Accounts Receivable Factoring and Securitization (Tables)

9 Months Ended

Jun. 30, 2019

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 6/30/19				Utilized as of 6/30/19				Utilized as of 9/30/18
		EUR		USD		EUR		USD		EUR		USD
On-balance sheet arrangement
Committed U.S. accounts receivable securitization ⁽¹⁾	December 2021	N/A		$	110	N/A		$	3	N/A		$	57
Total on-balance sheet arrangement:⁽¹⁾		N/A		$	110	N/A		$	3	N/A		$	57
Off-balance sheet arrangements
Committed Swedish factoring facility ⁽²⁾⁽³⁾	March 2020	€	155	$	176	€	140	$	160	€	136	$	158
Committed U.S. factoring facility ⁽²⁾	February 2023	N/A		75		N/A		70		45		53
Uncommitted U.K. factoring facility	February 2022	25		28		10		11		8		9
Uncommitted Italy factoring facility	June 2022	30		34		30		34		24		28
Other uncommitted factoring facilities ⁽⁴⁾	None	N/A		N/A		18		19		11		12
Total off-balance sheet arrangements		€	210	$	313	€	198	$	294	€	224	$	260

⁽¹⁾Availability subject to adequate eligible accounts receivable available for sale. The utilized amount includes $3 million and $11 million of letters of credit as of June 30, 2019 and September 30, 2018, respectively.

⁽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 January 10, 2020.

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