Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 01, 2016 | May. 23, 2016 | Oct. 02, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | CSRA Inc. | ||
Entity Central Index Key | 1,646,383 | ||
Current Fiscal Year End Date | --04-01 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 1, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 163,300,924 | ||
Entity Public Float | $ 0 |
CONSOLIDATED AND COMBINED BALAN
CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 01, 2016 | Apr. 03, 2015 |
Current assets | ||
Cash and cash equivalents | $ 130,016 | $ 4,979 |
Receivables, net of allowance for doubtful accounts of $21,295 (fiscal 2016) and $14,733 (fiscal 2015) | 751,228 | 696,727 |
Prepaid expenses and other current assets | 123,278 | 92,665 |
Total current assets | 1,004,522 | 794,371 |
Intangible and other assets | ||
Goodwill | 2,332,158 | 802,582 |
Customer-related and other intangible assets, net of accumulated amortization of $200,611 (fiscal 2016) and $150,295 (fiscal 2015) | 869,409 | 33,405 |
Software, net of accumulated amortization of $95,034 (fiscal 2016) and $75,544 (fiscal 2015) | 41,427 | 35,261 |
Other assets | 68,697 | 58,931 |
Total intangible and other assets | 3,311,691 | 930,179 |
Property and equipment, net of accumulated depreciation of $773,027 (fiscal 2016) and $696,796 (fiscal 2015) | 530,087 | 436,732 |
Total assets | 4,846,300 | 2,161,282 |
Current liabilities | ||
Accounts payable | 170,359 | 130,551 |
Accrued payroll and related costs | 199,512 | 109,539 |
Accrued expenses and other current liabilities | 527,734 | 440,606 |
Current capital lease liability | 42,191 | 21,351 |
Current maturities of long-term debt | 128,000 | 0 |
Dividends payable | 17,943 | 0 |
Total current liabilities | 1,085,739 | 702,047 |
Long-term debt, net of current maturities | 2,656,324 | 0 |
Noncurrent capital lease liability | 108,530 | 129,933 |
Deferred income tax liabilities | 162,844 | 153,297 |
Other long-term liabilities | $ 742,625 | $ 80,957 |
Commitments and contingent liabilities | ||
Parent equity | ||
Net parent investment, prior to Spin-Off | $ 0 | $ 1,067,492 |
Common stock, $0.001 par value, 750,000,000 shares authorized, 162,925,821 shares issued and outstanding | 163 | 0 |
Additional paid-in capital | 117,376 | 0 |
Accumulated deficit | (73,901) | 0 |
Accumulated other comprehensive income (loss) | 20,908 | (405) |
Total CSRA stockholders' equity | 64,546 | 1,067,087 |
Noncontrolling interests | 25,692 | 27,961 |
Total equity | 90,238 | 1,095,048 |
Total liabilities and equity | $ 4,846,300 | $ 2,161,282 |
CONSOLIDATED AND COMBINED BALA3
CONSOLIDATED AND COMBINED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Apr. 01, 2016 | Apr. 03, 2015 |
Allowance for doubtful accounts | $ 21,295 | $ 14,733 |
Finite-lived intangible assets, accumulated amortization | 295,645 | 225,839 |
Property and equipment, accumulated depreciation | $ 773,027 | $ 696,796 |
Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares issued (in shares) | 162,925,821 | 162,925,821 |
Common stock, shares outstanding (in shares) | 162,925,821 | 162,925,821 |
Customer-related and other intangible assets | ||
Finite-lived intangible assets, accumulated amortization | $ 200,611 | $ 150,295 |
Other intangible assets | ||
Finite-lived intangible assets, accumulated amortization | $ 95,034 | $ 75,544 |
CONSOLIDATED AND COMBINED STATE
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Income Statement [Abstract] | |||
Revenue | $ 4,245,673 | $ 4,061,914 | $ 4,094,374 |
Related party revenue | 4,774 | 7,832 | 8,262 |
Total revenue | 4,250,447 | 4,069,746 | 4,102,636 |
Cost of services | 3,570,857 | 3,274,469 | 3,339,088 |
Related party cost of services | 4,774 | 7,832 | 8,262 |
Total cost of services (excludes depreciation and amortization) | 3,575,631 | 3,282,301 | 3,347,350 |
Selling, general and administrative expenses | 187,244 | 194,207 | 188,105 |
Separation and merger costs | 117,987 | 0 | 0 |
Depreciation and amortization | 182,242 | 137,058 | 144,742 |
Interest expense, net | 53,475 | 21,864 | 20,296 |
Other (income) expense, net | (15,221) | 5,608 | 1,867 |
Total costs and expenses | 4,101,358 | 3,641,038 | 3,702,360 |
Income from continuing operations before taxes | 149,089 | 428,708 | 400,276 |
Income tax expense | 46,167 | 160,996 | 146,558 |
Income from continuing operations | 102,922 | 267,712 | 253,718 |
(Loss) income from discontinued operations, net of taxes | 0 | (1,877) | 64,600 |
Net income | 102,922 | 265,835 | 318,318 |
Less: noncontrolling interests | 15,777 | 14,078 | 21,936 |
Net income attributable to CSRA common stockholders | $ 87,145 | $ 251,757 | $ 296,382 |
Earnings (loss) per common share, basic | |||
Continuing operations (usd per share) | $ 0.54 | $ 1.82 | $ 1.67 |
Discontinued operations (usd per share) | 0 | (0.01) | 0.46 |
Basic (usd per share) | 0.54 | 1.81 | 2.13 |
Earnings (loss) per common share, diluted | |||
Continuing operations (usd per share) | 0.53 | 1.82 | 1.67 |
Discontinued operations (usd per share) | 0 | (0.01) | 0.46 |
Diluted (usd per share) | $ 0.53 | $ 1.81 | $ 2.13 |
CONSOLIDATED AND COMBINED STAT5
CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 102,922 | $ 265,835 | $ 318,318 |
Other comprehensive income (loss), net of taxes | |||
Prior service cost, net of tax expense of ($2,161) in fiscal 2015 | 0 | 3,400 | 0 |
Transfer of prior service cost due to Spin-Off, net of tax expense of $18,984 in fiscal 2016 | 31,139 | 0 | 0 |
Amortization of prior service (credit) cost, net of tax benefit of $2,251, $881, and $0 in fiscal 2016, 2015, and 2014 | (5,185) | (1,386) | 33 |
Foreign currency translation adjustment, net of tax expense of $123, $0, and tax benefit of $398 in fiscal 2016, 2015, and 2014 | 2,083 | (1,669) | (255) |
Unrealized loss on interest rate swaps, net of tax benefit of $4,340 | (6,724) | 0 | 0 |
Other comprehensive income (loss), net of taxes | 21,313 | 345 | (222) |
Comprehensive income | 124,235 | 266,180 | 318,096 |
Less: comprehensive income attributable to noncontrolling interest, net of taxes | 15,779 | 14,085 | 21,943 |
Comprehensive income attributable to CSRA common stockholders | $ 108,456 | $ 252,095 | $ 296,153 |
CONSOLIDATED AND COMBINED STAT6
CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Prior service credit, tax expense | $ 0 | $ (2,161) | $ 0 |
Transfer of prior service cost due to Spin-Off, tax expense | 18,984 | 0 | 0 |
Amortization of prior service (credit) cost, tax benefit | 2,251 | 881 | 0 |
Foreign currency translation adjustment, tax expense (benefit) | 123 | 0 | (398) |
Unrealized loss on interest rate swap, tax benefit | $ 4,340 | $ 0 | $ 0 |
CONSOLIDATED AND COMBINED STAT7
CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-In Capital | Net Parent Investment | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Equity | Non-controlling Interests |
Shares, beginning of period at Mar. 29, 2013 | 0 | |||||||
Balance, beginning of period at Mar. 29, 2013 | $ 1,408,458 | $ 0 | $ 0 | $ 1,383,832 | $ 0 | $ (498) | $ 1,383,334 | $ 25,124 |
Increase (Decrease) in Parent Equity | ||||||||
Net income | 318,318 | 296,382 | 296,382 | 21,936 | ||||
Unfunded pension obligation, net of tax | 33 | 26 | 26 | 7 | ||||
Transfers to multi-employer plan | (16) | (16) | (16) | |||||
Foreign currency translation adjustment, net of tax | (255) | (255) | (255) | |||||
Adjustments from business disposition | 9,290 | 9,290 | ||||||
Net transfers to Parent | (576,943) | (551,462) | (551,462) | (25,481) | ||||
Shares, ending of period at Mar. 28, 2014 | 0 | |||||||
Balance, end of period at Mar. 28, 2014 | 1,158,885 | $ 0 | 0 | 1,128,752 | 0 | (743) | 1,128,009 | 30,876 |
Increase (Decrease) in Parent Equity | ||||||||
Net income | 265,835 | 251,757 | 251,757 | 14,078 | ||||
Unfunded pension obligation, net of tax | 2,014 | 2,007 | 2,007 | 7 | ||||
Foreign currency translation adjustment, net of tax | (1,669) | (1,669) | (1,669) | |||||
Net transfers to Parent | (330,017) | (313,017) | (313,017) | (17,000) | ||||
Shares, ending of period at Apr. 03, 2015 | 0 | |||||||
Balance, end of period at Apr. 03, 2015 | 1,095,048 | $ 0 | 0 | 1,067,492 | 0 | (405) | 1,067,087 | 27,961 |
Increase (Decrease) in Parent Equity | ||||||||
Net income | 102,922 | |||||||
Foreign currency translation adjustment, net of tax | 2,083 | |||||||
Contribution of the Computer Sciences GS Business to CSRA Inc. | (608,417) | |||||||
Shares, ending of period at Apr. 01, 2016 | 162,925,821 | |||||||
Balance, end of period at Apr. 01, 2016 | $ 90,238 | $ 163 | $ 117,376 | $ 0 | $ (73,901) | $ 20,908 | $ 64,546 | $ 25,692 |
CONSOLIDATED AND COMBINED STAT8
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 102,922 | $ 265,835 | $ 318,318 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 191,404 | 146,764 | 155,522 |
Pension and OPEB actuarial & settlement losses (gains) | 202,800 | 8,359 | (38,475) |
Stock-based compensation | 10,215 | 17,618 | 17,669 |
Excess tax benefit from stock-based compensation | (605) | 0 | 0 |
Deferred income taxes | (44,187) | (2,615) | 10,290 |
Net (gain) loss on dispositions of businesses and assets | (6,620) | 3,521 | (52,309) |
Provision for loss (gain) on accounts receivable | 337 | (265) | 4,057 |
Net loss on sale of receivables | 2,458 | 0 | 0 |
Amortization of debt issuance costs | 3,785 | 0 | 0 |
Other non-cash items, net | (4,811) | 0 | 0 |
Changes in assets and liabilities, net of acquisitions and dispositions: | |||
Decrease in receivables | 185,939 | 7,996 | 121,742 |
(Increase) decrease in prepaid and other assets | (29,836) | 42,674 | (44,385) |
(Increase) decrease in payables and accrued expenses | (17,537) | 30,165 | 18,030 |
(Increase) decrease in defined benefits liability | (56,714) | (5,000) | 26,570 |
Increase (decrease) in other long-term liabilities | 13,985 | (22,099) | 38,478 |
Other operating activities, net | (19) | (6,015) | 2,305 |
Cash provided by operating activities | 553,516 | 486,938 | 577,812 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (139,420) | (70,183) | (79,775) |
Software purchased and developed | (21,913) | (7,720) | (17,038) |
Payments for acquisitions, net of cash acquired | (341,606) | (49,370) | 0 |
Extinguishment of SRA long-term debt and costs | (1,100,698) | 0 | 0 |
Reimbursement of SRA-related expenses | (29,885) | 0 | 0 |
Proceeds from business dispositions | 34,001 | 3,000 | 171,288 |
Proceeds from disposals of assets | 3,714 | 7,624 | 549 |
Other investing | (9,512) | 0 | 0 |
Cash (used in) provided by investing activities | (1,605,319) | (116,649) | 75,024 |
Cash flows from financing activities: | |||
Borrowings under lines of credit | 200,000 | 0 | 0 |
Repayments of borrowings under lines of credit | (150,000) | 0 | 0 |
Borrowings of long-term debt | 2,800,000 | 0 | 0 |
Payments of long-term debt | (20,000) | 0 | 0 |
Debt issuance costs | (56,415) | 0 | 0 |
Excess tax benefit from stock-based compensation | 605 | 0 | 0 |
Proceeds from stock options and other common stock transactions | 3,692 | 0 | 0 |
Repurchase of common stock | (50,000) | 0 | 0 |
Special Dividend payment | (1,147,807) | 0 | 0 |
Dividends paid | (16,252) | 0 | 0 |
Repayment of Transitory Note | (350,038) | 0 | 0 |
Payments on lease liability | (16,497) | (28,902) | (43,832) |
Payments to noncontrolling interest | (18,000) | 0 | 0 |
Net transfers to CSC | (10,425) | (340,387) | (615,237) |
Other financing | 7,977 | 0 | 0 |
Cash used in financing activities | 1,176,840 | (369,289) | (659,069) |
Net increase (decrease) in cash and cash equivalents | 125,037 | 1,000 | (6,233) |
Cash and cash equivalents at beginning of period | 4,979 | 3,979 | 10,212 |
Cash and cash equivalents at end of period | $ 130,016 | $ 4,979 | $ 3,979 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 01, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Description of the Business CSRA Inc. (“CSRA” or “the Company”) is a provider of IT services to the U.S. federal government. CSRA delivers IT, mission, and operations-related services across the U.S. federal government to the Department of Defense (“DoD”), Intelligence Community and homeland security, civil and healthcare agencies, as well as to certain state and local government agencies through two segments: (1) Defense and Intelligence and (2) Civil. The Spin-Off On November 6, 2015, CSRA’s Registration Statement on Form 10, as amended (the “Registration Statement on Form 10”) was declared effective by the U.S. Securities and Exchange Commission (the “SEC”). On November 27, 2015 (the “Distribution Date”), Computer Sciences Corporation (“CSC” or “Parent”) completed the spin-off of CSRA, including the Computer Sciences GS Business (as defined in the Information Statement attached as Exhibit 99.1 to CSRA’s Registration Statement on Form 10 (the “Information Statement”)) to CSC shareholders of record(the “Spin-Off”). We refer to this series of internal transactions as the “Internal Reorganization.” For a more detailed description of the Spin-Off, see “The Transactions” in the Information Statement. To effect the separation, CSC distributed all of the shares of CSRA common stock on a pro rata basis to the record holders of CSC common stock(the “Distribution”). Following the Distribution, CSC and CSRA paid a special dividend which, in aggregate, totaled $10.50 per share (the “Special Dividend”), of which $2.25 was paid by CSC and $8.25 was paid by CSRA. The portion of the Special Dividend paid by CSC was funded by a note payable to CSC that CSRA repaid with the incurrence of additional indebtedness as described in the Information Statement. The Mergers Following the Spin-Off, on November 30, 2015, CSRA also completed its previously announced mergers which resulted in SRA Companies, Inc. (“SRA Parent”) merging with and into a wholly-owned subsidiary of CSRA (the “Mergers”). As a result, SRA International Inc. (“SRA”) became an indirect wholly-owned subsidiary of CSRA. Pursuant to the Merger Agreement, CSRA agreed to pay merger consideration consisting of cash and shares of CSRA. Merger consideration consisted of (1) $390,000 in cash and (2) shares of CSRA common stock representing in the aggregate approximately 15.32% of the total number of shares of CSRA common stock outstanding immediately after the Mergers were completed. CSRA common stock began regular-way trading on the New York Stock Exchange on November 30, 2015 under the ticker symbol CSRA. Basis of Presentation and Principles of Consolidated and Combined The accompanying Consolidated and Combined Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the SEC. CSRA’s Registration Statement on Form 10 became effective after October 2, 2015, the end of our fiscal second quarter, and the Spin-Off and the Mergers were not consummated until November 27, 2015 and November 30, 2015, respectively. Accordingly, the Consolidated and Combined Financial Statements include both consolidated and combined financial statements as described below. The period prior to the Spin-Off includes: • the Combined Financial Statements for the year ended March 28, 2014, which includes a full year of the Computer Sciences GS Business results; • the Combined Financial Statements for the year ended April 3, 2015, which includes a full year of the Computer Sciences GS Business results; and • the Combined Financial Statements for the period of April 4, 2015 to November 27, 2015, which includes the operating results of the Computer Sciences GS Business. The period subsequent to the Spin-Off includes: • the Consolidated Financial Statements for the period of November 28, 2015 to April 1, 2016, which includes consolidated operating results for CSRA including the activity and operating results of SRA subsequent to the Merger. Prior to the Spin-Off, the Computer Sciences GS Business consisted of the business of CSC’s North American Public Sector segment and did not operate as a separate, stand-alone entity; rather, it operated as part of CSC prior to the Spin-Off and its financial position and the related results of operations, cash flows and changes in parent equity were reported in CSC’s Consolidated Financial Statements. After the Spin-Off, CSC does not have any beneficial ownership of CSRA or the Computer Sciences GS Business, and the Computer Sciences GS Business results will not be reported in CSC’s financial results. The Consolidated and Combined Financial Statements and notes of CSRA include CSRA, its subsidiaries, and the joint ventures and partnerships over which CSRA (or the Computer Sciences GS Business for periods prior to the Spin-Off) has a controlling financial interest. CSRA (or the Computer Sciences GS Business for periods prior to the Spin-Off) uses the equity method to account for investments in entities that it does not control if it is otherwise able to exert significant influence over the entities’ operating and financial policies. The accompanying Consolidated and Combined Financial Statements for the period prior to the Spin-Off are prepared on a carved-out and combined basis from the combined financial statements of the Computer Sciences GS Business of CSC as the Computer Sciences GS Business was not a separate entity prior to the Spin-Off. Such carved-out and combined amounts were determined using the historical results of operations and carrying amounts of the assets and liabilities transferred to the Computer Sciences GS Business. CSC’s cash was not assigned to CSRA or the Computer Sciences GS Business for any of the periods presented prior to the Spin-Off because those cash balances are not directly attributable to the Computer Sciences GS Business or CSRA. For periods prior to the Spin-Off, the Computer Sciences GS Business reflected transfers of cash to and from CSC’s cash management system as a component of Net Parent Investment on the audited Combined Balance Sheets. CSC’s long-term debt has not been attributed to CSRA or the Computer Sciences GS Business for any of the periods presented because CSC’s borrowings are neither directly attributable to CSRA nor is CSRA (or the Computer Sciences GS Business for periods prior to the Spin-Off) the legal obligor of such borrowings. All intercompany transactions of CSRA have been eliminated in consolidation and combination. Related party transactions between CSRA and CSC or the Computer Sciences GS Business and other businesses of CSC are reflected as related party transactions. See Note 2—Related Party Transactions and Corporate Allocations. For periods prior to the Spin-Off, the Combined Financial Statements include all revenues and costs directly attributable to the Computer Sciences GS Business and an allocation of expenses related to certain CSC corporate functions including, but not limited to, senior management, legal, human resources, finance, IT and other shared services. These expenses had been allocated to the Computer Sciences GS Business based on direct usage or benefit where identifiable, with the remainder allocated on a pro rata basis of revenues, headcount, square footage, number of transactions or other measures. The Computer Sciences GS Business considered these allocations to be a reasonable reflection of the utilization of services by, or benefit provided to it. However, the allocations may not be indicative of the actual expense that would have been incurred had the Computer Sciences GS Business operated as an independent, stand-alone entity for the periods presented. Prior to the Spin-Off, CSC maintained various benefit and stock-based compensation plans at a corporate level and other benefit plans at a subsidiary level. The employees of the Computer Sciences GS Business participated in those plans and a portion of the cost of those plans for the periods prior to the Spin-Off is included in the Combined Financial Statements for periods prior to the Spin-Off. However, the Combined Balance Sheets do not include any net benefit plan obligations unless the benefit plan covered only the Computer Sciences GS Business's active, retired and other former employees or any expense related to share-based compensation plans. See Note 17 — Pension and Other Postretirement Benefit Plans and Note 18 — Share-Based Compensation Plans to the Consolidated and Combined Financial Statements for a further description of the accounting for our benefit plans and share-based compensation, respectively. For the fiscal period ended April 1, 2016, CSRA changed the method used to estimate the interest and service cost components of net periodic cost for its post-retirement benefit plans. See Note 17—Pension and Other Postretirement Benefit Plans for a discussion of this change. For periods presented that are prior to the Spin-Off, the Combined Financial Statements include current and deferred income tax expense that has been determined for the legacy Computer Sciences GS Business as if it were a separate taxpayer (i.e., following the separate return methodology). In the Consolidated and Combined Statements of Cash Flows for the year ended April 1, 2016, CSRA changed its practice to present the required disclosure of amounts of interest (net of amounts capitalized) and income taxes paid during the period from within the Combined Statements of Cash Flows to Note 20 - Statement of Cash Flows. The change was made to expand the amount of useful supplemental disclosure associated with the operating and financing activities of CSRA during the period. See Note 20—Statements of Cash Flows for such additional supplemental disclosure. CSRA reports its results based on a fiscal year convention that comprises four thirteen-week quarters.Every fifth year includes an additional week in the first quarter to prevent the fiscal year from moving from an approximate end of March date. As a result, the first quarter of fiscal 2015 was a fourteen-week quarter. For accounting purposes, the Consolidated and Combined Financial Statements reflect the financial results of SRA from the date of the Merger to March 31, 2016 consolidated with the Computer Sciences GS Business for the year ended April 1, 2016. Reclassification Certain amounts reported in CSRA’s prior year financial statements have been reclassified to conform to the current year presentation. These reclassifications have no effect on our net income or financial position as previously reported. Use of Estimates GAAP requires management to make estimates and assumptions that affect certain amounts reported in the Consolidated and Combined Financial Statements and accompanying notes. These estimates are based on management’s best knowledge of historical experience, current events and various other assumptions that management considers reasonable under the circumstances. Actual results could differ from those estimates. Amounts subject to significant judgment and/or estimates include, but are not limited to, determining the fair value of assets acquired and liabilities assumed, costs to complete fixed-price contracts, cash flows used in the evaluation of impairment of goodwill and other long-lived intangible assets, certain deferred costs, collectability of receivables, reserves for tax benefits and valuation allowances on deferred tax assets, loss accruals for litigation, and inputs used for computing stock-based compensation and pension related liabilities. Summary of Significant Accounting Policies Revenue Recognition Substantially all of CSRA’s revenue is derived from contracts with departments and agencies of the U.S. federal government, as well as other state and local government agencies. CSRA generates its revenue from the following types of contractual arrangements: time and materials contracts, firm-fixed-price contracts and cost-reimbursable-plus-fee contracts. CSRA also provides services to CSC, which are included in related party revenue. Total revenues by customer type were: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 U.S. federal government $ 3,881,913 $ 3,720,275 $ 3,898,083 State and local government 356,926 330,254 198,062 Other 11,608 19,217 6,491 Total revenue $ 4,250,447 $ 4,069,746 $ 4,102,636 Revenue on time-and-materials contracts is recognized as hours are worked based on contractual billing rates as services are provided, plus the cost of any allowable material costs and out-of-pocket expenses. Revenue on firm-fixed-price contracts is primarily recognized using the percentage-of-completion method based on actual costs incurred relative to total estimated costs for the contract. These estimated costs are updated during the term of the contract and may result in revision by CSRA of recognized revenue and estimated costs in the period in which the changes in estimates are identified. Significant adjustments on a single contract could have a material effect on the Company's Consolidated and Combined Financial Statements. Where such adjustments occur, we generally disclose the nature, underlying conditions and financial impact of the adjustments. No discrete event or adjustments to an individual contract were material to the accompanying Consolidated and Combined Financial Statements for each of the three years ended April 1, 2016, April 2, 2015, and March 28, 2014. The effect of aggregate Estimate-At-Completion net positive adjustments before taxes and noncontrolling interests due to changes in estimated profitability on firm-fixed-price contracts accounted for under the percentage-of-completion method totaled approximately $ 64,000 , $77,000 , and $86,000 for the twelve months ended April 1, 2016, April 3, 2015 and March 28, 2014, respectively. Revenue on cost-reimbursable-plus-fee contracts is recognized as services are performed, generally based on the allowable costs incurred during the period plus any recognizable earned fee. CSRA considers fixed fees under cost-reimbursable-plus-fee contracts to be earned in proportion to the allowable costs incurred in performance of the contract. For cost-reimbursable-plus-fee contracts that include performance-based fee incentives, which are principally award fee arrangements, CSRA recognizes income when such fees are probable and estimable. Estimates of the total fee to be earned are made based on contract provisions, prior experience with similar contracts or customers, and management’s evaluation of the performance on such contracts. Contract costs, including indirect expenses, are subject to audit by the Defense Contract Audit Agency (“DCAA”) and, accordingly, are subject to possible cost disallowances. Executive compensation that CSRA determines to be allowable for cost reimbursement based on management’s estimates is recognized as revenue, net of reserves. Management’s estimates in this regard are based on a number of factors that may change over time, including executive compensation survey data, CSRA’s and other government contractors’ experiences with the DCAA audit practices in this industry and relevant decisions of courts and boards of contract appeals. Contract accounting requires significant judgment relative to assessing risks, estimating contract revenue and costs, and making assumptions for schedule and technical issues. Due to the size and nature of many of CSRA’s contracts, developing total revenue and cost at completion estimates requires the use of significant judgment. Contract costs include direct labor and billable expenses, an allocation of allowable indirect costs, and warranty obligations. Billable expenses are comprised of subcontracting costs and other “out-of-pocket” costs that often include, but are not limited to, travel-related costs and telecommunications charges. CSRA recognizes revenue and billable expenses from these transactions on a gross basis because it is the primary obligor on contracts with customers. The contracts that required estimates-at-completion (“EACs”) using the percentage-of-completion method were approximately 43.4% , 42.3% and 49.3% of CSRA’s revenues for twelve months ended April 1, 2016, April 3, 2015 and March 28, 2014, respectively. Certain contracts that require EACs using the percentage-of-completion method are regularly reviewed by CSRA regarding project profitability and underlying estimates. CSRA prepares EACs for its contracts that include an estimated contract operating margin based initially on estimated contract sales and cost. Revisions to EACs are reflected in results of operations as a change in accounting estimate in the period in which the facts that give rise to the revision become known by management. Since contract costs are typically incurred over a period of several years, estimation of these costs requires the use of judgment. Factors considered in estimating the cost of the work to be completed include the availability, productivity and cost of labor, the nature and complexity of work to be performed, the effect of change orders, availability and cost of materials, the effect of any delays in performance, and the level of indirect cost allocations. Provisions for estimated losses at completion, if any, are recognized in the period in which the loss becomes evident. The provision includes estimated costs in excess of estimated revenue and any profit margin previously recognized. Amounts billed and collected but not yet earned as revenues under certain types of contracts are deferred. Contract costs incurred for U.S. federal government contracts, including indirect costs, are subject to audit and adjustment through negotiations between CSRA and government representatives. Further, as contracts are performed, change orders can be a regular occurrence and may be unpriced until negotiated with the customer. Unpriced change orders are included in estimated contract sales when they are probable of recovery in an amount at least equal to the cost. Amounts representing claims (including change orders unapproved as to both scope and price) and requests for equitable adjustment are included in estimated contract revenues when they are reliably estimable and realization is probable. CSRA’s U.S. federal government contracts generally contain Federal Acquisition Regulation (“FAR”) provisions that enable the customer to terminate a contract for default, or for the convenience of the government. If a contract is terminated for default, CSRA may not be entitled to recover any of its costs on partially completed work and may be liable to the government for re-procurement costs of acquiring similar products or services from another contractor and for certain other damages. Termination of a contract for the convenience of the government may occur when the government concludes it is in the best interests of the government that the contract be terminated. Under a termination for convenience, the contractor is typically entitled to be paid in accordance with the contract’s terms for costs incurred prior to the effective date of termination, plus a reasonable profit and settlement expenses. As of April 1, 2016, April 3, 2015 and March 28, 2014, CSRA did not have any contract terminations in process that would have a material effect on the consolidated and combined financial position, results of operations or cash flows. CSRA develops highly-customized software for certain government customers by entering into arrangements that may include post-contract customer support and other software-related services. These arrangements are accounted for under contract accounting, and vendor-specific objective evidence (“VSOE”) of fair value is required to allocate and recognize revenue for each element. VSOE of fair value is determined based on the price charged where each deliverable is sold separately. In situations where VSOE of fair value exists for all undelivered elements, but not a delivered element (typically the software), the residual method is used to allocate revenue to the undelivered elements equal to their VSOE value with the remainder allocated to the delivered element. When VSOE is available for the undelivered elements, software revenue is recognized as the related software customization services are performed in accordance with the percentage-of-completion method described above. In those arrangements where VSOE of fair value does not exist for the undelivered elements, revenue is deferred until only one undelivered element remains and then is recognized ratably as the final element is delivered, beginning with substantial completion and delivery of the highly-customized software. All other revenues are recognized when persuasive evidence of an arrangement exists, services or products have been provided to the customer, the sales price is fixed or determinable and collectability is reasonably assured. Property and Equipment and Intangibles CSRA’s depreciation and amortization policies are as follows: Useful Life (in years) Property and equipment: Buildings Up to 40 Computers and related equipment 3 to 5 Furniture and other equipment 5 to 10 Leasehold improvements Shorter of lease term or useful life Other leased assets Greater of lease term or useful life Intangibles: Internal use software 2 to 7 External use software 2 to 7 Customer related intangibles Expected customer service life Other intangible assets 3 to 8 The cost of property and equipment is depreciated using predominately the straight-line method. Depreciation commences when the specific asset is complete, installed and ready for normal use. Acquired contract-related and customer-related intangible assets are amortized in proportion to estimated undiscounted cash flows over the estimated useful life of the asset or on a straight-line basis if cash flows cannot be reliably estimated. CSRA capitalizes costs incurred to develop commercial software products to be sold, leased or otherwise marketed after establishing technological feasibility until such time that the software products are available for general release to customers. Costs incurred to establish technological feasibility are expensed as incurred. Enhancements to software products are capitalized where such enhancements extend the life or significantly expand the marketability of the products. Amortization of capitalized software development costs is determined separately for each software product. Annual amortization expense is calculated based on the greater of the ratio of current gross revenues for each product to the total of current and anticipated future gross revenues for the product or the straight-line amortization method over the estimated economic life of the product. Unamortized capitalized software costs associated with commercial software products are regularly evaluated for impairment on a product-by-product basis by a comparison of the unamortized balance to the product’s net realizable value. The net realizable value is the estimated future gross revenues from that product reduced by the related estimated future costs. When the unamortized balance exceeds the net realizable value, the unamortized balance is written down to the net realizable value and an impairment charge is recorded. CSRA capitalizes costs incurred to develop internal-use computer software during the application development stage. Costs related to preliminary project activities and post-implementation activities are expensed as incurred. Internal and external costs incurred in connection with development of upgrades or enhancements that result in additional functionality are also capitalized. Capitalized costs associated with internal-use software are amortized on a straight-line basis over the estimated useful life of the software. Purchased software is capitalized and amortized over the estimated useful life of the software. Internal-use software assets are evaluated for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. Pension and Other Benefit Plans The employees of CSRA and its subsidiaries are participants in employer-sponsor defined benefit and defined contribution plans. CSRA’s defined benefit plans included both pension and other post-retirement benefit plans. CSRA recognizes net actuarial gains and losses and the changes in fair value of plan assets in earnings at the time of plan remeasurement, annually during the fourth quarter of each year, or if there is an interim remeasurement event, as a component of net periodic benefit or cost. CSRA utilizes actuarial methods to measure the benefit obligations and net periodic cost or income for its pension and other post-retirement benefit plans. Inherent in the application of these actuarial methods are key assumptions, including, but not limited to, discount rates, expected long-term rates of return on plan assets, mortality rates, rates of compensation increases, and medical cost trend rates. CSRA evaluates these assumptions annually and updates assumptions as necessary. The fair value of pension assets is determined based on the prevailing market prices or estimated fair value of investments when quoted prices are not available. The service and interest costs components of periodic cost or income are estimated using a full yield curve approach by applying the specific spot rates along the yield curve to the relevant projected cash flow. Share-Based Compensation CSRA provides share-based compensation to certain employees and non-employee Board of Director members. All share-based payment awards, which include stock options, restricted stock units (“RSUs”) and performance based restricted stock units (“PSUs”), are classified as equity instruments. CSRA recognizes compensation expense based on each award’s grant-date fair value, net of estimated forfeitures. The cost of share-based compensation is equal to the fair value of the awards issued and is recognized over the periods the services are rendered. Acquisition Accounting and Goodwill When CSRA acquires a controlling financial interest through a business combination, CSRA uses the acquisition method of accounting to allocate the purchase consideration to the assets acquired and liabilities assumed, which are recorded at fair value. Any excess of purchase consideration over the fair value of the assets acquired and liabilities assumed is recognized as goodwill. Acquisition-related costs are recognized separately from the business combination and are expensed as incurred. The results of operations of acquired businesses are included in the Consolidated and Combined Financial Statements from the acquisition date. CSRA tests goodwill for impairment on an annual basis, as of the first day of the second fiscal quarter, and between annual tests if circumstances change, or if an event occurs, that would more likely than not reduce the fair value of a reporting unit below its carrying amount. A significant amount of judgment is involved in determining whether an event indicating impairment has occurred between annual testing dates. Such indicators include the loss of significant business, significant reductions in federal government appropriations or other significant adverse changes in industry or market conditions. The goodwill impairment test initially involves the assessment of qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If CSRA determines that it is more likely than not that a reporting unit’s carrying value exceeds its fair value, then it proceeds with the subsequent two-step goodwill impairment testing process. However, CSRA has the option to bypass this initial qualitative assessment for its annual test and proceed directly to step one of the two-step process for one or more of its reporting units. Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between marketplace participants. The accounting guidance for fair value measurements establishes a three level fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Quoted prices for similar assets or liabilities or quoted market prices for identical or similar assets in markets that are not active. Level 3 — Valuations derived from valuation techniques in which one or more significant inputs are observable. The assets and liabilities which are valued using the fair value measurement guidance, on a recurring basis, include the Company’s pension assets and derivative instruments consisting of interest rate swap contracts and total return swaps. Pension assets are valued using model based pricing methods that use observable market data; as such these inputs are considered Level 2 inputs. The fair value of interest rate swaps is estimated based on valuation models that use observable interest rate yield curves as inputs, which are considered Level 2 inputs. Total return swaps are settled on the last day of every fiscal month. Therefore, the value of any swaps outstanding as of any balance sheet date is not material. No significant assets or liabilities are measured at fair value on a recurring basis using significant unobservable (Level 3) inputs. Certain assets and liabilities are measured at fair value on a nonrecurring basis. These include assets and liabilities acquired in a business combination, equity-method investments and long-lived assets, which would be recognized at fair value if deemed to be impaired or if reclassified as assets held for sale. The fair value in these instances would be determined using Level 3 inputs. The Company’s financial instruments include cash, trade receivables, vendor payables, derivative financial instruments, debt, and pension assets. As of April 1, 2016, the carrying value of cash, trade receivables, and vendor payables approximated their fair value. See Note 9 — Derivative Instruments, Note 15 — Debt, and Note 17 — Pension and Other Postretirement Benefit Plans for a discussion of the fair value of the Company’s derivative financial instruments, debt, and pension assets, respectively. Receivables Receivables consist of amounts billed and currently due from customers, as well as amounts currently due but unbilled. Unbilled receivables include amounts (1) to be billed in following month in the ordinary course of business; (2) measured under the percentage-of-completion method of accounting; and (3) retained by the customer until the completion of a specified contract, completion of government audit activities or until negotiation of contract modification or claims. Allowances for uncollectable billed and unbilled receivables are estimated based on a combination of write-off history, aging analysis and any specific and known collectability issues. Impairment of Long-Lived Assets CSRA evaluates the carrying value of long-lived assets expected to be held and used when events or circumstances indicate a potential impairment. The carrying value of a long-lived asset group are considered to be impaired when the anticipated undiscounted cash flows from such asset group are separately identifiable and are less than the group’s carrying value. In that case, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset group. Fair value is determined primarily using the present value of expected cash flows based on multiple scenarios that reflect a range of possible outcomes. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. Income Taxes Accounting for income taxes requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statements carrying amounts and the tax bases of assets and liabilities. CSRA maintains valuation allowances when, based on the weight of available evidence, it is more likely than not that all or a portion of a deferred tax asset will not be realized. Changes in valuation allowances from period to period are included in the Company’s tax provision in the period of change. In determining whether a valuation allowance is warranted, the Company takes into account such factors as prior earnings history, expected future e |
Related Party Transactions and
Related Party Transactions and Corporate Allocations | 12 Months Ended |
Apr. 01, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Corporate Allocations | Related Party Transactions and Corporate Allocations Corporate Allocations The Consolidated and Combined Statements of Operations, Comprehensive Income and Cash Flows include an allocation of general corporate expenses from CSC for periods prior to Spin-Off. The financial information in these Consolidated and Combined Financial Statements does not necessarily include all the expenses that would have been incurred by CSRA had it been a separate, stand-alone entity during that time. The management of CSRA considered these allocations to be a reasonable reflection of the utilization of services by, or the benefits provided to, it. The allocation methods include relative headcount, actual services rendered and relative space utilization. Allocations for management costs and corporate support services provided to CSRA totaled $133,395 , $212,388 and $264,426 for the twelve months ended April 1, 2016, April 3, 2015 and March 28, 2014, respectively. These amounts include costs for corporate functions including, but not limited to, senior management, legal, human resources, finance, IT and other shared services. Following the Spin-Off, CSRA performs all corporate functions that were previously performed by CSC. As of April 1, 2016, CSRA had a net payable of $6,500 related to settlement of equity awards. Transition Agreements In connection with the separation and distribution, CSRA entered into certain agreements that govern the respective rights and responsibilities between CSC and CSRA. CSRA entered into an Intellectual Property Matters Agreement with CSC that governs the respective rights and responsibilities between CSRA and CSC with respect to intellectual property owned or used by each of the companies. Pursuant to the Intellectual Property Matters Agreement, CSC granted CSRA a perpetual, royalty-free, non-assignable license to certain know-how, certain software products, trademarks and workflow and design methodologies. CSRA will grant CSC a non-exclusive, perpetual, royalty-free, fully paid-up, non-assignable license to any intellectual property acquired or developed by CSRA within six months following the Spin-Off, including all intellectual property rights of SRA for CSC’s use, which license shall be limited to use outside CSRA’s field of U.S. federal and certain state and local government customers during the first five years following the Distribution. CSRA will pay CSC an annual net maintenance fee of $30,000 per year for each of the five years following the Distribution in exchange for maintenance services including the rights to updates and patches of certain products as well as all inventions, modifications, improvements, enhancements and updates derived from certain licensed products. In addition, CSRA will pay CSC an additional 0.5% of total consolidated revenues in excess of $7,000,000 and 5% of total revenues from its cloud computing services in excess of $600,000 in any such fiscal year during the initial five -year term. On December 9, 2015, CSRA paid the $30,000 maintenance fee for year one, which is included in Prepaid expenses and other current assets in the Consolidated and Combined Balance Sheets and will be amortized on a straight line basis over one year. During the year ended April 1, 2016, CSRA amortized $ 10,000 to expense in Selling, general and administrative (“SG&A”) in the Consolidated and Combined Statements of Operations. CSRA entered into a Tax Matters Agreement with CSC that governs the respective rights, responsibilities and obligations of CSC and CSRA with respect to all tax matters, and includes restrictions designed to preserve the tax-free status of the Distribution. CSRA has joint and several liability with CSC to the IRS for the consolidated U.S. Federal income taxes of the CSC consolidated group relating to the taxable periods in which we were part of that group. However, the Tax Matters Agreement specifies the portion, if any, of this tax liability for which CSRA bears responsibility, and CSC agrees to indemnify us against any amounts for which we are not responsible. During the year ended April 1, 2016 , CSRA did not incur charges payable to CSC under the Tax Matters Agreement. CSRA entered into a Real Estate Matters Agreement with CSC that governs the respective rights and responsibilities between CSRA and CSC following the Spin-Off with respect to real property used by CSRA but not owned by CSRA or leased directly from a third party, including the allocation of space within shared facilities and the allocation of stand-alone facilities between CSRA and CSC. As of April 1, 2016 , CSRA recorded $ 1,359 as a reduction of facilities cost related to rental income in SG&A from CSC under the Real Estate Matters Agreement. |
Acquisitions
Acquisitions | 12 Months Ended |
Apr. 01, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Fiscal 2016 As discussed in Note 1—Summary of Significant Accounting Policies, on November 30, 2015, CSRA completed its previously announced Mergers which resulted in SRA Parent merging with and into a wholly-owned subsidiary of CSRA. As a result, SRA became an indirect wholly-owned subsidiary of CSRA. The Mergers are expected to provide clients, investors and employees of both companies with significant benefits that include a vastly expanded portfolio of expertise, cost competitiveness and increased financial strength which will position the merged company well for future growth opportunities and the ability to attract industry-leading talent. The Mergers are reflected in CSRA’s financial statements using the acquisition method of accounting, with CSRA being considered the accounting acquirer of SRA. The total merger consideration (“Merger Consideration”) transferred was $2,299,575 , which consisted of (1) $390,000 in cash (gross of cash acquired of $48,309 ) and (2) 25,170,564 shares of CSRA common stock representing in the aggregate 15.32% of the total number of shares of CSRA common stock outstanding, gross of shares withheld for taxes, immediately after the Mergers were completed. The fair market value of shares was determined based on a volume-weighted average price of $30.95 per CSRA share on November 30, 2015, the first day of CSRA’s regular-way trading on the NYSE. Liabilities paid at closing consisted of (1) $1,100,698 related to SRA debt and (2) $29,885 of acquiree-related transaction costs. CSRA recorded, on a preliminary basis, the assets acquired and liabilities assumed at their estimated fair value, with the difference between the fair value of the net assets acquired and the purchase consideration reflected as goodwill. See Note 11—Intangible Assets for further discussion of the measurement considerations for acquired intangible assets. The following table reflects the preliminary fair values of assets acquired and liabilities assumed as of November 30, 2015: Preliminary allocation: Cash, accounts receivable and other current assets $ 301,993 Property, equipment and other long-term assets 47,266 Intangibles—customer relationships, backlog and other intangibles assets 890,500 Accounts payable and other current liabilities (193,106 ) Other long-term liabilities (26,030 ) Deferred tax liabilities (261,427 ) Total identified net assets acquired 759,196 Goodwill 1,540,379 Estimated total purchase consideration and liabilities paid at closing $ 2,299,575 The goodwill recognized in the acquisition is attributable to the intellectual capital, the acquired assembled work force, and expected cost synergies, none of which qualify for recognition as a separate intangible asset. The goodwill is not expected to be deductible for tax purposes. Goodwill arising from the acquisition has been allocated on a preliminary basis to CSRA’s reporting units based on the relative fair value of assets acquired. The resulting preliminary allocation to CSRA’s reportable segments is as follows: $334,916 allocated to Defense and Intelligence and $1,205,463 allocated to Civil. The fair values of assets acquired and liabilities assumed are preliminary and based on a valuation estimates and assumptions that are subject to change and could result in material changes. During the fourth quarter, the Company made certain valuation adjustments to provisional amounts previously recognized. These adjustments resulted in a $12,299 reduction of the goodwill primarily due to fair value adjustments made to property and equipment, and a reduction in above-market lease liabilities offset, in part, by an increase in related deferred tax liabilities. The amount of the depreciation and rent expense recorded in current period earnings that should have been recorded in previous reporting period had the adjustments to the provisional amounts been recognized as of the acquisition date is approximately $947 and $167 , respectively. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information presents results as if the Spin-Off and the Mergers and the related financing had occurred on March 29, 2014. The historical combined financial information of CSRA and SRA has been adjusted in the pro forma information to give effect to the events that are (1) directly attributable to the transactions, (2) factually supportable and (3) expected to have a continuing impact on the consolidated and combined results. The consolidated financial information of SRA includes merger and integration costs that are not expected to recur and impact the combined results over the long-term. The unaudited pro forma results do not reflect future events that have occurred or may occur after the transactions, including but not limited to, the impact of any actual or anticipated synergies expected to result from the Mergers. Accordingly, the unaudited pro forma financial information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on March 29, 2014, nor is it necessarily an indication of future operating results. Twelve Months Ended April 1, 2016 CSRA Twelve Months Ended April 1, 2016 Historical SRA April 1 - November 30, 2015 Effects of Spin-Off (a) Effects of Mergers (b) Pro Forma for Spin-Off and Merger Revenue $ 4,250,447 $ 949,661 $ — $ (1,844 ) $ 5,198,264 Income (loss) from continuing operations attributable to CSRA Shareholders 87,145 (40,289 ) 79,868 99,784 226,508 Income per common share: Basic $ 0.54 $ 1.40 (a) Income from continuing operations attributable to CSRA Shareholders effected for the Spin-Off excludes $87,017 of non-recurring costs incurred to give effect to the separation of the Computer Sciences GS Business from CSC. Twelve Months Ended April 3, 2015 Historical Computer Sciences GS Twelve Months Ended April 3, 2015 Historical SRA April 1 - March 31, 2015 Effects of Spin-Off Effects of Mergers Pro Forma for Spin-Off and Merger Revenue $ 4,069,746 $ 1,377,239 $ — $ (3,015 ) $ 5,443,970 Income (loss) from continuing operations attributable to Parent 253,634 (16,026 ) (288,656 ) (1,222 ) (52,270 ) Income (loss) per common share: Basic $ 1.82 $ (0.32 ) Fiscal 2015 During the fourth quarter of fiscal 2015, the Computer Sciences GS Business acquired Autonomic Resources for $14,000 in an all-cash transaction. Autonomic Resources, a cloud computing infrastructure provider, was acquired by the Computer Sciences GS Business to expand cloud offerings in the federal and other government markets. This acquisition will help grow the Computer Sciences GS Business presence as a provider of infrastructure-as-a-service, platform-as-a-service, and software-as-a-service cloud offerings to government agencies . The purchase price was allocated to assets acquired and liabilities assumed based on estimates of fair value at the date of acquisition, as follows: $1,314 to assets, $1,132 to liabilities, and $13,818 to goodwill. All of the acquired goodwill is tax deductible. The acquisition of Autonomic Resources is reported in the Civil segment. During the second quarter of fiscal 2015, the Computer Sciences GS Business acquired Tenacity Solutions for $35,514 in an all-cash transaction. The Computer Sciences GS Business acquired this entity primarily to enhance its cyber security, systems engineering and software development service offerings in the federal intelligence sector. The preliminary purchase price was allocated to assets acquired and liabilities assumed based on estimates of fair value at the date of acquisition, as follows: $3,876 to assets, $9,400 to an intangible asset other than goodwill, $8,447 to current liabilities and $30,685 to goodwill. The intangible asset, which is associated with customer relationships and government programs, will be amortized over 15 years. All of the acquired goodwill is tax deductible. The acquisition of Tenacity is reported in the Defense and Intelligence segment. |
Divestitures
Divestitures | 12 Months Ended |
Apr. 01, 2016 | |
Business Combinations [Abstract] | |
Divestitures | Divestitures Fiscal 2016 On April 27, 2015, the Computer Services GS Business divested its wholly-owned subsidiary, Welkin Associates Limited (“Welkin”), a provider of systems engineering and technical assistance services to the intelligence community and other U.S. Department of Defense clients. The Computer Sciences GS Business received consideration of $34,000 , and recorded a pre-tax gain on the sale of $18,464 , which is included in Other (income) expense, net on the Consolidated and Combined Statements of Operations. Included in the divested net assets of $13,788 was $10,717 of goodwill and transaction costs of $1,748 . The divestiture did not qualify to be presented as discontinued operations as it did not represent a strategic shift that would have a major effect on the Computer Sciences GS Business’s operations and financial results. Fiscal 2015 During fiscal year 2015, the Computer Sciences GS Business recorded a $1,877 loss from discontinued operations, net of taxes, related to the fiscal 2014 divestiture of the Applied Technology Division (“ATD”), which included $967 related to the resolution of certain contingencies and $910 for net working capital adjustments, which reduced the total gain on the sale. Fiscal 2014 In the second quarter fiscal 2014, the Computer Sciences GS Business completed the sale of a portion of the Applied Technology Division (“ATD”), which represents the Computer Sciences GS Business’s portion of its base operations, aviation and ranges services business unit, to a strategic investor for cash consideration of $177,984 plus a net working capital adjustment receivable of $6,212 . The ATD divestiture resulted in a pre-tax gain of $55,148 , representing the excess of the sale price over the carrying value of the net assets of the divested business, less transaction costs of $5,474 . The divestiture met the criteria for and is presented as discontinued operations in the Combined Statements of Operations. Following is the summary of the results of the discontinued operations: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Operations Revenues $ — $ — $ 200,516 (Loss) income from discontinued operations, before taxes — (1,527 ) 19,376 Tax benefit (expense) — 560 (9,147 ) Net (loss) income from discontinued operations $ — $ (967 ) $ 10,229 Disposal (Loss) gain on disposition $ — $ (910 ) $ 55,148 Tax expense — — (777 ) (Loss) gain on disposition, net of taxes — (910 ) 54,371 (Loss) income from discontinued operations, net of taxes $ — $ (1,877 ) $ 64,600 The tax expense on the gain on sale of ATD was minimal due to the differences between the book and tax basis of assets sold. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Apr. 01, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share On the Distribution Date, CSRA had 139,128,158 common shares outstanding. The calculation of both basic and diluted earnings per share for the years ended April 3, 2015 and March 28, 2014 utilizes the Distribution Date common shares because at that time, CSRA did not operate as a separate, stand-alone entity, and no equity-based awards were outstanding prior to the Distribution Date. The calculation of basic earnings (loss) per share for the year ended April 1, 2016 utilized 162,192,759 shares based on the weighted-average shares outstanding between the Distribution Date and the end of the period. The total period from the distribution date to the end of the fiscal year was used as the basis for the calculation instead of using the whole twelve-month period. The calculation of diluted earnings (loss) per share for the year ended April 1, 2016 utilized 163,584,621 , reflecting the dilutive impact of 1,391,862 shares of outstanding stock options, restricted stock units, and performance-based stock units issued or granted since the Distribution Date. The computation of diluted earnings (loss) per share excluded stock options and RSUs, whose effect, if included, would have been anti-dilutive. The number of shares related to such stock options was 1,598 for the year ended April 1, 2016. The total period from the distribution date to the end of the fiscal year was used as the basis for the basic and diluted calculation instead of using the whole twelve-month period. During fiscal year 2016, the Company entered into a share repurchase agreement (see Note 19 — Stockholders’ Equity and AOCI) through which the Company repurchased 1,768,129 shares. These shares were included in the determination of common shares outstanding in the EPS calculation. Basic earnings per common share (“EPS”) and diluted EPS are calculated as follows: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Net income: From continuing operations $ 102,922 $ 267,712 $ 253,718 Less: discontinued operations — (1,877 ) 64,600 Less: Net income attributable to noncontrolling interests 15,777 14,078 21,936 Net income attributable to CSRA common stockholders $ 87,145 $ 251,757 $ 296,382 Common share information: Common shares outstanding for basic EPS 162,192,759 139,128,158 139,128,158 Dilutive effect of stock options and equity awards 1,391,862 — — Weighted average number of common shares outstanding—diluted (1) 163,584,621 139,128,158 139,128,158 Earnings (loss) per share—basic and diluted: Basic EPS: Continuing operations $ 0.54 $ 1.82 $ 1.67 Discontinued operations — (0.01 ) 0.46 Total $ 0.54 $ 1.81 $ 2.13 Diluted EPS: Continuing operations $ 0.53 $ 1.82 $ 1.67 Discontinued operations — (0.01 ) 0.46 Total $ 0.53 $ 1.81 $ 2.13 (1) Calculated based on number of days the shares were outstanding after the Spin-off and during which CSRA operated as a separate standalone entity for the fiscal year ended April 1, 2016 . |
Receivables
Receivables | 12 Months Ended |
Apr. 01, 2016 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables consist of the following: As of April 1, 2016 April 3, 2015 Billed trade accounts receivable $ 181,413 $ 210,471 Unbilled recoverable amounts under contracts in progress 578,107 496,230 Other receivables 13,003 4,759 Total accounts receivable 772,523 711,460 Allowances for doubtful accounts (21,295 ) (14,733 ) Total receivables, net $ 751,228 $ 696,727 Unbilled recoverable amounts under contracts in progress generally become billable upon achievement of project milestones, completion of specified contracts, negotiation of contract modifications, completion of government audit activities, or upon acceptance by the customer. Unbilled recoverable amounts under contracts in progress expected to be collected after fiscal 2017, totaled $ 14,379 . Changes to the allowance for doubtful accounts for the twelve months ended April 1, 2016 , April 3, 2015 and March 28, 2014 , respectively, are as follows: Twelve months ended April 1, 2016 April 3, 2015 March 28, 2014 Beginning balance $ 14,733 $ 16,099 $ 13,573 Provision for (Reversal of) doubtful accounts 337 (265 ) 3,859 Provision for doubtful accounts in discontinued operations — — 198 Allowance from acquisition for government audit activities 6,236 — — Write-offs (11 ) (1,101 ) (1,531 ) Ending balance $ 21,295 $ 14,733 $ 16,099 CSRA Sale of Receivables After the Spin-Off, CSRA became the primary seller of certain accounts receivable under a Master Accounts Receivable Purchase Agreement (the “Purchase Agreement”) that was first entered into on April 21, 2015 with the Royal Bank of Scotland, PLC (“RBS”), as Purchaser, along with Mitsubishi UFJ Financial Group Ltd, and Bank of Nova Scotia, each as a Participant, for the continuous non-recourse sale of CSRA’s eligible trade receivables. The Purchase Agreement with RBS was subsequently amended in which RBS assigned its rights as a purchaser to The Bank of Tokyo-Mitsubishi UFJ, Ltd (“BTMU”) and The Bank of Nova Scotia, and Mizuho Bank, Ltd., each as a Purchaser. The amended agreement also converted the receivables purchase facility (the “Facility”) to a committed facility, extended the initial term to a two -year period and added CSRA as a guarantor. Under the Facility, CSRA can sell eligible receivables, including billed receivables and certain unbilled receivables arising from “cost plus fixed fee” and “time and materials” contracts up to $450,000 outstanding at any one time. CSRA has no retained interests in the transferred receivables and only performs collection and administrative functions for the Purchaser for a servicing fee. CSRA accounts for these receivable transfers as sales and de-recognizes the sold receivables from its Consolidated and Combined Balance Sheets. The fair value of the sold receivables approximated their book value due to their short-term nature. CSRA estimated that its servicing fee was at fair value and, therefore, no servicing asset or liability related to these services was recognized as of April 1, 2016. During the twelve months ended April 1, 2016, CSRA sold $ 1,798,004 and $ 698,072 , respectively, of billed and unbilled receivables. Collections corresponding to these receivable sales were $ 2,323,868 . As of April 1, 2016, there was $ 8,007 of cash collected by CSRA but not remitted to purchasers. CSRA incurred purchase discount and administrative fees of $ 2,197 for the twelve months ended April 1, 2016. These fees were recorded within other (income) expense, net in the Consolidated and Combined Statements of Operations. The net impact of total receivables sold net of collections and fees related to accounts receivable sales was $ 170,011 for the twelve months ended April 1, 2016. The net cash proceeds under the Facility are reported as operating activities in the audited Consolidated and Combined Statements of Cash Flows because both cash received from purchases and cash collections are not subject to significant interest rate risk. SRA Sale of Receivables Upon consummation of the Mergers, CSRA assumed SRA’s separate accounts receivable purchase agreement. SRA maintains an accounts receivable purchase agreement under which SRA sells certain accounts receivable to a third party, or the Factor, without recourse to SRA. The Factor initially pays SRA 90% of the receivable and the remaining price is deferred and based on the amount the Factor receives from SRA’s customer. The structure of the transaction provides for de-recognition and sale treatment, on a revolving basis, of the receivables transferred. Accordingly, upon transfer of the receivable to the Factor, the receivable is removed from the balance sheet, a loss on the sale is recorded and the deferred price is an account receivable until it is collected. The balance of the sold receivables may not exceed $56,000 at any time. During the four months ended April 1, 2016, SRA sold $ 107,731 of SRA’s receivables and recognized a related loss of $ 261 in Other income (expense), net. Collections corresponding to these receivable sales were $105,121 . Loss on the sale of receivables is recorded within Other (income) expense, net in the Consolidated and Combined Statements of Operations. The net impact of total receivables sold net of collections and fees related to accounts receivable sales was $2,348 for the four months ended April 1, 2016 The net cash proceeds under SRA’s accounts receivable purchase agreement are reported as operating activities in the audited Consolidated and Combined Statements of Cash Flows because both cash received from purchases and cash collections are not subject to significant interest rate risk. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Apr. 01, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: As of April 1, 2016 April 3, 2015 Deferred contract costs $ 24,514 $ 55,110 Maintenance 41,320 27,842 Rent 5,364 5,267 Other 52,080 4,446 Total prepaid expenses and other current assets $ 123,278 $ 92,665 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Apr. 01, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consists of the following: As of April 1, 2016 April 3, 2015 Property and equipment—gross: Land, buildings and leasehold improvements $ 233,053 $ 131,885 Computers and related equipment 505,144 468,890 Furniture and other equipment 529,450 512,875 Construction in progress 35,467 19,878 1,303,114 1,133,528 Less: accumulated depreciation (773,027 ) (696,796 ) Property and equipment, net $ 530,087 $ 436,732 Depreciation expense for the twelve months ended April 1, 2016, April 3, 2015 and March 28, 2014 was $ 120,161 , $113,742 and $120,394 , respectively. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Apr. 01, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Derivatives Designated for Hedge Accounting The Company utilizes derivative financial instruments to manage interest rate risk related to its Term Loan A Facilities. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company uses interest rate swaps as part of its interest rate risk management strategy. As of April 1, 2016, the Company had outstanding interest rate derivatives with a notional value of $ 1,400,000 which were designated as a cash flow hedge of interest rate risk. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income (“AOCI”), net of taxes, and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The Company reclassified $ 63 of the interest rate expense from AOCI into earnings in the Consolidated and Combined statements of operations for the year ending April 1, 2016. During the next twelve months, the Company estimates that approximately $ 5,509 , net of tax, will be reclassified from AOCI into earnings. The fair value of the Company’s derivative financial instruments was $ 11,064 as of April 1, 2016. These derivative instruments are classified by their short- and long-term components based the fair value of the anticipated timing of their cash flows. The current portion is included in the accounts payable and accrued expenses and the long-term portion is included in other long-term liabilities in the Consolidated and Combined balance sheets. The Company has agreements with each of its interest rate swap counterparties that contain a provision providing that the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. Derivatives Not Designated for Hedge Accounting Total Return Swaps The Company utilizes total return swaps derivative contracts to manage exposure to market volatility of the notional investments underlying the Company’s deferred compensation obligations. These arrangements are entered into monthly and are settled on the last day of every fiscal month. For accounting purposes, these arrangements are not designated as hedges. As changes in the fair value of the deferred compensation liabilities are recognized in Cost of services and Selling, general and administrative expenses, so too are the changes in the fair value of the total return swaps derivative contracts. The Company recorded $ 867 of gains attributable to the total return swaps in Cost of services and Selling, general, and administrative expenses in the Combined and Consolidated Statements of Operations for the twelve months ended April 1, 2016. |
Goodwill
Goodwill | 12 Months Ended |
Apr. 01, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The following tables summarize the changes in the carrying amount of goodwill, by reportable segment, as of April 1, 2016, April 3, 2015 and March 28, 2014. Defense and Intelligence Civil Total Balance as of March 28, 2014 $ 460,712 $ 297,367 $ 758,079 Tenacity Solutions Acquisition 30,685 — 30,685 Autonomic Resources Acquisition — 13,818 13,818 Balance as of April 3, 2015 $ 491,397 $ 311,185 $ 802,582 Welkin Divestiture (10,717 ) — (10,717 ) Tenacity Solutions Acquisition Working Capital Adjustment (86 ) — (86 ) SRA Acquisition 334,916 1,205,463 1,540,379 Balance as of April 1, 2016 $ 815,510 $ 1,516,648 $ 2,332,158 CSRA allocated $1,540,379 of goodwill acquired from the SRA acquisition on a preliminary basis to each reportable segment based on the relative fair value of net assets acquired. Fiscal 2016 reductions to goodwill of $10,717 and $ 86 relate to the divestiture of Welkin (see Note 4—Divestitures) and a working capital adjustment on the Tenacity Solutions acquisition (see Note 3—Acquisitions), respectively. Fiscal 2015 additions to goodwill of $30,685 and $13,818 relate to the acquisition by the Defense and Intelligence segment of Tenacity Solutions and the acquisition of Autonomic Resources by the Civil segment, respectively (See Note 3—Acquisitions). There were no accumulated impairment losses as of April 1, 2016, April 3, 2015 and March 28, 2014. Testing for Goodwill Impairment CSRA tests goodwill for impairment on an annual basis, as of the first day of the second fiscal quarter, and between annual tests if an event occurs, or circumstances change, that would more likely than not reduce the fair value of a reporting unit below its carrying amount. CSRA first assesses qualitative factors to determine whether events or circumstances existed that would lead CSRA to conclude that it is more likely than not that the fair value of any of its reporting units was below their carrying amounts. If CSRA determines that it is not more likely than not, then proceeding to step one of the two-step goodwill impairment test is not necessary. The first step is to compare each reporting unit’s fair value to its carrying value. If the reporting unit’s fair value exceeds its carrying value, no further procedures are required and no impairment is recorded. However, if a reporting unit’s fair value is less than its carrying value, an impairment of goodwill may exist, requiring a second step to measure the amount of any impairment loss. In the second step, the reporting unit’s fair value is allocated to all of the assets and liabilities of the reporting unit including any unrecognized intangible assets, for the sole purpose of calculating the implied fair value of goodwill as if applying the acquisition method of accounting to the reporting unit’s assets and liabilities. If the implied fair value of goodwill is less than the recorded goodwill, an impairment charge is recorded in operations for the difference. When CSRA performs step one of the two-step test for a reporting unit, it estimates the fair value of the reporting unit using both the income approach and the market approach. The income approach incorporates the use of a discounted cash flow method in which the estimated future cash flows and terminal values for each reporting unit are discounted to a present value using a discount rate. Cash flow projections are based on management’s estimates of economic and market conditions, which drive key assumptions of revenue growth rates, operating income, capital expenditures, and working capital requirements. The discount rate in turn is based on the specific risk characteristics of each reporting unit, the weighted-average cost of capital and its underlying forecasts. The market approach estimates fair value by applying performance-metric multiples to the reporting unit’s prior and expected operating performance. The multiples are derived from comparable publicly-traded companies that have operating and investment characteristics similar to those of the reporting unit. If the fair value of the reporting unit derived using one approach is significantly different from the fair value estimate using the other approach, CSRA re-evaluates its assumptions used in the two models. The fair values determined by the market approach and income approach, as described above, are weighted to determine the fair value for each reporting unit. The weighted values assigned to each reporting unit are driven by two primary factors: (1) the number of comparable publicly-traded companies used in the market approach and (2) the similarity of the operating and investment characteristics of the reporting units to the comparable publicly-traded companies used in the market approach. For CSRA’s annual goodwill impairment assessment as of July 4, 2015, CSRA chose to bypass the initial qualitative assessment and proceeded directly to the first step of the impairment test for all reporting units. Based on the results of the first step of the impairment test, CSRA concluded that the fair value of each reporting unit significantly exceeded its carrying value, and therefore, the second step of the goodwill impairment test was not required. As of April 1, 2016, CSRA assessed whether there were events or changes in circumstances (including the acquisition of SRA) that would more likely than not reduce the fair value of any of its reporting units below its carrying amount and require goodwill to be tested for impairment. CSRA determined that there have been no such indicators, and therefore, it was unnecessary to perform an interim goodwill impairment assessment as of April 1, 2016 . |
Intangible Assets
Intangible Assets | 12 Months Ended |
Apr. 01, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets On November 30, 2015, CSRA acquired $890,500 of definite-lived intangible assets, as described in Note 3 — Acquisitions. The components of the acquired definite-lived intangible assets as of April 1, 2016 were as follows: (1) customer relationships intangibles of $823,300 , (2) backlog of $65,200 , and (3) technology of $2,000 . Acquired intangible assets have been recorded at their preliminary estimated fair value, and they were determined, with the assistance of an independent third-party valuation specialist, through the use of various discounted cash flow valuation techniques. These valuation techniques incorporated Level 3 inputs as described under the fair value hierarchy of ASC 820, Fair Value Measurements (“ASC 820”). These unobservable inputs reflect CSRA’s own assumptions about which assumptions market participants would use in pricing an asset on a non-recurring basis. The customer relationship intangible asset of $823,300 represents the fair value of future projected cash flows that are expected to be derived from sales of services to existing customers. Customer relationships were valued using the excess earnings approach, with a discount rate of 8.50% and an implied royalty range of 6.35% to 8.10% . The asset is being amortized ratably over a weighted-average amortization period of 20 years based upon the information at the time of the Mergers related to the nature of the customer relationships that CSRA acquired, the Company’s experience on customer renewals and expectations associated with customer attrition and growth strategies. Backlog of $65,200 represents the funded economic value of predominantly long-term contracts, less the amount of revenue already recognized on those contracts. Backlog was valued using the excess earnings approach, with a discount rate of 8.00% and an implied royalty range of 5.90% to 7.50% . The asset is being amortized over an amortization period of one year , reflecting the fact that the funded and committed backlog that CSRA acquired is short-term in nature. Acquired technology of $2,000 represents the fair value of future cash flow projections taking into account expectations on investments in the technology, current and future use, and the lack of legal limitations. A summary of amortizing intangible assets is as follows: As of April 1, 2016 Gross Carrying Value Accumulated Amortization Net Carrying Value Customer-related intangibles $ 953,450 $ (133,019 ) $ 820,431 Backlog 65,200 (21,733 ) 43,467 Other intangible assets 51,370 (45,859 ) 5,511 Software 136,461 (95,034 ) 41,427 Total intangible assets $ 1,206,481 $ (295,645 ) $ 910,836 As of April 3, 2015 Gross Carrying Value Accumulated Amortization Net Carrying Value Customer-related intangibles $ 130,150 $ (110,449 ) $ 19,701 Other intangible assets 53,550 (39,846 ) 13,704 Software 110,805 (75,544 ) 35,261 Total intangible assets $ 294,505 $ (225,839 ) $ 68,666 Customer-related intangibles, backlog, and software are amortized to expense. Amortization expense for the twelve months ended April 1, 2016, April 3, 2015 and March 28, 2014 was $62,081 , $33,022 and $35,128 , respectively. Other intangible assets, which consist of contract-related intangibles, are amortized as a reduction to revenues and included in Depreciation and amortization in the Consolidated and Combined Statements of Cash Flows. Amortization as a reduction to revenues for the twelve months ended April 1, 2016, April 3, 2015 and March 28, 2014 was $9,160 , $9,706 and $10,780 , respectively. Estimated amortization related to intangible assets as of April 1, 2016, and for each of the fiscal years 2017, 2018, 2019, 2020 and 2021, is as follows: $113,430 , $64,071 , $69,574 , $63,880 and $63,164 , respectively. Purchased and internally developed software (for both external and internal use), net of accumulated amortization, consisted of the following: As of April 1, 2016 April 3, 2015 Purchased software $ 40,342 $ 30,864 Internally developed software for external use 1,085 2,950 Internally developed software for internal use — 1,447 Total software $ 41,427 $ 35,261 Amortization expense related to purchased software was $16,423 , $13,902 and $12,470 , for the twelve months ended April 1, 2016, April 3, 2015 and March 28, 2014, respectively. Amortization expense related to internally developed software for external use was $997 , $1,678 , and $2,001 , for the twelve months ended April 1, 2016, April 3, 2015 and March 28, 2014, respectively. Amortization expense related to internally developed software for internal use was $147 , $294 and $190 , for the twelve months ended April 1, 2016, April 3, 2015 and March 28, 2014, respectively. Total amortization expenses related to purchased software, internally developed software for external use, and internally developed software for internal use for the twelve months ended April 1, 2016, April 3, 2015 and March 28, 2014 are included in total amortization expense related to software detailed above. Estimated amortization related to purchased and internally developed software as of April 1, 2016, and for each of the fiscal years 2017, 2018, 2019, 2020 and 2021, is as follows: $17,035 , $10,858 , $7,530 , $5,172 and $1,979 , respectively. |
Accrued Payroll and Related Cos
Accrued Payroll and Related Costs | 12 Months Ended |
Apr. 01, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Payroll and Related Costs | Accrued Payroll and Related Costs Accrued payroll and related costs consisted of the following: As of April 1, 2016 April 3, 2015 Accrued payroll $ 54,210 $ 21,785 Accrued vacation 64,646 20,606 Deferred compensation 3,202 33,447 Accrued incentive compensation 17,164 19,111 Payroll taxes 9,504 8,196 Other 50,786 6,394 Total $ 199,512 $ 109,539 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: As of April 1, 2016 April 3, 2015 Accrued contract costs $ 247,630 $ 212,155 Deferred revenue 139,754 174,022 Accrued expenses 131,738 45,164 Other 8,612 9,265 Total $ 527,734 $ 440,606 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Apr. 01, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Payroll and Related Costs Accrued payroll and related costs consisted of the following: As of April 1, 2016 April 3, 2015 Accrued payroll $ 54,210 $ 21,785 Accrued vacation 64,646 20,606 Deferred compensation 3,202 33,447 Accrued incentive compensation 17,164 19,111 Payroll taxes 9,504 8,196 Other 50,786 6,394 Total $ 199,512 $ 109,539 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: As of April 1, 2016 April 3, 2015 Accrued contract costs $ 247,630 $ 212,155 Deferred revenue 139,754 174,022 Accrued expenses 131,738 45,164 Other 8,612 9,265 Total $ 527,734 $ 440,606 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Apr. 01, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | Other Long-term Liabilities Other long-term liabilities consisted of the following: As of April 1, 2016 April 3, 2015 Deferred revenue $ 27,385 $ 42,927 Pension and other postretirement obligations 645,799 25,341 Deferred rent 13,444 11,913 Deferred compensation 43,513 — Other 12,484 776 Total $ 742,625 $ 80,957 |
Debt
Debt | 12 Months Ended |
Apr. 01, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following is a summary of CSRA’s debt as of April 1, 2016 and April 3, 2015: April 1, 2016 April 3, 2015 Revolving credit facility, due November 2020 $ 50,000 $ — Tranche A1 facility, due November 2018 600,000 — Tranche A2 facility, due November 2020 1,431,875 — Term Loan B facility, due November 2022 748,125 — Capitalized lease liability 150,721 151,284 Total debt 2,980,721 151,284 Less: unamortized debt issuance costs (45,676 ) — Less: current portion of long-term debt (170,191 ) (21,351 ) Total long-term debt, net of current maturities (1) $ 2,764,854 $ 129,933 (1) As of April 1, 2016, the fair value of the Company’s debt, based on recent trading activity, approximated carrying value. We determined the fair value of our long-term debt using Level 2 inputs, in which fair value is generally estimated based on quoted market prices for identical or similar instruments. During the third quarter of fiscal 2016, CSRA entered into the following debt facilities: (1) a five -year senior secured revolving credit facility (the “Revolving Credit Facility”) with a committed borrowing capacity of $700,000 , (2) a three -year senior secured tranche A1 Term loan facility in an aggregate principal amount of $600,000 (the “Tranche A1 Facility”), (3) a five -year senior secured tranche A2 Term loan facility in an aggregate principal amount of $1,450,000 (the “Tranche A2 Facility” and together with the Tranche A1 Facility, the “Term Loan A Facilities”) and (4) a seven -year senior secured term loan B facility in an aggregate principal amount of $750,000 (the “Term Loan B Facility” and together with the Term Loan A Facilities, the “Term Loan Facilities”), all of which are guaranteed by CSRA’s significant domestic subsidiaries (the “Guarantors”) and are secured by substantially all of the assets of CSRA and the Guarantors. On November 27, 2015, the Tranche A1 Facility of $600,000 and $960,000 of the Tranche A2 Facility were funded in an aggregate amount of $1,560,000 , the proceeds of which were used to fund the Special Dividend and to pay transaction costs. On November 30, 2015, $200,000 of the Revolving Credit Facility, the remainder of the Tranche A2 Facility and all of the Term Loan B Facility were funded in an additional aggregate amount of $1,240,000 , the proceeds of which were used to fund the cash portion of the Merger Consideration to holders of SRA common stock, to repay substantially all of SRA’s existing indebtedness, to pay for additional transaction costs and for general corporate purposes. During the fourth quarter of fiscal 2016, the Company made repayments of $150,000 on the Revolving Credit Facility. The Revolving Credit Facility bears interest at an interest rate per annum equal to, at CSRA’s option, either (1) LIBOR plus the applicable margin subject to a 0% LIBOR floor or (2) the base rate plus the applicable margin. The Term Loan A Facility bears interest at an interest rate per annum equal to, at CSRA’s option, either (1) LIBOR plus the applicable margin subject to a 0% LIBOR floor or (2) the base rate plus the applicable margin and is payable quarterly. The Term Loan B Facility bears interest at an interest rate per annum, equal to, at CSRA’s option, either (1) LIBOR plus the applicable margin subject to a 0.75% LIBOR floor or (2) the base rate plus the applicable margin, subject to a 1.75% base rate floor and is payable quarterly. The applicable margins for borrowings under the Revolving Credit Facility and the Term Loan A Facilities vary and are determined based on CSRA’s corporate credit or family rating. The applicable margin for borrowings under the Term Loan B Facility vary and are determined based on the ratio of consolidated total net debt to our consolidated EBITDA. CSRA incurred costs of $56,415 in connection with the issuance of the Revolving Credit Facility and Term Loan Facilities, which are amortized using the effective interest method over the life of the respective loans. Unamortized debt issuance costs related to the Revolving Credit Facility are recorded as a deferred financing asset and are amortized using the straight line interest method. Unamortized debt issuance costs related to the Term Loan Facilities are recorded as a direct deduction from the carrying amount of the debt liability. As of April 1, 2016, $ 509 and $ 3,276 of costs for the Revolving Credit Facility and Term Loan Facilities, respectively, were amortized and reflected in Interest expense in the audited Consolidated and Combined Statements of Operations. The Term Loan Facilities require the Company to prepay outstanding term loans, subject to certain exceptions, in the case of excess annual cash flow and in the event of certain asset sales, casualty events and issuances of debt. Any required excess cash flow payments are due within 90 days following the end of the fiscal year. As of April 1, 2016, the Company is required to pay $48,000 related to FY16 excess cash flow, and that amount is included in current maturities of long-term debt. Expected maturities of long-term debt, excluding future minimum capital lease payments for fiscal years subsequent to fiscal 2016, are as follows: Fiscal Year Amount (1) 2017 $ 128,000 2018 80,000 2019 680,000 2020 80,000 2021 1,199,375 Thereafter 662,625 Total $ 2,830,000 (1) Includes estimated required excess cash flow payments that are due under the credit agreement governing CSRA’s Term Loan Facilities. This does not include excess cash flow or voluntary prepayments of borrowings that the Company may expect to make as such voluntary prepayments are not required under the credit agreement. The agreements governing our indebtedness contain restrictions and limitations on our ability to engage in activities that may be in our long-term best interests, including covenants that place limitations on the incurrence of additional indebtedness; the creation of liens; the payment of dividends; sales of assets; fundamental changes, including mergers and acquisitions; loans and investments; negative pledges; transactions with affiliates; restrictions affecting subsidiaries; modification to charter documents in a manner materially adverse to the lenders; changes in fiscal year and limitations on conduct of business. CSRA’s long-term debt facilities contain representations, warranties, and covenants customary for arrangements of these types, as well as customary events of default. CSRA was in compliance with all financial covenants associated with its borrowings as of April 1, 2016. Refer to Note 22 — Commitments and Contingencies for further discussion of capitalized lease liability. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 01, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For purposes of these standalone Consolidated and Combined Financial Statements, the taxes prior to the Spin-Off were computed and reported using the separate return method. Use of the separate return method may result in significant differences when the sum of the amounts allocated to standalone tax provisions are compared with amounts presented in historical combined financial statements. Furthermore, certain tax attributes (e.g., state tax credit carry forwards) reflected in the historical combined financial statements may not have existed at the standalone Computer Sciences GS Business level. In general, prior to the Spin-Off, the taxable income of the Computer Sciences GS Business entities was included in CSC’s consolidated tax returns, where applicable in jurisdictions around the world. As such, separate income tax returns were not prepared for many the Computer Sciences GS Business entities. Consequently, income taxes payable for periods prior to the Spin-Off are deemed to have been settled with CSC. The sources of income from continuing operations before taxes, classified between domestic entities and those entities domiciled outside of the U.S., are as follows: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Domestic entities $ 142,525 $ 416,206 $ 396,160 Entities outside the U.S. 6,564 12,502 4,116 Total $ 149,089 $ 428,708 $ 400,276 The components of the provision for income taxes from continuing operations were: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Current: Federal $ 78,470 $ 131,706 $ 118,770 State 12,246 27,329 17,453 Foreign 2,102 4,576 2,644 92,818 163,611 138,867 Deferred: Federal (42,056 ) (3,215 ) 4,159 State (4,595 ) 600 3,532 (46,651 ) (2,615 ) 7,691 Total income tax expense $ 46,167 $ 160,996 $ 146,558 The major elements contributing to the difference between the U.S. federal statutory tax rate of 35% and the effective tax rate (“ETR”) for continuing operations are as follows: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Statutory rate 35.0 % 35.0 % 35.0 % State income tax, net of federal tax 3.7 4.2 4.3 Noncontrolling interest (3.7 ) (1.1 ) (1.9 ) Dividend paid to Employee Stock Ownership Plan (9.5 ) 0.0 0.0 Transaction Costs 5.6 0.1 0.0 Other items, net (0.2 ) (0.6 ) (0.8 ) Effective tax rate 30.9 % 37.6 % 36.6 % The significant components of deferred tax assets and liabilities are as follows: As of April 1, 2016 April 3, 2015 Deferred tax assets Employee benefits $ 281,714 $ 36,583 Accrued expenses 22,027 7,217 Net operating loss and tax credit carry forwards 64,701 3,544 Other assets 5,056 8,121 Total deferred tax assets 373,498 55,465 Valuation allowance (8,727 ) (1,438 ) Net deferred tax assets 364,771 54,027 Deferred tax liabilities Depreciation and amortization (403,246 ) (94,624 ) Contract accounting (67,820 ) (45,007 ) Investment basis differences (8,035 ) (16,286 ) Deferred at risk project costs (32,685 ) (49,103 ) Prepaid expenses (15,829 ) (2,304 ) Total deferred tax liabilities (527,615 ) (207,324 ) Net deferred tax liabilities $ (162,844 ) $ (153,297 ) In general, it is the practice and intention of CSRA to reinvest the earnings of its non-U.S. subsidiaries in those operations. As of April 1, 2016 the cumulative undistributed positive earnings of the Company's foreign subsidiaries and the tax cost of repatriating the cumulative undistributed taxable earnings of these foreign subsidiaries to the U.S. is immaterial. As of April 1, 2016, CSRA had federal and state net operating loss (“NOL”) carryforwards for tax purposes of $115,527 and $131,643 , respectively, which expire at various dates through 2036. These losses were materially incurred by SRA prior to the acquisition. As of April 3, 2015, CSRA had no federal or state NOL carryforwards for tax purposes. CSRA had available foreign NOL carryforwards totaling approximately $1,958 and $6,042 as of April 1, 2016 and April 3, 2015, respectively. The foreign NOL carryforwards as of April 1, 2016 can be carried over indefinitely. CSRA has established a valuation allowance equal to the full amount of the NOL carryforwards. CSRA had federal credit carryforwards of $11,021 and $0 as of April 1, 2016 and April 3, 2015, respectively, which expire at various dates through 2036. CSRA also had federal Alternative Minimum Tax credit carryforwards of $666 and $0 as of April 1, 2016 and April 3, 2015, respectively, which can be carried over indefinitely. CSRA had state credit carryforwards of $12,670 and $5,453 as of April 1, 2016 and April 3, 2015, respectively, which expire at various dates through 2026. CSRA has established a valuation allowance equal to the full amount of the state tax credit carryforwards because CSRA believes it is more likely than not that the state tax credit carryforwards will not be utilized in future carryforward periods. Significant management judgment is required in determining the Company's provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. A valuation allowance has been recorded against deferred tax assets for foreign NOL and state tax credits as of April 1, 2016 due to uncertainties related to the ability to utilize these assets. Valuation allowances are evaluated periodically and will be subject to change in each future reporting period as a result of changes in various factors. In determining whether the deferred tax assets are realizable, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, taxable income in prior carryback years, projected future taxable income, tax planning strategies, and recent financial operations. Upon audit, taxing authorities may challenge all or part of an uncertain income tax position. While the Computer Sciences GS Business has no history of tax audits on a standalone basis, CSC is audited by federal, state and foreign taxing authorities. Accordingly, CSC (and the Computer Sciences GS Business) regularly assess the outcome of potential examinations in each of the taxing jurisdictions when determining the adequacy of the amount of unrecognized tax benefit recorded. The effective income tax rate reflects changes to the tax reserves that the Computer Sciences GS Business considers appropriate. It is reasonably possible that changes to the Computer Sciences GS Business’s global unrecognized tax benefits could be significant; however, due to the uncertainty regarding the timing of completion of audits and possible outcomes, a current estimate of the range of increases or decreases that may occur within the next twelve months is not expected to be material. Our Tax Matters Agreement, entered into with CSC in connection with the Spin-Off, states each company’s rights and responsibilities with respect to payment of taxes, tax return filings and control of tax examinations. Except for historic SRA tax liabilities and certain separate state liabilities, we are generally only responsible for taxes allocable to periods (or portions of periods) beginning after the Spin-Off. Prior periods included uncertain tax positions allocated from CSC to CSRA on a stand-alone basis that are not reflected in the post-Spin-Off period. CSRA is subject to U.S. federal income tax, various state and local taxes, and international income taxes in numerous jurisdictions. As of April 1, 2016, CSRA’s liability for uncertain tax positions was $39,026 , including interest of $221 and penalties of $0 . As of April 3, 2015, CSRA’s liability for uncertain tax positions was $25,361 , including interest of $743 and penalties of $200 . The following table summarizes the activity related to CSRA’s uncertain tax positions (excluding interest and penalties and related tax attributes): Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Balance at Beginning of Year $ 24,418 $ 24,634 $ 25,457 Net increase related to Spin 6,922 — — Increase related to acquisition 7,152 — — Gross increases related to prior year tax positions 325 846 1,461 Gross decreases related to prior year tax positions — (2,133 ) (22 ) Gross increases related to current year tax positions 209 1,261 509 Settlements and statute of limitation expirations — (190 ) (2,771 ) Balance at End of Year $ 39,026 $ 24,418 $ 24,634 CSRA’s liability for uncertain tax positions at April 1, 2016, April 3, 2015, and March 28, 2014, include $39,026 , and $8,206 and $8,564 , respectively, related to amounts that, if recognized, would affect the effective tax rate (excluding related interest and penalties). During the year ended April 1, 2016, CSRA had a net decrease in accrued interest of $522 ( $318 net of tax) and a net increase of accrued penalties of $0 and, as of April 1, 2016, has recognized a liability for accrued interest of $221 ( $134 net of tax) and penalties of $0 . During the year ended April 3, 2015, CSRA had a net reduction in accrued interest of $34 ( $21 net of tax) and accrued penalties of $87 , and, as of April 3, 2015, recognized a liability for accrued interest of $743 ( $452 net of tax) and penalties of $200 . During the year ended March 28, 2014, CSRA had a net reduction in accrued interest of $2,512 ( $1,526 net of tax) and accrued penalties of $553 and, as of March 28, 2014, recognized a liability for accrued interest of $777 ( $472 net of tax) and penalties of $113 . Tax Examination Status CSRA is currently under examination in several tax jurisdictions. As a result of the Mergers, the tax years that remain subject to examination in certain of CSRA’s major tax jurisdictions are as follows: Jurisdiction: Tax Years that Remain United States - federal 2008 and forward United States - various states 2008 and forward The Internal Revenue Service (“IRS”) is currently examining SRA’s federal income tax return for 2011. The IRS has contested a $136,700 worthless stock deduction of a disposed subsidiary in that period. CSRA believes its tax positions are appropriate and is prepared to defend them vigorously. Furthermore, pursuant to the Merger Agreement, SRA obtained an insurance policy limiting the exposure related to this position. It is reasonably possible that changes to CSRA’s unrecognized tax benefits could be significant; however, due to the uncertainty regarding the timing of completion of audits and possible outcomes, a current estimate of the range of increases or decreases that may occur within the next 12 months is not expected to be material. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 12 Months Ended |
Apr. 01, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefit Plans | Pension and Other Postretirement Benefit Plans The employees of CSRA and its subsidiaries may participate in employer-sponsored defined benefit and defined contribution plans. CSRA’s defined benefit plans included both pension and other postretirement benefit (“OPEB”) plans. As discussed in Note 1—Significant Accounting Policies, on November 27, 2015, CSC completed the Spin-Off of CSRA, including the Computer Sciences GS Business. Prior to the Spin-Off date, the Computer Sciences GS Business recorded the assets, liabilities, and service costs for current employees for the single employer pension and OPEB plans in the audited Consolidated and Combined Financial Statements. For multi-employer plans, the Computer Sciences GS Business recorded the service cost related to their current employees in the audited Consolidated and Combined Financial Statements. Subsequent to the Spin-Off date, all pension and OPEB plans assets, liabilities, and service costs related to current employees were fully absorbed by CSRA. CSRA’s net periodic pension expense for the period ended April 1, 2016 includes interest costs incurred of $789 associated with certain OPEB plans that were previously excluded in the allocations of expense from CSC for the audited Consolidated and Combined Statements of Operations and Comprehensive Income of Computer Sciences GS Business prior to the Spin-Off. Due to the Spin-Off, one previously classified multi-employer pension plan and a previously classified multi-employer OPEB plan were remeasured and were fully transferred to CSRA. The funded status of all defined benefit pension and other postretirement plans were remeasured as of the end of fiscal 2016. CSRA’s net periodic pension expense for the period ended April 1, 2016 includes the return on plan assets of $ 66,415 for the pension plan which was previously excluded in the allocations of expenses from CSC for the audited Consolidated and Combined Statements of Operations and Comprehensive Income of Computer Sciences GS Business prior to Spin-Off. Estimation of Service and Interest Costs Effective for the fiscal quarter ended April 1, 2016, CSRA changed its method used to estimate the service and interest cost components of net periodic benefit cost for all pension and OPEB plans. Through the second quarter of fiscal 2016, CSRA estimated the service and interest cost components using a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. For the fiscal quarter ended January 1, 2016, one previously classified multi-employer pension plan and a previously classified multi-employer OPEB plan were remeasured in connection with the Spin-Off using discount rates following the revised method for estimating service and interest costs. As of April 1, 2016 CSRA estimates the costs of the service and interest components for all pension and OPEB plans through a full yield curve approach by applying the specific spot rates along the yield curve used in the determination of the net periodic expense to the relevant projected cash flows. The yield curve is composed of the rates of return on several hundred high-quality, fixed income corporate bonds. These bonds were all rated AA by one of the nationally recognized statistical rating agencies. The full yield curve approach is intended to reduce any actuarial gains and losses based upon interest rate expectations, or gains and losses merely resulting from the timing and magnitude of cash outflows associated with benefit obligations. This changes does not affect the measurement of the total defined benefit obligation recorded the period ended April 1, 2016, or any other period reported. The service cost component relates to the active participants in the plans, so the relevant cash flows on which to apply the yield curve are considerably longer in duration on average than the total projected benefit obligation cash flows, which also include benefit payments to retirees. Interest cost is computed by multiplying each spot rate by the corresponding discounted projected benefit obligation cash flows. CSRA made this change to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates and to provide a more precise measurement of service and interest costs. CSRA has determined the change in estimation method is a change in accounting estimate that is inseparable from a change in accounting principle, which is generally accounted for on a prospective basis, except for the pension and OPEB plans remeasured in the prior quarter. The more precise application of spot rates has reduced the costs for the remeasured pension and OPEB plans by approximately $7,700 for the period ended April 1, 2016. The weighted average rate used to determine pension plan interest costs was 3.59% . Under CSRA’s prior methodology, interest costs and service costs would have resulted in a weighted-average rate of 3.90% as of April 3, 2015. The weighted average rates used to determine interest and services costs for the OPEB plan were 3.38% and 4.23% , respectively. Under CSRA’s prior methodology, interest and service costs would each have both resulted in a weighted-average rate of 3.77% as of April 3, 2015. Defined Benefit Pension Plans The assets and liabilities for the plans as well as service and interest costs related to current employees are reflected in CSRA’s Consolidated and Combined Financial Statements. The largest U.S. defined benefit pension plan was frozen in fiscal 2010 for most participants. On July 19, 2013, CSRA completed the sale of ATD (See Note 4—Divestitures), which had a pension and a retiree medical plan. The divestiture of the pension plan resulted in a reduction to long-term liabilities and a corresponding recognition of a settlement gain of $27,603 which was recorded as part of the gain on sale of ATD. The net periodic pension cost related to the divested plans, excluding the settlement gain, was $443 for the twelve months ended March 28, 2014. The settlement of the plan remains CSRA’s potential liability upon completion of the related contract pending reimbursement from the government customer. See Note 22—Commitments and Contingencies for further discussion. The following tables provide reconciliation of the annual changes in the employer pension plans’ projected benefit obligations and assets and a related status of funding: Reconciliation of projected benefit obligation April 1, 2016 April 3, 2015 Unfunded status at beginning of year $ (10,627 ) $ (1,591 ) Projected benefit obligation at beginning of year 65,770 58,566 Transfer in of projected benefit obligation from Spin-Off 3,063,848 — Service cost — — Interest cost 38,305 2,626 Plan participants’ contributions — — Settlement — (2,897 ) Actuarial loss (gain) 114,443 9,781 Benefits paid (60,081 ) (2,306 ) Divestitures — — Projected benefit obligation at end of year $ 3,222,285 $ 65,770 Reconciliation of fair value of plan assets April 1, 2016 April 3, 2015 Fair value of plan assets at beginning of year $ 55,143 $ 56,975 Transfer in of fair value of plan assets from Spin-Off 2,596,836 — Actual (loss) return on plan assets (9,632 ) 3,371 Company contributions 2,774 — Plan participants’ contributions — — Settlement — (2,897 ) Benefits paid (60,081 ) (2,306 ) Divestitures — — Fair value of plan assets at end of year 2,585,040 55,143 Unfunded status at end of year (637,245 ) (10,627 ) Accumulated benefit obligations $ 3,222,285 $ 65,770 The accumulated benefit obligation and projected benefit obligations of all employer pension plans exceeded the fair value of the respective plans’ assets. The following table provides the amounts recorded in CSRA’s Consolidated and Combined Balance Sheets for the pension plan liabilities: As of April 1, 2016 April 3, 2015 Current liabilities - Accrued expenses and other current liabilities $ 8,333 $ 6 Other long-term liabilities - Other long-term liabilities 628,912 10,621 Net amount recorded $ 637,245 $ 10,627 Net periodic pension costs Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Service cost $ — $ — $ 796 Interest cost 38,305 2,626 4,004 Expected return on assets (70,673 ) (4,195 ) (5,545 ) Settlement loss (gain) — 388 (27,603 ) Recognition of actuarial losses (gains) 194,748 10,216 (2,437 ) Net periodic pension costs (benefit) $ 162,380 $ 9,035 $ (30,785 ) The weighted-averages of the assumptions used to determine net periodic pension cost were: April 1, 2016 April 3, 2015 March 28, 2014 Discount or settlement rates 4.3 % 4.5 % 4.6 % Expected long-term rates of return on assets 7.9 % 7.6 % 7.2 % Rates on increase in compensation levels 4.3 % N/A 3.9 % The following table summarizes the weighted average assumptions used in the determination of CSRA’s pension benefit obligations as of April 1, 2016 and April 3, 2015: April 1, 2016 April 3, 2015 Discount rate 4.0 % 3.9 % Information about the expected cash flows for pension plans as of April 1, 2016, is as follows: Employer Contributions: 2017 $ 8,333 Employer Benefit Payments: 2017 $ 168,533 2018 171,852 2019 179,122 2020 184,867 2021 190,026 2022-2025 990,499 Multi-employer Pension Plans CSRA’s multi-employer pension plan did not incur any service costs for each of the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014. Defined Benefit Other Postretirement Benefit Plans The assets and liabilities for the OPEB plans as well as service costs related to current employees are reflected in CSRA’s Consolidated and Combined Financial Statements. These statements also reflect the service costs related to current employees of the business and the assets and liabilities for the plans. CSRA provides subsidized healthcare, dental and life insurance benefits for certain U.S. employees and retirees, primarily for individuals employed prior to August 1992. On July 19, 2013, the Computer Sciences GS Business completed the sale of ATD (Note 4—Divestitures), which had a pension and a retiree medical plan. The divestiture of the retiree medical plan resulted in a reduction to long-term liabilities and a corresponding recognition of a settlement gain of $8,387 , which was recorded as part of the gain on sale of ATD. The net periodic pension cost related to the divested plans, excluding the settlement gain, for the twelve months March 28, 2014 was $208 . The following tables provide reconciliation of the changes in the single employer postretirement plan benefit obligations and assets and a statement of funded status: Reconciliation of accumulated postretirement benefit obligations April 1, 2016 April 3, 2015 Unfunded status at beginning of year $ (14,903 ) $ (23,291 ) Accumulated benefit obligation at beginning of year 14,903 23,291 Transfer in of projected benefit obligation from Spin-Off 72,271 — Service cost 233 12 Interest cost 1,273 745 Settlements — — Retiree drug subsidy reimbursement (115 ) Plan amendments — (5,561 ) Business combinations 115 237 Actuarial gain (loss) 6,714 (2,245 ) Benefits paid (2,138 ) (1,576 ) Accumulated benefit obligation at end of year $ 93,256 $ 14,903 Reconciliation of Fair Value of Plan Assets April 1, 2016 April 3, 2015 Fair value of plan assets at beginning of year $ — $ — Transfer in of fair value of plan assets from Spin-Off 75,826 — Actual return on plan assets 530 — Company contribution 1,482 1,576 Business combinations — — Benefits paid (2,138 ) (1,576 ) Settlements — — Fair value of plan assets at end of year 75,700 — Unfunded status at end of year $ (17,556 ) $ (14,903 ) The following table provides the amounts recorded in CSRA’s Consolidated and Combined Balance Sheets for the postretirement benefit plan liabilities: As of April 1, 2016 April 3, 2015 Current liabilities $ 669 $ 1,232 Other long-term liabilities 16,887 13,671 Net amount recorded $ 17,556 $ 14,903 The following is a summary of amounts in accumulated other comprehensive income (loss) as of April 1, 2016, April 3, 2015, and March 28, 2014 that have not been recognized in the Consolidated and Combined Statements of Operations as components of net periodic benefit cost: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Prior service (benefit) cost $ (45,819 ) $ (3,123 ) $ 171 Accumulated other comprehensive (income) loss $ (45,819 ) $ (3,123 ) $ 171 The accumulated benefit obligation and projected benefit obligations of all single employer OPEB plans exceeded the fair value of the respective plans’ assets. Net periodic benefit costs Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Service cost $ 233 $ 12 $ 80 Interest cost 1,273 745 1,076 Expected return on assets (1,869 ) — (67 ) Amortization of transition obligation — — — Amortization of prior service (benefit) costs (7,436 ) (2,267 ) 33 Settlement gain — — (8,387 ) Recognition of actuarial (gain) loss 8,052 (2,245 ) (48 ) Net periodic (benefit) costs $ 253 $ (3,755 ) $ (7,313 ) Other before tax changes in plan assets and benefit obligations recognized in other comprehensive income during fiscal years 2016, 2015, and 2014 included the following components: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Prior service (credit)/cost $ — $ (5,561 ) $ — Amortization of: Prior service cost (credit) 7,436 2,267 (33 ) Total recognized in other comprehensive income $ 7,436 $ (3,294 ) $ (33 ) Other comprehensive income related to unamortized postretirement benefit plan costs for the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014 was $5,185 , net of tax impact of $2,251 , and $2,014 , net of tax impact of $1,280 , and $33 , net of tax impact of $0 , respectively. The weighted-averages of the assumptions used to determine net periodic postretirement benefit costs were: April 1, 2016 April 3, 2015 March 28, 2014 Discount or settlement rates 4.5 % 3.8 % 4.1 % Expected long-term rates of return on assets 7.7 % N/A 2.7 % The following table summarizes the weighted average assumptions used in the determination of CSRA’s postretirement benefit obligations as of April 1, 2016 and April 3, 2015: April 1, 2016 April 3, 2015 Discount rate 3.8 % 3.4 % The assumed healthcare cost trend rate used in measuring the accumulated postretirement benefit obligation was 9.0% for fiscal 2017, declining to 5.0% by 2025 and subsequent years for all retirees. Assumed healthcare cost trend rates have a significant effect on the amounts reported for the healthcare plans. A one-percentage point change in the assumed healthcare cost trend rates would have had the following effect: One Percentage Point Increase Decrease Effect on accumulated postretirement benefit obligation as of April 1, 2016 $ 84 $ (74 ) Effect on net periodic postretirement (benefit) cost for fiscal 2016 5 (4 ) The following are expected cash flows for CSRA’s OPEB plans: Employer Contributions 2017 $ 1,514 Employer Benefit Payments 2017 $ 6,819 2018 6,285 2019 6,329 2020 6,317 2021 6,437 2022-2025 32,684 Multi-employer OPEB Plans CSRA’s share of total service cost incurred by the multi-employer OPEB plans for the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014 were $90 , and $327 and $466 , respectively. The contributions for the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014 were $685 , and $(93) and $1,132 , respectively. Pension and OPEB Plan Assets Pension and OPEB plan assets, of both CSRA and its former Parent, are held in a single trust. These assets include separate accounts, commingled funds and mutual funds. The plan assets for the single employer plans have been allocated based on the master trust ownership and are disclosed herein. Investment goals and risk management strategy for plan assets takes into account a number of factors including the time horizon of the pension plans’ obligations. Plan assets are invested in various asset classes that are expected to produce a sufficient level of diversification and a reasonable amount of investment return over the long term. Sufficient liquidity is maintained to meet benefit obligations as they become due. Third-party investment managers are employed to invest assets in both passively indexed and actively managed strategies. Equities are primarily invested in domestic and foreign companies across market capitalizations and industries. Fixed income securities are invested primarily in government treasury, corporate credit, mortgage-backed and asset-backed investments. Alternative investment allocations are included in the pension plans to achieve greater portfolio diversity intended to reduce the overall risk of the plans. Risks include, but are not limited to, longevity risk, inflation risk and the risk of other changes in market conditions that reduce the value of plan assets. Also, a decline in the yield of high quality corporate bonds may adversely affect discount rates resulting in an increase in the pension and other postretirement obligations. These risks, among others, could cause the plans’ funded status to deteriorate, increasing reliance on CSRA or former Parent CSC contributions. Derivatives are permitted although their current use is limited within traditional funds and broadly allowed within alternative funds. They are used in the pension trust traditional fixed income portfolios for duration and interest rate risk management and traditional equity portfolios to gain market exposure. For the pension trust, an allocation range by asset class is developed. The allocation has a significant weighting to equity investments in part due to the relatively long duration of the plans’ obligations. As of April 2016, the plan fiduciaries adopted investment allocation targets for the pension trust of 31% equities, 23% fixed income securities, and 46% alternative investments. Alternatives include risk parity, global tactical asset allocation, hedge fund and hedge fund-of-fund allocations. An allocation range is established for each asset class and cash equivalents may represent 0% – 10% of the fund. Asset allocations are monitored closely and investment reviews are conducted regularly. CSRA consults with internal and external advisors regarding asset strategy. Plan Asset Valuation Techniques Cash equivalents are primarily short term money market commingled funds that are categorized as Level 2, except for funds that have quoted prices in active markets, which are classified as Level 1. They are valued at cost plus accrued interest which approximates fair value. Fixed income accounts are categorized as Level 2. Investments in corporate bonds are primarily investment grade bonds. These investments are generally priced using model based pricing methods that use observable market data as inputs. Broker dealer bids or quotes of securities with similar characteristics may also be used. Domestic and global equity separate accounts are categorized as Level 1 if the securities trade on national or international exchanges and are valued at their last reported closing price. Equity assets in commingled funds reporting a net asset value are categorized as Level 2. Derivatives are categorized as Level 1 if the securities trade actively on a recognized exchange, as Level 2 if the securities can be valued using observable inputs, or as Level 3 if the securities are valued using significant unobservable inputs. Alternative investment fund securities are categorized as Level 1 if held in a mutual fund or in a separate account structure and actively traded through a recognized exchange, or as Level 2 if they are held in commingled or collective account structures and are actively traded. Alternative investment fund securities are classified as Level 3 if they are held in Limited Company or Limited Partnership structures or cannot otherwise be classified as Level 1 or Level 2. The fair value of CSRA’s pension and OPEB plan assets by investment category and the corresponding level within the fair value hierarchy as of April 1, 2016 and April 3, 2015 are as follows: As of April 1, 2016 Level 1 Level 2 Level 3 Total Equity: U.S. domestic stocks $ 132,039 $ — $ — $ 132,039 Global/International 30,979 — — 30,979 Domestic Equity commingled funds — 355,403 — 355,403 Global Equity commingled funds — 191,503 — 191,503 Fixed Income: Fixed income mutual funds 104,260 — — 104,260 Fixed income commingled funds — 411,239 — 411,239 Mortgage and asset-backed securities — 42,320 — 42,320 Corporate bonds — 27,067 — 27,067 U.S. Treasuries — 30,325 — 30,325 Non U.S. Government — 1,580 — 1,580 U.S. Government Agencies — 771 — 771 Alternatives: Other Alternatives (a) 212,542 477,002 — 689,544 Hedge Funds (b) — — 620,233 620,233 Cash and cash equivalents 228 87,417 — 87,645 Total $ 480,048 $ 1,624,627 $ 620,233 $ 2,724,908 Unsettled Trade Receivables and Accrued Income 5,736 Unsettled Trade Payable and Accrued Expenses (69,904 ) Fair value of assets for pension and OPEB plans $ 2,660,740 (a) Represents institutional funds consisting mainly of equities, bonds, or commodities. (b) Represents investments in diversified fund of hedge funds in which the CSRA pension plans are the sole investor. Below is a reconciliation of the assets valued using significant unobservable inputs (Level 3): Level 3 Beginning balances as of April 3, 2015 $ 10,439 Transfers in due to Spin 537,869 Actual return on plan assets held at the reporting date 417 Purchases, sales and settlements 71,508 Ending balance as of April 1, 2016 $ 620,233 As of April 3, 2015 Level 1 Level 2 Level 3 Total Equity: U.S. domestic stocks $ 2,833 $ — $ — $ 2,833 Global/International 431 — — 431 Domestic Equity commingled funds — 8,585 — 8,585 Global Equity commingled funds — 2,933 — 2,933 Fixed Income: Fixed income mutual funds 1,934 — — 1,934 Fixed income commingled funds — 9,445 — 9,445 Mortgage and asset-backed securities — 999 — 999 Corporate bonds — 771 — 771 U.S. Treasuries — 441 — 441 Non U.S. Government — 47 — 47 U.S. Government Agencies — 14 — 14 Alternatives: Other Alternatives (a) 5,809 10,053 — 15,862 Hedge Funds (b) — — 10,439 10,439 Cash and cash equivalents $ 3 546 — 549 Total 11,010 $ 33,834 $ 10,439 $ 55,283 Unsettled Trade Receivables and Accrued Income 409 Unsettled Trade Payable and Accrued Expenses (549 ) Fair value of assets for pension plans $ 55,143 (a) Represents institutional funds consisting mainly of equities, bonds, or commodities. (b) Represents investments in diversified fund of hedge funds in which the CSC pension plans are the sole investor. Below is a reconciliation of the assets valued using significant unobservable inputs (Level 3): Level 3 Beginning balances as of March 28, 2014 $ 5,596 Actual return on plan assets held at the reporting date 1,018 Purchases, sales and settlements 3,825 Ending balance as of April 3, 2015 $ 10,439 The asset allocation of pension plans as of April 1, 2016 and April 3, 2015, respectively, is as follows: Percentage of Plan Assets as of Year End Asset Category April 1, 2016 April 3, 2015 Equity securities 27 % 27 % Debt securities 23 % 25 % Alternatives 49 % 47 % Cash and other 1 % 1 % Total 100 % 100 % Return on Assets CSRA consults with internal and external advisors regarding the expected long-term rate of return on assets. CSRA uses a "building block" approach to compute the expected long-term rate of return of the major asset classes expected in each of the plans. CSRA utilizes long-term, typically 30 years, asset class return assumptions provided by external advisors. Consideration is also given to the extent active management is employed in each asset class and also to management expenses. A single expected long-term rate of return is calculated for each plan by assessing the plan's expected asset allocation strategy, the benefits of diversification therefrom, historical excess returns from actively managed traditional investments, expected long-term returns for alternative investments and expected investment expenses. The resulting composite rate of return is reviewed by internal and external parties for reasonableness. Defined Contribution Plans Certain employees of CSRA participate in CSRA defined contribution plans, as discussed below. CSRA 401(k) Plan The plan allows employees to contribute a portion of their earnings in accordance with specified guidelines. Effective January 1, 2014, matching contributions are made once annually in January following the end of the calendar year. In order to receive such contributions, a participant must be employed on December 31 of the plan year. However, if a participant retires from CSRA prior to December 31, the participant will be eligible to receive matching contributions approximately 30 days following separation from service. The plan was also amended so participants vest after 1 year of service from a 5 -year graded vest. The amount of employer matching contributions related to the employees of CSRA expensed during the fiscal years 2016, 2015, and 2014, were $22,884 , and $24,300 and $26,198 , respectively. SRA 401(k) Plan CSRA maintains a defined contribution plan, the SRA International, Inc. 401(k) Savings Plan, or the Plan. All regular and full-time employees are generally eligible to participate in the Plan. The Board of Directors can make changes to the matching contribution percentage at any time. The Company’s matching contribution expense for the fiscal year 2016 was $ 3,317 . Deferred Compensation Plan CSRA Deferred Compensation Plan (the “Deferred Compensation Plan”), a deferred compensation plan sponsored by the Company, consists of two separate plans; one for the benefit of key executives and one for the benefit of non-employee directors. Pursuant to the Deferred Compensation Plan, certain management and highly compensated employees are eligible to defer all or a portion of their regular salaries and incentive compensation that exceeds the limitation set forth in Internal Revenue Section 401(a)(17) and all or a portion of their incentive compensation, and non-employee directors are eligible to defer up to 100% of their compensation. As of April 1, 2016, $43,513 of deferred compensation liability was included in Other long-term liabilities and $3,202 was included in Accrued payroll and related costs. As of April 3, 2015, $33,447 of deferred compensation liability was included in Accrued payroll and related costs. CSRA’s deferred compensation expenses related to its employees totaled $1,039 , $2,223 and $2,009 for fiscal 2016, fiscal 2015, and fiscal 2014, respectively. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Apr. 01, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Plans | Share-Based Compensation Plans Employee Incentives Prior to the Spin-Off, CSC maintained various share-based compensation plans at a corporate level and other benefit plans at a subsidiary level. The employees of the Computer Sciences GS Business participated in those programs and a portion of the cost of those plans for the periods prior to the Spin-Off is included in the Combined Financial Statements for periods prior to the Spin-Off. On November 27, 2015, CSRA became an independent company through CSC’s consummation of the Spin-Off. Historically, CSC had two stock incentive plans under which CSC issued stock options, RSUs, and PSUs. Some of these awards vested upon separation of CSC and CSRA, some continue to vest in accordance with their original terms, and some converted into a different type of equity award at separation. Additionally, CSRA issued stock in relation to restricted stock awards and stock option replacement awards to employees in connection with the SRA Mergers on November 30, 2015. On December 15, 2015, CSRA granted stock options and PSUs awards to a group of key executives for approximately 202,586 shares that vest ratably over 2 to 4 years as well as 36,360 shares to non-employee directors that vest on the date of the first annual stockholder’s meeting. The closing stock price on the date of the grant used to determine the award fair value was $27.53 . On January 15, 2016, CSRA granted stock options, RSUs and PSUs awards to a group of executives for approximately 65,536 shares that vest ratably over 2 to 3 years. The closing stock price on the date of the grant used to determine the award fair value was $28.42 . CSRA issues authorized but previously unissued shares upon the exercise of stock options, the granting of restricted stock and the settlement of RSUs and PSUs. As of April 1, 2016, 9,865,258 shares of CSRA common stock were available for the grant of future stock options, RSUs, PSUs or other stock-based incentives to employees of CSRA. Share-Based Compensation Expense CSRA recognized share-based compensation expense for the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014 as follows: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Cost of services $ 5,263 $ 7,317 $ 7,348 Selling, general and administrative expenses 4,952 10,301 10,321 Total $ 10,215 $ 17,618 $ 17,669 Total, net of tax $ 6,640 $ 10,705 $ 10,732 The share-based compensation listed above included CSRA’s share of the former Parent’s corporate and non-employee director grants for the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014 of $4,339 , $9,496 and $9,411 . CSRA uses the Black-Scholes-Merton model in determining the fair value of options granted. The risk-free interest rate is based on the zero-coupon interest rate of U.S. government-issued Treasury strips with a period commensurate with the expected term of the options. As a new public company, CSRA determined that the Company did not have enough historical information to determine volatility and expected term for options granted during fiscal 2016. As such, the expected term was calculated based on the average expected term for similar entities. Additionally, the expected volatility was computed based on an average of those same entities. For future grants, we expect to change the weight of peer company volatility to CSRA historical volatility and to develop our expectations of expected term. CSRA’s former Parent added a dividend yield assumption concurrent with the introduction of a cash dividend in fiscal 2011, based on the respective fiscal year dividend payouts. CSRA, as a new public company, considered that history and the average dividend yields of similar entities in order to form a reasonable expectation commensurate with the average expected term for options granted of similar entities. CSRA periodically evaluates its significant assumptions used in the fair value calculation and will continue to incorporate appropriate CSRA inputs and assumptions into its valuation model. Forfeitures are estimated based on historical experience and are adjusted at the time when actual forfeitures occur. The weighted-average grant date fair values of stock options granted for the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014 was $14.05 , $18.13 and $12.74 per share, respectively. In calculating the compensation expense for its stock incentive plans, the following weighted-average assumptions were used: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Risk-free interest rate 1.67 % 2.03 % 1.22 % Expected volatility 30.62 % 32.94 % 34.06 % Expected term (in years) 5.63 6.03 6.05 Dividend yield 1.56 % 1.50 % 1.72 % During the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014, CSRA’s tax benefit realized for deductions from exercising stock options was $6,296 , $5,598 and $3,863 , respectively. CSRA’s excess tax benefit was $605 for the twelve months ended April 1, 2016. Stock Options In connection with the Spin-Off, certain former employees of CSC became employees of CSRA. The following table summarizes the unvested stock options and stock option activity (i) from March 29, 2013 through November 27, 2015, for CSRA employees with CSC awards before the Spin-Off and (ii) the resulting, converted CSRA awards after the Spin-Off and activity from November 27, 2015 through April 1, 2016. The standard vesting schedule for stock options granted subsequent to the Spin-Off is one-third vesting on each of the first, second, and third anniversaries of the grant date. These stock options generally have a contractual term of ten years. Information concerning stock options granted to certain former employees of CSC and converted CSRA awards under stock incentive plan to employees of CSRA during the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014, respectively were as follows: Number of Option Shares (in shares) Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of March 29, 2013 2,084,197 $ 43.85 3.56 $ 14,239 Granted 359,671 44.87 Exercised (811,737 ) 44.63 Canceled/Forfeited (185,732 ) 34.38 Expired (126,271 ) 52.41 Outstanding as of March 28, 2014 1,320,128 $ 44.15 4.61 21,301 Granted 181,213 61.11 Exercised (611,595 ) 45.46 Canceled/Forfeited (73,851 ) 41.76 Expired (9,134 ) 44.70 Outstanding as of April 3, 2015 806,761 $ 47.18 6.13 $ 14,682 Granted 175,680 68.43 Net Transfer 223,090 57.85 Exercised (105,342 ) 35.11 Canceled/Forfeited (18,314 ) 58.43 Expired (2,827 ) 53.62 Outstanding at November 27, 2015, immediately prior to Spin-Off 1,079,048 $ 24.82 7.07 $ 47,263 Conversion of CSC Plan awards to CSRA Plan awards on November 27, 2015 1,203,316 $ 24.60 Conversion of SRA Plan awards to CSRA Plan awards on November 30, 2015 328,809 15.98 Granted 123,221 27.70 Exercised (25,293 ) 18.86 Canceled/Forfeited (120,951 ) 25.03 Expired (6,555 ) 18.15 Outstanding as of April 1, 2016 1,502,547 $ 23.06 7.01 $ 7,582 Vested and expected to vest in the future as of April 1, 2016 1,502,547 23.06 7.01 7,582 Exercisable as of April 1, 2016 726,611 21.32 4.48 4,364 As of April 1, 2016 Options Outstanding Options Exercisable Range of Option Exercise Price (per share) Number Outstanding (in shares) Weighted Average Remaining Contractual Term (in years) Weighted Average Exercise Price (per share) Number Exercisable (in shares) Weighted Average Exercise Price (per share) $ 11.49-25.45 884,945 5.87 $ 18.70 599,341 $ 19.99 25.46-30.89 617,602 8.63 29.30 127,270 27.59 1,502,547 7.01 23.06 726,611 21.32 The intrinsic value of options exercised during the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014 totaled $2,355 , $11,015 and $8,736 , respectively. The total intrinsic value of stock options is based on the difference between the fair market value of CSRA’s common stock less the applicable exercise price. The grant-date fair value of stock options vested during the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014 totaled $5,568 , $933 and $1,307 , respectively. The cash received from stock options exercised during the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014 was $3,982 , $27,317 and $35,285 , respectively. As of April 1, 2016, unrecognized compensation expense related to unvested stock options totaled $4,058 , net of expected forfeitures. This cost is expected to be recognized over a weighted-average period of 2.2 years. Restricted Stock Units RSUs consist of equity awards with the right to receive one share of common stock of CSRA issued at a price of $ 27.53 and $28.42 for December 2015 and January 2016 grants, respectively. Upon the settlement date, RSUs are settled in shares of CSRA’s common stock and dividend equivalents. If, prior to the vesting of the RSU in full, the employee’s status as a full-time employee is terminated, then the RSU is automatically canceled on the employment termination date and any unvested shares are forfeited. CSRA grants RSUs with service- and performance-based vesting terms. Service-based RSUs generally vest over periods of two to three years. The number of performance-based RSUs that ultimately vest is dependent upon CSRA’s achievement of certain specified performance criteria over a three -year period. CSRA grants performance-based restricted stock units (“PSUs”). PSUs, generally vest over period of three years. The number of performance-based RSUs that ultimately vest is dependent upon the Company’s achievement of certain specified financial performance criteria over a three -year period. Awards are settled for shares of CSRA common stock and dividend equivalents upon the filing with the SEC of the Annual Report on Form 10-K for the last fiscal year of the performance period if the specified performance criteria is met. Beginning in fiscal 2013, PSU awards granted include the potential for accelerated vesting of 25% of the shares granted after the first and second fiscal years if certain company performance targets are met early. Compensation expense during the performance period is estimated at each reporting date using management's expectation of the probable achievement of the specified performance criteria and is adjusted to the extent the expected achievement changes. In the first quarter of fiscal 2015, shares were settled due to meeting the company performance targets in fiscal year 2014. The probable achievement was also increased to the maximum payout based on management's expectation of meeting the performance criteria resulting in additional expense recognized. In the table below, such awards are reflected at the number of shares originally granted. In connection with the Spin-Off, certain former employees of CSC became employees of CSRA. The following table summarizes the unvested restricted stock unit activity (i) from March 29, 2013 through November 27, 2015, for CSRA employees with CSC awards before the Spin-Off, and (ii) the resulting, converted CSRA awards after the Spin-Off and activity from November 27, 2015 through April 1, 2016. Information concerning RSUs (including PSUs) granted to certain former employees of CSC and converted CSRA awards under stock incentive plans to employees of CSRA during the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014, are as follows: Number Weighted of Restricted Average Stock Units Fair Value Outstanding as of March 29, 2013 248,977 $ 32.60 Granted 173,706 45.80 Released/Issued (31,459 ) 38.29 Canceled/Forfeited (107,338 ) 35.96 Outstanding as of March 28, 2014 283,886 $ 38.77 Granted 105,531 61.05 Released/Issued (54,605 ) 36.04 Canceled/Forfeited (45,304 ) 41.43 Outstanding as of April 3, 2015 289,508 $ 46.99 Granted 84,150 67.48 Net transfers 62,554 10.07 Released/Issued (40,692 ) 40.10 Canceled/Forfeited (23,310 ) 45.54 Outstanding at November 27, 2015, immediately prior to Spin-Off 372,210 $ 38.58 Conversion of CSC Plan awards to CSRA Plan awards on November 27, 2015 407,888 $ 29.68 Granted 116,692 28.44 Vested (94,994 ) 24.29 Canceled/Forfeited (53,029 ) 35.96 Outstanding as of April 1, 2016 376,557 $ 29.39 As of April 1, 2016, total unrecognized compensation expense related to unvested restricted stock units totaled $ 7,878 , net of expected forfeitures. This cost is expected to be recognized over a weighted-average period of 1.11 years. As of April 1, 2016, accrued unpaid dividends related to restricted stock units outstanding as of the date of the Spin-Off totaled $4,916 . |
Stockholders_ Equity and Accumu
Stockholders’ Equity and Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Apr. 01, 2016 | |
Equity [Abstract] | |
Stockholders’ Equity and Accumulated Other Comprehensive Income (Loss) | Stockholders’ Equity and Accumulated Other Comprehensive Income (Loss) Dividends Declared During fiscal year 2016, the Company declared a total of $0.20 in quarterly cash dividends to shareholders and has approximately $16,295 outstanding to be paid on April 29, 2016. Stock Repurchase Program On November 30, 2015, the Board authorized a share repurchase program (the “Share Repurchase Program”), pursuant to which CSRA, from time to time, purchases shares of its common stock for an aggregate purchase price not to exceed $400,000 . The share repurchases may be executed through various means, including, without limitation, open market transactions, and privately negotiated transactions or otherwise and are in compliance with SEC rules, market conditions and applicable federal and state legal requirements. The timing, volume, and nature of share repurchase are at the discretion of management and the Audit Committee, and may be suspended or discontinued at any time. The Share Repurchase Program may be terminated, increased, or decreased by the Board in its discretion at any time. The shares repurchase retired immediately and included in the category of authorized but unissued shares. The excess of purchase price over par value of the common shares is allocated between additional paid-in capital and retained earnings. On December 4, 2015, CSRA and Citigroup Global Markets Inc. (“Citigroup”) executed an agreement pursuant to which Citigroup was authorized to make purchases of our common stock on CSRA’s behalf under the plan for an aggregate purchase price not to exceed $50,000 . The agreement with Citigroup was adopted under the safe harbor provided by Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended to assist CSRA in implementing its previously announced stock purchase plans. During fiscal year 2016, CSRA repurchased 1,768,129 shares of common stock through open market purchases for an aggregate consideration of $ 50,000 , at an average price $ 28.23 per share, the maximum authorized purchased per the agreement with Citigroup. Accumulated Other Comprehensive Income (Loss) The following tables show the activity in the components of other comprehensive income (loss), including the respective tax effects, and reclassification adjustments for the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014, respectively. Accumulated other comprehensive income (loss) was as follows: For the twelve months ended April 1, 2016 Before Tax Amount Tax Impact Increase (Decrease) Net of Tax Amount Foreign currency translation adjustments $ 1,960 $ 123 $ 2,083 Unrealized loss on interest rate swap (11,064 ) 4,340 (6,724 ) Prior service credit 50,123 (18,984 ) 31,139 Amortization of prior service credit (7,436 ) 2,251 (5,185 ) Total other comprehensive income $ 33,583 $ (12,270 ) $ 21,313 For the twelve months ended April 3, 2015 Before Tax Amount Tax Impact Increase (Decrease) Net of Tax Amount Foreign currency translation adjustments $ (1,669 ) $ — $ (1,669 ) Prior service credit 5,561 (2,161 ) 3,400 Amortization of prior service cost (2,267 ) 881 (1,386 ) Total other comprehensive income (loss) $ 1,625 $ (1,280 ) $ 345 For the twelve months ended March 28, 2014 Before Tax Amount Tax Impact Increase (Decrease) Net of Tax Amount Foreign currency translation adjustments $ 143 $ (398 ) $ (255 ) Amortization of prior service cost 33 — 33 Total other comprehensive income $ 176 $ (398 ) $ (222 ) The following table shows the changes in accumulated other comprehensive income (loss) as of March 28, 2014, April 3, 2015, and April 1, 2016, respectively: Foreign Currency Translation Adjustments Cash Flow Hedge Pension and Other Postretirement Benefit Plans Accumulated Other Comprehensive Loss Balance as of March 29, 2013 $ (353 ) $ — $ (145 ) $ (498 ) Current-period other comprehensive income (loss), net of taxes (255 ) — — (255 ) Amounts reclassified from accumulated other comprehensive income (loss), net of taxes and noncontrolling interests — — 26 26 Transfers to multi-employer plans — — (16 ) (16 ) Balance as of March 28, 2014 $ (608 ) $ — $ (135 ) $ (743 ) Current-period other comprehensive income (loss), net of taxes (1,669 ) — 3,400 1,731 Amounts reclassified from accumulated other comprehensive income (loss), net of taxes and noncontrolling interests — — (1,393 ) (1,393 ) Balance as of April 3, 2015 $ (2,277 ) $ — $ 1,872 $ (405 ) Current-period other comprehensive income (loss), net of taxes 2,083 (6,724 ) — (4,641 ) Amounts reclassified from accumulated other comprehensive income (loss), net of taxes and noncontrolling interests — — (5,185 ) (5,185 ) Effect of Spin-Off, net of tax — — 31,139 31,139 Balance as of April 1, 2016 $ (194 ) $ (6,724 ) $ 27,826 $ 20,908 |
Statements of Cash Flows
Statements of Cash Flows | 12 Months Ended |
Apr. 01, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Statements of Cash Flows | Statements of Cash Flows Cash payments for interest on indebtedness and cash payments for taxes on income are as follows: Twelve Months Ended Supplemental cash flow information: April 1, 2016 April 3, 2015 March 28, 2014 Cash paid for taxes prior to Spin-Off $ 91,265 $ 163,051 $ 146,192 Cash paid for taxes after Spin-Off $ 145 $ — $ — Cash paid for interest $ 47,576 $ 23,267 $ 17,583 Non-cash investing and financing activities include the following: Twelve Months Ended Supplemental schedule of non-cash activities April 1, 2016 April 3, 2015 March 28, 2014 Capital expenditures in accounts payable and accrued expenses $ 25,379 $ 13,948 $ 6,444 Capital expenditures through capital lease obligations $ 877 $ 9,760 $ 44,379 Deferred tax liability $ 214,731 $ (2,051 ) $ (3,510 ) Non-cash transfers related to Spin-Off $ (474,747 ) $ — $ — Non-cash transactions related to Mergers $ (11,316 ) $ — $ — Non-cash equity consideration issued, net of shares held for taxes for SRA Shareholders $ (767,675 ) $ — $ — Transfers of remaining net parent investment to additional paid-in capital $ (608,417 ) $ — $ — Non-cash investing activities for the fiscal year ended April 1, 2016 included the non-cash effects of the SRA consideration of $778,991 . This balance was based on the total shares issued of 25,170,564 . The fair market value of shares was determined based on a volume-weighted average price of $30.95 per CSRA share on November 30, 2015, the first day of CSRA’s regular-way trading on the NYSE. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Apr. 01, 2016 | |
Segment Reporting [Abstract] | |
Segment and Geographical Information | Segment and Geographic Information Following the Mergers, CSRA’s reportable segments are as follows: • Defense and Intelligence—The Defense and Intelligence segment provides services to the DoD, National Security Agency, branches of the Armed Forces and other DoD and Intelligence agencies. • Civil—The Civil segment provides services to various federal agencies within the Department of Homeland Security, Department of Health and Human Services and other federal civil agencies, as well as various state and local government agencies. The following table summarizes the operating results and total assets by reportable segments. Defense and Intelligence Civil Total Segment Corporate Total April 1, 2016 Revenues $ 2,067,009 2,183,438 $ 4,250,447 $ — $ 4,250,447 Operating income (loss) 272,864 289,943 562,807 (77 ) 562,730 Depreciation and amortization expense 108,553 73,689 182,242 — 182,242 Total assets 1,845,674 2,790,611 4,636,285 210,015 4,846,300 April 3, 2015 Revenues $ 2,126,569 $ 1,943,177 $ 4,069,746 $ — $ 4,069,746 Operating income (loss) 253,741 292,509 546,250 (179 ) 546,071 Depreciation and amortization expense 92,973 44,085 137,058 — 137,058 Total assets 1,330,761 830,413 2,161,174 108 2,161,282 March 28, 2014 Revenues $ 2,329,244 $ 1,773,392 $ 4,102,636 $ — $ 4,102,636 Operating income (loss) 300,045 199,855 499,900 (348 ) 499,552 Depreciation and amortization expense 96,629 48,113 144,742 — 144,742 Total assets 1,364,302 851,596 2,215,898 469 2,216,367 Operating segment income provides useful information to CSRA’s management for assessment of CSRA’s performance and results of operations and is one of the financial measures utilized to determine executive compensation. A reconciliation of consolidated and combined operating income to income from continuing operations before taxes is as follows: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Operating income $ 562,730 $ 546,071 $ 499,552 Pension and OPEB plans actuarial (losses) gains, and pension settlement losses (202,800 ) (8,347 ) 2,484 Corporate G&A (54,600 ) (81,544 ) (79,597 ) Separation and merger costs (117,987 ) — — Interest expense, net (53,475 ) (21,864 ) (20,296 ) Other expense (income), net 15,221 (5,608 ) (1,867 ) Income from continuing operations before taxes $ 149,089 $ 428,708 $ 400,276 Revenue, property and equipment, total assets, and capital expenditures of CSRA are primarily located in the U.S. for the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014. CSRA derives a significant portion of its revenues from departments and agencies of the U.S. federal government which accounted for 91% , 91% and 95% of CSRA’s total revenues for the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014, respectively. At April 1, 2016 and April 3, 2015, approximately 99% and 95% of CSRA’s net accounts receivable were due from the U.S. federal government. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 01, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments CSRA has operating leases for the use of certain real estate and equipment. Substantially all operating leases are non-cancelable or cancelable only by the payment of penalties. All lease payments are based on the passage of time but sometimes include payments for insurance, maintenance and property taxes. There are no purchase options on operating leases at terms favorable to market rates. Generally, CSRA’s real estate leases have one or more renewal options. Certain leases of real estate are subject to annual escalations for increases in utilities and property taxes. Rental expense amounted to $70,510 , $70,162 , and $85,427 for the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014, respectively. Minimum fixed rentals required for the next 5 years and thereafter under operating leases in effect at April 1, 2016, are as follows: Fiscal Year Real Estate Equipment 2017 $ 60,501 $ 695 2018 50,085 388 2019 34,600 34 2020 32,313 — 2021 22,683 — Thereafter 2,402 — Total $ 202,584 $ 1,117 CSRA has signed long-term purchase agreements with certain service providers to obtain favorable pricing and terms for services and products that are necessary for the operations of business activities. Under the terms of these agreements, CSRA is contractually committed to purchase specified minimums over periods ranging from one to four years . If CSRA does not meet the specified minimums, CSRA would have an obligation to pay the service provider all or a portion of the shortfall. Minimum purchase commitments are $22,171 in fiscal 2017, $19,872 in fiscal 2018, $1,669 in fiscal 2019, $0 in fiscal 2020, $0 in fiscal 2021 and thereafter. In the normal course of business, CSRA may provide certain customers, principally governmental entities, with financial performance guarantees, which are generally backed by stand-by letters of credit or surety bonds. In general, CSRA would only be liable for the amounts of these guarantees in the event that nonperformance by CSRA permits termination of the related contract by the customer. As of April 1, 2016, CSRA had $44,896 of outstanding letters of credit and $12,500 of surety bonds relating to these performance guarantees. CSRA believes it is in compliance with its performance obligations under all service contracts for which there is a financial performance guarantee and the ultimate liability, if any, incurred in connection with these guarantees will not have a material adverse effect on its consolidated and combined results of operations or financial position. The following table summarizes the expiration of CSRA’s financial guarantees and stand-by letters of credit outstanding as of April 1, 2016: Fiscal 2017 Fiscal 2018 Fiscal 2019 and Thereafter Total Stand-by letters of credit $ 44,550 $ 346 $ — $ 44,896 Surety bonds 12,500 — — 12,500 Total $ 57,050 $ 346 $ — $ 57,396 CSRA generally indemnifies licensees of its proprietary software products against claims brought by third parties alleging infringement of intellectual property rights (including rights in patents with or without geographic limitations, copyrights, trademarks, and trade secrets). CSRA’s indemnification of its licensees relates to costs arising from court awards, negotiated settlements and the related legal and internal costs of those licensees. CSRA maintains the right, at its own costs, to modify or replace software in order to eliminate any infringement. Historically, CSRA has not incurred any significant costs related to licensee software indemnifications. Capitalized lease liabilities represent obligations due under capital leases for the use of computers and other equipment. The gross amount of assets recorded under capital leases was $427,375 with accumulated amortization of $186,024 , as of April 1, 2016, and $410,469 with accumulated amortization of $167,077 , as of April 3, 2015. The future minimum lease payments required to be made under the capital leases as of April 1, 2016, are as follows: Fiscal Year Amount 2017 $ 81,542 2018 70,018 2019 66,877 2020 63,101 2021 60,259 Thereafter 118,583 Total minimum lease payments 460,380 Less: Amount representing interest and executory costs (105,263 ) Less: Amount representing maintenance, taxes, and insurance costs (204,396 ) Present value of net minimum lease payments 150,721 Less: Current maturities of capital lease liability (42,191 ) Noncurrent capital lease liability $ 108,530 As described in Note 3 — Acquisitions, a below market lease liability was recorded in the amount of $17,473 and included in Other long-term liabilities in the Consolidated and Combined Balance Sheets. Below market leases are amortized over the life of the lease and recorded as a reduction to Cost of services in the Consolidated and Combined Statements of Operations. Amortization expense for fiscal year 2016 was $533 and the estimated amortization expense for each of the fiscal years 2017, 2018, 2019, 2020, and 2021, is $1,573 , $1,338 , $1,335 , $1,275 , and $1,260 , respectively. Contingencies CSRA is routinely subject to investigations and reviews relating to compliance with various laws and regulations with respect to its role as a contractor to federal, state and local government customers and in connection with performing services in countries outside of the U.S. Adverse findings in these investigations or reviews can lead to criminal, civil or administrative proceedings and CSRA could face penalties, fines, compensatory damages and suspension or debarment from doing business with governmental agencies. In addition, CSRA could suffer serious reputational harm if allegations of impropriety were made against CSRA. Adverse findings could also have a material adverse effect on CSRA’s business, Consolidated and Combined Financial Statements due to its reliance on government contracts. U.S. federal government agencies, including the DCAA, Defense Contract Management Agency (“DCMA”), and others, routinely audit and review a contractor’s performance on government contracts, indirect rates and pricing practices, and compliance with applicable contracting and procurement laws, regulations, and standards. These agencies also review the adequacy of the contractor’s compliance with government standards for its business systems including: a contractor’s accounting system, earned value management system, estimating system, materials management and accounting system, property management system and purchasing system. Both contractors and the U.S. federal government agencies conducting these audits and reviews have come under increased scrutiny including such subjects as billing practices, labor charging and accounting for unallowable costs. CSRA’s indirect cost audits by the DCAA remain open for fiscal 2004 and subsequent fiscal years. Although the Computer Sciences GS Business has recorded contract revenues subsequent to and including fiscal 2004 based upon an estimate of costs that the Computer Sciences GS Business believes will be approved upon final audit or review, the Computer Sciences GS Business does not know the outcome of any ongoing or future audits or reviews and adjustments, and if future adjustments exceed the Computer Sciences GS Business’s estimates, its profitability would be adversely affected. The DCAA has not completed audits of SRA’s incurred cost submissions for fiscal 2009 and subsequent fiscal years. SRA has recorded financial results subsequent to fiscal 2008 based upon costs that SRA believes will be approved upon final audit or review. If incurred cost audits result in adverse findings that exceed SRA’s estimates, it may have an adverse effect on our financial position, results of operations or cash flows. As of April 1, 2016, CSRA has recorded a liability of $12,621 for its current best estimate of net amounts to be refunded to customers for potential adjustments from such audits or reviews of contract costs. This amount includes potential adjustments related to both pre-separation and post-separation audits or reviews. In connection with the sale of ATD in fiscal 2014 (see Note 4—Divestitures), CSC transferred its joint venture interests in Computer Sciences Raytheon (“CSR”) as part of the ATD sale transaction. CSR is a joint venture formed between CSC and Raytheon Technical Services Company and its sole business is performance of a single contract for a DoD customer. CSR is the plan sponsor of the CSR pension plan, which was terminated in connection with the termination of the CSR contract with the customer. CSC agreed with the purchaser of ATD that CSC would fund the purchaser’s share of the CSR pension settlement obligation upon plan termination. In addition, the agreement with the purchaser provides that the eventual expected recovery by CSR of such plan termination settlement costs from the customer as provided for under the federal Cost Accounting Standards (“CAS”) Section 413, whereby contractors may recover such costs from the government plus interest, will be reimbursed to the business. The CSR pension plan termination process commenced in September 2015, and may take upwards of 12 months to be completed. The current estimate of the share of the funding obligation that would be attributable to the purchaser, and therefore to be advanced by CSC, is approximately $26,000 . The ultimate plan termination settlement funding obligation will be based on economic factors, including long-term interest rates that impact the cost of annuities offered by insurers at the time of the actual plan termination settlement. The fair value of CSC’s funding advance obligation net of subsequent expected recoveries was recorded by CSRA prior to CSRA’s separation from CSC. As part of the separation, CSC and CSRA agreed that CSC would transfer all rights, title and interest of the agreement to fund the CSR pension settlement obligation that would otherwise be the responsibility of CSC to CSRA. Unless otherwise noted, CSRA is unable to develop a reasonable estimate of possible loss or range of losses associated with the following contingent matters at this time. Maryland Medicaid Enterprise Restructuring Project After competitive bidding on March 1, 2012, CSC was awarded the Maryland Medicaid Enterprise Restructuring Project (“MERP”) contract by the State of Maryland (the “State”) to modernize the Medicaid Management Information System (“MMIS”), a database of Medicaid recipients and providers used to manage Medicaid reimbursement claims. The MERP contract was predominately fixed-price. Since the date the MERP was awarded, U.S. federal government-mandated Medicaid IT standards have been in considerable flux. The State directed CSC to include additional functionality in the design to incorporate new federal mandates and guidance promulgated after the base scope of the Contract was finalized. Further, the State declined to approve contract modifications to compensate CSC for the additional work. As a result of the State’s refusal to amend the MERP contract and equitably adjust the compensation to be paid to CSC and, in accordance with prescribed State statutes and regulations, CSC timely filed a certified contract claim in September 2013, which after various procedural developments is now pending before the Maryland Board of Contracts Appeals (the “State Board”). On August 22, 2014, the State unilaterally suspended performance under the Contract for 90 days and repeatedly extended the suspension until providing a Notice of Default termination in October 2015. As the result of the suspension and other actions and inactions by the State in performance of its obligations under the Contract, in October 2014, CSC filed additional claims under various legal theories, such that currently the total amount claimed by CSC is approximately $80,000 . Between April 2015 and September 2015, CSC and the State were in settlement negotiations to restructure the program and resolve all issues, including CSC’s contract claims. However, on September 14, 2015, the State orally advised CSC that the Governor elected to abandon the contract settlement and restructuring discussions and directed the State to terminate the contract. On October 14, 2015, the State provided CSC with a Notice of Default Termination. When a contract is terminated for default, Maryland procurement regulations allow the State to procure substitute performance, with the contractor being liable for any excess reprocurement costs. Any State claim against CSC arising from a default termination for reprocurement costs would be appealable by CSC to the State Board, as is the default termination itself. The State has not asserted a claim for reprocurement costs and, were it do so, CSC believes such a claim to be meritless and unsupported by the facts. CSRA challenged the legal basis of the State’s termination for default in a Claim for $83,000 filed with the State on December 14, 2015. The Claim subsumes the quantum of the prior claims and seeks to convert the termination to a convenience termination. The State has not rendered a decision on the latest claim; however, if it is denied, CSRA will appeal through litigation at the State Board. On December 22, 2015, the State filed a Motion to Dismiss CSC’s Claim #1 with the State Board. CSC responded to the State’s Motion to Dismiss on January 19, 2016. As set forth in CSC’s extensive brief, the four arguments made in the State’s Motion are based on an incomplete and flawed discussion of the Contract and the factual record. When all of the material parts of the Contract and record are considered, CSRA believes that CSC is entitled to prevail on all of the issues raised by the Department’s motion. As CSC proceeds with the claims litigation, CSC expects to consolidate all of its claims against the State with any State claim arising from the default termination. CSRA will litigate on behalf of CSC and indemnify CSC for the costs of litigation and any other costs or liabilities CSC may incur in the litigation. Recovery by CSC will be credited to CSRA. Management has evaluated the recoverability of assets related to the contract in light of these developments and concluded that no adjustments to its financial statements are required. Strauch et al. Fair Labor Standards Act Class Action On July 1, 2014, plaintiffs filed Strauch and Colby v. Computer Sciences Corporation in the U.S. District Court for the District of Connecticut, a putative nationwide class action alleging that CSC violated provisions of the Fair Labor Standards Act (“FLSA”) with respect to system administrators who worked for CSC at any time from June 1, 2011 to the present. Plaintiffs claim that CSC improperly classified its system administrators as exempt from the FLSA and that CSC, therefore, owes them overtime wages and associated relief available under the FLSA and various statutes, including the Connecticut Minimum Wage Act, the California Unfair Competition Law, California Labor Code, California Wage Order No. 4-2001, and the California Private Attorneys General Act. CSC’s Motion to Transfer Venue was denied in February 2015. On September 25, 2015, plaintiffs filed an amended complaint, which added claims under Missouri and North Carolina wage and hour laws. The relief sought by Plaintiffs includes unpaid overtime compensation, liquidated damages, pre- and post-judgment interest, damages in the amount of twice the unpaid overtime wages due, and civil penalties. If a liability is ultimately incurred as a result of these claims, CSRA would pay a portion to CSC pursuant to an indemnity obligation. CSC and CSRA both maintain the position that system administrators have the job duties, responsibilities, and salaries of exempt employees and are properly classified as exempt from overtime compensation requirements. On June 9, 2015, the Court entered an order granting the plaintiffs’ motion for conditional certification of the class of system administrators. The conditionally certified FLSA and putative classes include approximately 1,285 system administrators, of whom 407 are employed by CSRA and the remainder employed by CSC. Courts typically undertake a two-stage review in determining whether a suit may proceed as a class action under the FLSA. In its order, the Court noted that, as a first step, the Court examines pleadings and affidavits, and if it finds that proposed class members are similarly situated, the class is conditionally certified. Potential class members are then notified and given an opportunity to opt-in to the action. The second step of the class certification analysis occurs upon completion of discovery. At that point, the Court will examine all evidence then in the record to determine whether there is a sufficient basis to conclude that the proposed class members are similarly situated. If it is determined that they are, the case will proceed to trial; if it is determined they are not, the class is decertified and only the individual claims of the purported class representatives proceed. CSRA’s and CSC’s position in this litigation continues to be that the employees identified as belonging to the conditional class were paid in accordance with the FLSA and applicable state laws. The parties have been conducting discussions through a mediator to explore potential settlement scenarios. The next stage in the litigation will be a motion for class certification, which is currently due from plaintiffs in June 2016. CECOM Rapid Response Demand Letter On July 12, 2013, the U.S. Army’s Communications-Electronics Command (“CECOM”) issued a demand letter based upon DCAA audit reports and Forms 1, for reimbursement in the amount of $235,155 in costs that CSC allegedly overcharged under its Rapid Response (“R2”) contract (Contract No. DAAB07-03-D-B007) by placing CSC, interdivisional, teammate, and vendor employees in R2 labor categories for which they were not qualified. CSC’s position has been that, in most instances, the individuals in question met the contract requirements for their labor categories, and that, in all instances, DCAA and CECOM have ignored the value the government received for CSC’s work. CSC and CECOM have engaged in discussions in an attempt to resolve this issue but, at this point in time, there can be no assurance that the parties will be able to resolve their differences, in which case CSRA expects to litigate this matter. DynCorp In connection with CSC's acquisition of DynCorp in 2003 and its divestiture of substantially all of that business in two separate transactions (in 2005 to The Veritas Capital Fund II L.P, and DI Acquisition Corp. and in 2013 to Pacific Architects and Engineers, Incorporated (collectively, the "DynCorp Divestitures")), CSC assumed and Computer Sciences GS Business will retain various environmental indemnities of DynCorp and its former subsidiaries arising from environmental representations and warranties under which DynCorp agreed to indemnify the purchasers of its subsidiaries DynAir Tech and DynAir Services by Sabreliner Corporation and ALPHA Airports Group PLC, respectively. As part of the DynCorp Divestitures, CSC also assumed and Computer Sciences GS Business will also retain indemnities for insured litigation associated with dormant suits by former employees of DynCorp subsidiaries alleging exposure to asbestos and other substances; other indemnities related to a 2001 case arising from counter-narcotics spraying in Colombia under a U.S. Department of State contract and the associated coverage litigation involving the aviation insurance underwriters; and an environmental remediation case involving HRI, a former wholly-owned subsidiary of DynCorp, in Lawrenceville, New Jersey. CSRA does not anticipate any material adverse effect on its financial position, results of operations and cash flows from these indemnities. Southwest Asia Employment Contract Litigation Rishell v. CSC , a single plaintiff lawsuit, was filed in February 2013 in Florida. In April 2013 a second lawsuit, Rhodes v. CSC with five plaintiffs was filed in Mississippi. Both cases were consolidated before the United States District Court for the Eastern District of Virginia in 2014. Summary judgment was granted in each case on December 10, 2014 with the Rishell case decided under Florida law and the Rhodes case under Virginia law. On May 2, 2016, the U.S. Court of Appeals for the Fourth Circuit ruled against CSC in an appeal of these two consolidated cases, the liability for which the Company is contractually obligated to indemnify CSC pursuant to the terms of the Master Separation and Distribution Agreement between CSRA and CSC. These cases involved six former CSC employees with each of whom CSC had entered into two contracts upon employment: a general “Offer Letter” specifying an “hourly rate” to be paid biweekly, and a more specific “Foreign Travel Letter” specifying certain aspects of the employees’ employment while working overseas in Southwest Asia as civilian government contractors. Employees had sued CSC, claiming entitlement to be paid on an hourly rate, as specified in the Offer Letter, as opposed to being paid on a salary basis, which is how CSC compensated them. The District Court had held as a matter of contract interpretation that the two contracts, read together, required CSC to pay the employees by the hour. The Fourth Circuit in its May 2 unpublished opinion agreed with the trial court. A reserve for the amount of damages awarded by the trial court and for which the Company will be required to indemnify CSC has been included in the Company’s Consolidated and Combined Financial Statements. In addition to the two consolidated cases that were the subject of the Fourth Circuit’s opinion, there are currently an additional six similar cases, involving approximately 85 individuals, pending before federal and state courts in California, Louisiana, and Virginia that have yet to be adjudicated. Plaintiffs in these cases present similar claims, that they worked in excess of 40 hours per week, they were compensated with a salary based on a 40-hour work week, and this violated the terms of their Offer Letters that quoted an hourly wage. It is reasonably possible that the trial courts considering these cases will interpret the Offer Letter and Foreign Travel Letter at issue in these other cases similarly to the Fourth Circuit and may enter judgments against CSC awarding damages. However, there remain differences among the pending cases, including statutes of limitations, which may lengthen or shorten the period of time for when damages may be recovered, and differences between plaintiffs’ legal entitlement to other damages or awards, such as punitive damages or attorney’s fees. These are issues of state contract or statutory law and depend upon which states’ laws apply to the individual plaintiffs. These issues have not been resolved. The range of possible losses for which the Company would be required to indemnify CSC associated with these pending matters is between $0 and $14,000 . CSRA accrues a liability when management believes that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated under ASC 450. CSRA believes it has appropriately recognized liabilities for any such matters. In addition to the matters noted above, CSRA is currently party to a number of disputes which involve or may involve litigation. Regarding other matters that may involve actual or threatened disputes or litigation, CSRA, in accordance with the applicable reporting requirements, provides disclosure of such matters for which the likelihood of material loss is reasonably possible. CSRA assessed reasonably possible losses for all other such pending legal or other proceedings in the aggregate and concluded that the range of potential loss is not material. CSRA also considered the requirements regarding estimates used in the disclosure of contingencies under ASC Subtopic 275-10, Risks and Uncertainties. Based on that guidance, CSRA determined that supplemental accrual and disclosure was not required for a change in estimate that involves contingencies because CSRA determined that it was not reasonably possible that a change in estimate will occur in the near term. CSRA reviews contingencies during each interim period and adjusts its accruals to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular matter. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Apr. 01, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividend Declared On March 15, 2016, CSRA announced that its Board of Directors had declared a quarterly cash dividend of $0.10 per share. The total qualifying shares were 162,952,919 shares with a total dividend payout of $16,295 . Payment of the dividend was made on April 29, 2016 to CSRA stockholders of record at the close of business on April 5, 2016. On May 25, 2016, CSRA announced that its Board of Directors had declared a quarterly cash dividend of $0.10 per share, payable on July 11, 2016 to CSRA stockholders of record at the close of business on June 14, 2016. |
SUPPLEMENTARY DATA - SELECTED Q
SUPPLEMENTARY DATA - SELECTED QUARTERLY UNAUDITED FINANCIAL DATA | 12 Months Ended |
Apr. 01, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
SUPPLEMENTARY DATA - SELECTED QUARTERLY UNAUDITED FINANCIAL DATA | Fiscal 2016 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Revenues $ 958,932 $ 969,053 $ 1,032,312 $ 1,290,150 Costs of services (excludes depreciation and amortization and restructuring costs) 775,058 756,863 816,646 1,227,064 Income (loss) from continuing operations before taxes 109,361 88,132 58,525 (106,929 ) Income (loss) from continuing operations, net of taxes 66,970 52,725 51,432 (68,205 ) Loss from discontinued operations, net of taxes — — — — Net income (loss) attributable to CSRA common stockholders $ 62,677 $ 47,889 $ 48,442 $ (71,863 ) Earnings (loss) per common share (a) : Basic: Continuing Operations $ 0.45 $ 0.34 $ 0.30 $ (0.44 ) Discontinued Operations — — — — Diluted: Continuing Operations $ 0.45 $ 0.34 $ 0.29 $ (0.44 ) Discontinued Operations — — — — Fiscal 2015 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Revenues $ 1,033,307 $ 1,036,288 $ 999,033 $ 1,001,118 Costs of services (excludes depreciation and amortization and restructuring costs) 835,033 819,824 815,595 811,849 Income from continuing operations before taxes 112,332 126,044 90,546 99,786 Income from continuing operations, net of taxes 71,067 78,513 56,646 61,486 Loss from discontinued operations, net of taxes (1,423 ) — (288 ) (166 ) Net income attributable to Parent 65,295 73,605 55,138 57,719 Earnings per common share (a) : Basic: Continuing Operations $ 0.47 $ 0.52 $ 0.40 $ 0.43 Discontinued Operations (0.01 ) — — — Diluted: Continuing Operations $ 0.47 $ 0.52 $ 0.40 $ 0.43 Discontinued Operations (0.01 ) — — — (a) On the Distribution Date, CSRA had 139,128,158 common shares outstanding. The calculation of both basic and diluted earnings per share for the first and second quarter of fiscal year 2016 and all quarters of fiscal year 2015 utilize the Distribution Date common shares because at that time, CSRA did not operate as a separate, stand-alone entity, and no equity-based awards were outstanding prior to the Distribution Date. Additionally, the calculation of both basic and diluted earnings per share for the third and fourth quarter of fiscal year 2016 utilized the Distribution Date to period end weighted average shares, which includes the issuance of CSRA common stock in connection with the Mergers. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 01, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidated and Combined | Basis of Presentation and Principles of Consolidated and Combined The accompanying Consolidated and Combined Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the SEC. CSRA’s Registration Statement on Form 10 became effective after October 2, 2015, the end of our fiscal second quarter, and the Spin-Off and the Mergers were not consummated until November 27, 2015 and November 30, 2015, respectively. Accordingly, the Consolidated and Combined Financial Statements include both consolidated and combined financial statements as described below. The period prior to the Spin-Off includes: • the Combined Financial Statements for the year ended March 28, 2014, which includes a full year of the Computer Sciences GS Business results; • the Combined Financial Statements for the year ended April 3, 2015, which includes a full year of the Computer Sciences GS Business results; and • the Combined Financial Statements for the period of April 4, 2015 to November 27, 2015, which includes the operating results of the Computer Sciences GS Business. The period subsequent to the Spin-Off includes: • the Consolidated Financial Statements for the period of November 28, 2015 to April 1, 2016, which includes consolidated operating results for CSRA including the activity and operating results of SRA subsequent to the Merger. Prior to the Spin-Off, the Computer Sciences GS Business consisted of the business of CSC’s North American Public Sector segment and did not operate as a separate, stand-alone entity; rather, it operated as part of CSC prior to the Spin-Off and its financial position and the related results of operations, cash flows and changes in parent equity were reported in CSC’s Consolidated Financial Statements. After the Spin-Off, CSC does not have any beneficial ownership of CSRA or the Computer Sciences GS Business, and the Computer Sciences GS Business results will not be reported in CSC’s financial results. The Consolidated and Combined Financial Statements and notes of CSRA include CSRA, its subsidiaries, and the joint ventures and partnerships over which CSRA (or the Computer Sciences GS Business for periods prior to the Spin-Off) has a controlling financial interest. CSRA (or the Computer Sciences GS Business for periods prior to the Spin-Off) uses the equity method to account for investments in entities that it does not control if it is otherwise able to exert significant influence over the entities’ operating and financial policies. The accompanying Consolidated and Combined Financial Statements for the period prior to the Spin-Off are prepared on a carved-out and combined basis from the combined financial statements of the Computer Sciences GS Business of CSC as the Computer Sciences GS Business was not a separate entity prior to the Spin-Off. Such carved-out and combined amounts were determined using the historical results of operations and carrying amounts of the assets and liabilities transferred to the Computer Sciences GS Business. CSC’s cash was not assigned to CSRA or the Computer Sciences GS Business for any of the periods presented prior to the Spin-Off because those cash balances are not directly attributable to the Computer Sciences GS Business or CSRA. For periods prior to the Spin-Off, the Computer Sciences GS Business reflected transfers of cash to and from CSC’s cash management system as a component of Net Parent Investment on the audited Combined Balance Sheets. CSC’s long-term debt has not been attributed to CSRA or the Computer Sciences GS Business for any of the periods presented because CSC’s borrowings are neither directly attributable to CSRA nor is CSRA (or the Computer Sciences GS Business for periods prior to the Spin-Off) the legal obligor of such borrowings. All intercompany transactions of CSRA have been eliminated in consolidation and combination. Related party transactions between CSRA and CSC or the Computer Sciences GS Business and other businesses of CSC are reflected as related party transactions. See Note 2—Related Party Transactions and Corporate Allocations. For periods prior to the Spin-Off, the Combined Financial Statements include all revenues and costs directly attributable to the Computer Sciences GS Business and an allocation of expenses related to certain CSC corporate functions including, but not limited to, senior management, legal, human resources, finance, IT and other shared services. These expenses had been allocated to the Computer Sciences GS Business based on direct usage or benefit where identifiable, with the remainder allocated on a pro rata basis of revenues, headcount, square footage, number of transactions or other measures. The Computer Sciences GS Business considered these allocations to be a reasonable reflection of the utilization of services by, or benefit provided to it. However, the allocations may not be indicative of the actual expense that would have been incurred had the Computer Sciences GS Business operated as an independent, stand-alone entity for the periods presented. Prior to the Spin-Off, CSC maintained various benefit and stock-based compensation plans at a corporate level and other benefit plans at a subsidiary level. The employees of the Computer Sciences GS Business participated in those plans and a portion of the cost of those plans for the periods prior to the Spin-Off is included in the Combined Financial Statements for periods prior to the Spin-Off. However, the Combined Balance Sheets do not include any net benefit plan obligations unless the benefit plan covered only the Computer Sciences GS Business's active, retired and other former employees or any expense related to share-based compensation plans. See Note 17 — Pension and Other Postretirement Benefit Plans and Note 18 — Share-Based Compensation Plans to the Consolidated and Combined Financial Statements for a further description of the accounting for our benefit plans and share-based compensation, respectively. For the fiscal period ended April 1, 2016, CSRA changed the method used to estimate the interest and service cost components of net periodic cost for its post-retirement benefit plans. See Note 17—Pension and Other Postretirement Benefit Plans for a discussion of this change. For periods presented that are prior to the Spin-Off, the Combined Financial Statements include current and deferred income tax expense that has been determined for the legacy Computer Sciences GS Business as if it were a separate taxpayer (i.e., following the separate return methodology). In the Consolidated and Combined Statements of Cash Flows for the year ended April 1, 2016, CSRA changed its practice to present the required disclosure of amounts of interest (net of amounts capitalized) and income taxes paid during the period from within the Combined Statements of Cash Flows to Note 20 - Statement of Cash Flows. The change was made to expand the amount of useful supplemental disclosure associated with the operating and financing activities of CSRA during the period. See Note 20—Statements of Cash Flows for such additional supplemental disclosure. CSRA reports its results based on a fiscal year convention that comprises four thirteen-week quarters.Every fifth year includes an additional week in the first quarter to prevent the fiscal year from moving from an approximate end of March date. As a result, the first quarter of fiscal 2015 was a fourteen-week quarter. For accounting purposes, the Consolidated and Combined Financial Statements reflect the financial results of SRA from the date of the Merger to March 31, 2016 consolidated with the Computer Sciences GS Business for the year ended April 1, 2016. |
Reclassifications | Reclassification Certain amounts reported in CSRA’s prior year financial statements have been reclassified to conform to the current year presentation. These reclassifications have no effect on our net income or financial position as previously reported. |
Use of Estimates | Use of Estimates GAAP requires management to make estimates and assumptions that affect certain amounts reported in the Consolidated and Combined Financial Statements and accompanying notes. These estimates are based on management’s best knowledge of historical experience, current events and various other assumptions that management considers reasonable under the circumstances. Actual results could differ from those estimates. Amounts subject to significant judgment and/or estimates include, but are not limited to, determining the fair value of assets acquired and liabilities assumed, costs to complete fixed-price contracts, cash flows used in the evaluation of impairment of goodwill and other long-lived intangible assets, certain deferred costs, collectability of receivables, reserves for tax benefits and valuation allowances on deferred tax assets, loss accruals for litigation, and inputs used for computing stock-based compensation and pension related liabilities. |
Revenue Recognition | Revenue on time-and-materials contracts is recognized as hours are worked based on contractual billing rates as services are provided, plus the cost of any allowable material costs and out-of-pocket expenses. Revenue on firm-fixed-price contracts is primarily recognized using the percentage-of-completion method based on actual costs incurred relative to total estimated costs for the contract. These estimated costs are updated during the term of the contract and may result in revision by CSRA of recognized revenue and estimated costs in the period in which the changes in estimates are identified. Significant adjustments on a single contract could have a material effect on the Company's Consolidated and Combined Financial Statements. Where such adjustments occur, we generally disclose the nature, underlying conditions and financial impact of the adjustments. No discrete event or adjustments to an individual contract were material to the accompanying Consolidated and Combined Financial Statements for each of the three years ended April 1, 2016, April 2, 2015, and March 28, 2014. Revenue Recognition Substantially all of CSRA’s revenue is derived from contracts with departments and agencies of the U.S. federal government, as well as other state and local government agencies. CSRA generates its revenue from the following types of contractual arrangements: time and materials contracts, firm-fixed-price contracts and cost-reimbursable-plus-fee contracts. CSRA also provides services to CSC, which are included in related party revenue. Revenue on cost-reimbursable-plus-fee contracts is recognized as services are performed, generally based on the allowable costs incurred during the period plus any recognizable earned fee. CSRA considers fixed fees under cost-reimbursable-plus-fee contracts to be earned in proportion to the allowable costs incurred in performance of the contract. For cost-reimbursable-plus-fee contracts that include performance-based fee incentives, which are principally award fee arrangements, CSRA recognizes income when such fees are probable and estimable. Estimates of the total fee to be earned are made based on contract provisions, prior experience with similar contracts or customers, and management’s evaluation of the performance on such contracts. Contract costs, including indirect expenses, are subject to audit by the Defense Contract Audit Agency (“DCAA”) and, accordingly, are subject to possible cost disallowances. Executive compensation that CSRA determines to be allowable for cost reimbursement based on management’s estimates is recognized as revenue, net of reserves. Management’s estimates in this regard are based on a number of factors that may change over time, including executive compensation survey data, CSRA’s and other government contractors’ experiences with the DCAA audit practices in this industry and relevant decisions of courts and boards of contract appeals. Contract accounting requires significant judgment relative to assessing risks, estimating contract revenue and costs, and making assumptions for schedule and technical issues. Due to the size and nature of many of CSRA’s contracts, developing total revenue and cost at completion estimates requires the use of significant judgment. Contract costs include direct labor and billable expenses, an allocation of allowable indirect costs, and warranty obligations. Billable expenses are comprised of subcontracting costs and other “out-of-pocket” costs that often include, but are not limited to, travel-related costs and telecommunications charges. CSRA recognizes revenue and billable expenses from these transactions on a gross basis because it is the primary obligor on contracts with customers. The contracts that required estimates-at-completion (“EACs”) using the percentage-of-completion method were approximately 43.4% , 42.3% and 49.3% of CSRA’s revenues for twelve months ended April 1, 2016, April 3, 2015 and March 28, 2014, respectively. Certain contracts that require EACs using the percentage-of-completion method are regularly reviewed by CSRA regarding project profitability and underlying estimates. CSRA prepares EACs for its contracts that include an estimated contract operating margin based initially on estimated contract sales and cost. Revisions to EACs are reflected in results of operations as a change in accounting estimate in the period in which the facts that give rise to the revision become known by management. Since contract costs are typically incurred over a period of several years, estimation of these costs requires the use of judgment. Factors considered in estimating the cost of the work to be completed include the availability, productivity and cost of labor, the nature and complexity of work to be performed, the effect of change orders, availability and cost of materials, the effect of any delays in performance, and the level of indirect cost allocations. Provisions for estimated losses at completion, if any, are recognized in the period in which the loss becomes evident. The provision includes estimated costs in excess of estimated revenue and any profit margin previously recognized. Amounts billed and collected but not yet earned as revenues under certain types of contracts are deferred. Contract costs incurred for U.S. federal government contracts, including indirect costs, are subject to audit and adjustment through negotiations between CSRA and government representatives. Further, as contracts are performed, change orders can be a regular occurrence and may be unpriced until negotiated with the customer. Unpriced change orders are included in estimated contract sales when they are probable of recovery in an amount at least equal to the cost. Amounts representing claims (including change orders unapproved as to both scope and price) and requests for equitable adjustment are included in estimated contract revenues when they are reliably estimable and realization is probable. CSRA’s U.S. federal government contracts generally contain Federal Acquisition Regulation (“FAR”) provisions that enable the customer to terminate a contract for default, or for the convenience of the government. If a contract is terminated for default, CSRA may not be entitled to recover any of its costs on partially completed work and may be liable to the government for re-procurement costs of acquiring similar products or services from another contractor and for certain other damages. Termination of a contract for the convenience of the government may occur when the government concludes it is in the best interests of the government that the contract be terminated. Under a termination for convenience, the contractor is typically entitled to be paid in accordance with the contract’s terms for costs incurred prior to the effective date of termination, plus a reasonable profit and settlement expenses. As of April 1, 2016, April 3, 2015 and March 28, 2014, CSRA did not have any contract terminations in process that would have a material effect on the consolidated and combined financial position, results of operations or cash flows. CSRA develops highly-customized software for certain government customers by entering into arrangements that may include post-contract customer support and other software-related services. These arrangements are accounted for under contract accounting, and vendor-specific objective evidence (“VSOE”) of fair value is required to allocate and recognize revenue for each element. VSOE of fair value is determined based on the price charged where each deliverable is sold separately. In situations where VSOE of fair value exists for all undelivered elements, but not a delivered element (typically the software), the residual method is used to allocate revenue to the undelivered elements equal to their VSOE value with the remainder allocated to the delivered element. When VSOE is available for the undelivered elements, software revenue is recognized as the related software customization services are performed in accordance with the percentage-of-completion method described above. In those arrangements where VSOE of fair value does not exist for the undelivered elements, revenue is deferred until only one undelivered element remains and then is recognized ratably as the final element is delivered, beginning with substantial completion and delivery of the highly-customized software. All other revenues are recognized when persuasive evidence of an arrangement exists, services or products have been provided to the customer, the sales price is fixed or determinable and collectability is reasonably assured. |
Property and Equipment | Property and Equipment and Intangibles CSRA’s depreciation and amortization policies are as follows: Useful Life (in years) Property and equipment: Buildings Up to 40 Computers and related equipment 3 to 5 Furniture and other equipment 5 to 10 Leasehold improvements Shorter of lease term or useful life Other leased assets Greater of lease term or useful life Intangibles: Internal use software 2 to 7 External use software 2 to 7 Customer related intangibles Expected customer service life Other intangible assets 3 to 8 The cost of property and equipment is depreciated using predominately the straight-line method. Depreciation commences when the specific asset is complete, installed and ready for normal use. Acquired contract-related and customer-related intangible assets are amortized in proportion to estimated undiscounted cash flows over the estimated useful life of the asset or on a straight-line basis if cash flows cannot be reliably estimated. CSRA capitalizes costs incurred to develop commercial software products to be sold, leased or otherwise marketed after establishing technological feasibility until such time that the software products are available for general release to customers. Costs incurred to establish technological feasibility are expensed as incurred. Enhancements to software products are capitalized where such enhancements extend the life or significantly expand the marketability of the products. Amortization of capitalized software development costs is determined separately for each software product. Annual amortization expense is calculated based on the greater of the ratio of current gross revenues for each product to the total of current and anticipated future gross revenues for the product or the straight-line amortization method over the estimated economic life of the product. Unamortized capitalized software costs associated with commercial software products are regularly evaluated for impairment on a product-by-product basis by a comparison of the unamortized balance to the product’s net realizable value. The net realizable value is the estimated future gross revenues from that product reduced by the related estimated future costs. When the unamortized balance exceeds the net realizable value, the unamortized balance is written down to the net realizable value and an impairment charge is recorded. CSRA capitalizes costs incurred to develop internal-use computer software during the application development stage. Costs related to preliminary project activities and post-implementation activities are expensed as incurred. Internal and external costs incurred in connection with development of upgrades or enhancements that result in additional functionality are also capitalized. Capitalized costs associated with internal-use software are amortized on a straight-line basis over the estimated useful life of the software. Purchased software is capitalized and amortized over the estimated useful life of the software. Internal-use software assets are evaluated for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. |
Pension and Other Benefit Plans | Pension and Other Benefit Plans The employees of CSRA and its subsidiaries are participants in employer-sponsor defined benefit and defined contribution plans. CSRA’s defined benefit plans included both pension and other post-retirement benefit plans. CSRA recognizes net actuarial gains and losses and the changes in fair value of plan assets in earnings at the time of plan remeasurement, annually during the fourth quarter of each year, or if there is an interim remeasurement event, as a component of net periodic benefit or cost. CSRA utilizes actuarial methods to measure the benefit obligations and net periodic cost or income for its pension and other post-retirement benefit plans. Inherent in the application of these actuarial methods are key assumptions, including, but not limited to, discount rates, expected long-term rates of return on plan assets, mortality rates, rates of compensation increases, and medical cost trend rates. CSRA evaluates these assumptions annually and updates assumptions as necessary. The fair value of pension assets is determined based on the prevailing market prices or estimated fair value of investments when quoted prices are not available. The service and interest costs components of periodic cost or income are estimated using a full yield curve approach by applying the specific spot rates along the yield curve to the relevant projected cash flow. |
Stock-Based Compensation | Share-Based Compensation CSRA provides share-based compensation to certain employees and non-employee Board of Director members. All share-based payment awards, which include stock options, restricted stock units (“RSUs”) and performance based restricted stock units (“PSUs”), are classified as equity instruments. CSRA recognizes compensation expense based on each award’s grant-date fair value, net of estimated forfeitures. The cost of share-based compensation is equal to the fair value of the awards issued and is recognized over the periods the services are rendered. |
Acquisition Accounting and Goodwill | Acquisition Accounting and Goodwill When CSRA acquires a controlling financial interest through a business combination, CSRA uses the acquisition method of accounting to allocate the purchase consideration to the assets acquired and liabilities assumed, which are recorded at fair value. Any excess of purchase consideration over the fair value of the assets acquired and liabilities assumed is recognized as goodwill. Acquisition-related costs are recognized separately from the business combination and are expensed as incurred. The results of operations of acquired businesses are included in the Consolidated and Combined Financial Statements from the acquisition date. CSRA tests goodwill for impairment on an annual basis, as of the first day of the second fiscal quarter, and between annual tests if circumstances change, or if an event occurs, that would more likely than not reduce the fair value of a reporting unit below its carrying amount. A significant amount of judgment is involved in determining whether an event indicating impairment has occurred between annual testing dates. Such indicators include the loss of significant business, significant reductions in federal government appropriations or other significant adverse changes in industry or market conditions. The goodwill impairment test initially involves the assessment of qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If CSRA determines that it is more likely than not that a reporting unit’s carrying value exceeds its fair value, then it proceeds with the subsequent two-step goodwill impairment testing process. However, CSRA has the option to bypass this initial qualitative assessment for its annual test and proceed directly to step one of the two-step process for one or more of its reporting units. |
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between marketplace participants. The accounting guidance for fair value measurements establishes a three level fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Quoted prices for similar assets or liabilities or quoted market prices for identical or similar assets in markets that are not active. Level 3 — Valuations derived from valuation techniques in which one or more significant inputs are observable. The assets and liabilities which are valued using the fair value measurement guidance, on a recurring basis, include the Company’s pension assets and derivative instruments consisting of interest rate swap contracts and total return swaps. Pension assets are valued using model based pricing methods that use observable market data; as such these inputs are considered Level 2 inputs. The fair value of interest rate swaps is estimated based on valuation models that use observable interest rate yield curves as inputs, which are considered Level 2 inputs. Total return swaps are settled on the last day of every fiscal month. Therefore, the value of any swaps outstanding as of any balance sheet date is not material. No significant assets or liabilities are measured at fair value on a recurring basis using significant unobservable (Level 3) inputs. Certain assets and liabilities are measured at fair value on a nonrecurring basis. These include assets and liabilities acquired in a business combination, equity-method investments and long-lived assets, which would be recognized at fair value if deemed to be impaired or if reclassified as assets held for sale. The fair value in these instances would be determined using Level 3 inputs. The Company’s financial instruments include cash, trade receivables, vendor payables, derivative financial instruments, debt, and pension assets. As of April 1, 2016, the carrying value of cash, trade receivables, and vendor payables approximated their fair value. See Note 9 — Derivative Instruments, Note 15 — Debt, and Note 17 — Pension and Other Postretirement Benefit Plans for a discussion of the fair value of the Company’s derivative financial instruments, debt, and pension assets, respectively. |
Receivables | Receivables Receivables consist of amounts billed and currently due from customers, as well as amounts currently due but unbilled. Unbilled receivables include amounts (1) to be billed in following month in the ordinary course of business; (2) measured under the percentage-of-completion method of accounting; and (3) retained by the customer until the completion of a specified contract, completion of government audit activities or until negotiation of contract modification or claims. Allowances for uncollectable billed and unbilled receivables are estimated based on a combination of write-off history, aging analysis and any specific and known collectability issues. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets CSRA evaluates the carrying value of long-lived assets expected to be held and used when events or circumstances indicate a potential impairment. The carrying value of a long-lived asset group are considered to be impaired when the anticipated undiscounted cash flows from such asset group are separately identifiable and are less than the group’s carrying value. In that case, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset group. Fair value is determined primarily using the present value of expected cash flows based on multiple scenarios that reflect a range of possible outcomes. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. |
Income Taxes | Income Taxes Accounting for income taxes requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statements carrying amounts and the tax bases of assets and liabilities. CSRA maintains valuation allowances when, based on the weight of available evidence, it is more likely than not that all or a portion of a deferred tax asset will not be realized. Changes in valuation allowances from period to period are included in the Company’s tax provision in the period of change. In determining whether a valuation allowance is warranted, the Company takes into account such factors as prior earnings history, expected future earnings, carryback and carryforward periods, and tax strategies that could potentially enhance the likelihood of realization of a deferred tax asset. CSRA recognizes uncertain tax positions in the Consolidated and Combined Financial Statements when it is more likely than not that the tax position will be sustained upon examination. Uncertain tax positions are measured based on the probabilities that the uncertain tax position will be realized upon final settlement. |
Cash and Cash Equivalents | Cash and Cash Equivalents CSRA considers investments with an original maturity of three months or less to be cash equivalents. |
Net Parent Investment | Net Parent Investment Net Parent Investment in the Consolidated and Combined Balance Sheets represents the former Parent’s historical investment in CSRA prior to the Spin-Off, and includes accumulated net income and the net effect of transactions with, and cost allocations from, the former Parent. Note 2 — Related Party Transactions and Corporate Allocations provides additional information regarding the allocation to CSRA of expenses incurred by the former Parent. |
Derivatives and Hedging Activities | Derivative and Hedging Activities The Company uses derivative instruments to manage interest rate risk on outstanding debt. The Company also uses a total return swap program to hedge market volatility on the notional investments underlying the Company’s non-qualified deferred compensation plan. The Company designates interest rate swaps as hedges for purposes of hedge accounting, through a match of all the critical terms of the derivative and the hedged interest rate risks, and recognizes all such derivative instruments as either assets or liabilities in the Consolidated and Combined Balance Sheet at fair value. These derivative instruments are classified by their short- and long-term components, based on the fair value anticipated timing occurring within one year or beyond one year. The effective portion of changes in the fair value of derivative instruments designated and that qualify for cash flow hedges are reflected as adjustments to other comprehensive income, net of tax, and subsequently reclassified into earnings in the period during which the hedged transactions are recognized in earnings. Any ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Total return swaps are not designated as hedges for purposes of hedge accounting. These instruments are recorded at their respective fair values and the change in their value is reported in Cost of services and Selling, general and administrative expenses consistent with the changes in value of the non-qualified deferred compensation plan liability . All cash flows associated with the Company's derivative instruments are classified as operating activities in the Consolidated and Combined Statements of Cash Flows. |
Foreign Currency Translation | Foreign Currency Translation The assets and liabilities of foreign subsidiaries are translated from their respective functional currency to U.S. dollars using year end exchange rates, income and expense accounts are translated at the average exchange rates for the reporting period, and equity accounts are translated at historical rates. The resulting translation adjustment is reported as a component of accumulated other comprehensive income (loss). |
New Accounting Pronouncements | New Accounting Standards During the twelve months ended April 1, 2016, CSRA adopted the following Accounting Standard Update (“ASU”): In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). This ASU eliminates the current requirement for an entity to separate deferred income tax liabilities and assets into current and non-current amounts in a classified statements of financial position. To simplify the presentation of deferred income taxes, ASU 2015-17 requires that deferred tax liabilities and assets be classified as non-current in a classified statements of financial position. As permitted, CSRA early adopted ASU 2015-17, effective for the period ended January 1, 2016 and applied it retrospectively to all periods presented. The impact of the early adoption of ASU 2015-17 on balances previously reported as of April 3, 2015 was a reclassification of $89,608 from current deferred income tax liabilities to Noncurrent deferred income tax liabilities in the Consolidated and Combined Balance Sheets. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement Period Adjustments (“ASU 2015-16”). This ASU requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this update require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. Early adoption is permitted for any interim or annual financial statements that have not been issued; accordingly, CSRA early adopted ASU 2015-16 effective for the three- and nine-month periods ended January 1, 2016 and will apply ASU 2015-16 to future adjustments to provisional amounts. Early adoption of ASU 2015-16 did not have a material impact on CSRA’s Consolidated and Combined Financial Statements. In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which simplifies the presentation of debt issuance costs by requiring that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts and premiums. Amortization of the costs will continue to be reported as interest expense. Subsequently, in August 2015, the FASB issued ASU No. 2015-15 Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), which incorporates the SEC staff’s announcement that clarifies the exclusion of line-of-credit arrangements from the scope of ASU 2015-03. The ASU clarifies that debt issuance costs related to line-of-credit arrangements can be deferred and presented as an asset that is subsequently amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The adoption of ASU 2015-03 is effective retrospectively for annual periods beginning after December 15, 2015 and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. The adoption of ASU 2015-15 is effective upon adoption of ASU 2015-03. As permitted, CSRA early adopted ASU 2015-03 and ASU 2015-15 effective for the fiscal period ended April 1, 2016 resulting in a direct deduction from the carrying amount of CSRA’s debt liability of $45,676 in the Consolidated and Combined Balance Sheet. Standards Issued But Not Yet Effective The following ASUs were recently issued but have not yet been adopted by CSRA: In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard, ASC Topic 606, Revenue from Contracts with Customers that will change the way we recognize revenue and significantly expand the disclosure requirements for revenue arrangements. On July 9, 2015, the FASB approved a one-year deferral of the effective date, which for CSRA would make the standard effective at the start of fiscal year 2019. The FASB provided an option that would permit us the ability to adopt the standard beginning fiscal year 2018. Early adoption prior to fiscal year 2018 is not permitted. The new standard may be adopted either retrospectively or on a modified retrospective basis whereby the new standard would be applied to new contracts and existing contracts with remaining performance obligations as of the effective date, with a cumulative catch-up adjustment recorded to beginning retained earnings at the effective date for existing contracts with remaining performance obligations. The new standard requires us to identify contractual performance obligations and determine whether revenue should be recognized at a point-in-time or over time. This and other requirements could change the method or timing of revenue recognition for our firm-fixed-price and cost-reimbursable-plus-fee contract portfolio. As a result, we are applying an integrated approach to analyzing the standard’s impact on our contract portfolio, including a review of accounting policies and practices, evaluating differences from applying the requirements of the new standard to our contracts and business practices, and assessing the need for system changes or enhancements. As changes in estimated profit will be recognized in the period they are identified, rather than prospectively over the remaining contract term, the impact of revisions of contract estimates may be larger and potentially more variable from period to period. Anticipated losses on contracts will continue to be recognized in the period they are identified. While our assessment continues, we have not yet selected a transition date or method nor have we yet determined the effect of the standard on our Consolidated and Combined Financial Statements and, as a result, our evaluation of the effect of the new standard will extend into future periods. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) which supersedes the current guidance related to accounting for leases. The guidance requires lessees to recognize most leases on-balance sheet via a right of use asset and lease liability. ASU 2016-02 will also require expanded qualitative and quantitative disclosures designed to give financial statement users additional information on the amount, timing, and uncertainty of cash flows arising from CSRA leases. The standard is required to be adopted using the modified retrospective approach. The standard will be effective for the first interim period within annual periods beginning after December 15, 2019 with early adoption permitted. CSRA is currently evaluating the impact of adoption on CSRA’s Consolidated and Combined Financial Statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718) (“ASU 2016-09”), which simplifies several aspects of the accounting for share-based payment award transactions related to accounting for income taxes, forfeitures, statutory tax withholding requirements, classification of awards as either equity or liabilities, and classification of employee taxes paid on the statements of cash flows when an employer withholds shares for tax-withholding purposes. The standard will be effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period. CSRA is currently evaluating the impact the adoption of ASU 2016-09 may have on CSRA’s Consolidated and Combined Financial Statements. Other recently issued ASUs effective after April 1, 2016 are not expected to have a material effect on CSRA’s Consolidated and Combined Financial Statements. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Revenues by Customer Type | Total revenues by customer type were: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 U.S. federal government $ 3,881,913 $ 3,720,275 $ 3,898,083 State and local government 356,926 330,254 198,062 Other 11,608 19,217 6,491 Total revenue $ 4,250,447 $ 4,069,746 $ 4,102,636 |
Schedule of Income from Continuing Operations, Before Taxes and Noncontrolling Interests | The effect of aggregate Estimate-At-Completion net positive adjustments before taxes and noncontrolling interests due to changes in estimated profitability on firm-fixed-price contracts accounted for under the percentage-of-completion method totaled approximately $ 64,000 , $77,000 , and $86,000 for the twelve months ended April 1, 2016, April 3, 2015 and March 28, 2014, respectively. |
Depreciation and Amortization Useful Lives | CSRA’s depreciation and amortization policies are as follows: Useful Life (in years) Property and equipment: Buildings Up to 40 Computers and related equipment 3 to 5 Furniture and other equipment 5 to 10 Leasehold improvements Shorter of lease term or useful life Other leased assets Greater of lease term or useful life Intangibles: Internal use software 2 to 7 External use software 2 to 7 Customer related intangibles Expected customer service life Other intangible assets 3 to 8 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Business Combinations [Abstract] | |
Fair Value of Assets Acquired and Liabilities Assumed | The following table reflects the preliminary fair values of assets acquired and liabilities assumed as of November 30, 2015: Preliminary allocation: Cash, accounts receivable and other current assets $ 301,993 Property, equipment and other long-term assets 47,266 Intangibles—customer relationships, backlog and other intangibles assets 890,500 Accounts payable and other current liabilities (193,106 ) Other long-term liabilities (26,030 ) Deferred tax liabilities (261,427 ) Total identified net assets acquired 759,196 Goodwill 1,540,379 Estimated total purchase consideration and liabilities paid at closing $ 2,299,575 |
Pro Forma Information | Accordingly, the unaudited pro forma financial information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on March 29, 2014, nor is it necessarily an indication of future operating results. Twelve Months Ended April 1, 2016 CSRA Twelve Months Ended April 1, 2016 Historical SRA April 1 - November 30, 2015 Effects of Spin-Off (a) Effects of Mergers (b) Pro Forma for Spin-Off and Merger Revenue $ 4,250,447 $ 949,661 $ — $ (1,844 ) $ 5,198,264 Income (loss) from continuing operations attributable to CSRA Shareholders 87,145 (40,289 ) 79,868 99,784 226,508 Income per common share: Basic $ 0.54 $ 1.40 (a) Income from continuing operations attributable to CSRA Shareholders effected for the Spin-Off excludes $87,017 of non-recurring costs incurred to give effect to the separation of the Computer Sciences GS Business from CSC. Twelve Months Ended April 3, 2015 Historical Computer Sciences GS Twelve Months Ended April 3, 2015 Historical SRA April 1 - March 31, 2015 Effects of Spin-Off Effects of Mergers Pro Forma for Spin-Off and Merger Revenue $ 4,069,746 $ 1,377,239 $ — $ (3,015 ) $ 5,443,970 Income (loss) from continuing operations attributable to Parent 253,634 (16,026 ) (288,656 ) (1,222 ) (52,270 ) Income (loss) per common share: Basic $ 1.82 $ (0.32 ) |
Divestitures (Tables)
Divestitures (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Business Combinations [Abstract] | |
Discontinued Operations | Following is the summary of the results of the discontinued operations: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Operations Revenues $ — $ — $ 200,516 (Loss) income from discontinued operations, before taxes — (1,527 ) 19,376 Tax benefit (expense) — 560 (9,147 ) Net (loss) income from discontinued operations $ — $ (967 ) $ 10,229 Disposal (Loss) gain on disposition $ — $ (910 ) $ 55,148 Tax expense — — (777 ) (Loss) gain on disposition, net of taxes — (910 ) 54,371 (Loss) income from discontinued operations, net of taxes $ — $ (1,877 ) $ 64,600 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Basic earnings per common share (“EPS”) and diluted EPS are calculated as follows: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Net income: From continuing operations $ 102,922 $ 267,712 $ 253,718 Less: discontinued operations — (1,877 ) 64,600 Less: Net income attributable to noncontrolling interests 15,777 14,078 21,936 Net income attributable to CSRA common stockholders $ 87,145 $ 251,757 $ 296,382 Common share information: Common shares outstanding for basic EPS 162,192,759 139,128,158 139,128,158 Dilutive effect of stock options and equity awards 1,391,862 — — Weighted average number of common shares outstanding—diluted (1) 163,584,621 139,128,158 139,128,158 Earnings (loss) per share—basic and diluted: Basic EPS: Continuing operations $ 0.54 $ 1.82 $ 1.67 Discontinued operations — (0.01 ) 0.46 Total $ 0.54 $ 1.81 $ 2.13 Diluted EPS: Continuing operations $ 0.53 $ 1.82 $ 1.67 Discontinued operations — (0.01 ) 0.46 Total $ 0.53 $ 1.81 $ 2.13 (1) Calculated based on number of days the shares were outstanding after the Spin-off and during which CSRA operated as a separate standalone entity for the fiscal year ended April 1, 2016 . |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Receivables [Abstract] | |
Schedule of Receivables and Allowance for Doubtful Accounts | Receivables consist of the following: As of April 1, 2016 April 3, 2015 Billed trade accounts receivable $ 181,413 $ 210,471 Unbilled recoverable amounts under contracts in progress 578,107 496,230 Other receivables 13,003 4,759 Total accounts receivable 772,523 711,460 Allowances for doubtful accounts (21,295 ) (14,733 ) Total receivables, net $ 751,228 $ 696,727 Changes to the allowance for doubtful accounts for the twelve months ended April 1, 2016 , April 3, 2015 and March 28, 2014 , respectively, are as follows: Twelve months ended April 1, 2016 April 3, 2015 March 28, 2014 Beginning balance $ 14,733 $ 16,099 $ 13,573 Provision for (Reversal of) doubtful accounts 337 (265 ) 3,859 Provision for doubtful accounts in discontinued operations — — 198 Allowance from acquisition for government audit activities 6,236 — — Write-offs (11 ) (1,101 ) (1,531 ) Ending balance $ 21,295 $ 14,733 $ 16,099 |
Prepaid Expenses and Other Cu39
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following: As of April 1, 2016 April 3, 2015 Deferred contract costs $ 24,514 $ 55,110 Maintenance 41,320 27,842 Rent 5,364 5,267 Other 52,080 4,446 Total prepaid expenses and other current assets $ 123,278 $ 92,665 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consists of the following: As of April 1, 2016 April 3, 2015 Property and equipment—gross: Land, buildings and leasehold improvements $ 233,053 $ 131,885 Computers and related equipment 505,144 468,890 Furniture and other equipment 529,450 512,875 Construction in progress 35,467 19,878 1,303,114 1,133,528 Less: accumulated depreciation (773,027 ) (696,796 ) Property and equipment, net $ 530,087 $ 436,732 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following tables summarize the changes in the carrying amount of goodwill, by reportable segment, as of April 1, 2016, April 3, 2015 and March 28, 2014. Defense and Intelligence Civil Total Balance as of March 28, 2014 $ 460,712 $ 297,367 $ 758,079 Tenacity Solutions Acquisition 30,685 — 30,685 Autonomic Resources Acquisition — 13,818 13,818 Balance as of April 3, 2015 $ 491,397 $ 311,185 $ 802,582 Welkin Divestiture (10,717 ) — (10,717 ) Tenacity Solutions Acquisition Working Capital Adjustment (86 ) — (86 ) SRA Acquisition 334,916 1,205,463 1,540,379 Balance as of April 1, 2016 $ 815,510 $ 1,516,648 $ 2,332,158 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Purchased and internally developed software (for both external and internal use), net of accumulated amortization, consisted of the following: As of April 1, 2016 April 3, 2015 Purchased software $ 40,342 $ 30,864 Internally developed software for external use 1,085 2,950 Internally developed software for internal use — 1,447 Total software $ 41,427 $ 35,261 A summary of amortizing intangible assets is as follows: As of April 1, 2016 Gross Carrying Value Accumulated Amortization Net Carrying Value Customer-related intangibles $ 953,450 $ (133,019 ) $ 820,431 Backlog 65,200 (21,733 ) 43,467 Other intangible assets 51,370 (45,859 ) 5,511 Software 136,461 (95,034 ) 41,427 Total intangible assets $ 1,206,481 $ (295,645 ) $ 910,836 As of April 3, 2015 Gross Carrying Value Accumulated Amortization Net Carrying Value Customer-related intangibles $ 130,150 $ (110,449 ) $ 19,701 Other intangible assets 53,550 (39,846 ) 13,704 Software 110,805 (75,544 ) 35,261 Total intangible assets $ 294,505 $ (225,839 ) $ 68,666 |
Accrued Payroll and Related C43
Accrued Payroll and Related Costs (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Payroll and Related Costs | Accrued payroll and related costs consisted of the following: As of April 1, 2016 April 3, 2015 Accrued payroll $ 54,210 $ 21,785 Accrued vacation 64,646 20,606 Deferred compensation 3,202 33,447 Accrued incentive compensation 17,164 19,111 Payroll taxes 9,504 8,196 Other 50,786 6,394 Total $ 199,512 $ 109,539 Accrued expenses and other current liabilities consisted of the following: As of April 1, 2016 April 3, 2015 Accrued contract costs $ 247,630 $ 212,155 Deferred revenue 139,754 174,022 Accrued expenses 131,738 45,164 Other 8,612 9,265 Total $ 527,734 $ 440,606 |
Accrued Expenses and Other Cu44
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued payroll and related costs consisted of the following: As of April 1, 2016 April 3, 2015 Accrued payroll $ 54,210 $ 21,785 Accrued vacation 64,646 20,606 Deferred compensation 3,202 33,447 Accrued incentive compensation 17,164 19,111 Payroll taxes 9,504 8,196 Other 50,786 6,394 Total $ 199,512 $ 109,539 Accrued expenses and other current liabilities consisted of the following: As of April 1, 2016 April 3, 2015 Accrued contract costs $ 247,630 $ 212,155 Deferred revenue 139,754 174,022 Accrued expenses 131,738 45,164 Other 8,612 9,265 Total $ 527,734 $ 440,606 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities | Other long-term liabilities consisted of the following: As of April 1, 2016 April 3, 2015 Deferred revenue $ 27,385 $ 42,927 Pension and other postretirement obligations 645,799 25,341 Deferred rent 13,444 11,913 Deferred compensation 43,513 — Other 12,484 776 Total $ 742,625 $ 80,957 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The following is a summary of CSRA’s debt as of April 1, 2016 and April 3, 2015: April 1, 2016 April 3, 2015 Revolving credit facility, due November 2020 $ 50,000 $ — Tranche A1 facility, due November 2018 600,000 — Tranche A2 facility, due November 2020 1,431,875 — Term Loan B facility, due November 2022 748,125 — Capitalized lease liability 150,721 151,284 Total debt 2,980,721 151,284 Less: unamortized debt issuance costs (45,676 ) — Less: current portion of long-term debt (170,191 ) (21,351 ) Total long-term debt, net of current maturities (1) $ 2,764,854 $ 129,933 (1) As of April 1, 2016, the fair value of the Company’s debt, based on recent trading activity, approximated carrying value. We determined the fair value of our long-term debt using Level 2 inputs, in which fair value is generally estimated based on quoted market prices for identical or similar instruments. |
Schedule of Maturities of Long-term Debt | Expected maturities of long-term debt, excluding future minimum capital lease payments for fiscal years subsequent to fiscal 2016, are as follows: Fiscal Year Amount (1) 2017 $ 128,000 2018 80,000 2019 680,000 2020 80,000 2021 1,199,375 Thereafter 662,625 Total $ 2,830,000 (1) Includes estimated required excess cash flow payments that are due under the credit agreement governing CSRA’s Term Loan Facilities. This does not include excess cash flow or voluntary prepayments of borrowings that the Company may expect to make as such voluntary prepayments are not required under the credit agreement. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Income Tax Disclosure [Abstract] | |
Sources of Income Before Income Taxes Classified Between Domestic and Foreign Entities | The sources of income from continuing operations before taxes, classified between domestic entities and those entities domiciled outside of the U.S., are as follows: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Domestic entities $ 142,525 $ 416,206 $ 396,160 Entities outside the U.S. 6,564 12,502 4,116 Total $ 149,089 $ 428,708 $ 400,276 |
Components of Income Tax Provision | The components of the provision for income taxes from continuing operations were: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Current: Federal $ 78,470 $ 131,706 $ 118,770 State 12,246 27,329 17,453 Foreign 2,102 4,576 2,644 92,818 163,611 138,867 Deferred: Federal (42,056 ) (3,215 ) 4,159 State (4,595 ) 600 3,532 (46,651 ) (2,615 ) 7,691 Total income tax expense $ 46,167 $ 160,996 $ 146,558 |
Federal Statutory Tax Rate to Effective Tax Rate Reconciliation | The major elements contributing to the difference between the U.S. federal statutory tax rate of 35% and the effective tax rate (“ETR”) for continuing operations are as follows: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Statutory rate 35.0 % 35.0 % 35.0 % State income tax, net of federal tax 3.7 4.2 4.3 Noncontrolling interest (3.7 ) (1.1 ) (1.9 ) Dividend paid to Employee Stock Ownership Plan (9.5 ) 0.0 0.0 Transaction Costs 5.6 0.1 0.0 Other items, net (0.2 ) (0.6 ) (0.8 ) Effective tax rate 30.9 % 37.6 % 36.6 % |
Components of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities are as follows: As of April 1, 2016 April 3, 2015 Deferred tax assets Employee benefits $ 281,714 $ 36,583 Accrued expenses 22,027 7,217 Net operating loss and tax credit carry forwards 64,701 3,544 Other assets 5,056 8,121 Total deferred tax assets 373,498 55,465 Valuation allowance (8,727 ) (1,438 ) Net deferred tax assets 364,771 54,027 Deferred tax liabilities Depreciation and amortization (403,246 ) (94,624 ) Contract accounting (67,820 ) (45,007 ) Investment basis differences (8,035 ) (16,286 ) Deferred at risk project costs (32,685 ) (49,103 ) Prepaid expenses (15,829 ) (2,304 ) Total deferred tax liabilities (527,615 ) (207,324 ) Net deferred tax liabilities $ (162,844 ) $ (153,297 ) |
Summary of Income Tax Contingencies | The following table summarizes the activity related to CSRA’s uncertain tax positions (excluding interest and penalties and related tax attributes): Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Balance at Beginning of Year $ 24,418 $ 24,634 $ 25,457 Net increase related to Spin 6,922 — — Increase related to acquisition 7,152 — — Gross increases related to prior year tax positions 325 846 1,461 Gross decreases related to prior year tax positions — (2,133 ) (22 ) Gross increases related to current year tax positions 209 1,261 509 Settlements and statute of limitation expirations — (190 ) (2,771 ) Balance at End of Year $ 39,026 $ 24,418 $ 24,634 |
Summary of Income Tax Examinations | CSRA is currently under examination in several tax jurisdictions. As a result of the Mergers, the tax years that remain subject to examination in certain of CSRA’s major tax jurisdictions are as follows: Jurisdiction: Tax Years that Remain United States - federal 2008 and forward United States - various states 2008 and forward |
Pension and Other Postretirem48
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Changes in Pension Plans, Projected Benefit Obligations and Assets | The following tables provide reconciliation of the annual changes in the employer pension plans’ projected benefit obligations and assets and a related status of funding: Reconciliation of projected benefit obligation April 1, 2016 April 3, 2015 Unfunded status at beginning of year $ (10,627 ) $ (1,591 ) Projected benefit obligation at beginning of year 65,770 58,566 Transfer in of projected benefit obligation from Spin-Off 3,063,848 — Service cost — — Interest cost 38,305 2,626 Plan participants’ contributions — — Settlement — (2,897 ) Actuarial loss (gain) 114,443 9,781 Benefits paid (60,081 ) (2,306 ) Divestitures — — Projected benefit obligation at end of year $ 3,222,285 $ 65,770 Reconciliation of fair value of plan assets April 1, 2016 April 3, 2015 Fair value of plan assets at beginning of year $ 55,143 $ 56,975 Transfer in of fair value of plan assets from Spin-Off 2,596,836 — Actual (loss) return on plan assets (9,632 ) 3,371 Company contributions 2,774 — Plan participants’ contributions — — Settlement — (2,897 ) Benefits paid (60,081 ) (2,306 ) Divestitures — — Fair value of plan assets at end of year 2,585,040 55,143 Unfunded status at end of year (637,245 ) (10,627 ) Accumulated benefit obligations $ 3,222,285 $ 65,770 The following tables provide reconciliation of the changes in the single employer postretirement plan benefit obligations and assets and a statement of funded status: Reconciliation of accumulated postretirement benefit obligations April 1, 2016 April 3, 2015 Unfunded status at beginning of year $ (14,903 ) $ (23,291 ) Accumulated benefit obligation at beginning of year 14,903 23,291 Transfer in of projected benefit obligation from Spin-Off 72,271 — Service cost 233 12 Interest cost 1,273 745 Settlements — — Retiree drug subsidy reimbursement (115 ) Plan amendments — (5,561 ) Business combinations 115 237 Actuarial gain (loss) 6,714 (2,245 ) Benefits paid (2,138 ) (1,576 ) Accumulated benefit obligation at end of year $ 93,256 $ 14,903 Reconciliation of Fair Value of Plan Assets April 1, 2016 April 3, 2015 Fair value of plan assets at beginning of year $ — $ — Transfer in of fair value of plan assets from Spin-Off 75,826 — Actual return on plan assets 530 — Company contribution 1,482 1,576 Business combinations — — Benefits paid (2,138 ) (1,576 ) Settlements — — Fair value of plan assets at end of year 75,700 — Unfunded status at end of year $ (17,556 ) $ (14,903 ) |
Schedule of Amounts Recognized in Balance Sheet | The following table provides the amounts recorded in CSRA’s Consolidated and Combined Balance Sheets for the postretirement benefit plan liabilities: As of April 1, 2016 April 3, 2015 Current liabilities $ 669 $ 1,232 Other long-term liabilities 16,887 13,671 Net amount recorded $ 17,556 $ 14,903 The following table provides the amounts recorded in CSRA’s Consolidated and Combined Balance Sheets for the pension plan liabilities: As of April 1, 2016 April 3, 2015 Current liabilities - Accrued expenses and other current liabilities $ 8,333 $ 6 Other long-term liabilities - Other long-term liabilities 628,912 10,621 Net amount recorded $ 637,245 $ 10,627 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following is a summary of amounts in accumulated other comprehensive income (loss) as of April 1, 2016, April 3, 2015, and March 28, 2014 that have not been recognized in the Consolidated and Combined Statements of Operations as components of net periodic benefit cost: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Prior service (benefit) cost $ (45,819 ) $ (3,123 ) $ 171 Accumulated other comprehensive (income) loss $ (45,819 ) $ (3,123 ) $ 171 |
Schedule of Net Periodic Pension Costs | Net periodic pension costs Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Service cost $ — $ — $ 796 Interest cost 38,305 2,626 4,004 Expected return on assets (70,673 ) (4,195 ) (5,545 ) Settlement loss (gain) — 388 (27,603 ) Recognition of actuarial losses (gains) 194,748 10,216 (2,437 ) Net periodic pension costs (benefit) $ 162,380 $ 9,035 $ (30,785 ) |
Schedule of Assumptions Used | The weighted-averages of the assumptions used to determine net periodic pension cost were: April 1, 2016 April 3, 2015 March 28, 2014 Discount or settlement rates 4.3 % 4.5 % 4.6 % Expected long-term rates of return on assets 7.9 % 7.6 % 7.2 % Rates on increase in compensation levels 4.3 % N/A 3.9 % The following table summarizes the weighted average assumptions used in the determination of CSRA’s pension benefit obligations as of April 1, 2016 and April 3, 2015: April 1, 2016 April 3, 2015 Discount rate 4.0 % 3.9 % The weighted-averages of the assumptions used to determine net periodic postretirement benefit costs were: April 1, 2016 April 3, 2015 March 28, 2014 Discount or settlement rates 4.5 % 3.8 % 4.1 % Expected long-term rates of return on assets 7.7 % N/A 2.7 % The following table summarizes the weighted average assumptions used in the determination of CSRA’s postretirement benefit obligations as of April 1, 2016 and April 3, 2015: April 1, 2016 April 3, 2015 Discount rate 3.8 % 3.4 % |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage point change in the assumed healthcare cost trend rates would have had the following effect: One Percentage Point Increase Decrease Effect on accumulated postretirement benefit obligation as of April 1, 2016 $ 84 $ (74 ) Effect on net periodic postretirement (benefit) cost for fiscal 2016 5 (4 ) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The accumulated benefit obligation and projected benefit obligations of all single employer OPEB plans exceeded the fair value of the respective plans’ assets. Net periodic benefit costs Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Service cost $ 233 $ 12 $ 80 Interest cost 1,273 745 1,076 Expected return on assets (1,869 ) — (67 ) Amortization of transition obligation — — — Amortization of prior service (benefit) costs (7,436 ) (2,267 ) 33 Settlement gain — — (8,387 ) Recognition of actuarial (gain) loss 8,052 (2,245 ) (48 ) Net periodic (benefit) costs $ 253 $ (3,755 ) $ (7,313 ) |
Schedule of Defined Benefit Plans Disclosures | Information about the expected cash flows for pension plans as of April 1, 2016, is as follows: Employer Contributions: 2017 $ 8,333 Employer Benefit Payments: 2017 $ 168,533 2018 171,852 2019 179,122 2020 184,867 2021 190,026 2022-2025 990,499 The following are expected cash flows for CSRA’s OPEB plans: Employer Contributions 2017 $ 1,514 Employer Benefit Payments 2017 $ 6,819 2018 6,285 2019 6,329 2020 6,317 2021 6,437 2022-2025 32,684 Other before tax changes in plan assets and benefit obligations recognized in other comprehensive income during fiscal years 2016, 2015, and 2014 included the following components: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Prior service (credit)/cost $ — $ (5,561 ) $ — Amortization of: Prior service cost (credit) 7,436 2,267 (33 ) Total recognized in other comprehensive income $ 7,436 $ (3,294 ) $ (33 ) |
Schedule of Fair Value of Financial Assets for Pension and Postretirement Benefits | The fair value of CSRA’s pension and OPEB plan assets by investment category and the corresponding level within the fair value hierarchy as of April 1, 2016 and April 3, 2015 are as follows: As of April 1, 2016 Level 1 Level 2 Level 3 Total Equity: U.S. domestic stocks $ 132,039 $ — $ — $ 132,039 Global/International 30,979 — — 30,979 Domestic Equity commingled funds — 355,403 — 355,403 Global Equity commingled funds — 191,503 — 191,503 Fixed Income: Fixed income mutual funds 104,260 — — 104,260 Fixed income commingled funds — 411,239 — 411,239 Mortgage and asset-backed securities — 42,320 — 42,320 Corporate bonds — 27,067 — 27,067 U.S. Treasuries — 30,325 — 30,325 Non U.S. Government — 1,580 — 1,580 U.S. Government Agencies — 771 — 771 Alternatives: Other Alternatives (a) 212,542 477,002 — 689,544 Hedge Funds (b) — — 620,233 620,233 Cash and cash equivalents 228 87,417 — 87,645 Total $ 480,048 $ 1,624,627 $ 620,233 $ 2,724,908 Unsettled Trade Receivables and Accrued Income 5,736 Unsettled Trade Payable and Accrued Expenses (69,904 ) Fair value of assets for pension and OPEB plans $ 2,660,740 (a) Represents institutional funds consisting mainly of equities, bonds, or commodities. (b) Represents investments in diversified fund of hedge funds in which the CSRA pension plans are the sole investor. Below is a reconciliation of the assets valued using significant unobservable inputs (Level 3): Level 3 Beginning balances as of April 3, 2015 $ 10,439 Transfers in due to Spin 537,869 Actual return on plan assets held at the reporting date 417 Purchases, sales and settlements 71,508 Ending balance as of April 1, 2016 $ 620,233 As of April 3, 2015 Level 1 Level 2 Level 3 Total Equity: U.S. domestic stocks $ 2,833 $ — $ — $ 2,833 Global/International 431 — — 431 Domestic Equity commingled funds — 8,585 — 8,585 Global Equity commingled funds — 2,933 — 2,933 Fixed Income: Fixed income mutual funds 1,934 — — 1,934 Fixed income commingled funds — 9,445 — 9,445 Mortgage and asset-backed securities — 999 — 999 Corporate bonds — 771 — 771 U.S. Treasuries — 441 — 441 Non U.S. Government — 47 — 47 U.S. Government Agencies — 14 — 14 Alternatives: Other Alternatives (a) 5,809 10,053 — 15,862 Hedge Funds (b) — — 10,439 10,439 Cash and cash equivalents $ 3 546 — 549 Total 11,010 $ 33,834 $ 10,439 $ 55,283 Unsettled Trade Receivables and Accrued Income 409 Unsettled Trade Payable and Accrued Expenses (549 ) Fair value of assets for pension plans $ 55,143 (a) Represents institutional funds consisting mainly of equities, bonds, or commodities. (b) Represents investments in diversified fund of hedge funds in which the CSC pension plans are the sole investor. Below is a reconciliation of the assets valued using significant unobservable inputs (Level 3): Level 3 Beginning balances as of March 28, 2014 $ 5,596 Actual return on plan assets held at the reporting date 1,018 Purchases, sales and settlements 3,825 Ending balance as of April 3, 2015 $ 10,439 The asset allocation of pension plans as of April 1, 2016 and April 3, 2015, respectively, is as follows: Percentage of Plan Assets as of Year End Asset Category April 1, 2016 April 3, 2015 Equity securities 27 % 27 % Debt securities 23 % 25 % Alternatives 49 % 47 % Cash and other 1 % 1 % Total 100 % 100 % |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | CSRA recognized share-based compensation expense for the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014 as follows: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Cost of services $ 5,263 $ 7,317 $ 7,348 Selling, general and administrative expenses 4,952 10,301 10,321 Total $ 10,215 $ 17,618 $ 17,669 Total, net of tax $ 6,640 $ 10,705 $ 10,732 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | In calculating the compensation expense for its stock incentive plans, the following weighted-average assumptions were used: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Risk-free interest rate 1.67 % 2.03 % 1.22 % Expected volatility 30.62 % 32.94 % 34.06 % Expected term (in years) 5.63 6.03 6.05 Dividend yield 1.56 % 1.50 % 1.72 % |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Information concerning RSUs (including PSUs) granted to certain former employees of CSC and converted CSRA awards under stock incentive plans to employees of CSRA during the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014, are as follows: Number Weighted of Restricted Average Stock Units Fair Value Outstanding as of March 29, 2013 248,977 $ 32.60 Granted 173,706 45.80 Released/Issued (31,459 ) 38.29 Canceled/Forfeited (107,338 ) 35.96 Outstanding as of March 28, 2014 283,886 $ 38.77 Granted 105,531 61.05 Released/Issued (54,605 ) 36.04 Canceled/Forfeited (45,304 ) 41.43 Outstanding as of April 3, 2015 289,508 $ 46.99 Granted 84,150 67.48 Net transfers 62,554 10.07 Released/Issued (40,692 ) 40.10 Canceled/Forfeited (23,310 ) 45.54 Outstanding at November 27, 2015, immediately prior to Spin-Off 372,210 $ 38.58 Conversion of CSC Plan awards to CSRA Plan awards on November 27, 2015 407,888 $ 29.68 Granted 116,692 28.44 Vested (94,994 ) 24.29 Canceled/Forfeited (53,029 ) 35.96 Outstanding as of April 1, 2016 376,557 $ 29.39 Information concerning stock options granted to certain former employees of CSC and converted CSRA awards under stock incentive plan to employees of CSRA during the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014, respectively were as follows: Number of Option Shares (in shares) Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of March 29, 2013 2,084,197 $ 43.85 3.56 $ 14,239 Granted 359,671 44.87 Exercised (811,737 ) 44.63 Canceled/Forfeited (185,732 ) 34.38 Expired (126,271 ) 52.41 Outstanding as of March 28, 2014 1,320,128 $ 44.15 4.61 21,301 Granted 181,213 61.11 Exercised (611,595 ) 45.46 Canceled/Forfeited (73,851 ) 41.76 Expired (9,134 ) 44.70 Outstanding as of April 3, 2015 806,761 $ 47.18 6.13 $ 14,682 Granted 175,680 68.43 Net Transfer 223,090 57.85 Exercised (105,342 ) 35.11 Canceled/Forfeited (18,314 ) 58.43 Expired (2,827 ) 53.62 Outstanding at November 27, 2015, immediately prior to Spin-Off 1,079,048 $ 24.82 7.07 $ 47,263 Conversion of CSC Plan awards to CSRA Plan awards on November 27, 2015 1,203,316 $ 24.60 Conversion of SRA Plan awards to CSRA Plan awards on November 30, 2015 328,809 15.98 Granted 123,221 27.70 Exercised (25,293 ) 18.86 Canceled/Forfeited (120,951 ) 25.03 Expired (6,555 ) 18.15 Outstanding as of April 1, 2016 1,502,547 $ 23.06 7.01 $ 7,582 Vested and expected to vest in the future as of April 1, 2016 1,502,547 23.06 7.01 7,582 Exercisable as of April 1, 2016 726,611 21.32 4.48 4,364 |
Schedule of Share Based Compensation Shares Authorized Under Stock Option Plans by Exercise Price Range | As of April 1, 2016 Options Outstanding Options Exercisable Range of Option Exercise Price (per share) Number Outstanding (in shares) Weighted Average Remaining Contractual Term (in years) Weighted Average Exercise Price (per share) Number Exercisable (in shares) Weighted Average Exercise Price (per share) $ 11.49-25.45 884,945 5.87 $ 18.70 599,341 $ 19.99 25.46-30.89 617,602 8.63 29.30 127,270 27.59 1,502,547 7.01 23.06 726,611 21.32 |
Stockholders_ Equity and Accu50
Stockholders’ Equity and Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables show the activity in the components of other comprehensive income (loss), including the respective tax effects, and reclassification adjustments for the twelve months ended April 1, 2016, April 3, 2015, and March 28, 2014, respectively. Accumulated other comprehensive income (loss) was as follows: For the twelve months ended April 1, 2016 Before Tax Amount Tax Impact Increase (Decrease) Net of Tax Amount Foreign currency translation adjustments $ 1,960 $ 123 $ 2,083 Unrealized loss on interest rate swap (11,064 ) 4,340 (6,724 ) Prior service credit 50,123 (18,984 ) 31,139 Amortization of prior service credit (7,436 ) 2,251 (5,185 ) Total other comprehensive income $ 33,583 $ (12,270 ) $ 21,313 For the twelve months ended April 3, 2015 Before Tax Amount Tax Impact Increase (Decrease) Net of Tax Amount Foreign currency translation adjustments $ (1,669 ) $ — $ (1,669 ) Prior service credit 5,561 (2,161 ) 3,400 Amortization of prior service cost (2,267 ) 881 (1,386 ) Total other comprehensive income (loss) $ 1,625 $ (1,280 ) $ 345 For the twelve months ended March 28, 2014 Before Tax Amount Tax Impact Increase (Decrease) Net of Tax Amount Foreign currency translation adjustments $ 143 $ (398 ) $ (255 ) Amortization of prior service cost 33 — 33 Total other comprehensive income $ 176 $ (398 ) $ (222 ) The following table shows the changes in accumulated other comprehensive income (loss) as of March 28, 2014, April 3, 2015, and April 1, 2016, respectively: Foreign Currency Translation Adjustments Cash Flow Hedge Pension and Other Postretirement Benefit Plans Accumulated Other Comprehensive Loss Balance as of March 29, 2013 $ (353 ) $ — $ (145 ) $ (498 ) Current-period other comprehensive income (loss), net of taxes (255 ) — — (255 ) Amounts reclassified from accumulated other comprehensive income (loss), net of taxes and noncontrolling interests — — 26 26 Transfers to multi-employer plans — — (16 ) (16 ) Balance as of March 28, 2014 $ (608 ) $ — $ (135 ) $ (743 ) Current-period other comprehensive income (loss), net of taxes (1,669 ) — 3,400 1,731 Amounts reclassified from accumulated other comprehensive income (loss), net of taxes and noncontrolling interests — — (1,393 ) (1,393 ) Balance as of April 3, 2015 $ (2,277 ) $ — $ 1,872 $ (405 ) Current-period other comprehensive income (loss), net of taxes 2,083 (6,724 ) — (4,641 ) Amounts reclassified from accumulated other comprehensive income (loss), net of taxes and noncontrolling interests — — (5,185 ) (5,185 ) Effect of Spin-Off, net of tax — — 31,139 31,139 Balance as of April 1, 2016 $ (194 ) $ (6,724 ) $ 27,826 $ 20,908 |
Statements of Cash Flows (Table
Statements of Cash Flows (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | Non-cash investing and financing activities include the following: Twelve Months Ended Supplemental schedule of non-cash activities April 1, 2016 April 3, 2015 March 28, 2014 Capital expenditures in accounts payable and accrued expenses $ 25,379 $ 13,948 $ 6,444 Capital expenditures through capital lease obligations $ 877 $ 9,760 $ 44,379 Deferred tax liability $ 214,731 $ (2,051 ) $ (3,510 ) Non-cash transfers related to Spin-Off $ (474,747 ) $ — $ — Non-cash transactions related to Mergers $ (11,316 ) $ — $ — Non-cash equity consideration issued, net of shares held for taxes for SRA Shareholders $ (767,675 ) $ — $ — Transfers of remaining net parent investment to additional paid-in capital $ (608,417 ) $ — $ — Cash payments for interest on indebtedness and cash payments for taxes on income are as follows: Twelve Months Ended Supplemental cash flow information: April 1, 2016 April 3, 2015 March 28, 2014 Cash paid for taxes prior to Spin-Off $ 91,265 $ 163,051 $ 146,192 Cash paid for taxes after Spin-Off $ 145 $ — $ — Cash paid for interest $ 47,576 $ 23,267 $ 17,583 |
Segment and Geographic Inform52
Segment and Geographic Information (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Segment Reporting [Abstract] | |
Operating Results by Reportable Segment | The following table summarizes the operating results and total assets by reportable segments. Defense and Intelligence Civil Total Segment Corporate Total April 1, 2016 Revenues $ 2,067,009 2,183,438 $ 4,250,447 $ — $ 4,250,447 Operating income (loss) 272,864 289,943 562,807 (77 ) 562,730 Depreciation and amortization expense 108,553 73,689 182,242 — 182,242 Total assets 1,845,674 2,790,611 4,636,285 210,015 4,846,300 April 3, 2015 Revenues $ 2,126,569 $ 1,943,177 $ 4,069,746 $ — $ 4,069,746 Operating income (loss) 253,741 292,509 546,250 (179 ) 546,071 Depreciation and amortization expense 92,973 44,085 137,058 — 137,058 Total assets 1,330,761 830,413 2,161,174 108 2,161,282 March 28, 2014 Revenues $ 2,329,244 $ 1,773,392 $ 4,102,636 $ — $ 4,102,636 Operating income (loss) 300,045 199,855 499,900 (348 ) 499,552 Depreciation and amortization expense 96,629 48,113 144,742 — 144,742 Total assets 1,364,302 851,596 2,215,898 469 2,216,367 |
Reconciliation of Consolidated Operating Income to Income Before Taxes | A reconciliation of consolidated and combined operating income to income from continuing operations before taxes is as follows: Twelve Months Ended April 1, 2016 April 3, 2015 March 28, 2014 Operating income $ 562,730 $ 546,071 $ 499,552 Pension and OPEB plans actuarial (losses) gains, and pension settlement losses (202,800 ) (8,347 ) 2,484 Corporate G&A (54,600 ) (81,544 ) (79,597 ) Separation and merger costs (117,987 ) — — Interest expense, net (53,475 ) (21,864 ) (20,296 ) Other expense (income), net 15,221 (5,608 ) (1,867 ) Income from continuing operations before taxes $ 149,089 $ 428,708 $ 400,276 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum operating lease payments | Minimum fixed rentals required for the next 5 years and thereafter under operating leases in effect at April 1, 2016, are as follows: Fiscal Year Real Estate Equipment 2017 $ 60,501 $ 695 2018 50,085 388 2019 34,600 34 2020 32,313 — 2021 22,683 — Thereafter 2,402 — Total $ 202,584 $ 1,117 |
Expiration of financial guarantees | The following table summarizes the expiration of CSRA’s financial guarantees and stand-by letters of credit outstanding as of April 1, 2016: Fiscal 2017 Fiscal 2018 Fiscal 2019 and Thereafter Total Stand-by letters of credit $ 44,550 $ 346 $ — $ 44,896 Surety bonds 12,500 — — 12,500 Total $ 57,050 $ 346 $ — $ 57,396 |
Schedule of future minimum lease payments for capital leases | The future minimum lease payments required to be made under the capital leases as of April 1, 2016, are as follows: Fiscal Year Amount 2017 $ 81,542 2018 70,018 2019 66,877 2020 63,101 2021 60,259 Thereafter 118,583 Total minimum lease payments 460,380 Less: Amount representing interest and executory costs (105,263 ) Less: Amount representing maintenance, taxes, and insurance costs (204,396 ) Present value of net minimum lease payments 150,721 Less: Current maturities of capital lease liability (42,191 ) Noncurrent capital lease liability $ 108,530 |
SUPPLEMENTARY DATA - SELECTED54
SUPPLEMENTARY DATA - SELECTED QUARTERLY UNAUDITED FINANCIAL DATA (Tables) | 12 Months Ended |
Apr. 01, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Fiscal 2016 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Revenues $ 958,932 $ 969,053 $ 1,032,312 $ 1,290,150 Costs of services (excludes depreciation and amortization and restructuring costs) 775,058 756,863 816,646 1,227,064 Income (loss) from continuing operations before taxes 109,361 88,132 58,525 (106,929 ) Income (loss) from continuing operations, net of taxes 66,970 52,725 51,432 (68,205 ) Loss from discontinued operations, net of taxes — — — — Net income (loss) attributable to CSRA common stockholders $ 62,677 $ 47,889 $ 48,442 $ (71,863 ) Earnings (loss) per common share (a) : Basic: Continuing Operations $ 0.45 $ 0.34 $ 0.30 $ (0.44 ) Discontinued Operations — — — — Diluted: Continuing Operations $ 0.45 $ 0.34 $ 0.29 $ (0.44 ) Discontinued Operations — — — — Fiscal 2015 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Revenues $ 1,033,307 $ 1,036,288 $ 999,033 $ 1,001,118 Costs of services (excludes depreciation and amortization and restructuring costs) 835,033 819,824 815,595 811,849 Income from continuing operations before taxes 112,332 126,044 90,546 99,786 Income from continuing operations, net of taxes 71,067 78,513 56,646 61,486 Loss from discontinued operations, net of taxes (1,423 ) — (288 ) (166 ) Net income attributable to Parent 65,295 73,605 55,138 57,719 Earnings per common share (a) : Basic: Continuing Operations $ 0.47 $ 0.52 $ 0.40 $ 0.43 Discontinued Operations (0.01 ) — — — Diluted: Continuing Operations $ 0.47 $ 0.52 $ 0.40 $ 0.43 Discontinued Operations (0.01 ) — — — (a) On the Distribution Date, CSRA had 139,128,158 common shares outstanding. The calculation of both basic and diluted earnings per share for the first and second quarter of fiscal year 2016 and all quarters of fiscal year 2015 utilize the Distribution Date common shares because at that time, CSRA did not operate as a separate, stand-alone entity, and no equity-based awards were outstanding prior to the Distribution Date. Additionally, the calculation of both basic and diluted earnings per share for the third and fourth quarter of fiscal year 2016 utilized the Distribution Date to period end weighted average shares, which includes the issuance of CSRA common stock in connection with the Mergers. |
Summary of Significant Accoun55
Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands | Nov. 30, 2015USD ($) | Nov. 27, 2015$ / shares | Apr. 01, 2016USD ($)segment | Apr. 03, 2015USD ($) |
Entity Information [Line Items] | ||||
Number of segments | segment | 2 | |||
Dividends paid (in dollars per share) | $ / shares | $ 8.25 | |||
Deferred financing costs, net | $ 45,676 | $ 0 | ||
Deferred income tax liabilities | 162,844 | 153,297 | ||
Merger With SRA International | ||||
Entity Information [Line Items] | ||||
Payments for acquisition | $ 390,000 | |||
Percent interest acquired | 15.32% | |||
Computer Sciences Corporation and Computer Sciences GS Business [Member] | ||||
Entity Information [Line Items] | ||||
Dividends paid (in dollars per share) | $ / shares | 10.50 | |||
Computer Sciences Corporation | ||||
Entity Information [Line Items] | ||||
Dividends paid (in dollars per share) | $ / shares | $ 2.25 | |||
New Accounting Pronouncement, Early Adoption, Effect | ||||
Entity Information [Line Items] | ||||
Current deferred income tax liabilities | (89,608) | |||
Deferred income tax liabilities | $ 89,608 | |||
Debt | Accounting Standard Update 2015-03 | ||||
Entity Information [Line Items] | ||||
Deferred financing costs, net | $ 45,676 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 01, 2016 | Jan. 01, 2016 | Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 1,290,150 | $ 1,032,312 | $ 969,053 | $ 958,932 | $ 1,001,118 | $ 999,033 | $ 1,036,288 | $ 1,033,307 | $ 4,250,447 | $ 4,069,746 | $ 4,102,636 |
Total net adjustments, before taxes and noncontrolling interests | $ 64,000 | $ 77,000 | $ 86,000 | ||||||||
Percentage of revenues recognized under percentage of completion method | 43.40% | 42.30% | 49.30% | ||||||||
U.S. federal government | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 3,881,913 | $ 3,720,275 | $ 3,898,083 | ||||||||
State and local government | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 356,926 | 330,254 | 198,062 | ||||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 11,608 | $ 19,217 | $ 6,491 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Depreciation and Amortization (Details) | 12 Months Ended |
Apr. 01, 2016 | |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 40 years |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life, description | Shorter of lease term or useful life |
Other leased assets | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life, description | Greater of lease term or useful life |
Customer related intangibles | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life, description | Expected customer service life |
Minimum | Computers and related equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 3 years |
Minimum | Furniture and other equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 5 years |
Minimum | Internal use software | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 2 years |
Minimum | External use software | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 2 years |
Minimum | Other intangible assets | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 3 years |
Maximum | Computers and related equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 5 years |
Maximum | Furniture and other equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 10 years |
Maximum | Internal use software | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 7 years |
Maximum | External use software | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 7 years |
Maximum | Other intangible assets | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 8 years |
Related Party Transactions an58
Related Party Transactions and Corporate Allocations (Details) - USD ($) | Dec. 09, 2015 | Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 |
Related Party Transaction [Line Items] | ||||
Related party revenue | $ 4,774,000 | $ 7,832,000 | $ 8,262,000 | |
Computer Sciences Corporation | Affiliated Entity | Allocated Expenses | ||||
Related Party Transaction [Line Items] | ||||
Allocated expenses | 133,395,000 | $ 212,388,000 | $ 264,426,000 | |
Computer Sciences Corporation | Affiliated Entity | Settlement of Equity Awards | ||||
Related Party Transaction [Line Items] | ||||
Net payable | 6,500,000 | |||
Computer Sciences Corporation | Affiliated Entity | Intellectual Property Matters Agreement | ||||
Related Party Transaction [Line Items] | ||||
Spinoff transaction, annual maintenance fee | $ 30,000,000 | |||
Spinoff transaction, term of agreement | 5 years | |||
Spinoff transaction, annual maintenance fee, percent fee | 0.50% | |||
Spinoff transaction, annual maintenance fee threshold, revenue | $ 7,000,000,000 | |||
Spinoff transaction, annual maintenance fee, amortization period | 1 year | |||
Cloud Computing Solutions | Computer Sciences Corporation | Affiliated Entity | Intellectual Property Matters Agreement | ||||
Related Party Transaction [Line Items] | ||||
Spinoff transaction, annual maintenance fee, percent fee | 5.00% | |||
Spinoff transaction, annual maintenance fee threshold, revenue | $ 600,000,000 | |||
Prepaid Expenses and Other Current Assets | Computer Sciences Corporation | Affiliated Entity | Intellectual Property Matters Agreement | ||||
Related Party Transaction [Line Items] | ||||
Spinoff transaction, annual maintenance fee, amount paid | $ 30,000,000 | |||
Selling, general and administrative expense | Computer Sciences Corporation | Affiliated Entity | Intellectual Property Matters Agreement | ||||
Related Party Transaction [Line Items] | ||||
Spinoff transaction, annual maintenance fee, amortization expense | 10,000,000 | |||
Selling, general and administrative expense | Computer Sciences Corporation | Affiliated Entity | Real Estate Matters Agreement | ||||
Related Party Transaction [Line Items] | ||||
Related party revenue | $ 1,359,000 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 30, 2015 | Apr. 01, 2016 | Apr. 03, 2015 | Oct. 03, 2014 | Apr. 01, 2016 | Mar. 28, 2014 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 2,332,158 | $ 802,582 | $ 2,332,158 | $ 758,079 | ||
Reduction of goodwill | (86) | |||||
Intangibles—customer relationships, backlog and other intangibles assets | $ 890,500 | |||||
Merger With SRA International | ||||||
Business Acquisition [Line Items] | ||||||
Total consideration transferred | 2,299,575 | |||||
Payments for acquisition | 390,000 | |||||
Cash acquired from acquisition | $ 48,309 | |||||
Business acquisition, equity interest issued or issuable, number of shares | 25,170,564 | |||||
Percent interest acquired | 15.32% | |||||
Business acquisition, share price (usd per share) | $ 30.95 | |||||
Liabilities | $ 1,100,698 | |||||
Business acquisition, transaction costs | 29,885 | |||||
Goodwill | 1,540,379 | |||||
Reduction of goodwill | 12,299 | |||||
Adjustments related to previous period, depreciation | 947 | |||||
Adjustments related to previous period, rent expense | 167 | |||||
Civil | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 1,516,648 | 311,185 | 1,516,648 | 297,367 | ||
Reduction of goodwill | 0 | |||||
Civil | Merger With SRA International | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 1,205,463 | |||||
Civil | Autonomic Resources | ||||||
Business Acquisition [Line Items] | ||||||
Payments for acquisition | 14,000 | |||||
Liabilities | 1,132 | |||||
Goodwill | 13,818 | |||||
Assets acquired, excluding intangible assets and goodwill | 1,314 | |||||
Defense and Intelligence | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 815,510 | $ 491,397 | 815,510 | $ 460,712 | ||
Reduction of goodwill | $ (86) | |||||
Defense and Intelligence | Merger With SRA International | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 334,916 | |||||
Defense and Intelligence | Tenacity Solutions | ||||||
Business Acquisition [Line Items] | ||||||
Payments for acquisition | $ 35,514 | |||||
Goodwill | 30,685 | |||||
Assets acquired, excluding intangible assets and goodwill | 3,876 | |||||
Intangibles—customer relationships, backlog and other intangibles assets | 9,400 | |||||
Current liabilities | $ 8,447 | |||||
Customer Relationships and Government Programs | Defense and Intelligence | Tenacity Solutions | ||||||
Business Acquisition [Line Items] | ||||||
Amortization period for intangible assets acquired (in years) | 15 years | |||||
Common Stock | Merger With SRA International | ||||||
Business Acquisition [Line Items] | ||||||
Percent interest acquired | 15.32% |
Acquisitions - Fair Value of As
Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Apr. 01, 2016 | Nov. 30, 2015 | Apr. 03, 2015 | Mar. 28, 2014 |
Business Acquisition [Line Items] | ||||
Intangibles—customer relationships, backlog and other intangibles assets | $ 890,500 | |||
Goodwill | $ 2,332,158 | $ 802,582 | $ 758,079 | |
Merger With SRA International | ||||
Business Acquisition [Line Items] | ||||
Cash, accounts receivable and other current assets | 301,993 | |||
Property, equipment and other long-term assets | 47,266 | |||
Accounts payable and other current liabilities | (193,106) | |||
Other long-term liabilities | (26,030) | |||
Deferred tax liabilities | (261,427) | |||
Total identified net assets acquired | 759,196 | |||
Goodwill | 1,540,379 | |||
Estimated total purchase consideration and liabilities paid at closing | 2,299,575 | |||
Customer Relationships, Backlog And Other Intangible Assets | Merger With SRA International | ||||
Business Acquisition [Line Items] | ||||
Intangibles—customer relationships, backlog and other intangibles assets | $ 890,500 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 01, 2016 | Jan. 01, 2016 | Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Business Acquisition [Line Items] | |||||||||||
Revenues | $ 1,290,150 | $ 1,032,312 | $ 969,053 | $ 958,932 | $ 1,001,118 | $ 999,033 | $ 1,036,288 | $ 1,033,307 | $ 4,250,447 | $ 4,069,746 | $ 4,102,636 |
Basic (in USD per share) | $ 0.54 | $ 1.81 | $ 2.13 | ||||||||
Effects of Spin-Off | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | $ 0 | $ 0 | |||||||||
Income (loss) from continuing operations attributable to CSRA Shareholders | 79,868 | (288,656) | |||||||||
Effects of Mergers | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | (1,844) | (3,015) | |||||||||
Income (loss) from continuing operations attributable to CSRA Shareholders | 99,784 | (1,222) | |||||||||
Pro Forma for Spin-Off and Merger | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | 5,198,264 | 5,443,970 | |||||||||
Income (loss) from continuing operations attributable to CSRA Shareholders | $ 226,508 | $ (52,270) | |||||||||
Basic (in USD per share) | $ 1.40 | $ (0.32) | |||||||||
CSRA | Scenario, Actual | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | $ 4,250,447 | ||||||||||
Income (loss) from continuing operations attributable to CSRA Shareholders | $ 87,145 | ||||||||||
Basic (in USD per share) | $ 0.54 | ||||||||||
Computer Sciences Corporation Government Services | Scenario, Actual | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | $ 4,069,746 | ||||||||||
Income (loss) from continuing operations attributable to CSRA Shareholders | $ 253,634 | ||||||||||
Basic (in USD per share) | $ 1.82 | ||||||||||
SRA International | Scenario, Actual | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | $ 949,661 | $ 1,377,239 | |||||||||
Income (loss) from continuing operations attributable to CSRA Shareholders | (40,289) | $ (16,026) | |||||||||
Acquisition-related Costs | Effects of Spin-Off | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Income (loss) from continuing operations attributable to CSRA Shareholders | 87,017 | ||||||||||
Acquisition-related Costs | Effects of Mergers | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Income (loss) from continuing operations attributable to CSRA Shareholders | $ 68,259 |
Divestitures - Narrative (Detai
Divestitures - Narrative (Details) - USD ($) $ in Thousands | Apr. 27, 2015 | Apr. 01, 2016 | Jan. 01, 2016 | Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Sep. 27, 2013 | Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from business dispositions | $ 34,001 | $ 3,000 | $ 171,288 | ||||||||||
Loss from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ 0 | $ 166 | $ 288 | $ 0 | $ 1,423 | $ 0 | 1,877 | $ (64,600) | ||
NPS Applied Technology Division | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from business dispositions | $ 177,984 | ||||||||||||
Gain (loss) on divestiture of business | 55,148 | ||||||||||||
Transaction costs | 5,474 | ||||||||||||
Working capital adjustment receivable | $ 6,212 | ||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Welkin Associates Limited | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from business dispositions | $ 34,000 | ||||||||||||
Net assets divested | 13,788 | ||||||||||||
Goodwill divested | 10,717 | ||||||||||||
Transaction costs | 1,748 | ||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Welkin Associates Limited | Other Income | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gain (loss) on divestiture of business | $ 18,464 | ||||||||||||
Discontinued Operations, Disposed of by Sale | Applied Technology Division | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Loss from discontinued operations, net of tax | 1,877 | ||||||||||||
Loss from resolution of certain contingencies | 967 | ||||||||||||
Loss from discontinued operations, working capital adjustment | $ 910 |
Divestitures - Results of Disco
Divestitures - Results of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 01, 2016 | Jan. 01, 2016 | Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Business Combinations [Abstract] | |||||||||||
Revenues | $ 0 | $ 0 | $ 200,516 | ||||||||
(Loss) income from discontinued operations, before taxes | 0 | (1,527) | 19,376 | ||||||||
Tax benefit (expense) | 0 | 560 | (9,147) | ||||||||
Net (loss) income from discontinued operations | 0 | (967) | 10,229 | ||||||||
(Loss) gain on disposition | 0 | (910) | 55,148 | ||||||||
Tax expense | 0 | 0 | (777) | ||||||||
(Loss) gain on disposition, net of taxes | 0 | (910) | 54,371 | ||||||||
(Loss) income from discontinued operations, net of taxes | $ 0 | $ 0 | $ 0 | $ 0 | $ (166) | $ (288) | $ 0 | $ (1,423) | $ 0 | $ (1,877) | $ 64,600 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 12 Months Ended | |||
Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | Nov. 27, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Common stock, shares outstanding (in shares) | 162,925,821 | 162,925,821 | 139,128,158 | |
Weighted average shares outstanding, basic (shares) | 162,192,759 | 139,128,158 | 139,128,158 | |
Weighted average shares outstanding, diluted (shares) | 163,584,621 | 139,128,158 | 139,128,158 | |
Dilutive impact of stock options, restricted stock units, and performance-based stock units (shares) | 1,391,862 | 0 | 0 | |
Shares repurchased (shares) | 1,768,129 | |||
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (shares) | 1,598 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 01, 2016 | Jan. 01, 2016 | Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Income (loss) from continuing operations, net of taxes | $ (68,205) | $ 51,432 | $ 52,725 | $ 66,970 | $ 61,486 | $ 56,646 | $ 78,513 | $ 71,067 | $ 102,922 | $ 267,712 | $ 253,718 |
(Loss) income from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | (166) | (288) | 0 | (1,423) | 0 | (1,877) | 64,600 |
Less: Net income attributable to noncontrolling interests | 15,777 | 14,078 | 21,936 | ||||||||
Net income (loss) attributable to CSRA common stockholders | $ (71,863) | $ 48,442 | $ 47,889 | $ 62,677 | $ 57,719 | $ 55,138 | $ 73,605 | $ 65,295 | $ 87,145 | $ 251,757 | $ 296,382 |
Common shares outstanding for basic EPS (shares) | 162,192,759 | 139,128,158 | 139,128,158 | ||||||||
Dilutive effect of stock options and equity awards (shares) | 1,391,862 | 0 | 0 | ||||||||
Weighted average number of common shares outstanding - diluted (shares) | 163,584,621 | 139,128,158 | 139,128,158 | ||||||||
Continuing operations (usd per share) | $ (0.44) | $ 0.30 | $ 0.34 | $ 0.45 | $ 0.43 | $ 0.40 | $ 0.52 | $ 0.47 | $ 0.54 | $ 1.82 | $ 1.67 |
Discontinued operations (usd per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.01) | 0 | (0.01) | 0.46 |
Basic (usd per share) | 0.54 | 1.81 | 2.13 | ||||||||
Continuing operations (usd per share) | (0.44) | 0.29 | 0.34 | 0.45 | 0.43 | 0.40 | 0.52 | 0.47 | 0.53 | 1.82 | 1.67 |
Discontinued operations (usd per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (0.01) | 0 | (0.01) | 0.46 |
Diluted (usd per share) | $ 0.53 | $ 1.81 | $ 2.13 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | Apr. 01, 2016 | Apr. 03, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 772,523 | $ 711,460 |
Allowances for doubtful accounts | (21,295) | (14,733) |
Total receivables, net | 751,228 | 696,727 |
Billed trade accounts receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 181,413 | 210,471 |
Unbilled recoverable amounts under contracts in progress | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 578,107 | 496,230 |
Other receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 13,003 | $ 4,759 |
Receivables - Allowance for Dou
Receivables - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning balance | $ 14,733 | $ 16,099 | $ 13,573 |
Provision for (Reversal of) doubtful accounts | 337 | (265) | 4,057 |
Allowance from acquisition for government audit activities | 6,236 | 0 | 0 |
Write-offs | (11) | (1,101) | (1,531) |
Ending balance | 21,295 | 14,733 | 16,099 |
Continuing Operations | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Provision for (Reversal of) doubtful accounts | 337 | (265) | 3,859 |
Discontinued Operations | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Provision for (Reversal of) doubtful accounts | $ 0 | $ 0 | $ 198 |
Receivables - Narrative (Detail
Receivables - Narrative (Details) - USD ($) | 4 Months Ended | 12 Months Ended | ||
Apr. 01, 2016 | Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unbilled recoverable amounts under contracts in progress | $ 14,379,000 | $ 14,379,000 | ||
Net proceeds from sale of receivables | 170,011,000 | |||
Loss on sale of SRA receivables | 2,458,000 | $ 0 | $ 0 | |
The Bank of Tokyo-Mitsubishi UFJ, Ltd, The Bank of Nova Scotia, and Mizuho Bank, Ltd. | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Cash remitted for collections | 2,323,868,000 | |||
Cash collected from sale of receivables but not remitted | 8,007,000 | 8,007,000 | ||
SRA Companies, Inc. | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Cash collected from sale of receivables but not remitted | 105,121,000 | $ 105,121,000 | ||
Net proceeds from sale of receivables | 2,348,000 | |||
Price of receivable purchased by factor, percent | 90.00% | |||
Maximum amount of sold receivables | $ 56,000,000 | |||
Receivables sold | 107,731,000 | |||
The Bank of Tokyo-Mitsubishi UFJ, Ltd, The Bank of Nova Scotia, and Mizuho Bank, Ltd. | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term of receivables purchase facility commitment | 2 years | |||
Receivables purchase facility commitment amount | 450,000,000 | $ 450,000,000 | ||
Other (Income) Expense | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchase discount and administrative fees | 2,197,000 | |||
Loss on sale of SRA receivables | $ 261,000 | |||
Billed receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Sale of unbilled receivables | 1,798,004,000 | |||
Unbilled receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Sale of unbilled receivables | $ 698,072,000 |
Prepaid Expenses and Other Cu69
Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Apr. 01, 2016 | Apr. 03, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred contract costs | $ 24,514 | $ 55,110 |
Maintenance | 41,320 | 27,842 |
Rent | 5,364 | 5,267 |
Other | 52,080 | 4,446 |
Total prepaid expenses and other current assets | $ 123,278 | $ 92,665 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 1,303,114 | $ 1,133,528 | |
Less: accumulated depreciation | (773,027) | (696,796) | |
Property and equipment, net | 530,087 | 436,732 | |
Depreciation | 120,161 | 113,742 | $ 120,394 |
Land, buildings and leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 233,053 | 131,885 | |
Computers and related equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 505,144 | 468,890 | |
Furniture and other equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 529,450 | 512,875 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 35,467 | $ 19,878 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Details) $ in Thousands | 12 Months Ended |
Apr. 01, 2016USD ($) | |
Derivative [Line Items] | |
Interest rate cash flow hedge derivatives notional value | $ 1,400,000 |
Interest rate cash flow hedge gain (loss) reclassified to earnings | 63 |
Cash flow hedge gain (loss) expected to be reclassified during next 12 months | 5,509 |
Derivative liability | 11,064 |
Total return swap | Cost of services and Selling, general, and administrative expenses | |
Derivative [Line Items] | |
Gain attributable to total return swaps | $ 867 |
Goodwill (Details)
Goodwill (Details) - USD ($) | 12 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Goodwill [Roll Forward] | |||
Beginning balance | $ 802,582,000 | $ 758,079,000 | |
Welkin Divestiture | (10,717,000) | ||
Tenacity Solutions Acquisition Working Capital Adjustment | (86,000) | ||
Ending balance | 2,332,158,000 | 802,582,000 | |
Goodwill, accumulated impairment loss | 0 | 0 | $ 0 |
Defense and Intelligence | |||
Goodwill [Roll Forward] | |||
Beginning balance | 491,397,000 | 460,712,000 | |
Welkin Divestiture | (10,717,000) | ||
Tenacity Solutions Acquisition Working Capital Adjustment | (86,000) | ||
Ending balance | 815,510,000 | 491,397,000 | |
Civil | |||
Goodwill [Roll Forward] | |||
Beginning balance | 311,185,000 | 297,367,000 | |
Welkin Divestiture | 0 | ||
Tenacity Solutions Acquisition Working Capital Adjustment | 0 | ||
Ending balance | 1,516,648,000 | 311,185,000 | |
Tenacity Solutions | |||
Goodwill [Roll Forward] | |||
Acquisition | 30,685,000 | ||
Tenacity Solutions | Defense and Intelligence | |||
Goodwill [Roll Forward] | |||
Acquisition | 30,685,000 | ||
Tenacity Solutions | Civil | |||
Goodwill [Roll Forward] | |||
Acquisition | 0 | ||
Autonomic Resources | |||
Goodwill [Roll Forward] | |||
Acquisition | 13,818,000 | ||
Autonomic Resources | Defense and Intelligence | |||
Goodwill [Roll Forward] | |||
Acquisition | 0 | ||
Autonomic Resources | Civil | |||
Goodwill [Roll Forward] | |||
Beginning balance | 13,818,000 | ||
Acquisition | 13,818,000 | ||
Ending balance | $ 13,818,000 | ||
SRA | |||
Goodwill [Roll Forward] | |||
Acquisition | 1,540,379,000 | ||
SRA | Defense and Intelligence | |||
Goodwill [Roll Forward] | |||
Acquisition | 334,916,000 | ||
SRA | Civil | |||
Goodwill [Roll Forward] | |||
Acquisition | $ 1,205,463,000 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | Nov. 30, 2015 | Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets acquired | $ 890,500 | |||
Amortization of intangible assets | $ 62,081 | $ 33,022 | $ 35,128 | |
Amortization of intangible assets as a reduction in revenue | 9,160 | 9,706 | 10,780 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
2,017 | 113,430 | |||
2,018 | 64,071 | |||
2,019 | 69,574 | |||
2,020 | 63,880 | |||
2,021 | 63,164 | |||
Customer-related intangibles | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets acquired | $ 823,300 | |||
Discount rate (percentage) | 8.50% | |||
Amortization period for intangible assets acquired | 20 years | |||
Customer-related intangibles | Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Implied royalty (percentage) | 6.35% | |||
Customer-related intangibles | Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Implied royalty (percentage) | 8.10% | |||
Backlog | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets acquired | $ 65,200 | |||
Discount rate (percentage) | 8.00% | |||
Amortization period for intangible assets acquired | 1 year | |||
Backlog | Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Implied royalty (percentage) | 5.90% | |||
Backlog | Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Implied royalty (percentage) | 7.50% | |||
Technology | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets acquired | $ 2,000 | |||
Other intangible assets | ||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
2,017 | 17,035 | |||
2,018 | 10,858 | |||
2,019 | 7,530 | |||
2,020 | 5,172 | |||
2,021 | 1,979 | |||
Purchased software | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 16,423 | 13,902 | 12,470 | |
Internally developed software for external use | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 997 | 1,678 | 2,001 | |
Internally developed software for internal use | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 147 | $ 294 | $ 190 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Apr. 01, 2016 | Apr. 03, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 1,206,481 | $ 294,505 |
Accumulated Amortization | (295,645) | (225,839) |
Net Carrying Value | 910,836 | 68,666 |
Customer-related intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 953,450 | 130,150 |
Accumulated Amortization | (133,019) | (110,449) |
Net Carrying Value | 820,431 | 19,701 |
Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 65,200 | |
Accumulated Amortization | (21,733) | |
Net Carrying Value | 43,467 | |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 51,370 | 53,550 |
Accumulated Amortization | (45,859) | (39,846) |
Net Carrying Value | 5,511 | 13,704 |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 136,461 | 110,805 |
Accumulated Amortization | (95,034) | (75,544) |
Net Carrying Value | 41,427 | 35,261 |
Purchased software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Value | 40,342 | 30,864 |
Internally developed software for external use | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Value | 1,085 | 2,950 |
Internally developed software for internal use | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Value | $ 0 | $ 1,447 |
Accrued Payroll and Related C75
Accrued Payroll and Related Costs (Details) - USD ($) $ in Thousands | Apr. 01, 2016 | Apr. 03, 2015 |
Payables and Accruals [Abstract] | ||
Accrued payroll | $ 54,210 | $ 21,785 |
Accrued vacation | 64,646 | 20,606 |
Deferred compensation | 3,202 | 33,447 |
Accrued incentive compensation | 17,164 | 19,111 |
Payroll taxes | 9,504 | 8,196 |
Other | 50,786 | 6,394 |
Total | $ 199,512 | $ 109,539 |
Accrued Expenses and Other Cu76
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Apr. 01, 2016 | Apr. 03, 2015 |
Payables and Accruals [Abstract] | ||
Accrued contract costs | $ 247,630 | $ 212,155 |
Deferred revenue | 139,754 | 174,022 |
Accrued expenses | 131,738 | 45,164 |
Other | 8,612 | 9,265 |
Total | $ 527,734 | $ 440,606 |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Details) - USD ($) $ in Thousands | Apr. 01, 2016 | Apr. 03, 2015 |
Other Liabilities Disclosure [Abstract] | ||
Deferred revenue | $ 27,385 | $ 42,927 |
Pension and other postretirement obligations | 645,799 | 25,341 |
Deferred rent | 13,444 | 11,913 |
Deferred compensation | 43,513 | 0 |
Other | 12,484 | 776 |
Total | $ 742,625 | $ 80,957 |
Debt - Long-term Debt (Details)
Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Apr. 01, 2016 | Apr. 03, 2015 |
Debt Instrument [Line Items] | ||
Capitalized lease liability | $ 150,721 | $ 151,284 |
Total debt | 2,980,721 | 151,284 |
Less: unamortized debt issuance costs | (45,676) | 0 |
Less: current portion of long-term debt | (170,191) | (21,351) |
Total long-term debt, net of current maturities | 2,764,854 | 129,933 |
Revolving Credit Facility Due November 2020 | Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Long-term debt | 50,000 | 0 |
Tranche A1 Facility Due November 2018 | Senior Secured Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | 600,000 | 0 |
Tranche A2 Facility Due November 2020 | Senior Secured Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,431,875 | 0 |
Term Loan B Facility Due November 2022 | Senior Secured Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 748,125 | $ 0 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Nov. 30, 2015 | Nov. 27, 2015 | Apr. 01, 2016 | Jan. 01, 2016 | Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 |
Debt Instrument [Line Items] | |||||||
Borrowings of long-term debt | $ 1,240,000,000 | $ 2,800,000,000 | $ 0 | $ 0 | |||
Debt issuance cost | $ 56,415,000 | $ 56,415,000 | |||||
Senior Secured Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings of long-term debt | $ 1,560,000,000 | ||||||
Excess cash flow payments, period in which payments are due | 90 days | ||||||
Excess cash flow payments due | 48,000,000 | $ 48,000,000 | |||||
Senior Secured Term Loan Facility | Tranche A1 Facility Due November 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Term (in years) | 3 years | ||||||
Principal amount | $ 600,000,000 | ||||||
Borrowings of long-term debt | 600,000,000 | ||||||
Senior Secured Term Loan Facility | Tranche A2 Facility Due November 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Term (in years) | 5 years | ||||||
Principal amount | $ 1,450,000,000 | ||||||
Borrowings of long-term debt | $ 960,000,000 | ||||||
Senior Secured Term Loan Facility | Term Loan B Facility Due November 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Term (in years) | 7 years | ||||||
Principal amount | $ 750,000,000 | ||||||
Revolving Credit Facility | Line of Credit | Revolving Credit Facility Due November 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Term (in years) | 5 years | ||||||
Maximum borrowing capacity | $ 700,000,000 | ||||||
Borrowings of long-term debt | $ 200,000,000 | ||||||
Repayments of debt | $ 150,000,000 | ||||||
Minimum | Senior Secured Term Loan Facility | Term Loan A Facility | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate, floor (percentage) | 0.00% | ||||||
Minimum | Senior Secured Term Loan Facility | Term Loan B Facility Due November 2022 | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate, floor (percentage) | 0.75% | ||||||
Minimum | Senior Secured Term Loan Facility | Term Loan B Facility Due November 2022 | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate, floor (percentage) | 1.75% | ||||||
Minimum | Revolving Credit Facility | Line of Credit | Revolving Credit Facility Due November 2020 | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate, floor (percentage) | 0.00% | ||||||
Interest Expense | Senior Secured Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Amortization of debt discount | $ 3,276,000 | ||||||
Interest Expense | Revolving Credit Facility | Line of Credit | Revolving Credit Facility Due November 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Amortization of debt discount | $ 509,000 |
Debt - Maturities of Long-term
Debt - Maturities of Long-term Debt (Details) $ in Thousands | Apr. 01, 2016USD ($) |
Fiscal Year | |
2,017 | $ 128,000 |
2,018 | 80,000 |
2,019 | 680,000 |
2,020 | 80,000 |
2,021 | 1,199,375 |
Thereafter | 662,625 |
Total | $ 2,830,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 01, 2016 | Jan. 01, 2016 | Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic entities | $ 142,525 | $ 416,206 | $ 396,160 | ||||||||
Entities outside the U.S. | 6,564 | 12,502 | 4,116 | ||||||||
Total | $ (106,929) | $ 58,525 | $ 88,132 | $ 109,361 | $ 99,786 | $ 90,546 | $ 126,044 | $ 112,332 | 149,089 | 428,708 | 400,276 |
Current: | |||||||||||
Federal | 78,470 | 131,706 | 118,770 | ||||||||
State | 12,246 | 27,329 | 17,453 | ||||||||
Foreign | 2,102 | 4,576 | 2,644 | ||||||||
Total Current | 92,818 | 163,611 | 138,867 | ||||||||
Deferred: | |||||||||||
Federal | (42,056) | (3,215) | 4,159 | ||||||||
State | (4,595) | 600 | 3,532 | ||||||||
Total Deferred | (46,651) | (2,615) | 7,691 | ||||||||
Total income tax expense | $ 46,167 | $ 160,996 | $ 146,558 | ||||||||
Difference between the U.S. federal statutory tax rate and effective tax rate [Abstract] | |||||||||||
Statutory rate (as a percent) | 35.00% | 35.00% | 35.00% | ||||||||
State income tax, net of federal tax (as a percent) | 3.70% | 4.20% | 4.30% | ||||||||
Noncontrolling interest (as a percent) | (3.70%) | (1.10%) | (1.90%) | ||||||||
Dividend paid to Employee Stock Ownership Plan (as a percent) | (9.50%) | (0.00%) | (0.00%) | ||||||||
Transaction Costs (as a percent) | 5.60% | 0.10% | 0.00% | ||||||||
Other items, net (as a percent) | (0.20%) | (0.60%) | (0.80%) | ||||||||
Effective tax rate (as a percent) | 30.90% | 37.60% | 36.60% | ||||||||
Deferred tax assets | |||||||||||
Employee benefits | 281,714 | 36,583 | $ 281,714 | $ 36,583 | |||||||
Accrued expenses | 22,027 | 7,217 | 22,027 | 7,217 | |||||||
Net operating loss and tax credit carry forwards | 64,701 | 3,544 | 64,701 | 3,544 | |||||||
Other assets | 5,056 | 8,121 | 5,056 | 8,121 | |||||||
Total deferred tax assets | 373,498 | 55,465 | 373,498 | 55,465 | |||||||
Valuation allowance | (8,727) | (1,438) | (8,727) | (1,438) | |||||||
Net deferred tax assets | 364,771 | 54,027 | 364,771 | 54,027 | |||||||
Deferred tax liabilities | |||||||||||
Depreciation and amortization | (403,246) | (94,624) | (403,246) | (94,624) | |||||||
Contract accounting | (67,820) | (45,007) | (67,820) | (45,007) | |||||||
Investment basis differences | (8,035) | (16,286) | (8,035) | (16,286) | |||||||
Deferred at risk project costs | (32,685) | (49,103) | (32,685) | (49,103) | |||||||
Prepaid expenses | (15,829) | (2,304) | (15,829) | (2,304) | |||||||
Total deferred tax liabilities | (527,615) | (207,324) | (527,615) | (207,324) | |||||||
Net deferred tax liabilities | $ (162,844) | $ (153,297) | $ (162,844) | $ (153,297) |
Income Taxes - Operating Loss a
Income Taxes - Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Thousands | Apr. 01, 2016 | Apr. 03, 2015 |
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforwards, Alternative Minimum Tax | $ 666 | $ 0 |
Federal Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 115,527 | 0 |
Tax credit carryforward | 11,021 | 0 |
Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 1,958 | 6,042 |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 131,643 | 0 |
Tax credit carryforward | $ 12,670 | $ 5,453 |
Income Taxes - Income Tax Conti
Income Taxes - Income Tax Contingency (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning of year | $ 24,418 | $ 24,634 | $ 25,457 |
Net increase related to Spin | 6,922 | 0 | 0 |
Increase related to acquisition | 7,152 | 0 | 0 |
Gross increases related to prior year tax positions | 325 | 846 | 1,461 |
Gross decreases related to prior year tax positions | 0 | (2,133) | (22) |
Gross increases related to current year tax positions | 209 | 1,261 | 509 |
Settlements and statute of limitation expirations | 0 | (190) | (2,771) |
End of year | 39,026 | 24,418 | 24,634 |
Internal Revenue Service (IRS) | |||
Income Tax Contingency [Line Items] | |||
Total liability for uncertain tax positions | 39,026 | 25,361 | |
Interest liability related to uncertain tax positions | 221 | 743 | 777 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Liability for uncertain tax positions that if recognized would affect the effective tax rate | 39,026 | 8,206 | 8,564 |
Interest expense (benefit) accrued related to uncertain tax positions | (522) | (34) | (2,512) |
Interest expense (benefit) accrued related to uncertain tax positions, net of tax | (318) | (21) | (1,526) |
Interest liability related to uncertain tax positions, net of tax | 134 | 452 | 472 |
Income tax penalty liability related to uncertain tax positions | 0 | 200 | 113 |
Net release (accrual) of income tax penalties accrued related to uncertain tax positions | $ 0 | $ 87 | $ 553 |
Income Taxes - Income Tax Exami
Income Taxes - Income Tax Examination (Details) $ in Thousands | 12 Months Ended |
Apr. 01, 2016USD ($) | |
United States - federal | |
Income Tax Examination [Line Items] | |
Tax Years that Remain Subject to Examination (Fiscal Year Ending) | 2008 and forward |
United States - various states | |
Income Tax Examination [Line Items] | |
Tax Years that Remain Subject to Examination (Fiscal Year Ending) | 2008 and forward |
Internal Revenue Service | Federal Tax Authority | |
Income Tax Examination [Line Items] | |
Estimate of possible loss | $ 136,700 |
Pension and Other Postretirem85
Pension and Other Postretirement Benefit Plans - Narrative (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Jul. 19, 2013 | Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 |
Certain OPEB Plans That Were Previously Excluded in the Allocations of Expense From CSC [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest cost | $ 789 | ||||
Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest cost | 38,305 | $ 2,626 | $ 4,004 | ||
Return on plan assets | (66,415) | ||||
Costs reduced for the remeasured pension and OPEB plans | $ (7,700) | ||||
Weighted average rate used to determine pension plan interest costs | 3.59% | ||||
Discount or settlement rates | 4.30% | 4.50% | 4.60% | ||
Pension Plan | Applied Technology Division | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement gain (loss) | $ 27,603 | ||||
Net periodic cost, excluding settlement gain | $ 443 | ||||
Postretirement Health Coverage | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest cost | $ 1,273 | $ 745 | $ 1,076 | ||
Weighted average rate used to determine pension plan interest costs | 3.38% | ||||
Weighted average rate used to determine pension plan service costs | 4.23% | ||||
Discount or settlement rates | 4.50% | 3.80% | 4.10% | ||
Other comprehensive (income) loss related to unamortized postretirement benefit plan costs | $ 5,185 | $ 2,014 | $ 33 | ||
Other comprehensive (income) loss related to unamortized postretirement benefit plan costs, tax impact | $ 2,251 | 1,280 | $ 0 | ||
Assumed healthcare cost trend rate | 9.00% | ||||
Assumed healthcare cost trend rate | 5.00% | ||||
Postretirement Health Coverage | Applied Technology Division | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement gain (loss) | $ 8,387 | ||||
Net periodic cost, excluding settlement gain | $ 208 | ||||
Change in Assumptions for Pension Plans | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount or settlement rates | 3.90% | ||||
Change in Assumptions for Pension Plans | Postretirement Health Coverage | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount or settlement rates | 3.77% | ||||
Subsequent Event | Equity securities | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target plan asset allocation | 31.00% | ||||
Subsequent Event | Fixed Income Securities | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target plan asset allocation | 23.00% | ||||
Subsequent Event | Other Alternatives | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target plan asset allocation | 46.00% | ||||
Subsequent Event | Cash Equivalents | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target plan asset allocation, minimum | 0.00% | ||||
Target plan asset allocation, maximum | 10.00% |
Pension and Other Postretirem86
Pension and Other Postretirement Benefit Plans - Pension Plan, Reconciliation of Changes in PBO and Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Unfunded status at beginning of year | $ (10,627) | $ (1,591) | |
Projected benefit obligation at beginning of year | 65,770 | 58,566 | |
Transfer in of projected benefit obligation from Spin-Off | 3,063,848 | 0 | |
Service cost | 0 | 0 | $ 796 |
Interest cost | 38,305 | 2,626 | 4,004 |
Plan participants’ contributions | 0 | 0 | |
Settlement | 0 | (2,897) | |
Actuarial loss (gain) | 114,443 | 9,781 | |
Benefits paid | (60,081) | (2,306) | |
Divestitures | 0 | 0 | |
Projected benefit obligation at end of year | 3,222,285 | 65,770 | 58,566 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 55,143 | 56,975 | |
Transfer in of fair value of plan assets from Spin-Off | 2,596,836 | 0 | |
Actual (loss) return on plan assets | (9,632) | 3,371 | |
Company contributions | 2,774 | 0 | |
Settlement | 0 | (2,897) | |
Divestitures | 0 | 0 | |
Fair value of plan assets at end of year | 2,585,040 | 55,143 | 56,975 |
Unfunded status at end of year | (637,245) | (10,627) | (1,591) |
Postretirement Health Coverage | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Unfunded status at beginning of year | (14,903) | (23,291) | |
Projected benefit obligation at beginning of year | 14,903 | 23,291 | |
Transfer in of projected benefit obligation from Spin-Off | 72,271 | 0 | |
Service cost | 233 | 12 | 80 |
Interest cost | 1,273 | 745 | 1,076 |
Settlement | 0 | 0 | |
Retiree drug subsidy reimbursement | (115) | ||
Plan amendments | 0 | (5,561) | |
Business combinations | 115 | 237 | |
Actuarial loss (gain) | (6,714) | 2,245 | |
Benefits paid | (2,138) | (1,576) | |
Projected benefit obligation at end of year | 93,256 | 14,903 | 23,291 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Transfer in of fair value of plan assets from Spin-Off | 75,826 | 0 | |
Actual (loss) return on plan assets | 530 | 0 | |
Company contributions | 1,482 | 1,576 | |
Business combinations | 0 | 0 | |
Settlement | 0 | 0 | |
Fair value of plan assets at end of year | 75,700 | 0 | 0 |
Unfunded status at end of year | $ (17,556) | $ (14,903) | $ (23,291) |
Pension and Other Postretirem87
Pension and Other Postretirement Benefit Plans - Pension Plan, Liabilities and Net Periodic Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Pension Plan | |||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Current liabilities - Accrued expenses and other current liabilities | $ 8,333 | $ 6 | |
Other long-term liabilities - Other long-term liabilities | 628,912 | 10,621 | |
Net amount recorded | 637,245 | 10,627 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 0 | 0 | $ 796 |
Interest cost | 38,305 | 2,626 | 4,004 |
Expected return on assets | (70,673) | (4,195) | (5,545) |
Settlement loss (gain) | 0 | 388 | (27,603) |
Recognition of actuarial losses (gains) | 194,748 | 10,216 | (2,437) |
Net periodic pension benefit | $ 162,380 | $ 9,035 | $ (30,785) |
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount or settlement rates | 4.30% | 4.50% | 4.60% |
Expected long-term rates of return on assets | 7.90% | 7.60% | 7.20% |
Rates on increase in compensation levels | 4.30% | 3.90% | |
Discount rate | 4.00% | 3.90% | |
Employer Contributions: | |||
2,017 | $ 8,333 | ||
Employer Benefit Payments: | |||
2,017 | 168,533 | ||
2,018 | 171,852 | ||
2,019 | 179,122 | ||
2,020 | 184,867 | ||
2,021 | 190,026 | ||
2022-2025 | 990,499 | ||
Postretirement Health Coverage | |||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Current liabilities - Accrued expenses and other current liabilities | 669 | $ 1,232 | |
Other long-term liabilities - Other long-term liabilities | 16,887 | 13,671 | |
Net amount recorded | 17,556 | 14,903 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Prior service (benefit) cost | (45,819) | (3,123) | $ 171 |
Accumulated other comprehensive (income) loss | (45,819) | (3,123) | 171 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 233 | 12 | 80 |
Interest cost | 1,273 | 745 | 1,076 |
Expected return on assets | (1,869) | 0 | (67) |
Amortization of transition obligation | 0 | 0 | 0 |
Amortization of prior service (benefit) costs | (7,436) | (2,267) | 33 |
Settlement loss (gain) | 0 | 0 | (8,387) |
Recognition of actuarial losses (gains) | 8,052 | (2,245) | (48) |
Net periodic pension benefit | 253 | (3,755) | (7,313) |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Prior service (credit)/cost | 0 | (5,561) | 0 |
Prior service cost (credit) | 7,436 | 2,267 | (33) |
Total recognized in other comprehensive income | $ 7,436 | $ (3,294) | $ (33) |
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount or settlement rates | 4.50% | 3.80% | 4.10% |
Expected long-term rates of return on assets | 7.70% | 2.70% | |
Discount rate | 3.80% | 3.40% | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |||
Effect on accumulated postretirement benefit obligation for one percent increase | $ 84 | ||
Effect on accumulated postretirement benefit obligation for one percent decrease | (74) | ||
Effect on net periodic postretirement benefit cost for one percent increase | 5 | ||
Effect on net periodic postretirement benefit cost for one percent decrease | (4) | ||
Employer Contributions: | |||
2,017 | 1,514 | ||
Employer Benefit Payments: | |||
2,017 | 6,819 | ||
2,018 | 6,285 | ||
2,019 | 6,329 | ||
2,020 | 6,317 | ||
2,021 | 6,437 | ||
2022-2025 | $ 32,684 |
Pension and Other Postretirem88
Pension and Other Postretirement Benefit Plans - Schedule of Fair Value by Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 01, 2016 | Apr. 03, 2015 | Apr. 01, 2016 | Apr. 03, 2015 | |
Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 10,439 | $ 5,596 | $ 620,233 | $ 10,439 |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 10,439 | 5,596 | ||
Transfers in due to Spin | 537,869 | |||
Actual return on plan assets held at the reporting date | 417 | 1,018 | ||
Purchases, sales and settlements | 71,508 | 3,825 | ||
Fair value of plan assets at end of year | 620,233 | 10,439 | ||
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 55,143 | 56,975 | $ 2,585,040 | $ 55,143 |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 55,143 | 56,975 | ||
Transfers in due to Spin | 2,596,836 | 0 | ||
Fair value of plan assets at end of year | 2,585,040 | 55,143 | ||
Defined benefit plan, asset allocation | 100.00% | 100.00% | ||
Pension Plan | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 55,283 | 55,283 | $ 55,283 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 55,283 | |||
Fair value of plan assets at end of year | 55,283 | |||
Pension Plan | Total | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 11,010 | 11,010 | 11,010 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 11,010 | |||
Fair value of plan assets at end of year | 11,010 | |||
Pension Plan | Total | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 33,834 | 33,834 | 33,834 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 33,834 | |||
Fair value of plan assets at end of year | 33,834 | |||
Pension Plan | Total | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 10,439 | 10,439 | 10,439 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 10,439 | |||
Fair value of plan assets at end of year | 10,439 | |||
Pension Plan | U.S. domestic stocks | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 2,833 | 2,833 | 2,833 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 2,833 | |||
Fair value of plan assets at end of year | 2,833 | |||
Pension Plan | U.S. domestic stocks | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 2,833 | 2,833 | 2,833 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 2,833 | |||
Fair value of plan assets at end of year | 2,833 | |||
Pension Plan | U.S. domestic stocks | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | U.S. domestic stocks | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Global/International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 431 | 431 | 431 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 431 | |||
Fair value of plan assets at end of year | 431 | |||
Pension Plan | Global/International | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 431 | 431 | 431 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 431 | |||
Fair value of plan assets at end of year | 431 | |||
Pension Plan | Global/International | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Global/International | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Domestic Equity commingled funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 8,585 | 8,585 | 8,585 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 8,585 | |||
Fair value of plan assets at end of year | 8,585 | |||
Pension Plan | Domestic Equity commingled funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Domestic Equity commingled funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 8,585 | 8,585 | 8,585 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 8,585 | |||
Fair value of plan assets at end of year | 8,585 | |||
Pension Plan | Domestic Equity commingled funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Global Equity commingled funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 2,933 | 2,933 | 2,933 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 2,933 | |||
Fair value of plan assets at end of year | 2,933 | |||
Pension Plan | Global Equity commingled funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Global Equity commingled funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 2,933 | 2,933 | 2,933 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 2,933 | |||
Fair value of plan assets at end of year | 2,933 | |||
Pension Plan | Global Equity commingled funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Fixed income mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 1,934 | 1,934 | 1,934 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 1,934 | |||
Fair value of plan assets at end of year | 1,934 | |||
Pension Plan | Fixed income mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 1,934 | 1,934 | 1,934 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 1,934 | |||
Fair value of plan assets at end of year | 1,934 | |||
Pension Plan | Fixed income mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Fixed income mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Fixed income commingled funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 9,445 | 9,445 | 9,445 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 9,445 | |||
Fair value of plan assets at end of year | 9,445 | |||
Pension Plan | Fixed income commingled funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Fixed income commingled funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 9,445 | 9,445 | 9,445 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 9,445 | |||
Fair value of plan assets at end of year | 9,445 | |||
Pension Plan | Fixed income commingled funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Mortgage and asset-backed securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 999 | 999 | 999 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 999 | |||
Fair value of plan assets at end of year | 999 | |||
Pension Plan | Mortgage and asset-backed securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Mortgage and asset-backed securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 999 | 999 | 999 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 999 | |||
Fair value of plan assets at end of year | 999 | |||
Pension Plan | Mortgage and asset-backed securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Corporate bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 771 | 771 | 771 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 771 | |||
Fair value of plan assets at end of year | 771 | |||
Pension Plan | Corporate bonds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Corporate bonds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 771 | 771 | 771 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 771 | |||
Fair value of plan assets at end of year | 771 | |||
Pension Plan | Corporate bonds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | U.S. Treasuries | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 441 | 441 | 441 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 441 | |||
Fair value of plan assets at end of year | 441 | |||
Pension Plan | U.S. Treasuries | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | U.S. Treasuries | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 441 | 441 | 441 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 441 | |||
Fair value of plan assets at end of year | 441 | |||
Pension Plan | U.S. Treasuries | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Non U.S. Government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 47 | 47 | 47 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 47 | |||
Fair value of plan assets at end of year | 47 | |||
Pension Plan | Non U.S. Government | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Non U.S. Government | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 47 | 47 | 47 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 47 | |||
Fair value of plan assets at end of year | 47 | |||
Pension Plan | Non U.S. Government | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | U.S. Government Agencies | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 14 | 14 | 14 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 14 | |||
Fair value of plan assets at end of year | 14 | |||
Pension Plan | U.S. Government Agencies | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | U.S. Government Agencies | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 14 | 14 | 14 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 14 | |||
Fair value of plan assets at end of year | 14 | |||
Pension Plan | U.S. Government Agencies | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Other Alternatives | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 15,862 | 15,862 | $ 15,862 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 15,862 | |||
Fair value of plan assets at end of year | 15,862 | |||
Defined benefit plan, asset allocation | 49.00% | 47.00% | ||
Pension Plan | Other Alternatives | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 5,809 | 5,809 | $ 5,809 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 5,809 | |||
Fair value of plan assets at end of year | 5,809 | |||
Pension Plan | Other Alternatives | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 10,053 | 10,053 | 10,053 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 10,053 | |||
Fair value of plan assets at end of year | 10,053 | |||
Pension Plan | Other Alternatives | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Hedge Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 10,439 | 10,439 | 10,439 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 10,439 | |||
Fair value of plan assets at end of year | 10,439 | |||
Pension Plan | Hedge Funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Hedge Funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Hedge Funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 10,439 | 10,439 | 10,439 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 10,439 | |||
Fair value of plan assets at end of year | 10,439 | |||
Pension Plan | Cash and cash equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 549 | 549 | 549 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 549 | |||
Fair value of plan assets at end of year | 549 | |||
Pension Plan | Cash and cash equivalents | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 3 | 3 | 3 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 3 | |||
Fair value of plan assets at end of year | 3 | |||
Pension Plan | Cash and cash equivalents | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 546 | 546 | 546 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 546 | |||
Fair value of plan assets at end of year | 546 | |||
Pension Plan | Cash and cash equivalents | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | |||
Pension Plan | Unsettled Trade Receivables and Accrued Income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 409 | 409 | 409 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 409 | |||
Fair value of plan assets at end of year | 409 | |||
Pension Plan | Unsettled Trade Payable and Accrued Expenses | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | (549) | (549) | $ (549) | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | (549) | |||
Fair value of plan assets at end of year | $ (549) | |||
Pension Plan | Equity securities | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Defined benefit plan, asset allocation | 27.00% | 27.00% | ||
Pension Plan | Debt securities | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Defined benefit plan, asset allocation | 23.00% | 25.00% | ||
Pension Plan | Cash and other | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Defined benefit plan, asset allocation | 1.00% | 1.00% | ||
Pension and OPEB plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 2,660,740 | $ 2,660,740 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 2,660,740 | |||
Pension and OPEB plans | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 2,724,908 | 2,724,908 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 2,724,908 | |||
Pension and OPEB plans | Total | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 480,048 | 480,048 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 480,048 | |||
Pension and OPEB plans | Total | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 1,624,627 | 1,624,627 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 1,624,627 | |||
Pension and OPEB plans | Total | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 620,233 | 620,233 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 620,233 | |||
Pension and OPEB plans | U.S. domestic stocks | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 132,039 | 132,039 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 132,039 | |||
Pension and OPEB plans | U.S. domestic stocks | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 132,039 | 132,039 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 132,039 | |||
Pension and OPEB plans | U.S. domestic stocks | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | U.S. domestic stocks | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Global/International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 30,979 | 30,979 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 30,979 | |||
Pension and OPEB plans | Global/International | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 30,979 | 30,979 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 30,979 | |||
Pension and OPEB plans | Global/International | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Global/International | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Domestic Equity commingled funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 355,403 | 355,403 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 355,403 | |||
Pension and OPEB plans | Domestic Equity commingled funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Domestic Equity commingled funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 355,403 | 355,403 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 355,403 | |||
Pension and OPEB plans | Domestic Equity commingled funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Global Equity commingled funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 191,503 | 191,503 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 191,503 | |||
Pension and OPEB plans | Global Equity commingled funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Global Equity commingled funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 191,503 | 191,503 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 191,503 | |||
Pension and OPEB plans | Global Equity commingled funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Fixed income mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 104,260 | 104,260 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 104,260 | |||
Pension and OPEB plans | Fixed income mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 104,260 | 104,260 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 104,260 | |||
Pension and OPEB plans | Fixed income mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Fixed income mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Fixed income commingled funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 411,239 | 411,239 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 411,239 | |||
Pension and OPEB plans | Fixed income commingled funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Fixed income commingled funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 411,239 | 411,239 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 411,239 | |||
Pension and OPEB plans | Fixed income commingled funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Mortgage and asset-backed securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 42,320 | 42,320 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 42,320 | |||
Pension and OPEB plans | Mortgage and asset-backed securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Mortgage and asset-backed securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 42,320 | 42,320 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 42,320 | |||
Pension and OPEB plans | Mortgage and asset-backed securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Corporate bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 27,067 | 27,067 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 27,067 | |||
Pension and OPEB plans | Corporate bonds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Corporate bonds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 27,067 | 27,067 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 27,067 | |||
Pension and OPEB plans | Corporate bonds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | U.S. Treasuries | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 30,325 | 30,325 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 30,325 | |||
Pension and OPEB plans | U.S. Treasuries | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | U.S. Treasuries | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 30,325 | 30,325 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 30,325 | |||
Pension and OPEB plans | U.S. Treasuries | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Non U.S. Government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 1,580 | 1,580 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 1,580 | |||
Pension and OPEB plans | Non U.S. Government | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Non U.S. Government | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 1,580 | 1,580 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 1,580 | |||
Pension and OPEB plans | Non U.S. Government | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | U.S. Government Agencies | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 771 | 771 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 771 | |||
Pension and OPEB plans | U.S. Government Agencies | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | U.S. Government Agencies | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 771 | 771 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 771 | |||
Pension and OPEB plans | U.S. Government Agencies | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Other Alternatives | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 689,544 | 689,544 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 689,544 | |||
Pension and OPEB plans | Other Alternatives | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 212,542 | 212,542 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 212,542 | |||
Pension and OPEB plans | Other Alternatives | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 477,002 | 477,002 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 477,002 | |||
Pension and OPEB plans | Other Alternatives | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Hedge Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 620,233 | 620,233 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 620,233 | |||
Pension and OPEB plans | Hedge Funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Hedge Funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Hedge Funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 620,233 | 620,233 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 620,233 | |||
Pension and OPEB plans | Cash and cash equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 87,645 | 87,645 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 87,645 | |||
Pension and OPEB plans | Cash and cash equivalents | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 228 | 228 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 228 | |||
Pension and OPEB plans | Cash and cash equivalents | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 87,417 | 87,417 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 87,417 | |||
Pension and OPEB plans | Cash and cash equivalents | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 0 | |||
Pension and OPEB plans | Unsettled Trade Receivables and Accrued Income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 5,736 | 5,736 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | 5,736 | |||
Pension and OPEB plans | Unsettled Trade Payable and Accrued Expenses | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | (69,904) | $ (69,904) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||||
Fair value of plan assets at end of year | $ (69,904) |
Pension and Other Postretirem89
Pension and Other Postretirement Benefit Plans - Multi-employer Plans (Details) - USD ($) | 12 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Multiemployer Plans, Pension | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, share of service cost incurred | $ 0 | $ 0 | $ 0 |
Multiemployer Plans, Postretirement Benefit | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, share of service cost incurred | 90,000 | 327,000 | 466,000 |
Multiemployer plan, period contributions | $ 685,000 | $ (93,000) | $ 1,132,000 |
Pension and Other Postretirem90
Pension and Other Postretirement Benefit Plans - Defined Contribution Plans (Details) $ in Thousands | Jan. 01, 2014 | Dec. 31, 2013 | Apr. 01, 2016USD ($)plan | Apr. 03, 2015USD ($) | Mar. 28, 2014USD ($) |
Defined Contribution Plan Disclosure [Line Items] | |||||
Eligibility period for matching contributions following separation | 30 days | ||||
Vesting period | 1 year | 5 years | |||
Matching contributions | $ 22,884 | $ 24,300 | $ 26,198 | ||
Number of deferred compensation plans | plan | 2 | ||||
Deferred compensation expense | $ 1,039 | 2,223 | $ 2,009 | ||
Other postretirement benefit plan | Executive Officer | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Number of deferred compensation plans | plan | 1 | ||||
Maximum deferral percentage | 100.00% | ||||
Other postretirement benefit plan | Director | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Number of deferred compensation plans | plan | 1 | ||||
SRA International, Inc. 401(k) Savings Plan | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Matching contributions | $ 3,317 | ||||
Other long-term liabilities | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Deferred compensation liability | 43,513 | ||||
Accrued payroll and related costs | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Deferred compensation liability | $ 3,202 | $ 33,447 |
Share-Based Compensation Plan91
Share-Based Compensation Plans - Narrative (Details) $ / shares in Units, $ in Thousands | Jan. 15, 2016$ / sharesshares | Dec. 15, 2015$ / sharesshares | Nov. 27, 2015plan | Apr. 01, 2016USD ($)$ / sharesshares | Apr. 03, 2015USD ($)$ / shares | Mar. 28, 2014USD ($)$ / shares | Jan. 31, 2016$ / shares | Dec. 31, 2015$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of common shares available for grant at period end (in shares) | shares | 9,865,258 | |||||||
Stock-based compensation | $ 10,215 | $ 17,618 | $ 17,669 | |||||
Excess tax benefit | 605 | 0 | 0 | |||||
Dividends payable | 17,943 | 0 | ||||||
CSC Corporate and Non-Employee Director Grants | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation | $ 4,339 | $ 9,496 | $ 9,411 | |||||
Stock Options and Performance Share Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Closing stock price on grant date (in dollars per share) | $ / shares | $ 27.53 | |||||||
Performance-based Restricted Stock Units (PSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period (in years) | 3 years | |||||||
Performance-based Restricted Stock Units (PSUs) | Contingent Accelerated Vesting | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting rights (percentage) | 25.00% | |||||||
Employee Stock Option | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 14.05 | $ 18.13 | $ 12.74 | |||||
Tax benefit realized from stock option exercises | $ 6,296 | $ 5,598 | $ 3,863 | |||||
Excess tax benefit | 605 | |||||||
Intrinsic value of options exercised | 2,355 | 11,015 | 8,736 | |||||
Fair value of options vested in period | 5,568 | 933 | 1,307 | |||||
Cash received from stock option exercised | 3,982 | $ 27,317 | $ 35,285 | |||||
Unrecognized stock-based compensation costs | $ 4,058 | |||||||
Unrecognized stock-based compensation costs, weighted average period for recognition (in years) | 2 years 2 months 12 days | |||||||
Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period (in years) | 3 years | |||||||
Unrecognized stock-based compensation costs | $ 7,878 | |||||||
Unrecognized stock-based compensation costs, weighted average period for recognition (in years) | 1 year 1 month 10 days | |||||||
Issue price of award (in dollars per share) | $ / shares | $ 28.42 | $ 27.53 | ||||||
Restricted Stock Units (RSUs) | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period (in years) | 2 years | |||||||
Restricted Stock Units (RSUs) | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period (in years) | 3 years | |||||||
Other stock based incentives | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Dividends payable | $ 4,916 | |||||||
Computer Sciences Corporation | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of incentive plans within the employee or nonemployee plan | plan | 2 | |||||||
Key Executives | Stock Options and Performance Share Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock option granted (in shares) | shares | 65,536 | 202,586 | ||||||
Key Executives | Stock Options and Performance Share Units | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period (in years) | 2 years | 2 years | ||||||
Key Executives | Stock Options and Performance Share Units | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period (in years) | 3 years | 4 years | ||||||
Non-Employee Directors | Stock Options and Performance Share Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock option granted (in shares) | shares | 36,360 | |||||||
Closing stock price on grant date (in dollars per share) | $ / shares | $ 28.42 |
Share-Based Compensation Plan92
Share-Based Compensation Plans - Share-Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation | $ 10,215 | $ 17,618 | $ 17,669 |
Stock-based compensation, net of tax | 6,640 | 10,705 | 10,732 |
Cost of services | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation | 5,263 | 7,317 | 7,348 |
Selling, general and administrative expense | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation | $ 4,952 | $ 10,301 | $ 10,321 |
Share-Based Compensation Plan93
Share-Based Compensation Plans - Assumptions Used To Determine Fair Value of Stock Option (Details) - Employee Stock Option | 12 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.67% | 2.03% | 1.22% |
Expected volatility | 30.62% | 32.94% | 34.06% |
Expected term (in years) | 5 years 7 months 18 days | 6 years 11 days | 6 years 18 days |
Dividend yield | 1.56% | 1.50% | 1.72% |
Share-Based Compensation Plan94
Share-Based Compensation Plans - Information Concerning Share Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||
Apr. 01, 2016 | Nov. 27, 2015 | Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | Mar. 29, 2013 | |
Vested and expected to vest [Abstract] | ||||||
Vested and expected to vest in the future as of period end (in shares) | 1,502,547 | 1,502,547 | ||||
Exercisable as of period end (in shares) | 726,611 | 726,611 | ||||
Weighted Average Exercise Price | ||||||
Weighted average exercise price vested and expected to vest as of period end (in dollars per share) | $ 23.06 | $ 23.06 | ||||
Weighted average exercise price exercisable as of period end (in dollars per share) | $ 21.32 | $ 21.32 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||
Weighted average remaining contractual life (in years) | 7 years 4 days | |||||
Weighted average remaining contractual life vested and expected to vest in the future as of period end (in years) | 7 years 4 days | |||||
Weighted average remaining contractual life exercisable as of period end (in years) | 4 years 5 months 23 days | |||||
Aggregate intrinsic value vested and expected to vest in the future as of period end | $ 7,582 | $ 7,582 | ||||
Aggregate intrinsic value exercisable as of period end | $ 4,364 | $ 4,364 | ||||
Equity instruments other than options nonvested [Roll Forward] | ||||||
Equity instruments other than options nonvested - released/issued (in shares) | (94,994) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||
Weighted average fair value other than options - released/issued (in dollars per share) | $ 24.29 | |||||
Employee Stock Option | ||||||
Number of Option Shares | ||||||
Outstanding beginning of period (in shares) | 1,079,048 | 806,761 | 806,761 | 1,320,128 | 2,084,197 | |
Granted (in shares) | 123,221 | 175,680 | 181,213 | 359,671 | ||
Net Transfer/ Conversion (in shares) | 223,090 | |||||
Exercised (in shares) | (25,293) | (105,342) | (611,595) | (811,737) | ||
Canceled/Forfeited (in shares) | (120,951) | (18,314) | (73,851) | (185,732) | ||
Expired (in shares) | (6,555) | (2,827) | (9,134) | (126,271) | ||
Outstanding end of period (in shares) | 1,502,547 | 1,079,048 | 1,502,547 | 806,761 | 1,320,128 | 2,084,197 |
Weighted Average Exercise Price | ||||||
Weighted average exercise price - beginning of period (in dollars per share) | $ 24.82 | $ 47.18 | $ 47.18 | $ 44.15 | $ 43.85 | |
Weighted average exercise price - granted (in dollars per share) | 27.70 | 68.43 | 61.11 | 44.87 | ||
Weighted average exercise price - net transfer/converted (in dollars per share) | 57.85 | |||||
Weighted average exercise price - exercised (in dollars per share) | 18.86 | 35.11 | 45.46 | 44.63 | ||
Weighted average exercise price - canceled/forfeited (in dollars per share) | 25.03 | 58.43 | 41.76 | 34.38 | ||
Weighted average exercise price - expired (in dollars per share) | 18.15 | 53.62 | 44.70 | 52.41 | ||
Weighted average exercise price - end of period (in dollars per share) | $ 23.06 | $ 24.82 | $ 23.06 | $ 47.18 | $ 44.15 | $ 43.85 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||
Weighted average remaining contractual life (in years) | 7 years 4 days | 7 years 26 days | 6 years 1 month 17 days | 4 years 7 months 10 days | 3 years 6 months 22 days | |
Aggregate intrinsic value | $ 7,582 | $ 47,263 | $ 7,582 | $ 14,682 | $ 21,301 | $ 14,239 |
Employee Stock Option | CSC Plan | ||||||
Number of Option Shares | ||||||
Net Transfer/ Conversion (in shares) | 1,203,316 | |||||
Weighted Average Exercise Price | ||||||
Weighted average exercise price - net transfer/converted (in dollars per share) | $ 24.60 | |||||
Employee Stock Option | SRA Plan | ||||||
Number of Option Shares | ||||||
Net Transfer/ Conversion (in shares) | 328,809 | |||||
Weighted Average Exercise Price | ||||||
Weighted average exercise price - net transfer/converted (in dollars per share) | $ 15.98 | |||||
Other stock based incentives | ||||||
Number of Option Shares | ||||||
Net Transfer/ Conversion (in shares) | 62,554 | |||||
Weighted Average Exercise Price | ||||||
Weighted average exercise price - net transfer/converted (in dollars per share) | $ 10.07 | |||||
Equity instruments other than options nonvested [Roll Forward] | ||||||
Equity instruments other than options nonvested - beginning balance (in shares) | 372,210 | 289,508 | 289,508 | 283,886 | 248,977 | |
Equity instruments other than options nonvested - granted (in shares) | 116,692 | 84,150 | 105,531 | 173,706 | ||
Equity instruments other than options nonvested - released/issued (in shares) | (40,692) | (54,605) | (31,459) | |||
Equity instruments other than options nonvested - canceled/forfeited (in shares) | (53,029) | (23,310) | (45,304) | (107,338) | ||
Equity instruments other than options nonvested - ending balance (in shares) | 376,557 | 372,210 | 376,557 | 289,508 | 283,886 | 248,977 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||
Weighted average fair value other than options - beginning balance (in dollars per share) | $ 38.58 | $ 46.99 | $ 46.99 | $ 38.77 | $ 32.60 | |
Weighted average fair value other than options - granted (in dollars per share) | 28.44 | 67.48 | 61.05 | 45.80 | ||
Weighted average fair value other than options - released/issued (in dollars per share) | 40.10 | 36.04 | 38.29 | |||
Weighted average fair value other than options - canceled/forfeited (in dollars per share) | 35.96 | 45.54 | 41.43 | 35.96 | ||
Weighted average fair value other than options - ending balance (in dollars per share) | $ 29.39 | $ 38.58 | $ 29.39 | $ 46.99 | $ 38.77 | $ 32.60 |
Other stock based incentives | CSC Plan | ||||||
Number of Option Shares | ||||||
Net Transfer/ Conversion (in shares) | 407,888 | |||||
Weighted Average Exercise Price | ||||||
Weighted average exercise price - net transfer/converted (in dollars per share) | $ 29.68 |
Share-Based Compensation Plan95
Share-Based Compensation Plans - Schedule of Share Based Compensation Shares Authorized Under Stock Option Plans by Exercise Price Range (Details) | 12 Months Ended |
Apr. 01, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding, Number Outstanding (in shares) | shares | 1,502,547 |
Options outstanding, Weighted Average Remaining Contractual Term (in years) | 7 years 4 days |
Options outstanding, Weighted Average Exercise Price (per share) | $ 23.06 |
Options exercisable, Number Exercisable (in shares) | shares | 726,611 |
Options exercisable, Weighted Average Exercise Price (per share) | $ 21.32 |
11.49-25.45 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of option exercise price, minimum | 11.49 |
Range of option exercise price, maximum | $ 25.45 |
Options outstanding, Number Outstanding (in shares) | shares | 884,945 |
Options outstanding, Weighted Average Remaining Contractual Term (in years) | 5 years 10 months 13 days |
Options outstanding, Weighted Average Exercise Price (per share) | $ 18.70 |
Options exercisable, Number Exercisable (in shares) | shares | 599,341 |
Options exercisable, Weighted Average Exercise Price (per share) | $ 19.99 |
25.46-30.89 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of option exercise price, minimum | 25.46 |
Range of option exercise price, maximum | $ 30.89 |
Options outstanding, Number Outstanding (in shares) | shares | 617,602 |
Options outstanding, Weighted Average Remaining Contractual Term (in years) | 8 years 7 months 17 days |
Options outstanding, Weighted Average Exercise Price (per share) | $ 29.30 |
Options exercisable, Number Exercisable (in shares) | shares | 127,270 |
Options exercisable, Weighted Average Exercise Price (per share) | $ 27.59 |
Stockholders_ Equity and Accu96
Stockholders’ Equity and Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) | May. 25, 2016 | Apr. 29, 2016 | Mar. 15, 2016 | Apr. 01, 2016 | Dec. 04, 2015 | Nov. 30, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Cash dividend declared (in dollars per share) | $ 0.10 | $ 0.20 | ||||
Dividends paid | $ 16,295,000 | |||||
Authorized stock repurchase amount (not to exceed) | $ 400,000,000 | |||||
Shares repurchased (shares) | 1,768,129 | |||||
Aggregate consideration of stock repurchased | $ 50,000,000 | |||||
Average price per share of stock acquired (in USD per share) | $ 28.23 | |||||
Citigroup | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Authorized stock repurchase amount (not to exceed) | $ 50,000,000 | |||||
Subsequent Event | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Cash dividend declared (in dollars per share) | $ 0.10 | |||||
Dividends paid | $ 16,295,000 |
Stockholders_ Equity and Accu97
Stockholders’ Equity and Accumulated Other Comprehensive Income (Loss) - AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Before Tax Income (Loss) [Abstract] | |||
Total OCI, Before Tax Amount | $ 33,583 | $ 1,625 | $ 176 |
Tax Expense [Abstract] | |||
Total OCI, Tax Impact Increase (Decrease) | (12,270) | (1,280) | (398) |
Net of Tax Income (Loss) [Abstract] | |||
Other comprehensive income (loss), net of taxes | 21,313 | 345 | (222) |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, beginning of period | 1,095,048 | 1,158,885 | 1,408,458 |
Balance, end of period | 90,238 | 1,095,048 | 1,158,885 |
Foreign Currency Translation Adjustments | |||
Before Tax Income (Loss) [Abstract] | |||
Component of OCI, Before Tax Amount | 1,960 | (1,669) | 143 |
Tax Expense [Abstract] | |||
Component of OCI, Tax Impact Increase (Decrease) | 123 | 0 | (398) |
Net of Tax Income (Loss) [Abstract] | |||
Component of OCI, Net of Tax Amount | 2,083 | (1,669) | (255) |
Reclassification Adjustments, Net of Tax Amount | 0 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, beginning of period | (2,277) | (608) | (353) |
Current-period other comprehensive income (loss), net of taxes | 2,083 | (1,669) | (255) |
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes and noncontrolling interests | 0 | 0 | 0 |
Transfers to multi-employer plans | 0 | ||
Effect of Spin-Off, net of tax | 0 | ||
Balance, end of period | (194) | (2,277) | (608) |
Cash Flow Hedge | |||
Before Tax Income (Loss) [Abstract] | |||
Component of OCI, Before Tax Amount | (11,064) | ||
Tax Expense [Abstract] | |||
Component of OCI, Tax Impact Increase (Decrease) | 4,340 | ||
Net of Tax Income (Loss) [Abstract] | |||
Component of OCI, Net of Tax Amount | (6,724) | 0 | 0 |
Reclassification Adjustments, Net of Tax Amount | 0 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, beginning of period | 0 | 0 | 0 |
Current-period other comprehensive income (loss), net of taxes | (6,724) | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes and noncontrolling interests | 0 | 0 | 0 |
Transfers to multi-employer plans | 0 | ||
Effect of Spin-Off, net of tax | 0 | ||
Balance, end of period | (6,724) | 0 | 0 |
Pension and Other Postretirement Benefit Plans | |||
Net of Tax Income (Loss) [Abstract] | |||
Component of OCI, Net of Tax Amount | 0 | 3,400 | 0 |
Reclassification Adjustments, Net of Tax Amount | (5,185) | (1,393) | 26 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, beginning of period | 1,872 | (135) | (145) |
Current-period other comprehensive income (loss), net of taxes | 0 | 3,400 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes and noncontrolling interests | (5,185) | (1,393) | 26 |
Transfers to multi-employer plans | (16) | ||
Effect of Spin-Off, net of tax | 31,139 | ||
Balance, end of period | 27,826 | 1,872 | (135) |
Prior Service Cost (Credit) | |||
Before Tax Income (Loss) [Abstract] | |||
Component of OCI, Before Tax Amount | 50,123 | 5,561 | |
Reclassification Adjustments, Before Tax Amount | (7,436) | (2,267) | 33 |
Tax Expense [Abstract] | |||
Component of OCI, Tax Impact Increase (Decrease) | (18,984) | (2,161) | |
Reclassification Adjustments, Tax Impact Increase (Decrease) | 2,251 | 881 | 0 |
Net of Tax Income (Loss) [Abstract] | |||
Component of OCI, Net of Tax Amount | 31,139 | 3,400 | |
Reclassification Adjustments, Net of Tax Amount | (5,185) | (1,386) | 33 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Current-period other comprehensive income (loss), net of taxes | 31,139 | 3,400 | |
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes and noncontrolling interests | (5,185) | (1,386) | 33 |
Accumulated Other Comprehensive Loss | |||
Net of Tax Income (Loss) [Abstract] | |||
Component of OCI, Net of Tax Amount | (4,641) | 1,731 | (255) |
Reclassification Adjustments, Net of Tax Amount | (5,185) | (1,393) | 26 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, beginning of period | (405) | (743) | (498) |
Current-period other comprehensive income (loss), net of taxes | (4,641) | 1,731 | (255) |
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes and noncontrolling interests | (5,185) | (1,393) | 26 |
Transfers to multi-employer plans | (16) | ||
Effect of Spin-Off, net of tax | 31,139 | ||
Balance, end of period | $ 20,908 | $ (405) | $ (743) |
Statements of Cash Flows - Supp
Statements of Cash Flows - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for taxes prior to Spin-Off | $ 91,265 | $ 163,051 | $ 146,192 |
Cash paid for taxes after Spin-Off | 145 | 0 | 0 |
Cash paid for interest | $ 47,576 | $ 23,267 | $ 17,583 |
Statements of Cash Flows - Non-
Statements of Cash Flows - Non-Cash Activities (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Nov. 27, 2015 | Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Capital expenditures in accounts payable and accrued expenses | $ 25,379 | $ 13,948 | $ 6,444 | |
Capital expenditures through capital lease obligations | 877 | 9,760 | 44,379 | |
Deferred tax liability | 214,731 | (2,051) | (3,510) | |
Non-cash transfers related to Spin-Off | (474,747) | 0 | 0 | |
Non-cash transactions related to Mergers | (11,316) | 0 | 0 | |
Non-cash equity consideration issued, net of shares held for taxes for SRA Shareholders | (767,675) | 0 | 0 | |
Contribution of the Computer Sciences GS Business to CSRA Inc. | $ 0 | $ (608,417) | ||
Transfers of remaining net parent investment to additional paid-in capital | $ 0 | $ 0 |
Statements of Cash Flows - Narr
Statements of Cash Flows - Narrative (Details) - Merger With SRA International - USD ($) $ / shares in Units, $ in Thousands | Nov. 30, 2015 | Apr. 01, 2016 |
Other Significant Noncash Transactions [Line Items] | ||
Noncash effects of SRA consideration | $ 778,991 | |
Shares issued (in shares) | 25,170,564 | |
Volume-weighted average price (in dollars per share) | $ 30.95 |
Segment and Geographic Infor101
Segment and Geographic Information (Operating Results and Total Assets by Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 01, 2016 | Jan. 01, 2016 | Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 1,290,150 | $ 1,032,312 | $ 969,053 | $ 958,932 | $ 1,001,118 | $ 999,033 | $ 1,036,288 | $ 1,033,307 | $ 4,250,447 | $ 4,069,746 | $ 4,102,636 |
Operating income (loss) | 562,730 | 546,071 | 499,552 | ||||||||
Depreciation and amortization of property and equipment | 182,242 | 137,058 | 144,742 | ||||||||
Total assets | 4,846,300 | 2,161,282 | 4,846,300 | 2,161,282 | 2,216,367 | ||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 4,250,447 | 4,069,746 | 4,102,636 | ||||||||
Operating income (loss) | 562,807 | 546,250 | 499,900 | ||||||||
Depreciation and amortization of property and equipment | 182,242 | 137,058 | 144,742 | ||||||||
Total assets | 4,636,285 | 2,161,174 | 4,636,285 | 2,161,174 | 2,215,898 | ||||||
Operating Segments | Defense and Intelligence | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,067,009 | 2,126,569 | 2,329,244 | ||||||||
Operating income (loss) | 272,864 | 253,741 | 300,045 | ||||||||
Depreciation and amortization of property and equipment | 108,553 | 92,973 | 96,629 | ||||||||
Total assets | 1,845,674 | 1,330,761 | 1,845,674 | 1,330,761 | 1,364,302 | ||||||
Operating Segments | Civil | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,183,438 | 1,943,177 | 1,773,392 | ||||||||
Operating income (loss) | 289,943 | 292,509 | 199,855 | ||||||||
Depreciation and amortization of property and equipment | 73,689 | 44,085 | 48,113 | ||||||||
Total assets | 2,790,611 | 830,413 | 2,790,611 | 830,413 | 851,596 | ||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Operating income (loss) | (77) | (179) | (348) | ||||||||
Depreciation and amortization of property and equipment | 0 | 0 | 0 | ||||||||
Total assets | $ 210,015 | $ 108 | $ 210,015 | $ 108 | $ 469 |
Segment and Geographic Infor102
Segment and Geographic Information (Reconciliation of Consolidated Operating Income to income Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 01, 2016 | Jan. 01, 2016 | Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Reconciliation of consolidated operating income to income before taxes [Abstract] | |||||||||||
Operating income | $ 562,730 | $ 546,071 | $ 499,552 | ||||||||
Pension and OPEB plans actuarial (losses) gains, and pension settlement losses | (202,800) | (8,347) | 2,484 | ||||||||
Corporate G&A | (54,600) | (81,544) | (79,597) | ||||||||
Separation and merger costs | (117,987) | 0 | 0 | ||||||||
Interest expense, net | (53,475) | (21,864) | (20,296) | ||||||||
Other expense (income), net | 15,221 | (5,608) | (1,867) | ||||||||
Total | $ (106,929) | $ 58,525 | $ 88,132 | $ 109,361 | $ 99,786 | $ 90,546 | $ 126,044 | $ 112,332 | $ 149,089 | $ 428,708 | $ 400,276 |
Segment and Geographic Infor103
Segment and Geographic Information (Narrative) (Details) - Customer Concentration Risk - Computer Sciences GS Business | 12 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Revenues | |||
Segment Reporting Information [Line Items] | |||
Concentration percentage | 91.00% | 91.00% | 95.00% |
Accounts receivable | |||
Segment Reporting Information [Line Items] | |||
Concentration percentage | 99.00% | 95.00% |
Commitments and Contingencies -
Commitments and Contingencies - Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | |
Leases, Operating [Abstract] | |||
Rent expense | $ 70,510 | $ 70,162 | $ 85,427 |
Minimum purchase commitments [Abstract] | |||
2,017 | 22,171 | ||
2,018 | 19,872 | ||
2,019 | 1,669 | ||
2,020 | 0 | ||
2021 and thereafter | 0 | ||
Guarantor obligations | 57,396 | ||
Capital Leases of Lessee [Abstract] | |||
Gross assets | 1,303,114 | 1,133,528 | |
Accumulated amortization | 773,027 | 696,796 | |
Below market lease acquired | 17,473 | ||
Amortization | 533 | ||
Amortization expense, 2017 | 1,573 | ||
Amortization expense, 2018 | 1,338 | ||
Amortization expense, 2019 | 1,335 | ||
Amortization expense, 2020 | 1,275 | ||
Amortization expense, 2021 | 1,260 | ||
Stand-by letters of credit | |||
Minimum purchase commitments [Abstract] | |||
Guarantor obligations | 44,896 | ||
Surety bonds | |||
Minimum purchase commitments [Abstract] | |||
Guarantor obligations | $ 12,500 | ||
Minimum | |||
Leases, Operating [Abstract] | |||
Operating lease term (in years) | 1 year | ||
Maximum | |||
Leases, Operating [Abstract] | |||
Operating lease term (in years) | 4 years | ||
Capital Lease Assets | |||
Capital Leases of Lessee [Abstract] | |||
Gross assets | $ 427,375 | 410,469 | |
Accumulated amortization | $ 186,024 | $ 167,077 |
Commitments and Contingencie105
Commitments and Contingencies - Future Minimum Operating Lease Obligations (Details) $ in Thousands | Apr. 01, 2016USD ($) |
Real Estate | |
Loss Contingencies [Line Items] | |
2,017 | $ 60,501 |
2,018 | 50,085 |
2,019 | 34,600 |
2,020 | 32,313 |
2,021 | 22,683 |
Thereafter | 2,402 |
Total | 202,584 |
Equipment | |
Loss Contingencies [Line Items] | |
2,017 | 695 |
2,018 | 388 |
2,019 | 34 |
2,020 | 0 |
2,021 | 0 |
Thereafter | 0 |
Total | $ 1,117 |
Commitments and Contingencie106
Commitments and Contingencies - Schedule of Expiation of Financial Guarantees and Letters of Credit (Details) $ in Thousands | Apr. 01, 2016USD ($) |
Loss Contingencies [Line Items] | |
Fiscal 2,017 | $ 57,050 |
Fiscal 2,018 | 346 |
Fiscal 2019 and Thereafter | 0 |
Total | 57,396 |
Stand-by letters of credit | |
Loss Contingencies [Line Items] | |
Fiscal 2,017 | 44,550 |
Fiscal 2,018 | 346 |
Fiscal 2019 and Thereafter | 0 |
Total | 44,896 |
Surety bonds | |
Loss Contingencies [Line Items] | |
Fiscal 2,017 | 12,500 |
Fiscal 2,018 | 0 |
Fiscal 2019 and Thereafter | 0 |
Total | $ 12,500 |
Commitments and Contingencie107
Commitments and Contingencies - Future Minimum Lease Payment Capital Lease Obligation (Details) - USD ($) $ in Thousands | Apr. 01, 2016 | Apr. 03, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||
2,017 | $ 81,542 | |
2,018 | 70,018 | |
2,018 | 66,877 | |
2,020 | 63,101 | |
2,021 | 60,259 | |
Thereafter | 118,583 | |
Total minimum lease payments | 460,380 | |
Less: Amount representing interest and executory costs | (105,263) | |
Less: Amount representing maintenance, taxes, and insurance costs | (204,396) | |
Present value of net minimum lease payments | 150,721 | |
Less: Current maturities of capital lease liability | (42,191) | $ (21,351) |
Noncurrent capital lease liability | $ 108,530 | $ 129,933 |
Commitments and Contingencie108
Commitments and Contingencies - Contingencies (Details) $ in Thousands | Dec. 14, 2015USD ($) | Jun. 09, 2015plaintiff | Aug. 22, 2014 | Jul. 12, 2013USD ($) | Oct. 31, 2014USD ($) | Apr. 01, 2016USD ($) |
Maryland Medicaid Enterprise Restructuring Project | ||||||
Loss Contingencies [Line Items] | ||||||
Damages sought | $ 83,000 | |||||
Strauch and Colby v. Computer Sciences Corporation | Pending Litigation | ||||||
Loss Contingencies [Line Items] | ||||||
Number of system administrators | plaintiff | 1,285 | |||||
Number of system administrators employed by Computer Sciences GS Business | plaintiff | 407 | |||||
Potential adjustments on government contracts | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimate of possible loss | $ 12,621 | |||||
Withdrawal from pension plan | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimate of possible loss | 26,000 | |||||
Maximum | Southwest Asia Employment Contract Litigation | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimate of possible loss | 14,000 | |||||
Minimum | Southwest Asia Employment Contract Litigation | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimate of possible loss | $ 0 | |||||
Computer Sciences Corporation | Maryland Medicaid Enterprise Restructuring Project | Pending Litigation | ||||||
Loss Contingencies [Line Items] | ||||||
Contract performance suspension period | 90 days | |||||
Damages sought | $ 80,000 | |||||
Computer Sciences Corporation | U.S. Army Communications-Electronics Command v. Computer Sciences Corp | Pending Litigation | ||||||
Loss Contingencies [Line Items] | ||||||
Damages sought | $ 235,155 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | May. 25, 2016 | Apr. 29, 2016 | Mar. 15, 2016 | Apr. 01, 2016 |
Subsequent Event [Line Items] | ||||
Cash dividend declared (in dollars per share) | $ 0.10 | $ 0.20 | ||
Number of qualifying shares (in shares) | 162,952,919 | |||
Total dividend payout | $ 16,295 | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Cash dividend declared (in dollars per share) | $ 0.10 | |||
Total dividend payout | $ 16,295 |
SUPPLEMENTARY DATA - SELECTE110
SUPPLEMENTARY DATA - SELECTED QUARTERLY UNAUDITED FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Apr. 01, 2016 | Jan. 01, 2016 | Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 01, 2016 | Apr. 03, 2015 | Mar. 28, 2014 | Nov. 27, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Revenues | $ 1,290,150 | $ 1,032,312 | $ 969,053 | $ 958,932 | $ 1,001,118 | $ 999,033 | $ 1,036,288 | $ 1,033,307 | $ 4,250,447 | $ 4,069,746 | $ 4,102,636 | |
Costs of services (excludes depreciation and amortization and restructuring costs) | 1,227,064 | 816,646 | 756,863 | 775,058 | 811,849 | 815,595 | 819,824 | 835,033 | 3,575,631 | 3,282,301 | 3,347,350 | |
Income (loss) from continuing operations before taxes | (106,929) | 58,525 | 88,132 | 109,361 | 99,786 | 90,546 | 126,044 | 112,332 | 149,089 | 428,708 | 400,276 | |
Income (loss) from continuing operations, net of taxes | (68,205) | 51,432 | 52,725 | 66,970 | 61,486 | 56,646 | 78,513 | 71,067 | 102,922 | 267,712 | 253,718 | |
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | (166) | (288) | 0 | (1,423) | 0 | (1,877) | 64,600 | |
Net income (loss) attributable to CSRA common stockholders | $ (71,863) | $ 48,442 | $ 47,889 | $ 62,677 | $ 57,719 | $ 55,138 | $ 73,605 | $ 65,295 | $ 87,145 | $ 251,757 | $ 296,382 | |
Earnings (loss) per common share, basic | ||||||||||||
Continuing operations (usd per share) | $ (0.44) | $ 0.30 | $ 0.34 | $ 0.45 | $ 0.43 | $ 0.40 | $ 0.52 | $ 0.47 | $ 0.54 | $ 1.82 | $ 1.67 | |
Discontinued operations (usd per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.01) | 0 | (0.01) | 0.46 | |
Earnings (loss) per common share, diluted | ||||||||||||
Continuing operations (usd per share) | (0.44) | 0.29 | 0.34 | 0.45 | 0.43 | 0.40 | 0.52 | 0.47 | 0.53 | 1.82 | 1.67 | |
Discontinued operations (usd per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (0.01) | $ 0 | $ (0.01) | $ 0.46 | |
Common stock, shares outstanding (in shares) | 162,925,821 | 162,925,821 | 162,925,821 | 162,925,821 | 139,128,158 |
Uncategorized Items - csra-2016
Label | Element | Value |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation | $ 605,000 |
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions | 3,845,000 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent | 5,183,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 18,000,000 |
Adjustments Related to Tax Withholding for Share-based Compensation | us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation | 11,316,000 |
Dividends, Special, Common Stock, Cash | csra_DividendsSpecialCommonStockCash | 1,147,807,000 |
Distributions to Parent | csra_DistributionstoParent | 274,376,000 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 4,605,000 |
Transitory Note to Related Party | csra_TransitoryNotetoRelatedParty | 350,038,000 |
Unrealized Gain (Loss) on Derivatives | us-gaap_UnrealizedGainLossOnDerivatives | (6,724,000) |
Dividends, Cash | us-gaap_DividendsCash | 33,504,000 |
Stock Issued During Period, Value, Acquisitions | us-gaap_StockIssuedDuringPeriodValueAcquisitions | 778,991,000 |
Stock Issued During Period, Value, Restricted Stock Award, Gross | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross | 0 |
Stock Repurchased During Period, Value | us-gaap_StockRepurchasedDuringPeriodValue | 50,000,000 |
AOCI Attributable to Parent [Member] | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent | 5,185,000 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax | 2,083,000 |
Unrealized Gain (Loss) on Derivatives | us-gaap_UnrealizedGainLossOnDerivatives | (6,724,000) |
Stock Issued During Period, Value, Other | us-gaap_StockIssuedDuringPeriodValueOther | 31,139,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 0 |
Additional Paid-in Capital [Member] | ||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation | 605,000 |
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions | 3,845,000 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent | 0 |
Adjustments Related to Tax Withholding for Share-based Compensation | us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation | 11,316,000 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax | 0 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 4,605,000 |
Stock Issued During Period, Value, Acquisitions | us-gaap_StockIssuedDuringPeriodValueAcquisitions | 778,966,000 |
Stock Issued During Period, Value, Restricted Stock Award, Gross | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross | (1,000) |
Stock Issued During Period, Value, Other | us-gaap_StockIssuedDuringPeriodValueOther | (608,417,000) |
Stock Repurchased During Period, Value | us-gaap_StockRepurchasedDuringPeriodValue | $ 49,998,000 |
Common Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised | 222,609 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross | 844,077 |
Stock Repurchased During Period, Shares | us-gaap_StockRepurchasedDuringPeriodShares | 1,768,129 |
Stock Issued During Period, Value, Acquisitions | us-gaap_StockIssuedDuringPeriodValueAcquisitions | $ 25,000 |
Stock Issued During Period, Value, Restricted Stock Award, Gross | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross | 1,000 |
Stock Issued During Period, Value, Other | us-gaap_StockIssuedDuringPeriodValueOther | $ 139,000 |
Stock Issued During Period, Shares, Acquisitions | us-gaap_StockIssuedDuringPeriodSharesAcquisitions | 25,170,564 |
Shares Paid for Tax Withholding for Share Based Compensation | us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation | 367,114 |
Stock Repurchased During Period, Value | us-gaap_StockRepurchasedDuringPeriodValue | $ 2,000 |
Stock Issued During Period, Shares, Other | us-gaap_StockIssuedDuringPeriodSharesOther | 139,123,691 |
Noncontrolling Interest [Member] | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent | $ (2,000) |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 18,000,000 |
Stock Issued During Period, Value, Other | us-gaap_StockIssuedDuringPeriodValueOther | (48,000) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 10,872,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 4,905,000 |
Parent [Member] | ||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation | 605,000 |
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions | 3,845,000 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent | 5,185,000 |
Adjustments Related to Tax Withholding for Share-based Compensation | us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation | 11,316,000 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax | 2,083,000 |
Dividends, Special, Common Stock, Cash | csra_DividendsSpecialCommonStockCash | 1,147,807,000 |
Distributions to Parent | csra_DistributionstoParent | 274,376,000 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 4,605,000 |
Transitory Note to Related Party | csra_TransitoryNotetoRelatedParty | 350,038,000 |
Unrealized Gain (Loss) on Derivatives | us-gaap_UnrealizedGainLossOnDerivatives | (6,724,000) |
Dividends, Cash | us-gaap_DividendsCash | 33,504,000 |
Stock Issued During Period, Value, Acquisitions | us-gaap_StockIssuedDuringPeriodValueAcquisitions | 778,991,000 |
Stock Issued During Period, Value, Other | us-gaap_StockIssuedDuringPeriodValueOther | 48,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 127,542,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | (40,397,000) |
Stock Repurchased During Period, Value | us-gaap_StockRepurchasedDuringPeriodValue | 50,000,000 |
Retained Earnings [Member] | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax | 0 |
Dividends, Cash | us-gaap_DividendsCash | 33,504,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | (40,397,000) |
Net Parent Investment [Member] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax | 0 |
Dividends, Special, Common Stock, Cash | csra_DividendsSpecialCommonStockCash | 1,147,807,000 |
Distributions to Parent | csra_DistributionstoParent | 274,376,000 |
Transitory Note to Related Party | csra_TransitoryNotetoRelatedParty | 350,038,000 |
Stock Issued During Period, Value, Other | us-gaap_StockIssuedDuringPeriodValueOther | 577,187,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 127,542,000 |
Restricted Stock [Member] | ||
Adjustments Related to Tax Withholding for Share-based Compensation | us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation | 913,000 |
Restricted Stock [Member] | Additional Paid-in Capital [Member] | ||
Adjustments Related to Tax Withholding for Share-based Compensation | us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation | $ 913,000 |
Restricted Stock [Member] | Common Stock [Member] | ||
Shares Paid for Tax Withholding for Share Based Compensation | us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation | 299,877 |
Restricted Stock [Member] | Parent [Member] | ||
Adjustments Related to Tax Withholding for Share-based Compensation | us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation | $ 913,000 |