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INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Components of Income Tax Expense

The components of income tax expense were as follows: 

						Fiscal Year Ended March 31,
						2022						2021						2020
Current
U.S. Federal						$	232,844					$	(227,309)					$	(2,638)
State and local						26,333						39,542						18,410
Foreign						8,486						9,250						15,625
Total current						267,663						(178,517)						31,397
Deferred
U.S. Federal						(146,581)						245,624						59,856
State and local						11,781						(13,626)						5,578
Foreign						4,603						—						—
Total deferred						(130,197)						231,998						65,434
Total						$	137,466					$	53,481					$	96,831

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income tax to the amount computed by applying the statutory federal income tax rate to income from continuing operations before income taxes for each of the three years ended March 31 is as follows: 

						Fiscal Year Ended March 31,
						2022						2021						2020
Income tax expense computed at U.S. federal statutory rate						$	126,981					$	139,112					$	121,681
Increases (reductions) resulting from:
State and local income taxes, net of federal tax						28,762						17,586						20,031
Foreign income taxes, net of federal tax						9,243						6,679						12,344
Meals and entertainment						343						653						1,761
Re-measurement of current year losses under CARES Act						—						(76,767)						—
Excess tax benefits from stock-based compensation						(4,227)						(8,556)						(10,265)
Research and development and other federal credits						(34,080)						(30,313)						(90,898)
Executive compensation -162(m)						3,614						3,813						2,346
Foreign-Derived Intangible Income (FDII)						(9,115)						(4,536)						(4,915)
Changes in uncertain tax positions						16,938						6,793						44,621
Other						(993)						(983)						125
Income tax expense from operations						$	137,466					$	53,481					$	96,831

Schedule of Components of Income Tax Receivables and Payables

The Company has both income tax receivables and income tax payable on its consolidated balance sheet as follows:

						March 31,
						2022						2021
Current income tax receivable						$	47,142					$	175,541
Long term income tax receivable						$	341,738					$	333,188
Current income tax payable						$	34,324					$	30,694

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred income tax assets and liabilities were as follows:

						March 31,
						2022						2021
Deferred income tax assets:
Accrued expenses						$	80,344					$	78,005
Deferred compensation						56,361						52,191
Stock-based compensation						9,783						5,724
Pension and postretirement benefits						30,797						32,881
Net operating loss carryforwards						44,118						98,471
Extended disability benefits						2,426						2,838
Interest rate swaps						75						9,955
Federal tax credits						—						12,582
State tax credits						24,268						27,243
Operating lease liabilities						82,799						86,046
Other						—						3,378
Total gross deferred income tax assets						330,971						409,314
Less: Valuation allowance						(8,715)						(6,165)
Total net deferred income tax assets						322,256						403,149
Deferred income tax liabilities:
Unbilled receivables						(209,753)						(245,809)
Intangible assets						(56,657)						(69,519)
Debt issuance costs						(1,435)						(1,488)
Property and equipment						(198,940)						(336,321)
Operating lease right-of-use assets						(59,401)						(62,442)
Internally developed software						—						(20,309)
Other						(3,345)						—
Total deferred income tax liabilities						(529,531)						(735,888)
Net deferred income tax liability						$	(207,275)					$	(332,739)

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of potential tax benefits for the periods presented is as follows: 

						March 31,
						2022						2021						2020
Beginning of year						$	62,742					$	55,221					$	11,083
Increases in prior year position						2,620						5,018						34,001
Increases in current year position						13,530						12,753						10,970
Decreases in prior year position						(373)						—						(765)
Settlements with taxing authorities						—						—						—
Lapse of statute of limitations						—						(10,250)						(68)
End of year						$	78,519					$	62,742					$	55,221

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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