Equity

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

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, 2020 or December 31, 2019.

Changes in ordinary shares and treasury shares for the nine months ended September 30, 2020 were as follows:


In millions	Ordinary shares issued	Ordinary shares held in treasury
December 31, 2019	262.8	24.5
Shares issued under incentive plans, net	1.7	—


September 30, 2020	264.5	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 cancelled 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 October 2018, the Company's Board of Directors authorized the repurchase of up to $1.5 billion of its ordinary shares under a share repurchase program (2018 Authorization) upon completion of the prior authorized share repurchase program. During the nine months ended September 30, 2020, no amounts were repurchased or cancelled leaving approximately $750 million remaining under the 2018 Authorization at September 30, 2020.

Accumulated Other Comprehensive Income (Loss)

The changes in Accumulated other comprehensive income (loss) for the nine months ended September 30, 2020 were as follows:


In millions	Derivative Instruments		Pension and OPEB		Foreign Currency Translation		Total
Balance at December 31, 2019	$	5.6	$	(457.4)	$	(554.8)	$	(1,006.6)
Other comprehensive income (loss) before reclassifications	1.7		(28.0)		105.3		79.0
Amounts reclassified from AOCI	1.1		32.7		—		33.8
Separation of Ingersoll Rand Industrial, net of tax	—		69.1		70.2		139.3
Benefit (provision) for income taxes	0.4		(6.9)		—		(6.5)
Net current period other comprehensive income (loss)	$	3.2	$	66.9	$	175.5	$	245.6
Balance at September 30, 2020	$	8.8	$	(390.5)	$	(379.3)	$	(761.0)

The changes in Accumulated other comprehensive income (loss) for the nine months ended September 30, 2019 were as follows:


In millions	Derivative Instruments		Pension and OPEB		Foreign Currency Translation		Total
Balance at December 31, 2018	$	6.7	$	(454.0)	$	(516.8)	$	(964.1)
Other comprehensive income (loss) before reclassifications	(0.7)		7.1		(140.4)		(134.0)
Amounts reclassified from AOCI	0.8		35.8		—		36.6
Benefit (provision) for income taxes	0.1		(8.4)		—		(8.3)
Net current period other comprehensive income (loss)	$	0.2	$	34.5	$	(140.4)	$	(105.7)
Balance at September 30, 2019	$	6.9	$	(419.5)	$	(657.2)	$	(1,069.8)