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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, 2021
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
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 22, 2021 was 237,540,178.


TRANE TECHNOLOGIES PLC
FORM 10-Q
INDEX

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



PART I - FINANCIAL INFORMATION

Item 1.Financial Statements

TRANE TECHNOLOGIES PLC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
Three months endedNine months ended
 September 30,September 30,
In millions, except per share amounts2021202020212020
Net revenues$3,719.8 $3,495.5 $10,567.1 $9,275.6 
Cost of goods sold(2,515.6)(2,360.8)(7,139.0)(6,420.1)
Selling and administrative expenses(620.8)(567.8)(1,840.5)(1,710.7)
Operating income583.4 566.9 1,587.6 1,144.8 
Interest expense(57.7)(62.4)(177.7)(186.8)
Other income/(expense), net(6.9)(4.5)(13.8)7.6 
Earnings before income taxes518.8 500.0 1,396.1 965.6 
Benefit (provision) for income taxes(96.8)(89.9)(268.0)(224.4)
Earnings from continuing operations422.0 410.1 1,128.1 741.2 
Discontinued operations, net of tax(13.3)(5.5)(12.6)(120.4)
Net earnings408.7 404.6 1,115.5 620.8 
Less: Net earnings from continuing operations attributable to noncontrolling interests(3.0)(4.0)(9.9)(9.7)
Less: Net earnings from discontinuing operations attributable to noncontrolling interests   (0.9)
Net earnings attributable to Trane Technologies plc$405.7 $400.6 $1,105.6 $610.2 
Amounts attributable to Trane Technologies plc ordinary shareholders:
Continuing operations$419.0 $406.1 $1,118.2 $731.5 
Discontinued operations(13.3)(5.5)(12.6)(121.3)
Net earnings$405.7 $400.6 $1,105.6 $610.2 
Earnings (loss) per share attributable to Trane Technologies plc ordinary shareholders:
Basic:
Continuing operations$1.76 $1.69 $4.68 $3.05 
Discontinued operations(0.06)(0.02)(0.06)(0.51)
Net earnings$1.70 $1.67 $4.62 $2.54 
Diluted:
Continuing operations$1.73 $1.67 $4.61 $3.01 
Discontinued operations(0.05)(0.03)(0.06)(0.50)
Net earnings$1.68 $1.64 $4.55 $2.51 
Weighted-average shares outstanding:
Basic238.2 240.4 239.2 240.0 
Diluted241.7 243.7 242.8 242.7 
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 millions2021202020212020
Net earnings$408.7 $404.6 $1,115.5 $620.8 
Other comprehensive income (loss):
Currency translation(67.7)111.3 (101.4)107.4 
Cash flow hedges:
Unrealized net gains (losses) arising during period5.1 1.5 1.3 1.7 
Net (gains) losses reclassified into earnings(7.9)0.7 (5.1)1.1 
Tax (expense) benefit0.5 (0.4)1.9 0.4 
Total cash flow hedges, net of tax(2.3)1.8 (1.9)3.2 
Pension and OPEB adjustments:
Net actuarial gains (losses) for the period   (21.3)
Amortization reclassified into earnings9.7 10.5 29.1 32.7 
Net curtailment and settlement (gains) losses reclassified to earnings (0.1)6.9 (3.7)
Currency translation and other4.6 (6.6)4.9 (3.0)
Tax (expense) benefit(2.4)(1.9)(17.1)(6.9)
Total pension and OPEB adjustments, net of tax11.9 1.9 23.8 (2.2)
Other comprehensive income (loss), net of tax(58.1)115.0 (79.5)108.4 
Comprehensive income, net of tax$350.6 $519.6 $1,036.0 $729.2 
Less: Comprehensive income attributable to noncontrolling interests(1.9)(3.9)(8.1)(12.7)
Comprehensive income attributable to Trane Technologies plc$348.7 $515.7 $1,027.9 $716.5 
See accompanying notes to Condensed Consolidated Financial Statements.



2

TRANE TECHNOLOGIES PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
In millionsSeptember 30,
2021
December 31,
2020
ASSETS
Current assets:
Cash and cash equivalents$2,738.8 $3,289.9 
Accounts and notes receivable, net2,432.3 2,202.1 
Inventories1,482.8 1,189.2 
Other current assets337.5 224.4 
Total current assets6,991.4 6,905.6 
Property, plant and equipment, net1,336.7 1,349.5 
Goodwill5,310.1 5,342.8 
Intangible assets, net3,198.4 3,286.4 
Other noncurrent assets1,365.6 1,272.4 
Total assets$18,202.2 $18,156.7 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$1,757.8 $1,520.2 
Accrued compensation and benefits462.4 451.1 
Accrued expenses and other current liabilities1,742.9 1,592.0 
Short-term borrowings and current maturities of long-term debt350.4 775.6 
Total current liabilities4,313.5 4,338.9 
Long-term debt4,490.7 4,496.5 
Postemployment and other benefit liabilities977.1 1,024.6 
Deferred and noncurrent income taxes598.9 578.5 
Other noncurrent liabilities1,334.3 1,291.1 
Total liabilities11,714.5 11,729.6 
Equity:
Trane Technologies plc shareholders’ equity:
Ordinary shares262.0 263.3 
Ordinary shares held in treasury, at cost(1,719.4)(1,719.4)
Capital in excess of par value15.2  
Retained earnings8,626.5 8,495.3 
Accumulated other comprehensive income (loss)(709.2)(631.5)
Total Trane Technologies plc shareholders’ equity6,475.1 6,407.7 
Noncontrolling interests12.6 19.4 
Total equity6,487.7 6,427.1 
Total liabilities and equity$18,202.2 $18,156.7 
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, 2020$6,427.1 $263.3 263.3 $(1,719.4)$ $8,495.3 $(631.5)$19.4 
Net earnings237.8 — — — — 235.2 — 2.6 
Other comprehensive income (loss)(70.7)— — — — — (68.3)(2.4)
Shares issued under incentive stock plans(7.0)1.0 1.0 — (8.0)— — — 
Repurchase of ordinary shares(104.2)(0.7)(0.7)— (16.7)(86.8)— — 
Share-based compensation24.2 — — — 24.7 (0.5)— — 
Dividends declared to noncontrolling interest(3.5)— — — — — — (3.5)
Cash dividends declared(141.0)— — — — (141.0)— — 
Separation of Ingersoll Rand Industrial(49.9)— — — — (49.9)— — 
Balance at March 31, 2021$6,312.8 $263.6 263.6 $(1,719.4)$ $8,452.3 $(699.8)$16.1 
Net earnings469.0 — — — — 464.7 — 4.3 
Other comprehensive income (loss)49.3 — — — — — 47.6 1.7 
Shares issued under incentive stock plans25.7 0.5 0.5 — 25.2 — — — 
Repurchase of ordinary shares(250.0)(1.4)(1.4)— (40.0)(208.6)— — 
Share-based compensation13.9 — — — 14.8 (0.9)— — 
Dividends declared to noncontrolling interest(6.7)— — — — — — (6.7)
Cash dividends declared(281.4)— — — — (281.4)— — 
Balance at June 30, 2021$6,332.6 $262.7 262.7 $(1,719.4)$ $8,426.1 $(652.2)$15.4 
Net earnings408.7 — — — — 405.7 — 3.0 
Other comprehensive income (loss)(58.1)— — — — — (57.0)(1.1)
Shares issued under incentive stock plans43.1 0.6 0.6 — 42.5 — — — 
Repurchase of ordinary shares(246.0)(1.3)(1.3)— (40.0)(204.7)— — 
Share-based compensation11.9 — — — 12.6 (0.7)— — 
Dividends declared to noncontrolling interest(4.7)— — — — — — (4.7)
Other0.2 — — — 0.1 0.1 — — 
Balance at September 30, 2021$6,487.7 $262.0 262.0 $(1,719.4)$15.2 $8,626.5 $(709.2)$12.6 
See accompanying notes to Condensed Consolidated Financial Statements.





4

TRANE TECHNOLOGIES PLC
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (CONTINUED)
(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, 2019$7,312.4 $262.8 262.8 $(1,719.4)$ $9,730.8 $(1,006.6)$44.8 
Net earnings(25.9)— — — — (29.2)— 3.3 
Other comprehensive income (loss)(58.6)— — — — — (58.7)0.1 
Shares issued under incentive stock plans(5.6)0.9 0.9 — (6.5)— — — 
Share-based compensation27.6 — — — 29.0 (1.4)— — 
Dividends declared to noncontrolling interest(6.1)— — — — — — (6.1)
Investment by joint venture partner7.0 — — — 3.9 — — 3.1 
Cash dividends declared(126.7)— — — — (126.7)— — 
Separation of Ingersoll Rand Industrial(1,334.3)— — — — (1,445.6)139.3 (28.0)
Balance at March 31, 2020$5,789.8 $263.7 263.7 $(1,719.4)$26.4 $8,127.9 $(926.0)$17.2 
Net earnings242.1 — — — — 238.8 — 3.3 
Other comprehensive income (loss)52.0 — — — — — 49.9 2.1 
Shares issued under incentive stock plans3.7 0.1 0.1 — 3.6 — — — 
Share-based compensation16.0 — — — 16.5 (0.5)— — 
Cash dividends declared(254.0)— — — — (254.0)— — 
Separation of Ingersoll Rand Industrial(17.2)— — — — (17.2)— — 
Balance at June 30, 2020$5,832.4 $263.8 263.8 $(1,719.4)$46.5 $8,095.0 $(876.1)$22.6 
Net earnings404.6 — — — — 400.6 — 4.0 
Other comprehensive income (loss)115.0 — — — — — 115.1 (0.1)
Shares issued under incentive stock plans35.5 0.7 0.7 — 34.8 — — — 
Share-based compensation11.6 — — — 12.0 (0.4)— — 
Dividends declared to noncontrolling interest(12.2)— — — — — — (12.2)
Separation of Ingersoll Rand Industrial(5.9)— — — — (5.9)— — 
Balance at September 30, 2020$6,381.0 $264.5 264.5 $(1,719.4)$93.3 $8,489.3 $(761.0)$14.3 
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 millions20212020
Cash flows from operating activities:
Net earnings$1,115.5 $620.8 
Discontinued operations, net of tax12.6 120.4 
Adjustments for non-cash transactions:
Depreciation and amortization223.0 223.7 
Pension and other postretirement benefits40.4 49.6 
Stock settled share-based compensation52.2 57.5 
Changes in assets and liabilities, net of the effects of acquisitions(258.9)49.4 
Other non-cash items, net(22.2)11.5 
Net cash provided by (used in) continuing operating activities1,162.6 1,132.9 
Net cash provided by (used in) discontinued operating activities(1.4)(324.8)
Net cash provided by (used in) operating activities1,161.2 808.1 
Cash flows from investing activities:
Capital expenditures(121.6)(89.1)
Acquisitions of businesses, net of cash acquired(18.0)(2.5)
Deconsolidation of certain entities under Chapter 11 (10.8)
Other investing activities, net(69.2)1.3 
Net cash provided by (used in) continuing investing activities(208.8)(101.1)
Net cash provided by (used in) discontinued investing activities (37.7)
Net cash provided by (used in) investing activities(208.8)(138.8)
Cash flows from financing activities:
Payments of long-term debt(432.5)(307.5)
Debt issuance costs(2.6)(3.6)
Dividends paid to ordinary shareholders(421.9)(380.3)
Dividends paid to noncontrolling interests(14.9)(18.3)
Proceeds (payments) from shares issued under incentive plans, net61.8 33.6 
Repurchase of ordinary shares(600.2) 
Receipt of / (Settlement related to) special cash payment(49.5)1,900.0 
Other financing activities, net(5.2)7.0 
Net cash provided by (used in) continuing financing activities(1,465.0)1,230.9 
Effect of exchange rate changes on cash and cash equivalents(38.5)11.3 
Net increase (decrease) in cash and cash equivalents(551.1)1,911.5 
Cash and cash equivalents - beginning of period3,289.9 1,278.6 
Cash and cash equivalents - end of period$2,738.8 $3,190.1 
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, the Company), is a global climate innovator that brings 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. The accompanying unaudited Condensed Consolidated Financial Statements of Trane Technologies plc reflects 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, 2020. 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.
Reorganization of Aldrich and Murray
On May 1, 2020, certain subsidiaries of the Company underwent an internal corporate restructuring that was effectuated through a series of transactions (2020 Corporate Restructuring). As a result, Aldrich Pump LLC (Aldrich) and Murray Boiler LLC (Murray), indirect wholly-owned subsidiaries of Trane Technologies plc, became solely responsible for the asbestos-related liabilities, and the beneficiaries of the asbestos-related insurance assets, of Trane Technologies Company LLC and Trane U.S. Inc, respectively. On a consolidated basis, the 2020 Corporate Restructuring did not have an impact on the Condensed Consolidated Financial Statements. However, in connection with the 2020 Corporate Restructuring, certain subsidiaries of the Company entered into funding agreements with Aldrich and Murray (collectively the Funding Agreements), pursuant to which those subsidiaries are obligated, among other things, to pay the costs and expenses of Aldrich and Murray during the pendency of the Chapter 11 cases to the extent distributions from their respective subsidiaries are insufficient to do so and to provide an amount for the funding for a trust established pursuant to section 524(g) of the Bankruptcy Code, to the extent that the other assets of Aldrich and Murray are insufficient to provide the requisite trust funding.
On June 18, 2020 (Petition Date), Aldrich and Murray filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (the Bankruptcy Code) in the United States Bankruptcy Court for the Western District of North Carolina (the Bankruptcy Court) to resolve equitably and permanently all current and future asbestos related claims in a manner beneficial to claimants, Aldrich and Murray. As a result of the Chapter 11 filings, all asbestos-related lawsuits against Aldrich and Murray have been stayed due to the imposition of a statutory automatic stay applicable in Chapter 11 bankruptcy cases. Only Aldrich and Murray have filed for Chapter 11 relief. Neither Aldrich's wholly-owned subsidiary, 200 Park, Inc. (200 Park), Murray's wholly-owned subsidiary, ClimateLabs LLC (ClimateLabs), Trane Technologies plc nor its other subsidiaries (the Trane Companies) are part of the Chapter 11 filings. The Trane Companies are expected to continue to operate as usual, with no disruption to their employees, suppliers, or customers globally. However, as of the Petition Date, Aldrich and its wholly-owned subsidiary 200 Park and Murray and its wholly-owned subsidiary ClimateLabs were deconsolidated and their respective assets and liabilities were derecognized from the Company's Condensed Consolidated Financial Statements. Refer to Note 20, "Commitments and Contingencies," for more information regarding the status of Chapter 11 bankruptcy and asbestos-related matters.
Revision for Correction of an Error in Previously Issued Interim Financial Statements
Cash dividends declared for the three months ended June 30, 2021, June 30, 2020 and September 30, 2020 have been revised by $140.1 million (from $141.3 million to $281.4 million), by $127.1 million (from $126.9 million to $254.0 million) and by $127.1 million (from $127.1 million to $0), respectively, in the Condensed Consolidated Statements of Equity to correct the accounting for cash dividends declared on June 3, 2021 and June 5, 2020 and paid on September 30, 2021 and 2020.
The revision had no impact on the Company’s Condensed Consolidated Statements of Cash Flows for any period and the revision had no impact on the ending Retained Earnings balance as of September 30, 2021 and September 30, 2020.

7


Note 2. Completion of Reverse Morris Trust Transaction
On February 29, 2020 (Distribution Date), the Company completed its Reverse Morris Trust transaction (the Transaction) with Gardner Denver Holdings, Inc. (Gardner Denver) whereby the Company separated its former Industrial segment (Ingersoll Rand Industrial) through a pro rata distribution to shareholders of record as of February 24, 2020. Ingersoll Rand Industrial then merged into a wholly-owned subsidiary of Gardner Denver, which changed its name to Ingersoll Rand Inc. (Ingersoll Rand). Upon close of the Transaction, the Company’s existing shareholders received 50.1% of the shares of Ingersoll Rand common stock on a fully-diluted basis and Gardner Denver stockholders retained 49.9% of the shares of Ingersoll Rand on a fully diluted basis. As a result, the Company’s shareholders received .8824 shares of Ingersoll Rand common stock with respect to each share owned as of February 24, 2020. In connection with the Transaction, Ingersoll-Rand Services Company, an affiliate of Ingersoll 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 the Company. The obligations under the Term Loan were retained by Ingersoll-Rand Services Company, which following the Transaction is a wholly-owned subsidiary of Ingersoll Rand.
During the nine months ended September 30, 2021, the Company paid Ingersoll Rand $49.5 million to settle certain items related to the Transaction. The Company recorded the $49.5 million settlement as a reduction to Retained earnings during the first quarter of 2021. This payment was related to working capital, cash and indebtedness amounts as of the Distribution Date, as well as funding levels related to pension plans, non-qualified deferred compensation plans and retiree health benefits.
Discontinued Operations
After the Distribution Date, the Company does not beneficially own any Ingersoll Rand Industrial shares of common stock and no longer consolidates Ingersoll Rand Industrial in its financial statements. In accordance with GAAP, the historical results of Ingersoll Rand Industrial are presented as a discontinued operation in the Condensed Consolidated Statements of Income (Loss) and Condensed Consolidated Statements of Cash Flows.
Note 3. 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 ASU's. ASU's 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 December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" (ASU 2019-12), which simplifies certain aspects of income tax accounting guidance in ASC 740, reducing the complexity of its application. Certain exceptions to ASC 740 presented within the ASU include: intraperiod tax allocation, deferred tax liabilities related to outside basis differences and year-to-date loss in interim periods, among others. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020 including interim periods therein with early adoption permitted. The Company adopted this standard on January 1, 2021 with no material impact on its financial statements.
8


Note 4. Inventories
Depending on the business, U.S. inventories are stated at the lower of cost or market using the last-in, first-out (LIFO) method or the lower of cost and net realizable value (NRV) using the first-in, first-out (FIFO) method. Non-U.S. inventories are primarily stated at the lower of cost and NRV using the FIFO method.
The major classes of inventory were as follows:
In millionsSeptember 30,
2021
December 31,
2020
Raw materials$417.2 $305.0 
Work-in-process204.8 163.9 
Finished goods913.1 761.4 
1,535.1 1,230.3 
LIFO reserve(52.3)(41.1)
Total$1,482.8 $1,189.2 
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 NRV. Reserve balances, primarily related to obsolete and slow-moving inventories, were $85.4 million and $85.6 million at September 30, 2021 and December 31, 2020, respectively.
Note 5. Goodwill
The changes in the carrying amount of goodwill for the nine months ended September 30, 2021 were as follows:
In millionsAmericasEMEAAsia PacificTotal
Net balance as of December 31, 2020$3,980.0 $793.5 $569.3 $5,342.8 
Acquisitions2.7 4.2  6.9 
Currency translation(0.7)(41.4)2.5 (39.6)
Net balance as of September 30, 2021$3,982.0 $756.3 $571.8 $5,310.1 
The net goodwill balances at September 30, 2021 and December 31, 2020 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 6. Intangible Assets
The gross amount of the Company’s intangible assets and related accumulated amortization were as follows:
September 30, 2021December 31, 2020
In millionsGross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amount
Customer relationships$2,007.2 $(1,446.1)$561.1 $2,010.2