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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2023

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,
						2023						2022						2021
Current
U.S. Federal						$	354,569					$	232,844					$	(227,309)
State and local						86,947						26,333						39,542
Foreign						9,120						8,486						9,250
Total current						450,636						267,663						(178,517)
Deferred
U.S. Federal						(300,494)						(146,581)						245,624
State and local						(50,318)						11,781						(13,626)
Foreign						(3,090)						4,603						—
Total deferred						(353,902)						(130,197)						231,998
Total						$	96,734					$	137,466					$	53,481

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,
						2023						2022						2021
Income tax expense computed at U.S. federal statutory rate						$	77,269					$	126,981					$	139,112
Increases (reductions) resulting from:
State and local income taxes, net of federal tax						32,599						28,762						17,586
Foreign income taxes, net of federal tax						4,765						9,243						6,679
Non-deductible expenses, including non-deductible penalties						34,825						859						918
Re-measurement of current year losses under CARES Act						—						—						(76,767)
Excess tax benefits from stock-based compensation						(5,247)						(4,227)						(8,556)
Research and development and other federal credits						(33,159)						(34,080)						(30,313)
Executive compensation -162(m)						4,295						3,614						3,813
Foreign-Derived Intangible Income (FDII)						(15,869)						(9,115)						(4,536)
Changes in uncertain tax positions (including indirect effects)						(6,498)						16,938						6,793
Other						3,754						(1,509)						(1,248)
Income tax expense from operations						$	96,734					$	137,466					$	53,481

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,
						2023						2022
Current income tax receivable						$	23,633					$	47,142
Long term income tax receivable						$	167,821					$	341,738
Current income tax payable						$	14,523					$	34,324

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,
						2023						2022
Deferred income tax assets:
Accrued expenses						$	146,945					$	80,344
Deferred compensation						47,931						56,361
Stock-based compensation						11,628						9,783
Pension and postretirement benefits						28,585						30,797
Net operating loss and other carryforwards						16,984						44,118
Research and development expenditures and indirect effects						599,381						—
State tax credits						11,516						24,268
Operating lease liabilities						69,604						82,799
Other						9,100						2,501
Total gross deferred income tax assets						941,674						330,971
Less: Valuation allowance						(11,788)						(8,715)
Total net deferred income tax assets						929,886						322,256
Deferred income tax liabilities:
Unbilled receivables						(177,321)						(209,753)
Intangible assets						(88,858)						(56,657)
Property and equipment						(34,905)						(198,940)
Operating lease right-of-use assets						(48,939)						(59,401)
Other						(6,083)						(4,780)
Total deferred income tax liabilities						(356,106)						(529,531)
Net deferred income tax asset (liability)						$	573,780					$	(207,275)

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,
						2023						2022						2021
Beginning of year						$	78,519					$	62,742					$	55,221
Increases in prior year position						—						2,620						5,018
Increases in current year position						470,881						13,530						12,753
Decreases in prior year position						(1,328)						(373)						—
Settlements with taxing authorities						—						—						—
Lapse of statute of limitations						(187)						—						(10,250)
End of year						$	547,885					$	78,519					$	62,742

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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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