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REVENUE
 6 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
The Company's revenues from contracts with customers (clients) are derived from offerings that include consulting, analytics, digital solutions, engineering, mission, and cyber services, substantially with the U.S. government and its agencies and, to a lesser extent, subcontractors. The Company also serves foreign governments, as well as domestic and international commercial clients. The Company performs under various types of contracts, which include cost-reimbursable contracts, time-and-materials contracts, and fixed-price contracts.
Contract Estimates
We recognize revenue for many of our contracts under a contract cost-based input method and require an Estimate-at-Completion (“EAC”) process, which management uses to review and monitor the progress towards the completion of our performance obligations. Under this process, management considers various inputs and assumptions related to the EAC, including, but not limited to, progress towards completion, labor costs and productivity, material and subcontractor costs, and identified risks. Estimating the total cost at the completion of our performance obligations is subjective and requires management to make assumptions about future activity and cost drivers under the contract. Changes in these estimates can occur for a variety of reasons and, if significant, may impact the revenue and profitability of the Company’s contracts. Changes in estimates related to contracts accounted for under the EAC process are recognized on a cumulative catch-up basis in the period when such changes are determinable and reasonably estimable. If the estimate of contract profitability indicates an anticipated loss on a contract, the Company recognizes the total loss at the time it is identified. For each of the three and six months ended September 30, 2022 and 2021, the aggregate impact of adjustments in contract estimates was not material.
Disaggregation of Revenue
We disaggregate our revenue from contracts with customers by contract type, customer, as well as whether the Company acts as prime contractor or subcontractor, as we believe these categories best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. The following series of tables presents our revenue disaggregated by these categories.
Revenue by Contract Type:
We generate revenue under the following three basic types of contracts:
•Cost-Reimbursable Contracts: Cost-reimbursable contracts provide for the payment of allowable costs incurred during performance of the contract, up to a ceiling based on the amount that has been funded, plus a fixed fee or award fee.
•Time-and-Materials Contracts: Under contracts in this category, we are paid a fixed hourly rate for each direct labor hour expended, and we are reimbursed for billable material costs and billable out-of-pocket expenses inclusive of allocable indirect costs. We assume the financial risk on time-and-materials contracts because our costs of performance may exceed negotiated hourly rates.
•Fixed-Price Contracts: Under a fixed-price contract, we agree to perform the specified work for a predetermined price. To the extent our actual direct and allocated indirect costs decrease or increase from the estimates upon which the price was negotiated, we will generate more or less profit, respectively, or could incur a loss.
The table below presents the total revenue for each type of contract:
 Three Months Ended
September 30,		Six Months Ended
September 30,
 2022202120222021
Cost-reimbursable$1,201,407 52 %$1,127,189 53 %$2,392,235 53 %$2,242,614 55 %
Time-and-materials564,438 25 %500,263 24 %1,110,340 24 %997,713 24 %
Fixed-price533,131 23 %478,586 23 %1,046,001 23 %854,777 21 %
Total Revenue$2,298,976 100 %$2,106,038 100 %$4,548,576 100 %$4,095,104 100 %
Revenue by Customer Type:
Three Months Ended
September 30,		Six Months Ended
September 30,
2022202120222021
U.S. government(1):
Defense Clients$1,019,108 44 %$996,463 48 %$2,039,099 45 %$1,970,069 48 %
Intelligence Clients432,543 19 %396,415 19 %841,426 18 %775,588 19 %
Civil Clients783,782 34 %662,138 31 %1,541,496 34 %1,254,934 31 %
Total U.S. government2,235,433 97 %2,055,016 98 %4,422,021 97 %4,000,591 98 %
Global Commercial Clients63,543 3 %51,022 2 %126,555 3 %94,513 2 %
Total Revenue$2,298,976 100 %$2,106,038 100 %$4,548,576 100 %$4,095,104 100 %
(1) Certain contracts were reassigned between the various verticals of our U.S. government business shown in the table above to better align our operations to the customers we serve within each market. Prior year revenue by customer type has been recast to reflect the changes.
Revenue by Whether the Company Acts as a Prime Contractor or a Subcontractor:
Three Months Ended
September 30,		Six Months Ended
September 30,
2022202120222021
Prime Contractor$2,179,375 95 %$1,978,216 94 %$4,310,670 95 %$3,839,939 94 %
Subcontractor119,601 5 %127,822 6 %237,906 5 %255,165 6 %
Total Revenue$2,298,976 100 %$2,106,038 100 %$4,548,576 100 %$4,095,104 100 %
Performance Obligations
Remaining performance obligations represent the transaction price of exercised contracts for which work has not yet been performed, irrespective of whether funding has or has not been authorized and appropriated as of the date of exercise. Remaining performance obligations exclude negotiated but unexercised options, the unfunded value of expired contracts, and certain variable consideration which the Company does not expect to recognize as revenue.
As of September 30, 2022 and March 31, 2022, the Company had $9.0 billion and $7.4 billion of remaining performance obligations, respectively. We expect to recognize approximately 70% of the remaining performance obligations at September 30, 2022 as revenue over the next 12 months, and approximately 85% over the next 24 months. The remainder is expected to be recognized thereafter.
Contract Balances
The Company's performance obligations are typically satisfied over time and revenue is generally recognized using a cost-based input method. Fixed-price contracts are typically billed to the customer using milestone or fixed monthly payments, while cost-reimbursable-plus-fee and time-and-material contracts are typically billed to the customer at periodic intervals (e.g. monthly or weekly) as indicated by the terms of the contract. Disparities between the timing of revenue recognition and customer billings and cash collections result in net contract assets or liabilities being recognized at the end of each reporting period.
Contract assets primarily consist of unbilled receivables typically resulting from revenue recognized exceeding the amount billed to the customer and right to payment is not just subject to the passage of time. Unbilled amounts represent revenues for which billings have not been presented to customers. These amounts are generally billed and collected within one year subject to various conditions including, without limitation, appropriated and available funding. Long-term unbilled receivables not anticipated to be billed and collected within one year, which are primarily related to retainage, holdbacks, and long-term rate settlements to be billed at contract closeout, are included in other long-term assets in the accompanying condensed consolidated balance sheets. Contract liabilities primarily consist of advance payments, billings in excess of costs incurred and deferred revenue. Contract assets and liabilities are reported on a net contract basis at the end of each reporting period. The Company maintains an allowance for credit losses to provide for an estimate of uncollectible receivables. Provision for credit losses recognized was not material for the three and six months ended September 30, 2022 and 2021.
The following table summarizes the contract assets and liabilities, and accounts receivable, net of allowance recognized on the Company’s condensed consolidated balance sheets:
September 30,
2022		March 31,
2022
Current assets
Accounts receivable–billed$446,058 $465,322 
Accounts receivable–unbilled (contract assets)1,209,718 1,157,667 
Allowance for credit losses(2)— 
Accounts receivable, net1,655,774 1,622,989 
Other long-term assets
Accounts receivable–unbilled (contract assets)58,529 64,339 
Total accounts receivable, net$1,714,303 $1,687,328 
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)19,803 26,747 
Changes in contract assets and contract liabilities are primarily due to the timing difference between the Company’s performance of services and payments from customers. For the three months ended September 30, 2022 and 2021, we recognized revenue of $3.7 million and $2.3 million, respectively, and for the six months ended September 30, 2022 and 2021, we recognized revenue of $20.0 million and $14.2 million, respectively, related to our contract liabilities on April 1, 2022 and 2021, respectively. To determine revenue recognized from contract liabilities during the reporting periods, the Company allocates revenue to individual contract liability balances and applies revenue recognized during the reporting periods first to the beginning balances of contract liabilities until the revenue exceeds the balances.