CACI INTERNATIONAL INC /DE/, 10-Q filed on 1/25/2024
Quarterly Report
v3.23.4
Cover - shares
 6 Months Ended
Dec. 31, 2023
Jan. 11, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2023  
Document Transition Report false  
Entity File Number 001-31400  
Entity Registrant Name CACI International Inc  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 54-1345888  
Entity Address, Address Line One 12021 Sunset Hills Road  
Entity Address, City or Town Reston  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 20190  
City Area Code 703  
Local Phone Number 841-7800  
Title of 12(b) Security Common Stock  
Trading Symbol CACI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   22,285,108
Entity Central Index Key 0000016058  
Current Fiscal Year End Date --06-30  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.23.4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]        
Revenues $ 1,833,934 $ 1,649,416 $ 3,684,081 $ 3,255,175
Costs of revenues:        
Direct costs 1,255,251 1,094,314 2,528,169 2,150,086
Indirect costs and selling expenses 409,355 388,303 813,988 770,384
Depreciation and amortization 36,023 35,932 71,270 71,035
Total costs of revenues 1,700,629 1,518,549 3,413,427 2,991,505
Income from operations 133,305 130,867 270,654 263,670
Interest expense and other, net 27,519 19,942 53,090 36,135
Income before income taxes 105,786 110,925 217,564 227,535
Income taxes 21,916 23,824 47,647 51,309
Net income $ 83,870 $ 87,101 $ 169,917 $ 176,226
Basic earnings per share (in dollars per shares) $ 3.76 $ 3.71 $ 7.56 $ 7.51
Diluted earnings per share (in dollars per shares) $ 3.74 $ 3.68 $ 7.50 $ 7.44
Weighted-average basic shares outstanding (in shares) 22,282 23,506 22,464 23,463
Weighted-average diluted shares outstanding (in shares) 22,407 23,676 22,650 23,677
v3.23.4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 83,870 $ 87,101 $ 169,917 $ 176,226
Other comprehensive income (loss):        
Foreign currency translation adjustment 11,446 17,123 2,245 (366)
Change in fair value of interest rate swap agreements, net of tax (19,222) (1,516) (13,790) 14,013
Total other comprehensive income (loss), net of tax (7,776) 15,607 (11,545) 13,647
Comprehensive income $ 76,094 $ 102,708 $ 158,372 $ 189,873
v3.23.4
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Jun. 30, 2023
Current assets:    
Cash and cash equivalents $ 128,851 $ 115,776
Accounts receivable, net 947,452 894,946
Prepaid expenses and other current assets 227,501 199,315
Total current assets 1,303,804 1,210,037
Goodwill 4,106,113 4,084,705
Intangible assets, net 474,964 507,835
Property, plant and equipment, net 190,199 199,519
Operating lease right-of-use assets 309,084 312,989
Supplemental retirement savings plan assets 97,559 96,739
Accounts receivable, long-term 12,409 11,857
Other long-term assets 164,310 177,127
Total assets 6,658,442 6,600,808
Current liabilities:    
Current portion of long-term debt 61,250 45,938
Accounts payable 298,544 198,177
Accrued compensation and benefits 248,187 372,354
Other accrued expenses and current liabilities 378,145 377,502
Total current liabilities 986,126 993,971
Long-term debt, net of current portion 1,713,413 1,650,443
Supplemental retirement savings plan obligations, net of current portion 112,514 104,912
Deferred income taxes 55,293 120,545
Operating lease liabilities, noncurrent 323,919 329,432
Other long-term liabilities 231,553 177,171
Total liabilities 3,422,818 3,376,474
COMMITMENTS AND CONTINGENCIES (NOTE 9)
Shareholders’ equity:    
Preferred stock $0.10 par value, 10,000 shares authorized, no shares issued or outstanding 0 0
Common stock $0.10 par value, 80,000 shares authorized; 43,027 shares issued and 22,285 outstanding at December 31, 2023 and 42,923 shares issued and 22,797 outstanding at June 30, 2023 4,303 4,292
Additional paid-in capital 602,613 546,334
Retained earnings 4,110,533 3,940,616
Accumulated other comprehensive loss (16,596) (5,051)
Treasury stock, at cost (20,742 and 20,126 shares, respectively) (1,465,364) (1,261,992)
Total CACI shareholders’ equity 3,235,489 3,224,199
Noncontrolling interest 135 135
Total shareholders’ equity 3,235,624 3,224,334
Total liabilities and shareholders’ equity $ 6,658,442 $ 6,600,808
v3.23.4
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2023
Jun. 30, 2023
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.10 $ 0.10
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized (in shares) 80,000,000 80,000,000
Common stock, shares issued (in shares) 43,027,000 42,923,000
Common stock, shares outstanding (in shares) 22,285,000 22,797,000
Treasury stock, shares at cost (in shares) 20,742,000 20,126,000
v3.23.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 169,917 $ 176,226
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 71,270 71,035
Amortization of deferred financing costs 1,095 1,126
Non-cash lease expense 33,835 34,909
Stock-based compensation expense 22,949 20,196
Deferred income taxes (25,770) (48,320)
Changes in operating assets and liabilities, net of effect of business acquisitions:    
Accounts receivable, net (50,642) 55,518
Prepaid expenses and other assets (28,703) (30,322)
Accounts payable and other accrued expenses 90,769 28,157
Accrued compensation and benefits (124,640) (59,917)
Income taxes payable and receivable 2,879 (5,110)
Operating lease liabilities (38,206) (40,050)
Long-term liabilities 17,099 3,642
Net cash provided by operating activities 141,852 207,090
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (29,410) (25,670)
Acquisitions of businesses, net of cash acquired (10,869) 0
Other 1,974 0
Net cash used in investing activities (38,305) (25,670)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings under bank credit facilities 1,531,500 1,101,500
Principal payments made under bank credit facilities (1,454,313) (1,269,813)
Proceeds from employee stock purchase plans 5,848 5,288
Repurchases of common stock (155,765) (5,286)
Payment of taxes for equity transactions (18,061) (13,269)
Net cash used in financing activities (90,791) (181,580)
Effect of exchange rate changes on cash and cash equivalents 319 94
Net change in cash and cash equivalents 13,075 (66)
Cash and cash equivalents, beginning of period 115,776 114,804
Cash and cash equivalents, end of period 128,851 114,738
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for income taxes, net of refunds 60,381 100,400
Cash paid during the period for interest 46,986 27,654
Non-cash financing and investing activities:    
Accrued capital expenditures 1,769 736
Landlord sponsored tenant incentives $ 2,693 $ 1,908
v3.23.4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Total CACI Shareholders’ Equity
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Noncontrolling Interest
Beginning balance (in shares) at Jun. 30, 2022     42,820,000          
Beginning balance at Jun. 30, 2022 $ 3,053,543 $ 3,053,408 $ 4,282 $ 571,650 $ 3,555,881 $ (31,076) $ (1,047,329) $ 135
Beginning balance (in shares) at Jun. 30, 2022             19,404,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 176,226 176,226     176,226      
Stock-based compensation expense 20,196 20,196   20,196        
Tax withholdings on restricted share vestings (in shares)     91,000          
Tax withholdings on restricted share vestings (13,106) (13,106) $ 9 (13,115)        
Other comprehensive (loss) income, net of tax 13,647 13,647       13,647    
Repurchases of common stock (5,286) (5,286)   (325)     $ (4,961)  
Repurchases of common stock (in shares)             19,000  
Treasury stock issued under stock purchase plans 5,026 5,026   64     $ 4,962  
Treasury stock issued under stock purchase plans (in shares)             (19,000)  
Ending balance (in shares) at Dec. 31, 2022     42,911,000          
Ending balance at Dec. 31, 2022 3,250,246 3,250,111 $ 4,291 578,470 3,732,107 (17,429) $ (1,047,328) 135
Ending balance (in shares) at Dec. 31, 2022             19,404,000  
Beginning balance (in shares) at Sep. 30, 2022     42,826,000          
Beginning balance at Sep. 30, 2022 3,148,570 3,148,435 $ 4,283 579,511 3,645,006 (33,036) $ (1,047,329) 135
Beginning balance (in shares) at Sep. 30, 2022             19,404,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 87,101 87,101     87,101      
Stock-based compensation expense 11,757 11,757   11,757        
Tax withholdings on restricted share vestings (in shares)     85,000          
Tax withholdings on restricted share vestings (12,671) (12,671) $ 8 (12,679)        
Other comprehensive (loss) income, net of tax 15,607 15,607       15,607    
Repurchases of common stock (2,639) (2,639)   (143)     $ (2,496)  
Repurchases of common stock (in shares)             10,000  
Treasury stock issued under stock purchase plans 2,521 2,521   24     $ 2,497  
Treasury stock issued under stock purchase plans (in shares)             (10,000)  
Ending balance (in shares) at Dec. 31, 2022     42,911,000          
Ending balance at Dec. 31, 2022 $ 3,250,246 3,250,111 $ 4,291 578,470 3,732,107 (17,429) $ (1,047,328) 135
Ending balance (in shares) at Dec. 31, 2022             19,404,000  
Beginning balance (in shares) at Jun. 30, 2023 42,923,000   42,923,000          
Beginning balance at Jun. 30, 2023 $ 3,224,334 3,224,199 $ 4,292 546,334 3,940,616 (5,051) $ (1,261,992) 135
Beginning balance (in shares) at Jun. 30, 2023 20,126,000           20,126,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income $ 169,917 169,917     169,917      
Stock-based compensation expense 22,949 22,949   22,949        
Tax withholdings on restricted share vestings (in shares)     104,000          
Tax withholdings on restricted share vestings (17,928) (17,928) $ 11 (17,939)        
Other comprehensive (loss) income, net of tax (11,545) (11,545)       (11,545)    
Repurchases of common stock (157,445) (157,445)   51,231     $ (208,676)  
Repurchases of common stock (in shares)             633,000  
Treasury stock issued under stock purchase plans $ 5,342 5,342   38     $ 5,304  
Treasury stock issued under stock purchase plans (in shares)             (17,000)  
Ending balance (in shares) at Dec. 31, 2023 43,027,000   43,027,000          
Ending balance at Dec. 31, 2023 $ 3,235,624 3,235,489 $ 4,303 602,613 4,110,533 (16,596) $ (1,465,364) 135
Ending balance (in shares) at Dec. 31, 2023 20,742,000           20,742,000  
Beginning balance (in shares) at Sep. 30, 2023     42,929,000          
Beginning balance at Sep. 30, 2023 $ 3,164,033 3,163,898 $ 4,293 594,885 4,026,663 (8,820) $ (1,453,123) 135
Beginning balance (in shares) at Sep. 30, 2023             20,703,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 83,870 83,870     83,870      
Stock-based compensation expense 12,925 12,925   12,925        
Tax withholdings on restricted share vestings (in shares)     98,000          
Tax withholdings on restricted share vestings (17,331) (17,331) $ 10 (17,341)        
Other comprehensive (loss) income, net of tax (7,776) (7,776)       (7,776)    
Repurchases of common stock (2,788) (2,788)   12,144     $ (14,932)  
Repurchases of common stock (in shares)             48,000  
Treasury stock issued under stock purchase plans $ 2,691 2,691         $ 2,691  
Treasury stock issued under stock purchase plans (in shares)             (9,000)  
Ending balance (in shares) at Dec. 31, 2023 43,027,000   43,027,000          
Ending balance at Dec. 31, 2023 $ 3,235,624 $ 3,235,489 $ 4,303 $ 602,613 $ 4,110,533 $ (16,596) $ (1,465,364) $ 135
Ending balance (in shares) at Dec. 31, 2023 20,742,000           20,742,000  
v3.23.4
Basis of Presentation
 6 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of CACI International Inc and subsidiaries (CACI or the Company) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and include the assets, liabilities, results of operations, comprehensive income and cash flows for the Company, including its subsidiaries and ventures that are majority-owned or otherwise controlled by the Company. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading. All intercompany balances and transactions have been eliminated in consolidation.
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and amounts included in other current assets and current liabilities that meet the definition of a financial instrument approximate fair value because of the short-term nature of these amounts. The fair value of the Company’s debt outstanding as of December 31, 2023 under its bank credit facility approximates its carrying value. The fair value of the Company’s debt under its bank credit facility was estimated using Level 2 inputs based on market data of companies with a corporate rating similar to CACI’s that have recently priced credit facilities.
In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments and reclassifications (all of which are of a normal, recurring nature) that are necessary for the fair presentation of the periods presented. It is suggested that these unaudited consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s latest annual report to the SEC on Form 10-K for the year ended June 30, 2023. The results of operations for the three and six months ended December 31, 2023 are not necessarily indicative of the results to be expected for any subsequent interim period or for the full fiscal year.
v3.23.4
Recent Accounting Pronouncements
 6 Months Ended
Dec. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
Accounting Standards Updates Issued but Not Yet Adopted
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses and other segment items in annual and interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. We are currently evaluating the impacts of the new standard.
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and should be applied prospectively. Retrospective application is permitted. We are currently evaluating the impacts of the new standard.
Accounting Standards Updates Adopted
There have been no recently adopted accounting pronouncements that are material to the Company's consolidated financial statements.
v3.23.4
Acquisition
 6 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisition Acquisition
During the second quarter of fiscal 2024, CACI Limited completed the acquisition of a digital transformation business in the United Kingdom that provides user experience, software development and digital optimization expertise to government and commercial organizations. The purchase consideration was approximately $25.5 million, net of cash acquired, which includes initial cash payments, deferred consideration, and estimated contingent consideration. The Company preliminarily recognized fair values of the assets acquired and liabilities assumed and allocated $19.9 million to goodwill and $3.6 million to intangible assets. At December 31, 2023, the Company had not finalized the determination of fair values allocated to assets and liabilities.
v3.23.4
Goodwill and Intangible Assets
 6 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The changes in the carrying amount of goodwill for the six months ended December 31, 2023 are as follows (in thousands):
Domestic International Total
Balance at June 30, 2023$3,940,064 $144,641 $4,084,705 
Goodwill acquired (1)— 19,280 19,280 
Foreign currency translation418 1,710 2,128 
Balance at December 31, 2023$3,940,482 $165,631 $4,106,113 
__________________________________________________
(1)Includes goodwill initially allocated to new business combinations as well as measurement period adjustments, when applicable. The final purchase price allocations for our fiscal 2024 and 2023 acquisitions remain open as of December 31, 2023.
There were no impairments of goodwill during the periods presented.
Intangible Assets
Intangible assets consisted of the following (in thousands):
December 31, 2023June 30, 2023
Gross carrying valueAccumulated
amortization 		Net carrying
value		Gross carrying
value		Accumulated
amortization 		Net carrying
value
Customer contracts and related customer relationships$659,629 $(333,206)$326,423 $655,877 $(313,745)$342,132 
Acquired technologies276,746 (128,205)148,541 277,180 (111,477)165,703 
Total intangible assets$936,375 $(461,411)$474,964 $933,057 $(425,222)$507,835 
Amortization expense related to intangible assets was $18.4 million and $36.8 million for the three and six months ended December 31, 2023, respectively, and $19.1 million and $38.2 million for the three and six months ended December 31, 2022, respectively.
v3.23.4
Revenues and Contract Balances
 6 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenues and Contract Balances Revenues and Contract Balances
Disaggregation of Revenues
The Company disaggregates revenues by contract type, customer type, prime vs. subcontractor, and whether the solution provided is primarily Expertise or Technology. These categories represent how the nature, amount, timing, and uncertainty of revenues and cash flows are affected.
Disaggregated revenues by contract type were as follows (in thousands):
Three Months Ended December 31, 2023Six Months Ended December 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$1,102,474 $— $1,102,474 $2,236,909 $— $2,236,909 
Fixed-price485,086 34,458 519,544 952,302 69,319 1,021,621 
Time-and-materials192,448 19,468 211,916 385,965 39,586 425,551 
Total$1,780,008 $53,926 $1,833,934 $3,575,176 $108,905 $3,684,081 
Three Months Ended December 31, 2022Six Months Ended December 31, 2022
DomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$953,344 $— $953,344 $1,888,090 $— $1,888,090 
Fixed-price478,201 31,155 509,356 926,763 64,366 991,129 
Time-and-materials173,630 13,086 186,716 349,217 26,739 375,956 
Total$1,605,175 $44,241 $1,649,416 $3,164,070 $91,105 $3,255,175 
Disaggregated revenues by customer type were as follows (in thousands):
Three Months Ended December 31, 2023Six Months Ended December 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Department of Defense$1,358,509 $— $1,358,509 $2,710,815 $— $2,710,815 
Federal civilian agencies389,942 — 389,942 797,286 — 797,286 
Commercial and other31,557 53,926 85,483 67,075 108,905 175,980 
Total$1,780,008 $53,926 $1,833,934 $3,575,176 $108,905 $3,684,081 
Three Months Ended December 31, 2022Six Months Ended December 31, 2022
DomesticInternationalTotalDomesticInternationalTotal
Department of Defense$1,160,060 $— $1,160,060 $2,255,380 $— $2,255,380 
Federal civilian agencies399,768 — 399,768 823,855 — 823,855 
Commercial and other45,347 44,241 89,588 84,835 91,105 175,940 
Total$1,605,175 $44,241 $1,649,416 $3,164,070 $91,105 $3,255,175 
Disaggregated revenues by prime vs. subcontractor were as follows (in thousands):
Three Months Ended December 31, 2023Six Months Ended December 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Prime contractor$1,588,589 $47,788 $1,636,377 $3,189,680 $96,059 $3,285,739 
Subcontractor191,419 6,138 197,557 385,496 12,846 398,342 
Total$1,780,008 $53,926 $1,833,934 $3,575,176 $108,905 $3,684,081 
Three Months Ended December 31, 2022Six Months Ended December 31, 2022
DomesticInternationalTotalDomesticInternationalTotal
Prime contractor$1,420,367 $40,472 $1,460,839 $2,827,821 $83,328 $2,911,149 
Subcontractor184,808 3,769 188,577 336,249 7,777 344,026 
Total$1,605,175 $44,241 $1,649,416 $3,164,070 $91,105 $3,255,175 
Disaggregated revenues by expertise or technology were as follows (in thousands):
Three Months Ended December 31, 2023Six Months Ended December 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Expertise$830,647 $18,894 $849,541 $1,687,843 $39,792 $1,727,635 
Technology949,361 35,032 984,393 1,887,333 69,113 1,956,446 
Total$1,780,008 $53,926 $1,833,934 $3,575,176 $108,905 $3,684,081 
Three Months Ended December 31, 2022Six Months Ended December 31, 2022
DomesticInternationalTotalDomesticInternationalTotal
Expertise$725,503 $16,117 $741,620 $1,443,153 $32,670 $1,475,823 
Technology879,672 28,124 907,796 1,720,917 58,435 1,779,352 
Total$1,605,175 $44,241 $1,649,416 $3,164,070 $91,105 $3,255,175 
Changes in Estimates
Aggregate net changes in estimates for the three and six months ended December 31, 2023 reflected an increase to income before income taxes of $14.6 million ($0.49 per diluted share) and $17.0 million ($0.56 per diluted share), respectively, compared with $5.8 million ($0.18 per diluted share) and $11.5 million ($0.36 per diluted share), for the three and six months ended December 31, 2022. The Company uses its statutory tax rate when calculating the impact to diluted earnings per share.
Revenues recognized from previously satisfied performance obligations were not material for the three and six months ended December 31, 2023 and 2022, respectively. The change in revenues recognized from previously satisfied performance obligations generally relates to final true-up adjustments for estimated award or incentive fees in the period in which the customer’s final performance score was received or when it can be determined that more objective, contractually-defined criteria have been fully satisfied.
Remaining Performance Obligations
As of December 31, 2023, the Company had $9.8 billion of remaining performance obligations and expects to recognize approximately 45% and 65% as revenue over the next 12 and 24 months, respectively, with the remainder to be recognized thereafter.
Contract Balances
Contract balances consisted of the following (in thousands):
Description of Contract Related BalanceFinancial Statement ClassificationDecember 31, 2023June 30, 2023
Billed and billable receivablesAccounts receivable, net$792,647 $763,547 
Contract assets – current unbilled receivablesAccounts receivable, net154,805 131,399 
Contract assets – current costs to obtainPrepaid expenses and other current assets5,684 5,163 
Contract assets – noncurrent unbilled receivablesAccounts receivable, long-term12,409 11,857 
Contract assets – noncurrent costs to obtainOther long-term assets10,598 8,294 
Contract liabilities – current deferred revenue and other contract liabilitiesOther accrued expenses and current liabilities(128,861)(138,469)
Contract liabilities – noncurrent deferred revenue and other contract liabilitiesOther long-term liabilities(5,393)(5,522)
During the three and six months ended December 31, 2023, we recognized $30.0 million and $94.4 million of revenues, respectively, compared with $7.6 million and $58.1 million of revenues for the three and six months ended December 31, 2022, that was included in a previously recorded contract liability as of the beginning of the period.
v3.23.4
Inventories
 6 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consisted of the following (in thousands):
December 31, 2023June 30, 2023
Materials, purchased parts and supplies$93,506 $78,691 
Work in process14,142 21,894 
Finished goods30,905 30,006 
Total$138,553 $130,591 
Inventories are stated at the lower of cost (average cost or first-in, first-out) or net realizable value and are included in prepaid expenses and other current assets on the accompanying consolidated balance sheets.
v3.23.4
Sales of Receivables
 6 Months Ended
Dec. 31, 2023
Transfers and Servicing of Financial Assets [Abstract]  
Sales of Receivables Sales of Receivables
On December 20, 2023, the Company amended its Master Accounts Receivable Purchase Agreement (MARPA) with MUFG Bank, Ltd. (Purchaser), for the sale of certain designated eligible U.S. government receivables. The amendment extended the term of the MARPA to December 20, 2024. Under the MARPA, the Company can sell eligible receivables, including certain billed and unbilled receivables up to a maximum amount of $250.0 million. The Company’s receivables are sold under the MARPA without recourse for any U.S. government credit risk.
The Company accounts for receivable transfers under the MARPA as sales under ASC 860, Transfers and Servicing, and derecognizes the sold receivables from its balance sheets. The fair value of the sold receivables approximated their book value due to their short-term nature.
The Company does not retain an ongoing financial interest in the transferred receivables other than cash collection and administrative services. The Company estimated that its servicing fee was at fair value and therefore no servicing asset or liability related to these receivables was recognized as of December 31, 2023. Proceeds from the sold receivables are reflected in operating cash flows on the statement of cash flows.
MARPA activity consisted of the following (in thousands):
As of and for the
Six Months Ended December 31,
20232022
Beginning balance:$200,000 $157,785 
Sales of receivables1,518,549 1,460,825 
Cash collections(1,553,194)(1,418,648)
Outstanding balance sold to Purchaser: (1)165,355 199,962 
Cash collected, not remitted to Purchaser (2)(55,492)(59,827)
Remaining sold receivables$109,863 $140,135 
__________________________________________________
(1)For the six months ended December 31, 2023 and 2022, the Company recorded a net cash outflow of $(34.6) million and a net cash inflow of $42.2 million in its cash flows from operating activities, respectively, from sold receivables. MARPA cash flows are calculated as the change in the outstanding balance during the fiscal year.
(2)Includes the cash collected on behalf of but not yet remitted to Purchaser as of December 31, 2023 and 2022. This balance is included in other accrued expenses and current liabilities as of the balance sheet date.
v3.23.4
Debt
 6 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt consisted of the following (in thousands):
December 31, 2023June 30, 2023
Bank credit facility – term loans$1,163,750 $1,179,063 
Bank credit facility – revolver loans617,500 525,000 
Principal amount of long-term debt1,781,250 1,704,063 
Less unamortized discounts and debt issuance costs(6,587)(7,682)
Total long-term debt1,774,663 1,696,381 
Less current portion(61,250)(45,938)
Long-term debt, net of current portion$1,713,413 $1,650,443 
Bank Credit Facility
On December 13, 2021, the Company amended its credit facility (the Credit Facility) primarily to extend the maturity date, increase borrowing capacity, and improve pricing. As amended, the Company’s $3,200.0 million Credit Facility consists of a $1,975.0 million revolving credit facility (the Revolving Facility) and a $1,225.0 million term loan (the Term Loan). The Revolving Facility has subfacilities of $100.0 million for same-day swing line loan borrowings and $25.0 million for stand-by letters of credit.
The Revolving Facility is a secured facility that permits continuously renewable borrowings of up to $1,975.0 million. As of December 31, 2023, the Company had $617.5 million outstanding under the Revolving Facility and no borrowings on the swing line. The Company pays a quarterly facility fee for the unused portion of the Revolving Facility.
The Term Loan is a five-year secured facility under which principal payments are due in quarterly installments of $7.7 million through December 31, 2023 and $15.3 million thereafter until the balance is due in full on December 13, 2026. As of December 31, 2023, the Company had $1,163.8 million outstanding under the Term Loan.
The interest rates applicable to loans under the Credit Facility are floating interest rates that, at the Company’s option, equal a base rate or a Secured Overnight Financing Rate (SOFR) rate plus, in each case, an applicable margin based upon the Company’s consolidated total net leverage ratio. As of December 31, 2023, the effective interest rate, including the impact of the Company’s floating-to-fixed interest rate swap agreements and excluding the effect of amortization of debt financing costs, for the outstanding borrowings under the Credit Facility was 4.96%.
The Credit Facility requires the Company to comply with certain financial covenants, including a maximum total leverage ratio and a minimum interest coverage ratio. The Credit Facility also includes customary negative covenants restricting or limiting the Company’s ability to guarantee or incur additional indebtedness, grant liens or other security interests to third parties, make loans or investments, transfer assets, declare dividends or redeem or repurchase capital stock or make other distributions, prepay subordinated indebtedness and engage in mergers, acquisitions or other business combinations, in each case except as expressly permitted under the Credit Facility. As of December 31, 2023, the Company was in compliance with all of the financial covenants. A majority of the Company’s assets serve as collateral under the Credit Facility.
All debt issuance costs are being amortized from the date incurred to the expiration date of the Credit Facility.
Cash Flow Hedges
The Company periodically uses derivative financial instruments as part of a strategy to manage exposure to market risks associated with interest rate fluctuations. The Company has entered into several floating-to-fixed interest rate swap agreements for an aggregate notional amount of $1,100.0 million which hedge a portion of the Company’s floating rate indebtedness. The swaps mature at various dates through 2028. The Company has designated the swaps as cash flow hedges. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. The interest rate swap agreements are highly correlated to the changes in interest rates to which the Company is exposed. Realized gains and losses in connection with each required interest payment are reclassified from accumulated other comprehensive income or loss to interest expense. The Company does not hold or issue derivative financial instruments for trading purposes.
The effect of derivative instruments in the consolidated statements of operations and accumulated other comprehensive loss for the three and six months ended December 31, 2023 and 2022 is as follows (in thousands):
Three Months Ended December 31,Six Months Ended December 31,
2023202220232022
Gain (loss) recognized in other comprehensive income$(12,295)$904 $(122)$16,490 
Amounts reclassified to earnings from accumulated other comprehensive loss(6,927)(2,420)(13,668)(2,477)
Net current period other comprehensive income (loss)$(19,222)$(1,516)$(13,790)$14,013 
v3.23.4
Legal Proceedings and Other Commitments and Contingencies
 6 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Legal Proceedings and Other Commitments and Contingencies Legal Proceedings and Other Commitments and Contingencies
Legal Proceedings
The Company is involved in various claims, lawsuits, and administrative proceedings arising in the normal course of business, none of which, based on current information, are expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows.
Government Contracting
Payments to the Company on cost-plus-fee and time-and-materials contracts are subject to adjustment upon audit by the Defense Contract Audit Agency (DCAA) and other government agencies that do not utilize DCAA’s services. The DCAA has completed audits of the Company’s annual incurred cost proposals through fiscal year 2022. The Company is still negotiating the results of prior years’ audits with the respective cognizant contracting officers and believes its reserves for such are adequate. Adjustments that may result from these audits and the audits not yet started are not expected to have a material effect on the Company’s financial position, results of operations, or cash flows and the Company has accrued its best estimate of potential disallowances. Additionally, the DCAA continually reviews the cost accounting and other practices of government contractors, including the Company. In the course of those reviews, cost accounting and other issues may be identified, discussed and settled.
v3.23.4
Earnings Per Share
 6 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Earnings per share and the weighted-average number of diluted shares are computed as follows (in thousands, except per share data):
Three Months Ended December 31,Six Months Ended December 31,
2023202220232022
Net income$83,870 $87,101 $169,917 $176,226 
Weighted-average number of basic shares outstanding during the period22,282 23,506 22,464 23,463 
Dilutive effect of RSUs after application of treasury stock method125 170 186 214 
Weighted-average number of diluted shares outstanding during the period22,407 23,676 22,650 23,677 
Basic earnings per share$3.76 $3.71 $7.56 $7.51 
Diluted earnings per share$3.74 $3.68 $7.50 $7.44 
Share Repurchases
On January 26, 2023, the Company’s Board of Directors authorized a share repurchase program of up to $750.0 million of the Company’s common stock (the "2023 Repurchase Program").
On January 30, 2023, CACI entered into an Accelerated Share Repurchase (ASR) Agreement with Citibank, N.A (Citibank). Under the ASR Agreement, we paid $250.0 million to Citibank and received an initial delivery of approximately 0.7 million shares of our common stock, which became treasury shares. On August 4, 2023, the ASR was completed and an additional 0.1 million shares of common stock were received which became treasury shares. In total, 0.8 million shares were repurchased at an average price per share of $303.57.
In addition to the ASR, during the six months ended December 31, 2023, CACI repurchased 0.5 million shares of its outstanding common stock for $150.0 million on the open market at an average share price of $318.99 including commissions paid. The total remaining authorization for future common share repurchases under the 2023 Repurchase Program was $337.3 million as of December 31, 2023.
v3.23.4
Income Taxes
 6 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company is subject to income taxes in the U.S. and various state and foreign jurisdictions. Tax statutes and regulations within each jurisdiction are subject to interpretation and require the application of significant judgment. The Company is currently under examination by the Internal Revenue Service for fiscal years 2017 through 2021 and a state jurisdiction for fiscal years 2019 and 2020. The Company does not expect resolution of these examinations to have a material impact on its results of operations, financial condition, or cash flows.
During fiscal year 2023, a provision of the Tax Cuts and Jobs Act of 2017 (TCJA) went into effect which eliminated the option to deduct domestic research and development costs in the year incurred and instead requires taxpayers to capitalize and amortize such costs over five years. Based upon our interpretation of the law as currently enacted, we estimate that the fiscal 2024 impact will result in increases of $75.3 million to both our income taxes payable and net deferred tax assets. We also estimate a fiscal 2024 increase to our liability for unrecognized tax benefits of $72.9 million, with a corresponding increase to net deferred tax assets. Although it is possible that Congress amends this provision, potentially with retroactive effect, we have no assurance that Congress will take any action with respect to this provision. For the six months ended December 31, 2023, the Company recognized a $35.8 million increase in our liability for unrecognized tax benefits and a $36.9 million increase in income taxes payable, with corresponding increases to net deferred tax assets.
The Company’s effective income tax rate was 20.7% and 21.9% for the three and six months ended December 31, 2023, respectively, and 21.5% and 22.5% for the three and six months ended December 31, 2022, respectively. The effective tax rates for the three and six months ended December 31, 2023, and 2022 were favorably impacted by research and development tax credits, partially offset by the unfavorable impacts of certain executive compensation.
v3.23.4
Business Segments
 6 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company reports operating results and financial data in two segments: domestic operations and international operations. Domestic operations provide Expertise and Technology primarily to U.S. federal government agencies. International operations provide Expertise and Technology primarily to international government and commercial customers.
The Company evaluates the performance of its operating segments based on net income. Summarized financial information for the Company’s reportable segments is as follows (in thousands):
Three Months Ended December 31,Six Months Ended December 31,
2023202220232022
Revenues:
  Domestic$1,780,008 $1,605,175 $3,575,176 $3,164,070 
  International53,926 44,241 108,905 91,105 
Total revenues$1,833,934 $1,649,416 $3,684,081 $3,255,175 
Net income:
  Domestic$74,759 $80,362 $151,303 $160,915 
  International9,111 6,739 18,614 15,311 
Total net income$83,870 $87,101 $169,917 $176,226 
v3.23.4
Fair Value Measurements
 6 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
ASC 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value and categorizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than quoted prices in active markets that are observable, either directly or indirectly, or quoted prices that are not active (Level 2); and unobservable inputs in which there is little or no market data which requires development of assumptions that market participants would use in pricing the asset or liability (Level 3).
The financial instruments measured at fair value on a recurring basis consist of the following (in thousands):
Description of Financial Instrument Financial Statement
Classification		Fair Value
Hierarchy		December 31, 2023June 30, 2023
Fair Value
Contingent considerationOther accrued expenses and current liabilitiesLevel 3$(2,546)$— 
Contingent considerationOther long-term liabilitiesLevel 3$(8,327)$— 
Interest rate swap agreementsOther long-term liabilitiesLevel 2$(250)$— 
Interest rate swap agreementsPrepaid expenses and other current assetsLevel 2$1,438 $17 
Interest rate swap agreementsOther long-term assetsLevel 2$23,600 $43,283 
The Company uses interest rate swap agreements to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves.
The Company recognized contingent consideration liabilities in connection with its current year acquisition, representing potential earnout payments and other contingent payments. The fair values of these liabilities were determined using a valuation model which included an assessment of the most likely outcome, assumptions related to projected earnings of the acquired company and the application of a discount rate when applicable. Fair value of contingent consideration is reassessed quarterly, including an analysis of the significant inputs used in the evaluation, as well as the accretion of the discount. Changes are reflected within indirect costs and selling expenses.
v3.23.4
Subsequent Event
 6 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
On January 11, 2024, the Company entered into an agreement to acquire a business for a purchase price of approximately $67.0 million. The transaction is expected to close during the third quarter of fiscal 2024.
v3.23.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure        
Net income $ 83,870 $ 87,101 $ 169,917 $ 176,226
v3.23.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.23.4
Basis of Presentation (Policies)
 6 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of CACI International Inc and subsidiaries (CACI or the Company) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and include the assets, liabilities, results of operations, comprehensive income and cash flows for the Company, including its subsidiaries and ventures that are majority-owned or otherwise controlled by the Company. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading. All intercompany balances and transactions have been eliminated in consolidation.
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and amounts included in other current assets and current liabilities that meet the definition of a financial instrument approximate fair value because of the short-term nature of these amounts. The fair value of the Company’s debt outstanding as of December 31, 2023 under its bank credit facility approximates its carrying value. The fair value of the Company’s debt under its bank credit facility was estimated using Level 2 inputs based on market data of companies with a corporate rating similar to CACI’s that have recently priced credit facilities.
In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments and reclassifications (all of which are of a normal, recurring nature) that are necessary for the fair presentation of the periods presented. It is suggested that these unaudited consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s latest annual report to the SEC on Form 10-K for the year ended June 30, 2023. The results of operations for the three and six months ended December 31, 2023 are not necessarily indicative of the results to be expected for any subsequent interim period or for the full fiscal year.
Accounting Standards Updates Issued but Not Yet Adopted and Accounting Standards Updates Adopted
Accounting Standards Updates Issued but Not Yet Adopted
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses and other segment items in annual and interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. We are currently evaluating the impacts of the new standard.
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and should be applied prospectively. Retrospective application is permitted. We are currently evaluating the impacts of the new standard.
Accounting Standards Updates Adopted
There have been no recently adopted accounting pronouncements that are material to the Company's consolidated financial statements.
v3.23.4
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amount of goodwill for the six months ended December 31, 2023 are as follows (in thousands):
Domestic International Total
Balance at June 30, 2023$3,940,064 $144,641 $4,084,705 
Goodwill acquired (1)— 19,280 19,280 
Foreign currency translation418 1,710 2,128 
Balance at December 31, 2023$3,940,482 $165,631 $4,106,113 
__________________________________________________
(1)Includes goodwill initially allocated to new business combinations as well as measurement period adjustments, when applicable. The final purchase price allocations for our fiscal 2024 and 2023 acquisitions remain open as of December 31, 2023.
Schedule of Intangible Assets
Intangible assets consisted of the following (in thousands):
December 31, 2023June 30, 2023
Gross carrying valueAccumulated
amortization 		Net carrying
value		Gross carrying
value		Accumulated
amortization 		Net carrying
value
Customer contracts and related customer relationships$659,629 $(333,206)$326,423 $655,877 $(313,745)$342,132 
Acquired technologies276,746 (128,205)148,541 277,180 (111,477)165,703 
Total intangible assets$936,375 $(461,411)$474,964 $933,057 $(425,222)$507,835 
v3.23.4
Revenues and Contract Balances (Tables)
 6 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregated Revenues
Disaggregated revenues by contract type were as follows (in thousands):
Three Months Ended December 31, 2023Six Months Ended December 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$1,102,474 $— $1,102,474 $2,236,909 $— $2,236,909 
Fixed-price485,086 34,458 519,544 952,302 69,319 1,021,621 
Time-and-materials192,448 19,468 211,916 385,965 39,586 425,551 
Total$1,780,008 $53,926 $1,833,934 $3,575,176 $108,905 $3,684,081 
Three Months Ended December 31, 2022Six Months Ended December 31, 2022
DomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$953,344 $— $953,344 $1,888,090 $— $1,888,090 
Fixed-price478,201 31,155 509,356 926,763 64,366 991,129 
Time-and-materials173,630 13,086 186,716 349,217 26,739 375,956 
Total$1,605,175 $44,241 $1,649,416 $3,164,070 $91,105 $3,255,175 
Disaggregated revenues by customer type were as follows (in thousands):
Three Months Ended December 31, 2023Six Months Ended December 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Department of Defense$1,358,509 $— $1,358,509 $2,710,815 $— $2,710,815 
Federal civilian agencies389,942 — 389,942 797,286 — 797,286 
Commercial and other31,557 53,926 85,483 67,075 108,905 175,980 
Total$1,780,008 $53,926 $1,833,934 $3,575,176 $108,905 $3,684,081 
Three Months Ended December 31, 2022Six Months Ended December 31, 2022
DomesticInternationalTotalDomesticInternationalTotal
Department of Defense$1,160,060 $— $1,160,060 $2,255,380 $— $2,255,380 
Federal civilian agencies399,768 — 399,768 823,855 — 823,855 
Commercial and other45,347 44,241 89,588 84,835 91,105 175,940 
Total$1,605,175 $44,241 $1,649,416 $3,164,070 $91,105 $3,255,175 
Disaggregated revenues by prime vs. subcontractor were as follows (in thousands):
Three Months Ended December 31, 2023Six Months Ended December 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Prime contractor$1,588,589 $47,788 $1,636,377 $3,189,680 $96,059 $3,285,739 
Subcontractor191,419 6,138 197,557 385,496 12,846 398,342 
Total$1,780,008 $53,926 $1,833,934 $3,575,176 $108,905 $3,684,081 
Three Months Ended December 31, 2022Six Months Ended December 31, 2022
DomesticInternationalTotalDomesticInternationalTotal
Prime contractor$1,420,367 $40,472 $1,460,839 $2,827,821 $83,328 $2,911,149 
Subcontractor184,808 3,769 188,577 336,249 7,777 344,026 
Total$1,605,175 $44,241 $1,649,416 $3,164,070 $91,105 $3,255,175 
Disaggregated revenues by expertise or technology were as follows (in thousands):
Three Months Ended December 31, 2023Six Months Ended December 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Expertise$830,647 $18,894 $849,541 $1,687,843 $39,792 $1,727,635 
Technology949,361 35,032 984,393 1,887,333 69,113 1,956,446 
Total$1,780,008 $53,926 $1,833,934 $3,575,176 $108,905 $3,684,081 
Three Months Ended December 31, 2022Six Months Ended December 31, 2022
DomesticInternationalTotalDomesticInternationalTotal
Expertise$725,503 $16,117 $741,620 $1,443,153 $32,670 $1,475,823 
Technology879,672 28,124 907,796 1,720,917 58,435 1,779,352 
Total$1,605,175 $44,241 $1,649,416 $3,164,070 $91,105 $3,255,175 
Schedule of Contract Assets and Liabilities
Contract balances consisted of the following (in thousands):
Description of Contract Related BalanceFinancial Statement ClassificationDecember 31, 2023June 30, 2023
Billed and billable receivablesAccounts receivable, net$792,647 $763,547 
Contract assets – current unbilled receivablesAccounts receivable, net154,805 131,399 
Contract assets – current costs to obtainPrepaid expenses and other current assets5,684 5,163 
Contract assets – noncurrent unbilled receivablesAccounts receivable, long-term12,409 11,857 
Contract assets – noncurrent costs to obtainOther long-term assets10,598 8,294 
Contract liabilities – current deferred revenue and other contract liabilitiesOther accrued expenses and current liabilities(128,861)(138,469)
Contract liabilities – noncurrent deferred revenue and other contract liabilitiesOther long-term liabilities(5,393)(5,522)
v3.23.4
Inventories (Tables)
 6 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Schedule of Components of Inventories
Inventories consisted of the following (in thousands):
December 31, 2023June 30, 2023
Materials, purchased parts and supplies$93,506 $78,691 
Work in process14,142 21,894 
Finished goods30,905 30,006 
Total$138,553 $130,591 
v3.23.4
Sales of Receivables (Tables)
 6 Months Ended
Dec. 31, 2023
Transfers and Servicing of Financial Assets [Abstract]  
Schedule of MARPA Activity
MARPA activity consisted of the following (in thousands):
As of and for the
Six Months Ended December 31,
20232022
Beginning balance:$200,000 $157,785 
Sales of receivables1,518,549 1,460,825 
Cash collections(1,553,194)(1,418,648)
Outstanding balance sold to Purchaser: (1)165,355 199,962 
Cash collected, not remitted to Purchaser (2)(55,492)(59,827)
Remaining sold receivables$109,863 $140,135 
__________________________________________________
(1)For the six months ended December 31, 2023 and 2022, the Company recorded a net cash outflow of $(34.6) million and a net cash inflow of $42.2 million in its cash flows from operating activities, respectively, from sold receivables. MARPA cash flows are calculated as the change in the outstanding balance during the fiscal year.
(2)Includes the cash collected on behalf of but not yet remitted to Purchaser as of December 31, 2023 and 2022. This balance is included in other accrued expenses and current liabilities as of the balance sheet date.
v3.23.4
Debt (Tables)
 6 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt consisted of the following (in thousands):
December 31, 2023June 30, 2023
Bank credit facility – term loans$1,163,750 $1,179,063 
Bank credit facility – revolver loans617,500 525,000 
Principal amount of long-term debt1,781,250 1,704,063 
Less unamortized discounts and debt issuance costs(6,587)(7,682)
Total long-term debt1,774,663 1,696,381 
Less current portion(61,250)(45,938)
Long-term debt, net of current portion$1,713,413 $1,650,443 
Schedule of Cash Flow Hedges
The effect of derivative instruments in the consolidated statements of operations and accumulated other comprehensive loss for the three and six months ended December 31, 2023 and 2022 is as follows (in thousands):
Three Months Ended December 31,Six Months Ended December 31,
2023202220232022
Gain (loss) recognized in other comprehensive income$(12,295)$904 $(122)$16,490 
Amounts reclassified to earnings from accumulated other comprehensive loss(6,927)(2,420)(13,668)(2,477)
Net current period other comprehensive income (loss)$(19,222)$(1,516)$(13,790)$14,013 
v3.23.4
Earnings Per Share (Tables)
 6 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Earnings per share and the weighted-average number of diluted shares are computed as follows (in thousands, except per share data):
Three Months Ended December 31,Six Months Ended December 31,
2023202220232022
Net income$83,870 $87,101 $169,917 $176,226 
Weighted-average number of basic shares outstanding during the period22,282 23,506 22,464 23,463 
Dilutive effect of RSUs after application of treasury stock method125 170 186 214 
Weighted-average number of diluted shares outstanding during the period22,407 23,676 22,650 23,677 
Basic earnings per share$3.76 $3.71 $7.56 $7.51 
Diluted earnings per share$3.74 $3.68 $7.50 $7.44 
v3.23.4
Business Segments (Tables)
 6 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Summarized Financial Information of Reportable Segments Summarized financial information for the Company’s reportable segments is as follows (in thousands):
Three Months Ended December 31,Six Months Ended December 31,
2023202220232022
Revenues:
  Domestic$1,780,008 $1,605,175 $3,575,176 $3,164,070 
  International53,926 44,241 108,905 91,105 
Total revenues$1,833,934 $1,649,416 $3,684,081 $3,255,175 
Net income:
  Domestic$74,759 $80,362 $151,303 $160,915 
  International9,111 6,739 18,614 15,311 
Total net income$83,870 $87,101 $169,917 $176,226 
v3.23.4
Fair Value Measurements (Tables)
 6 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Recurring Fair Value Measurements
The financial instruments measured at fair value on a recurring basis consist of the following (in thousands):
Description of Financial Instrument Financial Statement
Classification		Fair Value
Hierarchy		December 31, 2023June 30, 2023
Fair Value
Contingent considerationOther accrued expenses and current liabilitiesLevel 3$(2,546)$— 
Contingent considerationOther long-term liabilitiesLevel 3$(8,327)$— 
Interest rate swap agreementsOther long-term liabilitiesLevel 2$(250)$— 
Interest rate swap agreementsPrepaid expenses and other current assetsLevel 2$1,438 $17 
Interest rate swap agreementsOther long-term assetsLevel 2$23,600 $43,283 
v3.23.4
Acquisition - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2023
Jun. 30, 2023
Business Acquisition [Line Items]    
Goodwill $ 4,106,113 $ 4,084,705
Fiscal Two Thousand Twenty Four Acquisitions    
Business Acquisition [Line Items]    
Purchase consideration 25,500  
Goodwill 19,900  
Identifiable intangible assets $ 3,600  
v3.23.4
Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Details)
$ in Thousands
 6 Months Ended
Dec. 31, 2023
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 4,084,705
Goodwill acquired 19,280
Foreign currency translation 2,128
Ending balance 4,106,113
Domestic  
Goodwill [Roll Forward]  
Beginning balance 3,940,064
Goodwill acquired 0
Foreign currency translation 418
Ending balance 3,940,482
International  
Goodwill [Roll Forward]  
Beginning balance 144,641
Goodwill acquired 19,280
Foreign currency translation 1,710
Ending balance $ 165,631
v3.23.4
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Jun. 30, 2023
Finite Lived Intangible Assets [Line Items]    
Gross carrying value $ 936,375 $ 933,057
Accumulated amortization (461,411) (425,222)
Net carrying value 474,964 507,835
Customer contracts and related customer relationships    
Finite Lived Intangible Assets [Line Items]    
Gross carrying value 659,629 655,877
Accumulated amortization (333,206) (313,745)
Net carrying value 326,423 342,132
Acquired technologies    
Finite Lived Intangible Assets [Line Items]    
Gross carrying value 276,746 277,180
Accumulated amortization (128,205) (111,477)
Net carrying value $ 148,541 $ 165,703
v3.23.4
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 18.4 $ 19.1 $ 36.8 $ 38.2
v3.23.4
Revenues and Contract Balances - Disaggregation of Revenues (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Disaggregation Of Revenue [Line Items]        
Revenues $ 1,833,934 $ 1,649,416 $ 3,684,081 $ 3,255,175
Expertise        
Disaggregation Of Revenue [Line Items]        
Revenues 849,541 741,620 1,727,635 1,475,823
Technology        
Disaggregation Of Revenue [Line Items]        
Revenues 984,393 907,796 1,956,446 1,779,352
Prime contractor        
Disaggregation Of Revenue [Line Items]        
Revenues 1,636,377 1,460,839 3,285,739 2,911,149
Subcontractor        
Disaggregation Of Revenue [Line Items]        
Revenues 197,557 188,577 398,342 344,026
Department of Defense        
Disaggregation Of Revenue [Line Items]        
Revenues 1,358,509 1,160,060 2,710,815 2,255,380
Federal civilian agencies        
Disaggregation Of Revenue [Line Items]        
Revenues 389,942 399,768 797,286 823,855
Commercial and other        
Disaggregation Of Revenue [Line Items]        
Revenues 85,483 89,588 175,980 175,940
Cost-plus-fee        
Disaggregation Of Revenue [Line Items]        
Revenues 1,102,474 953,344 2,236,909 1,888,090
Fixed-price        
Disaggregation Of Revenue [Line Items]        
Revenues 519,544 509,356 1,021,621 991,129
Time-and-materials        
Disaggregation Of Revenue [Line Items]        
Revenues 211,916 186,716 425,551 375,956
Domestic        
Disaggregation Of Revenue [Line Items]        
Revenues 1,780,008 1,605,175 3,575,176 3,164,070
Domestic | Expertise        
Disaggregation Of Revenue [Line Items]        
Revenues 830,647 725,503 1,687,843 1,443,153
Domestic | Technology        
Disaggregation Of Revenue [Line Items]        
Revenues 949,361 879,672 1,887,333 1,720,917
Domestic | Prime contractor        
Disaggregation Of Revenue [Line Items]        
Revenues 1,588,589 1,420,367 3,189,680 2,827,821
Domestic | Subcontractor        
Disaggregation Of Revenue [Line Items]        
Revenues 191,419 184,808 385,496 336,249
Domestic | Department of Defense        
Disaggregation Of Revenue [Line Items]        
Revenues 1,358,509 1,160,060 2,710,815 2,255,380
Domestic | Federal civilian agencies        
Disaggregation Of Revenue [Line Items]        
Revenues 389,942 399,768 797,286 823,855
Domestic | Commercial and other        
Disaggregation Of Revenue [Line Items]        
Revenues 31,557 45,347 67,075 84,835
Domestic | Cost-plus-fee        
Disaggregation Of Revenue [Line Items]        
Revenues 1,102,474 953,344 2,236,909 1,888,090
Domestic | Fixed-price        
Disaggregation Of Revenue [Line Items]        
Revenues 485,086 478,201 952,302 926,763
Domestic | Time-and-materials        
Disaggregation Of Revenue [Line Items]        
Revenues 192,448 173,630 385,965 349,217
International        
Disaggregation Of Revenue [Line Items]        
Revenues 53,926 44,241 108,905 91,105
International | Expertise        
Disaggregation Of Revenue [Line Items]        
Revenues 18,894 16,117 39,792 32,670
International | Technology        
Disaggregation Of Revenue [Line Items]        
Revenues 35,032 28,124 69,113 58,435
International | Prime contractor        
Disaggregation Of Revenue [Line Items]        
Revenues 47,788 40,472 96,059 83,328
International | Subcontractor        
Disaggregation Of Revenue [Line Items]        
Revenues 6,138 3,769 12,846 7,777
International | Department of Defense        
Disaggregation Of Revenue [Line Items]        
Revenues 0 0 0 0
International | Federal civilian agencies        
Disaggregation Of Revenue [Line Items]        
Revenues 0 0 0 0
International | Commercial and other        
Disaggregation Of Revenue [Line Items]        
Revenues 53,926 44,241 108,905 91,105
International | Cost-plus-fee        
Disaggregation Of Revenue [Line Items]        
Revenues 0 0 0 0
International | Fixed-price        
Disaggregation Of Revenue [Line Items]        
Revenues 34,458 31,155 69,319 64,366
International | Time-and-materials        
Disaggregation Of Revenue [Line Items]        
Revenues $ 19,468 $ 13,086 $ 39,586 $ 26,739
v3.23.4
Revenues and Contract Balances - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Change In Accounting Estimate [Line Items]        
Income before income taxes $ 105,786,000 $ 110,925,000 $ 217,564,000 $ 227,535,000
Diluted earnings per share (in dollars per shares) $ 3.74 $ 3.68 $ 7.50 $ 7.44
EAC Adjustments        
Change In Accounting Estimate [Line Items]        
Income before income taxes $ 14,600,000 $ 5,800,000 $ 17,000,000 $ 11,500,000
Diluted earnings per share (in dollars per shares) $ 0.49 $ 0.18 $ 0.56 $ 0.36
Revenue from previously satisfied performance obligations $ 0 $ 0 $ 0 $ 0
v3.23.4
Revenues and Contract Balances - Remaining Performance Obligations (Details)
$ in Billions
Dec. 31, 2023
USD ($)
Remaining Performance Obligations [Line Items]  
Remaining performance obligations $ 9.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01  
Remaining Performance Obligations [Line Items]  
Remaining performance obligations, expected satisfaction, percentage 45.00%
Remaining performance obligations, expected timing of satisfaction 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01  
Remaining Performance Obligations [Line Items]  
Remaining performance obligations, expected satisfaction, percentage 65.00%
Remaining performance obligations, expected timing of satisfaction 24 months
v3.23.4
Revenues and Contract Balances - Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Jun. 30, 2023
Contract with Customer, Asset and Liability [Abstract]    
Billed and billable receivables $ 792,647 $ 763,547
Contract assets – current unbilled receivables 154,805 131,399
Contract assets – current costs to obtain 5,684 5,163
Contract assets – noncurrent unbilled receivables 12,409 11,857
Contract assets – noncurrent costs to obtain 10,598 8,294
Contract liabilities – current deferred revenue and other contract liabilities (128,861) (138,469)
Contract liabilities – noncurrent deferred revenue and other contract liabilities $ (5,393) $ (5,522)
v3.23.4
Revenues and Contract Balances - Change in Contract with Customer Liability (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]        
Liability, revenue recognized $ 30.0 $ 7.6 $ 94.4 $ 58.1
v3.23.4
Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Jun. 30, 2023
Inventory Disclosure [Abstract]    
Materials, purchased parts and supplies $ 93,506 $ 78,691
Work in process 14,142 21,894
Finished goods 30,905 30,006
Total $ 138,553 $ 130,591
v3.23.4
Sales of Receivables - Narrative (Details)
$ in Millions
Dec. 20, 2023
USD ($)
Transfers and Servicing of Financial Assets [Abstract]  
MARPA maximum commitment $ 250.0
v3.23.4
Sales of Receivables - Schedule of MARPA Activity (Details) - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Transfer of Financial Assets Accounted for as Sales, Amount [Roll Forward]    
Beginning balance $ 200,000 $ 157,785
Sales of receivables 1,518,549 1,460,825
Cash collections (1,553,194) (1,418,648)
Outstanding balance sold to Purchaser 165,355 199,962
Cash collected, not remitted to Purchaser (55,492) (59,827)
Remaining sold receivables 109,863 140,135
Cash provided (used) by MARPA $ (34,600) $ 42,200
v3.23.4
Debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Jun. 30, 2023
Debt Instrument [Line Items]    
Principal amount of long-term debt $ 1,781,250 $ 1,704,063
Less unamortized discounts and debt issuance costs (6,587) (7,682)
Total long-term debt 1,774,663 1,696,381
Less current portion (61,250) (45,938)
Long-term debt, net of current portion 1,713,413 1,650,443
Bank credit facility – term loans    
Debt Instrument [Line Items]    
Principal amount of long-term debt 1,163,750 1,179,063
Bank credit facility – revolver loans    
Debt Instrument [Line Items]    
Principal amount of long-term debt $ 617,500 $ 525,000
v3.23.4
Debt - Narrative (Details) - USD ($)
 6 Months Ended
Dec. 31, 2023
Jun. 30, 2023
Dec. 13, 2021
Debt Instrument [Line Items]      
Principal amount of long-term debt $ 1,781,250,000 $ 1,704,063,000  
Interest rate swap agreements | Cash flow hedging      
Debt Instrument [Line Items]      
Aggregate notional amount $ 1,100,000,000    
Bank Credit Facility      
Debt Instrument [Line Items]      
Credit facility maximum borrowing capacity     $ 3,200,000,000
Outstanding borrowings interest rate 4.96%    
Revolving Credit Facility      
Debt Instrument [Line Items]      
Credit facility maximum borrowing capacity     1,975,000,000
Principal amount of long-term debt $ 617,500,000 525,000,000  
Term loans      
Debt Instrument [Line Items]      
Credit facility maximum borrowing capacity     1,225,000,000
Principal amount of long-term debt $ 1,163,750,000 $ 1,179,063,000  
Term loan period 5 years    
Term loan principal payment $ 7,700,000    
Term loans | Principal payment after December 31, 2023      
Debt Instrument [Line Items]      
Term loan principal payment 15,300,000    
Same-Day Swing Line Loan Revolving Credit Sub-Facility      
Debt Instrument [Line Items]      
Credit facility maximum borrowing capacity     100,000,000
Principal amount of long-term debt $ 0    
Stand-By Letters Of Credit Revolving Credit Sub-Facility      
Debt Instrument [Line Items]      
Credit facility maximum borrowing capacity     $ 25,000,000
v3.23.4
Debt - Schedule of Cash Flow Hedges (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]        
Gain (loss) recognized in other comprehensive income $ (12,295) $ 904 $ (122) $ 16,490
Amounts reclassified to earnings from accumulated other comprehensive loss (6,927) (2,420) (13,668) (2,477)
Net current period other comprehensive income (loss) $ (19,222) $ (1,516) $ (13,790) $ 14,013
v3.23.4
Earnings Per Share - Computation (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]        
Net income $ 83,870 $ 87,101 $ 169,917 $ 176,226
Weighted-average number of basic shares outstanding during the period (in shares) 22,282 23,506 22,464 23,463
Dilutive effect of RSUs after application of treasury stock method (in shares) 125 170 186 214
Weighted-average number of diluted shares outstanding during the period (in shares) 22,407 23,676 22,650 23,677
Basic earnings per share (in dollars per shares) $ 3.76 $ 3.71 $ 7.56 $ 7.51
Diluted earnings per share (in dollars per shares) $ 3.74 $ 3.68 $ 7.50 $ 7.44
v3.23.4
Earnings Per Share - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions
 6 Months Ended
Aug. 04, 2023
Jan. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Jan. 26, 2023
Equity, Class of Treasury Stock [Line Items]          
Payment for repurchase of common stock     $ 155,765 $ 5,286  
2023 Repurchase Program          
Equity, Class of Treasury Stock [Line Items]          
Share repurchase program, authorized amount         $ 750,000
Share repurchase program, remaining authorized amount     $ 337,300    
Accelerated Share Repurchase          
Equity, Class of Treasury Stock [Line Items]          
Payment for repurchase of common stock   $ 250,000      
Shares repurchased (in shares) 0.1 0.7 0.8    
Shares repurchased, average price per share (in dollars per share)     $ 303.57    
Open Market Repurchases          
Equity, Class of Treasury Stock [Line Items]          
Shares repurchased (in shares)     0.5    
Shares repurchased, average price per share (in dollars per share)     $ 318.99    
Payment for repurchase of common stock     $ 150,000    
v3.23.4
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Jun. 30, 2024
Income Tax Contingency [Line Items]          
Unrecognized tax benefits, increase     $ 35.8    
Income taxes payable, increase     $ 36.9    
Effective income tax rate 20.70% 21.50% 21.90% 22.50%  
Forecast          
Income Tax Contingency [Line Items]          
Expected increase in income tax payable and net deferred tax assets         $ 75.3
Expected increase in unrecognized tax benefits         $ 72.9
v3.23.4
Business Segments - Narrative (Details)
 6 Months Ended
Dec. 31, 2023
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.23.4
Business Segments - Schedule of Summarized Financial Information of Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]        
Revenues $ 1,833,934 $ 1,649,416 $ 3,684,081 $ 3,255,175
Net income 83,870 87,101 169,917 176,226
Domestic        
Segment Reporting Information [Line Items]        
Revenues 1,780,008 1,605,175 3,575,176 3,164,070
Domestic | Operating segments        
Segment Reporting Information [Line Items]        
Revenues 1,780,008 1,605,175 3,575,176 3,164,070
Net income 74,759 80,362 151,303 160,915
International        
Segment Reporting Information [Line Items]        
Revenues 53,926 44,241 108,905 91,105
International | Operating segments        
Segment Reporting Information [Line Items]        
Revenues 53,926 44,241 108,905 91,105
Net income $ 9,111 $ 6,739 $ 18,614 $ 15,311
v3.23.4
Fair Value Measurements - Schedule of Recurring Fair Value Measurements (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities Other long-term liabilities
Recurring | Level 2 | Interest rate swap agreements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability $ (250) $ 0
Recurring | Other accrued expenses and current liabilities | Level 3 | Contingent consideration    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration liability (2,546) 0
Recurring | Other long-term liabilities | Level 3 | Contingent consideration    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration liability (8,327) 0
Recurring | Prepaid expenses and other current assets | Level 2 | Interest rate swap agreements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 1,438 17
Recurring | Other long-term assets | Level 2 | Interest rate swap agreements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset $ 23,600 $ 43,283
v3.23.4
Subsequent Event (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Subsequent event | Forecast  
Subsequent Event [Line Items]  
Purchase consideration $ 67.0