Subsequent Event

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

As the COVID-19 global pandemic continues to evolve, our financial results for the remainder of 2020 and perhaps beyond will be impacted by the continued global economic uncertainty. The magnitude of the pandemic, including the extent of any impact on our business, financial position, results of operations or liquidity, which could be material, cannot be reasonably estimated at this time due to the rapid development and fluidity of the situation. The ultimate effect of the COVID-19 pandemic on our business will be determined by the duration of the pandemic, its geographic spread, business disruptions and the overall impact on the global economy.

We, as a result, have taken decisive actions to maintain our strong financial position and increase liquidity. In April 2020, we registered for $4.1 billion in commercial paper support programs now available in the United States and Canada. In addition, we also benefit from the incremental $3.9 billion short-term credit facility that was secured by Caterpillar. We have not made any drawings under this new credit facility or our existing global credit facilities as of the date of this filing nor do we have any outstanding borrowings under either commercial paper support program as of the date of this filing.