Receivables

Receivables, net consisted of the following:



(in millions)	March 31, 2019		March 31, 2018
Billed trade receivables	$	183	$	135
Unbilled receivables	301		219
Receivables, gross	484		354
Allowance for doubtful accounts	—		—
Receivables, net	$	484	$	354



(in millions)	March 31, 2019		March 31, 2018
U.S. federal government, including independent agencies	$	430	$	297
Non-federal (state, local and other)	54		57
Receivables, net	$	484	$	354

Receivables Sales Facility

On July 14, 2017, Enterprise Services LLC, a wholly-owned subsidiary of the Company, which has since been renamed Perspecta Enterprise Solutions LLC (“PES LLC”), entered into a Master Accounts Receivable Purchase Agreement (the “Purchase Agreement”) with certain financial institutions (the “Financial Institutions”). The Purchase Agreement established a U.S. federal government obligor receivables purchase facility (the “MARPA Facility”), which is an off-balance sheet facility. Concurrently, Parent entered into a guaranty made in favor of the Financial Institutions, that guarantees the obligations of the sellers and servicers of receivables under the Purchase Agreement. The guaranty does not cover any credit losses under the receivables. In connection with the Spin-Off of USPS, Parent entered into certain amendments to the guaranty whereby Parent can request to terminate its guaranty at the time of the separation of USPS from DXC. On May 31, 2018, the Parent’s guaranty was terminated and Perspecta entered into a new guaranty of PES LLC’s obligations under the Purchase Agreement.

In accordance with the terms of the Purchase Agreement, on January 23, 2018, the Purchase Agreement was amended to increase the aggregate facility limit from $200 million to $300 million (the first amendment), and on May 31, 2018, the Purchase Agreement was amended to increase the aggregate facility limit to $450 million (the second amendment). Effective October 31, 2018, the Company completed the third amendment to the MARPA Facility to reduce the aggregate facility limit to $300 million and extend the term of the MARPA Facility through October 31, 2019.

Under the MARPA Facility, the Company sells eligible U.S. federal government obligor receivables, including both billed and certain unbilled receivables. The MARPA Facility has a one-year term, but the Purchase Agreement provides for optional extensions, if agreed to by the Financial Institutions, in each case for an additional six month duration.

The Company accounts for these receivable transfers as sales and removes 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 estimated that its servicing fee was at fair value and therefore, no servicing asset or liability related to these services was recognized as of March 31, 2019. Sold receivables are presented as a change in receivables within operating activities on the statements of cash flows.

During the fiscal year ended March 31, 2019, the Company sold $2,711 million of billed and unbilled receivables, as compared to $2,091 million during the fiscal year ended March 31, 2018. Collections on sold receivables were $2,752 million and $1,970 million during the fiscal years ended March 31, 2019 and 2018, respectively. As of March 31, 2019, there was $11 million of cash collected by the Company, but not remitted to the Financial Institutions, which represents restricted cash recorded by the Company within the other current assets caption of the balance sheet as of March 31, 2019. As of March 31, 2018, there was $68 million of cash collected by the Company, but not remitted to the Financial Institutions, which represents restricted cash recorded at the Parent level. Prior to the Spin-Off, the net effect of these transactions with the Parent is reflected in Parent company investment.