Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Sep. 30, 2014 | 15-May-15 | |
Entity Information [Line Items] | |||
Entity Registrant Name | Booz Allen Hamilton Holding Corp | ||
Entity Central Index Key | 1443646 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Mar-15 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -28 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $1,851,829,177 | ||
Common stock, Class A | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 147,236,512 | ||
Non-voting common stock, Class B | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 | ||
Restricted common stock, Class C | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 | ||
Special voting common stock, Class E | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,851,590 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $207,217 | $259,994 |
Accounts receivable, net of allowance | 857,310 | 916,737 |
Deferred income taxes | 14,539 | 29,687 |
Prepaid expenses and other current assets | 84,142 | 49,559 |
Total current assets | 1,163,208 | 1,255,977 |
Property and equipment, net of accumulated depreciation | 111,367 | 129,427 |
Deferred income taxes | 14,758 | 0 |
Intangible assets, net of accumulated amortization | 219,382 | 220,887 |
Goodwill | 1,304,231 | 1,273,789 |
Other long-term assets | 64,547 | 60,738 |
Total assets | 2,877,493 | 2,940,818 |
Current liabilities: | ||
Current portion of long-term debt | 57,063 | 73,688 |
Accounts payable and other accrued expenses | 481,815 | 488,807 |
Accrued compensation and benefits | 279,239 | 331,440 |
Other current liabilities | 30,877 | 23,169 |
Total current liabilities | 848,994 | 917,104 |
Long-term debt, net of current portion | 1,569,272 | 1,585,231 |
Income tax reserve | 58,444 | 57,406 |
Deferred income taxes | 0 | 8,231 |
Other long-term liabilities | 214,285 | 201,210 |
Total liabilities | 2,690,995 | 2,769,182 |
Commitments and contingencies (Note 20) | ||
Stockholders' equity: | ||
Treasury stock, at cost | -72,293 | -10,153 |
Additional paid-in capital | 174,985 | 144,269 |
Retained earnings | 104,457 | 42,688 |
Accumulated other comprehensive loss | -22,159 | -6,636 |
Total stockholders' equity | 186,498 | 171,636 |
Total liabilities and stockholders' equity | 2,877,493 | 2,940,818 |
Common stock, Class A | ||
Stockholders' equity: | ||
Common stock | 1,502 | 1,440 |
Non-voting common stock, Class B | ||
Stockholders' equity: | ||
Common stock | 0 | 6 |
Restricted common stock, Class C | ||
Stockholders' equity: | ||
Common stock | 0 | 9 |
Special voting common stock, Class E | ||
Stockholders' equity: | ||
Common stock | $6 | $13 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Treasury stock, shares | 2,999,393 | 609,625 |
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 | 150,237,675 | 143,962,073 |
Common stock, shares outstanding | 147,238,282 | 143,352,448 |
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 | 0 | 582,080 |
Common stock, shares outstanding | 0 | 582,080 |
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 | 0 | 935,871 |
Common stock, shares outstanding | 0 | 935,871 |
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 | 1,851,589 | 4,424,814 |
Common stock, shares outstanding | 1,851,589 | 4,424,814 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | |||
Revenue | $5,274,770 | $5,478,693 | $5,758,059 |
Operating costs and expenses: | |||
Cost of revenue | 2,593,849 | 2,716,113 | 2,871,240 |
Billable expenses | 1,406,527 | 1,487,115 | 1,532,590 |
General and administrative expenses | 752,912 | 742,527 | 833,986 |
Depreciation and amortization | 62,660 | 72,327 | 74,009 |
Total operating costs and expenses | 4,815,948 | 5,018,082 | 5,311,825 |
Operating income | 458,822 | 460,611 | 446,234 |
Interest expense | -71,832 | -78,030 | -70,284 |
Other, net | -1,072 | -1,794 | -7,639 |
Income before income taxes | 385,918 | 380,787 | 368,311 |
Income tax expense | 153,349 | 148,599 | 149,253 |
Net income | $232,569 | $232,188 | $219,058 |
Earnings per common share (Note 3): | |||
Basic (in dollars per share) | $1.58 | $1.62 | $1.56 |
Diluted (in dollars per share) | $1.52 | $1.54 | $1.45 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $43,363 | $52,807 | $65,284 | $71,115 | $46,895 | $47,167 | $67,813 | $70,313 | $232,569 | $232,188 | $219,058 |
Change in postretirement plan costs, net of tax | -15,523 | 7,151 | -5,072 | ||||||||
Comprehensive income | $217,046 | $239,339 | $213,986 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities | |||
Net income | $232,569 | $232,188 | $219,058 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 62,660 | 72,327 | 74,009 |
Stock-based compensation expense | 26,163 | 20,065 | 24,841 |
Deferred income taxes | -2,543 | -26,371 | -48,088 |
Excess tax benefits from the exercise of stock options | -50,800 | -38,185 | -26,860 |
Amortization of debt issuance costs and loss on extinguishment | 11,582 | 11,682 | 17,224 |
Losses on dispositions and impairments | 1,541 | 1,024 | 1,106 |
Gain on sales of businesses | 0 | 0 | -254 |
Changes in assets and liabilities: | |||
Accounts receivable | 60,533 | 110,308 | 125,125 |
Income taxes receivable / payable | 36,456 | -1,903 | 104,877 |
Prepaid expenses and other current assets | -1,591 | -5,923 | 10,006 |
Other long-term assets | -8,240 | -4,773 | 2,723 |
Accrued compensation and benefits | -44,329 | -72,881 | -26,832 |
Accounts payable and other accrued expenses | -35,443 | 39,178 | -23,760 |
Accrued interest | 5,262 | 0 | -3,563 |
Income tax reserves | 1,038 | 388 | 1,736 |
Other current liabilities | 5,127 | -1,090 | 11,367 |
Other long-term liabilities | 9,973 | -3,316 | 1,939 |
Net cash provided by operating activities | 309,958 | 332,718 | 464,654 |
Cash flows from investing activities | |||
Purchases of property and equipment | -36,041 | -20,905 | -33,113 |
Cash paid for business acquisitions, net of cash acquired | -24,534 | 3,563 | -157,964 |
Proceeds from sales of businesses | 0 | 0 | 625 |
Escrow receipts | 0 | 3,786 | 0 |
Net cash used in investing activities | -60,575 | -13,556 | -190,452 |
Cash flows from financing activities | |||
Net proceeds from issuance of common stock | 5,020 | 5,078 | 6,373 |
Stock option exercises | 6,099 | 14,620 | 14,977 |
Excess tax benefits from the exercise of stock options | 50,800 | 38,185 | 26,860 |
Repurchases of common stock | -62,140 | -3,709 | -1,067 |
Cash dividends paid | -215,094 | -345,802 | -1,122,457 |
Dividend equivalents paid to option holders | -47,110 | -56,138 | -49,765 |
Debt issuance costs | -8,610 | -6,223 | -29,607 |
Repayment of debt | -279,563 | -355,563 | -993,250 |
Proceeds from debt issuance | 248,438 | 300,000 | 1,739,750 |
Net cash used in financing activities | -302,160 | -409,552 | -408,186 |
Net decrease in cash and cash equivalents | -52,777 | -90,390 | -133,984 |
Cash and cash equivalents-beginning of year | 259,994 | 350,384 | 484,368 |
Cash and cash equivalents-end of year | 207,217 | 259,994 | 350,384 |
Supplemental disclosures of cash flow information | |||
Interest | 50,074 | 61,050 | 58,847 |
Income taxes | $122,912 | $178,411 | $90,146 |
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) |
Common stock, Class A | Non-voting common stock, Class B | Restricted common stock, Class C | Special voting common stock, Class E | ||||||
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 | 0 | 12,000 | -9,000 | -3,000 | |||||
Repurchase of common stock, in shares | -203,782 | ||||||||
Repurchase of common stock | -3,709,000 | -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 | ||||
Issuance of common stock, in shares | 1,365,008 | ||||||||
Issuance of common stock | 5,020,000 | 14,000 | 5,006,000 | ||||||
Stock options exercised, in shares | 3,392,643 | -2,573,225 | |||||||
Stock options exercised | 6,099,000 | 33,000 | -7,000 | 6,073,000 | |||||
Excess tax benefits from the exercise of stock options | 50,800,000 | 50,800,000 | |||||||
Share exchange, in shares | 1,517,951 | -582,080 | -935,871 | ||||||
Share exchange | 0 | 15,000 | -6,000 | -9,000 | |||||
Repurchase of common stock, in shares | -2,389,768 | ||||||||
Repurchase of common stock | -62,140,000 | -62,140,000 | |||||||
Recognition of liability related to future stock option exercises (Note 17) | -13,032,000 | -13,032,000 | |||||||
Net income | 232,569,000 | ||||||||
Change in postretirement plan costs, net of tax | -15,523,000 | -15,523,000 | |||||||
Comprehensive income | 217,046,000 | ||||||||
Dividends paid | -215,094,000 | -44,294,000 | -170,800,000 | ||||||
Stock-based compensation expense | 26,163,000 | 26,163,000 | |||||||
Balance at Mar. 31, 2015 | $186,498,000 | $1,502,000 | $0 | $0 | $6,000 | ($72,293,000) | $174,985,000 | $104,457,000 | ($22,159,000) |
Balance (shares) at Mar. 31, 2015 | 150,237,675 | 0 | 0 | 1,851,589 | -2,999,393 |
Business_Overview
Business Overview | 12 Months Ended |
Mar. 31, 2015 | |
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, not-for-profit organizations, and international clients. The Company reports operating results and financial data in one operating segment. The Company is headquartered in McLean, Virginia, with approximately 22,500 employees as of March 31, 2015. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2015 | |
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, 2015 and 2014 and the Company’s results of operations for fiscal 2015, fiscal 2014, and fiscal 2013. | |
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 contractual and regulatory reserves, valuation and lives of tangible and intangible assets, contingent consideration related to business acquisitions, 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. Executive compensation that we determine to be allowable for cost reimbursement based on management's estimates is recognized as revenue, net of reserves. 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 earned under time-and-materials contracts is recognized as hours are worked based on contractually billable rates to the client. Costs on time-and-materials contracts are expensed as incurred. | |
Revenue on fixed-price contracts is primarily recognized using the percentage of completion method based on actual costs incurred relative to total estimated costs for the contract. On some fixed-price contracts the Company may use an alternative input method to calculate the percent complete, such as labor hours or labor dollars. This method is used when a contract contains significant, up-front material purchases resulting in costs incurred that are not representative of the actual progress on the contract. In either method, 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 the changes in estimated costs are identified. Profits on fixed-price contracts result from the difference between incurred costs used to calculate the percentage of completion 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 because it is the primary obligor on our contracts with customers. 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 cash equivalents 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, for 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, as appropriate. 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 depending on when the amounts will be recognized. Then they are amortized on a straight line basis over the lease term. | |
Business Combinations | |
The accounting for the Company’s business combinations consists of allocating the purchase price to tangible and intangible assets acquired and liabilities assumed based on their fair values, with the excess recorded as goodwill. The Company has one year from the acquisition date to use additional information obtained to adjust the fair value of the acquired assets and liabilities which may result in changes to their recorded values with an offsetting adjustment to goodwill. | |
During the fiscal year ended March 31, 2015, the Company entered into a contingent consideration arrangement in connection with a business acquisition which required a fair value measurement using inputs such as projected cash flows and volatility. See Note 18 to our consolidated financial statements for further information about the valuation of the contingent consideration liability and the inputs used in the fair value measurement. | |
Intangible Assets | |
Intangible assets primarily consist of the Company's trade name, customer relationships, and other amortizable intangible assets. Customer relationships are amortized on an accelerated basis over the expected life based on projected future cash flows of approximately seven to nine years. The Company's trade name is not amortized, but is tested on at least an annual basis as of January 1 and more frequently if interim indicators of impairment exist. The trade name is considered to be impaired if the carrying value exceeds its estimated fair value. The Company used the relief from royalty method to estimate the fair value. The fair value of the asset is the present value of the license fees avoided by owning the asset, or the royalty savings. During the fiscal years ended March 31, 2015, 2014, and 2013 the Company did not record any impairment of 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, 2015, 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, 2015, 2014, and 2013 the Company did not record any impairment of goodwill. | |
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, 2015, 2014, and 2013 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, 2015 and 2014 consisted of net unrealized 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 (loss), 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 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, high-deductible, 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 are 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 is 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. As of March 31, 2015, there is no liability associated with the Company's deferred compensation plan. | |
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 guidance for fair value measurements establishes a three level fair value hierarchy that 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). Assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. See Note 18 for additional information on the Company’s fair value measurements. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard that will replace existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. In April 2015, the FASB proposed a one-year delay in the effective date of the standard to January 1, 2018, with an option that would permit companies to adopt the standard as early as the original effective date. Early adoption prior to the effective date is not permitted. A final decision on the effective date is expected in 2015. The new standard will be effective for the Company beginning on April 1, 2017 (i.e., beginning with the first quarter fiscal 2018 interim financial statements) or April 1, 2018 if the one-year delay is enacted. The new standard may be adopted retrospectively for all periods presented, or adopted using a modified retrospective approach. Under the retrospective approach, the fiscal 2017 and 2016 financial statements would be adjusted to reflect the effects of adopting the new standard in those periods. Under the modified retrospective approach, the new standard would only be adopted for the period beginning April 1, 2017 to new contracts and those contracts that are not yet complete at April 1, 2017, with a cumulative catch-up adjustment recorded to beginning retained earnings for existing contracts that still require performance. Management is still in the process of determining which transition method to utilize in order to adopt the new standard and still assessing what effect the adoption of this standard may have on the timing of our revenue recognition and our financial statements. | |
Other recent accounting pronouncements issued by the FASB during fiscal 2015 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, 2015 | ||||||||||||
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 and Class E Special Voting Common Stock. During fiscal 2015, the Company converted all issued and outstanding shares of Class B Non-Voting Common Stock and Class C Restricted Common Stock into shares of Class A Common Stock on a one-for-one basis. 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 in each quarter of fiscal 2015, 2014, and 2013. As such, EPS is calculated using the two-class method whereby earnings are reduced by distributed earnings as well as any available undistributed earnings allocable to 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, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Earnings for basic computations (1) | $ | 229,093 | $ | 229,082 | $ | 209,994 | ||||||
Weighted-average Class A Common Stock outstanding | 144,809,906 | 139,275,596 | 131,068,847 | |||||||||
Weighted-average Class B Non-Voting Common Stock outstanding | 222,129 | 1,019,051 | 2,080,050 | |||||||||
Weighted-average Class C Restricted Common Stock outstanding | 382,085 | 1,019,897 | 1,253,832 | |||||||||
Total weighted-average common shares outstanding for basic computations | 145,414,120 | 141,314,544 | 134,402,729 | |||||||||
Earnings for diluted computations (1) | $ | 229,101 | $ | 229,082 | $ | 209,994 | ||||||
Dilutive stock options and restricted stock | 4,961,411 | 7,366,530 | 10,451,995 | |||||||||
Average number of common shares outstanding for diluted computations | 150,375,531 | 148,681,074 | 144,854,724 | |||||||||
Earnings per common share | ||||||||||||
Basic | $ | 1.58 | $ | 1.62 | $ | 1.56 | ||||||
Diluted | $ | 1.52 | $ | 1.54 | $ | 1.45 | ||||||
(1) During fiscal 2015, 2014, and 2013 approximately 2.2 million, 1.3 million, and 1.2 million shares of participating securities were paid dividends totaling $3.2 million, $3.1 million, and $9.1 million, respectively. For fiscal 2015 there were undistributed earnings of $256,000 and $248,000 allocated to the participating class of securities in basic and diluted earnings per share, respectively. The allocated undistributed earnings and the dividends paid comprise the difference between net income presented on the consolidated statements of operations for fiscal 2015 and earnings for basic and diluted computations, while only the dividends paid for fiscal 2014 and 2013 comprise the difference from net income presented on the consolidated statements of operations, as there were no undistributed earnings. | ||||||||||||
The EPS calculation for fiscal 2015, 2014, and 2013 excludes 306,000, 1,072,000, and 328,000 options as their impact was anti-dilutive. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
As of March 31, 2015 and 2014, goodwill was $1,304.2 million and $1,273.8 million, respectively. The increase in the carrying amount of goodwill is primarily attributable to the Company's business acquisitions. The Company performed an annual impairment test of goodwill as of January 1, 2015 and 2014, noting no impairment. | |||||||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||
Intangible assets consisted of the following: | |||||||||||||||||||||||||
As of March 31, 2015 | As of March 31, 2014 | ||||||||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||
Amortizable intangible assets | |||||||||||||||||||||||||
Customer relationships and other amortizable intangible assets | $ | 196,359 | $ | 167,177 | $ | 29,182 | $ | 187,758 | $ | 157,071 | $ | 30,687 | |||||||||||||
Total | $ | 196,359 | $ | 167,177 | $ | 29,182 | $ | 187,758 | $ | 157,071 | $ | 30,687 | |||||||||||||
Unamortizable intangible assets | |||||||||||||||||||||||||
Trade name | $ | 190,200 | $ | — | $ | 190,200 | $ | 190,200 | $ | — | $ | 190,200 | |||||||||||||
Total | $ | 386,559 | $ | 167,177 | $ | 219,382 | $ | 377,958 | $ | 157,071 | $ | 220,887 | |||||||||||||
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, 2015 and 2014, noting no impairment. | |||||||||||||||||||||||||
Amortization expense for fiscal 2015, 2014, and 2013 was $10.7 million, $14.8 million, and $14.8 million, respectively. The following table summarizes the estimated annual amortization expense for future periods indicated below: | |||||||||||||||||||||||||
For the Fiscal Year Ended March 31, | |||||||||||||||||||||||||
2016 | $ | 10,722 | |||||||||||||||||||||||
2017 | 9,330 | ||||||||||||||||||||||||
2018 | 3,889 | ||||||||||||||||||||||||
2019 | 2,677 | ||||||||||||||||||||||||
2020 | 1,468 | ||||||||||||||||||||||||
Thereafter | 1,096 | ||||||||||||||||||||||||
Total amortization expense | $ | 29,182 | |||||||||||||||||||||||
Accounts_Receivable_Net
Accounts Receivable, Net | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Receivables [Abstract] | ||||||||
ACCOUNTS RECEIVABLE, NET | ACCOUNTS RECEIVABLE, NET | |||||||
Accounts receivable, net consisted of the following: | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Current | ||||||||
Accounts receivable–billed | $ | 318,464 | $ | 395,509 | ||||
Accounts receivable–unbilled | 539,203 | 522,685 | ||||||
Allowance for doubtful accounts | (357 | ) | (1,457 | ) | ||||
Accounts receivable, net | 857,310 | 916,737 | ||||||
Long-term | ||||||||
Unbilled receivables | 18,496 | 22,877 | ||||||
Total accounts receivable, net | $ | 875,806 | $ | 939,614 | ||||
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 (benefit) for doubtful accounts (including certain unbilled reserves) of $(1.0) million, $1.3 million, and $544,000 for fiscal 2015, 2014 and 2013, 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, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
PROPERTY AND EQUIPMENT, NET | PROPERTY AND EQUIPMENT, NET | ||||||||
The components of property and equipment, net were as follows: | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Furniture and equipment | $ | 134,378 | $ | 104,463 | |||||
Computer equipment | 57,723 | 49,469 | |||||||
Software | 43,881 | 25,380 | |||||||
Leasehold improvements | 152,661 | 201,166 | |||||||
Total | 388,643 | 380,478 | |||||||
Less: Accumulated depreciation and amortization | (277,276 | ) | (251,051 | ) | |||||
Property and equipment, net | $ | 111,367 | $ | 129,427 | |||||
Property and equipment, net, includes $4.9 million and $6.6 million of internally developed software, net of depreciation as of March 31, 2015 and 2014, respectively. Depreciation and amortization expense relating to property and equipment for fiscal 2015, 2014, and 2013 was $52.7 million, $57.6 million, and $59.5 million, respectively. During fiscal 2015 and 2014, the Company reduced the gross cost and accumulated depreciation and amortization by $16.3 million and $17.3 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, 2015 | |||||||||
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, | |||||||||
2015 | 2014 | ||||||||
Vendor payables | $ | 215,995 | $ | 265,079 | |||||
Accrued expenses | 265,820 | 223,728 | |||||||
Total accounts payable and other accrued expenses | $ | 481,815 | $ | 488,807 | |||||
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, 2015 | ||||||||
Accrued Compensation and Benefits [Abstract] | ||||||||
ACCRUED COMPENSATION AND BENEFITS | ACCRUED COMPENSATION AND BENEFITS | |||||||
Accrued compensation and benefits consisted of the following: | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Bonus | $ | 82,237 | $ | 75,423 | ||||
Retirement | 29,285 | 43,405 | ||||||
Vacation | 115,657 | 117,626 | ||||||
Stock-based compensation liability (Note 17) | 31,732 | 39,922 | ||||||
Deferred Compensation (1) | — | 27,547 | ||||||
Other | 20,328 | 27,517 | ||||||
Total accrued compensation and benefits | $ | 279,239 | $ | 331,440 | ||||
(1) The Company maintained a deferred compensation plan, or EPP, established in January 2009, for the benefit of certain employees. The EPP allowed 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 made no contributions to the EPP, but maintained participant accounts for deferred amounts and interest earned. The deferred balance was paid during the three months ended December 31, 2014. The EPP is no longer active as of March 31, 2015. |
Deferred_Payment_Obligation
Deferred Payment Obligation | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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, 2015 and 2014, the Company has recorded $57.8 million and $56.8 million, respectively, for pre-acquisition uncertain tax positions, of which approximately $20.6 million and $19.6 million, respectively, may be indemnified under the remaining available DPO. During fiscal 2015, 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, 2015 and 2014. Accordingly, the $60.7 million and $61.7 million DPO balance recorded as of March 31, 2015 and 2014, 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, | |||||||||
2015 | 2014 | ||||||||
Deferred payment obligation | $ | 80,000 | $ | 80,000 | |||||
Indemnified pre-acquisition uncertain tax positions | (20,586 | ) | (19,556 | ) | |||||
Accrued interest | 1,304 | 1,304 | |||||||
Amount recorded in the consolidated balance sheets | $ | 60,718 | $ | 61,748 | |||||
During fiscal 2015 and 2014 respectively, the Company paid $8.0 million in each year of accrued interest to the selling shareholders. |
Debt
Debt | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||
DEBT | DEBT | ||||||||||||||||||||||||||||
Debt consisted of the following: | |||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||||||
Interest | Outstanding | Interest | Outstanding | ||||||||||||||||||||||||||
Rate | Balance | Rate | Balance | ||||||||||||||||||||||||||
Term Loan A | 2.68 | % | $ | 796,024 | 2.65 | % | $ | 660,317 | |||||||||||||||||||||
Term Loan B | 3.75 | % | 830,311 | 3.75 | % | 998,602 | |||||||||||||||||||||||
Total | 1,626,335 | 1,658,919 | |||||||||||||||||||||||||||
Less: Current portion of long-term debt | (57,063 | ) | (73,688 | ) | |||||||||||||||||||||||||
Long-term debt, net of current portion | $ | 1,569,272 | $ | 1,585,231 | |||||||||||||||||||||||||
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 Amendment to the Credit Agreement, dated as of August 16, 2013). Pursuant to the Second Amendment, the Company increased its borrowing under Term Loan A by approximately $168.4 million, the proceeds of which were used to pay outstanding principal on the Term Loan B. The rates for Term Loan A and Term Loan B, as amended, remain unchanged. The Second Amendment also extended the maturity date of Term Loan A and the revolving credit facility to May 31, 2019. The maturity date for Term Loan B remained unchanged at July 31, 2019. The Company also amended its existing debt covenants to provide for greater operational and financial flexibility. | |||||||||||||||||||||||||||||
As of March 31, 2015, the Credit Agreement, as amended, provided the Company with an $830.0 million Term Loan A and an $841.2 million Term Loan B, and a $500.0 million revolving credit facility, with a sublimit for letters of credit of $100.0 million. The outstanding obligations under the Credit Agreement, as amended, are secured by a security interest in substantially all of the assets of the Company, subject to certain exceptions set forth in the Credit Agreement, as amended, and related documentation. | |||||||||||||||||||||||||||||
In connection with the Second Amendment, the Company accelerated the amortization of ratable portions of the Debt Issuance Costs, or DIC, and Original Issue Discount, or OID, associated with the prior senior secured loan facilities of $1.2 million. These expenses are reflected in other expense, net in the consolidated statement of operations for fiscal 2015. Furthermore, the Company expensed third party debt issuance costs of $2.0 million that did not qualify for deferral, which are reflected in general and administrative costs in the consolidated statement of operations for fiscal 2015. | |||||||||||||||||||||||||||||
We occasionally borrow under our revolving credit facility in anticipation of cash demands. During the fiscal years ended March 31, 2015 and 2014, the Company's wholly-owned subsidiary Booz Allen Hamilton Inc. accessed a total of $80.0 million and $300.0 million, respectively, of its $500.0 million revolving credit facility. As of March 31, 2015 and 2014, no amounts were outstanding on the revolving credit facility. | |||||||||||||||||||||||||||||
The Credit Agreement, as amended, requires quarterly principal payments of 1.25% of the stated principal amount of Term Loan A, with annual incremental increases to 1.875%, 2.50%, 3.125%, and 13.0%, prior to Term Loan A's maturity date of May 31, 2019. As a result of paying approximately $168.4 million of Term Loan B principal in connection with the Second Amendment, no additional principal payments are required until the remaining balance is due on Term Loan B's maturity date of July 31, 2019. The revolving credit facility matures on May 31, 2019, 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 | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | |||||||||||||||||||||||
Term Loan A | $ | 798,875 | $ | 57,063 | $ | 77,813 | $ | 98,562 | $ | 349,637 | $ | 215,800 | $ | — | |||||||||||||||
Term Loan B | 841,188 | — | — | — | — | 841,188 | — | ||||||||||||||||||||||
Total | $ | 1,640,063 | $ | 57,063 | $ | 77,813 | $ | 98,562 | $ | 349,637 | $ | 1,056,988 | $ | — | |||||||||||||||
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 2015, interest payments of $21.0 million and $29.0 million were made for Term Loan A and Term Loan B, respectively. During fiscal 2014, interest payments of $19.0 million and $41.9 million were made for Term Loan A and Term Loan B, respectively. | |||||||||||||||||||||||||||||
The total outstanding debt balance is recorded in the accompanying consolidated balance sheets, net of unamortized discount of $13.7 million and $12.3 million as of March 31, 2015 and 2014, respectively. As of March 31, 2015 and 2014, 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, 2015 | |||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Beginning of year | $ | 25,670 | $ | 31,820 | |||||||||||||||||||||||||
Amortization | (5,334 | ) | (6,719 | ) | |||||||||||||||||||||||||
Accelerated amortization of DIC related to May 2014 Refinancing Transaction and August 2013 Repricing Transaction 1 | (1,131 | ) | (610 | ) | |||||||||||||||||||||||||
Additional DIC related to May 2014 Refinancing Transaction and August 2013 Repricing Transaction 2 | 2,035 | 1,179 | |||||||||||||||||||||||||||
End of year | $ | 21,240 | $ | 25,670 | |||||||||||||||||||||||||
1 Included in "Amortization of debt issuance costs and loss on extinguishment" in the consolidated statement of cash flows. | |||||||||||||||||||||||||||||
2 Included in "Debt issuance costs" in the consolidated statement of cash flows. | |||||||||||||||||||||||||||||
Costs incurred in connection with the May 7, 2014 Refinancing Transaction were $4.0 million, of which $2.0 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 $2.0 million, which was not deferred, was recorded as general and administrative expenses in the consolidated statements of operations in fiscal 2015. | |||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||
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 | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | |||||||||||||||||||||||
Term Loan A | $ | 6,012 | $ | 1,732 | $ | 1,622 | $ | 1,463 | $ | 1,108 | $ | 87 | $ | — | |||||||||||||||
Term Loan B | 7,501 | 1,611 | 1,678 | 1,752 | 1,830 | 630 | — | ||||||||||||||||||||||
Revolver | 7,727 | 1,858 | 1,853 | 1,853 | 1,853 | 310 | — | ||||||||||||||||||||||
Total | $ | 21,240 | $ | 5,201 | $ | 5,153 | $ | 5,068 | $ | 4,791 | $ | 1,027 | $ | — | |||||||||||||||
Income_Taxes_Income_Taxes
Income Taxes Income Taxes | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
INCOME TAXES | INCOME TAXES | ||||||||||||
The components of income tax expense were as follows: | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current | |||||||||||||
U.S. Federal | $ | 133,400 | $ | 148,908 | $ | 161,838 | |||||||
State and local | 22,492 | 26,062 | 35,503 | ||||||||||
Total current | 155,892 | 174,970 | 197,341 | ||||||||||
Deferred | |||||||||||||
U.S. Federal | (2,938 | ) | (22,540 | ) | (40,652 | ) | |||||||
State and local | 395 | (3,831 | ) | (7,436 | ) | ||||||||
Total deferred | (2,543 | ) | (26,371 | ) | (48,088 | ) | |||||||
Total | $ | 153,349 | $ | 148,599 | $ | 149,253 | |||||||
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, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Income tax expense computed at U.S. federal statutory rate (35%) | $ | 135,071 | $ | 133,275 | $ | 128,909 | |||||||
Increases (reductions) resulting from: | |||||||||||||
Changes in uncertain tax positions | 1,038 | 1,838 | 1,477 | ||||||||||
State income taxes, net of the federal tax benefit | 15,039 | 13,847 | 17,039 | ||||||||||
Meals and entertainment | 1,513 | 1,135 | 1,365 | ||||||||||
Other | 688 | (1,496 | ) | 463 | |||||||||
Income tax expense from operations | $ | 153,349 | $ | 148,599 | $ | 149,253 | |||||||
Significant components of the Company’s net deferred income tax (liability) asset were as follows: | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Accrued expenses | $ | 92,747 | $ | 96,554 | |||||||||
Accrued compensation | 36,956 | 40,198 | |||||||||||
Stock-based compensation | 25,537 | 34,532 | |||||||||||
Pension and postretirement insurance | 44,030 | 31,776 | |||||||||||
Property and equipment | 14,035 | 7,753 | |||||||||||
Net operating loss & Capital loss carryforwards | 263 | 532 | |||||||||||
Deferred rent and tenant allowance | 13,700 | 11,256 | |||||||||||
Other | 7,777 | 6,974 | |||||||||||
Total gross deferred income tax assets | 235,045 | 229,575 | |||||||||||
Less: Valuation allowance | — | — | |||||||||||
Total net deferred income tax assets | 235,045 | 229,575 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Accrued compensation-IRC Section 481(a) | (10,039 | ) | (20,086 | ) | |||||||||
Unbilled receivables | (104,017 | ) | (98,129 | ) | |||||||||
Intangible assets | (81,486 | ) | (80,054 | ) | |||||||||
Debt issuance costs | (4,395 | ) | (6,650 | ) | |||||||||
Other | (5,811 | ) | (3,200 | ) | |||||||||
Total deferred income tax liabilities | (205,748 | ) | (208,119 | ) | |||||||||
Net deferred income tax asset | $ | 29,297 | $ | 21,456 | |||||||||
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, 2015, the Company has a minimal amount of State net operating loss, or NOL, carryforwards. The State NOL carryforwards expire 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 the 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, 2015, 2014, and 2013 the Company has recorded $58.4 million, $57.4 million, and $57.0 million respectively, of reserves for uncertain tax positions which includes potential tax benefits of $55.2 million, $55.0 million, and $55.7 million respectively, that, if recognized, would impact the effective tax rate. Of the $58.4 million, $57.4 million, and $57.0 million of reserves for uncertain tax positions as of March 31, 2015, 2014, and 2013 respectively, approximately $20.6 million , $19.6 million, and $18.5 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 is as follows: | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Beginning of year | $ | 54,966 | $ | 55,679 | $ | 54,895 | |||||||
Federal benefit from change in reserve | — | — | — | ||||||||||
Increases in prior year position | 27 | 364 | 1,074 | ||||||||||
Increases in current year position | 203 | — | — | ||||||||||
Settlements with taxing authorities | (32 | ) | (1,074 | ) | (11 | ) | |||||||
Lapse of statute of limitations | — | (3 | ) | (279 | ) | ||||||||
End of year | $ | 55,164 | $ | 54,966 | $ | 55,679 | |||||||
The Company recognized accrued interest and penalties of approximately $840,000, $1.1 million and $952,000 for fiscal 2015, 2014, and 2013, 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 $3.3 million, $2.4 million and $1.3 million at March 31, 2015, 2014, and 2013 respectively. | |||||||||||||
The Company did not have any material settlements or lapse of statute of limitations during fiscal year 2015. The Company is subject to taxation in the United States and various state and foreign jurisdictions. As of March 31, 2015, 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. It is reasonably possible that during | |||||||||||||
the next twelve months the Company’s liability for uncertain tax positions, mostly relating to prior period restructurings, may be reduced significantly (approximately $57.9 million including interest and penalties) primarily due to the lapse in statute limitations. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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, 2014, the Company transitioned from a discretionary employer contribution to an annual matching contribution of up to 6% of eligible annual income as determined by the Internal Revenue Code for the ECAP. Total expense recognized under ECAP for fiscal 2015, 2014, and 2013 was $110.7 million, $165.6 million, and $237.1 million, respectively, and the Company-paid contributions were $124.8 million, $205.2 million, and $242.6 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. | |||||||||||||
As of March 31, 2015, the Company adopted new mortality tables published by the Society of Actuaries, which reflects improved life expectancies and projected mortality improvements. The result was an increase to the benefit obligation of our defined benefit plans of $9.6 million. Our defined benefit plans' benefit obligation increased by an additional $8.9 million as a result of the decrease in the discount rate assumption by 50 basis points. | |||||||||||||
The components of net postretirement medical expense for the Officer Medical Plan were as follows: | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Service cost | $ | 4,086 | $ | 4,745 | $ | 3,892 | |||||||
Interest cost | 3,568 | 3,660 | 3,147 | ||||||||||
Net actuarial loss | 582 | 2,728 | 1,537 | ||||||||||
Total postretirement medical expense | $ | 8,236 | $ | 11,133 | $ | 8,576 | |||||||
The weighted-average discount rate used to determine the year-end benefit obligations was as follows: | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Officer Medical Plan | 4.25 | % | 4.75 | % | 4.75 | % | |||||||
Retired Officers’ Bonus Plan | 4.25 | % | 4.75 | % | 4.75 | % | |||||||
Assumed healthcare cost trend rates for the Officer Medical Plan at March 31, 2015 and 2014 were as follows: | |||||||||||||
Pre-65 initial rate | 2015 | 2014 | |||||||||||
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 | 2023 | 2023 | |||||||||||
Post-65 initial rate | 2015 | 2014 | |||||||||||
Healthcare cost trend rate assumed for next year | 6.75 | % | 7 | % | |||||||||
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 | 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, 2015 would have the following effects: | |||||||||||||
1% Increase | 1% Decrease | ||||||||||||
Effect on total of service and interest cost | $ | 1,497 | $ | (1,188 | ) | ||||||||
Effect on postretirement benefit obligation | 19,964 | (15,774 | ) | ||||||||||
Total defined benefit plan expense, consisting of service, interest, and net actuarial gain associated with the Retired Officers' Bonus Plan was $686,000, $768,000, and $743,000 for fiscal 2015, 2014, and 2013, respectively. Benefits paid associated with the Retired Officers’ Bonus Plan were $1.3 million, $1.1 million, and $361,000 for fiscal 2015, 2014, and 2013, respectively. The end-of-period benefit obligation of $4.3 million and $4.7 million as of March 31, 2015 and 2014, 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, 2015 includes unrecognized gross actuarial loss of $25.6 million, reduced by taxes of $10.1 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, 2014, includes unrecognized net 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. | |||||||||||||
The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic cost in fiscal 2016 are $3.5 million 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, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Benefit obligation, beginning of the year | $ | 75,902 | $ | 78,735 | $ | 63,585 | |||||||
Service cost | 4,086 | 4,745 | 3,892 | ||||||||||
Interest cost | 3,568 | 3,660 | 3,147 | ||||||||||
Net actuarial (gain) loss | 26,293 | (9,436 | ) | 9,891 | |||||||||
Benefits paid | (2,532 | ) | (1,802 | ) | (1,780 | ) | |||||||
Benefit obligation, end of the year | $ | 107,317 | $ | 75,902 | $ | 78,735 | |||||||
Changes in plan assets | |||||||||||||
Fair value of plan assets, beginning of the year | $ | — | $ | — | $ | — | |||||||
Employer contributions | 2,532 | 1,802 | 1,780 | ||||||||||
Benefits paid | (2,532 | ) | (1,802 | ) | (1,780 | ) | |||||||
Fair value of plan assets, end of the year | $ | — | $ | — | $ | — | |||||||
As of March 31, 2015 and 2014, the unfunded status of the Officer Medical Plan was $107.3 million and $75.9 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, 2015 and 2014, there were no plan assets for the Retired Officers’ Bonus Plan and therefore, the accumulated liability of $4.3 million and $4.7 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, | |||||||||||||
2016 | 2,672 | ||||||||||||
2017 | 3,030 | ||||||||||||
2018 | 3,368 | ||||||||||||
2019 | 4,027 | ||||||||||||
2020 | 4,454 | ||||||||||||
2021-2024 | 27,292 | ||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss (Notes) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Equity [Abstract] | ||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||
All amounts recorded in other comprehensive loss are related to the Company's post-retirement plan. The following table represents a rollforward of amounts recognized in accumulated other comprehensive loss, net of tax: | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Beginning of year | $ | (6,636 | ) | $ | (13,787 | ) | $ | (8,715 | ) | |||
Other comprehensive income (loss) before reclassifications | (15,873 | ) | 5,499 | (5,996 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 350 | 1,652 | 924 | |||||||||
Net current-period other comprehensive income (loss) | (15,523 | ) | 7,151 | (5,072 | ) | |||||||
End of year | $ | (22,159 | ) | $ | (6,636 | ) | $ | (13,787 | ) | |||
The following table presents the reclassifications out of accumulated other comprehensive loss to net income: | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Amortization of net actuarial loss included in net periodic benefit cost (See Note 13) | ||||||||||||
Total before tax | $ | 577 | $ | 2,728 | $ | 1,524 | ||||||
Tax benefit | (227 | ) | (1,076 | ) | (600 | ) | ||||||
Net of tax | $ | 350 | $ | 1,652 | $ | 924 | ||||||
Other_LongTerm_Liabilities
Other Long-Term Liabilities | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
OTHER LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES | ||||||||
Other long-term liabilities consisted of the following: | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Deferred rent | $ | 34,732 | $ | 28,527 | |||||
Stock-based compensation liability (Note 17) | — | 25,966 | |||||||
Deferred payment obligation | 59,414 | 60,444 | |||||||
Postretirement benefit obligation | 111,624 | 80,527 | |||||||
Other (1) | 8,515 | 5,746 | |||||||
Total other long-term liabilities | $ | 214,285 | $ | 201,210 | |||||
(1) Balance at March 31, 2015 includes a contingent earnout liability of $4.5 million related to business acquisitions. Refer to Note 18 for further discussion. | |||||||||
In fiscal 2015 and 2014, the Company recorded a stock-based compensation liability of $31.7 million and $65.9 million, respectively, including $31.7 million and $39.9 million, respectively, expected to be paid within one year, related to special dividends paid in July and December 2009, June and August 2012, November 2013, and February and August 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 the Company's Amended and Restated Equity Incentive Plan, or 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, 2015 | |||||||||||||
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. | |||||||||||||
Class C Restricted Common Stock was restricted in that a holder’s shares vested as set forth in the Rollover Plan. Refer to Note 17 for further discussion of the Rollover Plan. | |||||||||||||
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. At the annual meeting of stockholders held on July 31, 2014, the stockholders approved a proposal to amend and restate the certificate of incorporation, which had the effect of converting all issued and outstanding shares of Class B Non-Voting Common Stock and Class C Restricted Common Stock into shares of Class A Common Stock on a one-for-one basis. The conversion was effected on August 13, 2014 when the Company filed its third amended and restated certificate of incorporation with the Secretary of State of the State of Delaware. As a result of the conversion, there were no shares of Class B Non-Voting Common Stock and Class C Restricted Common Stock outstanding at such time. | |||||||||||||
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, 2015, 213,825 Class A Common Stock shares were purchased by employees under the ESPP. As of the program's inception, 1,508,895 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. On January 27, 2015, the Board of Directors approved an increase to the share repurchase authorization to $180.0 million. The share repurchase program may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice. On November 5, 2014, the Company entered into an agreement with an affiliate of The Carlyle Group to repurchase 1,000,000 shares of our Class A common stock pursuant to the repurchase program. The shares were repurchased at a price of $25.10 per share as part of a private non-underwritten transaction. On February 2, 2015, the Company entered into a similar agreement with an affiliate of the Carlyle Group to repurchase an additional 1,000,000 shares of our Class A common stock pursuant to the repurchase program. The shares were repurchased from the Underwriter at a price of $28.36 per share. As of March 31, 2015, the Company has $126.5 million remaining under the repurchase program. | |||||||||||||
Dividends | |||||||||||||
The following table summarizes the cash distributions recognized in the consolidated statement of cash flows: | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Recurring dividends (1) | $ | 67,846 | $ | 57,063 | $ | 48,736 | |||||||
Special dividends (2) | 147,248 | 288,739 | 1,073,733 | ||||||||||
Dividend equivalents (3) | 47,110 | 56,138 | 59,471 | ||||||||||
Total distributions | $ | 262,204 | $ | 401,940 | $ | 1,181,940 | |||||||
(1) Amounts represent recurring quarterly dividends that were declared and paid for during each quarter of fiscal 2015, fiscal 2014, and fiscal 2013. | |||||||||||||
(2) Amounts represent aggregate special dividends of $1.00 per share ($1.00 paid on August 29, 2014), $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 2015, fiscal 2014, and fiscal 2013, respectively. | |||||||||||||
(3) Dividend equivalents are distributions made to option holders equal to the special dividends declared and paid. | |||||||||||||
On May 21, 2015, the Company announced a regular quarterly cash dividend in the amount of $0.13 per share. The quarterly dividend is payable on June 30, 2015 to stockholders of record on June 10, 2015. | |||||||||||||
For each special dividend authorized and declared, the Board of Directors, acting as the Administrator of the Officers' Rollover Stock Plan and the Equity Incentive Plan (EIP), as amended, is required to make a determination under the respective plan's antidilution provision to adjust the outstanding options. Refer to Note 17 for further discussion of the special dividends. | |||||||||||||
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, 2015 | ||||||||||||||||||||||||
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, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Cost of revenue | $ | 8,652 | $ | 5,672 | $ | 7,061 | ||||||||||||||||||
General and administrative expenses | 17,511 | 14,393 | 17,780 | |||||||||||||||||||||
Total | $ | 26,163 | $ | 20,065 | $ | 24,841 | ||||||||||||||||||
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, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Equity Incentive Plan Options | $ | 4,897 | $ | 7,257 | $ | 13,148 | ||||||||||||||||||
Class A Restricted Common Stock | 21,266 | 12,171 | 8,412 | |||||||||||||||||||||
Rollover Options | — | 578 | 2,970 | |||||||||||||||||||||
Class C Restricted Stock | — | 59 | 311 | |||||||||||||||||||||
Total | $ | 26,163 | $ | 20,065 | $ | 24,841 | ||||||||||||||||||
As of March 31, 2015 and 2014, there was $27.9 million and $16.4 million of total unrecognized compensation cost related to unvested stock-based compensation agreements. The unrecognized compensation cost as of March 31, 2015 is expected to be fully amortized over the next four 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, | |||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
Equity Incentive Plan Options | $ | 4,475 | $ | 8,249 | 2.83 | 3.1 | ||||||||||||||||||
Class A Restricted Common Stock | 23,418 | 8,157 | 2.71 | 2.02 | ||||||||||||||||||||
Total | $ | 27,893 | $ | 16,406 | ||||||||||||||||||||
Total Unrecognized Compensation Cost | ||||||||||||||||||||||||
Total | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||
Equity Incentive Plan Options | $ | 4,475 | $ | 2,639 | $ | 1,233 | $ | 480 | $ | 123 | ||||||||||||||
Class A Restricted Common Stock | 23,418 | 14,320 | 6,649 | 2,383 | 66 | |||||||||||||||||||
Total | $ | 27,893 | $ | 16,959 | $ | 7,882 | $ | 2,863 | $ | 189 | ||||||||||||||
Equity Incentive Plan | ||||||||||||||||||||||||
The Equity Incentive Plan, or EIP, was created in connection with the Merger Agreement 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.” | ||||||||||||||||||||||||
In addition to options, the Board of Directors also grants restricted stock awards to members of the Board as compensation for services rendered to the Company. These awards generally vest over one year. | ||||||||||||||||||||||||
During fiscal 2015, the Company issued two equity awards in the form of restricted stock to certain senior executives and newly hired officers of the Company. These awards will vest over a four-year period. | ||||||||||||||||||||||||
The aggregate grant date fair value of the EIP Options issued during fiscal 2015, 2014, and 2013, was $1.7 million, $4.9 million, and $4.2 million, respectively, and is being recorded as expense over the vesting period. The total fair value of EIP Options vested during fiscal 2015 and 2014 was $14.0 million and $17.5 million, respectively. The total intrinsic value of EIP options exercised during fiscal 2015 and 2014 was $15.0 million and $31.8 million, respectively. As of March 31, 2015 and 2014, there were 12,753,436 and 9,197,629 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 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 and Restricted Stock Units | ||||||||||||||||||||||||
On May 2, 2014, the Board of Directors granted 896,060 shares of Class A Restricted Stock to certain senior executives. The aggregate value of this award was estimated at $21.0 million based on the stock price of $23.45 on the grant date. This award will vest over a four year period subject to the executives' continued employment with the Company. | ||||||||||||||||||||||||
On June 23, 2014, the Board of Directors granted 196,095 shares of Class A Restricted Stock to certain newly hired partners. The aggregate value was estimated at $4.2 million based on the stock price of $21.57 on the grant date. This award will vest over four years based upon required service and performance conditions. | ||||||||||||||||||||||||
On July 1, 2014 the Board of Directors granted 465,886 Restricted Stock Units in conjunction with the Annual Incentive Plan adopted on October 1, 2010, or Annual Incentive Plan. The amount of the annual incentive payment was determined based on performance targets established by the Compensation Committee and a portion of the incentive payment awarded under the Annual Incentive Plan was paid in the form of Restricted Stock Units. A Restricted Stock Unit represents a contingent right to receive one share of Class A Common Stock upon vesting. The Restricted Stock Units will vest based on the passage of time, subject to the participant’s continued employment with the Company. The aggregate value was estimated at $10.1 million based on the stock price of $21.57 on the grant date. | ||||||||||||||||||||||||
On July 1, 2014, the Board of Directors granted the Chief Executive Officer 23,282 shares of Class A Restricted Stock. The amount of the annual incentive payment was determined based on performance targets established by the Compensation Committee and a portion of the bonus awarded under the Annual Incentive Plan to the Chief Executive Officer was paid in the form of Class A Restricted Stock. The aggregate value of this award was estimated at $0.5 million based on the stock price of $21.57 on the grant date. | ||||||||||||||||||||||||
On August 8, 2014, the Board of Directors granted 26,915 shares of Class A Restricted Stock to certain members of the Board of Directors. The aggregate value of this award was estimated at $0.6 million based on the stock price of $21.18 on the grant date. | ||||||||||||||||||||||||
On September 2, 2014, the Board of Directors granted 7,238 shares of Class A Restricted Stock to a new member of the Board of Directors. The aggregate value was estimated at $0.2 million based on the stock price of $22.69 on the grant date. | ||||||||||||||||||||||||
On February 5, 2015, the Board of Directors granted 1,593 shares of Class A Restricted Stock to a member of the Board of Directors. The aggregate value of this award was estimated at $0.05 million based on the stock price of $29.17 on the grant date. | ||||||||||||||||||||||||
The total fair value of restricted stock shares vested during fiscal 2015 and 2014 was $15.0 million and $8.7 million, respectively. | ||||||||||||||||||||||||
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 on 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 year ended March 31, 2014, 136,200 cumulative shares of Class C Restricted Stock vested. As of March 31, 2015 all shares of class C Restricted Stock were fully vested. At March 31, 2015 and 2014, 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. 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. The aggregate grant date fair value of the Rollover Options issued of $127.1 million was recorded as compensation expense over the vesting period. Rollover Options granted to retirement eligible Officers had different vesting and exercise schedules than those granted to non-retirement eligible Officers. The total grant date fair value of Rollover Options vested during fiscal 2014 was $16.2 million. The Rollover Options were fully vested as of March 31, 2015. Rollover Options granted to retirement-eligible Officers were fully exercised as of March 31, 2015. Rollover Options granted to non-retirement eligible Officers are scheduled to be fully exercised in fiscal 2016. | ||||||||||||||||||||||||
As permitted under the terms of the EIP and Rollover Plans, the Compensation Committee as Administrator of the Plans, 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 exercise of Rollover Options and the vesting or accelerated vesting of Restricted Stock. For those holders who elected to participate, the trade dates were as listed in the table below. As a result of these transactions, the Company repurchased a total of 388,824 shares and recorded them as treasury shares at a cost of $8.6 million, detailed as follows: | ||||||||||||||||||||||||
Total Shares Withheld to Cover Taxes | ||||||||||||||||||||||||
Trade Date | Shares | Cost | Total | |||||||||||||||||||||
April 1, 2014 | 2,111 | $22.32 | $ | 47,118 | ||||||||||||||||||||
May 21, 2014 | 3,266 | $22.17 | 72,407 | |||||||||||||||||||||
June 30, 2014 | 212,445 | $21.24 | 4,512,332 | |||||||||||||||||||||
September 12, 2014 | 159,179 | $22.85 | 3,637,240 | |||||||||||||||||||||
March 1, 2015 | 943 | $29.76 | 28,064 | |||||||||||||||||||||
March 31, 2015 | 10,880 | $28.94 | 314,867 | |||||||||||||||||||||
Total | 388,824 | $ | 8,612,028 | |||||||||||||||||||||
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 2015, the Company’s Board of Directors authorized and declared three regular quarterly cash dividends of $0.11 per share and one quarterly cash dividend of $0.13 per share. Therefore, an annualized dividend yield between 1.66% and 2.04% 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 the historical volatility of a peer group of publicly traded companies. 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: | ||||||||||||||||||||||||
For The Fiscal Year Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Dividend yield | 1.90% | 2.19% | 2.07% | |||||||||||||||||||||
Expected volatility | 30.42% | 30.97% | 33.12% | |||||||||||||||||||||
Risk-free interest rate | 1.60% | 1.36% | 1.44% | |||||||||||||||||||||
Expected life (in years) | 5 | 6.64 | 7 | |||||||||||||||||||||
Weighted-average grant date fair value | $5.55 | $4.59 | $4.69 | |||||||||||||||||||||
Special Dividends | ||||||||||||||||||||||||
The Board of Directors, acting as the Administrator of the Officers' Rollover Stock Plan and the Equity Incentive Plan (EIP), as amended 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 elects to grant option holders a cash payment equal to the amount of the special dividend, the Company accrues a stock-based compensation liability as the EIP options are scheduled to be vested. Rollover Options are fully vested, therefore the liability associated with these options is fully recorded on the consolidated balance sheet. The 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 October 29, 2013, the 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. On January 31, 2014, the 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. On July 30, 2014, the Board of Directors authorized and declared a special cash dividend of $1.00 per share. The dividend was paid on August 29, 2014 to stockholders of record on August 11, 2014. For each special dividend declared, the Board of Directors, acting as the Administrator of the Officers' Rollover Stock Plan and the EIP, made a determination to adjust outstanding Rollover and EIP options for the special dividend to prevent the dilution of the benefit or potential benefit of the options. The adjustment was in the form of a $1.00 dividend equivalent. Holders of the Rollover options will receive a cash payment equal to the amount of the special dividend on the exercise of the option during the options' mandatory exercise period. Holders of EIP options will receive a cash payment equal to the amount of the special dividend payable on the later of the date the dividend was paid or the vesting of the EIP option, whichever is later. | ||||||||||||||||||||||||
On June 30, 2014 vested EIP option holders received a payment of $4.4 million, related to the special dividends declared in fiscal years 2013 and 2014. On August 29, 2014 vested outstanding EIP option holders received a dividend equivalent payment of $4.5 million related to the special dividend declared in fiscal year 2015. On September 30, 2014, Rollover Options holders received a dividend equivalent payment of $37.8 million related to special dividends declared in fiscal years 2010, 2013, 2014, and 2015. On March 31, 2015, vested EIP option holders received a payment of $0.1 million, related to the special dividends declared in fiscal years 2013, 2014, and 2015. | ||||||||||||||||||||||||
Payment of the dividend equivalents were accounted for as modifications resulting in incremental benefit to the option holders resulting in additional compensation expense of $0.6 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, 2015 was $1.0 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 $0.5 million and is expected to be recognized over 2.25 years. | ||||||||||||||||||||||||
As of March 31, 2015 and 2014, the Company calculated a total recorded and unrecorded stock-based compensation liability of $35.8 million and $73.1 million, respectively, related to the special dividends paid in July and December 2009, June and August 2012, November 2013, and February and August 2014, as follows: | ||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||||
EIP Options | Rollover Options | Total | EIP Options | Rollover Options | Total | |||||||||||||||||||
Current portion of liability1 | $ | 3,697 | $ | 28,035 | $ | 31,732 | $ | 3,675 | $ | 36,247 | $ | 39,922 | ||||||||||||
Long-term portion of liability2 | — | — | — | — | 25,966 | 25,966 | ||||||||||||||||||
$ | 3,697 | $ | 28,035 | $ | 31,732 | $ | 3,675 | $ | 62,213 | $ | 65,888 | |||||||||||||
1 Included in accrued compensation and benefits (Note 8). | ||||||||||||||||||||||||
2 Included in other long-term liabilities. | ||||||||||||||||||||||||
As of March 31, 2015, $4.1 million related to EIP Options will be recorded as liabilities as the options vest over the next four years. As of March 31, 2014, there was an unrecorded liability of $7.2 million related to EIP options. There is no unrecorded liability related to Rollover options as of March 31, 2015 or 2014, as the Rollover options are fully vested. | ||||||||||||||||||||||||
The following table summarizes unvested restricted stock activity for the periods presented: | ||||||||||||||||||||||||
Number of | Weighted | |||||||||||||||||||||||
Shares | Average Grant Date | |||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
Unvested Restricted Stock Awards | ||||||||||||||||||||||||
Unvested at March 31, 2014 | 1,296,013 | 17.06 | ||||||||||||||||||||||
Granted | 1,617,069 | 22.62 | ||||||||||||||||||||||
Vested | 693,228 | 17.34 | ||||||||||||||||||||||
Forfeited | 1,839 | 21.57 | ||||||||||||||||||||||
Unvested at March 31, 2015 | 2,218,015 | 21.02 | ||||||||||||||||||||||
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, 2014 | 728,550 | $ | 0.01 | * | ||||||||||||||||||||
Granted | — | |||||||||||||||||||||||
Forfeited | — | |||||||||||||||||||||||
Expired | — | |||||||||||||||||||||||
Exercised | 728,550 | 0.01 | * | |||||||||||||||||||||
Options outstanding at March 31, 2015 | — | * | ||||||||||||||||||||||
Non-Retirement Eligible: | ||||||||||||||||||||||||
Options outstanding at March 31, 2014 | 3,696,103 | $ | 0.01 | * | ||||||||||||||||||||
Granted | — | |||||||||||||||||||||||
Forfeited | — | |||||||||||||||||||||||
Expired | — | |||||||||||||||||||||||
Exercised | 1,838,977 | 0.01 | * | |||||||||||||||||||||
Options outstanding at March 31, 2015 | 1,857,126 | $ | 0.01 | * | ||||||||||||||||||||
Equity Incentive Plan Options | ||||||||||||||||||||||||
Options outstanding at March 31, 2014 | 7,050,965 | $ | 9.39 | |||||||||||||||||||||
Granted | 306,262 | 23.38 | ||||||||||||||||||||||
Forfeited | 246,710 | 13.38 | ||||||||||||||||||||||
Expired | — | — | ||||||||||||||||||||||
Exercised | 833,712 | 7.3 | ||||||||||||||||||||||
Options outstanding at March 31, 2015 | 6,276,805 | $ | 10.19 | ** | ||||||||||||||||||||
* 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 | |||||||||||||||||||||||
Options | Average Grant Date | |||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
Equity Incentive Plan Options | ||||||||||||||||||||||||
Unvested at March 31, 2014 | 3,403,059 | $ | 5.78 | |||||||||||||||||||||
Granted | 306,262 | 5.55 | ||||||||||||||||||||||
Vested | 1,232,686 | 6 | ||||||||||||||||||||||
Forfeited | 246,710 | 5.31 | ||||||||||||||||||||||
Unvested at March 31, 2015 | 2,229,925 | $ | 5.68 | |||||||||||||||||||||
The following table summarizes stock options outstanding at March 31, 2015: | ||||||||||||||||||||||||
Range of exercise prices | Stock | Weighted | Weighted | Intrinsic Value | Stock | Weighted | Weighted | Intrinsic Value | ||||||||||||||||
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 | 1,857,126 | $0.01 | -1 | 0.25 | $53,727 | 1,857,126 | $0.01 | 0.25 | $53,727 | |||||||||||||||
Equity Incentive Plan | ||||||||||||||||||||||||
$4.28 - $29.38 | 6,276,805 | $10.19 | -2 | 5.71 | $ | 117,663 | 4,046,880 | $7.81 | 4.91 | $85,511 | ||||||||||||||
(1) 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. | ||||||||||||||||||||||||
(2) Reflects exercise price adjustment of $6.36 per grant for the $6.50 dividend per share issued July 30, 2012. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
FAIR VALUE MEASUREMENTS | The accounting guidance for fair value measurements establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions (Level 3). | |||||||||||||||
A financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The financial instruments measured at fair value in the accompanying consolidated balance sheets consist of the following: | ||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||
as of March 31, 2015 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash and cash equivalents | $ | 48,942 | $ | — | $ | — | $ | 48,942 | ||||||||
Money market funds (1) | — | 158,275 | — | 158,275 | ||||||||||||
Total cash and cash equivalents | $ | 48,942 | $ | 158,275 | $ | — | $ | 207,217 | ||||||||
Liabilities: | ||||||||||||||||
Contingent earnout liability (2) | — | — | 4,500 | 4,500 | ||||||||||||
Total liabilities | $ | — | $ | — | $ | 4,500 | $ | 4,500 | ||||||||
Recurring Fair Value Measurements | ||||||||||||||||
as of March 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash and cash equivalents: | ||||||||||||||||
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 | ||||||||
(1) Level 2 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. Therefore, the fair value approximates the carrying value. Depending on our short-term liquidity needs, we make regular transfers between money market funds and other cash equivalents. | ||||||||||||||||
(2) On October 9, 2014, the Company entered into a contingent consideration arrangement in connection with a business acquisition. Under the arrangement, the Company agreed to pay up to a maximum of $9 million in cash to the seller if certain financial performance thresholds are achieved in calendar years 2016 and 2017. The fair value of the contingent consideration liability as of March 31, 2015 was $4.5 million and is a Level 3 fair value measurement recorded within other long-term liabilities. It was valued using a Monte Carlo simulation and the key input besides projected cash flows was volatility, estimated as 30% based on the asset volatility of comparable publicly-traded companies. An increase (decrease) in volatility in isolation would result in a lower (higher) fair value measurement. After the initial recording of this liability as a part of the purchase accounting, there were no subsequent changes in fair value recorded during the six months ended March 31, 2015. Any future changes in the fair value of this contingent consideration liability will be recognized in earnings during the applicable period. | ||||||||||||||||
The fair value of the Company's debt instruments approximates its carrying value at March 31, 2015 and March 31, 2014. 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). | ||||||||||||||||
The following table presents a summary of changes in the fair value of the Company's contingent earnout liability categorized as Level 3 for the fiscal year ended March 31, 2015: | ||||||||||||||||
Contingent Earnout Liability | ||||||||||||||||
Balance at March 31, 2014 | $ | — | ||||||||||||||
Issuances | 4,500 | |||||||||||||||
Balance at March 31, 2015 | $ | 4,500 | ||||||||||||||
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | RELATED-PARTY TRANSACTIONS |
The Carlyle Group is the largest shareholder of the Company. On November 5, 2014, the Company entered into an agreement with an affiliate of The Carlyle Group to repurchase 1,000,000 shares of our Class A common stock pursuant to the repurchase program described in Note 16 above. The shares were repurchased at a price of $25.10 per share as part of a private non-underwritten transaction. On February 2, 2015, the Company entered into an underwriting agreement with an affiliate of the Carlyle Group, or the selling stockholder, and Morgan Stanley & Co. LLC, or the underwriter, pursuant to which (i) the selling stockholder sold 12,000,000 shares of our Class A Common Stock to the underwriter and (ii) the Company repurchased 1,000,000 shares of our Class A common stock from the underwriter. The shares were repurchased at a price of $28.36 per share from the underwriter. | |
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 2015 were $1.1 million and $857,000, respectively. 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 party transactions for fiscal 2013 were $739,000 and $657,000, 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 $47.0 million and $55.5 million at March 31, 2015 and 2014, respectively. The participation by such investment vehicles in the syndication of the Company's debt during fiscal 2015 and 2014 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. For fiscal 2015, 2014, and 2013, the Company incurred $1.0 million per year in advisory fees. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 2026. 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 $92.9 million, net of $696,000 of sublease income, $103.5 million, net of $2.5 million of sublease income, and $105.9 million, net of $5.5 million of sublease income, for fiscal 2015, 2014, and 2013, respectively. | |||||||||
Future minimum operating lease payments for noncancelable operating leases and future minimum income for noncancelable sublease rentals are summarized as follows: | |||||||||
For the Fiscal Year Ending March 31, | Operating | Operating | |||||||
Lease | Sublease | ||||||||
Payments | Income | ||||||||
2016 | $ | 70,158 | $ | 198 | |||||
2017 | 43,014 | 47 | |||||||
2018 | 31,608 | 17 | |||||||
2019 | 26,305 | 10 | |||||||
2020 | 22,172 | 4 | |||||||
Thereafter | 48,464 | — | |||||||
$ | 241,721 | $ | 276 | ||||||
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 July 2008 acquisition, the Company assigned a total of nine leases to Booz & Co, which has subsequently changed its name to Strategy&. The Company remains liable for two leases for facilities located in Chicago and London under the terms of the original leases should Strategy& default on its obligations. All other leases assigned to Strategy& have expired. There were no events of default under these leases as of March 31, 2015 or 2014, and the maximum potential amount of undiscounted future payments is $9.3 million. The Chicago lease expires in November 2015 and the London lease expires in 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. | |||||||||
Letters of Credit and Third-Party Guarantees | |||||||||
As of March 31, 2015 and 2014, the Company was contingently liable under open standby letters of credit and bank guarantees issued by our banks in favor of third parties that totaled $5.3 million and $2.4 million, respectively. These letters of credit and bank guarantees primarily support insurance and bid and performance obligations. At March 31, 2015 and 2014, approximately $5.2 million and $2.4 million of these instruments reduce the available borrowings under the revolving credit facility. The remainder are guaranteed under a separate $5.0 million facility established in fiscal 2015, $4.9 million of which was available to the Company at March 31, 2015. | |||||||||
Government Contracting Matters | |||||||||
For fiscal 2015, 2014, and 2013, approximately 98%, 98%, and 99%, respectively, of the Company’s revenue was generated from contracts where the end client was an agency or department of the U.S. government, including contracts where Booz Allen performed in either a prime or subcontract position, and regardless of the geographic location in which the work was performed. 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, 2015 and 2014, the Company has recorded a liability of approximately $205.3 million and $189.8 million, respectively, for its current best estimate, amounts to be refunded to customers for potential adjustments from 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, 2015 and 2014, there are no material amounts accrued in the consolidated financial statements related to these proceedings. | |||||||||
Six former officers and stockholders who had departed the company 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, against us and certain of our current and former directors and officers. Three of these suits were amended on July 2, 2010 and then further amended into one consolidated complaint on September 7, 2010. Another two of the original nine suits were consolidated into one complaint on September 24, 2014. 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. The two suits that were consolidated into one action on September 24, 2014 were settled on April 16, 2015. One of the remaining suits has been dismissed by the United States District Court for the Southern District of California and is on appeal before the United States Court of Appeals for the Ninth Circuit. The other three remaining suits that were previously consolidated on September 7, 2010 have been dismissed by the United States District Court for the Southern District of New York, but are still subject to appeal by the plaintiffs. As of March 31, 2015, the aggregate alleged damages sought in these four remaining suits was approximately $291.7 million (which is sought to be trebled pursuant to RICO) plus punitive damages, costs, and fees. As of March 31, 2014, 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, 2015 | |
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, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
UNAUDITED QUARTERLY FINANCIAL DATA | UNAUDITED QUARTERLY FINANCIAL DATA | ||||||||||||||||
2015 Quarters | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Revenue | $ | 1,322,297 | $ | 1,304,841 | $ | 1,304,686 | $ | 1,342,946 | |||||||||
Operating income | 139,023 | 121,983 | 105,256 | 92,560 | |||||||||||||
Income before income taxes | 119,049 | 104,973 | 86,616 | 75,280 | |||||||||||||
Net income | 71,115 | 65,284 | 52,807 | 43,363 | |||||||||||||
Earnings per common share: | |||||||||||||||||
Basic (1) | $ | 0.49 | $ | 0.43 | $ | 0.35 | $ | 0.29 | |||||||||
Diluted (1) | $ | 0.47 | $ | 0.42 | $ | 0.35 | $ | 0.29 | |||||||||
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 | |||||||||
(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. |
Supplemental_Financial_Informa
Supplemental Financial Information | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Allowance for doubtful accounts: | |||||||||||||
Beginning balance | $ | 1,457 | $ | 188 | $ | 799 | |||||||
Provision for doubtful accounts | (1,100 | ) | 1,621 | 397 | |||||||||
Allowance for doubtful accounts from acquisitions | — | — | 32 | ||||||||||
Charges against allowance | — | (352 | ) | (1,040 | ) | ||||||||
Ending balance | $ | 357 | $ | 1,457 | $ | 188 | |||||||
Tax valuation allowance: | |||||||||||||
Beginning balance | $ | — | $ | — | $ | 36,335 | |||||||
Deductions and other adjustments | — | — | (36,335 | ) | |||||||||
Ending balance | $ | — | $ | — | $ | — | |||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
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, 2015 and 2014 and the Company’s results of operations for fiscal 2015, fiscal 2014, and fiscal 2013. | |
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 contractual and regulatory reserves, valuation and lives of tangible and intangible assets, contingent consideration related to business acquisitions, 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. Executive compensation that we determine to be allowable for cost reimbursement based on management's estimates is recognized as revenue, net of reserves. 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 earned under time-and-materials contracts is recognized as hours are worked based on contractually billable rates to the client. Costs on time-and-materials contracts are expensed as incurred. | |
Revenue on fixed-price contracts is primarily recognized using the percentage of completion method based on actual costs incurred relative to total estimated costs for the contract. On some fixed-price contracts the Company may use an alternative input method to calculate the percent complete, such as labor hours or labor dollars. This method is used when a contract contains significant, up-front material purchases resulting in costs incurred that are not representative of the actual progress on the contract. In either method, 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 the changes in estimated costs are identified. Profits on fixed-price contracts result from the difference between incurred costs used to calculate the percentage of completion 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 because it is the primary obligor on our contracts with customers. 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 cash equivalents 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, for 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, as appropriate. 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 depending on when the amounts will be recognized. Then they are amortized on a straight line basis over the lease term. | |
Business Combinations | Business Combinations |
The accounting for the Company’s business combinations consists of allocating the purchase price to tangible and intangible assets acquired and liabilities assumed based on their fair values, with the excess recorded as goodwill. The Company has one year from the acquisition date to use additional information obtained to adjust the fair value of the acquired assets and liabilities which may result in changes to their recorded values with an offsetting adjustment to goodwill. | |
During the fiscal year ended March 31, 2015, the Company entered into a contingent consideration arrangement in connection with a business acquisition which required a fair value measurement using inputs such as projected cash flows and volatility. See Note 18 to our consolidated financial statements for further information about the valuation of the contingent consideration liability and the inputs used in the fair value measurement. | |
Intangible Assets | Intangible Assets |
Intangible assets primarily consist of the Company's trade name, customer relationships, and other amortizable intangible assets. Customer relationships are amortized on an accelerated basis over the expected life based on projected future cash flows of approximately seven to nine years. The Company's trade name is not amortized, but is tested on at least an annual basis as of January 1 and more frequently if interim indicators of impairment exist. The trade name is considered to be impaired if the carrying value exceeds its estimated fair value. The Company used the relief from royalty method to estimate the fair value. The fair value of the asset is the present value of the license fees avoided by owning the asset, or the royalty savings. During the fiscal years ended March 31, 2015, 2014, and 2013 the Company did not record any impairment of intangible assets. | |
Goodwill | Intangible Assets |
Intangible assets primarily consist of the Company's trade name, customer relationships, and other amortizable intangible assets. Customer relationships are amortized on an accelerated basis over the expected life based on projected future cash flows of approximately seven to nine years. The Company's trade name is not amortized, but is tested on at least an annual basis as of January 1 and more frequently if interim indicators of impairment exist. The trade name is considered to be impaired if the carrying value exceeds its estimated fair value. The Company used the relief from royalty method to estimate the fair value. The fair value of the asset is the present value of the license fees avoided by owning the asset, or the royalty savings. During the fiscal years ended March 31, 2015, 2014, and 2013 the Company did not record any impairment of 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, 2015, 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, 2015, 2014, and 2013 the Company did not record any impairment of goodwill. | |
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, 2015, 2014, and 2013 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, 2015 and 2014 consisted of net unrealized 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 (loss), 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 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, high-deductible, 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 are 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 is 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. As of March 31, 2015, there is no liability associated with the Company's deferred compensation plan. | |
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 guidance for fair value measurements establishes a three level fair value hierarchy that 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). Assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. See Note 18 for additional information on the Company’s fair value measurements. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard that will replace existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. In April 2015, the FASB proposed a one-year delay in the effective date of the standard to January 1, 2018, with an option that would permit companies to adopt the standard as early as the original effective date. Early adoption prior to the effective date is not permitted. A final decision on the effective date is expected in 2015. The new standard will be effective for the Company beginning on April 1, 2017 (i.e., beginning with the first quarter fiscal 2018 interim financial statements) or April 1, 2018 if the one-year delay is enacted. The new standard may be adopted retrospectively for all periods presented, or adopted using a modified retrospective approach. Under the retrospective approach, the fiscal 2017 and 2016 financial statements would be adjusted to reflect the effects of adopting the new standard in those periods. Under the modified retrospective approach, the new standard would only be adopted for the period beginning April 1, 2017 to new contracts and those contracts that are not yet complete at April 1, 2017, with a cumulative catch-up adjustment recorded to beginning retained earnings for existing contracts that still require performance. Management is still in the process of determining which transition method to utilize in order to adopt the new standard and still assessing what effect the adoption of this standard may have on the timing of our revenue recognition and our financial statements. | |
Other recent accounting pronouncements issued by the FASB during fiscal 2015 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, 2015 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Reconciliation of the income used to compute basic and diluted EPS | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Earnings for basic computations (1) | $ | 229,093 | $ | 229,082 | $ | 209,994 | ||||||
Weighted-average Class A Common Stock outstanding | 144,809,906 | 139,275,596 | 131,068,847 | |||||||||
Weighted-average Class B Non-Voting Common Stock outstanding | 222,129 | 1,019,051 | 2,080,050 | |||||||||
Weighted-average Class C Restricted Common Stock outstanding | 382,085 | 1,019,897 | 1,253,832 | |||||||||
Total weighted-average common shares outstanding for basic computations | 145,414,120 | 141,314,544 | 134,402,729 | |||||||||
Earnings for diluted computations (1) | $ | 229,101 | $ | 229,082 | $ | 209,994 | ||||||
Dilutive stock options and restricted stock | 4,961,411 | 7,366,530 | 10,451,995 | |||||||||
Average number of common shares outstanding for diluted computations | 150,375,531 | 148,681,074 | 144,854,724 | |||||||||
Earnings per common share | ||||||||||||
Basic | $ | 1.58 | $ | 1.62 | $ | 1.56 | ||||||
Diluted | $ | 1.52 | $ | 1.54 | $ | 1.45 | ||||||
(1) During fiscal 2015, 2014, and 2013 approximately 2.2 million, 1.3 million, and 1.2 million shares of participating securities were paid dividends totaling $3.2 million, $3.1 million, and $9.1 million, respectively. For fiscal 2015 there were undistributed earnings of $256,000 and $248,000 allocated to the participating class of securities in basic and diluted earnings per share, respectively. The allocated undistributed earnings and the dividends paid comprise the difference between net income presented on the consolidated statements of operations for fiscal 2015 and earnings for basic and diluted computations, while only the dividends paid for fiscal 2014 and 2013 comprise the difference from net income presented on the consolidated statements of operations, as there were no undistributed earnings. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Intangible assets | Intangible assets consisted of the following: | ||||||||||||||||||||||||
As of March 31, 2015 | As of March 31, 2014 | ||||||||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||
Amortizable intangible assets | |||||||||||||||||||||||||
Customer relationships and other amortizable intangible assets | $ | 196,359 | $ | 167,177 | $ | 29,182 | $ | 187,758 | $ | 157,071 | $ | 30,687 | |||||||||||||
Total | $ | 196,359 | $ | 167,177 | $ | 29,182 | $ | 187,758 | $ | 157,071 | $ | 30,687 | |||||||||||||
Unamortizable intangible assets | |||||||||||||||||||||||||
Trade name | $ | 190,200 | $ | — | $ | 190,200 | $ | 190,200 | $ | — | $ | 190,200 | |||||||||||||
Total | $ | 386,559 | $ | 167,177 | $ | 219,382 | $ | 377,958 | $ | 157,071 | $ | 220,887 | |||||||||||||
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, | |||||||||||||||||||||||||
2016 | $ | 10,722 | |||||||||||||||||||||||
2017 | 9,330 | ||||||||||||||||||||||||
2018 | 3,889 | ||||||||||||||||||||||||
2019 | 2,677 | ||||||||||||||||||||||||
2020 | 1,468 | ||||||||||||||||||||||||
Thereafter | 1,096 | ||||||||||||||||||||||||
Total amortization expense | $ | 29,182 | |||||||||||||||||||||||
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Accounts receivable, net | Accounts receivable, net consisted of the following: | |||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Current | ||||||||
Accounts receivable–billed | $ | 318,464 | $ | 395,509 | ||||
Accounts receivable–unbilled | 539,203 | 522,685 | ||||||
Allowance for doubtful accounts | (357 | ) | (1,457 | ) | ||||
Accounts receivable, net | 857,310 | 916,737 | ||||||
Long-term | ||||||||
Unbilled receivables | 18,496 | 22,877 | ||||||
Total accounts receivable, net | $ | 875,806 | $ | 939,614 | ||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Components of property and equipment, net | The components of property and equipment, net were as follows: | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Furniture and equipment | $ | 134,378 | $ | 104,463 | |||||
Computer equipment | 57,723 | 49,469 | |||||||
Software | 43,881 | 25,380 | |||||||
Leasehold improvements | 152,661 | 201,166 | |||||||
Total | 388,643 | 380,478 | |||||||
Less: Accumulated depreciation and amortization | (277,276 | ) | (251,051 | ) | |||||
Property and equipment, net | $ | 111,367 | $ | 129,427 | |||||
Accounts_Payable_and_Other_Acc1
Accounts Payable and Other Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of accounts payable and other accrued expenses | Accounts payable and other accrued expenses consisted of the following: | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Vendor payables | $ | 215,995 | $ | 265,079 | |||||
Accrued expenses | 265,820 | 223,728 | |||||||
Total accounts payable and other accrued expenses | $ | 481,815 | $ | 488,807 | |||||
Accrued_Compensation_and_Benef1
Accrued Compensation and Benefits (Tables) | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accrued Compensation and Benefits [Abstract] | ||||||||
Accrued compensation and benefits | Accrued compensation and benefits consisted of the following: | |||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Bonus | $ | 82,237 | $ | 75,423 | ||||
Retirement | 29,285 | 43,405 | ||||||
Vacation | 115,657 | 117,626 | ||||||
Stock-based compensation liability (Note 17) | 31,732 | 39,922 | ||||||
Deferred Compensation (1) | — | 27,547 | ||||||
Other | 20,328 | 27,517 | ||||||
Total accrued compensation and benefits | $ | 279,239 | $ | 331,440 | ||||
Deferred_Payment_Obligation_Ta
Deferred Payment Obligation (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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, | |||||||||
2015 | 2014 | ||||||||
Deferred payment obligation | $ | 80,000 | $ | 80,000 | |||||
Indemnified pre-acquisition uncertain tax positions | (20,586 | ) | (19,556 | ) | |||||
Accrued interest | 1,304 | 1,304 | |||||||
Amount recorded in the consolidated balance sheets | $ | 60,718 | $ | 61,748 | |||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||
Debt | Debt consisted of the following: | ||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||||||
Interest | Outstanding | Interest | Outstanding | ||||||||||||||||||||||||||
Rate | Balance | Rate | Balance | ||||||||||||||||||||||||||
Term Loan A | 2.68 | % | $ | 796,024 | 2.65 | % | $ | 660,317 | |||||||||||||||||||||
Term Loan B | 3.75 | % | 830,311 | 3.75 | % | 998,602 | |||||||||||||||||||||||
Total | 1,626,335 | 1,658,919 | |||||||||||||||||||||||||||
Less: Current portion of long-term debt | (57,063 | ) | (73,688 | ) | |||||||||||||||||||||||||
Long-term debt, net of current portion | $ | 1,569,272 | $ | 1,585,231 | |||||||||||||||||||||||||
Future debt principal repayments | The following table summarizes required future debt principal repayments: | ||||||||||||||||||||||||||||
Payments Due By March 31, | |||||||||||||||||||||||||||||
Total | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | |||||||||||||||||||||||
Term Loan A | $ | 798,875 | $ | 57,063 | $ | 77,813 | $ | 98,562 | $ | 349,637 | $ | 215,800 | $ | — | |||||||||||||||
Term Loan B | 841,188 | — | — | — | — | 841,188 | — | ||||||||||||||||||||||
Total | $ | 1,640,063 | $ | 57,063 | $ | 77,813 | $ | 98,562 | $ | 349,637 | $ | 1,056,988 | $ | — | |||||||||||||||
Deferred_Financing_Costs_Table
Deferred Financing Costs (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Beginning of year | $ | 25,670 | $ | 31,820 | |||||||||||||||||||||||||
Amortization | (5,334 | ) | (6,719 | ) | |||||||||||||||||||||||||
Accelerated amortization of DIC related to May 2014 Refinancing Transaction and August 2013 Repricing Transaction 1 | (1,131 | ) | (610 | ) | |||||||||||||||||||||||||
Additional DIC related to May 2014 Refinancing Transaction and August 2013 Repricing Transaction 2 | 2,035 | 1,179 | |||||||||||||||||||||||||||
End of year | $ | 21,240 | $ | 25,670 | |||||||||||||||||||||||||
1 Included in "Amortization of debt issuance costs and loss on extinguishment" in the consolidated statement of cash flows. | |||||||||||||||||||||||||||||
2 Included in "Debt issuance costs" in the consolidated statement of cash flows. | |||||||||||||||||||||||||||||
Deferred financing costs, by loan | 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 | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | |||||||||||||||||||||||
Term Loan A | $ | 6,012 | $ | 1,732 | $ | 1,622 | $ | 1,463 | $ | 1,108 | $ | 87 | $ | — | |||||||||||||||
Term Loan B | 7,501 | 1,611 | 1,678 | 1,752 | 1,830 | 630 | — | ||||||||||||||||||||||
Revolver | 7,727 | 1,858 | 1,853 | 1,853 | 1,853 | 310 | — | ||||||||||||||||||||||
Total | $ | 21,240 | $ | 5,201 | $ | 5,153 | $ | 5,068 | $ | 4,791 | $ | 1,027 | $ | — | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of income tax expense | The components of income tax expense were as follows: | ||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current | |||||||||||||
U.S. Federal | $ | 133,400 | $ | 148,908 | $ | 161,838 | |||||||
State and local | 22,492 | 26,062 | 35,503 | ||||||||||
Total current | 155,892 | 174,970 | 197,341 | ||||||||||
Deferred | |||||||||||||
U.S. Federal | (2,938 | ) | (22,540 | ) | (40,652 | ) | |||||||
State and local | 395 | (3,831 | ) | (7,436 | ) | ||||||||
Total deferred | (2,543 | ) | (26,371 | ) | (48,088 | ) | |||||||
Total | $ | 153,349 | $ | 148,599 | $ | 149,253 | |||||||
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, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Income tax expense computed at U.S. federal statutory rate (35%) | $ | 135,071 | $ | 133,275 | $ | 128,909 | |||||||
Increases (reductions) resulting from: | |||||||||||||
Changes in uncertain tax positions | 1,038 | 1,838 | 1,477 | ||||||||||
State income taxes, net of the federal tax benefit | 15,039 | 13,847 | 17,039 | ||||||||||
Meals and entertainment | 1,513 | 1,135 | 1,365 | ||||||||||
Other | 688 | (1,496 | ) | 463 | |||||||||
Income tax expense from operations | $ | 153,349 | $ | 148,599 | $ | 149,253 | |||||||
Components of deferred tax assets and liabilities | Significant components of the Company’s net deferred income tax (liability) asset were as follows: | ||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Accrued expenses | $ | 92,747 | $ | 96,554 | |||||||||
Accrued compensation | 36,956 | 40,198 | |||||||||||
Stock-based compensation | 25,537 | 34,532 | |||||||||||
Pension and postretirement insurance | 44,030 | 31,776 | |||||||||||
Property and equipment | 14,035 | 7,753 | |||||||||||
Net operating loss & Capital loss carryforwards | 263 | 532 | |||||||||||
Deferred rent and tenant allowance | 13,700 | 11,256 | |||||||||||
Other | 7,777 | 6,974 | |||||||||||
Total gross deferred income tax assets | 235,045 | 229,575 | |||||||||||
Less: Valuation allowance | — | — | |||||||||||
Total net deferred income tax assets | 235,045 | 229,575 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Accrued compensation-IRC Section 481(a) | (10,039 | ) | (20,086 | ) | |||||||||
Unbilled receivables | (104,017 | ) | (98,129 | ) | |||||||||
Intangible assets | (81,486 | ) | (80,054 | ) | |||||||||
Debt issuance costs | (4,395 | ) | (6,650 | ) | |||||||||
Other | (5,811 | ) | (3,200 | ) | |||||||||
Total deferred income tax liabilities | (205,748 | ) | (208,119 | ) | |||||||||
Net deferred income tax asset | $ | 29,297 | $ | 21,456 | |||||||||
Potential tax benefits roll forward | A reconciliation of the beginning and ending amount of potential tax benefits for the periods presented is as follows: | ||||||||||||
March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Beginning of year | $ | 54,966 | $ | 55,679 | $ | 54,895 | |||||||
Federal benefit from change in reserve | — | — | — | ||||||||||
Increases in prior year position | 27 | 364 | 1,074 | ||||||||||
Increases in current year position | 203 | — | — | ||||||||||
Settlements with taxing authorities | (32 | ) | (1,074 | ) | (11 | ) | |||||||
Lapse of statute of limitations | — | (3 | ) | (279 | ) | ||||||||
End of year | $ | 55,164 | $ | 54,966 | $ | 55,679 | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Service cost | $ | 4,086 | $ | 4,745 | $ | 3,892 | |||||||
Interest cost | 3,568 | 3,660 | 3,147 | ||||||||||
Net actuarial loss | 582 | 2,728 | 1,537 | ||||||||||
Total postretirement medical expense | $ | 8,236 | $ | 11,133 | $ | 8,576 | |||||||
Weighted-average discount rate for benefit obligation | The weighted-average discount rate used to determine the year-end benefit obligations was as follows: | ||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Officer Medical Plan | 4.25 | % | 4.75 | % | 4.75 | % | |||||||
Retired Officers’ Bonus Plan | 4.25 | % | 4.75 | % | 4.75 | % | |||||||
Assumed health care cost trend rates | Assumed healthcare cost trend rates for the Officer Medical Plan at March 31, 2015 and 2014 were as follows: | ||||||||||||
Pre-65 initial rate | 2015 | 2014 | |||||||||||
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 | 2023 | 2023 | |||||||||||
Post-65 initial rate | 2015 | 2014 | |||||||||||
Healthcare cost trend rate assumed for next year | 6.75 | % | 7 | % | |||||||||
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 | 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, 2015 would have the following effects: | ||||||||||||
1% Increase | 1% Decrease | ||||||||||||
Effect on total of service and interest cost | $ | 1,497 | $ | (1,188 | ) | ||||||||
Effect on postretirement benefit obligation | 19,964 | (15,774 | ) | ||||||||||
Change in Benefit 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, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Benefit obligation, beginning of the year | $ | 75,902 | $ | 78,735 | $ | 63,585 | |||||||
Service cost | 4,086 | 4,745 | 3,892 | ||||||||||
Interest cost | 3,568 | 3,660 | 3,147 | ||||||||||
Net actuarial (gain) loss | 26,293 | (9,436 | ) | 9,891 | |||||||||
Benefits paid | (2,532 | ) | (1,802 | ) | (1,780 | ) | |||||||
Benefit obligation, end of the year | $ | 107,317 | $ | 75,902 | $ | 78,735 | |||||||
Change in fair value of plan assets | |||||||||||||
Changes in plan assets | |||||||||||||
Fair value of plan assets, beginning of the year | $ | — | $ | — | $ | — | |||||||
Employer contributions | 2,532 | 1,802 | 1,780 | ||||||||||
Benefits paid | (2,532 | ) | (1,802 | ) | (1,780 | ) | |||||||
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, | |||||||||||||
2016 | 2,672 | ||||||||||||
2017 | 3,030 | ||||||||||||
2018 | 3,368 | ||||||||||||
2019 | 4,027 | ||||||||||||
2020 | 4,454 | ||||||||||||
2021-2024 | 27,292 | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Beginning of year | $ | (6,636 | ) | $ | (13,787 | ) | $ | (8,715 | ) | |||
Other comprehensive income (loss) before reclassifications | (15,873 | ) | 5,499 | (5,996 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 350 | 1,652 | 924 | |||||||||
Net current-period other comprehensive income (loss) | (15,523 | ) | 7,151 | (5,072 | ) | |||||||
End of year | $ | (22,159 | ) | $ | (6,636 | ) | $ | (13,787 | ) | |||
Reclassifications out of accumulated other comprehensive loss to net income | The following table presents the reclassifications out of accumulated other comprehensive loss to net income: | |||||||||||
March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Amortization of net actuarial loss included in net periodic benefit cost (See Note 13) | ||||||||||||
Total before tax | $ | 577 | $ | 2,728 | $ | 1,524 | ||||||
Tax benefit | (227 | ) | (1,076 | ) | (600 | ) | ||||||
Net of tax | $ | 350 | $ | 1,652 | $ | 924 | ||||||
Other_Long_Term_Liabilities_Ta
Other Long -Term Liabilities (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Other long-term liabilities | Other long-term liabilities consisted of the following: | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Deferred rent | $ | 34,732 | $ | 28,527 | |||||
Stock-based compensation liability (Note 17) | — | 25,966 | |||||||
Deferred payment obligation | 59,414 | 60,444 | |||||||
Postretirement benefit obligation | 111,624 | 80,527 | |||||||
Other (1) | 8,515 | 5,746 | |||||||
Total other long-term liabilities | $ | 214,285 | $ | 201,210 | |||||
Stockholders_Equity_Tables
Stockholders Equity (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Recurring dividends (1) | $ | 67,846 | $ | 57,063 | $ | 48,736 | |||||||
Special dividends (2) | 147,248 | 288,739 | 1,073,733 | ||||||||||
Dividend equivalents (3) | 47,110 | 56,138 | 59,471 | ||||||||||
Total distributions | $ | 262,204 | $ | 401,940 | $ | 1,181,940 | |||||||
(1) Amounts represent recurring quarterly dividends that were declared and paid for during each quarter of fiscal 2015, fiscal 2014, and fiscal 2013. | |||||||||||||
(2) Amounts represent aggregate special dividends of $1.00 per share ($1.00 paid on August 29, 2014), $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 2015, fiscal 2014, and fiscal 2013, respectively. | |||||||||||||
(3) Dividend equivalents are distributions made to option holders equal to the special dividends declared and paid. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
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, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Cost of revenue | $ | 8,652 | $ | 5,672 | $ | 7,061 | ||||||||||||||||||
General and administrative expenses | 17,511 | 14,393 | 17,780 | |||||||||||||||||||||
Total | $ | 26,163 | $ | 20,065 | $ | 24,841 | ||||||||||||||||||
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, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Equity Incentive Plan Options | $ | 4,897 | $ | 7,257 | $ | 13,148 | ||||||||||||||||||
Class A Restricted Common Stock | 21,266 | 12,171 | 8,412 | |||||||||||||||||||||
Rollover Options | — | 578 | 2,970 | |||||||||||||||||||||
Class C Restricted Stock | — | 59 | 311 | |||||||||||||||||||||
Total | $ | 26,163 | $ | 20,065 | $ | 24,841 | ||||||||||||||||||
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, | |||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
Equity Incentive Plan Options | $ | 4,475 | $ | 8,249 | 2.83 | 3.1 | ||||||||||||||||||
Class A Restricted Common Stock | 23,418 | 8,157 | 2.71 | 2.02 | ||||||||||||||||||||
Total | $ | 27,893 | $ | 16,406 | ||||||||||||||||||||
Total Unrecognized Compensation Cost | ||||||||||||||||||||||||
Total | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||
Equity Incentive Plan Options | $ | 4,475 | $ | 2,639 | $ | 1,233 | $ | 480 | $ | 123 | ||||||||||||||
Class A Restricted Common Stock | 23,418 | 14,320 | 6,649 | 2,383 | 66 | |||||||||||||||||||
Total | $ | 27,893 | $ | 16,959 | $ | 7,882 | $ | 2,863 | $ | 189 | ||||||||||||||
Shares withheld to cover taxes | As a result of these transactions, the Company repurchased a total of 388,824 shares and recorded them as treasury shares at a cost of $8.6 million, detailed as follows: | |||||||||||||||||||||||
Total Shares Withheld to Cover Taxes | ||||||||||||||||||||||||
Trade Date | Shares | Cost | Total | |||||||||||||||||||||
April 1, 2014 | 2,111 | $22.32 | $ | 47,118 | ||||||||||||||||||||
May 21, 2014 | 3,266 | $22.17 | 72,407 | |||||||||||||||||||||
June 30, 2014 | 212,445 | $21.24 | 4,512,332 | |||||||||||||||||||||
September 12, 2014 | 159,179 | $22.85 | 3,637,240 | |||||||||||||||||||||
March 1, 2015 | 943 | $29.76 | 28,064 | |||||||||||||||||||||
March 31, 2015 | 10,880 | $28.94 | 314,867 | |||||||||||||||||||||
Total | 388,824 | $ | 8,612,028 | |||||||||||||||||||||
Black Scholes weighted average assumptions | The weighted average assumptions used in the Black-Scholes option-pricing model for stock option awards were as follows: | |||||||||||||||||||||||
For The Fiscal Year Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Dividend yield | 1.90% | 2.19% | 2.07% | |||||||||||||||||||||
Expected volatility | 30.42% | 30.97% | 33.12% | |||||||||||||||||||||
Risk-free interest rate | 1.60% | 1.36% | 1.44% | |||||||||||||||||||||
Expected life (in years) | 5 | 6.64 | 7 | |||||||||||||||||||||
Weighted-average grant date fair value | $5.55 | $4.59 | $4.69 | |||||||||||||||||||||
Recorded stock-based compensation liabilities | As of March 31, 2015 and 2014, the Company calculated a total recorded and unrecorded stock-based compensation liability of $35.8 million and $73.1 million, respectively, related to the special dividends paid in July and December 2009, June and August 2012, November 2013, and February and August 2014, as follows: | |||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||||
EIP Options | Rollover Options | Total | EIP Options | Rollover Options | Total | |||||||||||||||||||
Current portion of liability1 | $ | 3,697 | $ | 28,035 | $ | 31,732 | $ | 3,675 | $ | 36,247 | $ | 39,922 | ||||||||||||
Long-term portion of liability2 | — | — | — | — | 25,966 | 25,966 | ||||||||||||||||||
$ | 3,697 | $ | 28,035 | $ | 31,732 | $ | 3,675 | $ | 62,213 | $ | 65,888 | |||||||||||||
1 Included in accrued compensation and benefits (Note 8). | ||||||||||||||||||||||||
2 Included in other long-term liabilities. | ||||||||||||||||||||||||
Unvested restricted stock activity | The following table summarizes unvested restricted stock activity for the periods presented: | |||||||||||||||||||||||
Number of | Weighted | |||||||||||||||||||||||
Shares | Average Grant Date | |||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
Unvested Restricted Stock Awards | ||||||||||||||||||||||||
Unvested at March 31, 2014 | 1,296,013 | 17.06 | ||||||||||||||||||||||
Granted | 1,617,069 | 22.62 | ||||||||||||||||||||||
Vested | 693,228 | 17.34 | ||||||||||||||||||||||
Forfeited | 1,839 | 21.57 | ||||||||||||||||||||||
Unvested at March 31, 2015 | 2,218,015 | 21.02 | ||||||||||||||||||||||
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, 2014 | 728,550 | $ | 0.01 | * | ||||||||||||||||||||
Granted | — | |||||||||||||||||||||||
Forfeited | — | |||||||||||||||||||||||
Expired | — | |||||||||||||||||||||||
Exercised | 728,550 | 0.01 | * | |||||||||||||||||||||
Options outstanding at March 31, 2015 | — | * | ||||||||||||||||||||||
Non-Retirement Eligible: | ||||||||||||||||||||||||
Options outstanding at March 31, 2014 | 3,696,103 | $ | 0.01 | * | ||||||||||||||||||||
Granted | — | |||||||||||||||||||||||
Forfeited | — | |||||||||||||||||||||||
Expired | — | |||||||||||||||||||||||
Exercised | 1,838,977 | 0.01 | * | |||||||||||||||||||||
Options outstanding at March 31, 2015 | 1,857,126 | $ | 0.01 | * | ||||||||||||||||||||
Equity Incentive Plan Options | ||||||||||||||||||||||||
Options outstanding at March 31, 2014 | 7,050,965 | $ | 9.39 | |||||||||||||||||||||
Granted | 306,262 | 23.38 | ||||||||||||||||||||||
Forfeited | 246,710 | 13.38 | ||||||||||||||||||||||
Expired | — | — | ||||||||||||||||||||||
Exercised | 833,712 | 7.3 | ||||||||||||||||||||||
Options outstanding at March 31, 2015 | 6,276,805 | $ | 10.19 | ** | ||||||||||||||||||||
* 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 | |||||||||||||||||||||||
Options | Average Grant Date | |||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
Equity Incentive Plan Options | ||||||||||||||||||||||||
Unvested at March 31, 2014 | 3,403,059 | $ | 5.78 | |||||||||||||||||||||
Granted | 306,262 | 5.55 | ||||||||||||||||||||||
Vested | 1,232,686 | 6 | ||||||||||||||||||||||
Forfeited | 246,710 | 5.31 | ||||||||||||||||||||||
Unvested at March 31, 2015 | 2,229,925 | $ | 5.68 | |||||||||||||||||||||
The following table summarizes stock options outstanding at March 31, 2015: | ||||||||||||||||||||||||
Range of exercise prices | Stock | Weighted | Weighted | Intrinsic Value | Stock | Weighted | Weighted | Intrinsic Value | ||||||||||||||||
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 | 1,857,126 | $0.01 | -1 | 0.25 | $53,727 | 1,857,126 | $0.01 | 0.25 | $53,727 | |||||||||||||||
Equity Incentive Plan | ||||||||||||||||||||||||
$4.28 - $29.38 | 6,276,805 | $10.19 | -2 | 5.71 | $ | 117,663 | 4,046,880 | $7.81 | 4.91 | $85,511 | ||||||||||||||
(1) 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. | ||||||||||||||||||||||||
(2) Reflects exercise price adjustment of $6.36 per grant for the $6.50 dividend per share issued July 30, 2012. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||
as of March 31, 2015 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash and cash equivalents | $ | 48,942 | $ | — | $ | — | $ | 48,942 | ||||||||
Money market funds (1) | — | 158,275 | — | 158,275 | ||||||||||||
Total cash and cash equivalents | $ | 48,942 | $ | 158,275 | $ | — | $ | 207,217 | ||||||||
Liabilities: | ||||||||||||||||
Contingent earnout liability (2) | — | — | 4,500 | 4,500 | ||||||||||||
Total liabilities | $ | — | $ | — | $ | 4,500 | $ | 4,500 | ||||||||
Recurring Fair Value Measurements | ||||||||||||||||
as of March 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash and cash equivalents: | ||||||||||||||||
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 | ||||||||
(1) Level 2 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. Therefore, the fair value approximates the carrying value. Depending on our short-term liquidity needs, we make regular transfers between money market funds and other cash equivalents. | ||||||||||||||||
(2) On October 9, 2014, the Company entered into a contingent consideration arrangement in connection with a business acquisition. Under the arrangement, the Company agreed to pay up to a maximum of $9 million in cash to the seller if certain financial performance thresholds are achieved in calendar years 2016 and 2017. The fair value of the contingent consideration liability as of March 31, 2015 was $4.5 million and is a Level 3 fair value measurement recorded within other long-term liabilities. It was valued using a Monte Carlo simulation and the key input besides projected cash flows was volatility, estimated as 30% based on the asset volatility of comparable publicly-traded companies. An increase (decrease) in volatility in isolation would result in a lower (higher) fair value measurement. After the initial recording of this liability as a part of the purchase accounting, there were no subsequent changes in fair value recorded during the six months ended March 31, 2015. Any future changes in the fair value of this contingent consideration liability will be recognized in earnings during the applicable period. | ||||||||||||||||
Summary of Changes in Fair Value of Contingent Earnout Liability, Categorized as Level 3 | ||||||||||||||||
Contingent Earnout Liability | ||||||||||||||||
Balance at March 31, 2014 | $ | — | ||||||||||||||
Issuances | 4,500 | |||||||||||||||
Balance at March 31, 2015 | $ | 4,500 | ||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Future minimum operating lease payments | Future minimum operating lease payments for noncancelable operating leases and future minimum income for noncancelable sublease rentals are summarized as follows: | ||||||||
For the Fiscal Year Ending March 31, | Operating | Operating | |||||||
Lease | Sublease | ||||||||
Payments | Income | ||||||||
2016 | $ | 70,158 | $ | 198 | |||||
2017 | 43,014 | 47 | |||||||
2018 | 31,608 | 17 | |||||||
2019 | 26,305 | 10 | |||||||
2020 | 22,172 | 4 | |||||||
Thereafter | 48,464 | — | |||||||
$ | 241,721 | $ | 276 | ||||||
Unaudited_Quarterly_Financial_1
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of quarterly financial information | |||||||||||||||||
2015 Quarters | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Revenue | $ | 1,322,297 | $ | 1,304,841 | $ | 1,304,686 | $ | 1,342,946 | |||||||||
Operating income | 139,023 | 121,983 | 105,256 | 92,560 | |||||||||||||
Income before income taxes | 119,049 | 104,973 | 86,616 | 75,280 | |||||||||||||
Net income | 71,115 | 65,284 | 52,807 | 43,363 | |||||||||||||
Earnings per common share: | |||||||||||||||||
Basic (1) | $ | 0.49 | $ | 0.43 | $ | 0.35 | $ | 0.29 | |||||||||
Diluted (1) | $ | 0.47 | $ | 0.42 | $ | 0.35 | $ | 0.29 | |||||||||
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 | |||||||||
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Allowance for doubtful accounts: | |||||||||||||
Beginning balance | $ | 1,457 | $ | 188 | $ | 799 | |||||||
Provision for doubtful accounts | (1,100 | ) | 1,621 | 397 | |||||||||
Allowance for doubtful accounts from acquisitions | — | — | 32 | ||||||||||
Charges against allowance | — | (352 | ) | (1,040 | ) | ||||||||
Ending balance | $ | 357 | $ | 1,457 | $ | 188 | |||||||
Tax valuation allowance: | |||||||||||||
Beginning balance | $ | — | $ | — | $ | 36,335 | |||||||
Deductions and other adjustments | — | — | (36,335 | ) | |||||||||
Ending balance | $ | — | $ | — | $ | — | |||||||
Business_Overview_Details
Business Overview (Details) | 12 Months Ended |
Mar. 31, 2015 | |
segments | |
employees | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 1 |
Number of employees | 22,500 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended |
Mar. 31, 2015 | |
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, 2015 | |
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 | 7 years |
Customer relationships | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 9 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Deferred Compensation Plan) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Compensation Related Costs [Abstract] | ||
Deferred Compensation | $0 | $27,547 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Earnings for basic computations | $229,093,000 | $229,082,000 | $209,994,000 | ||||||||
Weighted-average common shares outstanding for basic computations | 145,414,120 | 141,314,544 | 134,402,729 | ||||||||
Earnings for diluted computations | 229,101,000 | 229,082,000 | 209,994,000 | ||||||||
Dilutive stock options and restricted stock | 4,961,411 | 7,366,530 | 10,451,995 | ||||||||
Average number of common shares outstanding for diluted computations | 150,375,531 | 148,681,074 | 144,854,724 | ||||||||
Earnings per common share, Basic | $0.29 | $0.35 | $0.43 | $0.49 | $0.32 | $0.32 | $0.48 | $0.51 | $1.58 | $1.62 | $1.56 |
Earnings per common share, Diluted | $0.29 | $0.35 | $0.42 | $0.47 | $0.30 | $0.31 | $0.45 | $0.48 | $1.52 | $1.54 | $1.45 |
Payments of Dividends | 215,094,000 | 345,802,000 | 1,122,457,000 | ||||||||
Restricted Stock | |||||||||||
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Unvested shares participating in the payment of the Company's dividends declared | 2,200,000 | 1,300,000 | 1,200,000 | ||||||||
Payments of Dividends | 3,200,000 | 3,100,000 | 9,100,000 | ||||||||
Undistributed earnings (loss) allocated to participating securities, basic | 256,000 | 0 | 0 | ||||||||
Undistributed earnings (loss) allocated to participating securities, diluted | $248,000 | $0 | $0 | ||||||||
Stock Options | |||||||||||
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Antidilutive options excluded from the computation of EPS | 306,000 | 1,072,000 | 328,000 | ||||||||
Common stock, Class A | |||||||||||
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted-average common shares outstanding for basic computations | 144,809,906 | 139,275,596 | 131,068,847 | ||||||||
Non-voting common stock, Class B | |||||||||||
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted-average common shares outstanding for basic computations | 222,129 | 1,019,051 | 2,080,050 | ||||||||
Restricted common stock, Class C | |||||||||||
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted-average common shares outstanding for basic computations | 382,085 | 1,019,897 | 1,253,832 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Goodwill) (Details) (USD $) | 0 Months Ended | |||
Jan. 01, 2015 | Jan. 01, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $1,304,231,000 | $1,273,789,000 | ||
Goodwill impairment | $0 | $0 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Finite-Lived Intangible Assets) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $196,359 | $187,758 |
Accumulated Amortization | 167,177 | 157,071 |
Finite-Lived Intangible Assets, Net Carrying Value | 29,182 | 30,687 |
Customer relationships and other amortizable intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 196,359 | 187,758 |
Accumulated Amortization | 167,177 | 157,071 |
Finite-Lived Intangible Assets, Net Carrying Value | $29,182 | $30,687 |
Goodwill_and_Intangilbe_Assets
Goodwill and Intangilbe Assets (Indefinite-Lived Intangible Assets) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Intangible Assets | ||
Intangible Assets, Gross | $386,559 | $377,958 |
Accumulated Amortization | 167,177 | 157,071 |
Intangible Assets, Net | 219,382 | 220,887 |
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. 01, 2015 | Jan. 01, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Trade name impairment | $0 | $0 | |||
Amortization of intangible assets | 10,700,000 | 14,800,000 | 14,800,000 | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||||
2016 | 10,722,000 | ||||
2017 | 9,330,000 | ||||
2018 | 3,889,000 | ||||
2019 | 2,677,000 | ||||
2020 | 1,468,000 | ||||
Thereafter | 1,096,000 | ||||
Finite-Lived Intangible Assets, Net Carrying Value | 29,182,000 | 30,687,000 | |||
Customer relationships and other amortizable intangible assets | |||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||||
Finite-Lived Intangible Assets, Net Carrying Value | $29,182,000 | $30,687,000 | |||
Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||||
Minimum | Customer relationships and other amortizable intangible assets | |||||
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 | ||||
Maximum | Customer relationships and other amortizable intangible assets | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 9 years | ||||
Weighted Average | Customer relationships and other amortizable intangible assets | |||||
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, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-billed | $318,464 | $395,509 | |
Allowance for doubtful accounts | -357 | -1,457 | |
Accounts receivable, net, current | 857,310 | 916,737 | |
Total accounts receivable, net | 875,806 | 939,614 | |
Provision for doubtful accounts | -1,000 | 1,300 | 544 |
Accounts Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-unbilled | 539,203 | 522,685 | |
Other Noncurrent Assets | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-unbilled | $18,496 | $22,877 |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $388,643,000 | $380,478,000 | |
Accumulated depreciation and amortization | -277,276,000 | -251,051,000 | |
Property and equipment, net | 111,367,000 | 129,427,000 | |
Depreciation and amortization expense related to property and equipment | 52,700,000 | 57,600,000 | 59,500,000 |
Reduction to gross cost and accumulated depreciation for zero net book value assets | 16,300,000 | 17,300,000 | |
Furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 134,378,000 | 104,463,000 | |
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 57,723,000 | 49,469,000 | |
Software | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 43,881,000 | 25,380,000 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 152,661,000 | 201,166,000 | |
Internally developed software | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, net | $4,900,000 | $6,600,000 |
Accounts_Payable_and_Other_Acc2
Accounts Payable and Other Accrued Expenses (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Vendor payables | $215,995 | $265,079 |
Accrued expenses | 265,820 | 223,728 |
Total accounts payable and other accrued expenses | $481,815 | $488,807 |
Accrued_Compensation_and_Benef2
Accrued Compensation and Benefits (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Compensation and Benefits [Abstract] | ||
Bonus | $82,237 | $75,423 |
Retirement | 29,285 | 43,405 |
Vacation | 115,657 | 117,626 |
Stock-based compensation liability, current | 31,732 | 39,922 |
Deferred Compensation | 0 | 27,547 |
Other | 20,328 | 27,517 |
Total accrued compensation and benefits | $279,239 | $331,440 |
Deferred_Payment_Obligation_De
Deferred Payment Obligation (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Dec. 11, 2009 | Jul. 31, 2008 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Other Liabilities Disclosure [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 | 8,000,000 | ||
Deferred payment obligation | 80,000,000 | 80,000,000 | |||
Pre-acquisition uncertain tax positions | 57,800,000 | 56,800,000 | |||
Indemnified pre-acquisition uncertain tax positions | -20,586,000 | -19,556,000 | -18,500,000 | ||
Interest rate per six-month period on unpaid deferred payment obligation | 5.00% | ||||
Accrued interest | 1,304,000 | 1,304,000 | |||
Deferred payment obligation, amount recorded in the consolidated balance sheets | $60,718,000 | $61,748,000 |
Debt_Schedule_of_Debt_Details
Debt (Schedule of Debt) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Current and Noncurrent [Abstract] | ||
Long-term debt | $1,626,335 | $1,658,919 |
Less: Current portion of long-term debt | -57,063 | -73,688 |
Long-term debt, net of current portion | 1,569,272 | 1,585,231 |
Secured Debt | Term Loan A | ||
Long-term Debt, Current and Noncurrent [Abstract] | ||
Interest rate | 2.68% | 2.65% |
Long-term debt | 796,024 | 660,317 |
Secured Debt | Term Loan B | ||
Long-term Debt, Current and Noncurrent [Abstract] | ||
Interest rate | 3.75% | 3.75% |
Long-term debt | $830,311 | $998,602 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | 0 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | 7-May-14 | Mar. 31, 2014 | |
Debt Instrument [Line Items] | |||||
Proceeds from debt issuance | $248,438,000 | $300,000,000 | $1,739,750,000 | ||
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 | 2,000,000 | 1,600,000 | |||
Repayment of debt | 279,563,000 | 355,563,000 | 993,250,000 | ||
Long-term debt, unamortized discount | 13,700,000 | 12,300,000 | 12,300,000 | ||
Term Loan A | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, periodic payment, interest | 21,000,000 | 19,000,000 | |||
Term Loan B | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, periodic payment, interest | 29,000,000 | 41,900,000 | |||
Secured Debt | Term Loan A | |||||
Debt Instrument [Line Items] | |||||
Proceeds from debt issuance | 168,400,000 | ||||
Term loan, face amount | 830,000,000 | ||||
Quarterly periodic payment percentage, principal | 1.25% | ||||
Quarterly principal periodic payment percentage, year two | 1.88% | ||||
Quarterly principal periodic payment percentage, year three | 2.50% | ||||
Quarterly principal periodic payment percentage, year four | 3.13% | ||||
Quarterly principal periodic payment percentage, year five | 13.00% | ||||
Secured Debt | Term Loan A | Minimum | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, basis spread on variable rate | 2.00% | ||||
Secured Debt | Term Loan A | Maximum | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, basis spread on variable rate | 2.75% | ||||
Secured Debt | Term Loan A | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, basis spread on variable rate | 2.50% | ||||
Secured Debt | Term Loan B | |||||
Debt Instrument [Line Items] | |||||
Term loan, face amount | 841,200,000 | ||||
Repayment of debt | 168,400,000 | ||||
Secured Debt | Term Loan B | Minimum | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, basis spread on variable rate | 0.75% | ||||
Secured Debt | Term Loan B | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, basis spread on variable rate | 3.00% | ||||
Secured Debt | Term Loan B | London Interbank Offered Rate (LIBOR) [Member] | Maximum | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, basis spread on variable rate | 3.00% | ||||
Secured Debt | Term Loan B | Alternative Base Rate (ABR) [Member] | Minimum | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, basis spread on variable rate | 2.00% | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, maximum borrowing capacity | 500,000,000 | ||||
Proceeds from line of credit | 80,000,000 | 300,000,000 | |||
Revolving credit facility, amount outstanding | 0 | 0 | 0 | ||
Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, maximum borrowing capacity | $100,000,000 |
Debt_Future_debt_principal_rep
Debt (Future debt principal repayments) (Details) (Secured Debt, USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | |
Total | $1,640,063 |
2016 | 57,063 |
2017 | 77,813 |
2018 | 98,562 |
2019 | 349,637 |
2020 | 1,056,988 |
Thereafter | 0 |
Term Loan A | |
Debt Instrument [Line Items] | |
Total | 798,875 |
2016 | 57,063 |
2017 | 77,813 |
2018 | 98,562 |
2019 | 349,637 |
2020 | 215,800 |
Thereafter | 0 |
Term Loan B | |
Debt Instrument [Line Items] | |
Total | 841,188 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
2019 | 0 |
2020 | 841,188 |
Thereafter | $0 |
Deferred_Financing_Costs_Detai
Deferred Financing Costs (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Beginning of year | $25,670,000 | $31,820,000 |
Amortization | -5,334,000 | -6,719,000 |
Accelerated amortization of DIC related to May 2014 Refinancing Transaction and August 2013 Repricing Transaction | -1,131,000 | -610,000 |
Additional DIC related to May 2014 Refinancing Transaction and August 2013 Repricing Transaction | 2,035,000 | 1,179,000 |
End of year | 21,240,000 | 25,670,000 |
Deferred finance costs, additions | 4,000,000 | 2,800,000 |
Write off of deferred Debt Issuance Cost not Deferred | $2,000,000 | $1,600,000 |
Deferred_Financing_Costs_DIC_b
Deferred Financing Costs (DIC by Loan) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Schedule of Other Assets [Line Items] | |||
Total | $21,240 | $25,670 | $31,820 |
2016 | 5,201 | ||
2017 | 5,153 | ||
2018 | 5,068 | ||
2019 | 4,791 | ||
2020 | 1,027 | ||
Thereafter | 0 | ||
Secured Debt | Term Loan A | |||
Schedule of Other Assets [Line Items] | |||
Total | 6,012 | ||
2016 | 1,732 | ||
2017 | 1,622 | ||
2018 | 1,463 | ||
2019 | 1,108 | ||
2020 | 87 | ||
Thereafter | 0 | ||
Secured Debt | Term Loan B | |||
Schedule of Other Assets [Line Items] | |||
Total | 7,501 | ||
2016 | 1,611 | ||
2017 | 1,678 | ||
2018 | 1,752 | ||
2019 | 1,830 | ||
2020 | 630 | ||
Thereafter | 0 | ||
Revolving Credit Facility | |||
Schedule of Other Assets [Line Items] | |||
Total | 7,727 | ||
2016 | 1,858 | ||
2017 | 1,853 | ||
2018 | 1,853 | ||
2019 | 1,853 | ||
2020 | 310 | ||
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, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Current | |||
U.S. Federal | $133,400 | $148,908 | $161,838 |
State and local | 22,492 | 26,062 | 35,503 |
Total current | 155,892 | 174,970 | 197,341 |
Deferred | |||
U.S. Federal | -2,938 | -22,540 | -40,652 |
State and local | 395 | -3,831 | -7,436 |
Total deferred | -2,543 | -26,371 | -48,088 |
Total | $153,349 | $148,599 | $149,253 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Income Tax) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
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%) | $135,071 | $133,275 | $128,909 |
Changes in uncertain tax positions | 1,038 | 1,838 | 1,477 |
State income taxes, net of the federal tax benefit | 15,039 | 13,847 | 17,039 |
Meals and entertainment | 1,513 | 1,135 | 1,365 |
Other | 688 | -1,496 | 463 |
Total | $153,349 | $148,599 | $149,253 |
Income_Taxes_Components_of_Net
Income Taxes (Components of Net Deferred Income Taxes) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ||
Accrued expenses | $92,747 | $96,554 |
Accrued compensation | 36,956 | 40,198 |
Stock-based compensation | 25,537 | 34,532 |
Pension and postretirement insurance | 44,030 | 31,776 |
Property and equipment | 14,035 | 7,753 |
Net operating loss & Capital loss carryforwards | 263 | 532 |
Deferred rent and tenant allowance | 13,700 | 11,256 |
Other | 7,777 | 6,974 |
Total gross deferred income tax assets | 235,045 | 229,575 |
Less: Valuation allowance | 0 | 0 |
Total net deferred income tax assets | 235,045 | 229,575 |
Deferred income tax liabilities: | ||
Accrued Compensation-IRC Section 481(a) | -10,039 | -20,086 |
Unbilled receivables | -104,017 | -98,129 |
Intangible assets | -81,486 | -80,054 |
Debt issuance costs | -4,395 | -6,650 |
Other | -5,811 | -3,200 |
Total deferred income tax liabilities | -205,748 | -208,119 |
Net deferred income tax asset | $29,297 | $21,456 |
Income_Taxes_Uncertain_Tax_Pos
Income Taxes (Uncertain Tax Positions) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income tax reserve | $58,444,000 | $57,406,000 | $57,000,000 |
Indemnified pre-acquisition uncertain tax positions | -20,586,000 | -19,556,000 | -18,500,000 |
Reconciliation of the beginning and ending amount of potential tax benefits | |||
Beginning of year | 54,966,000 | 55,679,000 | 54,895,000 |
Federal benefit from change in reserve | 0 | 0 | 0 |
Increases in prior year position | 27,000 | 364,000 | 1,074,000 |
Increases in current year position | 203,000 | 0 | 0 |
Settlements with taxing authorities | -32,000 | -1,074,000 | -11,000 |
Lapse of statute of limitations | 0 | -3,000 | -279,000 |
End of year | 55,164,000 | 54,966,000 | 55,679,000 |
Accrued interest and penalties | 840,000 | 1,100,000 | 952,000 |
Income tax reserve, accrued penalties and interest | 3,300,000 | 2,400,000 | 1,300,000 |
Income tax reserve, potential reduction for lapse in statute of limitations | $57,900,000 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans (Additional Information) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Employer Matching Contribution, Percent of Match | 6.00% | ||
Employeesb Capital Accumulation Plan, Total expense recognized | $110,700,000 | $165,600,000 | $237,100,000 |
Employeesb Capital Accumulation Plan, Company-paid contributions | 124,800,000 | 205,200,000 | 242,600,000 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Other Changes, Mortality Assumptions | 9,600,000 | ||
Defined Benefit Plan, Other Changes, Discount Rate Assumptions | 8,900,000 | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Adjustment | 0.50% | ||
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 | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Officer Medical Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $4,086,000 | $4,745,000 | $3,892,000 |
Interest cost | 3,568,000 | 3,660,000 | 3,147,000 |
Net actuarial loss | 582,000 | 2,728,000 | 1,537,000 |
Total postretirement medical expense | $8,236,000 | $11,133,000 | $8,576,000 |
Employee_Benefit_Plans_Weighte
Employee Benefit Plans (Weighted Average Discount Rate) (Details) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Officer Medical Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average discount rate for benefit obligation | 4.25% | 4.75% | 4.75% |
Retired Officers' Bonus Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average discount rate for benefit obligation | 4.25% | 4.75% | 4.75% |
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, 2015 | Mar. 31, 2014 |
Officer Medical Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for next year, Pre 65 | 7.00% | 7.25% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate), Pre 65 | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate, Pre 65 | 2023 | 2023 |
Health care cost trend rate assumed for next year, Post 65 | 6.75% | 7.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate), Post 65 | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate, Post 65 | 2023 | 2022 |
Effect of one percentage point increase on total of service and interest cost | $1,497 | |
Effect of one percentage point decrease on total of service and interest cost | -1,188 | |
Effect of one percentage point increase on postretirement benefit obligation | 19,964 | |
Effect of one percentage point decrease on postretirement benefit obligation | ($15,774) |
Employee_Benefit_Plans_Retired
Employee Benefit Plans (Retired Officers' Bonus Plan) (Details) (Retired Officers' Bonus Plan, USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Retired Officers' Bonus Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Retired Officers' Bonus Plan, total pension expense | $686,000 | $768,000 | $743,000 |
Benefits paid | 1,300,000 | 1,100,000 | 361,000 |
Defined benefit plan, funded status of plan | $4,300,000 | $4,700,000 |
Employee_Benefit_Plans_Accumul
Employee Benefit Plans (Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||
Unrecognized gross actuarial loss | $25,600,000 | |
Unrecognized net actuarial gain | 6,700,000 | |
Unrecognized actuarial gain (loss), tax | 10,100,000 | 4,400,000 |
Amount to be amortized from accumulated other comprehensive income (loss) next fiscal year | 3,500,000 | |
Net prior service cost, accumulated other comprehensive income net periodic cost in fiscal 2016 | 0 | |
Net transition (asset) obligation, accumulated other comprehensive income net periodic cost in fiscal 2016 | $0 |
Employee_Benefit_Plans_Change_
Employee Benefit Plans (Change in Benefit Obligation and Change in Plan Assets) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Officer Medical Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of the year | $75,902,000 | $78,735,000 | $63,585,000 |
Service cost | 4,086,000 | 4,745,000 | 3,892,000 |
Interest cost | 3,568,000 | 3,660,000 | 3,147,000 |
Net actuarial (gain) loss | 26,293,000 | -9,436,000 | 9,891,000 |
Benefits paid | -2,532,000 | -1,802,000 | -1,780,000 |
Benefit obligation, end of the year | 107,317,000 | 75,902,000 | 78,735,000 |
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 | 2,532,000 | 1,802,000 | 1,780,000 |
Benefits paid | -2,532,000 | -1,802,000 | -1,780,000 |
Fair value of plan assets, end of the year | 0 | 0 | 0 |
Defined benefit plan, funded status of plan | -107,300,000 | -75,900,000 | |
Retired Officers' Bonus Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefits paid | -1,300,000 | -1,100,000 | -361,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Benefits paid | -1,300,000 | -1,100,000 | -361,000 |
Defined benefit plan, funded status of plan | $4,300,000 | $4,700,000 |
Employee_Benefit_Plans_Future_
Employee Benefit Plans (Future Benefit Payments) (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | |
2016 | $2,672 |
2017 | 3,030 |
2018 | 3,368 |
2019 | 4,027 |
2020 | 4,454 |
2021-2024 | $27,292 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Equity [Abstract] | |||
Beginning of year | ($6,636) | ($13,787) | ($8,715) |
Other comprehensive income (loss) before reclassifications | -15,873 | 5,499 | -5,996 |
Amounts reclassified from accumulated other comprehensive loss | 350 | 1,652 | 924 |
Net current-period other comprehensive income (loss) | -15,523 | 7,151 | -5,072 |
End of year | ($22,159) | ($6,636) | ($13,787) |
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, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Tax benefit | ($153,349) | ($148,599) | ($149,253) |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Total before tax | 577 | 2,728 | 1,524 |
Tax benefit | -227 | -1,076 | -600 |
Net of tax | $350 | $1,652 | $924 |
Other_LongTerm_Liabilities_Det
Other Long-Term Liabilities (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Deferred rent | $34,732,000 | $28,527,000 |
Stock-based compensation liability (Note 17) | 0 | 25,966,000 |
Deferred payment obligation | 59,414,000 | 60,444,000 |
Postretirement benefit obligation | 111,624,000 | 80,527,000 |
Other (1) | 8,515,000 | 5,746,000 |
Total other long-term liabilities | 214,285,000 | 201,210,000 |
Business Combination, Contingent Consideration, Liability | 4,500,000 | |
Stock-based compensation liability, current and noncurrent | 31,700,000 | 65,900,000 |
Stock-based compensation liability, current | $31,732,000 | $39,922,000 |
Stockholders_Equity_Common_Sto
Stockholders' Equity (Common Stock Shares Activity) (Details) | 12 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Common stock votes per share | 1 |
Stockholders_Equity_Employee_S
Stockholders' Equity (Employee Stock Purchase Plan and Share Repurchase Program) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 53 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 01, 2015 | Feb. 02, 2015 | Nov. 05, 2014 | Sep. 12, 2014 | Jun. 30, 2014 | 21-May-14 | Apr. 01, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Jan. 27, 2015 | Dec. 12, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share repurchase program, amount authorized | $180 | $30 | ||||||||||
Repurchase of common stock, in shares | 10,880 | 943 | 1,000,000 | 1,000,000 | 159,179 | 212,445 | 3,266 | 2,111 | ||||
Repurchase of common stock, cost per share | $28.94 | $29.76 | $28.36 | $25.10 | $22.85 | $21.24 | $22.17 | $22.32 | ||||
Share repurchase program, remaining authorized repurchase amount | $126.50 | 126.5 | 126.5 | |||||||||
Employee Stock Purchase Plan | 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 | 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 | 213,825 | 1,508,895 |
Stockholders_Equity_Dividends_
Stockholders' Equity (Dividends) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Aug. 29, 2014 | Jul. 30, 2014 | 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, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | 21-May-15 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Dividends | $262,204 | $401,940 | $1,181,940 | |||||||||||||||||
Special Cash Dividend | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Dividends | 147,248 | 288,739 | 1,073,733 | |||||||||||||||||
Dividends paid | $1 | $2 | $8 | $1 | $1 | $1 | $6.50 | $1.50 | ||||||||||||
Dividends declared per share | $1 | $1 | $1 | $6.50 | $1.50 | $4.64 | $1.09 | |||||||||||||
Ordinary Dividend | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Dividends | 67,846 | 57,063 | 48,736 | |||||||||||||||||
Dividends declared per share | $0.13 | $0.11 | $0.11 | $0.11 | ||||||||||||||||
Ordinary Dividend | Subsequent Event | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Dividends declared per share | $0.13 | |||||||||||||||||||
Dividend Equivalent | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Dividends | $47,110 | $56,138 | $59,471 |
StockBased_Compensation_Stockb
Stock-Based Compensation (Stock-based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $26,163 | $20,065 | $24,841 |
EIP | Stock Options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 4,897 | 7,257 | 13,148 |
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 | 21,266 | 12,171 | 8,412 |
Rollover Plan | Stock Options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 0 | 578 | 2,970 |
Rollover Plan | Restricted Stock | Restricted common stock, Class C | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 0 | 59 | 311 |
Cost of revenue | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 8,652 | 5,672 | 7,061 |
General and administrative expenses | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $17,511 | $14,393 | $17,780 |
Stock_Based_Compensation_Unrec
Stock Based Compensation (Unrecognized Compensation) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost related to unvested stock-based compensation agreements | $27,893 | $16,406 |
Unrecognized compensation cost, amortization period | 4 years | |
2016 | 16,959 | |
2017 | 7,882 | |
2018 | 2,863 | |
2019 | 189 | |
EIP | Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost related to unvested stock-based compensation agreements | 4,475 | 8,249 |
Unrecognized compensation cost, amortization period | 2 years 9 months 28 days | 3 years 1 month 7 days |
2016 | 2,639 | |
2017 | 1,233 | |
2018 | 480 | |
2019 | 123 | |
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 | 23,418 | 8,157 |
Unrecognized compensation cost, amortization period | 2 years 8 months 14 days | 2 years 0 months 9 days |
2016 | 14,320 | |
2017 | 6,649 | |
2018 | 2,383 | |
2019 | $66 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Plans) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||
Mar. 31, 2015 | Mar. 01, 2015 | Feb. 02, 2015 | Nov. 05, 2014 | Sep. 12, 2014 | Jun. 30, 2014 | 21-May-14 | Apr. 01, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Aug. 01, 2008 | Feb. 05, 2015 | Sep. 02, 2014 | Aug. 08, 2014 | Jun. 23, 2014 | 2-May-14 | Jul. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share Price | $29.17 | $22.69 | $21.18 | $21.57 | $23.45 | $21.57 | ||||||||||||
Repurchase of common stock, in shares | 10,880 | 943 | 1,000,000 | 1,000,000 | 159,179 | 212,445 | 3,266 | 2,111 | ||||||||||
Repurchase of common stock, cost per share | $28.94 | $29.76 | $28.36 | $25.10 | $22.85 | $21.24 | $22.17 | $22.32 | ||||||||||
Repurchase of common stock | $314,867 | $28,064 | $3,637,240 | $4,512,332 | $72,407 | $47,118 | $62,140,000 | $3,709,000 | $1,067,000 | |||||||||
Rollover Plan | Stock Options | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-Based Compensation Arrangement By Share-based Payment Award, Options, Grants In Period, Grant Date Fair Value | 127,100,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 16,200,000 | |||||||||||||||||
Rollover Plan | Restricted Stock | Restricted common stock, Class C | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
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 | |||||||||||||||||
Employee stock purchase plan, aggregate shares | 3,971,730 | 3,971,730 | 3,971,730 | |||||||||||||||
EIP | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,617,069 | |||||||||||||||||
Shares vested in period | 693,228 | |||||||||||||||||
EIP | Stock Options | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||||||||||
Share-Based Compensation Arrangement By Share-based Payment Award, Options, Grants In Period, Grant Date Fair Value | 1,700,000 | 4,900,000 | 4,200,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 14,000,000 | 17,500,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 15,000,000 | 31,800,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 12,753,436 | 12,753,436 | 9,197,629 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||
EIP | Restricted Stock | Common stock, Class A | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,593 | 7,238 | 26,915 | 196,095 | 896,060 | |||||||||||||
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | 15,000,000 | 8,700,000 | 50,000 | 200,000 | 600,000 | 4,200,000 | 21,000,000 | |||||||||||
Annual Incentive Plan | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-Based Compensation Arrangement By Share-based Payment Award, Annual Incentive Payment, Equity Portion, Increase Percentage | 20.00% | 20.00% | ||||||||||||||||
Annual Incentive Plan | Restricted Stock | Common stock, Class A | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 23,282 | |||||||||||||||||
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | 500,000 | |||||||||||||||||
Annual Incentive Plan | Restricted Stock Units (RSUs) | Common stock, Class A | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 465,886 | |||||||||||||||||
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | 10,100,000 | |||||||||||||||||
EIP and Rollover Plans | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Repurchase of common stock, in shares | 388,824 | |||||||||||||||||
Repurchase of common stock | $8,612,028 | |||||||||||||||||
Director | EIP | Restricted Stock | Common stock, Class A | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||||||||||||
Executive Officer | EIP | Restricted Stock | Common stock, Class A | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | 4 years | 4 years |
StockBased_Compensation_Stock_1
Stock-Based Compensation (Stock Option Assumptions) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | |
Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Dividend yield | 1.90% | 2.19% | 2.07% | ||||
Expected volatility | 30.42% | 30.97% | 33.12% | ||||
Risk-free interest rate | 1.60% | 1.36% | 1.44% | ||||
Expected life (in years) | 5 years | 6 years 7 months 19 days | 7 years | ||||
Granted, weighted average grant date fair value | $5.55 | $4.59 | $4.69 | ||||
Stock Options | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Dividend yield | 1.66% | ||||||
Stock Options | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Dividend yield | 2.04% | ||||||
Ordinary Dividend | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Dividends declared per share | $0.13 | $0.11 | $0.11 | $0.11 |
StockBased_Compensation_Specia
Stock-Based Compensation (Special Dividends) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Jul. 30, 2014 | Jan. 31, 2014 | Oct. 29, 2013 | Jul. 30, 2012 | 29-May-12 | Dec. 11, 2009 | Jul. 27, 2009 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Aug. 29, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Dividend Equivalent, Per Share | $1 | ||||||||||||||||
Cash payment for special dividends | $47,110,000 | $56,138,000 | $49,765,000 | ||||||||||||||
Stock-based compensation liability, current | 31,732,000 | 39,922,000 | 31,732,000 | ||||||||||||||
Stock-based compensation liability, non-current | 0 | 25,966,000 | 0 | ||||||||||||||
Stock-based compensation liability, current and noncurrent | 31,700,000 | 65,900,000 | 31,700,000 | ||||||||||||||
Unrecognized compensation cost, amortization period | 4 years | ||||||||||||||||
Special Cash Dividend | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Dividends declared per share | $1 | $1 | $1 | $6.50 | $1.50 | $4.64 | $1.09 | ||||||||||
Recorded and unrecorded stock-based compensation liability, current and noncurrent | 35,800,000 | 73,100,000 | 35,800,000 | ||||||||||||||
Ordinary Dividend | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Dividends declared per share | $0.13 | $0.11 | $0.11 | $0.11 | |||||||||||||
Stock Options | EIP | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Unrecognized compensation cost, amortization period | 2 years 9 months 28 days | 3 years 1 month 7 days | |||||||||||||||
Stock Options | Special Cash Dividend | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Stock-based compensation liability, current | 31,732,000 | 39,922,000 | 31,732,000 | ||||||||||||||
Stock-based compensation liability, non-current | 0 | 25,966,000 | 0 | ||||||||||||||
Stock-based compensation liability, current and noncurrent | 31,732,000 | 65,888,000 | 31,732,000 | ||||||||||||||
Stock Options | Special Cash Dividend | EIP | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Cash payment for special dividends | 4,500,000 | 4,400,000 | |||||||||||||||
Share-based compensation arrangement, plan modification, incremental compensation cost | 600,000 | ||||||||||||||||
Share-based compensation arrangement, plan modification, incremental compensation cost recognized in period | 1,000,000 | ||||||||||||||||
Share-based compensation arrangement, plan modification, incremental compensation cost, deferred | 500,000 | 500,000 | |||||||||||||||
Share-based compensation arrangement, plan modification, incremental compensation cost, deferred, recognition period | 2 years 3 months | ||||||||||||||||
Stock-based compensation liability, current | 3,697,000 | 3,675,000 | 3,697,000 | ||||||||||||||
Stock-based compensation liability, current and noncurrent | 3,697,000 | 3,675,000 | 3,697,000 | ||||||||||||||
Unrecorded stock-based compensation liability, current and noncurrent | 4,100,000 | 7,200,000 | 4,100,000 | ||||||||||||||
Unrecognized compensation cost, amortization period | 4 years 0 months | ||||||||||||||||
Stock Options | Special Cash Dividend | Rollover Plan | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Cash payment for special dividends | 37,800,000 | ||||||||||||||||
Stock-based compensation liability, current | 28,035,000 | 36,247,000 | 28,035,000 | ||||||||||||||
Stock-based compensation liability, non-current | 0 | 25,966,000 | 0 | ||||||||||||||
Stock-based compensation liability, current and noncurrent | 28,035,000 | 62,213,000 | 28,035,000 | ||||||||||||||
Unrecorded stock-based compensation liability, current and noncurrent | $0 | $0 | $0 |
StockBased_Compensation_Stock_2
Stock-Based Compensation (Stock Option and Restricted Stock Award Activity) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Jul. 30, 2014 | Jan. 31, 2014 | Oct. 29, 2013 | Jul. 30, 2012 | 29-May-12 | Dec. 11, 2009 | Jul. 27, 2009 | Aug. 31, 2012 |
Stock Options | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | |||||||||||||||
Granted, weighted average grant date fair value | $5.55 | $4.59 | $4.69 | ||||||||||||
Rollover Plan | Stock Options | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||||||||||
Outstanding, ending balance | 1,857,126 | 1,857,126 | |||||||||||||
Outstanding, ending balance, weighted average exercise price | $0.01 | $0.01 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||||||||||||
Outstanding, ending balance | 1,857,126 | 1,857,126 | |||||||||||||
Outstanding, ending balance, weighted average exercise price | $0.01 | $0.01 | |||||||||||||
Outstanding, ending balance, weighted average remaining contractual life, in years | 0 years 3 months | ||||||||||||||
Outstanding, intrinsic value | $53,727 | $53,727 | |||||||||||||
Stock options exercisable | 1,857,126 | 1,857,126 | |||||||||||||
Stock options exercisable, weighted average exercise price | $0.01 | $0.01 | |||||||||||||
Stock options exercisable, weighted average remaining contractual life, in years | 3 months | ||||||||||||||
Stock options exercisable, intrinsic value | 53,727 | 53,727 | |||||||||||||
Retirement Eligible | Stock Options | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||||||||||
Outstanding, beginning balance | 728,550 | 728,550 | |||||||||||||
Outstanding, beginning balance, weighted average exercise price | $0.01 | $0.01 | |||||||||||||
Exercised | 728,550 | ||||||||||||||
Exercised, weighted average exercise price | $0.01 | ||||||||||||||
Outstanding, ending balance | 0 | 0 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||||||||||||
Outstanding, ending balance | 0 | 0 | |||||||||||||
Non-Retirement Eligible | Stock Options | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||||||||||
Outstanding, beginning balance | 3,696,103 | 3,696,103 | |||||||||||||
Outstanding, beginning balance, weighted average exercise price | $0.01 | $0.01 | |||||||||||||
Exercised | 1,838,977 | ||||||||||||||
Exercised, weighted average exercise price | $0.01 | ||||||||||||||
Outstanding, ending balance | 1,857,126 | 1,857,126 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||||||||||||
Outstanding, ending balance | 1,857,126 | 1,857,126 | |||||||||||||
EIP | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||||||||||
Unvested, beginning balance | 1,296,013 | 1,296,013 | |||||||||||||
Unvested, beginning balance, weighted average grant date fair value | $21.02 | $21.02 | |||||||||||||
Granted | 1,617,069 | ||||||||||||||
Granted, weighted average grant date fair value | $22.62 | ||||||||||||||
Vested | 693,228 | ||||||||||||||
Vested, weighted average grant date fair value | $17.34 | ||||||||||||||
Forfeited | 1,839 | ||||||||||||||
Forfeited, weighted average grant date fair value | $21.57 | ||||||||||||||
Unvested, ending balance | 2,218,015 | 2,218,015 | |||||||||||||
Unvested, beginning balance, weighted average grant date fair value | $17.06 | $17.06 | |||||||||||||
EIP | Stock Options | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||||||||||
Outstanding, beginning balance | 7,050,965 | 7,050,965 | |||||||||||||
Outstanding, beginning balance, weighted average exercise price | $9.39 | $9.39 | |||||||||||||
Granted | 306,262 | ||||||||||||||
Granted, weighted average exercise price | $23.38 | ||||||||||||||
Forfeited | 246,710 | ||||||||||||||
Forfeited, weighted average exercise price | $13.38 | ||||||||||||||
Expired | 0 | ||||||||||||||
Expired, weighted average exercise price | $0 | ||||||||||||||
Exercised | 833,712 | ||||||||||||||
Exercised, weighted average exercise price | $7.30 | ||||||||||||||
Outstanding, ending balance | 6,276,805 | 6,276,805 | |||||||||||||
Outstanding, ending balance, weighted average exercise price | $10.19 | $10.19 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | |||||||||||||||
Unvested, beginning balance | 3,403,059 | 3,403,059 | |||||||||||||
Unvested, beginning balance, weighted average grant date fair value | $5.78 | $5.78 | |||||||||||||
Granted | 306,262 | ||||||||||||||
Granted, weighted average grant date fair value | $5.55 | ||||||||||||||
Vested | 1,232,686 | ||||||||||||||
Vested, weighted average grant date fair value | $6 | ||||||||||||||
Forfeited | 246,710 | ||||||||||||||
Forfeited, weighted average grant date fair value | $5.31 | ||||||||||||||
Unvested, ending balance | 2,229,925 | 2,229,925 | |||||||||||||
Unvested, ending balance, weighted average grant date fair value | $5.68 | $5.68 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||||||||||||
Outstanding, ending balance | 6,276,805 | 6,276,805 | |||||||||||||
Outstanding, ending balance, weighted average exercise price | $10.19 | $10.19 | |||||||||||||
Outstanding, ending balance, weighted average remaining contractual life, in years | 5 years 8 months 14 days | ||||||||||||||
Outstanding, intrinsic value | 117,663 | 117,663 | |||||||||||||
Stock options exercisable | 4,046,880 | 4,046,880 | |||||||||||||
Stock options exercisable, weighted average exercise price | $7.81 | $7.81 | |||||||||||||
Stock options exercisable, weighted average remaining contractual life, in years | 4 years 10 months 27 days | ||||||||||||||
Stock options exercisable, intrinsic value | $85,511 | $85,511 | |||||||||||||
Ordinary Dividend | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||||||||||
Dividends declared per share | $0.13 | $0.11 | $0.11 | $0.11 | |||||||||||
Special Cash Dividend | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||||||||||
Dividends declared per share | $1 | $1 | $1 | $6.50 | $1.50 | $4.64 | $1.09 | ||||||||
Special Cash Dividend | EIP | Stock Options | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||||||||||
Dividend, option exercise price reduction, per share | $6.36 | ||||||||||||||
Stock Options | EIP | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||||||||||||
Exercise price, lower range limit | $4.28 | ||||||||||||||
Exercise price, upper range limit | $29.38 |
Fair_Value_Measurements_Recurr
Fair Value Measurements (Recurring Fair Value Measurements) (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $9,000,000 | |
Fair Value Assumptions, Expected Volatility Rate | 30.00% | |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 207,217,000 | 259,994,000 |
Total liabilities | 4,500,000 | |
Fair Value, Measurements, Recurring | Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | 4,500,000 | |
Fair Value, Measurements, Recurring | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 48,942,000 | 37,886,000 |
Fair Value, Measurements, Recurring | Money market fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 158,275,000 | 222,108,000 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 48,942,000 | 37,886,000 |
Total liabilities | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 48,942,000 | 37,886,000 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 158,275,000 | 222,108,000 |
Total liabilities | 0 | |
Fair Value, Measurements, Recurring | Level 2 | Money market fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 158,275,000 | 222,108,000 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 0 | |
Total liabilities | 4,500,000 | |
Fair Value, Measurements, Recurring | Level 3 | Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | $4,500,000 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Level 3 Rollforward) (Details) (USD $) | 12 Months Ended |
Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Balance at March 31, 2014 | $0 |
Issuances | 4,500,000 |
Balance at March 31, 2015 | $4,500,000 |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2015 | Mar. 01, 2015 | Feb. 02, 2015 | Nov. 05, 2014 | Sep. 12, 2014 | Jun. 30, 2014 | 21-May-14 | Apr. 01, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Jul. 31, 2008 | |
Related Party Transactions [Abstract] | ||||||||||||
Repurchase of common stock, in shares | 10,880 | 943 | 1,000,000 | 1,000,000 | 159,179 | 212,445 | 3,266 | 2,111 | ||||
Repurchase of common stock, cost per share | $28.94 | $29.76 | $28.36 | $25.10 | $22.85 | $21.24 | $22.17 | $22.32 | ||||
Underwriting agreement, shares sold by selling stockholder | 12,000,000 | |||||||||||
Revenue associated with related parties | $1,100,000 | $444,000 | $739,000 | |||||||||
Cost associated with related parties | 857,000 | 368,000 | 657,000 | |||||||||
Lender syndicate, outstanding debt amount | 47,000,000 | 55,500,000 | ||||||||||
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, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Jul. 31, 2008 | |
leases | leases | |||
Commitments and Contingencies Disclosure [Abstract] | ||||
Rent expense, net | $92,900,000 | $103,500,000 | $105,900,000 | |
Rent expense, sublease rentals | 696,000 | 2,500,000 | 5,500,000 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
2016 | 70,158,000 | |||
2017 | 43,014,000 | |||
2018 | 31,608,000 | |||
2019 | 26,305,000 | |||
2020 | 22,172,000 | |||
Thereafter | 48,464,000 | |||
Operating leases, future minimum payments due | 241,721,000 | |||
Operating Leases, Future Minimum Payments Due, Sublease Rentals, Fiscal Year Maturity [Abstract] | ||||
2016 | 198,000 | |||
2017 | 47,000 | |||
2018 | 17,000 | |||
2019 | 10,000 | |||
2020 | 4,000 | |||
Thereafter | 0 | |||
Operating leases, future minimum payments due, future minimum sublease rentals | 276,000 | |||
Number of facility leases assigned to Booz & Co. | 9 | |||
Number of facility leases assigned to Booz & Co., outstanding | 2 | |||
Maximum potential amount of undiscounted future lease payments | 9,300,000 | |||
Unfavorable Regulatory Action | ||||
Loss Contingencies [Line Items] | ||||
Liability for reductions and/or penalties from U.S Governement audits | 205,300,000 | 189,800,000 | ||
Contracts with U.S. government agencies or other U.S. government contractors | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 98.00% | 98.00% | 99.00% | |
Financial Standby Letter of Credit [Member] | ||||
Concentration Risk [Line Items] | ||||
Guarantor Obligations, Current Carrying Value | 5,300,000 | 2,400,000 | ||
Guarantor Obligations, Liquidation Proceeds, Monetary Amount | 5,200,000 | 2,400,000 | ||
Guarantor Obligations, Facility | 5,000,000 | |||
Guarantor Obligations, Available Amount | $4,900,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Litigation) (Details) (USD $) | 12 Months Ended | 18 Months Ended | 48 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 15, 2009 | Mar. 31, 2014 | Apr. 16, 2015 | Sep. 24, 2014 | Jul. 02, 2010 |
plaintiffs | claims | claims | 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 | 2 | 3 | |||||
Loss contingencies, claims dismissed, number | 3 | ||||||
Loss contingencies, damages sought, value | 348.7 | ||||||
Former stockholder litigation | Subsequent Event | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingencies, claims settled, number | 1 | ||||||
Former stockholder litigation | United States Court of Appeals for the Ninth Circuit | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingencies, pending claims, number | 1 | ||||||
Former stockholder litigation | United States District Court for the Southern District of New York | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingencies, pending claims, number | 3 | ||||||
Former stockholder litigation | RICO | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingencies, damages sought, value | $291.70 | $291.50 |
Business_Segment_Information_D
Business Segment Information (Details) | 12 Months Ended |
Mar. 31, 2015 | |
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 | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $1,342,946 | $1,304,686 | $1,304,841 | $1,322,297 | $1,399,832 | $1,273,150 | $1,378,020 | $1,427,691 | $5,274,770 | $5,478,693 | $5,758,059 |
Operating income | 92,560 | 105,256 | 121,983 | 139,023 | 89,237 | 97,034 | 135,667 | 138,673 | 458,822 | 460,611 | 446,234 |
Income before income taxes | 75,280 | 86,616 | 104,973 | 119,049 | 70,793 | 78,181 | 113,798 | 118,015 | 385,918 | 380,787 | 368,311 |
Net income | $43,363 | $52,807 | $65,284 | $71,115 | $46,895 | $47,167 | $67,813 | $70,313 | $232,569 | $232,188 | $219,058 |
Earnings per common share: | |||||||||||
Earnings per common share, Basic | $0.29 | $0.35 | $0.43 | $0.49 | $0.32 | $0.32 | $0.48 | $0.51 | $1.58 | $1.62 | $1.56 |
Earnings per common share, Diluted | $0.29 | $0.35 | $0.42 | $0.47 | $0.30 | $0.31 | $0.45 | $0.48 | $1.52 | $1.54 | $1.45 |
Supplemental_Financial_Informa2
Supplemental Financial Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | $1,457 | $188 | $799 |
Provision for doubtful accounts | -1,100 | 1,621 | 397 |
Allowance for doubtful accounts from acquisitions | 0 | 0 | 32 |
Charges against allowance | 0 | -352 | -1,040 |
Ending balance | 357 | 1,457 | 188 |
Tax valuation allowance | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 0 | 0 | 36,335 |
Charges against allowance | 0 | 0 | -36,335 |
Ending balance | $0 | $0 | $0 |