v3.25.1
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2025
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,
 202520242023
Current
U.S. Federal$280 $229 $355 
State and local90 117 87 
Foreign5 3 9 
Total current375 349 451 
Deferred
U.S. Federal(73)(94)(300)
State and local(18)(6)(50)
Foreign— (1)(4)
Total deferred(91)(101)(354)
Total$284 $248 $97 
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,
 202520242023
Income tax expense computed at U.S. federal statutory rate$256 $179 $77 
Increases (reductions) resulting from:
State and local income taxes, net of federal tax55 85 33 
Foreign income taxes, net of federal tax— (8)5 
Non-deductible expenses, including non-deductible penalties7 5 35 
Excess tax benefits from stock-based compensation(6)(10)(5)
Research and development and other federal credits(40)(31)(33)
Executive compensation -162(m)7 6 4 
Foreign-Derived Intangible Income (FDII)(13)(14)(16)
Changes in uncertain tax positions (including indirect effects)27 38 (6)
Other(9)(2)3 
Income tax expense from operations$284 $248 $97 
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,
 20252024
Current income tax receivable
$76 $47 
Long term income tax receivable
$152 $152 
Current income tax payable
$10 $11 
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,
 20252024
Deferred income tax assets:
Accrued expenses$66 $103 
Deferred compensation59 54 
Stock-based compensation12 11 
Postretirement benefits47 35 
Net operating loss and other carryforwards9 10 
Research and development expenditures and indirect effects335 248 
State tax credits1 — 
Operating lease liabilities62 64 
Other12 10 
Total gross deferred income tax assets603 535 
Less: Valuation allowance(9)(8)
Total net deferred income tax assets594 527 
Deferred income tax liabilities:
Unbilled receivables(89)(132)
Intangible assets(100)(93)
Property and equipment(25)(26)
Operating lease right-of-use assets(46)(45)
Other(2)(4)
Total deferred income tax liabilities(262)(300)
Net deferred income tax asset$332 $227 
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,
 202520242023
Beginning of year$104 $548 $79 
Increases in prior year position4 41 — 
Increases in current year position17 13 470 
Decreases in prior year position— (474)(1)
Settlements with taxing authorities— (24)— 
Lapse of statute of limitations— — — 
End of year$125 $104 $548