Equity

3 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

Equity

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 March 31, 2022 or December 31, 2021.

Changes in ordinary shares and treasury shares for the three months ended March 31, 2022 were as follows:

In millions	Ordinary shares issued	Ordinary shares held in treasury
December 31, 2021	259.7	24.5
Shares issued under incentive plans, net	0.5	—
Repurchase of ordinary shares	(1.9)	—
March 31, 2022	258.3	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 2021, the Company's Board of Directors authorized the repurchase of up to $2.0 billion of its ordinary shares under a share repurchase program (2021 Authorization). During the three months ended March 31, 2022, the Company repurchased and canceled $350.0 million of its ordinary shares leaving approximately $1.0 billion remaining under the 2021 Authorization. In February 2022, the Company's Board of Directors authorized the repurchase of up to $3.0 billion of its ordinary shares under a new share repurchase program (2022 Authorization) upon completion of the 2021 Authorization.

Accumulated Other Comprehensive Income (Loss)

The changes in Accumulated other comprehensive income (loss) for the three months ended March 31, 2022 were as follows:

In millions	Derivative Instruments		Pension and OPEB		Foreign Currency Translation		Total
Balance at December 31, 2021	$	7.1	$	(297.9)	$	(346.8)	$	(637.6)
Other comprehensive income (loss) attributable to Trane Technologies plc	8.8		6.9		(17.1)		(1.4)
Balance at March 31, 2022	$	15.9	$	(291.0)	$	(363.9)	$	(639.0)

The changes in Accumulated other comprehensive income (loss) for the three months ended March 31, 2021 were as follows:

In millions	Derivative Instruments		Pension and OPEB		Foreign Currency Translation		Total
Balance at December 31, 2020	$	10.8	$	(416.5)	$	(225.8)	$	(631.5)
Other comprehensive income (loss) attributable to Trane Technologies plc	(3.4)		15.2		(80.1)		(68.3)
Balance at March 31, 2021	$	7.4	$	(401.3)	$	(305.9)	$	(699.8)

Other comprehensive income (loss) attributable to noncontrolling interests for the three months ended March 31, 2021 included a loss of $2.4 million related to currency translation.