Booz Allen Hamilton Holding (BAH) 10-Q26 Jul 242025 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 22, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-34972
Entity Registrant Name	Booz Allen Hamilton Holding Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2634160
Entity Address, Address Line One	8283 Greensboro Drive,
Entity Address, City or Town	McLean,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	703
Local Phone Number	902-5000
Title of 12(b) Security	Class A Common Stock
Trading Symbol	BAH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		129,190,782
Entity Central Index Key	0001443646
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--03-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 297,664	$ 554,257
Accounts receivable, net	2,281,581	2,047,342
Prepaid expenses and other current assets	121,440	137,310
Total current assets	2,700,685	2,738,909
Property and equipment, net of accumulated depreciation	185,529	188,279
Operating lease right-of-use assets	179,134	174,345
Intangible assets, net of accumulated amortization	621,942	601,043
Goodwill	2,394,109	2,343,789
Deferred tax assets	260,117	227,171
Other long-term assets	299,271	290,152
Total assets	6,640,787	6,563,688
Current liabilities:
Current portion of long-term debt	72,188	61,875
Accounts payable and other accrued expenses	1,138,961	1,050,670
Accrued compensation and benefits	407,427	506,130
Operating lease liabilities	47,340	43,187
Other current liabilities	71,022	30,328
Total current liabilities	1,736,938	1,692,190
Long-term debt, net of current portion	3,330,351	3,349,941
Operating lease liabilities, net of current portion	181,049	182,134
Income tax reserves	125,332	120,237
Other long-term liabilities	183,176	172,624
Total liabilities	5,556,846	5,517,126
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, Class A - $0.01 par value - authorized: 600,000,000 shares; issued: 167,705,104 and 167,402,268 shares at June 30, 2024 and March 31, 2024, respectively; outstanding: 129,350,374 and 129,643,123 shares at June 30, 2024 and March 31, 2024, respectively	1,677	1,674
Treasury stock, at cost - 38,354,730 and 37,759,145 shares at June 30, 2024 and March 31, 2024	(2,367,452)	(2,277,546)
Additional paid-in capital	940,404	908,837
Retained earnings	2,501,909	2,404,065
Accumulated other comprehensive income	7,403	9,532
Total stockholders’ equity	1,083,941	1,046,562
Total liabilities and stockholders’ equity	$ 6,640,787	$ 6,563,688

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Mar. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock, issued (in shares)	167,705,104	167,402,268
Common stock, outstanding (in shares)	129,350,374	129,643,123
Treasury stock (in shares)	38,354,730	37,759,145

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 2,941,797	$ 2,654,486
Operating costs and expenses:
Cost of revenue	1,371,234	1,251,916
Billable expenses	944,981	812,304
General and administrative expenses	329,289	314,001
Depreciation and amortization	41,129	41,847
Total operating costs and expenses	2,686,633	2,420,068
Operating income	255,164	234,418
Interest expense	(45,931)	(35,474)
Other income, net	5,128	1,924
Income before income taxes	214,361	200,868
Income tax expense	49,128	39,480
Net income attributable to common stockholders	$ 165,233	$ 161,388
Earnings per common share (Note 4):
Basic (in dollars per share)	$ 1.27	$ 1.22
Diluted (in dollars per share)	$ 1.27	$ 1.22

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 165,233	$ 161,388
Other comprehensive income, net of tax:
Change in unrealized gain (loss) on derivatives designated as cash flow hedges	(2,240)	3,741
Change in postretirement plan costs	111	(383)
Total other comprehensive income (loss), net of tax	(2,129)	3,358
Comprehensive income attributable to common stockholders	$ 163,104	$ 164,746

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Cash flows from operating activities
Net income	$ 165,233	$ 161,388
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	41,129	41,847
Noncash lease expense	12,450	13,610
Stock-based compensation expense	19,928	17,685
Amortization of debt issuance costs	1,351	1,027
Net losses on dispositions, and other	1,169	1,208
Changes in operating assets and liabilities:
Accounts receivable, net	(217,089)	(325,363)
Deferred income taxes and income taxes receivable / payable	44,086	31,509
Prepaid expenses and other current and long-term assets	(26,692)	(10,217)
Accrued compensation and benefits	(76,124)	(56,738)
Accounts payable and other accrued expenses	90,203	74,389
Other current and long-term liabilities	(3,516)	(21,877)
Net cash provided by (used in) operating activities	52,128	(71,532)
Cash flows from investing activities
Purchases of property, equipment, and software	(32,442)	(10,488)
Payments for business acquisitions and dispositions, net of cash acquired	(92,541)	(406)
Payments for cost method investments	(2,344)	(4,160)
Net cash used in investing activities	(127,327)	(15,054)
Cash flows from financing activities
Proceeds from issuance of common stock	8,613	6,925
Stock option exercises	3,029	11,176
Repurchases of common stock	(116,289)	(128,390)
Cash dividends paid	(66,434)	(63,034)
Proceeds from revolving credit facility	0	75,000
Repayments on revolving credit facility, term loans, and Senior Notes	(10,313)	(10,313)
Net cash used in financing activities	(181,394)	(108,636)
Net decrease in cash and cash equivalents	(256,593)	(195,222)
Cash and cash equivalents––beginning of period	554,257	404,862	$ 404,862
Cash and cash equivalents––end of period	297,664	209,640	$ 554,257
Net cash paid during the period for:
Interest	26,792	26,091
Income taxes	(52)	2,868
Supplemental disclosures of non-cash investing activities:
Unpaid property, equipment and software purchases	$ 7,893	$ 0

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)
Beginning of period (in shares) at Mar. 31, 2023				165,872,332
Beginning of period at Mar. 31, 2023	$ 992,002			$ 1,659	$ (1,859,905)		$ 769,460	$ 2,051,455	$ 29,333
Beginning of period (in shares) at Mar. 31, 2023					(34,234,744)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				396,569
Issuance of common stock	6,925			$ 4			6,921
Stock options exercised (in shares)				252,382
Stock options exercised	11,176			$ 2			11,174
Repurchase of common stock (in shares)			(1,000,000)		(1,170,169)	[1]
Repurchase of common stock	(112,981)	[1]	$ (100,100)		$ (112,981)	[1]
Net income	161,388							161,388
Other comprehensive (loss) income, net of tax	3,358								3,358
Dividends paid	(62,482)							(62,482)
Stock-based compensation expense	17,685						17,685
End of period (in shares) at Jun. 30, 2023				166,521,283
End of period at Jun. 30, 2023	$ 1,017,071			$ 1,665	$ (1,972,886)		805,240	2,150,361	32,691
End of period (in shares) at Jun. 30, 2023					(35,404,913)
Beginning of period (in shares) at Mar. 31, 2024	129,643,123			167,402,268
Beginning of period at Mar. 31, 2024	$ 1,046,562			$ 1,674	$ (2,277,546)		908,837	2,404,065	9,532
Beginning of period (in shares) at Mar. 31, 2024	(37,759,145)				(37,759,145)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				236,588
Issuance of common stock	$ 8,613			$ 2			8,611
Stock options exercised (in shares)				66,248
Stock options exercised	3,029			$ 1			3,028
Repurchase of common stock (in shares)			(500,000)		(595,585)	[2]
Repurchase of common stock	(89,906)	[2]	$ (78,300)		$ (89,906)	[2]
Net income	165,233							165,233
Other comprehensive (loss) income, net of tax	(2,129)								(2,129)
Dividends paid	(67,389)							(67,389)
Stock-based compensation expense	$ 19,928						19,928
End of period (in shares) at Jun. 30, 2024	129,350,374			167,705,104
End of period at Jun. 30, 2024	$ 1,083,941			$ 1,677	$ (2,367,452)		$ 940,404	$ 2,501,909	$ 7,403
End of period (in shares) at Jun. 30, 2024	(38,354,730)				(38,354,730)

[1]During the three months ended June 30, 2023, the Company purchased 1.0 million shares of the Company’s Class A Common Stock in a series of open market transactions for $100.1 million. Additionally, the Company repurchased shares for $12.9 million during the three months ended June 30, 2023 to cover the minimum statutory taxes on repurchases and restricted stock units that vested on various dates during the period.[2]During the three months ended June 30, 2024, the Company purchased 0.5 million shares of the Company’s Class A Common Stock in a series of open market transactions for $78.3 million. Additionally, the Company repurchased shares for $11.6 million during the three months ended June 30, 2024 to cover the minimum statutory taxes on repurchases and 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
	Jun. 30, 2024		Jun. 30, 2023
Dividends paid (in dollars per share)	$ 0.51		$ 0.47
Repurchase of common stock, value	$ 89,906	[1]	$ 112,981	[2]
Repurchase of shares to cover tax withholding on restricted stock units that vested	$ 11,600		$ 12,900
Class A Common Stock
Repurchase of common stock (in shares)	0.5		1
Repurchase of common stock, value	$ 78,300		$ 100,100

[1]During the three months ended June 30, 2024, the Company purchased 0.5 million shares of the Company’s Class A Common Stock in a series of open market transactions for $78.3 million. Additionally, the Company repurchased shares for $11.6 million during the three months ended June 30, 2024 to cover the minimum statutory taxes on repurchases and restricted stock units that vested on various dates during the period.[2]During the three months ended June 30, 2023, the Company purchased 1.0 million shares of the Company’s Class A Common Stock in a series of open market transactions for $100.1 million. Additionally, the Company repurchased shares for $12.9 million during the three months ended June 30, 2023 to cover the minimum statutory taxes on repurchases and restricted stock units that vested on various dates during the period.

Business Overview

Business Overview	3 Months Ended
Business Overview	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Overview	Business Overview Booz Allen Hamilton Holding Corporation, including its wholly owned subsidiaries, or the Company, we, us, and our, was incorporated in Delaware in May 2008. The Company provides management and technology consulting, analytics, engineering, digital solutions, mission operations, cyber services and artificial intelligence to U.S. and international governments, major corporations, and not-for-profit organizations. The Company reports operating results and financial data in one reportable segment. The Company is headquartered in McLean, Virginia, with approximately 35,100 employees as of June 30, 2024.

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries that are majority-owned or otherwise controlled by the Company, and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the information contained in the Company's Annual Report on Form 10-K for the year ended March 31, 2024. The interim period unaudited condensed consolidated financial statements are presented as described below. Certain information and disclosures normally required for annual financial statements have been condensed or omitted pursuant to GAAP and SEC rules and regulations. In the opinion of management, all adjustments considered necessary for fair presentation of the results of the interim periods presented have been included. The Company’s fiscal year ends on March 31 and, unless otherwise noted, references to fiscal year or fiscal are for fiscal years ended March 31. The results of operations for the three months ended June 30, 2024 are not necessarily indicative of results to be expected for the full fiscal year. The condensed consolidated financial statements and notes of the Company include its subsidiaries, and other entities over which the Company has a controlling financial interest or where the Company is a primary beneficiary. Certain amounts reported in the Company's prior fiscal year condensed consolidated financial statements have been reclassified to conform to the current fiscal year presentation. Investments in Variable Interest Entities and Other Investments The Company invests in certain companies that advance or develop new technologies applicable to its business. Each investment is evaluated for consolidation under the variable interest entities model and/or the voting interest model. The 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 June 30, 2024 and March 31, 2024, respectively, the total of equity and other investments related to unconsolidated entities included in other long term assets of the Company’s condensed consolidated balance sheet were $44.4 million and $42.0 million . Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets 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. Recent Accounting Pronouncements Not Yet Adopted

Revenue

Revenue	3 Months Ended
Revenue	Jun. 30, 2024
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, cyber services and artificial intelligence, substantially all with the U.S. government and its agencies and, to a lesser extent, subcontractors. The Company also serves foreign governments, as well as domestic and international commercial clients. The Company performs and generates revenue under three basic types of contracts, which include cost-reimbursable contracts, time-and-materials contracts, and fixed-price contracts. Contract Estimates We recognize revenue for many of our contracts under a contract cost-based input method and require an Estimate-at-Completion (“EAC”) process, which management uses to review and monitor the progress towards the completion of our performance obligations. Under this process, management considers various inputs and assumptions related to the EAC, including, but not limited to, progress towards completion, labor costs and productivity, material and subcontractor costs, and identified risks. Estimating the total cost at the completion of our performance obligations is subjective and requires management to make assumptions about future activity and cost drivers under the contract. Changes in these estimates can occur for a variety of reasons and, if significant, may impact the profitability of the Company’s contracts. Changes in estimates related to contracts accounted for under the EAC process are recognized on a cumulative catch-up basis in the period when such changes are determinable and reasonably estimable. If the estimate of contract profitability indicates an anticipated loss on a contract, the Company recognizes the total loss at the time it is identified. For each of the three months ended June 30, 2024 and 2023, the aggregate impact of adjustments in contract estimates was not material. Disaggregation of Revenue We disaggregate our revenue from contracts with customers by contract type and by customer type, as well as by whether the Company acts as prime contractor or sub-contractor, as we believe these categories best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. The following series of tables presents our revenue disaggregated by these categories. Revenue by Contract Type: The Company performs and generates revenue under the following three basic types of contracts: • Cost-Reimbursable Contracts: Cost-reimbursable contracts provide for the payment of allowable costs incurred during performance of the contract, up to a ceiling based on the amount that has been funded, plus a fixed fee or award fee. • Time-and-Materials Contracts: Under contracts in this category, we are paid a fixed hourly rate for each direct labor hour expended, and we are reimbursed for billable material costs and billable out-of-pocket expenses inclusive of allocable indirect costs. We assume the financial risk on time-and-materials contracts because our costs of performance may exceed negotiated hourly rates. • Fixed-Price Contracts: Under a fixed-price contract, we agree to perform the specified work for a predetermined price. To the extent our actual direct and allocated indirect costs decrease or increase from the estimates upon which the price was negotiated, we will generate more or less profit, respectively, or could incur a loss. The table below presents the total revenue for each type of contract: Three Months Ended 2024 2023 Cost-reimbursable $ 1,659,923 56 % $ 1,450,184 55 % Time-and-materials 670,568 23 % 635,733 24 % Fixed-price 611,306 21 % 568,569 21 % Total Revenue $ 2,941,797 100 % $ 2,654,486 100 % Revenue by Customer Type: Three Months Ended 2024 2023 Defense Clients $ 1,416,870 48 % $ 1,224,317 46 % Intelligence Clients 461,039 16 % 476,497 18 % Civil Clients (1) 1,063,888 36 % 953,672 36 % Total Revenue $ 2,941,797 100 % $ 2,654,486 100 % (1) As of the first quarter of fiscal 2025, Civil Clients includes revenue from Global Commercial Clients, which was previously separately reported. Prior periods’ revenues have been recast to reflect the change. Revenue by Whether the Company Acts as a Prime Contractor or a Subcontractor: Three Months Ended 2024 2023 Prime Contractor $ 2,807,685 95 % $ 2,517,558 95 % Subcontractor 134,112 5 % 136,928 5 % Total Revenue $ 2,941,797 100 % $ 2,654,486 100 % Performance Obligations Remaining performance obligations represent the transaction price of exercised contracts for which work has not yet been performed, irrespective of whether funding has or has not been authorized and appropriated as of the date of exercise. Remaining performance obligations exclude negotiated but unexercised options, the unfunded value of expired contracts, and certain variable consideration which the Company does not expect to recognize as revenue. As of June 30, 2024 and March 31, 2024, the Company had $9.6 billion and $8.7 billion of remaining performance obligations, respectively. We expect to recognize approximately 70% of the remaining performance obligations at June 30, 2024 as revenue over the next 12 months, and approximately 80% over the next 24 months. The remainder is expected to be recognized thereafter. Contract Balances The Company's performance obligations are typically satisfied over time and revenue is generally recognized using a cost-based input method. Fixed-price contracts are typically billed to the customer using milestone or fixed monthly payments, while cost-reimbursable-plus-fee and time-and-material contracts are typically billed to the customer at periodic intervals (e.g., monthly or weekly) as indicated by the terms of the contract. Disparities between the timing of revenue recognition and customer billings and cash collections result in net contract assets or liabilities being recognized at the end of each reporting period. Contract assets primarily consist of unbilled receivables typically resulting from revenue recognized exceeding the amount billed to the customer and right to payment is not just subject to the passage of time. Unbilled amounts represent revenues for which billings have not been presented to customers. These amounts are generally billed and collected within one year subject to various conditions including, without limitation, appropriated and available funding. Long-term unbilled receivables not anticipated to be billed and collected within one year, which are primarily related to retainage, holdbacks, and long-term rate settlements to be billed at contract closeout, are included in other long-term assets in the accompanying condensed consolidated balance sheets. Contract liabilities primarily consist of advance payments, billings in excess of costs incurred and deferred revenue. Contract assets and liabilities are reported on a net contract basis at the end of each reporting period. The Company maintains an allowance for credit losses to provide for an estimate of uncollectible receivables. Provision for credit losses recognized was not material for each of the three months ended June 30, 2024 and 2023. The following table summarizes the contract assets and liabilities, and accounts receivable, net of allowance recognized on the Company’s condensed consolidated balance sheets: June 30, March 31, Current assets Accounts receivable–billed $ 847,174 $ 700,066 Accounts receivable–unbilled (contract assets) 1,434,759 1,347,577 Allowance for credit losses (352) (301) Accounts receivable, net 2,281,581 2,047,342 Other long-term assets Accounts receivable–unbilled (contract assets) 57,673 57,355 Total accounts receivable, net $ 2,339,254 $ 2,104,697 Other current liabilities Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities) $ 21,966 $ 15,527 Changes in contract assets and contract liabilities are primarily due to the timing difference between the Company’s performance of services and payments from customers. For the three

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company computes basic and diluted earnings per share amounts based on net income for the periods presented. The Company uses the weighted average number of shares of common stock outstanding during the period to calculate basic earnings per share, or EPS. Diluted EPS adjusts the weighted average number of shares outstanding to include the dilutive effect of outstanding common stock options and other stock-based awards. The Company currently has outstanding shares of Class A Common Stock. Holders of certain unvested Class A Restricted Common Stock are entitled to participate in non-forfeitable dividends or other distributions (“participating securities”). These unvested restricted shares participated in the Company's dividends declared and paid in the first quarter of fiscal 2025 and 2024. As such, EPS is calculated using the two-class method whereby earnings are reduced by distributed earnings as well as any available undistributed earnings allocable to holders of these unvested restricted shares. A reconciliation of the income used to compute basic and diluted EPS for the periods presented are as follows: Three Months Ended 2024 2023 Numerator (1) : Earnings for basic computations $ 164,433 $ 160,146 Earnings for diluted computations $ 164,435 $ 160,149 Denominator: Weighted-average common stock shares outstanding, basic 129,387,052 131,031,979 Dilutive stock options and restricted stock 530,211 498,654 Weighted-average common stock shares outstanding, diluted (2) 129,917,263 131,530,633 Earnings per common share: Basic $ 1.27 $ 1.22 Diluted (2) $ 1.27 $ 1.22 (1) The difference between earnings for basic and diluted computations and net income presented on the condensed consolidated statements of operations is due to undistributed earnings and dividends allocated to the participating securities. There were approximately 0.6 million and 1.0 million shares of participating securities for the three months ended June 30, 2024 and 2023, respectively. (2) The impact of anti-dilutive options excluded from the calculation of EPS was not material during the periods presented.

Acquisition, Goodwill and Intan

Acquisition, Goodwill and Intangible Assets	3 Months Ended
Acquisition, Goodwill and Intangible Assets	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition, Goodwill and Intangible Assets	Acquisition, Goodwill and Intangible Assets Acquisition On June 7, 2024, the Company completed the acquisition of PAR Government Systems Corporation (“PGSC”), a wholly owned subsidiary of PAR Technology Corporation, for approximately $94.8 million, net of post-closing adjustments and incurred transaction costs as part of the acquisition. PGSC was founded in 1985 and headquartered in Rome, New York, and delivers differentiated services and solutions in strategic mission areas, including the provision of real-time communications and mobile situational awareness to maintain battlespace dominance for a range of government customers. The acquisition was funded with cash on hand. As a result of the transaction, PGSC became a wholly owned subsidiary of Booz Allen Hamilton Inc. Under the terms of the purchase agreement, the purchase price is subject to post-closing working capital and other customary adjustments. The final purchase price allocations will be completed after the underlying information has been finalized and agreed upon by the seller and the Company. The acquisition is accounted for under the acquisition method of accounting, which requires the total acquisition consideration to be allocated to the assets acquired and liabilities assumed based on an estimate of the acquisition date fair value, with the difference reflected in goodwill. The preliminary goodwill of $50.3 million is primarily attributable to the expected synergies between the Company and PGSC and PGSC’s specialized workforce and is deductible for tax purposes. The Company preliminarily recognized $33.7 million of intangible assets which consists primarily of contract assets and are being amortized over the estimated useful life of twelve years. The valuation of PGSC’s assets acquired and liabilities assumed are preliminary and based on valuation estimates and assumptions. Although the Company does not currently expect material changes to the initial value of net assets acquired, the Company continues to evaluate assumptions related to the valuation of the assets acquired and liabilities assumed. Any adjustments to our estimates of purchase price allocation will be made in the periods in which the adjustments are determined, and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates. Goodwill As of June 30, 2024 and March 31, 2024, goodwill was $2,394.1 million and $2,343.8 million, respectively. The $50.3 million increase in the carrying amount of goodwill was attributable the Company's acquisition of PGSC. Intangible Assets Intangible assets consisted of the following: June 30, 2024 March 31, 2024 Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Amortizable intangible assets: Programs and contract assets, channel relationships, and other amortizable intangible assets $ 624,664 $ 253,836 $ 370,828 $ 591,895 $ 237,764 $ 354,131 Software 157,438 96,524 60,914 146,284 89,572 56,712 Total amortizable intangible assets $ 782,102 $ 350,360 $ 431,742 $ 738,179 $ 327,336 $ 410,843 Unamortizable intangible assets: Trade name $ 190,200 $ — $ 190,200 $ 190,200 $ — $ 190,200 Total $ 972,302 $ 350,360 $ 621,942 $ 928,379 $ 327,336 $ 601,043 The $43.9 million increase in the gross carrying amount of intangible assets was primarily attributable the Company's acquisition of PGSC, with the remainder resulting from increases in the Company’s internally developed software.

Accounts Payable and Other Accr

Accounts Payable and Other Accrued Expenses	3 Months Ended
Accounts Payable and Other Accrued Expenses	Jun. 30, 2024
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: June 30, March 31, Vendor payables $ 661,948 $ 653,131 Accrued expenses 477,013 397,539 Total accounts payable and other accrued expenses $ 1,138,961 $ 1,050,670 Accrued expenses consisted primarily of the Company’s provision for claimed indirect costs (approximately $374.8 million and $363.7 million as of June 30, 2024 and March 31, 2024, respectively). See Note 15, “Commitments and Contingencies,” to the condensed consolidated financial statements for further discussion of this item.

Accrued Compensation and Benefi

Accrued Compensation and Benefits	3 Months Ended
Accrued Compensation and Benefits	Jun. 30, 2024
Compensation Related Costs [Abstract]
Accrued Compensation and Benefits	Accrued Compensation and Benefits Accrued compensation and benefits consisted of the following: June 30, March 31, Bonus $ 30,889 $ 151,063 Retirement 86,976 57,465 Vacation 244,576 223,385 Other 44,986 74,217 Total accrued compensation and benefits $ 407,427 $ 506,130

Debt

Debt	3 Months Ended
Debt	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following on the dates below: June 30, 2024 March 31, 2024 Interest Outstanding Interest Outstanding Term Loan A 6.679 % $ 1,577,813 6.677 % $ 1,588,125 Senior Notes due 2028 3.875 % 700,000 3.875 % 700,000 Senior Notes due 2029 4.000 % 500,000 4.000 % 500,000 Senior Notes due 2033 5.950 % 650,000 5.950 % 650,000 Less: Unamortized debt issuance costs and discount on debt (25,274) (26,309) Total 3,402,539 3,411,816 Less: Current portion of long-term debt (72,188) (61,875) Long-term debt, net of current portion $ 3,330,351 $ 3,349,941 Credit Agreement Booz Allen Hamilton Inc. (“Booz Allen Hamilton”), Booz Allen Hamilton Investor Corporation (“Investor”), and certain wholly owned subsidiaries of Booz Allen Hamilton are parties to a Credit Agreement dated as of July 31, 2012, as amended (the “Credit Agreement”), with certain institutional lenders and Bank of America, N.A., as Administrative Agent, Collateral Agent and Issuing Lender. As of June 30, 2024, the Credit Agreement provided Booz Allen Hamilton with a $1,577.8 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 June 30, 2024, the maturity date of Term Loan A and the Revolving Commitments is September 7, 2027. Voluntary prepayments of Term Loan A and the Revolving Loans are permitted at any time, in minimum principal amounts, without premium or penalty. Booz Allen Hamilton’s obligations and the guarantors’ guarantees under the Credit Agreement were secured by a first priority lien on substantially all of the assets (including capital stock of subsidiaries) of Booz Allen Hamilton, Investor and the subsidiary guarantors, subject to certain exceptions set forth in the Credit Agreement and related documentation; such security was released in connection with Booz Allen Hamilton obtaining investment grade ratings from both Moody's and S&P. On September 7, 2022 (the “Ninth Amendment Effective Date”), the previously outstanding Term Loan B loans under the Credit Agreement were prepaid in full. On July 27, 2023 (the “Tenth Amendment Effective Date”), Booz Allen Hamilton entered into a Tenth Amendment (the “Amendment”) to the Credit Agreement (as amended prior to the Tenth Amendment Effective Date, the “Existing Credit Agreement” and, as amended by the Amendment, the “Amended Credit Agreement”) with Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”), and the lenders and other financial institutions party thereto, in order to make permanent certain changes to the Existing Credit Agreement in connection with Booz Allen Hamilton obtaining investment grade ratings from both Moody's and S&P and prepaying the Term Loan B loans in full and to make certain additional changes in connection therewith, including, among other things, (i) removing the requirements for the obligations under the Amended Credit Agreement to be secured, (ii) removing the requirement for any subsidiary or other affiliate of Booz Allen Hamilton (other than the Company) to provide any guarantee of the obligations under the Amended Credit Agreement, and (iii) removing or modifying certain covenants applicable to Booz Allen Hamilton. Pursuant to the Amendment, all guarantees in respect of the Existing Credit Agreement have been released. The Amendment did not impact any of the terms of the Credit Agreement related to amortization or payments. On the Tenth Amendment Effective Date in connection with the Amendment, the Company entered into a Guarantee Agreement (the “Guarantee Agreement”) in favor of the Administrative Agent, pursuant to which the Company guarantees on an unsecured basis the obligations of Booz Allen Hamilton under the Amended Credit Agreement subject to certain conditions. Pursuant to the Amended Credit Agreement Booz Allen Hamilton has the option, though not any obligation, to join one or more of its domestic subsidiaries as a guarantor under the Guarantee Agreement. Term Loan A amortizes in consecutive quarterly installments in an amount equal to (i) on the last business day of each full fiscal quarter that begins after the Ninth Amendment Effective Date but on or before the two year anniversary of the Ninth Amendment Effective Date, 0.625% of the stated principal amount of Term Loan A and (ii) on the last business day of each full fiscal quarter that begins after the two year anniversary of the Ninth Amendment Effective Date but before the five year anniversary of the Ninth Amendment Effective Date, 1.25% of the stated principal amount of Term Loan A. The remaining balance of Term Loan A will be payable upon maturity. The rate at which Term Loan A and the Revolving Loans bear interest will be based either on Term SOFR (subject to a 0.10% adjustment and a floor of zero) for the applicable interest period or a base rate (equal to the highest of (i) the administrative agent’s prime corporate rate, (ii) the overnight federal funds rate plus 0.50% and (iii) three-month Term SOFR (subject to a 0.10% adjustment and a floor of zero) plus 1.00%), in each case plus an applicable margin, payable at the end of the applicable interest period and in any event at least quarterly. The applicable margin for Term Loan A and the Revolving Loans ranges from 1.00% to 2.00% for Term SOFR loans and zero to 1.00% for base rate loans, in each case based on the lower of (i) the applicable rate per annum determined pursuant to a consolidated total net leverage ratio grid and (ii) the applicable rate per annum determined pursuant to a ratings grid. Unused Revolving Commitments are subject to a quarterly fee ranging from 0.10% to 0.35% based on the lower of (i) the applicable fee rate per annum determined pursuant to a consolidated total net leverage ratio grid and (ii) the applicable fee rate per annum determined pursuant to a ratings grid. Booz Allen Hamilton has also agreed to pay customary letter of credit and agency fees. The Company occasionally borrows under the Revolving Credit Facility for our working capital needs. During the first quarter of fiscal 2024, we borrowed $75.0 million on our Revolving Credit Facility for working capital needs, which was subsequently repaid in the second quarter of fiscal 2024. There were no borrowings during the first quarter of fiscal 2025 and as of June 30, 2024 and March 31, 2024, respectively, there was no outstanding balance on the Revolving Credit Facility. Borrowings under Term Loan A, and if used, the Revolving Credit Facility, incur interest at a variable rate. As of June 30, 2024, The Company had interest rate swaps with an aggregate notional amount of $550.0 million. These instruments hedge the variability of cash outflows for interest payments on a portion of the Company’s floating rate borrowings under the Credit Agreement. The Company's objectives in using cash flow hedges are to reduce volatility due to interest rate movements and to add stability to interest expense (See Note 9, “ Derivatives, ” to our condensed consolidated financial statements). Interest payments made on the Company ’ s term loan during the quarter ended June 30, 2024 and 2023, respectively, were $26.8 million and $26.1 million. The Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants. In connection with Booz Allen Hamilton obtaining investment grade ratings from both Moody's and S&P, certain activities previously restricted by certain negative covenants are permitted subject to pro forma compliance with the financial covenants and no events of default having occurred or are continuing. In addition, Booz Allen Hamilton is required to meet certain financial covenants at each quarter end, specifically the consolidated net total leverage ratio. As of June 30, 2024 and March 31, 2024, Booz Allen Hamilton was in compliance with all financial covenants associated with its debt and debt-like instruments. Senior Notes The following table summarizes the material terms of the Company’s Senior Notes as of June 30, 2024: Indenture Date Principal Interest Rate Maturity Date Interest Payable Issuance Costs Senior Notes due 2033 8/4/2023 $ 650,000 5.950% 8/4/2033 February and August 4 $ 12,400 Senior Notes due 2029 6/17/2021 500,000 4.000% 7/1/2029 July and January 1 6,500 Senior Notes due 2028 8/24/2020 700,000 3.875% 9/1/2028 March and September 1 9,200 Total $ 1,850,000 $ 28,100 Interest is payable semi-annually in cash in arrears, with the principal due at maturity. Issuance Costs were recorded as an offset against the carrying value of respective debt and are being amortized to interest expense over the term of the respective debt. For further information on the Senior Notes, including terms, conditions, restrictions and redemption options, see Note 10, “Debt,” of the Company’s consolidated financial statements included in the fiscal 2024 Annual Report on Form 10-K. All Senior Notes’ indentures contain certain covenants, events of default and other customary provisions. In connection with the Senior Notes obtaining investment grade ratings from Moody's and S&P in January 2023, certain negative covenants in the indentures governing the Senior Notes 2028 and Senior Notes 2029 were suspended, and the related guarantees were released. The Senior Notes due 2033 are fully and unconditionally guaranteed on an unsecured and unsubordinated basis by Booz Allen Hamilton Holding Corporation, pursuant to the relevant indenture. Interest Expense Interest expense consisted of the following: Three Months Ended 2024 2023 (In thousands) Term Loan A 26,789 26,103 Revolving Credit Facility — 17 Senior Notes 21,450 11,781 Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1) 1,351 1,027 Interest Rate Swaps (3,760) (3,568) Other 101 114 Total Interest Expense $ 45,931 $ 35,474 (1) DIC and OID on the Term Loans and Senior Notes are recorded as a reduction of long-term debt in the condensed consolidated balance sheet and are amortized ratably over the life of the related debt using the effective rate method. DIC on the Company’s Revolving Credit Facility is recorded as a long-term asset on the condensed consolidated balance sheet and amortized ratably over the term of the Revolving Credit Facility.

Derivatives

Derivatives	3 Months Ended
Derivatives	Jun. 30, 2024
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 June 30, 2024: Effective Date Maturity Date Terms Notional Amount April 28, 2023 June 30, 2025 Variable to Fixed $ 200,000 June 30, 2023 June 30, 2026 Variable to Fixed 150,000 June 28, 2024 June 30, 2027 Variable to Fixed 200,000 Total $ 550,000 The floating-to-fixed interest rate swaps involve the exchange of variable interest amounts from a counterparty for the Company making fixed-rate interest payments over the life of the agreements without exchange of the underlying notional amount and effectively convert a portion of the variable rate debt into fixed interest rate debt. Derivative instruments are recorded in the condensed consolidated balance sheet on a gross basis at estimated fair value. As of June 30, 2024, $8.3 million, $0.6 million and $1.7 million were classified as other current assets, other long-term assets and other long-term liabilities, respectively, on the condensed consolidated balance sheet. As of March 31, 2024, $8.7 million and $1.6 million were classified as other current assets and other long-term assets, respectively , on the condensed consolidated balance sheet. For interest rate swaps designated as cash flow hedges, the changes in the fair value of derivatives are recorded in Accumulated Other Comprehensive Income (“AOCI”), net of taxes, and are subsequently reclassified into interest expense, net in the period that the hedged forecasted interest payments are made on the Company's variable-rate debt. The effect of derivative instruments on the accompanying condensed consolidated financial statements for the periods presented is as follows: Derivatives in Cash Flow Hedging Relationships Location of Gain or (Loss) Recognized in Income on Derivatives Pre-Tax Gain Recognized in AOCI on Derivatives Pre-Tax Gain Reclassified from AOCI into Income Three Months Ended Three Months Ended 2024 2023 2024 2023 Interest rate swaps Interest expense $ 739 $ 8,599 $ 3,760 $ 3,568 Over the next 12 months, the Company estimates that $8.3 million will be reclassified as a decrease to interest expense. Cash flows associated with periodic settlements of interest rate swaps will be classified as operating activities in the condensed consolidated statement of cash flows. The Company is subject to counterparty risk in connection with its interest rate swap derivative contracts. Credit risk related to a derivative financial instrument represents the possibility that the counterparty will not fulfill the terms of the contract. The Company mitigates this credit risk by entering into agreements with credit-worthy counterparties, diversifying across multiple counterparties, and regularly reviewing credit exposure and the creditworthiness of each counterparty.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rates were 22.9% and 19.7% for the three months ended June 30, 2024 and 2023, respectively. Our effective tax rates for these periods differ from the federal statutory rate of 21.0% primarily due to the inclusion of state and foreign income taxes and permanent rate differences, which are predominantly related to certain executive compensation and the accrual of reserves for uncertain tax positions, offset by research and development tax credits, excess tax benefits for employee share-based compensation, and the Foreign Derived Intangible Income deduction. As of June 30, 2024 and March 31, 2024 the Company recorded $120.0 million and $115.4 million, respectively, of reserves for uncertain tax positions primarily related to research and development tax credits. As of June 30, 2024 and March 31, 2024 , the Company has recorded both a current income tax receivable (classified as prepaid expenses and other current assets) and a current income tax payable (classified as other current liabilities) on its condensed consolidated balance sheet. These amounts are reflective of fiscal 2024 and 2025 tax accruals in each U.S. Federal, state, and foreign jurisdiction, as adjusted for estimated payments made to date. In addition, a s of both June 30, 2024 and March 31, 2024, the Company has recorded a long-term income tax receivable of $152.5 million, which represents the amended U.S. federal return refund claims for research and development tax credits and the carryback claim for the fiscal 2021 net operating loss which is classified as other long-term assets on the condensed consolidated balance sheet. The Company is currently under federal audit by the IRS for fiscal years 2016, 2017 and 2019-2021 and the receipt of our U.S federal return refund claims is contingent upon the completion of the ongoing IRS audits.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
Employee Benefit Plans	Jun. 30, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company sponsors the Employees’ Capital Accumulation Plan (the “ECAP”) which is a qualified defined contribution plan that covers eligible U.S. and certain international employees. The ECAP provides for distributions to participants by reason of retirement, death, disability, or termination of employment. The Company provides an annual matching contribution of up to 6% of eligible annual compensation. Total expense recognized for matching contributions under the ECAP were $61.7 million and $54.3 million for the three months ended June 30, 2024 and 2023, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
Accumulated Other Comprehensive Income	Jun. 30, 2024
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 income, net of tax: Three Months Ended Post-retirement plans Derivatives designated as cash flow hedges Totals Beginning of period $ 1,976 $ 7,556 $ 9,532 Other comprehensive income before reclassifications (1) — 548 548 Amounts reclassified from accumulated other comprehensive income (2) 111 (2,788) (2,677) Net current-period other comprehensive income (loss) 111 (2,240) (2,129) End of period $ 2,087 $ 5,316 $ 7,403 (1) Changes in other comprehensive income before reclassification for derivatives designated as cash flow hedges are recorded net of ta x expense of $0.2 million for the three months ended June 30, 2024. The tax impact of other comprehensive income before reclassification for post-retirement plans for the three months ended June 30, 2024 was immaterial. (2) The reclassifications from accumulated other comprehensive income to net income for derivatives designated as cash flow hedges are recorded net of tax expense of $1.0 million for the three months ended June 30, 2024. The tax impact of reclassifications from accumulated other comprehensive income to net income for post-retirement plans for the three months ended June 30, 2024 was immaterial. Three Months Ended Post-retirement plans Derivatives designated as cash flow hedges Totals Beginning of period $ 19,450 $ 9,883 $ 29,333 Other comprehensive income before reclassifications (3) — 6,356 6,356 Amounts reclassified from accumulated other comprehensive income (4) (383) (2,615) (2,998) Net current-period other comprehensive (loss) income (383) 3,741 3,358 End of period $ 19,067 $ 13,624 $ 32,691 (3) Changes in other comprehensive income before reclassification for derivatives designated as cash flow hedges are recorded net of tax expense of $2.2 million for the three months ended June 30, 2023. The tax impact of other comprehensive income before reclassification for post-retirement plans for the three months ended June 30, 2023 was immaterial. (4) The reclassifications from accumulated other comprehensive income to net income for derivatives designated as cash flow hedges are recorded net of tax expense of $0.9 million for the three months ended June 30, 2023. The tax impact of reclassifications from accumulated other comprehensive income to net income for post-retirement plans for the three months ended June 30, 2023 was immaterial.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Jun. 30, 2024
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 2024 2023 Cost of revenue $ 7,359 $ 7,914 General and administrative expenses 12,569 9,771 Total $ 19,928 $ 17,685 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 2024 2023 Equity Incentive Plan Options $ 248 $ 320 Restricted Stock and other awards 19,680 17,365 Total $ 19,928 $ 17,685 As of June 30, 2024, there was $123.1 million of total unrecognized compensation cost related to unvested stock-based compensation agreements. Absent the effect of forfeiture or acceleration of stock compensation cost for any departures of employees, the following table summarizes the unrecognized compensation cost and the weighted-average period the cost is expected to be amortized (excludes any future award): June 30, 2024 Unrecognized Compensation Cost Weighted Average Remaining Period to be Recognized (in years) Equity Incentive Plan Options $ 2,214 3.45 Restricted Stock Awards 120,884 2.04 Total $ 123,098 Equity Incentive Plan During the three months ended June 30, 2024, the Board of Directors granted 0.5 million time-based and performance-based restricted stock units to certain employees of the Company. The aggregate value of these awards was $82.5 million based on the grant date fair value. The performance-based awards granted during the three months ended June 30, 2024 included additional market conditions related to the Company’s total shareholder return relative to its peer group over the three-year performance period. The Company recognizes compensation expense for these performance-based awards with market conditions based on the grant-date fair value calculated using a Monte Carlo model.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Jun. 30, 2024
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 (1) $ — $ 8,289 $ — $ 8,289 Long-term derivative instruments (1) — 645 — 645 Long-term deferred compensation plan asset (2) 37,163 — — 37,163 Total Assets $ 37,163 $ 8,934 $ — $ 46,097 Liabilities: Long-term derivative instruments (1) — 1,686 — 1,686 Long-term deferred compensation plan liability (2) 37,163 — — 37,163 Total Liabilities $ 37,163 $ 1,686 $ — $ 38,849 Recurring Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Current derivative instruments (1) $ — $ 8,713 $ — $ 8,713 Long-term derivative instruments (1) — 1,556 — 1,556 Long-term deferred compensation plan asset (2) 28,957 — — 28,957 Total Assets $ 28,957 $ 10,269 $ — $ 39,226 Liabilities: Long-term deferred compensation plan liability (2) 28,957 — — 28,957 Total Liabilities $ 28,957 $ — $ — $ 28,957 (1) The Company’s interest rate swaps are considered over-the-counter derivatives and fair value is estimated based on the present value of future cash flows using a model-derived valuation that uses Level 2 observable inputs such as interest rate yield curves. See Note 9, “ Derivatives, ” to the condensed consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges. (2) Investments in this category consist primarily of mutual funds whose fair values are determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. These assets and liabilities represent investments held in a consolidated trust to fund the Company's non-qualified deferred compensation plan and are recorded in other long-term assets and other long-term liabilities on our condensed consolidated balance sheets. The fair value of the Company's cash and cash equivalents, which are Level 1 inputs, approximated its carrying value at June 30, 2024 and March 31, 2024. The Company’s cash and cash equivalent balances presented on the accompanying condensed consolidated balance sheets include $98.2 million and $192.7 million of marketable securities in money market funds as of June 30, 2024 and March 31, 2024, 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: June 30, 2024 March 31, 2024 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Term Loan A $ 1,577,813 $ 1,573,868 $ 1,588,125 $ 1,582,170 3.875% Senior Notes due 2028 700,000 659,785 700,000 656,677 4.000% Senior Notes due 2029 500,000 469,020 500,000 465,470 5.950% Senior Notes due 2033 650,000 667,654 650,000 672,815 For our investments that are measured at fair value on a non-recurring basis, we did not have any material measurement adjustments during the three months ended June 30, 2024, with the exception of the assets and liabilities acquired through our acquisitions (see Note 5, “Acquisition, Goodwill and Intangible Assets,” to the condensed consolidated financial statements).

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Letters of Credit and Third-Party Guarantees As of June 30, 2024 and March 31, 2024, the Company was contingently liable under open standby letters of credit and bank guarantees issued by our banks in favor of third parties that totaled $4.8 million and $4.4 million, respectively. These letters of credit and bank guarantees primarily support insurance and bid and performance obligations. At June 30, 2024 and March 31, 2024, respectively, approximately $1.7 million and $1.3 million of these instruments reduced the available borrowings under the Revolving Credit Facility. The remainder is guaranteed under a separate $7.5 million facility of which $4.4 million was available to the Company at both June 30, 2024 and March 31, 2024. Government Contracting Matters - Provision for Claimed Indirect Costs For the three months ended June 30, 2024 and 2023, approximately 99% and 98%, respectively, of the Company's revenue was generated from contracts where the end user was an agency or department of the U.S. government, including contracts where the Company performed either as a prime contractor or subcontractor, and regardless of the geographic location in which the work was performed. As noted in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, in the ordinary course of business, agencies of the U.S. government, including the Defense Contract Audit Agency (“DCAA”), audit the Company’s claimed indirect costs and conduct inquiries and investigations of our business practices with respect to government contracts to determine whether the Company's operations are conducted in accordance with these requirements and the terms of the relevant contracts. Based upon DCAA’s recent audit findings, the Company reduced a portion of its provision for claimed indirect costs related to fiscal 2022 by approximately $18.3 million during the second quarter of fiscal 2024, which resulted in a corresponding increase to revenue, to reflect our best estimate of the final indirect cost rates for fiscal 2022. Operating income for the fiscal year ended March 31, 2024 was accordingly increased by $18.3 million and net income was increased by $13.5 million (or $0.10 of basic and diluted earnings per common share for the fiscal year ended March 31, 2024). Our final indirect cost rates for fiscal 2022 remain subject to negotiation with the Defense Contract Management Agency (“DCMA”) Administrative Contracting Officer. Management believes it has recorded the appropriate provision for claimed indirect costs for any audit, inquiry, or investigation of which it is aware that may be subject to any reductions and/or penalties. As of June 30, 2024 and March 31, 2024, the Company had recorded liabilities of approximately $374.8 million and $363.7 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 both June 30, 2024 and March 31, 2024, there were no material amounts accrued in the condensed consolidated financial statements related to these proceedings as either the amounts are immaterial or the Company is not able to reasonably estimate the expected amount or range of cost or any loss associated with these matters.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 165,233	$ 161,388

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Matthew A. Calderone [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Matthew A. Calderone, our Chief Financial Officer, adopted a new Rule 10b5-1 trading arrangement on June 5, 2024 that will terminate on June 6, 2025. Under the trading arrangement, up to an aggregate of 7,930 shares of common stock are available to be sold by the broker upon reaching pricing targets defined in the trading arrangement.
Name	Matthew A. Calderone
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 5, 2024
Expiration Date	June 6, 2025
Arrangement Duration	366 days
Aggregate Available	7,930
Nancy J. Laben [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Nancy J. Laben, our Chief Legal Officer, adopted a new Rule 10b5-1 trading arrangement on May 30, 2024 that will terminate on May 30, 2025. Under the trading arrangement, up to an aggregate of 11,984 shares of common stock are available to be sold by the broker upon reaching pricing targets defined in the trading arrangement.
Name	Nancy J. Laben
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 30, 2024
Expiration Date	May 30, 2025
Arrangement Duration	365 days
Aggregate Available	11,984

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries that are majority-owned or otherwise controlled by the Company, and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the information contained in the Company's Annual Report on Form 10-K for the year ended March 31, 2024. The interim period unaudited condensed consolidated financial statements are presented as described below. Certain information and disclosures normally required for annual financial statements have been condensed or omitted pursuant to GAAP and SEC rules and regulations. In the opinion of management, all adjustments considered necessary for fair presentation of the results of the interim periods presented have been included. The Company’s fiscal year ends on March 31 and, unless otherwise noted, references to fiscal year or fiscal are for fiscal years ended March 31. The results of operations for the three months ended June 30, 2024 are not necessarily indicative of results to be expected for the full fiscal year. The condensed consolidated financial statements and notes of the Company include its subsidiaries, and other entities over which the Company has a controlling financial interest or where the Company is a primary beneficiary. Certain amounts reported in the Company's prior fiscal year condensed consolidated financial statements have been reclassified to conform to the current fiscal year presentation.
Investments in Variable Interest Entities and Other Investments	Investments in Variable Interest Entities and Other Investments The Company invests in certain companies that advance or develop new technologies applicable to its business. Each investment is evaluated for consolidation under the variable interest entities model and/or the voting interest model. The 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 June 30, 2024 and March 31, 2024, respectively, the total of equity and other investments related to unconsolidated entities included in other long term assets of the Company’s condensed consolidated balance sheet were $44.4 million and $42.0 million .
Accounting Estimates	Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets 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.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted
Revenue	The Company's revenues from contracts with customers (clients) are derived from offerings that include management and technology consulting services, analytics, digital solutions, engineering, mission operations, cyber services and artificial intelligence, substantially all with the U.S. government and its agencies and, to a lesser extent, subcontractors. The Company also serves foreign governments, as well as domestic and international commercial clients. The Company performs and generates revenue under three basic types of contracts, which include cost-reimbursable contracts, time-and-materials contracts, and fixed-price contracts. Contract Estimates We recognize revenue for many of our contracts under a contract cost-based input method and require an Estimate-at-Completion (“EAC”) process, which management uses to review and monitor the progress towards the completion of our performance obligations. Under this process, management considers various inputs and assumptions related to the EAC, including, but not limited to, progress towards completion, labor costs and productivity, material and subcontractor costs, and identified risks. Estimating the total cost at the completion of our performance obligations is subjective and requires management to make assumptions about future activity and cost drivers under the contract. Changes in these estimates can occur for a variety of reasons and, if significant, may impact the profitability of the Company’s contracts. Changes in estimates related to contracts accounted for under the EAC process are recognized on a cumulative catch-up basis in the period when such changes are determinable and reasonably estimable. If the estimate of contract profitability indicates an anticipated loss on a contract, the Company recognizes the total loss at the time it is identified. For each of the three months ended June 30, 2024 and 2023, the aggregate impact of adjustments in contract estimates was not material. Disaggregation of Revenue We disaggregate our revenue from contracts with customers by contract type and by customer type, as well as by whether the Company acts as prime contractor or sub-contractor, as we believe these categories best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. The following series of tables presents our revenue disaggregated by these categories. Revenue by Contract Type: The Company performs and generates revenue under the following three basic types of contracts: • Cost-Reimbursable Contracts: Cost-reimbursable contracts provide for the payment of allowable costs incurred during performance of the contract, up to a ceiling based on the amount that has been funded, plus a fixed fee or award fee. • Time-and-Materials Contracts: Under contracts in this category, we are paid a fixed hourly rate for each direct labor hour expended, and we are reimbursed for billable material costs and billable out-of-pocket expenses inclusive of allocable indirect costs. We assume the financial risk on time-and-materials contracts because our costs of performance may exceed negotiated hourly rates. • Fixed-Price Contracts: Under a fixed-price contract, we agree to perform the specified work for a predetermined price. To the extent our actual direct and allocated indirect costs decrease or increase from the estimates upon which the price was negotiated, we will generate more or less profit, respectively, or could incur a loss. Remaining performance obligations represent the transaction price of exercised contracts for which work has not yet been performed, irrespective of whether funding has or has not been authorized and appropriated as of the date of exercise. Remaining performance obligations exclude negotiated but unexercised options, the unfunded value of expired contracts, and certain variable consideration which the Company does not expect to recognize as revenue. The Company's performance obligations are typically satisfied over time and revenue is generally recognized using a cost-based input method. Fixed-price contracts are typically billed to the customer using milestone or fixed monthly payments, while cost-reimbursable-plus-fee and time-and-material contracts are typically billed to the customer at periodic intervals (e.g., monthly or weekly) as indicated by the terms of the contract. Disparities between the timing of revenue recognition and customer billings and cash collections result in net contract assets or liabilities being recognized at the end of each reporting period.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The table below presents the total revenue for each type of contract: Three Months Ended 2024 2023 Cost-reimbursable $ 1,659,923 56 % $ 1,450,184 55 % Time-and-materials 670,568 23 % 635,733 24 % Fixed-price 611,306 21 % 568,569 21 % Total Revenue $ 2,941,797 100 % $ 2,654,486 100 % Revenue by Customer Type: Three Months Ended 2024 2023 Defense Clients $ 1,416,870 48 % $ 1,224,317 46 % Intelligence Clients 461,039 16 % 476,497 18 % Civil Clients (1) 1,063,888 36 % 953,672 36 % Total Revenue $ 2,941,797 100 % $ 2,654,486 100 % (1) As of the first quarter of fiscal 2025, Civil Clients includes revenue from Global Commercial Clients, which was previously separately reported. Prior periods’ revenues have been recast to reflect the change. Revenue by Whether the Company Acts as a Prime Contractor or a Subcontractor: Three Months Ended 2024 2023 Prime Contractor $ 2,807,685 95 % $ 2,517,558 95 % Subcontractor 134,112 5 % 136,928 5 % Total Revenue $ 2,941,797 100 % $ 2,654,486 100 %
Schedule of Contract Assets and Liabilities	The following table summarizes the contract assets and liabilities, and accounts receivable, net of allowance recognized on the Company’s condensed consolidated balance sheets: June 30, March 31, Current assets Accounts receivable–billed $ 847,174 $ 700,066 Accounts receivable–unbilled (contract assets) 1,434,759 1,347,577 Allowance for credit losses (352) (301) Accounts receivable, net 2,281,581 2,047,342 Other long-term assets Accounts receivable–unbilled (contract assets) 57,673 57,355 Total accounts receivable, net $ 2,339,254 $ 2,104,697 Other current liabilities Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities) $ 21,966 $ 15,527

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of the Income Used to Compute Basic and Diluted EPS	A reconciliation of the income used to compute basic and diluted EPS for the periods presented are as follows: Three Months Ended 2024 2023 Numerator (1) : Earnings for basic computations $ 164,433 $ 160,146 Earnings for diluted computations $ 164,435 $ 160,149 Denominator: Weighted-average common stock shares outstanding, basic 129,387,052 131,031,979 Dilutive stock options and restricted stock 530,211 498,654 Weighted-average common stock shares outstanding, diluted (2) 129,917,263 131,530,633 Earnings per common share: Basic $ 1.27 $ 1.22 Diluted (2) $ 1.27 $ 1.22 (1) The difference between earnings for basic and diluted computations and net income presented on the condensed consolidated statements of operations is due to undistributed earnings and dividends allocated to the participating securities. There were approximately 0.6 million and 1.0 million shares of participating securities for the three months ended June 30, 2024 and 2023, respectively. (2) The impact of anti-dilutive options excluded from the calculation of EPS was not material during the periods presented.

Acquisition, Goodwill and Int_2

Acquisition, Goodwill and Intangible Assets (Tables)	3 Months Ended
Acquisition, Goodwill and Intangible Assets (Tables)	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Intangible Assets	Intangible assets consisted of the following: June 30, 2024 March 31, 2024 Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Amortizable intangible assets: Programs and contract assets, channel relationships, and other amortizable intangible assets $ 624,664 $ 253,836 $ 370,828 $ 591,895 $ 237,764 $ 354,131 Software 157,438 96,524 60,914 146,284 89,572 56,712 Total amortizable intangible assets $ 782,102 $ 350,360 $ 431,742 $ 738,179 $ 327,336 $ 410,843 Unamortizable intangible assets: Trade name $ 190,200 $ — $ 190,200 $ 190,200 $ — $ 190,200 Total $ 972,302 $ 350,360 $ 621,942 $ 928,379 $ 327,336 $ 601,043

Accounts Payable and Other Ac_2

Accounts Payable and Other Accrued Expenses (Tables)	3 Months Ended
Accounts Payable and Other Accrued Expenses (Tables)	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and other accrued expenses consisted of the following: June 30, March 31, Vendor payables $ 661,948 $ 653,131 Accrued expenses 477,013 397,539 Total accounts payable and other accrued expenses $ 1,138,961 $ 1,050,670

Accrued Compensation and Bene_2

Accrued Compensation and Benefits (Tables)	3 Months Ended
Accrued Compensation and Benefits (Tables)	Jun. 30, 2024
Compensation Related Costs [Abstract]
Schedule of Accrued Compensation and Benefits	Accrued compensation and benefits consisted of the following: June 30, March 31, Bonus $ 30,889 $ 151,063 Retirement 86,976 57,465 Vacation 244,576 223,385 Other 44,986 74,217 Total accrued compensation and benefits $ 407,427 $ 506,130

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following on the dates below: June 30, 2024 March 31, 2024 Interest Outstanding Interest Outstanding Term Loan A 6.679 % $ 1,577,813 6.677 % $ 1,588,125 Senior Notes due 2028 3.875 % 700,000 3.875 % 700,000 Senior Notes due 2029 4.000 % 500,000 4.000 % 500,000 Senior Notes due 2033 5.950 % 650,000 5.950 % 650,000 Less: Unamortized debt issuance costs and discount on debt (25,274) (26,309) Total 3,402,539 3,411,816 Less: Current portion of long-term debt (72,188) (61,875) Long-term debt, net of current portion $ 3,330,351 $ 3,349,941 The following table summarizes the material terms of the Company’s Senior Notes as of June 30, 2024: Indenture Date Principal Interest Rate Maturity Date Interest Payable Issuance Costs Senior Notes due 2033 8/4/2023 $ 650,000 5.950% 8/4/2033 February and August 4 $ 12,400 Senior Notes due 2029 6/17/2021 500,000 4.000% 7/1/2029 July and January 1 6,500 Senior Notes due 2028 8/24/2020 700,000 3.875% 9/1/2028 March and September 1 9,200 Total $ 1,850,000 $ 28,100
Schedule of Interest Expense	Interest expense consisted of the following: Three Months Ended 2024 2023 (In thousands) Term Loan A 26,789 26,103 Revolving Credit Facility — 17 Senior Notes 21,450 11,781 Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1) 1,351 1,027 Interest Rate Swaps (3,760) (3,568) Other 101 114 Total Interest Expense $ 45,931 $ 35,474 (1) DIC and OID on the Term Loans and Senior Notes are recorded as a reduction of long-term debt in the condensed consolidated balance sheet and are amortized ratably over the life of the related debt using the effective rate method. DIC on the Company’s Revolving Credit Facility is recorded as a long-term asset on the condensed consolidated balance sheet and amortized ratably over the term of the Revolving Credit Facility.

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
Derivatives (Tables)	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Effect of Derivative Instruments	The following table summarizes the material terms of the Company’s outstanding interest rate swap derivative contracts as of June 30, 2024: Effective Date Maturity Date Terms Notional Amount April 28, 2023 June 30, 2025 Variable to Fixed $ 200,000 June 30, 2023 June 30, 2026 Variable to Fixed 150,000 June 28, 2024 June 30, 2027 Variable to Fixed 200,000 Total $ 550,000 Derivatives in Cash Flow Hedging Relationships Location of Gain or (Loss) Recognized in Income on Derivatives Pre-Tax Gain Recognized in AOCI on Derivatives Pre-Tax Gain Reclassified from AOCI into Income Three Months Ended Three Months Ended 2024 2023 2024 2023 Interest rate swaps Interest expense $ 739 $ 8,599 $ 3,760 $ 3,568

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
Accumulated Other Comprehensive Income (Tables)	Jun. 30, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following table shows the changes in accumulated other comprehensive income, net of tax: Three Months Ended Post-retirement plans Derivatives designated as cash flow hedges Totals Beginning of period $ 1,976 $ 7,556 $ 9,532 Other comprehensive income before reclassifications (1) — 548 548 Amounts reclassified from accumulated other comprehensive income (2) 111 (2,788) (2,677) Net current-period other comprehensive income (loss) 111 (2,240) (2,129) End of period $ 2,087 $ 5,316 $ 7,403 (1) Changes in other comprehensive income before reclassification for derivatives designated as cash flow hedges are recorded net of ta x expense of $0.2 million for the three months ended June 30, 2024. The tax impact of other comprehensive income before reclassification for post-retirement plans for the three months ended June 30, 2024 was immaterial. (2) The reclassifications from accumulated other comprehensive income to net income for derivatives designated as cash flow hedges are recorded net of tax expense of $1.0 million for the three months ended June 30, 2024. The tax impact of reclassifications from accumulated other comprehensive income to net income for post-retirement plans for the three months ended June 30, 2024 was immaterial. Three Months Ended Post-retirement plans Derivatives designated as cash flow hedges Totals Beginning of period $ 19,450 $ 9,883 $ 29,333 Other comprehensive income before reclassifications (3) — 6,356 6,356 Amounts reclassified from accumulated other comprehensive income (4) (383) (2,615) (2,998) Net current-period other comprehensive (loss) income (383) 3,741 3,358 End of period $ 19,067 $ 13,624 $ 32,691 (3) Changes in other comprehensive income before reclassification for derivatives designated as cash flow hedges are recorded net of tax expense of $2.2 million for the three months ended June 30, 2023. The tax impact of other comprehensive income before reclassification for post-retirement plans for the three months ended June 30, 2023 was immaterial. (4) The reclassifications from accumulated other comprehensive income to net income for derivatives designated as cash flow hedges are recorded net of tax expense of $0.9 million for the three months ended June 30, 2023. The tax impact of reclassifications from accumulated other comprehensive income to net income for post-retirement plans for the three months ended June 30, 2023 was immaterial.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense Recognized in the Condensed Consolidated Statements of Operations	The following table summarizes stock-based compensation expense recognized in the condensed consolidated statements of operations: Three Months Ended 2024 2023 Cost of revenue $ 7,359 $ 7,914 General and administrative expenses 12,569 9,771 Total $ 19,928 $ 17,685 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 2024 2023 Equity Incentive Plan Options $ 248 $ 320 Restricted Stock and other awards 19,680 17,365 Total $ 19,928 $ 17,685
Schedule of Unrecognized Compensation Cost	Absent the effect of forfeiture or acceleration of stock compensation cost for any departures of employees, the following table summarizes the unrecognized compensation cost and the weighted-average period the cost is expected to be amortized (excludes any future award): June 30, 2024 Unrecognized Compensation Cost Weighted Average Remaining Period to be Recognized (in years) Equity Incentive Plan Options $ 2,214 3.45 Restricted Stock Awards 120,884 2.04 Total $ 123,098

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Recurring Fair Value Measurements	The financial instruments measured at fair value in the accompanying condensed consolidated balance sheets consist of the following: Recurring Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Current derivative instruments (1) $ — $ 8,289 $ — $ 8,289 Long-term derivative instruments (1) — 645 — 645 Long-term deferred compensation plan asset (2) 37,163 — — 37,163 Total Assets $ 37,163 $ 8,934 $ — $ 46,097 Liabilities: Long-term derivative instruments (1) — 1,686 — 1,686 Long-term deferred compensation plan liability (2) 37,163 — — 37,163 Total Liabilities $ 37,163 $ 1,686 $ — $ 38,849 Recurring Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Current derivative instruments (1) $ — $ 8,713 $ — $ 8,713 Long-term derivative instruments (1) — 1,556 — 1,556 Long-term deferred compensation plan asset (2) 28,957 — — 28,957 Total Assets $ 28,957 $ 10,269 $ — $ 39,226 Liabilities: Long-term deferred compensation plan liability (2) 28,957 — — 28,957 Total Liabilities $ 28,957 $ — $ — $ 28,957 (1) The Company’s interest rate swaps are considered over-the-counter derivatives and fair value is estimated based on the present value of future cash flows using a model-derived valuation that uses Level 2 observable inputs such as interest rate yield curves. See Note 9, “ Derivatives, ” to the condensed consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges. (2) Investments in this category consist primarily of mutual funds whose fair values are determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. These assets and liabilities represent investments held in a consolidated trust to fund the Company's non-qualified deferred compensation plan and are recorded in other long-term assets and other long-term liabilities on our condensed consolidated balance sheets.
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: June 30, 2024 March 31, 2024 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Term Loan A $ 1,577,813 $ 1,573,868 $ 1,588,125 $ 1,582,170 3.875% Senior Notes due 2028 700,000 659,785 700,000 656,677 4.000% Senior Notes due 2029 500,000 469,020 500,000 465,470 5.950% Senior Notes due 2033 650,000 667,654 650,000 672,815

Business Overview (Details)

Business Overview (Details)	3 Months Ended
Business Overview (Details)	Jun. 30, 2024 employee segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1
Number of reportable segments	1
Number of employees \| employee	35,100

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable interest entities and other investments	$ 44.4	$ 42

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 2,941,797	$ 2,654,486
Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100%	100%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100%	100%
Revenue from Contract with Customer Benchmark \| Contractor Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100%	100%
Prime Contractor
Disaggregation of Revenue [Line Items]
Revenue	$ 2,807,685	$ 2,517,558
Prime Contractor \| Revenue from Contract with Customer Benchmark \| Contractor Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	95%	95%
Subcontractor
Disaggregation of Revenue [Line Items]
Revenue	$ 134,112	$ 136,928
Subcontractor \| Revenue from Contract with Customer Benchmark \| Contractor Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	5%	5%
Defense Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 1,416,870	$ 1,224,317
Defense Clients \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	48%	46%
Intelligence Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 461,039	$ 476,497
Intelligence Clients \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	16%	18%
Civil Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 1,063,888	$ 953,672
Civil Clients \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	36%	36%
Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	$ 1,659,923	$ 1,450,184
Cost-reimbursable \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	56%	55%
Time-and-materials
Disaggregation of Revenue [Line Items]
Revenue	$ 670,568	$ 635,733
Time-and-materials \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	23%	24%
Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	$ 611,306	$ 568,569
Fixed-price \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	21%	21%

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue, amount of remaining performance obligation	$ 9,600		$ 8,700
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability, revenue recognized	$ 8.4	$ 14.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	70%
Remaining performance obligation, expected timing, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	80%
Remaining performance obligation, expected timing, period	24 months

Revenue - Schedule of Contract

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Current assets
Accounts receivable–billed	$ 847,174	$ 700,066
Accounts receivable–unbilled (contract assets)	1,434,759	1,347,577
Allowance for credit losses	(352)	(301)
Accounts receivable, net	2,281,581	2,047,342
Other long-term assets
Accounts receivable–unbilled (contract assets)	57,673	57,355
Total accounts receivable, net	2,339,254	2,104,697
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)	$ 21,966	$ 15,527

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings for basic computations	$ 164,433	$ 160,146
Earnings for diluted computations	$ 164,435	$ 160,149
Weighted-average common stock shares outstanding, basic (in shares)	129,387,052	131,031,979
Dilutive stock options and restricted stock (in shares)	530,211	498,654
Weighted-average common stock shares outstanding, diluted (in shares)	129,917,263	131,530,633
Earnings per common share:
Basic (in dollars per share)	$ 1.27	$ 1.22
Diluted (in dollars per share)	$ 1.27	$ 1.22
Unvested shares participating in the payment of the company's dividends declared (in shares)	600,000	1,000,000

Acquisition, Goodwill and Int_3

Acquisition, Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended
	Jun. 10, 2024	Jun. 07, 2024	Jun. 30, 2024	Mar. 31, 2024
Business Acquisition [Line Items]
Goodwill			$ 2,394,109	$ 2,343,789
PGSC
Business Acquisition [Line Items]
Consideration transferred		$ 94,800
Goodwill		50,300
Goodwill, expected tax deductible amount		50,300
Finite-lived intangibles		$ 33,700
Useful life (in years)	12 years
Initial accounting incomplete, adjustment, intangibles			$ 43,900

Acquisition, Goodwill and Int_4

Acquisition, Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	$ 782,102	$ 738,179
Accumulated Amortization	350,360	327,336
Net Carrying Value	431,742	410,843
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Intangible assets, gross	972,302	928,379
Intangible assets, net	621,942	601,043
Trade name
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Unamortizable intangible assets	190,200	190,200
Programs and contract assets, channel relationships, and other amortizable intangible assets
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	624,664	591,895
Accumulated Amortization	253,836	237,764
Net Carrying Value	370,828	354,131
Software
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	157,438	146,284
Accumulated Amortization	96,524	89,572
Net Carrying Value	$ 60,914	$ 56,712

Accounts Payable and Other Ac_3

Accounts Payable and Other Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Payables and Accruals [Abstract]
Vendor payables	$ 661,948	$ 653,131
Accrued expenses	477,013	397,539
Total accounts payable and other accrued expenses	1,138,961	1,050,670
Unfavorable Regulatory Action \| Claimed Indirect Costs
Loss Contingencies [Line Items]
Provision for claimed indirect costs	$ 374,800	$ 363,700

Accrued Compensation and Bene_3

Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Compensation Related Costs [Abstract]
Bonus	$ 30,889	$ 151,063
Retirement	86,976	57,465
Vacation	244,576	223,385
Other	44,986	74,217
Total accrued compensation and benefits	$ 407,427	$ 506,130

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Long-term Debt, Current and Noncurrent [Abstract]
Less: Unamortized debt issuance costs and discount on debt	$ (25,274)	$ (26,309)
Total	3,402,539	3,411,816
Less: Current portion of long-term debt	(72,188)	(61,875)
Long-term debt, net of current portion	$ 3,330,351	$ 3,349,941
Term Loans \| Term Loan A
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	6.679%	6.677%
Outstanding Balance	$ 1,577,813	$ 1,588,125
Senior Notes \| Senior Notes due 2028
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	3.875%	3.875%
Outstanding Balance	$ 700,000	$ 700,000
Senior Notes \| Senior Notes due 2029
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	4%	4%
Outstanding Balance	$ 500,000	$ 500,000
Senior Notes \| Senior Notes due 2033
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	5.95%	5.95%
Outstanding Balance	$ 650,000	$ 650,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)		3 Months Ended
Debt - Narrative (Details) - USD ($)	Sep. 07, 2022	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Debt Instrument [Line Items]
Proceeds from revolving credit facility		$ 0	$ 75,000,000
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest Rate Swap
Debt Instrument [Line Items]
Notional amount of interest rate swaps		550,000,000
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%
Long-term debt, basis spread on variable rate	1%
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 \| Overnight Federal Funds Rate
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	0.50%
Term Loans \| Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from revolving credit facility		0	75,000,000
Revolving credit facility, amount outstanding		0		$ 0
Term Loans \| Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity		200,000,000
Term Loans \| Term Loan A
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity		1,577,800,000
Interest payments		26,800,000	$ 26,100,000
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

Debt - Schedule of Material Ter

Debt - Schedule of Material Terms of Senior Notes (Details) - Senior Notes - USD ($)	Aug. 04, 2023	Jun. 17, 2021	Aug. 24, 2020
Debt Instrument [Line Items]
Principal			$ 1,850,000,000
Issuance Costs			28,100,000
Senior Notes due 2033
Debt Instrument [Line Items]
Principal	$ 650,000,000
Interest Rate	5.95%
Issuance Costs	$ 12,400,000
Senior Notes due 2029
Debt Instrument [Line Items]
Principal		$ 500,000,000
Interest Rate		4%
Issuance Costs		$ 6,500,000
Senior Notes due 2028
Debt Instrument [Line Items]
Principal			$ 700,000,000
Interest Rate			3.875%
Issuance Costs			$ 9,200,000

Debt - Schedule of Interest Exp

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID)	$ 1,351	$ 1,027
Interest Rate Swaps	(3,760)	(3,568)
Other	101	114
Total Interest Expense	45,931	35,474
Term Loans \| Term Loan A
Debt Instrument [Line Items]
Interest expense on debt	26,789	26,103
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense on debt	0	17
Senior Notes
Debt Instrument [Line Items]
Interest expense on debt	$ 21,450	$ 11,781

Derivatives - Schedule of Outst

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

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024
Derivative [Line Items]
Estimate of amount to be reclassified over the next 12 months	$ 8.3
Other Current Assets
Derivative [Line Items]
Derivative asset	8.3	$ 8.7
Other Noncurrent Assets
Derivative [Line Items]
Derivative asset	0.6	$ 1.6
Other Noncurrent Liabilities
Derivative [Line Items]
Derivative liability	$ 1.7

Derivatives - Schedule of Effec

Derivatives - Schedule of Effect of Derivative Instruments (Details) - Designated as Hedging Instrument - Cash Flow Hedging - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-Tax Gain Recognized in AOCI on Derivatives	$ 739	$ 8,599
Pre-Tax Gain Reclassified from AOCI into Income	$ 3,760	$ 3,568

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	22.90%	19.70%
Long-term income tax receivable	$ 152,500		$ 152,500
Tax Credit Carryforward [Line Items]
Income tax reserves	125,332		120,237
Research and Development Tax Credits
Tax Credit Carryforward [Line Items]
Income tax reserves	$ 120,000		$ 115,400

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of match (as a percent)	6%
Employees’ capital accumulation plan, total expense recognized	$ 61.7	$ 54.3
Officer Medical Plan \| Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, unfunded status of plan	$ 127.5		$ 127

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	$ 1,046,562	$ 992,002
Other comprehensive income (loss) before reclassifications	548	6,356
Amounts reclassified from accumulated other comprehensive income(4)	(2,677)	(2,998)
Total other comprehensive income (loss), net of tax	(2,129)	3,358
End of period	1,083,941	1,017,071
Totals
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	9,532	29,333
Total other comprehensive income (loss), net of tax	(2,129)	3,358
End of period	7,403	32,691
Post-retirement plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	1,976	19,450
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income(4)	111	(383)
Total other comprehensive income (loss), net of tax	111	(383)
End of period	2,087	19,067
Derivatives designated as cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	7,556	9,883
Other comprehensive income (loss) before reclassifications	548	6,356
Amounts reclassified from accumulated other comprehensive income(4)	(2,788)	(2,615)
Total other comprehensive income (loss), net of tax	(2,240)	3,741
End of period	5,316	13,624
Tax expense	200	2,200
Reclassification from AOCI, current period, tax	$ 1,000	$ 900

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
	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 19,928	$ 17,685
Equity Incentive Plan Options \| Equity Incentive Plan Options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	248	320
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	19,680	17,365
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	7,359	7,914
General and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 12,569	$ 9,771

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity Incentive Plan (Narrative) (Details) $ in Thousands, shares in Millions	3 Months Ended
	Jun. 30, 2024 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 123,098
Equity Incentive Plan Options \| Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares) \| shares	0.5
Fair value of options granted	$ 82,500
Performance period	3 years

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Unrecognized Compensation Cost (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 123,098
Equity Incentive Plan Options \| Equity Incentive Plan Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 2,214
Weighted Average Remaining Period to be Recognized (in years)	3 years 5 months 12 days
Restricted Stock and other awards \| Restricted Stock Awards \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 120,884
Weighted Average Remaining Period to be Recognized (in years)	2 years 14 days

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Recurring Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Assets:
Current derivative instruments	$ 8,289	$ 8,713
Long term derivative instruments	645	1,556
Long-term deferred compensation plan asset	37,163	28,957
Total Assets	46,097	39,226
Liabilities:
Long-term derivative instruments	1,686
Long-term deferred compensation plan liability	37,163	28,957
Total Liabilities	38,849	28,957
Level 1
Assets:
Current derivative instruments	0	0
Long term derivative instruments	0	0
Long-term deferred compensation plan asset	37,163	28,957
Total Assets	37,163	28,957
Liabilities:
Long-term derivative instruments	0
Long-term deferred compensation plan liability	37,163	28,957
Total Liabilities	37,163	28,957
Level 2
Assets:
Current derivative instruments	8,289	8,713
Long term derivative instruments	645	1,556
Long-term deferred compensation plan asset	0	0
Total Assets	8,934	10,269
Liabilities:
Long-term derivative instruments	1,686
Long-term deferred compensation plan liability	0	0
Total Liabilities	1,686	0
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	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, at fair value	$ 297,664	$ 554,257
Fair Value, Nonrecurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets, fair value adjustment	0
Liabilities, fair value adjustment	0
Money Market Funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, at fair value	$ 98,200	$ 192,700

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
3.875% Senior Notes due 2028 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument (as a percent)	3.875%
4.000% Senior Notes due 2029 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument (as a percent)	4%
5.950% Senior Notes due 2033 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument (as a percent)	5.95%
Carrying Amount \| Term Loan A \| Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 1,577,813	$ 1,588,125
Carrying Amount \| 3.875% Senior Notes due 2028 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	700,000	700,000
Carrying Amount \| 4.000% Senior Notes due 2029 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	500,000	500,000
Carrying Amount \| 5.950% Senior Notes due 2033 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	650,000	650,000
Estimated Fair Value \| Term Loan A \| Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,573,868	1,582,170
Estimated Fair Value \| 3.875% Senior Notes due 2028 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	659,785	656,677
Estimated Fair Value \| 4.000% Senior Notes due 2029 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	469,020	465,470
Estimated Fair Value \| 5.950% Senior Notes due 2033 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 667,654	$ 672,815

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended			12 Months Ended
	Dec. 31, 2023	Mar. 31, 2023	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2024
Concentration Risk [Line Items]
Operating income (loss)			$ 255,164		$ 234,418
Net income			$ 165,233		$ 161,388
Basic (in dollars per share)			$ 1.27		$ 1.22
Diluted (in dollars per share)			$ 1.27		$ 1.22
Claimed Indirect Costs
Concentration Risk [Line Items]
Decrease in reserve				$ 18,300
Claimed Indirect Costs \| Revision of Prior Period, Adjustment
Concentration Risk [Line Items]
Operating income (loss)						$ 18,300
Net income						$ 13,500
Basic (in dollars per share)						$ 0.10
Diluted (in dollars per share)						$ 0.10
Claimed Indirect Costs \| Unfavorable Regulatory Action
Concentration Risk [Line Items]
Liability for reductions and/or penalties from U.S Government audits			$ 374,800			$ 363,700
U.S. Government Contracts
Concentration Risk [Line Items]
Liability for reductions and/or penalties from U.S Government audits			$ 0			0
Contracts with U.S. Government Agencies or Other U.S. Government Contractors \| Revenue Benchmark \| U.S.
Concentration Risk [Line Items]
Concentration risk (as a percent)			99%		98%
Financial Standby Letter of Credit
Concentration Risk [Line Items]
Guarantor obligations, carrying value			$ 4,800			4,400
Guarantor obligations, reduction to available borrowings	$ 1,700	$ 1,300
Guarantor obligations, facility			7,500			7,500
Guarantor obligations, available amount			$ 4,400			$ 4,400