Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2016 | Jan. 25, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Booz Allen Hamilton Holding Corp | |
Entity Central Index Key | 1,443,646 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Common stock, Class A | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 149,953,487 | |
Non-voting common stock, Class B | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 | |
Restricted common stock, Class C | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 | |
Special voting common stock, Class E | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 349,624 | $ 187,529 |
Accounts receivable, net of allowance | 902,493 | 892,289 |
Prepaid expenses and other current assets | 106,666 | 109,953 |
Total current assets | 1,358,783 | 1,189,771 |
Property and equipment, net of accumulated depreciation | 133,788 | 130,169 |
Intangible assets, net of accumulated amortization | 211,327 | 220,658 |
Goodwill | 1,361,913 | 1,361,913 |
Other long-term assets | 100,724 | 107,660 |
Total assets | 3,166,535 | 3,010,171 |
Current liabilities: | ||
Current portion of long-term debt | 78,938 | 112,813 |
Accounts payable and other accrued expenses | 454,388 | 484,769 |
Accrued compensation and benefits | 258,054 | 241,367 |
Other current liabilities | 129,642 | 100,964 |
Total current liabilities | 921,022 | 939,913 |
Long-term debt, net of current portion | 1,485,052 | 1,484,448 |
Other long-term liabilities | 190,748 | 177,322 |
Total liabilities | 2,596,822 | 2,601,683 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity: | ||
Treasury stock, at cost — 5,627,874 shares at December 31, 2016 and 5,398,596 shares at March 31, 2016 | (142,300) | (135,445) |
Additional paid-in capital | 291,213 | 243,475 |
Retained earnings | 437,463 | 318,537 |
Accumulated other comprehensive loss | (18,218) | (19,613) |
Total stockholders’ equity | 569,713 | 408,488 |
Total liabilities and stockholders’ equity | 3,166,535 | 3,010,171 |
Common stock, Class A | ||
Stockholders’ equity: | ||
Common stock | $ 1,555 | $ 1,534 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Mar. 31, 2016 |
Treasury stock, shares | 5,627,874 | 5,398,596 |
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 | 155,581,361 | 153,391,058 |
Common stock, shares outstanding | 149,953,487 | 147,992,462 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | ||||
Revenue | $ 1,404,638 | $ 1,307,663 | $ 4,222,213 | $ 3,981,421 |
Operating costs and expenses: | ||||
Cost of revenue | 652,236 | 630,189 | 1,967,258 | 1,899,376 |
Billable expenses | 428,685 | 355,401 | 1,270,941 | 1,097,741 |
General and administrative expenses | 201,183 | 200,809 | 585,340 | 597,611 |
Depreciation and amortization | 14,410 | 16,148 | 43,588 | 46,617 |
Total operating costs and expenses | 1,296,514 | 1,202,547 | 3,867,127 | 3,641,345 |
Operating income | 108,124 | 105,116 | 355,086 | 340,076 |
Interest expense | (14,176) | (17,762) | (46,757) | (52,937) |
Other, net | (1,333) | 555 | (4,603) | 309 |
Income before income taxes | 92,615 | 87,909 | 303,726 | 287,448 |
Income tax expense (benefit) | 37,025 | (20,146) | 117,489 | 58,871 |
Net income | $ 55,590 | $ 108,055 | $ 186,237 | $ 228,577 |
Earnings per common share (Note 3): | ||||
Basic (in dollars per share) | $ 0.37 | $ 0.72 | $ 1.25 | $ 1.54 |
Diluted (in dollars per share) | 0.37 | 0.71 | 1.23 | 1.51 |
Dividends declared per share | $ 0.15 | $ 0.13 | $ 0.45 | $ 0.39 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 55,590 | $ 108,055 | $ 186,237 | $ 228,577 |
Change in postretirement plan costs, net of tax | 481 | 534 | 1,395 | 1,582 |
Comprehensive income | $ 56,071 | $ 108,589 | $ 187,632 | $ 230,159 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | ||
Net income | $ 186,237 | $ 228,577 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 43,588 | 46,617 |
Stock-based compensation expense | 16,034 | 17,809 |
Excess tax benefits from stock-based compensation | (15,560) | (30,055) |
Amortization of debt issuance costs and loss on extinguishment | 13,459 | 6,276 |
Losses on dispositions and impairments | 120 | 61 |
Changes in assets and liabilities: | ||
Accounts receivable | (10,204) | 15,885 |
Prepaid expenses and other current assets | 28,972 | 16,083 |
Other long-term assets | (2,945) | (54,925) |
Accrued compensation and benefits | 17,961 | (6,936) |
Accounts payable and other accrued expenses | (28,238) | (50,765) |
Accrued interest | 715 | 2,148 |
Other current liabilities | 18,082 | 4,505 |
Other long-term liabilities | 14,821 | (14,283) |
Net cash provided by operating activities | 283,042 | 180,997 |
Cash flows from investing activities | ||
Purchases of property and equipment | (30,554) | (45,829) |
Cash paid for business acquisitions, net of cash acquired | (851) | (50,618) |
Insurance proceeds received for damage to equipment | 650 | 0 |
Net cash used in investing activities | (30,755) | (96,447) |
Cash flows from financing activities | ||
Net proceeds from issuance of common stock | 4,570 | 4,368 |
Stock option exercises | 12,478 | 6,399 |
Excess tax benefits from stock-based compensation | 15,560 | 30,055 |
Repurchases of common stock | (6,855) | (34,600) |
Cash dividends paid | 67,311 | 57,678 |
Dividend equivalents paid to option holders | (2,157) | (31,707) |
Repayment of debt | (676,750) | (189,500) |
Proceeds from debt issuance | 630,273 | 148,000 |
Net cash used in financing activities | (90,192) | (124,663) |
Net increase (decrease) in cash and cash equivalents | 162,095 | (40,113) |
Cash and cash equivalents-beginning of period | 187,529 | 207,217 |
Cash and cash equivalents-end of period | 349,624 | 167,104 |
Cash paid during the period for: | ||
Interest | 37,288 | 40,396 |
Income taxes | 66,536 | 113,422 |
Supplemental disclosures of non-cash investing and financing activities | ||
Assets acquired under capital lease | $ 0 | $ 6,800 |
Business Overview
Business Overview | 9 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BUSINESS OVERVIEW | BUSINESS OVERVIEW Organization Booz Allen Hamilton Holding Corporation, including its wholly owned subsidiaries, or Holding, the Company or we, us, and our, was incorporated in Delaware in May 2008. The Company provides management and technology, consulting, and engineering services to the U.S. and international governments, major corporations, and not-for-profit organizations. The Company reports operating results and financial data in one operating segment. The Company is headquartered in McLean, Virginia, with approximately 23,000 employees as of December 31, 2016 . |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The Company prepared the unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q, or Quarterly Report, in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. As a result, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The Company followed the accounting policies used and disclosed in the consolidated financial statements included in the Annual Report on Form 10-K for the fiscal year ended March 31, 2016 filed with the Securities and Exchange Commission on May 19, 2016, or Annual Report, and policies stated within this Quarterly Report. The Company’s fiscal year ends on March 31 and unless otherwise noted, references to fiscal year or fiscal are for fiscal years ended March 31 . The interim financial information in this Quarterly Report reflects all adjustments, consisting of normal recurring adjustments except as otherwise disclosed, necessary for a fair presentation of the Company’s results of operations for the interim periods. The results of operations for the nine months ended December 31, 2016 are not necessarily indicative of results to be expected for the full fiscal year. 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. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board, or FASB, issued a new standard that will replace existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. In July 2015, the FASB approved a one-year delay in the effective date of the standard, which will now be effective for the Company beginning on April 1, 2018 (i.e., beginning with the first quarter fiscal 2019 interim financial statements) with early adoption permitted. The new standard may be adopted retrospectively for all periods presented, or adopted using a modified retrospective approach. Management anticipates adopting the new standard beginning April 1, 2018 using the full retrospective transition method. We are still assessing what effect the adoption of this standard may have on the timing of our revenue recognition and our consolidated financial statements. Other recent accounting pronouncements issued by the FASB during the nine months ended December 31, 2016 and through the filing date did not or are not believed by management to have a material impact on the Company's present or historical condensed consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Dec. 31, 2016 | |
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. The Company purchased, at par value, all issued and outstanding shares of Class E special voting common stock in connection with the exercise of the final tranche of rollover options during the second quarter of fiscal 2016. 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 restricted shares participated in the Company's dividends declared and were paid in the first, second, and third quarters of fiscal 2017 and 2016 . 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: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Earnings for basic computations (1) $ 54,978 $ 106,548 $ 184,245 $ 225,430 Weighted-average common shares outstanding for basic computations 148,679,393 147,428,588 147,973,044 146,291,184 Earnings for diluted computations (1) $ 54,983 $ 106,568 $ 184,264 $ 225,481 Dilutive stock options and restricted stock 1,927,866 2,472,337 2,170,807 3,210,274 Weighted-average common shares outstanding for diluted computations 150,607,259 149,900,925 150,143,851 149,501,458 Earnings per common share Basic $ 0.37 $ 0.72 $ 1.25 $ 1.54 Diluted $ 0.37 $ 0.71 $ 1.23 $ 1.51 (1) During the three months ended December 31, 2016 and 2015 , approximately 1.7 million and 2.1 million participating securities were paid dividends totaling $0.2 million and $0.3 million , respectively. During the nine months ended December 31, 2016 and 2015 , approximately 1.7 million and 2.1 million participating securities were paid dividends totaling $0.7 million and $0.7 million , respectively. For the three and nine months ended December 31, 2016 , there were undistributed earnings of $0.4 million and $1.3 million , respectively, allocated to the participating class of securities in both basic and diluted earnings per share. For the three and nine months ended December 31, 2015 , there were undistributed earnings of $1.3 million and $2.4 million , respectively, allocated to the participating class of securities in basic earnings per share, and $1.2 million and $2.3 million , respectively, to diluted earnings per share. The allocated undistributed earnings and the dividends paid comprise the difference between net income presented on the condensed consolidated statements of operations and earnings for basic and diluted computations for the three and nine months ended December 31, 2016 and 2015 . The EPS calculation for the three and nine months ended December 31, 2016 excludes 0.04 million options as their impact was anti-dilutive. The EPS calculation for the three and nine months ended December 31, 2015 excludes 0.5 million and 0.6 million options, respectively, as their impact was anti-dilutive. |
Accounts Receivable, Net
Accounts Receivable, Net | 9 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE, NET | ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following: December 31, March 31, Current Accounts receivable–billed $ 364,528 $ 308,670 Accounts receivable–unbilled 537,976 584,275 Allowance for doubtful accounts (11 ) (656 ) Accounts receivable, net 902,493 892,289 Long-term Accounts receivable–unbilled 68,360 51,145 Total accounts receivable, net $ 970,853 $ 943,434 Unbilled amounts represent revenues for which billings have not been presented to customers at quarter-end or 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 in the accompanying condensed consolidated balance sheets. The Company recognized a provision (benefit) for doubtful accounts (including certain unbilled reserves) of $(0.1) million and $1.1 million for the three months ended December 31, 2016 and 2015 , respectively, and $0.7 million and $0.3 million for the nine months ended December 31, 2016 and 2015 , respectively. The Company does not have material exposure to accounts receivable credit risk, because the Company's accounts receivable are primarily with the U.S. Government and its agencies. |
Accounts Payable and Other Accr
Accounts Payable and Other Accrued Expenses | 9 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND OTHER ACCRUED EXPENSES | ACCOUNTS PAYABLE AND OTHER ACCRUED EXPENSES Accounts payable and other accrued expenses consisted of the following: December 31, March 31, Vendor payables $ 223,861 $ 246,670 Accrued expenses 230,527 238,099 Total accounts payable and other accrued expenses $ 454,388 $ 484,769 Accrued expenses consisted primarily of the Company’s reserve related to potential cost disallowance in conjunction with government audits. Refer to Note 16 for further discussion of this reserve. |
Accrued Compensation and Benefi
Accrued Compensation and Benefits | 9 Months Ended |
Dec. 31, 2016 | |
Compensation Related Costs [Abstract] | |
ACCRUED COMPENSATION AND BENEFITS | ACCRUED COMPENSATION AND BENEFITS Accrued compensation and benefits consisted of the following: December 31, March 31, Bonus $ 60,228 $ 73,040 Retirement 70,422 30,388 Vacation 102,462 114,599 Other 24,942 23,340 Total accrued compensation and benefits $ 258,054 $ 241,367 |
Debt
Debt | 9 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt consisted of the following: December 31, 2016 March 31, 2016 Interest Rate Outstanding Balance Interest Rate Outstanding Balance Term Loan A 2.74 % $ 1,183,001 2.94 % $ 741,813 Term Loan B 3.49 % 400,000 3.75 % 841,188 Revolving credit facility — % — 5.00 % 35,000 Less: Unamortized debt issuance costs and discount on debt (19,011 ) (20,740 ) Total 1,563,990 1,597,261 Less: Current portion of long-term debt (78,938 ) (112,813 ) Long-term debt, net of current portion $ 1,485,052 $ 1,484,448 On July 13, 2016, Booz Allen Hamilton Inc. ("Booz Allen Hamilton"), Booz Allen Hamilton Investor Corporation ("Investor") and certain wholly-owned subsidiaries of Booz Allen Hamilton entered into the Third Amendment (the “Third Amendment”) to the Credit Agreement (the “Credit Agreement”), dated as of July 31, 2012, among Booz Allen Hamilton, Investor, certain wholly owned subsidiaries of Booz Allen Hamilton and Bank of America, N.A., as Administrative Agent, Collateral Agent and Issuing Lender (as previously amended by the First Amendment to the Credit Agreement, dated as of August 16, 2013 and the Second Amendment to the Credit Agreement, dated as of May 7, 2014). Pursuant to the Third Amendment, Booz Allen Hamilton borrowed approximately $441 million of additional Term Loan A, with such funds used to pay off a portion of the Term Loan B facility. As of December 31, 2016 , the Credit Agreement, as amended, provided the Company with a $1,183 million Term Loan A, a $400 million Term Loan B, and a $500.0 million revolving credit facility, with a sublimit for letters of credit of $100 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. Under the Third Amendment, the interest rate on borrowings under Term Loan A is LIBOR plus a spread that ranges from 1.50% to 2.25% based on Booz Allen Hamilton's total leverage ratio. The revolving credit facility margin is LIBOR plus a spread that ranges from 1.50% to 2.25% based on Booz Allen Hamilton's total leverage ratio and the revolving credit facility commitment fee is a spread ranging from 0.300% to 0.400% . The interest rate for borrowings under Term Loan B is LIBOR plus 2.75% with no LIBOR floor, with a spread that ranges from 1.75% to 2.75% based upon either an ABR or LIBOR borrowing. Under the Third Amendment, the maturity date of Term Loan A and the termination date for the revolving credit facility is June 30, 2021 and the maturity date of Term Loan B is June 30, 2023. The Third Amendment also amended certain existing debt covenants to provide the Company with greater operational and financial flexibility. Booz Allen Hamilton occasionally borrows under our revolving credit facility in anticipation of cash demands. During fiscal 2017 , Booz Allen Hamilton accessed a total of $185.0 million of its $500.0 million revolving credit facility. As of December 31, 2016 there were no amounts outstanding on the revolving credit facility. As of March 31, 2016 , there was $35.0 million outstanding on the revolving credit facility. The Credit Agreement, as amended by the Third Amendment, requires quarterly principal payments of 1.25% of the stated principal amount of Term Loan A until maturity, and quarterly principal payments of 0.25% of the stated principal amount of Term Loan B until maturity. Interest on debt and debt-like instruments consisted of the following: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (In thousands) (In thousands) Term Loan A Interest Expense $ 7,585 $ 5,372 20,344 16,216 Term Loan B Interest Expense 3,386 8,062 15,349 24,097 Interest on Revolving Credit Facility — 193 303 209 Deferred Payment Obligation Interest 1 2,000 2,000 6,007 6,022 DIC and OID 2 1,188 2,102 4,584 6,276 Other 17 33 170 117 Total Interest Expense $ 14,176 $ 17,762 $ 46,757 $ 52,937 1 Interest payments on the deferred payment obligation are made twice a year in January and July. 2 DIC and OID on the Company's term loans are recorded as a reduction of long term debt in the consolidated balance sheet and are amortized ratably over the life of the related debt using the effective rate method. DIC on the Company's revolving line of credit is recorded as a long term asset on the consolidated balance sheet and amortized ratably over the term of the revolving credit facility. |
Income Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company’s effective income tax rate was 40.0% and (22.9)% for the three months ended December 31, 2016 and 2015 , respectively, and 38.7% and 20.5% for the nine months ended December 31, 2016 and 2015 , respectively. The increases in the effective tax rate for the three and nine months ended December 31, 2016 as compared to the same periods last fiscal year was primarily due to the release of uncertain tax position reserves in the prior year. The three and nine months effective tax rates of 40.0% and 38.7% differ from the statutory rate of 35.0% primarily due to state income taxes and the effect of permanent rate differences, which primarily relate to meals and entertainment. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 9 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following: December 31, March 31, Deferred rent $ 60,992 $ 53,170 Postretirement benefit obligations 122,754 118,554 Other 7,002 5,598 Total other long-term liabilities $ 190,748 $ 177,322 |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Dec. 31, 2016 | |
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 was $28.1 million and $27.0 million for the three months ended December 31, 2016 and 2015 , respectively, and $84.8 million and $81.4 million for the nine months ended December 31, 2016 and 2015 , respectively. The Company-paid contributions were $13.7 million and $14.6 million for the three months ended December 31, 2016 and 2015 , respectively, and $44.5 million and $46.6 million for the nine months ended December 31, 2016 and 2015 , respectively. Defined Benefit Plan and Other Postretirement Benefit Plans The Company maintains and administers a postretirement medical plan and a defined benefit retirement plan for current, retired, and resigned officers. The components of net postretirement medical expense for the Officer Medical Plan were as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Service cost $ 1,213 $ 1,426 $ 3,638 $ 4,277 Interest cost 1,196 1,126 3,587 3,379 Net actuarial loss 762 884 2,287 2,652 Total postretirement medical expense $ 3,171 $ 3,436 $ 9,512 $ 10,308 As of December 31, 2016 and March 31, 2016 , the unfunded status of the post-retirement medical plan was $118.6 million and $114.0 million , respectively, which is included in other long-term liabilities in the accompanying condensed consolidated balance sheets. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Dec. 31, 2016 | |
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 plans. The following table represents a rollforward of amounts recognized in accumulated other comprehensive loss, net of tax: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Beginning of period $ (18,699 ) $ (21,111 ) $ (19,613 ) $ (22,159 ) Amounts reclassified from accumulated other comprehensive loss 481 534 1,395 1,582 Net current-period other comprehensive loss 481 534 1,395 1,582 End of period $ (18,218 ) $ (20,577 ) $ (18,218 ) $ (20,577 ) The following table presents the reclassifications out of accumulated other comprehensive loss to net income: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Amortization of net actuarial loss included in net periodic benefit cost (See Note 10) Total before tax $ 762 $ 884 $ 2,287 $ 2,652 Tax benefit (281 ) (350 ) (892 ) (1,070 ) Net of tax $ 481 $ 534 $ 1,395 $ 1,582 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Common Stock The common stock shares activity consisted of the following: Class A Common Stock Class E Special Voting Common Stock Treasury Stock Balance at March 31, 2015 150,237,675 1,851,589 2,999,393 Issuance of common stock 443,813 — — Stock options exercised (1) 2,709,570 (1,851,589) — Repurchase of common stock (2) — — 2,399,203 Balance at March 31, 2016 153,391,058 — 5,398,596 Issuance of common stock 475,959 — — Stock options exercised 1,714,344 — — Repurchase of common stock (3) — — 229,278 Balance at December 31, 2016 155,581,361 — 5,627,874 (1) On September 30, 2015, the Company purchased, at par value, all issued and outstanding shares of Class E special voting common stock in connection with the exercise of the final tranche of rollover options during the second quarter of fiscal 2016. (2) During fiscal 2016, the Company purchased 2.1 million shares of the Company’s Class A Common Stock in a series of open market transactions for $54.9 million . Additionally, the Company repurchased shares on June 30, 2015 and March 31, 2016 to cover the minimum statutory withholding taxes on restricted stock awards and restricted stock units that vested on June 30, 2015 and March 31, 2016, respectively. The Company also repurchased shares to cover the minimum statutory withholding taxes on restricted stock for departing officers, as they are no longer subject to a substantial risk of forfeiture. (3) During fiscal 2017, the Company purchased 0.1 million shares of the Company’s Class A Common Stock in a series of open market transactions for $2.3 million . Additionally, the Company repurchased shares on June 30, 2016 to cover the minimum statutory withholding taxes on restricted stock awards and restricted stock units that vested on June 30, 2016. The Company also repurchased shares to cover the minimum statutory withholding taxes on restricted stock for departing officers, as they are no longer subject to a substantial risk of forfeiture. For the quarterly offering period that closed on December 31, 2016 , 43,120 Class A Common Stock shares were purchased by employees under the Company's Employee Stock Purchase Plan, or ESPP. Since the program's inception, 1,882,982 shares have been purchased by employees. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The following table summarizes stock-based compensation expense recognized in the condensed consolidated statements of operations: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Cost of revenue $ 1,535 $ 954 $ 4,233 $ 3,237 General and administrative expenses 3,918 5,334 11,801 14,572 Total $ 5,453 $ 6,288 $ 16,034 $ 17,809 The following table summarizes the total stock-based compensation expense recognized in the condensed consolidated statements of operations by the following types of equity awards: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Equity Incentive Plan Options $ 467 $ 792 $ 2,031 $ 2,035 Class A Restricted Common Stock 4,986 5,496 14,003 15,774 Total $ 5,453 $ 6,288 $ 16,034 $ 17,809 As of December 31, 2016 , there was $17.9 million of total unrecognized compensation cost related to unvested stock-based compensation agreements. The unrecognized compensation cost as of December 31, 2016 is expected to be fully amortized over the next 4.25 years. Absent the effect of accelerating stock compensation cost for any departures of employees who may continue to vest in their equity awards, the following table summarizes the unrecognized compensation cost and the weighted average period the cost is expected to be amortized. December 31, 2016 Unrecognized Compensation Cost Weighted Average Remaining Period to be Recognized (in years) Equity Incentive Plan Options $ 2,207 2.97 Class A Restricted Common Stock 15,659 1.93 Total $ 17,866 Equity Incentive Plan On October 26, 2016, 43,086 options were granted under the Amended and Restated Equity Incentive Plan, or EIP. The estimated fair value of the per-option grant was $6.96 , resulting in a total fair value of $0.3 million . As of December 31, 2016 , there were 4,041,616 EIP options outstanding, of which 1,003,871 were unvested. Grants of Restricted Stock Units and Class A Restricted Common Stock On October 26, 2016, the Board of Directors granted 34,196 Restricted Stock Units to certain newly hired vice presidents and current partners. The aggregate value of this award was estimated at $1.1 million based on the stock price of $30.99 on the grant date. Special Dividends The Compensation Committee, acting as the Administrator of the EIP, has discretion in how to effect the required adjustment to keep option holders whole in the event of a distribution of dividends that triggers certain anti-dilution clauses within the respective plans. In the event the Compensation Committee 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. The obligation will be settled on the later of the date the dividend is paid or the vesting date of the EIP options. The stock-based compensation liability includes all special dividends declared for which eligible EIP option holders have not yet received a distribution. As of December 31, 2016 and March 31, 2016 , the Company calculated a total recorded and unrecorded stock-based compensation liability of $1.5 million and $3.8 million , respectively, related to the special dividends paid in June 2012, November 2013, and February and August 2014. As of December 31, 2016 , $1.0 million was recorded as a current liability and included in accrued compensation and benefits within the condensed consolidated balance sheet while $0.5 million will be recorded as liability as the options vest over the next 2.25 years. As of March 31, 2016 , $2.3 million was recorded as a current liability and $1.5 million represented the unrecorded liability. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The accounting standard for fair value measurements establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions (Level 3). A financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The financial instruments measured at fair value in the accompanying consolidated balance sheets consist of the following: Recurring Fair Value Measurements Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash and cash equivalents $ 61,385 $ — $ — $ 61,385 Money market funds (1) — 288,239 — 288,239 Total cash and cash equivalents $ 61,385 $ 288,239 $ — $ 349,624 Recurring Fair Value Measurements Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash and cash equivalents $ 42,102 $ — $ — $ 42,102 Money market funds (1) — 145,427 — 145,427 Total cash and cash equivalents $ 42,102 $ 145,427 $ — $ 187,529 (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. The fair value of the Company's debt instruments approximates its carrying value at December 31, 2016 and March 31, 2016 . The fair value of debt is determined using quoted prices or other market information obtained from recent trading activity of each debt tranche in markets that are not active (Level 2 inputs). The fair value is corroborated by prices derived from the interest rate spreads of recently completed leveraged loan transactions of a similar credit profile, industry, and terms to that of the Company. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | RELATED-PARTY TRANSACTIONS During the third quarter of fiscal 2017, The Carlyle Group, or Carlyle, sold its remaining shares of Class A common stock of the Company in an underwritten transaction. As of December 31, 2016, Carlyle does not beneficially own any shares of Class A common stock of the Company. Prior to this transaction, Carlyle was the largest shareholder of the Company. From time to time, and in the ordinary course of business: (1) other Carlyle portfolio companies engaged the Company as a subcontractor or service provider, and (2) the Company engaged other Carlyle portfolio companies as subcontractors or service providers. Revenue and cost associated with these related parties for the three and nine months ended December 31, 2016 were not material. 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. On June 7, 2012, TC Group assigned all of its right, title and interest in, and obligations under, the Management Agreement to Carlyle Investment Management L.L.C., or Carlyle Investment Management. In accordance with the Management Agreement, Carlyle Investment Management provides the Company with advisory, consulting, and other services and the Company pays Carlyle Investment Management an aggregate annual fee of $1.0 million , plus expenses. For the three months ended December 31, 2016 and 2015 , the Company incurred $250,000 in advisory fees in each period. For the nine months ended December 31, 2016 and 2015 , the Company incurred $750,000 in advisory fees in each period. The Management Agreement terminated on December 6, 2016, upon the closing of the sale by Carlyle of their remaining shares of Class A common stock of the Company. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Letters of Credit and Third-Party Guarantees As of December 31, 2016 and March 31, 2016 , 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 $9.6 million and $6.6 million , respectively. These letters of credit and bank guarantees primarily support insurance and bid and performance obligations. At December 31, 2016 and March 31, 2016 , approximately $1.7 million and $1.8 million , respectively, of these instruments reduce the available borrowings under the revolving credit facility. The remainder are guaranteed under a separate $10.0 million facility established in fiscal 2016 of which $2.1 million and $5.2 million , respectively, was available to the Company at December 31, 2016 and March 31, 2016 . Government Contracting Matters For each of the three and nine months ended December 31, 2016 and 2015 , approximately 97% 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 the Company 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. From time to time and in the ordinary course of business, agencies of the U.S. government audit our contract costs and conduct inquiries and investigations of our business practices with respect to government contracts to determine whether the Company’s operations are conducted in accordance with these requirements and the terms of the relevant contracts. U.S. government agencies, including the Defense Contract Audit Agency, routinely audit our contract costs, including allocated indirect costs for compliance with the Cost Accounting Standards and the Federal Acquisition Regulation. These agencies also conduct reviews and investigations and make inquiries regarding our accounting and other systems in connection with our performance and business practices with respect to our government contracts. U.S. government audits, inquiries, or 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 withholding of payments, suspension of payments, 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 recorded the appropriate provision for any audit, inquiry, or investigation of which it is aware. The Defense Contract Management Agency Administrative Contracting Officer has negotiated annual final indirect cost rates through fiscal year 2009. The audit of fiscal years 2010 and 2011 is currently under active review by the Defense Contract Management Agency. Audits of subsequent years may result in future cost disallowances including cost reductions and/or penalties. Management believes it has recorded the appropriate provision for the estimated losses that may be experienced from any such reductions and/or penalties. As of December 31, 2016 and March 31, 2016 , the Company has recorded a liability of approximately $197.7 million and $189.9 million , respectively, for its current best estimate of amounts to be refunded to customers for potential adjustments from such audits or reviews of contract costs incurred subsequent to fiscal year 2009, and for contracts not yet closed that are impacted by settlement of audits or reviews of contract costs incurred in prior fiscal years. 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, none of which are considered material, or are unspecified as to amount. Although the outcome of any such matter is inherently uncertain and may be materially adverse, based on current information, management does not expect any of the currently ongoing audits, reviews, investigations, or litigation to have a material adverse effect on the Company’s financial condition and results of operations. As of December 31, 2016 , there are no material amounts accrued in the condensed consolidated financial statements related to these proceedings. Six former officers and stockholders who had departed the company prior to the July 2008 acquisition of the Company by Carlyle, or the Acquisition, have filed a total of nine suits in various jurisdictions, with original filing dates ranging from July 3, 2008 through December 15, 2009, 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 such dismissal was upheld by the United States Court of Appeals for the Ninth Circuit. The plaintiff in this suit subsequently filed a Petition for Writ of Certiorari to the United States Supreme Court, which was denied by the United States Supreme Court on January 9, 2017. 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 and are on appeal before the United States Court of Appeals for the Second Circuit. On December 15, 2016, hearings relating to the appeal were held before the United States Court of Appeals for the Second Circuit. As of December 31, 2016, the United States Court of Appeals for the Second Circuit has not ruled on this appeal. As of December 31, 2016 and March 31, 2016 , the aggregate alleged damages sought in these three remaining suits was approximately $241.5 million (which is sought to be trebled pursuant to RICO), plus punitive damages, costs, and fees. Although the outcome of any of these cases is inherently uncertain and may be materially adverse, based on current information, management does not expect them to have a material adverse effect on our financial condition and results of operations. |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events | 9 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. SUBSEQUENT EVENTS On January 23, 2017, the Company announced that our management is exploring, subject to continuing management review and to further consideration and ultimate approval by the Board of Directors, a possible repricing for our existing Term Loan B facility. The repricing amendment is not intended to increase our total amount of outstanding indebtedness. On January 24, 2017, the Company acquired eGov Holdings, Inc. (d/b/a Aquilent). As a result of the transaction, eGov Holdings, Inc. became a wholly-owned subsidiary of Booz Allen Hamilton Inc. The Company paid a purchase price of approximately $250 million in connection with the transaction, which remains subject to customary post-closing purchase price adjustments and customary escrows. The acquisition of Aquilent will be accounted for under the purchase method of accounting which requires the total purchase consideration to be allocated to the assets acquired and liabilities assumed based on estimates of fair value. The excess of the purchase consideration over the amounts assigned to tangible and intangible assets acquired and liabilities assumed will be recognized as goodwill. Transaction costs of $2.0 million have been accrued and recognized as a component of general and administrative expenses as of December 31, 2016. On January 25, 2017, the Board of Directors approved an increase to our share repurchase authorization from $180.0 million to up to $410.0 million . As of January 25, 2017, taking into effect the increase in the share repurchase authorization, the Company may repurchase up to approximately $300 million of additional shares of common stock under its share repurchase program. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of the income used to compute basic and diluted EPS | A reconciliation of the income used to compute basic and diluted EPS for the periods presented are as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Earnings for basic computations (1) $ 54,978 $ 106,548 $ 184,245 $ 225,430 Weighted-average common shares outstanding for basic computations 148,679,393 147,428,588 147,973,044 146,291,184 Earnings for diluted computations (1) $ 54,983 $ 106,568 $ 184,264 $ 225,481 Dilutive stock options and restricted stock 1,927,866 2,472,337 2,170,807 3,210,274 Weighted-average common shares outstanding for diluted computations 150,607,259 149,900,925 150,143,851 149,501,458 Earnings per common share Basic $ 0.37 $ 0.72 $ 1.25 $ 1.54 Diluted $ 0.37 $ 0.71 $ 1.23 $ 1.51 (1) During the three months ended December 31, 2016 and 2015 , approximately 1.7 million and 2.1 million participating securities were paid dividends totaling $0.2 million and $0.3 million , respectively. During the nine months ended December 31, 2016 and 2015 , approximately 1.7 million and 2.1 million participating securities were paid dividends totaling $0.7 million and $0.7 million , respectively. For the three and nine months ended December 31, 2016 , there were undistributed earnings of $0.4 million and $1.3 million , respectively, allocated to the participating class of securities in both basic and diluted earnings per share. For the three and nine months ended December 31, 2015 , there were undistributed earnings of $1.3 million and $2.4 million , respectively, allocated to the participating class of securities in basic earnings per share, and $1.2 million and $2.3 million , respectively, to diluted earnings per share. The allocated undistributed earnings and the dividends paid comprise the difference between net income presented on the condensed consolidated statements of operations and earnings for basic and diluted computations for the three and nine months ended December 31, 2016 and 2015 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Accounts receivable, net | Accounts receivable, net consisted of the following: December 31, March 31, Current Accounts receivable–billed $ 364,528 $ 308,670 Accounts receivable–unbilled 537,976 584,275 Allowance for doubtful accounts (11 ) (656 ) Accounts receivable, net 902,493 892,289 Long-term Accounts receivable–unbilled 68,360 51,145 Total accounts receivable, net $ 970,853 $ 943,434 |
Accounts Payable and Other Ac26
Accounts Payable and Other Accrued Expenses (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accounts payable and other accrued expenses consisted of the following: December 31, March 31, Vendor payables $ 223,861 $ 246,670 Accrued expenses 230,527 238,099 Total accounts payable and other accrued expenses $ 454,388 $ 484,769 |
Accrued Compensation and Bene27
Accrued Compensation and Benefits (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Compensation Related Costs [Abstract] | |
Accrued compensation and benefits | Accrued compensation and benefits consisted of the following: December 31, March 31, Bonus $ 60,228 $ 73,040 Retirement 70,422 30,388 Vacation 102,462 114,599 Other 24,942 23,340 Total accrued compensation and benefits $ 258,054 $ 241,367 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt consisted of the following: December 31, 2016 March 31, 2016 Interest Rate Outstanding Balance Interest Rate Outstanding Balance Term Loan A 2.74 % $ 1,183,001 2.94 % $ 741,813 Term Loan B 3.49 % 400,000 3.75 % 841,188 Revolving credit facility — % — 5.00 % 35,000 Less: Unamortized debt issuance costs and discount on debt (19,011 ) (20,740 ) Total 1,563,990 1,597,261 Less: Current portion of long-term debt (78,938 ) (112,813 ) Long-term debt, net of current portion $ 1,485,052 $ 1,484,448 |
Interest Expense | Interest on debt and debt-like instruments consisted of the following: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (In thousands) (In thousands) Term Loan A Interest Expense $ 7,585 $ 5,372 20,344 16,216 Term Loan B Interest Expense 3,386 8,062 15,349 24,097 Interest on Revolving Credit Facility — 193 303 209 Deferred Payment Obligation Interest 1 2,000 2,000 6,007 6,022 DIC and OID 2 1,188 2,102 4,584 6,276 Other 17 33 170 117 Total Interest Expense $ 14,176 $ 17,762 $ 46,757 $ 52,937 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | Other long-term liabilities consisted of the following: December 31, March 31, Deferred rent $ 60,992 $ 53,170 Postretirement benefit obligations 122,754 118,554 Other 7,002 5,598 Total other long-term liabilities $ 190,748 $ 177,322 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of net postretirement medical expense | The components of net postretirement medical expense for the Officer Medical Plan were as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Service cost $ 1,213 $ 1,426 $ 3,638 $ 4,277 Interest cost 1,196 1,126 3,587 3,379 Net actuarial loss 762 884 2,287 2,652 Total postretirement medical expense $ 3,171 $ 3,436 $ 9,512 $ 10,308 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive loss | The following table represents a rollforward of amounts recognized in accumulated other comprehensive loss, net of tax: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Beginning of period $ (18,699 ) $ (21,111 ) $ (19,613 ) $ (22,159 ) Amounts reclassified from accumulated other comprehensive loss 481 534 1,395 1,582 Net current-period other comprehensive loss 481 534 1,395 1,582 End of period $ (18,218 ) $ (20,577 ) $ (18,218 ) $ (20,577 ) |
Reclassification out of accumulated other comprehensive loss to net income | The following table presents the reclassifications out of accumulated other comprehensive loss to net income: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Amortization of net actuarial loss included in net periodic benefit cost (See Note 10) Total before tax $ 762 $ 884 $ 2,287 $ 2,652 Tax benefit (281 ) (350 ) (892 ) (1,070 ) Net of tax $ 481 $ 534 $ 1,395 $ 1,582 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Common stock shares activity | The common stock shares activity consisted of the following: Class A Common Stock Class E Special Voting Common Stock Treasury Stock Balance at March 31, 2015 150,237,675 1,851,589 2,999,393 Issuance of common stock 443,813 — — Stock options exercised (1) 2,709,570 (1,851,589) — Repurchase of common stock (2) — — 2,399,203 Balance at March 31, 2016 153,391,058 — 5,398,596 Issuance of common stock 475,959 — — Stock options exercised 1,714,344 — — Repurchase of common stock (3) — — 229,278 Balance at December 31, 2016 155,581,361 — 5,627,874 (1) On September 30, 2015, the Company purchased, at par value, all issued and outstanding shares of Class E special voting common stock in connection with the exercise of the final tranche of rollover options during the second quarter of fiscal 2016. (2) During fiscal 2016, the Company purchased 2.1 million shares of the Company’s Class A Common Stock in a series of open market transactions for $54.9 million . Additionally, the Company repurchased shares on June 30, 2015 and March 31, 2016 to cover the minimum statutory withholding taxes on restricted stock awards and restricted stock units that vested on June 30, 2015 and March 31, 2016, respectively. The Company also repurchased shares to cover the minimum statutory withholding taxes on restricted stock for departing officers, as they are no longer subject to a substantial risk of forfeiture. (3) During fiscal 2017, the Company purchased 0.1 million shares of the Company’s Class A Common Stock in a series of open market transactions for $2.3 million . Additionally, the Company repurchased shares on June 30, 2016 to cover the minimum statutory withholding taxes on restricted stock awards and restricted stock units that vested on June 30, 2016. The Company also repurchased shares to cover the minimum statutory withholding taxes on restricted stock for departing officers |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation expense recognized in the condensed consolidated statements of operations | The following table summarizes stock-based compensation expense recognized in the condensed consolidated statements of operations: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Cost of revenue $ 1,535 $ 954 $ 4,233 $ 3,237 General and administrative expenses 3,918 5,334 11,801 14,572 Total $ 5,453 $ 6,288 $ 16,034 $ 17,809 The following table summarizes the total stock-based compensation expense recognized in the condensed consolidated statements of operations by the following types of equity awards: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Equity Incentive Plan Options $ 467 $ 792 $ 2,031 $ 2,035 Class A Restricted Common Stock 4,986 5,496 14,003 15,774 Total $ 5,453 $ 6,288 $ 16,034 $ 17,809 |
Schedule of unrecognized compensation cost | Absent the effect of accelerating stock compensation cost for any departures of employees who may continue to vest in their equity awards, the following table summarizes the unrecognized compensation cost and the weighted average period the cost is expected to be amortized. December 31, 2016 Unrecognized Compensation Cost Weighted Average Remaining Period to be Recognized (in years) Equity Incentive Plan Options $ 2,207 2.97 Class A Restricted Common Stock 15,659 1.93 Total $ 17,866 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Recurring Fair Value Measurements | Recurring Fair Value Measurements Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash and cash equivalents $ 61,385 $ — $ — $ 61,385 Money market funds (1) — 288,239 — 288,239 Total cash and cash equivalents $ 61,385 $ 288,239 $ — $ 349,624 Recurring Fair Value Measurements Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash and cash equivalents $ 42,102 $ — $ — $ 42,102 Money market funds (1) — 145,427 — 145,427 Total cash and cash equivalents $ 42,102 $ 145,427 $ — $ 187,529 (1) Level 2 cash and cash equivalents are invested in money market funds that are intended to maintain a stable net asset value of $1.00 per share by investing in liquid, high quality U.S. dollar-denominated money market instruments. Therefore, the fair value approximates the carrying value. Depending on our short-term liquidity needs, we make regular transfers between money market funds and other cash equivalents. |
Business Overview (Details)
Business Overview (Details) | 9 Months Ended |
Dec. 31, 2016employeessegments | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | segments | 1 |
Number of employees | employees | 23,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Earnings for basic computations | [1] | $ 54,978 | $ 106,548 | $ 184,245 | $ 225,430 |
Earnings for diluted computations | [1] | $ 54,983 | $ 106,568 | $ 184,264 | $ 225,481 |
Dilutive stock options and restricted stock | 1,927,866 | 2,472,337 | 2,170,807 | 3,210,274 | |
Earnings per common share, Basic | $ 0.37 | $ 0.72 | $ 1.25 | $ 1.54 | |
Earnings per common share, Diluted | $ 0.37 | $ 0.71 | $ 1.23 | $ 1.51 | |
Unvested shares, cash dividends paid | $ 67,311 | $ 57,678 | |||
Restricted stock | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Unvested shares participating in the payment of the Company's dividends declared | 1,700,000 | 2,100,000 | 1,700,000 | 2,100,000 | |
Unvested shares, cash dividends paid | $ 200 | $ 300 | $ 700 | $ 700 | |
Undistributed earnings allocated to participating securities, basic | 400 | 1,300 | 1,300 | 2,400 | |
Undistributed earnings allocated to participating securities, diluted | $ 400 | $ 1,200 | $ 1,300 | $ 2,300 | |
Stock options | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Antidilutive options excluded from the computation of EPS | 40,000 | 500,000 | 40,000 | 600,000 | |
Common stock, Class A | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Weighted-average common shares outstanding for basic computations | 148,679,393 | 147,428,588 | 147,973,044 | 146,291,184 | |
Weighted-average common shares outstanding for diluted computations | 150,607,259 | 149,900,925 | 150,143,851 | 149,501,458 | |
[1] | (1) During the three months ended December 31, 2016 and 2015, approximately 1.7 million and 2.1 million participating securities were paid dividends totaling $0.2 million and $0.3 million, respectively. During the nine months ended December 31, 2016 and 2015, approximately 1.7 million and 2.1 million participating securities were paid dividends totaling $0.7 million and $0.7 million, respectively. For the three and nine months ended December 31, 2016, there were undistributed earnings of $0.4 million and $1.3 million, respectively, allocated to the participating class of securities in both basic and diluted earnings per share. For the three and nine months ended December 31, 2015, there were undistributed earnings of $1.3 million and $2.4 million, respectively, allocated to the participating class of securities in basic earnings per share, and $1.2 million and $2.3 million, respectively, to diluted earnings per share. The allocated undistributed earnings and the dividends paid comprise the difference between net income presented on the condensed consolidated statements of operations and earnings for basic and diluted computations for the three and nine months ended December 31, 2016 and 2015. |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts receivable-billed | $ 364,528 | $ 364,528 | $ 308,670 | ||
Allowance for doubtful accounts | (11) | (11) | (656) | ||
Accounts receivable, net, current | 902,493 | 902,493 | 892,289 | ||
Total accounts receivable, net | 970,853 | 970,853 | 943,434 | ||
Provision for doubtful accounts | (100) | $ 1,100 | 700 | $ 300 | |
Accounts Receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts receivable-unbilled | 537,976 | 537,976 | 584,275 | ||
Other Noncurrent Assets | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts receivable-unbilled | $ 68,360 | $ 68,360 | $ 51,145 |
Accounts Payable and Other Ac38
Accounts Payable and Other Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Payables and Accruals [Abstract] | ||
Vendor payables | $ 223,861 | $ 246,670 |
Accrued expenses | 230,527 | 238,099 |
Total accounts payable and other accrued expenses | $ 454,388 | $ 484,769 |
Accrued Compensation and Bene39
Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Compensation Related Costs [Abstract] | ||
Bonus | $ 60,228 | $ 73,040 |
Retirement | 70,422 | 30,388 |
Vacation | 102,462 | 114,599 |
Other | 24,942 | 23,340 |
Total accrued compensation and benefits | $ 258,054 | $ 241,367 |
Debt (Schedule of Debt) (Detail
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Long-term Debt, Current and Noncurrent [Abstract] | ||
Unamortized debt issuance costs and discount on debt | $ (19,011) | $ (20,740) |
Long-term Debt | 1,563,990 | 1,597,261 |
Less: Current portion of long-term debt | (78,938) | (112,813) |
Long-term debt, net of current portion | $ 1,485,052 | $ 1,484,448 |
Secured Debt | Term Loan A | ||
Long-term Debt, Current and Noncurrent [Abstract] | ||
Interest rate | 2.74% | 2.94% |
Long-term Debt, Gross | $ 1,183,001 | $ 741,813 |
Secured Debt | Term Loan B | ||
Long-term Debt, Current and Noncurrent [Abstract] | ||
Interest rate | 3.49% | 3.75% |
Long-term Debt, Gross | $ 400,000 | $ 841,188 |
Revolving Credit Facility | ||
Long-term Debt, Current and Noncurrent [Abstract] | ||
Line of Credit Facility, Interest Rate at Period End | 0.00% | 5.00% |
Revolving credit facility | $ 0 | $ 35,000 |
Debt Debt (Details)
Debt Debt (Details) - USD ($) $ in Thousands | Jul. 13, 2016 | Dec. 31, 2016 | Mar. 31, 2016 |
Secured Debt | Term Loan A | |||
Debt Instrument [Line Items] | |||
Term loan, face amount | $ 1,183,000 | ||
Proceeds from Issuance of Other Long-term Debt | $ 441,000 | ||
Quarterly periodic payment percentage, principal | 1.25% | ||
Secured Debt | Term Loan A | Minimum | |||
Debt Instrument [Line Items] | |||
Long-term debt, basis spread on variable rate | 1.50% | ||
Secured Debt | Term Loan A | Maximum | |||
Debt Instrument [Line Items] | |||
Long-term debt, basis spread on variable rate | 2.25% | ||
Secured Debt | Term Loan B | |||
Debt Instrument [Line Items] | |||
Term loan, face amount | 400,000 | ||
Quarterly periodic payment percentage, principal | 0.25% | ||
Secured Debt | Term Loan B | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Long-term debt, basis spread on variable rate | 2.75% | ||
Secured Debt | Term Loan B | London Interbank Offered Rate (LIBOR) | Maximum | |||
Debt Instrument [Line Items] | |||
Long-term debt, basis spread on variable rate | 2.75% | ||
Secured Debt | Term Loan B | Alternative Base Rate (ABR) | Minimum | |||
Debt Instrument [Line Items] | |||
Long-term debt, basis spread on variable rate | 1.75% | ||
Secured Debt | Revolving Credit Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Long-term debt, basis spread on variable rate | 1.50% | ||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | ||
Secured Debt | Revolving Credit Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Long-term debt, basis spread on variable rate | 2.25% | ||
Line of Credit Facility, Commitment Fee Percentage | 0.40% | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, maximum borrowing capacity | 500,000 | ||
Proceeds from lines of credit | 185,000 | ||
Revolving credit facility, amount outstanding | 0 | $ 35,000 | |
Letter of Credit | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, maximum borrowing capacity | $ 100,000 |
Debt Detail of Interest Expense
Debt Detail of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||
Deferred Payment Obligation, Interest Payment | $ 2,000 | $ 2,000 | $ 6,007 | $ 6,022 |
Amortization of Debt Issuance Costs (DIC) and Original Issue Discount (OID) | 1,188 | 2,102 | 4,584 | 6,276 |
Interest Expense, Other | 17 | 33 | 170 | 117 |
Interest Expense | 14,176 | 17,762 | 46,757 | 52,937 |
Secured Debt | Term Loan A | ||||
Debt Instrument [Line Items] | ||||
Interest Expense, Debt | 7,585 | 5,372 | 20,344 | 16,216 |
Secured Debt | Term Loan B | ||||
Debt Instrument [Line Items] | ||||
Interest Expense, Debt | 3,386 | 8,062 | 15,349 | 24,097 |
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Interest Expense, Debt | $ 0 | $ 193 | $ 303 | $ 209 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 40.00% | (22.90%) | 38.70% | 20.50% |
Statutory rate | 35.00% | 35.00% |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Other Liabilities Disclosure [Abstract] | ||
Deferred rent | $ 60,992 | $ 53,170 |
Postretirement benefit obligations | 122,754 | 118,554 |
Other | 7,002 | 5,598 |
Total other long-term liabilities | $ 190,748 | $ 177,322 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |||||
Employer Matching Contribution, Percent of Match | 6.00% | ||||
Employees’ Capital Accumulation Plan, Total expense recognized | $ 28,100 | $ 27,000 | $ 84,800 | $ 81,400 | |
Employees’ Capital Accumulation Plan, Company-paid contributions | 13,700 | 14,600 | 44,500 | 46,600 | |
Officer Medical Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 1,213 | 1,426 | 3,638 | 4,277 | |
Interest cost | 1,196 | 1,126 | 3,587 | 3,379 | |
Net actuarial loss | 762 | 884 | 2,287 | 2,652 | |
Total benefit cost | 3,171 | $ 3,436 | 9,512 | $ 10,308 | |
Defined benefit plan, unfunded status of plan | $ 118,600 | $ 118,600 | $ 114,000 |
Accumulated Other Comprehensi46
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | ||||
Beginning of period | $ (18,699) | $ (21,111) | $ (19,613) | $ (22,159) |
Amounts reclassified from accumulated other comprehensive loss | 481 | 534 | 1,395 | 1,582 |
Net current-period other comprehensive loss | 481 | 534 | 1,395 | 1,582 |
End of period | $ (18,218) | $ (20,577) | $ (18,218) | $ (20,577) |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Loss (Reclassifications out of Accumulated Other Comprehensive Loss to Net Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax benefit | $ 37,025 | $ (20,146) | $ 117,489 | $ 58,871 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | 762 | 884 | 2,287 | 2,652 |
Tax benefit | (281) | (350) | 892 | 1,070 |
Net of tax | $ 481 | $ 534 | $ 1,395 | $ 1,582 |
Stockholders' Equity (Common St
Stockholders' Equity (Common Stock Shares Activity) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 31, 2016 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Treasury stock, shares, beginning of period | 5,398,596 | 2,999,393 | ||
Treasury stock, shares, end of period | 5,627,874 | 5,398,596 | ||
Repurchase of common stock | 229,278 | [1] | 2,399,203 | [2] |
Common stock, Class A | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock, shares issued, beginning of period | 153,391,058 | 150,237,675 | ||
Issuance of common stock | 475,959 | 443,813 | ||
Stock options exercised | 1,714,344 | 2,709,570 | ||
Common stock, shares issued, end of period | 155,581,361 | 153,391,058 | ||
Repurchase of common stock | 75,000 | 2,100,000 | ||
Repurchase of common stock, value, cost method | $ 2.3 | $ 54.9 | ||
Special voting common stock, Class E | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock, shares issued, beginning of period | 0 | 1,851,589 | ||
Stock options exercised | 0 | (1,851,589) | [3] | |
Common stock, shares issued, end of period | 0 | 0 | ||
[1] | During fiscal 2017, the Company purchased 0.1 million shares of the Company’s Class A Common Stock in a series of open market transactions for $2.3 million. Additionally, the Company repurchased shares on June 30, 2016 to cover the minimum statutory withholding taxes on restricted stock awards and restricted stock units that vested on June 30, 2016. The Company also repurchased shares to cover the minimum statutory withholding taxes on restricted stock for departing officers | |||
[2] | During fiscal 2016, the Company purchased 2.1 million shares of the Company’s Class A Common Stock in a series of open market transactions for $54.9 million. Additionally, the Company repurchased shares on June 30, 2015 and March 31, 2016 to cover the minimum statutory withholding taxes on restricted stock awards and restricted stock units that vested on June 30, 2015 and March 31, 2016, respectively. The Company also repurchased shares to cover the minimum statutory withholding taxes on restricted stock | |||
[3] | On September 30, 2015, the Company purchased, at par value, all issued and outstanding shares of Class E special voting common stock in connection with the exercise of the final tranche of rollover options during the second quarter of fiscal 2016. |
Stockholders' Equity (Employee
Stockholders' Equity (Employee Stock Purchase Plan) (Details) - shares | 3 Months Ended | 74 Months Ended |
Dec. 31, 2016 | Dec. 31, 2016 | |
Common stock, Class A | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 43,120 | 1,882,982 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 5,453 | $ 6,288 | $ 16,034 | $ 17,809 |
Stock options | EIP | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 467 | 792 | 2,031 | 2,035 |
Restricted stock | Annual Incentive Plan | Common stock, Class A | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 4,986 | 5,496 | 14,003 | 15,774 |
Cost of revenue | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 1,535 | 954 | 4,233 | 3,237 |
General and administrative expenses | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 3,918 | $ 5,334 | $ 11,801 | $ 14,572 |
Stock-Based Compensation (Unrec
Stock-Based Compensation (Unrecognized Compensation) (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to unvested stock-based compensation agreements | $ 17,866 |
Unrecognized compensation cost, amortization period | 4 years 3 months |
EIP | Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to unvested stock-based compensation agreements | $ 2,207 |
Unrecognized compensation cost, amortization period | 2 years 11 months 19 days |
Annual Incentive Plan | Restricted stock | Common stock, Class A | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to unvested stock-based compensation agreements | $ 15,659 |
Unrecognized compensation cost, amortization period | 1 year 11 months 5 days |
Stock-Based Compensation (Sto52
Stock-Based Compensation (Stock Plans) (Details) - USD ($) | Oct. 26, 2016 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Price | $ 30.99 | |
Stock options | EIP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 43,086 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.96 | |
share-based compensation arrangement by share-based payment award, options, grants in period, grant date fair value | $ 300,000 | |
Stock options outstanding | 4,041,616 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number | 1,003,871 | |
Common stock, Class A | Restricted stock units (RSUs) | 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 | 34,196 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,100,000 |
Stock-Based Compensation (Recor
Stock-Based Compensation (Recorded and Unrecorded Stock-based Compensation Liability) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Dec. 31, 2016 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost, amortization period | 4 years 3 months | |
Special Cash Dividend | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Recorded and unrecorded stock-based compensation liability, current and noncurrent | $ 1.5 | $ 3.8 |
Stock options | EIP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost, amortization period | 2 years 11 months 19 days | |
Stock options | Special Cash Dividend | EIP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation liability, current | $ 1 | 2.3 |
Unrecorded stock-based compensation liability, current and noncurrent | $ 0.5 | $ 1.5 |
Unrecognized compensation cost, amortization period | 2 years 3 months |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | ||
Dec. 31, 2016 | Mar. 31, 2016 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash And Cash Equivalents Invested In Money Market Funds, Net Asset Value, Per Share | $ 1 | ||
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash and cash equivalents | $ 349,624 | $ 187,529 | |
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 | 61,385 | 42,102 | |
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 | [1] | 288,239 | 145,427 |
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash and cash equivalents | 61,385 | 42,102 | |
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 | 61,385 | 42,102 | |
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash and cash equivalents | 288,239 | 145,427 | |
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 | [1] | 288,239 | 145,427 |
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 | $ 0 | |
[1] | Level 2 cash and cash equivalents are invested in money market funds that are intended to maintain a stable net asset value of $1.00 per share by investing in liquid, high quality U.S. dollar-denominated money market instruments. Therefore, the fair value approximates the carrying value. Depending on our short-term liquidity needs, we make regular transfers between money market funds and other cash equivalents. |
Related-Party Transactions (Det
Related-Party Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2008 | |
Related Party Transactions [Abstract] | |||||
Management Agreement, Annual Fee | $ 1,000,000 | ||||
Management agreement, advisory fees | $ 250,000 | $ 250,000 | $ 750,000 | $ 750,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | |
Contracts with U.S. government agencies or other U.S. government contractors | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 97.00% | 97.00% | 97.00% | 97.00% | |
Unfavorable Regulatory Action | |||||
Loss Contingencies [Line Items] | |||||
Liability for reductions and/or penalties from U.S Governement audits | $ 197.7 | $ 197.7 | $ 189.9 | ||
Financial Standby Letter of Credit | |||||
Concentration Risk [Line Items] | |||||
Guarantor Obligations, Current Carrying Value | 9.6 | 9.6 | 6.6 | ||
Guarantor Obligations, Liquidation Proceeds, Monetary Amount | 1.7 | 1.8 | |||
Guarantor Obligations, Facility | 10 | 10 | |||
Guarantor Obligations, Available Amount | $ 2.1 | $ 2.1 | $ 5.2 |
Commitments and Contingencies57
Commitments and Contingencies (Litigation) (Details) $ in Millions | Jan. 09, 2017claims | Apr. 16, 2015claims | Dec. 31, 2016claims | Dec. 31, 2015 | Dec. 31, 2016USD ($)claims | Dec. 31, 2015 | Mar. 31, 2016USD ($) | Dec. 15, 2009claimsplaintiffs | Dec. 31, 2016claims | Sep. 24, 2014claims | Sep. 23, 2014claims | Sep. 07, 2010claims | Jul. 02, 2010claims |
Former stockholder litigation | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingencies, number of plaintiffs | plaintiffs | 6 | ||||||||||||
Loss contingencies, new claims filed, number | 9 | ||||||||||||
Loss contingencies, claims amended, number | 1 | 2 | 1 | 3 | |||||||||
Loss contingencies, claims dismissed, number | 3 | ||||||||||||
Loss contingencies, claims settled, number | 1 | ||||||||||||
Loss contingencies, pending claims, number | 3 | 3 | 3 | ||||||||||
Former stockholder litigation | United States Court of Appeals for the Second Circuit | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingencies, pending claims, number | 3 | 3 | 3 | ||||||||||
Former stockholder litigation | RICO | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingencies, damages sought, value | $ | $ 241.5 | $ 291.7 | |||||||||||
Government Contracts Concentration Risk [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Concentration risk, percentage | 97.00% | 97.00% | 97.00% | 97.00% | |||||||||
Subsequent Event | Former stockholder litigation | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingencies, claims dismissed, number | 1 |
Subsequent Events Subsequent 58
Subsequent Events Subsequent Events (Details) - USD ($) $ in Millions | Jan. 24, 2017 | Dec. 31, 2016 | Jan. 25, 2017 |
Subsequent Event [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 180 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 410 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 300 | ||
eGov Holdings, Inc. (d/b/a Aquilent) | |||
Subsequent Event [Line Items] | |||
Business Acquisition, Transaction Costs | $ 2 | ||
eGov Holdings, Inc. (d/b/a Aquilent) | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 250 |