TRANE TECHNOLOGIES PLC 
The following Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause a difference include, but are not limited to, those discussed under Part II, Item 1A - Risk Factors in this Quarterly Report on Form 10-Q; and under Part I, Item 1A - Risk Factors in the Annual Report on Form 10-K for the fiscal year endedDecember 31, 2019 . The following section is qualified in its entirety by the more detailed information, including our financial statements and the notes thereto, which appears elsewhere in this Quarterly Report. Overview OrganizationalTrane Technologies plc is a global climate innovator. We bring efficient and sustainable climate solutions to buildings, homes and transportation driven by strategic brands Trane® and Thermo King® and an environmentally responsible portfolio of products and services. Prior to the separation of our Industrial segment onFebruary 29, 2020 , we announced a new organizational model and business segment structure designed to enhance our regional go-to-market capabilities, aligning the structure with our strategy and increased focus on climate innovation. Under the revised structure, we created three new regional operating segments from the former climate segment, which also serve as our reportable segments. • OurAmericas segment innovates for customers in theNorth America and
and cooling systems, building controls, and energy services and solutions;
residential heating and cooling; and transport refrigeration systems and
solutions.
• Our EMEA segment innovates for customers in the
services and solutions for commercial buildings, and transport
refrigeration systems and solutions.
• Our Asia Pacific segment innovates for customers throughout the Asia
Pacific region and
cooling systems, services and solutions for commercial buildings and
transport refrigeration systems and solutions.
This model is designed to create deep customer focus and relevance in markets around the world. All prior period comparative segment information has been recast to reflect the current reportable segments. Significant Events Separation of Industrial Segment Businesses OnFebruary 29, 2020 (Distribution Date), we completed ourReverse Morris Trust transaction (the Transaction) withGardner Denver Holdings, Inc. (Gardner Denver) whereby we separated our former Industrial segment (Ingersoll Rand Industrial ) through a pro rata distribution to shareholders of record as ofFebruary 24, 2020 .Ingersoll Rand Industrial then merged into a wholly-owned subsidiary of Gardner Denver, which changed its name to Ingersoll-Rand Inc. Upon close of the Transaction, our existing shareholders received 50.1% of the shares of Gardner Denver common stock on a fully-diluted basis and Gardner Denver stockholders retained 49.9% of the shares of Gardner Denver on a fully diluted basis. As a result, our shareholders received .8824 shares of Gardner Denver common stock with respect to each share owned as ofFebruary 24, 2020 . In connection with the Transaction,Ingersoll-Rand Services Company , an affiliate ofIngersoll Rand Industrial , borrowed an aggregate principal amount of$1.9 billion under a senior secured first lien term loan facility (Term Loan), the proceeds of which were used to make a special cash payment of$1.9 billion to a subsidiary of ours. The obligations under the Term Loan were retained byIngersoll-Rand Services Company , which following the Transaction is a wholly-owned subsidiary of Gardner Denver. In connection with the Transaction, we entered into several agreements covering supply, administrative and tax matters to provide or obtain services on a transitional basis for varying periods after the Distribution Date. The agreements cover services such as manufacturing, information technology, human resources and finance. Income and expenses under these agreements are not expected to be material. In addition, we expect to pay Gardner Denver in order to meet minimum funding requirements for certain pensions, postretirement benefits other than pensions and deferred compensation plan liabilities as required by the employee matter agreement. Furthermore, in accordance the merger agreement, within ninety days of the Distribution Date, we will provide the final working capital adjustment to Gardner Denver. COVID-19 Global Pandemic OnMarch 11, 2020 , theWorld Health Organization declared the outbreak of a respiratory disease caused by a newly discovered coronavirus, known now as COVID-19, as a global pandemic and recommended containment and mitigation measures worldwide. In response, many countries have implemented measures to combat the outbreak which impacted global business operations and resulted in our decision to temporarily close or limit our workforce to essential crews within many facilities throughout the world 30
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in order to ensure employee safety. In compliance with government protocols with respect to stay-in-place procedures, our non-essential employees were instructed to work from home. Withinthe United States , we have been designated as an essential service provider by theU.S. Department of Homeland Security and will continue operating our plants, installing and servicing our products. During the three months endedMarch 31, 2020 , we were adversely impacted by the COVID-19 global pandemic. Temporary facility closures during January and February disrupted results in theAsia Pacific region. Commencing in March and through the date of this filing, impacts were more widely felt throughout operations in theAmericas and EMEA. As a result, COVID-19 impacted our business globally, including, but not limited to, lower revenue volumes, temporary facility closures, supply chain disruptions and unfavorable foreign currency exchange rate movements. We will continue to monitor our liquidity needs and ability to access capital markets. Operationally, our financial reporting systems, internal control over financial reporting and disclosure controls and procedures continue to operate effectively despite a remote workforce. We will continue to monitor the ongoing situation. Through the date of issuance of this report, management did not identify any impairment charges in long-lived tangible or intangible assets (including goodwill) as a result of the global pandemic. However, due to significant uncertainty surrounding the COVID-19 global pandemic, management's judgment regarding this could change in the future. In addition, while our results of operations, cash flows and financial condition could be negatively impacted, the extent of the impact cannot be estimated with certainty at this time. As part of the response to COVID-19 global pandemic, many countries are implementing emergency economic relief plans as a way of minimizing the economic impact of this health crisis. We are evaluating the potential benefits from certain of these measures and will continue to monitor the plans as they are finalized and implemented. Inthe United States , the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted onMarch 27, 2020 providing numerous tax provisions and other stimulus measures. We are currently anticipating an impact of the CARES Act, which includes the deferral of employer social security payroll tax payments under the CARES Act untilJanuary 1, 2021 , with 50 percent owed onDecember 31, 2021 and the other half owed onDecember 31, 2022 . Trends and Economic Events We are a global corporation with worldwide operations. As a global business, our operations are affected by worldwide, regional and industry-specific economic factors as well as political and social factors wherever we operate or do business. Our geographic diversity and the breadth of our product and services portfolios have helped mitigate the impact of any one industry or the economy of any single country on our consolidated operating results. Given our broad range of products manufactured and geographic markets served, management uses a variety of factors to predict the outlook for our company. We monitor key competitors and customers in order to gauge relative performance and the outlook for the future. We regularly perform detailed evaluations of the different market segments we are serving to proactively detect trends and to adapt our strategies accordingly. In addition, we believe our order rates are indicative of future revenue and thus are a key measure of anticipated performance. Current economic conditions are uncertain as a result of the COVID-19 global pandemic, impacting both the global Heating, Ventilation and Air Conditioning (HVAC) and Transport end-markets as well as limiting visibility in the factors used to predict the outlook for our company. As a result, we suspended our 2020 guidance inMay 2020 and intend to reevaluate it in our second quarter 2020 earnings call. However, we remain confident in our sustainability strategy and remain in a strong financial position. We believe we have a solid foundation of global brands that are highly differentiated in all of our major product lines. Our geographic and product diversity coupled with our large installed product base provides growth opportunities within our service, parts and replacement revenue streams. In addition, we are investing substantial resources to innovate and develop new products and services which we expect will drive our future growth. 31
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Results of Operations In connection with the completion of the Transaction, we do not beneficially own anyIngersoll Rand Industrial shares of common stock and no longer consolidateIngersoll Rand Industrial in our financial statements. As a result, the following Management's Discussion and Analysis of Financial Condition and Results of Operations presents the results ofIngersoll Rand Industrial as a discontinued operation for periods prior to the Distribution date. In addition, the assets and liabilities ofIngersoll Rand Industrial have been recast to held-for-sale atDecember 31, 2019 . Three Months EndedMarch 31, 2020 Compared to the Three Months EndedMarch 31, 2019 - Consolidated Results
2020 2019
% of % of
Dollar amounts in millions 2020 2019 Period Change revenues revenues
Net revenues $ 2,641.3 $ 2,803.7 $ (162.4 )
Cost of goods sold (1,898.8 ) (1,989.2 ) 90.4 71.9 % 70.9 %
Gross profit 742.5 814.5 (72.0 ) 28.1 % 29.1 %
Selling and administrative expenses (588.1 ) (578.0 ) (10.1 ) 22.3 % 20.7 %
Operating income 154.4 236.5 (82.1 ) 5.8 % 8.4 %
Interest expense (63.1 ) (51.0 ) (12.1 )
Other income/(expense), net 12.5 (18.0 ) 30.5
Earnings before income taxes 103.8 167.5 (63.7 ) Benefit (provision) for income taxes (51.0 ) (20.2 ) (30.8 ) Earnings from continuing operations 52.8 147.3 (94.5 ) Discontinued operations, net of tax (78.7 ) 56.4 (135.1 ) Net earnings (loss)$ (25.9 ) $ 203.7 $ (229.6 ) Net Revenues Net revenues for the three months endedMarch 31, 2020 decreased by 5.8%, or$162.4 million , compared with the same period in 2019, which resulted from the following: Volume (5.9 )% Pricing 0.7 % Currency translation (0.6 )% Total (5.8 )% The decrease was primarily related to lower volumes across each of our segments due to the COVID-19 global pandemic. Temporary facility closures during January and February disrupted results in theAsia Pacific region. Commencing in March, impacts were more widely felt throughout operations in theAmericas and EMEA. Unfavorable foreign currency exchange rate movements further contributed to the year-over-year decrease. These amounts were partially offset by improved pricing. Refer to the "Results by Segment" below for a discussion of Net Revenues by segment. Gross Profit/Margin Gross profit for the three months endedMarch 31, 2020 decreased by 8.8% or$72.0 million compared with the same period in 2019. The decrease was primarily driven by lower volumes and corresponding under absorption of fixed production overhead costs during the period related to global temporary facility closures in response to the COVID-19 global pandemic. In addition, higher spending on restructuring actions and unfavorable foreign currency exchange rate movements further contributed to the decrease. These decreases were partially offset by improved pricing and productivity benefits. Gross profit margin decreased 100 basis points to 28.1% for the three months endedMarch 31, 2020 compared to 29.1% for the same period of 2019. 32
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Selling and Administrative Expenses Selling and administrative expenses for the three months endedMarch 31, 2020 increased by 1.7%, or$10.1 million , compared with the same period of 2019. The increase in selling and administrative expenses was primarily driven by higher spending on restructuring actions and transformation initiatives. These increases were partially offset by decreases in compensation and benefit charges related to variable compensation, reduced business travel as a result of the COVID-19 global pandemic and favorable foreign currency exchange rate movements. Selling and administrative expenses as a percentage of net revenues for the three months endedMarch 31, 2020 increased 160 basis points from 20.7% to 22.3% primarily due to higher spending on restructuring and transformation initiatives. Interest Expense Interest expense for the three months endedMarch 31, 2020 increased by$12.1 million compared with the same period of 2019 due to the$1.5 billion issuance of senior notes inMarch 2019 . Other Income/(Expense), Net The components of Other income/(expense), net for the three months endedMarch 31 were as follows: In millions 2020 2019 Interest income/(loss)$ (0.1 ) $ (1.1 ) Exchange gain/(loss) (4.2 ) (4.3 )
Other components of net periodic benefit cost (1.7 ) (9.8 ) Other activity, net
18.5 (2.8 )
Other income/(expense), net $ 12.5 $ (18.0 )
Other income /(expense), net includes the results from activities other than
normal business operations such as interest income and foreign currency gains
and losses on transactions that are denominated in a currency other than an
entity's functional currency. In addition, we include the components of net
periodic benefit cost for pension and post retirement obligations other than the
service cost component. Other activity, net includes items associated with Trane
U.S. Inc. (Trane ) for the settlement of asbestos-related claims, insurance
settlements on asbestos-related matters and the revaluation of its liability and
corresponding insurance asset for potential future claims and recoveries. The
three months ended March 31, 2020 includes a $17.4 million adjustment to correct
an overstatement of a legacy legal liability that originated in prior years.
Provision for Income Taxes
For the three months ended March 31, 2020 , our effective tax rate was 49.1%
which was higher than the U.S. Statutory rate of 21% due to a $37.0 million
non-cash charge related to the establishment of valuation allowances on net
deferred tax assets, primarily net operating losses in certain tax
jurisdictions, as a result of the completion of the Transaction, U.S. state and
local taxes and certain non-deductible employee expenses. These amounts were
partially offset by excess tax benefits from employee share-based payments, the
deduction for Foreign Derived Intangible Income (FDII) and earnings in non-U.S.
jurisdictions, which in aggregate have a lower effective tax rate. The
establishment of the valuation allowances increased the effective tax rate by
35.7%. For the three months ended March 31, 2019 our effective tax rate was
12.1% which is lower than the U.S. Statutory rate of 21% due to excess tax
benefits from employee share-based payments, the deduction for FDII and earnings
in non-U.S. jurisdictions, which in aggregate have a lower effective tax rate.
These amounts were partially offset by U.S. state and local taxes and certain
non-deductible employee expenses.
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Discontinued Operations The components of Discontinued operations, net of tax for the three months endedMarch 31 were as follows: In millions 2020 2019 Net revenues$ 469.8 $ 772.2
Pre-tax earnings (loss) from discontinued operations (75.5 ) 79.4 Tax benefit (expense)
(3.2 ) (23.0 )
Discontinued operations, net of tax $ (78.7 ) $ 56.4
Discontinued operations are retained obligations from previously sold
businesses, including amounts related to Ingersoll Rand Industrial as part of
the completion of the Transaction. In addition, we include costs associated with
Trane Technologies Company LLC for the settlement and defense of
asbestos-related claims, insurance settlements on asbestos-related matters and
the revaluation of our liability for potential future claims and recoveries. The
three months ended March 31, 2020 includes pre-tax Ingersoll Rand Industrial
separation costs of $99.1 million ($83.4 million , net of tax) primarily related
to legal, consulting and advisory fees.
The components of Discontinued operations, net of tax for the three months ended
March 31 were as follows:
In millions 2020 2019
Three Months EndedMarch 31, 2020 Compared to the Three Months EndedMarch 31, 2019 - Segment Results We operate under three regional operating segments designed to create deep customer focus and relevance in markets around the world. • OurAmericas segment innovates for customers in theNorth America and
and cooling systems, building controls, and energy services and solutions;
residential heating and cooling; and transport refrigeration systems and
solutions.
• Our EMEA segment innovates for customers in the
services and solutions for commercial buildings, and transport
refrigeration systems and solutions.
• Our Asia Pacific segment innovates for customers throughout the Asia
Pacific region and
cooling systems, services and solutions for commercial buildings and
transport refrigeration systems and solutions.
Beginning in 2020, our Chief Operating Decision Maker (CODM) measures profit or loss using segment adjusted EBITDA, or accounting principles generally accepted inthe United States of America (GAAP) net earnings excluding interest expense, income taxes, depreciation and amortization, restructuring, unallocated corporate expenses and discontinued operations. We believe that segment adjusted EBITDA provides profitability as well as earnings power and the ability to generate cash. As a result, our CODM evaluates the financial performance of the business segments based on segment adjusted EBITDA. Segment adjusted EBITDA is a key component for consideration in performance reviews, compensation and resource allocation. For these reasons, we believe that segment adjusted EBITDA represents the most relevant measure of segment profit and loss. Segment adjusted EBITDA may not be comparable to similarly-titled measures used by other companies and should not be considered a substitute for net earnings or other results reported in accordance with GAAP. 34
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The following discussion compares our results for each of our three reportable segments for the three months endedMarch 31, 2020 compared to the three months endedMarch 31, 2019 . In millions 2020 2019 % change Americas Net revenues$ 2,097.8 $ 2,144.3 (2.2 )% Segment adjusted EBITDA 262.1 297.8 (12.0 )% Segment adjusted EBITDA as a percentage of net revenue 12.5 % 13.9 % EMEA Net revenues 364.3 383.8 (5.1 )% Segment adjusted EBITDA 43.2 44.7 (3.4 )% Segment adjusted EBITDA as a percentage of net revenue 11.9 % 11.6 % Asia Pacific Net revenues 179.2 275.6 (35.0 )% Segment adjusted EBITDA 10.6 27.5 (61.5 )% Segment adjusted EBITDA as a percentage of net revenue 5.9 % 10.0 % Total Net revenues$ 2,641.3 $ 2,803.7 (5.8 )% Total Segment adjusted EBITDA 315.9 370.0 (14.6 )%Americas
Net revenues for the three months ended
(2.8 )%
Pricing 0.9 %
Currency translation (0.3 )%
Total (2.2 )%
The decrease was primarily related to lower volumes which were impacted by the
COVID-19 global pandemic. In addition, unfavorable foreign currency exchange
rate movements further contributed to the year-over-year decrease. These amounts
were partially offset by improved pricing.
Segment adjusted EBITDA for the three months ended March 31, 2020 decreased by
12.0% or $35.7 million , compared with the same period in 2019. The decrease was
primarily driven by lower volumes and corresponding under absorption of fixed
production overhead costs due to the COVID-19 global pandemic. In addition,
inflation and higher tariffs also contributed to the year-over-year decrease.
These amounts were partially offset by improved pricing, productivity benefits,
lower spending on investments, favorable foreign currency exchange rate
movements and other income.
EMEA
Net revenues for the three months ended March 31, 2020 decreased by 5.1% or
$19.5 million , compared with the same period of 2019. The components of the
period change were as follows:
Volume (2.7 )%
Pricing 0.3 %
Currency translation (2.4 )%
Other (0.3 )%
Total (5.1 )%
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The decrease was primarily related to lower volumes which were impacted by the COVID-19 global pandemic. In addition, unfavorable foreign currency exchange rate movements further contributed to the year-over-year decrease. These amounts were partially offset by improved pricing. Segment adjusted EBITDA for the three months endedMarch 31, 2020 decreased by 3.4% or$1.5 million compared with the same period in 2019. The decrease was primarily driven by lower volumes, inflation and unfavorable foreign currency exchange rate movements. These amounts were partially offset by productivity benefits, improved pricing, and lower spending on investments.Asia Pacific Net revenues for the three months endedMarch 31, 2020 decreased by 35.0% or$96.4 million , compared with the same period of 2019. The components of the period change were as follows: Volume (34.3 )% Currency translation (0.7 )% Total (35.0 )% The decrease was primarily related to lower volumes which were significantly impacted by the COVID-19 global pandemic as temporary closures to ourAsia Pacific facilities were required. These closures, as well as unfavorable foreign currency exchange rate movements, impacted a majority of the period presented. Segment adjusted EBITDA for the three months endedMarch 31, 2020 decreased by 61.5% or$16.9 million , compared with the same period in 2019. The decrease was primarily driven by lower volumes and corresponding under absorption of fixed production overhead costs. The decrease was partially offset by productivity benefits in excess of other inflation, lower cost of materials, lower spending on investments, and favorable foreign currency exchange rate movements. Liquidity and Capital Resources We assess our liquidity in terms of our ability to generate cash to fund our operating, investing and financing activities. In doing so, we review and analyze our current cash on hand, the number of days our sales are outstanding, inventory turns, capital expenditure commitments and income tax payments. Our cash requirements primarily consist of the following:
• Funding of working capital
• Funding of capital expenditures
• Dividend payments • Debt service requirements Our primary sources of liquidity include cash balances on hand, cash flow from operations, proceeds from debt offerings, commercial paper, and borrowing availability under our existing credit facilities. We earn a significant amount of our operating income in jurisdictions where it is deemed to be permanently reinvested. Our most prominent jurisdiction of operation is theU.S. We expect existing cash and cash equivalents available to theU.S. operations, the cash generated by ourU.S. operations, our committed credit lines as well as our expected ability to access the capital and debt markets will be sufficient to fund ourU.S. operating and capital needs for at least the next twelve months and thereafter for the foreseeable future. In addition, we expect existing non-U.S. cash and cash equivalents and the cash generated by our non-U.S. operations will be sufficient to fund our non-U.S. operating and capital needs for at least the next twelve months and thereafter for the foreseeable future. The maximum aggregate amount of unsecured commercial paper notes available to be issued, on a private placement basis, under the commercial paper program is$2.0 billion , of which the company had no outstanding balance as ofMarch 31, 2020 . As ofMarch 31, 2020 , we had$2,647.7 million of cash and cash equivalents on hand, of which$2,628.8 million was held by non-U.S. subsidiaries. Cash and cash equivalents held by our non-U.S. subsidiaries are generally available for use in ourU.S. operations via intercompany loans, equity infusions or via distributions from direct or indirectly owned non-U.S. subsidiaries for which we do not assert permanent reinvestment. As a result of the Tax Cuts and Jobs Act in 2017, additional repatriation opportunities to access cash and cash equivalents held by non-U.S. subsidiaries have been created. In general, repatriation of cash to theU.S. can be completed with no significant incrementalU.S. tax. However, to the extent that we repatriate funds from non-U.S. subsidiaries for which we assert permanent reinvestment to fund ourU.S. operations, we would be required to accrue and pay applicable non-U.S. taxes. As ofMarch 31, 2020 , we currently have no plans to repatriate funds from subsidiaries for which we assert permanent reinvestment. 36
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Share repurchases are made from time to time in accordance with management's capital allocation strategy, subject to market conditions and regulatory requirements. InOctober 2018 , our Board of Directors authorized the repurchase of up to$1.5 billion of our ordinary shares under a share repurchase program (2018 Authorization) upon completion of the prior authorized share repurchase program. During the three months endedMarch 31, 2020 , no amounts were repurchased or cancelled leaving approximately$750 million remaining under the 2018 Authorization atMarch 31, 2020 . In addition, we expect to maintain the dividend at the current level of$0.53 per share, or$2.12 per share on an annualized basis, in 2020. The first quarter 2020 dividend was paid in March and the second quarter 2020 dividend was approved by the Board of Directors in April to be paid in June. We continue to actively manage our business portfolio. Since 2018, we have acquired several businesses and entered into a joint venture that complements existing products and services further enhancing our product portfolio. Most recently, we completed aReverse Morris Trust transaction with Gardner Denver whereby we separatedIngersoll Rand Industrial from our business portfolio, transforming the Company into a global climate innovator. We incurred$99.1 million during the quarter endedMarch 31, 2020 and$94.6 million during the year ended December 31 2019 in order to facilitate the separation. These amounts were included within discontinued operations. In addition, we incurred$10.9 million related to transformation activities, included within continuing operations, during the three months endedMarch 31, 2020 . Post separation through 2021, we expect to reduce stranded costs by$100 million and expect to incur expenses of$100 million to$150 million in order to realize the stranded cost savings. In addition, we incur ongoing costs associated with restructuring initiatives intended to result in improved operating performance, profitability and working capital levels. Actions associated with these initiatives may include workforce reductions, improving manufacturing productivity, realignment of management structures and rationalizing certain assets. We expect that our existing cash flow, committed credit lines and access to the capital markets will be sufficient to fund share repurchases, dividends, business portfolio changes and ongoing restructuring actions. As the COVID-19 global pandemic impacts both the broader economy and our operations, we will continue to assess our liquidity needs and our ability to access capital markets. A continued worldwide disruption could materially affect economies and financial markets worldwide, resulting in an economic downturn that could affect demand for our products, our ability to obtain financing on favorable terms and otherwise adversely impact our business, financial condition and results of operations. The COVID-19 global pandemic created substantial volatility in the short-term credit markets and could impact the cost of our credit facilities, the cost of any borrowing we might make under those facilities or the cost of any commercial paper we may issue, to the extent we were to either draw on our facilities or issue commercial paper. See Part II, Item 1A. Risk Factors for more information. Liquidity The following table contains several key measures of our financial condition and liquidity at the period ended: March 31, December 31, In millions 2020 2019 Cash and cash equivalents$ 2,647.7 $ 1,278.6 Short-term borrowings and current maturities of long-term debt (1) 949.7 650.3 Long-term debt 4,624.8 4,922.9 Total debt 5,574.5 5,573.2Total Trane Technologies plc shareholders' equity 5,772.6 7,267.6 Total equity 5,789.8 7,312.4 Debt-to-total capital ratio 49.1 % 43.3 % (1) The$299.9 million of 2.625% Senior notes due inMay 2020 were redeemed inApril 2020 . The$299.3 million of 2.900% Senior notes are due inFebruary 2021 . Debt and Credit Facilities Our short-term obligations primarily consist of current maturities of long-term debt. In addition, we have outstanding$343.0 million of fixed rate debentures that contain a put feature that the holders may exercise on each anniversary of the issuance date. If exercised, we are obligated to repay in whole or in part, at the holder's option, the outstanding principal amount (plus accrued and unpaid interest) of the debentures held by the holder. We also maintain a commercial paper program which is used for general corporate purposes. Under the program, the maximum aggregate amount of unsecured commercial paper notes available to be issued, on a private placement basis, is$2.0 billion . We had no outstanding balance under our commercial paper program as ofMarch 31, 2020 andDecember 31, 2019 . See Note 7 to the Condensed Consolidated Financial Statements for additional information regarding the terms of our short-term obligations. Our long-term obligations primarily consist of long-term debt with final maturity dates ranging between 2021 and 2049. In addition, we maintain two 5-year,$1.0 billion revolving credit facilities. Each senior unsecured credit facility, one of which matures inMarch 2021 and the other inApril 2023 , provides support for our commercial paper program and can be used for working capital 37
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and other general corporate purposes. Total commitments of$2.0 billion were unused atMarch 31, 2020 andDecember 31, 2019 . See Note 7 to the Condensed Consolidated Financial Statements and further below in Supplemental Guarantor Financial Information for additional information regarding the terms of our long-term obligations and their related guarantees. Cash Flows The following table reflects the major categories of cash flows for the three months endedMarch 31 . For additional details, see the Condensed Consolidated Statements of Cash Flows in the Condensed Consolidated Financial Statements.
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