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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2024

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,
						2024						2023						2022
Current
U.S. Federal						$	229,234					$	354,569					$	232,844
State and local						116,751						86,947						26,333
Foreign						2,635						9,120						8,486
Total current						348,620						450,636						267,663
Deferred
U.S. Federal						(94,321)						(300,494)						(146,581)
State and local						(5,990)						(50,318)						11,781
Foreign						(695)						(3,090)						4,603
Total deferred						(101,006)						(353,902)						(130,197)
Total						$	247,614					$	96,734					$	137,466

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,
						2024						2023						2022
Income tax expense computed at U.S. federal statutory rate						$	179,197					$	77,269					$	126,981
Increases (reductions) resulting from:
State and local income taxes, net of federal tax						85,486						32,599						28,762
Foreign income taxes, net of federal tax						(7,932)						4,765						9,243
Non-deductible expenses, including non-deductible penalties						4,867						34,825						859
Excess tax benefits from stock-based compensation						(10,091)						(5,247)						(4,227)
Research and development and other federal credits						(31,289)						(33,159)						(34,080)
Executive compensation -162(m)						6,307						4,295						3,614
Foreign-Derived Intangible Income (FDII)						(13,971)						(15,869)						(9,115)
Changes in uncertain tax positions (including indirect effects)						37,592						(6,498)						16,938
Other						(2,552)						3,754						(1,509)
Income tax expense from operations						$	247,614					$	96,734					$	137,466

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,
						2024						2023
Current income tax receivable						$	47,158					$	23,633
Long term income tax receivable						$	152,474					$	167,821
Current income tax payable						$	11,331					$	14,523

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,
						2024						2023
Deferred income tax assets:
Accrued expenses						$	102,618					$	146,945
Deferred compensation						54,314						47,931
Stock-based compensation						11,107						11,628
Pension and postretirement benefits						34,895						28,585
Net operating loss and other carryforwards						9,621						16,984
Research and development expenditures and indirect effects						248,147						599,381
State tax credits						108						11,516
Operating lease liabilities						63,781						69,604
Other						10,261						9,100
Total gross deferred income tax assets						534,852						941,674
Less: Valuation allowance						(8,078)						(11,788)
Total net deferred income tax assets						526,774						929,886
Deferred income tax liabilities:
Unbilled receivables						(131,919)						(177,321)
Intangible assets						(93,207)						(88,858)
Property and equipment						(25,725)						(34,905)
Operating lease right-of-use assets						(45,022)						(48,939)
Other						(3,730)						(6,083)
Total deferred income tax liabilities						(299,603)						(356,106)
Net deferred income tax asset						$	227,171					$	573,780

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,
						2024						2023						2022
Beginning of year						$	547,885					$	78,519					$	62,742
Increases in prior year position						40,704						—						2,620
Increases in current year position						13,352						470,881						13,530
Decreases in prior year position						(473,848)						(1,328)						(373)
Settlements with taxing authorities						(23,696)						—						—
Lapse of statute of limitations						(234)						(187)						—
End of year						$	104,163					$	547,885					$	78,519

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