Accounts Receivable Factoring and Securitization (Tables)

9 Months Ended

Jun. 30, 2020

Accounts Receivable Factoring And Securitization [Abstract]

Summary of Accounts Receivable Factoring and Securitization

The company has a U.S. accounts receivable securitization facility with PNC Bank and participates in various accounts receivable factoring programs, primarily with Nordea Bank for trade receivables from AB Volvo, as follows:


	Current Expiration	Total Facility Size as of 6/30/2020						Utilized as of 6/30/2020						Utilized as of 9/30/2019
		EUR		USD		EUR		USD		EUR		USD
On-balance sheet arrangement

Committed U.S. accounts receivable securitization ⁽¹⁾	December 2022	N/A		$	95	N/A		$	—	N/A		$	13
Total on-balance sheet arrangement:⁽¹⁾		N/A		$	95	N/A		$	—	N/A		$	13
Off-balance sheet arrangements
Committed Swedish factoring facility ⁽²⁾⁽³⁾	March 2024	€	155	$	174	€	65	$	73	€	109	$	119
Committed U.S. factoring facility ⁽²⁾	February 2023	N/A		75		N/A		26		N/A		58
Uncommitted U.K. factoring facility	February 2022	25		28		3		3		6		6
Uncommitted Italy factoring facility	June 2022	30		34		12		13		21		23
Other uncommitted factoring facilities ⁽⁴⁾	None	N/A		N/A		10		11		18		20
Total off-balance sheet arrangements		€	210	$	311	€	90	$	126	€	154	$	226

⁽¹⁾Availability subject to adequate eligible accounts receivable available for sale. The utilized amount includes $4 million of letters of credit as of June 30, 2020 and $4 million as of September 30, 2019.

⁽²⁾Actual amounts may exceed the bank's commitment at the bank's discretion.

⁽³⁾ The facility is backed by a 364-day liquidity commitment from Nordea Bank which extends through June 22, 2021.

⁽⁴⁾ There is no explicit facility size under the agreement, but the counterparty approves the purchase of receivable tranches at its discretion.