Receivables

Receivables, net of allowance for doubtful accounts consist of the following:



	As of
(in millions)	March 31, 2019		March 31, 2018
Billed trade receivables	$	2,508	$	3,110
Unbilled receivables	1,114		1,273
Other receivables	1,559		1,098
Total	$	5,181	$	5,481

The following table summarizes activity for the allowance for doubtful accounts:



	As of and for Fiscal Years Ended
(in millions)	March 31, 2019			March 31, 2018			March 31, 2017
Beginning balance	$	40		$	26		$	31
Additions charged to costs and expenses	19			45			10
Deductions⁽¹⁾	(4		)	(37		)	(13		)
Other⁽²⁾	5			6			(2		)
Ending balance	$	60		$	40		$	26


⁽¹⁾	Represents write-offs and recoveries of prior year charges.


⁽²⁾	Includes changes in foreign currency exchange rates and the impact of the AR securitization facility.

Sale of Receivables

Receivables Securitization Facility

The Company has a $600 million accounts receivable securitization facility (as amended or supplemented to date, the "Receivables Facility") with certain unaffiliated financial institutions (the "Purchasers") for the sale of commercial accounts receivable in the United States. Under the Receivables Facility, the Company and certain of its subsidiaries (the "Sellers") sell billed and unbilled accounts receivable to DXC Receivables LLC ("DXC Receivables"), a wholly owned bankruptcy-remote entity. DXC Receivables subsequently sells the purchased accounts receivable in their entirety to the Purchasers pursuant to a receivables purchase agreement. Sales of receivables by DXC Receivables occur continuously and are settled on a monthly basis. The proceeds from the sale of these receivables comprise a combination of cash and a deferred purchase price receivable ("DPP"). The DPP is realized by the Company upon the ultimate collection of the underlying receivables sold to the Purchasers. The adoption of ASU 2016-15 described in Note 1 - "Summary of Significant Accounting Policies" requires cash receipts on the DPP to be classified as cash flows from investing activities instead of the Company's previous presentation as cash flows from operating activities.

The amount available under the Receivables Facility fluctuates over time based on the total amount of eligible receivables generated during the normal course of business after deducting excess concentrations. As of March 31, 2019, the total availability under the Receivables Facility was approximately $434 million and the drawn amount was $413 million. As of March 31, 2019, the Company recorded a $21 million receivable within receivables, net because the amount of cash proceeds received by the Company under the Receivables Facility was less than the total availability. The Receivables Facility terminates on August 21, 2019, but provides for one or more optional one-year extensions, if agreed to by the Purchasers. The Company uses the proceeds from sales under the Receivables Facility for general corporate purposes.

The fair value of the sold receivables approximated their book value due to their short-term nature, and as a result no gain or loss on the sale of receivables was recorded during fiscal 2019 and 2018.

The Company’s risk of loss following the transfer of accounts receivable under the Receivables Facility is limited to the DPP outstanding and any short-falls in collections for specified non-credit related reasons after sale. Payment of the DPP is not subject to significant risks other than delinquencies and credit losses on accounts receivable sold under the Receivables Facility.

Certain obligations of sellers under the Receivables Facility and DXC, as initial servicer, are guaranteed by the Company under a performance guaranty, made in favor of an administrative agent on behalf of the Purchasers. However, the performance guaranty does not cover DXC Receivables’ obligations to pay yield, fees or invested amounts to the administrative agent or any of the Purchasers.

The following table is a reconciliation of the beginning and ending balances of the DPP:



	As of and for the Fiscal Year Ended
(in millions)	March 31, 2019			March 31, 2018
Beginning balance	$	233		$	252
Transfers of receivables	5,435			2,192
Collections	(4,393		)	(2,225		)
Change in funding availability	(246		)	30
Facility amendments	(457		)	—
Fair value adjustment	2			(16		)
Ending balance	$	574		$	233

Federal Receivables Sales Facility

Since July 14, 2017, the Company has given a parent guaranty in connection with a federal receivables sales facility with certain financial institutions, under which certain subsidiaries of the Company previously sold eligible federal government obligor receivables, including billed and certain unbilled receivables. In connection with the Separation, the sellers and servicers of the receivables sold under the Federal Receivables Sales Facility were divested and, effective May 31, 2018, the parent guaranty was terminated.

The following table reflects activity of the Federal Receivables Sales Facility, prior to the Separation:



(in millions)	As of and for the Fiscal Year Ended March 31, 2019⁽¹⁾
Transfers of receivables	$	464
Collections	$	521
Operating cash flow effect	$	(57	)

⁽¹⁾Results for the twelve months ended March 31, 2019 reflect operations through the Separation date of May 31, 2018, not the full twelve month period.