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Discontinued Operations
 3 Months Ended
Mar. 31, 2020
Discontinued Operations [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] Discontinued Operations
The components of Discontinued operations, net of tax for the three months ended March 31 were as follows:
In millions
2020
 
2019
Net revenues
$
469.8

 
$
772.2

Cost of goods sold
(315.8
)
 
(528.1
)
Selling and administrative expenses (1)
(221.4
)
 
(162.1
)
Operating income
(67.4
)
 
82.0

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


(1) Includes pre-tax separation costs of $99.1 million ($83.4 million net of tax), primarily related to legal, consulting and advisory fees, during the three months ended March 31, 2020.
Separation of Industrial Segment Businesses
On February 29, 2020, the Company completed the Transaction with Gardner Denver whereby the Company separated Ingersoll Rand Industrial which then merged with a wholly-owned subsidiary of Gardner Denver. In accordance with GAAP, the historical results of Ingersoll Rand Industrial are presented as a discontinued operation in the Condensed Consolidated Statement of Comprehensive Income and Condensed Consolidated Statement of Cash Flows. In addition, the assets and liabilities of Ingersoll Rand Industrial have been recast to held-for-sale at December 31, 2019.
Net revenues and earnings from operations, net of tax of Ingersoll Rand Industrial for the three months ended March 31 were as follows:
 
Three months ended
In millions
2020
 
2019
Net revenues
$
469.8

 
$
772.2

Earnings (loss) attributable to Trane Technologies plc (1)
(71.6
)
 
57.8

Earnings (loss) attributable to noncontrolling interests
0.5

 
0.7

Earnings (loss) from operations, net of tax (1)
$
(71.1
)
 
$
58.5

(1) Includes pre-tax separation costs of $99.1 million ($83.4 million net of tax), primarily related to legal, consulting and advisory fees, during the three months ended March 31, 2020.
The components of Ingersoll Rand Industrial's assets and liabilities recorded as held-for-sale on the Condensed Consolidated Balance Sheet at December 31, 2019 were as follows:
In millions
 
December 31, 2019
Assets
 
 
Current assets(1)
 
$
1,130.6

Property, plant and equipment, net
 
454.3

Goodwill
 
1,657.4

Intangible assets, net
 
825.2

Other noncurrent assets
 
139.7

Assets held-for-sale
 
$
4,207.2

Liabilities
 
 
Current liabilities
 
$
823.7

Noncurrent liabilities
 
376.7

Liabilities held-for-sale
 
$
1,200.4

(1) Includes $25 million cash and cash equivalents in accordance with the merger agreement.
Other Discontinued Operations
Other discontinued operations, net of tax related to retained obligations from previously sold businesses that primarily include ongoing expenses for postretirement benefits, product liability and legal costs. In addition, the Company includes 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 its liability for potential future claims and recoveries.
The components of Discontinued operations, net of tax for the three months ended March 31 were as follows:
In millions
2020
 
2019
Ingersoll Rand Industrial, net of tax
$
(71.1
)
 
$
58.5

Other discontinued operations, net of tax
(7.6
)
 
(2.1
)
Discontinued operations, net of tax
$
(78.7
)
 
$
56.4