Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||||
Dec. 31, 2013 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | |
Common stock, Class A | Non-voting common stock, Class B | Restricted common stock, Class C | Special voting common stock, Class E | ||
Entity Registrant Name | 'Booz Allen Hamilton Holding Corp | ' | ' | ' | ' |
Entity Central Index Key | '0001443646 | ' | ' | ' | ' |
Document Type | '10-Q | ' | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 142,644,028 | 893,265 | 955,336 | 4,424,814 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $403,164 | $350,384 |
Accounts receivable, net of allowance | 886,260 | 1,029,586 |
Prepaid expenses and other current assets | 58,668 | 44,382 |
Total current assets | 1,348,092 | 1,424,352 |
Property and equipment, net of accumulated depreciation | 134,990 | 166,570 |
Intangible assets, net of accumulated amortization | 224,628 | 236,220 |
Goodwill | 1,274,046 | 1,277,369 |
Other long-term assets | 68,377 | 73,017 |
Total assets | 3,050,133 | 3,177,528 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 69,156 | 55,562 |
Accounts payable and other accrued expenses | 433,506 | 451,065 |
Accrued compensation and benefits | 374,593 | 385,433 |
Other current liabilities | 22,388 | 72,586 |
Total current liabilities | 899,643 | 964,646 |
Long-term debt, net of current portion | 1,605,341 | 1,659,611 |
Other long-term liabilities | 266,461 | 326,478 |
Total liabilities | 2,771,445 | 2,950,735 |
Commitments and contingencies (Note 16) | ' | ' |
Stockholdersb equity: | ' | ' |
Treasury stock, at cost b 574,447 shares at December 31, 2013 and 405,843 shares at March 31, 2013 | -9,379 | -6,444 |
Additional paid-in capital | 175,199 | 120,836 |
Retained earnings | 123,240 | 124,775 |
Accumulated other comprehensive loss | -11,835 | -13,787 |
Total stockholdersb equity | 278,688 | 226,793 |
Total liabilities and stockholdersb equity | 3,050,133 | 3,177,528 |
Common stock, Class A | ' | ' |
Stockholdersb equity: | ' | ' |
Common stock | 1,431 | 1,364 |
Non-voting common stock, Class B | ' | ' |
Stockholdersb equity: | ' | ' |
Common stock | 9 | 15 |
Restricted common stock, Class C | ' | ' |
Stockholdersb equity: | ' | ' |
Common stock | 10 | 12 |
Special voting common stock, Class E | ' | ' |
Stockholdersb equity: | ' | ' |
Common stock | $13 | $22 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Treasury stock, shares | 574,447 | 405,843 |
Common stock, Class A | ' | ' |
Common stock, par value | 0.01 | 0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 143,162,505 | 136,457,444 |
Common stock, shares outstanding | 142,588,058 | 136,051,601 |
Non-voting common stock, Class B | ' | ' |
Common stock, par value | 0.01 | 0.01 |
Common stock, shares authorized | 16,000,000 | 16,000,000 |
Common stock, shares issued | 943,265 | 1,451,600 |
Common stock, shares outstanding | 943,265 | 1,451,600 |
Restricted common stock, Class C | ' | ' |
Common stock, par value | 0.01 | 0.01 |
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares issued | 955,336 | 1,224,319 |
Common stock, shares outstanding | 955,336 | 1,224,319 |
Special voting common stock, Class E | ' | ' |
Common stock, par value | 0.003 | 0.003 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 4,424,814 | 7,478,522 |
Common stock, shares outstanding | 4,424,814 | 7,478,588 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $1,273,150 | $1,392,695 | $4,078,861 | $4,212,769 |
Operating costs and expenses: | ' | ' | ' | ' |
Cost of revenue | 662,053 | 692,920 | 2,048,663 | 2,122,356 |
Billable expenses | 320,370 | 382,520 | 1,083,890 | 1,114,424 |
General and administrative expenses | 175,748 | 182,532 | 520,557 | 588,385 |
Depreciation and amortization | 17,945 | 18,127 | 54,377 | 54,243 |
Total operating costs and expenses | 1,176,116 | 1,276,099 | 3,707,487 | 3,879,408 |
Operating income | 97,034 | 116,596 | 371,374 | 333,361 |
Interest expense | -18,874 | -21,731 | -59,761 | -50,788 |
Other, net | 21 | 134 | -1,619 | -7,692 |
Income before income taxes | 78,181 | 94,999 | 309,994 | 274,881 |
Income tax expense | 31,014 | 38,815 | 124,701 | 110,636 |
Net income | $47,167 | $56,184 | $185,293 | $164,245 |
Earnings per common share (Note 3): | ' | ' | ' | ' |
Basic (in dollars per share) | $0.32 | $0.41 | $1.31 | $1.16 |
Diluted (in dollars per share) | $0.31 | $0.38 | $1.24 | $1.08 |
Dividends declared per share | $1.10 | $0.09 | $1.30 | $8.27 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $47,167 | $56,184 | $185,293 | $164,245 |
Change in postretirement plan costs, net of tax | 419 | -76 | 1,952 | 404 |
Comprehensive income | $47,586 | $56,108 | $187,245 | $164,649 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | ' | ' |
Net income | $185,293 | $164,245 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 54,377 | 54,243 |
Stock-based compensation expense | 14,119 | 19,863 |
Excess tax benefits from the exercise of stock options | -36,844 | -26,297 |
Amortization of debt issuance costs and loss on extinguishment | 9,444 | 15,296 |
Losses on dispositions and impairments | 911 | 956 |
Gain on sales of businesses | 0 | 254 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | 140,785 | 174,424 |
Prepaid expenses and other current assets | 19,963 | 26,673 |
Other long-term assets | -1,679 | 8,252 |
Accrued compensation and benefits | -25,824 | -1,805 |
Accounts payable and other accrued expenses | -15,619 | -54,913 |
Transaction costs on acquisitions and dispositions | 0 | -4,417 |
Accrued interest | -630 | 6,056 |
Other current liabilities | -48,610 | 13,821 |
Other long-term liabilities | -3,352 | 2,791 |
Net cash provided by operating activities | 292,334 | 398,934 |
Cash flows from investing activities | ' | ' |
Purchases of property and equipment | -12,344 | -20,657 |
Cash paid for business acquisitions, net of cash acquired | -3,563 | 157,995 |
Proceeds from sales of businesses | 0 | 625 |
Escrow payments | 3,282 | 0 |
Net cash used in investing activities | -5,499 | -178,027 |
Cash flows from financing activities | ' | ' |
Net proceeds from issuance of common stock | 3,785 | 4,928 |
Stock option exercises | 12,773 | 13,185 |
Excess tax benefits from the exercise of stock options | 36,844 | 26,297 |
Repurchases of common stock | -2,935 | -849 |
Cash dividends paid | -186,828 | -1,110,011 |
Dividend equivalents paid to option holders | -52,065 | -49,765 |
Debt issuance costs | -6,223 | -29,607 |
Repayment of debt | -289,406 | -981,625 |
Proceeds from debt issuance | 250,000 | 1,739,750 |
Net cash used in financing activities | -234,055 | -387,697 |
Net increase in cash and cash equivalents | 52,780 | -166,790 |
Cash and cash equivalents-beginning of period | 350,384 | 484,368 |
Cash and cash equivalents-end of period | 403,164 | 317,578 |
Cash paid during the period for: | ' | ' |
Interest | 46,927 | 35,036 |
Income taxes | $140,893 | $79,352 |
Business_Overview
Business Overview | 9 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BUSINESS OVERVIEW | ' |
BUSINESS OVERVIEW | |
Organization | |
Booz Allen Hamilton Holding Corporation, including its wholly owned subsidiaries, or Holding or the Company, is an affiliate of The Carlyle Group, or Carlyle, and was incorporated in Delaware in May 2008. The Company provides management and technology consulting services primarily to the U.S. government in the defense, intelligence, and civil markets. The Company is also further developing the scope and scale of the engineering services capabilities that it provides to its U.S. government clients. The Company has expanded beyond its management consulting foundation to develop deep expertise in technology, engineering, and analytics. The Company reports operating results and financial data in one operating segment. The Company is headquartered in McLean, Virginia, with approximately 22,700 employees as of December 31, 2013. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
The Company prepared the unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q, or Quarterly Report, in accordance with accounting principles generally accepted in the United States, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. As a result, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The Company followed the accounting policies used and disclosed in the consolidated financial statements included in the Annual Report on Form 10-K for the fiscal year ended March 31, 2013 filed with the Securities and Exchange Commission on May 23, 2013, or Annual Report, and policies stated within this Quarterly Report. 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 interim financial information in this Quarterly Report reflects all adjustments, consisting of normal recurring adjustments except as otherwise disclosed, necessary for a fair presentation of the Company’s results of operations for the interim periods. The results of operations for the nine months ended December 31, 2013 are not necessarily indicative of results to be expected for the full fiscal year. | |
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 allowance for doubtful accounts, contractual and regulatory reserves, valuation and lives of tangible and intangible assets, impairment of long-lived assets, accrued liabilities, revenue recognition, bonus and other incentive compensation, stock-based compensation, realization of deferred tax assets, provisions for income taxes, and postretirement obligations. Actual results experienced by the Company may differ materially from management's estimates. | |
Recent Accounting Pronouncements | |
Recent accounting pronouncements issued by the Financial Accounting Standards Board, or FASB, during the nine months ended December 31, 2013, and through the filing date did not or are not believed by management to have a material impact on the Company's present or historical condensed consolidated financial statements. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
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 common shares outstanding during the period to calculate basic earnings per share, or EPS. Diluted EPS adjusts the weighted average number of shares outstanding to include the dilutive effect of outstanding common stock options and other stock-based awards. | ||||||||||||||||
The Company currently has outstanding shares of Class A Common Stock, Class B Non-Voting Common Stock, Class C Restricted Common Stock, and Class E Special Voting Common Stock. Class E Special Voting Common Stock shares are not included in the calculation of EPS as these shares represent voting rights only and are not entitled to participate in dividends or other distributions. Unvested Class A Restricted Common Stock and unvested Class C Restricted Common Stock holders are entitled to participate in non-forfeitable dividends or other distributions. These unvested shares participated in the Company's dividends declared and paid in the first, second, and third quarters of fiscal 2014 and 2013. 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 restricted shareholders. A reconciliation of the income used to compute basic and diluted EPS for the periods presented are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Earnings for basic computations (1) | $ | 45,689 | $ | 55,709 | $ | 183,605 | $ | 155,285 | ||||||||
Weighted-average Class A Common Stock outstanding | 140,948,396 | 132,125,447 | 138,540,878 | 129,902,993 | ||||||||||||
Weighted-average Class B Non-Voting Common Stock outstanding | 947,259 | 1,932,004 | 1,087,755 | 2,281,000 | ||||||||||||
Weighted-average Class C Restricted Common Stock outstanding | 968,405 | 1,215,102 | 1,042,537 | 1,311,015 | ||||||||||||
Total weighted-average common shares outstanding for basic computations | 142,864,060 | 135,272,553 | 140,671,170 | 133,495,008 | ||||||||||||
Earnings for diluted computations (1) | $ | 45,689 | $ | 55,734 | $ | 183,605 | $ | 155,285 | ||||||||
Dilutive stock options and restricted stock | 5,971,223 | 9,790,962 | 7,494,020 | 10,621,049 | ||||||||||||
Average number of common shares outstanding for diluted computations | 148,835,283 | 145,063,515 | 148,165,190 | 144,116,057 | ||||||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.32 | $ | 0.41 | $ | 1.31 | $ | 1.16 | ||||||||
Diluted | $ | 0.31 | $ | 0.38 | $ | 1.24 | $ | 1.08 | ||||||||
(1) During the three months ended December 31, 2013 and 2012, approximately 1.3 million and 1.2 million participating securities were paid dividends totaling $1.5 million and $104,000, respectively. During the nine months ended December 31, 2013 and 2012, approximately 1.3 million and 1.2 million participating securities were paid dividends totaling $1.7 million and $9.0 million, respectively. For the three months ended December 31, 2012 there were undistributed earnings of $371,000 and $346,000 allocated to the participating class of securities in basic and diluted earnings per share, respectively. The undistributed and distributed earnings referenced above comprise the difference from net income presented on the condensed consolidated statements of operations for the three months ended December 31, 2012, while only the dividends paid comprise the difference in net income for the three and nine months ended December 31, 2013 and the nine months ended December 31, 2012, as there were no excess undistributed earnings. | ||||||||||||||||
In the EPS calculation for the three and nine months ended December 31, 2013, 101,000 and 104,000 options respectively, were not included in the EPS calculation as their impact was anti-dilutive. For the three and nine months ended December 31, 2012, 782,000 and 328,000 options, respectively, were not included in the EPS calculation as their impact was anti-dilutive. |
Accounts_Receivable_Net
Accounts Receivable, Net | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
ACCOUNTS RECEIVABLE, NET | ' | |||||||
ACCOUNTS RECEIVABLE, NET | ||||||||
Accounts receivable, net consisted of the following: | ||||||||
December 31, | March 31, | |||||||
2013 | 2013 | |||||||
Current | ||||||||
Accounts receivable–billed | $ | 452,478 | $ | 431,770 | ||||
Accounts receivable–unbilled | 435,465 | 598,004 | ||||||
Allowance for doubtful accounts | (1,683 | ) | (188 | ) | ||||
Accounts receivable, net | 886,260 | 1,029,586 | ||||||
Long-term | ||||||||
Unbilled receivables | 21,443 | 19,779 | ||||||
Total accounts receivable, net | $ | 907,703 | $ | 1,049,365 | ||||
The Company recognized a provision (benefit) for doubtful accounts of $(302,000) and $(497,000) for the three months ended December 31, 2013 and 2012, respectively, and $1.2 million and $349,000 for the nine months ended December 31, 2013 and 2012, respectively. Long-term unbilled receivables related to retainage, holdbacks, and long-term rate settlements to be billed at contract closeout are included in other long-term assets as accounts receivable in the accompanying condensed consolidated balance sheets. |
Accounts_Payable_and_Other_Acc
Accounts Payable and Other Accrued Expenses | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
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: | |||||||||
December 31, | March 31, | ||||||||
2013 | 2013 | ||||||||
Vendor payables | $ | 214,643 | $ | 248,471 | |||||
Accrued expenses | 218,863 | 202,594 | |||||||
Total accounts payable and other accrued expenses | $ | 433,506 | $ | 451,065 | |||||
Accrued expenses consisted primarily of the Company’s reserve related to potential cost disallowance in conjunction with government audits. Refer to Note 16 for further discussion of this reserve. |
Accrued_Compensation_and_Benef
Accrued Compensation and Benefits | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Compensation and Benefits [Abstract] | ' | |||||||
ACCRUED COMPENSATION AND BENEFITS | ' | |||||||
ACCRUED COMPENSATION AND BENEFITS | ||||||||
Accrued compensation and benefits consisted of the following: | ||||||||
December 31, | March 31, | |||||||
2013 | 2013 | |||||||
Bonus | $ | 60,645 | $ | 89,389 | ||||
Retirement | 118,079 | 83,071 | ||||||
Vacation | 102,848 | 136,528 | ||||||
Stock-based compensation liability (Note 13) | 36,018 | 48,468 | ||||||
Deferred compensation (1) | 27,433 | — | ||||||
Other | 29,570 | 27,977 | ||||||
Total accrued compensation and benefits | $ | 374,593 | $ | 385,433 | ||||
(1) The Company maintains a deferred compensation plan, or EPP, established in January 2009, for the benefit of certain employees. The EPP allows eligible participants to defer all or a portion of their annual performance bonus, reduced by amounts withheld for the payment of taxes or other deductions required by law. The Company makes no contributions to the EPP, but maintains participant accounts for deferred amounts and interest earned. Employees must leave the money in the EPP until 2014. The deferred balance generally will be paid within 180 days of the final determination of the interest to be accrued for 2014, upon retirement, or termination. The Company anticipates the deferred balance will be paid during the three months ending December 31, 2014, and as such, the entire deferred compensation balance of $27.4 million as of December 31, 2013 was reclassified from other long-term liabilities to a component of accrued compensation and benefits. |
Debt
Debt | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
DEBT | ' | |||||||||||||
DEBT | ||||||||||||||
Debt consisted of the following: | ||||||||||||||
December 31, 2013 | March 31, 2013 | |||||||||||||
Interest | Outstanding | Interest | Outstanding | |||||||||||
Rate | Balance | Rate | Balance | |||||||||||
Term Loan A | 2.67 | % | $ | 673,801 | 2.7 | % | $ | 706,134 | ||||||
Term Loan B | 3.75 | % | 1,000,696 | 4.5 | % | 1,009,039 | ||||||||
Total | 1,674,497 | 1,715,173 | ||||||||||||
Less: Current portion of long-term debt | (69,156 | ) | (55,562 | ) | ||||||||||
Long-term debt, net of current portion | $ | 1,605,341 | $ | 1,659,611 | ||||||||||
On August 16, 2013, the Company consummated the First Amendment to its senior secured credit agreement, effective July 31, 2012, or Credit Agreement. As of December 31, 2013, the Credit Agreement, as amended, provided the Company with a $725.0 million Term Loan A and a $1,025.0 million Term Loan B, and a $500.0 million revolving credit facility, with a sublimit for letters of credit of $100.0 million. The outstanding obligations under the Credit Agreement, as amended, are secured by a security interest in substantially all of the assets of the Company, subject to certain exceptions set forth in the Credit Agreement, as amended, and related documentation. | ||||||||||||||
The Credit Agreement, as amended, requires quarterly principal payments of 1.25% of the stated principal amount of Term Loan A, with annual incremental increases to 1.875%, 2.50%, 3.125%, and 13.0%, prior to Term Loan A's maturity date of December 31, 2017, and 0.25% of the stated principal amount of Term Loan B, with the remaining balance payable on Term Loan B's maturity date of July 31, 2019. The revolving credit facility matures on December 31, 2017, at which time any outstanding principal balance is due in full. As of December 31, 2013 and March 31, 2013, there were no amounts outstanding on the revolving credit facility. | ||||||||||||||
The interest rate on borrowings under Term Loan A is LIBOR plus a 2.50% spread. The spread ranges from 2.00% to 2.75% based on the Company's total leverage ratio. The interest rate on borrowings under Term Loan B is LIBOR plus a 3.0% spread with a 0.75% floor. The spread ranges from 2.00% to 3.00% based upon either an ABR or LIBOR borrowing. The revolving credit facility margin and commitment fee are subject to the leveraged based pricing grid, as set forth in the Credit Agreement, as amended. | ||||||||||||||
The total outstanding debt balance is recorded in the accompanying condensed consolidated balance sheets, net of unamortized discount of $12.8 million and $11.6 million as of December 31, 2013 and March 31, 2013, respectively. | ||||||||||||||
As of December 31, 2013 and March 31, 2013, the Company was in compliance with all of the debt covenants of the Credit Agreement, as amended. |
Income_Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The Company’s effective income tax rate was 39.7% and 40.9% for the three months ended December 31, 2013 and 2012, respectively, and 40.2% for the nine months ended December 31, 2013 and 2012, respectively. The three and nine months effective tax rates of 39.7% and 40.2% differ from the statutory rate of 35.0% due to state income taxes, changes in uncertain tax positions, and the effect of permanent rate differences, which primarily relate to meals and entertainment. |
Other_LongTerm_Liabilities
Other Long-Term Liabilities | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
OTHER LONG-TERM LIABILITIES | ' | ||||||||
OTHER LONG-TERM LIABILITIES | |||||||||
Other long-term liabilities consisted of the following: | |||||||||
December 31, | March 31, | ||||||||
2013 | 2013 | ||||||||
Income tax reserve | $ | 57,927 | $ | 57,018 | |||||
Deferred rent | 29,548 | 40,548 | |||||||
Deferred compensation (1) | — | 26,443 | |||||||
Stock-based compensation | 24,118 | 50,625 | |||||||
Deferred payment obligation | 60,701 | 61,473 | |||||||
Postretirement benefit obligations | 88,005 | 83,761 | |||||||
Other | 6,162 | 6,610 | |||||||
Total other long-term liabilities | $ | 266,461 | $ | 326,478 | |||||
(1) As disclosed in Note 6, the Company anticipates paying the entire deferred compensation balance of the EPP during the three months ending December 31, 2014, and as such, the entire deferred compensation balance was reclassified from other long-term liabilities to accrued compensation and benefits. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||||
Defined Contribution Plan | ||||||||||||||||
The Company sponsors the Employees’ Capital Accumulation Plan, or ECAP, which is a qualified defined contribution plan that covers eligible U.S. and international employees. ECAP provides for distributions, subject to certain vesting provisions, to participants by reason of retirement, death, disability, or termination of employment. Total expense recognized under ECAP was $36.4 million and $54.9 million for the three months ended December 31, 2013 and 2012, respectively, and $118.7 million and $173.7 million for the nine months ended December 31, 2013 and 2012, respectively. The Company-paid contributions were $19.3 million and $27.8 million for the three months ended December 31, 2013 and 2012, respectively, and $83.7 million and $99.1 million for the nine months ended December 31, 2013 and 2012, respectively. | ||||||||||||||||
Defined Benefit Plan and Other Postretirement Benefit Plans | ||||||||||||||||
The Company maintains and administers a postretirement medical plan and a defined benefit retirement plan for current, retired, and resigned officers. | ||||||||||||||||
The components of net postretirement medical expense for the Officer Medical Plan were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 1,186 | $ | 973 | $ | 3,559 | $ | 2,919 | ||||||||
Interest cost | 921 | 787 | 2,751 | 2,360 | ||||||||||||
Net actuarial loss | 704 | 384 | 2,068 | 1,153 | ||||||||||||
Total postretirement medical expense | $ | 2,811 | $ | 2,144 | $ | 8,378 | $ | 6,432 | ||||||||
As of December 31, 2013 and March 31, 2013, the unfunded status of the postretirement medical plan was $83.0 million and $78.7 million, respectively, which is included in other long-term liabilities in the accompanying condensed consolidated balance sheets. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | |||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||||||||||
All amounts recorded in other comprehensive loss are related to the Company's pension plan. The following table represents a rollforward of amounts recognized in accumulated other comprehensive loss, net of tax: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Beginning of year | $ | (12,254 | ) | $ | (8,235 | ) | $ | (13,787 | ) | $ | (8,715 | ) | ||||
Other comprehensive income (loss) before reclassifications | — | — | 747 | (282 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 419 | (76 | ) | 1,205 | 686 | |||||||||||
Net current-period other comprehensive income (loss) | 419 | (76 | ) | 1,952 | 404 | |||||||||||
End of year | $ | (11,835 | ) | $ | (8,311 | ) | $ | (11,835 | ) | $ | (8,311 | ) | ||||
The following table presents the reclassifications out of accumulated other comprehensive loss to net income: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Amortization of net actuarial loss included in net periodic benefit cost (See Note 10) | ||||||||||||||||
Total before tax | $ | 704 | $ | 381 | $ | 2,068 | $ | 1,143 | ||||||||
Tax benefit | (285 | ) | (457 | ) | (863 | ) | (457 | ) | ||||||||
Net of tax | $ | 419 | $ | (76 | ) | $ | 1,205 | $ | 686 | |||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Equity [Abstract] | ' | |||||||||
STOCKHOLDERS' EQUITY | ' | |||||||||
STOCKHOLDERS’ EQUITY | ||||||||||
Common Stock | ||||||||||
The common stock shares activity consisted of the following: | ||||||||||
Class A | Class B | Class C | Class E | Treasury | ||||||
Common Stock | Non-Voting | Restricted | Special Voting | Stock | ||||||
Common Stock | Common Stock | Common Stock | ||||||||
Balance at March 31, 2012 | 128,726,324 | 2,487,125 | 1,533,020 | 10,140,067 | 333,775 | |||||
Issuance of common stock | 1,182,004 | 0 | 0 | 0 | 0 | |||||
Stock options exercised | 5,204,890 | 0 | 0 | -2,661,545 | 0 | |||||
Share exchange | 1,344,226 | -1,035,525 | -308,701 | 0 | 0 | |||||
Repurchase of common stock (1) | 0 | 0 | 0 | 0 | 72,068 | |||||
Balance at March 31, 2013 | 136,457,444 | 1,451,600 | 1,224,319 | 7,478,522 | 405,843 | |||||
Issuance of common stock | 985,308 | 0 | 0 | 0 | 0 | |||||
Stock options exercised | 4,942,435 | 0 | 0 | -3,053,708 | 0 | |||||
Share exchange | 777,318 | -508,335 | -268,983 | 0 | 0 | |||||
Repurchase of common stock (2) | 0 | 0 | 0 | 0 | 168,604 | |||||
Balance at December 31, 2013 | 143,162,505 | 943,265 | 955,336 | 4,424,814 | 574,447 | |||||
-1 | Reflects shares repurchased on July 2, 2012 to cover the withholding taxes on restricted stock awards that vested on June 30, 2012. | |||||||||
-2 | Reflects shares repurchased on June 30, 2013 to cover the withholding taxes on restricted stock awards that vested on June 30, 2013 and shares repurchased on multiple dates for the withholding taxes on accelerated restricted stock vesting for departing officers. | |||||||||
For the quarterly offering period that closed on December 31, 2013, 68,218 Class A Common Stock shares were purchased by employees under the Company's Employee Stock Purchase Plan, or ESPP. As of the program's inception, 1,233,218 shares have been purchased by employees. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [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 | Nine Months Ended | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Cost of revenue | $ | 1,322 | $ | 1,548 | $ | 3,982 | $ | 5,643 | ||||||||||||||||
General and administrative expenses | 3,456 | 3,948 | 10,137 | 14,220 | ||||||||||||||||||||
Total | $ | 4,778 | $ | 5,496 | $ | 14,119 | $ | 19,863 | ||||||||||||||||
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: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Class C Restricted Stock | $ | — | $ | 59 | $ | 59 | $ | 252 | ||||||||||||||||
Rollover Options | — | 578 | 578 | 2,393 | ||||||||||||||||||||
Equity Incentive Plan Options | 1,790 | 2,609 | 4,741 | 11,153 | ||||||||||||||||||||
Class A Restricted Common Stock | 2,988 | 2,250 | 8,741 | 6,065 | ||||||||||||||||||||
Total | $ | 4,778 | $ | 5,496 | $ | 14,119 | $ | 19,863 | ||||||||||||||||
As of December 31, 2013, there was $21.4 million of total unrecognized compensation cost related to unvested stock-based compensation agreements. The unrecognized compensation cost as of December 31, 2013 is expected to be amortized over 4.5 years. Absent the effect of accelerating stock compensation cost for any departures of employees who may continue to vest in their equity awards, the following table summarizes the unrecognized compensation cost and the weighted average period the cost is expected to be amortized. | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Unrecognized Compensation Cost | Weighted Average Remaining Period to be Recognized | |||||||||||||||||||||||
Equity Incentive Plan Options | $ | 9,824 | 3.23 | |||||||||||||||||||||
Class A Restricted Common Stock | 11,586 | 2.22 | ||||||||||||||||||||||
Total | $ | 21,410 | ||||||||||||||||||||||
Amended and Restated Equity Incentive Plan | ||||||||||||||||||||||||
On November 21, 2013 151,362 options were granted under the Amended and Restated Equity Incentive Plan, or EIP. The estimated fair value of our Class A Common Stock on November 21, 2013 at the time of the option grant, was $17.67. | ||||||||||||||||||||||||
As of December 31, 2013, there were 7,388,795 EIP options outstanding, of which 3,441,322 were unvested. | ||||||||||||||||||||||||
Grants of Class A Restricted Common Stock | ||||||||||||||||||||||||
On July 1, 2013, the Board of Directors granted 744,926 shares of Class A Restricted Stock in conjunction with the Annual Incentive Plan adopted on October 1, 2010. The amount of the annual incentive payment was determined based on performance targets established by the Compensation Committee and a portion of the bonus was paid in the form of Class A Restricted Stock. Equity awards will vest based on the passage of time, subject to the officer’s continued employment by the Company. The portion to be paid in the form of equity will be recognized in the accompanying condensed consolidated statements of operations based on grant date fair value over the vesting period of 3 years and the aggregate value was estimated at $13.1 million based on the stock price of $17.57 on the grant date. On August 21, 2013, the Board of Directors granted 25,705 shares of Class A Restricted Stock to certain members of the Board of Directors. | ||||||||||||||||||||||||
As permitted under the terms of the EIP, the Compensation Committee as Administrator of the EIP, authorized the withholding of taxes not to exceed the minimum statutory withholding amount, through the surrender of shares of Class A Common Stock issuable upon the vesting or accelerated vesting of Class A Restricted Common Stock. For those holders who elected to participate, the trade date was October 7, 2013 for the vesting or accelerated vesting of the Class A Restricted Common Stock. As a result of this transaction the Company repurchased 4,162 shares at $18.59 and recorded them as treasury shares at a cost of $77,372. | ||||||||||||||||||||||||
Special Dividends | ||||||||||||||||||||||||
The Board of Directors, as the Administrator of the Officers' Rollover Stock Plan and the EIP, has the discretion in how to effect the required adjustment to keep option holders whole in the event of a distribution of dividends that triggers certain anti-dilution clauses within the respective plans. In the event the Board of Directors elects to grant option holders a cash payment equal to the amount of the special dividend, the Company accrues a stock-based compensation liability as the respective option's stock compensation expense is recorded in the condensed consolidated statement of operations. This obligation will be settled on the options' mandatory exercise date for Rollover options and on the later of the date the dividend is paid or vesting for the EIP options. | ||||||||||||||||||||||||
On October 29, 2013, our Board of Directors authorized and declared a special cash dividend of $1.00 per share and a regular quarterly cash dividend in the amount of $0.10 per share. Both the quarterly and special dividend were paid on November 29, 2013 to stockholders of record on November 11, 2013. The Compensation Committee, as the Administrator of the Officers' Rollover Stock Plan and the EIP, made a required adjustment to the outstanding options under each plan by granting holders of the Rollover options a cash payment equal to the amount of the special dividend on the options' mandatory exercise date and by granting the holders of EIP options a dividend equivalent equal to the special dividend and payable on November 29, 2013 or the vesting of the EIP option, whichever is later. | ||||||||||||||||||||||||
Total compensation expense recorded in conjunction with the payment of the dividend equivalents to holders of | ||||||||||||||||||||||||
unvested EIP options for the three and nine months ended December 31, 2013 was $873,000 and $1.1 million, respectively. Future compensation expense related to the payment of the dividend equivalents to holders of EIP options not yet recognized in the statement of operations is $1.0 million and is expected to be recognized over 3.5 years. | ||||||||||||||||||||||||
As of December 31, 2013 and March 31, 2013, the Company calculated a total recorded and unrecorded stock-based compensation liability of $65.3 million and $106.4 million, respectively, related to the special dividends paid in July 2009, December 2009, June 2012, August 2012, and November 2013. The total recorded stock-based compensation liability as of December 31, 2013 and March 31, 2013 is as follows: | ||||||||||||||||||||||||
December 31, 2013 | March 31, 2013 | |||||||||||||||||||||||
EIP Options | Rollover Options | Total | EIP Options | Rollover Options | Total | |||||||||||||||||||
Current portion of liability (1) | $ | 2,348 | $ | 33,670 | $ | 36,018 | $ | 14,429 | $ | 34,039 | $ | 48,468 | ||||||||||||
Long-term portion of liability (2) | — | 24,118 | 24,118 | — | 50,625 | 50,625 | ||||||||||||||||||
$ | 2,348 | $ | 57,788 | $ | 60,136 | $ | 14,429 | $ | 84,664 | $ | 99,093 | |||||||||||||
(1) Included in accrued compensation and benefits (Note 6). | ||||||||||||||||||||||||
(2) Included in other long-term liabilities. | ||||||||||||||||||||||||
As of December 31, 2013, $5.2 million related to EIP options will be recorded as liabilities as the related compensation expense is recognized over the next 4.5 years. There is no unrecorded liability related to Rollover options as of December 31, 2013. As of March 31, 2013, there were unrecognized liabilities of $2.8 million and $4.5 million related to Rollover options and EIP options, respectively. |
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||
Dec. 31, 2013 | |||||
Fair Value Disclosures [Abstract] | ' | ||||
FINANCIAL INSTRUMENTS | ' | ||||
FINANCIAL INSTRUMENTS | |||||
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 following tables set forth by level represent the fair value of the Company's cash and cash equivalents as of December 31, 2013. | |||||
Fair Value of Cash and Cash Equivalents as of December 31, 2013 | |||||
Level 1 | Level 2 | Level 3 | Total | ||
Cash and cash equivalents | $91,004 | — | — | $91,004 | |
Money market funds (1) | — | $312,160 | — | $312,160 | |
Total cash and cash equivalents | $91,004 | $312,160 | — | $403,164 | |
(1) Level two cash and cash equivalents are invested in money market funds that are intended to maintain a stable net asset value of $1.00 per share by investing in liquid, high quality U.S. dollar-denominated money market instruments. | |||||
The fair value of the Company's trade accounts receivable and accounts payable approximates its carrying value at December 31, 2013 and March 31, 2013 because of the short-term nature of these instruments. The fair value of the Company's debt instruments approximates its carrying value at December 31, 2013 and March 31, 2013. The fair value of debt is determined based on interest rates available for debt with terms and maturities similar to the Company's existing debt arrangements (Level 2 inputs). |
RelatedParty_Transactions
Related-Party Transactions | 9 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED-PARTY TRANSACTIONS | ' |
RELATED-PARTY TRANSACTIONS | |
The Company is an affiliate of Carlyle, and from time to time, and in the ordinary course of business: (1) other Carlyle portfolio companies engage the Company as a subcontractor or service provider, and (2) the Company engages other Carlyle portfolio companies as subcontractors or service providers. Revenue and cost associated with these related parties for the three months ended December 31, 2013 were $70,000 and $61,000, respectively, and $237,000 and $201,000 for the nine months ended December 31, 2013, respectively. Revenue and cost associated with these related parties for the three months ended December 31, 2012 were $78,000 and $58,000, respectively, and $423,000 and $386,000 for the nine months ended December 31, 2012, respectively. | |
On July 31, 2008, the Company entered into a management agreement, or Management Agreement, with TC Group V US, L.L.C., or TC Group, a company affiliated with Carlyle. In accordance with the Management Agreement, TC Group provides the Company with advisory, consulting, and other services and the Company pays TC Group an aggregate annual fee of $1.0 million, plus expenses. For the three months ended December 31, 2013 and 2012, the Company incurred $250,000 in advisory fees. For the nine months ended December 31, 2013 and 2012, the Company incurred $750,000 in advisory fees. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
Leases | |
As a result of the July 2008 acquisition, as described in the Company’s Annual Report, the Company assigned a total of nine leases to Booz & Co. The facilities are located in New York, New York; Troy, Michigan; Florham Park, New Jersey; Parsippany, New Jersey; Houston, Texas; Chicago, Illinois; Cleveland, Ohio; Dallas, Texas; and London, England. Except for the Florham Park, Parsippany, Troy, Houston, Cleveland and Dallas leases, which expired, the Company remains liable under the terms of the original leases should Booz & Co. default on its obligations. There were no events of default under these leases as of December 31, 2013 or March 31, 2013. The maximum potential amount of undiscounted future payments is $17.3 million, and the leases expire at different dates between April 2014 and March 2017. Based on the Company’s assessment of the likelihood of future payment, no amounts have been recorded related to the Company’s contingent liability on such leases. | |
Government Contracting Matters | |
For the three and nine months ended December 31, 2013 approximately 98% of the Company’s revenue was generated from contracts with U.S. government agencies or other U.S. government contractors, and approximately 99% for the three and nine months ended December 31, 2012. Contracts with the U.S. government are subject to extensive legal and regulatory requirements and, from time to time and in the ordinary course of business, agencies of the U.S. government investigate whether the Company’s operations are conducted in accordance with these requirements and the terms of the relevant contracts by using investigative techniques such as subpoenas or civil investigative demands. U.S. government investigations of the Company, whether related to the Company’s U.S. government contracts or conducted for other reasons, could result in administrative, civil, or criminal liabilities, including repayments, fines, or penalties being imposed upon the Company, or could lead to suspension or debarment from future U.S. government contracting. Management believes it has adequately reserved for any losses that may be experienced from any investigation of which it is aware. The Defense Contract Management Agency Administrative Contracting Officer has negotiated annual final indirect cost rates through fiscal year 2007. Audits of subsequent years may result in cost reductions and/or penalties. Management believes it has adequately reserved for any losses that may be experienced from any such reductions and/or penalties. As of December 31, 2013 and March 31, 2013, the Company has recorded a liability of approximately $184.5 million and $156.2 million, respectively, for its current best estimate of amounts to be refunded to customers for potential adjustments from such audits or reviews of contract costs incurred subsequent to fiscal year 2007. | |
Litigation | |
The Company is 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 that currently range up to $40 million 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, management does not expect any of the currently ongoing audits, reviews, investigations, or litigation to have a material adverse effect on the Company’s financial condition and results of operations. As of December 31, 2013, there are no material amounts accrued in the condensed consolidated financial statements related to these proceedings. | |
Six former officers and stockholders who had departed the firm prior to July 31, 2008, the date on which we became majority owned by Carlyle and certain of its affiliated investment funds, as described in the Company’s Annual Report, or the Acquisition, have filed a total of nine suits in various jurisdictions, with original filing dates ranging from July 3, 2008 through December 15, 2009 (three of which were amended on July 2, 2010 and then further amended into one consolidated complaint on September 7, 2010) against the Company and certain of the Company’s current and former directors and officers. Each of the suits arises out of the Acquisition and alleges that the former stockholders are entitled to certain payments that they would have received if they had held their stock at the time of the Acquisition. Some of the suits also allege that the Acquisition price paid to stockholders was insufficient. The various suits assert claims for breach of contract, tortious interference with contract, breach of fiduciary duty, civil Racketeer Influenced and Corrupt Organizations Act, or RICO, violations, violations of the Employee Retirement Income Security Act, and/or securities and common law fraud. Two of these suits have been dismissed with all appeals exhausted. Five of the remaining suits are pending in the United States District Court for the Southern District of New York, the sixth is pending in New York state court and the seventh is pending in the United States District Court for the Southern District of California. As of December 31, 2013 and March 31, 2013, the aggregate alleged damages sought in the seven remaining suits was approximately $348.7 million ($291.5 million of which is sought to be trebled pursuant to RICO) plus punitive damages, costs, and fees. Although the outcome of any of these cases is inherently uncertain and may be materially adverse, based on current information, management does not expect them to have a material adverse effect on our financial condition and results of operations. |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events | 9 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
On January 31, 2014, the Company announced a regular quarterly cash dividend in the amount of $0.10 per share and a special cash dividend of $1.00 per share, each payable on February 28, 2014 to shareholders of record on February 10, 2014. The Board of Directors, acting as the Administrator of the Officers' Rollover Stock Plan and the Amended and Restated Equity Incentive Plan, made a determination to adjust the outstanding Rollover and EIP options for the special dividend to prevent the dilution of the options. The adjustment is in the form of a $1.00 dividend equivalent. Holders of the Rollover Options will receive a cash payment equal to the amount of the special dividend on the exercise of the option during the options' mandatory exercise period. Holders of EIP options will receive a cash payment equal to the amount of the special dividend payable on February 28, 2014 or the vesting of the EIP option, whichever is later. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
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 | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Earnings for basic computations (1) | $ | 45,689 | $ | 55,709 | $ | 183,605 | $ | 155,285 | ||||||||
Weighted-average Class A Common Stock outstanding | 140,948,396 | 132,125,447 | 138,540,878 | 129,902,993 | ||||||||||||
Weighted-average Class B Non-Voting Common Stock outstanding | 947,259 | 1,932,004 | 1,087,755 | 2,281,000 | ||||||||||||
Weighted-average Class C Restricted Common Stock outstanding | 968,405 | 1,215,102 | 1,042,537 | 1,311,015 | ||||||||||||
Total weighted-average common shares outstanding for basic computations | 142,864,060 | 135,272,553 | 140,671,170 | 133,495,008 | ||||||||||||
Earnings for diluted computations (1) | $ | 45,689 | $ | 55,734 | $ | 183,605 | $ | 155,285 | ||||||||
Dilutive stock options and restricted stock | 5,971,223 | 9,790,962 | 7,494,020 | 10,621,049 | ||||||||||||
Average number of common shares outstanding for diluted computations | 148,835,283 | 145,063,515 | 148,165,190 | 144,116,057 | ||||||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.32 | $ | 0.41 | $ | 1.31 | $ | 1.16 | ||||||||
Diluted | $ | 0.31 | $ | 0.38 | $ | 1.24 | $ | 1.08 | ||||||||
(1) During the three months ended December 31, 2013 and 2012, approximately 1.3 million and 1.2 million participating securities were paid dividends totaling $1.5 million and $104,000, respectively. During the nine months ended December 31, 2013 and 2012, approximately 1.3 million and 1.2 million participating securities were paid dividends totaling $1.7 million and $9.0 million, respectively. For the three months ended December 31, 2012 there were undistributed earnings of $371,000 and $346,000 allocated to the participating class of securities in basic and diluted earnings per share, respectively. The undistributed and distributed earnings referenced above comprise the difference from net income presented on the condensed consolidated statements of operations for the three months ended December 31, 2012, while only the dividends paid comprise the difference in net income for the three and nine months ended December 31, 2013 and the nine months ended December 31, 2012, as there were no excess undistributed earnings. |
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts receivable, net | ' | |||||||
Accounts receivable, net consisted of the following: | ||||||||
December 31, | March 31, | |||||||
2013 | 2013 | |||||||
Current | ||||||||
Accounts receivable–billed | $ | 452,478 | $ | 431,770 | ||||
Accounts receivable–unbilled | 435,465 | 598,004 | ||||||
Allowance for doubtful accounts | (1,683 | ) | (188 | ) | ||||
Accounts receivable, net | 886,260 | 1,029,586 | ||||||
Long-term | ||||||||
Unbilled receivables | 21,443 | 19,779 | ||||||
Total accounts receivable, net | $ | 907,703 | $ | 1,049,365 | ||||
Accounts_Payable_and_Other_Acc1
Accounts Payable and Other Accrued Expenses (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | ' | ||||||||
Accounts payable and other accrued expenses consisted of the following: | |||||||||
December 31, | March 31, | ||||||||
2013 | 2013 | ||||||||
Vendor payables | $ | 214,643 | $ | 248,471 | |||||
Accrued expenses | 218,863 | 202,594 | |||||||
Total accounts payable and other accrued expenses | $ | 433,506 | $ | 451,065 | |||||
Accrued_Compensation_and_Benef1
Accrued Compensation and Benefits (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Compensation and Benefits [Abstract] | ' | |||||||
Accrued compensation and benefits | ' | |||||||
Accrued compensation and benefits consisted of the following: | ||||||||
December 31, | March 31, | |||||||
2013 | 2013 | |||||||
Bonus | $ | 60,645 | $ | 89,389 | ||||
Retirement | 118,079 | 83,071 | ||||||
Vacation | 102,848 | 136,528 | ||||||
Stock-based compensation liability (Note 13) | 36,018 | 48,468 | ||||||
Deferred compensation (1) | 27,433 | — | ||||||
Other | 29,570 | 27,977 | ||||||
Total accrued compensation and benefits | $ | 374,593 | $ | 385,433 | ||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Debt | ' | |||||||||||||
Debt consisted of the following: | ||||||||||||||
December 31, 2013 | March 31, 2013 | |||||||||||||
Interest | Outstanding | Interest | Outstanding | |||||||||||
Rate | Balance | Rate | Balance | |||||||||||
Term Loan A | 2.67 | % | $ | 673,801 | 2.7 | % | $ | 706,134 | ||||||
Term Loan B | 3.75 | % | 1,000,696 | 4.5 | % | 1,009,039 | ||||||||
Total | 1,674,497 | 1,715,173 | ||||||||||||
Less: Current portion of long-term debt | (69,156 | ) | (55,562 | ) | ||||||||||
Long-term debt, net of current portion | $ | 1,605,341 | $ | 1,659,611 | ||||||||||
Other_LongTerm_Liabilities_Tab
Other Long-Term Liabilities (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Long-Term Liabilities | ' | ||||||||
Other long-term liabilities consisted of the following: | |||||||||
December 31, | March 31, | ||||||||
2013 | 2013 | ||||||||
Income tax reserve | $ | 57,927 | $ | 57,018 | |||||
Deferred rent | 29,548 | 40,548 | |||||||
Deferred compensation (1) | — | 26,443 | |||||||
Stock-based compensation | 24,118 | 50,625 | |||||||
Deferred payment obligation | 60,701 | 61,473 | |||||||
Postretirement benefit obligations | 88,005 | 83,761 | |||||||
Other | 6,162 | 6,610 | |||||||
Total other long-term liabilities | $ | 266,461 | $ | 326,478 | |||||
(1) As disclosed in Note 6, the Company anticipates paying the entire deferred compensation balance of the EPP during the three months ending December 31, 2014, and as such, the entire deferred compensation balance was reclassified from other long-term liabilities to accrued compensation and benefits. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of net postretirement medical expense | ' | |||||||||||||||
The components of net postretirement medical expense for the Officer Medical Plan were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 1,186 | $ | 973 | $ | 3,559 | $ | 2,919 | ||||||||
Interest cost | 921 | 787 | 2,751 | 2,360 | ||||||||||||
Net actuarial loss | 704 | 384 | 2,068 | 1,153 | ||||||||||||
Total postretirement medical expense | $ | 2,811 | $ | 2,144 | $ | 8,378 | $ | 6,432 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule of accumulated other comprehensive loss | ' | |||||||||||||||
The following table represents a rollforward of amounts recognized in accumulated other comprehensive loss, net of tax: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Beginning of year | $ | (12,254 | ) | $ | (8,235 | ) | $ | (13,787 | ) | $ | (8,715 | ) | ||||
Other comprehensive income (loss) before reclassifications | — | — | 747 | (282 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 419 | (76 | ) | 1,205 | 686 | |||||||||||
Net current-period other comprehensive income (loss) | 419 | (76 | ) | 1,952 | 404 | |||||||||||
End of year | $ | (11,835 | ) | $ | (8,311 | ) | $ | (11,835 | ) | $ | (8,311 | ) | ||||
Reclassification out of accumulated other comprehensive loss to net income | ' | |||||||||||||||
The following table presents the reclassifications out of accumulated other comprehensive loss to net income: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Amortization of net actuarial loss included in net periodic benefit cost (See Note 10) | ||||||||||||||||
Total before tax | $ | 704 | $ | 381 | $ | 2,068 | $ | 1,143 | ||||||||
Tax benefit | (285 | ) | (457 | ) | (863 | ) | (457 | ) | ||||||||
Net of tax | $ | 419 | $ | (76 | ) | $ | 1,205 | $ | 686 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Equity [Abstract] | ' | |||||||||
Common stock shares activity | ' | |||||||||
The common stock shares activity consisted of the following: | ||||||||||
Class A | Class B | Class C | Class E | Treasury | ||||||
Common Stock | Non-Voting | Restricted | Special Voting | Stock | ||||||
Common Stock | Common Stock | Common Stock | ||||||||
Balance at March 31, 2012 | 128,726,324 | 2,487,125 | 1,533,020 | 10,140,067 | 333,775 | |||||
Issuance of common stock | 1,182,004 | 0 | 0 | 0 | 0 | |||||
Stock options exercised | 5,204,890 | 0 | 0 | -2,661,545 | 0 | |||||
Share exchange | 1,344,226 | -1,035,525 | -308,701 | 0 | 0 | |||||
Repurchase of common stock (1) | 0 | 0 | 0 | 0 | 72,068 | |||||
Balance at March 31, 2013 | 136,457,444 | 1,451,600 | 1,224,319 | 7,478,522 | 405,843 | |||||
Issuance of common stock | 985,308 | 0 | 0 | 0 | 0 | |||||
Stock options exercised | 4,942,435 | 0 | 0 | -3,053,708 | 0 | |||||
Share exchange | 777,318 | -508,335 | -268,983 | 0 | 0 | |||||
Repurchase of common stock (2) | 0 | 0 | 0 | 0 | 168,604 | |||||
Balance at December 31, 2013 | 143,162,505 | 943,265 | 955,336 | 4,424,814 | 574,447 | |||||
-1 | Reflects shares repurchased on July 2, 2012 to cover the withholding taxes on restricted stock awards that vested on June 30, 2012. | |||||||||
-2 | Reflects shares repurchased on June 30, 2013 to cover the withholding taxes on restricted stock awards that vested on June 30, 2013 and shares repurchased on multiple dates for the withholding taxes on accelerated restricted stock vesting for departing officers. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
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 | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Cost of revenue | $ | 1,322 | $ | 1,548 | $ | 3,982 | $ | 5,643 | ||||||||
General and administrative expenses | 3,456 | 3,948 | 10,137 | 14,220 | ||||||||||||
Total | $ | 4,778 | $ | 5,496 | $ | 14,119 | $ | 19,863 | ||||||||
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: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Class C Restricted Stock | $ | — | $ | 59 | $ | 59 | $ | 252 | ||||||||
Rollover Options | — | 578 | 578 | 2,393 | ||||||||||||
Equity Incentive Plan Options | 1,790 | 2,609 | 4,741 | 11,153 | ||||||||||||
Class A Restricted Common Stock | 2,988 | 2,250 | 8,741 | 6,065 | ||||||||||||
Total | $ | 4,778 | $ | 5,496 | $ | 14,119 | $ | 19,863 | ||||||||
Schedule of unrecognized compensation cost | ' | |||||||||||||||
Absent the effect of accelerating stock compensation cost for any departures of employees who may continue to vest in their equity awards, the following table summarizes the unrecognized compensation cost and the weighted average period the cost is expected to be amortized. | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Unrecognized Compensation Cost | Weighted Average Remaining Period to be Recognized | |||||||||||||||
Equity Incentive Plan Options | $ | 9,824 | 3.23 | |||||||||||||
Class A Restricted Common Stock | 11,586 | 2.22 | ||||||||||||||
Total | $ | 21,410 | ||||||||||||||
Recorded stock-based compensation liabilities | ' | |||||||||||||||
dends that triggers certain anti-dilution clauses within the respective plans. In the event the Board of Directors elects to grant option holders a cash payment equal to the amount of the special dividend, the Compa |
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||
Dec. 31, 2013 | |||||
Fair Value Disclosures [Abstract] | ' | ||||
Fair value of cash and cash equivalents | ' | ||||
The following tables set forth by level represent the fair value of the Company's cash and cash equivalents as of December 31, 2013. | |||||
Fair Value of Cash and Cash Equivalents as of December 31, 2013 | |||||
Level 1 | Level 2 | Level 3 | Total | ||
Cash and cash equivalents | $91,004 | — | — | $91,004 | |
Money market funds (1) | — | $312,160 | — | $312,160 | |
Total cash and cash equivalents | $91,004 | $312,160 | — | $403,164 | |
(1) Level two cash and cash equivalents are invested in money market funds that are intended to maintain a stable net asset value of $1.00 per share by investing in liquid, high quality U.S. dollar-denominated money market instruments. |
Business_Overview_Business_Ove
Business Overview Business Overview (Details) | Dec. 31, 2013 |
employees | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of employees | 22,700 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Earnings for basic computations | $45,689 | $55,709 | $183,605 | $155,285 |
Weighted-average common shares outstanding for basic computations | 142,864,060 | 135,272,553 | 140,671,170 | 133,495,008 |
Earnings for diluted computations | 45,689 | 55,734 | 183,605 | 155,285 |
Dilutive stock options and restricted stock | 5,971,223 | 9,790,962 | 7,494,020 | 10,621,049 |
Average number of common shares outstanding for diluted computations | 148,835,283 | 145,063,515 | 148,165,190 | 144,116,057 |
Earnings per common share, Basic | $0.32 | $0.41 | $1.31 | $1.16 |
Earnings per common share, Diluted | $0.31 | $0.38 | $1.24 | $1.08 |
Unvested shares, cash dividends paid | ' | ' | 52,065 | 49,765 |
Restricted stock | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Unvested shares participating in the payment of the Company's dividends declared | 1,300,000 | 1,200,000 | 1,300,000 | 1,200,000 |
Unvested shares, cash dividends paid | 1,500 | 104 | 1,700 | 9,000 |
Undistributed earnings allocated to participating securities, basic | ' | 371 | ' | ' |
Undistributed earnings allocated to participating securities, diluted | ' | $346 | ' | ' |
Stock options | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Antidilutive options excluded from the computation of EPS | 101,000 | 782,000 | 104,000 | 328,000 |
Common stock, Class A | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Weighted-average common shares outstanding for basic computations | 140,948,396 | 132,125,447 | 138,540,878 | 129,902,993 |
Non-voting common stock, Class B | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Weighted-average common shares outstanding for basic computations | 947,259 | 1,932,004 | 1,087,755 | 2,281,000 |
Restricted common stock, Class C | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Weighted-average common shares outstanding for basic computations | 968,405 | 1,215,102 | 1,042,537 | 1,311,015 |
Accounts_Receivable_Net_Detail
Accounts Receivable, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 |
Current | ' | ' | ' | ' | ' |
Accounts receivablebbilled | $452,478 | ' | $452,478 | ' | $431,770 |
Accounts receivablebunbilled | 435,465 | ' | 435,465 | ' | 598,004 |
Allowance for doubtful accounts | -1,683 | ' | -1,683 | ' | -188 |
Accounts receivable, net | 886,260 | ' | 886,260 | ' | 1,029,586 |
Long-term | ' | ' | ' | ' | ' |
Unbilled receivables | 21,443 | ' | 21,443 | ' | 19,779 |
Total accounts receivable, net | 907,703 | ' | 907,703 | ' | 1,049,365 |
Provision for doubtful accounts | ($302) | ($497) | $1,200 | $349 | ' |
Accounts_Payable_and_Other_Acc2
Accounts Payable and Other Accrued Expenses (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Vendor payables | $214,643 | $248,471 |
Accrued expenses | 218,863 | 202,594 |
Total accounts payable and other accrued expenses | $433,506 | $451,065 |
Accrued_Compensation_and_Benef2
Accrued Compensation and Benefits (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Accrued Compensation and Benefits [Abstract] | ' | ' | |
Bonus | $60,645 | $89,389 | |
Retirement | 118,079 | 83,071 | |
Vacation | 102,848 | 136,528 | |
Stock Based Compensation Liability | 36,018 | 48,468 | |
Deferred Compensation | 27,433 | [1] | 0 |
Other | 29,570 | 27,977 | |
Total accrued compensation and benefits | $374,593 | $385,433 | |
[1] | The Company maintains a deferred compensation plan, or EPP, established in January 2009, for the benefit of certain employees. The EPP allows eligible participants to defer all or a portion of their annual performance bonus, reduced by amounts withheld for the payment of taxes or other deductions required by law. The Company makes no contributions to the EPP, but maintains participant accounts for deferred amounts and interest earned. Employees must leave the money in the EPP until 2014. The deferred balance generally will be paid within 180 days of the final determination of the interest to be accrued for 2014, upon retirement, or termination. The Company anticipates the deferred balance will be paid during the three months ending December 31, 2014, and as such, the entire deferred compensation balance of $27.4 million as of December 31, 2013 was reclassified from other long-term liabilities to a component of accrued compensation and benefits. |
Debt_Details
Debt (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Revolving Credit Facility | Letter of Credit | |||
Term Loan A | Term Loan A | Term Loan A | Term Loan A | Term Loan A | Term Loan B | Term Loan B | Term Loan B | Term Loan B | Term Loan B | Term Loan B | |||||
Minimum | Maximum | London Interbank Offered Rate (LIBOR) | Minimum | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | Alternative Base Rate (ABR) | |||||||||
Maximum | Minimum | ||||||||||||||
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | 2.67% | 2.70% | ' | ' | ' | 3.75% | 4.50% | ' | ' | ' | ' | ' | ' |
Long-term debt | $1,674,497,000 | $1,715,173,000 | $673,801,000 | $706,134,000 | ' | ' | ' | $1,000,696,000 | $1,009,039,000 | ' | ' | ' | ' | ' | ' |
Less: Current portion of long-term debt | -69,156,000 | -55,562,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, net of current portion | 1,605,341,000 | 1,659,611,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan, face amount | ' | ' | 725,000,000 | ' | ' | ' | ' | 1,025,000,000 | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | 100,000,000 |
Quarterly principal periodic payment percentage | ' | ' | 1.25% | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' |
Quarterly principal periodic payment percentage, year two | ' | ' | 1.88% | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' |
Quarterly principal periodic payment percentage, year three | ' | ' | 2.50% | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' |
Quarterly principal periodic payment percentage, year four | ' | ' | 3.13% | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' |
Quarterly principal periodic payment percentage, year five | ' | ' | 13.00% | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Long-term debt, basis spread on variable rate | ' | ' | ' | ' | 2.00% | 2.75% | 2.50% | ' | ' | 0.75% | 3.00% | 3.00% | 2.00% | ' | ' |
Long-term debt, unamortized discount | $12,800,000 | $11,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate | 39.70% | 40.90% | 40.20% | 40.20% |
Statutory rate | 35.00% | ' | 35.00% | ' |
Other_LongTerm_Liabilities_Det
Other Long-Term Liabilities (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Income tax reserve | $57,927 | $57,018 |
Deferred rent | 29,548 | 40,548 |
Deferred compensation | 0 | 26,443 |
Stock-based compensation | 24,118 | 50,625 |
Deferred payment obligation | 60,701 | 61,473 |
Postretirement benefit obligations | 88,005 | 83,761 |
Other | 6,162 | 6,610 |
Total other long-term liabilities | $266,461 | $326,478 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' | ' |
Employeesb Capital Accumulation Plan, Total expense recognized | $36,400,000 | $54,900,000 | $118,700,000 | $173,700,000 | ' |
Employeesb Capital Accumulation Plan, Company-paid contributions | 19,300,000 | 27,800,000 | 83,700,000 | 99,100,000 | ' |
Officer Medical Plan | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Service cost | 1,186,000 | 973,000 | 3,559,000 | 2,919,000 | ' |
Interest cost | 921,000 | 787,000 | 2,751,000 | 2,360,000 | ' |
Net actuarial loss | 704,000 | 384,000 | 2,068,000 | 1,153,000 | ' |
Total benefit cost | 2,811,000 | 2,144,000 | 8,378,000 | 6,432,000 | ' |
Defined benefit plan, unfunded status of plan | $83,000,000 | ' | $83,000,000 | ' | $78,700,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | ' | ' | ' | ' |
Beginning of year | ($12,254) | ($8,235) | ($13,787) | ($8,715) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 747 | -282 |
Amounts reclassified from accumulated other comprehensive loss | 419 | -76 | 1,205 | 686 |
Net current-period other comprehensive income | 419 | -76 | 1,952 | 404 |
End of year | ($11,835) | ($8,311) | ($11,835) | ($8,311) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Reclassifications out of Accumulated Other Comprehensive Loss to Net Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Tax benefit | ($31,014) | ($38,815) | ($124,701) | ($110,636) |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Total before tax | 704 | 381 | 2,068 | 1,143 |
Tax benefit | -285 | -457 | -863 | -457 |
Net of tax | $419 | ($76) | $1,205 | $686 |
Stockholders_Equity_Common_Sto
Stockholders' Equity (Common Stock Shares Activity) (Details) | 0 Months Ended | 9 Months Ended | 12 Months Ended |
Oct. 07, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Treasury stock, shares, beginning of period | ' | 405,843 | 333,775 |
Repurchase of common stock | 4,162 | 168,604 | 72,068 |
Treasury stock, shares, end of period | ' | 574,447 | 405,843 |
Common stock, Class A | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Common stock, shares issued, beginning of period | ' | 136,457,444 | 128,726,324 |
Issuance of common stock | ' | 985,308 | 1,182,004 |
Stock options exercised | ' | 4,942,435 | 5,204,890 |
Share exchange | ' | 777,318 | 1,344,226 |
Common stock, shares issued, end of period | ' | 143,162,505 | 136,457,444 |
Non-voting common stock, Class B | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Common stock, shares issued, beginning of period | ' | 1,451,600 | 2,487,125 |
Share exchange | ' | -508,335 | -1,035,525 |
Common stock, shares issued, end of period | ' | 943,265 | 1,451,600 |
Restricted common stock, Class C | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Common stock, shares issued, beginning of period | ' | 1,224,319 | 1,533,020 |
Share exchange | ' | -268,983 | -308,701 |
Common stock, shares issued, end of period | ' | 955,336 | 1,224,319 |
Special voting common stock, Class E | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Common stock, shares issued, beginning of period | ' | 7,478,522 | 10,140,067 |
Stock options exercised | ' | -3,053,708 | -2,661,545 |
Common stock, shares issued, end of period | ' | 4,424,814 | 7,478,522 |
Stockholders_Equity_Employee_S
Stockholders' Equity (Employee Stock Purchase Plan) (Details) (Employee Stock Purchase Plan, Common stock, Class A) | 3 Months Ended | 38 Months Ended |
Dec. 31, 2013 | Dec. 31, 2013 | |
Employee Stock Purchase Plan | Common stock, Class A | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares purchased by employees under the employee stock purchase plan | 68,218 | 1,233,218 |
StockBased_Compensation_Stockb
Stock-Based Compensation (Stock-based Compensation Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $4,778 | $5,496 | $14,119 | $19,863 |
Restricted stock | Rollover Options | Restricted common stock, Class C | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 0 | 59 | 59 | 252 |
Restricted stock | Annual Incentive Plan | Common stock, Class A | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 2,988 | 2,250 | 8,741 | 6,065 |
Stock options | Rollover Options | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 0 | 578 | 578 | 2,393 |
Stock options | EIP | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 1,790 | 2,609 | 4,741 | 11,153 |
Cost of revenue | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 1,322 | 1,548 | 3,982 | 5,643 |
General and administrative expenses | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $3,456 | $3,948 | $10,137 | $14,220 |
StockBased_Compensation_Unreco
Stock-Based Compensation (Unrecognized Compensation) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost related to unvested stock-based compensation agreements | $21,410 |
Unrecognized compensation cost, amortization period | '4 years 6 months |
EIP | Stock options | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost related to unvested stock-based compensation agreements | 9,824 |
Unrecognized compensation cost, amortization period | '3 years 2 months 22 days |
Annual Incentive Plan | Restricted stock | Common stock, Class A | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost related to unvested stock-based compensation agreements | $11,586 |
Unrecognized compensation cost, amortization period | '2 years 2 months 19 days |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Plans) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | ||
Oct. 07, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Nov. 21, 2013 | Dec. 31, 2013 | Aug. 21, 2013 | Jul. 02, 2013 | Dec. 31, 2013 | |
Stock options | Stock options | Common stock, Class A | Common stock, Class A | Common stock, Class A | ||||
EIP | EIP | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | ||||
Annual Incentive Plan | Annual Incentive Plan | Annual Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options granted | ' | ' | ' | 151,362 | ' | ' | ' | ' |
Stock options granted, value, per share | ' | ' | ' | $17.67 | ' | ' | ' | ' |
Stock options outstanding | ' | ' | ' | ' | 7,388,795 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number | ' | ' | ' | ' | 3,441,322 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | 25,705 | 744,926 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | '3 years |
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | ' | ' | ' | ' | ' | ' | $13,100,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | $17.57 | ' |
Repurchase of common stock, in shares | 4,162 | 168,604 | 72,068 | ' | ' | ' | ' | ' |
Repurchase of common stock, cost per share | $18.59 | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock | ' | $77,372 | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Record
Stock-Based Compensation (Recorded and Unrecorded Stock-based Compensation Liability) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Oct. 29, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Oct. 29, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | |
Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Ordinary Cash Dividend | Stock options | Stock options | Stock options | Stock options | Stock options | Stock options | Stock options | Stock options | ||||||
EIP | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | ||||||||||
EIP | EIP | EIP | Rollover Options | Rollover Options | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared per share | $1.10 | $0.09 | $1.30 | $8.27 | ' | $1 | ' | ' | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation arrangement, plan modification, incremental compensation cost recognized in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $873,000 | $1,100,000 | ' | ' | ' |
Share-based compensation arrangement, plan modification, incremental compensation cost, deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,000,000 | ' | ' | ' |
Recorded and unrecorded stock-based compensation liability, current and noncurrent | ' | ' | ' | ' | ' | ' | 65,300,000 | 106,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation liability, current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,018,000 | 48,468,000 | 2,348,000 | 2,348,000 | 14,429,000 | 33,670,000 | 34,039,000 |
Stock-based compensation liability, noncurrent | 24,118,000 | ' | 24,118,000 | ' | 50,625,000 | ' | ' | ' | ' | ' | 24,118,000 | 50,625,000 | ' | ' | ' | 24,118,000 | 50,625,000 |
Stock-based compensation liability, current and noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,136,000 | 99,093,000 | 2,348,000 | 2,348,000 | 14,429,000 | 57,788,000 | 84,664,000 |
Unrecorded stock-based compensation liability, current and noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,200,000 | $5,200,000 | $4,500,000 | $0 | $2,800,000 |
Unrecognized compensation cost, amortization period | ' | ' | '4 years 6 months | ' | ' | ' | ' | ' | ' | '3 years 2 months 22 days | ' | ' | ' | '4 years 6 months | ' | ' | ' |
Share-based compensation arrangement, plan modification, incremental compensation cost, deferred, recognition period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 6 months | ' | ' | ' |
Financial_Instruments_Details
Financial Instruments (Details) (Fair Value, Measurements, Recurring, USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Level 1 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total cash and cash equivalents | $91,004 |
Level 1 | Cash and cash equivalents | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total cash and cash equivalents | 91,004 |
Level 2 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total cash and cash equivalents | 312,160 |
Level 2 | Money market fund | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total cash and cash equivalents | 312,160 |
Total | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total cash and cash equivalents | 403,164 |
Total | Cash and cash equivalents | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total cash and cash equivalents | 91,004 |
Total | Money market fund | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total cash and cash equivalents | $312,160 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2008 | |
Related Party Transactions [Abstract] | ' | ' | ' | ' | ' |
Revenue associated with related parties | $70,000 | $78,000 | $237,000 | $423,000 | ' |
Cost associated with related parties | 61,000 | 58,000 | 201,000 | 386,000 | ' |
Management agreement, annual fee | ' | ' | ' | ' | 1,000,000 |
Management agreement, advisory fees | $250,000 | $250,000 | $750,000 | $750,000 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
leases | Contracts with U.S. government agencies or other U.S. government contractors | Contracts with U.S. government agencies or other U.S. government contractors | Contracts with U.S. government agencies or other U.S. government contractors | Contracts with U.S. government agencies or other U.S. government contractors | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Number of facility leases assigned to Booz & Co., outstanding | 9 | ' | ' | ' | ' | ' |
Maximum potential amount of undiscounted future lease payments | $17.30 | ' | ' | ' | ' | ' |
Liability for reductions and/or penalties from U.S Governement audits | $184.50 | $156.20 | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' |
Concentration risk, percentage | ' | ' | 98.00% | 99.00% | 98.00% | 99.00% |
Commitments_and_Contingencies_1
Commitments and Contingencies (Litigation) (Details) (USD $) | 9 Months Ended | 12 Months Ended | 18 Months Ended | 45 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 15, 2009 | Dec. 31, 2013 | Jul. 02, 2010 |
plaintiffs | claims | claims | |||
claims | |||||
Legal proceedings and investigations arising in the ordinary course of business | Maximum | ' | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Loss contingencies, damages sought, value | $40 | ' | ' | ' | ' |
Former stockholder litigation | ' | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Loss contingencies, number of plaintiffs | ' | ' | 6 | ' | ' |
Loss contingencies, new claims filed, number | ' | ' | 9 | ' | ' |
Loss contingencies, claims amended, number | ' | ' | ' | ' | 3 |
Loss contingencies, claims dismissed, number | ' | ' | ' | 2 | ' |
Loss contingencies, damages sought, value | 348.7 | 348.7 | ' | ' | ' |
Former stockholder litigation | United States District Court for the Southern District of New York | ' | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Loss contingencies, pending claims, number | 5 | ' | ' | 5 | ' |
Former stockholder litigation | New York state court | ' | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Loss contingencies, pending claims, number | 1 | ' | ' | 1 | ' |
Former stockholder litigation | United States District Court for the Southern District of California | ' | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Loss contingencies, pending claims, number | 1 | ' | ' | 1 | ' |
Former stockholder litigation | RICO | ' | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Loss contingencies, damages sought, value | $291.50 | $291.50 | ' | ' | ' |
Subsequent_Events_Subsequent_E1
Subsequent Events Subsequent Events (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 29, 2013 | Oct. 29, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | |
Ordinary Cash Dividend | Special Cash Dividend | Subsequent Event | Subsequent Event | Subsequent Event | |||||
Ordinary Cash Dividend | Special Cash Dividend | ||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared per share | $1.10 | $0.09 | $1.30 | $8.27 | $0.10 | $1 | ' | $0.10 | $1 |
Dividend equivalent per share | ' | ' | ' | ' | ' | ' | $1 | ' | ' |