XML 26 R14.htm IDEA: XBRL DOCUMENT v3.21.2
Accounts Receivable Factoring and Securitization
 9 Months Ended
Jun. 30, 2021
Accounts Receivable Factoring And Securitization [Abstract]  
Accounts Receivable Factoring and Securitization 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 ExpirationTotal Facility Size as of 6/30/21Utilized as of 6/30/21Utilized as of 9/30/20
EURUSDEURUSDEURUSD
On-balance sheet arrangement
Committed U.S. accounts receivable securitization (1)
March 2024N/A$110 N/A$3 N/A$3 
Total on-balance sheet arrangement: (1)
N/A$110 N/A$3 N/A$3 
Off-balance sheet arrangements
Committed Swedish factoring facility (2)(3)
March 2024€155 $184 €80 $95 €86 $100 
Committed U.S. factoring facility (2)
February 2023N/A75 N/A48 N/A30 
Uncommitted U.K. factoring facilityFebruary 202225 30 7 8 1 1 
Uncommitted Italy factoring facilityJune 202230 35 15 18 8 9 
Other uncommitted factoring facilities (4)
NoneN/AN/A24 29 12 14 
Total off-balance sheet arrangements€210 $324 €126 $198 €107 $154 
(1) Availability subject to adequate eligible accounts receivable available for sale. The utilized amount includes $3 million of letters of credit as of June 30, 2021 and $3 million as of September 30, 2020.
(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, 2022.
(4) There is no explicit facility size under the agreement, but the counterparty approves the purchase of receivable tranches at its discretion.
Off-balance sheet arrangements 
Total costs associated with all of the off-balance sheet arrangements described above were $1 million for each of the three months ended June 30, 2021 and 2020. Total costs associated with all of the off-balance sheet arrangements described above were $3 million for each of the nine months ended June 30, 2021 and 2020, and are included in selling, general and administrative expenses in the Condensed Consolidated Statement of Operations.