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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
_______________________________
FORM 10-Q
_______________________________
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number 001-34400
_____________________________ 
TRANE TECHNOLOGIES PLC
(Exact name of registrant as specified in its charter)
_______________________________
Ireland98-0626632
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
170/175 Lakeview Dr.
Airside Business Park
Swords Co. Dublin
Ireland
(Address of principal executive offices, including zip code)
+(353) (0) 18707400
(Registrant’s telephone number, including area code)
______________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Ordinary Shares, Par Value $1.00 per ShareTTNew York Stock Exchange
5.250% Senior Notes due 2033TT33New York Stock Exchange
5.100% Senior Notes due 2034
TT34
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x   No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerxAccelerated filer¨Emerging growth company☐
Non-accelerated filer¨Smaller reporting company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ☐    No  x
The number of ordinary shares outstanding of Trane Technologies plc as of October 25, 2024 was 225,023,863.

TRANE TECHNOLOGIES PLC
FORM 10-Q
INDEX

Item 1 -
Item 2 -
Item 3 -
Item 4 -
Item 1 -
Item 1A -
Item 2 -
Item 5 -
Item 6 -


PART I - FINANCIAL INFORMATION

Item 1.Financial Statements
TRANE TECHNOLOGIES PLC
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
Three months endedNine months ended
 September 30,September 30,
In millions, except per share amounts2024202320242023
Net revenues$5,441.2 $4,882.9 $14,964.2 $13,253.5 
Cost of goods sold(3,466.8)(3,224.8)(9,594.5)(8,867.6)
Selling and administrative expenses(949.8)(793.9)(2,677.2)(2,179.5)
Operating income1,024.6 864.2 2,692.5 2,206.4 
Interest expense(63.0)(57.9)(178.5)(177.1)
Other income/(expense), net6.3 (10.0)(22.8)(76.8)
Earnings before income taxes967.9 796.3 2,491.2 1,952.5 
Provision for income taxes(181.1)(157.5)(492.3)(400.2)
Earnings from continuing operations786.8 638.8 1,998.9 1,552.3 
Discontinued operations, net of tax(8.9)(6.5)(21.3)(18.2)
Net earnings777.9 632.3 1,977.6 1,534.1 
Less: Net earnings from continuing operations attributable to noncontrolling interests(5.9)(6.0)(14.0)(14.5)
Net earnings attributable to Trane Technologies plc$772.0 $626.3 $1,963.6 $1,519.6 
Amounts attributable to Trane Technologies plc ordinary shareholders:
Continuing operations$780.9 $632.8 $1,984.9 $1,537.8 
Discontinued operations(8.9)(6.5)(21.3)(18.2)
Net earnings$772.0 $626.3 $1,963.6 $1,519.6 
Earnings (loss) per share attributable to Trane Technologies plc ordinary shareholders:
Basic:
Continuing operations$3.46 $2.77 $8.76 $6.72 
Discontinued operations(0.04)(0.03)(0.09)(0.08)
Net earnings$3.42 $2.74 $8.67 $6.64 
Diluted:
Continuing operations$3.43 $2.74 $8.68 $6.66 
Discontinued operations(0.04)(0.02)(0.09)(0.08)
Net earnings$3.39 $2.72 $8.59 $6.58 
Weighted-average shares outstanding:
Basic225.8 228.6 226.6 228.8 
Diluted228.0 230.6 228.8 230.9 
See accompanying notes to Condensed Consolidated Financial Statements.

1

TRANE TECHNOLOGIES PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three months endedNine months ended
September 30,September 30,
In millions2024202320242023
Net earnings$777.9 $632.3 $1,977.6 $1,534.1 
Other comprehensive income (loss):
Currency translation145.5 (86.1)33.8 (62.2)
Cash flow hedges:
Unrealized net gains (losses) arising during period5.6 0.1 1.5 (12.3)
Net (gains) losses reclassified into earnings(2.7)2.1 1.5 12.9 
Tax (expense) benefit(0.2)(0.5)(0.2)(0.1)
Total cash flow hedges, net of tax2.7 1.7 2.8 0.5 
Pension and OPEB adjustments:
Amortization reclassified into earnings1.3 1.6 4.0 5.1 
Settlement losses reclassified to earnings1.0 — 1.0 1.1 
Currency translation and other(6.9)3.5 (6.1)(0.8)
Tax (expense) benefit0.1 0.3 (0.8)0.2 
Total pension and OPEB adjustments, net of tax(4.5)5.4 (1.9)5.6 
Other comprehensive income (loss), net of tax143.7 (79.0)34.7 (56.1)
Comprehensive income, net of tax$921.6 $553.3 $2,012.3 $1,478.0 
Less: Comprehensive income attributable to noncontrolling interests(7.6)(5.6)(14.3)(14.2)
Comprehensive income attributable to Trane Technologies plc$914.0 $547.7 $1,998.0 $1,463.8 
See accompanying notes to Condensed Consolidated Financial Statements.
2
TRANE TECHNOLOGIES PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
In millionsSeptember 30,
2024		December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents$1,470.0 $1,095.3 
Short-term investments
457.6 — 
Accounts and notes receivable, net3,393.4 2,956.8 
Inventories2,033.4 2,152.1 
Other current assets745.3 665.7 
Total current assets8,099.7 6,869.9 
Property, plant and equipment, net1,906.6 1,772.2 
Goodwill6,214.3 6,095.3 
Intangible assets, net3,364.6 3,439.8 
Other noncurrent assets1,318.5 1,214.7 
Total assets$20,903.7 $19,391.9 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$2,194.8 $2,025.2 
Accrued compensation and benefits618.2 591.7 
Accrued expenses and other current liabilities2,863.7 2,634.7 
Short-term borrowings and current maturities of long-term debt952.2 801.9 
Total current liabilities6,628.9 6,053.5 
Long-term debt4,317.1 3,977.9 
Postemployment and other benefit liabilities575.5 596.9 
Deferred and noncurrent income taxes678.3 703.7 
Other noncurrent liabilities1,089.6 1,042.9 
Total liabilities13,289.4 12,374.9 
Equity:
Trane Technologies plc shareholders’ equity:
Ordinary shares249.7 251.7 
Ordinary shares held in treasury, at cost(1,719.4)(1,719.4)
Retained earnings9,697.6 9,133.7 
Accumulated other comprehensive income (loss)(636.4)(670.8)
Total Trane Technologies plc shareholders’ equity7,591.5 6,995.2 
Noncontrolling interests22.8 21.8 
Total equity7,614.3 7,017.0 
Total liabilities and equity$20,903.7 $19,391.9 
See accompanying notes to Condensed Consolidated Financial Statements.

3

TRANE TECHNOLOGIES PLC
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
In millions, except per share amountsTotal
equity		Ordinary sharesOrdinary shares held
 in treasury,
at cost		Capital in
excess of
par value		Retained
earnings		Accumulated  other
comprehensive
income (loss)		Noncontrolling Interests
Amount at par valueShares
Balance at December 31, 2023$7,017.0 $251.7 251.7 $(1,719.4)$— $9,133.7 $(670.8)$21.8 
Net earnings439.8 — — — — 436.3 — 3.5 
Other comprehensive income (loss)(76.8)— — — — — (75.5)(1.3)
Shares issued under incentive stock plans6.1 0.7 0.7 — 5.4 — — — 
Repurchase of ordinary shares(300.3)(1.2)(1.2)— (25.3)(273.8)— — 
Share-based compensation18.5 — — — 19.8 (1.3)— — 
Dividends declared to noncontrolling interest(2.9)— — — — — — (2.9)
Dividends declared to common shareholders(190.7)— — — — (190.7)— — 
Other0.1 — — — 0.1 — — — 
Balance at March 31, 20246,910.8 251.2 251.2 (1,719.4)— 9,104.2 (746.3)21.1 
Net earnings759.9 — — — — 755.3 — 4.6 
Other comprehensive income (loss)(32.2)— — — — — (32.1)(0.1)
Shares issued under incentive stock plans15.5 0.2 0.2 — 15.3 — — — 
Repurchase of ordinary shares(324.1)(1.0)(1.0)— (38.8)(284.3)— — 
Share-based compensation22.7 — — — 23.5 (0.8)— — 
Dividends declared to noncontrolling interest(5.3)— — — — — — (5.3)
Dividends declared to common shareholders(379.7)— — — — (379.7)— — 
Balance at June 30, 20246,967.6 250.4 250.4 (1,719.4)— 9,194.7 (778.4)20.3 
Net earnings777.9 — — — — 772.0 — 5.9 
Other comprehensive income (loss)143.7 — — — — — 142.0 1.7 
Shares issued under incentive stock plans11.2 0.1 0.1 — 11.1 — — — 
Repurchase of ordinary shares(301.7)(0.8)(0.8)— (31.4)(269.5)— — 
Share-based compensation20.3 — — — 20.3 — — — 
Dividends declared to noncontrolling interest(5.1)— — — — — — (5.1)
Dividends declared to common shareholders0.4 — — — — 0.4 — — 
Other— — — — — — — — 
Balance at September 30, 2024$7,614.3 $249.7 249.7 $(1,719.4)$— $9,697.6 $(636.4)$22.8 

4
In millions, except per share amountsTotal
equity		Ordinary sharesOrdinary shares held
 in treasury,
at cost		Capital in
excess of
par value		Retained
earnings		Accumulated  other
comprehensive
income (loss)		Noncontrolling Interests
Amount at par valueShares
Balance at December 31, 2022$6,105.2 $253.3 253.3 $(1,719.4)$— $8,320.9 $(766.2)$16.6 
Net earnings311.1 — — — — 307.1 — 4.0 
Other comprehensive income (loss)67.4 — — — — — 66.9 0.5 
Shares issued under incentive stock plans21.3 0.8 0.8 — 20.5 — — — 
Repurchase of ordinary shares(300.0)(1.6)(1.6)— (45.0)(253.4)— — 
Share-based compensation23.8 — — — 24.4 (0.6)— — 
Dividends declared to noncontrolling interest(2.9)— — — — — — (2.9)
Dividends declared to common shareholders(171.7)— — — — (171.7)— — 
Other0.1 — — — 0.1 — — — 
Balance at March 31, 20236,054.3 252.5 252.5 (1,719.4)— 8,202.3 (699.3)18.2 
Net earnings590.7 — — — — 586.2 — 4.5 
Other comprehensive income (loss)(44.5)— — — — — (44.1)(0.4)
Shares issued under incentive stock plans7.5 0.3 0.3 — 7.2 — — — 
Share-based compensation15.3 — — — 16.1 (0.8)— — 
Dividends declared to noncontrolling interest(3.9)— — — — — — (3.9)
Dividends declared to common shareholders(342.3)— — — — (342.3)— — 
Other0.1 — — — 0.1 — — — 
Balance at June 30, 20236,277.2 252.8 252.8 (1,719.4)23.4 8,445.4 (743.4)18.4 
Net earnings632.3 — — — — 626.3 — 6.0 
Other comprehensive income (loss)(79.0)— — — — — (78.6)(0.4)
Shares issued under incentive stock plans22.2 0.3 0.3 — 21.9 — — — 
Repurchase of ordinary shares(159.8)(0.8)(0.8)— (58.7)(100.3)— — 
Share-based compensation12.8 — — — 13.4 (0.6)— — 
Dividends declared to noncontrolling interest(5.4)— — — — — — (5.4)
Dividends declared to common shareholders0.1 — — — — 0.1 — — 
Balance at September 30, 2023$6,700.4 $252.3 252.3 $(1,719.4)$— $8,970.9 $(822.0)$18.6 
See accompanying notes to Condensed Consolidated Financial Statements.

5
TRANE TECHNOLOGIES PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended
 September 30,
In millions20242023
Cash flows from operating activities:
Net earnings$1,977.6 $1,534.1 
Discontinued operations, net of tax21.3 18.2 
Adjustments for non-cash transactions:
Depreciation and amortization282.7 260.2 
Pension and other postretirement benefits31.0 39.4 
Stock settled share-based compensation63.6 53.9 
Other non-cash items, net(33.9)(10.4)
Changes in assets and liabilities, net of the effects of acquisitions(70.1)(412.8)
Net cash provided by (used in) continuing operating activities2,272.2 1,482.6 
Net cash provided by (used in) discontinued operating activities(26.5)(27.8)
Net cash provided by (used in) operating activities2,245.7 1,454.8 
Cash flows from investing activities:
Capital expenditures(245.0)(217.2)
Acquisitions of businesses, net of cash acquired(179.6)(510.2)
Purchases of short-term investments(450.0)— 
Other investing activities, net(12.0)(8.7)
Net cash provided by (used in) investing activities(886.6)(736.1)
Cash flows from financing activities:
Short-term borrowings (payments), net— (1.9)
Proceeds from long-term debt498.5 699.1 
Payments of long-term debt(7.5)(708.8)
Net proceeds from (payments of) debt491.0 (11.6)
Debt issuance costs(4.2)(6.5)
Dividends paid to ordinary shareholders(568.8)(513.0)
Dividends paid to noncontrolling interests(13.3)(12.2)
Proceeds (payments) from shares issued under incentive plans, net32.8 51.0 
Repurchase of ordinary shares(926.1)(459.8)
Other financing activities, net(1.6)— 
Net cash provided by (used in) financing activities(990.2)(952.1)
Effect of exchange rate changes on cash and cash equivalents5.8 (27.1)
Net increase (decrease) in cash and cash equivalents374.7 (260.5)
Cash and cash equivalents - beginning of period1,095.3 1,220.5 
Cash and cash equivalents - end of period$1,470.0 $960.0 
See accompanying notes to Condensed Consolidated Financial Statements.
6
TRANE TECHNOLOGIES PLC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Basis of Presentation
Trane Technologies plc, a public limited company, incorporated in Ireland in 2009, and its consolidated subsidiaries (collectively we, our, the Company or Trane Technologies) is a global climate innovator. The Company brings sustainable and efficient solutions to buildings, homes and transportation through the Company's strategic brands, Trane® and Thermo King®, and its environmentally responsible portfolio of products, services and connected intelligent controls. The Company generates revenue and cash primarily through the design, manufacture, sales and service of solutions for Heating, Ventilation and Air Conditioning (HVAC), transport refrigeration, and custom refrigeration solutions.
The accompanying unaudited Condensed Consolidated Financial Statements of Trane Technologies reflect the consolidated operations of the Company and have been prepared in accordance with United States Securities and Exchange Commission (SEC) interim reporting requirements. Accordingly, the accompanying Condensed Consolidated Financial Statements do not include all disclosures required by accounting principles generally accepted in the United States of America (GAAP) for full financial statements and should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, the accompanying Condensed Consolidated Financial Statements contain all adjustments, which include only normal recurring adjustments, necessary to fairly state the condensed consolidated results for the interim periods presented.
Note 2. Recent Accounting Pronouncements
The Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) is the sole source of authoritative GAAP other than SEC issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standards Update (ASU) to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the Condensed Consolidated Financial Statements.
Recently Adopted Accounting Pronouncements
In September 2022, the FASB issued ASU 2022-04, "Liabilities - Supplier Finance Program (Subtopic 405-50): Disclosure of Supplier Program Finance Obligations," which requires that a company that enters into a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. To achieve that objective, a company should disclose qualitative and quantitative information about its supplier finance programs. The Company adopted this standard on January 1, 2023, except for the amendment on roll forward information which is effective on an annual basis for fiscal years beginning after December 15, 2023. See Note 7, "Supplier Financing Arrangements" for more information regarding the Company's supplier financing program.
Accounting Pronouncements Issued but not yet Adopted
In December 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures (Topic 740)" (ASU 2023-09) which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company expects ASU 2023-09 to require additional disclosures in the notes to its consolidated financial statements and does not plan to early adopt.
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" (ASU 2023-07) which requires public entities to disclose information about their reportable segments' oversight and significant expenses on an interim and annual basis. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company expects ASU 2023-07 to require additional disclosures in the notes to its consolidated financial statements and does not plan to early adopt.
In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to SEC's Disclosure Update and Simplification Initiative" (ASU 2023-06) to amend a variety of disclosure requirements in the ASC. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited. Upon adoption, this ASU is not expected to have a material impact on the Company's financial statements and related disclosures.
7

Note 3. Inventories
The major classes of inventory were as follows:
In millionsSeptember 30,
2024		December 31,
2023
Raw materials$595.9 $605.1 
Work-in-process431.2 385.1 
Finished goods1,188.3 1,332.3 
2,215.4 2,322.5 
LIFO reserve(182.0)(170.4)
Total$2,033.4 $2,152.1 
The Company performs periodic assessments to determine the existence of obsolete, slow-moving and non-saleable inventories and records necessary provisions to reduce such inventories to the lower of cost and net realizable value. Reserve balances, primarily related to obsolete and slow-moving inventories, were $170.7 million and $143.5 million at September 30, 2024 and December 31, 2023, respectively.
Note 4. Goodwill
The changes in the carrying amount of goodwill for the nine months ended September 30, 2024 were as follows:
In millionsAmericasEMEAAsia PacificTotal
Net balance as of December 31, 2023$4,675.3 $869.0 $551.0 $6,095.3 
Acquisitions103.4 — — 103.4 
Measurement period adjustments(4.0)1.8 — (2.2)
Currency translation(1.8)12.8 6.8 17.8 
Net balance as of September 30, 2024$4,772.9 $883.6 $557.8 $6,214.3 
The net goodwill balances at September 30, 2024 and December 31, 2023 include $2,496.0 million of accumulated impairment, primarily related to the Americas segment. The accumulated impairment relates entirely to a charge recorded in 2008.
Note 5. Intangible Assets
The gross amount of the Company’s intangible assets and related accumulated amortization were as follows:
September 30, 2024December 31, 2023
In millionsGross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amount
Customer relationships$2,437.0 $(1,848.0)$589.0 $2,384.4 $(1,731.4)$653.0 
Other438.5 (264.9)173.6 419.6 (243.1)176.5 
Total finite-lived intangible assets2,875.5 (2,112.9)762.6 2,804.0 (1,974.5)829.5 
Trademarks (indefinite-lived)2,602.0 — 2,602.0 2,610.3 — 2,610.3 
Total$5,477.5 $(2,112.9)$3,364.6 $5,414.3 $(1,974.5)$3,439.8 
Intangible asset amortization expense was $45.3 million and $45.4 million for the three months ended September 30, 2024 and 2023, respectively. Intangible asset amortization expense was $135.0 million and $122.4 million for the nine months ended September 30, 2024 and 2023, respectively.
8

Note 6. Debt and Credit Facilities
Short-term borrowings and current maturities of long-term debt consisted of the following:
In millionsSeptember 30,
2024		December 31,
2023
Debentures with put feature$295.0 $295.0 
3.550% Senior Notes due 2024
500.0 499.4 
7.200% Debentures due 2024-2025
7.5 7.5 
6.480% Debentures due 2025
149.7 — 
Total$952.2 $801.9 
Commercial Paper Program
The Company uses borrowings under its commercial paper program for general corporate purposes. 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. Under the commercial paper program, the Company may issue notes from time to time through Trane Technologies HoldCo Inc. or Trane Technologies Financing Limited. Each of Trane Technologies plc, Trane Technologies Irish Holdings Unlimited Company, Trane Technologies Lux International Holding Company S.à.r.l., Trane Technologies Americas Holding Corporation, Trane Technologies Global Holding II Company Limited, and Trane Technologies Company LLC provide irrevocable and unconditional guarantees for any notes issued under the commercial paper program. In addition, Trane Technologies HoldCo Inc. and Trane Technologies Financing Limited provide irrevocable and unconditional guarantees for any notes issued by the other. The Company had no outstanding balance under its commercial paper program as of September 30, 2024 and December 31, 2023.
Debentures with Put Feature
At September 30, 2024 and December 31, 2023, the Company had $295.0 million of fixed rate debentures outstanding which contain a put feature that the holders may exercise on each anniversary of the issuance date. If exercised, the Company is obligated to repay in whole or in part, at the holder’s option, the outstanding principal amount of the debentures plus accrued interest. If these options are not exercised, the final contractual maturity dates would range between 2027 and 2028. Holders who had the option to exercise puts up to $37.2 million for settlement in February 2024 did not exercise such option. In October 2024, in accordance with notice requirements as specified in the offering documents, holders had the option to elect to exercise puts up to $257.8 million for settlement in November 2024. As of October 30, 2024, no put options were exercised.
Long-term debt, excluding current maturities, consisted of the following:
In millionsSeptember 30,
2024		December 31,
2023
7.200% Debentures due 2024-2025
$— $7.5 
6.480% Debentures due 2025
— 149.7 
3.500% Senior Notes due 2026
399.2 398.9 
3.750% Senior Notes due 2028
547.8 547.3 
3.800% Senior Notes due 2029
746.9 746.4 
5.250% Senior Notes due 2033
693.8 693.3 
5.100% Senior Notes due 2034
494.1 — 
5.750% Senior Notes due 2043
495.6 495.4 
4.650% Senior Notes due 2044
296.7 296.6 
4.300% Senior Notes due 2048
296.7 296.6 
4.500% Senior Notes due 2049
346.3 346.2 
Total$4,317.1 $3,977.9 
9

Issuance of Senior Notes
In June 2024, the Company, through its wholly-owned subsidiary Trane Technologies Financing Limited, issued $500 million aggregate principal amount of 5.100% Senior Notes due 2034. The notes are guaranteed by each of Trane Technologies plc, Trane Technologies Global Holding II Company Limited, Trane Technologies Americas Holding Corporation, Trane Technologies Lux International Holding Company S.a.r.l., Trane Technologies Irish Holdings Unlimited Company, Trane Technologies Company LLC and Trane Technologies Holdco Inc. The Company has the option to redeem the notes in whole or in part at any time prior to their stated maturity date at redemption prices set forth in the indenture agreement. The notes are subject to certain customary covenants, however, none of these covenants are considered restrictive to the Company’s operations. Together with cash on hand, the net proceeds from the offering will be used to repay at maturity the $500 million aggregate principal amount of the outstanding 3.550% Senior Notes due in November 2024, including payment of fees, expenses, and accrued interest in connection therewith.
Other Credit Facilities
The Company maintains two $1.0 billion senior unsecured revolving credit facilities, one of which matures in June 2026 and the other which matures in April 2027 (collectively, the Facilities), through its wholly-owned subsidiaries, Trane Technologies HoldCo Inc. and Trane Technologies Financing Limited (collectively, the Borrowers). The Facilities include Environmental, Social, and Governance (ESG) metrics related to two of the Company’s sustainability commitments: a reduction in greenhouse gas intensity and an increase in the percentage of women in management. The Company's annual performance against these ESG metrics may result in price adjustments to the commitment fee and applicable interest rate.
The Facilities provide support for the Company’s commercial paper program and can be used for working capital and other general corporate purposes. Trane Technologies plc, Trane Technologies Irish Holdings Unlimited Company, Trane Technologies Lux International Holding Company S.à.r.l., Trane Technologies Americas Holding Corporation, Trane Technologies Global Holding II Company Limited and Trane Technologies Company LLC each provide irrevocable and unconditional guarantees for these Facilities. In addition, each Borrower will guarantee the obligations under the Facilities of the other Borrowers. Total commitments of $2.0 billion were unused at September 30, 2024 and December 31, 2023.
Fair Value of Debt
The fair value of the Company's debt instruments at September 30, 2024 and December 31, 2023 was $5.3 billion and $4.7 billion, respectively. The Company measures the fair value of its debt instruments for disclosure purposes based upon observable market prices quoted on public exchanges for similar assets. These fair value inputs are considered Level 2 within the fair value hierarchy. See Note 8, "Fair Value Measurements" for information on the fair value hierarchy.
Note 7. Supplier Financing Arrangements
The Company has agreements with financial institutions, primarily in the US, that allow its suppliers to sell their receivables to the financial institution at the sole discretion of both the supplier and the financial institution on terms that are negotiated between them. The Company may not always be notified when its suppliers sell receivables under these arrangements.
The Company’s obligations to its suppliers, including the amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to sell their receivables under the program. Outstanding invoices under the supplier financing arrangements were $281.4 million and $246.0 million at September 30, 2024 and December 31, 2023, respectively, which are included within Accounts payable in the Condensed Consolidated Balance Sheet.
Note 8. Fair Value Measurements
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy that prioritizes information used in developing assumptions when pricing an asset or liability is as follows:
•Level 1: Observable inputs such as quoted prices in active markets;
•Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
•Level 3: Unobservable inputs where there is little or no market data, which requires the reporting entity to develop its own assumptions.
Observable market data is required to be used in making fair value measurements when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.
10

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of September 30, 2024:
In millionsFair ValueFair value measurements
Level 1Level 2Level 3
Assets:
Derivative instruments$8.1 $— $8.1 $— 
Liabilities:
Derivative instruments5.5 — 5.5 — 
Contingent consideration77.3 — — 77.3 
The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2023:
In millionsFair ValueFair value measurements
Level 1Level 2Level 3
Assets:
Derivative instruments$4.1 $— $4.1 $— 
Liabilities:
Derivative instruments4.8 — 4.8 — 
Contingent consideration90.3 — — 90.3 
Derivative instruments include forward foreign currency contracts and instruments related to non-functional currency balance sheet exposures and commodity swaps. The fair value of the foreign exchange derivative instruments is determined based on a pricing model that uses spot rates and forward prices from actively quoted currency markets that are readily accessible and observable. The fair value of the commodity derivative instruments is valued under a market approach using published prices, where applicable, or dealer quotes.
The carrying values of cash and cash equivalents, short-term investments, accounts receivable, and accounts payable are a reasonable estimate of their fair value due to the short-term nature of these instruments. There have been no transfers between levels of the fair value hierarchy.
On November 2, 2023, the Company acquired 100% of Nuvolo Technologies Corporation. In connection with the acquisition, the Company agreed to two contingent consideration arrangements. The first contingent consideration arrangement, payable up to $90.0 million in cash, is based on the attainment of key revenue targets from November 2, 2023 through April 2025. If the first contingent consideration targets are met, a second contingent consideration arrangement with no maximum earnout is available to the sellers based on revenues in excess of the initial targets attained from a specified customer contract through April 2025.
Each quarter the Company evaluates the fair value of the liability as assumptions change and any non-cash adjustments are recorded in Selling and administrative expenses in the Condensed Consolidated Statements of Earnings. Contingent consideration related to acquisitions are measured at fair value using Level 3 unobservable inputs. The fair value of the contingent consideration is determined using the Monte Carlo simulation model based on revenue projections during the earnout period, implied revenue volatility and a risk adjusted discount rate.
11

The changes in the fair value of the Company's Level 3 liabilities were as follows:
In millionsSeptember 30,
2024
Balance at beginning of period$90.3 
Change in fair value of contingent consideration (8.9)
Measurement period adjustment(4.1)
Balance at end of period$77.3 
The following inputs and assumptions were used in the Monte Carlo simulation model to estimate the fair value of the contingent consideration:
September 30,
2024		December 31,
2023
Discount rate8.59% - 8.73%8.14% - 8.48%
Volatility 15.70 %16.20 %
Certain assets are measured at fair value on a non-recurring basis. The Company's equity investments without a readily available fair value are accounted for using the measurement alternative and are measured at fair value when observable transactions of identical or similar securities occurs, or due to an impairment. When indicators of impairment exist or observable price changes of qualified transactions occur, the respective equity investment would be classified within Level 3 of the fair value hierarchy due to the absence of quoted market prices, the inherent lack of liquidity and unobservable inputs used to measure fair value that require management’s judgment.
Note 9. Pensions and Postretirement Benefits Other than Pensions
The Company sponsors several U.S. defined benefit and defined contribution plans covering substantially all of the Company's U.S. employees. Additionally, the Company has many non-U.S. defined benefit and defined contribution plans covering eligible non-U.S. employees. Postretirement benefits other than pensions (OPEB) provide healthcare benefits, and in some instances, life insurance benefits for certain eligible employees.
Pension Plans
The non-contributory defined benefit pension plans covering non-collectively bargained U.S. employees provide benefits on a final average pay formula while plans for most collectively bargained U.S. employees provide benefits on a flat dollar benefit formula or a percentage of pay formula. The non-U.S. pension plans generally provide benefits based on earnings and years of service. The Company also maintains additional other supplemental plans for officers and other key or highly compensated employees.
12

The components of the Company’s net periodic pension benefit cost for the three and nine months ended September 30 were as follows:
Three months ended Nine months ended
In millions2024202320242023
Service cost$8.2 $9.0 $24.2 $26.5 
Interest cost28.2 30.2 84.7 90.1 
Expected return on plan assets(29.6)(30.1)(88.4)(90.1)
Net amortization of:
Prior service costs (benefits)0.7 0.9 2.2 2.6 
Net actuarial (gains) losses3.8 3.9 11.3 11.9 
Net periodic pension benefit cost11.3 13.9 34.0 41.0 
Settlement losses1.0 — 1.0 1.1 
Net periodic pension benefit cost after net settlement losses$12.3 $13.9 $35.0 $42.1 
Amounts recorded in continuing operations:
      Operating income$7.0 $7.9 $21.0 $23.3 
      Other income/(expense), net3.6 4.4 9.0 14.0 
Amounts recorded in discontinued operations1.7 1.6 5.0 4.8 
Total$12.3 $13.9 $35.0 $42.1 
The Company made required and discretionary contributions to its defined benefit pension plans of $52.1 million and $88.5 million during the nine months ended September 30, 2024 and 2023, respectively. The Company currently projects that it will contribute approximately $62 million to its enterprise plans worldwide in 2024.
Postretirement Benefits Other Than Pensions
The Company sponsors several postretirement plans that provide for healthcare benefits, and in some instances, life insurance benefits that cover certain eligible employees. These plans are unfunded and have no plan assets, but are instead funded by the Company on a pay-as-you-go basis in the form of direct benefit payments. Generally, postretirement health benefits are contributory with contributions adjusted annually. Life insurance plans for retirees are primarily noncontributory.
The components of net periodic postretirement benefit cost for the three and nine months ended September 30 were as follows:
Three months ended Nine months ended
In millions2024202320242023
Service cost$0.4 $0.4 $0.9 $1.1 
Interest cost2.8 3.3 8.6 10.0 
Net amortization of:
Prior service costs (benefits)0.1 0.1 0.4 0.4 
Net actuarial (gains) losses(3.3)(3.3)(9.9)(9.8)
Net periodic postretirement benefit cost$— $0.5 $— $1.7 
Amounts recorded in continuing operations:
     Operating income$0.3 $0.4 $0.9 $1.1 
     Other income/(expense), net0.1 0.3 0.1 1.0 
Amounts recorded in discontinued operations(0.4)(0.2)(1.0)(0.4)
Total$— $0.5 $— $1.7 
13

Note 10. Equity
The authorized share capital of Trane Technologies plc is 1,185,040,000 shares, consisting of (1) 1,175,000,000 ordinary shares, par value $1.00 per share, (2) 40,000 ordinary shares, par value EUR 1.00 and (3) 10,000,000 preference shares, par value $0.001 per share. There were no Euro-denominated ordinary shares or preference shares outstanding at September 30, 2024 or December 31, 2023.
Changes in ordinary shares and treasury shares for the nine months ended September 30, 2024 were as follows:
In millionsOrdinary shares issuedOrdinary shares held in treasury
December 31, 2023251.7 24.5 
Shares issued under incentive plans, net1.0 — 
Repurchase of ordinary shares(3.0)— 
September 30, 2024249.7 24.5 
Share repurchases are made from time to time in accordance with management's capital allocation strategy, subject to market conditions and regulatory requirements. Shares acquired and canceled upon repurchase are accounted for as a reduction of Ordinary shares and Capital in excess of par value, or Retained earnings to the extent Capital in excess of par value is exhausted. Shares acquired and held in treasury are presented separately on the balance sheet as a reduction to Equity and recognized at cost.
In February 2022, the Company's Board of Directors authorized a share repurchase program of up to $3.0 billion of its ordinary shares (2022 Authorization). During the nine months ended September 30, 2024, the Company repurchased and canceled approximately $926 million of its ordinary shares, leaving $1.6 billion remaining under the 2022 Authorization. Additionally, in October 2024, the Company repurchased approximately $105 million of its ordinary shares under the 2022 Authorization.
Accumulated Other Comprehensive Income (Loss)
The changes in Accumulated other comprehensive income (loss) for the nine months ended September 30, 2024 were as follows:
In millionsDerivative InstrumentsPension and OPEBForeign Currency TranslationTotal
Balance at December 31, 2023$3.0 $(198.9)$(474.9)$(670.8)
Other comprehensive income (loss) attributable to Trane Technologies plc2.8 (1.9)33.5 34.4 
Balance at September 30, 2024$5.8 $(200.8)$(441.4)$(636.4)
Other comprehensive income (loss) attributable to noncontrolling interests for the nine months ended September 30, 2024 included a gain of $0.3 million related to currency translation.
The changes in Accumulated other comprehensive income (loss) for the nine months ended September 30, 2023 were as follows:
In millionsDerivative InstrumentsPension and OPEBForeign Currency TranslationTotal
Balance at December 31, 2022$(4.5)$(214.1)$(547.6)$(766.2)
Other comprehensive income (loss) attributable to Trane Technologies plc0.5 5.6 (61.9)(55.8)
Balance at September 30, 2023$(4.0)$(208.5)$(609.5)$(822.0)
Other comprehensive income (loss) attributable to noncontrolling interests for the nine months ended September 30, 2023 included a loss of $0.3 million related to currency translation.
14

Note 11. Revenue
Disaggregated Revenue
Net revenues by geography and major type of good or service for the three and nine months ended September 30 were as follows:
Three months endedNine months ended
In millions2024202320242023
Americas
     Equipment$2,963.2 $2,578.7 $8,112.7 $7,006.1 
     Services1,511.7 1,309.3 3,988.0 3,435.4 
Total Americas$4,474.9 $3,888.0 $12,100.7 $10,441.5 
EMEA
     Equipment$446.2 $416.8 $1,288.5 $1,232.6 
     Services221.6 201.8 578.0 514.2 
Total EMEA