Cover
Cover - shares | 9 Months Ended | |
Dec. 31, 2021 | Jan. 25, 2022 | |
Cover [Abstract] | ||
Entity Central Index Key | 0001443646 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --03-31 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 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 | 133,257,688 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 642,709 | $ 990,955 |
Accounts receivable, net | 1,618,494 | 1,411,894 |
Prepaid expenses and other current assets | 93,937 | 233,323 |
Total current assets | 2,355,140 | 2,636,172 |
Property and equipment, net of accumulated depreciation | 195,515 | 204,642 |
Operating lease right-of-use assets | 229,041 | 239,374 |
Intangible assets, net of accumulated amortization | 664,640 | 307,128 |
Goodwill | 2,021,931 | 1,581,160 |
Other long-term assets | 477,766 | 531,125 |
Total assets | 5,944,033 | 5,499,601 |
Current liabilities: | ||
Current portion of long-term debt | 68,379 | 77,865 |
Accounts payable and other accrued expenses | 796,438 | 666,971 |
Accrued compensation and benefits | 404,678 | 425,615 |
Operating lease liabilities | 50,717 | 54,956 |
Other current liabilities | 72,142 | 65,698 |
Total current liabilities | 1,392,354 | 1,291,105 |
Long-term debt, net of current portion | 2,747,892 | 2,278,731 |
Operating lease liabilities, net of current portion | 250,792 | 263,144 |
Deferred tax liabilities | 242,859 | 364,461 |
Other long-term liabilities | 235,882 | 230,984 |
Total liabilities | 4,869,779 | 4,428,425 |
Commitments and contingencies (Note 17) | ||
Stockholders’ equity: | ||
Common stock, Class A — $0.01 par value — authorized, 600,000,000 shares; issued, 163,721,966 shares at December 31, 2021 and 162,950,606 shares at March 31, 2021; outstanding, 133,427,292 shares at December 31, 2021 and 136,246,029 shares at March 31, 2021 | 1,637 | 1,629 |
Treasury stock, at cost — 30,294,674 shares at December 31, 2021 and 26,704,577 shares at March 31, 2021 | (1,515,903) | (1,216,163) |
Additional paid-in capital | 620,632 | 557,957 |
Retained earnings | 1,981,715 | 1,757,524 |
Accumulated other comprehensive loss | (17,054) | (29,771) |
Total Booz Allen stockholders' equity | 1,071,027 | 1,071,176 |
Non-controlling interest | 3,227 | 0 |
Total stockholders’ equity | 1,074,254 | 1,071,176 |
Total liabilities and stockholders’ equity | $ 5,944,033 | $ 5,499,601 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 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) | 163,721,966 | 162,950,606 |
Common stock, outstanding (in shares) | 133,427,292 | 136,246,029 |
Treasury stock (in shares) | 30,294,674 | 26,704,577 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 2,030,520 | $ 1,904,020 | $ 6,125,624 | $ 5,879,658 |
Operating costs and expenses: | ||||
Cost of revenue | 929,568 | 866,771 | 2,840,044 | 2,758,270 |
Billable expenses | 621,550 | 577,059 | 1,817,215 | 1,729,788 |
General and administrative expenses | 262,614 | 254,820 | 826,606 | 745,375 |
Depreciation and amortization | 39,576 | 21,113 | 104,923 | 62,860 |
Total operating costs and expenses | 1,853,308 | 1,719,763 | 5,588,788 | 5,296,293 |
Operating income | 177,212 | 184,257 | 536,836 | 583,365 |
Interest expense | (23,677) | (20,878) | (69,201) | (60,900) |
Other income (expense), net | 5,401 | 2,604 | 11,716 | (10,266) |
Income before income taxes | 158,936 | 165,983 | 479,351 | 512,199 |
Income tax expense | 30,090 | 21,612 | 103,569 | 102,418 |
Net income | 128,846 | 144,371 | 375,782 | 409,781 |
Net loss attributable to non-controlling interest | (85) | 0 | (85) | 0 |
Net income attributable to common stockholders | $ 128,931 | $ 144,371 | $ 375,867 | $ 409,781 |
Earnings per common share (Note 4): | ||||
Basic (in dollars per share) | $ 0.96 | $ 1.04 | $ 2.77 | $ 2.95 |
Diluted (in dollars per share) | $ 0.95 | $ 1.03 | $ 2.76 | $ 2.93 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 128,846 | $ 144,371 | $ 375,782 | $ 409,781 |
Other comprehensive income, net of tax: | ||||
Change in unrealized gain on derivatives designated as cash flow hedges | 6,925 | 3,758 | 12,658 | 5,983 |
Change in postretirement plan costs | 20 | 22 | 59 | 66 |
Total other comprehensive income, net of tax | 6,945 | 3,780 | 12,717 | 6,049 |
Comprehensive income | $ 135,791 | $ 148,151 | $ 388,499 | $ 415,830 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | ||
Net income | $ 375,782 | $ 409,781 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 104,923 | 62,860 |
Noncash lease expense | 41,718 | 40,861 |
Stock-based compensation expense | 45,187 | 40,972 |
Amortization of debt issuance costs | 3,463 | 3,302 |
Loss on debt extinguishment | 2,515 | 13,239 |
Gains on dispositions, and other | (3,564) | (3,479) |
Gains associated with equity method investment activities | (12,761) | 0 |
Changes in assets and liabilities: | ||
Accounts receivable, net | (150,156) | 38,270 |
Deferred income taxes and income taxes receivable / payable | 38,453 | 36,902 |
Prepaid expenses and other current and long-term assets | (19,953) | (3,656) |
Accrued compensation and benefits | (5,371) | 76,658 |
Accounts payable and other accrued expenses | 88,529 | 125,887 |
Other current and long-term liabilities | (27,614) | (42,638) |
Net cash provided by operating activities | 481,151 | 798,959 |
Cash flows from investing activities | ||
Purchases of property, equipment, and software | (51,608) | (54,033) |
Payments for business acquisitions, net of cash acquired | (780,213) | 0 |
Payment for minority investment in entity | 0 | (72,152) |
Payment for cost method investment | (3,000) | 0 |
Proceeds from sales of assets, net of payment | 0 | 3,330 |
Other investing activities | (427) | 0 |
Net cash used in investing activities | (835,248) | (122,855) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock | 17,240 | 13,948 |
Stock option exercises | 3,558 | 10,193 |
Repurchases of common stock | (315,148) | (143,354) |
Cash dividends paid | (151,664) | (129,862) |
Debt extinguishment costs | 0 | (8,971) |
Repayments on revolving credit facility and term loan | (95,162) | (508,399) |
Net proceeds from debt issuance | 487,027 | 691,496 |
Proceeds from revolving credit facility | 60,000 | 0 |
Other financing activities | 0 | (1,755) |
Net cash provided by (used in) financing activities | 5,851 | (76,704) |
Net (decrease) increase in cash and cash equivalents | (348,246) | 599,400 |
Cash and cash equivalents––beginning of period | 990,955 | 741,901 |
Cash and cash equivalents––end of period | 642,709 | 1,341,301 |
Net cash paid during the period for: | ||
Interest | 34,185 | 39,737 |
Income taxes | $ 62,142 | $ 69,374 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Topic 326 adoption impact | Class A Common Stock | Common StockClass A Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Retained EarningsTopic 326 adoption impact | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interest | ||
Beginning of period (shares) at Mar. 31, 2020 | 161,333,973 | (22,614,052) | ||||||||||
Beginning of period at Mar. 31, 2020 | $ 856,356 | $ (1,180) | $ 1,613 | $ (898,095) | $ 468,027 | $ 1,330,812 | $ (1,180) | $ (46,001) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Issuance of common stock (shares) | 478,798 | |||||||||||
Issuance of common stock | 13,354 | $ 5 | 13,349 | |||||||||
Stock options exercised (shares) | 430,402 | |||||||||||
Stock options exercised | 10,193 | $ 4 | 10,189 | |||||||||
Repurchase of common stock (shares) | (1,600,000) | (1,763,809) | [1] | |||||||||
Repurchase of common stock | (132,618) | [1] | $ (123,400) | $ (132,618) | [1] | |||||||
Recognition of liability related to future restricted stock units vesting | 222 | 222 | ||||||||||
Net income | 409,781 | 409,781 | ||||||||||
Other comprehensive income, net of tax | 6,049 | 6,049 | ||||||||||
Dividends paid per share of common stock | (129,862) | (129,862) | ||||||||||
Stock-based compensation expense | 40,970 | 40,970 | ||||||||||
End of period (shares) at Dec. 31, 2020 | 162,243,173 | (24,377,861) | ||||||||||
End of period at Dec. 31, 2020 | 1,073,265 | $ 1,622 | $ (1,030,713) | 532,757 | 1,609,551 | (39,952) | ||||||
Beginning of period (shares) at Sep. 30, 2020 | 162,079,334 | (24,054,733) | ||||||||||
Beginning of period at Sep. 30, 2020 | 971,957 | $ 1,621 | $ (1,003,650) | 509,512 | 1,508,206 | (43,732) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Issuance of common stock (shares) | 35,460 | |||||||||||
Issuance of common stock | 4,262 | 4,262 | ||||||||||
Stock options exercised (shares) | 128,379 | |||||||||||
Stock options exercised | 3,701 | $ 1 | 3,700 | |||||||||
Repurchase of common stock (shares) | (323,128) | |||||||||||
Repurchase of common stock | (27,063) | $ (27,063) | ||||||||||
Recognition of liability related to future restricted stock units vesting | (58) | (58) | ||||||||||
Net income | 144,371 | 144,371 | ||||||||||
Other comprehensive income, net of tax | 3,780 | 3,780 | ||||||||||
Dividends paid per share of common stock | (43,026) | (43,026) | ||||||||||
Stock-based compensation expense | 15,341 | 15,341 | ||||||||||
End of period (shares) at Dec. 31, 2020 | 162,243,173 | (24,377,861) | ||||||||||
End of period at Dec. 31, 2020 | 1,073,265 | $ 1,622 | $ (1,030,713) | 532,757 | 1,609,551 | (39,952) | ||||||
Beginning of period (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) | $ 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Issuance of common stock (shares) | 637,766 | |||||||||||
Issuance of common stock | 16,037 | $ 7 | 16,030 | |||||||||
Stock options exercised (shares) | 133,594 | |||||||||||
Stock options exercised | 3,558 | $ 1 | 3,557 | |||||||||
Repurchase of common stock (shares) | (3,400,000) | (3,590,097) | [2] | |||||||||
Repurchase of common stock | (299,740) | [2] | $ (286,300) | $ (299,740) | [2] | |||||||
Recognition of liability related to future restricted stock units vesting | 1,213 | 1,213 | ||||||||||
Net income | 375,782 | 375,867 | (85) | |||||||||
Other comprehensive income, net of tax | 12,717 | 12,717 | ||||||||||
Dividends paid per share of common stock | (151,676) | (151,676) | ||||||||||
Stock-based compensation expense | 45,187 | 45,187 | ||||||||||
Contribution to non-controlling interest | 0 | (3,312) | 3,312 | |||||||||
End of period (shares) at Dec. 31, 2021 | 163,721,966 | (30,294,674) | ||||||||||
End of period at Dec. 31, 2021 | 1,074,254 | $ 1,637 | $ (1,515,903) | 620,632 | 1,981,715 | (17,054) | 3,227 | |||||
Beginning of period (shares) at Sep. 30, 2021 | 163,627,651 | (29,302,541) | ||||||||||
Beginning of period at Sep. 30, 2021 | 1,048,098 | $ 1,636 | $ (1,433,136) | 600,930 | 1,902,667 | (23,999) | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Issuance of common stock (shares) | 79,085 | |||||||||||
Issuance of common stock | 5,714 | $ 1 | 5,713 | |||||||||
Stock options exercised (shares) | 15,230 | |||||||||||
Stock options exercised | 542 | 542 | ||||||||||
Repurchase of common stock (shares) | (992,133) | |||||||||||
Repurchase of common stock | (82,767) | $ (82,767) | ||||||||||
Recognition of liability related to future restricted stock units vesting | 0 | 0 | ||||||||||
Net income | 128,846 | 128,931 | (85) | |||||||||
Other comprehensive income, net of tax | 6,945 | 6,945 | ||||||||||
Dividends paid per share of common stock | (49,883) | (49,883) | ||||||||||
Stock-based compensation expense | 16,759 | 16,759 | ||||||||||
Contribution to non-controlling interest | 0 | (3,312) | 3,312 | |||||||||
End of period (shares) at Dec. 31, 2021 | 163,721,966 | (30,294,674) | ||||||||||
End of period at Dec. 31, 2021 | $ 1,074,254 | $ 1,637 | $ (1,515,903) | $ 620,632 | $ 1,981,715 | $ (17,054) | $ 3,227 | |||||
[1] | During the nine months ended December 31, 2020, the Company purchased 1.6 million shares of the Company’s Class A Common Stock in a series of open market transactions for $123.4 million. Additionally, the Company repurchased shares for $9.2 million during the nine months ended December 31, 2020 to cover the minimum statutory withholding taxes on restricted stock units that vested on various dates during the period. | |||||||||||
[2] | During the nine months ended December 31, 2021, the Company purchased 3.4 million shares of the Company’s Class A Common Stock in a series of open market transactions for $286.3 million. Additionally, the Company repurchased shares for $13.4 million during the nine months ended December 31, 2021 to cover the minimum statutory withholding taxes on restricted stock units that vested on various dates during the period. |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Dividends paid (in dollars per share) | $ 0.37 | $ 0.31 | $ 1.11 | $ 0.93 | ||
Repurchase of common stock, value | $ 82,767 | $ 27,063 | $ 299,740 | [1] | $ 132,618 | [2] |
Repurchase of shares to cover tax withholding on restricted stock units that vested | $ 13,400 | $ 9,200 | ||||
Class A Common Stock | ||||||
Repurchase of common stock (in shares) | 3.4 | 1.6 | ||||
Repurchase of common stock, value | $ 286,300 | $ 123,400 | ||||
[1] | During the nine months ended December 31, 2021, the Company purchased 3.4 million shares of the Company’s Class A Common Stock in a series of open market transactions for $286.3 million. Additionally, the Company repurchased shares for $13.4 million during the nine months ended December 31, 2021 to cover the minimum statutory withholding taxes on restricted stock units that vested on various dates during the period. | |||||
[2] | During the nine months ended December 31, 2020, the Company purchased 1.6 million shares of the Company’s Class A Common Stock in a series of open market transactions for $123.4 million. Additionally, the Company repurchased shares for $9.2 million during the nine months ended December 31, 2020 to cover the minimum statutory withholding taxes on restricted stock units that vested on various dates during the period. |
BUSINESS OVERVIEW
BUSINESS OVERVIEW | 9 Months Ended |
Dec. 31, 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 29,500 employees as of December 31, 2021. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Dec. 31, 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 nine months ended December 31, 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. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers to improve the accounting for acquired revenue contracts with customers in a business combination to address recognition of an acquired contract liability and payment terms, and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 is effective for annual periods beginning after December 15, 2022 on a prospective basis. Early adoption is permitted. The Company is currently assessing the impact of this update on its condensed consolidated financial statements and related disclosures. Other accounting and reporting pronouncements effective after December 31, 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 | 9 Months Ended |
Dec. 31, 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 and nine months ended December 31, 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 subcontractor, 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 Nine Months Ended 2021 2020 2021 2020 Cost-reimbursable $ 1,079,893 53 % $ 1,086,679 57 % $ 3,322,507 54 % $ 3,317,228 56 % Time-and-materials 484,718 24 % 462,206 24 % 1,482,431 24 % 1,469,415 25 % Fixed-price 465,909 23 % 355,135 19 % 1,320,686 22 % 1,093,015 19 % Total Revenue $ 2,030,520 100 % $ 1,904,020 100 % $ 6,125,624 100 % $ 5,879,658 100 % Revenue by Customer Type: Three Months Ended Nine Months Ended 2021 2020 2021 2020 U.S. government (1) : Defense Clients $ 946,161 47 % $ 967,671 51 % $ 2,921,262 48 % $ 2,907,842 49 % Intelligence Clients 368,987 18 % 366,104 19 % 1,139,312 18 % 1,159,156 20 % Civil Clients 651,372 32 % 519,728 27 % 1,906,528 31 % 1,648,055 28 % Total U.S. government 1,966,520 97 % 1,853,503 97 % 5,967,102 97 % 5,715,053 97 % Global Commercial Clients 64,000 3 % 50,517 3 % 158,522 3 % 164,605 3 % Total Revenue $ 2,030,520 100 % $ 1,904,020 100 % $ 6,125,624 100 % $ 5,879,658 100 % (1) Certain contracts were reassigned between the various verticals of our U.S. government business shown in the table above to better align our operations to the customers we serve within each market. Prior year revenue by customer type has been recast to reflect the changes. Revenue by Whether the Company Acts as a Prime Contractor or a Subcontractor: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Prime Contractor $ 1,913,657 94 % $ 1,777,878 93 % $ 5,753,596 94 % $ 5,462,260 93 % Subcontractor 116,863 6 % 126,142 7 % 372,028 6 % 417,398 7 % Total Revenue $ 2,030,520 100 % $ 1,904,020 100 % $ 6,125,624 100 % $ 5,879,658 100 % 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 December 31, 2021 and March 31, 2021, the Company had $7.5 billion and $6.7 billion of remaining performance obligations, respectively. We expect to recognize approximately 70% of the remaining performance obligations at December 31, 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. Provision for credit losses recognized was not material for the three and nine months ended December 31, 2021 and 2020. The following table summarizes the contract assets and liabilities, and accounts receivable, net of allowance recognized on the Company’s condensed consolidated balance sheets: Contract Balances December 31, March 31, Current assets Accounts receivable–billed $ 509,632 $ 375,383 Accounts receivable–unbilled Contract assets 1,108,862 1,037,968 Allowance for credit losses — (1,457) Accounts receivable, net 1,618,494 1,411,894 Other long-term assets Accounts receivable–unbilled Contract assets 64,395 63,869 Total accounts receivable, net $ 1,682,889 $ 1,475,763 Other current liabilities Advance payments, billings in excess of costs incurred and deferred revenue Contract liabilities $ 18,147 $ 15,906 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Dec. 31, 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 attributable to common stockholders 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, second and third quarters 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 Nine Months Ended 2021 2020 2021 2020 Earnings for basic computations (1) $ 127,992 $ 143,488 $ 373,413 $ 407,454 Weighted-average common shares outstanding for basic computations 133,587,858 137,879,820 134,629,367 137,971,114 Earnings for diluted computations (1) $ 127,995 $ 143,492 $ 373,421 $ 407,465 Dilutive stock options and restricted stock 674,392 1,006,299 684,859 961,011 Weighted-average common shares outstanding for diluted computations 134,262,250 138,886,119 135,314,226 138,932,125 Earnings per common share Basic $ 0.96 $ 1.04 $ 2.77 $ 2.95 Diluted $ 0.95 $ 1.03 $ 2.76 $ 2.93 |
ACQUISITION, GOODWILL AND INTAN
ACQUISITION, GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITION, GOODWILL AND INTANGIBLE ASSETS | ACQUISITION, GOODWILL AND INTANGIBLE ASSETS Acquisitions Tracepoint Holdings, LLC On September 10, 2021, the Company acquired the remaining 60% equity interest in Tracepoint Holdings, LLC ("Tracepoint"), an industry-leading digital forensics and incident response company serving public and private sector clients, for cash consideration of approximately $120.3 million, net of adjustments (the "Tracepoint Transaction"). As a result of the transaction, Tracepoint and Tracepoint, LLC became wholly owned subsidiaries of Booz Allen Hamilton Inc. The acquisition complements the Company’s existing cybersecurity portfolio and expands its position in the private sector cyber market. Prior to the closing of the Tracepoint Transaction, the Company held a 40% interest in Tracepoint, which was accounted for as an equity method investment. The equity method investment associated with Tracepoint was remeasured at fair value on the closing date of the Tracepoint Transaction, resulting in a gain of $5.7 million. This gain is presented as a component of Other Income on the Condensed Consolidated Statement of Operations for the nine months ended December 31, 2021. The fair value of the previously held equity method investment was determined based upon valuations of the Tracepoint business and future business outlook using projected future cash flows. 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. As a result of the Tracepoint transaction, the Company recognized $90.5 million of intangible assets which primarily consists of channel relationships. Channel relationships 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 Measurement (Topic 820). These unobservable inputs reflect the Company's own judgment about which assumptions market participants would use in pricing an asset on a non-recurring basis. The intangible asset is expected to be amortized over the estimated useful life of 10 years. The goodwill of $94.3 million is largely attributable to Tracepoint's specialized workforce. Liberty IT Solutions, LLC On June 11, 2021, the Company acquired Liberty IT Solutions, LLC ("Liberty") for cash consideration of approximately $669.1 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 Company recognized $309.0 million of intangible assets which 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 Topic 820. These unobservable inputs reflect the Company's own judgment 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 $346.5 million is primarily attributable to Liberty's specialized workforce and the expected synergies between the Company and Liberty. During the third quarter of fiscal 2022, the Company finalized Liberty's post-closing working capital. Purchase Price Allocation The following table summarizes the cumulative consideration paid and the preliminary allocation of the purchase price paid for Tracepoint and Liberty: Cash consideration (gross of cash acquired and including net adjustments) $ 789,429 Fair value of non-controlling interest 80,063 Total purchase consideration 869,492 Purchase price allocation: Cash 9,096 Current assets 57,519 Operating lease right-of-use asset 2,532 Other long-term assets 2,825 Intangible assets 399,500 Current liabilities (40,217) Operating lease liabilities-current (1,017) Operating lease liabilities-long term (1,516) Total fair value of identifiable net assets acquired $ 428,722 Preliminary goodwill $ 440,770 The acquisitions of Liberty and Tracepoint were accounted for under the acquisition method of accounting, which requires the total acquisition consideration to be allocated to the assets acquired and liabilities assumed based on an estimate of the acquisition date fair value, with the difference reflected in goodwill. The fair values of assets acquired and liabilities assumed are preliminary and based on valuation estimates and assumptions. The accounting for business combinations require estimates and judgments 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. Adjustments recorded during the three and nine months ended December 31, 2021 were not material to our results from operations. As of December 31, 2021, 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 these acquisitions in the aggregate are not presented because these acquisitions are not material to the Company's condensed consolidated results of operations. Goodwill As of December 31, 2021 and March 31, 2021, goodwill was $2,021.9 million and $1,581.2 million, respectively. The increase in the carrying amount of goodwill was attributable to the Company's acquisitions of Liberty and Tracepoint, and the majority of goodwill is expected to be deductible for tax purposes. Intangible Assets Intangible assets consisted of the following: December 31, 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) $ 481,900 $ 85,475 $ 396,425 $ 82,400 $ 50,503 $ 31,897 Software 126,215 48,200 78,015 114,972 29,941 85,031 Total amortizable intangible assets $ 608,115 $ 133,675 $ 474,440 $ 197,372 $ 80,444 $ 116,928 Unamortizable intangible assets: Trade name $ 190,200 $ — $ 190,200 $ 190,200 $ — $ 190,200 Total $ 798,315 $ 133,675 $ 664,640 $ 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 acquisitions of Liberty and Tracepoint. The following table summarizes the remainder of fiscal 2022 and estimated annual amortization expense for future periods: Fiscal Year Ending Remainder of 2022 $ 22,518 2023 83,390 2024 69,975 2025 60,385 2026 53,223 Thereafter 184,949 $ 474,440 Amortization expense for the three months ended December 31, 2021 and December 31, 2020 was $22.4 million and $4.8 million, respectively. Amortization expense for nine months ended December 31, 2021 and December 31, 2020 was $53.1 million and $14.6 million, respectively. |
ACCOUNTS PAYABLE AND OTHER ACCR
ACCOUNTS PAYABLE AND OTHER ACCRUED EXPENSES | 9 Months Ended |
Dec. 31, 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: December 31, March 31, Vendor payables $ 436,558 $ 371,744 Accrued expenses 359,880 295,227 Total accounts payable and other accrued expenses $ 796,438 $ 666,971 Accrued expenses consisted primarily of the Company’s provision for claimed indirect costs, which were approximately $283.6 million and $263.2 million as of December 31, 2021 and March 31, 2021, respectively. See Note 17 for further discussion of this provision. |
ACCRUED COMPENSATION AND BENEFI
ACCRUED COMPENSATION AND BENEFITS | 9 Months Ended |
Dec. 31, 2021 | |
Compensation Related Costs [Abstract] | |
ACCRUED COMPENSATION AND BENEFITS | ACCRUED COMPENSATION AND BENEFITS Accrued compensation and benefits consisted of the following: December 31, March 31, Bonus $ 79,748 $ 130,565 Retirement 97,359 44,474 Vacation 174,739 202,100 Other 52,832 48,476 Total accrued compensation and benefits $ 404,678 $ 425,615 |
DEBT
DEBT | 9 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt consisted of the following: December 31, 2021 March 31, 2021 Interest Outstanding Interest Outstanding Term Loan A 1.35 % $ 1,257,520 1.61 % $ 1,289,764 Term Loan B 1.85 % 381,294 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 (22,543) (17,380) Total 2,816,271 2,356,596 Less: Current portion of long-term debt (68,379) (77,865) Long-term debt, net of current portion $ 2,747,892 $ 2,278,731 Credit Agreement On June 24, 2021, 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. As of December 31, 2021, the Credit Agreement provided Booz Allen Hamilton with a $1,257.5 million Term Loan A, a $381.3 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"). The maturity date of Term Loan B is 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) $909.0 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. 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 December 31, 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 December 31, 2021 and 2020, interest payments of $4.7 million and $5.6 million were made for Term Loan A, respectively, and $1.8 million and $1.9 million were made for Term Loan B, respectively. For the nine months ended December 31, 2021 and 2020, interest payments of $15.2 million and $18.3 million were made for Term Loan A, respectively, and $5.4 million and $6.0 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. As of December 31, 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. 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 Nine Months Ended 2021 2020 2021 2020 (In thousands) (In thousands) Term Loan A Interest Expense $ 4,724 $ 5,582 $ 15,187 $ 18,222 Term Loan B Interest Expense 1,795 1,872 5,401 5,980 Interest on Revolving Credit Facility — — 25 799 Senior Notes Interest Expense 11,781 6,782 31,121 16,771 Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1) 1,168 1,126 3,462 3,302 Interest Swap Expense 4,097 5,410 13,627 15,215 Other 112 106 378 611 Total Interest Expense $ 23,677 $ 20,878 $ 69,201 $ 60,900 (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 | 9 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES The 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 December 31, 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 December 31, 2021, $12.5 million and $8.6 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 and nine months ended December 31, 2021 and 2020 is as follows: Three Months Ended December 31, 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 (1) 2021 2020 2021 2020 Interest rate swaps Interest expense $ 5,271 $ (326) $ (4,097) $ (5,410) (1) The reclassifications from accumulated other comprehensive loss to net income was reduced by taxes of $1.1 million and $1.4 million for the three months ended December 31, 2021 and 2020, respectively. Nine Months Ended December 31, 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 (2) 2021 2020 2021 2020 Interest rate swaps Interest expense $ 3,496 $ (7,121) $ (13,627) $ (15,215) (2) The reclassifications from accumulated other comprehensive loss to net income was reduced by taxes of $3.6 million and $4.0 million for the nine months ended December 31, 2021 and 2020, respectively. Over the next 12 months, the Company estimates that $12.6 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 | 9 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company’s effective income tax rates were 18.9% and 13.0% for the three months ended December 31, 2021 and December 31, 2020, respectively, and 21.6% and 20.0% for the nine months ended December 31, 2021 and 2020, respectively. 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 ("DC OTR") for fiscal years 2013 through 2015. The assessment relates to $11.7 million of taxes, net of federal tax benefits, as of December 31, 2021. During the second quarter of fiscal 2022, the Company received notification that the District of Columbia Office of Administrative Hearings ruled in favor of the DC OTR. The Company is currently appealing the decision with the District of Columbia Court of Appeals. The Company intends to continue to vigorously defend this matter. As a result of the ruling in favor of the DC OTR, the Company made an $8.6 million payment during the second quarter of fiscal 2022 related to these assessments, consisting of $3.7 million of tax related to fiscal 2014 and 2015, as well as $4.9 million of penalties and interest. This payment was made under protest and, given the Company's belief that it will be recovered, the payment has been recorded as a long term income tax-receivable (a component of other long-term assets) on its condensed consolidated balance sheet. There has been no impact to income tax expense during fiscal 2022 related to this payment. The Company has taken similar tax positions with respect to subsequent fiscal years. As of December 31, 2021, the Company does not maintain reserves for any uncertain tax positions related to the contested tax benefits related to 2013 through 2015, nor does it maintain reserves for the similar tax positions taken in the subsequent fiscal years. If an adverse final resolution were to occur with respect to uncertain tax positions related to the contested tax benefits or the similar tax positions taken for fiscal years 2013 through 2020, the total potential future tax expense that would arise would be approximately $40.2 million to $55.4 million, net of federal benefits. The Company maintained reserves for uncertain tax positions of $75.6 million and $62.9 million as of December 31, 2021 and March 31, 2021, respectively, $12.2 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 December 31, 2021, the Company's reserves for uncertain tax positions are related entirely to research and development tax credits. During the second quarter of fiscal 2022, the Company received a notice from the IRS that the Company's fiscal years 2016, 2017, and 2019 were selected for examination. The Company will continue to evaluate its reserves for uncertain tax positions in conjunction with the IRS examination, and as of December 31, 2021 does not believe any modifications to the previously recorded reserves are necessary. Effective fiscal 2023, the Tax Cuts and Jobs Act of 2017 requires the capitalization of research and development costs for tax purposes, which can then be amortized over five years and 15 years for domestic and foreign costs, respectively. Congress has proposed tax legislation to delay the effective date of this change to 2026, but it is uncertain whether the proposed delay will ultimately be enacted into law. If the current effective date remains in place, the Company's initial assessment is that the Company would experience a material decrease in cash from operations, but that the deferred tax liability would be offset by a corresponding amount. Management is currently evaluating the potential impact on our cash flows from operations. |
OTHER LONG-TERM LIABILITIES
OTHER LONG-TERM LIABILITIES | 9 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following: December 31, March 31, Postretirement benefit obligations 130,105 126,054 Reserves for uncertain tax positions 64,833 53,203 Other (1) 40,944 51,727 Total other long-term liabilities $ 235,882 $ 230,984 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Dec. 31, 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 $42.3 million and $40.4 million for the three months ended December 31, 2021 and 2020, respectively, and $128.2 million and $121.7 million for the nine months ended December 31, 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 Nine Months Ended 2021 2020 2021 2020 Service cost $ 1,627 $ 1,414 $ 4,879 $ 4,242 Interest cost 1,015 1,059 3,047 3,177 Total postretirement medical expense $ 2,642 $ 2,473 $ 7,926 $ 7,419 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. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended |
Dec. 31, 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 December 31, 2021 Nine Months Ended December 31, 2021 Post-retirement plans Derivatives designated as cash flow hedges Totals Post-retirement plans Derivatives designated as cash flow hedges Totals Beginning of period $ (1,523) $ (22,476) $ (23,999) $ (1,562) $ (28,209) $ (29,771) Other comprehensive income (loss) before reclassifications (1) — 3,896 3,896 — 2,585 2,585 Amounts reclassified from accumulated other comprehensive loss 20 3,029 3,049 59 10,073 10,132 Net current-period other comprehensive income 20 6,925 6,945 59 12,658 12,717 End of period $ (1,503) $ (15,551) $ (17,054) $ (1,503) $ (15,551) $ (17,054) (1) Changes in other comprehensive income (loss) before reclassification for derivatives designated as cash flow hedges are recorded net of tax expense of $1.4 million and $0.9 million for the three and nine months ended December 31, 2021, respectively. Three Months Ended December 31, 2020 Nine Months Ended December 31, 2020 Post-retirement plans Derivatives designated as cash flow hedges Totals Post-retirement plans Derivatives designated as cash flow hedges Totals Beginning of period $ (4,083) $ (39,649) $ (43,732) $ (4,127) $ (41,874) $ (46,001) Other comprehensive income (loss) before reclassifications (2) — (241) (241) — (5,264) (5,264) Amounts reclassified from accumulated other comprehensive loss 22 3,999 4,021 66 11,247 11,313 Net current-period other comprehensive income 22 3,758 3,780 66 5,983 6,049 End of period $ (4,061) $ (35,891) $ (39,952) $ (4,061) $ (35,891) $ (39,952) (2) Changes in other comprehensive income (loss) before reclassification for derivatives designated as cash flow hedges are recorded net of tax benefits of $0.1 million and $1.9 million for the three and nine months ended December 31, 2020, respectively. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Dec. 31, 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 Nine Months Ended 2021 2020 2021 2020 Cost of revenue $ 7,235 $ 5,834 $ 19,832 $ 16,101 General and administrative expenses 9,524 9,507 25,355 24,871 Total $ 16,759 $ 15,341 $ 45,187 $ 40,972 The following table summarizes the total stock-based compensation expense recognized in the condensed consolidated statements of operations by the following types of equity awards: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Equity Incentive Plan Options $ 252 $ 792 $ 1,477 $ 1,921 Restricted Stock Awards $ 16,507 14,549 43,710 39,051 Total $ 16,759 $ 15,341 $ 45,187 $ 40,972 As of December 31, 2021, there was $56.6 million of total unrecognized compensation cost related to unvested stock-based compensation agreements. The unrecognized compensation cost as of December 31, 2021 is expected to be fully amortized over the next 4.9 years. Absent the effect of accelerating stock compensation cost for any departures of employees who may continue to vest in their equity awards, the following table summarizes the unrecognized compensation cost and the weighted-average period the cost is expected to be amortized. December 31, 2021 Unrecognized Compensation Cost Weighted Average Remaining Period to be Recognized (in years) Equity Incentive Plan Options $ 2,929 3.39 Restricted Stock Awards 53,676 1.65 Total $ 56,605 Equity Incentive Plan As of December 31, 2021, there were 1,340,176 EIP options outstanding, of which 574,394 were unvested. During the three months ended December 31, 2021, the Board of Directors granted 24,359 restricted stock units to certain employees of the Company. The aggregate value of these awards was $2.0 million based on the grant date stock price, which ranged from $82.64 to $83.94. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Dec. 31, 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) 17,834 — — 17,834 Total Assets $ 17,834 $ — $ — $ 17,834 Liabilities: Current derivative instruments (3) — 12,472 — 12,472 Long-term derivative instruments (3) — 8,568 — 8,568 Long-term deferred compensation plan liability (1) 17,834 — — 17,834 Total Liabilities $ 17,834 $ 21,040 $ — $ 38,874 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 these categories 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 and liabilities 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 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. As of December 31, 2021 the relevant statute of limitations pertaining to the contingent liability expired at which point the Company wrote off the existing liability balance. (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 December 31, 2021, with the exception of the assets and liabilities acquired through the acquisitions of Liberty and Tracepoint (see Note 5). The fair value of the Company's cash and cash equivalents, which are Level 1 inputs, approximated its carrying values at December 31, 2021 and March 31, 2021. The fair value of the Company's debt instruments approximated its carrying value at December 31, 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 Booz Allen |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 9 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | RELATED-PARTY TRANSACTIONS Two of our directors served on the board of directors of a subcontractor to which the Company subcontracted $18.7 million and $21.4 million of services for the three months ended December 31, 2021 and 2020, respectively, and $53.8 million and $66.4 million of services for the nine months ended December 31, 2021 and 2020, respectively. The subcontractor was acquired by another company in August 2021, at which point the two directors ceased to serve on the board of directors. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Letters of Credit and Third-Party Guarantees As of December 31, 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 $8.6 million and $9.8 million, respectively. These letters of credit and bank guarantees primarily support insurance and bid and performance obligations. At December 31, 2021 and March 31, 2021, approximately $1.0 million and $0.9 million, respectively, 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 $12.4 million and $11.1 million were available to the Company at December 31, 2021 and March 31, 2021, respectively. Government Contracting Matters - Provision for Claimed Indirect Costs For each of the three and nine months ended December 31, 2021 and 2020, approximately 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. 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 December 31, 2021 and March 31, 2021, the Company had recorded liabilities of approximately $283.6 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 |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Dec. 31, 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. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers to improve the accounting for acquired revenue contracts with customers in a business combination to address recognition of an acquired contract liability and payment terms, and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 is effective for annual periods beginning after December 15, 2022 on a prospective basis. Early adoption is permitted. The Company is currently assessing the impact of this update on its condensed consolidated financial statements and related disclosures. Other accounting and reporting pronouncements effective after December 31, 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) | 9 Months Ended |
Dec. 31, 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 Nine Months Ended 2021 2020 2021 2020 Cost-reimbursable $ 1,079,893 53 % $ 1,086,679 57 % $ 3,322,507 54 % $ 3,317,228 56 % Time-and-materials 484,718 24 % 462,206 24 % 1,482,431 24 % 1,469,415 25 % Fixed-price 465,909 23 % 355,135 19 % 1,320,686 22 % 1,093,015 19 % Total Revenue $ 2,030,520 100 % $ 1,904,020 100 % $ 6,125,624 100 % $ 5,879,658 100 % Revenue by Customer Type: Three Months Ended Nine Months Ended 2021 2020 2021 2020 U.S. government (1) : Defense Clients $ 946,161 47 % $ 967,671 51 % $ 2,921,262 48 % $ 2,907,842 49 % Intelligence Clients 368,987 18 % 366,104 19 % 1,139,312 18 % 1,159,156 20 % Civil Clients 651,372 32 % 519,728 27 % 1,906,528 31 % 1,648,055 28 % Total U.S. government 1,966,520 97 % 1,853,503 97 % 5,967,102 97 % 5,715,053 97 % Global Commercial Clients 64,000 3 % 50,517 3 % 158,522 3 % 164,605 3 % Total Revenue $ 2,030,520 100 % $ 1,904,020 100 % $ 6,125,624 100 % $ 5,879,658 100 % (1) Certain contracts were reassigned between the various verticals of our U.S. government business shown in the table above to better align our operations to the customers we serve within each market. Prior year revenue by customer type has been recast to reflect the changes. Revenue by Whether the Company Acts as a Prime Contractor or a Subcontractor: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Prime Contractor $ 1,913,657 94 % $ 1,777,878 93 % $ 5,753,596 94 % $ 5,462,260 93 % Subcontractor 116,863 6 % 126,142 7 % 372,028 6 % 417,398 7 % Total Revenue $ 2,030,520 100 % $ 1,904,020 100 % $ 6,125,624 100 % $ 5,879,658 100 % |
Schedule of Contract Assets and Liabilities | The following table summarizes the contract assets and liabilities, and accounts receivable, net of allowance recognized on the Company’s condensed consolidated balance sheets: Contract Balances December 31, March 31, Current assets Accounts receivable–billed $ 509,632 $ 375,383 Accounts receivable–unbilled Contract assets 1,108,862 1,037,968 Allowance for credit losses — (1,457) Accounts receivable, net 1,618,494 1,411,894 Other long-term assets Accounts receivable–unbilled Contract assets 64,395 63,869 Total accounts receivable, net $ 1,682,889 $ 1,475,763 Other current liabilities Advance payments, billings in excess of costs incurred and deferred revenue Contract liabilities $ 18,147 $ 15,906 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of the Income Used to Compute Basic and Diluted EPS | A reconciliation of the income used to compute basic and diluted EPS for the periods presented are as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Earnings for basic computations (1) $ 127,992 $ 143,488 $ 373,413 $ 407,454 Weighted-average common shares outstanding for basic computations 133,587,858 137,879,820 134,629,367 137,971,114 Earnings for diluted computations (1) $ 127,995 $ 143,492 $ 373,421 $ 407,465 Dilutive stock options and restricted stock 674,392 1,006,299 684,859 961,011 Weighted-average common shares outstanding for diluted computations 134,262,250 138,886,119 135,314,226 138,932,125 Earnings per common share Basic $ 0.96 $ 1.04 $ 2.77 $ 2.95 Diluted $ 0.95 $ 1.03 $ 2.76 $ 2.93 |
ACQUISITION, GOODWILL AND INT_2
ACQUISITION, GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the cumulative consideration paid and the preliminary allocation of the purchase price paid for Tracepoint and Liberty: Cash consideration (gross of cash acquired and including net adjustments) $ 789,429 Fair value of non-controlling interest 80,063 Total purchase consideration 869,492 Purchase price allocation: Cash 9,096 Current assets 57,519 Operating lease right-of-use asset 2,532 Other long-term assets 2,825 Intangible assets 399,500 Current liabilities (40,217) Operating lease liabilities-current (1,017) Operating lease liabilities-long term (1,516) Total fair value of identifiable net assets acquired $ 428,722 Preliminary goodwill $ 440,770 |
Schedule of Finite-Lived Intangible Assets | Intangible assets consisted of the following: December 31, 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) $ 481,900 $ 85,475 $ 396,425 $ 82,400 $ 50,503 $ 31,897 Software 126,215 48,200 78,015 114,972 29,941 85,031 Total amortizable intangible assets $ 608,115 $ 133,675 $ 474,440 $ 197,372 $ 80,444 $ 116,928 Unamortizable intangible assets: Trade name $ 190,200 $ — $ 190,200 $ 190,200 $ — $ 190,200 Total $ 798,315 $ 133,675 $ 664,640 $ 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 acquisitions of Liberty and Tracepoint. |
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 $ 22,518 2023 83,390 2024 69,975 2025 60,385 2026 53,223 Thereafter 184,949 $ 474,440 |
ACCOUNTS PAYABLE AND OTHER AC_2
ACCOUNTS PAYABLE AND OTHER ACCRUED EXPENSES (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and other accrued expenses consisted of the following: December 31, March 31, Vendor payables $ 436,558 $ 371,744 Accrued expenses 359,880 295,227 Total accounts payable and other accrued expenses $ 796,438 $ 666,971 |
ACCRUED COMPENSATION AND BENE_2
ACCRUED COMPENSATION AND BENEFITS (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Compensation Related Costs [Abstract] | |
Schedule of Accrued Compensation and Benefits | Accrued compensation and benefits consisted of the following: December 31, March 31, Bonus $ 79,748 $ 130,565 Retirement 97,359 44,474 Vacation 174,739 202,100 Other 52,832 48,476 Total accrued compensation and benefits $ 404,678 $ 425,615 |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt consisted of the following: December 31, 2021 March 31, 2021 Interest Outstanding Interest Outstanding Term Loan A 1.35 % $ 1,257,520 1.61 % $ 1,289,764 Term Loan B 1.85 % 381,294 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 (22,543) (17,380) Total 2,816,271 2,356,596 Less: Current portion of long-term debt (68,379) (77,865) Long-term debt, net of current portion $ 2,747,892 $ 2,278,731 |
Schedule of Interest Expense | Interest on debt and debt-like instruments consisted of the following: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (In thousands) (In thousands) Term Loan A Interest Expense $ 4,724 $ 5,582 $ 15,187 $ 18,222 Term Loan B Interest Expense 1,795 1,872 5,401 5,980 Interest on Revolving Credit Facility — — 25 799 Senior Notes Interest Expense 11,781 6,782 31,121 16,771 Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1) 1,168 1,126 3,462 3,302 Interest Swap Expense 4,097 5,410 13,627 15,215 Other 112 106 378 611 Total Interest Expense $ 23,677 $ 20,878 $ 69,201 $ 60,900 (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) | 9 Months Ended |
Dec. 31, 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 and nine months ended December 31, 2021 and 2020 is as follows: Three Months Ended December 31, 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 (1) 2021 2020 2021 2020 Interest rate swaps Interest expense $ 5,271 $ (326) $ (4,097) $ (5,410) (1) The reclassifications from accumulated other comprehensive loss to net income was reduced by taxes of $1.1 million and $1.4 million for the three months ended December 31, 2021 and 2020, respectively. Nine Months Ended December 31, 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 (2) 2021 2020 2021 2020 Interest rate swaps Interest expense $ 3,496 $ (7,121) $ (13,627) $ (15,215) (2) The reclassifications from accumulated other comprehensive loss to net income was reduced by taxes of $3.6 million and $4.0 million for the nine months ended December 31, 2021 and 2020, respectively. |
OTHER LONG-TERM LIABILITIES (Ta
OTHER LONG-TERM LIABILITIES (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities | Other long-term liabilities consisted of the following: December 31, March 31, Postretirement benefit obligations 130,105 126,054 Reserves for uncertain tax positions 64,833 53,203 Other (1) 40,944 51,727 Total other long-term liabilities $ 235,882 $ 230,984 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Postretirement Medical Expense | The components of net postretirement medical expense for the Officer Medical Plan were as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Service cost $ 1,627 $ 1,414 $ 4,879 $ 4,242 Interest cost 1,015 1,059 3,047 3,177 Total postretirement medical expense $ 2,642 $ 2,473 $ 7,926 $ 7,419 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended |
Dec. 31, 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 December 31, 2021 Nine Months Ended December 31, 2021 Post-retirement plans Derivatives designated as cash flow hedges Totals Post-retirement plans Derivatives designated as cash flow hedges Totals Beginning of period $ (1,523) $ (22,476) $ (23,999) $ (1,562) $ (28,209) $ (29,771) Other comprehensive income (loss) before reclassifications (1) — 3,896 3,896 — 2,585 2,585 Amounts reclassified from accumulated other comprehensive loss 20 3,029 3,049 59 10,073 10,132 Net current-period other comprehensive income 20 6,925 6,945 59 12,658 12,717 End of period $ (1,503) $ (15,551) $ (17,054) $ (1,503) $ (15,551) $ (17,054) (1) Changes in other comprehensive income (loss) before reclassification for derivatives designated as cash flow hedges are recorded net of tax expense of $1.4 million and $0.9 million for the three and nine months ended December 31, 2021, respectively. Three Months Ended December 31, 2020 Nine Months Ended December 31, 2020 Post-retirement plans Derivatives designated as cash flow hedges Totals Post-retirement plans Derivatives designated as cash flow hedges Totals Beginning of period $ (4,083) $ (39,649) $ (43,732) $ (4,127) $ (41,874) $ (46,001) Other comprehensive income (loss) before reclassifications (2) — (241) (241) — (5,264) (5,264) Amounts reclassified from accumulated other comprehensive loss 22 3,999 4,021 66 11,247 11,313 Net current-period other comprehensive income 22 3,758 3,780 66 5,983 6,049 End of period $ (4,061) $ (35,891) $ (39,952) $ (4,061) $ (35,891) $ (39,952) (2) Changes in other comprehensive income (loss) before reclassification for derivatives designated as cash flow hedges are recorded net of tax benefits of $0.1 million and $1.9 million for the three and nine months ended December 31, 2020, respectively. |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule 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 Nine Months Ended 2021 2020 2021 2020 Cost of revenue $ 7,235 $ 5,834 $ 19,832 $ 16,101 General and administrative expenses 9,524 9,507 25,355 24,871 Total $ 16,759 $ 15,341 $ 45,187 $ 40,972 The following table summarizes the total stock-based compensation expense recognized in the condensed consolidated statements of operations by the following types of equity awards: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Equity Incentive Plan Options $ 252 $ 792 $ 1,477 $ 1,921 Restricted Stock Awards $ 16,507 14,549 43,710 39,051 Total $ 16,759 $ 15,341 $ 45,187 $ 40,972 |
Schedule of Unrecognized Compensation Cost | Absent the effect of accelerating stock compensation cost for any departures of employees who may continue to vest in their equity awards, the following table summarizes the unrecognized compensation cost and the weighted-average period the cost is expected to be amortized. December 31, 2021 Unrecognized Compensation Cost Weighted Average Remaining Period to be Recognized (in years) Equity Incentive Plan Options $ 2,929 3.39 Restricted Stock Awards 53,676 1.65 Total $ 56,605 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Dec. 31, 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) 17,834 — — 17,834 Total Assets $ 17,834 $ — $ — $ 17,834 Liabilities: Current derivative instruments (3) — 12,472 — 12,472 Long-term derivative instruments (3) — 8,568 — 8,568 Long-term deferred compensation plan liability (1) 17,834 — — 17,834 Total Liabilities $ 17,834 $ 21,040 $ — $ 38,874 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 these categories 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 and liabilities 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 March 31, 2021, the estimated fair value of the contingent consideration liability was $1.2 million, and was valued using probability-weighted cash flows, which is based on the use of Level 3 fair value measurement inputs. As of December 31, 2021 the relevant statute of limitations pertaining to the contingent liability expired at which point the Company wrote off the existing liability balance. (3) The Company’s interest rate swaps are considered over-the-counter derivatives and fair value is estimated based on the present value of future cash flows using a model-derived valuation that uses Level 2 observable inputs such as interest rate yield curves. See Note 9 to the condensed consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges. |
BUSINESS OVERVIEW (Details)
BUSINESS OVERVIEW (Details) | 9 Months Ended |
Dec. 31, 2021employeesegment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Number of employees | employee | 29,500 |
REVENUE - Disaggregation of Rev
REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 2,030,520 | $ 1,904,020 | $ 6,125,624 | $ 5,879,658 |
Total revenue (as a percent) | 100.00% | 100.00% | 100.00% | 100.00% |
Prime Contractor | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,913,657 | $ 1,777,878 | $ 5,753,596 | $ 5,462,260 |
Total revenue (as a percent) | 94.00% | 93.00% | 94.00% | 93.00% |
Subcontractor | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 116,863 | $ 126,142 | $ 372,028 | $ 417,398 |
Total revenue (as a percent) | 6.00% | 7.00% | 6.00% | 7.00% |
Total U.S. government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,966,520 | $ 1,853,503 | $ 5,967,102 | $ 5,715,053 |
Total revenue (as a percent) | 97.00% | 97.00% | 97.00% | 97.00% |
Defense Clients | Total U.S. government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 946,161 | $ 967,671 | $ 2,921,262 | $ 2,907,842 |
Total revenue (as a percent) | 47.00% | 51.00% | 48.00% | 49.00% |
Intelligence Clients | Total U.S. government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 368,987 | $ 366,104 | $ 1,139,312 | $ 1,159,156 |
Total revenue (as a percent) | 18.00% | 19.00% | 18.00% | 20.00% |
Civil Clients | Total U.S. government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 651,372 | $ 519,728 | $ 1,906,528 | $ 1,648,055 |
Total revenue (as a percent) | 32.00% | 27.00% | 31.00% | 28.00% |
Global Commercial Clients | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 64,000 | $ 50,517 | $ 158,522 | $ 164,605 |
Total revenue (as a percent) | 3.00% | 3.00% | 3.00% | 3.00% |
Cost-reimbursable | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,079,893 | $ 1,086,679 | $ 3,322,507 | $ 3,317,228 |
Total revenue (as a percent) | 53.00% | 57.00% | 54.00% | 56.00% |
Time-and-materials | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 484,718 | $ 462,206 | $ 1,482,431 | $ 1,469,415 |
Total revenue (as a percent) | 24.00% | 24.00% | 24.00% | 25.00% |
Fixed-price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 465,909 | $ 355,135 | $ 1,320,686 | $ 1,093,015 |
Total revenue (as a percent) | 23.00% | 19.00% | 22.00% | 19.00% |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||||
Revenue, amount of remaining performance obligation | $ 7,500 | $ 7,500 | $ 6,700 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Contract with customer, liability, revenue recognized | $ 0.1 | $ 1.7 | $ 14.3 | $ 23.7 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Remaining performance obligation (as a percent) | 70.00% | 70.00% | |||
Remaining performance obligation, expected timing, period | 12 months | 12 months | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Remaining performance obligation (as a percent) | 85.00% | 85.00% | |||
Remaining performance obligation, expected timing, period | 24 months | 24 months |
REVENUE - Contract Assets and L
REVENUE - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Current assets | ||
Accounts receivable–billed | $ 509,632 | $ 375,383 |
Accounts receivable–unbilled | 1,108,862 | 1,037,968 |
Allowance for credit losses | 0 | (1,457) |
Accounts receivable, net | 1,618,494 | 1,411,894 |
Accounts receivable–unbilled | 64,395 | 63,869 |
Total accounts receivable, net | 1,682,889 | 1,475,763 |
Other current liabilities | ||
Advance payments, billings in excess of costs incurred and deferred revenue | $ 18,147 | $ 15,906 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Earnings for basic computations | $ 127,992 | $ 143,488 | $ 373,413 | $ 407,454 |
Earnings for diluted computations | $ 127,995 | $ 143,492 | $ 373,421 | $ 407,465 |
Dilutive stock options and restricted stock (in shares) | 674,392 | 1,006,299 | 684,859 | 961,011 |
Earnings per common share | ||||
Basic (in dollars per share) | $ 0.96 | $ 1.04 | $ 2.77 | $ 2.95 |
Diluted (in dollars per share) | $ 0.95 | $ 1.03 | $ 2.76 | $ 2.93 |
Unvested shares participating in the payment of the Company's dividends declared (in shares) | 1,000,000 | 800,000 | ||
Unvested shares, cash dividends paid | $ 400 | $ 300 | $ 151,664 | $ 129,862 |
Undistributed earnings allocated to participating securities, basic | $ 600 | |||
Undistributed earnings allocated to participating securities, diluted | $ 600 | |||
Antidilutive options excluded from the computation of EPS (in shares) | 100,000 | 27,000 | ||
Restricted Stock Awards | ||||
Earnings per common share | ||||
Unvested shares participating in the payment of the Company's dividends declared (in shares) | 900,000 | 800,000 | ||
Unvested shares, cash dividends paid | $ 1,000 | $ 700 | ||
Undistributed earnings allocated to participating securities, basic | 1,500 | 1,600 | ||
Undistributed earnings allocated to participating securities, diluted | $ 1,500 | $ 1,600 | ||
Equity Incentive Plan Options | ||||
Earnings per common share | ||||
Antidilutive options excluded from the computation of EPS (in shares) | 100,000 | 29,000 | ||
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) | 133,587,858 | 137,879,820 | 134,629,367 | 137,971,114 |
Weighted-average common shares outstanding for diluted computations (in shares) | 134,262,250 | 138,886,119 | 135,314,226 | 138,932,125 |
ACQUISITION, GOODWILL AND INT_3
ACQUISITION, GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands | Sep. 10, 2021 | Sep. 09, 2021 | Jun. 11, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 2,021,931 | $ 2,021,931 | $ 1,581,160 | |||||
Amortization expense | $ 22,400 | $ 4,800 | $ 53,100 | $ 14,600 | ||||
Tracepoint LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity method investment, ownership (as a percent) | 40.00% | |||||||
Gains associated with equity method investment activities | $ 5,700 | |||||||
Tracepoint LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership interest acquired (as a percent) | 60.00% | |||||||
Cash consideration (gross of cash acquired and including net adjustments) | $ 120,300 | |||||||
Period to propose working capital adjustments | 120 days | |||||||
Intangible assets | $ 90,500 | |||||||
Useful life (in years) | 10 years | |||||||
Goodwill | $ 94,300 | |||||||
Liberty IT Solutions, LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets | $ 309,000 | |||||||
Useful life (in years) | 12 years | |||||||
Goodwill | $ 346,500 | |||||||
Total purchase consideration | $ 669,100 |
ACQUISITION, GOODWILL AND INT_4
ACQUISITION, GOODWILL AND INTANGIBLE ASSETS - Purchase Price Allocation (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2021 | |
Purchase price allocation: | ||
Preliminary goodwill | $ 2,021,931 | $ 1,581,160 |
Tracepoint LLC and Liberty IT Solutions LLC | ||
Business Acquisition [Line Items] | ||
Cash consideration (gross of cash acquired and including net adjustments) | 789,429 | |
Fair value of non-controlling interest | 80,063 | |
Total purchase consideration | 869,492 | |
Purchase price allocation: | ||
Cash | 9,096 | |
Current assets | 57,519 | |
Operating lease right-of-use asset | 2,532 | |
Other long-term assets | 2,825 | |
Intangible assets | 399,500 | |
Current liabilities | (40,217) | |
Operating lease liabilities-current | (1,017) | |
Operating lease liabilities-long term | (1,516) | |
Total fair value of identifiable net assets acquired | 428,722 | |
Preliminary goodwill | $ 440,770 |
ACQUISITION, GOODWILL AND INT_5
ACQUISITION, GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 608,115 | $ 197,372 |
Accumulated Amortization | 133,675 | 80,444 |
Net Carrying Value | 474,440 | 116,928 |
Total intangible assets, gross | 798,315 | 387,572 |
Total intangible assets, net | 664,640 | 307,128 |
Trade name | ||
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 | 481,900 | 82,400 |
Accumulated Amortization | 85,475 | 50,503 |
Net Carrying Value | 396,425 | 31,897 |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 126,215 | 114,972 |
Accumulated Amortization | 48,200 | 29,941 |
Net Carrying Value | $ 78,015 | $ 85,031 |
ACQUISITION, GOODWILL AND INT_6
ACQUISITION, GOODWILL AND INTANGIBLE ASSETS - Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Business Combination and Asset Acquisition [Abstract] | ||
Remainder of 2022 | $ 22,518 | |
2023 | 83,390 | |
2024 | 69,975 | |
2025 | 60,385 | |
2026 | 53,223 | |
Thereafter | 184,949 | |
Net Carrying Value | $ 474,440 | $ 116,928 |
ACCOUNTS PAYABLE AND OTHER AC_3
ACCOUNTS PAYABLE AND OTHER ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Payables and Accruals [Abstract] | ||
Vendor payables | $ 436,558 | $ 371,744 |
Accrued expenses | 359,880 | 295,227 |
Total accounts payable and other accrued expenses | 796,438 | 666,971 |
Unfavorable Regulatory Action | ||
Loss Contingencies [Line Items] | ||
Provision for claimed indirect costs | $ 283,600 | $ 263,200 |
ACCRUED COMPENSATION AND BENE_3
ACCRUED COMPENSATION AND BENEFITS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Compensation Related Costs [Abstract] | ||
Bonus | $ 79,748 | $ 130,565 |
Retirement | 97,359 | 44,474 |
Vacation | 174,739 | 202,100 |
Other | 52,832 | 48,476 |
Total accrued compensation and benefits | $ 404,678 | $ 425,615 |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Long-term Debt, Current and Noncurrent [Abstract] | ||
Less: Unamortized debt issuance costs and discount on debt | $ (22,543) | $ (17,380) |
Total | 2,816,271 | 2,356,596 |
Less: Current portion of long-term debt | (68,379) | (77,865) |
Long-term debt, net of current portion | $ 2,747,892 | $ 2,278,731 |
Term Loans | Term Loan A | ||
Long-term Debt, Current and Noncurrent [Abstract] | ||
Interest Rate | 1.35% | 1.61% |
Outstanding Balance | $ 1,257,520 | $ 1,289,764 |
Term Loans | Term Loan B | ||
Long-term Debt, Current and Noncurrent [Abstract] | ||
Interest Rate | 1.85% | 1.86% |
Outstanding Balance | $ 381,294 | $ 384,212 |
Senior Notes | Senior Notes due 2028 | ||
Long-term Debt, Current and Noncurrent [Abstract] | ||
Interest Rate | 3.88% | 3.88% |
Outstanding Balance | $ 700,000 | $ 700,000 |
Senior Notes | Senior Notes due 2029 | ||
Long-term Debt, Current and Noncurrent [Abstract] | ||
Interest Rate | 4.00% | 0.00% |
Outstanding Balance | $ 500,000 | $ 0 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 17, 2021 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | ||||||
Long-term debt, maximum expanded loan facility | $ 909,000,000 | |||||
Consolidated EBITDA required for expansion of loan (as a percent) | 100.00% | |||||
Net secured leverage ratio | 350.00% | |||||
Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee (as a percent) | 0.175% | |||||
Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee (as a percent) | 0.35% | |||||
Term Loan A | ||||||
Debt Instrument [Line Items] | ||||||
Interest payments | $ 4,700,000 | $ 5,600,000 | $ 15,200,000 | $ 18,300,000 | ||
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% | |||||
Term Loan B | ||||||
Debt Instrument [Line Items] | ||||||
Interest payments | 1,800,000 | $ 1,900,000 | $ 5,400,000 | $ 6,000,000 | ||
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% | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility, maximum borrowing capacity | 1,000,000,000 | $ 1,000,000,000 | ||||
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 Loans | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, basis spread on variable rate | 1.00% | |||||
Term Loans | London Interbank Offered Rate (LIBOR) | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, basis spread on variable rate | 0.00% | |||||
Term Loans | Overnight Federal Funds Rate | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, basis spread on variable rate | 0.50% | |||||
Term Loans | Base Rate | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, basis spread on variable rate | 0.00% | |||||
Term Loans | Term Loan A | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt outstanding | $ 1,257,520,000 | $ 1,257,520,000 | $ 1,289,764,000 | |||
Quarterly periodic payment, principal (as a percent) | 1.25% | 1.25% | ||||
Term Loans | Term Loan A | Base Rate | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, basis spread on variable rate | 0.125% | |||||
Term Loans | Term Loan A | Base Rate | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, basis spread on variable rate | 1.00% | |||||
Term Loans | Term Loan B | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt outstanding | $ 381,294,000 | $ 381,294,000 | 384,212,000 | |||
Quarterly periodic payment, principal (as a percent) | 0.25% | 0.25% | ||||
Letter of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility, maximum borrowing capacity | $ 200,000,000 | $ 200,000,000 | ||||
Senior Notes | Senior Notes due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt outstanding | 500,000,000 | 500,000,000 | $ 0 | |||
Face amount of debt | $ 500,000,000 | |||||
Debt instrument (as a percent) | 4.00% | |||||
Debt issuance costs | $ 6,500,000 | |||||
Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedging | ||||||
Debt Instrument [Line Items] | ||||||
Notional amount of interest rate swaps | $ 700,000,000 | $ 700,000,000 |
DEBT - Interest Expense (Detail
DEBT - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) | $ 1,168 | $ 1,126 | $ 3,462 | $ 3,302 |
Interest Swap Expense | 4,097 | 5,410 | 13,627 | 15,215 |
Other | 112 | 106 | 378 | 611 |
Total Interest Expense | 23,677 | 20,878 | 69,201 | 60,900 |
Term Loans | Term Loan A | ||||
Debt Instrument [Line Items] | ||||
Interest expense on debt | 4,724 | 5,582 | 15,187 | 18,222 |
Term Loans | Term Loan B | ||||
Debt Instrument [Line Items] | ||||
Interest expense on debt | 1,795 | 1,872 | 5,401 | 5,980 |
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Interest expense on debt | 0 | 0 | 25 | 799 |
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Interest expense on debt | $ 11,781 | $ 6,782 | $ 31,121 | $ 16,771 |
DERIVATIVES - Narrative (Detail
DERIVATIVES - Narrative (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Derivative [Line Items] | ||
Estimate of amount to be reclassified over the next 12 months | $ 12,600,000 | |
Other Current Liabilities | ||
Derivative [Line Items] | ||
Fair value of derivative liabilities | 12,500,000 | $ 17,200,000 |
Other Noncurrent Liabilities | ||
Derivative [Line Items] | ||
Fair value of derivative liabilities | 8,600,000 | $ 21,000,000 |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount of interest rate swaps | $ 700,000,000 |
DERIVATIVES - Effect of Derivat
DERIVATIVES - Effect of Derivatives on Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivatives designated as cash flow hedges | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Reclassification from AOCI, tax | $ (1,100) | $ (1,400) | $ (3,600) | $ (4,000) |
Interest rate swaps | 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 | 5,271 | (326) | 3,496 | (7,121) |
Amount of (Loss) or Gain Reclassified from AOCL into Income | $ (4,097) | $ (5,410) | $ (13,627) | $ (15,215) |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||||
Effective income tax rate (as a percent) | 18.90% | 13.00% | 21.60% | 20.00% | |
Penalties and interest accrued | $ 4.9 | $ 4.9 | |||
Reserve for uncertain tax positions | 75.6 | 75.6 | $ 62.9 | ||
Reserve for uncertain tax positions, research and development tax credits | 12.2 | 12.2 | $ 12.2 | ||
Minimum | |||||
Operating Loss Carryforwards [Line Items] | |||||
Potential future tax expense that would arise | 40.2 | 40.2 | |||
Maximum | |||||
Operating Loss Carryforwards [Line Items] | |||||
Potential future tax expense that would arise | 55.4 | 55.4 | |||
Tax Years 2013-2015 | |||||
Operating Loss Carryforwards [Line Items] | |||||
Income tax assessments | 11.7 | ||||
Penalties accrued | 8.6 | 8.6 | |||
Tax Years 2014 and 2015 | |||||
Operating Loss Carryforwards [Line Items] | |||||
Penalties accrued | $ 3.7 | $ 3.7 |
OTHER LONG-TERM LIABILITIES (De
OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Postretirement benefit obligations | $ 130,105 | $ 126,054 |
Reserves for uncertain tax positions | 64,833 | 53,203 |
Other | 40,944 | 51,727 |
Total other long-term liabilities | $ 235,882 | $ 230,984 |
EMPLOYEE BENEFIT PLANS - Compon
EMPLOYEE BENEFIT PLANS - Components of Net Postretirement Medical Expense (Details) - Other Postretirement Benefits Plan - Officer Medical Plan - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 1,627 | $ 1,414 | $ 4,879 | $ 4,242 |
Interest cost | 1,015 | 1,059 | 3,047 | 3,177 |
Total postretirement medical expense | $ 2,642 | $ 2,473 | $ 7,926 | $ 7,419 |
EMPLOYEE BENEFIT PLANS - Narrat
EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer matching contribution, percent of match (as a percent) | 6.00% | ||||
Employees’ capital accumulation plan, total expense recognized | $ 42.3 | $ 40.4 | $ 128.2 | $ 121.7 | |
Officer Medical Plan | Other Postretirement Benefits Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, unfunded status of plan | $ 125.4 | $ 125.4 | $ 121.5 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Changes in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning of period | $ 1,048,098 | $ 971,957 | $ 1,071,176 | $ 856,356 |
Other comprehensive loss before reclassifications | 3,896 | (241) | 2,585 | (5,264) |
Amounts reclassified from accumulated other comprehensive loss | 3,049 | 4,021 | 10,132 | 11,313 |
Total other comprehensive income, net of tax | 6,945 | 3,780 | 12,717 | 6,049 |
End of period | 1,074,254 | 1,073,265 | 1,074,254 | 1,073,265 |
Other comprehensive income (loss) before reclassifications, tax benefit (expense) | (1,400) | 100 | (900) | 1,900 |
Post-retirement plans | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning of period | (1,523) | (4,083) | (1,562) | (4,127) |
Other comprehensive loss before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 20 | 22 | 59 | 66 |
Total other comprehensive income, net of tax | 20 | 22 | 59 | 66 |
End of period | (1,503) | (4,061) | (1,503) | (4,061) |
Derivatives designated as cash flow hedges | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning of period | (22,476) | (39,649) | (28,209) | (41,874) |
Other comprehensive loss before reclassifications | 3,896 | (241) | 2,585 | (5,264) |
Amounts reclassified from accumulated other comprehensive loss | 3,029 | 3,999 | 10,073 | 11,247 |
Total other comprehensive income, net of tax | 6,925 | 3,758 | 12,658 | 5,983 |
End of period | (15,551) | (35,891) | (15,551) | (35,891) |
Totals | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning of period | (23,999) | (43,732) | (29,771) | (46,001) |
Total other comprehensive income, net of tax | 6,945 | 3,780 | 12,717 | 6,049 |
End of period | $ (17,054) | $ (39,952) | $ (17,054) | $ (39,952) |
STOCK-BASED COMPENSATION - Sche
STOCK-BASED COMPENSATION - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 16,759 | $ 15,341 | $ 45,187 | $ 40,972 |
Equity Incentive Plan Options | Equity Incentive Plan Options | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 252 | 792 | 1,477 | 1,921 |
Restricted Stock Awards | Restricted Stock Awards | Class A Common Stock | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 16,507 | 14,549 | 43,710 | 39,051 |
Cost of revenue | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 7,235 | 5,834 | 19,832 | 16,101 |
General and administrative expenses | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 9,524 | $ 9,507 | $ 25,355 | $ 24,871 |
STOCK-BASED COMPENSATION - Unre
STOCK-BASED COMPENSATION - Unrecognized Compensation (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2021USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 56,605 |
Weighted Average Remaining Period to be Recognized (in years) | 4 years 10 months 24 days |
Equity Incentive Plan Options | Equity Incentive Plan Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 2,929 |
Weighted Average Remaining Period to be Recognized (in years) | 3 years 4 months 20 days |
Restricted Stock Awards | Restricted Stock Awards | Class A Common Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 53,676 |
Weighted Average Remaining Period to be Recognized (in years) | 1 year 7 months 24 days |
STOCK-BASED COMPENSATION - Stoc
STOCK-BASED COMPENSATION - Stock Plans (Details) - Equity Incentive Plan Options $ / shares in Units, $ in Millions | 3 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Equity Incentive Plan Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options outstanding (in shares) | 1,340,176 |
Stock options outstanding, unvested (in shares) | 574,394 |
Restricted stock units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock granted (in shares) | 24,359 |
Fair value of options granted | $ | $ 2 |
Minimum | Restricted stock units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock price on grant date (in dollars per share) | $ / shares | $ 82.64 |
Maximum | Restricted stock units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock price on grant date (in dollars per share) | $ / shares | $ 83.94 |
FAIR VALUE MEASUREMENTS - Recur
FAIR VALUE MEASUREMENTS - Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2017 |
Senior Notes due 2028 | |||
Liabilities: | |||
Debt instrument (as a percent) | 3.875% | ||
Fair Value, Measurements, Recurring | |||
Assets: | |||
Long-term deferred compensation plan asset | $ 17,834 | $ 14,142 | |
Total Assets | 17,834 | 14,142 | |
Liabilities: | |||
Contingent consideration, liability | 1,223 | ||
Current derivative instruments | 12,472 | 17,163 | |
Long-term derivative instruments | 8,568 | 20,999 | |
Long-term deferred compensation plan liability | 17,834 | 14,142 | |
Total Liabilities | 38,874 | 53,527 | |
Fair Value, Measurements, Recurring | Level 1 | |||
Assets: | |||
Long-term deferred compensation plan asset | 17,834 | 14,142 | |
Total Assets | 17,834 | 14,142 | |
Liabilities: | |||
Contingent consideration, liability | 0 | ||
Current derivative instruments | 0 | 0 | |
Long-term derivative instruments | 0 | 0 | |
Long-term deferred compensation plan liability | 17,834 | 14,142 | |
Total Liabilities | 17,834 | 14,142 | |
Fair Value, Measurements, Recurring | Level 2 | |||
Assets: | |||
Long-term deferred compensation plan asset | 0 | 0 | |
Total Assets | 0 | 0 | |
Liabilities: | |||
Contingent consideration, liability | 0 | ||
Current derivative instruments | 12,472 | 17,163 | |
Long-term derivative instruments | 8,568 | 20,999 | |
Long-term deferred compensation plan liability | 0 | 0 | |
Total Liabilities | 21,040 | 38,162 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Assets: | |||
Long-term deferred compensation plan asset | 0 | 0 | |
Total Assets | 0 | 0 | |
Liabilities: | |||
Contingent consideration, liability | 1,223 | ||
Current derivative instruments | 0 | 0 | |
Long-term derivative instruments | 0 | 0 | |
Long-term deferred compensation plan liability | 0 | 0 | |
Total Liabilities | 0 | 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 | 9 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)director | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)director | |
Related Party Transaction [Line Items] | ||||
Number of directors | director | 2 | 2 | ||
Payments to related party | $ | $ 18.7 | $ 21.4 | $ 53.8 | $ 66.4 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Contracts with U.S. government agencies or other U.S. government contractors | Revenue Benchmark | Total U.S. government | |||||
Concentration Risk [Line Items] | |||||
Concentration risk (as a percent) | 97.00% | 97.00% | 97.00% | 97.00% | |
Unfavorable Regulatory Action | |||||
Loss Contingencies [Line Items] | |||||
Liability for reductions and/or penalties from U.S Government audits | $ 283.6 | $ 283.6 | $ 263.2 | ||
Financial Standby Letter of Credit | |||||
Concentration Risk [Line Items] | |||||
Guarantor obligations, carrying value | 8.6 | 8.6 | 9.8 | ||
Guarantor obligations, reduction to available borrowings | 1 | 0.9 | |||
Guarantor obligations, facility | 20 | ||||
Guarantor obligations, available amount | $ 12.4 | $ 12.4 | $ 11.1 |
Uncategorized Items - bah-20211
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |