Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | May 18, 2017 | Sep. 30, 2016 | |
Entity Information [Line Items] | |||
Entity Registrant Name | Booz Allen Hamilton Holding Corp | ||
Entity Central Index Key | 1,443,646 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 4,574,607,371 | ||
Common stock, Class A | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 147,920,835 | ||
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 | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 217,417 | $ 187,529 |
Accounts receivable, net of allowance | 991,810 | 892,289 |
Prepaid expenses and other current assets | 85,253 | 109,953 |
Total current assets | 1,294,480 | 1,189,771 |
Property and equipment, net of accumulated depreciation | 139,167 | 130,169 |
Deferred income taxes | 10,825 | 22,054 |
Intangible assets, net of accumulated amortization | 271,880 | 220,658 |
Goodwill | 1,571,190 | 1,361,913 |
Other long-term assets | 85,563 | 85,606 |
Total assets | 3,373,105 | 3,010,171 |
Current liabilities: | ||
Current portion of long-term debt | 193,150 | 112,813 |
Accounts payable and other accrued expenses | 504,117 | 484,769 |
Accrued compensation and benefits | 263,816 | 241,367 |
Other current liabilities | 140,318 | 100,964 |
Total current liabilities | 1,101,401 | 939,913 |
Long-term debt, net of current portion | 1,470,174 | 1,484,448 |
Income tax reserve | 11,647 | 1,517 |
Other long-term liabilities | 216,292 | 175,805 |
Total liabilities | 2,799,514 | 2,601,683 |
Commitments and contingencies (Note 20) | ||
Stockholders' equity: | ||
Treasury stock, at cost - 7,013,777 shares at March 31, 2017 and 5,398,596 shares at March 31, 2016 | (191,900) | (135,445) |
Additional paid-in capital | 302,907 | 243,475 |
Retained earnings | 478,102 | 318,537 |
Accumulated other comprehensive loss | (17,077) | (19,613) |
Total stockholders' equity | 573,591 | 408,488 |
Total liabilities and stockholders' equity | 3,373,105 | 3,010,171 |
Common stock, Class A | ||
Stockholders' equity: | ||
Common stock | $ 1,559 | $ 1,534 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Mar. 31, 2016 |
Treasury stock, shares | 7,013,777 | 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 | 155,901,485 | 153,391,058 |
Common stock, shares outstanding | 148,887,708 | 147,992,462 |
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 | 0 |
Common stock, shares outstanding | 0 | 0 |
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 | 0 |
Common stock, shares outstanding | 0 | 0 |
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 | 0 | 0 |
Common stock, shares outstanding | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | |||
Revenue | $ 5,804,284 | $ 5,405,738 | $ 5,274,770 |
Operating costs and expenses: | |||
Cost of revenue | 2,691,982 | 2,580,026 | 2,593,849 |
Billable expenses | 1,751,077 | 1,513,083 | 1,406,527 |
General and administrative expenses | 817,434 | 806,509 | 752,912 |
Depreciation and amortization | 59,544 | 61,536 | 62,660 |
Total operating costs and expenses | 5,320,037 | 4,961,154 | 4,815,948 |
Operating income | 484,247 | 444,584 | 458,822 |
Interest expense | (62,298) | (70,815) | (71,832) |
Other, net | (10,049) | 5,693 | (1,072) |
Income before income taxes | 411,900 | 379,462 | 385,918 |
Income tax expense | 159,410 | 85,368 | 153,349 |
Net income | $ 252,490 | $ 294,094 | $ 232,569 |
Earnings per common share (Note 3): | |||
Basic (in dollars per share) | $ 1.69 | $ 1.98 | $ 1.58 |
Diluted (in dollars per share) | $ 1.67 | $ 1.94 | $ 1.52 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ 66,253 | $ 55,590 | $ 62,830 | $ 67,817 | $ 65,517 | $ 108,055 | $ 56,216 | $ 64,306 | $ 252,490 | $ 294,094 | $ 232,569 |
Change in postretirement plan costs, net of tax | 2,536 | 2,546 | (15,523) | ||||||||
Comprehensive income | $ 255,026 | $ 296,640 | $ 217,046 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | |||
Net income | $ 252,490 | $ 294,094 | $ 232,569 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 59,544 | 61,536 | 62,660 |
Stock-based compensation expense | 21,249 | 24,992 | 26,163 |
Deferred income taxes | 15,536 | 3,549 | (2,543) |
Excess tax benefits from stock-based compensation | (18,175) | (31,924) | (50,800) |
Amortization of debt issuance costs and loss on extinguishment | 15,566 | 8,359 | 11,582 |
Losses on dispositions and impairments | 4,673 | 547 | 1,541 |
Changes in assets and liabilities: | |||
Accounts receivable | (87,154) | (31,229) | 60,533 |
Income taxes receivable / payable | 54,564 | (4,170) | 36,456 |
Prepaid expenses and other current assets | (115) | 24,873 | (1,591) |
Other long-term assets | (10,146) | (49,060) | (8,240) |
Accrued compensation and benefits | 21,535 | (8,409) | (44,329) |
Accounts payable and other accrued expenses | 14,846 | 4,911 | (35,443) |
Accrued interest | (806) | (2,829) | 5,262 |
Income tax reserves | (91) | (56,927) | 1,038 |
Other current liabilities | 13,256 | 66,031 | 5,127 |
Other long-term liabilities | 25,505 | (55,110) | 9,973 |
Net cash provided by operating activities | 382,277 | 249,234 | 309,958 |
Cash flows from investing activities | |||
Purchases of property and equipment | (53,919) | (66,635) | (36,041) |
Payments for business acquisitions, net of cash acquired | (247,627) | (51,118) | (24,534) |
Insurance proceeds received for damage to equipment | 650 | 0 | 0 |
Net cash used in investing activities | (300,896) | (117,753) | (60,575) |
Cash flows from financing activities | |||
Proceeds from issuance of common stock | 6,314 | 5,977 | 5,020 |
Stock option exercises | 14,687 | 7,962 | 6,099 |
Excess tax benefits from stock-based compensation | 18,175 | 31,924 | 50,800 |
Repurchases of common stock | (46,548) | (63,152) | (62,140) |
Cash dividends paid | (92,925) | (80,015) | (215,094) |
Dividend equivalents paid to option holders | (2,254) | (31,802) | (47,110) |
Repayment of debt | (968,325) | (295,063) | (279,563) |
Proceeds from debt issuance | 1,019,383 | 273,000 | 239,828 |
Net cash used in financing activities | (51,493) | (151,169) | (302,160) |
Net increase (decrease) in cash and cash equivalents | 29,888 | (19,688) | (52,777) |
Cash and cash equivalents-beginning of year | 187,529 | 207,217 | 259,994 |
Cash and cash equivalents-end of year | 217,417 | 187,529 | 207,217 |
Supplemental disclosures of cash flow information | |||
Interest | 49,062 | 57,068 | 50,074 |
Income taxes | 89,556 | 143,083 | 122,912 |
Supplemental disclosures of non-cash investing and financing activities | |||
Share repurchases transacted but not settled and paid | 9,907 | 0 | 0 |
Contingent consideration arising from businesses acquired | $ 3,576 | $ 0 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Equity Statement - USD ($) $ in Thousands | Total | Common stock, Class A | Common StockCommon stock, Class A | Common StockNon-voting common stock, Class B | Common StockRestricted common stock, Class C | Common StockSpecial voting common stock, Class E | Treasury Stock | Additional Paid-in Capital | (Accumulated Deficit) Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance (shares) at Mar. 31, 2014 | 143,962,073 | 582,080 | 935,871 | 4,424,814 | (609,625) | |||||
Balance at Mar. 31, 2014 | $ 171,636 | $ 1,440 | $ 6 | $ 9 | $ 13 | $ (10,153) | $ 144,269 | $ 42,688 | $ (6,636) | |
Issuance of common stock, in shares | 1,365,008 | |||||||||
Issuance of common stock | 5,020 | $ 14 | 5,006 | |||||||
Stock options exercised, in shares | 3,392,643 | (2,573,225) | ||||||||
Stock options exercised | 6,099 | $ 33 | $ (7) | 6,073 | ||||||
Excess tax benefits from the exercise of stock options | 50,800 | 50,800 | ||||||||
Share exchange, in shares | 1,517,951 | (582,080) | (935,871) | |||||||
Share exchange | 0 | $ 15 | $ (6) | $ (9) | ||||||
Repurchase of common stock, in shares | (2,389,768) | |||||||||
Repurchase of common stock | (62,140) | $ (62,140) | ||||||||
Recognition of liability related to future stock option exercises (Note 17) | (13,032) | (13,032) | ||||||||
Net income | 232,569 | 232,569 | ||||||||
Change in postretirement plan costs, net of tax | (15,523) | (15,523) | ||||||||
Comprehensive income | 217,046 | |||||||||
Dividends paid | (215,094) | (44,294) | (170,800) | |||||||
Stock-based compensation expense | 26,163 | 26,163 | ||||||||
Balance (shares) at Mar. 31, 2015 | 150,237,675 | 0 | 0 | 1,851,589 | (2,999,393) | |||||
Balance at Mar. 31, 2015 | 186,498 | $ 1,502 | $ 0 | $ 0 | $ 6 | $ (72,293) | 174,985 | 104,457 | (22,159) | |
Issuance of common stock, in shares | 443,813 | |||||||||
Issuance of common stock | 5,977 | $ 4 | 5,973 | |||||||
Stock options exercised, in shares | 2,709,570 | (1,851,589) | ||||||||
Stock options exercised | 7,962 | $ 28 | $ (6) | 7,940 | ||||||
Excess tax benefits from the exercise of stock options | 31,924 | 31,924 | ||||||||
Share exchange | 0 | |||||||||
Repurchase of common stock, in shares | (2,100,000) | (2,399,203) | ||||||||
Repurchase of common stock | (63,152) | $ (54,900) | $ (63,152) | |||||||
Recognition of liability related to future stock option exercises (Note 17) | (2,339) | (2,339) | ||||||||
Net income | 294,094 | 294,094 | ||||||||
Change in postretirement plan costs, net of tax | 2,546 | 2,546 | ||||||||
Comprehensive income | 296,640 | |||||||||
Dividends paid | (80,014) | 0 | (80,014) | |||||||
Stock-based compensation expense | 24,992 | 24,992 | ||||||||
Balance (shares) at Mar. 31, 2016 | 153,391,058 | 0 | 0 | 0 | (5,398,596) | |||||
Balance at Mar. 31, 2016 | 408,488 | $ 1,534 | $ 0 | $ 0 | $ 0 | $ (135,445) | 243,475 | 318,537 | (19,613) | |
Issuance of common stock, in shares | 578,932 | |||||||||
Issuance of common stock | 6,314 | $ 6 | 6,308 | |||||||
Stock options exercised, in shares | 1,931,495 | 0 | ||||||||
Stock options exercised | 14,687 | $ 19 | $ 0 | 14,668 | ||||||
Excess tax benefits from the exercise of stock options | 18,175 | 18,175 | ||||||||
Repurchase of common stock, in shares | (1,306,388) | (1,615,181) | ||||||||
Repurchase of common stock | (56,455) | $ (46,400) | $ (56,455) | |||||||
Recognition of liability related to future stock option exercises (Note 17) | (968) | (968) | ||||||||
Net income | 252,490 | 252,490 | ||||||||
Change in postretirement plan costs, net of tax | 2,536 | 2,536 | ||||||||
Comprehensive income | 255,026 | |||||||||
Dividends paid | (92,925) | (92,925) | ||||||||
Stock-based compensation expense | 21,249 | 21,249 | ||||||||
Balance (shares) at Mar. 31, 2017 | 155,901,485 | 0 | 0 | 0 | (7,013,777) | |||||
Balance at Mar. 31, 2017 | $ 573,591 | $ 1,559 | $ 0 | $ 0 | $ 0 | $ (191,900) | $ 302,907 | $ 478,102 | $ (17,077) |
Business Overview
Business Overview | 12 Months Ended |
Mar. 31, 2017 | |
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, the Company or we, us, and our, was incorporated in Delaware in May 2008. The Company provides management and technology consulting, engineering, analytics, digital solutions, mission operations, and cyber expertise to 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 23,300 employees as of March 31, 2017 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2017 | |
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, and the rules and regulations of the U.S. Securities and Exchange Commission, or SEC. All intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements and notes of the Company include its subsidiaries, and the joint ventures and partnerships over which the Company has a controlling financial interest. The Company uses the equity method to account for investments in entities that it does not control if it is otherwise able to exert significant influence over the entities' operating and financial policies. 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, 2017 and 2016 and the Company’s results of operations for fiscal 2017 , fiscal 2016 , and fiscal 2015 . Certain amounts reported in the Company's prior year consolidated financial statements have been reclassified to conform to the current year presentation. Use of Estimates The preparation of consolidated 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 consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the consolidated 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 and costs to complete fixed-price contracts, bonus and other incentive compensation, stock-based compensation, reserves for tax benefits and valuation allowances on deferred tax assets, provisions for income taxes, postretirement obligations, certain deferred costs, collectability of receivables, and loss accruals for litigation. 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. Revisions to these estimates may result in increases or decreases to revenue and income, and are reflected in the consolidated financial statements in periods in which they are identified. Historically, revisions to these estimates have not had a material effect on our results of operations. 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. Historically, revisions to these estimates have not had a material effect on our results of operations. 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 and an allocation of allowable indirect costs. 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 typically recognizes revenue and billable expenses from these transactions on a gross basis when 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. All other revenues are recognized when persuasive evidence of an arrangement exists, services or products have been provided to the customer, the sales price is fixed or determinable and collectability is reasonably assured. Cash and Cash Equivalents Cash and cash equivalents include operating cash on hand and highly liquid investments having a weighted average maturity of 60 days or less and a weighted average life of 120 days or less. The Company’s cash equivalents consist primarily of institutional and government money market funds. The Company maintains its cash and cash equivalents in bank accounts that, at times, exceed the federally insured FDIC 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 and unbilled receivables based upon the latest information regarding whether specific charges are recoverable or invoices are ultimately collectible. Assessing the recoverability of charges and 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, accounts receivable aging trends for billed receivables, availability of funding, compliance with contractual terms and conditions, client satisfaction with work performed, and other factors impacting unbilled receivables. Valuation reserves are periodically re-evaluated and adjusted as more information about the ultimate recoverability and 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. 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. Incentives for tenant improvements 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 estimated fair values, with the excess recorded as goodwill. The Company has up to one year from the acquisition date to use information as of each acquisition date to adjust the fair value of the acquired assets and liabilities which may result in material changes to their recorded values with an offsetting adjustment to goodwill. We have a contingent consideration arrangement in connection with a business acquisition which requires a fair value measurement determined using probability-weighted cash flows. 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 twelve years. The Company's trade name is not amortized, but is tested for impairment 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 year ended March 31, 2017 , the Company recorded impairment charges related to intangible assets acquired in an acquisition. During the fiscal year ended March 31, 2016 , and 2015 , 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, 2017, the Company performed its annual impairment test of goodwill by comparing the fair value of the Company (based on market capitalization) to the carrying value of the Company's net equity, and concluded that the fair value of the reporting unit was significantly greater than the carrying amount. During the fiscal years ended March 31, 2017 , 2016 , and 2015 , the Company did not record any impairment of goodwill. Long-Lived Assets The Company reviews its long-lived assets, including property and equipment and amortizable 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, 2017 , 2016 , and 2015 , 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 consolidated 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 than 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 loss as of March 31, 2017 and 2016 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 within other long-term liabilities. 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. The Company also offers medical and dental benefits to inactive employees (and their eligible dependents) on long-term disability. These benefits do not vary with an employee's years of service; therefore, the Company is required to accrue the costs of the benefits at the date the inactive employee become disability eligible and elects to participate in the benefit. The accrued cost for such benefits is calculated using an actuarial estimate of the present value of all future benefit payments for obligations at the end of the fiscal year. During the three months ended March 31, 2017 the Company identified misstatements related to unrecognized accrued costs, goodwill, deferred tax assets, and related effects on earnings associated with these benefits in previously issued consolidated financial statements. The Company evaluated the effects of the misstatements to the Company's current and prior period consolidated financial statements and determined the impact was immaterial. As result, the effects of the immaterial misstatements have been corrected in the current period. Refer to Notes 5, 12 and 13 for further discussion. Self-Funded Medical Plans The Company maintains self-funded medical insurance. Self-funded plans include Consumer Driven Health Plans with a Health Savings Account option and traditional choice plans. 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. The estimate of the incurred but unreported claim liability was provided by a third-party valuation firm, primarily based on claims and participant data for the medical, dental, and pharmacy related costs. 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 to our consolidated financial statements 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 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). The Company anticipates adopting the new revenue standard using the full retrospective transition method; however, the Company's ability to adopt using the full retrospective method is dependent on system and process readiness and the completion of our analysis of information necessary to recast our prior period financial statements. A dedicated implementation team has been established that continues to make progress toward completing the evaluation of the impact of the new standard. An initial accounting assessment of the new standard has been completed and the Company is not currently expecting significant changes related to recognizing revenue and earnings over time for long-term contracts as work progresses because of the continuous transfer of control to the customer, generally using an input measure (e.g., costs incurred) to reflect progress. The Company is also continuing to evaluate the impact of the new standard in other areas, including contract modifications and estimation and recognition of variable consideration for contracts to provide services. The Company is in the process of quantifying the financial statement impacts, revising current accounting policies, evaluating changes to internal controls, and determining the appropriate changes to business processes. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of the accounting for share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements. The ASU is effective for annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company plans to adopt ASU 2016-09 in the first quarter of fiscal 2018. In February 2016, the FASB issued ASU 2016-02, Leases , to increase transparency and comparability of accounting for lease transactions. The new standard requires lessees to recognize lease assets and lease liabilities on their balance sheet for all leases with a lease term of greater than 12 months. Lessor accounting is largely unchanged. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is assessing what effect the adoption of this standard may have on the consolidated financial statements. Other recent accounting pronouncements issued by the FASB during fiscal 2017 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, 2017 | |
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. 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. 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 paid in each quarter of fiscal 2017 , 2016 , and 2015 . 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, 2017 2016 2015 Earnings for basic computations (1) $ 250,231 $ 290,542 $ 229,093 Weighted-average Class A Common Stock outstanding 148,218,968 146,494,407 144,809,906 Weighted-average Class B Non-Voting Common Stock outstanding — — 222,129 Weighted-average Class C Restricted Common Stock outstanding — — 382,085 Total weighted-average common shares outstanding for basic computations 148,218,968 146,494,407 145,414,120 Earnings for diluted computations (1) $ 250,249 $ 290,596 $ 229,101 Dilutive stock options and restricted stock 2,055,672 3,224,730 4,961,411 Average number of common shares outstanding for diluted computations 150,274,640 149,719,137 150,375,531 Earnings per common share Basic $ 1.69 $ 1.98 $ 1.58 Diluted $ 1.67 $ 1.94 $ 1.52 (1) During fiscal 2017 , 2016 , and 2015 approximately 1.3 million , 1.8 million , and 2.2 million shares of participating securities were paid dividends totaling $0.9 million , $1.0 million , and $3.2 million , respectively. For fiscal 2017 there were undistributed earnings of $1.4 million allocated to the participating class of securities in basic and diluted earnings per share, respectively. For fiscal 2016 there were undistributed earnings of $2.5 million allocated to the participating class of securities in both basic and diluted earnings per share, respectively. For fiscal 2015 there were undistributed earnings of $0.3 million and $0.2 million 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 and earnings for basic and diluted computations for fiscal 2017, 2016 and 2015. The EPS calculation for fiscal 2017 , 2016 , and 2015 excludes 0.05 million , 0.6 million , and 0.3 million options as their impact was anti-dilutive. |
Acquisition
Acquisition | 12 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisition | ACQUISITION On January 24, 2017, the Company acquired eGov Holdings, Inc., which we refer to as "Aquilent". As a result of the transaction, eGov Holdings, Inc. became a wholly owned subsidiary of Booz Allen Hamilton Inc. Aquilent is an architect of IT solutions for the U.S. Federal government. We expect the acquisition will further expand the Company's ability to blend its consulting heritage with advanced technical expertise. The acquisition of Aquilent was accounted for under the acquisition method of accounting, which requires the total acquisition consideration to be allocated to the assets acquired and liabilities assumed based on an estimate of the acquisition date fair value, with the difference reflected in goodwill. The following table summarizes the preliminary determination of the total consideration transferred at the acquisition date of January 24, 2017: Cash purchase price paid to Aquilent shareholders $ 250,000 Working capital and other closing adjustments (1,570 ) Acquired cash on hand 2,998 Acquisition-related compensation expenses (1,291 ) Acquisition-related contingent consideration 3,576 Total estimated purchase consideration and liabilities paid at closing $ 253,713 As part of the acquisition, the Company and Aquilent agreed to jointly make an election under Section 338(h)(10) of the Internal Revenue Code (Section 338(h)(10)) to treat the acquisition as an asset purchase for income tax purposes and as part of the acquisition, the Company agreed to indemnify the selling stockholders for potential, incremental increases in income taxes and related costs as a result of the Section 338(h)(10) election. The indemnity is evaluated to be acquisition-related contingent consideration, which is preliminarily estimated at the acquisition date fair value of $3.6 million . The acquisition-related contingent consideration was estimated using probability-weighted cash flows and Level 3 inputs as described under the fair value hierarchy of ASC 820, Fair Value Measurements ("ASC 820"). Under the terms of the purchase agreement, the Company has 120 days after closing to provide proposed post-closing working capital adjustments to the stockholders' representatives on behalf of the selling stockholders, which are subject to dispute by the stockholders' representatives. The final purchase price allocations will be completed after the underlying information has been finalized and agreed upon by the stockholders' representatives and the Company. Preliminary transaction costs were $4.0 million , which were recorded as incurred, primarily as general and administrative expense. The Company recorded, on a preliminary basis, the assets acquired and liabilities assumed at their acquisition date fair value, with the difference between the fair value of the net assets acquired and the acquisition consideration reflected as goodwill. The following table represents the preliminary fair value of assets acquired and liabilities assumed as of the acquisition date: Preliminary allocation: Current assets $ 15,809 Other tangible assets 1,144 Customer-relationship intangible assets 69,000 Goodwill 199,830 Current liabilities (8,295 ) Tax indemnification liability (13,554 ) Income tax uncertainty (10,221 ) Estimated total purchase consideration and liabilities paid at closing $ 253,713 The identifiable customer-relationship intangible assets of $69 million was valued using the excess earnings method discounted cash flow approach, incorporating Level 3 inputs as described under the fair value hierarchy of ASC 820. These unobservable inputs reflect the Company's own assumptions about which assumptions market participants would use in pricing an asset on a non-recurring basis. This asset is expected to be amortized over the estimated useful life of 12 years. As part of the acquisition, the Company agreed to contractually reimburse the selling stockholders for previously unrealized tax consequences on Aquilent's prior tax-return positions that become realized with the acquisition. Accordingly, the Company recognized a tax indemnification liability of $13.6 million . The Company also recognized a related reserve of $10.2 million for income tax uncertainties created with the acquisition resulting from uncertainties in the sustainability of Aquilent's prior tax-return positions under examination with the relevant tax authorities. The goodwill of $199.8 million is primarily attributed to the specialized workforce and the expected synergies between the Company and Aquilent. The majority of the goodwill is expected to be deductible for tax purposes. The fair values of assets acquired and liabilities assumed are preliminary and based on valuation estimates and assumptions that are subject to change and could result in material changes since the timing of the acquisition and related judgments required to make certain valuation estimates could necessitate the use of the one year measurement period to adequately analyze and assess a number of factors used in establishing the fair value of the net assets acquired. Although the Company does not currently expect material changes to the initial value of net assets acquired, the Company continues to evaluate assumptions associated with the customer-relationship intangible, assumptions underlying income tax related liabilities and contingent consideration, and working capital adjustments. Pro forma results of operations for this acquisition are not presented because it is not material to the Company's consolidated results of operations. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill As of March 31, 2017 and 2016 , goodwill was $1,571.2 million and $1,361.9 million , respectively. The increase in the carrying amount of goodwill was attributable to the Company's acquisition of Aquilent as discussed in Note 4 and an increase of $9.4 million as a result of the correction of the immaterial misstatement discussed in Note 2. The Company performed an annual impairment test of goodwill as of January 1, 2017 and 2016, and did not identify any impairment. Intangible Assets Intangible assets consisted of the following: March 31, 2017 March 31, 2016 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 $ 274,915 $ 193,235 $ 81,680 $ 209,759 $ 179,301 $ 30,458 Unamortizable intangible assets: Trade name $ 190,200 $ — $ 190,200 $ 190,200 $ — $ 190,200 Total $ 465,115 $ 193,235 $ 271,880 $ 399,959 $ 179,301 $ 220,658 Intangible assets are primarily amortized on an accelerated basis over periods ranging from 7 years to 12 years. The weighted-average remaining period of amortization for all customer relationships is 11 years. The Company performed an annual impairment test of the trade name as of January 1, 2017 and 2016, and did not identify any impairment. However, the Company recognized an impairment charge of $3.8 million in fiscal 2017 for acquired technology, customer relationships and other intangible assets associated with a historical business acquisition. Amortization expense for fiscal 2017 , 2016 , and 2015 was $13.9 million , $12.1 million , and $10.7 million , respectively. The following table summarizes the estimated annual amortization expense for future periods indicated below: For the Fiscal Year Ended March 31, 2018 $ 16,026 2019 13,742 2020 11,004 2021 9,011 2022 7,647 Thereafter 24,250 Total estimated amortization expense $ 81,680 |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE, NET | ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following: March 31, 2017 2016 Current Accounts receivable–billed $ 340,716 $ 308,670 Accounts receivable–unbilled 651,094 584,275 Allowance for doubtful accounts — (656 ) Accounts receivable, net 991,810 892,289 Long-term Accounts receivable–unbilled 59,913 51,145 Total accounts receivable, net $ 1,051,723 $ 943,434 Unbilled amounts represent revenues 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 in the accompanying consolidated balance sheets. The Company recognized a provision (benefit) for doubtful accounts (including certain unbilled reserves) of $0.6 million , $1.1 million , and $(1.0) million for fiscal 2017 , 2016 , and 2015 , respectively. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Mar. 31, 2017 | |
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, 2017 2016 Furniture and equipment $ 151,552 $ 145,292 Computer equipment 75,159 69,075 Software 48,361 48,316 Leasehold improvements 177,009 155,803 Total 452,081 418,486 Less: Accumulated depreciation and amortization (312,914 ) (288,317 ) Property and equipment, net $ 139,167 $ 130,169 Property and equipment, net, includes $8.1 million and $6.9 million of internally developed software, net of depreciation as of March 31, 2017 and 2016 , respectively. Depreciation and amortization expense relating to property and equipment for fiscal 2017 , 2016 , and 2015 was $46.3 million , $50.1 million , and $52.7 million , respectively. During fiscal 2017 and 2016 , the Company reduced the gross cost and accumulated depreciation and amortization by $11.9 million and $6.6 million , respectively, for zero net book value assets deemed no longer in service. |
Accounts Payable and Other Accr
Accounts Payable and Other Accrued Expenses | 12 Months Ended |
Mar. 31, 2017 | |
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, 2017 2016 Vendor payables $ 268,630 $ 246,670 Accrued expenses 235,487 238,099 Total accounts payable and other accrued expenses $ 504,117 $ 484,769 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. |
Deferred Payment Obligation
Deferred Payment Obligation | 12 Months Ended |
Mar. 31, 2017 | |
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, or until settlement of all outstanding claims, 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 all claims will be paid out to the selling shareholders. During fiscal 2016, the Company effectively settled approximately $56.9 million of its pre-acquisition uncertain tax positions, thereby relieving an amount of approximately $21.4 million that was previously indemnified under the DPO. As of March 31, 2016, there were no estimated tax indemnified amounts recorded against the DPO. Remaining potential claims outstanding that may be indemnified pursuant to the Merger Agreement relate to former officers and stockholders’ suits that are still in litigation (See Note 20). During fiscal 2017, the Company accrued interest 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, 2017 and 2016 . Accordingly, the $81.3 million and $81.3 million recorded within other current liabilities as of March 31, 2017 and March 31, 2016 , respectively, represent the residual balances estimated to be paid to the selling shareholders subject to any remaining potential claims based on consideration of 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, 2017 2016 Deferred payment obligation: $ 80,000 $ 80,000 Indemnified pre-acquisition uncertain tax positions — (21,407 ) Release of indemnified pre-acquisition uncertain tax positions — 21,407 Accrued interest 1,304 1,319 Amount recorded in the consolidated balance sheet $ 81,304 $ 81,319 The Company paid $8.0 million in each of fiscal 2017 and 2016 of accrued interest to the selling shareholders. |
Accrued Compensation and Benefi
Accrued Compensation and Benefits | 12 Months Ended |
Mar. 31, 2017 | |
Compensation Related Costs [Abstract] | |
ACCRUED COMPENSATION AND BENEFITS | ACCRUED COMPENSATION AND BENEFITS Accrued compensation and benefits consisted of the following: March 31, 2017 2016 Bonus $ 77,765 $ 73,040 Retirement 31,879 30,388 Vacation 124,486 114,599 Other 29,686 23,340 Total accrued compensation and benefits $ 263,816 $ 241,367 |
Debt
Debt | 12 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt consisted of the following: March 31, 2017 March 31, 2016 Interest Rate Outstanding Balance Interest Rate Outstanding Balance Term Loan A 2.98 % $ 1,153,425 2.94 % $ 741,813 Term Loan B 3.08 % 398,000 3.75 % 841,188 Revolving credit facility (ABR) 5.00 % 80,000 5.00 % 35,000 Revolving credit facility (LIBOR) 2.98 % 50,000 — % — Less: Unamortized debt issuance costs and discount on debt (18,101 ) (20,740 ) Total 1,663,324 1,597,261 Less: Current portion of long-term debt (193,150 ) (112,813 ) Long-term debt, net of current portion $ 1,470,174 $ 1,484,448 On July 13, 2016 and February 6, 2017, 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”) and the Fourth Amendment (the "Fourth Amendment), respectively, 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. The Third Amendment also extended the maturity date of Term Loan A and the termination date for the revolving credit facility to June 30, 2021 and extended the maturity date of Term Loan B to June 30, 2023. The Third Amendment also amended certain existing debt covenants to provide greater operational and financial flexibility. Pursuant to the Fourth Amendment, the Company reduced the interest rate spread applicable to Term Loan B. The interest rate spread applicable to Term Loan A remained unchanged. Prior to the Fourth Amendment, $399 million was outstanding under Term Loan B. Pursuant to the Fourth Amendment, certain lenders converted their existing Term Loan B loans into a new tranche of Term Loan B loans in an aggregate amount, along with Term Loan B loans advanced by certain new lenders, of approximately $399 million . The proceeds from the new lenders were used to prepay in full all of the existing Term Loan B Loans that were not converted into the new Term Loan B tranche. In connection with the Third and Fourth Amendments, the Company accelerated the amortization of ratable portions of the amortization of debt issuance costs (DIC) and original issue discount (OID) that did not qualify for deferral of approximately $5.5 million and $0.1 million , respectively. These expenses are reflected in other income (expense), net in fiscal 2017 . Furthermore, the Company expensed third party debt issuance costs and creditor fees of approximately $3.4 million and $0.9 million in connection with the Third and Fourth Amendments, respectively, that did not qualify for deferral and are reflected in general and administrative costs in fiscal 2017 . As of March 31, 2017 , the Credit Agreement, as amended, provided the Company with a $1,153 million Term Loan A and a $398.0 million Term Loan B, and a $500.0 million revolving credit facility, (the “Revolving Credit Facility”) with a sub-limit for letters of credit of $100.0 million . Booz Allen Hamilton’s obligations and the guarantors’ guarantees under the Credit Agreement, as amended, are secured by a first priority lien on substantially all of the assets (including capital stock of subsidiaries) of Booz Allen Hamilton, Investor and the subsidiary guarantors, subject to certain exceptions set forth in the Credit Agreement, as amended, and related documentation. Subject to specified conditions, without the consent of the then-existing lenders (but subject to the receipt of commitments), the Term Loans or Revolving Credit Facility may be expanded (or a new term loan facility or revolving credit facility added to the existing facilities) by up to (i) $400.0 million plus (ii) the aggregate principal amount under which pro forma consolidated net secured leverage remains less than or equal to 3.50:1.00. Booz Allen Hamilton occasionally borrows under the Revolving Credit Facility in anticipation of cash demands. During fiscal 2017 and 2016, Booz Allen Hamilton accessed a total of $575.0 million and $273.0 million , respectively, of its $500.0 million Revolving Credit Facility. As of March 31, 2017 , $130.0 million was outstanding on the Revolving Credit Facility. As of March 31, 2016 , $35.0 million was outstanding on the Revolving Credit Facility. See Note 24. The Credit Agreement, as amended, 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. The following table summarizes required future debt principal repayments on the term loans: Payments Due By March 31, Total 2018 2019 2020 2021 2022 Thereafter Term Loan A $ 1,153,425 $ 59,150 $ 59,150 $ 59,150 $ 59,150 $ 916,825 $ — Term Loan B 398,000 4,000 4,000 4,000 4,000 4,000 378,000 Total $ 1,551,425 $ 63,150 $ 63,150 $ 63,150 $ 63,150 $ 920,825 $ 378,000 At Booz Allen Hamilton’s option, borrowings under the Secured Credit Facility bear interest based either on LIBOR (adjusted for maximum reserves, and subject to a floor of zero) for the applicable interest period or a base rate (equal to the highest of (x) the administrative agent’s prime corporate rate, (y) the overnight federal funds rate plus 0.50% and (z) three-month LIBOR (adjusted for maximum reserves, and subject to a floor of zero) plus 1.00% ), in each case plus an applicable margin, payable at the end of the applicable interest period and in any event at least quarterly. The applicable margin for Term Loan B is 2.25% for LIBOR loans and 1.25% for base rate loans. The applicable margin for Term Loan A and borrowings under the Revolving Credit Facility ranges from 1.50% to 2.25% for LIBOR loans and 0.50% to 1.25% for base rate loans, in each case based on the Booz Allen Hamilton’s consolidated total net leverage ratio. Unused commitments under the Revolving Credit Facility are subject to a quarterly fee ranging from 0.30% to 0.40% based on Booz Allen Hamilton’s consolidated total net leverage ratio. The Credit Agreement, as amended, contains customary representations and warranties and customary affirmative and negative covenants. The negative covenants include limitations on the following, in each case subject to certain exceptions: (i) indebtedness and liens, (ii) mergers, consolidations or amalgamations, liquidations, wind-ups or dissolutions, and disposition of all or substantially all assets; (iii) dispositions of property; (iv) restricted payments; (v) investments; (vi) transactions with affiliates; (vii) sale and lease back transactions; (viii) change in fiscal periods; (ix) negative pledges; (x) restrictive agreements; (xi) line of business; and (xii) speculative hedging. The events of default include the following, in each case subject to certain exceptions: (a) failure to make required payments under the Secured Credit Facility; (b) material breaches of representations or warranties under the Secured Credit Facility; (c) failure to observe covenants or agreements under the Secured Credit Facility; (d) failure to pay or default under certain other material indebtedness; (e) bankruptcy or insolvency; (f) certain ERISA events; (g) certain material judgments; (h) actual or asserted invalidity of the Guarantee and Collateral Agreements or the other security documents or failure of the guarantees or perfected liens thereunder; and (i) a change of control. In addition, Booz Allen Hamilton is required to meet certain financial covenants at each quarter end, namely Consolidated Net Total Leverage and Consolidated Net Interest Coverage Ratios. As of March 31, 2017 and 2016 , Booz Allen Hamilton was in compliance with all of these covenants. During fiscal 2017 , interest payments of $28.8 million and $19.5 million were made for Term Loan A and Term Loan B, respectively. During fiscal 2016 , interest payments of $22.0 million and $34.7 million were made for Term Loan A and Term Loan B, respectively. Interest on debt and debt-like instruments consisted of the following: Fiscal Year Ended March 31, 2017 2016 2015 (In thousands) Term Loan A Interest Expense $ 28,646 $ 21,790 $ 22,189 Term Loan B Interest Expense 18,874 32,070 33,079 Interest on Revolving Credit Facility 751 363 68 Deferred Payment Obligation Interest 1 7,985 8,015 8,000 Amortization of Debt Issuance Costs (DIC) and Original Issue Discount (OID) 2 5,683 8,359 8,331 Other 359 218 165 Total Interest Expense $ 62,298 $ 70,815 $ 71,832 1 Interest payments on the deferred payment obligation are made twice a year in January and July. See Note 10. 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
Income Taxes Income Taxes | 12 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The components of income tax expense were as follows: Fiscal Year Ended March 31, 2017 2016 2015 Current U.S. Federal $ 119,601 $ 61,339 $ 133,400 State and local 24,273 20,480 22,492 Total current 143,874 81,819 155,892 Deferred U.S. Federal 18,451 8,664 (2,938 ) State and local (2,915 ) (5,115 ) 395 Total deferred 15,536 3,549 (2,543 ) Total $ 159,410 $ 85,368 $ 153,349 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, 2017 2016 2015 Income tax expense computed at U.S. federal statutory rate (35%) $ 144,165 $ 132,812 $ 135,071 Increases (reductions) resulting from: Changes in uncertain tax positions (92 ) (56,428 ) 1,038 State and local income taxes, net of federal tax 13,882 10,092 15,039 Meals and entertainment 1,328 1,321 1,513 Other 127 (2,429 ) 688 Income tax expense from operations $ 159,410 $ 85,368 $ 153,349 The significant components of the Company’s deferred income tax assets and liabilties were as follows: March 31, 2017 2016 Deferred income tax assets: Accrued expenses $ 85,459 $ 85,412 Accrued compensation 41,421 35,950 Stock-based compensation 15,326 20,032 Pension and postretirement benefits 48,672 46,743 Property and equipment 3,885 14,760 Capital loss carryforwards 246 283 Deferred rent and tenant allowance 25,167 20,964 Extended disability benefits 8,860 — Other 6,817 4,793 Total gross deferred income tax assets 235,853 228,937 Less: Valuation allowance — — Total net deferred income tax assets 235,853 228,937 Deferred income tax liabilities: Unbilled receivables (141,357 ) (122,744 ) Intangible assets (78,871 ) (80,604 ) Debt issuance costs (4,709 ) (3,354 ) Other (91 ) (181 ) Total deferred income tax liabilities (225,028 ) (206,883 ) Net deferred income tax asset $ 10,825 $ 22,054 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 financial reporting earnings, future reversals of existing taxable temporary differences, projected future taxable income, as well as any tax planning strategies. As discussed in Note 2, the Company recognized deferred income tax assets of $8.9 million associated with the correction of an immaterial misstatement with the medical and dental benefits provided to employees and their eligible dependents on long-term disability. 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, 2017 , the Company has no State net operating loss or 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, 2017 , 2016 , and 2015 , the Company has recorded $11.6 million , $1.5 million , and $58.4 million , respectively, of reserves for uncertain tax positions which includes potential tax benefits of $1.4 million , $1.4 million , and $55.2 million respectively, that, when recognized, impact the effective tax rate. As discussed in Note 4, the Company has a pre-acquisition tax uncertainty that was recorded in purchase accounting in the amount of $ 10.2 million . For the fiscal year ended March 31, 2016, the Company's reserves for uncertain tax positions decreased primarily as a result of expired statute of limitations for a prior tax year and management's conclusion that the uncertain tax positions related to the statute lapse were effectively settled. The Company released approximately $56.9 million of its pre-acquisition uncertain tax positions during fiscal 2016, including $3.2 million of net interest and penalties that were incurred by the Company subsequent to the acquisition. This resulted in a decrease in the Company's effective tax rate for fiscal 2016. As part of this settlement, an amount of $21.4 million , previously indemnified under the remaining available DPO was relieved. As of March 31, 2016, there were no estimated tax indemnified amounts recorded against the DPO. A reconciliation of the beginning and ending amount of potential tax benefits for the periods presented is as follows: March 31, 2017 2016 2015 Beginning of year $ 1,449 $ 55,164 $ 54,966 Increases in prior year position 127 79 27 Increases in current year position 10,278 — 203 Settlements with taxing authorities — (2,581 ) (32 ) Lapse of statute of limitations (266 ) (51,213 ) — End of year $ 11,588 $ 1,449 $ 55,164 The Company recognized accrued (released) interest and penalties of $(9) thousand , $(3.2) million and $0.8 million for fiscal 2017 , 2016 , and 2015 , 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 $0.1 million , $0.1 million and $3.3 million at March 31, 2017 , 2016 , and 2015 respectively. The Company is subject to taxation in the United States and various state and foreign jurisdictions. As of March 31, 2017 , the Company's tax years ended March 31, 2013 and forward are open and subject to examination by the federal tax authorities. The other jurisdictions currently open or under examination are not considered to be material. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2017 | |
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. The 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 2017 , 2016 , and 2015 was $116.6 million , $108.7 million , and $110.7 million , respectively, and the Company-paid contributions were $114.8 million , $107.5 million , and $124.8 million , respectively. Defined Benefit Plan and Other Postretirement Benefit Plans 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 also 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 the fourth quarter of fiscal 2017, the Company adopted a new plan which will provide for a one-time, lump sum retirement payment of one month’s salary when a vice-president retires from the Company, effective April 1, 2017. This is referred to as the Retired Vice-President Bonus Plan. The Company recognizes a liability for the defined benefit plans' underfunded status, measures the defined benefit plans' obligations that determine its funded status as of the end of the fiscal year, and recognizes as a component of accumulated other comprehensive income the changes in the defined benefit plans' funded status that are not recognized as components of net periodic benefit cost.The components of net postretirement medical expense for the Officer Medical Plan were as follows: Fiscal Year Ended March 31, 2017 2016 2015 Service cost $ 4,851 $ 5,702 $ 4,086 Interest cost 4,782 4,505 3,568 Net actuarial loss 3,052 3,536 582 Total postretirement medical expense $ 12,685 $ 13,743 $ 8,236 The weighted-average discount rate used to determine the year-end benefit obligations was as follows: Fiscal Year Ended March 31, 2017 2016 2015 Officer Medical Plan 4.30 % 4.25 % 4.25 % Retired Officers’ Bonus Plan 4.30 % 4.25 % 4.25 % Retired Vice Presidents' Bonus Plan 4.30 % — % — % Assumed healthcare cost trend rates for the Officer Medical Plan at March 31, 2017 and 2016 were as follows: Pre-65 initial rate 2017 2016 Healthcare cost trend rate assumed for next year 7.25 % 7.50 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2024 2024 Post-65 initial rate 2017 2016 Healthcare cost trend rate assumed for next year 8.50 % 9.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2024 2024 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, 2017 would have the following effects: 1% Increase 1% Decrease Effect on total of service and interest cost $ 2,160 $ (1,667 ) Effect on postretirement benefit obligation 20,446 (16,374 ) Total defined benefit plan expense, consisting of service, interest, and net actuarial gain associated with the Retired Officers' Bonus Plan was $0.7 million , $0.7 million , and $0.7 million for fiscal 2017 , 2016 , and 2015 , respectively. Benefits paid associated with the Retired Officers’ Bonus Plan were $0.9 million , $0.3 million , and $1.3 million for fiscal 2017 , 2016 , and 2015 , respectively. The end-of-period benefit obligation of $4.4 million and $4.5 million as of March 31, 2017 and 2016 , respectively, is included in postretirement obligations within other long-term liabilities in the accompanying consolidated balance sheets. The projected benefit obligation associated with the Retired Vice-President Bonus Plan was $1.0 million as of March 31, 2017, which was recorded as postretirement obligations within other long-term liabilities in the accompanying consolidated balance sheets. Accumulated other comprehensive loss for fiscal 2017 includes unrecognized gross actuarial gain and prior service cost of $1.1 million , reduced by taxes of $0.4 million , that has not yet been recognized in net periodic pension cost for fiscal 2017 for the Retired Officers’ Bonus Plan, the Officer Medical Plan, and the Retired Vice-President Bonus Plan. Accumulated other comprehensive loss includes unrecognized gross actuarial gain of $0.7 million , reduced by taxes of $0.3 million for fiscal 2016 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 loss expected to be recognized as components of net periodic cost in fiscal 2018 are $2.3 million of net actuarial loss, $0.1 million of net prior service cost, 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, 2017 2016 2015 Benefit obligation, beginning of the year $ 114,008 $ 107,317 $ 75,902 Service cost 4,851 5,702 4,086 Interest cost 4,782 4,505 3,568 Net actuarial (gain) loss (2,219 ) (496 ) 26,293 Benefits paid (3,333 ) (3,020 ) (2,532 ) Benefit obligation, end of the year $ 118,089 $ 114,008 $ 107,317 Fiscal Year Ended March 31, Changes in plan assets 2017 2016 2015 Fair value of plan assets, beginning of the year $ — $ — $ — Employer contributions 3,333 3,020 2,532 Benefits paid (3,333 ) (3,020 ) (2,532 ) Fair value of plan assets, end of the year $ — $ — $ — As of March 31, 2017 and 2016 , the unfunded status of the Officer Medical Plan was $118.1 million and $114.0 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 and the Retired Vice-President Bonus Plan are unfunded plans and contributions are made as benefits are paid. As of March 31, 2017 and 2016 , there were no plan assets for either the Retired Officers’ Bonus Plan or the Retired Vice-President Bonus Plan and therefore, the accumulated liability of $5.4 million and $4.5 million , respectively, is unfunded. The liability will be distributed in a lump-sum payment as each officer or vice-president retires. The expected future medical benefit payments and related contributions are as follows: For the Fiscal Year Ending March 31, 2018 $ 3,303 2019 $ 3,691 2020 $ 4,081 2021 $ 4,605 2022 $ 5,041 2023 - 2027 $ 30,862 Long-term Disability Benefits The Company offers medical and dental benefits to inactive employees (and their eligible dependents) on long-term disability. These benefits do not vary with an employee's years of service; therefore, the Company is required to accrue the costs of the benefits at the date the inactive employee becomes disability eligible and elects to participate in the benefit. The accrued cost for such benefits is calculated using an actuarial estimate. As discussed in Note 2, the Company identified misstatements associated with these benefits and as result, the effects of the immaterial misstatements have been corrected in the current period. The accrued cost for these benefits was $22.5 million at March 31, 2017 and is presented in other long-term liabilities. The cumulative effect of the changes in the historical actuarial gains and losses, including for fiscal 2017, has been recognized in earnings for $6.9 million and is recorded in general and administrative expenses. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 12 Months Ended |
Mar. 31, 2017 | |
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 roll-forward of amounts recognized in accumulated other comprehensive loss, net of tax: March 31, 2017 2016 2015 Beginning of year $ (19,613 ) $ (22,159 ) $ (6,636 ) Other comprehensive income (loss) before reclassifications 688 404 (15,873 ) Amounts reclassified from accumulated other comprehensive loss 1,848 2,142 350 Net current-period other comprehensive income (loss) 2,536 2,546 (15,523 ) End of year $ (17,077 ) $ (19,613 ) $ (22,159 ) The following table presents the reclassifications out of accumulated other comprehensive loss to net income: March 31, 2017 2016 2015 Amortization of net actuarial loss included in net periodic benefit cost (See Note 13) Total before tax $ 3,050 $ 3,536 $ 577 Tax benefit (1,202 ) (1,394 ) (227 ) Net of tax $ 1,848 $ 2,142 $ 350 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Mar. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following: March 31, 2017 2016 Deferred rent $ 63,854 $ 53,170 Postretirement benefit obligations 123,492 118,554 Other (1) 28,946 4,081 Total other long-term liabilities $ 216,292 $ 175,805 (1) Balance at March 31, 2017 includes a long-term disability obligation as discussed in Note 13 for $22.5 million and contingent consideration of $3.6 million as discussed in Note 4. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Mar. 31, 2017 | |
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. 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. 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, 2017 , 201,558 Class A Common Stock shares were purchased by employees under the ESPP. Since the program's inception, 1,934,907 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 . On January 25, 2017, the Board of Directors approved an increase to the share repurchase authorization from $180.0 million to up to $410.0 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. During fiscal 2016, the Company purchased 2,100,000 shares of the Company’s Class A Common Stock in a series of open market transactions for $54.9 million . During fiscal 2017, the Company purchased 1,306,388 shares of the Company’s Class A Common Stock in a series of open market transactions for $46.4 million . As of March 31, 2017 , the Company had $255.3 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, 2017 2016 2015 Recurring dividends (1) $ 92,925 $ 80,015 $ 67,846 Special dividends (2) — — 147,248 Dividend equivalents (3) 2,254 31,802 47,110 Total distributions $ 95,179 $ 111,817 $ 262,204 (1) Amounts represent recurring quarterly dividends that were declared and paid for during each quarter of fiscal 2017 , 2016 , and 2015 . (2) Amount represents aggregate special dividends of $1.00 per share ( $1.00 paid on August 29, 2014) that were declared and paid for during fiscal 2015. (3) Dividend equivalents are distributions made to option holders equal to the special dividends declared and paid. For each special dividend authorized and declared, the Board of Directors, acting as the Administrator of the Officers' Rollover Stock Plan and the Amended and Restated Equity Incentive Plan, or EIP, 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. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Mar. 31, 2017 | |
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, 2017 2016 2015 Cost of revenue $ 5,756 $ 7,001 $ 8,652 General and administrative expenses 15,493 17,991 17,511 Total $ 21,249 $ 24,992 $ 26,163 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, 2017 2016 2015 Equity Incentive Plan Options $ 2,523 $ 3,702 $ 4,897 Class A Restricted Common Stock 18,726 21,290 21,266 Total $ 21,249 $ 24,992 $ 26,163 As of March 31, 2017 and 2016 , there was $12.8 million and $20.3 million , respectively, of total unrecognized compensation cost related to unvested stock-based compensation agreements. The unrecognized compensation cost as of March 31, 2017 is expected to be fully amortized over the next 5 years. Absent the effect of accelerating stock compensation cost for any departures of employees who may continue to vest in their equity awards, the following tables summarize the unrecognized compensation cost, the weighted average period the cost is expected to be amortized, and the estimated annual compensation cost for the future periods indicated below (excludes any future awards): Unrecognized Compensation Cost Weighted Average Remaining Period to be Recognized March 31, March 31, March 31, March 31, Equity Incentive Plan Options $ 1,777 $ 4,324 2.84 2.77 Class A Restricted Common Stock 11,007 15,951 1.75 2.02 Total $ 12,784 $ 20,275 Total Unrecognized Compensation Cost Total 2018 2019 2020 2021 2022 Equity Incentive Plan Options $ 1,777 $ 1,050 $ 497 $ 197 $ 31 $ 2 Class A Restricted Common Stock 11,007 8,542 2,183 282 — — Total $ 12,784 $ 9,592 $ 2,680 $ 479 $ 31 $ 2 Equity Incentive Plan The 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 Class A 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.” On October 26, 2016, 43,086 options were granted under the EIP. The estimated fair value of the per-option grant was $6.96 , resulting in a total fair value of $0.3 million . On January 25, 2017, 5,812 options were granted under the EIP. The estimated fair value of the per-option grant was $8.60 , resulting in a total fair value of $0.1 million . The aggregate grant date fair value of the EIP Options issued during fiscal 2017 and 2016 , was $0.4 million and $3.4 million respectively, and is being recorded as expense over the vesting period. The total fair value of EIP Options vested during fiscal 2017 and 2016 was $11.8 million and $14.9 million , respectively. The total intrinsic value of EIP options exercised during fiscal 2017 and 2016 was $49.0 million and $16.1 million , respectively. As of March 31, 2017 and 2016 , there were 12,026,970 and 12,147,850 options, respectively, available for future grant under the EIP. 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 2017, the Company also issued several equity awards in the form of restricted stock to certain newly hired and existing employees and officers of the Company. These awards will vest over a three year period subject to the employees' continued employment with the Company. 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 During fiscal 2017, the Board of Directors granted an aggregate of 433,218 Class A Restricted Stock Units and 40,029 shares of Class A Restricted Common Stock to newly promoted and hired partners and vice presidents, existing employees, and members of the Board of Directors. The aggregate value of these awards approximated $14.1 million and were based on the grant date stock price, which ranged from $28.94 to $35.83 . The majority of these awards were issued in conjunction with the Annual Incentive Plan, whereby the amount of the annual incentive payment is determined based on performance targets established by the Compensation Committee and a portion of the incentive payment is 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 over a period of three years, subject to the participant's continued employment with the Company. The total fair value of restricted stock shares vested during fiscal 2017 and 2016 was $30.2 million and $26.5 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. 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. For the fiscal years ended March 31, 2016 and March 31, 2017 all shares of Class C Restricted Stock were fully vested. At March 31, 2017 and 2016 , 3,971,730 shares of Class C Restricted Stock were authorized but unissued under the Plan. As permitted under the terms of the EIP, the Compensation Committee, as Administrator of the Plan, authorized the withholding of taxes not to exceed the minimum statutory withholding amount, through the surrender of shares of Class A common stock issuable upon the vesting or accelerated vesting of Restricted Stock. For those holders who elected to participate, the trade dates were as listed in the table below. As a result of these transactions, the Company repurchased a total of 308,793 shares and recorded them as treasury shares at a cost of $10.0 million , detailed as follows: Total Shares Withheld to Cover Taxes Trade Date Shares Cost Total April 1, 2016 19 $30.55 $ 580 April 11, 2016 9 $29.29 264 April 18, 2016 1 $28.37 28 June 30, 2016 154,012 $29.64 4,564,916 July 11, 2016 6 $30.18 181 December 6, 2016 10 $37.96 380 March 31, 2017 154,736 $35.39 5,476,107 Total 308,793 $ 10,042,456 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 2017, the Company’s Board of Directors authorized and declared three regular quarterly cash dividends of $0.15 per share and one quarterly cash dividend of $0.17 per share. Therefore, an annualized dividend yield between 1.90% and 1.94% was used in the Black-Scholes option-pricing model for all grants issued during the fiscal year. 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 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 that 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. Other than the expected life of the option, volatility is the most sensitive input to our option grants. 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, 2017 2016 2015 Dividend yield 1.94% 1.83% 1.90% Expected volatility 29.65% 29.85% 30.42% Risk-free interest rate 1.38% 1.33% 1.60% Expected life (in years) 5.00 5.08 5.00 Weighted-average grant date fair value $7.16 $6.67 $5.55 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 trigger 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. 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 Compensation Committee, 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 EIP options will receive a cash payment equal to the amount of the special dividend payable on the date the dividend was paid or the vesting of the EIP option, whichever is later. On June 30, 2016, vested EIP option holders received a payment of $2.2 million related to the special dividends declared in fiscal years 2013, 2014, and 2015. On March 31, 2017, vested EIP option holders received a payment of $0.1 million related to the special dividends declared in fiscal years 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. Total compensation expense recorded in conjunction with the payment of all dividend equivalents to holders of unvested EIP options for the fiscal year ended March 31, 2017 was $0.2 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 $0.03 million and is expected to be recognized over 0.25 years. As of March 31, 2017 and 2016 , the Company calculated a total recorded and unrecorded stock-based compensation liability of $1.3 million and $3.8 million , respectively, related to the special dividends paid in June 2012, November 2013, and February and August 2014, with $1.0 million and $2.3 million recorded as a current liability as of March 31, 2017 and 2016 , respectively. As of March 31, 2017 , $0.4 million related to EIP Options will be recorded as liabilities as the options vest over the next two years. As of March 31, 2016 , there was an unrecorded liability of $1.5 million related to EIP options. The following table summarizes unvested restricted stock activity for the periods presented: Number of Shares Weighted Average Grant Date Fair Value Unvested Restricted Stock Awards Unvested at March 31, 2016 1,759,952 23.00 Granted 473,247 29.69 Vested 946,393 22.63 Forfeited 9,298 28.98 Unvested at March 31, 2017 1,277,508 25.71 The following table summarizes stock option activity for the periods presented: Number of Options Weighted Average Exercise Price Equity Incentive Plan Options Options outstanding at March 31, 2016 5,793,008 $ 11.82 * Granted 48,898 31.57 Forfeited 82,422 20.85 Expired 3,752 27.16 Exercised 1,931,495 7.60 Options outstanding at March 31, 2017 3,824,237 $ 13.99 * * 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 Options Weighted Average Grant Date Fair Value Equity Incentive Plan Options Unvested at March 31, 2016 1,565,841 $ 5.73 Granted 48,898 7.16 Vested 719,756 6.02 Forfeited 82,422 5.33 Unvested at March 31, 2017 812,561 $ 5.61 The following table summarizes stock options outstanding at March 31, 2017 : Range of exercise prices Stock Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life Intrinsic Value Stock Options Exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life Intrinsic Value (In years) (In years) Equity Incentive Plan $4.28 - $35.83 3,824,237 $13.99 (1) 4.78 $ 81,817 3,011,676 $11.79 4.18 $71,073 (1) 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, 2017 | |
Fair Value Disclosures [Abstract] | |
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 $ 59,825 $ — $ — $ 59,825 Money market funds (1) — 157,592 — 157,592 Total cash and cash equivalents $ 59,825 $ 157,592 $ — $ 217,417 Liabilities: Contingent consideration liability (2) — — 3,576 3,576 Total liabilities $ — $ — $ 3,576 $ 3,576 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. (2) As discussed in Note 4, the Company recognized a contingent consideration liability in connection with the acquisition of Aquilent. As of March 31, 2017, the estimated fair value of the contingent consideration liability was $3.6 million and was valued using probability-weighted cash flows, which is based on the use of Level 3 fair value measurement inputs. The liability is recorded in other long-term liabilities in the consolidated balance sheet. The fair value of the Company's debt instruments approximated its carrying value at March 31, 2017 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 | 12 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | RELATED-PARTY TRANSACTIONS In March 2017, the Company supported the formation of the Booz Allen Foundation, a nonprofit corporation organized and operated exclusively for charitable, scientific and educational purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. The Company is the sole member of the foundation, which gives it the authority to appoint two out of five of the Booz Allen Foundation’s directors and consent rights regarding certain extraordinary corporate actions approved by the board of directors. The Company has made a binding and irrevocable pledge of $5.0 million to the Booz Allen Foundation. The pledge expense is presented in other income (expenses), net and the pledge obligation is presented in other current liabilities on the consolidated balance sheet of the Company. 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 March 31, 2017, 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 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 2017 , 2016, and 2015 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 provided the Company with advisory, consulting and other services and the Company paid Carlyle Investment Management an aggregate annual fee of $1.0 million , plus expenses. For fiscal 2017 , 2016 , and 2015 , the Company incurred $0.8 million , $1.0 million and $1.0 million per year in advisory fees, respectively. 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 | 12 Months Ended |
Mar. 31, 2017 | |
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 2028. 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. Sometimes lease payments include payments for insurance, maintenance, and property taxes. There are no purchase options on operating leases at terms favorable to market rents. 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 $81.6 million , net of $0.5 million of sublease income, $88.5 million , net of $0.5 million of sublease income, and $92.9 million , net of $0.7 million of sublease income, for fiscal 2017 , 2016 , and 2015 , 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 Lease Payments Operating Sublease Income 2018 $ 70,119 $ 386 2019 63,198 184 2020 54,846 54 2021 50,033 41 2022 38,183 20 Thereafter 107,562 — $ 383,941 $ 685 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. Letters of Credit and Third-Party Guarantees As of March 31, 2017 and 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 $8.6 million and $6.6 million , respectively. These letters of credit and bank guarantees primarily support insurance and bid and performance obligations. At March 31, 2017 and 2016 , approximately $1.7 million and $1.8 million , respectively, of these instruments reduce the available borrowings under the Revolving Credit Facility. The remainder is guaranteed under a separate $10.0 million facility established in fiscal 2015 of which $3.1 million and $5.2 million , respectively, was available to the Company at March 31, 2017 and 2016 . Government Contracting Matters For fiscal 2017 , 2016 , and 2015 , approximately 97% , 97% , and 98% , 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 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. During fiscal 2017, the Defense Contract Management Agency Administrative Contracting Officer negotiated annual final indirect cost rates for fiscal years 2010 and 2011. As a result, the Company reduced a portion of its provision for the recovery of allowable expenses based on the outcome of these negotiations and the settlement of the final indirect costs for fiscal years 2010 and 2011. The Company also revised its provision based on the outcome of the negotiations and related and new emerging exposures that may result in future cost disallowance, 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 March 31, 2017 and 2016 , the Company has recorded a liability of approximately $175.7 million and $189.9 million , respectively, for its current best estimate of amounts to be refunded to customers for potential adjustments from audits or reviews of contract costs incurred subsequent to fiscal year 2011, 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 March 31, 2017 and 2016 , there were 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 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 March 31, 2017, the United States Court of Appeals for the Second Circuit has not ruled on this appeal. As of March 31, 2017 , the aggregate alleged damages sought in these three remaining suits was approximately $241.7 million (substantially all 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, 2017 | |
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 D
Unaudited Quarterly Financial Data | 12 Months Ended |
Mar. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
UNAUDITED QUARTERLY FINANCIAL DATA | UNAUDITED QUARTERLY FINANCIAL DATA 2017 Quarters First Second Third Fourth Revenue $ 1,422,722 $ 1,394,853 $ 1,404,638 $ 1,582,071 Operating income 129,301 117,661 108,124 129,161 Income before income taxes 113,364 97,747 92,615 108,174 Net income 67,817 62,830 55,590 66,253 Earnings per common share: Basic (1) $ 0.46 $ 0.42 $ 0.37 $ 0.44 Diluted (1) $ 0.45 $ 0.41 $ 0.37 $ 0.44 2016 Quarters First Second Third Fourth Revenue $ 1,351,604 $ 1,322,154 $ 1,307,663 $ 1,424,317 Operating income 126,144 108,816 105,116 104,508 Income before income taxes 108,586 90,953 87,909 92,014 Net income 64,306 56,216 108,055 65,517 Earnings per common share: Basic (1) $ 0.44 $ 0.38 $ 0.72 $ 0.44 Diluted (1) $ 0.43 $ 0.37 $ 0.71 $ 0.43 (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 Informat
Supplemental Financial Information | 12 Months Ended |
Mar. 31, 2017 | |
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, 2017 2016 2015 Allowance for doubtful accounts: Beginning balance $ 656 $ 357 $ 1,457 Provision for doubtful accounts (135 ) 352 (1,100 ) Charges against allowance (521 ) (53 ) — Ending balance $ — $ 656 $ 357 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Interest Rate Swaps On April 6, 2017, Booz Allen Hamilton entered into three interest rate swap agreements with three different financial institutions to fix the LIBOR portion of the interest rate on outstanding debt under the Credit Agreement, as amended. Each swap has a notional amount of $100 million and fixes LIBOR at 1.998% with an effective date of April 30, 2018 and a maturity date of June 30, 2021. Senior Notes Offering On April 25, 2017, Booz Allen Hamilton issued $350 million aggregate principal amount of its 5.125% Senior Notes due 2025 under an Indenture, dated as of April 25, 2017, among Booz Allen Hamilton, certain subsidiaries of Booz Allen Hamilton, as guarantors (the “Subsidiary Guarantors”), and Wilmington Trust, National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of April 25, 2017, among Booz Allen Hamilton, the Subsidiary Guarantors and the Trustee. The proceeds from the sale have been used to repay all outstanding loans under the Revolving Credit Facility. Share Re-purchase Program The Company paid $9.9 million during the first quarter of fiscal 2018 for 279,600 shares repurchased during the fourth quarter of fiscal 2017 that had not settled in cash by March 31, 2017. Dividend Declared On May 22, 2017 , the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.17 per share. Payment of the dividend will be made on June 30, 2017 to stockholders of record at the close of business on June 10, 2017 . |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
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, and the rules and regulations of the U.S. Securities and Exchange Commission, or SEC. All intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements and notes of the Company include its subsidiaries, and the joint ventures and partnerships over which the Company has a controlling financial interest. The Company uses the equity method to account for investments in entities that it does not control if it is otherwise able to exert significant influence over the entities' operating and financial policies. 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, 2017 and 2016 and the Company’s results of operations for fiscal 2017 , fiscal 2016 , and fiscal 2015 . Certain amounts reported in the Company's prior year consolidated financial statements have been reclassified to conform to the current year presentation. |
Use of Estimates | Use of Estimates The preparation of consolidated 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 consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the consolidated 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 and costs to complete fixed-price contracts, bonus and other incentive compensation, stock-based compensation, reserves for tax benefits and valuation allowances on deferred tax assets, provisions for income taxes, postretirement obligations, certain deferred costs, collectability of receivables, and loss accruals for litigation. 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. Revisions to these estimates may result in increases or decreases to revenue and income, and are reflected in the consolidated financial statements in periods in which they are identified. Historically, revisions to these estimates have not had a material effect on our results of operations. 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. Historically, revisions to these estimates have not had a material effect on our results of operations. 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 and an allocation of allowable indirect costs. 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 typically recognizes revenue and billable expenses from these transactions on a gross basis when 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. All other revenues are recognized when persuasive evidence of an arrangement exists, services or products have been provided to the customer, the sales price is fixed or determinable and collectability is reasonably assured. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include operating cash on hand and highly liquid investments having a weighted average maturity of 60 days or less and a weighted average life of 120 days or less. The Company’s cash equivalents consist primarily of institutional and government money market funds. The Company maintains its cash and cash equivalents in bank accounts that, at times, exceed the federally insured FDIC 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 and unbilled receivables based upon the latest information regarding whether specific charges are recoverable or invoices are ultimately collectible. Assessing the recoverability of charges and 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, accounts receivable aging trends for billed receivables, availability of funding, compliance with contractual terms and conditions, client satisfaction with work performed, and other factors impacting unbilled receivables. Valuation reserves are periodically re-evaluated and adjusted as more information about the ultimate recoverability and 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. 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. Incentives for tenant improvements 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 estimated fair values, with the excess recorded as goodwill. The Company has up to one year from the acquisition date to use information as of each acquisition date to adjust the fair value of the acquired assets and liabilities which may result in material changes to their recorded values with an offsetting adjustment to goodwill. |
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 twelve years. The Company's trade name is not amortized, but is tested for impairment 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 year ended March 31, 2017 , the Company recorded impairment charges related to intangible assets acquired in an acquisition. During the fiscal year ended March 31, 2016 , and 2015 , the Company did not record any impairment of intangible assets. |
Goodwill | Goodwill The Company assesses goodwill for impairment on at least an annual basis on January 1 unless interim indicators of impairment exist. Goodwill is considered to be impaired when the net book value of a reporting unit exceeds its estimated fair value. The Company operates as a single operating segment and as a single reporting unit for the purpose of evaluating goodwill. As of January 1, 2017, the Company performed its annual impairment test of goodwill by comparing the fair value of the Company (based on market capitalization) to the carrying value of the Company's net equity, and concluded that the fair value of the reporting unit was significantly greater than the carrying amount. During the fiscal years ended March 31, 2017 , 2016 , and 2015 , 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 amortizable 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, 2017 , 2016 , and 2015 , 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 consolidated 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 than 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 loss as of March 31, 2017 and 2016 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 within other long-term liabilities. 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. The Company also offers medical and dental benefits to inactive employees (and their eligible dependents) on long-term disability. These benefits do not vary with an employee's years of service; therefore, the Company is required to accrue the costs of the benefits at the date the inactive employee become disability eligible and elects to participate in the benefit. The accrued cost for such benefits is calculated using an actuarial estimate of the present value of all future benefit payments for obligations at the end of the fiscal year. During the three months ended March 31, 2017 the Company identified misstatements related to unrecognized accrued costs, goodwill, deferred tax assets, and related effects on earnings associated with these benefits in previously issued consolidated financial statements. The Company evaluated the effects of the misstatements to the Company's current and prior period consolidated financial statements and determined the impact was immaterial. As result, the effects of the immaterial misstatements have been corrected in the current period. Refer to Notes 5, 12 and 13 for further discussion. |
Self-Funded Medical Plans | Self-Funded Medical Plans The Company maintains self-funded medical insurance. Self-funded plans include Consumer Driven Health Plans with a Health Savings Account option and traditional choice plans. 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. The estimate of the incurred but unreported claim liability was provided by a third-party valuation firm, primarily based on claims and participant data for the medical, dental, and pharmacy related costs. |
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 to our consolidated financial statements 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 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). The Company anticipates adopting the new revenue standard using the full retrospective transition method; however, the Company's ability to adopt using the full retrospective method is dependent on system and process readiness and the completion of our analysis of information necessary to recast our prior period financial statements. A dedicated implementation team has been established that continues to make progress toward completing the evaluation of the impact of the new standard. An initial accounting assessment of the new standard has been completed and the Company is not currently expecting significant changes related to recognizing revenue and earnings over time for long-term contracts as work progresses because of the continuous transfer of control to the customer, generally using an input measure (e.g., costs incurred) to reflect progress. The Company is also continuing to evaluate the impact of the new standard in other areas, including contract modifications and estimation and recognition of variable consideration for contracts to provide services. The Company is in the process of quantifying the financial statement impacts, revising current accounting policies, evaluating changes to internal controls, and determining the appropriate changes to business processes. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of the accounting for share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements. The ASU is effective for annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company plans to adopt ASU 2016-09 in the first quarter of fiscal 2018. In February 2016, the FASB issued ASU 2016-02, Leases , to increase transparency and comparability of accounting for lease transactions. The new standard requires lessees to recognize lease assets and lease liabilities on their balance sheet for all leases with a lease term of greater than 12 months. Lessor accounting is largely unchanged. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is assessing what effect the adoption of this standard may have on the consolidated financial statements. Other recent accounting pronouncements issued by the FASB during fiscal 2017 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, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of the income used to compute basic and diluted EPS | Fiscal Year Ended March 31, 2017 2016 2015 Earnings for basic computations (1) $ 250,231 $ 290,542 $ 229,093 Weighted-average Class A Common Stock outstanding 148,218,968 146,494,407 144,809,906 Weighted-average Class B Non-Voting Common Stock outstanding — — 222,129 Weighted-average Class C Restricted Common Stock outstanding — — 382,085 Total weighted-average common shares outstanding for basic computations 148,218,968 146,494,407 145,414,120 Earnings for diluted computations (1) $ 250,249 $ 290,596 $ 229,101 Dilutive stock options and restricted stock 2,055,672 3,224,730 4,961,411 Average number of common shares outstanding for diluted computations 150,274,640 149,719,137 150,375,531 Earnings per common share Basic $ 1.69 $ 1.98 $ 1.58 Diluted $ 1.67 $ 1.94 $ 1.52 (1) During fiscal 2017 , 2016 , and 2015 approximately 1.3 million , 1.8 million , and 2.2 million shares of participating securities were paid dividends totaling $0.9 million , $1.0 million , and $3.2 million , respectively. For fiscal 2017 there were undistributed earnings of $1.4 million allocated to the participating class of securities in basic and diluted earnings per share, respectively. For fiscal 2016 there were undistributed earnings of $2.5 million allocated to the participating class of securities in both basic and diluted earnings per share, respectively. For fiscal 2015 there were undistributed earnings of $0.3 million and $0.2 million 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 and earnings for basic and diluted computations for fiscal 2017, 2016 and 2015 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Consideration Transferred | The following table summarizes the preliminary determination of the total consideration transferred at the acquisition date of January 24, 2017: Cash purchase price paid to Aquilent shareholders $ 250,000 Working capital and other closing adjustments (1,570 ) Acquired cash on hand 2,998 Acquisition-related compensation expenses (1,291 ) Acquisition-related contingent consideration 3,576 Total estimated purchase consideration and liabilities paid at closing $ 253,713 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table represents the preliminary fair value of assets acquired and liabilities assumed as of the acquisition date: Preliminary allocation: Current assets $ 15,809 Other tangible assets 1,144 Customer-relationship intangible assets 69,000 Goodwill 199,830 Current liabilities (8,295 ) Tax indemnification liability (13,554 ) Income tax uncertainty (10,221 ) Estimated total purchase consideration and liabilities paid at closing $ 253,713 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets | Intangible assets consisted of the following: March 31, 2017 March 31, 2016 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 $ 274,915 $ 193,235 $ 81,680 $ 209,759 $ 179,301 $ 30,458 Unamortizable intangible assets: Trade name $ 190,200 $ — $ 190,200 $ 190,200 $ — $ 190,200 Total $ 465,115 $ 193,235 $ 271,880 $ 399,959 $ 179,301 $ 220,658 |
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, 2018 $ 16,026 2019 13,742 2020 11,004 2021 9,011 2022 7,647 Thereafter 24,250 Total estimated amortization expense $ 81,680 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Accounts receivable, net | Accounts receivable, net consisted of the following: March 31, 2017 2016 Current Accounts receivable–billed $ 340,716 $ 308,670 Accounts receivable–unbilled 651,094 584,275 Allowance for doubtful accounts — (656 ) Accounts receivable, net 991,810 892,289 Long-term Accounts receivable–unbilled 59,913 51,145 Total accounts receivable, net $ 1,051,723 $ 943,434 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Components of property and equipment, net | The components of property and equipment, net were as follows: March 31, 2017 2016 Furniture and equipment $ 151,552 $ 145,292 Computer equipment 75,159 69,075 Software 48,361 48,316 Leasehold improvements 177,009 155,803 Total 452,081 418,486 Less: Accumulated depreciation and amortization (312,914 ) (288,317 ) Property and equipment, net $ 139,167 $ 130,169 |
Accounts Payable and Other Ac38
Accounts Payable and Other Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of accounts payable and other accrued expenses | Accounts payable and other accrued expenses consisted of the following: March 31, 2017 2016 Vendor payables $ 268,630 $ 246,670 Accrued expenses 235,487 238,099 Total accounts payable and other accrued expenses $ 504,117 $ 484,769 |
Deferred Payment Obligation (Ta
Deferred Payment Obligation (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
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, 2017 2016 Deferred payment obligation: $ 80,000 $ 80,000 Indemnified pre-acquisition uncertain tax positions — (21,407 ) Release of indemnified pre-acquisition uncertain tax positions — 21,407 Accrued interest 1,304 1,319 Amount recorded in the consolidated balance sheet $ 81,304 $ 81,319 |
Accrued Compensation and Bene40
Accrued Compensation and Benefits (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Compensation Related Costs [Abstract] | |
Accrued compensation and benefits | Accrued compensation and benefits consisted of the following: March 31, 2017 2016 Bonus $ 77,765 $ 73,040 Retirement 31,879 30,388 Vacation 124,486 114,599 Other 29,686 23,340 Total accrued compensation and benefits $ 263,816 $ 241,367 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt consisted of the following: March 31, 2017 March 31, 2016 Interest Rate Outstanding Balance Interest Rate Outstanding Balance Term Loan A 2.98 % $ 1,153,425 2.94 % $ 741,813 Term Loan B 3.08 % 398,000 3.75 % 841,188 Revolving credit facility (ABR) 5.00 % 80,000 5.00 % 35,000 Revolving credit facility (LIBOR) 2.98 % 50,000 — % — Less: Unamortized debt issuance costs and discount on debt (18,101 ) (20,740 ) Total 1,663,324 1,597,261 Less: Current portion of long-term debt (193,150 ) (112,813 ) Long-term debt, net of current portion $ 1,470,174 $ 1,484,448 |
Future debt principal repayments | The following table summarizes required future debt principal repayments on the term loans: Payments Due By March 31, Total 2018 2019 2020 2021 2022 Thereafter Term Loan A $ 1,153,425 $ 59,150 $ 59,150 $ 59,150 $ 59,150 $ 916,825 $ — Term Loan B 398,000 4,000 4,000 4,000 4,000 4,000 378,000 Total $ 1,551,425 $ 63,150 $ 63,150 $ 63,150 $ 63,150 $ 920,825 $ 378,000 |
Interest expense | Interest on debt and debt-like instruments consisted of the following: Fiscal Year Ended March 31, 2017 2016 2015 (In thousands) Term Loan A Interest Expense $ 28,646 $ 21,790 $ 22,189 Term Loan B Interest Expense 18,874 32,070 33,079 Interest on Revolving Credit Facility 751 363 68 Deferred Payment Obligation Interest 1 7,985 8,015 8,000 Amortization of Debt Issuance Costs (DIC) and Original Issue Discount (OID) 2 5,683 8,359 8,331 Other 359 218 165 Total Interest Expense $ 62,298 $ 70,815 $ 71,832 1 Interest payments on the deferred payment obligation are made twice a year in January and July. See Note 10. 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 (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of income tax expense | The components of income tax expense were as follows: Fiscal Year Ended March 31, 2017 2016 2015 Current U.S. Federal $ 119,601 $ 61,339 $ 133,400 State and local 24,273 20,480 22,492 Total current 143,874 81,819 155,892 Deferred U.S. Federal 18,451 8,664 (2,938 ) State and local (2,915 ) (5,115 ) 395 Total deferred 15,536 3,549 (2,543 ) Total $ 159,410 $ 85,368 $ 153,349 |
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, 2017 2016 2015 Income tax expense computed at U.S. federal statutory rate (35%) $ 144,165 $ 132,812 $ 135,071 Increases (reductions) resulting from: Changes in uncertain tax positions (92 ) (56,428 ) 1,038 State and local income taxes, net of federal tax 13,882 10,092 15,039 Meals and entertainment 1,328 1,321 1,513 Other 127 (2,429 ) 688 Income tax expense from operations $ 159,410 $ 85,368 $ 153,349 |
Components of deferred tax assets and liabilities | ignificant components of the Company’s deferred income tax assets and liabilties were as follows: March 31, 2017 2016 Deferred income tax assets: Accrued expenses $ 85,459 $ 85,412 Accrued compensation 41,421 35,950 Stock-based compensation 15,326 20,032 Pension and postretirement benefits 48,672 46,743 Property and equipment 3,885 14,760 Capital loss carryforwards 246 283 Deferred rent and tenant allowance 25,167 20,964 Extended disability benefits 8,860 — Other 6,817 4,793 Total gross deferred income tax assets 235,853 228,937 Less: Valuation allowance — — Total net deferred income tax assets 235,853 228,937 Deferred income tax liabilities: Unbilled receivables (141,357 ) (122,744 ) Intangible assets (78,871 ) (80,604 ) Debt issuance costs (4,709 ) (3,354 ) Other (91 ) (181 ) Total deferred income tax liabilities (225,028 ) (206,883 ) Net deferred income tax asset $ 10,825 $ 22,054 |
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, 2017 2016 2015 Beginning of year $ 1,449 $ 55,164 $ 54,966 Increases in prior year position 127 79 27 Increases in current year position 10,278 — 203 Settlements with taxing authorities — (2,581 ) (32 ) Lapse of statute of limitations (266 ) (51,213 ) — End of year $ 11,588 $ 1,449 $ 55,164 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
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, 2017 2016 2015 Service cost $ 4,851 $ 5,702 $ 4,086 Interest cost 4,782 4,505 3,568 Net actuarial loss 3,052 3,536 582 Total postretirement medical expense $ 12,685 $ 13,743 $ 8,236 |
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, 2017 2016 2015 Officer Medical Plan 4.30 % 4.25 % 4.25 % Retired Officers’ Bonus Plan 4.30 % 4.25 % 4.25 % Retired Vice Presidents' Bonus Plan 4.30 % — % — % |
Assumed health care cost trend rates | Assumed healthcare cost trend rates for the Officer Medical Plan at March 31, 2017 and 2016 were as follows: Pre-65 initial rate 2017 2016 Healthcare cost trend rate assumed for next year 7.25 % 7.50 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2024 2024 Post-65 initial rate 2017 2016 Healthcare cost trend rate assumed for next year 8.50 % 9.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2024 2024 |
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, 2017 would have the following effects: 1% Increase 1% Decrease Effect on total of service and interest cost $ 2,160 $ (1,667 ) Effect on postretirement benefit obligation 20,446 (16,374 ) |
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, 2017 2016 2015 Benefit obligation, beginning of the year $ 114,008 $ 107,317 $ 75,902 Service cost 4,851 5,702 4,086 Interest cost 4,782 4,505 3,568 Net actuarial (gain) loss (2,219 ) (496 ) 26,293 Benefits paid (3,333 ) (3,020 ) (2,532 ) Benefit obligation, end of the year $ 118,089 $ 114,008 $ 107,317 |
Change in fair value of plan assets | Fiscal Year Ended March 31, Changes in plan assets 2017 2016 2015 Fair value of plan assets, beginning of the year $ — $ — $ — Employer contributions 3,333 3,020 2,532 Benefits paid (3,333 ) (3,020 ) (2,532 ) 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, 2018 $ 3,303 2019 $ 3,691 2020 $ 4,081 2021 $ 4,605 2022 $ 5,041 2023 - 2027 $ 30,862 |
Accumulated Other Comprehensi44
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive loss | The following table represents a roll-forward of amounts recognized in accumulated other comprehensive loss, net of tax: March 31, 2017 2016 2015 Beginning of year $ (19,613 ) $ (22,159 ) $ (6,636 ) Other comprehensive income (loss) before reclassifications 688 404 (15,873 ) Amounts reclassified from accumulated other comprehensive loss 1,848 2,142 350 Net current-period other comprehensive income (loss) 2,536 2,546 (15,523 ) End of year $ (17,077 ) $ (19,613 ) $ (22,159 ) |
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, 2017 2016 2015 Amortization of net actuarial loss included in net periodic benefit cost (See Note 13) Total before tax $ 3,050 $ 3,536 $ 577 Tax benefit (1,202 ) (1,394 ) (227 ) Net of tax $ 1,848 $ 2,142 $ 350 |
Other Long -Term Liabilities (T
Other Long -Term Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other long-term liabilities | Other long-term liabilities consisted of the following: March 31, 2017 2016 Deferred rent $ 63,854 $ 53,170 Postretirement benefit obligations 123,492 118,554 Other (1) 28,946 4,081 Total other long-term liabilities $ 216,292 $ 175,805 |
Stockholders Equity (Tables)
Stockholders Equity (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Dividends Declared | The following table summarizes the cash distributions recognized in the consolidated statement of cash flows: Fiscal Year Ended March 31, 2017 2016 2015 Recurring dividends (1) $ 92,925 $ 80,015 $ 67,846 Special dividends (2) — — 147,248 Dividend equivalents (3) 2,254 31,802 47,110 Total distributions $ 95,179 $ 111,817 $ 262,204 (1) Amounts represent recurring quarterly dividends that were declared and paid for during each quarter of fiscal 2017 , 2016 , and 2015 . (2) Amount represents aggregate special dividends of $1.00 per share ( $1.00 paid on August 29, 2014) that were declared and paid for during fiscal 2015. (3) Dividend equivalents are distributions made to option holders equal to the special dividends declared and paid. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
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, 2017 2016 2015 Cost of revenue $ 5,756 $ 7,001 $ 8,652 General and administrative expenses 15,493 17,991 17,511 Total $ 21,249 $ 24,992 $ 26,163 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, 2017 2016 2015 Equity Incentive Plan Options $ 2,523 $ 3,702 $ 4,897 Class A Restricted Common Stock 18,726 21,290 21,266 Total $ 21,249 $ 24,992 $ 26,163 |
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, Equity Incentive Plan Options $ 1,777 $ 4,324 2.84 2.77 Class A Restricted Common Stock 11,007 15,951 1.75 2.02 Total $ 12,784 $ 20,275 Total Unrecognized Compensation Cost Total 2018 2019 2020 2021 2022 Equity Incentive Plan Options $ 1,777 $ 1,050 $ 497 $ 197 $ 31 $ 2 Class A Restricted Common Stock 11,007 8,542 2,183 282 — — Total $ 12,784 $ 9,592 $ 2,680 $ 479 $ 31 $ 2 |
Shares withheld to cover taxes | As a result of these transactions, the Company repurchased a total of 308,793 shares and recorded them as treasury shares at a cost of $10.0 million , detailed as follows: Total Shares Withheld to Cover Taxes Trade Date Shares Cost Total April 1, 2016 19 $30.55 $ 580 April 11, 2016 9 $29.29 264 April 18, 2016 1 $28.37 28 June 30, 2016 154,012 $29.64 4,564,916 July 11, 2016 6 $30.18 181 December 6, 2016 10 $37.96 380 March 31, 2017 154,736 $35.39 5,476,107 Total 308,793 $ 10,042,456 |
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, 2017 2016 2015 Dividend yield 1.94% 1.83% 1.90% Expected volatility 29.65% 29.85% 30.42% Risk-free interest rate 1.38% 1.33% 1.60% Expected life (in years) 5.00 5.08 5.00 Weighted-average grant date fair value $7.16 $6.67 $5.55 |
Recorded stock-based compensation liabilities | As of March 31, 2017 and 2016 , the Company calculated a total recorded and unrecorded stock-based compensation liability of $1.3 million and $3.8 million , respectively, related to the special dividends paid in June 2012, November 2013, and February and August 2014, with $1.0 million and $2.3 million recorded as a current liability as of March 31, 2017 and 2016 , respectively. |
Unvested restricted stock activity | The following table summarizes unvested restricted stock activity for the periods presented: Number of Shares Weighted Average Grant Date Fair Value Unvested Restricted Stock Awards Unvested at March 31, 2016 1,759,952 23.00 Granted 473,247 29.69 Vested 946,393 22.63 Forfeited 9,298 28.98 Unvested at March 31, 2017 1,277,508 25.71 |
Stock options outstanding | The following table summarizes stock option activity for the periods presented: Number of Options Weighted Average Exercise Price Equity Incentive Plan Options Options outstanding at March 31, 2016 5,793,008 $ 11.82 * Granted 48,898 31.57 Forfeited 82,422 20.85 Expired 3,752 27.16 Exercised 1,931,495 7.60 Options outstanding at March 31, 2017 3,824,237 $ 13.99 * * 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 Options Weighted Average Grant Date Fair Value Equity Incentive Plan Options Unvested at March 31, 2016 1,565,841 $ 5.73 Granted 48,898 7.16 Vested 719,756 6.02 Forfeited 82,422 5.33 Unvested at March 31, 2017 812,561 $ 5.61 The following table summarizes stock options outstanding at March 31, 2017 : Range of exercise prices Stock Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life Intrinsic Value Stock Options Exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life Intrinsic Value (In years) (In years) Equity Incentive Plan $4.28 - $35.83 3,824,237 $13.99 (1) 4.78 $ 81,817 3,011,676 $11.79 4.18 $71,073 (1) 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, 2017 | |
Fair Value Disclosures [Abstract] | |
Recurring Fair Value Measurements | 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 $ 59,825 $ — $ — $ 59,825 Money market funds (1) — 157,592 — 157,592 Total cash and cash equivalents $ 59,825 $ 157,592 $ — $ 217,417 Liabilities: Contingent consideration liability (2) — — 3,576 3,576 Total liabilities $ — $ — $ 3,576 $ 3,576 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. (2) As discussed in Note 4, the Company recognized a contingent consideration liability in connection with the acquisition of Aquilent. As of March 31, 2017, the estimated fair value of the contingent consideration liability was $3.6 million and was valued using probability-weighted cash flows, which is based on the use of Level 3 fair value measurement inputs. The liability is recorded in other long-term liabilities in the consolidated balance sheet. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
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 Lease Payments Operating Sublease Income 2018 $ 70,119 $ 386 2019 63,198 184 2020 54,846 54 2021 50,033 41 2022 38,183 20 Thereafter 107,562 — $ 383,941 $ 685 |
Unaudited Quarterly Financial50
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | 2017 Quarters First Second Third Fourth Revenue $ 1,422,722 $ 1,394,853 $ 1,404,638 $ 1,582,071 Operating income 129,301 117,661 108,124 129,161 Income before income taxes 113,364 97,747 92,615 108,174 Net income 67,817 62,830 55,590 66,253 Earnings per common share: Basic (1) $ 0.46 $ 0.42 $ 0.37 $ 0.44 Diluted (1) $ 0.45 $ 0.41 $ 0.37 $ 0.44 2016 Quarters First Second Third Fourth Revenue $ 1,351,604 $ 1,322,154 $ 1,307,663 $ 1,424,317 Operating income 126,144 108,816 105,116 104,508 Income before income taxes 108,586 90,953 87,909 92,014 Net income 64,306 56,216 108,055 65,517 Earnings per common share: Basic (1) $ 0.44 $ 0.38 $ 0.72 $ 0.44 Diluted (1) $ 0.43 $ 0.37 $ 0.71 $ 0.43 |
Supplemental Financial Inform51
Supplemental Financial Information (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts [Table Text Block] | The following schedule summarizes valuation and qualifying accounts for the periods presented: Fiscal Year Ended March 31, 2017 2016 2015 Allowance for doubtful accounts: Beginning balance $ 656 $ 357 $ 1,457 Provision for doubtful accounts (135 ) 352 (1,100 ) Charges against allowance (521 ) (53 ) — Ending balance $ — $ 656 $ 357 |
Business Overview (Details)
Business Overview (Details) | 12 Months Ended |
Mar. 31, 2017employeessegments | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | segments | 1 |
Number of employees | employees | 23,300 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended |
Mar. 31, 2017 | |
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 Accoun54
Summary of Significant Accounting Policies (Intangible Assets) (Details) | 12 Months Ended |
Mar. 31, 2017 | |
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 | 12 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 | 12 years |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Earnings for basic computations | $ 250,231 | $ 290,542 | $ 229,093 | ||||||||
Weighted-average common shares outstanding for basic computations | 148,218,968 | 146,494,407 | 145,414,120 | ||||||||
Earnings for diluted computations | $ 250,249 | $ 290,596 | $ 229,101 | ||||||||
Dilutive stock options and restricted stock | 2,055,672 | 3,224,730 | 4,961,411 | ||||||||
Average number of common shares outstanding for diluted computations | 150,274,640 | 149,719,137 | 150,375,531 | ||||||||
Earnings per common share, Basic | $ 0.44 | $ 0.37 | $ 0.42 | $ 0.46 | $ 0.44 | $ 0.72 | $ 0.38 | $ 0.44 | $ 1.69 | $ 1.98 | $ 1.58 |
Earnings per common share, Diluted | $ 0.44 | $ 0.37 | $ 0.41 | $ 0.45 | $ 0.43 | $ 0.71 | $ 0.37 | $ 0.43 | $ 1.67 | $ 1.94 | $ 1.52 |
Payments of Dividends | $ 92,925 | $ 80,015 | $ 215,094 | ||||||||
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 | 1,300,000 | 1,800,000 | 2,200,000 | ||||||||
Payments of Dividends | $ 900 | $ 1,000 | $ 3,200 | ||||||||
Undistributed earnings (loss) allocated to participating securities, basic | 1,400 | 2,500 | 300 | ||||||||
Undistributed earnings (loss) allocated to participating securities, diluted | $ 1,400 | $ 2,500 | $ 200 | ||||||||
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 | 50,000 | 600,000 | 300,000 | ||||||||
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 | 148,218,968 | 146,494,407 | 144,809,906 | ||||||||
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 | 0 | 0 | 222,129 | ||||||||
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 | 0 | 0 | 382,085 |
Acquisition - Schedule of Consi
Acquisition - Schedule of Consideration Transferred (Details) - Aquilent $ in Thousands | Jan. 24, 2017USD ($) |
Business Acquisition [Line Items] | |
Cash purchase price paid to Aquilent shareholders | $ 250,000 |
Working capital and other closing adjustments | (1,570) |
Acquired cash on hand | 2,998 |
Acquisition-related compensation expenses | (1,291) |
Acquisition-related contingent consideration | 3,576 |
Total estimated purchase consideration and liabilities paid at closing | $ 253,713 |
Acquisition - Narrative (Detail
Acquisition - Narrative (Details) - USD ($) $ in Thousands | Jan. 24, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Business Acquisition [Line Items] | ||||
Income tax uncertainty | $ 11,647 | $ 1,517 | $ 58,400 | |
Goodwill | $ 1,571,190 | $ 1,361,913 | ||
Aquilent | ||||
Business Acquisition [Line Items] | ||||
Acquisition-related contingent consideration | $ 3,576 | |||
Customer-relationship intangible assets | 69,000 | |||
Tax indemnification liability | 13,554 | |||
Income tax uncertainty | 10,221 | |||
Goodwill | 199,830 | |||
General and administrative expenses | Aquilent | ||||
Business Acquisition [Line Items] | ||||
Preliminary transaction costs | 4,000 | |||
Customer Relationship | Aquilent | ||||
Business Acquisition [Line Items] | ||||
Customer-relationship intangible assets | $ 69,000 | |||
Finite-lived intangible asset, useful life (in years) | 12 years |
Acquisition - Schedule of Recog
Acquisition - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jan. 24, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Preliminary allocation: | ||||
Goodwill | $ 1,571,190 | $ 1,361,913 | ||
Income tax uncertainty | $ (11,647) | $ (1,517) | $ (58,400) | |
Aquilent | ||||
Preliminary allocation: | ||||
Current assets | $ 15,809 | |||
Other tangible assets | 1,144 | |||
Customer-relationship intangible assets | 69,000 | |||
Goodwill | 199,830 | |||
Current liabilities | (8,295) | |||
Tax indemnification liability | (13,554) | |||
Income tax uncertainty | (10,221) | |||
Estimated total purchase consideration and liabilities paid at closing | $ 253,713 |
Goodwill and Intangible Asset59
Goodwill and Intangible Assets (Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ||
Goodwill | $ 1,571,190 | $ 1,361,913 |
Impact to goodwill | ||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ||
Increase in goodwill due to immaterial misstatement | $ 9,400 |
Goodwill and Intangible Asset60
Goodwill and Intangible Assets (Finite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ 193,235 | $ 179,301 |
Finite-Lived Intangible Assets, Net Carrying Value | 81,680 | |
Impairment of Intangible Assets, Finite-lived | 3,800 | |
Customer relationships and other amortizable intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 274,915 | 209,759 |
Accumulated Amortization | 193,235 | 179,301 |
Finite-Lived Intangible Assets, Net Carrying Value | $ 81,680 | $ 30,458 |
Goodwill and Intangilbe Assets
Goodwill and Intangilbe Assets (Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Intangible Assets | ||
Intangible Assets, Gross | $ 465,115 | $ 399,959 |
Accumulated Amortization | 193,235 | 179,301 |
Intangible Assets, Net | 271,880 | 220,658 |
Trade name | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | $ 190,200 | $ 190,200 |
Goodwill and Intangible Asset62
Goodwill and Intangible Assets (Expected Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 13,900 | $ 12,100 | $ 10,700 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,018 | 16,026 | ||
2,019 | 13,742 | ||
2,020 | 11,004 | ||
2,021 | 9,011 | ||
2,022 | 7,647 | ||
Thereafter | 24,250 | ||
Finite-Lived Intangible Assets, Net Carrying Value | 81,680 | ||
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 | $ 81,680 | $ 30,458 | |
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 | 12 years | ||
Maximum | Customer relationships and other amortizable intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 12 years | ||
Weighted Average | Customer relationships and other amortizable intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 11 years |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-billed | $ 340,716 | $ 308,670 | |
Allowance for doubtful accounts | 0 | (656) | |
Accounts receivable, net | 991,810 | 892,289 | |
Total accounts receivable, net | 1,051,723 | 943,434 | |
Provision for doubtful accounts | 600 | 1,100 | $ (1,000) |
Accounts Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-unbilled | 651,094 | 584,275 | |
Other Noncurrent Assets | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-unbilled | $ 59,913 | $ 51,145 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 452,081 | $ 418,486 | |
Accumulated depreciation and amortization | (312,914) | (288,317) | |
Property and equipment, net | 139,167 | 130,169 | |
Depreciation and amortization expense related to property and equipment | 46,300 | 50,100 | $ 52,700 |
Reduction to gross cost and accumulated depreciation for zero net book value assets | 11,900 | 6,600 | |
Furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 151,552 | 145,292 | |
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 75,159 | 69,075 | |
Software | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 48,361 | 48,316 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 177,009 | 155,803 | |
Internally developed software | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, net | $ 8,100 | $ 6,900 |
Accounts Payable and Other Ac65
Accounts Payable and Other Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Payables and Accruals [Abstract] | ||
Vendor payables | $ 268,630 | $ 246,670 |
Accrued expenses | 235,487 | 238,099 |
Total accounts payable and other accrued expenses | $ 504,117 | $ 484,769 |
Deferred Payment Obligation (De
Deferred Payment Obligation (Details) - USD ($) | Dec. 11, 2009 | Dec. 11, 2009 | Jul. 31, 2008 | Dec. 31, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2015 |
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 | $ 78,000,000 | ||||||
Deferred payment obligation, payment | 100,400,000 | |||||||
Deferred payment obligation, accrued interest payment | $ 22,400,000 | $ 7,985,000 | $ 8,015,000 | $ 8,000,000 | ||||
Deferred payment obligation | 80,000,000 | 80,000,000 | ||||||
Pre-acquisition uncertain tax positions | 56,900,000 | |||||||
Release of indemnified pre-acquisition uncertain tax positions | $ 21,407,000 | 0 | 21,407,000 | |||||
Indemnified pre-acquisition uncertain tax positions | $ 0 | 0 | $ (21,407,000) | |||||
Interest rate per six-month period on unpaid deferred payment obligation | 5.00% | |||||||
Accrued interest | $ 1,304,000 | 1,319,000 | ||||||
Deferred payment obligation, amount recorded in the consolidated balance sheets | $ 81,304,000 | $ 81,319,000 |
Accrued Compensation and Bene67
Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Compensation Related Costs [Abstract] | ||
Bonus | $ 77,765 | $ 73,040 |
Retirement | 31,879 | 30,388 |
Vacation | 124,486 | 114,599 |
Other | 29,686 | 23,340 |
Total accrued compensation and benefits | $ 263,816 | $ 241,367 |
Debt (Schedule of Debt) (Detail
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands | Feb. 05, 2017 | Jul. 13, 2016 | Mar. 31, 2017 | Mar. 31, 2016 |
Long-term Debt, Current and Noncurrent [Abstract] | ||||
Unamortized debt issuance costs and discount on debt | $ (18,101) | $ (20,740) | ||
Long-term debt | 1,663,324 | 1,597,261 | ||
Less: Current portion of long-term debt | (193,150) | (112,813) | ||
Long-term debt, net of current portion | 1,470,174 | $ 1,484,448 | ||
Secured Debt | ||||
Long-term Debt, Current and Noncurrent [Abstract] | ||||
Long-term Debt, Gross | $ 1,551,425 | |||
Secured Debt | Term Loan A | ||||
Long-term Debt, Current and Noncurrent [Abstract] | ||||
Interest rate | 2.98% | 2.94% | ||
Long-term Debt, Gross | $ 1,153,425 | $ 741,813 | ||
Secured Debt | Term Loan B | ||||
Long-term Debt, Current and Noncurrent [Abstract] | ||||
Interest rate | 3.08% | 3.75% | ||
Long-term Debt, Gross | $ 398,000 | $ 841,188 | ||
Revolving Credit Facility | ||||
Long-term Debt, Current and Noncurrent [Abstract] | ||||
Revolving credit facility | $ 130,000 | $ 35,000 | ||
Alternative Base Rate (ABR) [Member] | Revolving Credit Facility | ||||
Long-term Debt, Current and Noncurrent [Abstract] | ||||
Line of Credit Facility, Interest Rate at Period End | 5.00% | 5.00% | ||
Revolving credit facility | $ 80,000 | $ 35,000 | ||
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | ||||
Long-term Debt, Current and Noncurrent [Abstract] | ||||
Line of Credit Facility, Interest Rate at Period End | 2.98% | |||
Revolving credit facility | $ 50,000 | |||
Other Expense [Member] | ||||
Debt Instrument [Line Items] | ||||
Write off of Deferred Debt Issuance Cost | $ 100 | $ 5,500 | ||
General and administrative expenses | ||||
Long-term Debt, Current and Noncurrent [Abstract] | ||||
Write off of debt issuance costs and creditor fees not qualifying for deferral | $ 900 | $ 3,400 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Feb. 05, 2017 | Jul. 13, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Debt Instrument [Line Items] | |||||
Long-term Debt, Maximum Expanded Loan Facility | $ 400,000 | ||||
Interest Paid | 49,062 | $ 57,068 | $ 50,074 | ||
Term Loan B | |||||
Debt Instrument [Line Items] | |||||
Interest Paid | 19,500 | 34,700 | |||
Term Loan A | |||||
Debt Instrument [Line Items] | |||||
Interest Paid | 28,800 | 22,000 | |||
Secured Debt | Overnight Federal Funds Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, basis spread on variable rate | 0.50% | ||||
Secured Debt | London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, basis spread on variable rate | 1.00% | ||||
Secured Debt | Revolving Credit Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | ||||
Secured Debt | Revolving Credit Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.40% | ||||
Secured Debt | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, basis spread on variable rate | 1.50% | ||||
Secured Debt | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, basis spread on variable rate | 2.25% | ||||
Secured Debt | Revolving Credit Facility | Alternative Base Rate (ABR) [Member] | Minimum | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, basis spread on variable rate | 0.50% | ||||
Secured Debt | Revolving Credit Facility | Alternative Base Rate (ABR) [Member] | Maximum | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, basis spread on variable rate | 1.25% | ||||
Secured Debt | Term Loan B | |||||
Debt Instrument [Line Items] | |||||
Term loan, face amount | $ 399,000 | 398,000 | |||
Proceeds from Issuance of Debt | $ 399,000 | ||||
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 | 2.25% | ||||
Secured Debt | Term Loan B | Alternative Base Rate (ABR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, basis spread on variable rate | 1.25% | ||||
Secured Debt | Term Loan A | |||||
Debt Instrument [Line Items] | |||||
Proceeds from Issuance of Other Long-term Debt | $ 441,000 | ||||
Term loan, face amount | 1,153,000 | ||||
Quarterly periodic payment percentage, principal | 1.25% | ||||
Secured Debt | Term Loan A | London Interbank Offered Rate (LIBOR) | Minimum | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, basis spread on variable rate | 1.50% | ||||
Secured Debt | Term Loan A | London Interbank Offered Rate (LIBOR) | Maximum | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, basis spread on variable rate | 2.25% | ||||
Secured Debt | Term Loan A | Alternative Base Rate (ABR) [Member] | Minimum | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, basis spread on variable rate | 0.50% | ||||
Secured Debt | Term Loan A | Alternative Base Rate (ABR) [Member] | Maximum | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, basis spread on variable rate | 1.25% | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, maximum borrowing capacity | 500,000 | ||||
Proceeds from line of credit | 575,000 | 273,000 | |||
Revolving credit facility, amount outstanding | 130,000 | 35,000 | |||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, amount outstanding | 50,000 | ||||
Revolving Credit Facility | Alternative Base Rate (ABR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, amount outstanding | 80,000 | $ 35,000 | |||
Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, maximum borrowing capacity | $ 100,000 | ||||
Other Expense [Member] | |||||
Debt Instrument [Line Items] | |||||
Write off of Deferred Debt Issuance Cost | $ 100 | 5,500 | |||
General and administrative expenses | |||||
Debt Instrument [Line Items] | |||||
Write off of debt issuance costs and creditor fees not qualifying for deferral | $ 900 | $ 3,400 |
Debt (Future debt principal rep
Debt (Future debt principal repayments) (Details) - Secured Debt - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Debt Instrument [Line Items] | ||
Total | $ 1,551,425 | |
2,018 | 63,150 | |
2,019 | 63,150 | |
2,020 | 63,150 | |
2,021 | 63,150 | |
2,022 | 920,825 | |
Thereafter | 378,000 | |
Term Loan A | ||
Debt Instrument [Line Items] | ||
Total | 1,153,425 | $ 741,813 |
2,018 | 59,150 | |
2,019 | 59,150 | |
2,020 | 59,150 | |
2,021 | 59,150 | |
2,022 | 916,825 | |
Thereafter | 0 | |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Total | 398,000 | $ 841,188 |
2,018 | 4,000 | |
2,019 | 4,000 | |
2,020 | 4,000 | |
2,021 | 4,000 | |
2,022 | 4,000 | |
Thereafter | $ 378,000 |
Debt Debt (Detail of Interest E
Debt Debt (Detail of Interest Expense) (Details) - USD ($) $ in Thousands | Dec. 11, 2009 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Debt Instrument [Line Items] | ||||
Deferred payment obligation, accrued interest payment | $ 22,400 | $ 7,985 | $ 8,015 | $ 8,000 |
Amortization of Debt Issuance Costs (DIC) and Original Issue Discount (OID) | 5,683 | 8,359 | 8,331 | |
Interest Expense, Other | 359 | 218 | 165 | |
Interest Expense | 62,298 | 70,815 | 71,832 | |
Secured Debt | Term Loan A | ||||
Debt Instrument [Line Items] | ||||
Interest Expense, Debt | 28,646 | 21,790 | 22,189 | |
Secured Debt | Term Loan B | ||||
Debt Instrument [Line Items] | ||||
Interest Expense, Debt | 18,874 | 32,070 | 33,079 | |
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Interest Expense, Debt | $ 751 | $ 363 | $ 68 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Current | |||
U.S. Federal | $ 119,601 | $ 61,339 | $ 133,400 |
State and local | 24,273 | 20,480 | 22,492 |
Total current | 143,874 | 81,819 | 155,892 |
Deferred | |||
U.S. Federal | 18,451 | 8,664 | (2,938) |
State and local | (2,915) | (5,115) | 395 |
Total deferred | 15,536 | 3,549 | (2,543) |
Total | $ 159,410 | $ 85,368 | $ 153,349 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
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%) | $ 144,165 | $ 132,812 | $ 135,071 |
Changes in uncertain tax positions | (92) | (56,428) | 1,038 |
State and local income taxes, net of federal tax | 13,882 | 10,092 | 15,039 |
Meals and entertainment | 1,328 | 1,321 | 1,513 |
Other | 127 | (2,429) | 688 |
Total | $ 159,410 | $ 85,368 | $ 153,349 |
Income Taxes (Components of Net
Income Taxes (Components of Net Deferred Income Taxes) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Deferred income tax assets: | ||
Accrued expenses | $ 85,459 | $ 85,412 |
Accrued compensation | 41,421 | 35,950 |
Stock-based compensation | 15,326 | 20,032 |
Pension and postretirement benefits | 48,672 | 46,743 |
Property and equipment | 3,885 | 14,760 |
Capital loss carryforwards | 246 | 283 |
Deferred rent and tenant allowance | 25,167 | 20,964 |
Extended disability benefits | 8,860 | 0 |
Other | 6,817 | 4,793 |
Total gross deferred income tax assets | 235,853 | 228,937 |
Less: Valuation allowance | 0 | 0 |
Total net deferred income tax assets | 235,853 | 228,937 |
Deferred income tax liabilities: | ||
Unbilled receivables | (141,357) | (122,744) |
Intangible assets | (78,871) | (80,604) |
Debt issuance costs | (4,709) | (3,354) |
Other | (91) | (181) |
Total deferred income tax liabilities | (225,028) | (206,883) |
Net deferred income tax asset | $ 10,825 | $ 22,054 |
Income Taxes (Uncertain Tax Pos
Income Taxes (Uncertain Tax Positions) (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Income tax reserve | $ 11,647,000 | $ 1,517,000 | $ 58,400,000 | ||
Pre-acquisition uncertain tax positions | 56,900,000 | ||||
Income tax reserve, accrued penalties and interest | $ 3,200,000 | 100,000 | 100,000 | 3,300,000 | |
Release of indemnified pre-acquisition uncertain tax positions | 21,407,000 | 0 | 21,407,000 | ||
Pre-acquisition Uncertain Tax Positions that May Be Indemnified Under the Remaining Available Deferred Payment Obligation | 0 | 0 | $ 21,407,000 | ||
Reconciliation of the beginning and ending amount of potential tax benefits | |||||
Beginning of year | $ 55,164,000 | 1,449,000 | 55,164,000 | 54,966,000 | |
Increases in prior year position | 127,000 | 79,000 | 27,000 | ||
Increases in current year position | 10,278,000 | 0 | 203,000 | ||
Settlements with taxing authorities | 0 | (2,581,000) | (32,000) | ||
Lapse of statute of limitations | (266,000) | (51,213,000) | 0 | ||
End of year | 11,588,000 | 1,449,000 | 55,164,000 | ||
Accrued interest and penalties | $ (9,000) | $ (3,200,000) | $ 800,000 |
Employee Benefit Plans (Additio
Employee Benefit Plans (Additional Information) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |||
Employer Matching Contribution, Percent of Match | 6.00% | ||
Employees’ Capital Accumulation Plan, Total expense recognized | $ 116,600,000 | $ 108,700,000 | $ 110,700,000 |
Employees’ Capital Accumulation Plan, Company-paid contributions | 114,800,000 | $ 107,500,000 | $ 124,800,000 |
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term disability obligation | 22,500,000 | ||
Retired Officers' Bonus Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Arrangement with Individual, Annual Cash Award Granted per Year of Service, Amount | 10,000 | ||
Impact to general and administrative expense | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cumulative effect of change recognized in earnings | $ 6,900,000 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Postretirement Medical Expense) (Details) - Officer Medical Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 4,851 | $ 5,702 | $ 4,086 |
Interest cost | 4,782 | 4,505 | 3,568 |
Net actuarial loss | 3,052 | 3,536 | 582 |
Total postretirement medical expense | $ 12,685 | $ 13,743 | $ 8,236 |
Employee Benefit Plans (Weighte
Employee Benefit Plans (Weighted Average Discount Rate) (Details) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Officer Medical Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average discount rate for benefit obligation | 4.30% | 4.25% | 4.25% |
Retired Officers' Bonus Plan | Officer | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average discount rate for benefit obligation | 4.30% | 4.25% | 4.25% |
Retired Officers' Bonus Plan | Vice Presidents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average discount rate for benefit obligation | 4.30% | 0.00% | 0.00% |
Employee Benefit Plans (Healthc
Employee Benefit Plans (Healthcare Cost Trend Rates) (Details) - Officer Medical Plan - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for next year, Pre 65 | 7.25% | 7.50% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate), Pre 65 | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate, Pre 65 | 2,024 | 2,024 |
Health care cost trend rate assumed for next year, Post 65 | 8.50% | 9.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate), Post 65 | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate, Post 65 | 2,024 | 2,024 |
Effect of one percentage point increase on total of service and interest cost | $ 2,160 | |
Effect of one percentage point decrease on total of service and interest cost | (1,667) | |
Effect of one percentage point increase on postretirement benefit obligation | 20,446 | |
Effect of one percentage point decrease on postretirement benefit obligation | $ (16,374) |
Employee Benefit Plans (Retired
Employee Benefit Plans (Retired Officers' Bonus Plan and Retired VP Bonus Plan) (Details) - Retired Officers' Bonus Plan - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Officer | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Retired Officers' Bonus Plan, total pension expense | $ 0.7 | $ 0.7 | $ 0.7 |
Benefits paid | 0.9 | 0.3 | $ 1.3 |
Defined benefit plan, funded status of plan | 4.4 | $ 4.5 | |
Vice Presidents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, funded status of plan | $ 1 |
Employee Benefit Plans (Accumul
Employee Benefit Plans (Accumulated Other Comprehensive Income) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | ||
Unrecognized gross actuarial gain | $ 1,100,000 | $ 700,000 |
Unrecognized actuarial gain, tax | 400,000 | $ 300,000 |
Amount to be amortized from accumulated other comprehensive income (loss) next fiscal year | 2,300,000 | |
Net prior service cost, accumulated other comprehensive income net periodic cost in fiscal 2016 | 100,000 | |
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 ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Officer Medical Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of the year | $ 114,008 | $ 107,317 | $ 75,902 |
Service cost | 4,851 | 5,702 | 4,086 |
Interest cost | 4,782 | 4,505 | 3,568 |
Net actuarial (gain) loss | (2,219) | (496) | 26,293 |
Benefits paid | (3,333) | (3,020) | (2,532) |
Benefit obligation, end of the year | 118,089 | 114,008 | 107,317 |
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 | 3,333 | 3,020 | 2,532 |
Benefits paid | (3,333) | (3,020) | (2,532) |
Fair value of plan assets, end of the year | 0 | 0 | 0 |
Defined benefit plan, funded status of plan | (118,100) | (114,000) | |
Officer and Vice President | Retired Officers' Bonus Plan | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined benefit plan, funded status of plan | 5,400 | ||
Officer | Retired Officers' Bonus Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefits paid | (900) | (300) | (1,300) |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Benefits paid | (900) | (300) | $ (1,300) |
Defined benefit plan, funded status of plan | $ 4,400 | $ 4,500 |
Employee Benefit Plans (Future
Employee Benefit Plans (Future Benefit Payments) (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Compensation and Retirement Disclosure [Abstract] | |
2,018 | $ 3,303 |
2,019 | 3,691 |
2,020 | 4,081 |
2,021 | 4,605 |
2,022 | 5,041 |
2023-2027 | $ 30,862 |
Accumulated Other Comprehensi84
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Equity [Abstract] | |||
Beginning of year | $ (19,613) | $ (22,159) | $ (6,636) |
Other comprehensive income (loss) before reclassifications | 688 | 404 | (15,873) |
Amounts reclassified from accumulated other comprehensive loss | 1,848 | 2,142 | 350 |
Net current-period other comprehensive income (loss) | 2,536 | 2,546 | (15,523) |
End of year | $ (17,077) | $ (19,613) | $ (22,159) |
Accumulated Other Comprehensi85
Accumulated Other Comprehensive Loss (Reclassifications out of Accumulated Other Comprehensive Loss to Net Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Tax benefit | $ (159,410) | $ (85,368) | $ (153,349) |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Total before tax | 3,050 | 3,536 | 577 |
Tax benefit | (1,202) | (1,394) | (227) |
Net of tax | $ 1,848 | $ 2,142 | $ 350 |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jan. 24, 2017 | Mar. 31, 2016 |
Other Liabilities Disclosure [Abstract] | |||
Deferred rent | $ 63,854 | $ 53,170 | |
Postretirement benefit obligatons | 123,492 | 118,554 | |
Other | 28,946 | 4,081 | |
Total other long-term liabilities | 216,292 | $ 175,805 | |
Business Acquisition [Line Items] | |||
Long-term disability obligation | $ 22,500 | ||
Aquilent | |||
Business Acquisition [Line Items] | |||
Acquisition-related contingent consideration | $ 3,576 |
Stockholders' Equity (Common St
Stockholders' Equity (Common Stock Shares Activity) (Details) | 12 Months Ended |
Mar. 31, 2017vote | |
Equity [Abstract] | |
Common stock votes per share | 1 |
Stockholders' Equity (Employee
Stockholders' Equity (Employee Stock Purchase Plan and Share Repurchase Program) (Details) - USD ($) | Mar. 31, 2017 | Dec. 06, 2016 | Jul. 11, 2016 | Jun. 30, 2016 | Apr. 18, 2016 | Apr. 11, 2016 | Apr. 01, 2016 | Feb. 02, 2015 | Nov. 05, 2014 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2017 | Jan. 25, 2017 | Jan. 27, 2015 | Dec. 12, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Share repurchase program, amount authorized | $ 410,000,000 | $ 180,000,000 | $ 30,000,000 | |||||||||||||
Repurchase of common stock, in shares | 154,736 | 10 | 6 | 154,012 | 1 | 9 | 19 | 1,000,000 | 1,000,000 | |||||||
Repurchase of common stock | $ 5,476,107 | $ 380 | $ 181 | $ 4,564,916 | $ 28 | $ 264 | $ 580 | $ 56,455,000 | $ 63,152,000 | $ 62,140,000 | ||||||
Repurchase of common stock, cost per share | $ 35.39 | $ 37.96 | $ 30.18 | $ 29.64 | $ 28.37 | $ 29.29 | $ 30.55 | $ 28.36 | $ 25.10 | |||||||
Share repurchase program, remaining authorized repurchase amount | $ 255,300,000 | $ 255,300,000 | $ 255,300,000 | |||||||||||||
Common stock, Class A | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 201,558 | 1,934,907 | ||||||||||||||
Repurchase of common stock, in shares | 1,306,388 | 2,100,000 | ||||||||||||||
Repurchase of common stock | $ 46,400,000 | $ 54,900,000 | ||||||||||||||
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% |
Stockholders' Equity (Dividends
Stockholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 29, 2014 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividends | $ 95,179 | $ 111,817 | $ 262,204 | |
Ordinary Dividend | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividends | 92,925 | 80,015 | 67,846 | |
Special Cash Dividend | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividends | 0 | 0 | $ 147,248 | |
Dividends paid | $ 1 | $ 1 | ||
Dividend Equivalent | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividends | $ 2,254 | $ 31,802 | $ 47,110 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 21,249 | $ 24,992 | $ 26,163 |
EIP | Stock Options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 2,523 | 3,702 | 4,897 |
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 | 18,726 | 21,290 | 21,266 |
Cost of revenue | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 5,756 | 7,001 | 8,652 |
General and administrative expenses | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 15,493 | $ 17,991 | $ 17,511 |
Stock Based Compensation (Unrec
Stock Based Compensation (Unrecognized Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost related to unvested stock-based compensation agreements | $ 12,784 | $ 20,275 |
Unrecognized compensation cost, amortization period | 5 years | |
2,018 | $ 9,592 | |
2,019 | 2,680 | |
2,020 | 479 | |
2,021 | 31 | |
2,022 | 2 | |
EIP | Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost related to unvested stock-based compensation agreements | $ 1,777 | $ 4,324 |
Unrecognized compensation cost, amortization period | 2 years 10 months 2 days | 2 years 9 months 7 days |
2,018 | $ 1,050 | |
2,019 | 497 | |
2,020 | 197 | |
2,021 | 31 | |
2,022 | 2 | |
Annual Incentive Plan | Restricted Stock | Common stock, Class A | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost related to unvested stock-based compensation agreements | $ 11,007 | $ 15,951 |
Unrecognized compensation cost, amortization period | 1 year 9 months | 2 years 7 days |
2,018 | $ 8,542 | |
2,019 | 2,183 | |
2,020 | 282 | |
2,021 | 0 | |
2,022 | $ 0 |
Stock-Based Compensation (Sto92
Stock-Based Compensation (Stock Plans) (Details) - USD ($) | Mar. 31, 2017 | Jan. 25, 2017 | Dec. 06, 2016 | Oct. 26, 2016 | Jul. 11, 2016 | Jun. 30, 2016 | Apr. 18, 2016 | Apr. 11, 2016 | Apr. 01, 2016 | Feb. 02, 2015 | Nov. 05, 2014 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | May 18, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Unrecognized compensation cost, amortization period | 5 years | ||||||||||||||
Share Price | $ 35.83 | $ 28.94 | |||||||||||||
Repurchase of common stock, in shares | 154,736 | 10 | 6 | 154,012 | 1 | 9 | 19 | 1,000,000 | 1,000,000 | ||||||
Repurchase of common stock, cost per share | $ 35.39 | $ 37.96 | $ 30.18 | $ 29.64 | $ 28.37 | $ 29.29 | $ 30.55 | $ 28.36 | $ 25.10 | ||||||
Repurchase of common stock | $ 5,476,107 | $ 380 | $ 181 | $ 4,564,916 | $ 28 | $ 264 | $ 580 | $ 56,455,000 | $ 63,152,000 | $ 62,140,000 | |||||
Common stock, Class A | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Repurchase of common stock, in shares | 1,306,388 | 2,100,000 | |||||||||||||
Repurchase of common stock | $ 46,400,000 | $ 54,900,000 | |||||||||||||
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, Weighted Average Grant Date Fair Value | $ 7.16 | $ 6.67 | $ 5.55 | ||||||||||||
Rollover Plan | Restricted Stock | Restricted common stock, Class C | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
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 | 473,247 | ||||||||||||||
Repurchase of common stock, in shares | 308,793 | ||||||||||||||
Repurchase of common stock | $ 10,042,456 | ||||||||||||||
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, Award Vesting Period | 5 years | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 5,812 | 43,086 | 48,898 | ||||||||||||
Share-Based Compensation Arrangement By Share-based Payment Award, Options, Grants In Period, Grant Date Fair Value | $ 100,000 | $ 300,000 | $ 400,000 | $ 3,400,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.60 | $ 6.96 | $ 7.16 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 11,800,000 | 14,900,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 49,000,000 | $ 16,100,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 12,026,970 | 12,026,970 | 12,147,850 | ||||||||||||
Unrecognized compensation cost, amortization period | 2 years 10 months 2 days | 2 years 9 months 7 days | |||||||||||||
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 | 3 years | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 40,029 | ||||||||||||||
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 30,200,000 | $ 26,500,000 | |||||||||||||
EIP | 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 | 433,218 | ||||||||||||||
Unrecognized compensation cost, amortization period | 3 years | ||||||||||||||
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 14,100,000 | ||||||||||||||
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 | ||||||||||||||
Unrecognized compensation cost, amortization period | 1 year 9 months | 2 years 7 days | |||||||||||||
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 | ||||||||||||||
Special Cash Dividend | EIP | Stock Options | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock-based compensation liability, current | $ 1,000,000 | $ 1,000,000 | $ 2,300,000 | ||||||||||||
Unrecognized compensation cost, amortization period | 2 years |
Stock-Based Compensation (Sto93
Stock-Based Compensation (Stock Option Assumptions) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Dividend yield | 1.94% | 1.83% | 1.90% | ||||
Expected volatility | 29.65% | 29.85% | 30.42% | ||||
Risk-free interest rate | 1.38% | 1.33% | 1.60% | ||||
Expected life (in years) | 5 years | 5 years 29 days | 5 years | ||||
Granted, weighted average grant date fair value | $ 7.16 | $ 6.67 | $ 5.55 | ||||
Stock Options | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Dividend yield | 1.90% | ||||||
Stock Options | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Dividend yield | 1.94% | ||||||
Ordinary Dividend | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Dividends declared per share | $ 0.17 | $ 0.15 | $ 0.15 | $ 0.15 |
Stock-Based Compensation (Speci
Stock-Based Compensation (Special Dividends) (Details) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 | Jul. 30, 2014 | Jul. 30, 2012 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
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 | $ 2,254,000 | $ 31,802,000 | $ 47,110,000 | ||||||||
Unrecognized compensation cost, amortization period | 5 years | ||||||||||
Special Cash Dividend | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Dividends declared per share | $ 1 | $ 6.50 | |||||||||
Recorded and unrecorded stock-based compensation liability, current and noncurrent | $ 3,800,000 | $ 1,300,000 | $ 1,300,000 | $ 3,800,000 | |||||||
Ordinary Dividend | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Dividends declared per share | $ 0.17 | $ 0.15 | $ 0.15 | $ 0.15 | |||||||
Stock Options | EIP | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Unrecognized compensation cost, amortization period | 2 years 10 months 2 days | 2 years 9 months 7 days | |||||||||
Stock Options | Special Cash Dividend | EIP | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Cash payment for special dividends | 100,000 | $ 2,200,000 | |||||||||
Share-based compensation arrangement, plan modification, incremental compensation cost recognized in period | $ 200,000 | ||||||||||
Share-based compensation arrangement, plan modification, incremental compensation cost, deferred | $ 30,000 | $ 30,000 | |||||||||
Share-based compensation arrangement, plan modification, incremental compensation cost, deferred, recognition period | 3 months | ||||||||||
Stock-based compensation liability, current | 2,300,000 | 1,000,000 | $ 1,000,000 | $ 2,300,000 | |||||||
Unrecorded stock-based compensation liability, current and noncurrent | 1,500,000 | $ 400,000 | $ 400,000 | $ 1,500,000 | |||||||
Unrecognized compensation cost, amortization period | 2 years | ||||||||||
Stock Options | Special Cash Dividend | Rollover Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Unrecorded stock-based compensation liability, current and noncurrent | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation (Sto95
Stock-Based Compensation (Stock Option and Restricted Stock Award Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 25, 2017 | Oct. 26, 2016 | Jul. 30, 2014 | Jul. 30, 2012 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | 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 | $ 7.16 | $ 6.67 | $ 5.55 | |||||||||
EIP | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||
Unvested, beginning balance | 1,759,952 | 1,759,952 | ||||||||||
Unvested, beginning balance, weighted average grant date fair value | $ 25.71 | $ 25.71 | $ 23 | |||||||||
Granted | 473,247 | |||||||||||
Granted, weighted average grant date fair value | $ 29.69 | |||||||||||
Vested | 946,393 | |||||||||||
Vested, weighted average grant date fair value | $ 22.63 | |||||||||||
Forfeited | 9,298 | |||||||||||
Forfeited, weighted average grant date fair value | $ 28.98 | |||||||||||
Unvested, ending balance | 1,277,508 | 1,277,508 | 1,759,952 | |||||||||
Unvested, beginning balance, weighted average grant date fair value | $ 23 | $ 23 | ||||||||||
EIP | Stock Options | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||||||
Outstanding, beginning balance | 5,793,008 | 5,793,008 | ||||||||||
Outstanding, beginning balance, weighted average exercise price | $ 11.82 | $ 11.82 | ||||||||||
Granted | 5,812 | 43,086 | 48,898 | |||||||||
Granted, weighted average exercise price | $ 31.57 | |||||||||||
Forfeited | 82,422 | |||||||||||
Forfeited, weighted average exercise price | $ 20.85 | |||||||||||
Expired | 3,752 | |||||||||||
Expired, weighted average exercise price | $ 27.16 | |||||||||||
Exercised | 1,931,495 | |||||||||||
Exercised, weighted average exercise price | $ 7.60 | |||||||||||
Outstanding, ending balance | 3,824,237 | 3,824,237 | 5,793,008 | |||||||||
Outstanding, ending balance, weighted average exercise price | $ 13.99 | $ 13.99 | $ 11.82 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | ||||||||||||
Unvested, beginning balance | 1,565,841 | 1,565,841 | ||||||||||
Unvested, beginning balance, weighted average grant date fair value | $ 5.73 | $ 5.73 | ||||||||||
Granted | 5,812 | 43,086 | 48,898 | |||||||||
Granted, weighted average grant date fair value | $ 8.60 | $ 6.96 | $ 7.16 | |||||||||
Vested | 719,756 | |||||||||||
Vested, weighted average grant date fair value | $ 6.02 | |||||||||||
Forfeited | 82,422 | |||||||||||
Forfeited, weighted average grant date fair value | $ 5.33 | |||||||||||
Unvested, ending balance | 812,561 | 812,561 | 1,565,841 | |||||||||
Unvested, ending balance, weighted average grant date fair value | $ 5.61 | $ 5.61 | $ 5.73 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||||||||
Outstanding, ending balance | 3,824,237 | 3,824,237 | 5,793,008 | |||||||||
Outstanding, ending balance, weighted average exercise price | $ 13.99 | $ 13.99 | $ 11.82 | |||||||||
Outstanding, ending balance, weighted average remaining contractual life, in years | 4 years 9 months 11 days | |||||||||||
Outstanding, intrinsic value | $ 81,817 | $ 81,817 | ||||||||||
Stock options exercisable | 3,011,676 | 3,011,676 | ||||||||||
Stock options exercisable, weighted average exercise price | $ 11.79 | $ 11.79 | ||||||||||
Stock options exercisable, weighted average remaining contractual life, in years | 4 years 2 months 5 days | |||||||||||
Stock options exercisable, intrinsic value | $ 71,073 | $ 71,073 | ||||||||||
Ordinary Dividend | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||||||
Dividends declared per share | $ 0.17 | $ 0.15 | $ 0.15 | $ 0.15 | ||||||||
Special Cash Dividend | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||||||
Dividends declared per share | $ 1 | $ 6.50 | ||||||||||
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 ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
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 | $ 217,417 | $ 187,529 |
Total liabilities | 3,576 | |
Fair Value, Measurements, Recurring | Contingent Consideration Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 3,576 | |
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 | 59,825 | 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 | 157,592 | 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 | 59,825 | 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 | 59,825 | 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 | 157,592 | 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 | 157,592 | $ 145,427 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 3,576 | |
Fair Value, Measurements, Recurring | Level 3 | Contingent Consideration Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 3,576 | |
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 | $ 3,576 |
Related-Party Transactions (Det
Related-Party Transactions (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Jul. 31, 2008 | |
Related Party Transaction [Line Items] | ||||
Management agreement, annual fee | $ 1,000,000 | |||
Management agreement, advisory fees | $ 750,000 | $ 1,000,000 | $ 1,000,000 | |
Affiliated Entity [Member] | Pledge Obligation [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount of pledge | $ 5,000,000 |
Commitments and Contingecies (D
Commitments and Contingecies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense, net | $ 81,600 | $ 88,500 | $ 92,900 |
Rent expense, sublease rentals | 500 | $ 500 | $ 700 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,018 | 70,119 | ||
2,019 | 63,198 | ||
2,020 | 54,846 | ||
2,021 | 50,033 | ||
2,022 | 38,183 | ||
Thereafter | 107,562 | ||
Operating leases, future minimum payments due | 383,941 | ||
Operating Leases, Future Minimum Payments Due, Sublease Rentals, Fiscal Year Maturity [Abstract] | |||
2,018 | 386 | ||
2,019 | 184 | ||
2,020 | 54 | ||
2,021 | 41 | ||
2,022 | 20 | ||
Thereafter | 0 | ||
Operating leases, future minimum payments due, future minimum sublease rentals | $ 685 | ||
Contracts with U.S. government agencies or other U.S. government contractors | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 97.00% | 97.00% | 98.00% |
Unfavorable Regulatory Action | |||
Loss Contingencies [Line Items] | |||
Liability for reductions and/or penalties from U.S Governement audits | $ 175,700 | $ 189,900 | |
Financial Standby Letter of Credit [Member] | |||
Concentration Risk [Line Items] | |||
Guarantor Obligations, Current Carrying Value | 8,600 | 6,600 | |
Guarantor Obligations, Liquidation Proceeds, Monetary Amount | 1,700 | 1,800 | |
Guarantor Obligations, Facility | 10,000 | ||
Guarantor Obligations, Available Amount | $ 3,100 | $ 5,200 |
Commitments and Contingencies99
Commitments and Contingencies (Litigation) (Details) - Former stockholder litigation $ in Millions | Jan. 09, 2017claims | Apr. 16, 2015claims | Mar. 31, 2017USD ($)claims | Dec. 15, 2009plaintiffsclaims | Mar. 31, 2017claims | Sep. 24, 2014claims | Sep. 23, 2014claims | Sep. 07, 2010claims | Jul. 02, 2010claims |
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 | |||||||
United States Court of Appeals for the Ninth Circuit | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingencies, claims dismissed, number | 1 | ||||||||
United States District Court for the Southern District of New York | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingencies, pending claims, number | 3 | 3 | |||||||
RICO | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingencies, damages sought, value | $ | $ 241.7 |
Business Segment Information (D
Business Segment Information (Details) | 12 Months Ended |
Mar. 31, 2017segments | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Unaudited Quarterly Financia101
Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 1,582,071 | $ 1,404,638 | $ 1,394,853 | $ 1,422,722 | $ 1,424,317 | $ 1,307,663 | $ 1,322,154 | $ 1,351,604 | $ 5,804,284 | $ 5,405,738 | $ 5,274,770 |
Operating income | 129,161 | 108,124 | 117,661 | 129,301 | 104,508 | 105,116 | 108,816 | 126,144 | 484,247 | 444,584 | 458,822 |
Income before income taxes | 108,174 | 92,615 | 97,747 | 113,364 | 92,014 | 87,909 | 90,953 | 108,586 | 411,900 | 379,462 | 385,918 |
Net income | $ 66,253 | $ 55,590 | $ 62,830 | $ 67,817 | $ 65,517 | $ 108,055 | $ 56,216 | $ 64,306 | $ 252,490 | $ 294,094 | $ 232,569 |
Earnings per common share: | |||||||||||
Earnings per common share, Basic | $ 0.44 | $ 0.37 | $ 0.42 | $ 0.46 | $ 0.44 | $ 0.72 | $ 0.38 | $ 0.44 | $ 1.69 | $ 1.98 | $ 1.58 |
Earnings per common share, Diluted | $ 0.44 | $ 0.37 | $ 0.41 | $ 0.45 | $ 0.43 | $ 0.71 | $ 0.37 | $ 0.43 | $ 1.67 | $ 1.94 | $ 1.52 |
Supplemental Financial Infor102
Supplemental Financial Information (Details) - Allowance for doubtful accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | $ 656 | $ 357 | $ 1,457 |
Provision for doubtful accounts | (135) | 352 | (1,100) |
Charges against allowance | (521) | (53) | 0 |
Ending balance | $ 0 | $ 656 | $ 357 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - Subsequent Event | May 22, 2017$ / shares | Apr. 06, 2017USD ($)financial_institutionsinterest_rate_swap | Jun. 30, 2017USD ($)shares | Apr. 25, 2017USD ($) |
Subsequent Event [Line Items] | ||||
Stock repurchased during period, value | $ 9,900,000 | |||
Stock repurchased during period, shares | shares | 279,600 | |||
Dividends payable, date declared | May 22, 2017 | |||
Dividends payable, amount (in usd per share) | $ / shares | $ 0.17 | |||
Dividends payable, date to be paid | Jun. 30, 2017 | |||
Dividends payable, date of record | Jun. 10, 2017 | |||
Interest Rate Swap | ||||
Subsequent Event [Line Items] | ||||
Number of interest rate derivatives held | interest_rate_swap | 3 | |||
Number of different financial institutions entered into agreement with | financial_institutions | 3 | |||
Notional amount | $ 100,000,000 | |||
London Interbank Offered Rate (LIBOR) | Interest Rate Swap | ||||
Subsequent Event [Line Items] | ||||
Basis spread on variable rate | 1.998% | |||
5.125% Senior Notes Due 2025 | Senior Notes | ||||
Subsequent Event [Line Items] | ||||
Aggregate principal amount | $ 350,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% |