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Debt and Credit Facilities
 3 Months Ended
Mar. 31, 2022
Debt Credit Facilities  
Debt and Credit Facilities Debt and Credit Facilities
Short-term borrowings and current maturities of long-term debt consisted of the following:
In millionsMarch 31,
2022		December 31,
2021
Debentures with put feature$342.9 $342.9 
Other current maturities of long-term debt7.5 7.5 
Total$350.4 $350.4 
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. The Company had no outstanding balance under its commercial paper program as of March 31, 2022 and December 31, 2021.
Debentures with Put Feature
At March 31, 2022 and December 31, 2021, the Company had $342.9 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 of these debentures had the option to exercise the put feature on $37.2 million of the outstanding debentures in February 2022, subject to the notice requirement. No exercises were made.
Long-term debt, excluding current maturities, consisted of the following:
In millionsMarch 31,
2022		December 31,
2021
4.250% Senior notes due 2023 (1)
$699.2 $699.1 
7.200% Debentures due 2022-2025
22.4 22.4 
3.550% Senior notes due 2024
498.2 498.0 
6.480% Debentures due 2025
149.7 149.7 
3.500% Senior notes due 2026
398.0 397.8 
3.750% Senior notes due 2028
546.3 546.2 
3.800% Senior notes due 2029
745.2 745.0 
5.750% Senior notes due 2043
495.0 495.0 
4.650% Senior notes due 2044
296.3 296.3 
4.300% Senior notes due 2048
296.4 296.3 
4.500% Senior notes due 2049
345.9 345.9 
Total$4,492.6 $4,491.7 
(1) The 4.250% Senior notes are due in June 2023.
Other Credit Facilities
As of March 31, 2022, the Company maintained two $1.0 billion senior unsecured revolving credit facilities, one of which was due to mature in April 2023 (2023 Credit Facility) and the other in June 2026 (2026 Credit Facility) through its wholly-owned subsidiaries, Trane Technologies HoldCo Inc., Trane Technologies Global Holding Company Limited and Trane Technologies Financing Limited (collectively, the Borrowers). On April 25, 2022, the Company entered into a new $1.0 billion senior unsecured revolving credit facility which matures in April 2027 (2027 Credit Facility) and terminated its $1.0 billion 2023 Credit Facility. The terms and covenants under the 2027 Credit Facility are substantially the same as the covenants under the 2026 Credit Facility. The terms of both the 2026 and 2027 Credit Facility 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.
Each senior unsecured credit facility provides 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. 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 March 31, 2022 and December 31, 2021.
Fair Value of Debt
The fair value of the Company's debt instruments at March 31, 2022 and December 31, 2021 was $5.1 billion and $5.6 billion, respectively. The Company measures the fair value of its long-term 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.