Equity

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 or December 31, 2022.

Changes in ordinary shares and treasury shares for the nine months ended September 30, 2023 were as follows:

In millions	Ordinary shares issued	Ordinary shares held in treasury
December 31, 2022	253.3	24.5
Shares issued under incentive plans, net	1.4	—
Repurchase of ordinary shares	(2.4)	—
September 30, 2023	252.3	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 2022, the Company's Board of Directors authorized a share repurchase program of up to $3.0 billion of its ordinary shares (2022 Authorization) upon the completion of its $2.0 billion ordinary share repurchase program authorized in 2021 (2021 Authorization). During the nine months ended September 30, 2023, the Company repurchased and canceled approximately $460 million of its ordinary shares, thus completing the 2021 Authorization and initiating repurchases under the 2022 Authorization of approximately $260 million of its ordinary shares leaving $2.7 billion remaining under the 2022 Authorization. Additionally, through October 31, 2023, the Company repurchased approximately $90 million of its ordinary shares under the 2022 Authorization.

Accumulated Other Comprehensive Income (Loss)

The changes in Accumulated other comprehensive income (loss) for the nine months ended September 30, 2023 were as follows:

In millions	Derivative Instruments		Pension and OPEB		Foreign Currency Translation		Total
Balance at December 31, 2022	$	(4.5)	$	(214.1)	$	(547.6)	$	(766.2)
Other comprehensive income (loss) attributable to Trane Technologies plc	0.5		5.6		(61.9)		(55.8)
Balance at September 30, 2023	$	(4.0)	$	(208.5)	$	(609.5)	$	(822.0)

Other comprehensive income (loss) attributable to noncontrolling interests for the nine months ended September 30, 2023 included a loss of $0.3 million related to currency translation.

The changes in Accumulated other comprehensive income (loss) for the nine months ended September 30, 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	(26.3)		47.0		(380.6)		(359.9)
Balance at September 30, 2022	$	(19.2)	$	(250.9)	$	(727.4)	$	(997.5)