CACI International (CACI) 10-Q 26 Jan 23 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Dec. 31, 2022	Jan. 12, 2023
Cover [Abstract]
Entity Registrant Name	CACI International Inc
Entity Central Index Key	0000016058
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,508,119
Document Type	10-Q
Document Period End Date	Dec. 31, 2022
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Trading Symbol	CACI
Security Exchange Name	NYSE
Entity File Number	001-31400
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	54-1345888
Entity Address, Address Line One	12021 Sunset Hills Road
Entity Address, City or Town	Reston
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20190
City Area Code	703
Local Phone Number	841-7800
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenues	$ 1,649,416	$ 1,485,778	$ 3,255,175	$ 2,976,676
Costs of revenues:
Direct costs	1,094,314	974,018	2,150,086	1,948,189
Indirect costs and selling expenses	388,303	354,977	770,384	712,083
Depreciation and amortization	35,932	32,676	71,035	65,268
Total costs of revenues	1,518,549	1,361,671	2,991,505	2,725,540
Income from operations	130,867	124,107	263,670	251,136
Interest expense and other, net	19,942	11,009	36,135	21,407
Income before income taxes	110,925	113,098	227,535	229,729
Income taxes	23,824	22,799	51,309	51,321
Net income	$ 87,101	$ 90,299	$ 176,226	$ 178,408
Basic earnings per share	$ 3.71	$ 3.86	$ 7.51	$ 7.60
Diluted earnings per share	$ 3.68	$ 3.83	$ 7.44	$ 7.52
Weighted-average basic shares outstanding	23,506	23,399	23,463	23,480
Weighted-average diluted shares outstanding	23,676	23,598	23,677	23,722

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 87,101	$ 90,299	$ 176,226	$ 178,408
Other comprehensive income (loss):
Foreign currency translation adjustment	17,123	575	(366)	(6,187)
Change in fair value of interest rate swap agreements, net of tax	(1,516)	5,424	14,013	7,638
Other comprehensive income, net of tax	15,607	5,999	13,647	1,451
Comprehensive income	$ 102,708	$ 96,298	$ 189,873	$ 179,859

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Current assets:
Cash and cash equivalents	$ 114,738	$ 114,804
Accounts receivable, net	868,629	926,144
Prepaid expenses and other current assets	191,811	168,690
Total current assets	1,175,178	1,209,638
Goodwill	4,063,834	4,058,291
Intangible assets, net	543,058	581,385
Property, plant and equipment, net	195,567	205,622
Operating lease right-of-use assets	301,012	317,359
Supplemental retirement savings plan assets	95,752	96,114
Accounts receivable, long-term	11,843	10,199
Other long-term assets	168,305	150,823
Total assets	6,554,549	6,629,431
Current liabilities:
Current portion of long-term debt	30,625	30,625
Accounts payable	270,768	303,443
Accrued compensation and benefits	345,779	405,722
Other accrued expenses and current liabilities	334,476	287,571
Total current liabilities	981,648	1,027,361
Long-term debt, net of current portion	1,534,961	1,702,148
Supplemental retirement savings plan obligations, net of current portion	103,512	102,127
Deferred income taxes	273,626	356,841
Operating lease liabilities, noncurrent	296,637	315,315
Other long-term liabilities	113,919	72,096
Total liabilities	3,304,303	3,575,888
COMMITMENTS AND CONTINGENCIES
Shareholders’ equity:
Preferred stock $0.10 par value, 10,000 shares authorized, no shares issued or outstanding
Common stock $0.10 par value, 80,000 shares authorized; 42,911 shares issued and 23,508 outstanding at December 31, 2022 and 42,820 shares issued and 23,416 outstanding at June 30, 2022	4,291	4,282
Additional paid-in capital	578,470	571,650
Retained earnings	3,732,107	3,555,881
Accumulated other comprehensive loss	(17,429)	(31,076)
Treasury stock, at cost (19,404 and 19,404 shares, respectively)	(1,047,328)	(1,047,329)
Total CACI shareholders’ equity	3,250,111	3,053,408
Noncontrolling interest	135	135
Total shareholders’ equity	3,250,246	3,053,543
Total liabilities and shareholders’ equity	$ 6,554,549	$ 6,629,431

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2022	Jun. 30, 2022
Statement Of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued	42,911,000	42,820,000
Common stock, shares outstanding	23,508,000	23,416,000
Treasury stock, shares at cost	19,404,000	19,404,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 176,226	$ 178,408
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	71,035	65,268
Amortization of deferred financing costs	1,126	1,147
Loss on extinguishment of debt		891
Non-cash lease expense	34,909	33,943
Stock-based compensation expense	20,196	14,698
Deferred income taxes	(48,320)	(1,962)
Changes in operating assets and liabilities, net of effect of business acquisitions:
Accounts receivable, net	55,518	72,650
Prepaid expenses and other assets	(30,322)	(24,701)
Accounts payable and other accrued expenses	28,157	39,535
Accrued compensation and benefits	(59,917)	(89,752)
Income taxes payable and receivable	(5,110)	46,402
Operating lease liabilities	(40,050)	(34,169)
Long-term liabilities	3,642	6,407
Net cash provided by operating activities	207,090	308,765
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(25,670)	(21,632)
Acquisition of businesses, net of cash acquired		(609,356)
Other		923
Net cash used in investing activities	(25,670)	(630,065)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings under bank credit facilities	1,101,500	1,735,095
Principal payments made under bank credit facilities	(1,269,813)	(1,356,230)
Payment of financing costs under bank credit facilities		(6,286)
Proceeds from employee stock purchase plans	5,288	5,221
Repurchases of common stock	(5,286)	(4,995)
Payment of taxes for equity transactions	(13,269)	(13,956)
Net cash (used in) provided by financing activities	(181,580)	358,849
Effect of exchange rate changes on cash and cash equivalents	94	(1,477)
Net change in cash and cash equivalents	(66)	36,072
Cash and cash equivalents at beginning of period	114,804	88,031
Cash and cash equivalents at end of period	114,738	124,103
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for income taxes, net of refunds	100,400	4,509
Cash paid during the period for interest	27,654	19,042
Non-cash financing and investing activities:
Landlord sponsored tenant incentives	1,908	1,178
Accrued capital expenditures	$ 736	$ 813

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total CACI Shareholders' Equity	Noncontrolling Interest
Beginning balance at Jun. 30, 2021	$ 2,665,278	$ 4,268	$ 484,260	$ 3,189,087	$ (36,291)	$ (976,181)	$ 2,665,143	$ 135
Beginning balance, shares at Jun. 30, 2021		42,676				19,122
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	178,408			178,408			178,408
Stock-based compensation expense	14,698		14,698				14,698
Tax withholdings on restricted share vestings	(13,799)	$ 13	(13,812)				(13,799)
Tax withholdings on restricted share vestings (in shares)		134
Other comprehensive income, net of tax	1,451				1,451		1,451
Repurchases of common stock	(4,995)		70,761			$ (75,756)	(4,995)
Repurchases of common stock (in shares)						301
Treasury stock issued under stock purchase plans	4,669		61			$ 4,608	4,669
Treasury stock issued under stock purchase plans (in shares)						(19)
Ending balance at Dec. 31, 2021	2,845,710	$ 4,281	555,968	3,367,495	(34,840)	$ (1,047,329)	2,845,575	135
Ending balance, shares at Dec. 31, 2021		42,810				19,404
Beginning balance at Sep. 30, 2021	2,755,122	$ 4,271	561,688	3,277,196	(40,839)	$ (1,047,329)	2,754,987	135
Beginning balance, shares at Sep. 30, 2021		42,710				19,404
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	90,299			90,299			90,299
Stock-based compensation expense	8,029		8,029				8,029
Tax withholdings on restricted share vestings	(13,526)	$ 10	(13,536)				(13,526)
Tax withholdings on restricted share vestings (in shares)		100
Other comprehensive income, net of tax	5,999				5,999		5,999
Repurchases of common stock	(2,523)		(213)			$ (2,310)	(2,523)
Repurchases of common stock (in shares)						9
Treasury stock issued under stock purchase plans	2,310					$ 2,310	2,310
Treasury stock issued under stock purchase plans (in shares)						(9)
Ending balance at Dec. 31, 2021	2,845,710	$ 4,281	555,968	3,367,495	(34,840)	$ (1,047,329)	2,845,575	135
Ending balance, shares at Dec. 31, 2021		42,810				19,404
Beginning balance at Jun. 30, 2022	3,053,543	$ 4,282	571,650	3,555,881	(31,076)	$ (1,047,329)	3,053,408	135
Beginning balance, shares at Jun. 30, 2022		42,820				19,404
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	176,226			176,226			176,226
Stock-based compensation expense	20,196		20,196				20,196
Tax withholdings on restricted share vestings	(13,106)	$ 9	(13,115)				(13,106)
Tax withholdings on restricted share vestings (in shares)		91
Other comprehensive income, net of tax	13,647				13,647		13,647
Repurchases of common stock	(5,286)		(325)			$ (4,961)	(5,286)
Repurchases of common stock (in shares)						19
Treasury stock issued under stock purchase plans	5,026		64			$ 4,962	5,026
Treasury stock issued under stock purchase plans (in shares)						(19)
Ending balance at Dec. 31, 2022	3,250,246	$ 4,291	578,470	3,732,107	(17,429)	$ (1,047,328)	3,250,111	135
Ending balance, shares at Dec. 31, 2022		42,911				19,404
Beginning balance at Sep. 30, 2022	3,148,570	$ 4,283	579,511	3,645,006	(33,036)	$ (1,047,329)	3,148,435	135
Beginning balance, shares at Sep. 30, 2022		42,826				19,404
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	87,101			87,101			87,101
Stock-based compensation expense	11,757		11,757				11,757
Tax withholdings on restricted share vestings	(12,671)	$ 8	(12,679)				(12,671)
Tax withholdings on restricted share vestings (in shares)		85
Other comprehensive income, net of tax	15,607				15,607		15,607
Repurchases of common stock	(2,639)		(143)			$ (2,496)	(2,639)
Repurchases of common stock (in shares)						10
Treasury stock issued under stock purchase plans	2,521		24			$ 2,497	2,521
Treasury stock issued under stock purchase plans (in shares)						(10)
Ending balance at Dec. 31, 2022	$ 3,250,246	$ 4,291	$ 578,470	$ 3,732,107	$ (17,429)	$ (1,047,328)	$ 3,250,111	$ 135
Ending balance, shares at Dec. 31, 2022		42,911				19,404

Basis of Presentation

Basis of Presentation	6 Months Ended
	Dec. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Note 1 – The accompanying unaudited condensed consolidated financial statements of CACI International Inc and subsidiaries (CACI or the Company) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and include the assets, liabilities, results of operations, comprehensive income and cash flows for the Company, including its subsidiaries and ventures that are majority-owned or otherwise controlled by the Company. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading. All intercompany balances and transactions have been eliminated in consolidation. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and amounts included in other current assets and current liabilities that meet the definition of a financial instrument approximate fair value because of the short-term nature of these amounts. The fair value of the Company’s debt outstanding as of December 31, 2022 under its bank credit facility approximates its carrying value. The fair value of the Company’s debt under its bank credit facility was estimated using Level 2 inputs based on market data of companies with a corporate rating similar to CACI’s that have recently priced credit facilities. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments and reclassifications (all of which are of a normal, recurring nature) that are necessary for the fair presentation of the periods presented. It is suggested that these unaudited consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s latest annual report to the SEC on Form 10-K for the year ended June 30, 2022. The results of operations for the three and six months ended December 31, 2022 are not necessarily indicative of the results to be expected for any subsequent interim period or for the full fiscal year.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Dec. 31, 2022
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	Note 2 – Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. The guidance in this ASU is optional and expedients may be elected over time, as reference rate reform activities occur through December 31, 2022. However, in December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, extending the sunset date under Topic 848 from December 31, 2022 to December 31, 2024 to align the temporary accounting relief guidance with the expected LIBOR cessation date of June 30, 2023. During the year ended June 30, 2020, CACI elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives consistent with past presentation. Application of these expedients assisted in preserving the Company's presentation of derivatives as qualifying cash flow hedges. The Company continues to evaluate this guidance and may apply other elections as relevant contract and hedge accounting relationship modifications are made during the course of the reference rate reform transition period .

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Dec. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Note 3 – Goodwill and Intangible Assets Goodwill The changes in the carrying amount of goodwill for the six months ended December 31, 2022 are as follows (in thousands): Domestic International Total Balance at June 30, 2022 $ 3,934,625 $ 123,666 $ 4,058,291 Goodwill acquired (1) 6,072 — 6,072 Foreign currency translation (188 ) (341 ) (529 ) Balance at December 31, 2022 $ 3,940,509 $ 123,325 $ 4,063,834 (1) Includes goodwill initially allocated to new business combinations as well as measurement period adjustments, when applicable. Purchase price allocations for all of the fiscal year 2022 acquisitions were complete as of December 31, 2022. There were no impairments of goodwill during the periods presented. Intangible Assets Intangible assets consisted of the following (in thousands): December 31, 2022 June 30, 2022 Gross carrying Accumulated Net carrying Gross carrying Accumulated Net carrying value amortization value value amortization value Customer contracts and related customer relationships $ 656,249 $ (296,255 ) $ 359,994 $ 656,353 $ (275,538 ) $ 380,815 Acquired technologies 280,188 (97,124 ) 183,064 280,196 (79,626 ) 200,570 Total intangible assets $ 936,437 $ (393,379 ) $ 543,058 $ 936,549 $ (355,164 ) $ 581,385 Amortization expense related to intangible assets was $19.1 million and $38.2 million for the three and six months ended December 31, 2022, respectively, and $18.1 million and $35.6 million for the three and six months ended December 31, 2021, respectively.

Revenues and Contract Balances

Revenues and Contract Balances	6 Months Ended
	Dec. 31, 2022
Revenue From Contract With Customer [Abstract]
Revenues and Contract Balances	Note 4 – Revenues and Contract Balances Disaggregation of Revenues The Company disaggregates revenues by contract type, customer type, prime vs. subcontractor, and whether the solution provided is primarily Expertise or Technology. These categories represent how the nature, amount, timing, and uncertainty of revenues and cash flows are affected. Disaggregated revenues by contract type were as follows (in thousands): Three Months Ended Six Months Ended December 31, 2022 December 31, 2022 Domestic International Total Domestic International Total Cost-plus-fee $ 953,344 $ — $ 953,344 $ 1,888,090 $ — $ 1,888,090 Fixed-price 478,201 31,155 509,356 926,763 64,366 991,129 Time-and-materials 173,630 13,086 186,716 349,217 26,739 375,956 Total $ 1,605,175 $ 44,241 $ 1,649,416 $ 3,164,070 $ 91,105 $ 3,255,175 Three Months Ended Six Months Ended December 31, 2021 December 31, 2021 Domestic International Total Domestic International Total Cost-plus-fee $ 889,358 $ — $ 889,358 $ 1,783,071 $ — $ 1,783,071 Fixed-price 400,011 33,279 433,290 774,485 66,510 840,995 Time-and-materials 148,881 14,249 163,130 324,416 28,194 352,610 Total $ 1,438,250 $ 47,528 $ 1,485,778 $ 2,881,972 $ 94,704 $ 2,976,676 Disaggregated revenues by customer type were as follows (in thousands): Three Months Ended Six Months Ended December 31, 2022 December 31, 2022 Domestic International Total Domestic International Total Department of Defense $ 1,160,060 $ — $ 1,160,060 $ 2,255,380 $ — $ 2,255,380 Federal Civilian agencies 399,768 — 399,768 823,855 — 823,855 Commercial and other 45,347 44,241 89,588 84,835 91,105 175,940 Total $ 1,605,175 $ 44,241 $ 1,649,416 $ 3,164,070 $ 91,105 $ 3,255,175 Three Months Ended Six Months Ended December 31, 2021 December 31, 2021 Domestic International Total Domestic International Total Department of Defense $ 1,037,014 $ — $ 1,037,014 $ 2,037,141 $ — $ 2,037,141 Federal Civilian agencies 371,897 — 371,897 785,561 — 785,561 Commercial and other 29,339 47,528 76,867 59,270 94,704 153,974 Total $ 1,438,250 $ 47,528 $ 1,485,778 $ 2,881,972 $ 94,704 $ 2,976,676 Disaggregated revenues by prime vs. subcontractor were as follows (in thousands): Three Months Ended Six Months Ended December 31, 2022 December 31, 2022 Domestic International Total Domestic International Total Prime contractor $ 1,420,367 $ 40,472 $ 1,460,839 $ 2,827,821 $ 83,328 $ 2,911,149 Subcontractor 184,808 3,769 188,577 336,249 7,777 344,026 Total $ 1,605,175 $ 44,241 $ 1,649,416 $ 3,164,070 $ 91,105 $ 3,255,175 Three Months Ended Six Months Ended December 31, 2021 December 31, 2021 Domestic International Total Domestic International Total Prime contractor $ 1,292,529 $ 43,317 $ 1,335,846 $ 2,591,182 $ 86,223 $ 2,677,405 Subcontractor 145,721 4,211 149,932 290,790 8,481 299,271 Total $ 1,438,250 $ 47,528 $ 1,485,778 $ 2,881,972 $ 94,704 $ 2,976,676 Disaggregated revenues by expertise or technology were as follows (in thousands): Three Months Ended Six Months Ended December 31, 2022 December 31, 2022 Domestic International Total Domestic International Total Expertise $ 725,503 $ 16,117 $ 741,620 $ 1,443,153 $ 32,670 $ 1,475,823 Technology 879,672 28,124 907,796 1,720,917 58,435 1,779,352 Total $ 1,605,175 $ 44,241 $ 1,649,416 $ 3,164,070 $ 91,105 $ 3,255,175 Three Months Ended Six Months Ended December 31, 2021 December 31, 2021 Domestic International Total Domestic International Total Expertise $ 668,209 $ 18,100 $ 686,309 $ 1,351,833 $ 37,522 $ 1,389,355 Technology 770,041 29,428 799,469 1,530,139 57,182 1,587,321 Total $ 1,438,250 $ 47,528 $ 1,485,778 $ 2,881,972 $ 94,704 $ 2,976,676 Changes in Estimates Aggregate net changes in estimates for the three and six months ended December 31, 2022 reflected an increase to income before income taxes of $5.8 million ($0.18 per diluted share) and $11.5 million ($0.36 per diluted share), respectively, compared with $5.5 million ($0.17 per diluted share) and for the three and six months ended December 31, 2021 Revenues recognized from previously satisfied performance obligations were not material for the three and six months ended December 31, 2022 and 2021, respectively. The change in revenues generally relates to final true-up adjustments for estimated award or incentive fees in the period in which the customer’s final performance score was received or when it can be determined that more objective, contractually-defined criteria have been fully satisfied. Remaining Performance Obligations As of December 31, 2022, the Company had $8.6 billion of remaining performance obligations and expects to recognize approximately 47% and 67% over the next 12 and 24 months, respectively, with the remainder to be recognized thereafter. Contract Balances Contract balances consisted of the following (in thousands): December 31, June 30, Description of Contract Related Balance Financial Statement Classification 2022 2022 Billed and billable receivables Accounts receivable, net $ 753,254 $ 800,597 Contract assets – current unbilled receivables Accounts receivable, net 115,375 125,547 Contract assets – current costs to obtain Prepaid expenses and other current assets 5,186 5,167 Contract assets – noncurrent unbilled receivables Accounts receivable, long-term 11,843 10,199 Contract assets – noncurrent costs to obtain Other long-term assets 9,197 10,703 Contract liabilities – current deferred revenue and other contract liabilities Other accrued expenses and current liabilities (110,227 ) (84,810 ) Contract liabilities – noncurrent deferred revenue and other contract liabilities Other long-term liabilities (6,308 ) (7,552 ) During the three and six months ended December 31, 2022, we recognized $7.6 million and $58.1 million of revenues, respectively, compared with $13.6 million and $68.3 million of revenues ,

Inventories

Inventories	6 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Note 5 – Inventories consisted of the following (in thousands): December 31, June 30, 2022 2022 Materials, purchased parts and supplies $ 64,788 $ 57,407 Work in process 20,423 13,207 Finished goods 28,558 28,748 Total $ 113,769 $ 99,362 Inventories are stated at the lower of cost (average cost or first-in, first-out) or net realizable value and are included in prepaid expenses and other current assets on the accompanying consolidated balance sheets. Prior year amounts for work in process and finished goods have been revised.

Sales of Receivables

Sales of Receivables	6 Months Ended
	Dec. 31, 2022
Transfers And Servicing Of Financial Assets [Abstract]
Sales of Receivables	Note 6 – Sales of Receivables On December 22, 2022, the Company amended its Master Accounts Receivable Purchase Agreement (MARPA) with MUFG Bank, Ltd. (Purchaser), for the sale of certain designated eligible U.S. government receivables. The amendment extended the term of the MARPA to December 21, 2023. Under the MARPA, the Company can sell eligible receivables, including certain billed and unbilled receivables up to a maximum amount of $200.0 million. The Company’s receivables are sold under the MARPA without recourse for any U.S. government credit risk. The Company accounts for receivable transfers under the MARPA as sales under ASC 860, Transfers and Servicing The Company does not retain an ongoing financial interest in the transferred receivables other than cash collection and administrative services. The Company estimated that its servicing fee was at fair value and therefore no servicing asset or liability related to these receivables was recognized as of December 31, 2022. Proceeds from the sold receivables are reflected in operating cash flows on the statement of cash flows. MARPA activity consisted of the following (in thousands): As of and for the Six Months Ended December 31, 2022 2021 Beginning balance: $ 157,785 $ 182,027 Sales of receivables 1,460,825 1,361,521 Cash collections (1,418,648 ) (1,356,070 ) Outstanding balance sold to Purchaser: (1) 199,962 187,478 Cash collected, not remitted to Purchaser (2) (59,827 ) (49,166 ) Remaining sold receivables $ 140,135 $ 138,312 (1) For the six months ended December 31, 2022 and 2021, the Company recorded net cash inflows of $42.2 million and $5.5 million in its cash flows from operating activities, respectively, from sold receivables. MARPA cash flows are calculated as the change in the outstanding balance during the fiscal year. (2) Includes the cash collected on behalf of but not yet remitted to Purchaser as of December 31, 2022 and 2021. This balance is included in other accrued expenses and current liabilities as of the balance sheet date.

Debt

Debt	6 Months Ended
	Dec. 31, 2022
Long Term Debt [Abstract]
Debt	Note 7 – Debt Long-term debt consisted of the following (in thousands): December 31, June 30, 2022 2022 Bank credit facility – term loans $ 1,194,375 $ 1,209,688 Bank credit facility – revolver loans 380,000 533,000 Principal amount of long-term debt 1,574,375 1,742,688 Less unamortized discounts and debt issuance costs (8,789 ) (9,915 ) Total long-term debt 1,565,586 1,732,773 Less current portion (30,625 ) (30,625 ) Long-term debt, net of current portion $ 1,534,961 $ 1,702,148 Bank Credit Facility On December 13, 2021, the Company amended its credit facility (the Credit Facility) primarily to extend the maturity date, increase borrowing capacity, and improve pricing. As amended, the Company’s $3,200.0 million Credit Facility consists of a $1,975.0 million revolving credit facility (the Revolving Facility) and a $1,225.0 million term loan (the Term Loan). The Revolving Facility has subfacilities of $100.0 million for same-day swing line loan borrowings and $25.0 million for stand-by letters of credit. The Revolving Facility is a secured facility that permits continuously renewable borrowings of up to $1,975.0 million. As of December 31, 2022, the Company had $380.0 million outstanding under the Revolving Facility and no borrowings on the swing line. The Company pays a quarterly facility fee for the unused portion of the Revolving Facility. The Term Loan is a five-year The interest rates applicable to loans under the Credit Facility are floating interest rates that, at the Company’s option, equal a base rate or a Eurodollar rate plus, in each case, an applicable rate based upon the Company’s consolidated total net leverage ratio. As of December 31, 2022, the effective interest rate, including the impact of the Company’s floating-to-fixed interest rate swap agreements and excluding the effect of amortization of debt financing costs, for the outstanding borrowings under the Credit Facility was 4.50%. The Credit Facility requires the Company to comply with certain financial covenants, including a maximum total leverage ratio and a minimum interest coverage ratio. The Credit Facility also includes customary negative covenants restricting or limiting the Company’s ability to guarantee or incur additional indebtedness, grant liens or other security interests to third parties, make loans or investments, transfer assets, declare dividends or redeem or repurchase capital stock or make other distributions, prepay subordinated indebtedness and engage in mergers, acquisitions or other business combinations, in each case except as expressly permitted under the Credit Facility. As of December 31, 2022, the Company was in compliance with all of the financial covenants. A majority of the Company’s assets serve as collateral under the Credit Facility. All debt issuance costs are being amortized from the date incurred to the expiration date of the Credit Facility. Cash Flow Hedges The Company periodically uses derivative financial instruments as part of a strategy to manage exposure to market risks associated with interest rate fluctuations. The Company has entered into several floating-to-fixed interest rate swap agreements for an aggregate notional amount of $800.0 million which hedge a portion of the Company’s floating rate indebtedness. The swaps mature at various dates through 2028. The Company has designated the swaps as cash flow hedges. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. The interest rate swap agreements are highly correlated to the changes in interest rates to which the Company is exposed. Realized gains and losses in connection with each required interest payment are reclassified from accumulated other comprehensive income or loss to interest expense. The Company does not hold or issue derivative financial instruments for trading purposes. The effect of derivative instruments in the consolidated statements of operations and accumulated other comprehensive loss for the three and six months ended December 31, 2022 and 2021 is as follows (in thousands): Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Gain recognized in other comprehensive income $ 904 $ 2,194 $ 16,490 $ 1,186 Amounts reclassified to earnings from accumulated other comprehensive loss (2,420 ) 3,230 (2,477 ) 6,452 Net current period other comprehensive (loss) income $ (1,516 ) $ 5,424 $ 14,013 $ 7,638

Legal Proceedings and Other Com

Legal Proceedings and Other Commitments and Contingencies	6 Months Ended
	Dec. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Legal Proceedings and Other Commitments and Contingencies	Note 8 – Legal Proceedings and Other Commitments and Contingencies Legal Proceedings The Company is involved in various claims, lawsuits, and administrative proceedings arising in the normal course of business, none of which, based on current information, are expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. Government Contracting Payments to the Company on cost-plus-fee and time-and-materials contracts are subject to adjustment upon audit by the Defense Contract Audit Agency (DCAA) and other government agencies that do not utilize DCAA’s services. The DCAA has completed audits of the Company’s annual incurred cost proposals through fiscal year 2021. The Company is still negotiating the results of prior years’ audits with the respective cognizant contracting officers and believes its reserves for such are adequate. Adjustments that may result from these audits and the audits not yet started are not expected to have a material effect on the Company’s financial position, results of operations, or cash flows and the Company has accrued its best estimate of potential disallowances. Additionally, the DCAA continually reviews the cost accounting and other practices of government contractors, including the Company. In the course of those reviews, cost accounting and other issues may be identified, discussed and settled.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Note 9 – Earnings Per Share Earnings per share and the weighted-average number of diluted shares are computed as follows (in thousands, except per share data): Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Net income $ 87,101 $ 90,299 $ 176,226 $ 178,408 Weighted-average number of basic shares outstanding during the period 23,506 23,399 23,463 23,480 Dilutive effect of RSUs after application of treasury stock method 170 199 214 242 Weighted-average number of diluted shares outstanding during the period 23,676 23,598 23,677 23,722 Basic earnings per share $ 3.71 $ 3.86 $ 7.51 $ 7.60 Diluted earnings per share $ 3.68 $ 3.83 $ 7.44 $ 7.52

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 10 – Income Taxes The Company is subject to income taxes in the U.S. and various state and foreign jurisdictions. Tax statutes and regulations within each jurisdiction are subject to interpretation and require the application of significant judgment. The Company is currently under examination by the Internal Revenue Service for fiscal years 2017 through 2021. The Company does not expect resolution of the examination to have a material impact on its results of operations, financial condition, or cash flows. During fiscal year 2023, a provision of the Tax Cuts and Jobs Act of 2017 (TCJA) went into effect which eliminated the option to deduct domestic research and development costs in the year incurred and instead requires taxpayers to amortize such costs over five years. Although it is possible that Congress amends this provision of the TCJA, potentially with retroactive effect, we have no assurance that Congress will take any action with respect to this provision. For the three and six months ended December 31, 2022, the Company recognized a liability for unrecognized tax benefits and a corresponding deferred tax asset of $20.0 million and $39.8 million, respectively, related to the capitalization and amortization of research costs related to provisions of the TCJA becoming effective. The Company’s effective income tax rate was 21.5% and 22.5% for the three and six months ended December 31, 2022, respectively, and 20.2% and 22.3% for the three and six months ended December 31, 2021, respectively. The effective tax rates for the three and six months ended December 31, 2022 and 2021 both benefited from the favorable impact of research and development credits and the amount of excess tax benefits related to stock-based compensation, and are partially offset by the unfavorable impacts of certain executive compensation.

Business Segments

Business Segments	6 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Business Segments	Note 11 – Business Segments The Company reports operating results and financial data in two segments: domestic operations and international operations. Domestic operations provide Expertise and Technology primarily to U.S. federal government agencies. International operations provide Expertise and Technology primarily to international government and commercial customers. The Company evaluates the performance of its operating segments based on net income. Summarized financial information for the Company’s reportable segments is as follows (in thousands): Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Revenues: Domestic $ 1,605,175 $ 1,438,250 $ 3,164,070 $ 2,881,972 International 44,241 47,528 91,105 94,704 Total revenues $ 1,649,416 $ 1,485,778 $ 3,255,175 $ 2,976,676 Net income: Domestic $ 80,362 $ 83,407 $ 160,915 $ 165,104 International 6,739 6,892 15,311 13,304 Total net income $ 87,101 $ 90,299 $ 176,226 $ 178,408

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 12 – Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures The financial instruments measured at fair value on a recurring basis consist of the following (in thousands): December 31, June 30, Financial Statement Fair Value 2022 2022 Description of Financial Instrument Classification Hierarchy Fair Value Interest rate swap agreements Prepaid expenses and other current assets Level 2 $ 1,305 $ 337 Interest rate swap agreements Other long-term assets Level 2 $ 37,126 $ 19,184 The Company uses interest rate swap agreements to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves.

Subsequent Events

Subsequent Events	6 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 13 – Subsequent Events On January 24, 2023, CACI’s Board of Directors authorized the repurchase of up to $750.0 million of CACI’s outstanding common stock.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Dec. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Roll Forward of Goodwill	The changes in the carrying amount of goodwill for the six months ended December 31, 2022 are as follows (in thousands): Domestic International Total Balance at June 30, 2022 $ 3,934,625 $ 123,666 $ 4,058,291 Goodwill acquired (1) 6,072 — 6,072 Foreign currency translation (188 ) (341 ) (529 ) Balance at December 31, 2022 $ 3,940,509 $ 123,325 $ 4,063,834 (1) Includes goodwill initially allocated to new business combinations as well as measurement period adjustments, when applicable. Purchase price allocations for all of the fiscal year 2022 acquisitions were complete as of December 31, 2022.
Schedule of Intangible Assets	Intangible assets consisted of the following (in thousands): December 31, 2022 June 30, 2022 Gross carrying Accumulated Net carrying Gross carrying Accumulated Net carrying value amortization value value amortization value Customer contracts and related customer relationships $ 656,249 $ (296,255 ) $ 359,994 $ 656,353 $ (275,538 ) $ 380,815 Acquired technologies 280,188 (97,124 ) 183,064 280,196 (79,626 ) 200,570 Total intangible assets $ 936,437 $ (393,379 ) $ 543,058 $ 936,549 $ (355,164 ) $ 581,385

Revenues and Contract Balances

Revenues and Contract Balances (Tables)	6 Months Ended
	Dec. 31, 2022
Revenue From Contract With Customer [Abstract]
Schedule of Disaggregated Revenues	Disaggregated revenues by contract type were as follows (in thousands): Three Months Ended Six Months Ended December 31, 2022 December 31, 2022 Domestic International Total Domestic International Total Cost-plus-fee $ 953,344 $ — $ 953,344 $ 1,888,090 $ — $ 1,888,090 Fixed-price 478,201 31,155 509,356 926,763 64,366 991,129 Time-and-materials 173,630 13,086 186,716 349,217 26,739 375,956 Total $ 1,605,175 $ 44,241 $ 1,649,416 $ 3,164,070 $ 91,105 $ 3,255,175 Three Months Ended Six Months Ended December 31, 2021 December 31, 2021 Domestic International Total Domestic International Total Cost-plus-fee $ 889,358 $ — $ 889,358 $ 1,783,071 $ — $ 1,783,071 Fixed-price 400,011 33,279 433,290 774,485 66,510 840,995 Time-and-materials 148,881 14,249 163,130 324,416 28,194 352,610 Total $ 1,438,250 $ 47,528 $ 1,485,778 $ 2,881,972 $ 94,704 $ 2,976,676 Disaggregated revenues by customer type were as follows (in thousands): Three Months Ended Six Months Ended December 31, 2022 December 31, 2022 Domestic International Total Domestic International Total Department of Defense $ 1,160,060 $ — $ 1,160,060 $ 2,255,380 $ — $ 2,255,380 Federal Civilian agencies 399,768 — 399,768 823,855 — 823,855 Commercial and other 45,347 44,241 89,588 84,835 91,105 175,940 Total $ 1,605,175 $ 44,241 $ 1,649,416 $ 3,164,070 $ 91,105 $ 3,255,175 Three Months Ended Six Months Ended December 31, 2021 December 31, 2021 Domestic International Total Domestic International Total Department of Defense $ 1,037,014 $ — $ 1,037,014 $ 2,037,141 $ — $ 2,037,141 Federal Civilian agencies 371,897 — 371,897 785,561 — 785,561 Commercial and other 29,339 47,528 76,867 59,270 94,704 153,974 Total $ 1,438,250 $ 47,528 $ 1,485,778 $ 2,881,972 $ 94,704 $ 2,976,676 Disaggregated revenues by prime vs. subcontractor were as follows (in thousands): Three Months Ended Six Months Ended December 31, 2022 December 31, 2022 Domestic International Total Domestic International Total Prime contractor $ 1,420,367 $ 40,472 $ 1,460,839 $ 2,827,821 $ 83,328 $ 2,911,149 Subcontractor 184,808 3,769 188,577 336,249 7,777 344,026 Total $ 1,605,175 $ 44,241 $ 1,649,416 $ 3,164,070 $ 91,105 $ 3,255,175 Three Months Ended Six Months Ended December 31, 2021 December 31, 2021 Domestic International Total Domestic International Total Prime contractor $ 1,292,529 $ 43,317 $ 1,335,846 $ 2,591,182 $ 86,223 $ 2,677,405 Subcontractor 145,721 4,211 149,932 290,790 8,481 299,271 Total $ 1,438,250 $ 47,528 $ 1,485,778 $ 2,881,972 $ 94,704 $ 2,976,676 Disaggregated revenues by expertise or technology were as follows (in thousands): Three Months Ended Six Months Ended December 31, 2022 December 31, 2022 Domestic International Total Domestic International Total Expertise $ 725,503 $ 16,117 $ 741,620 $ 1,443,153 $ 32,670 $ 1,475,823 Technology 879,672 28,124 907,796 1,720,917 58,435 1,779,352 Total $ 1,605,175 $ 44,241 $ 1,649,416 $ 3,164,070 $ 91,105 $ 3,255,175 Three Months Ended Six Months Ended December 31, 2021 December 31, 2021 Domestic International Total Domestic International Total Expertise $ 668,209 $ 18,100 $ 686,309 $ 1,351,833 $ 37,522 $ 1,389,355 Technology 770,041 29,428 799,469 1,530,139 57,182 1,587,321 Total $ 1,438,250 $ 47,528 $ 1,485,778 $ 2,881,972 $ 94,704 $ 2,976,676
Contract Assets and Liabilities	Contract balances consisted of the following (in thousands): December 31, June 30, Description of Contract Related Balance Financial Statement Classification 2022 2022 Billed and billable receivables Accounts receivable, net $ 753,254 $ 800,597 Contract assets – current unbilled receivables Accounts receivable, net 115,375 125,547 Contract assets – current costs to obtain Prepaid expenses and other current assets 5,186 5,167 Contract assets – noncurrent unbilled receivables Accounts receivable, long-term 11,843 10,199 Contract assets – noncurrent costs to obtain Other long-term assets 9,197 10,703 Contract liabilities – current deferred revenue and other contract liabilities Other accrued expenses and current liabilities (110,227 ) (84,810 ) Contract liabilities – noncurrent deferred revenue and other contract liabilities Other long-term liabilities (6,308 ) (7,552 )

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Components of Inventories	Inventories consisted of the following (in thousands): December 31, June 30, 2022 2022 Materials, purchased parts and supplies $ 64,788 $ 57,407 Work in process 20,423 13,207 Finished goods 28,558 28,748 Total $ 113,769 $ 99,362 Inventories are stated at the lower of cost (average cost or first-in, first-out) or net realizable value and are included in prepaid expenses and other current assets on the accompanying consolidated balance sheets. Prior year amounts for work in process and finished goods have been revised.

Sales of Receivables (Tables)

Sales of Receivables (Tables)	6 Months Ended
	Dec. 31, 2022
Transfers And Servicing Of Financial Assets [Abstract]
Summary of MARPA Activity	MARPA activity consisted of the following (in thousands): As of and for the Six Months Ended December 31, 2022 2021 Beginning balance: $ 157,785 $ 182,027 Sales of receivables 1,460,825 1,361,521 Cash collections (1,418,648 ) (1,356,070 ) Outstanding balance sold to Purchaser: (1) 199,962 187,478 Cash collected, not remitted to Purchaser (2) (59,827 ) (49,166 ) Remaining sold receivables $ 140,135 $ 138,312 (1) For the six months ended December 31, 2022 and 2021, the Company recorded net cash inflows of $42.2 million and $5.5 million in its cash flows from operating activities, respectively, from sold receivables. MARPA cash flows are calculated as the change in the outstanding balance during the fiscal year. (2) Includes the cash collected on behalf of but not yet remitted to Purchaser as of December 31, 2022 and 2021. This balance is included in other accrued expenses and current liabilities as of the balance sheet date.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Dec. 31, 2022
Long Term Debt [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following (in thousands): December 31, June 30, 2022 2022 Bank credit facility – term loans $ 1,194,375 $ 1,209,688 Bank credit facility – revolver loans 380,000 533,000 Principal amount of long-term debt 1,574,375 1,742,688 Less unamortized discounts and debt issuance costs (8,789 ) (9,915 ) Total long-term debt 1,565,586 1,732,773 Less current portion (30,625 ) (30,625 ) Long-term debt, net of current portion $ 1,534,961 $ 1,702,148
Cash Flow Hedges	The effect of derivative instruments in the consolidated statements of operations and accumulated other comprehensive loss for the three and six months ended December 31, 2022 and 2021 is as follows (in thousands): Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Gain recognized in other comprehensive income $ 904 $ 2,194 $ 16,490 $ 1,186 Amounts reclassified to earnings from accumulated other comprehensive loss (2,420 ) 3,230 (2,477 ) 6,452 Net current period other comprehensive (loss) income $ (1,516 ) $ 5,424 $ 14,013 $ 7,638

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Calculation of basic and diluted earnings per share	Earnings per share and the weighted-average number of diluted shares are computed as follows (in thousands, except per share data): Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Net income $ 87,101 $ 90,299 $ 176,226 $ 178,408 Weighted-average number of basic shares outstanding during the period 23,506 23,399 23,463 23,480 Dilutive effect of RSUs after application of treasury stock method 170 199 214 242 Weighted-average number of diluted shares outstanding during the period 23,676 23,598 23,677 23,722 Basic earnings per share $ 3.71 $ 3.86 $ 7.51 $ 7.60 Diluted earnings per share $ 3.68 $ 3.83 $ 7.44 $ 7.52

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Summarized Financial Information of Reportable Segments	Summarized financial information for the Company’s reportable segments is as follows (in thousands): Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Revenues: Domestic $ 1,605,175 $ 1,438,250 $ 3,164,070 $ 2,881,972 International 44,241 47,528 91,105 94,704 Total revenues $ 1,649,416 $ 1,485,778 $ 3,255,175 $ 2,976,676 Net income: Domestic $ 80,362 $ 83,407 $ 160,915 $ 165,104 International 6,739 6,892 15,311 13,304 Total net income $ 87,101 $ 90,299 $ 176,226 $ 178,408

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Recurring Fair Value Measurements	The financial instruments measured at fair value on a recurring basis consist of the following (in thousands): December 31, June 30, Financial Statement Fair Value 2022 2022 Description of Financial Instrument Classification Hierarchy Fair Value Interest rate swap agreements Prepaid expenses and other current assets Level 2 $ 1,305 $ 337 Interest rate swap agreements Other long-term assets Level 2 $ 37,126 $ 19,184

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Roll Forward of Goodwill (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2022 USD ($)
Goodwill [Roll Forward]
Balance	$ 4,058,291
Goodwill acquired	6,072	[1]
Foreign currency translation	(529)
Balance	4,063,834
Domestic
Goodwill [Roll Forward]
Balance	3,934,625
Goodwill acquired	6,072	[1]
Foreign currency translation	(188)
Balance	3,940,509
International
Goodwill [Roll Forward]
Balance	123,666
Foreign currency translation	(341)
Balance	$ 123,325
[1]Includes goodwill initially allocated to new business combinations as well as measurement period adjustments, when applicable. Purchase price allocations for all of the fiscal year 2022 acquisitions were complete as of December 31, 2022.

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets Net [Abstract]
Amortization expense	$ 19.1	$ 18.1	$ 38.2	$ 35.6

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Finite Lived Intangible Assets [Line Items]
Gross carrying value	$ 936,437	$ 936,549
Accumulated amortization	(393,379)	(355,164)
Net carrying value	543,058	581,385
Customer contracts and related customer relationships
Finite Lived Intangible Assets [Line Items]
Gross carrying value	656,249	656,353
Accumulated amortization	(296,255)	(275,538)
Net carrying value	359,994	380,815
Acquired technologies
Finite Lived Intangible Assets [Line Items]
Gross carrying value	280,188	280,196
Accumulated amortization	(97,124)	(79,626)
Net carrying value	$ 183,064	$ 200,570

Revenues and Contract Balance_2

Revenues and Contract Balances - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenues	$ 1,649,416	$ 1,485,778	$ 3,255,175	$ 2,976,676
Expertise
Disaggregation Of Revenue [Line Items]
Revenues	741,620	686,309	1,475,823	1,389,355
Technology
Disaggregation Of Revenue [Line Items]
Revenues	907,796	799,469	1,779,352	1,587,321
Prime contractor
Disaggregation Of Revenue [Line Items]
Revenues	1,460,839	1,335,846	2,911,149	2,677,405
Subcontractor
Disaggregation Of Revenue [Line Items]
Revenues	188,577	149,932	344,026	299,271
Department of Defense
Disaggregation Of Revenue [Line Items]
Revenues	1,160,060	1,037,014	2,255,380	2,037,141
Federal civilian agencies
Disaggregation Of Revenue [Line Items]
Revenues	399,768	371,897	823,855	785,561
Commercial and other
Disaggregation Of Revenue [Line Items]
Revenues	89,588	76,867	175,940	153,974
Cost-plus-fee
Disaggregation Of Revenue [Line Items]
Revenues	953,344	889,358	1,888,090	1,783,071
Fixed-price
Disaggregation Of Revenue [Line Items]
Revenues	509,356	433,290	991,129	840,995
Time and materials
Disaggregation Of Revenue [Line Items]
Revenues	186,716	163,130	375,956	352,610
Domestic
Disaggregation Of Revenue [Line Items]
Revenues	1,605,175	1,438,250	3,164,070	2,881,972
Domestic | Expertise
Disaggregation Of Revenue [Line Items]
Revenues	725,503	668,209	1,443,153	1,351,833
Domestic | Technology
Disaggregation Of Revenue [Line Items]
Revenues	879,672	770,041	1,720,917	1,530,139
Domestic | Prime contractor
Disaggregation Of Revenue [Line Items]
Revenues	1,420,367	1,292,529	2,827,821	2,591,182
Domestic | Subcontractor
Disaggregation Of Revenue [Line Items]
Revenues	184,808	145,721	336,249	290,790
Domestic | Department of Defense
Disaggregation Of Revenue [Line Items]
Revenues	1,160,060	1,037,014	2,255,380	2,037,141
Domestic | Federal civilian agencies
Disaggregation Of Revenue [Line Items]
Revenues	399,768	371,897	823,855	785,561
Domestic | Commercial and other
Disaggregation Of Revenue [Line Items]
Revenues	45,347	29,339	84,835	59,270
Domestic | Cost-plus-fee
Disaggregation Of Revenue [Line Items]
Revenues	953,344	889,358	1,888,090	1,783,071
Domestic | Fixed-price
Disaggregation Of Revenue [Line Items]
Revenues	478,201	400,011	926,763	774,485
Domestic | Time and materials
Disaggregation Of Revenue [Line Items]
Revenues	173,630	148,881	349,217	324,416
International
Disaggregation Of Revenue [Line Items]
Revenues	44,241	47,528	91,105	94,704
International | Expertise
Disaggregation Of Revenue [Line Items]
Revenues	16,117	18,100	32,670	37,522
International | Technology
Disaggregation Of Revenue [Line Items]
Revenues	28,124	29,428	58,435	57,182
International | Prime contractor
Disaggregation Of Revenue [Line Items]
Revenues	40,472	43,317	83,328	86,223
International | Subcontractor
Disaggregation Of Revenue [Line Items]
Revenues	3,769	4,211	7,777	8,481
International | Commercial and other
Disaggregation Of Revenue [Line Items]
Revenues	44,241	47,528	91,105	94,704
International | Fixed-price
Disaggregation Of Revenue [Line Items]
Revenues	31,155	33,279	64,366	66,510
International | Time and materials
Disaggregation Of Revenue [Line Items]
Revenues	$ 13,086	$ 14,249	$ 26,739	$ 28,194

Revenues and Contract Balance_3

Revenues and Contract Balances (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Change In Accounting Estimate [Line Items]
Income before income taxes	$ 110,925	$ 113,098	$ 227,535	$ 229,729
Diluted earnings per share	$ 3.68	$ 3.83	$ 7.44	$ 7.52
Change in Contract with Customer, Liability [Abstract]
Liability, revenue recognized	$ 7,600	$ 13,600	$ 58,100	$ 68,300
EAC Adjustments
Change In Accounting Estimate [Line Items]
Income before income taxes	$ 5,800	$ 5,500	$ 11,500	$ 8,200
Diluted earnings per share	$ 0.18	$ 0.17	$ 0.36	$ 0.26

Revenues and Contract Balance_4

Revenues and Contract Balances - Remaining Performance Obligations (Details) $ in Billions	Dec. 31, 2022 USD ($)
Revenue From Contract With Customer [Abstract]
Remaining performance obligations	$ 8.6

Revenues and Contract Balance_5

Revenues and Contract Balances - Remaining Performance Obligations (Details 1)	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Remaining Performance Obligations [Line Items]
Remaining performance obligations, expected satisfaction, percentage	47%
Remaining performance obligations, expected timing of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Remaining Performance Obligations [Line Items]
Remaining performance obligations, expected satisfaction, percentage	67%
Remaining performance obligations, expected timing of satisfaction	24 months

Revenues and Contract Balance_6

Revenues and Contract Balances - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Contract with Customer, Asset and Liability [Abstract]
Billed and billable receivables	$ 753,254	$ 800,597
Contract assets – current unbilled receivables	115,375	125,547
Contract assets – current costs to obtain	5,186	5,167
Accounts receivable, long-term	11,843	10,199
Contract assets – noncurrent costs to obtain	9,197	10,703
Contract liabilities – current deferred revenue and other contract liabilities	(110,227)	(84,810)
Contract liabilities – noncurrent deferred revenue and other contract liabilities	$ (6,308)	$ (7,552)

Inventories - Components of Inv

Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Inventory Disclosure [Abstract]
Materials, purchased parts and supplies	$ 64,788	$ 57,407
Work in process	20,423	13,207
Finished goods	28,558	28,748
Total	$ 113,769	$ 99,362

Sales of Receivables (Details)

Sales of Receivables (Details) $ in Millions	Dec. 22, 2022 USD ($)
MARPA
MARPA maturity date	Dec. 21, 2023
MARPA maximum commitment	$ 200

Sales of Receivables - Summary

Sales of Receivables - Summary of MARPA Activity (Details) - USD ($) $ in Thousands		Dec. 31, 2022		Jun. 30, 2022	Dec. 31, 2021		Jun. 30, 2021
Transfers And Servicing Of Financial Assets [Abstract]
Outstanding balance sold to Purchaser		$ 199,962	[1]	$ 157,785	$ 187,478	[1]	$ 182,027
Sales of receivables		1,460,825			1,361,521
Cash collections		(1,418,648)			(1,356,070)
Cash collected, not remitted to Purchaser	[2]	(59,827)			(49,166)
Remaining sold receivables		$ 140,135			$ 138,312
[1]For the six months ended December 31, 2022 and 2021, the Company recorded net cash inflows of $42.2 million and $5.5 million in its cash flows from operating activities, respectively, from sold receivables.  MARPA cash flows are calculated as the change in the outstanding balance during the fiscal year.[2]Includes the cash collected on behalf of but not yet remitted to Purchaser as of December 31, 2022 and 2021.  This balance is included in other accrued expenses and current liabilities as of the balance sheet date.

Sales of Receivables - Summar_2

Sales of Receivables - Summary of MARPA Activity (Parentheticals) (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Transfers And Servicing Of Financial Assets [Abstract]
Cash provided (used) by MARPA	$ 42.2	$ 5.5

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Principal amount of long-term debt	$ 1,574,375	$ 1,742,688
Less unamortized discounts and debt issuance costs	(8,789)	(9,915)
Total long-term debt	1,565,586	1,732,773
Less current portion	(30,625)	(30,625)
Long-term debt, net of current portion	1,534,961	1,702,148
Total long-term debt	1,565,586	1,732,773
Bank credit facility - term loans
Debt Instrument [Line Items]
Principal amount of long-term debt	1,194,375	1,209,688
Bank credit facility - revolver loans
Debt Instrument [Line Items]
Principal amount of long-term debt	$ 380,000	$ 533,000

Debt (Details)

Debt (Details) - USD ($)	6 Months Ended
	Dec. 31, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Outstanding amount under Credit Facility	$ 1,574,375,000	$ 1,742,688,000
Interest Rate Swap | Cash Flow Hedging
Debt Instrument [Line Items]
Aggregate notional amount	800,000,000
Bank Credit Facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 3,200,000,000
Outstanding borrowings interest rate	4.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 1,975,000,000
Outstanding amount under Credit Facility	380,000,000	533,000,000
Term loans
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	1,225,000,000
Outstanding amount under Credit Facility	$ 1,194,375,000	$ 1,209,688,000
Term loan period	5 years
Loan maturity date	Dec. 13, 2026
Term loan frequency of payment	quarterly
Term loan principal payment	$ 7,700,000
Term loans | Principal Payment After December 31, 2023
Debt Instrument [Line Items]
Term loan principal payment	15,300,000
Same-Day Swing Line Loan Revolving Credit Sub-Facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	100,000,000
Outstanding amount under Credit Facility	0
Stand-By Letters Of Credit Revolving Credit Sub-Facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 25,000,000

Debt - Cash Flow Hedges (Detail

Debt - Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Long Term Debt [Abstract]
Gain recognized in other comprehensive income	$ 904	$ 2,194	$ 16,490	$ 1,186
Amounts reclassified to earnings from accumulated other comprehensive loss	(2,420)	3,230	(2,477)	6,452
Net current period other comprehensive (loss) income	$ (1,516)	$ 5,424	$ 14,013	$ 7,638

Earnings Per Share - Calculatio

Earnings Per Share - Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income	$ 87,101	$ 90,299	$ 176,226	$ 178,408
Weighted-average basic shares outstanding	23,506	23,399	23,463	23,480
Dilutive effect of RSUs after application of treasury stock method	170	199	214	242
Weighted-average number of diluted shares outstanding during the period	23,676	23,598	23,677	23,722
Basic earnings per share	$ 3.71	$ 3.86	$ 7.51	$ 7.60
Diluted earnings per share	$ 3.68	$ 3.83	$ 7.44	$ 7.52

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Deferred tax assets, increase	$ 20		$ 39.8
Effective income tax rate	21.50%	20.20%	22.50%	22.30%

Business Segments (Details)

Business Segments (Details)	6 Months Ended
	Dec. 31, 2022 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Business Segments - Summarized

Business Segments - Summarized Financial Information of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 1,649,416	$ 1,485,778	$ 3,255,175	$ 2,976,676
Net income	87,101	90,299	176,226	178,408
Domestic
Segment Reporting Information [Line Items]
Revenues	1,605,175	1,438,250	3,164,070	2,881,972
Net income	80,362	83,407	160,915	165,104
International
Segment Reporting Information [Line Items]
Revenues	44,241	47,528	91,105	94,704
Net income	$ 6,739	$ 6,892	$ 15,311	$ 13,304

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - Level 2 - Interest Rate Swap - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Prepaid expenses and other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements	$ 1,305	$ 337
Other long-term assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements	$ 37,126	$ 19,184

Subsequent Events (Detail Textu

Subsequent Events (Detail Textual)	Jan. 24, 2023 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Share repurchases, authorized amount	$ 750,000,000