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Revenue | 12 Months Ended
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Mar. 31, 2025
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue For each of the fiscal years 2025, 2024, and 2023, approximately 98%, 98%, and 97%, respectively, of the Company’s revenue was generated from contracts with an agency or department of the U.S. government, including contracts where the Company performed either as a prime contractor or subcontractor, and regardless of the geographic location in which the work was performed. Disaggregation of Revenue We disaggregate our revenue from contracts with customers by contract type and by customer type, as well as by 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Fiscal Year Ended March 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
Cost-reimbursable |  |  |  |  |  |  | $ | 6,865 |  | 57% |  | $ | 5,874 |  | 55% |  | $ | 4,909 |  | 53%
Time-and-materials |  |  |  |  |  |  | 2,707 |  | 23% |  | 2,530 |  | 24% |  | 2,297 |  | 25%
Fixed-price |  |  |  |  |  |  | 2,408 |  | 20% |  | 2,258 |  | 21% |  | 2,053 |  | 22%
Total Revenue |  |  |  |  |  |  | $ | 11,980 |  | 100% |  | $ | 10,662 |  | 100% |  | $ | 9,259 |  | 100%
Revenue by Customer Type (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Fiscal Year Ended March 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
Defense Customers |  |  |  |  |  |  | $ | 5,943 |  | 49% |  | $ | 5,061 |  | 47% |  | $ | 4,230 |  | 46%
Intelligence Customers |  |  |  |  |  |  | 1,867 |  | 16% |  | 1,763 |  | 17% |  | 1,684 |  | 18%
Civil Customers (2) |  |  |  |  |  |  | 4,170 |  | 35% |  | 3,838 |  | 36% |  | 3,345 |  | 36%
Total Revenue |  |  |  |  |  |  | $ | 11,980 |  | 100% |  | $ | 10,662 |  | 100% |  | $ | 9,259 |  | 100%
(1) Customer type is based on public market as defined by government agency hierarchy mapping. 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. Comparative periods revenue by customer type has been reclassified to reflect the changes. (2) Beginning in fiscal 2025, Civil Customers includes revenue from Global Commercial Customers, which was previously separately reported. Prior periods’ revenues have been reclassified to reflect this change.
Revenue by Whether the Company Acts as Prime Contractor or a Subcontractor:
|  |  | Fiscal Year Ended March 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
Prime Contractor |  |  |  |  |  |  | $ | 11,397 |  | 95% |  | $ | 10,143 |  | 95% |  | $ | 8,756 |  | 95%
Subcontractor |  |  |  |  |  |  | 583 |  | 5% |  | 519 |  | 5% |  | 503 |  | 5%
Total Revenue |  |  |  |  |  |  | $ | 11,980 |  | 100% |  | $ | 10,662 |  | 100% |  | $ | 9,259 |  | 100%
Performance Obligations As of March 31, 2025 and 2024, the Company had $9.5 billion and $8.7 billion of remaining performance obligations, respectively. We expect to recognize approximately 65% of the remaining performance obligations as of March 31, 2025 as revenue over the next 12 months, and approximately 70% over the next 24 months. The remainder is expected to be recognized thereafter. Contract Balances The following table summarizes the contract assets and liabilities, and accounts receivable, net of allowance recognized on the Company’s consolidated balance sheets:
| March 31,
| 2025 |  | 2024
Current assets: |  |  |
Accounts receivable–billed | $ | 781 |  |  | $ | 700 |
Accounts receivable–unbilled (contract assets) | 1,491 |  |  | 1,347 |
Allowance for credit losses | (1) |  |  | — |
Accounts receivable, net | 2,271 |  |  | 2,047 |
Other long-term assets: |  |  |
Accounts receivable–unbilled (contract assets) | 58 |  |  | 57 |
Total accounts receivable, net | $ | 2,329 |  |  | $ | 2,104 |
Other current liabilities |  |  |
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities) | $ | 18 |  |  | $ | 16 |
To determine revenue recognized from contract liabilities during the reporting periods, the Company allocates revenue recognized during the period to the beginning balances of individual contract liabilities first, until the revenue exceeds the liability balances. For fiscal 2025, 2024 and 2023, we recognized revenue of $12 million, $17 million and $24 million, respectively, related to our contract liabilities on April 1, 2024, 2023 and 2022, respectively.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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