Booz Allen Hamilton Holding (BAH) 10-Q 30 Jul 21 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2021	Jul. 27, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-34972
Entity Registrant Name	Booz Allen Hamilton Holding Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2634160
Entity Address, Address Line One	8283 Greensboro Drive,
Entity Address, City or Town	McLean,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	703
Local Phone Number	902-5000
Title of 12(b) Security	Class A Common Stock
Trading Symbol	BAH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		135,185,617
Entity Central Index Key	0001443646
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--03-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 621,862	$ 990,955
Accounts receivable, net	1,672,772	1,411,894
Prepaid expenses and other current assets	182,181	233,323
Total current assets	2,476,815	2,636,172
Property and equipment, net of accumulated depreciation	195,930	204,642
Operating lease right-of-use assets	237,923	239,374
Intangible assets, net of accumulated amortization	609,762	307,128
Goodwill	1,925,151	1,581,160
Other long-term assets	539,361	531,125
Total assets	5,984,942	5,499,601
Current liabilities:
Current portion of long-term debt	77,865	77,865
Accounts payable and other accrued expenses	823,178	666,971
Accrued compensation and benefits	337,379	425,615
Operating lease liabilities	55,767	54,956
Other current liabilities	76,724	65,698
Total current liabilities	1,370,913	1,291,105
Long-term debt, net of current portion	2,770,791	2,278,731
Operating lease liabilities, net of current portion	259,707	263,144
Deferred tax liabilities	321,631	364,461
Other long-term liabilities	238,367	230,984
Total liabilities	4,961,409	4,428,425
Commitments and contingencies (Note 17)
Stockholders’ equity:
Common stock, Class A — $0.01 par value — authorized, 600,000,000 shares; issued, 163,464,754 shares at June 30, 2021 and 162,950,606 shares at March 31, 2021; outstanding, 135,429,357 shares at June 30, 2021 and 136,246,029 shares at March 31, 2021	1,635	1,629
Treasury stock, at cost — 28,035,397 shares at June 30, 2021 and 26,704,577 shares at March 31, 2021	(1,327,601)	(1,216,163)
Additional paid-in capital	577,228	557,957
Retained earnings	1,799,029	1,757,524
Accumulated other comprehensive loss	(26,758)	(29,771)
Total stockholders’ equity	1,023,533	1,071,176
Total liabilities and stockholders’ equity	$ 5,984,942	$ 5,499,601

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Mar. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock, issued (in shares)	163,464,754	162,950,606
Common stock, outstanding (in shares)	135,429,357	136,246,029
Treasury stock (in shares)	28,035,397	26,704,577

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 1,989,066	$ 1,956,453
Operating costs and expenses:
Cost of revenue	962,719	948,902
Billable expenses	555,545	549,077
General and administrative expenses	301,800	245,855
Depreciation and amortization	27,745	20,732
Total operating costs and expenses	1,847,809	1,764,566
Operating income	141,257	191,887
Interest expense	(21,270)	(20,235)
Other (expense) income, net	(533)	(836)
Income before income taxes	119,454	170,816
Income tax expense	27,352	41,487
Net income	$ 92,102	$ 129,329
Earnings per common share (Note 4):
Basic (in dollars per share)	$ 0.68	$ 0.93
Diluted (in dollars per share)	$ 0.67	$ 0.92

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 92,102	$ 129,329
Other comprehensive income (loss), net of tax:
Change in unrealized gain (loss) on derivatives designated as cash flow hedges	2,994	(1,439)
Change in postretirement plan costs	19	22
Total other comprehensive income (loss), net of tax	3,013	(1,417)
Comprehensive income	$ 95,115	$ 127,912

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net income	$ 92,102	$ 129,329
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	27,745	20,732
Noncash lease expense	13,581	13,242
Stock-based compensation expense	12,444	10,833
Amortization of debt issuance costs	1,129	1,070
Loss on debt extinguishment	2,515	0
(Gains) losses on dispositions, and other	(27)	3
Changes in assets and liabilities:
Accounts receivable, net	(220,112)	(62,570)
Deferred income taxes and income taxes receivable / payable	22,323	35,027
Prepaid expenses and other current and long-term assets	(8,874)	(10,381)
Accrued compensation and benefits	(75,509)	(36,294)
Accounts payable and other accrued expenses	121,862	50,864
Other current and long-term liabilities	159	(11,437)
Net cash (used in) provided by operating activities	(10,662)	140,418
Cash flows from investing activities
Purchases of property, equipment, and software	(9,008)	(20,058)
Payments for business acquisitions, net of cash acquired	(665,583)	0
Cash paid for cost method investment	(2,000)	0
Net cash used in investing activities	(676,591)	(20,058)
Cash flows from financing activities
Proceeds from issuance of common stock	5,758	4,423
Stock option exercises	1,794	3,125
Repurchases of common stock	(123,805)	(85,899)
Cash dividends paid	(51,641)	(43,832)
Repayments on revolving credit facility and term loan	(60,973)	(119,466)
Net proceeds from debt issuance	487,027	0
Proceeds from revolving credit facility	60,000	0
Net cash provided by (used in) financing activities	318,160	(241,649)
Net decrease in cash and cash equivalents	(369,093)	(121,289)
Cash and cash equivalents––beginning of period	990,955	741,901
Cash and cash equivalents––end of period	621,862	620,612
Net cash paid during the period for:
Interest	6,713	19,032
Income taxes	1,673	3,123
Supplemental disclosures of non-cash investing and financing activities
Share repurchases transacted but not settled and paid	$ 3,041	$ 344

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total		Class A Common Stock	Treasury Stock		Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Topic 326 adoption impact	Topic 326 adoption impactRetained Earnings
Beginning balance (shares) at Mar. 31, 2020			161,333,973	22,614,052
Beginning of period at Mar. 31, 2020	$ 856,356		$ 1,613	$ (898,095)		$ 468,027	$ 1,330,812	$ (46,001)	$ (1,180)	$ (1,180)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)			361,856
Issuance of common stock	4,423		$ 3			4,420
Stock options exercised (shares)			160,898
Stock options exercised	3,125		$ 2			3,123
Repurchase of common stock (shares)			(900,000)	(1,045,939)	[1]
Repurchase of common stock	(75,506)	[1]	$ (66,400)	$ (75,506)	[1]
Recognition of liability related to future restricted stock units vesting	339					339
Net income	129,329						129,329
Other comprehensive income (loss), net of tax	(1,417)							(1,417)
Dividends paid per share of common stock	(43,832)						(43,832)
Stock-based compensation expense	10,830					10,830
Ending balance (shares) at Jun. 30, 2020			161,856,727	23,659,991
End of period at Jun. 30, 2020	882,467		$ 1,618	$ (973,601)		486,739	1,415,129	(47,418)
Beginning balance (shares) at Mar. 31, 2021			162,950,606	26,704,577
Beginning of period at Mar. 31, 2021	1,071,176		$ 1,629	$ (1,216,163)		557,957	1,757,524	(29,771)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)			458,943
Issuance of common stock	4,679		$ 5			4,674
Stock options exercised (shares)			55,205
Stock options exercised	1,794		$ 1			1,793
Repurchase of common stock (shares)			(1,200,000)	(1,330,820)	[2]
Repurchase of common stock	(111,438)	[2]	$ (98,200)	$ (111,438)	[2]
Recognition of liability related to future restricted stock units vesting	360					360
Net income	92,102						92,102
Other comprehensive income (loss), net of tax	3,013							3,013
Dividends paid per share of common stock	(50,597)						(50,597)
Stock-based compensation expense	12,444					12,444
Ending balance (shares) at Jun. 30, 2021			163,464,754	28,035,397
End of period at Jun. 30, 2021	$ 1,023,533		$ 1,635	$ (1,327,601)		$ 577,228	$ 1,799,029	$ (26,758)
[1]	During the three months ended June 30, 2020, the Company purchased 0.9 million shares of the Company’s Class A Common Stock in a series of open market transactions for $66.4 million. Additionally, the Company repurchased shares for $9.1 million during the three months ended June 30, 2020 to cover the minimum statutory withholding taxes on restricted stock units that vested on various dates during the period.
[2]	During the three months ended June 30, 2021, the Company purchased 1.2 million shares of the Company’s Class A Common Stock in a series of open market transactions for $98.2 million. Additionally, the Company repurchased shares for $13.3 million during the three months ended June 30, 2021 to cover the minimum statutory withholding taxes on restricted stock units that vested on various dates during the period.

Condensed Consolidated Statem_5

Condensed Consolidated Statements Of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Jun. 30, 2021		Jun. 30, 2020
Dividends paid (in dollars per share)	$ 0.37		$ 0.31
Repurchase of common stock, value	$ 111,438	[1]	$ 75,506	[2]
Repurchase of shares to cover tax withholding on restricted stock units that vested	$ 13,300		$ 9,100
Class A Common Stock
Repurchase of common stock (in shares)	1.2		0.9
Repurchase of common stock, value	$ 98,200		$ 66,400
[1]	During the three months ended June 30, 2021, the Company purchased 1.2 million shares of the Company’s Class A Common Stock in a series of open market transactions for $98.2 million. Additionally, the Company repurchased shares for $13.3 million during the three months ended June 30, 2021 to cover the minimum statutory withholding taxes on restricted stock units that vested on various dates during the period.
[2]	During the three months ended June 30, 2020, the Company purchased 0.9 million shares of the Company’s Class A Common Stock in a series of open market transactions for $66.4 million. Additionally, the Company repurchased shares for $9.1 million during the three months ended June 30, 2020 to cover the minimum statutory withholding taxes on restricted stock units that vested on various dates during the period.

Business Overview

Business Overview	3 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Overview	BUSINESS OVERVIEWBooz Allen Hamilton Holding Corporation, including its wholly owned subsidiaries, or the Company, we, us, and our, was incorporated in Delaware in May 2008. The Company provides management and technology consulting, analytics, engineering, digital solutions, mission operations, and cyber services to U.S. and international governments, major corporations, and not-for-profit organizations. The Company reports operating results and financial data in one reportable segment. The Company is headquartered in McLean, Virginia, with approximately 28,600 employees as of June 30, 2021

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission, or SEC, and should be read in conjunction with the information contained in the Company's Annual Report on Form 10-K for the year ended March 31, 2021. The interim period unaudited condensed consolidated financial statements are presented as described below. Certain information and disclosures normally required for annual financial statements have been condensed or omitted pursuant to GAAP and SEC rules and regulations. In the opinion of management, all adjustments considered necessary for fair presentation of the results of the interim period presented have been included. 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 results of operations for the three months ended June 30, 2021 are not necessarily indicative of results to be expected for the full fiscal year. The condensed 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. Certain amounts reported in the Company's prior year condensed consolidated financial statements have been reclassified to conform to the current year presentation. Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the financial statements where estimates may have the most significant effect include the provision for claimed indirect costs, valuation and lives of tangible and intangible assets, impairment of long-lived assets, accrued liabilities, revenue recognition, including the accrual of indirect costs, bonus and other incentive compensation, stock-based compensation, reserves for uncertain tax positions and valuation allowances on deferred tax assets, provisions for income taxes, postretirement obligations, collectability of receivables, and loss accruals for litigation. Actual results experienced by the Company may differ materially from management's estimates. Recent Accounting Pronouncements Not Yet Adopted In November 2020, the SEC issued Release No. 33-10890, Amendments to Management's Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information , to simplify, modernize and enhance certain financial disclosure requirements in Regulation S-K. This amendment became effective on February 10, 2021. The Company’s adoption is expected to impact fiscal 2022 Form 10-K disclosures. Other accounting and reporting pronouncements effective after June 30, 2021 and issued through the filing date are not expected to have a material impact on the Company's condensed consolidated financial statements.

Revenue

Revenue	3 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	REVENUEThe Company's revenues from contracts with customers (clients) are derived from offerings that include consulting, analytics, digital solutions, engineering, mission, and cyber services, substantially with the U.S. government and its agencies and, to a lesser extent, subcontractors. The Company also serves foreign governments, as well as domestic and international commercial clients. The Company performs under various types of contracts, which include cost-reimbursable contracts, time-and-materials contracts, and fixed-price contracts. Contract Estimates Many of our contracts recognize revenue under a contract cost-based input method and require an Estimate-at-Completion ("EAC") process, which management uses to review and monitor the progress towards the completion of our performance obligations. Under this process, management considers various inputs and assumptions related to the EAC, including, but not limited to, progress towards completion, labor costs and productivity, material and subcontractor costs, and identified risks. Estimating the total cost at the completion of our performance obligations is subjective and requires management to make assumptions about future activity and cost drivers under the contract. Changes in these estimates can occur for a variety of reasons and, if significant, may impact the revenue and profitability of the Company’s contracts. Changes in estimates related to contracts accounted for under the EAC process are recognized on a cumulative catch-up basis in the period when such changes are determinable and reasonably estimable. If the estimate of contract profitability indicates an anticipated loss on a contract, the Company recognizes the total loss at the time it is identified. For each of the three months ended June 30, 2021 and 2020, the aggregate impact of adjustments in contract estimates was not material. Disaggregation of Revenue We disaggregate our revenue from contracts with customers by contract type, customer, as well as whether the Company acts as prime contractor or sub-contractor, as we believe these categories best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. The following series of tables presents our revenue disaggregated by these categories. Revenue by Contract Type: We generate revenue under the following three basic types of contracts: • Cost-Reimbursable Contracts: Cost-reimbursable contracts provide for the payment of allowable costs incurred during performance of the contract, up to a ceiling based on the amount that has been funded, plus a fixed fee or award fee. • Time-and-Materials Contracts: Under contracts in this category, we are paid a fixed hourly rate for each direct labor hour expended, and we are reimbursed for billable material costs and billable out-of-pocket expenses inclusive of allocable indirect costs. We assume the financial risk on time-and-materials contracts because our costs of performance may exceed negotiated hourly rates. • Fixed-Price Contracts: Under a fixed-price contract, we agree to perform the specified work for a predetermined price. To the extent our actual direct and allocated indirect costs decrease or increase from the estimates upon which the price was negotiated, we will generate more or less profit, respectively, or could incur a loss. The table below presents the total revenue for each type of contract: Three Months Ended 2021 2020 Cost-reimbursable $ 1,115,426 56 % $ 1,092,048 56 % Time-and-materials 497,449 25 % 502,546 26 % Fixed-price 376,191 19 % 361,859 18 % Total Revenue $ 1,989,066 100 % $ 1,956,453 100 % Revenue by Customer Type: Three Months Ended 2021 2020 U.S. government (1) : Defense Clients $ 975,926 49 % $ 934,699 48 % Intelligence Clients 376,756 19 % 402,669 20 % Civil Clients 592,896 30 % 559,201 29 % Total U.S. government 1,945,578 98 % 1,896,569 97 % Global Commercial Clients 43,488 2 % 59,884 3 % Total Revenue $ 1,989,066 100 % $ 1,956,453 100 % (1) We periodically reassess the composition of our U.S. government business and our internal resources who provide service delivery to our U.S. government customers. On occasion, this reassessment will result in certain contracts being reclassified between the various verticals of our U.S. government business shown in the table above. To the extent this occurs, we reclassify revenue in the comparable prior year period to conform to our current period presentation. Revenue by Whether the Company Acts as a Prime Contractor or a Sub-Contractor: Three Months Ended 2021 2020 Prime Contractor $ 1,861,722 94 % $ 1,803,604 92 % Sub-contractor 127,344 6 % 152,849 8 % Total Revenue $ 1,989,066 100 % $ 1,956,453 100 % Performance Obligations Remaining performance obligations represent the transaction price of exercised contracts for which work has not yet been performed, irrespective of whether funding has or has not been authorized and appropriated as of the date of exercise. Remaining performance obligations exclude negotiated but unexercised options, the unfunded value of expired contracts, and certain variable consideration which the Company does not expect to recognize as revenue. As of June 30, 2021 and March 31, 2021, the Company had $7.0 billion and $6.7 billion of remaining performance obligations, respectively. We expect to recognize approximately 70% of the remaining performance obligations at June 30, 2021 as revenue over the next 12 months, and approximately 85% over the next 24 months. The remainder is expected to be recognized thereafter. Contract Balances The Company's performance obligations are typically satisfied over time and revenue is generally recognized using a cost-based input method. Fixed-price contracts are typically billed to the customer using milestone or fixed monthly payments, while cost-reimbursable-plus-fee and time-and-material contracts are typically billed to the customer at periodic intervals (e.g. monthly or weekly) as indicated by the terms of the contract. Disparities between the timing of revenue recognition and customer billings and cash collections result in net contract assets or liabilities being recognized at the end of each reporting period. Contract assets primarily consist of unbilled receivables typically resulting from revenue recognized exceeding the amount billed to the customer and right to payment is not just subject to the passage of time. Unbilled amounts represent revenues for which billings have not been presented to customers at quarter-end or year-end. These amounts are generally billed and collected within one year subject to various conditions including, without limitation, appropriated and available funding. Long-term unbilled receivables not anticipated to be billed and collected within one year, which are primarily related to retainage, holdbacks, and long-term rate settlements to be billed at contract closeout, are included in other long-term assets in the accompanying condensed consolidated balance sheets. Contract liabilities primarily consist of advance payments, billings in excess of costs incurred and deferred revenue. Contract assets and liabilities are reported on a net contract basis at the end of each reporting period. The Company maintains an allowance for credit losses to provide for an estimate of uncollectible receivables. The following table summarizes the contract assets and liabilities recognized on the Company’s condensed consolidated balance sheets: Contract Balances June 30, March 31, Current assets Accounts receivable–billed $ 571,326 $ 375,383 Accounts receivable–unbilled Contract assets 1,101,446 1,037,968 Allowance for credit losses — (1,457) Accounts receivable, net 1,672,772 1,411,894 Other long-term assets Accounts receivable–unbilled Contract assets 64,054 63,869 Total accounts receivable, net $ 1,736,826 $ 1,475,763 Other current liabilities Advance payments, billings in excess of costs incurred and deferred revenue Contract liabilities $ 20,340 $ 15,906

Earnings Per Share

Earnings Per Share	3 Months Ended
	Jun. 30, 2021
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. Unvested Class A Restricted Common Stock holders are entitled to participate in non-forfeitable dividends or other distributions. These unvested restricted shares participated in the Company's dividends declared and were paid in the first quarter of fiscal 2022 and 2021. As such, EPS is calculated using the two-class method whereby earnings are reduced by distributed earnings as well as any available undistributed earnings allocable to holders of unvested restricted shares. A reconciliation of the income used to compute basic and diluted EPS for the periods presented are as follows: Three Months Ended 2021 2020 Earnings for basic computations (1) $ 91,621 $ 128,686 Weighted-average common shares outstanding for basic computations 135,569,968 138,153,464 Earnings for diluted computations (1) $ 91,622 $ 128,689 Dilutive stock options and restricted stock 822,375 1,018,990 Weighted-average common shares outstanding for diluted computations 136,392,343 139,172,454 Earnings per common share Basic $ 0.68 $ 0.93 Diluted $ 0.67 $ 0.92

Acquisition, Goodwill and Intan

Acquisition, Goodwill and Intangible Assets	3 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisition, Goodwill and Intangible Assets	ACQUISITION, GOODWILL AND INTANGIBLE ASSETS Acquisition On June 11, 2021, the Company acquired Liberty IT Solutions, LLC ("Liberty") for purchase consideration of approximately $668.7 million, net of adjustments related to working capital, and transaction costs incurred as part of the acquisition, including compensation expenses paid by the Company that were associated with employee retention. As a result of the transaction, Liberty became a wholly owned subsidiary of Booz Allen Hamilton, Inc. Liberty is a leading digital partner driving transformation across the federal IT ecosystem. The acquisition complements the Company’s digital transformation portfolio resulting in a deeper range of advanced technology solutions. The acquisition of Liberty 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. Under the terms of the purchase agreement, the Company has 120 days after closing to provide proposed post-closing working capital adjustments to the sellers which are subject to dispute. The final purchase price allocations will be completed after the underlying information has been finalized and agreed upon by the sellers and the Company. The following table summarizes the consideration paid and the preliminary fair value of assets acquired and liabilities assumed at the acquisition date: Cash paid (gross of cash acquired and including net adjustments) $ 668,682 Purchase price allocation: Cash 3,099 Current assets 42,213 Operating lease right-of-use asset 2,327 Other long-term assets 2,124 Intangible assets 311,000 Current liabilities (33,745) Operating lease liabilities-current (939) Operating lease liabilities-long term (1,388) Total fair value of identifiable net assets acquired $ 324,691 Preliminary goodwill $ 343,991 The intangible assets of $311.0 million consist of programs and contracts assets, and were valued using the excess earnings method discounted cash flow approach, incorporating Level 3 inputs as described under the fair value hierarchy of Accounting Standards Codification (ASC) No. 820 , Fair Value Measuremen t (Topic 820). These unobservable inputs reflect the Company's own judgement about which assumptions market participants would use in pricing an asset on a non-recurring basis. The intangible assets are expected to be amortized over the estimated useful life of 12 years. The goodwill of $344.0 million is primarily attributable to the specialized workforce and the expected synergies between the Company and Liberty. 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. The accounting for business combination requires estimates and judgements regarding expectations of future cash flows of the acquired business, and the allocations of those cash flows to identifiable tangible and intangible assets. The estimates and assumptions underlying the preliminary valuations are subject to collection of information necessary to complete the valuations (specifically related to projected financial information) within the measurement periods, which are up to one year from the respective acquisition dates. Although the Company does not currently expect material changes to the initial value of net assets acquired, the Company continues to evaluate assumptions related to the valuation of the assets acquired and liabilities assumed. Any adjustments to our estimates of purchase price allocation will be made in the periods in which the adjustments are determined and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates. Further, the Company has not finalized the determination of fair values allocated to various assets and liabilities, including, but not limited to, accounts receivable, intangible assets, property, plant, and equipment, other current and long-term assets, accounts payable and accrued liabilities, and goodwill. Pro forma results of operations for this acquisition are not presented because this acquisition is not material to the Company's condensed consolidated results of operations. Goodwill As of June 30, 2021 and March 31, 2021, goodwill was $1,925.2 million and $1,581.2 million, respectively. The increase in the carrying amount of goodwill was attributable to the Company's acquisition of Liberty. Intangible Assets Intangible assets consisted of the following: June 30, 2021 March 31, 2021 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 (1) $ 393,400 $ 55,073 $ 338,327 $ 82,400 $ 50,503 $ 31,897 Software 116,948 35,713 81,235 114,972 29,941 85,031 Total amortizable intangible assets $ 510,348 $ 90,786 $ 419,562 $ 197,372 $ 80,444 $ 116,928 Unamortizable intangible assets: Trade name $ 190,200 $ — $ 190,200 $ 190,200 $ — $ 190,200 Total $ 700,548 $ 90,786 $ 609,762 $ 387,572 $ 80,444 $ 307,128 (1) The increase in the carrying amount of customer relationships and other amortizable intangible assets was attributable to the Company's acquisition of Liberty. The following table summarizes the remainder of fiscal 2022 and estimated annual amortization expense for future periods: Fiscal Year Ending Remainder of 2022 $ 42,583 2023 66,069 2024 56,497 2025 47,595 2026 84,109 Thereafter 122,709 $ 419,562 Amortization expense for the three months ended June 30, 2021 and June 30, 2020 was $10.3 million and $4.8 million, respectively.

Accounts Payable and Other Accr

Accounts Payable and Other Accrued Expenses	3 Months Ended
	Jun. 30, 2021
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: June 30, March 31, Vendor payables $ 478,578 $ 371,744 Accrued expenses 344,600 295,227 Total accounts payable and other accrued expenses $ 823,178 $ 666,971 Accrued expenses consisted primarily of the Company’s provision for claimed indirect costs, which were approximately $272.0 million and $263.2 million as of June 30, 2021 and March 31, 2021, respectively. See Note 17 for further discussion of this provision.

Accrued Compensation and Benefi

Accrued Compensation and Benefits	3 Months Ended
	Jun. 30, 2021
Compensation Related Costs [Abstract]
Accrued Compensation and Benefits	ACCRUED COMPENSATION AND BENEFITS Accrued compensation and benefits consisted of the following: June 30, March 31, Bonus $ 28,448 $ 130,565 Retirement 63,233 44,474 Vacation 211,864 202,100 Other 33,834 48,476 Total accrued compensation and benefits $ 337,379 $ 425,615

Debt

Debt	3 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	DEBT Debt consisted of the following: June 30, 2021 March 31, 2021 Interest Outstanding Interest Outstanding Term Loan A 1.59 % $ 1,289,764 1.61 % $ 1,289,764 Term Loan B 1.85 % 383,239 1.86 % 384,212 Senior Notes due 2028 3.88 % 700,000 3.88 % 700,000 Senior Notes due 2029 4.00 % 500,000 — % — Less: Unamortized debt issuance costs and discount on debt (24,347) (17,380) Total 2,848,656 2,356,596 Less: Current portion of long-term debt (77,865) (77,865) Long-term debt, net of current portion $ 2,770,791 $ 2,278,731 Credit Agreement On June 24, 2021 (the "Amendment Effective Date"), 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 eighth amendment (the "Eighth Amendment") to the Credit Agreement dated as of July 31, 2012, as amended (the "Existing Credit Agreement" and, as amended, the "Credit Agreement"), with certain institutional lenders and Bank of America, N.A., as Administrative Agent and Collateral Agent. The Eighth Amendment added an additional tier in the pricing grid and extended the maturity applicable to both the Term Loan A ("Term Loan A") and revolving credit facility (the "Revolving Credit Facility") to June 24, 2026, increased the aggregate principal amount of the Revolving Credit Facility and the letter of credit sublimit thereunder, and made certain other amendments to the financial covenants and other terms under the Existing Credit Agreement. The interest rate and maturity date applicable to Term Loan B ("Term Loan B" and, together with Term Loan A, the "Term Loans") remained unchanged. Prior to the Eighth Amendment, approximately $1,289.8 million was outstanding under Term Loan A (the "Existing Tranche A Term Loans"). Pursuant to the Eighth Amendment, certain lenders under the Existing Credit Agreement converted their Existing Tranche A Term Loans into a new tranche of tranche A term loans (the “New Refinancing Tranche A Term Loans”) in an aggregate amount, along with the New Refinancing Tranche A Term Loans advanced by certain new lenders, of approximately $1,289.8 million. The proceeds from the new lenders were used to prepay in full all of the Existing Tranche A Term Loans that were not converted into the New Refinancing Tranche A Term Loans. Voluntary prepayments of the New Refinancing Tranche A Term Loans are permitted at any time, in minimum principal amounts, without premium or penalty. The other terms of the New Refinancing Tranche A Term Loans are generally the same as the Existing Tranche A Term Loans prior to the Eighth Amendment. Prior to the Eighth Amendment, approximately $500.0 million of revolving commitments (the “Existing Revolving Commitments”) were available under the Existing Credit Agreement, with a sublimit for letters of credit of $100.0 million. Pursuant to the Eighth Amendment, certain lenders under the Existing Credit Agreement converted their Existing Revolving Commitments into a new tranche of revolving commitments (the “New Revolving Commitments” and the revolving credit loans made thereunder, the “New Revolving Loans”) in an aggregate amount, along with the New Revolving Commitments of certain new lenders, of $1,000 million, with a sublimit for letters of credit of $200.0 million. As of June 30, 2021, the Credit Agreement provided Booz Allen Hamilton with a $1,289.8 million Term Loan A, a $383.2 million Term Loan B, and a $1,000.0 million Revolving Credit Facility, with a sub-limit for letters of credit of $200.0 million (collectively, the "Secured Credit Facility"). As of June 30, 2021, the maturity date of Term Loan B was November 26, 2026. Booz Allen Hamilton’s obligations and the guarantors’ guarantees under the Credit Agreement (the "Guarantee") 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 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 the 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) the greater of (x) $909 million and (y) 100% of consolidated EBITDA of Booz Allen Hamilton, as of the end of the most recently ended four quarter period for which financial statements have been delivered pursuant to the Credit Agreement plus (ii) the aggregate principal amount under which pro forma consolidated net senior secured leverage remains less than or equal to 3.50:1.00. At Booz Allen Hamilton’s option, borrowings under the Term Loan A and the Revolving Credit Facility bear interest based either at 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 (i) the administrative agent’s prime corporate rate, (ii) the overnight federal funds rate plus 0.50%, and (iii) three-month LIBOR (adjusted for maximum reserves, and subject to a floor of zero) plus 1.00%), in each case plus an applicable margin as determined by the pricing grid, payable at the end of the applicable interest period and in any event at least quarterly. The applicable margin for Term Loan A and borrowings under the Revolving Credit Facility ranges from 1.125% to 2.00% for LIBOR loans and 0.125% to 1.00% for base rate loans, in each case based on Booz Allen Hamilton’s consolidated total net leverage ratio. Unused commitments under the Revolving Credit Facility are subject to a quarterly fee ranging from 0.175% to 0.35% based on Booz Allen Hamilton’s consolidated total net leverage ratio. Booz Allen Hamilton also agreed to pay customary letter of credit and agency fees. The applicable margin for Term Loan B is 1.75% for LIBOR loans and 0.75% for base rate loans. Booz Allen Hamilton occasionally borrows under the Revolving Credit Facility in anticipation of cash demands. For the three months ended June 30, 2021, Booz Allen Hamilton accessed $60.0 million of its Revolving Credit Facility, which was repaid in full during the period. For the three months ended June 30, 2020, Booz Allen Hamilton did not access its Revolving Credit Facility. As of June 30, 2021 and March 31, 2021, there was no outstanding balance on the Revolving Credit Facility. The Credit Agreement 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 Credit Agreement 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) change in fiscal periods; (viii) negative pledges; (ix) restrictive agreements; (x) line of business; and (xi) 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 Employee Retirement Income Security Act, or 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 June 30, 2021 and March 31, 2021, Booz Allen Hamilton was in compliance with all financial covenants associated with its debt and debt-like instruments. For the three months ended June 30, 2021 and 2020, interest payments of $4.9 million and $6.9 million were made for Term Loan A and $1.8 million and $2.2 million were made for Term Loan B, respectively. Borrowings under the Term Loans, and if used, the Revolving Credit Facility, incur interest at a variable rate. In accordance with Booz Allen Hamilton’s risk management strategy, between April 6, 2017 and April 4, 2019, Booz Allen Hamilton executed a series of interest rate swaps. As of June 30, 2021, Booz Allen Hamilton had interest rate swaps with an aggregate notional amount of $700.0 million. These instruments hedge the variability of cash outflows for interest payments on the Term Loans and Revolving Credit Facility. The Company's objectives in using cash flow hedges are to reduce volatility due to interest rate movements and to add stability to interest expense (see Note 9 to our condensed consolidated financial statements). Senior Notes On June 17, 2021, Booz Allen Hamilton issued $500.0 million aggregate principal amounts of its 4.000% Senior Notes due July 1, 2029 (the “Senior Notes due 2029”) under an Indenture, dated as of June 17, 2021 among Booz Allen Hamilton, certain subsidiaries of Booz Allen Hamilton, as guarantors (the “Subsidiary Guarantors”), and Wilmington Trust, National Association (in such capacity, the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of June 17, 2021, among Booz Allen Hamilton, the Subsidiary Guarantors and the Trustee. The Senior Notes due 2029 and the related guarantees are Booz Allen Hamilton’s and each Subsidiary Guarantors’ senior unsecured obligations and rank equally in right of payment with all of Booz Allen Hamilton’s and the Subsidiary Guarantors’ existing and future senior indebtedness and rank senior in right of payment to any of Booz Allen Hamilton’s and the Subsidiary Guarantors’ future subordinated indebtedness. The net proceeds from the sale of the Senior Notes due 2029 were used to fund the acquisition of Liberty and to pay related fees and expenses. Booz Allen Hamilton may redeem some or all of the Senior Notes due 2029 at any time prior to July 1, 2024, at a price equal to 100% of the principal amount of the Senior Notes due 2029 redeemed, plus accrued and unpaid interest, if any, to (but not including) the redemption date, plus an applicable “make-whole premium.” Booz Allen Hamilton may redeem the Senior Notes due 2029 at its option, in whole at any time or in part from time to time, upon certain required notice, at any time (i) on and after July 1, 2024, at a price equal to 102.00% of the principal amount of the Senior Notes due 2029 redeemed, (ii) on or after July 1, 2025, at a price equal to 101.00% of the principal amount of the Senior Notes due 2029 redeemed, and (iii) on July 1, 2026 and thereafter, at a price equal to 100.00% of the principal amount of the Senior Notes due 2029 redeemed, in each case, plus accrued and unpaid interest, if any, to (but not including) the applicable redemption date. In addition, at any time on or prior to July 1, 2024, Booz Allen Hamilton may redeem up to 40.00% of the Senior Notes due 2029 with an amount equal to the net cash proceeds of certain equity offerings at a redemption price equal to 104.00%, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided, however, that at least 50.00% of the original aggregate principal amount of the Senior Notes due 2029 must remain outstanding after each such redemption; and provided, further, that such redemption shall occur within 180 days after the date on which any such equity offering is consummated. Interest is payable on the Senior Notes due 2029 semi-annually in cash in arrears on July 1 and January 1 of each year, beginning on January 1, 2022. In connection with the issuance of the Senior Notes due 2029, the Company recognized $6.5 million of issuance costs, which were recorded as an offset against the carrying value of debt and will be amortized to interest expense over the term of the Senior Notes due 2029. Interest on debt and debt-like instruments consisted of the following: Three Months Ended 2021 2020 (In thousands) Term Loan A Interest Expense $ 5,229 $ 6,918 Term Loan B Interest Expense 1,801 2,214 Interest on Revolving Credit Facility 25 799 Senior Notes Interest Expense 7,559 4,484 Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1) 1,128 1,070 Interest Swap Expense 5,443 4,441 Other 85 309 Total Interest Expense $ 21,270 $ 20,235 (1) DIC and OID on the Term Loans and senior notes are recorded as a reduction of long-term debt in the condensed consolidated balance sheet and are amortized ratably over the life of the related debt using the effective rate method. DIC on the Revolving Credit Facility is recorded as a long-term asset on the condensed consolidated balance sheet and amortized ratably over the term of the Revolving Credit Facility.

Derivatives

Derivatives	3 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	DERIVATIVESThe Company utilizes derivative financial instruments to manage interest rate risk related to its variable rate debt. The Company’s objectives in using these interest rate derivatives, which were designated as cash flow hedges, are to manage its exposure to interest rate movements and reduce volatility of interest expense. The aggregate notional amount of all interest rate swap agreements was $700.0 million as of June 30, 2021. The swaps have staggered maturities, ranging from June 30, 2022 to June 30, 2025. These swaps mature within the last tranche of the Company's floating rate debt (November 26, 2026). The floating-to-fixed interest rate swaps involve the exchange of variable interest amounts from a counterparty for the Company making fixed-rate interest payments over the life of the agreements without exchange of the underlying notional amount and effectively convert a portion of the variable rate debt into fixed interest rate debt. Derivative instruments are recorded in the condensed consolidated balance sheet on a gross basis at estimated fair value. As of June 30, 2021, $15.8 million and $18.3 million were classified as other current liabilities and other long-term liabilities, respectively, on the condensed consolidated balance sheet. As of March 31, 2021, $17.2 million and $21.0 million were classified as other current liabilities, and other long-term liabilities, respectively, on the condensed consolidated balance sheet. For interest rate swaps designated as cash flow hedges, the changes in the fair value of derivatives is recorded in Accumulated Other Comprehensive Loss, or AOCL, net of taxes, and is subsequently reclassified into interest expense in the period that the hedged forecasted interest payments are made on the Company's variable-rate debt. The effect of derivative instruments on the accompanying condensed consolidated financial statements for the three months ended June 30, 2021 and 2020 is as follows: Three Months Ended June 30, Derivatives in Cash Flow Hedging Relationships Location of Gain or Loss Recognized in Income on Derivatives Amount of (Loss) or Gain Recognized in AOCL on Derivatives Amount of (Loss) or Gain Reclassified from AOCL into Income 2021 2020 2021 2020 Interest rate swaps Interest expense $ (1,394) $ (6,387) $ (5,443) $ (4,441) Over the next 12 months, the Company estimates that $15.9 million will be reclassified as an increase to interest expense. Cash flows associated with periodic settlements of interest rate swaps will be classified as operating activities in the condensed consolidated statement of cash flows. The Company is subject to counterparty risk in connection with its interest rate swap derivative contracts. Credit risk related to a derivative financial instrument represents the possibility that the counterparty will not fulfill the terms of the contract. The Company mitigates this credit risk by entering into agreements with credit-worthy counterparties and regularly reviews its credit exposure and the creditworthiness of the counterparties.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company’s effective income tax rates were 22.9% and 24.3% for the three months ended June 30, 2021 and 2020. Our effective tax rates for these periods differ from the federal statutory rate of 21.0% primarily due to the inclusion of state and foreign income taxes and permanent rate differences, which are predominantly related to certain executive compensation and the accrual of reserves for uncertain tax positions, offset by research and development tax credits, excess tax benefits for employee share-based compensation, and the Foreign Derived Intangible Income deduction. The Company is currently contesting tax assessments from the District of Columbia Office of Tax and Revenue for fiscal years 2013 through 2015 at various stages of applicable administrative and judicial processes, with a combined amount at issue of approximately $11.7 million, net of associated federal tax benefits as of June 30, 2021. The Company has taken similar tax positions with respect to subsequent fiscal years, with approximately $38.6 million, net of federal tax benefits, of total potential future tax expense that would arise from an adverse final resolution. As of June 30, 2021, the Company does not maintain reserves for any uncertain tax positions related to the contested tax benefits or the similar tax positions taken in the subsequent fiscal years. Given the recoverable nature of the state tax expense, the Company does not believe that the resolution of these matters will have a material adverse effect on its results of operations, cash flows or financial condition. The Company maintained reserves for uncertain tax positions of $66.3 million and $62.9 million as of June 30, 2021 and March 31, 2021, respectively, $11.1 million of which is reflected as a reduction to deferred taxes with the remaining balance included in other long-term liabilities in the accompanying condensed consolidated balance sheets. As of June 30, 2021, the Company's reserves for uncertain tax positions are related entirely to research and development tax credits.

Other Long-Term Liabilities

Other Long-Term Liabilities	3 Months Ended
	Jun. 30, 2021
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following: June 30, March 31, Postretirement benefit obligations 127,154 126,054 Reserves for uncertain tax positions 56,576 53,203 Other (1) 54,637 51,727 Total other long-term liabilities $ 238,367 $ 230,984

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Jun. 30, 2021
Retirement Benefits [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 certain international employees. ECAP provides for distributions to participants by reason of retirement, death, disability, or termination of employment. The Company provides an annual matching contribution of up to 6% of eligible annual compensation. Total expenses recognized under ECAP were $43.2 million and $41.1 million for the three months ended June 30, 2021 and 2020, respectively. Defined Benefit Plan 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 components of net postretirement medical expense for the Officer Medical Plan were as follows: Three Months Ended 2021 2020 Service cost $ 1,626 $ 1,414 Interest cost 1,016 1,059 Total postretirement medical expense $ 2,642 $ 2,473 The service cost component of net periodic benefit cost is included in cost of revenue and general and administrative expenses, and the non-service cost components of net periodic benefit cost (interest cost and net actuarial loss) is included as part of Other (expense) income, net in the accompanying condensed consolidated statements of operations. As of June 30, 2021 and March 31, 2021, the unfunded status of the post-retirement medical plan was $122.7 million and $121.5 million, respectively, which is included in other long-term liabilities in the accompanying condensed consolidated balance sheets. 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. The accrued cost for these benefits was $10.9 million at both June 30, 2021 and March 31, 2021, and is presented in other long-term liabilities in the accompanying condensed consolidated balance sheets. Deferred Compensation Plan The Company established a non-qualified deferred compensation plan (the "Plan") for certain executives and other highly compensated employees that was effective in fiscal 2018. The fair values of plan investments and obligations as of June 30, 2021 and March 31, 2021 were $19.7 million and $14.1 million, respectively, and were recorded in other long-term assets and in other long-term liabilities, respectively, in the condensed consolidated balance sheets. Adjustments to the fair value of the plan investments and obligations are recorded in operating expenses.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Loss	ACCUMULATED OTHER COMPREHENSIVE LOSS All amounts recorded in other comprehensive loss are related to the Company's post-retirement plans and interest rate swaps designated as cash flow hedges. The following table shows the changes in accumulated other comprehensive loss, net of tax: Three Months Ended June 30, 2021 Post-retirement plans Derivatives designated as cash flow hedges Totals Beginning of period $ (1,562) $ (28,209) $ (29,771) Other comprehensive loss before reclassifications (1) — (1,031) (1,031) Amounts reclassified from accumulated other comprehensive loss 19 4,025 4,044 Net current-period other comprehensive income (loss) 19 2,994 3,013 End of period $ (1,543) $ (25,215) $ (26,758) (1) Changes in other comprehensive income (loss) before reclassification for derivatives designated as cash flow hedges are recorded net of tax benefits of $0.4 million for the three months ended June 30, 2021. Three Months Ended June 30, 2020 Post-retirement plans Derivatives designated as cash flow hedges Totals Beginning of period $ (4,127) $ (41,874) $ (46,001) Other comprehensive loss before reclassifications (2) — (4,722) (4,722) Amounts reclassified from accumulated other comprehensive loss 22 3,283 3,305 Net current-period other comprehensive income (loss) 22 (1,439) (1,417) End of period $ (4,105) $ (43,313) $ (47,418) (2) Changes in other comprehensive income (loss) before reclassification for derivatives designated as cash flow hedges are recorded net of tax benefits of $1.7 million for the three months ended June 30, 2020. The following table presents the reclassifications out of accumulated other comprehensive loss to net income: Three Months Ended 2021 2020 Amounts reclassified from accumulated other comprehensive loss: Post-retirement plans (Note 12): Amortization of net actuarial loss included in net periodic benefit cost $ 27 $ 29 Tax (benefit) expense (8) (7) Net of tax $ 19 $ 22 Derivatives designated as cash flow hedges (Note 9): Reclassification of hedge loss (gain) $ 5,443 $ 4,441 Tax (benefit) expense (1,418) (1,158) Net of tax $ 4,025 $ 3,283

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION The following table summarizes stock-based compensation expense recognized in the condensed consolidated statements of operations: Three Months Ended 2021 2020 Cost of revenue $ 5,885 $ 4,498 General and administrative expenses 6,559 6,335 Total $ 12,444 $ 10,833 The following table summarizes the total stock-based compensation expense recognized in the condensed consolidated statements of operations by the following types of equity awards: Three Months Ended 2021 2020 Equity Incentive Plan Options $ 573 $ 446 Restricted Stock Awards 11,871 10,387 Total $ 12,444 $ 10,833 As of June 30, 2021, there was $75.5 million of total unrecognized compensation cost related to unvested stock-based compensation agreements. The unrecognized compensation cost as of June 30, 2021 is expected to be fully amortized over the next 4.75 years. Absent the effect of accelerating stock compensation cost for any departures of employees who may continue to vest in their equity awards, the following table summarizes the unrecognized compensation cost and the weighted-average period the cost is expected to be amortized. June 30, 2021 Unrecognized Compensation Cost Weighted Average Remaining Period to be Recognized (in years) Equity Incentive Plan Options $ 4,263 3.68 Restricted Stock Awards 71,218 1.86 Total $ 75,481 Equity Incentive Plan During the three months ended June 30, 2021, 93,150 options were granted under the Amended and Restated Equity Incentive Plan, or EIP. The aggregate fair value of options granted was $1.4 million based on the estimated fair value per-option granted of $14.49. As of June 30, 2021, there were 1,450,852 EIP options outstanding, of which 607,862 were unvested. During the three months ended June 30, 2021, the Board of Directors granted 721,969 restricted stock units to certain employees of the Company. The aggregate value of these awards was $52.0 million based on the grant date stock price, which ranged from $41.65 to $88.13. As permitted under the terms of the EIP, the Compensation Committee, as Administrator of the EIP, authorized the withholding of taxes not to exceed the minimum statutory withholding amount, through the surrender of restricted stock units upon the vesting of restricted stock units and the surrender of shares of Class A Common Stock issuable upon the vesting of restricted stock. The participants surrendered 161,013 shares of Class A Common Stock issuable upon the vesting of restricted stock and recorded them as treasury shares at a cost of $13.3 million during the three months ended June 30, 2021. Employee Stock Purchase Plan For the quarterly offering period that closed on June 30, 2021, 71,161 Class A Common Stock shares were purchased by employees under the Company's Employee Stock Purchase Plan, or ESPP. Since the program's inception, 2,980,059 shares have been purchased by employees.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The accounting standard for fair value measurements establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions (Level 3). A financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The financial instruments measured at fair value in the accompanying condensed consolidated balance sheets consist of the following: Recurring Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Long-term deferred compensation plan asset (1) 19,670 — — 19,670 Total Assets $ 19,670 $ — $ — $ 19,670 Liabilities: Contingent consideration liability (2) $ — $ — $ 1,223 1,223 Current derivative instruments (3) — 15,809 — 15,809 Long-term derivative instruments (3) — 18,304 — 18,304 Long-term deferred compensation plan liability (1) 19,670 — — 19,670 Total Liabilities $ 19,670 $ 34,113 $ 1,223 $ 55,006 Recurring Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Long-term deferred compensation plan asset (1) 14,142 — — 14,142 Total Assets $ 14,142 $ — $ — $ 14,142 Liabilities: Contingent consideration liability (2) $ — $ — $ 1,223 $ 1,223 Current derivative instruments (3) — 17,163 — 17,163 Long-term derivative instruments (3) — 20,999 — 20,999 Long-term deferred compensation plan liability (1) 14,142 — — 14,142 Total Liabilities $ 14,142 $ 38,162 $ 1,223 $ 53,527 (1) Investments in this category consist primarily of mutual funds whose fair values are determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. These assets represent investments held in a consolidated trust to fund the Company's non-qualified deferred compensation plan and are recorded in other long-term assets and other long-term liabilities on our condensed consolidated balance sheets. (2) The Company recognized a contingent consideration liability of $3.6 million in connection with its acquisition of Aquilent in fiscal 2017. As of both June 30, 2021 and March 31, 2021, the estimated fair value of the contingent consideration liability was $1.2 million, and was valued using probability-weighted cash flows, which is based on the use of Level 3 fair value measurement inputs. (3) The Company’s interest rate swaps are considered over-the-counter derivatives and fair value is estimated based on the present value of future cash flows using a model-derived valuation that uses Level 2 observable inputs such as interest rate yield curves. See Note 9 to the condensed consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges. We did not have any material items that were measured at fair value on a non-recurring basis as of June 30, 2021, with the exception of the assets and liabilities acquired through the acquisition of Liberty (see Note 5). The fair value of the Company's cash and cash equivalents, which are Level 1 inputs, approximated its carrying values at June 30, 2021 and March 31, 2021. The fair value of the Company's debt instruments approximated its carrying value at June 30, 2021 and March 31, 2021. 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. The fair value of the Senior Notes due 2029 and 3.875% Senior Notes due 2028 (the "Senior Notes due 2028") is determined using quoted prices or other market information obtained from recent trading activity in the high-yield bond market (Level 2 inputs).

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	RELATED-PARTY TRANSACTIONS Two of our directors currently serve on the board of directors of a subcontractor to which the Company subcontracted $17.8 million and $23.3 million of services for the three months ended June 30, 2021 and 2020, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Letters of Credit and Third-Party Guarantees As of June 30, 2021 and March 31, 2021, 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 $8.8 million and $9.8 million, respectively. These letters of credit and bank guarantees primarily support insurance and bid and performance obligations. At both June 30, 2021 and March 31, 2021, approximately $0.9 million of these instruments reduced the available borrowings under the Revolving Credit Facility. The remainder is guaranteed under a separate $20.0 million facility, originally established in fiscal 2015 and most recently increased to $20.0 million in fiscal 2021, of which $12.1 million and $11.1 million were available to the Company at June 30, 2021 and March 31, 2021, respectively. Government Contracting Matters - Provision for Claimed Indirect Costs For the three months ended June 30, 2021 and 2020, approximately 98% and 97% of the Company's revenue was generated from contracts where the end user was an agency or department of the U.S. government, including contracts where the Company performed either as a prime contractor or subcontractor, and regardless of the geographic location in which the work was performed. U.S. government contracts and subcontracts are subject to extensive legal and regulatory requirements. As noted in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2021, in the ordinary course of business, agencies of the U.S. government, including the Defense Contract Audit Agency (DCAA), audit the Company’s claimed indirect 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. Management believes it has recorded the appropriate provision for claimed indirect costs for any audit, inquiry, or investigation of which it is aware that may be subject to any reductions and/or penalties. As of June 30, 2021 and March 31, 2021, the Company had recorded liabilities of approximately $272.0 million and $263.2 million, respectively, for estimated adjustments to claimed indirect costs based on its historical DCAA audit results, including the final resolution of such audits with the Defense Contract Management Agency, for claimed indirect costs incurred subsequent to fiscal 2011, and for contracts not yet closed that are subject to audit and final resolution. Litigation Our performance under U.S. government contracts and compliance with the terms of those contracts and applicable laws and regulations are subject to continuous audit, review, and investigation by the U.S. government, which may include such investigative techniques as subpoenas or civil investigative demands. Given the nature of our business, these audits, reviews, and investigations may focus, among other areas, on various aspects of procurement integrity, labor time reporting, sensitive and/or classified information access and control, executive compensation, and post government employment restrictions. We are not always aware of our status in such matters, but we are currently aware of certain pending audits and investigations involving labor time reporting, procurement integrity, and classified information access. In addition, from time to time, we are also 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, we do not expect any of the currently ongoing audits, reviews, investigations, or litigation to have a material adverse effect on our financial condition and results of operations. As of June 30, 2021 and March 31, 2021, there were no material amounts accrued in the condensed consolidated financial statements related to these proceedings. As previously disclosed in Note 21 to the consolidated financial statements of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2021, the Company is not able to reasonably estimate the expected amount or range of cost or any loss associated with these matters.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Estimates	Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the financial statements where estimates may have the most significant effect include the provision for claimed indirect costs, valuation and lives of tangible and intangible assets, impairment of long-lived assets, accrued liabilities, revenue recognition, including the accrual of indirect costs, bonus and other incentive compensation, stock-based compensation, reserves for uncertain tax positions and valuation allowances on deferred tax assets, provisions for income taxes, postretirement obligations, collectability of receivables, and loss accruals for litigation. Actual results experienced by the Company may differ materially from management's estimates.
Recently Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In November 2020, the SEC issued Release No. 33-10890, Amendments to Management's Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information , to simplify, modernize and enhance certain financial disclosure requirements in Regulation S-K. This amendment became effective on February 10, 2021. The Company’s adoption is expected to impact fiscal 2022 Form 10-K disclosures. Other accounting and reporting pronouncements effective after June 30, 2021 and issued through the filing date are not expected to have a material impact on the Company's condensed consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The table below presents the total revenue for each type of contract: Three Months Ended 2021 2020 Cost-reimbursable $ 1,115,426 56 % $ 1,092,048 56 % Time-and-materials 497,449 25 % 502,546 26 % Fixed-price 376,191 19 % 361,859 18 % Total Revenue $ 1,989,066 100 % $ 1,956,453 100 % Revenue by Customer Type: Three Months Ended 2021 2020 U.S. government (1) : Defense Clients $ 975,926 49 % $ 934,699 48 % Intelligence Clients 376,756 19 % 402,669 20 % Civil Clients 592,896 30 % 559,201 29 % Total U.S. government 1,945,578 98 % 1,896,569 97 % Global Commercial Clients 43,488 2 % 59,884 3 % Total Revenue $ 1,989,066 100 % $ 1,956,453 100 % (1) We periodically reassess the composition of our U.S. government business and our internal resources who provide service delivery to our U.S. government customers. On occasion, this reassessment will result in certain contracts being reclassified between the various verticals of our U.S. government business shown in the table above. To the extent this occurs, we reclassify revenue in the comparable prior year period to conform to our current period presentation. Revenue by Whether the Company Acts as a Prime Contractor or a Sub-Contractor: Three Months Ended 2021 2020 Prime Contractor $ 1,861,722 94 % $ 1,803,604 92 % Sub-contractor 127,344 6 % 152,849 8 % Total Revenue $ 1,989,066 100 % $ 1,956,453 100 %
Summary of Contract Balances	The following table summarizes the contract assets and liabilities recognized on the Company’s condensed consolidated balance sheets: Contract Balances June 30, March 31, Current assets Accounts receivable–billed $ 571,326 $ 375,383 Accounts receivable–unbilled Contract assets 1,101,446 1,037,968 Allowance for credit losses — (1,457) Accounts receivable, net 1,672,772 1,411,894 Other long-term assets Accounts receivable–unbilled Contract assets 64,054 63,869 Total accounts receivable, net $ 1,736,826 $ 1,475,763 Other current liabilities Advance payments, billings in excess of costs incurred and deferred revenue Contract liabilities $ 20,340 $ 15,906

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Reconciliation of the income used to compute basic and diluted EPS	A reconciliation of the income used to compute basic and diluted EPS for the periods presented are as follows: Three Months Ended 2021 2020 Earnings for basic computations (1) $ 91,621 $ 128,686 Weighted-average common shares outstanding for basic computations 135,569,968 138,153,464 Earnings for diluted computations (1) $ 91,622 $ 128,689 Dilutive stock options and restricted stock 822,375 1,018,990 Weighted-average common shares outstanding for diluted computations 136,392,343 139,172,454 Earnings per common share Basic $ 0.68 $ 0.93 Diluted $ 0.67 $ 0.92

Acquisition, Goodwill and Int_2

Acquisition, Goodwill and Intangible Assets (Tables)	3 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the consideration paid and the preliminary fair value of assets acquired and liabilities assumed at the acquisition date: Cash paid (gross of cash acquired and including net adjustments) $ 668,682 Purchase price allocation: Cash 3,099 Current assets 42,213 Operating lease right-of-use asset 2,327 Other long-term assets 2,124 Intangible assets 311,000 Current liabilities (33,745) Operating lease liabilities-current (939) Operating lease liabilities-long term (1,388) Total fair value of identifiable net assets acquired $ 324,691 Preliminary goodwill $ 343,991
Schedule of Finite-Lived Intangible Assets	Intangible assets consisted of the following: June 30, 2021 March 31, 2021 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 (1) $ 393,400 $ 55,073 $ 338,327 $ 82,400 $ 50,503 $ 31,897 Software 116,948 35,713 81,235 114,972 29,941 85,031 Total amortizable intangible assets $ 510,348 $ 90,786 $ 419,562 $ 197,372 $ 80,444 $ 116,928 Unamortizable intangible assets: Trade name $ 190,200 $ — $ 190,200 $ 190,200 $ — $ 190,200 Total $ 700,548 $ 90,786 $ 609,762 $ 387,572 $ 80,444 $ 307,128 (1) The increase in the carrying amount of customer relationships and other amortizable intangible assets was attributable to the Company's acquisition of Liberty.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table summarizes the remainder of fiscal 2022 and estimated annual amortization expense for future periods: Fiscal Year Ending Remainder of 2022 $ 42,583 2023 66,069 2024 56,497 2025 47,595 2026 84,109 Thereafter 122,709 $ 419,562

Accounts Payable and Other Ac_2

Accounts Payable and Other Accrued Expenses (Tables)	3 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and other accrued expenses consisted of the following: June 30, March 31, Vendor payables $ 478,578 $ 371,744 Accrued expenses 344,600 295,227 Total accounts payable and other accrued expenses $ 823,178 $ 666,971

Accrued Compensation and Bene_2

Accrued Compensation and Benefits (Tables)	3 Months Ended
	Jun. 30, 2021
Compensation Related Costs [Abstract]
Schedule of accrued compensation and benefits	Accrued compensation and benefits consisted of the following: June 30, March 31, Bonus $ 28,448 $ 130,565 Retirement 63,233 44,474 Vacation 211,864 202,100 Other 33,834 48,476 Total accrued compensation and benefits $ 337,379 $ 425,615

Debt (Tables)

Debt (Tables)	3 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following: June 30, 2021 March 31, 2021 Interest Outstanding Interest Outstanding Term Loan A 1.59 % $ 1,289,764 1.61 % $ 1,289,764 Term Loan B 1.85 % 383,239 1.86 % 384,212 Senior Notes due 2028 3.88 % 700,000 3.88 % 700,000 Senior Notes due 2029 4.00 % 500,000 — % — Less: Unamortized debt issuance costs and discount on debt (24,347) (17,380) Total 2,848,656 2,356,596 Less: Current portion of long-term debt (77,865) (77,865) Long-term debt, net of current portion $ 2,770,791 $ 2,278,731
Schedule of Interest Expense	Interest on debt and debt-like instruments consisted of the following: Three Months Ended 2021 2020 (In thousands) Term Loan A Interest Expense $ 5,229 $ 6,918 Term Loan B Interest Expense 1,801 2,214 Interest on Revolving Credit Facility 25 799 Senior Notes Interest Expense 7,559 4,484 Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1) 1,128 1,070 Interest Swap Expense 5,443 4,441 Other 85 309 Total Interest Expense $ 21,270 $ 20,235 (1) DIC and OID on the Term Loans and senior notes are recorded as a reduction of long-term debt in the condensed consolidated balance sheet and are amortized ratably over the life of the related debt using the effective rate method. DIC on the Revolving Credit Facility is recorded as a long-term asset on the condensed consolidated balance sheet and amortized ratably over the term of the Revolving Credit Facility.

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The effect of derivative instruments on the accompanying condensed consolidated financial statements for the three months ended June 30, 2021 and 2020 is as follows: Three Months Ended June 30, Derivatives in Cash Flow Hedging Relationships Location of Gain or Loss Recognized in Income on Derivatives Amount of (Loss) or Gain Recognized in AOCL on Derivatives Amount of (Loss) or Gain Reclassified from AOCL into Income 2021 2020 2021 2020 Interest rate swaps Interest expense $ (1,394) $ (6,387) $ (5,443) $ (4,441)

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	3 Months Ended
	Jun. 30, 2021
Other Liabilities Disclosure [Abstract]
Summary of Other Long-Term Liabilities	Other long-term liabilities consisted of the following: June 30, March 31, Postretirement benefit obligations 127,154 126,054 Reserves for uncertain tax positions 56,576 53,203 Other (1) 54,637 51,727 Total other long-term liabilities $ 238,367 $ 230,984

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Components of net postretirement medical expense	The components of net postretirement medical expense for the Officer Medical Plan were as follows: Three Months Ended 2021 2020 Service cost $ 1,626 $ 1,414 Interest cost 1,016 1,059 Total postretirement medical expense $ 2,642 $ 2,473

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of accumulated other comprehensive loss	The following table shows the changes in accumulated other comprehensive loss, net of tax: Three Months Ended June 30, 2021 Post-retirement plans Derivatives designated as cash flow hedges Totals Beginning of period $ (1,562) $ (28,209) $ (29,771) Other comprehensive loss before reclassifications (1) — (1,031) (1,031) Amounts reclassified from accumulated other comprehensive loss 19 4,025 4,044 Net current-period other comprehensive income (loss) 19 2,994 3,013 End of period $ (1,543) $ (25,215) $ (26,758) (1) Changes in other comprehensive income (loss) before reclassification for derivatives designated as cash flow hedges are recorded net of tax benefits of $0.4 million for the three months ended June 30, 2021. Three Months Ended June 30, 2020 Post-retirement plans Derivatives designated as cash flow hedges Totals Beginning of period $ (4,127) $ (41,874) $ (46,001) Other comprehensive loss before reclassifications (2) — (4,722) (4,722) Amounts reclassified from accumulated other comprehensive loss 22 3,283 3,305 Net current-period other comprehensive income (loss) 22 (1,439) (1,417) End of period $ (4,105) $ (43,313) $ (47,418) (2) Changes in other comprehensive income (loss) before reclassification for derivatives designated as cash flow hedges are recorded net of tax benefits of $1.7 million for the three months ended June 30, 2020.
Reclassification out of accumulated other comprehensive loss to net income	The following table presents the reclassifications out of accumulated other comprehensive loss to net income: Three Months Ended 2021 2020 Amounts reclassified from accumulated other comprehensive loss: Post-retirement plans (Note 12): Amortization of net actuarial loss included in net periodic benefit cost $ 27 $ 29 Tax (benefit) expense (8) (7) Net of tax $ 19 $ 22 Derivatives designated as cash flow hedges (Note 9): Reclassification of hedge loss (gain) $ 5,443 $ 4,441 Tax (benefit) expense (1,418) (1,158) Net of tax $ 4,025 $ 3,283

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of Stock-Based Compensation Expense Recognized in the Condensed Consolidated Statements of Operations	The following table summarizes stock-based compensation expense recognized in the condensed consolidated statements of operations: Three Months Ended 2021 2020 Cost of revenue $ 5,885 $ 4,498 General and administrative expenses 6,559 6,335 Total $ 12,444 $ 10,833 The following table summarizes the total stock-based compensation expense recognized in the condensed consolidated statements of operations by the following types of equity awards: Three Months Ended 2021 2020 Equity Incentive Plan Options $ 573 $ 446 Restricted Stock Awards 11,871 10,387 Total $ 12,444 $ 10,833
Schedule of Unrecognized Compensation Cost	Absent the effect of accelerating stock compensation cost for any departures of employees who may continue to vest in their equity awards, the following table summarizes the unrecognized compensation cost and the weighted-average period the cost is expected to be amortized. June 30, 2021 Unrecognized Compensation Cost Weighted Average Remaining Period to be Recognized (in years) Equity Incentive Plan Options $ 4,263 3.68 Restricted Stock Awards 71,218 1.86 Total $ 75,481

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Recurring Fair Value Measurements	The financial instruments measured at fair value in the accompanying condensed consolidated balance sheets consist of the following: Recurring Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Long-term deferred compensation plan asset (1) 19,670 — — 19,670 Total Assets $ 19,670 $ — $ — $ 19,670 Liabilities: Contingent consideration liability (2) $ — $ — $ 1,223 1,223 Current derivative instruments (3) — 15,809 — 15,809 Long-term derivative instruments (3) — 18,304 — 18,304 Long-term deferred compensation plan liability (1) 19,670 — — 19,670 Total Liabilities $ 19,670 $ 34,113 $ 1,223 $ 55,006 Recurring Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Long-term deferred compensation plan asset (1) 14,142 — — 14,142 Total Assets $ 14,142 $ — $ — $ 14,142 Liabilities: Contingent consideration liability (2) $ — $ — $ 1,223 $ 1,223 Current derivative instruments (3) — 17,163 — 17,163 Long-term derivative instruments (3) — 20,999 — 20,999 Long-term deferred compensation plan liability (1) 14,142 — — 14,142 Total Liabilities $ 14,142 $ 38,162 $ 1,223 $ 53,527 (1) Investments in this category consist primarily of mutual funds whose fair values are determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. These assets represent investments held in a consolidated trust to fund the Company's non-qualified deferred compensation plan and are recorded in other long-term assets and other long-term liabilities on our condensed consolidated balance sheets. (2) The Company recognized a contingent consideration liability of $3.6 million in connection with its acquisition of Aquilent in fiscal 2017. As of both June 30, 2021 and March 31, 2021, the estimated fair value of the contingent consideration liability was $1.2 million, and was valued using probability-weighted cash flows, which is based on the use of Level 3 fair value measurement inputs. (3) The Company’s interest rate swaps are considered over-the-counter derivatives and fair value is estimated based on the present value of future cash flows using a model-derived valuation that uses Level 2 observable inputs such as interest rate yield curves. See Note 9 to the condensed consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges.

Business Overview (Details)

Business Overview (Details)	3 Months Ended
	Jun. 30, 2021employeesegment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1
Number of reportable segments	1
Number of employees | employee	28,600

Revenue - Schedules of Disaggre

Revenue - Schedules of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 1,989,066	$ 1,956,453
Total revenue (as a percent)	100.00%	100.00%
Prime Contractor
Disaggregation of Revenue [Line Items]
Revenue	$ 1,861,722	$ 1,803,604
Total revenue (as a percent)	94.00%	92.00%
Sub-contractor
Disaggregation of Revenue [Line Items]
Revenue	$ 127,344	$ 152,849
Total revenue (as a percent)	6.00%	8.00%
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue	$ 1,945,578	$ 1,896,569
Total revenue (as a percent)	98.00%	97.00%
Defense Clients | UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue	$ 975,926	$ 934,699
Total revenue (as a percent)	49.00%	48.00%
Intelligence Clients | UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue	$ 376,756	$ 402,669
Total revenue (as a percent)	19.00%	20.00%
Civil Clients | UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue	$ 592,896	$ 559,201
Total revenue (as a percent)	30.00%	29.00%
Global Commercial Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 43,488	$ 59,884
Total revenue (as a percent)	2.00%	3.00%
Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	$ 1,115,426	$ 1,092,048
Total revenue (as a percent)	56.00%	56.00%
Time-and-materials
Disaggregation of Revenue [Line Items]
Revenue	$ 497,449	$ 502,546
Total revenue (as a percent)	25.00%	26.00%
Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	$ 376,191	$ 361,859
Total revenue (as a percent)	19.00%	18.00%

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue, amount of remaining performance obligation	$ 7,000		$ 6,700
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability, revenue recognized	$ 11.9	$ 19.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing, period	12 months
Remaining performance obligation, percentage	70.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing, period	24 months
Remaining performance obligation, percentage	85.00%

Revenue - Schedule of Contract

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Contract with Customer, Asset, after Allowance for Credit Loss [Abstract]
Accounts receivable–billed	$ 571,326	$ 375,383
Accounts receivable–unbilled	1,101,446	1,037,968
Allowance for credit losses	0	(1,457)
Accounts receivable, net	1,672,772	1,411,894
Accounts receivable–unbilled	64,054	63,869
Total accounts receivable, net	1,736,826	1,475,763
Contract with Customer, Liability [Abstract]
Advance payments, billings in excess of costs incurred and deferred revenue	$ 20,340	$ 15,906

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Earnings for basic computations	$ 91,621	$ 128,686
Earnings for diluted computations	$ 91,622	$ 128,689
Dilutive stock options and restricted stock (in shares)	822,375	1,018,990
Earnings per common share
Basic (in dollars per share)	$ 0.68	$ 0.93
Diluted (in dollars per share)	$ 0.67	$ 0.92
Unvested shares, cash dividends paid	$ 51,641	$ 43,832
Restricted Stock Awards
Earnings per common share
Unvested shares participating in the payment of the Company's dividends declared (in shares)	700,000	700,000
Unvested shares, cash dividends paid	$ 300	$ 200
Undistributed earnings allocated to participating securities, basic	200	400
Undistributed earnings allocated to participating securities, diluted	$ 200	$ 400
Equity Incentive Plan Options
Earnings per common share
Antidilutive options excluded from the computation of EPS (in shares)	100,000	200,000
Class A Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding for basic computations (in shares)	135,569,968	138,153,464
Weighted-average common shares outstanding for diluted computations (in shares)	136,392,343	139,172,454

Acquisition, Goodwill and Int_3

Acquisition, Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	Jun. 11, 2021	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Business Acquisition [Line Items]
Preliminary goodwill		$ 1,925,151		$ 1,581,160
Amortization expense		$ 10,300	$ 4,800
Liberty IT Solutions, LLC
Business Acquisition [Line Items]
Cash paid (gross of cash acquired and including net adjustments)	$ 668,682
Period to propose working capital adjustments	120 days
Intangible assets	$ 311,000
Preliminary goodwill	$ 343,991
Useful life (in years)	12 years

Acquisition, Goodwill and Int_4

Acquisition, Goodwill and Intangible Assets - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jun. 11, 2021	Jun. 30, 2021	Mar. 31, 2021
Purchase price allocation:
Preliminary goodwill		$ 1,925,151	$ 1,581,160
Liberty IT Solutions, LLC
Business Acquisition [Line Items]
Cash paid (gross of cash acquired and including net adjustments)	$ 668,682
Purchase price allocation:
Cash	3,099
Current assets	42,213
Operating lease right-of-use asset	2,327
Other long-term assets	2,124
Intangible assets	311,000
Current liabilities	(33,745)
Operating lease liabilities-current	(939)
Operating lease liabilities-long term	(1,388)
Total fair value of identifiable net assets acquired	324,691
Preliminary goodwill	$ 343,991

Acquisition, Goodwill and Int_5

Acquisition, Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 510,348	$ 197,372
Accumulated Amortization	90,786	80,444
Net Carrying Value	419,562	116,928
Total intangible assets, gross	700,548	387,572
Total intangible assets, net	609,762	307,128
Trade Names
Finite-Lived Intangible Assets [Line Items]
Trade name	190,200	190,200
Customer relationships and other amortizable intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	393,400	82,400
Accumulated Amortization	55,073	50,503
Net Carrying Value	338,327	31,897
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	116,948	114,972
Accumulated Amortization	35,713	29,941
Net Carrying Value	$ 81,235	$ 85,031

Acquisition, Goodwill and Int_6

Acquisition, Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Business Acquisition [Line Items]
Net Carrying Value	$ 419,562	$ 116,928
Liberty IT Solutions, LLC
Business Acquisition [Line Items]
Remainder of 2022	42,583
2023	66,069
2024	56,497
2025	47,595
2026	84,109
Thereafter	122,709
Net Carrying Value	$ 419,562

Accounts Payable and Other Ac_3

Accounts Payable and Other Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Payables and Accruals [Abstract]
Vendor payables	$ 478,578	$ 371,744
Accrued expenses	344,600	295,227
Total accounts payable and other accrued expenses	823,178	666,971
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Provision for claimed indirect costs	$ 272,000	$ 263,200

Accrued Compensation and Bene_3

Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Compensation Related Costs [Abstract]
Bonus	$ 28,448	$ 130,565
Retirement	63,233	44,474
Vacation	211,864	202,100
Other	33,834	48,476
Total accrued compensation and benefits	$ 337,379	$ 425,615

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 23, 2021	Mar. 31, 2021
Long-term Debt, Current and Noncurrent [Abstract]
Less: Unamortized debt issuance costs and discount on debt	$ (24,347)		$ (17,380)
Total	2,848,656		2,356,596
Less: Current portion of long-term debt	(77,865)		(77,865)
Long-term debt, net of current portion	$ 2,770,791		$ 2,278,731
Secured Debt | Term Loan A
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate	1.59%		1.61%
Long-term debt outstanding	$ 1,289,764	$ 1,289,800	$ 1,289,764
Secured Debt | Term Loan B
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate	1.85%		1.86%
Long-term debt outstanding	$ 383,239		$ 384,212
Senior Notes | Senior Notes due 2028
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate	3.88%		3.88%
Long-term debt outstanding	$ 700,000		$ 700,000
Senior Notes | Senior Notes due 2029
Long-term Debt, Current and Noncurrent [Abstract]
Interest rate	4.00%		0.00%
Long-term debt outstanding	$ 500,000		$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Jun. 17, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 24, 2021	Jun. 23, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Long-term debt, maximum expanded loan facility		$ 909,000,000
Percentage of consolidated EBITDA required for expansion of loan		100.00%
Net secured leverage ratio		350.00%
Proceeds from revolving credit facility		$ 60,000,000	$ 0
Minimum
Debt Instrument [Line Items]
Commitment fee percentage		0.175%
Maximum
Debt Instrument [Line Items]
Commitment fee percentage		0.35%
Term Loan A
Debt Instrument [Line Items]
Interest payments		$ 4,900,000	6,900,000
Term Loan A | Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate		1.125%
Term Loan A | Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate		2.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt outstanding				$ 1,000,000,000	$ 500,000,000
Revolving credit facility, maximum borrowing capacity		$ 1,000,000,000
Proceeds from revolving credit facility		$ 60,000,000
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate		1.125%
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate		2.00%
Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate		0.125%
Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate		1.00%
Term Loan B
Debt Instrument [Line Items]
Interest payments		$ 1,800,000	$ 2,200,000
Term Loan B | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate		1.75%
Term Loan B | Base Rate
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate		0.75%
Secured Debt | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate		1.00%
Secured Debt | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate		0.00%
Secured Debt | Base Rate | Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate		0.00%
Secured Debt | Overnight Federal Funds Rate
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate		0.50%
Secured Debt | Term Loan A
Debt Instrument [Line Items]
Long-term debt outstanding		$ 1,289,764,000			1,289,800,000	$ 1,289,764,000
Quarterly periodic payment percentage, principal		1.25%
Secured Debt | Term Loan A | Base Rate | Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate		0.125%
Secured Debt | Term Loan A | Base Rate | Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate		1.00%
Secured Debt | Term Loan B
Debt Instrument [Line Items]
Long-term debt outstanding		$ 383,239,000				384,212,000
Quarterly periodic payment percentage, principal		0.25%
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, amount outstanding		$ 0				0
Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity		200,000,000		$ 200,000,000	$ 100,000,000
Senior Notes | Senior Notes due 2029
Debt Instrument [Line Items]
Long-term debt outstanding		500,000,000				0
Face amount of debt	$ 500,000,000
Debt instrument, stated percentage	4.00%
Redemption price (as a percent)	104.00%
Redemption of original principal amount (as a percent)	50.00%
Redemption of original principal amount, redemption period (in days)	180 days
Debt issuance costs	$ 6,500,000
Senior Notes | Senior Notes due 2028
Debt Instrument [Line Items]
Long-term debt outstanding		700,000,000				$ 700,000,000
Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedging
Debt Instrument [Line Items]
Notional amount of interest rate swaps		$ 700,000,000
Prior to July 1, 2024 | Senior Notes | Senior Notes due 2029
Debt Instrument [Line Items]
Redemption of aggregate principal amount (as a percent)	100.00%
Redemption price (as a percent)	40.00%
On or after July 1, 2024 | Senior Notes | Senior Notes due 2029
Debt Instrument [Line Items]
Redemption of aggregate principal amount (as a percent)	102.00%
On or after July 1, 2025 | Senior Notes | Senior Notes due 2029
Debt Instrument [Line Items]
Redemption of aggregate principal amount (as a percent)	101.00%
On July 1, 2026 | Senior Notes | Senior Notes due 2029
Debt Instrument [Line Items]
Redemption of aggregate principal amount (as a percent)	100.00%

Debt - Schedule of Interest Exp

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID)	$ 1,128	$ 1,070
Interest Swap Expense	5,443	4,441
Other	85	309
Total Interest Expense	21,270	20,235
Secured Debt | Term Loan A
Debt Instrument [Line Items]
Interest expense on debt	5,229	6,918
Secured Debt | Term Loan B
Debt Instrument [Line Items]
Interest expense on debt	1,801	2,214
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense on debt	25	799
Senior Notes
Debt Instrument [Line Items]
Interest expense on debt	$ 7,559	$ 4,484

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Derivative [Line Items]
Estimate of amount to be reclassified over the next 12 months	$ 15,900,000
Other Current Liabilities
Derivative [Line Items]
Fair value of derivative liabilities	15,800,000	$ 17,200,000
Other Noncurrent Liabilities
Derivative [Line Items]
Fair value of derivative liabilities	18,300,000	$ 21,000,000
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap
Derivative [Line Items]
Notional amount of interest rate swaps	$ 700,000,000

Derivatives - Schedule of Effec

Derivatives - Schedule of Effect of Derivatives on Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Expense on Condensed Consolidated Statements of Operations	$ (21,270)	$ (20,235)
Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Loss) or Gain Recognized in AOCL on Derivatives	(1,394)	(6,387)
Amount of (Loss) or Gain Reclassified from AOCL into Income	$ (5,443)	$ (4,441)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Operating Loss Carryforwards [Line Items]
Effective income tax rate	22.90%	24.30%
Federal statutory rate (as a percent)	21.00%
Reserve for uncertain tax positions	$ 66.3		$ 62.9
Reserve for uncertain tax positions, research and development tax credits	11.1
Tax Years 2013-2015
Operating Loss Carryforwards [Line Items]
Income tax assessments	11.7
Tax Years 2016-2021
Operating Loss Carryforwards [Line Items]
Income tax assessments	$ 38.6

Other Long-Term Liabilities (De

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Postretirement benefit obligations	$ 127,154	$ 126,054
Reserves for uncertain tax positions	56,576	53,203
Other	54,637	51,727
Total other long-term liabilities	$ 238,367	$ 230,984

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Retirement Benefits [Abstract]
Employer matching contribution, percent of match	6.00%
Employees’ capital accumulation plan, total expense recognized	$ 43,200	$ 41,100
Defined Benefit Plan Disclosure [Line Items]
Long-term disability obligation	10,900		$ 10,900
Deferred compensation plan, assets	19,700		14,100
Deferred compensation plan, liabilities	19,700		14,100
Officer Medical Plan | Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,626	1,414
Interest cost	1,016	1,059
Total postretirement medical expense	2,642	$ 2,473
Defined benefit plan, unfunded status of plan	$ 122,700		$ 121,500

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Schedule of Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of period	$ 1,071,176	$ 856,356
Other comprehensive income (loss) before reclassifications	(1,031)	(4,722)
Amounts reclassified from accumulated other comprehensive loss	4,044	3,305
Total other comprehensive income (loss), net of tax	3,013	(1,417)
End of period	1,023,533	882,467
Other comprehensive income (loss) before reclassifications, tax	400	1,700
Post-retirement plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of period	(1,562)	(4,127)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	19	22
Total other comprehensive income (loss), net of tax	19	22
End of period	(1,543)	(4,105)
Derivatives designated as cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of period	(28,209)	(41,874)
Other comprehensive income (loss) before reclassifications	(1,031)	(4,722)
Amounts reclassified from accumulated other comprehensive loss	4,025	3,283
Total other comprehensive income (loss), net of tax	2,994	(1,439)
End of period	(25,215)	(43,313)
Totals
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of period	(29,771)	(46,001)
End of period	$ (26,758)	$ (47,418)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassifications out of Accumulated Other Comprehensive Loss to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Post-retirement Plans
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	$ 27	$ 29
Tax (benefit) expense	(8)	(7)
Net income	19	22
Derivatives designated as cash flow hedges
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	5,443	4,441
Tax (benefit) expense	(1,418)	(1,158)
Net income	$ 4,025	$ 3,283

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 12,444	$ 10,833
Equity Incentive Plan Options | EIP
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	573	446
Restricted Stock Awards | Annual Incentive Plan | Class A Common Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	11,871	10,387
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	5,885	4,498
General and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 6,559	$ 6,335

Stock-Based Compensation - Unre

Stock-Based Compensation - Unrecognized Compensation (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock-based compensation agreements	$ 75,481
Unrecognized compensation cost, amortization period	4 years 9 months
EIP | Equity Incentive Plan Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock-based compensation agreements	$ 4,263
Unrecognized compensation cost, amortization period	3 years 8 months 4 days
Annual Incentive Plan | Restricted Stock Awards | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock-based compensation agreements	$ 71,218
Unrecognized compensation cost, amortization period	1 year 10 months 9 days

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				128 Months Ended
	Jun. 30, 2021		Jun. 30, 2020		Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock, value	$ 111,438	[1]	$ 75,506	[2]
EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of options granted	93,150
Repurchase of common stock (in shares)	161,013,000
Repurchase of common stock, value	$ 13,300
Equity Incentive Plan Options | EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options granted	$ 1,400
Estimated fair value per option granted (in dollars per share)	$ 14.49
Stock options outstanding (in shares)	1,450,852				1,450,852
Stock options outstanding, unvested (in shares)	607,862				607,862
Restricted stock units (RSUs) | EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options granted	$ 52,000
Restricted stock granted (in shares)	721,969
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock (in shares)	1,200,000		900,000
Repurchase of common stock, value	$ 98,200		$ 66,400
Stock purchased by employees (in shares)	71,161				2,980,059
Minimum | EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price on grant date (in dollars per share)	$ 41.65				$ 41.65
Maximum | EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price on grant date (in dollars per share)	$ 88.13				$ 88.13
[1]	During the three months ended June 30, 2021, the Company purchased 1.2 million shares of the Company’s Class A Common Stock in a series of open market transactions for $98.2 million. Additionally, the Company repurchased shares for $13.3 million during the three months ended June 30, 2021 to cover the minimum statutory withholding taxes on restricted stock units that vested on various dates during the period.
[2]	During the three months ended June 30, 2020, the Company purchased 0.9 million shares of the Company’s Class A Common Stock in a series of open market transactions for $66.4 million. Additionally, the Company repurchased shares for $9.1 million during the three months ended June 30, 2020 to cover the minimum statutory withholding taxes on restricted stock units that vested on various dates during the period.

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2017
Assets:
Long term deferred compensation costs	$ 19,700	$ 14,100
Liabilities:
Long term deferred compensation plan liability	19,700	14,100
Fair Value, Measurements, Recurring
Assets:
Long term deferred compensation costs	19,670	14,142
Total Assets	19,670	14,142
Liabilities:
Contingent consideration, liability	1,223	1,223
Current derivative instruments	15,809	17,163
Long term derivative instruments	18,304	20,999
Long term deferred compensation plan liability	19,670	14,142
Total Liabilities	55,006	53,527
Fair Value, Measurements, Recurring | Level 1
Assets:
Long term deferred compensation costs	19,670	14,142
Total Assets	19,670	14,142
Liabilities:
Contingent consideration, liability	0	0
Current derivative instruments	0	0
Long term derivative instruments	0	0
Long term deferred compensation plan liability	19,670	14,142
Total Liabilities	19,670	14,142
Fair Value, Measurements, Recurring | Level 2
Assets:
Long term deferred compensation costs	0	0
Total Assets	0	0
Liabilities:
Contingent consideration, liability	0	0
Current derivative instruments	15,809	17,163
Long term derivative instruments	18,304	20,999
Long term deferred compensation plan liability	0	0
Total Liabilities	$ 34,113	38,162
Fair Value, Measurements, Recurring | Level 2 | Senior Notes due 2028
Liabilities:
Debt instrument, stated percentage	3.875%
Fair Value, Measurements, Recurring | Level 3
Assets:
Long term deferred compensation costs	$ 0	0
Total Assets	0	0
Liabilities:
Contingent consideration, liability	1,223	1,223
Current derivative instruments	0	0
Long term derivative instruments	0	0
Long term deferred compensation plan liability	0	0
Total Liabilities	1,223	1,223
Fair Value, Measurements, Recurring | Level 3 | Other noncurrent liabilities
Liabilities:
Contingent consideration, liability	$ 1,200	$ 1,200	$ 3,600

Related-Party Transactions (Det

Related-Party Transactions (Details) - Affiliated Entity - Services Performed Under Subcontractor $ in Millions	3 Months Ended
	Jun. 30, 2021USD ($)director	Jun. 30, 2020USD ($)
Related Party Transaction [Line Items]
Number of directors | director	2
Payments to related party | $	$ 17.8	$ 23.3

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Mar. 31, 2021
Contracts with U.S. government agencies or other U.S. government contractors | Revenue Benchmark | UNITED STATES
Concentration Risk [Line Items]
Concentration risk, percentage	98.00%	97.00%
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Liability for reductions and/or penalties from U.S Government audits	$ 272			$ 263.2
Financial Standby Letter of Credit
Concentration Risk [Line Items]
Guarantor obligations, carrying value	8.8			9.8
Guarantor obligations, reduction to available borrowings	0.9		$ 0.9
Guarantor obligations, facility				20
Guarantor obligations, available amount	$ 12.1			$ 11.1

Uncategorized Items - bah-20210

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]