 2023, the Credit Agreement provided Booz Allen Hamilton with a $1,608.8 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, 2023, the maturity date of the Term Loan A and the Revolving Commitments is September 7, 2027. Voluntary prepayments of the Term Loan A and the Revolving Loans are permitted at any time, in minimum principal amounts, without premium or penalty. Booz Allen Hamilton’s obligations and the guarantors’ guarantees under the Credit Agreement were secured by a first priority lien on substantially all of the assets (including capital stock of subsidiaries) of Booz Allen Hamilton, Investor and the subsidiary guarantors, subject to certain exceptions set forth in the Credit Agreement and related documentation; such security was released in connection with Booz Allen Hamilton obtaining investment grade ratings from both Moody's and S&P. On September 7, 2022 (the “Ninth Amendment Effective Date”), the previously outstanding Term Loan B loans under the Credit Agreement were prepaid in full. On July 27, 2023 (the “Tenth Amendment Effective Date”), Booz Allen Hamilton entered into a Tenth Amendment (the “Amendment”) to the Credit Agreement (as amended prior to the Tenth Amendment Effective Date, the “Existing Credit Agreement” and, as amended by the Amendment, the “Amended Credit Agreement”) with Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”), and the lenders and other financial institutions party thereto, in order to make permanent certain changes to the Existing Credit Agreement in connection with Booz Allen Hamilton obtaining investment grade ratings from both Moody's and S&P and prepaying the Term Loan B loans in full and to make certain additional changes in connection therewith, including, among other things, (i) removing the requirements for the obligations under the Amended Credit Agreement to be secured, (ii) removing the requirement for any subsidiary or other affiliate of Booz Allen Hamilton (other than the Company) to provide any guarantee of the obligations under the Amended Credit Agreement, and (iii) removing or modifying certain covenants applicable to Booz Allen Hamilton. Pursuant to the Amendment, all guarantees in respect of the Existing Credit Agreement have been released. The Amendment did not impact any of the terms of the Credit Agreement related to amortization or payments. On the Tenth Amendment Effective Date in connection with the Amendment, the Company entered into a Guarantee Agreement (the “Guarantee Agreement”) in favor of the Administrative Agent, pursuant to which the Company guarantees on an unsecured basis the obligations of Booz Allen Hamilton under the Amended Credit Agreement subject to certain conditions. Pursuant to the Amended Credit Agreement Booz Allen Hamilton has the option, though not any obligation, to join one or more of its domestic subsidiaries as a guarantor under the Guarantee Agreement. The 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 the Term Loan A and (ii) on the last business day of each full fiscal quarter that begins after the two year anniversary of the Ninth Amendment Effective Date but before the five year anniversary of the Ninth Amendment Effective Date, 1.25% of the stated principal amount of the Term Loan A. The remaining balance of the Term Loan A will be payable upon maturity. The rate at which the Term Loan A and the Revolving Loans bear interest is based, at Booz Allen Hamilton’s option, either on Term SOFR (subject to a 0.10% adjustment and a floor of zero) for the applicable interest period or a base rate (equal to the highest of (i) the administrative agent’s prime corporate rate, (ii) the overnight federal funds rate plus 0.50% and (iii) three-month Term SOFR (subject to a 0.10% adjustment and a floor of zero) plus 1.00%), in each case plus an applicable margin, payable at the end of the applicable interest period and in any event at least quarterly. The applicable margin for the 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. During the first and second quarters of fiscal 2024, we borrowed $500.0 million on our Revolving Credit Facility for our working capital needs, which was subsequently repaid in the second quarter of fiscal 2024. As of March 31, 2023 and September 30, 2023, respectively, there was no outstanding balance on the Revolving Credit Facility. The Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants. In addition, Booz Allen Hamilton is required to meet a financial covenant at each quarter end based on a consolidated net total leverage ratio. As of September 30, 2023 and March 31, 2023, Booz Allen Hamilton was in compliance with all financial covenants associated with its debt and debt-like instruments. In connection with Booz Allen Hamilton obtaining investment grade ratings from both Moody's and S&P, activities restricted by certain negative covenants are permitted subject to pro forma compliance with the financial covenants and no events of default having occurred and continuing. The following table summarizes interest payments made on the Company ’ s term loans: Three Months Ended Six Months Ended 2023 2022 2023 2022 Term Loan A $ 27,007 $ 7,846 $ 53,098 $ 14,165 Term Loan B $ — $ 2,793 $ — $ 5,209 Total $ 27,007 $ 10,639 $ 53,098 $ 19,374 Borrowings under the Term Loan A, and if used, the Revolving Credit Facility, incur interest at a variable rate. As of September 30, 2023, Booz Allen Hamilton had interest rate swaps with an aggregate notional amount of $550.0 million. These instruments hedge the variability of cash outflows for interest payments on the Term Loans and Revolving Credit Facility. The Company's objectives in using cash flow hedges are to reduce volatility due to interest rate movements and to add stability to interest expense (See Note 9, “ Derivatives, ” to our condensed consolidated financial statements). Senior Notes For information on the terms, conditions, and restrictions of Booz Allen Hamilton's 4.000% Senior Notes due July 1, 2029 (the “Senior Notes due 2029”) and 3.875% Senior Notes due September 1, 2028 (the “Senior Notes due 2028”), see Note 10, “Debt,” of the Company’s consolidated financial statements included in the fiscal 2023 Annual Report on Form 10-K. In connection with Booz Allen Hamilton obtaining investment grade ratings from both Moody's and S&P, certain negative covenants in the indentures governing the Senior Notes were suspended, and guarantees of the Senior Notes were released. On August 4, 2023, Booz Allen Hamilton completed an offering of $650.0 million aggregate principal amount of its 5.950% senior unsecured notes due August 4, 2033 (the “Senior Notes due 2033”, and, together with the Senior Notes due 2028 and Senior Notes due 2029, the “Senior Notes”). The Senior Notes due 2033 were issued pursuant to an Indenture, dated as of August 4, 2023 (the “Base Indenture”), among Booz Allen Hamilton, Booz Allen Hamilton Holding Corporation, and U.S. Bank Trust Company, National Association, as trustee, as supplemented by the First Supplemental Indenture, dated as of August 4, 2023 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”). The Indenture contains certain covenants, events of default, and other customary provisions. 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 Indenture. Interest Expense Interest on debt and debt-like instruments consisted of the following: Three Months Ended Six Months Ended 2023 2022 2023 2022 (In thousands) (In thousands) Term Loan A Interest Expense 27,312 12,118 53,415 18,477 Term Loan B Interest Expense — 2,757 — 5,186 Revolving Credit Facility Interest Expense 1,420 — 1,438 — Senior Notes Interest Expense 18,012 11,781 29,793 23,562 Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1) 1,218 1,126 2,245 2,287 Interest Swap (Income) Expense (3,702) 397 (7,271) 3,228 Other 496 163 610 257 Total Interest Expense $ 44,756 $ 28,342 $ 80,230 $ 52,997 (1) DIC and OID on the Term Loans and senior notes are recorded as a reduction of long-term debt in the condensed consolidated balance sheet and are amortized ratably over the life of the related debt using the effective rate method. DIC on the Revolving Credit Facility is recorded as a long-term asset on the condensed consolidated balance sheet and amortized ratably over the term of the Revolving Credit Facility.

Derivatives

Derivatives	6 Months Ended
Derivatives	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	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, 2023: Effective Date Maturity Date Terms Notional Amount April 28, 2023 (1) June 30, 2024 Variable to Fixed $ 200,000 April 28, 2023 (1) June 30, 2025 Variable to Fixed 200,000 June 30, 2023 June 30, 2026 Variable to Fixed 150,000 Total $ 550,000 (1) Swap agreements were originally effective on April 30, 2019 and were amended during the first quarter of fiscal 2024 to transition from LIBOR-indexed to term SOFR-indexed periodic swap payments to align with interest payments in connection with its term SOFR-indexed debt. See Note 2, “Basis of Presentation,” to the condensed consolidated financial statements for further information on the transition. 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, 2023, $13.2 million and $4.7 million, were classified as other current assets and other long-term assets, respectively, on the condensed consolidated balance sheet. As of March 31, 2023, $11.2 million, $3.5 million and $1.4 million were classified as other current assets, other long-term assets and other long-term liabilities, respectively , on the 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, or AOCI, net of taxes, and is subsequently reclassified into interest expense, net in the period that the hedged forecasted interest payments are made on the Company's variable-rate debt. The effect of derivative instruments on the accompanying condensed consolidated financial statements for the three and six months ended September 30, 2023 and 2022 is as follows: Three Months Ended Derivatives in Cash Flow Hedging Relationships Location of Gain or Loss Recognized in Income on Derivatives Amount of Pre-Tax Gain Recognized in AOCI on Derivatives Amount of Pre-Tax Gain or (Loss) Reclassified from AOCI into Income (1) 2023 2022 2023 2022 Interest rate swaps Interest income (expense) $ 3,173 $ 10,173 $ 3,702 $ (388) (1) The reclassifications from accumulated other comprehensive income to net income were reduced by tax (expense) benefit of ($1.0 million) and $0.1 million for the three months ended September 30, 2023 and 2022, respectively. Six Months Ended Derivatives in Cash Flow Hedging Relationships Location of Gain or Loss Recognized in Income on Derivatives Amount of Pre-Tax Gain or (Loss) Recognized in AOCL on Derivatives Amount of Pre-Tax Gain or (Loss) Reclassified from AOCL into Income (2) 2023 2022 2023 2022 Interest rate swaps Interest income (expense) $ 11,772 $ 15,139 $ 7,271 $ (3,219) (2) The reclassifications from accumulated other comprehensive loss to net income was reduced by tax (expense) benefit of ($1.9 million) and $0.8 million for the six months ended September 30, 2023 and 2022, respectively. Over the next 12 months, the Company estimates that $13.2 million will be reclassified as a decrease to interest expense. Cash flows associated with periodic settlements of interest rate swaps will be classified as operating activities in the condensed consolidated statement of cash flows. The Company is subject to counterparty risk in connection with its interest rate swap derivative contracts. Credit risk related to a derivative financial instrument represents the possibility that the counterparty will not fulfill the terms of the contract. The Company mitigates this credit risk by entering into agreements with credit-worthy counterparties and regularly reviews its credit exposure and the creditworthiness of the counterparties.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rates were 24.4% and 23.1% for the three months ended September 30, 2023 and 2022, respectively , and 22.2% and 23.1% for the six months ended September 30, 2023 and 2022 , respectively. Our effective tax rates for these periods differ from the federal statutory rate of 21.0% primarily due to the inclusion of state and foreign income taxes and permanent rate differences, which are predominantly related to certain executive compensation and the accrual of reserves for uncertain tax positions, offset by research and development tax credits, excess tax benefits for employee share-based compensation, and the Foreign Derived Intangible Income deduction. The Company is currently contesting tax assessments from the District of Columbia Office of Tax and Revenue (“DC OTR”) for fiscal years 2013 through 2015. The assessment relates to $11.7 million of taxes, net of federal tax benefits, as of September 30, 2023. During fiscal 2022, the Company received notification that the District of Columbia Office of Administrative Hearings ruled in favor of the DC OTR. The Company is currently appealing the decision with the District of Columbia Court of Appeals. The Company intends to continue to vigorously defend this matter. Oral arguments occurred on September 26, 2023 and the Company continues to wait on further developments from the court. The Company has taken similar tax positions with respect to subsequent fiscal years. As of September 30, 2023, the Company does not maintain reserves for any uncertain tax positions related to the contested tax benefits related to 2013 through 2015, nor does it maintain reserves for the similar tax positions taken in the subsequent fiscal years. Management continues to evaluate this position quarterly to determine if a change in estimate is needed. If an adverse final resolution were to occur with respect to the contested tax benefits or the similar tax positions taken for fiscal years 2013 through 2020, the total potential future tax expense that would arise would be approximately $40.4 million to $64.3 million, net of federal benefit. During fiscal 2024, the Company expects to recognize an increase in reserves for uncertain tax positions related to an increase in research and development tax credits available, as in prior years, and the required capitalization of research and development expenditures which began in fiscal 2023. The unrecognized tax benefits related to the capitalization of research and development expenditures is expected to be offset by a deferred tax asset. Tax Receivables and Payables The Company has both income tax receivables and income tax payable on its condensed consolidated balance sheets as follows: September 30, March 31, Current income tax receivable 24,031 23,633 Long term income tax receivable 167,821 167,821 Current income tax payable 6,668 14,523 Current income tax payable represents current liabilities associated with the Company’s current tax returns that the Company intends to file in fiscal 2024 and fiscal 2025. This amount is classified as other current liabilities on the condensed consolidated balance sheets. The long-term income tax receivable primarily represents the amended U.S. federal return refund claims for research and development tax credits and the carryback claim for the fiscal 2021 net operating loss 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.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
Employee Benefit Plans	Sep. 30, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit PlansThe 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 expenses recognized for matching contributions under the ECAP were $53.6 million and $45.9 million for the three months ended September 30, 2023 and 2022, respectively, and $108.1 million and $92.1 million for the six months ended September 30, 2023 and 2022, 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, 2023 and March 31, 2023, the unfunded status of the post-retirement medical plan was $107.1 million and $105.6 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.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
Accumulated Other Comprehensive Income	Sep. 30, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income 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 loss, net of tax: Three Months Ended Six Months Ended 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 (1) — 2,344 2,344 — 8,700 8,700 Amounts reclassified from accumulated other comprehensive income (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 (1) Changes in other comprehensive income before reclassification for derivatives designated as cash flow hedges are recorded net of ta x expense of $0.8 million and $3.1 million for the three and six months ended September 30, 2023, respectively. The tax impact of other comprehensive income before reclassification for post-retirement plans for the three and six months ended September 30, 2023 was immaterial. Three Months Ended Six Months Ended Post-retirement plans Derivatives designated as cash flow hedges Totals Post-retirement plans Derivatives designated as cash flow hedges Totals Beginning of period $ 8,809 $ 5,533 $ 14,342 $ 8,811 $ (226) $ 8,585 Other comprehensive income before reclassifications (2) — 7,514 7,514 (1) 11,181 11,180 Amounts reclassified from accumulated other comprehensive income (loss) (2) 287 285 (3) 2,379 2,376 Net current-period other comprehensive (loss) income (2) 7,801 7,799 (4) 13,560 13,556 End of period $ 8,807 $ 13,334 $ 22,141 $ 8,807 $ 13,334 $ 22,141 (2) Changes in other comprehensive income before reclassification for derivatives designated as cash flow hedges are recorded net of tax expense of $2.7 million and $4.0 million for the three and six months ended September 30, 2022. The tax impact of other comprehensive income before reclassification for post-retirement plans for the three and six months ended September 30, 2022 was immaterial.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The following table summarizes stock-based compensation expense recognized in the condensed consolidated statements of operations: Three Months Ended Six Months Ended 2023 2022 2023 2022 Cost of revenue $ 9,038 $ 9,654 $ 16,952 $ 17,136 General and administrative expenses 10,787 8,872 20,558 15,086 Total $ 19,825 $ 18,526 $ 37,510 $ 32,222 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 Six Months Ended 2023 2022 2023 2022 Equity Incentive Plan Options $ 374 $ 681 $ 694 $ 1,233 Restricted Stock and other awards 19,451 17,845 36,816 30,989 Total $ 19,825 $ 18,526 $ 37,510 $ 32,222 As of September 30, 2023, there was $95.1 million of total unrecognized compensation cost related to unvested stock-based compensation agreements. The unrecognized compensation cost as of September 30, 2023 is expected to be fully amortized over the next 4.00 years. 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: September 30, 2023 Unrecognized Compensation Cost Weighted Average Remaining Period to be Recognized (in years) Equity Incentive Plan Options $ 2,420 3.17 Restricted Stock Awards 92,693 1.89 Total $ 95,113 Equity Incentive Plan As of September 30, 2023, there were 0.8 million EIP options outstanding, of which 0.3 million were unvested. During the three and six months ended September 30, 2023, the Board of Directors granted 0.1 million and 0.9 million, respectively, time-based and performance-based restricted stock units to certain employees of the Company. The aggregate value of these awards was $7.0 million and $79.3 million for each respective period based on the grant date fair value. The performance-based awards granted during the six months ended September 30, 2023 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.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 Level 1 Level 2 Level 3 Total Assets: Current derivative instruments (2) $ — $ 13,183 $ — $ 13,183 Long-term derivative instruments (2) — 4,725 — 4,725 Long-term deferred compensation plan asset (1) 26,067 — — 26,067 Total Assets $ 26,067 $ 17,908 $ — $ 43,975 Liabilities: Long-term deferred compensation plan liability (1) 26,067 — — 26,067 Total Liabilities $ 26,067 $ — $ — $ 26,067 Recurring Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Current derivative instruments (2) $ — $ 11,245 $ — $ 11,245 Long-term derivative instruments (2) — 3,530 — 3,530 Long-term deferred compensation plan asset (1) 20,090 — — 20,090 Total Assets $ 20,090 $ 14,775 $ — $ 34,865 Liabilities: Long-term derivative instruments (2) — 1,369 — 1,369 Long-term deferred compensation plan liability (1) 20,090 — — 20,090 Total Liabilities $ 20,090 $ 1,369 $ — $ 21,459 (1) Investments in this category consist primarily of mutual funds whose fair values are determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. These assets and liabilities represent investments held in a consolidated trust to fund the Company's non-qualified deferred compensation plan and are recorded in other long-term assets and other long-term liabilities on our condensed consolidated balance sheets. (2) The Company’s interest rate swaps are considered over-the-counter derivatives and fair value is estimated based on the present value of future cash flows using a model-derived valuation that uses Level 2 observable inputs such as interest rate yield curves. See Note 9, “ Derivatives, ” to the condensed consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges. We did not have any material items that were measured at fair value on a non-recurring basis as of September 30, 2023, 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). The fair value of the Company's cash and cash equivalents, which are Level 1 inputs, approximated its carrying value at September 30, 2023 and March 31, 2023. The Company’s cash and cash equivalent balances presented on the accompanying condensed consolidated balance sheets include $286.3 million and $237.8 million of marketable securities in money market funds as of September 30, 2023 and March 31, 2023, respectively. The Company's long-term debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair values 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, 2023 March 31, 2023 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Term Loan A $ 1,608,750 $ 1,588,641 $ 1,629,375 $ 1,600,861 3.88% Senior Notes due 2028 700,000 626,976 700,000 638,540 4.00% Senior Notes due 2029 500,000 442,195 500,000 451,930 5.95% Senior Notes due 2033 650,000 631,781 — —

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Letters of Credit and Third-Party Guarantees As of September 30, 2023 and March 31, 2023, the Company was contingently liable under open standby letters of credit and bank guarantees issued by our banks in favor of third parties that totaled $4.4 million and $6.1 million, respectively. These letters of credit and bank guarantees primarily support insurance and bid and performance obligations. At both September 30, 2023 and March 31, 2023, approximately $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 $4.4 million and $2.7 million were available to the Company at September 30, 2023 and March 31, 2023, respectively. Government Contracting Matters - Provision for Claimed Indirect Costs For the three months ended September 30, 2023 and 2022, approximately 99% and 97%, respectively, of the Company's revenue was generated from contracts where the end user was an agency or department of the U.S. government, including contracts where the Company performed either as a prime contractor or subcontractor, and regardless of the geographic location in which the work was performed. For the six months ended September 30, 2023 and 2022, approximately 98% and 97%, respectively, 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, 2023, in the ordinary course of business, agencies of the U.S. government, including the Defense Contract Audit Agency (“DCAA”), audit the Company’s claimed indirect costs and conduct inquiries and investigations of our business practices with respect to government contracts to determine whether the Company's operations are conducted in accordance with these requirements and the terms of the relevant contracts. During the second quarter of fiscal 2024, DCAA issued their findings related to the audit of the Company’s claimed indirect costs for fiscal 2022. Based upon DCAA’s audit findings, the Company reduced a portion of its provision for claimed indirect costs related to fiscal 2022 by approximately $18.3 million during the second quarter of fiscal 2024, which resulted in a corresponding increase to revenue, to reflect our best estimate of the final indirect cost rates for fiscal 2022. Operating income for the three and six months ended September 30, 2023 was accordingly increased by $18.3 million and net income was increased by $13.5 million (or $0.10 of basic and diluted earnings per common share for the three and six months ended September 30, 2023). Our final indirect cost rates for fiscal 2022 remain subject to negotiation with the Defense Contract Management Agency (“DCMA”) Administrative Contracting Officer. Management believes it has recorded the appropriate provision for claimed indirect costs for any audit, inquiry, or investigation of which it is aware that may be subject to any reductions and/or penalties. As of September 30, 2023 and March 31, 2023, the Company had recorded liabilities of approximately $328.9 million and $326.7 million, respectively, for estimated adjustments to claimed indirect costs based on its historical DCAA audit results, including the final resolution of such audits with DCMA, for claimed indirect costs incurred subsequent to fiscal 2011, and for contracts not yet closed that are subject to audit and final resolution. Litigation Our performance under U.S. government contracts and compliance with the terms of those contracts and applicable laws and regulations are subject to continuous audit, review, and investigation by the U.S. government, which may include such investigative techniques as subpoenas or civil investigative demands. Given the nature of our business, these audits, reviews, and investigations may focus, among other areas, on various aspects of procurement integrity, labor time reporting, sensitive and/or classified information access and control, executive compensation, and post government employment restrictions. We are not always aware of our status in such matters, but we are currently aware of certain pending audits and investigations involving labor time reporting, procurement integrity, and classified information access. In addition, from time to time, we are also involved in legal proceedings and investigations arising in the ordinary course of business, including those relating to employment matters, relationships with clients and contractors, intellectual property disputes, and other business matters. These legal proceedings seek various remedies, including claims for monetary damages in varying amounts, none of which are considered material, or are unspecified as to amount. Although the outcome of any such matter is inherently uncertain and may be materially adverse, based on current information, we do not expect any of the currently ongoing audits, reviews, investigations, or litigation to have a material adverse effect on our financial condition and results of operations. As of September 30, 2023 and March 31, 2023, there were no material amounts accrued in the condensed consolidated financial statements related to these proceedings. As previously disclosed in Note 20, “ Commitments and Contingencies, ” to the consolidated financial statements of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023, the Company is not able to reasonably estimate the expected amount or range of cost or any loss associated with these matters. On June 7, 2017, Booz Allen Hamilton was informed that the U.S. Department of Justice (“DOJ”) was conducting a civil and criminal investigation of the Company. In connection with the investigation, the DOJ requested information from the Company relating to certain elements of the Company’s cost accounting and indirect cost charging practices with the U.S. government. The investigation resulted from a qui tam lawsuit filed on or about September 26, 2016 in the United States District Court for the District of Columbia pursuant to the qui tam provisions of the civil False Claims Act (the “Civil Action”), which lawsuit was under judicial seal until July 21, 2023. After learning of the investigation, the Company engaged a law firm experienced in these matters to represent the Company in connection with this matter and respond to the government's requests. As is commonly the case with this type of matter, the Company was also contacted by other regulatory agencies and bodies, including the SEC, which notified the Company that it was conducting an investigation that the Company believes related to the matters that were also the subject of the DOJ's investigation. On May 12, 2021, the Company was informed that the DOJ closed its criminal investigation. On July 21, 2023, the Company entered into a Settlement Agreement (the “Settlement Agreement”) with the United States of America, acting through the DOJ and on behalf of the Department of Defense and Defense Contract Management Agency (collectively the “United States”), and Relator Sarah A. Feinberg, to resolve the DOJ’s civil investigation and the Civil Action. The Company entered into the Settlement Agreement to avoid the delay, uncertainty and expense of protracted litigation. The Settlement Agreement contains no admission of liability by the Company. Under the terms of the Settlement Agreement, the Company agreed to pay to the United States $377.5 million (the “Settlement Amount”). The Company paid the Settlement Amount with cash on hand and by drawing on its revolving credit facility. As of June 30, 2023, the Company had recorded a $377.5 million reserve relating to this investigation and had previously disclosed that it believed the range of reasonably possible loss in connection with the investigation to be between $350 million and $378 million. Following the United States’ receipt of the Settlement Amount, the Company was released from any civil or administrative monetary claims under the civil False Claims Act and other specified civil statutes and common law theories of liability for certain elements of the Company’s cost accounting and indirect cost charging practices from April 1, 2011 through March 31, 2021, and the claim brought in the Civil Action was dismissed with prejudice. On July 27, 2023, the Company was informed that the SEC concluded its investigation without recommending an enforcement action.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 170,718	$ 170,932	$ 332,106	$ 309,216

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Item 408(a) of Regulation S-K requires the Company to disclose whether any director or officer of the Company has adopted or terminated (i) any trading arrangement that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 trading arrangement”); and/or (ii) any written trading arrangement that meets the requirements of a “non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K. During the quarter ended September 30, 2023, the following activity occurred requiring disclosure under Item 408(a) of Regulation S-K. Kristine M. Anderson, our Chief Operating Officer, adopted a new Rule 10b5-1 trading arrangement on August 3, 2023 that will terminate on August 2, 2024. Under the trading arrangement, up to an aggregate of 15,196 shares of common stock issuable upon the exercise of options are available to be sold by the broker upon reaching pricing targets defined in the trading arrangement.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Kristine M. Anderson [Member]
Trading Arrangements, by Individual
Name	Kristine M. Anderson
Title	Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Aggregate Available	15,196	15,196

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to 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, 2023. 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, 2023 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 results of these investments are not material to the unaudited condensed and consolidated financial statements for the periods presented. The Company uses the equity method to account for investments in entities that it does not control if it is otherwise able to exert significant influence over the entities' operating and financial policies. Equity investments in entities over which the Company does not have the ability to exercise significant influence and whose securities do not have a readily determinable fair value are accounted for under the measurement alternative. As of September 30, 2023 and March 31, 2023, respectively, the total of equity and other investments related to unconsolidated entities included in other long term assets of the Company’s condensed consolidated balance sheet were $32.9 million and $23.1 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 and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the financial statements where estimates may have the most significant effect include the provision for claimed indirect costs, valuation and expected lives of tangible and intangible assets, impairment of long-lived assets, accrued liabilities, revenue recognition, including the accrual of indirect costs, bonus and other incentive compensation, stock-based compensation, reserves for uncertain tax positions and valuation allowances on deferred tax assets, provisions for income taxes, postretirement obligations, collectability of receivables, and loss accruals for litigation. Actual results experienced by the Company may differ materially from management's estimates.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“Topic 848”). The guidance is intended to provide relief for entities impacted by reference rate reform. Topic 848 contains provisions and optional accounting expedients designed to simplify requirements around the designation of hedging relationships, probability assessments of hedged forecasted transactions, and accounting for modifications of contracts that refer to the London Interbank Offered Rate (“LIBOR”) or other rates affected by reference rate reform. The guidance is elective and is effective on the date of issuance. Topic 848 is applied prospectively to contract modifications and as of the effective date for existing and new eligible hedging relationships. During the first quarter of fiscal 2024, the Company modified its interest rate swap agreements to transition from LIBOR-indexed to term SOFR-indexed periodic swap payments to align with interest payments in connection with its term SOFR-indexed debt. As such, the Company elected the optional expedients under Topic 848 which allows the cash flow hedge to continue being recognized under hedge accounting without de-designation upon a change in critical terms affected by the reference rate reform. The adoption of this guidance did not have a material impact on the condensed consolidated financial statements and disclosures. Recent Accounting Pronouncements Not Yet Adopted Accounting and reporting pronouncements effective after September 30, 2023 and issued through the filing date are not expected to have a material impact on the Company's condensed 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, and cyber services, substantially all with the U.S. government and its agencies and, to a lesser extent, subcontractors. The Company also serves foreign governments, as well as domestic and international commercial clients. The Company performs and generates revenue under three basic types of contracts, 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, 2023 and 2022, 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: We generate revenue under the following three basic types of contracts: • Cost-Reimbursable Contracts: Cost-reimbursable contracts provide for the payment of allowable costs incurred during performance of the contract, up to a ceiling based on the amount that has been funded, plus a fixed fee or award fee. • Time-and-Materials Contracts: Under contracts in this category, we are paid a fixed hourly rate for each direct labor hour expended, and we are reimbursed for billable material costs and billable out-of-pocket expenses inclusive of allocable indirect costs. We assume the financial risk on time-and-materials contracts because our costs of performance may exceed negotiated hourly rates. • Fixed-Price Contracts: Under a fixed-price contract, we agree to perform the specified work for a predetermined price. To the extent our actual direct and allocated indirect costs decrease or increase from the estimates upon which the price was negotiated, we will generate more or less profit, respectively, or could incur a loss.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
Revenue (Tables)	Sep. 30, 2023
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 Six Months Ended 2023 2022 2023 2022 Cost-reimbursable $ 1,463,949 55 % $ 1,201,407 52 % $ 2,914,133 55 % $ 2,392,235 53 % Time-and-materials 638,607 24 % 564,438 25 % 1,274,340 24 % 1,110,340 24 % Fixed-price 563,726 21 % 533,131 23 % 1,132,295 21 % 1,046,001 23 % Total Revenue $ 2,666,282 100 % $ 2,298,976 100 % $ 5,320,768 100 % $ 4,548,576 100 % Revenue by Customer Type: Three Months Ended Six Months Ended 2023 2022 2023 2022 U.S. government (1) : Defense Clients $ 1,270,135 48 % $ 1,028,275 45 % $ 2,494,452 47 % $ 2,056,086 45 % Intelligence Clients 444,982 17 % 425,874 18 % 921,479 17 % 829,997 18 % Civil Clients 916,069 34 % 781,279 34 % 1,821,029 34 % 1,535,939 34 % Total U.S. government 2,631,186 99 % 2,235,428 97 % 5,236,960 98 % 4,422,022 97 % Global Commercial Clients 35,096 1 % 63,548 3 % 83,808 2 % 126,554 3 % Total Revenue $ 2,666,282 100 % $ 2,298,976 100 % $ 5,320,768 100 % $ 4,548,576 100 % (1) Certain contracts were reassigned between the various verticals of our U.S. government business shown in the table above to better align our operations to the customers we serve within each market. Prior year revenue by customer type has been recast to reflect the changes. Revenue by Whether the Company Acts as a Prime Contractor or a Subcontractor: Three Months Ended Six Months Ended 2023 2022 2023 2022 Prime Contractor $ 2,537,085 95 % $ 2,179,375 95 % $ 5,054,643 95 % $ 4,310,670 95 % Subcontractor 129,197 5 % 119,601 5 % 266,125 5 % 237,906 5 % Total Revenue $ 2,666,282 100 % $ 2,298,976 100 % $ 5,320,768 100 % $ 4,548,576 100 %
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, March 31, Current assets Accounts receivable–billed $ 678,241 $ 551,666 Accounts receivable–unbilled (contract assets) 1,331,785 1,223,482 Allowance for credit losses (179) (318) Accounts receivable, net 2,009,847 1,774,830 Other long-term assets Accounts receivable–unbilled (contract assets) 59,653 59,455 Total accounts receivable, net $ 2,069,500 $ 1,834,285 Other current liabilities Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities) $ 14,918 $ 18,995

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2023
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 Six Months Ended 2023 2022 2023 2022 Numerator (1) : Earnings for basic computations $ 169,277 $ 169,543 $ 329,428 $ 306,933 Earnings for diluted computations $ 169,280 $ 169,546 $ 329,434 $ 306,939 Denominator: Weighted-average common stock shares outstanding, basic 130,792,215 132,266,373 130,913,026 132,317,689 Dilutive stock options and restricted stock 340,930 462,872 424,887 551,452 Weighted-average common stock shares outstanding, diluted (2) 131,133,145 132,729,245 131,337,913 132,869,141 Earnings per common share: Basic $ 1.29 $ 1.28 $ 2.52 $ 2.32 Diluted (2) $ 1.29 $ 1.28 $ 2.51 $ 2.31 (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 1.1 million of participating securities for the three months ended September 30, 2023 and 2022, respectively, and 1.1 million and 1.0 million shares of participating securities for the six months ended September 30, 2023 and 2022, respectively. (2) The impact of anti-dilutive options excluded from the calculation of EPS was not material during the periods presented.

Acquisition, Goodwill and Int_2

Acquisition, Goodwill and Intangible Assets (Tables)	6 Months Ended
Acquisition, Goodwill and Intangible Assets (Tables)	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the consideration and the allocation of the purchase price paid for EverWatch: Cash consideration (gross of cash acquired) $ 445,074 Purchase price allocation: Cash 4,779 Current assets 27,725 Operating lease right-of-use asset 7,894 Other long-term assets 5,078 Intangible assets 108,600 Deferred tax liabilities (20,394) Current liabilities (11,612) Operating lease liabilities - short-term (1,362) Operating lease liabilities - long-term (6,532) Total fair value of identifiable net assets acquired $ 114,176 Goodwill $ 330,898
Schedule of Intangible Assets	Intangible assets consisted of the following: September 30, 2023 March 31, 2023 Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Amortizable intangible assets: Programs and contract assets, channel relationships, and other amortizable intangible assets $ 591,894 $ 203,365 $ 388,529 $ 599,794 $ 169,316 $ 430,478 Software 141,301 82,243 59,058 134,152 69,215 64,937 Total amortizable intangible assets $ 733,195 $ 285,608 $ 447,587 $ 733,946 $ 238,531 $ 495,415 Unamortizable intangible assets: Trade name $ 190,200 $ — $ 190,200 $ 190,200 $ — $ 190,200 Total $ 923,395 $ 285,608 $ 637,787 $ 924,146 $ 238,531 $ 685,615

Accounts Payable and Other Ac_2

Accounts Payable and Other Accrued Expenses (Tables)	6 Months Ended
Accounts Payable and Other Accrued Expenses (Tables)	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and other accrued expenses consisted of the following: September 30, March 31, Vendor payables $ 603,188 $ 597,808 Accrued expenses 453,181 718,832 Total accounts payable and other accrued expenses $ 1,056,369 $ 1,316,640

Accrued Compensation and Bene_2

Accrued Compensation and Benefits (Tables)	6 Months Ended
Accrued Compensation and Benefits (Tables)	Sep. 30, 2023
Compensation Related Costs [Abstract]
Schedule of Accrued Compensation and Benefits	Accrued compensation and benefits consisted of the following: September 30, March 31, Bonus $ 64,810 $ 120,023 Retirement 100,203 52,480 Vacation 217,421 203,627 Other 53,142 69,075 Total accrued compensation and benefits $ 435,576 $ 445,205

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following: September 30, 2023 March 31, 2023 Interest Outstanding Interest Outstanding Term Loan A 6.67 % $ 1,608,750 5.97 % $ 1,629,375 Senior Notes due 2028 3.88 % 700,000 3.88 % 700,000 Senior Notes due 2029 4.00 % 500,000 4.00 % 500,000 Senior Notes due 2033 5.95 % 650,000 — Less: Unamortized debt issuance costs and discount on debt (28,348) (17,230) Total 3,430,402 2,812,145 Less: Current portion of long-term debt (41,250) (41,250) Long-term debt, net of current portion $ 3,389,152 $ 2,770,895 The following table summarizes interest payments made on the Company ’ s term loans: Three Months Ended Six Months Ended 2023 2022 2023 2022 Term Loan A $ 27,007 $ 7,846 $ 53,098 $ 14,165 Term Loan B $ — $ 2,793 $ — $ 5,209 Total $ 27,007 $ 10,639 $ 53,098 $ 19,374
Schedule of Interest Expense	Interest on debt and debt-like instruments consisted of the following: Three Months Ended Six Months Ended 2023 2022 2023 2022 (In thousands) (In thousands) Term Loan A Interest Expense 27,312 12,118 53,415 18,477 Term Loan B Interest Expense — 2,757 — 5,186 Revolving Credit Facility Interest Expense 1,420 — 1,438 — Senior Notes Interest Expense 18,012 11,781 29,793 23,562 Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1) 1,218 1,126 2,245 2,287 Interest Swap (Income) Expense (3,702) 397 (7,271) 3,228 Other 496 163 610 257 Total Interest Expense $ 44,756 $ 28,342 $ 80,230 $ 52,997 (1) DIC and OID on the Term Loans and senior notes are recorded as a reduction of long-term debt in the condensed consolidated balance sheet and are amortized ratably over the life of the related debt using the effective rate method. DIC on the Revolving Credit Facility is recorded as a long-term asset on the condensed consolidated balance sheet and amortized ratably over the term of the Revolving Credit Facility.

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
Derivatives (Tables)	Sep. 30, 2023
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, 2023: Effective Date Maturity Date Terms Notional Amount April 28, 2023 (1) June 30, 2024 Variable to Fixed $ 200,000 April 28, 2023 (1) June 30, 2025 Variable to Fixed 200,000 June 30, 2023 June 30, 2026 Variable to Fixed 150,000 Total $ 550,000 (1) Swap agreements were originally effective on April 30, 2019 and were amended during the first quarter of fiscal 2024 to transition from LIBOR-indexed to term SOFR-indexed periodic swap payments to align with interest payments in connection with its term SOFR-indexed debt. See Note 2, “Basis of Presentation,” to the condensed consolidated financial statements for further information on the transition. three and six months ended September 30, 2023 and 2022 is as follows: Three Months Ended Derivatives in Cash Flow Hedging Relationships Location of Gain or Loss Recognized in Income on Derivatives Amount of Pre-Tax Gain Recognized in AOCI on Derivatives Amount of Pre-Tax Gain or (Loss) Reclassified from AOCI into Income (1) 2023 2022 2023 2022 Interest rate swaps Interest income (expense) $ 3,173 $ 10,173 $ 3,702 $ (388) (1) The reclassifications from accumulated other comprehensive income to net income were reduced by tax (expense) benefit of ($1.0 million) and $0.1 million for the three months ended September 30, 2023 and 2022, respectively. Six Months Ended Derivatives in Cash Flow Hedging Relationships Location of Gain or Loss Recognized in Income on Derivatives Amount of Pre-Tax Gain or (Loss) Recognized in AOCL on Derivatives Amount of Pre-Tax Gain or (Loss) Reclassified from AOCL into Income (2) 2023 2022 2023 2022 Interest rate swaps Interest income (expense) $ 11,772 $ 15,139 $ 7,271 $ (3,219) (2) The reclassifications from accumulated other comprehensive loss to net income was reduced by tax (expense) benefit of ($1.9 million) and $0.8 million for the six months ended September 30, 2023 and 2022, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Receivables and Payables	The Company has both income tax receivables and income tax payable on its condensed consolidated balance sheets as follows: September 30, March 31, Current income tax receivable 24,031 23,633 Long term income tax receivable 167,821 167,821 Current income tax payable 6,668 14,523

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
Accumulated Other Comprehensive Income (Tables)	Sep. 30, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following table shows the changes in accumulated other comprehensive loss, net of tax: Three Months Ended Six Months Ended 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 (1) — 2,344 2,344 — 8,700 8,700 Amounts reclassified from accumulated other comprehensive income (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 (1) Changes in other comprehensive income before reclassification for derivatives designated as cash flow hedges are recorded net of ta x expense of $0.8 million and $3.1 million for the three and six months ended September 30, 2023, respectively. The tax impact of other comprehensive income before reclassification for post-retirement plans for the three and six months ended September 30, 2023 was immaterial. Three Months Ended Six Months Ended Post-retirement plans Derivatives designated as cash flow hedges Totals Post-retirement plans Derivatives designated as cash flow hedges Totals Beginning of period $ 8,809 $ 5,533 $ 14,342 $ 8,811 $ (226) $ 8,585 Other comprehensive income before reclassifications (2) — 7,514 7,514 (1) 11,181 11,180 Amounts reclassified from accumulated other comprehensive income (loss) (2) 287 285 (3) 2,379 2,376 Net current-period other comprehensive (loss) income (2) 7,801 7,799 (4) 13,560 13,556 End of period $ 8,807 $ 13,334 $ 22,141 $ 8,807 $ 13,334 $ 22,141 (2) Changes in other comprehensive income before reclassification for derivatives designated as cash flow hedges are recorded net of tax expense of $2.7 million and $4.0 million for the three and six months ended September 30, 2022. The tax impact of other comprehensive income before reclassification for post-retirement plans for the three and six months ended September 30, 2022 was immaterial.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 2023
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 Six Months Ended 2023 2022 2023 2022 Cost of revenue $ 9,038 $ 9,654 $ 16,952 $ 17,136 General and administrative expenses 10,787 8,872 20,558 15,086 Total $ 19,825 $ 18,526 $ 37,510 $ 32,222 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 Six Months Ended 2023 2022 2023 2022 Equity Incentive Plan Options $ 374 $ 681 $ 694 $ 1,233 Restricted Stock and other awards 19,451 17,845 36,816 30,989 Total $ 19,825 $ 18,526 $ 37,510 $ 32,222
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: September 30, 2023 Unrecognized Compensation Cost Weighted Average Remaining Period to be Recognized (in years) Equity Incentive Plan Options $ 2,420 3.17 Restricted Stock Awards 92,693 1.89 Total $ 95,113

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2023
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 Level 1 Level 2 Level 3 Total Assets: Current derivative instruments (2) $ — $ 13,183 $ — $ 13,183 Long-term derivative instruments (2) — 4,725 — 4,725 Long-term deferred compensation plan asset (1) 26,067 — — 26,067 Total Assets $ 26,067 $ 17,908 $ — $ 43,975 Liabilities: Long-term deferred compensation plan liability (1) 26,067 — — 26,067 Total Liabilities $ 26,067 $ — $ — $ 26,067 Recurring Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Current derivative instruments (2) $ — $ 11,245 $ — $ 11,245 Long-term derivative instruments (2) — 3,530 — 3,530 Long-term deferred compensation plan asset (1) 20,090 — — 20,090 Total Assets $ 20,090 $ 14,775 $ — $ 34,865 Liabilities: Long-term derivative instruments (2) — 1,369 — 1,369 Long-term deferred compensation plan liability (1) 20,090 — — 20,090 Total Liabilities $ 20,090 $ 1,369 $ — $ 21,459 (1) Investments in this category consist primarily of mutual funds whose fair values are determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. These assets and liabilities represent investments held in a consolidated trust to fund the Company's non-qualified deferred compensation plan and are recorded in other long-term assets and other long-term liabilities on our condensed consolidated balance sheets. (2) The Company’s interest rate swaps are considered over-the-counter derivatives and fair value is estimated based on the present value of future cash flows using a model-derived valuation that uses Level 2 observable inputs such as interest rate yield curves. See Note 9, “ Derivatives, ” to the condensed consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges.
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, 2023 March 31, 2023 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Term Loan A $ 1,608,750 $ 1,588,641 $ 1,629,375 $ 1,600,861 3.88% Senior Notes due 2028 700,000 626,976 700,000 638,540 4.00% Senior Notes due 2029 500,000 442,195 500,000 451,930 5.95% Senior Notes due 2033 650,000 631,781 — —

Business Overview (Details)

Business Overview (Details)	6 Months Ended
Business Overview (Details)	Sep. 30, 2023 employee segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1
Number of reportable segments	1
Number of employees \| employee	33,100

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions	Sep. 30, 2023	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable interest entities and other investments	$ 32.9	$ 23.1

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 2,666,282	$ 2,298,976	$ 5,320,768	$ 4,548,576
Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100%	100%	100%	100%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100%	100%	100%	100%
Revenue from Contract with Customer Benchmark \| Contractor Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100%	100%	100%	100%
Prime Contractor
Disaggregation of Revenue [Line Items]
Revenue	$ 2,537,085	$ 2,179,375	$ 5,054,643	$ 4,310,670
Prime Contractor \| Revenue from Contract with Customer Benchmark \| Contractor Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	95%	95%	95%	95%
Subcontractor
Disaggregation of Revenue [Line Items]
Revenue	$ 129,197	$ 119,601	$ 266,125	$ 237,906
Subcontractor \| Revenue from Contract with Customer Benchmark \| Contractor Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	5%	5%	5%	5%
Total U.S. government
Disaggregation of Revenue [Line Items]
Revenue	$ 2,631,186	$ 2,235,428	$ 5,236,960	$ 4,422,022
Total U.S. government \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	99%	97%	98%	97%
Defense Clients \| Total U.S. government
Disaggregation of Revenue [Line Items]
Revenue	$ 1,270,135	$ 1,028,275	$ 2,494,452	$ 2,056,086
Defense Clients \| Total U.S. government \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	48%	45%	47%	45%
Intelligence Clients \| Total U.S. government
Disaggregation of Revenue [Line Items]
Revenue	$ 444,982	$ 425,874	$ 921,479	$ 829,997
Intelligence Clients \| Total U.S. government \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	17%	18%	17%	18%
Civil Clients \| Total U.S. government
Disaggregation of Revenue [Line Items]
Revenue	$ 916,069	$ 781,279	$ 1,821,029	$ 1,535,939
Civil Clients \| Total U.S. government \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	34%	34%	34%	34%
Global Commercial Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 35,096	$ 63,548	$ 83,808	$ 126,554
Global Commercial Clients \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	1%	3%	2%	3%
Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	$ 1,463,949	$ 1,201,407	$ 2,914,133	$ 2,392,235
Cost-reimbursable \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	55%	52%	55%	53%
Time-and-materials
Disaggregation of Revenue [Line Items]
Revenue	$ 638,607	$ 564,438	$ 1,274,340	$ 1,110,340
Time-and-materials \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	24%	25%	24%	24%
Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	$ 563,726	$ 533,131	$ 1,132,295	$ 1,046,001
Fixed-price \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	21%	23%	21%	23%

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue, amount of remaining performance obligation	$ 9,800		$ 9,800		$ 7,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability, revenue recognized	$ 1.7	$ 3.7	$ 16.2	$ 20
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	75%		75%
Remaining performance obligation, expected timing, period	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	85%		85%
Remaining performance obligation, expected timing, period	24 months		24 months

Revenue - Schedule of Contract

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Current assets
Accounts receivable–billed	$ 678,241	$ 551,666
Accounts receivable–unbilled (contract assets)	1,331,785	1,223,482
Allowance for credit losses	(179)	(318)
Accounts receivable, net	2,009,847	1,774,830
Other long-term assets
Accounts receivable–unbilled (contract assets)	59,653	59,455
Total accounts receivable, net	2,069,500	1,834,285
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)	$ 14,918	$ 18,995

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings for basic computations	$ 169,277	$ 169,543	$ 329,428	$ 306,933
Earnings for diluted computations	$ 169,280	$ 169,546	$ 329,434	$ 306,939
Weighted-average common stock shares outstanding, basic (in shares)	130,792,215	132,266,373	130,913,026	132,317,689
Dilutive stock options and restricted stock (in shares)	340,930	462,872	424,887	551,452
Weighted-average common stock shares outstanding, diluted (in shares)	131,133,145	132,729,245	131,337,913	132,869,141
Earnings per common share:
Basic (in dollars per share)	$ 1.29	$ 1.28	$ 2.52	$ 2.32
Diluted (in dollars per share)	$ 1.29	$ 1.28	$ 2.51	$ 2.31
Unvested shares participating in the payment of the company's dividends declared (in shares)	1,100,000	1,100,000	1,100,000	1,000,000

Acquisition, Goodwill and Int_3

Acquisition, Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Oct. 14, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 2,343,789		$ 2,338,399
EverWatch
Business Acquisition [Line Items]
Cash consideration (gross of cash acquired)	$ 445,074
Intangible assets	$ 108,600
Useful life (in years)	14 years
Goodwill	$ 330,898
Increase in goodwill		$ 5,400
Initial accounting incomplete, adjustment, intangibles			$ 7,900

Acquisition, Goodwill and Int_4

Acquisition, Goodwill and Intangible Assets - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands	Oct. 14, 2022	Sep. 30, 2023	Mar. 31, 2023
Purchase price allocation:
Goodwill		$ 2,343,789	$ 2,338,399
EverWatch
Business Acquisition [Line Items]
Cash consideration (gross of cash acquired)	$ 445,074
Purchase price allocation:
Cash	4,779
Current assets	27,725
Operating lease right-of-use asset	7,894
Other long-term assets	5,078
Intangible assets	108,600
Deferred tax liabilities	(20,394)
Current liabilities	(11,612)
Operating lease liabilities - short-term	(1,362)
Operating lease liabilities - long-term	(6,532)
Total fair value of identifiable net assets acquired	114,176
Goodwill	$ 330,898

Acquisition, Goodwill and Int_5

Acquisition, Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	$ 733,195	$ 733,946
Accumulated Amortization	285,608	238,531
Net Carrying Value	447,587	495,415
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Intangible assets, gross	923,395	924,146
Intangible assets, net	637,787	685,615
Trade name
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Unamortizable intangible assets	190,200	190,200
Programs and contract assets, channel relationships, and other amortizable intangible assets
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	591,894	599,794
Accumulated Amortization	203,365	169,316
Net Carrying Value	388,529	430,478
Software
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	141,301	134,152
Accumulated Amortization	82,243	69,215
Net Carrying Value	$ 59,058	$ 64,937

Accounts Payable and Other Ac_3

Accounts Payable and Other Accrued Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Payables and Accruals [Abstract]
Vendor payables	$ 603,188		$ 597,808
Accrued expenses	453,181		718,832
Total accounts payable and other accrued expenses	1,056,369		1,316,640
U.S. Department of Justice
Loss Contingencies [Line Items]
Estimate of possible loss		$ 377,500	350,000
Payments for legal settlements	350,000
Unfavorable Regulatory Action \| Claimed Indirect Costs
Loss Contingencies [Line Items]
Provision for claimed indirect costs	$ 328,900		$ 326,700

Accrued Compensation and Bene_3

Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Compensation Related Costs [Abstract]
Bonus	$ 64,810	$ 120,023
Retirement	100,203	52,480
Vacation	217,421	203,627
Other	53,142	69,075
Total accrued compensation and benefits	$ 435,576	$ 445,205

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Long-term Debt, Current and Noncurrent [Abstract]
Less: Unamortized debt issuance costs and discount on debt	$ (28,348)	$ (17,230)
Total	3,430,402	2,812,145
Less: Current portion of long-term debt	(41,250)	(41,250)
Long-term debt, net of current portion	$ 3,389,152	$ 2,770,895
Term Loans \| Term Loan A
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	6.67%	5.97%
Outstanding Balance	$ 1,608,750	$ 1,629,375
Senior Notes \| Senior Notes due 2028
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	3.88%	3.88%
Outstanding Balance	$ 700,000	$ 700,000
Senior Notes \| Senior Notes due 2029
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	4%	4%
Outstanding Balance	$ 500,000	$ 500,000
Senior Notes \| Senior Notes due 2033
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	5.95%
Outstanding Balance	$ 650,000	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)		3 Months Ended	6 Months Ended
Debt - Narrative (Details) - USD ($)	Sep. 07, 2022	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Aug. 04, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Proceeds from revolving credit facility			$ 500,000,000	$ 0
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%
Term Loans \| SOFR \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	1%
Term Loans \| SOFR \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	2%
Term Loans \| Three-month Term SOFR
Debt Instrument [Line Items]
Variable rate, adjustment	0.10%
Variable rate, floor	0%
Long-term debt, basis spread on variable rate	1%
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			500,000,000
Repayments of lines of credit		500,000,000
Revolving credit facility, amount outstanding						$ 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		1,608,800,000	1,608,800,000
Term Loans \| Term Loan A \| Base Rate \| Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	0%
Term Loans \| Term Loan A \| Base Rate \| Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	1%
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	$ 1,000,000,000
Senior Notes \| Senior Notes due 2029
Debt Instrument [Line Items]
Debt instrument (as a percent)		4%	4%
Senior Notes \| Senior Notes due 2028
Debt Instrument [Line Items]
Debt instrument (as a percent)		3.875%	3.875%
Senior Notes \| Senior Notes due 2033
Debt Instrument [Line Items]
Debt instrument (as a percent)					5.95%
Face amount of debt					$ 650,000,000

Debt - Schedule of Interest Pay

Debt - Schedule of Interest Payment (Details) - Term Loans - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Interest payments	$ 27,007	$ 10,639	$ 53,098	$ 19,374
Term Loan A
Debt Instrument [Line Items]
Interest payments	27,007	7,846	53,098	14,165
Term Loan B
Debt Instrument [Line Items]
Interest payments	$ 0	$ 2,793	$ 0	$ 5,209

Debt - Schedule of Interest Exp

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID)	$ 1,218	$ 1,126	$ 2,245	$ 2,287
Interest Swap (Income) Expense	(3,702)	397	(7,271)	3,228
Other	496	163	610	257
Total Interest Expense	44,756	28,342	80,230	52,997
Term Loans \| Term Loan A
Debt Instrument [Line Items]
Interest expense on debt	27,312	12,118	53,415	18,477
Term Loans \| Term Loan B
Debt Instrument [Line Items]
Interest expense on debt	0	2,757	0	5,186
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense on debt	1,420	0	1,438	0
Senior Notes
Debt Instrument [Line Items]
Interest expense on debt	$ 18,012	$ 11,781	$ 29,793	$ 23,562

Derivatives - Schedule of Outst

Derivatives - Schedule of Outstanding Interest Rate Swap Derivative Contracts (Details) - Cash Flow Hedging - Designated as Hedging Instrument $ in Thousands	Sep. 30, 2023 USD ($)
Interest Rate Swap 1
Derivative [Line Items]
Notional Amount	$ 200,000
Interest Rate Swap 2
Derivative [Line Items]
Notional Amount	200,000
Interest Rate Swap 3
Derivative [Line Items]
Notional Amount	150,000
Interest Rate Swap
Derivative [Line Items]
Notional Amount	$ 550,000

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Mar. 31, 2023
Derivative [Line Items]
Estimate of amount to be reclassified over the next 12 months	$ 13.2
Other Current Assets
Derivative [Line Items]
Derivative asset	13.2	$ 11.2
Other Noncurrent Assets
Derivative [Line Items]
Derivative asset	$ 4.7	3.5
Other Noncurrent Liabilities
Derivative [Line Items]
Derivative liability		$ 1.4

Derivatives - Schedule of Effec

Derivatives - Schedule of Effect of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accumulated Gain (Loss)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from AOCI, current period, tax	$ 1,000	$ (100)	$ 1,900	$ (800)
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Pre-Tax Gain or (Loss) Recognized in AOCL on Derivatives	3,173	10,173	11,772	15,139
Amount of Pre-Tax Gain or (Loss) Reclassified from AOCI into Income	$ 3,702	$ (388)	$ 7,271	$ (3,219)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating Loss Carryforwards [Line Items]
Effective income tax rate (as a percent)	24.40%	23.10%	22.20%	23.10%
Minimum
Operating Loss Carryforwards [Line Items]
Potential future tax expense that would arise	$ 40.4		$ 40.4
Maximum
Operating Loss Carryforwards [Line Items]
Potential future tax expense that would arise	$ 64.3		64.3
Tax Years 2013-2015
Operating Loss Carryforwards [Line Items]
Income tax assessments			$ 11.7

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Receivables and Payables (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Current income tax receivable	$ 24,031	$ 23,633
Long term income tax receivable	167,821	167,821
Current income tax payable	$ 6,668	$ 14,523

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of match (as a percent)			6%
Employees’ capital accumulation plan, total expense recognized	$ 53.6	$ 45.9	$ 108.1	$ 92.1
Officer Medical Plan \| Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, unfunded status of plan	$ 107.1		$ 107.1		$ 105.6

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	$ 1,017,071	$ 1,099,124	$ 992,002	$ 1,046,721
Other comprehensive income before reclassifications	2,344	7,514	8,700	11,180
Amounts reclassified from accumulated other comprehensive income (loss)	(3,143)	285	(6,141)	2,376
Total other comprehensive income, net of tax	(799)	7,799	2,559	13,556
End of period	1,072,130	1,218,535	1,072,130	1,218,535
Totals
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	32,691	14,342	29,333	8,585
Total other comprehensive income, net of tax	(799)	7,799	2,559	13,556
End of period	31,892	22,141	31,892	22,141
Post-retirement plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	19,067	8,809	19,450	8,811
Other comprehensive income before reclassifications	0	0	0	(1)
Amounts reclassified from accumulated other comprehensive income (loss)	(383)	(2)	(766)	(3)
Total other comprehensive income, net of tax	(383)	(2)	(766)	(4)
End of period	18,684	8,807	18,684	8,807
Derivatives designated as cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	13,624	5,533	9,883	(226)
Other comprehensive income before reclassifications	2,344	7,514	8,700	11,181
Amounts reclassified from accumulated other comprehensive income (loss)	(2,760)	287	(5,375)	2,379
Total other comprehensive income, net of tax	(416)	7,801	3,325	13,560
End of period	13,208	13,334	13,208	13,334
Other comprehensive income (loss) before reclassifications, tax expense	$ 800	$ 2,700	$ 3,100	$ 4,000

Stock-Based Compensation - Sche

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 19,825	$ 18,526	$ 37,510	$ 32,222
Equity Incentive Plan Options \| Equity Incentive Plan Options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	374	681	694	1,233
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	19,451	17,845	36,816	30,989
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	9,038	9,654	16,952	17,136
General and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 10,787	$ 8,872	$ 20,558	$ 15,086

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Unrecognized Compensation Cost (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 95,113
Weighted Average Remaining Period to be Recognized (in years)	4 years
Equity Incentive Plan Options \| Equity Incentive Plan Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 2,420
Weighted Average Remaining Period to be Recognized (in years)	3 years 2 months 1 day
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	$ 92,693
Weighted Average Remaining Period to be Recognized (in years)	1 year 10 months 20 days

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity Incentive Plan (Narrative) (Details) - Equity Incentive Plan Options shares in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Sep. 30, 2023 USD ($) shares	Sep. 30, 2023 USD ($) shares
Equity Incentive Plan Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	0.8	0.8
Stock options outstanding, unvested (in shares)	0.3	0.3
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)	0.1	0.9
Fair value of options granted \| $	$ 7	$ 79.3
Performance period	3 years

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Assets:
Current derivative instruments	$ 13,183	$ 11,245
Long term derivative instruments	4,725	3,530
Long-term deferred compensation plan asset	26,067	20,090
Total Assets	43,975	34,865
Liabilities:
Long-term derivative instruments		1,369
Long-term deferred compensation plan liability	26,067	20,090
Total Liabilities	26,067	21,459
Level 1
Assets:
Current derivative instruments	0	0
Long term derivative instruments	0	0
Long-term deferred compensation plan asset	26,067	20,090
Total Assets	26,067	20,090
Liabilities:
Long-term derivative instruments		0
Long-term deferred compensation plan liability	26,067	20,090
Total Liabilities	26,067	20,090
Level 2
Assets:
Current derivative instruments	13,183	11,245
Long term derivative instruments	4,725	3,530
Long-term deferred compensation plan asset	0	0
Total Assets	17,908	14,775
Liabilities:
Long-term derivative instruments		1,369
Long-term deferred compensation plan liability	0	0
Total Liabilities	0	1,369
Level 3
Assets:
Current derivative instruments	0	0
Long term derivative instruments	0	0
Long-term deferred compensation plan asset	0	0
Total Assets	0	0
Liabilities:
Long-term derivative instruments		0
Long-term deferred compensation plan liability	0	0
Total Liabilities	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, at fair value	$ 557,296	$ 404,862
Money Market Funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, at fair value	$ 286,300	$ 237,800

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
3.88% Senior Notes due 2028 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument (as a percent)	3.88%
4.00% Senior Notes due 2029 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument (as a percent)	4%
5.95% Senior Notes due 2033 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument (as a percent)	5.95%
Carrying Amount \| Term Loan A \| Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 1,608,750	$ 1,629,375
Carrying Amount \| 3.88% Senior Notes due 2028 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	700,000	700,000
Carrying Amount \| 4.00% Senior Notes due 2029 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	500,000	500,000
Carrying Amount \| 5.95% Senior Notes due 2033 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	650,000	0
Estimated Fair Value \| Term Loan A \| Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,588,641	1,600,861
Estimated Fair Value \| 3.88% Senior Notes due 2028 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	626,976	638,540
Estimated Fair Value \| 4.00% Senior Notes due 2029 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	442,195	451,930
Estimated Fair Value \| 5.95% Senior Notes due 2033 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 631,781	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			6 Months Ended
	Jul. 21, 2023	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Concentration Risk [Line Items]
Operating income (loss)		$ 266,989		$ 223,921	$ 501,407	$ 431,116
Net income		$ 170,718		$ 170,932	$ 332,106	$ 309,216
Basic (in dollars per share)		$ 1.29		$ 1.28	$ 2.52	$ 2.32
Diluted (in dollars per share)		$ 1.29		$ 1.28	$ 2.51	$ 2.31
Claimed Indirect Costs
Concentration Risk [Line Items]
Loss contingency accrual, period increase (decrease)		$ 18,300
Claimed Indirect Costs \| Revision of Prior Period, Adjustment
Concentration Risk [Line Items]
Operating income (loss)		18,300			$ 18,300
Net income		$ 13,500			$ 13,500
Basic (in dollars per share)		$ 0.10			$ 0.10
Diluted (in dollars per share)		$ 0.10			$ 0.10
U.S. Department of Justice
Concentration Risk [Line Items]
Estimate of possible loss			$ 377,500				$ 350,000
U.S. Department of Justice \| Minimum
Concentration Risk [Line Items]
Estimate of possible loss			350,000
U.S. Department of Justice \| Maximum
Concentration Risk [Line Items]
Estimate of possible loss			378,000
Unfavorable Regulatory Action \| Claimed Indirect Costs
Concentration Risk [Line Items]
Liability for reductions and/or penalties from U.S Government audits		$ 328,900			$ 328,900		326,700
Unfavorable Regulatory Action \| U.S. Department of Justice
Concentration Risk [Line Items]
Amount awarded to other party	$ 377,500
Contracts with U.S. Government Agencies or Other U.S. Government Contractors \| Revenue Benchmark \| Total U.S. government
Concentration Risk [Line Items]
Concentration risk (as a percent)		99%		97%	98%	97%
Financial Standby Letter of Credit
Concentration Risk [Line Items]
Guarantor obligations, carrying value		$ 4,400			$ 4,400		6,100
Guarantor obligations, reduction to available borrowings			$ 1,300		1,300
Guarantor obligations, facility		7,500			7,500		7,500
Guarantor obligations, available amount		$ 4,400			$ 4,400		$ 2,700