Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||||
Mar. 31, 2014 | Sep. 30, 2013 | 16-May-14 | 16-May-14 | 16-May-14 | 16-May-14 | |
Common stock, Class A | Non-voting common stock, Class B | Restricted common stock, Class C | Special voting common stock, Class E | |||
Entity Information [Line Items] | ' | ' | ' | ' | ' | ' |
Entity Registrant Name | 'Booz Allen Hamilton Holding Corp | ' | ' | ' | ' | ' |
Entity Central Index Key | '0001443646 | ' | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' | ' | ' |
Document Fiscal Period Focus | 'Q4 | ' | ' | ' | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' | ' | ' |
Entity Public Float | ' | $830,267,765 | ' | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 143,446,817 | 525,370 | 914,101 | 4,424,814 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $259,994 | $350,384 |
Accounts receivable, net of allowance | 916,737 | 1,029,586 |
Deferred income taxes | 29,687 | 0 |
Prepaid Expense and Other Assets, Current | 49,559 | 44,382 |
Total current assets | 1,255,977 | 1,424,352 |
Property and equipment, net of accumulated depreciation | 129,427 | 166,570 |
Deferred income taxes | 0 | 10,032 |
Intangible assets, net of accumulated amortization | 220,887 | 236,220 |
Goodwill | 1,273,789 | 1,277,369 |
Other long-term assets | 60,738 | 62,985 |
Total assets | 2,940,818 | 3,177,528 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 73,688 | 55,562 |
Accounts payable and other accrued expenses | 488,807 | 451,065 |
Accrued compensation and benefits | 331,440 | 385,433 |
Deferred income taxes | 0 | 10,286 |
Other current liabilities | 23,169 | 62,300 |
Total current liabilities | 917,104 | 964,646 |
Long-term debt, net of current portion | 1,585,231 | 1,659,611 |
Income tax reserves | 57,406 | 57,018 |
Deferred Tax Liabilities, Net, Noncurrent | 8,231 | 0 |
Other long-term liabilities | 201,210 | 269,460 |
Total liabilities | 2,769,182 | 2,950,735 |
Commitments and contingencies (Note 20) | ' | ' |
Stockholders' equity: | ' | ' |
Treasury stock, at cost 609,625 shares at March 31, 2014 and 405,843 shares at March 31, 2013 | -10,153 | -6,444 |
Additional paid-in capital | 144,269 | 120,836 |
Retained earnings | 42,688 | 124,775 |
Accumulated other comprehensive loss | -6,636 | -13,787 |
Stockholders Equity Balance | 171,636 | 226,793 |
Total liabilities and stockholders' equity | 2,940,818 | 3,177,528 |
Common stock, Class A | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 1,440 | 1,364 |
Non-voting common stock, Class B | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 6 | 15 |
Restricted common stock, Class C | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 9 | 12 |
Special voting common stock, Class E | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | $13 | $22 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Treasury stock, shares | 609,625 | 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 | 143,962,073 | 136,457,444 |
Common stock, shares outstanding | 143,352,448 | 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 | 582,080 | 1,451,600 |
Common stock, shares outstanding | 582,080 | 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 | 935,871 | 1,224,319 |
Common stock, shares outstanding | 935,871 | 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 | 7,478,522 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Revenue | $5,478,693 | $5,758,059 | $5,859,218 |
Operating costs and expenses: | ' | ' | ' |
Cost of revenue | 2,716,113 | 2,871,240 | 2,934,378 |
Billable expenses | 1,487,115 | 1,532,590 | 1,542,822 |
General and administrative expenses | 742,527 | 833,986 | 903,721 |
Depreciation and amortization | 72,327 | 74,009 | 75,205 |
Restructuring charge | 0 | 0 | 15,660 |
Total operating costs and expenses | 5,018,082 | 5,311,825 | 5,471,786 |
Operating income | 460,611 | 446,234 | 387,432 |
Interest expense | -78,030 | -70,284 | -48,078 |
Other, net | -1,794 | -7,639 | 4,520 |
Income before income taxes | 380,787 | 368,311 | 343,874 |
Income tax expense | 148,599 | 149,253 | 103,919 |
Net income | $232,188 | $219,058 | $239,955 |
Earnings per common share (Note 3): | ' | ' | ' |
Basic (in dollars per share) | $1.62 | $1.56 | $1.83 |
Diluted (in dollars per share) | $1.54 | $1.45 | $1.70 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $46,895 | $47,167 | $67,813 | $70,313 | $54,813 | $56,184 | $46,116 | $61,945 | $232,188 | $219,058 | $239,955 |
Change in postretirement plan costs, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 7,151 | -5,072 | -3,262 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $239,339 | $213,986 | $236,693 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Cash flows from operating activities | ' | ' | ' |
Net income | $232,188 | $219,058 | $239,955 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 72,327 | 74,009 | 75,205 |
Stock-based compensation expense | 20,065 | 24,841 | 31,263 |
Deferred income taxes | 26,371 | 48,088 | -74,785 |
Excess tax benefits from the exercise of stock options | -38,185 | -26,860 | -16,461 |
Amortization of Financing Costs and Discounts | 11,682 | 17,224 | 5,880 |
Losses on dispositions and impairments | 1,024 | 1,106 | 376 |
Gain on sales of businesses | 0 | -254 | -4,082 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | 110,308 | 125,125 | 25,275 |
Income taxes receivable / payable | -1,903 | 104,877 | -31,832 |
Prepaid expenses and other current assets | -5,923 | 10,006 | 7,622 |
Other long-term assets | -4,773 | 2,723 | -6,250 |
Accrued compensation and benefits | -72,881 | -26,832 | -35,287 |
Accounts payable and other accrued expenses | 39,178 | -23,760 | 35,390 |
Accrued interest | 0 | -3,563 | -11,801 |
Income tax reserves | 388 | 1,736 | -35,192 |
Other current liabilities | 1,090 | -11,367 | 2,373 |
Other long-term liabilities | -3,316 | 1,939 | 7,573 |
Net cash provided by operating activities | 332,718 | 464,654 | 360,046 |
Cash flows from investing activities | ' | ' | ' |
Purchases of property and equipment | -20,905 | -33,113 | -76,925 |
Cash paid for business acquisitions, net of cash acquired | 3,563 | -157,964 | 0 |
Proceeds from sales of businesses | 0 | 625 | 23,332 |
Escrow receipts | 3,786 | 0 | 0 |
Net cash used in investing activities | -13,556 | -190,452 | -53,593 |
Cash flows from financing activities | ' | ' | ' |
Net proceeds from issuance of common stock | 5,078 | 6,373 | 8,757 |
Stock option exercises | 14,620 | 14,977 | 7,349 |
Excess tax benefits from the exercise of stock options | 38,185 | 26,860 | 16,461 |
Repurchases of common stock | -3,709 | -1,067 | -5,377 |
Cash dividends paid | -345,802 | -1,122,457 | -11,906 |
Dividend equivalents paid to option holders | -56,138 | -49,765 | 0 |
Debt issuance costs | -6,223 | -29,607 | 0 |
Repayment of debt | -355,563 | -993,250 | -30,000 |
Proceeds from debt issuance | 300,000 | 1,739,750 | 0 |
Net cash used in financing activities | -409,552 | -408,186 | -14,716 |
Net (decrease) increase in cash and cash equivalents | -90,390 | -133,984 | 291,737 |
Cash and cash equivalents-beginning of year | 350,384 | 484,368 | 192,631 |
Cash and cash equivalents-end of year | 259,994 | 350,384 | 484,368 |
Cash paid during the period for: | ' | ' | ' |
Interest | 61,050 | 58,847 | 53,993 |
Income taxes | $178,411 | $90,146 | $89,314 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders Equity Statement (USD $) | Total | Common Stock | Common Stock | Common Stock | Common Stock | Treasury Stock | Additional Paid-in Capital | (Accumulated Deficit) Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Class A | Non-voting, Class B | Restricted common stock, Class C | Special voting, Class E | ||||||
Balance at Mar. 31, 2011 | $907,250,000 | $1,227,000 | $31,000 | $20,000 | $37,000 | $0 | $840,058,000 | $71,330,000 | ($5,453,000) |
Balance (shares) at Mar. 31, 2011 | ' | 122,784,835 | 3,053,130 | 2,028,270 | 12,348,860 | 0 | ' | ' | ' |
Issuance of common stock, in shares | ' | 1,080,245 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | 8,760,000 | 11,000 | ' | ' | ' | ' | 8,749,000 | ' | ' |
Stock options exercised, in shares | ' | 3,799,989 | ' | ' | -2,208,793 | ' | ' | ' | ' |
Stock options exercised | 7,346,000 | 38,000 | ' | ' | -7,000 | ' | 7,315,000 | ' | ' |
Excess tax benefits from the exercise of stock options | 16,461,000 | ' | ' | ' | ' | ' | 16,461,000 | ' | ' |
Share exchange, in shares | ' | 1,061,255 | -566,005 | -495,250 | ' | ' | ' | ' | ' |
Share exchange | 0 | 11,000 | -6,000 | -5,000 | ' | ' | ' | ' | ' |
Repurchase of common stock, in shares | ' | ' | ' | ' | ' | -333,775 | ' | ' | ' |
Repurchase of common stock | -5,377,000 | ' | ' | ' | ' | -5,377,000 | ' | ' | ' |
Recognition of liability related to future stock option exercises (Note 17) | -5,305,000 | ' | ' | ' | ' | ' | -5,305,000 | ' | ' |
Net income | 239,955,000 | ' | ' | ' | ' | ' | ' | 239,955,000 | ' |
Change in postretirement plan costs, net of tax | -3,262,000 | ' | ' | ' | ' | ' | ' | ' | -3,262,000 |
Comprehensive income | 236,693,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid | -11,906,000 | ' | ' | ' | ' | ' | ' | -11,906,000 | ' |
Stock-based compensation expense | 31,263,000 | ' | ' | ' | ' | ' | 31,263,000 | ' | ' |
Balance at Mar. 31, 2012 | 1,185,185,000 | 1,287,000 | 25,000 | 15,000 | 30,000 | -5,377,000 | 898,541,000 | 299,379,000 | -8,715,000 |
Balance (shares) at Mar. 31, 2012 | ' | 128,726,324 | 2,487,125 | 1,533,020 | 10,140,067 | -333,775 | ' | ' | ' |
Issuance of common stock, in shares | ' | 1,182,004 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | 6,373,000 | 12,000 | ' | ' | ' | ' | 6,361,000 | ' | ' |
Stock options exercised, in shares | ' | 5,204,890 | ' | ' | -2,661,545 | ' | ' | ' | ' |
Stock options exercised | 14,977,000 | 52,000 | ' | ' | -8,000 | ' | 14,933,000 | ' | ' |
Excess tax benefits from the exercise of stock options | 26,860,000 | ' | ' | ' | ' | ' | 26,860,000 | ' | ' |
Share exchange, in shares | ' | 1,344,226 | -1,035,525 | -308,701 | ' | ' | ' | ' | ' |
Share exchange | 0 | 13,000 | -10,000 | -3,000 | ' | ' | ' | ' | ' |
Repurchase of common stock, in shares | ' | ' | ' | ' | ' | -72,068 | ' | ' | ' |
Repurchase of common stock | -1,067,000 | ' | ' | ' | ' | -1,067,000 | ' | ' | ' |
Recognition of liability related to future stock option exercises (Note 17) | -121,905,000 | ' | ' | ' | ' | ' | -121,905,000 | ' | ' |
Net income | 219,058,000 | ' | ' | ' | ' | ' | ' | 219,058,000 | ' |
Change in postretirement plan costs, net of tax | -5,072,000 | ' | ' | ' | ' | ' | ' | ' | -5,072,000 |
Comprehensive income | 213,986,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid | -1,122,457,000 | ' | ' | ' | ' | ' | -728,795,000 | -393,662,000 | ' |
Stock-based compensation expense | 24,841,000 | ' | ' | ' | ' | ' | 24,841,000 | ' | ' |
Balance at Mar. 31, 2013 | 226,793,000 | 1,364,000 | 15,000 | 12,000 | 22,000 | -6,444,000 | 120,836,000 | 124,775,000 | -13,787,000 |
Balance (shares) at Mar. 31, 2013 | ' | 136,457,444 | 1,451,600 | 1,224,319 | 7,478,522 | -405,843 | ' | ' | ' |
Issuance of common stock, in shares | ' | 1,047,160 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | 5,078,000 | 10,000 | ' | ' | ' | ' | 5,068,000 | ' | ' |
Stock options exercised, in shares | ' | 5,299,501 | ' | ' | -3,053,708 | ' | ' | ' | ' |
Stock options exercised | 14,620,000 | 54,000 | ' | ' | -9,000 | ' | 14,575,000 | ' | ' |
Excess tax benefits from the exercise of stock options | 38,185,000 | ' | ' | ' | ' | ' | 38,185,000 | ' | ' |
Share exchange, in shares | ' | 1,157,968 | -869,520 | -288,448 | ' | ' | ' | ' | ' |
Share exchange | ' | 12,000 | -9,000 | -3,000 | ' | ' | ' | ' | ' |
Repurchase of common stock, in shares | -203,782 | ' | ' | ' | ' | -203,782 | ' | ' | ' |
Repurchase of common stock | -3,709,774 | ' | ' | ' | ' | -3,709,000 | ' | ' | ' |
Recognition of liability related to future stock option exercises (Note 17) | -22,933,000 | ' | ' | ' | ' | ' | -22,933,000 | ' | ' |
Net income | 232,188,000 | ' | ' | ' | ' | ' | ' | 232,188,000 | ' |
Change in postretirement plan costs, net of tax | 7,151,000 | ' | ' | ' | ' | ' | ' | ' | 7,151,000 |
Comprehensive income | 239,339,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid | -345,802,000 | ' | ' | ' | ' | ' | -31,527,000 | -314,275,000 | ' |
Stock-based compensation expense | 20,065,000 | ' | ' | ' | ' | ' | 20,065,000 | ' | ' |
Balance at Mar. 31, 2014 | $171,636,000 | $1,440,000 | $6,000 | $9,000 | $13,000 | ($10,153,000) | $144,269,000 | $42,688,000 | ($6,636,000) |
Balance (shares) at Mar. 31, 2014 | ' | 143,962,073 | 582,080 | 935,871 | 4,424,814 | -609,625 | ' | ' | ' |
Business_Overview
Business Overview | 12 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BUSINESS OVERVIEW | ' |
BUSINESS OVERVIEW | |
Our Business | |
Booz Allen Hamilton Holding Corporation, including its wholly owned subsidiaries, or 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 consulting, technology, and engineering services to the U.S. government in the defense, intelligence, and civil markets. Additionally, the Company provides its management and technology consulting services to major corporations, institutions, and not-for-profit organizations. 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 March 31, 2014. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | |
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP. All intercompany balances and transactions have been eliminated in consolidation. | |
The Company’s fiscal year ends on March 31 and unless otherwise noted, references to fiscal year or fiscal are for fiscal years ended March 31. The accompanying consolidated financial statements present the financial position of the Company as of March 31, 2014 and 2013 and the Company’s results of operations for fiscal 2014, fiscal 2013, and fiscal 2012. | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. 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. | |
Revenue Recognition | |
Substantially all of the Company’s revenue is derived from services and solutions provided to the U.S. government and its agencies, primarily by the Company’s consulting staff and, to a lesser extent, subcontractors. The Company generates its revenue from the following types of contractual arrangements: cost-reimbursable-plus-fee contracts, time-and-materials contracts, and fixed-price contracts. | |
Revenue on cost-reimbursable-plus-fee contracts is recognized as services are performed, generally based on the allowable costs incurred during the period plus any recognizable earned fee. The Company considers fixed fees under cost-reimbursable-plus-fee contracts to be earned in proportion to the allowable costs incurred in performance of the contract. For cost-reimbursable-plus-fee contracts that include performance-based fee incentives, which are principally award fee arrangements, the Company recognizes income when such fees are probable and estimable. Estimates of the total fee to be earned are made based on contract provisions, prior experience with similar contracts or clients, and management’s evaluation of the performance on such contracts. Contract costs, including indirect expenses, are subject to audit by the Defense Contract Audit Agency, or DCAA, and, accordingly, are subject to possible cost disallowances. We recognize as revenue, net of reserves, executive compensation that we determine, based on management's estimates, to be allowable; management's estimates in this regard are based on a number of factors that may change over time, including executive compensation survey data, our and other government contractors' experiences with the DCAA audit practices in our industry and relevant decisions of courts and boards of contract appeals. | |
Revenue for time-and-materials contracts is recognized as services are performed, generally on the basis of contract allowable labor hours worked multiplied by the contract-defined billing rates, plus allowable direct costs and indirect cost allocations associated with materials used and other direct expenses incurred in connection with the performance of the contract. | |
Revenue on fixed-price contracts is recognized using percentage-of-completion based on actual costs incurred relative to total estimated costs for the contract. These estimated costs are updated during the term of the contract, and may result in revision by the Company of recognized revenue and estimated costs in the period in which they are identified. Profits on fixed-price contracts result from the difference between incurred costs and revenue earned. | |
Contract accounting requires significant judgment relative to assessing risks, estimating contract revenue and costs, and making assumptions for schedule and technical issues. Due to the size and nature of many of the Company’s contracts, developing total revenue and cost at completion estimates requires the use of significant judgment. Contract costs include direct labor and billable expenses, an allocation of allowable indirect costs, and warranty obligations. Billable expenses is comprised of subcontracting costs and other “out of pocket” costs that often include, but are not limited to, travel-related costs and telecommunications charges. The Company recognizes revenue and billable expenses from these transactions on a gross basis. Assumptions regarding the length of time to complete the contract also include expected increases in wages and prices for materials. Estimates of total contract revenue and costs are monitored during the term of the contract and are subject to revision as the contract progresses. Anticipated losses on contracts are recognized in the period they are deemed probable and can be reasonably estimated. | |
The Company’s contracts may include the delivery of a combination of one or more of the Company’s service offerings. In these situations, the Company determines whether such arrangements with multiple service offerings should be treated as separate units of accounting based on how the elements are bid or negotiated, whether the customer can accept separate elements of the arrangement, and the relationship between the pricing on the elements individually and combined. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash on hand and highly liquid investments having an original maturity of three months or less. The Company’s investments consist primarily of institutional money market funds. The Company maintains its cash and cash equivalents in bank accounts that, at times, exceed the federally insured limits. The Company has not experienced any losses in such accounts. | |
Valuation of Accounts Receivable | |
The Company maintains allowances for doubtful accounts against certain billed receivables based upon the latest information regarding whether invoices are ultimately collectible. Assessing the collectability of customer receivables requires management judgment. The Company determines its allowance for doubtful accounts by specifically analyzing individual accounts receivable, historical bad debts, customer credit-worthiness, current economic conditions, and accounts receivable aging trends. Valuation reserves are periodically re-evaluated and adjusted as more information about the ultimate collectability of accounts receivable becomes available. Upon determination that a receivable is uncollectible, the receivable balance and any associated reserve are written off. | |
Concentrations of Credit Risk | |
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and accounts receivable. The Company’s cash equivalents are generally invested in Prime or U.S. government money market funds, which minimizes the credit risk. The Company believes that credit risk, with respect to accounts receivable, is limited as the receivables are primarily with the U.S. government. | |
Property and Equipment | |
Property and equipment are recorded at cost, and the balances are presented net of accumulated depreciation. The cost of software purchased or internally developed is capitalized. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Furniture and equipment is depreciated over five to ten years, computer equipment is depreciated over four years, and software purchased or developed for internal use is depreciated over three to five years. Leasehold improvements are amortized over the shorter of the useful life of the asset or the lease term. Maintenance and repairs are charged to expense as incurred. | |
Rent expense is recorded on a straight-line basis over the life of the respective lease. The difference between the cash payment and rent expense is recorded as deferred rent in either accounts payable and other accrued expenses or other long-term liabilities in the consolidated balance sheets, depending on when the amounts will be recognized. The Company receives incentives for tenant improvements on certain of its leases. The cash expended on such improvements is recorded as property and equipment and amortized over the life of the associated asset, or lease term, whichever is shorter. Incentives for tenant improvements are recorded as deferred rent in either accounts payable and other accrued expenses or other long-term liabilities in the consolidated balance sheets, and are amortized on a straight line basis over the lease term. | |
Business Combinations | |
The Company has engaged in business acquisition activity. The accounting for business combinations requires management to make judgments and estimates of the fair value of assets acquired, including the identification and valuation of intangible assets, as well as liabilities and contingencies assumed. Such judgments and estimates directly impact the amount of goodwill recognized in connection with each acquisition, as goodwill represents the excess of the purchase price of an acquired business over the fair value of its net tangible and identifiable intangible assets. | |
Goodwill | |
The Company assesses goodwill for impairment on at least an annual basis on January 1 unless interim indicators of impairment exist. Goodwill is considered to be impaired when the net book value of a reporting unit exceeds its estimated fair value. The Company operates as a single operating segment and as a single reporting unit for the purpose of evaluating goodwill. As of January 1, 2014, the Company performed its annual impairment test of goodwill by comparing the fair value of the Company (primarily based on market capitalization) to the carrying value of equity, and concluded that the fair value of the reporting unit was greater than the carrying amount. During the fiscal years ended March 31, 2014, 2013 and 2012 the Company did not record any goodwill impairment. | |
Intangible Assets | |
Intangible assets consist of trade name and customer relationships. Customer relationships are amortized on an accelerated basis over the expected backlog life based on projected future cash flows of approximately five to nine years. The trade name is not amortized, but is tested on at least an annual basis as of January 1 unless interim indicators of impairment exist. The trade name is considered to be impaired when the net book value exceeds its estimated fair value. As of January 1, 2014 the Company performed its annual impairment test of the trade name, and concluded that the fair value of the trade name was greater than the carrying amount. The Company used the relief from royalty method for valuation. The fair value of the asset is the present value of the license fees avoided by owning the asset, or the royalty savings. | |
Long-Lived Assets | |
The Company reviews its long-lived assets, including property and equipment and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for any excess of the carrying amount over the fair value of the asset. During the fiscal years ended March 31, 2014, 2013 and 2012 the Company did not record any impairment charges. | |
Income Taxes | |
The Company provides for income taxes as a “C” corporation on income earned from operations. The Company is subject to federal, state, and foreign taxation in various jurisdictions. | |
Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different years for financial statement purposes than for tax purposes. Deferred tax assets and liabilities are computed based on the difference between the financial statement carrying amount and tax basis of assets and liabilities using enacted tax rates and laws for the years in which these items are expected to reverse. If management determines that some portion or all of a deferred tax asset is not “more likely than not” to be realized, a valuation allowance is recorded as a component of the income tax provision to reduce the deferred tax asset to an appropriate level in that period. In determining the need for a valuation allowance, management considers all positive and negative evidence, including historical earnings, projected future taxable income, future reversals of existing taxable temporary differences, taxable income in prior carryback periods, and prudent, feasible tax-planning strategies. | |
The Company periodically assesses its tax positions for all periods open to examination by tax authorities based on the latest available information. Where it is not more likely that not that the Company’s tax position will be sustained, the Company records its best estimate of the resulting tax liability, penalties and interest in the consolidated financial statements. These uncertain tax positions are recorded as a component of income tax expense. As uncertain tax positions in periods open to examination are closed out, or as new information becomes available, the resulting change is reflected in the recorded liability and income tax expense. Penalties and interest recognized related to the reserves for uncertain tax positions are recorded as a component of income tax expense. | |
Comprehensive Income | |
Comprehensive income is the change in equity of a business enterprise during a period from transactions and other events and circumstances from nonowner sources, and is presented in the consolidated statements of comprehensive income. Accumulated other comprehensive income (loss) as of March 31, 2014 and 2013 consisted of unrealized gains (losses) on the Company’s defined and postretirement benefit plans. | |
Share-Based Payments | |
Share-based payments to employees are recognized in the consolidated statements of operations based on their grant date fair values with the expense recognized on an accelerated basis over the vesting period. The Company uses the Black-Scholes option-pricing model to determine the fair value of its awards at the time of the grant. | |
Defined Benefit Plan and Other Postretirement Benefits | |
The Company recognizes the underfunded status of defined benefit plans on the consolidated balance sheets. Gains and losses and prior service costs and credits that have not yet been recognized through net periodic benefit cost are recognized in accumulated other comprehensive income, net of tax effects, and will be amortized as a component of net periodic cost in future periods. The measurement date, the date at which the benefit obligations and plan assets are measured, is the Company’s fiscal year end. | |
Self-Funded Medical Plans | |
The Company maintains self-funded medical insurance. Self-funded plans include a health maintenance organization, preferred provider organization, point of service, qualified point of service, and traditional choice. Further, self-funded plans also include prescription drug and dental benefits. The Company records an incurred but unreported claim liability in the accrued compensation and benefits line of the consolidated balance sheets for self-funded plans based on an actuarial valuation. Data that drives this estimate is primarily based on claims and enrollment data provided by a third party valuation firm for medical and pharmacy related costs. | |
Deferred Compensation Plan | |
The Company accounts for its deferred compensation plan in accordance with the terms of the underlying plan agreement. To the extent the terms of the contract attribute all or a portion of the expected future benefit to an individual year of the employee’s service, the cost of the benefits are recognized in that year. Therefore, the Company estimates the cost of future benefits that are expected to be paid and expenses the present value of those costs in the year as services are provided. | |
Fair Value Measurements | |
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, we consider the principal or most advantageous market in which the asset or liability would transact, and if necessary, consider assumptions that market participants would use when pricing the asset or liability. | |
The accounting standard for fair value measurements establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions (Level 3). | |
The fair values of the Company’s cash and cash equivalents (including money market funds), trade accounts receivable and accounts payable, approximates their carrying values at March 31, 2014 and 2013 because of the short-term nature of these amounts. The fair values of the Company’s debt instruments approximates their carrying value at March 31, 2014 and 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). | |
Recent Accounting Pronouncements | |
Recent accounting pronouncements issued by the FASB during fiscal 2014 and through the filing date did not and are not believed by management to have a material impact on the Company's present or historical consolidated financial statements. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
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 holders are entitled to participate in non-forfeitable dividends or other distributions. These unvested shares participated in the Company's dividends declared and paid each quarter in fiscal 2014 and fiscal 2013, and the fourth quarter of fiscal 2012. 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 unvested restricted shares. A reconciliation of the income used to compute basic and diluted EPS for the periods presented are as follows: | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Earnings for basic computations (1) | $ | 229,082 | $ | 209,994 | $ | 238,761 | ||||||
Weighted-average Class A Common Stock outstanding | 139,275,596 | 131,068,847 | 125,894,644 | |||||||||
Weighted-average Class B Non-Voting Common Stock outstanding | 1,019,051 | 2,080,050 | 2,791,917 | |||||||||
Weighted-average Class C Restricted Common Stock outstanding | 1,019,897 | 1,253,832 | 1,459,128 | |||||||||
Total weighted-average common shares outstanding for basic computations | 141,314,544 | 134,402,729 | 130,145,689 | |||||||||
Earnings for diluted computations (1) | $ | 229,082 | $ | 209,994 | $ | 238,761 | ||||||
Dilutive stock options and restricted stock | 7,366,530 | 10,451,995 | 10,666,323 | |||||||||
Average number of common shares outstanding for diluted computations | 148,681,074 | 144,854,724 | 140,812,012 | |||||||||
Earnings per common share | ||||||||||||
Basic | $ | 1.62 | $ | 1.56 | $ | 1.83 | ||||||
Diluted | $ | 1.54 | $ | 1.45 | $ | 1.7 | ||||||
(1) During fiscal 2014, 2013, and 2012 approximately 1.3 million, 1.2 million, and 787,000 shares of participating securities were paid dividends totaling $3.1 million, $9.1 million, and $71,000, respectively. Additionally, for fiscal 2012 there were undistributed earnings of $1.1 million allocated to the participating class of securities in basic and diluted earnings per share. The allocated earnings and the dividends paid for fiscal 2012 comprise the difference from net income presented on the consolidated statements of operations, while only dividends paid for fiscal 2014 and 2013 comprise the difference from net income presented on the consolidated statements of operations, as there were no excess undistributed earnings. | ||||||||||||
The EPS calculation for fiscal 2014, 2013, and 2012 excludes 1,072,000, 328,000 and 2,529,000 options as their impact was anti-dilutive. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ' | ||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
As of March 31, 2014 and 2013, goodwill was $1,273.8 million and $1,277.4 million, respectively. The decrease in the carrying amount of goodwill is primarily attributable to the settlement of various FIN 48 tax contingencies indemnified by the DPO, as defined and explained in greater detail in Note 9. During the fiscal years ended March 31, 2014, 2013 and 2012, the Company did not record any goodwill impairment. Further, the Company does not consider any of the goodwill at risk of impairment. | |||||||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||
Intangible assets consisted of the following: | |||||||||||||||||||||||||
As of March 31, 2014 | As of March 31, 2013 | ||||||||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||
Amortizable intangible assets | |||||||||||||||||||||||||
Customer relationships | $ | 187,758 | $ | 157,071 | $ | 30,687 | $ | 187,758 | $ | 141,738 | $ | 46,020 | |||||||||||||
Total | $ | 187,758 | $ | 157,071 | $ | 30,687 | $ | 187,758 | $ | 141,738 | $ | 46,020 | |||||||||||||
Unamortizable intangible assets | |||||||||||||||||||||||||
Trade name | $ | 190,200 | $ | — | $ | 190,200 | $ | 190,200 | $ | — | $ | 190,200 | |||||||||||||
Total | $ | 377,958 | $ | 157,071 | $ | 220,887 | $ | 377,958 | $ | 141,738 | $ | 236,220 | |||||||||||||
Intangible assets are primarily amortized on an accelerated basis over periods ranging from 7 years to 9 years. The weighted-average remaining period of amortization for all customer relationships is 4.6 years. | |||||||||||||||||||||||||
The Company performed an annual impairment test of the trade name as of January 1, 2014 and 2013, noting no impairment. | |||||||||||||||||||||||||
Amortization expense for fiscal 2014, 2013, and 2012 was $14.8 million, $14.8 million, and $16.4 million, respectively. The following table summarizes the estimated annual amortization expense for future periods indicated below: | |||||||||||||||||||||||||
For the Fiscal Year Ended March 31, | |||||||||||||||||||||||||
2015 | $ | 9,617 | |||||||||||||||||||||||
2016 | 8,643 | ||||||||||||||||||||||||
2017 | 7,696 | ||||||||||||||||||||||||
2018 | 2,523 | ||||||||||||||||||||||||
2019 | 1,577 | ||||||||||||||||||||||||
Thereafter | 631 | ||||||||||||||||||||||||
Total amortization expense | $ | 30,687 | |||||||||||||||||||||||
Accounts_Receivable_Net
Accounts Receivable, Net | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
ACCOUNTS RECEIVABLE, NET | ' | |||||||
ACCOUNTS RECEIVABLE, NET | ||||||||
Accounts receivable, net consisted of the following: | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Current | ||||||||
Accounts receivable–billed | $ | 395,509 | $ | 431,770 | ||||
Accounts receivable–unbilled | 522,685 | 598,004 | ||||||
Allowance for doubtful accounts | (1,457 | ) | (188 | ) | ||||
Accounts receivable, net | 916,737 | 1,029,586 | ||||||
Long-term | ||||||||
Unbilled receivables | 22,877 | 19,779 | ||||||
Total accounts receivable, net | $ | 939,614 | $ | 1,049,365 | ||||
Unbilled amounts represent sales for which billings have not been presented to customers at year-end. These amounts are usually billed and collected within one year. 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 as accounts receivable in the accompanying consolidated balance sheets. The Company recognized a provision for doubtful accounts (including certain unbilled reserves) of $1.3 million, $544,000, and $2.7 million for fiscal 2014, 2013 and 2012, respectively. Because the Company's accounts receivable are primarily with U.S. Government and its agencies, the Company does not have material exposure to accounts receivable credit risk. |
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
PROPERTY AND EQUIPMENT, NET | ' | ||||||||
6. PROPERTY AND EQUIPMENT, NET | |||||||||
The components of property and equipment, net were as follows: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Furniture and equipment | $ | 104,463 | $ | 135,281 | |||||
Computer equipment | 49,469 | 46,872 | |||||||
Software | 25,380 | 36,690 | |||||||
Leasehold improvements | 201,166 | 154,167 | |||||||
Total | 380,478 | 373,010 | |||||||
Less: Accumulated depreciation and amortization | (251,051 | ) | (206,440 | ) | |||||
Property and equipment, net | $ | 129,427 | $ | 166,570 | |||||
Property and equipment, net, includes $6.6 million, and $9.7 million of internally developed software, net of depreciation as of March 31, 2014 and 2013, respectively. Depreciation and amortization expense relating to property and equipment for fiscal 2014, 2013, and 2012 was $57.6 million, $59.5 million, and $58.8 million, respectively. During fiscal 2014 and 2013, the Company reduced the gross cost and accumulated depreciation and amortization by $17.3 million and $22.9 million, respectively, for zero net book value assets deemed no longer in service. |
Accounts_Payable_and_Other_Acc
Accounts Payable and Other Accrued Expenses | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Vendor payables | $ | 265,079 | $ | 248,471 | |||||
Accrued expenses | 223,728 | 202,594 | |||||||
Total accounts payable and other accrued expenses | $ | 488,807 | $ | 451,065 | |||||
Accrued expenses consisted primarily of the Company’s reserve related to potential cost disallowance in conjunction with government audits. Refer to Note 20 for further discussion of this reserve. |
Accrued_Compensation_and_Benef
Accrued Compensation and Benefits | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accrued Compensation and Benefits [Abstract] | ' | |||||||
ACCRUED COMPENSATION AND BENEFITS | ' | |||||||
ACCRUED COMPENSATION AND BENEFITS | ||||||||
Accrued compensation and benefits consisted of the following: | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Bonus | $ | 75,423 | $ | 89,389 | ||||
Retirement | 43,405 | 83,071 | ||||||
Vacation | 117,626 | 136,528 | ||||||
Stock-based compensation liability (Note 17) | 39,922 | 48,468 | ||||||
Deferred Compensation (1) | 27,547 | — | ||||||
Other | 27,517 | 27,977 | ||||||
Total accrued compensation and benefits | $ | 331,440 | $ | 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. 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 deferred balance will be paid prior to December 31, 2014, and as such, the entire deferred compensation balance of $27.5 million as of March 31, 2014 is classified as a component of accrued compensation and benefits. |
Deferred_Payment_Obligation
Deferred Payment Obligation | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
DEFERRED PAYMENT OBLIGATION | ' | ||||||||
DEFERRED PAYMENT OBLIGATION | |||||||||
Pursuant to an Agreement and Plan of Merger, or the Merger Agreement, dated as of May 15, 2008, and subsequently amended, The Carlyle Group indirectly acquired all of the issued and outstanding stock of the Company. In connection with this transaction, on July 31, 2008 the Company established a Deferred Payment Obligation, or DPO, of $158.0 million, payable 8.5 years after the Closing Date, less any settled claims. Pursuant to the Merger Agreement, $78.0 million of the $158.0 million DPO was required to be paid in full to the selling shareholders. On December 11, 2009, in connection with a recapitalization transaction, $100.4 million was paid to the selling shareholders, of which $78.0 million was the repayment of that portion of the DPO, with approximately $22.4 million representing accrued interest. | |||||||||
The remaining $80.0 million is available to indemnify the Company for certain pre-acquisition tax contingencies, related interest and penalties, and other matters pursuant to the Merger Agreement. Any amounts remaining after the settlement of claims will be paid out to the selling shareholders. As of March 31, 2014 and 2013, the Company has recorded $56.8 million and $55.8 million, respectively, for pre-acquisition uncertain tax positions, of which approximately $19.6 million and $18.5 million, respectively, may be indemnified under the remaining available DPO. During fiscal 2014, the Company accrued additional interest for certain pre-acquisition uncertain tax positions, thereby increasing the estimated amount to be indemnified under the remaining available DPO and decreasing the DPO amount to be paid to the selling shareholders. Offsetting this decrease in the DPO amount is interest accrued at a rate of 5% per six-month period on the unpaid DPO balance, net of any settled claims or payments, which was $80.0 million as of March 31, 2014 and 2013. Accordingly, the $61.7 million and $62.8 million DPO balance recorded as of March 31, 2014 and 2013, respectively, within other long-term liabilities, except the current portion of accrued interest expense which is recorded within short-term liabilities, represents the residual balance estimated to be paid to the selling shareholders based on consideration of contingent tax claims, accrued interest and other matters. | |||||||||
A reconciliation of the principal balance of the DPO to the amount recorded in the consolidated balance sheets for the periods presented are as follows: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Deferred payment obligation | $ | 80,000 | $ | 80,000 | |||||
Indemnified pre-acquisition uncertain tax positions | (19,556 | ) | (18,527 | ) | |||||
Accrued interest | 1,304 | 1,304 | |||||||
Amount recorded in the consolidated balance sheets | $ | 61,748 | $ | 62,777 | |||||
During fiscal 2014 and 2013, the Company paid $8.0 million and $7.4 million, respectively, of accrued interest to the selling shareholders. |
Debt
Debt | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
DEBT | ' | ||||||||||||||||||||||||||||
DEBT | |||||||||||||||||||||||||||||
Debt consisted of the following: | |||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||||||
Interest | Outstanding | Interest | Outstanding | ||||||||||||||||||||||||||
Rate | Balance | Rate | Balance | ||||||||||||||||||||||||||
Term Loan A | 2.65 | % | $ | 660,317 | 2.7 | % | $ | 706,134 | |||||||||||||||||||||
Term Loan B | 3.75 | % | 998,602 | 4.5 | % | 1,009,039 | |||||||||||||||||||||||
Total | 1,658,919 | 1,715,173 | |||||||||||||||||||||||||||
Less: Current portion of long-term debt | (73,688 | ) | (55,562 | ) | |||||||||||||||||||||||||
Long-term debt, net of current portion | $ | 1,585,231 | $ | 1,659,611 | |||||||||||||||||||||||||
On August 16, 2013, the Company consummated a repricing of its outstanding Term Loan B indebtedness, or repricing transaction, by entering into the First Amendment to its senior secured credit agreement, effective July 31, 2012, or Credit Agreement. On July 31, 2012, the Company consummated the Recapitalization Transaction which included the refinancing and termination of the Company's existing senior secured credit agreement with the proceeds of the borrowings under the Company's new Credit Agreement. The Credit Agreement 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 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 and related documentation. With no increase in borrowing, the First Amendment reduced the interest rate applicable to Term Loan B. The rates for Term Loan A loans outstanding under the Company's Credit Agreement, as amended, remain unchanged. | |||||||||||||||||||||||||||||
In connection with the August 16, 2013 Repricing Transaction, the Company accelerated the amortization of ratable portions of the DIC and Original Issue Discount, or OID, associated with the prior senior secured term loan facilities of $1.2 million. These amounts are reflected in other expense, net in the consolidated statements of operations. Furthermore, the Company expensed third party debt issuance costs of $1.6 million that did not qualify for deferral, which are reflected in general and administrative costs in the consolidated statements of operations. | |||||||||||||||||||||||||||||
We occasionally borrow under our revolving credit facility in anticipation of cash demands. On October 15, 2013, the Company's wholly-owned subsidiary Booz Allen Hamilton Inc. accessed $250.0 million of its $500.0 million revolving credit facility to safeguard against the possible consequences of a failure by Congress to increase the U.S. government's ability to incur indebtedness in excess of its current limit. On October 18, 2013, following the increase of the debt limit by Congress, the Company repaid the $250.0 million borrowed from the revolving credit facility. On February 27, 2014, the Company's wholly-owned subsidiary Booz Allen Hamilton Inc. accessed $50.0 million of its $500.0 million revolving credit facility to provide sufficient available cash given the timing of certain cash payments. The Company repaid the $50.0 million borrowed from the revolving credit facility on March 6, 2014. | |||||||||||||||||||||||||||||
The Credit Agreement 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 the 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 the Term Loan B's maturity date of July 31, 2019. Both these stated principal repayment schedules are reflected in the table below. The revolving credit facility matures on December 31, 2017, at which time any outstanding principal balance is due in full. | |||||||||||||||||||||||||||||
The following table summarizes required future debt principal repayments: | |||||||||||||||||||||||||||||
Payments Due By March 31, | |||||||||||||||||||||||||||||
Total | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||||||
Term Loan A | $ | 661,563 | $ | 63,438 | $ | 81,563 | $ | 233,812 | $ | 282,750 | $ | — | $ | — | |||||||||||||||
Term Loan B | 1,009,625 | 10,250 | 10,250 | 10,250 | 10,250 | 10,250 | 958,375 | ||||||||||||||||||||||
Total | $ | 1,671,188 | $ | 73,688 | $ | 91,813 | $ | 244,062 | $ | 293,000 | $ | 10,250 | $ | 958,375 | |||||||||||||||
The interest rate on borrowings under Term Loan A is LIBOR plus 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 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. | |||||||||||||||||||||||||||||
During fiscal 2014, interest payments of $19.0 million and $41.9 million were made for Term Loan A and Term Loan B, respectively. During fiscal 2013, interest payments of $18.8 million and $40.0 million were made for Term Loan A and Term Loan B, respectively. As of March 31, 2014 and 2013, no amounts were outstanding on the revolving credit facility. | |||||||||||||||||||||||||||||
The total outstanding debt balance was recorded in the accompanying consolidated balance sheets, net of unamortized discount of $12.3 million and $11.6 million as of March 31, 2014 and 2013, respectively. As of March 31, 2014 and 2013, the Company was in compliance with all of the Credit Agreement's debt covenants. |
Deferred_Financing_Costs
Deferred Financing Costs | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
DEFERRED FINANCING COSTS | ' | ||||||||||||||||||||||||||||
DEFERRED FINANCING COSTS | |||||||||||||||||||||||||||||
A reconciliation of the beginning and ending amount of Debt Issuance Costs, or DIC, for the periods presented are as follows: | |||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Beginning of year | $ | 31,820 | $ | 16,190 | |||||||||||||||||||||||||
Amortization | (6,719 | ) | (5,865 | ) | |||||||||||||||||||||||||
Accelerated amortization of DIC related to August 2013 Repricing Transaction and July 2012 Recapitalization Transaction | (610 | ) | (5,386 | ) | |||||||||||||||||||||||||
Additional DIC related to August 2013 Repricing Transaction and July 2012 Recapitalization Transaction1 | 1,179 | 26,881 | |||||||||||||||||||||||||||
End of year | $ | 25,670 | $ | 31,820 | |||||||||||||||||||||||||
1 Included in "Debt issuance costs" in the consolidated statement of cash flows. | |||||||||||||||||||||||||||||
Costs incurred in connection with the August 16, 2013 Repricing Transaction were $2.8 million, of which $1.2 million was recorded as other long-term assets and will be amortized and reflected in interest expense in the consolidated statements of operations over the term of the loans. Amortization of these costs will be accelerated to the extent that any prepayment is made on the Credit Agreement. The remaining amount of $1.6 million, which was not deferred, was recorded as general and administrative expenses in the consolidated statements of operations in fiscal 2014. | |||||||||||||||||||||||||||||
Costs incurred in connection with the July 31, 2012 Recapitalization Transaction were $29.6 million, of which $26.9 million was recorded as other long-term assets and will be amortized and reflected in interest expense in the consolidated statements of operations over the term of the loans. Amortization of these costs will be accelerated to the extent that any prepayment is made on the Credit Agreement. The remaining amount of $2.7 million, which was not deferred, was recorded as general and administrative expenses in the consolidated statements of operations in fiscal 2013. | |||||||||||||||||||||||||||||
Absent any prepayment accelerations of DIC or the effect of changes in interest rates, the following table summarizes the estimated annual amortization expense of DIC using the effective interest rate method, as a component of interest expense, for the future fiscal periods indicated below: | |||||||||||||||||||||||||||||
DIC Amortization Expense | |||||||||||||||||||||||||||||
Total | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||||||
Term Loan A | $ | 8,325 | $ | 2,855 | $ | 2,614 | $ | 2,181 | $ | 675 | $ | — | $ | — | |||||||||||||||
Term Loan B | 9,033 | 1,583 | 1,636 | 1,681 | 1,734 | 1,789 | 610 | ||||||||||||||||||||||
Revolver | 8,312 | 2,213 | 2,219 | 2,213 | 1,667 | — | — | ||||||||||||||||||||||
Total | $ | 25,670 | $ | 6,651 | $ | 6,469 | $ | 6,075 | $ | 4,076 | $ | 1,789 | $ | 610 | |||||||||||||||
Income_Taxes_Income_Taxes
Income Taxes Income Taxes | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
INCOME TAXES | |||||||||||||
The components of income tax expense were as follows: | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current | |||||||||||||
U.S. Federal | $ | 148,908 | $ | 161,838 | $ | 11,893 | |||||||
State and local | 26,062 | 35,503 | 17,241 | ||||||||||
Total current | 174,970 | 197,341 | 29,134 | ||||||||||
Deferred | |||||||||||||
U.S. Federal | (22,540 | ) | (40,652 | ) | 71,683 | ||||||||
State and local | (3,831 | ) | (7,436 | ) | 3,102 | ||||||||
Total deferred | (26,371 | ) | (48,088 | ) | 74,785 | ||||||||
Total | $ | 148,599 | $ | 149,253 | $ | 103,919 | |||||||
A reconciliation of the provision for income tax to the amount computed by applying the statutory federal income tax rate to income from continuing operations before income taxes for each of the three years ended March 31 is as follows: | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax expense computed at U.S. federal statutory rate (35%) | $ | 133,275 | $ | 128,909 | $ | 120,356 | |||||||
Increases (reductions) resulting from: | |||||||||||||
Changes in uncertain tax positions | 1,838 | 1,477 | (32,528 | ) | |||||||||
State income taxes, net of the federal tax benefit | 13,847 | 17,039 | 13,431 | ||||||||||
Meals and entertainment | 1,135 | 1,365 | 2,177 | ||||||||||
Release of Valuation Allowance | — | — | (5,211 | ) | |||||||||
Gain on sale of state and local transportation business | — | — | 3,772 | ||||||||||
Other | (1,496 | ) | 463 | 1,922 | |||||||||
Income tax expense from operations | $ | 148,599 | $ | 149,253 | $ | 103,919 | |||||||
Significant components of the Company’s net deferred income tax (liability) asset were as follows: | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Accrued expenses | $ | 96,554 | $ | 78,563 | |||||||||
Accrued compensation | 40,198 | 45,031 | |||||||||||
Stock-based compensation | 34,532 | 46,735 | |||||||||||
Pension and postretirement insurance | 31,776 | 33,009 | |||||||||||
Property and equipment | 7,753 | 4,086 | |||||||||||
Net operating loss & Capital loss carryforwards | 532 | 721 | |||||||||||
Deferred rent and tenant allowance | 11,256 | 15,979 | |||||||||||
Other | 6,974 | 5,412 | |||||||||||
Total gross deferred income tax assets | 229,575 | 229,536 | |||||||||||
Less: Valuation allowance | — | — | |||||||||||
Total net deferred income tax assets | 229,575 | 229,536 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Accrued compensation-IRC Section 481(a) | (20,086 | ) | (30,090 | ) | |||||||||
Unbilled receivables | (98,129 | ) | (112,876 | ) | |||||||||
Intangible assets | (80,054 | ) | (83,279 | ) | |||||||||
Debt issuance costs | (6,650 | ) | (1,449 | ) | |||||||||
Other | (3,200 | ) | (2,096 | ) | |||||||||
Total deferred income tax liabilities | (208,119 | ) | (229,790 | ) | |||||||||
Net deferred income tax (liability) asset | $ | 21,456 | $ | (254 | ) | ||||||||
Deferred tax balances arise from temporary differences between the carrying amount of assets and liabilities and their tax basis and are stated at the enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided against deferred tax assets when it is more likely than not that some or all of the deferred tax asset will not be realized. In determining if the Company's deferred tax assets are realizable, management considers all positive and negative evidence, including the history of generating book earnings, future reversals of existing taxable temporary differences, projected future taxable income, as well as any tax planning strategies. The Company believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize the net deferred tax assets. | |||||||||||||
As of March 31, 2014, the Company has approximately $0.4 million of State net operating loss, or NOL, carryforwards. The State NOL carryforwards expires in 2028. The Company believes that it is more likely than not that the Company will generate sufficient taxable income to fully realize the tax benefit of our State NOL carryforwards. | |||||||||||||
Uncertain Tax Positions | |||||||||||||
The Company maintains reserves for uncertain tax positions related to income tax benefits recognized. These reserves involve considerable judgment and estimation and are evaluated by management based on the best information available including changes in tax laws and other information. As of March 31, 2014, 2013 and 2012 the Company has recorded $57.4 million, $57.0 million and $55.3 million respectively, of reserves for uncertain tax positions which includes potential tax benefits of $55.0 million, $55.7 million and $54.9 million respectively, that, if recognized, would impact the effective tax rate. Of the $57.4 million, $57.0 million and $55.3 million of reserves for uncertain tax positions as of March 31, 2014, 2013 and 2012 respectively, approximately $19.6 million , $18.5 million and $17.5 million respectively, may be indemnified under the remaining available DPO. | |||||||||||||
A reconciliation of the beginning and ending amount of potential tax benefits for the periods presented are as follows: | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning of year | $ | 55,679 | $ | 54,895 | $ | 77,304 | |||||||
Federal benefit from change in reserve | — | — | 1,036 | ||||||||||
Increases in prior year position | 364 | 1,074 | — | ||||||||||
Settlements with taxing authorities | (1,074 | ) | (11 | ) | (14,399 | ) | |||||||
Lapse of statute of limitations | (3 | ) | (279 | ) | (9,046 | ) | |||||||
End of year | $ | 54,966 | $ | 55,679 | $ | 54,895 | |||||||
The Company recognized accrued interest and penalties of approximately $1.1 million, $952,000 and $362,000 for fiscal 2014, 2013, and 2012, respectively, related to the reserves for uncertain tax positions in the income tax provision. Included in the total reserve for uncertain tax positions are accrued penalties and interest of approximately $2.4 million, $1.3 million and $387,000 at March 31, 2014, 2013 and 2012 respectively. | |||||||||||||
The Company did not have any material settlements or lapse of statute of limitations during fiscal year 2014. The Company is subject to taxation in the United States and various state and foreign jurisdictions. As of March 31, 2014, the Company's tax years ended July 31, 2008 and forward are open and subject to examination by the tax authorities. The jurisdictions currently under examination are not considered to be material. Additionally, no significant increases or decreases for uncertain tax positions are reasonably possible within the next twelve months. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
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. Effective April 1, 2013 the Company reduced its discretionary contribution percentage for the ECAP. Total expense recognized under ECAP for fiscal 2014, 2013, and 2012 was $165.6 million, $237.1 million, and $235.4 million, respectively, and the Company-paid contributions were $205.2 million, $242.6 million, and $242.5 million, 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 Company established a non-qualified defined benefit plan for all Officers in May 1995, or the Retired Officers' Bonus Plan, which pays a lump-sum amount of $10,000 per year of service as an Officer, provided the Officer meets retirement vesting requirements. The Company also provides a fixed annual allowance after retirement to cover financial counseling and other expenses. The Retired Officers' Bonus Plan is not salary related, but rather is based primarily on years of service. | |||||||||||||
In addition, the Company provides postretirement healthcare benefits to former Officers under a medical indemnity insurance plan, with premiums paid by the Company. This plan is referred to as the Officer Medical Plan. | |||||||||||||
The Company recognizes a liability for the defined benefit plans' underfunded status, measures the defined benefit plans' obligations that determine its funded status as of the end of the fiscal year, and recognizes as a component of accumulated other comprehensive income the changes in the defined benefit plans' funded status that are not recognized as components of net periodic benefit cost. | |||||||||||||
The components of net postretirement medical expense for the Officer Medical Plan were as follows: | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Service cost | $ | 4,745 | $ | 3,892 | $ | 3,912 | |||||||
Interest cost | 3,660 | 3,147 | 2,987 | ||||||||||
Net actuarial loss | 2,728 | 1,537 | 818 | ||||||||||
Total postretirement medical expense | $ | 11,133 | $ | 8,576 | $ | 7,717 | |||||||
The weighted-average discount rate used to determine the year-end benefit obligations were as follows: | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Officer Medical Plan | 4.75 | % | 4.75 | % | 5 | % | |||||||
Retired Officers’ Bonus Plan | 4.75 | % | 4.75 | % | 5 | % | |||||||
Assumed healthcare cost trend rates for the Officer Medical Plan at March 31, 2014 and 2013 were as follows: | |||||||||||||
Pre-65 initial rate | 2014 | 2013 | |||||||||||
Healthcare cost trend rate assumed for next year | 7.25 | % | 7.5 | % | |||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | |||||||||
Year that the rate reaches the ultimate trend rate | 2023 | 2023 | |||||||||||
Post-65 initial rate | 2014 | 2013 | |||||||||||
Healthcare cost trend rate assumed for next year | 7 | % | 7.25 | % | |||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | |||||||||
Year that the rate reaches the ultimate trend rate | 2022 | 2022 | |||||||||||
Assumed healthcare cost trend rates have a significant effect on the amounts reported for the healthcare plans. A one-percentage-point change in assumed healthcare cost trend rates calculated as of March 31, 2014 would have the following effects: | |||||||||||||
1% Increase | 1% Decrease | ||||||||||||
Effect on total of service and interest cost | $ | 1,676 | $ | (1,325 | ) | ||||||||
Effect on postretirement benefit obligation | 12,634 | (10,202 | ) | ||||||||||
Total defined benefit plan expense, consisting of service and interest, associated with the Retired Officers' Bonus Plan was $768,000, $743,000, and $868,000 for fiscal 2014, fiscal 2013, and fiscal 2012, respectively. Benefits paid associated with the Retired Officers’ Bonus Plan were $1.1 million, $361,000, and $1.2 million for fiscal 2014, fiscal 2013, and fiscal 2012, respectively. The end-of-period benefit obligation of $4.7 million and $5.0 million as of March 31, 2014 and 2013, respectively, is included in postretirement obligations within other long-term liabilities in the accompanying consolidated balance sheets. | |||||||||||||
Accumulated other comprehensive loss as of March 31, 2014 includes unrecognized actuarial gain of $6.7 million, net of taxes of $4.4 million, that has not yet been recognized in net periodic pension cost for the Retired Officers’ Bonus Plan and the Officer Medical Plan. Accumulated other comprehensive loss as of March 31, 2013, includes unrecognized net actuarial loss of $8.1 million, net of taxes of $3.3 million, that has not yet been recognized in net periodic pension cost for the Retired Officers’ Bonus Plan and the Officer Medical Plan. | |||||||||||||
The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic cost in fiscal 2015 are $582,000 of net actuarial gain (loss), $0 of net prior service cost (credit), and $0 of net transition (asset) obligation. | |||||||||||||
The changes in the benefit obligation, plan assets, and funded status of the Officer Medical Plan were as follows: | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Benefit obligation, beginning of the year | $ | 78,735 | $ | 63,585 | $ | 52,753 | |||||||
Service cost | 4,745 | 3,892 | 3,912 | ||||||||||
Interest cost | 3,660 | 3,147 | 2,987 | ||||||||||
Net actuarial (gain) loss | (9,436 | ) | 9,891 | 5,666 | |||||||||
Benefits paid | (1,802 | ) | (1,780 | ) | (1,733 | ) | |||||||
Benefit obligation, end of the year | $ | 75,902 | $ | 78,735 | $ | 63,585 | |||||||
Changes in plan assets | |||||||||||||
Fair value of plan assets, beginning of the year | $ | — | $ | — | $ | — | |||||||
Employer contributions | 1,802 | 1,780 | 1,733 | ||||||||||
Benefits paid | (1,802 | ) | (1,780 | ) | (1,733 | ) | |||||||
Fair value of plan assets, end of the year | $ | — | $ | — | $ | — | |||||||
As of March 31, 2014 and 2013, the unfunded status of the Officer Medical Plan was $75.9 million and $78.7 million, respectively, which is included in other long-term liabilities in the accompanying consolidated balance sheets. | |||||||||||||
Funded Status for Defined Benefit Plans | |||||||||||||
Generally, annual contributions are made at such times and in amounts as required by law and may, from time to time, exceed minimum funding requirements. The Retired Officers’ Bonus Plan is an unfunded plan and contributions are made as benefits are paid. As of March 31, 2014 and 2013, there were no plan assets for the Retired Officers’ Bonus Plan and therefore, the accumulated liability of $4.7 million and $5.0 million, respectively, is unfunded. The liability will be distributed in a lump-sum payment as each Officer retires. | |||||||||||||
The expected future medical benefit payments and related contributions are as follows: | |||||||||||||
For the Fiscal Year Ending March 31, | |||||||||||||
2015 | $ | 2,182 | |||||||||||
2016 | 2,378 | ||||||||||||
2017 | 2,683 | ||||||||||||
2018 | 2,969 | ||||||||||||
2019 | 3,656 | ||||||||||||
2020-2024 | 23,107 | ||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss (Notes) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
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: | ||||||||||||
March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Beginning of year | $ | (13,787 | ) | $ | (8,715 | ) | $ | (5,453 | ) | |||
Other comprehensive income (loss) before reclassifications | 5,499 | (5,996 | ) | (3,681 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 1,652 | 924 | 419 | |||||||||
Net current-period other comprehensive income (loss) | 7,151 | (5,072 | ) | (3,262 | ) | |||||||
End of year | $ | (6,636 | ) | $ | (13,787 | ) | $ | (8,715 | ) | |||
The following table present the reclassifications out of accumulated other comprehensive loss to net income: | ||||||||||||
March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Amortization of net actuarial loss included in net periodic benefit cost (See Note 13) | ||||||||||||
Total before tax | $ | 2,728 | $ | 1,524 | $ | 706 | ||||||
Tax benefit | (1,076 | ) | (600 | ) | (287 | ) | ||||||
Net of tax | $ | 1,652 | $ | 924 | $ | 419 | ||||||
Other_LongTerm_Liabilities
Other Long-Term Liabilities | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
OTHER LONG-TERM LIABILITIES | ' | ||||||||
OTHER LONG-TERM LIABILITIES | |||||||||
Other long-term liabilities consisted of the following: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Deferred rent | $ | 28,527 | $ | 40,548 | |||||
Deferred compensation (1) | — | 26,443 | |||||||
Stock-based compensation | 25,966 | 50,625 | |||||||
Deferred payment obligation | 60,444 | 61,473 | |||||||
Postretirement benefit obligation | 80,527 | 83,761 | |||||||
Other | 5,746 | 6,610 | |||||||
Total other long-term liabilities | $ | 201,210 | $ | 269,460 | |||||
(1) As disclosed in Note 8, the Company anticipates paying the entire deferred compensation balance of the EPP prior to December 31, 2014, and as such, the entire deferred compensation balance was reclassified from other long-term liabilities as of March 31, 2013 to accrued compensation and benefits as of March 31, 2014. | |||||||||
In fiscal 2014 and 2013, the Company recorded a stock-based compensation liability of $65.9 million and $99.1 million, respectively, including $39.9 million and $48.5 million, respectively, expected to be paid within one year, related to special dividends paid in July and December 2009, June 2012, August 2012, November 2013, and February 2014. Rollover options vested and not yet exercised that would have had an exercise price below zero as a result of the dividend were reduced to one cent, with the remaining reduction to be paid in cash upon exercise of the options. Payments of the special dividends to EIP option holders is linked to vesting. Refer to Note 17 for further discussion of the special dividends. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||
Mar. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||
Common Stock | |||||||||||||
Holders of Class A Common Stock, Class C Restricted Common Stock, and Class E Special Voting Common Stock are entitled to one vote for each share as a holder. The holders of the Voting Common Stock shall vote together as a single class. The holders of Class B Non-Voting Common Stock have no voting rights. | |||||||||||||
When shares of Class B Non-Voting Common Stock or Class C Restricted Common Stock are sold on the open market, they become Class A Common Stock shares. During fiscal 2014, 869,520 and 288,448 shares of Class B Non-Voting Common Stock and Class C Restricted Common stock, respectively, were sold and converted to Class A Common Stock shares. | |||||||||||||
Class C Restricted Common Stock is restricted in that a holder’s shares vest as set forth in the Rollover Plan. Refer to Note 17 for further discussion of the Rollover Plan. | |||||||||||||
Class E Special Voting Common Stock represents the voting rights that accompany the Rollover Options. Rollover Options have a fixed vesting and exercise schedule to comply with IRS section 409A. Upon exercise, the option will convert to Class A Common Stock, and the corresponding Class E Special Voting Common Stock will be repurchased by the Company and retired. Refer to Note 17 for further discussion of the Rollover Options. | |||||||||||||
Each share of common stock, except for Class E Special Voting Common Stock, is entitled to participate equally in dividends, when and if declared by the Board of Directors from time to time, such dividends and other distributions in cash, stock, or property from the Company’s assets or funds become legally available for such purposes subject to any dividend preferences that may be attributable to preferred stock that may be authorized. The Company’s ability to pay dividends to stockholders is limited as a practical matter by restrictions in the credit agreements governing the Senior Credit Facilities. | |||||||||||||
The authorized and unissued Class A Common Stock shares are available for future issuance upon share option exercises, without additional stockholder approval. | |||||||||||||
Employee Stock Purchase Plan | |||||||||||||
In connection with the Company’s initial public offering in November 2010, the Company established a tax qualified Employee Stock Purchase Plan, or ESPP, which is designed to enable eligible employees to periodically purchase shares of the Company’s Class A Common Stock up to an aggregate of 10,000,000 shares at a five percent discount from the fair market value of the Company’s common stock. The ESPP provides for quarterly offering periods, the first of which commenced on April 1, 2011. For the year ended March 31, 2014, 276,529 Class A Common Stock shares were purchased by employees under the ESPP. As of the program's inception, 1,295,070 shares have been purchased by employees. | |||||||||||||
Share Repurchase Program | |||||||||||||
On December 12, 2011, the Board of Directors approved a $30.0 million share repurchase program, to be funded from cash on hand. A special committee of the Board of Directors was appointed to evaluate market conditions and other relevant factors and initiate repurchases under the program from time to time. The share repurchase program may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice. As of March 31, 2014 no shares have been repurchased under the program. | |||||||||||||
Dividends | |||||||||||||
The following table summarizes the cash distributions recognized in the consolidated statement of cash flows: | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Recurring dividends (1) | $ | 57,063 | $ | 48,736 | $ | 11,906 | |||||||
Special dividends (2) | 288,739 | 1,073,733 | — | ||||||||||
Dividend equivalents (3) | 56,138 | 59,471 | 9,026 | ||||||||||
Total distributions | $ | 401,940 | $ | 1,181,940 | $ | 20,932 | |||||||
(1) Amounts represent recurring dividends of $0.10 per share and $0.09 per share that were declared and paid for during each quarter of fiscal 2014, fiscal 2013, and fiscal 2012, respectively. | |||||||||||||
(2) Amounts represent aggregate special dividends of $2.00 per share ($1.00 paid November 29, 2013 and $1.00 paid February 28, 2014) and $8.00 per share ($1.50 paid June 29, 2012 and $6.50 paid August 31, 2012) that were declared and paid for during fiscal 2014 and 2013, respectively. | |||||||||||||
(3) Dividend equivalents are distributions made to option holders equal to the special dividends declared and paid. | |||||||||||||
On May 21, 2014, the Company announced a regular quarterly cash dividend in the amount of $0.11 per share. The quarterly dividend is payable on June 30, 2014 to stockholders of record on June 10, 2014. | |||||||||||||
For each special dividend declared, the Compensation Committee, as Administrator of the Officers' Rollover Stock Plan and the Equity Incentive Plan, as amended, is required to make a determination under the respective plan's antidilution provision to adjust the outstanding options. For the $1.50 special dividend announced May 29, 2012, the $6.50 dividend announced July 30, 2012, and the $1.00 special dividends announced October 29, 2013 and January 31, 2014, holders of the Rollover Options received a cash payment equal to the amount of the special dividend on the options' mandatory exercise date. For the $1.50 special dividend, holders of EIP options were granted a dividend equivalent equal to the special dividend payable on June 29, 2012 or the vesting of the EIP option, whichever is later. For the $6.50 special dividend, holders of EIP options with a pre-dividend exercise price less than $11.00 per share received a dividend equivalent equal to the amount of the special dividend payable on August 31, 2012 or the vesting of the EIP option, whichever is later. All other EIP options were adjusted by reducing the exercise price by $6.36 which is equal to the difference between the pre-dividend closing fair market value of our Class A Common Stock and the post-dividend opening fair market value of our Class A Common Stock as noted on the New York Stock Exchange. For the $1.00 special dividends, holders of EIP options received a cash payment equal to the amount of the special dividend paid on November 29, 2013 and February 28, 2014, respectively, or the vesting of the EIP option, whichever is later. | |||||||||||||
The total payout of the dividend and the dividend equivalents have been presented as a financing activity within the consolidated statement of cash flows. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
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 consolidated statements of operations: | |||||||||||||||||||||||||||||
Fiscal Year Ended March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Cost of revenue | $ | 5,672 | $ | 7,061 | $ | 9,095 | |||||||||||||||||||||||
General and administrative expenses | 14,393 | 17,780 | 22,168 | ||||||||||||||||||||||||||
Total | $ | 20,065 | $ | 24,841 | $ | 31,263 | |||||||||||||||||||||||
The following table summarizes the total stock-based compensation expense recognized in the consolidated statements of operations by the following types of equity awards: | |||||||||||||||||||||||||||||
Fiscal Year Ended March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Equity Incentive Plan Options | $ | 7,257 | $ | 13,148 | $ | 13,068 | |||||||||||||||||||||||
Class A Restricted Common Stock | 12,171 | 8,412 | 5,963 | ||||||||||||||||||||||||||
Rollover Options | 578 | 2,970 | 11,176 | ||||||||||||||||||||||||||
Class C Restricted Stock | 59 | 311 | 1,056 | ||||||||||||||||||||||||||
Total | $ | 20,065 | $ | 24,841 | $ | 31,263 | |||||||||||||||||||||||
As of March 31, 2014 and 2013, there was $16.4 million and $19.5 million of total unrecognized compensation cost related to unvested stock-based compensation agreements. The unrecognized compensation cost as of March 31, 2014 is expected to be fully amortized over the next 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 tables summarize the unrecognized compensation cost, the weighted average period the cost is expected to be amortized, and the estimated annual compensation cost for the future periods indicated below (excludes any future awards): | |||||||||||||||||||||||||||||
Unrecognized Compensation Cost | Weighted Average Remaining Period to be Recognized | ||||||||||||||||||||||||||||
March 31, | March 31, | March 31, | March 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Equity Incentive Plan Options | $ | 8,249 | $ | 12,161 | 3.1 | 2.77 | |||||||||||||||||||||||
Class A Restricted Common Stock | 8,157 | 6,709 | 2.02 | 2.03 | |||||||||||||||||||||||||
Rollover Options | — | 578 | — | 0.25 | |||||||||||||||||||||||||
Class C Restricted Stock | — | 59 | — | 0.25 | |||||||||||||||||||||||||
Total | $ | 16,406 | $ | 19,507 | |||||||||||||||||||||||||
Total Unrecognized Compensation Cost | |||||||||||||||||||||||||||||
Total | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||||||
Equity Incentive Plan Options | $ | 8,249 | $ | 4,455 | $ | 2,360 | $ | 1,037 | $ | 347 | $ | 50 | $ | — | |||||||||||||||
Class A Restricted Common Stock | 8,157 | 5,773 | 2,051 | 333 | — | — | — | ||||||||||||||||||||||
Total | $ | 16,406 | $ | 10,228 | $ | 4,411 | $ | 1,370 | $ | 347 | $ | 50 | $ | — | |||||||||||||||
Equity Incentive Plan | |||||||||||||||||||||||||||||
The EIP was created in connection with the Merger Transaction for employees and directors of Holding. The Company created a pool of options, or EIP Options, to draw upon for future grants that would be governed by the EIP. All options under the EIP are exercisable, upon vesting, for shares of common stock of Holding. | |||||||||||||||||||||||||||||
Stock options are granted at the discretion of the Board of Directors or its Compensation Committee and expire ten years from the grant date. Options generally vest over a five-year period based upon required service and performance conditions. Starting on February 1, 2012, the Board of Directors or its Compensation Committee updated vesting conditions for stock options, whereby stock options only vest upon a required service condition. The Company calculates the pool of additional paid-in capital associated with excess tax benefits using the “simplified method.” | |||||||||||||||||||||||||||||
The aggregate grant date fair value of the EIP Options issued during fiscal 2014, fiscal 2013, and fiscal 2012, was $4.9 million, $4.2 million, and $18.5 million, respectively, and is being recorded as expense over the vesting period. The total fair value of EIP Options vested during fiscal 2014 and 2013 was $17.5 million and $18.2 million, respectively. As of March 31, 2014 and 2013, there were 9,197,629 and 10,319,906 options, respectively, available for future grant under the EIP. | |||||||||||||||||||||||||||||
Adoption of Annual Incentive Plan | |||||||||||||||||||||||||||||
On October 1, 2010, the Board of Directors adopted a new compensation plan in connection with the initial public offering to more appropriately align the Company’s compensation programs with those of similarly situated companies. The amount of the annual incentive payment will be determined based on performance targets established by the Board of Directors and a portion of the bonus may be paid in the form of equity (including stock and other awards under the EIP). If the Board of Directors elects to make payments in equity, the value of the overall award will be increased by 20%, related to the portion paid in equity. 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 consolidated statements of operations based on grant date fair value over the vesting period of three years. The portion to be paid in cash is accrued ratably during the fiscal year in which the employees provide service and paid out during the first quarter of the subsequent fiscal year. | |||||||||||||||||||||||||||||
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. 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 Equity Incentive Plan, the Compensation Committee as Administrator of the Plan, authorized the withholding of taxes not to exceed the minimum statutory withholding amount, through the surrender of shares of Class A common stock issuable upon the vesting or accelerated vesting of Restricted Stock. For those holders who elected to participate, the trade dates were as follows for the vesting or accelerated vesting of Restricted Stock. As a result of these transactions, the Company repurchased a total of 203,782 shares and recorded them as treasury shares at a cost of $3.7 million, detailed as follows: | |||||||||||||||||||||||||||||
Total Shares Withheld to Cover Taxes | |||||||||||||||||||||||||||||
Trade Date | Shares | Cost | Total | ||||||||||||||||||||||||||
1-Apr-13 | 10,219 | $13.45 | $ | 137,446 | |||||||||||||||||||||||||
30-Jun-13 | 137,111 | $17.38 | 2,382,989 | ||||||||||||||||||||||||||
15-Jul-13 | 3,959 | $18.40 | 72,846 | ||||||||||||||||||||||||||
31-Jul-13 | 5,844 | $21.38 | 124,945 | ||||||||||||||||||||||||||
13-Sep-13 | 7,309 | $19.19 | 140,260 | ||||||||||||||||||||||||||
7-Oct-13 | 4,162 | $18.59 | 77,372 | ||||||||||||||||||||||||||
31-Mar-14 | 35,178 | $22.00 | 773,916 | ||||||||||||||||||||||||||
Total | 203,782 | $ | 3,709,774 | ||||||||||||||||||||||||||
Officers’ Rollover Stock Plan | |||||||||||||||||||||||||||||
The Rollover Plan was adopted as a mechanism to enable Company Officers to exchange a portion of their previous equity interests in the pre-acquisition Company for equity interests in the Company. Among the equity interests that were eligible for exchange were common stock and stock rights, both vested and unvested. | |||||||||||||||||||||||||||||
Unvested stock rights that would have vested in 2008 were exchanged for 2,028,270 shares of new Class C Restricted Stock issued by the Company at an estimated fair value of $10.00 at August 1, 2008. The aggregate grant date fair value of the Class C Restricted Stock issued of $20.3 million was recorded as expense over the vesting period. For the fiscal years ended March 31, 2014 and 2013, 136,200 cumulative shares of Class C Restricted Stock vested for each year. At March 31, 2014 and 2013, 3,971,730 shares of Class C Restricted Stock were authorized but unissued under the Plan. Notwithstanding the foregoing, Class C Restricted Stock was intended to be issued only in connection with the exchange process described above. | |||||||||||||||||||||||||||||
In addition to the conversion of the stock rights that would have vested in 2008 to Class C Restricted Stock, Options were issued in exchange for old stock rights held by the U.S. government consulting partners of the pre-acquisition Company. The Rollover Options were granted based on the retirement eligibility of the Officer. For the purposes of these options, there were two categories of Officers — retirement eligible and non-retirement eligible. Rollover Options granted to retirement eligible Officers vested in equal annual installments on June 30, 2009, 2010, and 2011. | |||||||||||||||||||||||||||||
The following table summarizes the exercise schedule for Officers who were deemed retirement eligible. Exercise schedules are based on original vesting dates applicable to the stock rights surrendered: | |||||||||||||||||||||||||||||
Percentage of Rollover Options to be Exercised | |||||||||||||||||||||||||||||
As of June 30, | |||||||||||||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | ||||||||||||||||||||||||
Retirement Eligible | |||||||||||||||||||||||||||||
Original vesting date of June 30, 2009 | 60% | 20% | 20% | — | — | — | |||||||||||||||||||||||
Original vesting date of June 30, 2010 | — | 50% | 20% | 20% | 10% | — | |||||||||||||||||||||||
Original vesting date of June 30, 2011 | — | — | 20% | 20% | 30% | 30% | |||||||||||||||||||||||
Those individuals who were considered retirement eligible also were given the opportunity to make a one-time election to be treated as non-retirement eligible. The determination of retirement eligibility was made as of a set point in time and could not be changed at a future date. | |||||||||||||||||||||||||||||
Rollover Options granted to Officers who were categorized as non-retirement eligible vested 50% on June 30, 2011, 25% on June 30, 2012, and 25% on June 30, 2013. | |||||||||||||||||||||||||||||
The following table summarizes the exercise schedule for Officers who were deemed non-retirement eligible. Exercise schedules are based on original vesting dates applicable to the stock rights surrendered: | |||||||||||||||||||||||||||||
Percentage of Rollover Options to be Exercised | |||||||||||||||||||||||||||||
As of June 30, | |||||||||||||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | |||||||||||||||||||||||||
Non-Retirement Eligible | |||||||||||||||||||||||||||||
Original vesting date of June 30, 2011 | 20% | 20% | 20% | 20% | 20% | ||||||||||||||||||||||||
Original vesting date of June 30, 2012 | — | 25% | 25% | 25% | 25% | ||||||||||||||||||||||||
Original vesting date of June 30, 2013 | — | — | 33% | 33% | 34% | ||||||||||||||||||||||||
The aggregate grant date fair value of the Rollover Options issued of $127.1 million was recorded as compensation expense over the vesting period. The total grant date fair value of Rollover Options vested during fiscal 2014 and 2013 was $16.2 million for each year. | |||||||||||||||||||||||||||||
Methodology | |||||||||||||||||||||||||||||
The Company uses the Black-Scholes option-pricing model to determine the estimated fair value for stock-based awards. The fair value of the Company’s stock is based on the closing price on the New York Stock Exchange. | |||||||||||||||||||||||||||||
During fiscal year 2014, the Company’s Board of Directors authorized and declared four regular quarterly cash dividends of $0.10 per share. Therefore, an annualized dividend yield between 1.92% and 2.26% was used in the Black-Scholes option-pricing model for all grants issued during the fiscal year. The Company has excluded any special dividends from the annualized dividend yield because of their classification as special dividends and their non-recurring nature. The Company plans to continue paying recurring dividends in the near term and assessing its excess cash resources to determine the best way to utilize its excess cash flow in order to meet its objectives. One way the Company may utilize excess cash includes the payment of special dividends. The Company does not anticipate or forecast the payment of special dividends and therefore does not include special dividends in the annual dividend yield which the company uses to calculate the fair value of stock options, as the Company does not pay these special dividends on a regular basis. | |||||||||||||||||||||||||||||
Implied volatility is calculated as of each grant date based on our historical volatility along with an assessment of a peer group for future option grants. Other than the expected life of the option, volatility is the most sensitive input to our option grants. To be consistent with all other implied calculations, the same peer group used to calculate other implied metrics is also used to calculate implied volatility. | |||||||||||||||||||||||||||||
The risk-free interest rate is determined by reference to the U.S. Treasury yield curve rates with the remaining term equal to the expected life assumed at the date of grant. The average expected life is calculated based on the Company's historical experience with respect to its stock plan activity in combination with an estimate of when vested and unexercised option shares will be exercised. Forfeitures were estimated based on the Company’s historical analysis of Officer and Vice-President attrition levels and actual forfeiture rates by grant date. | |||||||||||||||||||||||||||||
The weighted average assumptions used in the Black-Scholes option-pricing model for stock option awards were as follows: | |||||||||||||||||||||||||||||
Through Fiscal Year Ended March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Dividend yield | 2.19% | 2.07% | 0.28% | ||||||||||||||||||||||||||
Expected volatility | 30.97% | 33.12% | 36.80% | ||||||||||||||||||||||||||
Risk-free interest rate | 1.36% | 1.44% | 2.35% | ||||||||||||||||||||||||||
Expected life (in years) | 6.64 | 7 | 7 | ||||||||||||||||||||||||||
Weighted-average grant date fair value | $4.59 | $4.69 | $7.56 | ||||||||||||||||||||||||||
Special Dividends | |||||||||||||||||||||||||||||
The Board of Directors, as the Administrator of the Officers' Rollover Stock Plan and the Amended and Restated Equity Incentive Plan have discretion in how to effect the required adjustment to keep option holders whole in the event of a distribution of dividends that trigger certain anti-dilution clauses within the respective plans. In the event the Board of Directors elect 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 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. The stock-based compensation liability includes all special dividends declared. | |||||||||||||||||||||||||||||
On May 29, 2012, our Board of Directors declared a special cash dividend of $1.50 per share that was paid on June 29, 2012 to stockholders of record on June 11, 2012. 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 June 29, 2012 or the vesting of the EIP option, whichever is later. | |||||||||||||||||||||||||||||
On July 30, 2012, our Board of Directors authorized and declared a special cash dividend of $6.50 per share. The dividend was accounted for on July 31, 2012, the declaration date, by reducing retained earnings to zero with the remainder being recorded as a reduction to additional paid-in capital. The dividend was paid on August 31, 2012 to stockholders of record on August 13, 2012. The Board of Directors, as the Administrator of the Officers' Rollover Stock Plan and the EIP, made a determination to adjust the outstanding options under each plan. | |||||||||||||||||||||||||||||
On October 29, 2013, our Board of Directors authorized and declared a special cash dividend of $1.00 per share. The dividend was 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. | |||||||||||||||||||||||||||||
On January 31, 2014, our Board of Directors authorized and declared a special cash dividend of $1.00 per share. The dividend was paid on February 28, 2014 to stockholders 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 benefit or potential benefit 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 received or 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. | |||||||||||||||||||||||||||||
On September 30, 2013, Rollover Options holders received a dividend equivalent payment of $34.0 million related to special dividends declared in fiscal years 2010 and 2013. On June 28, 2013 vested outstanding EIP option holders received a dividend equivalent payment of $13.9 million related to the special dividends declared in fiscal year 2013. On November 29, 2013 vested EIP option holders received a payment of $4.2 million related to the special dividend declared in October 2013. On February 28, 2014 and March 31, 2014 vested EIP option holders received a total payment of $4.1 million, related to the special dividend declared in January 2014. Payment of the dividend equivalents were accounted for as modifications resulting in incremental benefit to the option holders resulting in additional compensation expense of $1.6 million. Total compensation expense recorded in conjunction with the payment of all dividend equivalent to holders of unvested EIP options for the fiscal year ended March 31, 2014 was $2.1 million. Future compensation cost related to 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 3.25 years. | |||||||||||||||||||||||||||||
As of March 31, 2014 and March 31, 2013, the Company calculated a total recorded and unrecorded stock-based compensation liability of $73.1 million and $106.4 million, respectively, related to the special dividends paid in July 2009, December 2009, June 2012, August 2012, November 2013 and February 2014, as follows: | |||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||||||
EIP Options | Rollover Options | Total | EIP Options | Rollover Options | Total | ||||||||||||||||||||||||
Current portion of liability1 | $ | 3,675 | $ | 36,247 | $ | 39,922 | $ | 14,429 | $ | 34,039 | $ | 48,468 | |||||||||||||||||
Long-term portion of liability2 | — | 25,966 | 25,966 | — | 50,625 | 50,625 | |||||||||||||||||||||||
$ | 3,675 | $ | 62,213 | $ | 65,888 | $ | 14,429 | $ | 84,664 | $ | 99,093 | ||||||||||||||||||
1 Included in accrued compensation and benefits (Note 8). | |||||||||||||||||||||||||||||
2 Included in other long-term liabilities. | |||||||||||||||||||||||||||||
As of March 31, 2014, $7.2 million related to EIP Options will be recorded as liabilities as the options vest over the next 5 years. There is no unrecorded liability related to Rollover options as of March 31, 2014, as the Rollover options are fully vested. As of March 31, 2013, there were unrecognized liabilities of $2.8 million related to Rollover Options and $4.5 million related to EIP options. | |||||||||||||||||||||||||||||
The following table summarizes stock option activity for the periods presented: | |||||||||||||||||||||||||||||
Number of | Weighted | ||||||||||||||||||||||||||||
Options | Average | ||||||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||
Officers’ Rollover Stock Plan Options | |||||||||||||||||||||||||||||
Retirement Eligible: | |||||||||||||||||||||||||||||
Options outstanding at March 31, 2013 | 1,699,939 | $ | 0.01 | * | |||||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||||||
Expired | — | — | |||||||||||||||||||||||||||
Exercised | 971,389 | 0.01 | * | ||||||||||||||||||||||||||
Options outstanding at March 31, 2014 | 728,550 | $ | 0.01 | * | |||||||||||||||||||||||||
Non-Retirement Eligible: | |||||||||||||||||||||||||||||
Options outstanding at March 31, 2013 | 5,544,156 | $ | 0.01 | * | |||||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||||||
Expired | — | — | |||||||||||||||||||||||||||
Exercised | 1,848,053 | 0.01 | * | ||||||||||||||||||||||||||
Options outstanding at March 31, 2014 | 3,696,103 | $ | 0.01 | * | |||||||||||||||||||||||||
Equity Incentive Plan Options | |||||||||||||||||||||||||||||
Options outstanding at March 31, 2013 | 8,975,830 | $ | 7.41 | ||||||||||||||||||||||||||
Granted | 1,071,738 | 18.26 | |||||||||||||||||||||||||||
Forfeited | 514,310 | 10.21 | |||||||||||||||||||||||||||
Expired | 2,000 | 14.21 | |||||||||||||||||||||||||||
Exercised | 2,480,293 | 5.9 | |||||||||||||||||||||||||||
Options outstanding at March 31, 2014 | 7,050,965 | $ | 9.39 | ** | |||||||||||||||||||||||||
* Amount reduced for $4.642 dividend issued December 11, 2009, $1.087 dividend issued July 27, 2009, $1.50 dividend issued May 29, 2012, and the $6.50 dividend issued July 30, 2012. | |||||||||||||||||||||||||||||
** Reflects exercise price adjustment of $6.36 per grant for the $6.50 dividend per share issued July 30, 2012. | |||||||||||||||||||||||||||||
The following table summarizes unvested stock options for the periods presented: | |||||||||||||||||||||||||||||
Number of | Weighted | Aggregate | |||||||||||||||||||||||||||
Options | Average Grant Date | Intrinsic | |||||||||||||||||||||||||||
Fair Value | Value on | ||||||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||||||
Officers’ Rollover Stock Plan Options | |||||||||||||||||||||||||||||
Non-Retirement Eligible: | |||||||||||||||||||||||||||||
Unvested at March 31, 2013 | 1,879,375 | $ | 8.62 | $ | 18,775 | ||||||||||||||||||||||||
Granted | — | — | — | ||||||||||||||||||||||||||
Vested | 1,879,375 | 8.62 | 18,775 | ||||||||||||||||||||||||||
Forfeited | — | — | — | ||||||||||||||||||||||||||
Unvested at March 31, 2014 | — | $ | — | ||||||||||||||||||||||||||
Equity Incentive Plan Options | |||||||||||||||||||||||||||||
Unvested at March 31, 2013 | 5,486,060 | $ | 5.91 | $ | — | ||||||||||||||||||||||||
Granted | 1,071,738 | 4.59 | — | ||||||||||||||||||||||||||
Vested | 2,640,429 | 5.47 | — | ||||||||||||||||||||||||||
Forfeited | 514,310 | 6.27 | — | ||||||||||||||||||||||||||
Unvested at March 31, 2014 | 3,403,059 | $ | 5.78 | $ | — | ||||||||||||||||||||||||
The following table summarizes stock options outstanding at March 31, 2014: | |||||||||||||||||||||||||||||
Range of exercise prices | Stock | Weighted | Weighted | Stock | Weighted | Weighted | |||||||||||||||||||||||
Options | Average | Average | Options | Average | Average | ||||||||||||||||||||||||
Outstanding | Exercise Price | Remaining | Exercisable | Exercise Price | Remaining | ||||||||||||||||||||||||
Contractual Life | Contractual Life | ||||||||||||||||||||||||||||
(In years) | (In years) | ||||||||||||||||||||||||||||
Officers’ Rollover Stock Plan | |||||||||||||||||||||||||||||
$0.01 | 4,424,653 | $0.01 | * | 0.67 | 4,424,653 | $0.01 | 0.67 | ||||||||||||||||||||||
Equity Incentive Plan | |||||||||||||||||||||||||||||
$4.27 - $20.85 | 7,050,965 | $9.39 | ** | 6.58 | 3,647,906 | $6.48 | 5.51 | ||||||||||||||||||||||
* Amount reduced for $ 4.642 dividend issued December 11, 2009, $1.087 dividend issued July 27, 2009, $1.50 dividend issued May 29, 2012 and the $6.50 dividend issued July 30, 2012. | |||||||||||||||||||||||||||||
** Reflects exercise price adjustment of $6.36 per grant for the $6.50 dividend per share issued July 30, 2012. |
Financial_Instruments
Financial Instruments | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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 table set forth by levels represents the fair value of the Company's cash and cash equivalents as of March 31, 2014. | ||||||||||||||||
Fair Value of Cash and Cash Equivalents | ||||||||||||||||
as of March 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash and cash equivalents | $ | 37,886 | $ | — | $ | — | $ | 37,886 | ||||||||
Money market funds (1) | — | 222,108 | — | 222,108 | ||||||||||||
Total cash and cash equivalents | $ | 37,886 | $ | 222,108 | $ | — | $ | 259,994 | ||||||||
The following table set forth by levels represents the fair value of the Company's cash and cash equivalents as of March 31, 2013. | ||||||||||||||||
Fair Value of Cash and Cash Equivalents | ||||||||||||||||
as of March 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash and cash equivalents | $ | 111,805 | $ | — | $ | — | $ | 111,805 | ||||||||
Money market funds (1) | — | 238,579 | — | 238,579 | ||||||||||||
Total cash and cash equivalents | $ | 111,805 | $ | 238,579 | $ | — | $ | 350,384 | ||||||||
(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. Depending on our short-term liquidity needs, we make regular transfers between money market funds and other cash equivalents. | ||||||||||||||||
The fair value of the Company's trade accounts receivable and accounts payable approximates its carrying value at March 31, 2014 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 March 31, 2014 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 | 12 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
RELATED-PARTY TRANSACTIONS | ' |
RELATED-PARTY TRANSACTIONS | |
The Carlyle Group is the majority shareholder of the Company. 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 fiscal 2014 were $444,000 and $368,000, respectively. Revenue and cost associated with these related parties for fiscal 2013 were $739,000 and $657,000, respectively. Revenue and cost associated with these related party transactions for fiscal 2012 were $1.5 million and $1.4 million, respectively. | |
In addition, investment vehicles affiliated with The Carlyle Group participated in a lender syndicate in the Company’s outstanding debt in the amounts of $55.5 million and $58.3 million at March 31, 2014 and 2013, respectively. The participation by such investment vehicles in the syndication of the Company's debt during fiscal 2014 and fiscal 2013 was done on an arm’s length basis. | |
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. In addition, the Company made a one-time payment to TC Group of $20.0 million for investment banking, financial advisory and other services provided to the Company in connection with the acquisition of Booz Allen Hamilton, Inc. in 2008 by The Carlyle Group, or acquisition. For fiscal 2014, fiscal 2013, and fiscal 2012, the Company incurred $1.0 million per year in advisory fees. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||
Leases | |||||||||
The Company leases office space under noncancelable operating leases that expire at various dates through 2022. The terms for the facility leases generally provide for rental payments on a graduated scale, which are recognized on a straight-line basis over the terms of the leases, including reasonably assured renewal periods, from the time the Company controls the leased property. Lease incentives are recorded as a deferred credit and recognized as a reduction to rent expense on a straight-line basis over the lease term. Rent expense was approximately $103.5 million, net of $2.5 million of sublease income, $105.9 million, net of $5.5 million of sublease income, and $113.9 million, net of $5.7 million of sublease income, for fiscal 2014, fiscal 2013, and fiscal 2012, respectively. | |||||||||
Future minimum operating lease payments for noncancelable operating leases and future minimum noncancelable sublease rentals are summarized as follows: | |||||||||
For the Fiscal Year Ending March 31, | Operating | Operating | |||||||
Lease | Sublease | ||||||||
Payments | Income | ||||||||
2015 | $ | 79,586 | $ | 223 | |||||
2016 | 61,182 | 63 | |||||||
2017 | 32,457 | 39 | |||||||
2018 | 19,744 | 13 | |||||||
2019 | 16,221 | — | |||||||
Thereafter | 28,315 | — | |||||||
$ | 237,505 | $ | 338 | ||||||
Rent expense is included in occupancy costs, a component of general and administrative expenses, as shown on the consolidated statements of operations, and includes rent, sublease income from third parties, real estate taxes, utilities, parking, security, repairs and maintenance, and storage costs. | |||||||||
As a result of the Merger Transaction, 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 March 31, 2014 or March 31, 2013. The maximum potential amount of undiscounted future payments is $14.9 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 fiscal 2014, fiscal 2013, and fiscal 2012, approximately 98%, 99%, and 98%, respectively, of the Company’s revenue was generated from contracts with U.S. government agencies or other U.S. government contractors. 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 March 31, 2014 and 2013, the Company has recorded a liability of approximately $189.8 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 March 31, 2014 and 2013, there are no material amounts accrued in the consolidated financial statements related to these proceedings. | |||||||||
Six former officers and stockholders who had departed the firm prior to 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. Three 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, and the sixth is pending in the United States District Court for the Southern District of California. As of March 31, 2014 and 2013, the aggregate alleged damages sought 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. |
Business_Segment_Information
Business Segment Information | 12 Months Ended |
Mar. 31, 2014 | |
Segment Reporting [Abstract] | ' |
BUSINESS SEGMENT INFORMATION | ' |
BUSINESS SEGMENT INFORMATION | |
The Company reports operating results and financial data in one operating and reportable segment. The Company manages its business as a single profit center in order to promote collaboration, provide comprehensive functional service offerings across its entire client base, and provide incentives to employees based on the success of the organization as a whole. Although certain information regarding served markets and functional capabilities is discussed for purposes of promoting an understanding of the Company’s complex business, the Company manages its business and allocates resources at the consolidated level of a single operating segment. |
Unaudited_Quarterly_Financial_
Unaudited Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
UNAUDITED QUARTERLY FINANCIAL DATA | ' | ||||||||||||||||
UNAUDITED QUARTERLY FINANCIAL DATA | |||||||||||||||||
2014 Quarters | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Revenue | $ | 1,427,691 | $ | 1,378,020 | $ | 1,273,150 | $ | 1,399,832 | |||||||||
Operating income | 138,673 | 135,667 | 97,034 | 89,237 | |||||||||||||
Income before income taxes | 118,015 | 113,798 | 78,181 | 70,793 | |||||||||||||
Net income | 70,313 | 67,813 | 47,167 | 46,895 | |||||||||||||
Earnings per common share: | |||||||||||||||||
Basic (1) | $ | 0.51 | $ | 0.48 | $ | 0.32 | $ | 0.32 | |||||||||
Diluted (1) | $ | 0.48 | $ | 0.45 | $ | 0.31 | $ | 0.3 | |||||||||
2013 Quarters | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Revenue | $ | 1,432,424 | $ | 1,387,650 | $ | 1,392,695 | $ | 1,545,290 | |||||||||
Operating income | 114,736 | 102,029 | 116,596 | 112,873 | |||||||||||||
Income before income taxes | 103,007 | 76,875 | 94,999 | 93,430 | |||||||||||||
Net income | 61,945 | 46,116 | 56,184 | 54,813 | |||||||||||||
Earnings per common share: | |||||||||||||||||
Basic (1) | $ | 0.46 | $ | 0.29 | $ | 0.41 | $ | 0.4 | |||||||||
Diluted (1) | $ | 0.43 | $ | 0.27 | $ | 0.38 | $ | 0.37 | |||||||||
Change in estimate adjustment - During the fourth quarter of fiscal 2013, the Company recorded a change in estimate to revenue associated with the recovery of allowable indirect expenses that in the aggregate increased both quarter and year-to-date revenue and operating income by approximately $29.5 million ($17.5 million net of taxes). The change in estimate reflects managements' revised best estimate of allowable indirect expenses using new information received in the fourth quarter of fiscal 2013. This change in estimate excludes the effects of an offsetting decrease to operating income associated with a discretionary increase to incentive compensation recorded during the fourth quarter of fiscal 2013. | |||||||||||||||||
(1) Earnings per share are computed independently for each of the quarters presented and therefore may not sum to the total for the fiscal year. |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENT | ' |
SUBSEQUENT EVENT | |
On May 7, 2014 the Company entered into the Second Amendment to the Credit Agreement, dated as of July 31, 2012 (as previously amended by the First Agreement to the Credit Agreement, dated as of August 16, 2013). Prior to the Second Amendment, approximately $660 million of Term Loan A and $1,010 million of Term Loan B was outstanding. Pursuant to the Second Amendment, the Company borrowed additional Term Loan A of approximately $170 million, the proceeds of which were used to partially prepay outstanding principal on the Term Loan B. Following the Amendment, $830 million of Term Loan A and approximately $841 million of Term Loan B were outstanding under the Credit Agreement. The rates for Term Loan A and Term Loan B, as amended, remain unchanged. The amendment also extends the maturity date of Term Loan A and the revolving credit facility to May 31, 2019. The maturity date for Term Loan B remains unchanged. The Company also amended its existing debt covenants to provide for greater operational and financial flexibility. | |
In connection with the Second Amendment the Company expects to accelerate the amortization of ratable portions of the DIC and OID that do not qualify for deferral of approximately $1.0 million. These expenses will be reflected in other expense, net in the three months ended June 30, 2014. Furthermore, the Company expects to expense third party debt issuance costs of approximately $2.0 million that did not qualify for deferral and will be reflected in general and administrative costs in the three months ended June 30, 2014. |
Supplemental_Financial_Informa
Supplemental Financial Information | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION | ' | ||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION | |||||||||||||
The following schedule summarizes valuation and qualifying accounts for the periods presented: | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Allowance for doubtful accounts: | |||||||||||||
Beginning balance | $ | 188 | $ | 799 | $ | 1,348 | |||||||
Provision for doubtful accounts | 1,621 | 397 | 1,502 | ||||||||||
Allowance for doubtful accounts from acquisitions | — | 32 | — | ||||||||||
Charges against allowance | (352 | ) | (1,040 | ) | (2,051 | ) | |||||||
Ending balance | $ | 1,457 | $ | 188 | $ | 799 | |||||||
Tax valuation allowance: | |||||||||||||
Beginning balance | $ | — | $ | 36,335 | $ | 42,379 | |||||||
Deductions and other adjustments | — | (36,335 | ) | — | |||||||||
Sale of capital assets | — | — | (6,044 | ) | |||||||||
Ending balance | $ | — | $ | — | $ | 36,335 | |||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP. All intercompany balances and transactions have been eliminated in consolidation. | |
The Company’s fiscal year ends on March 31 and unless otherwise noted, references to fiscal year or fiscal are for fiscal years ended March 31. The accompanying consolidated financial statements present the financial position of the Company as of March 31, 2014 and 2013 and the Company’s results of operations for fiscal 2014, fiscal 2013, and fiscal 2012. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. 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. | |
Revenue Recognition | ' |
Revenue Recognition | |
Substantially all of the Company’s revenue is derived from services and solutions provided to the U.S. government and its agencies, primarily by the Company’s consulting staff and, to a lesser extent, subcontractors. The Company generates its revenue from the following types of contractual arrangements: cost-reimbursable-plus-fee contracts, time-and-materials contracts, and fixed-price contracts. | |
Revenue on cost-reimbursable-plus-fee contracts is recognized as services are performed, generally based on the allowable costs incurred during the period plus any recognizable earned fee. The Company considers fixed fees under cost-reimbursable-plus-fee contracts to be earned in proportion to the allowable costs incurred in performance of the contract. For cost-reimbursable-plus-fee contracts that include performance-based fee incentives, which are principally award fee arrangements, the Company recognizes income when such fees are probable and estimable. Estimates of the total fee to be earned are made based on contract provisions, prior experience with similar contracts or clients, and management’s evaluation of the performance on such contracts. Contract costs, including indirect expenses, are subject to audit by the Defense Contract Audit Agency, or DCAA, and, accordingly, are subject to possible cost disallowances. We recognize as revenue, net of reserves, executive compensation that we determine, based on management's estimates, to be allowable; management's estimates in this regard are based on a number of factors that may change over time, including executive compensation survey data, our and other government contractors' experiences with the DCAA audit practices in our industry and relevant decisions of courts and boards of contract appeals. | |
Revenue for time-and-materials contracts is recognized as services are performed, generally on the basis of contract allowable labor hours worked multiplied by the contract-defined billing rates, plus allowable direct costs and indirect cost allocations associated with materials used and other direct expenses incurred in connection with the performance of the contract. | |
Revenue on fixed-price contracts is recognized using percentage-of-completion based on actual costs incurred relative to total estimated costs for the contract. These estimated costs are updated during the term of the contract, and may result in revision by the Company of recognized revenue and estimated costs in the period in which they are identified. Profits on fixed-price contracts result from the difference between incurred costs and revenue earned. | |
Contract accounting requires significant judgment relative to assessing risks, estimating contract revenue and costs, and making assumptions for schedule and technical issues. Due to the size and nature of many of the Company’s contracts, developing total revenue and cost at completion estimates requires the use of significant judgment. Contract costs include direct labor and billable expenses, an allocation of allowable indirect costs, and warranty obligations. Billable expenses is comprised of subcontracting costs and other “out of pocket” costs that often include, but are not limited to, travel-related costs and telecommunications charges. The Company recognizes revenue and billable expenses from these transactions on a gross basis. Assumptions regarding the length of time to complete the contract also include expected increases in wages and prices for materials. Estimates of total contract revenue and costs are monitored during the term of the contract and are subject to revision as the contract progresses. Anticipated losses on contracts are recognized in the period they are deemed probable and can be reasonably estimated. | |
The Company’s contracts may include the delivery of a combination of one or more of the Company’s service offerings. In these situations, the Company determines whether such arrangements with multiple service offerings should be treated as separate units of accounting based on how the elements are bid or negotiated, whether the customer can accept separate elements of the arrangement, and the relationship between the pricing on the elements individually and combined. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash on hand and highly liquid investments having an original maturity of three months or less. The Company’s investments consist primarily of institutional money market funds. The Company maintains its cash and cash equivalents in bank accounts that, at times, exceed the federally insured limits. The Company has not experienced any losses in such accounts. | |
Valuation of Accounts Receivable | ' |
Valuation of Accounts Receivable | |
The Company maintains allowances for doubtful accounts against certain billed receivables based upon the latest information regarding whether invoices are ultimately collectible. Assessing the collectability of customer receivables requires management judgment. The Company determines its allowance for doubtful accounts by specifically analyzing individual accounts receivable, historical bad debts, customer credit-worthiness, current economic conditions, and accounts receivable aging trends. Valuation reserves are periodically re-evaluated and adjusted as more information about the ultimate collectability of accounts receivable becomes available. Upon determination that a receivable is uncollectible, the receivable balance and any associated reserve are written off. | |
Concentrations of Credit Risk | ' |
Concentrations of Credit Risk | |
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and accounts receivable. The Company’s cash equivalents are generally invested in Prime or U.S. government money market funds, which minimizes the credit risk. The Company believes that credit risk, with respect to accounts receivable, is limited as the receivables are primarily with the U.S. government. | |
Property and Equipment | ' |
Property and Equipment | |
Property and equipment are recorded at cost, and the balances are presented net of accumulated depreciation. The cost of software purchased or internally developed is capitalized. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Furniture and equipment is depreciated over five to ten years, computer equipment is depreciated over four years, and software purchased or developed for internal use is depreciated over three to five years. Leasehold improvements are amortized over the shorter of the useful life of the asset or the lease term. Maintenance and repairs are charged to expense as incurred. | |
Rent expense is recorded on a straight-line basis over the life of the respective lease. The difference between the cash payment and rent expense is recorded as deferred rent in either accounts payable and other accrued expenses or other long-term liabilities in the consolidated balance sheets, depending on when the amounts will be recognized. The Company receives incentives for tenant improvements on certain of its leases. The cash expended on such improvements is recorded as property and equipment and amortized over the life of the associated asset, or lease term, whichever is shorter. Incentives for tenant improvements are recorded as deferred rent in either accounts payable and other accrued expenses or other long-term liabilities in the consolidated balance sheets, and are amortized on a straight line basis over the lease term. | |
Business Combinations | ' |
Business Combinations | |
The Company has engaged in business acquisition activity. The accounting for business combinations requires management to make judgments and estimates of the fair value of assets acquired, including the identification and valuation of intangible assets, as well as liabilities and contingencies assumed. Such judgments and estimates directly impact the amount of goodwill recognized in connection with each acquisition, as goodwill represents the excess of the purchase price of an acquired business over the fair value of its net tangible and identifiable intangible assets. | |
Goodwill | ' |
Goodwill | |
The Company assesses goodwill for impairment on at least an annual basis on January 1 unless interim indicators of impairment exist. Goodwill is considered to be impaired when the net book value of a reporting unit exceeds its estimated fair value. The Company operates as a single operating segment and as a single reporting unit for the purpose of evaluating goodwill. As of January 1, 2014, the Company performed its annual impairment test of goodwill by comparing the fair value of the Company (primarily based on market capitalization) to the carrying value of equity, and concluded that the fair value of the reporting unit was greater than the carrying amount. During the fiscal years ended March 31, 2014, 2013 and 2012 the Company did not record any goodwill impairment. | |
Intangible Assets | ' |
Intangible Assets | |
Intangible assets consist of trade name and customer relationships. Customer relationships are amortized on an accelerated basis over the expected backlog life based on projected future cash flows of approximately five to nine years. The trade name is not amortized, but is tested on at least an annual basis as of January 1 unless interim indicators of impairment exist. The trade name is considered to be impaired when the net book value exceeds its estimated fair value. As of January 1, 2014 the Company performed its annual impairment test of the trade name, and concluded that the fair value of the trade name was greater than the carrying amount. The Company used the relief from royalty method for valuation. The fair value of the asset is the present value of the license fees avoided by owning the asset, or the royalty savings. | |
Long-Lived Assets | ' |
Long-Lived Assets | |
The Company reviews its long-lived assets, including property and equipment and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for any excess of the carrying amount over the fair value of the asset. During the fiscal years ended March 31, 2014, 2013 and 2012 the Company did not record any impairment charges. | |
Income Taxes | ' |
Income Taxes | |
The Company provides for income taxes as a “C” corporation on income earned from operations. The Company is subject to federal, state, and foreign taxation in various jurisdictions. | |
Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different years for financial statement purposes than for tax purposes. Deferred tax assets and liabilities are computed based on the difference between the financial statement carrying amount and tax basis of assets and liabilities using enacted tax rates and laws for the years in which these items are expected to reverse. If management determines that some portion or all of a deferred tax asset is not “more likely than not” to be realized, a valuation allowance is recorded as a component of the income tax provision to reduce the deferred tax asset to an appropriate level in that period. In determining the need for a valuation allowance, management considers all positive and negative evidence, including historical earnings, projected future taxable income, future reversals of existing taxable temporary differences, taxable income in prior carryback periods, and prudent, feasible tax-planning strategies. | |
The Company periodically assesses its tax positions for all periods open to examination by tax authorities based on the latest available information. Where it is not more likely that not that the Company’s tax position will be sustained, the Company records its best estimate of the resulting tax liability, penalties and interest in the consolidated financial statements. These uncertain tax positions are recorded as a component of income tax expense. As uncertain tax positions in periods open to examination are closed out, or as new information becomes available, the resulting change is reflected in the recorded liability and income tax expense. Penalties and interest recognized related to the reserves for uncertain tax positions are recorded as a component of income tax expense. | |
Comprehensive Income | ' |
Comprehensive Income | |
Comprehensive income is the change in equity of a business enterprise during a period from transactions and other events and circumstances from nonowner sources, and is presented in the consolidated statements of comprehensive income. Accumulated other comprehensive income (loss) as of March 31, 2014 and 2013 consisted of unrealized gains (losses) on the Company’s defined and postretirement benefit plans. | |
Share-Based Payments | ' |
Share-Based Payments | |
Share-based payments to employees are recognized in the consolidated statements of operations based on their grant date fair values with the expense recognized on an accelerated basis over the vesting period. The Company uses the Black-Scholes option-pricing model to determine the fair value of its awards at the time of the grant. | |
Defined Benefit Plan and Other Postretirement Benefits | ' |
Defined Benefit Plan and Other Postretirement Benefits | |
The Company recognizes the underfunded status of defined benefit plans on the consolidated balance sheets. Gains and losses and prior service costs and credits that have not yet been recognized through net periodic benefit cost are recognized in accumulated other comprehensive income, net of tax effects, and will be amortized as a component of net periodic cost in future periods. The measurement date, the date at which the benefit obligations and plan assets are measured, is the Company’s fiscal year end. | |
Self-Funded Medical Plans | ' |
Self-Funded Medical Plans | |
The Company maintains self-funded medical insurance. Self-funded plans include a health maintenance organization, preferred provider organization, point of service, qualified point of service, and traditional choice. Further, self-funded plans also include prescription drug and dental benefits. The Company records an incurred but unreported claim liability in the accrued compensation and benefits line of the consolidated balance sheets for self-funded plans based on an actuarial valuation. Data that drives this estimate is primarily based on claims and enrollment data provided by a third party valuation firm for medical and pharmacy related costs. | |
Deferred Compensation Plan | ' |
Deferred Compensation Plan | |
The Company accounts for its deferred compensation plan in accordance with the terms of the underlying plan agreement. To the extent the terms of the contract attribute all or a portion of the expected future benefit to an individual year of the employee’s service, the cost of the benefits are recognized in that year. Therefore, the Company estimates the cost of future benefits that are expected to be paid and expenses the present value of those costs in the year as services are provided. | |
Fair Value Measurements | ' |
Fair Value Measurements | |
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, we consider the principal or most advantageous market in which the asset or liability would transact, and if necessary, consider assumptions that market participants would use when pricing the asset or liability. | |
The accounting standard for fair value measurements establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions (Level 3). | |
The fair values of the Company’s cash and cash equivalents (including money market funds), trade accounts receivable and accounts payable, approximates their carrying values at March 31, 2014 and 2013 because of the short-term nature of these amounts. The fair values of the Company’s debt instruments approximates their carrying value at March 31, 2014 and 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). | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Recent accounting pronouncements issued by the FASB during fiscal 2014 and through the filing date did not and are not believed by management to have a material impact on the Company's present or historical consolidated financial statements. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
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: | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Earnings for basic computations (1) | $ | 229,082 | $ | 209,994 | $ | 238,761 | ||||||
Weighted-average Class A Common Stock outstanding | 139,275,596 | 131,068,847 | 125,894,644 | |||||||||
Weighted-average Class B Non-Voting Common Stock outstanding | 1,019,051 | 2,080,050 | 2,791,917 | |||||||||
Weighted-average Class C Restricted Common Stock outstanding | 1,019,897 | 1,253,832 | 1,459,128 | |||||||||
Total weighted-average common shares outstanding for basic computations | 141,314,544 | 134,402,729 | 130,145,689 | |||||||||
Earnings for diluted computations (1) | $ | 229,082 | $ | 209,994 | $ | 238,761 | ||||||
Dilutive stock options and restricted stock | 7,366,530 | 10,451,995 | 10,666,323 | |||||||||
Average number of common shares outstanding for diluted computations | 148,681,074 | 144,854,724 | 140,812,012 | |||||||||
Earnings per common share | ||||||||||||
Basic | $ | 1.62 | $ | 1.56 | $ | 1.83 | ||||||
Diluted | $ | 1.54 | $ | 1.45 | $ | 1.7 | ||||||
(1) During fiscal 2014, 2013, and 2012 approximately 1.3 million, 1.2 million, and 787,000 shares of participating securities were paid dividends totaling $3.1 million, $9.1 million, and $71,000, respectively. Additionally, for fiscal 2012 there were undistributed earnings of $1.1 million allocated to the participating class of securities in basic and diluted earnings per share. The allocated earnings and the dividends paid for fiscal 2012 comprise the difference from net income presented on the consolidated statements of operations, while only dividends paid for fiscal 2014 and 2013 comprise the difference from net income presented on the consolidated statements of operations, as there were no excess undistributed earnings. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Intangible assets | ' | ||||||||||||||||||||||||
Intangible assets consisted of the following: | |||||||||||||||||||||||||
As of March 31, 2014 | As of March 31, 2013 | ||||||||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||
Amortizable intangible assets | |||||||||||||||||||||||||
Customer relationships | $ | 187,758 | $ | 157,071 | $ | 30,687 | $ | 187,758 | $ | 141,738 | $ | 46,020 | |||||||||||||
Total | $ | 187,758 | $ | 157,071 | $ | 30,687 | $ | 187,758 | $ | 141,738 | $ | 46,020 | |||||||||||||
Unamortizable intangible assets | |||||||||||||||||||||||||
Trade name | $ | 190,200 | $ | — | $ | 190,200 | $ | 190,200 | $ | — | $ | 190,200 | |||||||||||||
Total | $ | 377,958 | $ | 157,071 | $ | 220,887 | $ | 377,958 | $ | 141,738 | $ | 236,220 | |||||||||||||
Expected amortization expense for intangible assets | ' | ||||||||||||||||||||||||
The following table summarizes the estimated annual amortization expense for future periods indicated below: | |||||||||||||||||||||||||
For the Fiscal Year Ended March 31, | |||||||||||||||||||||||||
2015 | $ | 9,617 | |||||||||||||||||||||||
2016 | 8,643 | ||||||||||||||||||||||||
2017 | 7,696 | ||||||||||||||||||||||||
2018 | 2,523 | ||||||||||||||||||||||||
2019 | 1,577 | ||||||||||||||||||||||||
Thereafter | 631 | ||||||||||||||||||||||||
Total amortization expense | $ | 30,687 | |||||||||||||||||||||||
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts receivable, net | ' | |||||||
Accounts receivable, net consisted of the following: | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Current | ||||||||
Accounts receivable–billed | $ | 395,509 | $ | 431,770 | ||||
Accounts receivable–unbilled | 522,685 | 598,004 | ||||||
Allowance for doubtful accounts | (1,457 | ) | (188 | ) | ||||
Accounts receivable, net | 916,737 | 1,029,586 | ||||||
Long-term | ||||||||
Unbilled receivables | 22,877 | 19,779 | ||||||
Total accounts receivable, net | $ | 939,614 | $ | 1,049,365 | ||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Components of property and equipment, net | ' | ||||||||
The components of property and equipment, net were as follows: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Furniture and equipment | $ | 104,463 | $ | 135,281 | |||||
Computer equipment | 49,469 | 46,872 | |||||||
Software | 25,380 | 36,690 | |||||||
Leasehold improvements | 201,166 | 154,167 | |||||||
Total | 380,478 | 373,010 | |||||||
Less: Accumulated depreciation and amortization | (251,051 | ) | (206,440 | ) | |||||
Property and equipment, net | $ | 129,427 | $ | 166,570 | |||||
Accounts_Payable_and_Other_Acc1
Accounts Payable and Other Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of accounts payable and other accrued expenses | ' | ||||||||
Accounts payable and other accrued expenses consisted of the following: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Vendor payables | $ | 265,079 | $ | 248,471 | |||||
Accrued expenses | 223,728 | 202,594 | |||||||
Total accounts payable and other accrued expenses | $ | 488,807 | $ | 451,065 | |||||
Accrued_Compensation_and_Benef1
Accrued Compensation and Benefits (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accrued Compensation and Benefits [Abstract] | ' | |||||||
Accrued compensation and benefits | ' | |||||||
Accrued compensation and benefits consisted of the following: | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Bonus | $ | 75,423 | $ | 89,389 | ||||
Retirement | 43,405 | 83,071 | ||||||
Vacation | 117,626 | 136,528 | ||||||
Stock-based compensation liability (Note 17) | 39,922 | 48,468 | ||||||
Deferred Compensation (1) | 27,547 | — | ||||||
Other | 27,517 | 27,977 | ||||||
Total accrued compensation and benefits | $ | 331,440 | $ | 385,433 | ||||
Deferred_Payment_Obligation_Ta
Deferred Payment Obligation (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Deferred payment obligation | ' | ||||||||
A reconciliation of the principal balance of the DPO to the amount recorded in the consolidated balance sheets for the periods presented are as follows: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Deferred payment obligation | $ | 80,000 | $ | 80,000 | |||||
Indemnified pre-acquisition uncertain tax positions | (19,556 | ) | (18,527 | ) | |||||
Accrued interest | 1,304 | 1,304 | |||||||
Amount recorded in the consolidated balance sheets | $ | 61,748 | $ | 62,777 | |||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Debt | ' | ||||||||||||||||||||||||||||
Debt consisted of the following: | |||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||||||
Interest | Outstanding | Interest | Outstanding | ||||||||||||||||||||||||||
Rate | Balance | Rate | Balance | ||||||||||||||||||||||||||
Term Loan A | 2.65 | % | $ | 660,317 | 2.7 | % | $ | 706,134 | |||||||||||||||||||||
Term Loan B | 3.75 | % | 998,602 | 4.5 | % | 1,009,039 | |||||||||||||||||||||||
Total | 1,658,919 | 1,715,173 | |||||||||||||||||||||||||||
Less: Current portion of long-term debt | (73,688 | ) | (55,562 | ) | |||||||||||||||||||||||||
Long-term debt, net of current portion | $ | 1,585,231 | $ | 1,659,611 | |||||||||||||||||||||||||
Future debt principal repayments | ' | ||||||||||||||||||||||||||||
The following table summarizes required future debt principal repayments: | |||||||||||||||||||||||||||||
Payments Due By March 31, | |||||||||||||||||||||||||||||
Total | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||||||
Term Loan A | $ | 661,563 | $ | 63,438 | $ | 81,563 | $ | 233,812 | $ | 282,750 | $ | — | $ | — | |||||||||||||||
Term Loan B | 1,009,625 | 10,250 | 10,250 | 10,250 | 10,250 | 10,250 | 958,375 | ||||||||||||||||||||||
Total | $ | 1,671,188 | $ | 73,688 | $ | 91,813 | $ | 244,062 | $ | 293,000 | $ | 10,250 | $ | 958,375 | |||||||||||||||
Deferred_Financing_Costs_Table
Deferred Financing Costs (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Reconciliation of DIC | ' | ||||||||||||||||||||||||||||
A reconciliation of the beginning and ending amount of Debt Issuance Costs, or DIC, for the periods presented are as follows: | |||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Beginning of year | $ | 31,820 | $ | 16,190 | |||||||||||||||||||||||||
Amortization | (6,719 | ) | (5,865 | ) | |||||||||||||||||||||||||
Accelerated amortization of DIC related to August 2013 Repricing Transaction and July 2012 Recapitalization Transaction | (610 | ) | (5,386 | ) | |||||||||||||||||||||||||
Additional DIC related to August 2013 Repricing Transaction and July 2012 Recapitalization Transaction1 | 1,179 | 26,881 | |||||||||||||||||||||||||||
End of year | $ | 25,670 | $ | 31,820 | |||||||||||||||||||||||||
Deferred financing costs, by loan | ' | ||||||||||||||||||||||||||||
DIC Amortization Expense | |||||||||||||||||||||||||||||
Total | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||||||
Term Loan A | $ | 8,325 | $ | 2,855 | $ | 2,614 | $ | 2,181 | $ | 675 | $ | — | $ | — | |||||||||||||||
Term Loan B | 9,033 | 1,583 | 1,636 | 1,681 | 1,734 | 1,789 | 610 | ||||||||||||||||||||||
Revolver | 8,312 | 2,213 | 2,219 | 2,213 | 1,667 | — | — | ||||||||||||||||||||||
Total | $ | 25,670 | $ | 6,651 | $ | 6,469 | $ | 6,075 | $ | 4,076 | $ | 1,789 | $ | 610 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of income tax expense | ' | ||||||||||||
The components of income tax expense were as follows: | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current | |||||||||||||
U.S. Federal | $ | 148,908 | $ | 161,838 | $ | 11,893 | |||||||
State and local | 26,062 | 35,503 | 17,241 | ||||||||||
Total current | 174,970 | 197,341 | 29,134 | ||||||||||
Deferred | |||||||||||||
U.S. Federal | (22,540 | ) | (40,652 | ) | 71,683 | ||||||||
State and local | (3,831 | ) | (7,436 | ) | 3,102 | ||||||||
Total deferred | (26,371 | ) | (48,088 | ) | 74,785 | ||||||||
Total | $ | 148,599 | $ | 149,253 | $ | 103,919 | |||||||
Effective income tax rate reconciliation | ' | ||||||||||||
A reconciliation of the provision for income tax to the amount computed by applying the statutory federal income tax rate to income from continuing operations before income taxes for each of the three years ended March 31 is as follows: | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax expense computed at U.S. federal statutory rate (35%) | $ | 133,275 | $ | 128,909 | $ | 120,356 | |||||||
Increases (reductions) resulting from: | |||||||||||||
Changes in uncertain tax positions | 1,838 | 1,477 | (32,528 | ) | |||||||||
State income taxes, net of the federal tax benefit | 13,847 | 17,039 | 13,431 | ||||||||||
Meals and entertainment | 1,135 | 1,365 | 2,177 | ||||||||||
Release of Valuation Allowance | — | — | (5,211 | ) | |||||||||
Gain on sale of state and local transportation business | — | — | 3,772 | ||||||||||
Other | (1,496 | ) | 463 | 1,922 | |||||||||
Income tax expense from operations | $ | 148,599 | $ | 149,253 | $ | 103,919 | |||||||
Components of deferred tax assets and liabilities | ' | ||||||||||||
Significant components of the Company’s net deferred income tax (liability) asset were as follows: | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Accrued expenses | $ | 96,554 | $ | 78,563 | |||||||||
Accrued compensation | 40,198 | 45,031 | |||||||||||
Stock-based compensation | 34,532 | 46,735 | |||||||||||
Pension and postretirement insurance | 31,776 | 33,009 | |||||||||||
Property and equipment | 7,753 | 4,086 | |||||||||||
Net operating loss & Capital loss carryforwards | 532 | 721 | |||||||||||
Deferred rent and tenant allowance | 11,256 | 15,979 | |||||||||||
Other | 6,974 | 5,412 | |||||||||||
Total gross deferred income tax assets | 229,575 | 229,536 | |||||||||||
Less: Valuation allowance | — | — | |||||||||||
Total net deferred income tax assets | 229,575 | 229,536 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Accrued compensation-IRC Section 481(a) | (20,086 | ) | (30,090 | ) | |||||||||
Unbilled receivables | (98,129 | ) | (112,876 | ) | |||||||||
Intangible assets | (80,054 | ) | (83,279 | ) | |||||||||
Debt issuance costs | (6,650 | ) | (1,449 | ) | |||||||||
Other | (3,200 | ) | (2,096 | ) | |||||||||
Total deferred income tax liabilities | (208,119 | ) | (229,790 | ) | |||||||||
Net deferred income tax (liability) asset | $ | 21,456 | $ | (254 | ) | ||||||||
Potential tax benefits roll forward | ' | ||||||||||||
A reconciliation of the beginning and ending amount of potential tax benefits for the periods presented are as follows: | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning of year | $ | 55,679 | $ | 54,895 | $ | 77,304 | |||||||
Federal benefit from change in reserve | — | — | 1,036 | ||||||||||
Increases in prior year position | 364 | 1,074 | — | ||||||||||
Settlements with taxing authorities | (1,074 | ) | (11 | ) | (14,399 | ) | |||||||
Lapse of statute of limitations | (3 | ) | (279 | ) | (9,046 | ) | |||||||
End of year | $ | 54,966 | $ | 55,679 | $ | 54,895 | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
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: | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Service cost | $ | 4,745 | $ | 3,892 | $ | 3,912 | |||||||
Interest cost | 3,660 | 3,147 | 2,987 | ||||||||||
Net actuarial loss | 2,728 | 1,537 | 818 | ||||||||||
Total postretirement medical expense | $ | 11,133 | $ | 8,576 | $ | 7,717 | |||||||
Weighted-average discount rate for benefit obligation | ' | ||||||||||||
The weighted-average discount rate used to determine the year-end benefit obligations were as follows: | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Officer Medical Plan | 4.75 | % | 4.75 | % | 5 | % | |||||||
Retired Officers’ Bonus Plan | 4.75 | % | 4.75 | % | 5 | % | |||||||
Assumed health care cost trend rates | ' | ||||||||||||
Assumed healthcare cost trend rates for the Officer Medical Plan at March 31, 2014 and 2013 were as follows: | |||||||||||||
Pre-65 initial rate | 2014 | 2013 | |||||||||||
Healthcare cost trend rate assumed for next year | 7.25 | % | 7.5 | % | |||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | |||||||||
Year that the rate reaches the ultimate trend rate | 2023 | 2023 | |||||||||||
Post-65 initial rate | 2014 | 2013 | |||||||||||
Healthcare cost trend rate assumed for next year | 7 | % | 7.25 | % | |||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | |||||||||
Year that the rate reaches the ultimate trend rate | 2022 | 2022 | |||||||||||
Effect of one-percentage-point change in assumed health care cost trend rates | ' | ||||||||||||
A one-percentage-point change in assumed healthcare cost trend rates calculated as of March 31, 2014 would have the following effects: | |||||||||||||
1% Increase | 1% Decrease | ||||||||||||
Effect on total of service and interest cost | $ | 1,676 | $ | (1,325 | ) | ||||||||
Effect on postretirement benefit obligation | 12,634 | (10,202 | ) | ||||||||||
Change in Benefit Obligation | ' | ||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Benefit obligation, beginning of the year | $ | 78,735 | $ | 63,585 | $ | 52,753 | |||||||
Service cost | 4,745 | 3,892 | 3,912 | ||||||||||
Interest cost | 3,660 | 3,147 | 2,987 | ||||||||||
Net actuarial (gain) loss | (9,436 | ) | 9,891 | 5,666 | |||||||||
Benefits paid | (1,802 | ) | (1,780 | ) | (1,733 | ) | |||||||
Benefit obligation, end of the year | $ | 75,902 | $ | 78,735 | $ | 63,585 | |||||||
Change in fair value of plan assets | ' | ||||||||||||
Changes in plan assets | |||||||||||||
Fair value of plan assets, beginning of the year | $ | — | $ | — | $ | — | |||||||
Employer contributions | 1,802 | 1,780 | 1,733 | ||||||||||
Benefits paid | (1,802 | ) | (1,780 | ) | (1,733 | ) | |||||||
Fair value of plan assets, end of the year | $ | — | $ | — | $ | — | |||||||
Expected future benefit payments | ' | ||||||||||||
The expected future medical benefit payments and related contributions are as follows: | |||||||||||||
For the Fiscal Year Ending March 31, | |||||||||||||
2015 | $ | 2,182 | |||||||||||
2016 | 2,378 | ||||||||||||
2017 | 2,683 | ||||||||||||
2018 | 2,969 | ||||||||||||
2019 | 3,656 | ||||||||||||
2020-2024 | 23,107 | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
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: | ||||||||||||
March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Beginning of year | $ | (13,787 | ) | $ | (8,715 | ) | $ | (5,453 | ) | |||
Other comprehensive income (loss) before reclassifications | 5,499 | (5,996 | ) | (3,681 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 1,652 | 924 | 419 | |||||||||
Net current-period other comprehensive income (loss) | 7,151 | (5,072 | ) | (3,262 | ) | |||||||
End of year | $ | (6,636 | ) | $ | (13,787 | ) | $ | (8,715 | ) | |||
Reclassifications out of accumulated other comprehensive loss to net income | ' | |||||||||||
The following table present the reclassifications out of accumulated other comprehensive loss to net income: | ||||||||||||
March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Amortization of net actuarial loss included in net periodic benefit cost (See Note 13) | ||||||||||||
Total before tax | $ | 2,728 | $ | 1,524 | $ | 706 | ||||||
Tax benefit | (1,076 | ) | (600 | ) | (287 | ) | ||||||
Net of tax | $ | 1,652 | $ | 924 | $ | 419 | ||||||
Other_Long_Term_Liabilities_Ta
Other Long -Term Liabilities (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other long-term liabilities | ' | ||||||||
Other long-term liabilities consisted of the following: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Deferred rent | $ | 28,527 | $ | 40,548 | |||||
Deferred compensation (1) | — | 26,443 | |||||||
Stock-based compensation | 25,966 | 50,625 | |||||||
Deferred payment obligation | 60,444 | 61,473 | |||||||
Postretirement benefit obligation | 80,527 | 83,761 | |||||||
Other | 5,746 | 6,610 | |||||||
Total other long-term liabilities | $ | 201,210 | $ | 269,460 | |||||
Stockholders_Equity_Tables
Stockholders Equity (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Dividends Declared [Table Text Block] | ' | ||||||||||||
The following table summarizes the cash distributions recognized in the consolidated statement of cash flows: | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Recurring dividends (1) | $ | 57,063 | $ | 48,736 | $ | 11,906 | |||||||
Special dividends (2) | 288,739 | 1,073,733 | — | ||||||||||
Dividend equivalents (3) | 56,138 | 59,471 | 9,026 | ||||||||||
Total distributions | $ | 401,940 | $ | 1,181,940 | $ | 20,932 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||||||
Stock-based compensation expense recognized in the consolidated statements of operations | ' | ||||||||||||||||||||||||||||
The following table summarizes stock-based compensation expense recognized in the consolidated statements of operations: | |||||||||||||||||||||||||||||
Fiscal Year Ended March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Cost of revenue | $ | 5,672 | $ | 7,061 | $ | 9,095 | |||||||||||||||||||||||
General and administrative expenses | 14,393 | 17,780 | 22,168 | ||||||||||||||||||||||||||
Total | $ | 20,065 | $ | 24,841 | $ | 31,263 | |||||||||||||||||||||||
The following table summarizes the total stock-based compensation expense recognized in the consolidated statements of operations by the following types of equity awards: | |||||||||||||||||||||||||||||
Fiscal Year Ended March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Equity Incentive Plan Options | $ | 7,257 | $ | 13,148 | $ | 13,068 | |||||||||||||||||||||||
Class A Restricted Common Stock | 12,171 | 8,412 | 5,963 | ||||||||||||||||||||||||||
Rollover Options | 578 | 2,970 | 11,176 | ||||||||||||||||||||||||||
Class C Restricted Stock | 59 | 311 | 1,056 | ||||||||||||||||||||||||||
Total | $ | 20,065 | $ | 24,841 | $ | 31,263 | |||||||||||||||||||||||
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 tables summarize the unrecognized compensation cost, the weighted average period the cost is expected to be amortized, and the estimated annual compensation cost for the future periods indicated below (excludes any future awards): | |||||||||||||||||||||||||||||
Unrecognized Compensation Cost | Weighted Average Remaining Period to be Recognized | ||||||||||||||||||||||||||||
March 31, | March 31, | March 31, | March 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Equity Incentive Plan Options | $ | 8,249 | $ | 12,161 | 3.1 | 2.77 | |||||||||||||||||||||||
Class A Restricted Common Stock | 8,157 | 6,709 | 2.02 | 2.03 | |||||||||||||||||||||||||
Rollover Options | — | 578 | — | 0.25 | |||||||||||||||||||||||||
Class C Restricted Stock | — | 59 | — | 0.25 | |||||||||||||||||||||||||
Total | $ | 16,406 | $ | 19,507 | |||||||||||||||||||||||||
Total Unrecognized Compensation Cost | |||||||||||||||||||||||||||||
Total | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||||||
Equity Incentive Plan Options | $ | 8,249 | $ | 4,455 | $ | 2,360 | $ | 1,037 | $ | 347 | $ | 50 | $ | — | |||||||||||||||
Class A Restricted Common Stock | 8,157 | 5,773 | 2,051 | 333 | — | — | — | ||||||||||||||||||||||
Total | $ | 16,406 | $ | 10,228 | $ | 4,411 | $ | 1,370 | $ | 347 | $ | 50 | $ | — | |||||||||||||||
Dividends | ' | ||||||||||||||||||||||||||||
As a result of these transactions, the Company repurchased a total of 203,782 shares and recorded them as treasury shares at a cost of $3.7 million, detailed as follows: | |||||||||||||||||||||||||||||
Total Shares Withheld to Cover Taxes | |||||||||||||||||||||||||||||
Trade Date | Shares | Cost | Total | ||||||||||||||||||||||||||
1-Apr-13 | 10,219 | $13.45 | $ | 137,446 | |||||||||||||||||||||||||
30-Jun-13 | 137,111 | $17.38 | 2,382,989 | ||||||||||||||||||||||||||
15-Jul-13 | 3,959 | $18.40 | 72,846 | ||||||||||||||||||||||||||
31-Jul-13 | 5,844 | $21.38 | 124,945 | ||||||||||||||||||||||||||
13-Sep-13 | 7,309 | $19.19 | 140,260 | ||||||||||||||||||||||||||
7-Oct-13 | 4,162 | $18.59 | 77,372 | ||||||||||||||||||||||||||
31-Mar-14 | 35,178 | $22.00 | 773,916 | ||||||||||||||||||||||||||
Total | 203,782 | $ | 3,709,774 | ||||||||||||||||||||||||||
Options exercise schedule | ' | ||||||||||||||||||||||||||||
The following table summarizes the exercise schedule for Officers who were deemed retirement eligible. Exercise schedules are based on original vesting dates applicable to the stock rights surrendered: | |||||||||||||||||||||||||||||
Percentage of Rollover Options to be Exercised | |||||||||||||||||||||||||||||
As of June 30, | |||||||||||||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | ||||||||||||||||||||||||
Retirement Eligible | |||||||||||||||||||||||||||||
Original vesting date of June 30, 2009 | 60% | 20% | 20% | — | — | — | |||||||||||||||||||||||
Original vesting date of June 30, 2010 | — | 50% | 20% | 20% | 10% | — | |||||||||||||||||||||||
Original vesting date of June 30, 2011 | — | — | 20% | 20% | 30% | 30% | |||||||||||||||||||||||
The following table summarizes the exercise schedule for Officers who were deemed non-retirement eligible. Exercise schedules are based on original vesting dates applicable to the stock rights surrendered: | |||||||||||||||||||||||||||||
Percentage of Rollover Options to be Exercised | |||||||||||||||||||||||||||||
As of June 30, | |||||||||||||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | |||||||||||||||||||||||||
Non-Retirement Eligible | |||||||||||||||||||||||||||||
Original vesting date of June 30, 2011 | 20% | 20% | 20% | 20% | 20% | ||||||||||||||||||||||||
Original vesting date of June 30, 2012 | — | 25% | 25% | 25% | 25% | ||||||||||||||||||||||||
Original vesting date of June 30, 2013 | — | — | 33% | 33% | 34% | ||||||||||||||||||||||||
Black Scholes weighted average assumptions | ' | ||||||||||||||||||||||||||||
The weighted average assumptions used in the Black-Scholes option-pricing model for stock option awards were as follows: | |||||||||||||||||||||||||||||
Through Fiscal Year Ended March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Dividend yield | 2.19% | 2.07% | 0.28% | ||||||||||||||||||||||||||
Expected volatility | 30.97% | 33.12% | 36.80% | ||||||||||||||||||||||||||
Risk-free interest rate | 1.36% | 1.44% | 2.35% | ||||||||||||||||||||||||||
Expected life (in years) | 6.64 | 7 | 7 | ||||||||||||||||||||||||||
Weighted-average grant date fair value | $4.59 | $4.69 | $7.56 | ||||||||||||||||||||||||||
Stock-based compensation expense recognized in the consolidated statements of operations by award type | ' | ||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||||||
EIP Options | Rollover Options | Total | EIP Options | Rollover Options | Total | ||||||||||||||||||||||||
Current portion of liability1 | $ | 3,675 | $ | 36,247 | $ | 39,922 | $ | 14,429 | $ | 34,039 | $ | 48,468 | |||||||||||||||||
Long-term portion of liability2 | — | 25,966 | 25,966 | — | 50,625 | 50,625 | |||||||||||||||||||||||
$ | 3,675 | $ | 62,213 | $ | 65,888 | $ | 14,429 | $ | 84,664 | $ | 99,093 | ||||||||||||||||||
1 Included in accrued compensation and benefits (Note 8). | |||||||||||||||||||||||||||||
2 Included in other long-term liabilities. | |||||||||||||||||||||||||||||
Stock options outstanding | ' | ||||||||||||||||||||||||||||
The following table summarizes stock option activity for the periods presented: | |||||||||||||||||||||||||||||
Number of | Weighted | ||||||||||||||||||||||||||||
Options | Average | ||||||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||
Officers’ Rollover Stock Plan Options | |||||||||||||||||||||||||||||
Retirement Eligible: | |||||||||||||||||||||||||||||
Options outstanding at March 31, 2013 | 1,699,939 | $ | 0.01 | * | |||||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||||||
Expired | — | — | |||||||||||||||||||||||||||
Exercised | 971,389 | 0.01 | * | ||||||||||||||||||||||||||
Options outstanding at March 31, 2014 | 728,550 | $ | 0.01 | * | |||||||||||||||||||||||||
Non-Retirement Eligible: | |||||||||||||||||||||||||||||
Options outstanding at March 31, 2013 | 5,544,156 | $ | 0.01 | * | |||||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||||||
Expired | — | — | |||||||||||||||||||||||||||
Exercised | 1,848,053 | 0.01 | * | ||||||||||||||||||||||||||
Options outstanding at March 31, 2014 | 3,696,103 | $ | 0.01 | * | |||||||||||||||||||||||||
Equity Incentive Plan Options | |||||||||||||||||||||||||||||
Options outstanding at March 31, 2013 | 8,975,830 | $ | 7.41 | ||||||||||||||||||||||||||
Granted | 1,071,738 | 18.26 | |||||||||||||||||||||||||||
Forfeited | 514,310 | 10.21 | |||||||||||||||||||||||||||
Expired | 2,000 | 14.21 | |||||||||||||||||||||||||||
Exercised | 2,480,293 | 5.9 | |||||||||||||||||||||||||||
Options outstanding at March 31, 2014 | 7,050,965 | $ | 9.39 | ** | |||||||||||||||||||||||||
* Amount reduced for $4.642 dividend issued December 11, 2009, $1.087 dividend issued July 27, 2009, $1.50 dividend issued May 29, 2012, and the $6.50 dividend issued July 30, 2012. | |||||||||||||||||||||||||||||
** Reflects exercise price adjustment of $6.36 per grant for the $6.50 dividend per share issued July 30, 2012. | |||||||||||||||||||||||||||||
The following table summarizes unvested stock options for the periods presented: | |||||||||||||||||||||||||||||
Number of | Weighted | Aggregate | |||||||||||||||||||||||||||
Options | Average Grant Date | Intrinsic | |||||||||||||||||||||||||||
Fair Value | Value on | ||||||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||||||
Officers’ Rollover Stock Plan Options | |||||||||||||||||||||||||||||
Non-Retirement Eligible: | |||||||||||||||||||||||||||||
Unvested at March 31, 2013 | 1,879,375 | $ | 8.62 | $ | 18,775 | ||||||||||||||||||||||||
Granted | — | — | — | ||||||||||||||||||||||||||
Vested | 1,879,375 | 8.62 | 18,775 | ||||||||||||||||||||||||||
Forfeited | — | — | — | ||||||||||||||||||||||||||
Unvested at March 31, 2014 | — | $ | — | ||||||||||||||||||||||||||
Equity Incentive Plan Options | |||||||||||||||||||||||||||||
Unvested at March 31, 2013 | 5,486,060 | $ | 5.91 | $ | — | ||||||||||||||||||||||||
Granted | 1,071,738 | 4.59 | — | ||||||||||||||||||||||||||
Vested | 2,640,429 | 5.47 | — | ||||||||||||||||||||||||||
Forfeited | 514,310 | 6.27 | — | ||||||||||||||||||||||||||
Unvested at March 31, 2014 | 3,403,059 | $ | 5.78 | $ | — | ||||||||||||||||||||||||
The following table summarizes stock options outstanding at March 31, 2014: | |||||||||||||||||||||||||||||
Range of exercise prices | Stock | Weighted | Weighted | Stock | Weighted | Weighted | |||||||||||||||||||||||
Options | Average | Average | Options | Average | Average | ||||||||||||||||||||||||
Outstanding | Exercise Price | Remaining | Exercisable | Exercise Price | Remaining | ||||||||||||||||||||||||
Contractual Life | Contractual Life | ||||||||||||||||||||||||||||
(In years) | (In years) | ||||||||||||||||||||||||||||
Officers’ Rollover Stock Plan | |||||||||||||||||||||||||||||
$0.01 | 4,424,653 | $0.01 | * | 0.67 | 4,424,653 | $0.01 | 0.67 | ||||||||||||||||||||||
Equity Incentive Plan | |||||||||||||||||||||||||||||
$4.27 - $20.85 | 7,050,965 | $9.39 | ** | 6.58 | 3,647,906 | $6.48 | 5.51 | ||||||||||||||||||||||
* Amount reduced for $ 4.642 dividend issued December 11, 2009, $1.087 dividend issued July 27, 2009, $1.50 dividend issued May 29, 2012 and the $6.50 dividend issued July 30, 2012. | |||||||||||||||||||||||||||||
** Reflects exercise price adjustment of $6.36 per grant for the $6.50 dividend per share issued July 30, 2012. |
Financial_instruments_Tables
Financial instruments (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair value of cash and cash equivalents | ' | |||||||||||||||
The following table set forth by levels represents the fair value of the Company's cash and cash equivalents as of March 31, 2014. | ||||||||||||||||
Fair Value of Cash and Cash Equivalents | ||||||||||||||||
as of March 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash and cash equivalents | $ | 37,886 | $ | — | $ | — | $ | 37,886 | ||||||||
Money market funds (1) | — | 222,108 | — | 222,108 | ||||||||||||
Total cash and cash equivalents | $ | 37,886 | $ | 222,108 | $ | — | $ | 259,994 | ||||||||
The following table set forth by levels represents the fair value of the Company's cash and cash equivalents as of March 31, 2013. | ||||||||||||||||
Fair Value of Cash and Cash Equivalents | ||||||||||||||||
as of March 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash and cash equivalents | $ | 111,805 | $ | — | $ | — | $ | 111,805 | ||||||||
Money market funds (1) | — | 238,579 | — | 238,579 | ||||||||||||
Total cash and cash equivalents | $ | 111,805 | $ | 238,579 | $ | — | $ | 350,384 | ||||||||
(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. Depending on our short-term liquidity needs, we make regular transfers between money market funds and other cash equivalents. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Leases, Operating [Abstract] | ' | ||||||||
Future minimum operating lease payments | ' | ||||||||
Future minimum operating lease payments for noncancelable operating leases and future minimum noncancelable sublease rentals are summarized as follows: | |||||||||
For the Fiscal Year Ending March 31, | Operating | Operating | |||||||
Lease | Sublease | ||||||||
Payments | Income | ||||||||
2015 | $ | 79,586 | $ | 223 | |||||
2016 | 61,182 | 63 | |||||||
2017 | 32,457 | 39 | |||||||
2018 | 19,744 | 13 | |||||||
2019 | 16,221 | — | |||||||
Thereafter | 28,315 | — | |||||||
$ | 237,505 | $ | 338 | ||||||
Unaudited_Quarterly_Financial_1
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of quarterly financial information | ' | ||||||||||||||||
2014 Quarters | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Revenue | $ | 1,427,691 | $ | 1,378,020 | $ | 1,273,150 | $ | 1,399,832 | |||||||||
Operating income | 138,673 | 135,667 | 97,034 | 89,237 | |||||||||||||
Income before income taxes | 118,015 | 113,798 | 78,181 | 70,793 | |||||||||||||
Net income | 70,313 | 67,813 | 47,167 | 46,895 | |||||||||||||
Earnings per common share: | |||||||||||||||||
Basic (1) | $ | 0.51 | $ | 0.48 | $ | 0.32 | $ | 0.32 | |||||||||
Diluted (1) | $ | 0.48 | $ | 0.45 | $ | 0.31 | $ | 0.3 | |||||||||
2013 Quarters | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Revenue | $ | 1,432,424 | $ | 1,387,650 | $ | 1,392,695 | $ | 1,545,290 | |||||||||
Operating income | 114,736 | 102,029 | 116,596 | 112,873 | |||||||||||||
Income before income taxes | 103,007 | 76,875 | 94,999 | 93,430 | |||||||||||||
Net income | 61,945 | 46,116 | 56,184 | 54,813 | |||||||||||||
Earnings per common share: | |||||||||||||||||
Basic (1) | $ | 0.46 | $ | 0.29 | $ | 0.41 | $ | 0.4 | |||||||||
Diluted (1) | $ | 0.43 | $ | 0.27 | $ | 0.38 | $ | 0.37 | |||||||||
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||
Schedule of valuation and qualifying accounts | ' | ||||||||||||
The following schedule summarizes valuation and qualifying accounts for the periods presented: | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Allowance for doubtful accounts: | |||||||||||||
Beginning balance | $ | 188 | $ | 799 | $ | 1,348 | |||||||
Provision for doubtful accounts | 1,621 | 397 | 1,502 | ||||||||||
Allowance for doubtful accounts from acquisitions | — | 32 | — | ||||||||||
Charges against allowance | (352 | ) | (1,040 | ) | (2,051 | ) | |||||||
Ending balance | $ | 1,457 | $ | 188 | $ | 799 | |||||||
Tax valuation allowance: | |||||||||||||
Beginning balance | $ | — | $ | 36,335 | $ | 42,379 | |||||||
Deductions and other adjustments | — | (36,335 | ) | — | |||||||||
Sale of capital assets | — | — | (6,044 | ) | |||||||||
Ending balance | $ | — | $ | — | $ | 36,335 | |||||||
Business_Overview_Details
Business Overview (Details) | Mar. 31, 2014 |
employees | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of employees | 22,700 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended |
Mar. 31, 2014 | |
Furniture and equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Furniture and equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Computer equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '4 years |
Software | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Software | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Intangible Assets) (Details) | 12 Months Ended |
Mar. 31, 2014 | |
Minimum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '7 years |
Maximum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '9 years |
Customer relationships | Minimum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years |
Customer relationships | Maximum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '9 years |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings for basic computations | ' | ' | ' | ' | ' | ' | ' | ' | $229,082,000 | $209,994,000 | $238,761,000 |
Weighted-average common shares outstanding for basic computations | ' | ' | ' | ' | ' | ' | ' | ' | 141,314,544 | 134,402,729 | 130,145,689 |
Earnings for diluted computations | ' | ' | ' | ' | ' | ' | ' | ' | 229,082,000 | 209,994,000 | 238,761,000 |
Dilutive stock options and restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 7,366,530 | 10,451,995 | 10,666,323 |
Average number of common shares outstanding for diluted computations | ' | ' | ' | ' | ' | ' | ' | ' | 148,681,074 | 144,854,724 | 140,812,012 |
Earnings per common share, Basic | $0.32 | $0.32 | $0.48 | $0.51 | $0.40 | $0.41 | $0.29 | $0.46 | $1.62 | $1.56 | $1.83 |
Earnings per common share, Diluted | $0 | $0.31 | $0.45 | $0.48 | $0.37 | $0.38 | $0.27 | $0.43 | $1.54 | $1.45 | $1.70 |
Unvested shares, cash dividends paid | ' | ' | ' | ' | ' | ' | ' | ' | 56,138,000 | 49,765,000 | 0 |
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 | 787,000 |
Unvested shares, cash dividends paid | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | 9,100,000 | 71,000 |
Undistributed earnings allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,100,000 |
Stock Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive options excluded from the computation of EPS | ' | ' | ' | ' | ' | ' | ' | ' | 1,072,000 | 328,000 | 2,529,000 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | 139,275,596 | 131,068,847 | 125,894,644 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | 1,019,051 | 2,080,050 | 2,791,917 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | 1,019,897 | 1,253,832 | 1,459,128 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Goodwill) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Goodwill | $1,273,789 | $1,277,369 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Finite-Lived Intangible Assets) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | $187,758 | $187,758 |
Accumulated Amortization | 157,071 | 141,738 |
Finite-Lived Intangible Assets, Net Carrying Value | 30,687 | 46,020 |
Customer relationships | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 187,758 | 187,758 |
Accumulated Amortization | 157,071 | 141,738 |
Finite-Lived Intangible Assets, Net Carrying Value | $30,687 | $46,020 |
Goodwill_and_Intangilbe_Assets
Goodwill and Intangilbe Assets (Indefinite-Lived Intangible Assets) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Intangible Assets | ' | ' |
Intangible Assets, Gross | $377,958 | $377,958 |
Accumulated Amortization | 157,071 | 141,738 |
Intangible Assets, Net | 220,887 | 236,220 |
Trade name | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Indefinite-Lived Intangible Assets | $190,200 | $190,200 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Expected Amortization Expense) (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Jan. 02, 2014 | Jan. 02, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' | ' |
Asset impairment charges | $0 | $0 | ' | ' | ' |
Amortization of intangible assets | ' | ' | 14,800,000 | 14,800,000 | 16,400,000 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' |
2015 | ' | ' | 9,617,000 | ' | ' |
2016 | ' | ' | 8,643,000 | ' | ' |
2017 | ' | ' | 7,696,000 | ' | ' |
2018 | ' | ' | 2,523,000 | ' | ' |
2019 | ' | ' | 1,577,000 | ' | ' |
Thereafter | ' | ' | 631,000 | ' | ' |
Finite-Lived Intangible Assets, Net Carrying Value | ' | ' | 30,687,000 | 46,020,000 | ' |
Customer relationships | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net Carrying Value | ' | ' | $30,687,000 | $46,020,000 | ' |
Minimum | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '7 years | ' | ' |
Minimum | Customer relationships | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '5 years | ' | ' |
Maximum | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '9 years | ' | ' |
Maximum | Customer relationships | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '9 years | ' | ' |
Weighted Average | Customer relationships | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '4 years 7 months | ' | ' |
Accounts_Receivable_Net_Detail
Accounts Receivable, Net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Current | ' | ' | ' |
Accounts receivablebbilled | $395,509 | $431,770 | ' |
Accounts receivablebunbilled | 522,685 | 598,004 | ' |
Allowance for doubtful accounts | -1,457 | -188 | ' |
Accounts receivable, net | 916,737 | 1,029,586 | ' |
Long-term | ' | ' | ' |
Unbilled receivables | 22,877 | 19,779 | ' |
Total accounts receivable, net | 939,614 | 1,049,365 | ' |
Provision for doubtful accounts | $1,300 | $544 | $2,700 |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $380,478,000 | $373,010,000 | ' |
Accumulated depreciation and amortization | -251,051,000 | -206,440,000 | ' |
Property and equipment, net | 129,427,000 | 166,570,000 | ' |
Depreciation and amortization expense related to property and equipment | 57,600,000 | 59,500,000 | 58,800,000 |
Reduction to gross cost and accumulated depreciation for zero net book value assets | 17,300,000 | 22,900,000 | ' |
Furniture and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 104,463,000 | 135,281,000 | ' |
Computer equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 49,469,000 | 46,872,000 | ' |
Software | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 25,380,000 | 36,690,000 | ' |
Leasehold improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 201,166,000 | 154,167,000 | ' |
Internally developed software | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, net | $6,600,000 | $9,700,000 | ' |
Accounts_Payable_and_Other_Acc2
Accounts Payable and Other Accrued Expenses (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Vendor payables | $265,079 | $248,471 |
Accrued expenses | 223,728 | 202,594 |
Total accounts payable and other accrued expenses | $488,807 | $451,065 |
Accrued_Compensation_and_Benef2
Accrued Compensation and Benefits (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Compensation and Benefits [Abstract] | ' | ' |
Bonus | $75,423 | $89,389 |
Retirement | 43,405 | 83,071 |
Vacation | 117,626 | 136,528 |
Stock-based compensation liability | 39,922 | 48,468 |
Deferred Compensation | 27,547 | 0 |
Other | 27,517 | 27,977 |
Total accrued compensation and benefits | $331,440 | $385,433 |
Deferred_Payment_Obligation_De
Deferred Payment Obligation (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Dec. 11, 2009 | Jul. 31, 2008 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Deferred Payment Obligation [Abstract] | ' | ' | ' | ' | ' |
Deferred payment obligation, original amount | ' | $158,000,000 | ' | ' | ' |
Deferred payment obligation, term | ' | '8 years 6 months | ' | ' | ' |
Deferred payment obligation, payment pursuant of the Merger Agreement | 78,000,000 | ' | ' | ' | ' |
Deferred payment obligation, payment | 100,400,000 | ' | ' | ' | ' |
Deferred payment obligation, accrued interest payment | 22,400,000 | ' | 8,000,000 | 7,400,000 | ' |
Pre-acquisition uncertain tax positions | ' | ' | 56,800,000 | 55,800,000 | ' |
Indemnified pre-acquisition uncertain tax positions | ' | ' | -19,556,000 | -18,527,000 | 17,500,000 |
Interest rate per six-month period on unpaid deferred payment obligation | ' | ' | 5.00% | ' | ' |
Deferred payment obligation | ' | ' | 80,000,000 | 80,000,000 | ' |
Accrued interest | ' | ' | 1,304,000 | 1,304,000 | ' |
Deferred payment obligation, amount recorded in the consolidated balance sheets | ' | ' | $61,748,000 | $62,777,000 | ' |
Debt_Schedule_of_Debt_Details
Debt (Schedule of Debt) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' |
Long-term debt | $1,658,919 | $1,715,173 |
Less: Current portion of long-term debt | -73,688 | -55,562 |
Long-term debt, net of current portion | 1,585,231 | 1,659,611 |
Secured Debt | Term Loan A | ' | ' |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' |
Interest rate | 2.65% | 2.70% |
Long-term debt | 660,317 | 706,134 |
Secured Debt | Term Loan B | ' | ' |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' |
Interest rate | 3.75% | 4.50% |
Long-term debt | $998,602 | $1,009,039 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | 12 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jul. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jul. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 06, 2014 | Feb. 27, 2014 | Oct. 18, 2013 | Oct. 15, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Term Loan A | Term Loan A | Term Loan B | Term Loan B | 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 | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | 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) [Member] | Minimum | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Alternative Base Rate (ABR) [Member] | ||||||||||||||||||
Maximum | Minimum | |||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan, face amount | ' | ' | ' | ' | ' | ' | $725,000,000 | ' | ' | ' | ' | $1,025,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | 100,000,000 |
Amortization Of Ratable Portions Of Debt Issuance Costs And Original Issuance Discounts Not Qualifying For Deferral | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of deferred Debt Issuance Cost not Deferred | 1,600,000 | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | 250,000,000 | ' | ' | ' |
Repayments of line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | 250,000,000 | ' | ' | ' | ' |
Quarterly periodic payment percentage, principal | ' | ' | ' | ' | ' | ' | ' | 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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly principal periodic payment percentage, year six | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.75% | 2.50% | ' | ' | 0.75% | 3.00% | 3.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, periodic payment, interest | ' | ' | 19,000,000 | 18,800,000 | 41,900,000 | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Long-term debt, unamortized discount | $12,300,000 | $11,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Future_debt_principal_rep
Debt (Future debt principal repayments) (Details) (Secured Debt, USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
Total | $1,671,188 |
2015 | 73,688 |
2016 | 91,813 |
2017 | 244,062 |
2018 | 293,000 |
2019 | 10,250 |
Thereafter | 958,375 |
Term Loan A | ' |
Debt Instrument [Line Items] | ' |
Total | 661,563 |
2015 | 63,438 |
2016 | 81,563 |
2017 | 233,812 |
2018 | 282,750 |
2019 | 0 |
Thereafter | 0 |
Term Loan B | ' |
Debt Instrument [Line Items] | ' |
Total | 1,009,625 |
2015 | 10,250 |
2016 | 10,250 |
2017 | 10,250 |
2018 | 10,250 |
2019 | 10,250 |
Thereafter | $958,375 |
Deferred_Financing_Costs_Detai
Deferred Financing Costs (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Deferred finance costs, additions | $2,800,000 | $29,600,000 |
Write off of deferred Debt Issuance Cost not Deferred | 1,600,000 | 2,700,000 |
Beginning of year | 31,820,000 | 16,190,000 |
Amortization | -6,719,000 | -5,865,000 |
Accelerated amortization of DIC related to August 2013 Repricing Transaction and July 2012 Recapitalization Transaction | -610,000 | -5,386,000 |
Additional DIC related to August 2013 Repricing Transaction and July 2012 Recapitalization Transaction | 1,200,000 | 26,881,000 |
End of year | $25,670,000 | $31,820,000 |
Deferred_Financing_Costs_DIC_b
Deferred Financing Costs (DIC by Loan) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Schedule of Other Assets [Line Items] | ' | ' | ' |
Deferred finance costs, additions | $2,800,000 | $29,600,000 | ' |
Total | 25,670,000 | 31,820,000 | 16,190,000 |
2015 | 6,651,000 | ' | ' |
2016 | 6,469,000 | ' | ' |
2017 | 6,075,000 | ' | ' |
2018 | 4,076,000 | ' | ' |
2019 | 1,789,000 | ' | ' |
Thereafter | 610,000 | ' | ' |
Additional DIC related to August 2013 Repricing Transaction and July 2012 Recapitalization Transaction | 1,200,000 | 26,881,000 | ' |
Write off of deferred Debt Issuance Cost not Deferred | 1,600,000 | 2,700,000 | ' |
Secured Debt | Term Loan A | ' | ' | ' |
Schedule of Other Assets [Line Items] | ' | ' | ' |
Total | 8,325,000 | ' | ' |
2015 | 2,855,000 | ' | ' |
2016 | 2,614,000 | ' | ' |
2017 | 2,181,000 | ' | ' |
2018 | 675,000 | ' | ' |
2019 | 0 | ' | ' |
Thereafter | 0 | ' | ' |
Secured Debt | Term Loan B | ' | ' | ' |
Schedule of Other Assets [Line Items] | ' | ' | ' |
Total | 9,033,000 | ' | ' |
2015 | 1,583,000 | ' | ' |
2016 | 1,636,000 | ' | ' |
2017 | 1,681,000 | ' | ' |
2018 | 1,734,000 | ' | ' |
2019 | 1,789,000 | ' | ' |
Thereafter | 610,000 | ' | ' |
Revolving Credit Facility | ' | ' | ' |
Schedule of Other Assets [Line Items] | ' | ' | ' |
Total | 8,312,000 | ' | ' |
2015 | 2,213,000 | ' | ' |
2016 | 2,219,000 | ' | ' |
2017 | 2,213,000 | ' | ' |
2018 | 1,667,000 | ' | ' |
2019 | 0 | ' | ' |
Thereafter | $0 | ' | ' |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Current | ' | ' | ' |
U.S. Federal | $148,908 | $161,838 | $11,893 |
State and local | 26,062 | 35,503 | 17,241 |
Total current | 174,970 | 197,341 | 29,134 |
Deferred | ' | ' | ' |
U.S. Federal | -22,540 | -40,652 | 71,683 |
State and local | -3,831 | -7,436 | 3,102 |
Total deferred | -26,371 | -48,088 | 74,785 |
Total | $148,599 | $149,253 | $103,919 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Income Tax) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Income tax expense computed at U.S. federal statutory rate (35%) | $133,275 | $128,909 | $120,356 |
Changes in uncertain tax positions | 1,838 | 1,477 | -32,528 |
State income taxes, net of the federal tax benefit | 13,847 | 17,039 | 13,431 |
Meals and entertainment | 1,135 | 1,365 | 2,177 |
Release of Valuation Allowance | 0 | 0 | -5,211 |
Gain on sale of state and local transportation business | 0 | 0 | 3,772 |
Other | -1,496 | 463 | 1,922 |
Total | $148,599 | $149,253 | $103,919 |
Income_Taxes_Components_of_Net
Income Taxes (Components of Net Deferred Income Taxes) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Deferred income tax assets: | ' | ' |
Accrued expenses | $96,554,000 | $78,563,000 |
Accrued compensation | 40,198,000 | 45,031,000 |
Stock-based compensation | 34,532,000 | 46,735,000 |
Pension and postretirement insurance | 31,776,000 | 33,009,000 |
Property and equipment | 7,753,000 | 4,086,000 |
Net operating loss & Capital loss carryforwards | 532,000 | 721,000 |
Deferred rent and tenant allowance | 11,256,000 | 15,979,000 |
Other | 6,974,000 | 5,412,000 |
Total gross deferred income tax assets | 229,575,000 | 229,536,000 |
Less: Valuation allowance | 0 | 0 |
Total net deferred income tax assets | 229,575,000 | 229,536,000 |
Deferred income tax liabilities: | ' | ' |
Accrued Compensation-IRC Section 481(a) | -20,086,000 | -30,090,000 |
Unbilled receivables | -98,129,000 | -112,876,000 |
Intangible assets | -80,054,000 | -83,279,000 |
Debt issuance costs | -6,650,000 | -1,449,000 |
Other | -3,200,000 | -2,096,000 |
Total deferred income tax liabilities | -208,119,000 | -229,790,000 |
Net deferred income tax (liability) asset | 21,456,000 | -254,000 |
State NOL carryforward | $400,000 | ' |
Income_Taxes_Uncertain_Tax_Pos
Income Taxes (Uncertain Tax Positions) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax reserves | $57,406 | $57,018 | $55,300 |
Pre-acquisition uncertain tax positions that may be indemnified uner the remaining available Deferred Payment Obligation | 19,556 | 18,527 | -17,500 |
Reconciliation of the beginning and ending amount of potential tax benefits | ' | ' | ' |
Beginning of year | 55,679 | 54,895 | 77,304 |
Federal benefit from change in reserve | 0 | 0 | 1,036 |
Increases in prior year position | 364 | 1,074 | 0 |
Settlements with taxing authorities | -1,074 | -11 | -14,399 |
Lapse of statute of limitations | -3 | -279 | -9,046 |
End of year | 54,966 | 55,679 | 54,895 |
Accrued interest and penalties | 1,100 | 952 | 362 |
Income tax reserve, accrued penalties and interest | $2,400 | $1,300 | $387 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans (Additional Information) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Employeesb Capital Accumulation Plan, Total expense recognized | $165,600,000 | $237,100,000 | $235,400,000 |
Employeesb Capital Accumulation Plan, Company-paid contributions | 205,200,000 | 242,600,000 | 242,500,000 |
Retired Officers' Bonus Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Annual Cash Award Granted per Year of Service, Amount | $10,000 | ' | ' |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components of Net Postretirement Medical Expense) (Details) (Officer Medical Plan, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Officer Medical Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $4,745 | $3,892 | $3,912 |
Interest cost | 3,660 | 3,147 | 2,987 |
Net actuarial loss | 2,728 | 1,537 | 818 |
Total postretirement medical expense | $11,133 | $8,576 | $7,717 |
Employee_Benefit_Plans_Weighte
Employee Benefit Plans (Weighted Average Discount Rate) (Details) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Officer Medical Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted-average discount rate for benefit obligation | 4.75% | 4.75% | 5.00% |
Retired Officers' Bonus Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted-average discount rate for benefit obligation | 4.75% | 4.75% | 5.00% |
Employee_Benefit_Plans_Healthc
Employee Benefit Plans (Healthcare Cost Trend Rates) (Details) (Officer Medical Plan, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Effect of one percentage point increase on total of service and interest cost | 1,676 | ' |
Effect of one percentage point decrease on total of service and interest cost | -1,325 | ' |
Effect of one percentage point increase on postretirement benefit obligation | 12,634 | ' |
Effect of one percentage point decrease on postretirement benefit obligation | -10,202 | ' |
Pre-65 Initial Rate [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Health care cost trend rate assumed for next year | 7.25% | 7.50% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | '2023 | '2023 |
Post-65 Initial Rate [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Health care cost trend rate assumed for next year | 7.00% | 7.25% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | '2022 | '2022 |
Employee_Benefit_Plans_Retired
Employee Benefit Plans (Retired Officers' Bonus Plan) (Details) (Retired Officers' Bonus Plan, USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Retired Officers' Bonus Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Retired Officers' Bonus Plan, total pension expense | $768,000 | $743,000 | $868,000 |
Benefits paid | 1,100,000 | 361,000 | 1,200,000 |
Defined benefit plan, funded status of plan | $4,700,000 | $5,000,000 | ' |
Employee_Benefit_Plans_Accumul
Employee Benefit Plans (Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Unrecognized net actuarial gain (loss) | $6,700,000 | $8,100,000 |
Unrecognized net actuarial gain (loss), tax | 4,400,000 | 3,300,000 |
Accumulated other comprehensive income expected to be recognized as components of net periodic cost in fiscal 2014 | 582,000 | ' |
Net prior service cost | 0 | ' |
Transition (asset) obligation | $0 | ' |
Employee_Benefit_Plans_Change_
Employee Benefit Plans (Change in Benefit Obligation and Change in Plan Assets) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Officer Medical Plan | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation, beginning of the year | $78,735,000 | $63,585,000 | $52,753,000 |
Service cost | 4,745,000 | 3,892,000 | 3,912,000 |
Interest cost | 3,660,000 | 3,147,000 | 2,987,000 |
Net actuarial (gain) loss | -9,436,000 | 9,891,000 | 5,666,000 |
Benefits paid | -1,802,000 | -1,780,000 | -1,733,000 |
Benefit obligation, end of the year | 75,902,000 | 78,735,000 | 63,585,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets, beginning of the year | 0 | 0 | 0 |
Employer contributions | 1,802,000 | 1,780,000 | 1,733,000 |
Fair value of plan assets, end of the year | 0 | 0 | 0 |
Defined benefit plan, funded status of plan | 75,900,000 | 78,700,000 | ' |
Retired Officers' Bonus Plan | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefits paid | -1,100,000 | -361,000 | -1,200,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Defined benefit plan, funded status of plan | $4,700,000 | $5,000,000 | ' |
Employee_Benefit_Plans_Future_
Employee Benefit Plans (Future Benefit Payments) (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | ' |
2015 | $2,182 |
2016 | 2,378 |
2017 | 2,683 |
2018 | 2,969 |
2019 | 3,656 |
2020-2024 | $23,107 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Equity [Abstract] | ' | ' | ' |
Beginning of year | ($13,787) | ($8,715) | ($5,453) |
Other comprehensive income (loss) before reclassifications | 5,499 | -5,996 | -3,681 |
Amounts reclassified from accumulated other comprehensive loss | 1,652 | 924 | 419 |
Net current-period other comprehensive income (loss) | 7,151 | -5,072 | -3,262 |
End of year | ($6,636) | ($13,787) | ($8,715) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Reclassifications out of Accumulated Other Comprehensive Loss to Net Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Tax benefit | ($148,599) | ($149,253) | ($103,919) |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Total before tax | 2,728 | 1,524 | 706 |
Tax benefit | -1,076 | -600 | -287 |
Net of tax | $1,652 | $924 | $419 |
Other_LongTerm_Liabilities_Det
Other Long-Term Liabilities (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Other Liabilities Disclosure [Abstract] | ' | ' | ' |
Deferred rent | $28,527,000 | $40,548,000 | ' |
Deferred compensation (1) | 0 | 26,443,000 | ' |
Stock-based compensation | 25,966,000 | 50,625,000 | ' |
Deferred payment obligation | 60,444,000 | 61,473,000 | ' |
Postretirement benefit obligation | 80,527,000 | 83,761,000 | ' |
Other | 5,746,000 | 6,610,000 | ' |
Total other long-term liabilities | 201,210,000 | 269,460,000 | ' |
Stock-based compensation liability, current and noncurrent | 65,900,000 | ' | 99,100,000 |
Stock-based compensation liability, current | $39,900,000 | ' | $48,500,000 |
Stockholders_Equity_Common_Sto
Stockholders' Equity (Common Stock Shares Activity) (Details) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Class of Stock [Line Items] | ' | ' | ' |
Common stock votes per share | 1 | ' | ' |
Common Stock | Non-voting common stock, Class B | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Share exchange, in shares | -869,520 | -1,035,525 | -566,005 |
Common Stock | Restricted common stock, Class C | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Share exchange, in shares | -288,448 | -308,701 | -495,250 |
Stockholders_Equity_Employee_S
Stockholders' Equity (Employee Stock Purchase Plan and Share Repurchase Program) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 24 Months Ended | 28 Months Ended | 12 Months Ended | 41 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Oct. 07, 2013 | Sep. 13, 2013 | Jul. 31, 2013 | Jul. 15, 2013 | Jun. 30, 2013 | Apr. 02, 2013 | Mar. 31, 2014 | Dec. 12, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Employee Stock Purchase Plan | Employee Stock Purchase Plan | |||||||||||
Common stock, Class A | Common stock, Class A | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee stock purchase plan, aggregate shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 10,000,000 |
Employee stock purchase plan, purchase price discount from the fair market value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' |
Shares purchased by employees under the employee stock purchase plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 276,529 | 1,295,070 |
Share repurchase program, amount | ' | ' | ' | ' | ' | ' | ' | ' | $30 | ' | ' | ' |
Repurchase of common stock, in shares | 35,178 | 4,162 | 7,309 | 5,844 | 3,959 | 137,111 | 10,219 | 203,782 | ' | 0 | ' | ' |
Stockholders_Equity_Dividends_
Stockholders' Equity (Dividends) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Feb. 28, 2014 | Jan. 31, 2014 | Nov. 29, 2013 | Oct. 29, 2013 | Aug. 31, 2012 | Jul. 30, 2012 | Jun. 29, 2012 | 29-May-12 | Dec. 11, 2009 | Jul. 27, 2009 | Mar. 31, 2014 | Mar. 31, 2013 | Aug. 31, 2012 | Feb. 28, 2014 | Jan. 31, 2014 | Nov. 29, 2013 | Oct. 29, 2013 | Aug. 30, 2013 | Jul. 31, 2013 | Jun. 28, 2013 | 22-May-13 | Feb. 28, 2013 | Jan. 29, 2013 | Nov. 30, 2012 | Oct. 29, 2012 | Aug. 31, 2012 | Jul. 30, 2012 | Jun. 29, 2012 | 29-May-12 | Feb. 29, 2012 | Feb. 02, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | 21-May-14 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Dividend Equivalent | Dividend Equivalent | Dividend Equivalent | ||||
Stock Options | Subsequent Event | ||||||||||||||||||||||||||||||||||||||||
EIP | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | $401,940 | $1,181,940 | $20,932 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $288,739 | $1,073,733 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $57,063 | $48,736 | $11,906 | ' | $56,138 | $59,471 | $9,026 |
Dividends paid | ' | ' | ' | $1 | ' | $1 | ' | $6.50 | ' | $1.50 | ' | ' | ' | $2 | $8 | ' | $0.10 | ' | $0.10 | ' | $0.10 | ' | $0.10 | ' | $0.09 | ' | $0.09 | ' | $0.09 | ' | $0.09 | ' | $0.09 | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared per share | ' | ' | ' | ' | $1 | ' | $1 | ' | $6.50 | ' | $1.50 | $4.64 | $1.09 | ' | ' | ' | ' | $0.10 | ' | $0.10 | ' | $0.10 | ' | $0.10 | ' | $0.09 | ' | $0.09 | ' | $0.09 | ' | $0.09 | ' | $0.09 | $0.10 | ' | ' | $0.11 | ' | ' | ' |
Dividend, option exercise price reduction, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Stockb
Stock-Based Compensation (Stock-based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | $20,065 | $24,841 | $31,263 |
EIP | Stock Options | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 7,257 | 13,148 | 13,068 |
Annual Incentive Plan | Restricted Stock | Common stock, Class A | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 12,171 | 8,412 | 5,963 |
Rollover Options | Stock Options | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 578 | 2,970 | 11,176 |
Rollover Options | Restricted Stock | Restricted common stock, Class C | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 59 | 311 | 1,056 |
Cost of revenue | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 5,672 | 7,061 | 9,095 |
General and administrative expenses | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | $14,393 | $17,780 | $22,168 |
Stock_Based_Compensation_Unrec
Stock Based Compensation (Unrecognized Compensation) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation cost related to unvested stock-based compensation agreements | $16,406 | $19,507 |
Unrecognized compensation cost, amortization period | '5 years 0 months | ' |
2015 | 10,228 | ' |
2016 | 4,411 | ' |
2017 | 1,370 | ' |
2018 | 347 | ' |
2019 | 50 | ' |
EIP | Stock Options | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation cost related to unvested stock-based compensation agreements | 8,249 | 12,161 |
Unrecognized compensation cost, amortization period | '3 years 1 month 5 days | '2 years 9 months 8 days |
2015 | 4,455 | ' |
2016 | 2,360 | ' |
2017 | 1,037 | ' |
2018 | 347 | ' |
2019 | 50 | ' |
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 | 8,157 | 6,709 |
Unrecognized compensation cost, amortization period | '2 years 0 months 8 days | '2 years 0 months 12 days |
2015 | 5,773 | ' |
2016 | 2,051 | ' |
2017 | 333 | ' |
Rollover Options | Stock Options | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation cost related to unvested stock-based compensation agreements | ' | 578 |
Unrecognized compensation cost, amortization period | ' | '0 years 3 months 0 days |
Rollover Options | Restricted Stock | Restricted common stock, Class C | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation cost related to unvested stock-based compensation agreements | ' | $59 |
Unrecognized compensation cost, amortization period | ' | '0 years 3 months 0 days |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Plans) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 28 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | Oct. 07, 2013 | Sep. 13, 2013 | Jul. 31, 2013 | Jul. 15, 2013 | Jun. 30, 2013 | Apr. 02, 2013 | Aug. 01, 2008 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Aug. 01, 2008 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Aug. 21, 2013 | Jul. 02, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Rollover Options | Rollover Options | Rollover Options | Rollover Options | Rollover Options | EIP | EIP | EIP | Annual Incentive Plan | Annual Incentive Plan | Annual Incentive Plan | Original vesting date as of June 30, 2009 [Member] | Original vesting date as of June 30, 2010 | Original vesting date of June 30, 2011 | Original vesting date of June 30, 2011 | Original vesting date as of June 30, 2012 | Original vesting date as of June 30, 2013 | Cliff Vesting, Year One | Cliff Vesting, Year Two | Cliff Vesting, Year Three | |||||||||||||
Stock Options | Stock Options | Stock Options | Restricted Stock | Restricted Stock | Stock Options | Stock Options | Stock Options | Restricted Stock | Restricted Stock | Retirement Eligible | Retirement Eligible | Retirement Eligible | Non-Retirement Eligible | Non-Retirement Eligible | Non-Retirement Eligible | Non-Retirement Eligible | Non-Retirement Eligible | Non-Retirement Eligible | ||||||||||||||
Restricted common stock, Class C | Restricted common stock, Class C | Common stock, Class A | Common stock, Class A | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Grant Date Fair Value, EIP Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,900,000 | $4,200,000 | $18,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,200,000 | 16,200,000 | ' | ' | 17,500,000 | 18,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,197,629 | 10,319,906 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Overall Award, Equity Increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,705 | 744,926 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock granted, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock granted, value, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17.57 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock, in shares | 35,178 | 4,162 | 7,309 | 5,844 | 3,959 | 137,111 | 10,219 | ' | 203,782 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock, cost per share | $22 | $18.59 | $19.19 | $21.38 | $18.40 | $17.38 | $13.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock | 773,916 | 77,372 | 140,260 | 124,945 | 72,846 | 2,382,989 | 137,446 | ' | 3,709,774 | 1,067,000 | 5,377,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Shares Issued | ' | ' | ' | ' | ' | ' | ' | 2,028,270 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Fair Value Per Share | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Aggregate Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | 20,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares vested in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 136,200 | 136,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee stock purchase plan, aggregate shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,971,730 | 3,971,730 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fully Vested Shares, Exercise Percentage, Year One | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | 50.00% | 20.00% | 20.00% | 25.00% | 33.00% | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fully Vested Shares, Exercise Percentage, Year Two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 20.00% | 20.00% | 20.00% | 25.00% | 33.00% | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fully Vested Shares, Exercise Percentage, Year Three | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 20.00% | 30.00% | 20.00% | 25.00% | 34.00% | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fully Vested Shares, Exercise Percentage, Year Four | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 30.00% | 20.00% | 25.00% | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fully Vested Shares, Exercise Percentage, Year Five | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 25.00% | 25.00% |
Aggregate Grant Date Fair Value, Rollover Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $127,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Stock_1
Stock-Based Compensation (Stock Option Assumptions) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Oct. 29, 2013 | Jul. 31, 2013 | 22-May-13 | Jan. 29, 2013 | Oct. 29, 2012 | Jul. 30, 2012 | 29-May-12 | Feb. 02, 2012 | Mar. 31, 2014 | Jan. 31, 2014 | Oct. 29, 2013 | Jul. 30, 2012 | 29-May-12 | Dec. 11, 2009 | Jul. 27, 2009 | |
Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | |
Minimum | Maximum | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared per share | ' | ' | ' | ' | ' | $0.10 | $0.10 | $0.10 | $0.10 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.10 | $1 | $1 | $6.50 | $1.50 | $4.64 | $1.09 |
Dividend yield | 2.19% | 2.07% | 0.28% | 1.92% | 2.26% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility | 30.97% | 33.12% | 36.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate | 1.36% | 1.44% | 2.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life (in years) | '6 years 7 months 19 days | '7 years | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value | $4.59 | $4.69 | $7.56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Record
Stock-Based Compensation (Recorded and Unrecorded Stock-based Compensation Liability) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||
Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Jan. 31, 2014 | Oct. 29, 2013 | Jul. 30, 2012 | 29-May-12 | Dec. 11, 2009 | Jul. 27, 2009 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Nov. 29, 2013 | Jun. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | |||||
EIP | EIP | Rollover Options | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | |||||||||||||
EIP | EIP | EIP | EIP | EIP | Rollover Options | Rollover Options | Rollover Options | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared per share | ' | ' | ' | ' | $1 | $1 | $6.50 | $1.50 | $4.64 | $1.09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Dividend Equivalent, Per Share | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payment for special dividends | ' | $56,138,000 | $49,765,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,200,000 | $13,900,000 | $4,100,000 | ' | ' | $34,000,000 | ' | ' |
Share-based compensation arrangement, plan modification, incremental compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' |
Share-based compensation arrangement, plan modification, incremental compensation cost recognized in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' |
Share-based compensation arrangement, plan modification, incremental compensation cost, deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,000,000 | ' | ' | ' | ' |
Share-based compensation arrangement, plan modification, incremental compensation cost, deferred, recognition period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 3 months | ' | ' | ' |
Recorded and unrecorded stock-based compensation liability, current and noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,100,000 | 106,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation liability, current | ' | 39,900,000 | ' | 48,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,468,000 | ' | ' | 3,675,000 | 3,675,000 | 14,429,000 | ' | 36,247,000 | 34,039,000 |
Stock-based compensation liability | ' | 39,922,000 | 48,468,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation liability, non-current | ' | 25,966,000 | 50,625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,966,000 | 50,625,000 | ' | ' | ' | ' | ' | ' | 25,966,000 | 50,625,000 |
Stock-based compensation liability, current and noncurrent | ' | 65,900,000 | ' | 99,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,888,000 | 99,093,000 | ' | ' | 3,675,000 | 3,675,000 | 14,429,000 | ' | 62,213,000 | 84,664,000 |
Unrecorded stock-based compensation liability, current and noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,200,000 | $7,200,000 | $4,500,000 | ' | ' | $2,800,000 |
Unrecognized compensation cost, amortization period | ' | '5 years 0 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 1 month 5 days | '2 years 9 months 8 days | '0 years 3 months 0 days | ' | ' | ' | ' | ' | ' | '5 years 0 months | ' | ' | ' |
Stock_Option_Activity_Details
Stock Option Activity (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jan. 31, 2014 | Oct. 29, 2013 | Jul. 31, 2013 | 22-May-13 | Jan. 29, 2013 | Oct. 29, 2012 | Jul. 30, 2012 | 29-May-12 | Feb. 02, 2012 | Mar. 31, 2014 | Jan. 31, 2014 | Oct. 29, 2013 | Jul. 30, 2012 | 29-May-12 | Dec. 11, 2009 | Jul. 27, 2009 | Aug. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 |
Stock Options | Stock Options | Stock Options | Rollover Options | Retirement Eligible | Retirement Eligible | Non-Retirement Eligible | Non-Retirement Eligible | EIP | EIP | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Ordinary Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Special Cash Dividend | Stock Options | Stock Options | |
Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | EIP | Rollover Options | EIP | ||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning balance | ' | ' | ' | ' | 1,699,939 | ' | 5,544,156 | ' | 8,975,830 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning balance, weighted average exercise price | ' | ' | ' | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $9.39 | $7.41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted | ' | ' | ' | ' | ' | ' | ' | ' | 1,071,738 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | $18.26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value | $4.59 | $4.69 | $7.56 | ' | ' | ' | ' | ' | $4.59 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited | ' | ' | ' | ' | ' | ' | ' | ' | 514,310 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | $10.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited, weighted average exercise price | ' | ' | ' | ' | ' | ' | ' | ' | $6.27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired, weighted average exercise price | ' | ' | ' | ' | ' | ' | ' | ' | $14.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised | ' | ' | ' | ' | 971,389 | ' | 1,848,053 | ' | 2,480,293 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised, weighted average exercise price | ' | ' | ' | ' | $0.01 | ' | $0.01 | ' | $5.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, ending balance | ' | ' | ' | 4,424,653 | 728,550 | ' | 3,696,103 | ' | 7,050,965 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | $0.10 | $0.10 | $0.10 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.10 | $1 | $1 | $6.50 | $1.50 | $4.64 | $1.09 | ' | ' | ' |
Dividend, option exercise price reduction, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.36 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested, beginning balance | ' | ' | ' | ' | ' | ' | 1,879,375 | ' | 5,486,060 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested, weighted average grant date fair value, beginning balance | ' | ' | ' | ' | ' | ' | $8.62 | ' | $5.91 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested, aggregate intrinsic value, beginning balance | ' | ' | ' | ' | ' | ' | $18,775 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested | ' | ' | ' | ' | ' | ' | 1,879,375 | ' | 2,640,429 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested, weighted average grant date fair value | ' | ' | ' | ' | ' | ' | $8.62 | ' | $5.47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested, aggregate intrinsic value on grant date | ' | ' | ' | ' | ' | ' | 18,775 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested, ending balance | ' | ' | ' | ' | ' | ' | 0 | ' | 3,403,059 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested, weighted average grant date fair value, ending balance | ' | ' | ' | ' | ' | ' | ' | ' | $5.78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested, aggregate intrinsic value, ending balance | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' |
Exercise price, lower range limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.27 |
Exercise price, upper range limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20.85 |
Weighted average remaining contractual life, in years | ' | ' | ' | '0 years 8 months 2 days | ' | ' | ' | ' | '6 years 6 months 29 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercisable | ' | ' | ' | 4,424,653 | ' | ' | ' | ' | 3,647,906 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price | ' | ' | ' | $0.01 | ' | ' | ' | ' | $6.48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual life, in years | ' | ' | ' | '8 months 2 days | ' | ' | ' | ' | '5 years 6 months 5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Instruments_Details
Financial Instruments (Details) (Fair Value, Measurements, Recurring, USD $) | Mar. 31, 2014 | Mar. 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 | $37,886 | $111,805 |
Level 1 | Cash and cash equivalents | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cash and cash equivalents | 37,886 | 111,805 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cash and cash equivalents | 222,108 | 238,579 |
Level 2 | Money market fund | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cash and cash equivalents | 222,108 | 238,579 |
Total | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cash and cash equivalents | 259,994 | 350,384 |
Total | Cash and cash equivalents | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cash and cash equivalents | 37,886 | 111,805 |
Total | Money market fund | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cash and cash equivalents | $222,108 | $238,579 |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (USD $) | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Jul. 31, 2008 | |
Related Party Transactions [Abstract] | ' | ' | ' | ' |
Revenue associated with related parties | $444,000 | $739,000 | $1,500,000 | ' |
Cost associated with related parties | 368,000 | 657,000 | 1,400,000 | ' |
Lender syndicate, outstanding debt amount | 55,500,000 | 58,300,000 | ' | ' |
Management agreement, annual fee | ' | ' | ' | 1,000,000 |
Management agreement, one-time payment | ' | ' | ' | 20,000,000 |
Management agreement, advisory fees | $1,000,000 | $1,000,000 | $1,000,000 | ' |
Commitments_and_Contingecies_D
Commitments and Contingecies (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
leases | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Rent expense, net | $103,500,000 | $105,900,000 | $113,900,000 |
Rent expense, sublease rentals | 2,500,000 | 5,500,000 | 5,700,000 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2015 | 79,586,000 | ' | ' |
2016 | 61,182,000 | ' | ' |
2017 | 32,457,000 | ' | ' |
2018 | 19,744,000 | ' | ' |
2019 | 16,221,000 | ' | ' |
Thereafter | 28,315,000 | ' | ' |
Operating leases, future minimum payments due | 237,505,000 | ' | ' |
Operating Leases, Future Minimum Payments Due, Sublease Rentals, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2015 | 223,000 | ' | ' |
2016 | 63,000 | ' | ' |
2017 | 39,000 | ' | ' |
2018 | 13,000 | ' | ' |
2019 | 0 | ' | ' |
Thereafter | 0 | ' | ' |
Operating leases, future minimum payments due, future minimum sublease rentals | 338,000 | ' | ' |
Number of facility leases assigned to Booz & Co., outstanding | 9 | ' | ' |
Maximum potential amount of undiscounted future lease payments | 14,900,000 | ' | ' |
Liability for reductions and/or penalties from U.S Governement audits | $189,800,000 | $156,200,000 | ' |
Contracts with U.S. government agencies or other U.S. government contractors | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk, percentage | 98.00% | 99.00% | 98.00% |
Commitments_and_Contingencies_1
Commitments and Contingencies (Litigation) (Details) (USD $) | 12 Months Ended | 18 Months Ended | 48 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 15, 2009 | Mar. 31, 2014 | 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 | ' | ' | ' | 3 | ' |
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 | 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 | ' | ' | ' |
Business_Segment_Information_D
Business Segment Information (Details) | 12 Months Ended |
Mar. 31, 2014 | |
segments | |
Segment Reporting [Abstract] | ' |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Unaudited_Quarterly_Financial_2
Unaudited Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $1,399,832,000 | $1,273,150,000 | $1,378,020,000 | $1,427,691,000 | $1,545,290,000 | $1,392,695,000 | $1,387,650,000 | $1,432,424,000 | $5,478,693,000 | $5,758,059,000 | $5,859,218,000 |
Operating income | 89,237,000 | 97,034,000 | 135,667,000 | 138,673,000 | 112,873,000 | 116,596,000 | 102,029,000 | 114,736,000 | 460,611,000 | 446,234,000 | 387,432,000 |
Income before income taxes | 70,793,000 | 78,181,000 | 113,798,000 | 118,015,000 | 93,430,000 | 94,999,000 | 76,875,000 | 103,007,000 | 380,787,000 | 368,311,000 | 343,874,000 |
Net income | 46,895,000 | 47,167,000 | 67,813,000 | 70,313,000 | 54,813,000 | 56,184,000 | 46,116,000 | 61,945,000 | 232,188,000 | 219,058,000 | 239,955,000 |
Earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per common share, Basic | $0.32 | $0.32 | $0.48 | $0.51 | $0.40 | $0.41 | $0.29 | $0.46 | $1.62 | $1.56 | $1.83 |
Earnings per common share, Diluted | $0 | $0.31 | $0.45 | $0.48 | $0.37 | $0.38 | $0.27 | $0.43 | $1.54 | $1.45 | $1.70 |
Change in Accounting Estimate, Financial Effect, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,500,000 | ' |
Change in Accounting Estimate, Financial Effect, Net of Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17,500,000 | ' |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | 7-May-14 | 7-May-14 | 7-May-14 | 6-May-14 | 7-May-14 | 6-May-14 |
Other Income | General and administrative expenses | Term Loan A | Term Loan A | Term Loan B | Term Loan B | |||
Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | |||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $1,658,919,000 | $1,715,173,000 | ' | ' | $830,000,000 | $660,000,000 | $841,000,000 | $1,010,000,000 |
Proceeds from Issuance of Other Long-term Debt | ' | ' | ' | ' | 170,000,000 | ' | ' | ' |
Amortization Of Ratable Portions Of Debt Issuance Costs And Original Issuance Discounts Not Qualifying For Deferral, Expected Amount | ' | ' | 1,000,000 | ' | ' | ' | ' | ' |
Write off of deferred Debt Issuance Cost not Deferred, Expected Amount | ' | ' | ' | $2,000,000 | ' | ' | ' | ' |
Supplemental_Financial_Informa2
Supplemental Financial Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Allowance for doubtful accounts | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Beginning balance | $188 | $799 | $1,348 |
Provision for doubtful accounts | 1,621 | 397 | 1,502 |
Allowance for doubtful accounts from acquisitions | 0 | 32 | 0 |
Charges against allowance | -352 | -1,040 | -2,051 |
Ending balance | 1,457 | 188 | 799 |
Tax valuation allowance | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Beginning balance | 0 | 36,335 | 42,379 |
Charges against allowance | 0 | -36,335 | 0 |
Sale of capital assets | 0 | 0 | -6,044 |
Ending balance | $0 | $0 | $36,335 |