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Sales of Receivables
6 Months Ended
Dec. 31, 2018
Transfers And Servicing Of Financial Assets [Abstract]  
Sales of Receivables

9.

Sales of Receivables

On December 28, 2018, the Company entered into a Master Accounts Receivable Purchase Agreement (MARPA Facility) with MUFG Bank, Ltd., for the sale of certain designated eligible U.S. government receivables.  The MARPA Facility has an initial term of one year.  Under the MARPA Facility, the Company can sell eligible receivables, including certain billed and unbilled receivables up to a maximum amount of $200.0 million.  The Company’s receivables are sold to the MARPA Facility without recourse for any U.S. government credit risk.

There were no sales under the MARPA Facility as of December 31, 2018.  The first sales under the MARPA Facility occurred during the third quarter of FY2019.

The Company accounts for receivable transfers under the MARPA Facility as sales under ASC 860, Transfers and Servicing, and derecognizes the sold receivables from its balance sheets.  The fair value of the sold receivables approximates their book value due to their short-term nature.  As such, there are no gains or losses related to sales of these receivables.

The Company does not retain an ongoing financial interest in the transferred receivables other than cash collection and administrative services.