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Accounts Receivable Factoring and Securitization (Tables)
 6 Months Ended
Mar. 31, 2022
Accounts Receivable Factoring And Securitization [Abstract]  
Schedule 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 ExpirationTotal Facility Size as of 3/31/22Utilized as of 3/31/22Utilized as of 9/30/21
EURUSDEURUSDEURUSD
On-balance sheet arrangement
Committed U.S. accounts receivable securitization (1)
March 2024N/A$110 N/A$97 N/A$3 
Total on-balance sheet arrangement: (1)
N/A$110 N/A$97 N/A$3 
Off-balance sheet arrangements
Committed Swedish factoring facility (2)(3)
March 2024€155 $171 €116 $128 €75 $88 
Committed U.S. factoring facility (2)
February 2023N/A75 N/A79 N/A49 
Uncommitted U.K. factoring facility (4)
February 202525 28 6 7 2 2 
Uncommitted Italy factoring facilityJune 202230 33 12 13 14 17 
Other uncommitted factoring facilities (5)
NoneN/AN/A21 23 15 17 
Total off-balance sheet arrangements€210 $307 €155 $250 €106 $173 
(1) Availability subject to adequate eligible accounts receivable available for sale. The utilized amount includes $2 million of letters of credit as of March 31, 2022 and $3 million as of September 30, 2021.
(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) On March 23, 2022, the company's U.K. factoring facility was amended to enable the factoring of Pound Sterling denominated accounts receivable in addition to Euro denominated accounts receivable.
(5) There is no explicit facility size under the agreement, but the counterparty approves the purchase of receivable tranches at its discretion.