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TT Trane Technologies

Cover

Cover - shares3 Months Ended
Mar. 31, 2021Apr. 23, 2021
Document and Entity Information [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateMar. 31,
2021
Document Transition Reportfalse
Entity File Number001-34400
Entity Registrant NameTRANE TECHNOLOGIES PLC
Entity Incorporation, State or Country CodeL2
Entity Tax Identification Number98-0626632
Entity Address, Address Line One170/175 Lakeview Dr.
Entity Address, Address Line TwoAirside Business Park
Entity Address, City or TownSwords Co. Dublin
Entity Address, CountryIE
City Area Code353
Local Phone Number18707400
Title of 12(b) SecurityOrdinary Shares, Par Value $1.00 per Share
Trading SymbolTT
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Emerging Growth Companyfalse
Entity Small Businessfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding239,147,507
Entity Central Index Key0001466258
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Amendment Flagfalse
Entity Address, Postal Zip Code00000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) - USD ($) shares in Millions, $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Net revenues $ 3,017.6 $ 2,641.3
Cost of goods sold(2,064.4)(1,898.8)
Selling and administrative expenses(600)(588.1)
Operating income353.2 154.4
Interest expense(60.7)(63.1)
Other income/(expense), net(7.2)12.5
Earnings before income taxes285.3 103.8
Provision for income taxes(48.4)(51)
Earnings from continuing operations236.9 52.8
Discontinued operations, net of tax0.9 (78.7)
Net earnings (loss)237.8 (25.9)
Less: Net earnings from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest(2.6)(2.8)
Less: Net earnings from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest0 (0.5)
Net earnings (loss) attributable to Trane Technologies plc235.2 (29.2)
Amounts attributable to Trane Technologies plc ordinary shareholders:
Continuing operations234.3 50
Discontinued operations0.9 (79.2)
Net earnings (loss) attributable to Trane Technologies plc $ 235.2 $ (29.2)
Basic:
Continuing operations $ 0.98 $ 0.21
Discontinued operations0 (0.33)
Net earnings (loss)0.98(0.12)
Diluted:
Continuing operations0.960.21
Discontinued operations0.01(0.33)
Net earnings (loss) $ 0.97 $ (0.12)
Weighted-average shares outstanding
Basic239.4 239.5
Diluted243.1 242.3

Condensed Statements of Compreh

Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 237.8 $ (25.9)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax(82.5)(48)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax(4.6)0.3
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax0.9 0.3
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax0.3 (0.2)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax(3.4)0.4
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax0 (21.3)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax9.7 11.5
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax6.9 (3.6)
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansCurrencyTranslationBeforeTax3 5.2
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax(4.4)(2.8)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax15.2 (11)
Other comprehensive income (loss)(70.7)(58.6)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest167.1 (84.5)
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest(0.2)(3.4)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent $ 166.9 $ (87.9)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
ASSETS
Cash and cash equivalents $ 2,838 $ 3,289.9
Accounts and notes receivable, net2,159.4 2,202.1
Inventories1,373.1 1,189.2
Other current assets251.6 224.4
Total current assets6,622.1 6,905.6
Property, plant and equipment, net1,327.7 1,349.5
Goodwill5,311.2 5,342.8
Intangible assets, net3,256.9 3,286.4
Other noncurrent assets1,306.9 1,272.4
Total assets17,824.8 18,156.7
LIABILITIES AND EQUITY
Accounts payable1,608.9 1,520.2
Accrued compensation and benefits368.8 451.1
Accrued expenses and other current liabilities1,721.5 1,592
Short-term borrowings and current maturities of long-term debt475.4 775.6
Total current liabilities4,174.6 4,338.9
Long-term debt4,496.3 4,496.5
Postemployment and other benefit liabilities1,008.2 1,024.6
Deferred and noncurrent income taxes563 578.5
Other noncurrent liabilities1,269.9 1,291.1
Total liabilities11,512 11,729.6
Equity:
Ordinary shares263.6 263.3
Treasury Stock, Value(1,719.4)(1,719.4)
Retained earnings8,452.3 8,495.3
Accumulated other comprehensive income (loss)(699.8)(631.5)
Total Trane Technologies plc shareholders’ equity6,296.7 6,407.7
Noncontrolling interests16.1 19.4
Total equity6,312.8 6,427.1
Total liabilities and equity $ 17,824.8 $ 18,156.7

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in MillionsTotalOrdinary sharesOrdinary shares held in treasury, at costCapital in excess of par valueRetained earningsAccumulated  other comprehensive income (loss)Noncontrolling Interests
Beginning balance at Dec. 31, 2019 $ 7,312.4 $ 262.8 $ (1,719.4) $ 0 $ 9,730.8 $ (1,006.6) $ 44.8
Beginning balance (shares) at Dec. 31, 2019262.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings(25.9)(29.2)3.3
Other comprehensive income (loss)(58.6)(58.7)0.1
Shares issued under incentive stock plans $ (0.9)
Shares issued under incentive stock plans (shares)0.9
Stock Issued During Period, Value, Stock Options Exercised, net of tax remittances(5.6)(6.5)
Repurchase of ordinary shares (shares)0
Share-based compensation27.6 29 (1.4)
Dividends declared to noncontrolling interest(6.1)(6.1)
Investment by JV Partner7 3.9 3.1
Cash dividends declared126.7 126.7
Stockholders' Equity Note, Spinoff Transaction(1,334.3)(1,445.6)139.3 (28)
Ending balance (shares) at Mar. 31, 2020263.7
Ending balance at Mar. 31, 20205,789.8 $ 263.7 (1,719.4)26.4 8,127.9 (926)17.2
Beginning balance at Dec. 31, 20206,427.1 $ 263.3 $ (1,719.4)0 8,495.3 (631.5)19.4
Beginning balance (shares) at Dec. 31, 2020263.3 24.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings237.8 235.2 2.6
Other comprehensive income (loss)(70.7)(68.3)(2.4)
Shares issued under incentive stock plans $ (1)
Shares issued under incentive stock plans (shares)1
Stock Issued During Period, Value, Stock Options Exercised, net of tax remittances(7)(8)
Repurchase of ordinary shares(104.2) $ (0.7) $ 0 (16.7)(86.8)0 0
Repurchase of ordinary shares (shares)(0.7)
Share-based compensation24.2 24.7 (0.5)
Dividends declared to noncontrolling interest(3.5)(3.5)
Cash dividends declared141 141
Stockholders' Equity Note, Spinoff Transaction(49.9)(49.9)0 0
Ending balance (shares) at Mar. 31, 2021263.6 24.5
Ending balance at Mar. 31, 2021 $ 6,312.8 $ 263.6 $ (1,719.4) $ 0 $ 8,452.3 $ (699.8) $ 16.1

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities:
Net earnings $ 237.8 $ (25.9)
Discontinued operations, net of tax(0.9)78.7
Adjustments for non-cash transactions:
Depreciation and amortization76 75
Pension and Other Postretirement Benefits Expense (Reversal of Expense), Noncash17.4 17.1
Stock settled share-based compensation24.7 29
Changes in assets and liabilities, net of the effects of acquisitions(104.6)(295.8)
Other non-cash items, net12.5 (7.4)
Net cash provided by (used in) continuing operating activities262.9 (129.3)
Net cash provided by (used in) discontinued operating activities(2.8)(198.3)
Net cash provided by (used in) operating activities260.1 (327.6)
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment(43.9)(34.7)
Cash Acquired in Excess of Payments to Acquire Business1
Acquisitions of businesses, net of cash acquired(12.8)
Other investing activities, net(57)0
Net cash provided by (used in) continuing investing activities(113.7)(33.7)
Net cash provided by (used in) discontinued investing activities0 (6.8)
Net cash provided by (used in) investing activities(113.7)(40.5)
Cash flows from financing activities:
Payments of long-term debt(300)0
Dividends paid to ordinary shareholders(140.2)(125.9)
Dividends paid to noncontrolling interests(3.5)(6.1)
Proceeds (payments) from shares issued under incentive plans, net(7)(5.6)
Repurchase of ordinary shares(104.2)0
Receipt of a special cash payment0 1,900
Other financing, net0 7
Net cash provided by (used in) continuing financing activities(554.9)1,769.4
Effect of exchange rate changes on cash and cash equivalents(43.4)(32.2)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect(451.9)1,369.1
Cash and cash equivalents - beginning of period3,289.9 1,278.6
Cash and cash equivalents - end of period $ 2,838 $ 2,647.7

Basis of Presentation

Basis of Presentation3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of PresentationBasis of Presentation Trane Technologies plc, a public limited company incorporated in Ireland in 2009, and its consolidated subsidiaries (collectively, the Company), is a global climate innovator that brings efficient and sustainable climate solutions to buildings, homes and transportation driven by strategic brands Trane ® and Thermo King ® and an environmentally responsible portfolio of products and services. The accompanying unaudited Condensed Consolidated Financial Statements of Trane Technologies plc reflects the consolidated operations of the Company and have been prepared in accordance with United States Securities and Exchange Commission (SEC) interim reporting requirements. Accordingly, the accompanying Condensed Consolidated Financial Statements do not include all disclosures required by accounting principles generally accepted in the United States of America (GAAP) for full financial statements and should be read in conjunction with the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, the accompanying Condensed Consolidated Financial Statements contain all adjustments, which include only normal recurring adjustments, necessary to fairly state the condensed consolidated results for the interim periods presented. Reorganization of Aldrich and Murray On May 1, 2020, certain subsidiaries of the Company underwent an internal corporate restructuring that was effectuated through a series of transactions (2020 Corporate Restructuring). As a result, Aldrich Pump LLC (Aldrich) and Murray Boiler LLC (Murray), indirect wholly-owned subsidiaries of Trane Technologies plc, became solely responsible for the asbestos-related liabilities, and the beneficiaries of the asbestos-related insurance assets, of Trane Technologies Company LLC and Trane U.S. Inc, respectively. On a consolidated basis, the 2020 Corporate Restructuring did not have an impact on the Condensed Consolidated Financial Statements. On June 18, 2020 (Petition Date), Aldrich and Murray filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (the Bankruptcy Code) in the United States Bankruptcy Court for the Western District of North Carolina (the Bankruptcy Court) to resolve equitably and permanently all current and future asbestos related claims in a manner beneficial to claimants, Aldrich and Murray. As a result of the Chapter 11 filings, all asbestos-related lawsuits against Aldrich and Murray have been stayed due to the imposition of a statutory automatic stay applicable in Chapter 11 bankruptcy cases. Only Aldrich and Murray have filed for Chapter 11 relief. Neither Aldrich's wholly-owned subsidiary, 200 Park, Inc. (200 Park), Murray's wholly-owned subsidiary, ClimateLabs LLC (ClimateLabs), Trane Technologies plc nor its other subsidiaries (the Trane Companies) are part of the Chapter 11 filings. The Trane Companies are expected to continue to operate as usual, with no disruption to their employees, suppliers, or customers globally. However, as of the Petition Date, Aldrich and its wholly-owned subsidiary 200 Park and Murray and its wholly-owned subsidiary ClimateLabs were deconsolidated and their respective assets and liabilities were derecognized from the Company's Condensed Consolidated Financial Statements. Refer to Note 20, "Commitments and Contingencies," for more information regarding the Chapter 11 bankruptcy and asbestos-related matters.

Completion of Reverse Morris Tr

Completion of Reverse Morris Trust Transaction3 Months Ended
Mar. 31, 2021
Completion of Reverse Morris Trust Transaction [Abstract]
Completion of Reverse Morris Trust Transaction [Text Block]Completion of Reverse Morris Trust TransactionOn February 29, 2020 (Distribution Date), the Company completed its Reverse Morris Trust transaction (the Transaction) with Gardner Denver Holdings, Inc. (Gardner Denver) whereby the Company separated its former Industrial segment (Ingersoll Rand Industrial) through a pro rata distribution to shareholders of record as of February 24, 2020. Ingersoll Rand Industrial then merged into a wholly-owned subsidiary of Gardner Denver, which changed its name to Ingersoll-Rand Inc. Upon close of the Transaction, the Company’s existing shareholders received 50.1% of the shares of Gardner Denver common stock on a fully-diluted basis and Gardner Denver stockholders retained 49.9% of the shares of Gardner Denver on a fully diluted basis. As a result, the Company’s shareholders received .8824 shares of Gardner Denver common stock with respect to each share owned as of February 24, 2020. In connection with the Transaction, Ingersoll-Rand Services Company, an affiliate of Ingersoll Rand Industrial, borrowed an aggregate principal amount of $1.9 billion under a senior secured first lien term loan facility (Term Loan), the proceeds of which were used to make a special cash payment of $1.9 billion to a subsidiary of the Company. The obligations under the Term Loan were retained by Ingersoll-Rand Services Company, which following the Transaction is a wholly-owned subsidiary of Gardner Denver. As of March 31, 2021, the Company recorded an accrual and corresponding reduction to Retained earnings of $49.5 million relating to the agreement in principle with Gardner Denver to settle remaining transaction-related items. These adjustments are related to working capital, cash and indebtedness amounts as of the Distribution Date, as well as funding levels related to pension plans, non-qualified deferred compensation plans and retiree health benefits. Discontinued Operations

Recent Accounting Pronouncement

Recent Accounting Pronouncements3 Months Ended
Mar. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Accounting PronouncementsRecent Accounting Pronouncements The Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) is the sole source of authoritative GAAP other than SEC issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standards Update (ASU) to communicate changes to the codification. The Company considers the applicability and impact of all ASU's. ASU's not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the Condensed Consolidated Financial Statements. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" (ASU 2019-12), which simplifies certain aspects of income tax accounting guidance in ASC 740, reducing the complexity of its application. Certain exceptions to ASC 740 presented within the ASU include: intraperiod tax allocation, deferred tax liabilities related to outside basis differences, year-to-date loss in interim periods, among others. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020 including interim periods therein with early adoption permitted. The Company adopted this standard on January 1, 2021 with no material impact on its financial statements.

Inventories

Inventories3 Months Ended
Mar. 31, 2021
Inventory, Net [Abstract]
InventoriesInventories Depending on the business, U.S. inventories are stated at the lower of cost or market using the last-in, first-out (LIFO) method or the lower of cost or market using the first-in, first-out (FIFO) method. Non-U.S. inventories are primarily stated at the lower of cost or market using the FIFO method. The major classes of inventory were as follows: In millions March 31, December 31, Raw materials $ 351.0 $ 305.0 Work-in-process 184.3 163.9 Finished goods 871.1 761.4 1,406.4 1,230.3 LIFO reserve (33.3) (41.1) Total $ 1,373.1 $ 1,189.2 The Company performs periodic assessments to determine the existence of obsolete, slow-moving and non-saleable inventories and records necessary provisions to reduce such inventories to net realizable value. Reserve balances, primarily related to obsolete and slow-moving inventories, were $87.9 million and $85.6 million at March 31, 2021 and December 31, 2020, respectively.

Goodwill

Goodwill3 Months Ended
Mar. 31, 2021
Goodwill Abstract
GoodwillGoodwill The changes in the carrying amount of goodwill for the three months ended March 31, 2021 were as follows: In millions Americas EMEA Asia Pacific Total Net balance as of December 31, 2020 $ 3,980.0 $ 793.5 $ 569.3 $ 5,342.8 Acquisitions 2.1 3.7 — 5.8 Currency translation (0.1) (32.3) (5.0) (37.4) Net balance as of March 31, 2021 $ 3,982.0 $ 764.9 $ 564.3 $ 5,311.2 The net goodwill balances at March 31, 2021 and December 31, 2020 include $2,496.0 million of accumulated impairment. The accumulated impairment relates entirely to a charge recorded in 2008.

Intangible Assets

Intangible Assets3 Months Ended
Mar. 31, 2021
Intangible Assets Abstract
Intangible AssetsIntangible Assets The gross amount of the Company’s intangible assets and related accumulated amortization were as follows: March 31, 2021 December 31, 2020 In millions Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 2,008.7 $ (1,388.7) $ 620.0 $ 2,010.2 $ (1,362.4) $ 647.8 Other 208.5 (198.2) 10.3 210.7 (199.4) 11.3 Total finite-lived intangible assets 2,217.2 (1,586.9) 630.3 2,220.9 (1,561.8) 659.1 Trademarks (indefinite-lived) 2,626.6 — 2,626.6 2,627.3 — 2,627.3 Total $ 4,843.8 $ (1,586.9) $ 3,256.9 $ 4,848.2 $ (1,561.8) $ 3,286.4

Debt and Credit Facilities

Debt and Credit Facilities3 Months Ended
Mar. 31, 2021
Debt Credit Facilities
Debt and Credit FacilitiesDebt and Credit Facilities Short-term borrowings and current maturities of long-term debt consisted of the following: In millions March 31, December 31, Debentures with put feature $ 342.9 $ 342.9 2.900% Senior notes due 2021 (1) — 299.9 9.000% Debentures due 2021 (2) 125.0 125.0 Other current maturities of long-term debt 7.5 7.8 Total $ 475.4 $ 775.6 (1) The 2.900% Senior notes were repaid in February 2021. (2) The 9.000% Debentures are due in August 2021. 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, 2021 and December 31, 2020. Debentures with Put Feature At March 31, 2021 and December 31, 2020, 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 2021, subject to the notice requirement. No exercises were made. Long-term debt , excluding current maturities, consisted of the following: In millions March 31, December 31, 4.250% Senior notes due 2023 $ 698.6 $ 698.4 7.200% Debentures due 2021-2025 29.9 29.9 3.550% Senior notes due 2024 497.5 497.3 6.480% Debentures due 2025 149.7 149.7 3.500% Senior notes due 2026 397.5 397.3 3.750% Senior notes due 2028 545.8 545.6 3.800% Senior notes due 2029 744.5 744.4 5.750% Senior notes due 2043 494.8 494.7 4.650% Senior notes due 2044 296.1 296.1 4.300% Senior notes due 2048 296.2 296.2 4.500% Senior notes due 2049 345.7 345.7 Other loans and notes — 1.2 Total $ 4,496.3 $ 4,496.5 Other Credit Facilities The Company maintains two $1.0 billion senior unsecured revolving credit facilities, one of which matures in March 2022 and the other in April 2023 (the Facilities) through its wholly-owned subsidiaries, Trane Technologies HoldCo Inc., Trane Technologies Global Holding Company Limited and Trane Technologies Luxembourg Finance S.A (TT Lux) (collectively, the Borrowers). 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, 2021 and December 31, 2020. On April 30, 2021, Trane Technologies Financing Limited, an Irish private limited company (TTFL) became an additional borrower under the credit facilities and TT Lux merged into TTFL. Fair Value of Debt

Financial Instruments

Financial Instruments3 Months Ended
Mar. 31, 2021
Financial Instruments Abstract
Financial InstrumentsFinancial Instruments In the normal course of business, the Company is exposed to certain risks arising from business operations and economic factors. These fluctuations can increase the cost of financing, investing and operating the business. The Company may use various financial instruments, including derivative instruments, to manage the risks associated with interest rate, commodity price and foreign currency exposures. These financial instruments are not used for trading or speculative purposes. The Company recognizes all derivatives on the Condensed Consolidated Balance Sheet at their fair value as either assets or liabilities. On the date a derivative contract is entered into, the Company designates the derivative instrument as a cash flow hedge of a forecasted transaction or as an undesignated derivative. The Company formally documents its hedge relationships, including identification of the derivative instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction. This process includes linking derivative instruments that are designated as hedges to specific assets, liabilities or forecasted transactions. The Company assesses at inception and at least quarterly thereafter, whether the derivatives used in cash flow hedging transactions are highly effective in offsetting the changes in the cash flows of the hedged item. To the extent the derivative is deemed to be a highly effective hedge, the fair market value changes of the instrument are recorded to Accumulated other comprehensive income (loss) (AOCI). If the hedging relationship ceases to be highly effective, or it becomes probable that a forecasted transaction is no longer expected to occur, the hedging relationship will be undesignated and any future gains and losses on the derivative instrument will be recorded in Net earnings . The fair values of derivative instruments included within the Condensed Consolidated Balance Sheets were as follows: Derivative assets Derivative liabilities In millions March 31, December 31, March 31, December 31, Derivatives designated as hedges: Currency derivatives $ — $ 0.7 $ 5.3 $ 1.7 Derivatives not designated as hedges: Currency derivatives 6.0 1.5 6.5 4.8 Total derivatives $ 6.0 $ 2.2 $ 11.8 $ 6.5 Asset and liability derivatives included in the table above are recorded within Other current assets and Accrued expenses and other current liabilities , respectively. Currency Derivative Instruments The notional amount of the Company’s currency derivatives was $0.5 billion at both March 31, 2021 and December 31, 2020, respectively. At March 31, 2021 and December 31, 2020, a net loss of $4.3 million and $0.7 million, net of tax, respectively, was included in AOCI related to the fair value of the Company’s currency derivatives designated as accounting hedges. The amount expected to be reclassified into Net earnings over the next twelve months is a loss of $4.3 million. The actual amounts that will be reclassified to Net earnings may vary from this amount as a result of changes in market conditions. Gains and losses associated with the Company’s currency derivatives not designated as hedges are recorded in Net earnings as changes in fair value occur. At March 31, 2021, the maximum term of the Company’s currency derivatives was approximately 12 months, except for currency derivatives in place related to a certain long-term contract. Other Derivative Instruments Prior to 2015, the Company utilized forward-starting interest rate swaps and interest rate locks to manage interest rate exposure in periods prior to the anticipated issuance of certain fixed-rate debt. These instruments were designated as cash flow hedges and had a notional amount of $1.3 billion. Consequently, when the contracts were settled upon the issuance of the underlying debt, any realized gains or losses in the fair values of the instruments were deferred into AOCI. These deferred gains or losses are subsequently recognized in Interest expense over the term of the related notes. The net unrecognized gain in AOCI was $5.2 million at March 31, 2021 and $5.3 million at December 31, 2020. The net deferred gain at March 31, 2021 will continue to be amortized over the term of notes with maturities ranging from 2023 to 2044. The amount expected to be amortized over the next twelve months is a net gain of $0.7 million. The Company has no forward-starting interest rate swaps or interest rate lock contracts outstanding at March 31, 2021 or December 31, 2020. The following table represents the amounts associated with derivatives designated as hedges affecting Net earnings and AOCI for the three months ended March 31: Amount of gain (loss) Location of gain (loss) reclassified from Amount of gain (loss) In millions 2021 2020 2021 2020 Currency derivatives designated as hedges (1) $ (4.6) $ 0.3 Cost of goods sold $ (1.1) $ (0.5) Interest rate swaps & locks — — Interest expense 0.2 0.2 Total $ (4.6) $ 0.3 $ (0.9) $ (0.3) (1) Amounts excluded from effectiveness testing and recognized into Cost of goods sold based on changes in fair value and amortization was a loss of $0.8 million and $0.6 million for the three months ended March 31, 2021 and 2020, respectively. The following table represents the amounts associated with derivatives not designated as hedges affecting Net earnings for the three months ended March 31: Location of gain (loss) recognized in Net earnings Amount of gain (loss) In millions 2021 2020 Currency derivatives - continuing Other income (expense), net $ (2.5) $ 8.3 Currency derivatives - discontinued Discontinued operations — (0.4) Total $ (2.5) $ 7.9 The gains and losses associated with the Company’s undesignated currency derivatives are materially offset in Net earnings by changes in the fair value of the underlying transactions. Concentration of Credit Risk The counterparties to the Company’s forward contracts consist of a number of investment grade major international financial institutions. The Company could be exposed to losses in the event of nonperformance by the counterparties. However, the credit ratings and the concentration of risk in these financial institutions are monitored on a continuous basis and present no significant credit risk to the Company.

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Disclosures [Text Block]Fair Value Measurements ASC 820, "Fair Value Measurement," (ASC 820) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a three-level fair value hierarchy that prioritizes information used in developing assumptions when pricing an asset or liability as follows: • Level 1: Observable inputs such as quoted prices in active markets; • Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3: Unobservable inputs where there is little or no market data, which requires the reporting entity to develop its own assumptions. ASC 820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2021: In millions Fair Value Fair value measurements Level 1 Level 2 Level 3 Assets: Derivative instruments $ 6.0 $ — $ 6.0 $ — Liabilities: Derivative instruments $ 11.8 $ — $ 11.8 $ — The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2020: In millions Fair Value Fair value measurements Level 1 Level 2 Level 3 Assets: Derivative instruments $ 2.2 $ — $ 2.2 $ — Liabilities: Derivative instruments $ 6.5 $ — $ 6.5 $ — Derivative instruments include forward foreign currency contracts and instruments related to non-functional currency balance sheet exposures. The fair value of the derivative instruments are determined based on a pricing model that uses spot rates and forward prices from actively quoted currency markets that are readily accessible and observable. The carrying values of cash and cash equivalents, accounts receivable, and accounts payable are a reasonable estimate of their fair value due to the short-term nature of these instruments. There have been no transfers between levels of the fair value hierarchy.

Pensions and Postretirement Ben

Pensions and Postretirement Benefits Other than Pensions3 Months Ended
Mar. 31, 2021
Retirement Benefits, Description [Abstract]
Pensions and Postretirement Benefits Other than PensionsPensions and Postretirement Benefits Other than Pensions The Company sponsors several U.S. defined benefit and defined contribution plans covering substantially all of the Company's U.S. employees. Additionally, the Company has many non-U.S. defined benefit and defined contribution plans covering eligible non-U.S. employees. Postretirement benefits other than pensions (OPEB) provide healthcare benefits, and in some instances, life insurance benefits for certain eligible employees. Pension Plans The noncontributory defined benefit pension plans covering non-collectively bargained U.S. employees provide benefits on a final average pay formula while plans for most collectively bargained U.S. employees provide benefits on a flat dollar benefit formula or a percentage of pay formula. The non-U.S. pension plans generally provide benefits based on earnings and years of service. The Company also maintains additional other supplemental plans for officers and other key or highly compensated employees. The components of the Company’s net periodic pension benefit cost for the three months ended March 31 were as follows: Three months ended In millions 2021 2020 Service cost $ 12.8 $ 17.7 Interest cost 14.7 22.5 Expected return on plan assets (26.6) (31.9) Net amortization of: Prior service costs 1.3 1.3 Net actuarial (gains) losses 8.9 11.3 Net periodic pension benefit cost $ 11.1 $ 20.9 Net curtailment and settlement (gains) losses 6.9 (3.6) Net periodic pension benefit cost after net curtailment and settlement (gains) losses $ 18.0 $ 17.3 Amounts recorded in continuing operations: Operating income $ 11.9 $ 14.8 Other income/(expense), net 5.1 0.7 Amounts recorded in discontinued operations 1.0 1.8 Total $ 18.0 $ 17.3 The Company made contributions to its defined benefit pension plans of $14.5 million and $50.0 million during the three months ended March 31, 2021 and 2020, respectively. The 2020 contribution included $24.4 million to fund Ingersoll Rand Industrial plans prior to the completion of the Transaction which was included within Net cash provided by (used in) discontinued operating activities on the Condensed Consolidated Statements of Cash Flows. The Company currently projects that it will contribute approximately $56 million to its enterprise plans worldwide in 2021. Postretirement Benefits Other Than Pensions The Company sponsors several postretirement plans that provide for healthcare benefits, and in some instances, life insurance benefits that cover certain eligible employees. These plans are unfunded and have no plan assets, but are instead funded by the Company on a pay-as-you-go basis in the form of direct benefit payments. Generally, postretirement health benefits are contributory with contributions adjusted annually. Life insurance plans for retirees are primarily noncontributory. The components of net periodic postretirement benefit cost for the three months ended March 31 were as follows: Three months ended In millions 2021 2020 Service cost $ 0.5 $ 0.6 Interest cost 1.4 2.6 Net amortization of net actuarial (gains) losses (0.5) (1.1) Net periodic postretirement benefit cost $ 1.4 $ 2.1 Amounts recorded in continuing operations: Operating income $ 0.5 $ 0.6 Other income/(expense), net 0.6 1.0 Amounts recorded in discontinued operations 0.3 0.5 Total $ 1.4 $ 2.1

Equity

Equity3 Months Ended
Mar. 31, 2021
Stockholders' Equity Note [Abstract]
EquityEquity 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, 2021 or December 31, 2020. Changes in ordinary shares and treasury shares for the three months ended March 31, 2021 were as follows: In millions Ordinary shares issued Ordinary shares held in treasury December 31, 2020 263.3 24.5 Shares issued under incentive plans, net 1.0 — Repurchase of ordinary shares (0.7) — March 31, 2021 263.6 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). During the three months ended March 31, 2021, the Company repurchased and canceled $104.2 million of its ordinary shares leaving $395.8 million remaining under the 2018 Authorization at March 31, 2021. In February 2021, the Company's Board of Directors authorized the repurchase of up to $2.0 billion of its ordinary shares under a new share repurchase program (2021 Authorization) upon completion of the 2018 Authorization. Accumulated Other Comprehensive Income (Loss) 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) The changes in Accumulated other comprehensive income (loss) for the three months ended March 31, 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) attributable to Trane Technologies plc 0.4 (11.0) (48.1) (58.7) Separation of Ingersoll Rand Industrial, net of tax — 69.1 70.2 139.3 Balance at March 31, 2020 $ 6.0 $ (399.3) $ (532.7) $ (926.0)

Revenue

Revenue3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
RevenueRevenue The Company recognizes revenue when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. A majority of the Company's revenues are recognized at a point-in-time as control is transferred at a distinct point in time per the terms of a contract. However, a portion of the Company's revenues are recognized over time as the customer simultaneously receives control as the Company performs work under a contract. For these arrangements, the cost-to-cost input method is used as it best depicts the transfer of control to the customer that occurs as the Company incurs costs. Disaggregated Revenue Net revenues by geography and major type of good or service for the three months ended March 31 were as follows: Three months ended In millions 2021 2020 Americas Equipment $ 1,570.8 $ 1,392.6 Services and parts 754.9 705.2 Total Americas $ 2,325.7 $ 2,097.8 EMEA Equipment $ 308.4 $ 248.8 Services and parts 135.5 115.5 Total EMEA $ 443.9 $ 364.3 Asia Pacific Equipment $ 166.1 $ 111.0 Services and parts 81.9 68.2 Total Asia Pacific $ 248.0 $ 179.2 Total Net revenues $ 3,017.6 $ 2,641.3 Revenue from goods and services transferred to customers at a point in time accounted for approximately 82% and 81% of the Company's revenue for the three months ended March 31, 2021 and 2020, respectively. Contract Balances The opening and closing balances of contract assets and contract liabilities arising from contracts with customers for the period ended March 31, 2021 and December 31, 2020 were as follows: In millions March 31, December 31, 2020 Contract assets $ 266.5 $ 255.4 Contract liabilities 1,101.2 1,077.0 The timing of revenue recognition, billings and cash collections results in accounts receivable, contract assets, and customer advances and deposits (contract liabilities) on the Condensed Consolidated Balance Sheet. In general, the Company receives payments from customers based on a billing schedule established in its contracts. Contract assets relate to the conditional right to consideration for any completed performance under the contract when costs are incurred in excess of billings under the percentage-of-completion methodology. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract liabilities relate to payments received in advance of performance under the contract or when the Company has a right to consideration that is unconditional before it transfers a good or service to the customer. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract. During the three months ended March 31, 2021, changes in contract asset and liability balances were not materially impacted by any other factors.

Share-Based Compensation

Share-Based Compensation3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Share-Based CompensationShare-Based Compensation The Company accounts for stock-based compensation plans in accordance with ASC 718, "Compensation - Stock Compensation" (ASC 718), which requires a fair-value based method for measuring the value of stock-based compensation. Fair value is measured once at the date of grant and is not adjusted for subsequent changes. The Company’s share-based compensation plans include programs for stock options, restricted stock units (RSUs), performance share units (PSUs) and deferred compensation. In connection with the completion of the Transaction, the provisions of the Company's existing share-based compensation plans required adjustment to the terms of outstanding awards in order to preserve the intrinsic value of the awards immediately before and after the separation. The outstanding awards continue to vest over the original vesting period, which is generally three years from the grant date. At the Distribution Date, the Company incurred less than $0.1 million of incremental compensation costs related to the preservation of the stock-based compensation intrinsic value post-separation. Compensation Expense Share-based compensation expense related to continuing operations is included in Selling and administrative expenses . The expense recognized for the three months ended March 31 was as follows: Three months ended In millions 2021 2020 Stock options $ 9.6 $ 9.7 RSUs 10.6 11.0 Performance shares 4.1 7.8 Deferred compensation 0.6 1.4 Other (1) 1.6 (1.8) Pre-tax expense 26.5 28.1 Tax benefit (6.4) (6.8) After-tax expense $ 20.1 $ 21.3 Amounts recorded in continuing operations 20.1 20.3 Amounts recorded in discontinued operations — 1.0 Total $ 20.1 $ 21.3 (1) Includes certain plans that have a market-based component. Grants issued during the three months ended March 31 were as follows: 2021 2020 Number Weighted- Number Weighted- Stock options 562,383 $ 29.29 1,020,535 $ 16.75 RSUs 128,850 $ 148.58 189,546 $ 104.80 Performance shares (1) 263,956 $ 177.87 259,920 $ 141.88 (1) The number of performance shares represents the maximum award level. For stock options, RSUs and PSUs granted prior to the completion of the Transaction, the number granted and weighted average fair value reflect historical information. Stock Options / RSUs Eligible participants may receive (i) stock options, (ii) RSUs or (iii) a combination of both stock options and RSUs. The fair value of each of the Company’s stock option and RSU awards is expensed on a straight-line basis over the required service period, which is generally the 3-year vesting period. However, for stock options and RSUs granted to retirement eligible employees, the Company recognizes an expense for the entire fair value at the grant date. The average fair value of the stock options granted is determined using the Black-Scholes option-pricing model. The following assumptions were used during the three months ended March 31: 2021 2020 Dividend yield 1.60 % 2.01 % Volatility 27.89 % 24.33 % Risk-free rate of return 0.45 % 0.56 % Expected life in years 4.8 4.8 A description of the significant assumptions used to estimate the fair value of the stock option awards is as follows: • Volatility - The expected volatility is based on a weighted average of the Company’s implied volatility and the most recent historical volatility of the Company’s stock commensurate with the expected life. • Risk-free rate of return - The Company applies a yield curve of continuous risk-free rates based upon the published U.S. Treasury spot rates on the grant date. • Expected life - The expected life of the Company’s stock option awards represents the weighted-average of the actual period since the grant date for all exercised or cancelled options and an expected period for all outstanding options. • Dividend yield - The Company determines the dividend yield based upon the expected quarterly dividend payments as of the grant date and the current fair market value of the Company’s stock. • Forfeiture Rate - The Company analyzes historical data of forfeited options to develop a reasonable expectation of the number of options to forfeit prior to vesting per year. This expected forfeiture rate is applied to the Company’s ongoing compensation expense; however, all expense is adjusted to reflect actual vestings and forfeitures. Performance Shares The Company has a Performance Share Program (PSP) for key employees. The program provides awards in the form of PSUs based on performance against pre-established objectives. The annual target award level is expressed as a number of the Company's ordinary shares based on the fair market value of the Company's stock on the date of grant. All PSUs are settled in the form of ordinary shares. Beginning with the 2018 grant year, PSU awards are earned based 50% upon a performance condition, measured by relative Cash Flow Return on Invested Capital (CROIC) to the S&P 500 Industrials Index over a 3-year performance period, and 50% upon a market condition, measured by the Company's relative total shareholder return (TSR) as compared to the TSR of the S&P 500 Industrials Index over a 3-year performance period. The fair value of the market condition is estimated using a Monte Carlo Simulation approach in a risk-neutral framework based upon historical volatility, risk-free rates and correlation matrix. Awards granted prior to 2018 were earned based 50% upon a performance condition, measured by relative EPS growth as compared to the industrial group of companies in the S&P 500 Index over a 3-year performance period, and 50% upon a market condition, measured by the Company's relative TSR as compared to the TSR of the industrial group of companies in the S&P 500 Index over a 3-year performance period. Deferred Compensation The Company allows key employees to defer a portion of their eligible compensation into a number of investment choices, including its ordinary share equivalents. Any amounts invested in ordinary share equivalents will be settled in ordinary shares of the Company at the time of distribution.

Restructuring Activities

Restructuring Activities3 Months Ended
Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure [Text Block]Restructuring Activities The Company incurs costs associated with announced restructuring initiatives intended to result in improved operating performance, profitability and working capital levels. Actions associated with these initiatives may include workforce reduction, improving manufacturing productivity, realignment of management structures and rationalizing certain assets. The following table details restructuring charges recorded during the three months ended March 31: Three months ended In millions 2021 2020 Americas $ 1.4 $ 20.8 EMEA 0.7 0.6 Asia Pacific 0.1 1.1 Corporate and Other 8.1 3.1 Total $ 10.3 $ 25.6 Cost of goods sold $ 1.8 $ 10.3 Selling and administrative expenses 8.5 15.3 Total $ 10.3 $ 25.6 The changes in the restructuring reserve for the three months ended March 31, 2021 were as follows: In millions Americas EMEA Asia Pacific Corporate Total December 31, 2020 $ 12.6 $ 4.3 $ 2.0 $ 10.6 $ 29.5 Additions, net of reversals 1.4 0.7 0.1 8.1 10.3 Cash paid/other (2.0) (1.4) (0.3) (10.6) (14.3) March 31, 2021 $ 12.0 $ 3.6 $ 1.8 $ 8.1 $ 25.5 During the three months ended March 31, 2021, costs associated with announced restructuring actions primarily included the following: • costs related to workforce reductions and the reorganization of resources in an effort to improve the Company's cost structure and functional transformation initiatives; • the plan to close a U.S. manufacturing facility and relocate production to another existing U.S. facility announced in 2018; and • costs related to the reorganization of resources and facilities in response to the completion of the Transaction and separation of Ingersoll Rand Industrial. Amounts recognized primarily relate to severance and exit costs. In addition, the Company also includes costs that are directly attributable to the restructuring activity but do not fall into the severance, exit or disposal categories. As of March 31, 2021, the Company had $25.5 million accrued for costs associated with its ongoing restructuring actions, of which a majority is expected to be paid within one year.

Other Income_(Expense), Net

Other Income/(Expense), Net3 Months Ended
Mar. 31, 2021
Other Net [Abstract]
Other, NetOther Income/(Expense), Net The components of Other income/(expense), net for the three months ended March 31 were as follows: Three months ended In millions 2021 2020 Interest income/(loss) $ 1.1 $ (0.1) Foreign currency exchange loss (3.7) (4.2) Other components of net periodic benefit cost (5.7) (1.7) Other activity, net 1.1 18.5 Other income/(expense), net $ (7.2) $ 12.5 Other income /(expense), net includes the results from activities other than normal business operations such as interest income and foreign currency gains and losses on transactions that are denominated in a currency other than an entity’s functional currency. In addition, the Company includes the components of net periodic benefit cost for pension and post retirement obligations other than the service cost component. Other activity, net primarily includes items associated with certain legal matters, as well as asbestos-related activities through the Petition Date. During the three months ended March 31, 2020, the Company recorded a $17.4 million adjustment to correct an overstatement of a legacy legal liability that originated in prior years within other activity, net. Refer to Note 20, "Commitments and Contingencies," for more information regarding asbestos-related matters.

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income TaxesIncome Taxes The Company accounts for its Provision for income taxes in accordance with ASC 740, "Income Taxes" (ASC 740), which requires an estimate of the annual effective income tax rate for the full year to be applied to the respective interim period, taking into account year-to-date amounts and projected results for the full year. For the three months ended March 31, 2021 and March 31, 2020, the Company's effective income tax rate was 17.0% and 49.1%, respectively. The effective income tax rate for the three months ended March 31, 2021 was lower than the U.S. statutory rate of 21% due primarily to excess tax benefits from employee share-based payments and earnings in non-U.S. jurisdictions, which in aggregate have a lower effective tax rate, partially offset by U.S. state and local taxes. The effective tax rate for the three months ended March 31, 2020 was higher than the U.S. statutory rate of 21% primarily due to a $37.0 million non-cash charge related to the establishment of valuation allowances on net deferred tax assets, primarily net operating losses in certain tax jurisdictions, as a result of the completion of the Transaction, U.S. state and local taxes and certain non-deductible employee expenses. These amounts were partially offset by excess tax benefits from employee share-based payments, the deduction for Foreign Derived Intangible Income (FDII) and earnings in non-U.S. jurisdictions, which in aggregate have a lower effective tax rate. The establishment of the valuation allowances increased the effective tax rate by 35.7%. Total unrecognized tax benefits as of March 31, 2021 and December 31, 2020 were $64.0 million and $65.4 million, respectively. Although management believes its tax positions and related provisions reflected in the Condensed Consolidated Financial Statements are fully supportable, it recognizes that these tax positions and related provisions may be challenged by various tax authorities. These tax positions and related provisions are reviewed on an ongoing basis and are adjusted as additional facts and information become available, including progress on tax audits, changes in interpretations of tax laws, developments in case law and closing of statute of limitations. To the extent that the ultimate results differ from the original or adjusted estimates of the Company, the effect will be recorded in Provision for income taxes . The Provision for income taxes

Acquisitions and Divestitures

Acquisitions and Divestitures3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]
Mergers, Acquisitions and Dispositions Disclosures [Text Block]Acquisitions and Divestitures Acquisitions During the fourth quarter of 2020, the Company acquired two independent dealers, reported within the Americas segment, to support the Company's ongoing strategy to expand its distribution network and service area. The aggregate cash paid, net of cash acquired, totaled $182.8 million and was financed through cash on hand. Intangible assets associated with these acquisitions totaled $76.9 million and primarily relate to customer relationships. The excess purchase price over the estimated fair value of net assets acquired was recognized as goodwill and totaled $132.1 million. The fair values of the customer relationship intangible assets were determined using the multi-period excess earnings method based on discounted projected net cash flows associated with the net earnings attributable to the acquired customer relationships. These projected cash flows are estimated over the remaining economic life of the intangible asset and are considered from a market participant perspective. Key assumptions used in estimating future cash flows included projected revenue growth rates and customer attrition rates. The projected future cash flows are discounted to present value using an appropriate discount rate. The customer relationships had a weighted-average useful life of 16 years. Divestitures The components of Discontinued operations, net of tax for the three months ended March 31 were as follows: Three months ended In millions 2021 2020 Net revenues $ — $ 469.8 Cost of goods sold — (315.8) Selling and administrative expenses 0.7 (221.4) Operating income 0.7 (67.4) Other income/ (expense), net (12.0) (8.1) Pre-tax earnings (loss) from discontinued operations (11.3) (75.5) Tax benefit (expense) 12.2 (3.2) Discontinued operations, net of tax $ 0.9 $ (78.7) The table above presents the financial statement line items that support amounts included in Discontinued operations, net of tax . For the three months ended March 31, 2020, Selling and administrative expenses included pre-tax Ingersoll Rand Industrial separation costs of $99.1 million, which are primarily related to legal, consulting and advisory fees. 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 Statements of Income (Loss) and Condensed Consolidated Statements of Cash Flows. 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 2021 2020 Net revenues $ — $ 469.8 Earnings (loss) attributable to Trane Technologies plc 2.9 (71.6) Earnings (loss) attributable to noncontrolling interests — 0.5 Earnings (loss) from operations, net of tax $ 2.9 $ (71.1) Earnings (loss) attributable to Trane Technologies plc includes Ingersoll Rand Industrial separation costs, net of tax primarily related to legal, consulting and advisory fees of $83.4 million during the three months ended March 31, 2020. 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 asbestos-related activities of Aldrich through the Petition Date. The components of Discontinued operations, net of tax for the three months ended March 31 were as follows: Three months ended In millions 2021 2020 Ingersoll Rand Industrial, net of tax $ 2.9 $ (71.1) Other discontinued operations, net of tax (2.0) (7.6) Discontinued operations, net of tax $ 0.9 $ (78.7)

Earnings Per Share (EPS)

Earnings Per Share (EPS)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share (EPS)Earnings Per Share (EPS) Basic EPS is calculated by dividing Net earnings attributable to Trane Technologies plc by the weighted-average number of ordinary shares outstanding for the applicable period. Diluted EPS is calculated after adjusting the denominator of the basic EPS calculation for the effect of all potentially dilutive ordinary shares, which in the Company’s case, includes shares issuable under share-based compensation plans. The following table summarizes the weighted-average number of ordinary shares outstanding for basic and diluted earnings per share calculations for the three months ended March 31: Three months ended In millions, except per share amounts 2021 2020 Weighted-average number of basic shares 239.4 239.5 Shares issuable under incentive stock plans 3.7 2.8 Weighted-average number of diluted shares 243.1 242.3 Anti-dilutive shares 0.6 0.5 Dividends declared per ordinary share $ 0.59 $ 0.53

Business Segment Information

Business Segment Information3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Business Segment InformationBusiness Segment Information The Company operates under three regional operating segments designed to create deep customer focus and relevance in markets around the world. Intercompany sales between segments are immaterial. • The Company's Americas segment innovates for customers in the North America and Latin America regions. The Americas segment encompasses commercial heating and cooling systems, building controls, and energy services and solutions; residential heating and cooling; and transport refrigeration systems and solutions. • The Company's EMEA segment innovates for customers in the Europe, Middle East and Africa region. The EMEA segment encompasses heating and cooling systems, services and solutions for commercial buildings, and transport refrigeration systems and solutions. • The Company's Asia Pacific segment innovates for customers throughout the Asia Pacific region. The Asia Pacific segment encompasses heating and cooling systems, services and solutions for commercial buildings and transport refrigeration systems and solutions. Management measures operating performance based on net earnings excluding interest expense, income taxes, depreciation and amortization, restructuring, unallocated corporate expenses and discontinued operations (Segment Adjusted EBITDA). Segment Adjusted EBITDA is not defined under GAAP and may not be comparable to similarly-titled measures used by other companies and should not be considered a substitute for net earnings or other results reported in accordance with GAAP. The Company believes Segment Adjusted EBITDA provides the most relevant measure of profitability as well as earnings power and the ability to generate cash. This measure is a useful financial metric to assess the Company's operating performance from period to period by excluding certain items that it believes are not representative of its core business and the Company uses this measure for business planning purposes. Segment Adjusted EBITDA also provides a useful tool for assessing the comparability between periods and the Company's ability to generate cash from operations sufficient to pay taxes, to service debt and to undertake capital expenditures because it eliminates non-cash charges such as depreciation and amortization expense. A summary of operations by reportable segment for the three months ended March 31 was as follows: Three months ended In millions 2021 2020 Net revenues Americas $ 2,325.7 $ 2,097.8 EMEA 443.9 364.3 Asia Pacific 248.0 179.2 Total Net revenues $ 3,017.6 $ 2,641.3 Segment Adjusted EBITDA Americas $ 383.8 $ 262.1 EMEA 76.7 43.2 Asia Pacific 43.5 10.6 Total Segment Adjusted EBITDA $ 504.0 $ 315.9 Reconciliation of Segment Adjusted EBITDA to earnings before income taxes Total Segment Adjusted EBITDA $ 504.0 $ 315.9 Interest expense (60.7) (63.1) Depreciation and amortization (76.0) (75.0) Restructuring costs (10.3) (25.6) Unallocated corporate expenses (71.7) (48.4) Earnings before income taxes $ 285.3 $ 103.8

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Abstract
Commitments and ContingenciesCommitments and Contingencies The Company is involved in various litigation, claims and administrative proceedings, including those related to the bankruptcy proceedings for Aldrich and Murray and environmental and product liability matters. In accordance with ASC 450, "Contingencies" (ASC 450), the Company records accruals for loss contingencies when it is both probable that a liability will be incurred and the amount of the loss can be reasonably estimated. Amounts recorded for identified contingent liabilities are estimates, which are reviewed periodically and adjusted to reflect additional information when it becomes available. Subject to the uncertainties inherent in estimating future costs for contingent liabilities, except as expressly set forth in this note, management believes that any liability which may result from these legal matters would not have a material adverse effect on the financial condition, results of operations, liquidity or cash flows of the Company. Asbestos-Related Matters Certain wholly-owned subsidiaries and former companies of the Company were named as defendants in asbestos-related lawsuits in state and federal courts. In virtually all of the suits, a large number of other companies have also been named as defendants. The vast majority of those claims were filed against predecessors of Aldrich and Murray and generally allege injury caused by exposure to asbestos contained in certain historical products sold by predecessors of Aldrich or Murray, primarily pumps, boilers and railroad brake shoes. None of the Company's existing or previously-owned businesses were a producer or manufacturer of asbestos. On June 18, 2020, Aldrich and Murray each filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code to resolve equitably and permanently all current and future asbestos related claims in a manner beneficial to claimants, Aldrich and Murray. As a result of the Chapter 11 filings, all asbestos-related lawsuits against Aldrich and Murray have been stayed due to the imposition of a statutory automatic stay applicable in Chapter 11 bankruptcy cases. In addition, at the request of Aldrich and Murray, the Bankruptcy Court has entered an order temporarily staying all asbestos-related claims against the Trane Companies that relate to claims against Aldrich or Murray (except for asbestos-related claims for which the exclusive remedy is provided under workers' compensation statutes or similar laws). The goal of these Chapter 11 filings is an efficient and permanent resolution of all current and future asbestos claims through court approval of a plan of reorganization, which would establish, in accordance with section 524(g) of the Bankruptcy Code, a trust to which all asbestos claims would be channeled for resolution. Aldrich and Murray intend to seek an agreement with representatives of the asbestos claimants on the terms of a plan for the establishment of such a trust. Prior to the Petition Date, predecessors of each of Aldrich and Murray had been litigating asbestos-related claims brought against them. No such claims have been paid since the Petition Date, and it is not contemplated that any such claims will be paid until the end of the Chapter 11 cases. At this point in the Chapter 11 cases of Aldrich and Murray, it is not possible to predict whether or how long the Bankruptcy Court order temporarily staying asbestos-related claims against the Trane Companies will be extended, whether or when any agreement with representatives of the asbestos claimants on the terms of a plan for the establishment of a trust will be reached, what the terms of any plan of reorganization or the extent of the asbestos liability will be or how long the Chapter 11 cases will last. From an accounting perspective, the Company no longer had control over Aldrich and Murray as of the Petition Date as their activities are subject to review and oversight by the Bankruptcy Court. Therefore, Aldrich and its wholly-owned subsidiary 200 Park and Murray and its wholly-owned subsidiary ClimateLabs were deconsolidated as of the Petition Date and their respective assets and liabilities were derecognized from the Company's Condensed Consolidated Financial Statements. Amounts derecognized primarily related to the legacy asbestos-related liabilities and asbestos-related insurance recoveries and $41.7 million of cash. However, in connection with the 2020 Corporate Restructuring, certain subsidiaries of the Company entered into funding agreements with Aldrich and Murray (collectively the Funding Agreements), pursuant to which those subsidiaries are obligated, among other things, to pay the costs and expenses of Aldrich and Murray during the pendency of the Chapter 11 cases to the extent distributions from their respective subsidiaries are insufficient to do so and to provide an amount for the funding for a trust established pursuant to section 524(g) of the Bankruptcy Code, to the extent that the other assets of Aldrich and Murray are insufficient to provide the requisite trust funding. Accounting Treatment Prior to the Petition Date Historically, the Company performed a detailed analysis and projected an estimated range of the Company’s total liability for pending and unasserted future asbestos-related claims. In accordance with ASC 450, the Company recorded the liability at the low end of the range as it believed that no amount within the range was a better estimate than any other amount. Asbestos-related defense costs were excluded from the liability and were recorded separately as services were incurred. The methodology used to prepare estimates relied upon and included the following factors, among others: • the interpretation of a widely accepted forecast of the population likely to have been occupationally exposed to asbestos; • epidemiological studies estimating the number of people likely to develop asbestos-related diseases such as mesothelioma and lung cancer; • the Company’s historical experience with the filing of non-malignancy claims and claims alleging other types of malignant diseases filed against the Company relative to the number of lung cancer claims filed against the Company; • the analysis of the number of people likely to file an asbestos-related personal injury claim against the Company based on such epidemiological and historical data and the Company’s claims history; • an analysis of the Company’s pending cases, by type of disease claimed and by year filed; • an analysis of the Company’s history to determine the average settlement and resolution value of claims, by type of disease claimed; • an adjustment for inflation in the future average settlement value of claims, at a 2.5% annual inflation rate, adjusted downward to 1.0% to take account of the declining value of claims resulting from the aging of the claimant population; and • an analysis of the period over which the Company has and is likely to resolve asbestos-related claims against it in the future (currently projected through 2053). Prior to the Petition Date, over 73 percent of the open and active claims against the Company were non-malignant or unspecified disease claims. In addition, the Company had a number of claims that had been placed on inactive or deferred dockets and were expected to have little or no settlement value against the Company. Prior to the Petition Date, the costs associated with the settlement and defense of asbestos-related claims, insurance settlements on asbestos-related matters and the revaluation of the Company's liability for potential future claims and recoveries were included in the Condensed Consolidated Statements of Income (Loss) within continuing operations or discontinued operations depending on the business to which they relate. Income and expenses associated with asbestos-related matters of Aldrich and its predecessors were recorded within discontinued operations as they related to previously divested businesses, primarily Ingersoll-Dresser Pump, which was sold by the Company in 2000. Income and expenses associated with asbestos-related matters for Murray and its predecessors were recorded within continuing operations. The three months ended March 31, 2020 includes a $17.4 million adjustment to correct an overstatement of a legacy legal liability that originated in prior years. The net income (expense) associated with these pre-Petition Date transactions for the three months ended March 31, were as follows: Three months ended In millions 2021 2020 Continuing operations $ — $ 15.6 Discontinued operations — (4.9) Total $ — $ 10.7 The amounts recorded by the Company for asbestos-related liabilities and insurance-related assets were based on currently available information. Key assumptions underlying the estimated asbestos-related liabilities included the number of people occupationally exposed and likely to develop asbestos-related diseases such as mesothelioma and lung cancer, the number of people likely to file an asbestos-related personal injury claim against the Company, the average settlement and resolution of each claim and the percentage of claims resolved with no payment. Furthermore, predictions with respect to estimates of the liability were subject to greater uncertainty as the projection period lengthened. Other factors that affected the Company’s liability included uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, reforms that might be made by state and federal courts, and the passage of state or federal tort reform legislation. The aggregate amount of the stated limits in insurance policies available to Aldrich and Murray for asbestos-related claims acquired, over many years and from many different carriers, is substantial. However, as a result of limitations in that coverage, the projected total liability to claimants substantially exceeds the probable insurance recovery. Accounting Treatment After the Petition Date Upon deconsolidation, the Company recorded its retained interest in Aldrich and Murray at fair value within Other noncurrent assets in the Condensed Consolidated Balance Sheet. In determining the fair value of its equity investment, the Company used a market-adjusted multiple of earnings valuation technique. As a result, the Company recorded an aggregate equity investment of $53.6 million as of the Petition Date. Simultaneously, the Company recognized a liability of $248.8 million within Other noncurrent liabilities in the Condensed Consolidated Balance Sheet related to its obligation under the Funding Agreements. Although the amounts that Aldrich and Murray may ultimately require under the Funding Agreements are unknown, the Company believes that an estimate of $248.8 million in the aggregate is reasonable as of March 31, 2021 as the Company has no better estimate for the amounts that may ultimately be required under the Funding Agreement. The liability is based on asbestos-related liabilities and insurance-related assets balances previously recorded by the Company prior to the Petition Date and may be subject to change based on the facts and circumstances of the Chapter 11 proceedings. As a result of these actions, the Company recognized an aggregate loss in its Condensed Consolidated Statements of Income (Loss) in the second quarter of 2020. Additionally, the deconsolidation resulted in an investing cash outflow of $41.7 million in the Company's Condensed Consolidated Statements of Cash Flows, of which $10.8 million was recorded within continuing operations in the second quarter of 2020. Furthermore, in connection with the 2020 Corporate Restructuring, Aldrich, Murray and their respective subsidiaries entered into several agreements with subsidiaries of the Company to ensure they each have access to services necessary for the effective operation of their respective businesses and access to capital to address any liquidity needs that arise as a result of working capital requirements or timing issues. In addition, the Company regularly transacts business with Aldrich and its wholly-owned subsidiary 200 Park and Murray and its wholly-owned subsidiary ClimateLabs. As of the Petition Date, these entities are considered related parties and post deconsolidation activity between the Company and them are reported as third party transactions and are reflected within the Company's Condensed Consolidated Statements of Income (Loss). Since the Petition Date, there were no material transactions between the Company and these entities. Environmental Matters The Company continues to be dedicated to environmental and sustainability programs to minimize the use of natural resources, and reduce the utilization and generation of hazardous materials from our manufacturing processes and to remediate identified environmental concerns. As to the latter, the Company is currently engaged in site investigations and remediation activities to address environmental cleanup from past operations at current and former manufacturing facilities. The Company is sometimes a party to environmental lawsuits and claims and has received notices of potential violations of environmental laws and regulations from the Environmental Protection Agency and similar state authorities. It has also been identified as a potentially responsible party (PRP) for cleanup costs associated with off-site waste disposal at federal Superfund and state remediation sites. For all such sites, there are other PRPs and, in most instances, the Company’s involvement is minimal. In estimating its liability, the Company has assumed it will not bear the entire cost of remediation of any site to the exclusion of other PRPs who may be jointly and severally liable. The ability of other PRPs to participate has been taken into account, based on the Company's understanding of the parties’ financial condition and probable contributions on a per site basis. Additional lawsuits and claims involving environmental matters are likely to arise from time to time in the future. Reserves for environmental matters are classified as Accrued expenses and other current liabilities or Other noncurrent liabilities based on their expected payment date. As of March 31, 2021 and December 31, 2020, the Company has recorded reserves for environmental matters of $38.3 million and $39.9 million, respectively. Of these amounts, $35.9 million and $37.5 million, respectively, relate to remediation of sites previously disposed of by the Company. Warranty Liability Standard product warranty accruals are recorded at the time of sale and are estimated based upon product warranty terms and historical experience. The Company assesses the adequacy of its liabilities and will make adjustments as necessary based on known or anticipated warranty claims, or as new information becomes available. The changes in the standard product warranty liability for the three months ended March 31 were as follows: In millions 2021 2020 Balance at beginning of period $ 282.7 $ 251.4 Reductions for payments (29.5) (32.7) Accruals for warranties issued during the current period 29.4 30.1 Changes to accruals related to preexisting warranties 6.3 (5.7) Translation (1.8) (0.9) Balance at end of period $ 287.1 $ 242.2 Standard product warranty liabilities are classified as Accrued expenses and other current liabilities or Other noncurrent liabilities based on their expected payment date. The Company's total current standard product warranty reserve at March 31, 2021 and December 31, 2020 was $133.1 million and $127.7 million, respectively. Warranty Deferred Revenue The Company's extended warranty liability represents the deferred revenue associated with its extended warranty contracts and is amortized into Net revenues on a straight-line basis over the life of the contract, unless another method is more representative of the costs incurred. The Company assesses the adequacy of its liability by evaluating the expected costs under its existing contracts to ensure these expected costs do not exceed the extended warranty liability. The changes in the extended warranty liability for the three months ended March 31 were as follows: In millions 2021 2020 Balance at beginning of period $ 304.4 $ 302.8 Amortization of deferred revenue for the period (27.7) (28.8) Additions for extended warranties issued during the period 28.7 30.9 Changes to accruals related to preexisting warranties (0.6) (0.2) Translation (0.5) (0.9) Balance at end of period $ 304.3 $ 303.8 The extended warranty liability is classified as Accrued expenses and other current liabilities or Other noncurrent liabilities based on the timing of when the deferred revenue is expected to be amortized into revenue. The Company's total current extended warranty liability at both March 31, 2021 and December 31, 2020 was $108.6 million.

Inventories (Tables)

Inventories (Tables)3 Months Ended
Mar. 31, 2021
Inventory, Net [Abstract]
MajorClassesOfInventory [Table Text Block]The major classes of inventory were as follows: In millions March 31, December 31, Raw materials $ 351.0 $ 305.0 Work-in-process 184.3 163.9 Finished goods 871.1 761.4 1,406.4 1,230.3 LIFO reserve (33.3) (41.1) Total $ 1,373.1 $ 1,189.2

Goodwill (Tables)

Goodwill (Tables)3 Months Ended
Mar. 31, 2021
Goodwill Abstract
Changes in Goodwill Carrying AmountsThe changes in the carrying amount of goodwill for the three months ended March 31, 2021 were as follows: In millions Americas EMEA Asia Pacific Total Net balance as of December 31, 2020 $ 3,980.0 $ 793.5 $ 569.3 $ 5,342.8 Acquisitions 2.1 3.7 — 5.8 Currency translation (0.1) (32.3) (5.0) (37.4) Net balance as of March 31, 2021 $ 3,982.0 $ 764.9 $ 564.3 $ 5,311.2 The net goodwill balances at March 31, 2021 and December 31, 2020 include $2,496.0 million of accumulated impairment. The accumulated impairment relates entirely to a charge recorded in 2008.

Intangible Assets (Tables)

Intangible Assets (Tables)3 Months Ended
Mar. 31, 2021
Intangible Assets Abstract
Schedule of Intangible Asset Net of GoodwillThe gross amount of the Company’s intangible assets and related accumulated amortization were as follows: March 31, 2021 December 31, 2020 In millions Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 2,008.7 $ (1,388.7) $ 620.0 $ 2,010.2 $ (1,362.4) $ 647.8 Other 208.5 (198.2) 10.3 210.7 (199.4) 11.3 Total finite-lived intangible assets 2,217.2 (1,586.9) 630.3 2,220.9 (1,561.8) 659.1 Trademarks (indefinite-lived) 2,626.6 — 2,626.6 2,627.3 — 2,627.3 Total $ 4,843.8 $ (1,586.9) $ 3,256.9 $ 4,848.2 $ (1,561.8) $ 3,286.4

Debt and Credit Facilities (Tab

Debt and Credit Facilities (Tables)3 Months Ended
Mar. 31, 2021
Debt Credit Facilities
Short-Term Borrowings and Current Maturities of Long-Term DebtShort-term borrowings and current maturities of long-term debt consisted of the following: In millions March 31, December 31, Debentures with put feature $ 342.9 $ 342.9 2.900% Senior notes due 2021 (1) — 299.9 9.000% Debentures due 2021 (2) 125.0 125.0 Other current maturities of long-term debt 7.5 7.8 Total $ 475.4 $ 775.6 (1) The 2.900% Senior notes were repaid in February 2021. (2) The 9.000% Debentures are due in August 2021.
Long-Term Debt Excluding Current MaturitiesLong-term debt , excluding current maturities, consisted of the following: In millions March 31, December 31, 4.250% Senior notes due 2023 $ 698.6 $ 698.4 7.200% Debentures due 2021-2025 29.9 29.9 3.550% Senior notes due 2024 497.5 497.3 6.480% Debentures due 2025 149.7 149.7 3.500% Senior notes due 2026 397.5 397.3 3.750% Senior notes due 2028 545.8 545.6 3.800% Senior notes due 2029 744.5 744.4 5.750% Senior notes due 2043 494.8 494.7 4.650% Senior notes due 2044 296.1 296.1 4.300% Senior notes due 2048 296.2 296.2 4.500% Senior notes due 2049 345.7 345.7 Other loans and notes — 1.2 Total $ 4,496.3 $ 4,496.5

Financial Instruments (Tables)

Financial Instruments (Tables)3 Months Ended
Mar. 31, 2021
Derivatives, Fair Value [Line Items]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]The fair values of derivative instruments included within the Condensed Consolidated Balance Sheets were as follows: Derivative assets Derivative liabilities In millions March 31, December 31, March 31, December 31, Derivatives designated as hedges: Currency derivatives $ — $ 0.7 $ 5.3 $ 1.7 Derivatives not designated as hedges: Currency derivatives 6.0 1.5 6.5 4.8 Total derivatives $ 6.0 $ 2.2 $ 11.8 $ 6.5 Asset and liability derivatives included in the table above are recorded within Other current assets and Accrued expenses and other current liabilities , respectively.
Schedule Of Derivatives Designated As Hedges Affecting Condensed Consolidated Income Statement And Accumulated Other Comprehensive Income [Text Block]The following table represents the amounts associated with derivatives designated as hedges affecting Net earnings and AOCI for the three months ended March 31: Amount of gain (loss) Location of gain (loss) reclassified from Amount of gain (loss) In millions 2021 2020 2021 2020 Currency derivatives designated as hedges (1) $ (4.6) $ 0.3 Cost of goods sold $ (1.1) $ (0.5) Interest rate swaps & locks — — Interest expense 0.2 0.2 Total $ (4.6) $ 0.3 $ (0.9) $ (0.3) (1) Amounts excluded from effectiveness testing and recognized into Cost of goods sold based on changes in fair value and amortization was a loss of $0.8 million and $0.6 million for the three months ended March 31, 2021 and 2020, respectively.
Schedule of Gains and Losses of Derivative Financial Instruments Not Designated as HedgesThe following table represents the amounts associated with derivatives not designated as hedges affecting Net earnings for the three months ended March 31: Location of gain (loss) recognized in Net earnings Amount of gain (loss) In millions 2021 2020 Currency derivatives - continuing Other income (expense), net $ (2.5) $ 8.3 Currency derivatives - discontinued Discontinued operations — (0.4) Total $ (2.5) $ 7.9

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Mar. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, by Balance Sheet Grouping [Table Text Block]The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2021: In millions Fair Value Fair value measurements Level 1 Level 2 Level 3 Assets: Derivative instruments $ 6.0 $ — $ 6.0 $ — Liabilities: Derivative instruments $ 11.8 $ — $ 11.8 $ — The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2020: In millions Fair Value Fair value measurements Level 1 Level 2 Level 3 Assets: Derivative instruments $ 2.2 $ — $ 2.2 $ — Liabilities: Derivative instruments $ 6.5 $ — $ 6.5 $ —

Pensions and Postretirement B_2

Pensions and Postretirement Benefits Other than Pensions (Tables)3 Months Ended
Mar. 31, 2021
Pension Plan, Defined Benefit [Member]
Schedule of Net Periodic Benefit CostThe components of the Company’s net periodic pension benefit cost for the three months ended March 31 were as follows: Three months ended In millions 2021 2020 Service cost $ 12.8 $ 17.7 Interest cost 14.7 22.5 Expected return on plan assets (26.6) (31.9) Net amortization of: Prior service costs 1.3 1.3 Net actuarial (gains) losses 8.9 11.3 Net periodic pension benefit cost $ 11.1 $ 20.9 Net curtailment and settlement (gains) losses 6.9 (3.6) Net periodic pension benefit cost after net curtailment and settlement (gains) losses $ 18.0 $ 17.3 Amounts recorded in continuing operations: Operating income $ 11.9 $ 14.8 Other income/(expense), net 5.1 0.7 Amounts recorded in discontinued operations 1.0 1.8 Total $ 18.0 $ 17.3
Other Postretirement Benefit Plan, Defined Benefit [Member]
Schedule of Net Periodic Benefit CostThe components of net periodic postretirement benefit cost for the three months ended March 31 were as follows: Three months ended In millions 2021 2020 Service cost $ 0.5 $ 0.6 Interest cost 1.4 2.6 Net amortization of net actuarial (gains) losses (0.5) (1.1) Net periodic postretirement benefit cost $ 1.4 $ 2.1 Amounts recorded in continuing operations: Operating income $ 0.5 $ 0.6 Other income/(expense), net 0.6 1.0 Amounts recorded in discontinued operations 0.3 0.5 Total $ 1.4 $ 2.1

Equity (Tables)

Equity (Tables)3 Months Ended
Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Reconciliation of Ordinary SharesChanges in ordinary shares and treasury shares for the three months ended March 31, 2021 were as follows: In millions Ordinary shares issued Ordinary shares held in treasury December 31, 2020 263.3 24.5 Shares issued under incentive plans, net 1.0 — Repurchase of ordinary shares (0.7) — March 31, 2021 263.6 24.5
Schedule of Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss) 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) The changes in Accumulated other comprehensive income (loss) for the three months ended March 31, 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) attributable to Trane Technologies plc 0.4 (11.0) (48.1) (58.7) Separation of Ingersoll Rand Industrial, net of tax — 69.1 70.2 139.3 Balance at March 31, 2020 $ 6.0 $ (399.3) $ (532.7) $ (926.0)

Revenue (Tables)

Revenue (Tables)3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of revenuesNet revenues by geography and major type of good or service for the three months ended March 31 were as follows: Three months ended In millions 2021 2020 Americas Equipment $ 1,570.8 $ 1,392.6 Services and parts 754.9 705.2 Total Americas $ 2,325.7 $ 2,097.8 EMEA Equipment $ 308.4 $ 248.8 Services and parts 135.5 115.5 Total EMEA $ 443.9 $ 364.3 Asia Pacific Equipment $ 166.1 $ 111.0 Services and parts 81.9 68.2 Total Asia Pacific $ 248.0 $ 179.2 Total Net revenues $ 3,017.6 $ 2,641.3
Schedule of assets and liabilities from contracts with customersThe opening and closing balances of contract assets and contract liabilities arising from contracts with customers for the period ended March 31, 2021 and December 31, 2020 were as follows: In millions March 31, December 31, 2020 Contract assets $ 266.5 $ 255.4 Contract liabilities 1,101.2 1,077.0 The timing of revenue recognition, billings and cash collections results in accounts receivable, contract assets, and customer advances and deposits (contract liabilities) on the Condensed Consolidated Balance Sheet. In general, the Company receives payments from customers based on a billing schedule established in its contracts. Contract assets relate to the conditional right to consideration for any completed performance under the contract when costs are incurred in excess of billings under the percentage-of-completion methodology. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract liabilities relate to payments received in advance of performance under the contract or when the Company has a right to consideration that is unconditional before it transfers a good or service to the customer. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract. During the three months ended March 31, 2021, changes in contract asset and liability balances were not materially impacted by any other factors.

Share-Based Compensation (Table

Share-Based Compensation (Tables)3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Share-Based Compensation ExpenseThe expense recognized for the three months ended March 31 was as follows: Three months ended In millions 2021 2020 Stock options $ 9.6 $ 9.7 RSUs 10.6 11.0 Performance shares 4.1 7.8 Deferred compensation 0.6 1.4 Other (1) 1.6 (1.8) Pre-tax expense 26.5 28.1 Tax benefit (6.4) (6.8) After-tax expense $ 20.1 $ 21.3 Amounts recorded in continuing operations 20.1 20.3 Amounts recorded in discontinued operations — 1.0 Total $ 20.1 $ 21.3 (1) Includes certain plans that have a market-based component.
Grants of Stock Options and RSUsGrants issued during the three months ended March 31 were as follows: 2021 2020 Number Weighted- Number Weighted- Stock options 562,383 $ 29.29 1,020,535 $ 16.75 RSUs 128,850 $ 148.58 189,546 $ 104.80 Performance shares (1) 263,956 $ 177.87 259,920 $ 141.88 (1) The number of performance shares represents the maximum award level.
Average fair value of stock options, assumptionsThe following assumptions were used during the three months ended March 31: 2021 2020 Dividend yield 1.60 % 2.01 % Volatility 27.89 % 24.33 % Risk-free rate of return 0.45 % 0.56 % Expected life in years 4.8 4.8

Restructuring Activities (Table

Restructuring Activities (Tables)3 Months Ended
Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]The changes in the restructuring reserve for the three months ended March 31, 2021 were as follows: In millions Americas EMEA Asia Pacific Corporate Total December 31, 2020 $ 12.6 $ 4.3 $ 2.0 $ 10.6 $ 29.5 Additions, net of reversals 1.4 0.7 0.1 8.1 10.3 Cash paid/other (2.0) (1.4) (0.3) (10.6) (14.3) March 31, 2021 $ 12.0 $ 3.6 $ 1.8 $ 8.1 $ 25.5
Restructuring and Related Costs [Table Text Block]The following table details restructuring charges recorded during the three months ended March 31: Three months ended In millions 2021 2020 Americas $ 1.4 $ 20.8 EMEA 0.7 0.6 Asia Pacific 0.1 1.1 Corporate and Other 8.1 3.1 Total $ 10.3 $ 25.6 Cost of goods sold $ 1.8 $ 10.3 Selling and administrative expenses 8.5 15.3 Total $ 10.3 $ 25.6

Other Income_(Expense), Net (Ta

Other Income/(Expense), Net (Tables)3 Months Ended
Mar. 31, 2021
Other Net [Abstract]
Other, NetThe components of Other income/(expense), net for the three months ended March 31 were as follows: Three months ended In millions 2021 2020 Interest income/(loss) $ 1.1 $ (0.1) Foreign currency exchange loss (3.7) (4.2) Other components of net periodic benefit cost (5.7) (1.7) Other activity, net 1.1 18.5 Other income/(expense), net $ (7.2) $ 12.5

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]
Summarized Financial Information For Discontinued Operations Text Block [Table Text Block]Divestitures The components of Discontinued operations, net of tax for the three months ended March 31 were as follows: Three months ended In millions 2021 2020 Net revenues $ — $ 469.8 Cost of goods sold — (315.8) Selling and administrative expenses 0.7 (221.4) Operating income 0.7 (67.4) Other income/ (expense), net (12.0) (8.1) Pre-tax earnings (loss) from discontinued operations (11.3) (75.5) Tax benefit (expense) 12.2 (3.2) Discontinued operations, net of tax $ 0.9 $ (78.7) The table above presents the financial statement line items that support amounts included in Discontinued operations, net of tax . For the three months ended March 31, 2020, Selling and administrative expenses
Disposal groups, Ingersoll-Rand Industrial [Text Block]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 2021 2020 Net revenues $ — $ 469.8 Earnings (loss) attributable to Trane Technologies plc 2.9 (71.6) Earnings (loss) attributable to noncontrolling interests — 0.5 Earnings (loss) from operations, net of tax $ 2.9 $ (71.1) Earnings (loss) attributable to Trane Technologies plc includes Ingersoll Rand Industrial separation costs, net of tax primarily related to legal, consulting and advisory fees of $83.4 million during the three months ended March 31, 2020.
Disclosure of Long Lived Assets Held-for-sale [Table Text Block]The components of Discontinued operations, net of tax for the three months ended March 31 were as follows: Three months ended In millions 2021 2020 Ingersoll Rand Industrial, net of tax $ 2.9 $ (71.1) Other discontinued operations, net of tax (2.0) (7.6) Discontinued operations, net of tax $ 0.9 $ (78.7)

Earnings Per Share (EPS) (Table

Earnings Per Share (EPS) (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Basic and Diluted SharesThe following table summarizes the weighted-average number of ordinary shares outstanding for basic and diluted earnings per share calculations for the three months ended March 31: Three months ended In millions, except per share amounts 2021 2020 Weighted-average number of basic shares 239.4 239.5 Shares issuable under incentive stock plans 3.7 2.8 Weighted-average number of diluted shares 243.1 242.3 Anti-dilutive shares 0.6 0.5 Dividends declared per ordinary share $ 0.59 $ 0.53

Business Segment Information (T

Business Segment Information (Tables)3 Months Ended
Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Summary of Operations by Reportable SegmentsA summary of operations by reportable segment for the three months ended March 31 was as follows: Three months ended In millions 2021 2020 Net revenues Americas $ 2,325.7 $ 2,097.8 EMEA 443.9 364.3 Asia Pacific 248.0 179.2 Total Net revenues $ 3,017.6 $ 2,641.3 Segment Adjusted EBITDA Americas $ 383.8 $ 262.1 EMEA 76.7 43.2 Asia Pacific 43.5 10.6 Total Segment Adjusted EBITDA $ 504.0 $ 315.9 Reconciliation of Segment Adjusted EBITDA to earnings before income taxes Total Segment Adjusted EBITDA $ 504.0 $ 315.9 Interest expense (60.7) (63.1) Depreciation and amortization (76.0) (75.0) Restructuring costs (10.3) (25.6) Unallocated corporate expenses (71.7) (48.4) Earnings before income taxes $ 285.3 $ 103.8

Commitments and Contingencies (

Commitments and Contingencies (Tables)3 Months Ended
Mar. 31, 2021
Cost Income Asbestos Related Claims After RecoveriesThe net income (expense) associated with these pre-Petition Date transactions for the three months ended March 31, were as follows: Three months ended In millions 2021 2020 Continuing operations $ — $ 15.6 Discontinued operations — (4.9) Total $ — $ 10.7
Schedule of Product Warranty Liability [Table Text Block]The changes in the standard product warranty liability for the three months ended March 31 were as follows: In millions 2021 2020 Balance at beginning of period $ 282.7 $ 251.4 Reductions for payments (29.5) (32.7) Accruals for warranties issued during the current period 29.4 30.1 Changes to accruals related to preexisting warranties 6.3 (5.7) Translation (1.8) (0.9) Balance at end of period $ 287.1 $ 242.2
Extended Warranty [Member]
Schedule of Product Warranty Liability [Table Text Block]The changes in the extended warranty liability for the three months ended March 31 were as follows: In millions 2021 2020 Balance at beginning of period $ 304.4 $ 302.8 Amortization of deferred revenue for the period (27.7) (28.8) Additions for extended warranties issued during the period 28.7 30.9 Changes to accruals related to preexisting warranties (0.6) (0.2) Translation (0.5) (0.9) Balance at end of period $ 304.3 $ 303.8

Completion of Reverse Morris _2

Completion of Reverse Morris Trust Transaction (Details) - USD ($) $ in MillionsFeb. 29, 2020Mar. 31, 2021Mar. 31, 2020
Trust Transaction [Line Items]
Term Loan $ 1,900
Receipt of a special cash payment $ 1,900 $ 0 $ 1,900
Reverse Morris Trust Transaction [Domain]
Trust Transaction [Line Items]
Net settlement of final adjustments accrual $ 49.5

Inventories (Schedule of Major

Inventories (Schedule of Major Classes of Inventory) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Inventory Valuation Reserves $ 87.9 $ 85.6
Raw materials351 305
Work-in-process184.3 163.9
Finished goods871.1 761.4
Sub-total1,406.4 1,230.3
LIFO reserve(33.3)(41.1)
Total $ 1,373.1 $ 1,189.2

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Goodwill [Roll Forward]
Accumulated Impairment $ (2,496) $ (2,496)
Currency translation(37.4)
Goodwill (net)5,311.2 5,342.8
Goodwill, Acquired During Period5.8 132.1
Americas [Member]
Goodwill [Roll Forward]
Currency translation(0.1)
Goodwill (net)3,982 3,980
Goodwill, Acquired During Period2.1
EMEA [Member]
Goodwill [Roll Forward]
Currency translation(32.3)
Goodwill (net)764.9 793.5
Goodwill, Acquired During Period3.7
Asia Pacific [Member]
Goodwill [Roll Forward]
Currency translation(5)
Goodwill (net)564.3 $ 569.3
Goodwill, Acquired During Period $ 0

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Finite-lived intangible assets, gross $ 2,217.2 $ 2,220.9
Accumulated amortization(1,586.9)(1,561.8)
Net finite-lived intangible assets630.3 659.1
Intangible Assets, Gross (Excluding Goodwill)4,843.8 4,848.2
Intangible assets, net3,256.9 3,286.4
Amortization of intangible assets30.8 $ 30.3
Trademarks [Member]
Trademarks (indefinite-lived)2,626.6 2,627.3
Customer Relationships [Member]
Finite-lived intangible assets, gross2,008.7 2,010.2
Accumulated amortization(1,388.7)(1,362.4)
Net finite-lived intangible assets620 647.8
Other Intangible Assets [Member]
Finite-lived intangible assets, gross208.5 210.7
Accumulated amortization(198.2)(199.4)
Net finite-lived intangible assets $ 10.3 $ 11.3

Debt and Credit Facilities (Nar

Debt and Credit Facilities (Narrative) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Feb. 29, 2020
Long-term debt excluding current maturities $ 4,496.3 $ 4,496.5
Short-term borrowings and current maturities of long-term debt475.4 775.6
Repayments of Long-term Debt300 $ 0
Debt Instrument, Fair Value Disclosure5,700 6,300
Commercial Paper [Member]
Short-term borrowings and current maturities of long-term debt0 0
Debentures With Put Feature [Member]
Short-term borrowings and current maturities of long-term debt342.9 342.9
Debentures with put option available to be exercised $ 37.2
Three Point Five Percent Senior notes Due Two Thousand Twenty Six [Member]
Long-term debt excluding current maturities $ 397.5 $ 397.3
Debt Instrument, Interest Rate, Stated Percentage3.50%3.50%
Three Point Eight Percent Senior Notes Due Two Thousand Twenty Nine [Member]
Long-term debt excluding current maturities $ 744.5 $ 744.4
Debt Instrument, Interest Rate, Stated Percentage3.80%3.80%
Four Point Five Percent Senior Notes Due Two Thousand Forty Nine [Member]
Long-term debt excluding current maturities $ 345.7 $ 345.7
Debt Instrument, Interest Rate, Stated Percentage4.50%4.50%
4.25% Senior notes due 2023 [Member]
Long-term debt excluding current maturities $ 698.6 $ 698.4
Debt Instrument, Interest Rate, Stated Percentage4.25%4.25%
5.75% Senior notes due 2043 [Member]
Long-term debt excluding current maturities $ 494.8 $ 494.7
Debt Instrument, Interest Rate, Stated Percentage5.75%5.75%
Three Point Five Five Percent Senior Notes due 2024 [Member]
Long-term debt excluding current maturities $ 497.5 $ 497.3
Debt Instrument, Interest Rate, Stated Percentage3.55%3.55%
Four Point Six Five Percent Senior Notes due Twenty Forty Four [Member]
Long-term debt excluding current maturities $ 296.1 $ 296.1
Debt Instrument, Interest Rate, Stated Percentage4.65%4.65%
Commercial Paper [Member]
Line of credit facility, amount outstanding $ 2,000
Revolving Credit Facility [Member]
Line of credit facility, amount outstanding1,000
Line of Credit Facility, Remaining Borrowing Capacity $ 2,000 $ 2,000

Debt and Credit Facilities (Sho

Debt and Credit Facilities (Short-Term Borrowings and Current Maturities of Long-Term Debt) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Short-term borrowings and current maturities of long-term debt $ 475.4 $ 775.6
Debentures With Put Feature [Member]
Short-term borrowings and current maturities of long-term debt342.9 342.9
Two Point Nine Percent Senior Notes Due Two Thousand Twenty One [Member] [Member]
Short-term borrowings and current maturities of long-term debt $ 0 299.9
Debt Instrument, Interest Rate, Stated Percentage2.90%
Commercial Paper [Member]
Short-term borrowings and current maturities of long-term debt $ 0 0
Current Maturities Of Long Term Debt [Member]
Short-term borrowings and current maturities of long-term debt7.5 7.8
9.00% Debentures Due 2021 [Member]
Short-term borrowings and current maturities of long-term debt $ 125 $ 125
Debt Instrument, Interest Rate, Stated Percentage9.00%

Debt and Credit Facilities (Lon

Debt and Credit Facilities (Long-Term Debt Excluding Current Maturities) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Long-term debt excluding current maturities $ 4,496.3 $ 4,496.5
4.25% Senior notes due 2023 [Member]
Debt Instrument, Interest Rate, Stated Percentage4.25%4.25%
Long-term debt excluding current maturities $ 698.6 $ 698.4
Seven Point Two Zero Percent Debentures [Domain]
Long-term debt excluding current maturities $ 29.9 $ 29.9
Three Point Five Five Percent Senior Notes due 2024 [Member]
Debt Instrument, Interest Rate, Stated Percentage3.55%3.55%
Long-term debt excluding current maturities $ 497.5 $ 497.3
6.48% Debentures Due 2025 [Member]
Debt Instrument, Interest Rate, Stated Percentage6.48%6.48%
Long-term debt excluding current maturities $ 149.7 $ 149.7
Three Point Five Percent Senior notes Due Two Thousand Twenty Six [Member]
Debt Instrument, Interest Rate, Stated Percentage3.50%3.50%
Long-term debt excluding current maturities $ 397.5 $ 397.3
Three Point Seven Five Percent Senior Notes Due Two Thousand Twenty Eight [Member]
Debt Instrument, Interest Rate, Stated Percentage3.75%3.75%
Long-term debt excluding current maturities $ 545.8 $ 545.6
Three Point Eight Percent Senior Notes Due Two Thousand Twenty Nine [Member]
Debt Instrument, Interest Rate, Stated Percentage3.80%3.80%
Long-term debt excluding current maturities $ 744.5 $ 744.4
5.75% Senior notes due 2043 [Member]
Debt Instrument, Interest Rate, Stated Percentage5.75%5.75%
Long-term debt excluding current maturities $ 494.8 $ 494.7
Four Point Six Five Percent Senior Notes due Twenty Forty Four [Member]
Debt Instrument, Interest Rate, Stated Percentage4.65%4.65%
Long-term debt excluding current maturities $ 296.1 $ 296.1
Seven Point Two Zero Percent Debentures due Two Thousand Fourteen to Two Thousand Twenty Five [Member] [Member]
Debt Instrument, Interest Rate, Stated Percentage7.20%7.20%
Four Point Three Percent Senior Notes Due Two Thousand Forty Eight [Member]
Debt Instrument, Interest Rate, Stated Percentage4.30%4.30%
Long-term debt excluding current maturities $ 296.2 $ 296.2
Four Point Five Percent Senior Notes Due Two Thousand Forty Nine [Member]
Debt Instrument, Interest Rate, Stated Percentage4.50%4.50%
Long-term debt excluding current maturities $ 345.7 $ 345.7
Other Loans and Notes [Member]
Long-term debt excluding current maturities $ 0 $ 1.2

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Mar. 31, 2021Mar. 31, 2020Jun. 30, 2020Dec. 31, 2020Dec. 31, 2019
Deferred gain/loss, net of tax, included in accumulated other comprehensive income (AOCI) related to the fair value of the Company's currency derivatives designated as accounting hedges $ (699.8) $ (926) $ (631.5) $ (1,006.6)
Repayments of Long-term Debt300 0
Amount expected to be reclassified into interest expense over the next twelve months0.7
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate contracts outstanding0 0
Foreign Exchange Contract [Member]
Derivative, Notional Amount500 500
Currency derivatives expected to be reclassified into earnings over the next twelve months(4.3)
Interest Rate Swap [Member]
Derivative, Notional Amount1,300
Designated as Hedging Instrument [Member]
Deferred (loss) remaining in AOCI related to the interest rate locks0 $ 0
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]
Deferred gain/loss, net of tax, included in accumulated other comprehensive income (AOCI) related to the fair value of the Company's currency derivatives designated as accounting hedges(4.3) $ 0.7
Senior Notes Issued in 2013 [Member] | Interest Rate Swap [Member]
Deferred (loss) remaining in AOCI related to the interest rate locks $ 5.2 $ 5.3

Financial Instruments Schedule

Financial Instruments Schedule of the Fair Values of Derivative Instruments (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative asset fair value $ 6 $ 2.2
Derivative liability fair value11.8 6.5
Significant Other Observable Inputs (Level 2) [Member]
Derivatives, Fair Value [Line Items]
Derivative asset fair value6 2.2
Derivative liability fair value11.8 6.5
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative asset fair value0 0.7
Derivative liability fair value5.3 1.7
Foreign Exchange Contract [Member] | Nondesignated [Member]
Derivatives, Fair Value [Line Items]
Derivative asset fair value6 1.5
Derivative liability fair value $ 6.5 $ 4.8

Financial Instruments Schedul_2

Financial Instruments Schedule of Derivatives Designated as Hedges Affecting Condensed Consolidated Income Statement and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Cost of Goods and Services Sold $ 2,064.4 $ 1,898.8
Interest Expense60.7 63.1
Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax(4.6)0.3
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)0 0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net(0.9)(0.3)
Unrealized Gain (Loss) on Cash Flow Hedging Instruments(4.6)0.3
Designated as Hedging Instrument [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net0.2
Designated as Hedging Instrument [Member] | Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net(1.1)(0.5)
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness $ (0.8)(0.6)
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net $ 0.2

Financial Instruments Schedul_3

Financial Instruments Schedule of Gains and Losses of Derivative Financial Instruments Not Designated as Hedges (Details) - Nondesignated [Member] - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments $ (2.5) $ 8.3
Derivative, Gain (Loss) on Derivative, Net(2.5)7.9
Discontinued Operations [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments $ 0 $ (0.4)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset $ 6 $ 2.2
Derivative Liability, Fair Value, Gross Liability11.8 6.5
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset0 0
Derivative Liability, Fair Value, Gross Liability0 0
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset6 2.2
Derivative Liability, Fair Value, Gross Liability11.8 6.5
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset0 0
Derivative Liability, Fair Value, Gross Liability $ 0 $ 0

Pensions and Postretirement B_3

Pensions and Postretirement Benefits Other than Pensions (Narrative) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Company contributions $ 14.5 $ 50
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax(15.2)11
Pension Costs [Member]
Actuarial gain (loss)(8.9)(11.3)
Pension Plan, Defined Benefit [Member]
Expected future employer contributions in 201756
Postretirement Benefit Costs [Member]
Actuarial gain (loss)0.5 $ 1.1
Reverse Morris Trust Transaction [Member]
Defined Benefit Plan, Plan Assets, Contributions by Employer $ 24.4

Pensions and Postretirement B_4

Pensions and Postretirement Benefits Other than Pensions (Components of the Company's Pension-Related Costs) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Total $ (5.7) $ (1.7)
Pension Costs [Member]
Service cost12.8 17.7
Interest cost14.7 22.5
Expected return on plan assets(26.6)(31.9)
Net amortization of prior service costs1.3 1.3
Net amortization of plan net actuarial losses8.9 11.3
Net periodic pension benefit cost11.1 20.9
Net curtailment loss(6.9)3.6
Total18 17.3
Pension Costs [Member] | Continuing Operations [Member]
Total
Pension Costs [Member] | Discontinued Operations [Member]
Total1 1.8
Operating Income (Loss) [Member] | Pension Costs [Member] | Continuing Operations [Member]
Total11.9 14.8
Other Nonoperating Income (Expense) [Member] | Pension Costs [Member] | Continuing Operations [Member]
Total $ 5.1 $ 0.7

Pensions and Postretirement B_5

Pensions and Postretirement Benefits Other than Pensions (Components of Net Periodic Postretirement Benefit Cost) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Total $ (5.7) $ (1.7)
Postretirement Benefit Costs [Member]
Service cost0.5 0.6
Interest cost1.4 2.6
Net amortization of plan net actuarial losses(0.5)(1.1)
Total1.4 2.1
Postretirement Benefit Costs [Member] | Continuing Operations [Member]
Total
Postretirement Benefit Costs [Member] | Discontinued Operations [Member]
Total0.3 0.5
Operating Income (Loss) [Member] | Postretirement Benefit Costs [Member] | Continuing Operations [Member]
Total0.5 0.6
Other Nonoperating Income (Expense) [Member] | Postretirement Benefit Costs [Member] | Continuing Operations [Member]
Total $ 0.6 $ 1

Equity (Reconciliation of Ordin

Equity (Reconciliation of Ordinary Shares) (Details) - shares shares in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Ordinary shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (shares)263.3 262.8
Shares issued under incentive plans, net1
Repurchase of ordinary shares (shares)(0.7)0
Ending balance (shares)263.6 263.7
Ordinary shares held in treasury, at cost
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (shares)24.5
Shares issued under incentive plans, net0
Ending balance (shares)24.5

Equity (Components of Sharehold

Equity (Components of Shareholders' Equity) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Payments for Repurchase of Common Stock $ 104.2 $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance6,427.1 7,312.4
Net earnings237.8 (25.9)
Pension and OPEB adjustments, net of tax15.2 (11)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest167.1 (84.5)
Share-based compensation24.2 27.6
Dividends declared to noncontrolling interests(3.5)(6.1)
Repurchase of ordinary shares(104.2)
Ending balance6,312.8 5,789.8
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance19.4 44.8
Net earnings2.6 3.3
Dividends declared to noncontrolling interests(3.5)(6.1)
Repurchase of ordinary shares0
Ending balance $ 16.1 $ 17.2

Equity Equity (Changes in Accum

Equity Equity (Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at December 31: $ (631.5) $ (1,006.6)
Stockholders' Equity Note, Spinoff Transaction(49.9)(1,334.3)
Other comprehensive income (loss)(70.7)(58.6)
Balance at June 30:(699.8)(926)
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at December 31:(225.8)(554.8)
Stockholders' Equity Note, Spinoff Transaction70.2
Other comprehensive income (loss)(80.1)(48.1)
Balance at June 30:(305.9)(532.7)
Accumulated  other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity Note, Spinoff Transaction0 139.3
Other comprehensive income (loss)(68.3)(58.7)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at December 31:10.8 5.6
Stockholders' Equity Note, Spinoff Transaction0
Other comprehensive income (loss)0.4
Balance at June 30:7.4 6
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at December 31:(416.5)(457.4)
Stockholders' Equity Note, Spinoff Transaction69.1
Other comprehensive income (loss)(11)
Balance at June 30: $ (401.3) $ (399.3)

Equity Equity (Narrative) (Deta

Equity Equity (Narrative) (Details) $ / shares in Units, $ in Millions3 Months Ended
Mar. 31, 2021USD ($)$ / sharessharesMar. 31, 2020USD ($)Mar. 31, 2021€ / sharesFeb. 28, 2021USD ($)Dec. 31, 2020sharesOct. 31, 2018USD ($)
Common Stock, Par or Stated Value Per Share | $ / shares $ 1
Preferred Stock, Par or Stated Value Per Share | $ / shares $ 0.001
Capital Units, Authorized | shares1,185,040,000
Repurchase of ordinary shares | $ $ (104.2) $ 0
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $395.8
2018 Authorization [Domain]
Stock Repurchased During Period, Value | $104.2
Stock Repurchase Program, Authorized Amount | $ $ 1,500
Stock Repurchase Program, Authorized Amount | $ $ 1,500
Stock Repurchased During Period, Value | $ $ 104.2
2021 Authorization [Domain]
Stock Repurchase Program, Authorized Amount | $ $ 2,000
Stock Repurchase Program, Authorized Amount | $ $ 2,000
Preferred Stock [Member]
Preferred Stock, Shares Authorized | shares10,000,000
Preferred Stock, Shares Outstanding | shares0 0
Preferred Stock, Shares Outstanding | shares0 0
Ordinary shares
Common Stock, Shares Authorized | shares1,175,000,000
Euro Member Countries, Euro
Common Stock, Shares Authorized | shares40,000
Common Stock, Par or Stated Value Per Share | € / shares € 1
Common Stock, Shares, Outstanding | shares0 0
Common Stock, Shares, Outstanding | shares0 0

Revenue - Desegregation of Reve

Revenue - Desegregation of Revenue (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Net revenues $ 3,017,600,000 $ 2,641,300,000
Americas [Member]
Disaggregation of Revenue [Line Items]
Net revenues2,325,700,000 2,097,800,000
EMEA [Member]
Disaggregation of Revenue [Line Items]
Net revenues443,900,000 364,300,000
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Net revenues248,000,000 179,200,000
Equipment | Americas [Member]
Disaggregation of Revenue [Line Items]
Net revenues1,570,800,000 1,392,600,000
Equipment | EMEA [Member]
Disaggregation of Revenue [Line Items]
Net revenues308,400,000 248,800,000
Equipment | Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Net revenues166,100,000 111,000,000
Services and parts | Americas [Member]
Disaggregation of Revenue [Line Items]
Net revenues754,900,000 705,200,000
Services and parts | EMEA [Member]
Disaggregation of Revenue [Line Items]
Net revenues135,500,000 115,500,000
Services and parts | Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Net revenues81,900,000 68,200,000
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Net revenues $ 0.82 $ 0.81

Revenue - Schedule of Assets an

Revenue - Schedule of Assets and Liabilities (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets $ 266.5 $ 255.4
Contract liabilities $ 1,101.2 $ 1,077

Revenue - Contract liability ba

Revenue - Contract liability balances to be recognized (Details) - USD ($)3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract with Customer, Liability, Revenue Recognized $ 0.27
Contract liabilities1,101,200,000 $ 1,077,000,000
Contract with Customer, Liability, Noncurrent $ 0.38

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($) $ in MillionsFeb. 29, 2020Mar. 31, 2021Mar. 31, 2020
Share-based Goods and Nonemployee Services Transaction, Modification of Terms, Incremental Compensation Cost $ 0.1
Share based compensation expense $ 26.5 $ 28.1
Share based compensation expense, net of tax $ 20.1 21.3
Percentage Of Awards Applied To Performance Condition50.00%
Percentage of Awards Applied to Market Condition50.00%
Stock options and Restricted Stock Units (RSUs) [Member]
Vesting period, in years3 years
Share-based Payment Arrangement, Option [Member]
Share based compensation expense $ 9.6 $ 9.7
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures128,850 189,546
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures562,383 1,020,535

Share-Based Compensation (Share

Share-Based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Share based compensation expense $ 26.5 $ 28.1
Tax benefit(6.4)(6.8)
After-tax expense20.1 21.3
Stock Options [Member]
Share based compensation expense9.6 9.7
Restricted Stock Units (RSUs) [Member]
Share based compensation expense10.6 11
Phantom Share Units (PSUs) [Member]
Share based compensation expense4.1 7.8
Deferred Compensation [Member]
Share based compensation expense0.6 1.4
Other share based compensation [Member]
Share based compensation expense1.6 (1.8)
Continuing Operations [Member]
After-tax expense20.1 20.3
Discontinued Operations [Member]
After-tax expense $ 0 $ 1

Share-Based Compensation (Grant

Share-Based Compensation (Grants of Stock Options and RSUs) (Details) - $ / shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Stock Options [Member]
Equity awards, granted, in shares562,383 1,020,535
Weighted average fair value per award, in dollars per share $ 29.29 $ 16.75
RSUs [Member]
Equity awards, granted, in shares128,850 189,546
Weighted average fair value per award, in dollars per share $ 148.58 $ 104.80
Phantom Share Units (PSUs) [Member]
Equity awards, granted, in shares263,956 259,920
Weighted average fair value per award, in dollars per share $ 177.87 $ 141.88

Share-Based Compensation Share-

Share-Based Compensation Share-Based Compensation (Average Fair Value of Stock Options Granted, Assumptions) (Details)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Dividend yield1.60%2.01%
Volatility27.89%24.33%
Risk-free rate of return0.45%0.56%
Expected life, in years4 years 9 months 18 days4 years 9 months 18 days

Restructuring Costs (Details)

Restructuring Costs (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Current $ 25.5 $ 29.5
Restructuring and Related Cost, Incurred Cost10.3 $ 25.6
Restructuring and Related Cost, Incurred Cost excluding asset realization10.3
Payments for Restructuring(14.3)
Americas [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Current12 12.6
Restructuring and Related Cost, Incurred Cost1.4 20.8
Restructuring and Related Cost, Incurred Cost excluding asset realization1.4
Payments for Restructuring(2)
EMEA [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Current3.6 4.3
Restructuring and Related Cost, Incurred Cost0.7 0.6
Restructuring and Related Cost, Incurred Cost excluding asset realization0.7
Payments for Restructuring(1.4)
Asia Pacific [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Current1.8 2
Restructuring and Related Cost, Incurred Cost0.1 1.1
Restructuring and Related Cost, Incurred Cost excluding asset realization0.1
Payments for Restructuring(0.3)
cost of goods sold [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost1.8 10.3
selling and administrative expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost8.5 15.3
Corporate and Other [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Current8.1 $ 10.6
Restructuring and Related Cost, Incurred Cost8.1 $ 3.1
Restructuring and Related Cost, Incurred Cost excluding asset realization8.1
Payments for Restructuring $ (10.6)

Other, Net (Details)

Other, Net (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Legacy Legal Liability Overstatement $ 17.4
Interest Income, Other $ (1.1)(0.1)
Exchange gain (loss)3.7 4.2
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)(5.7)(1.7)
Other, net1.1 18.5
Other income/(expense), net $ (7.2) $ 12.5

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Unrecognized Tax Benefits $ 64 $ 65.4
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent3570.00%
Effective Income Tax Rate Reconciliation, Percent17.00%49.10%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent21.00%21.00%
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount $ 37

Business Combinations (Details)

Business Combinations (Details) - USD ($) $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020Mar. 31, 2020Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent $ 0.9 $ (79.2)
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest0 0.5
Discontinued operations, net of tax0.9 (78.7)
Disposal Group, Including Discontinued Operation, Revenue0 469.8
Disposal Group, Including Discontinued Operation, Costs of Goods Sold0 (315.8)
Disposal Group, Including Discontinued Operation, General and Administrative Expense0.7 221.4
Disposal Group, Including Discontinued Operation, Operating Income (Loss)0.7 (67.4)
Disposal Group, Including Discontinued Operation, Other Expense(12)(8.1)
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax(11.3)(75.5)
Discontinued Operation, Tax Effect of Discontinued Operation(12.2)3.2
Acquisitions of businesses, net of cash acquired12.8 $ 182.8
Goodwill, Acquired During Period5.8 132.1
Business Acquisition [Line Items]
Acquisitions of businesses, net of cash acquired12.8 182.8
Goodwill, Acquired During Period5.8 132.1
Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life16 years
IndustrialSegmentBusinesses [Domain]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Separation costs99.1
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent2.9 (71.6)
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest0 0.5
Discontinued operations, net of tax2.9 (71.1)
Separation costs, net of tax83.4
Other Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operations, net of tax $ (2) $ (7.6)
Other Intangible Assets [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets76.9 $ 76.9
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets $ 76.9 $ 76.9

Earnings Per Share (EPS) (Detai

Earnings Per Share (EPS) (Details) - $ / shares shares in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Weighted-average number of basic shares239.4 239.5
Shares issuable under incentive stock plans3.7 2.8
Weighted average number of diluted shares243.1 242.3
Anti-dilutive shares0.6 0.5
Dividends declared per ordinary share $ 0.59 $ 0.53

Business Segment Information (S

Business Segment Information (Summary of Operations by Reportable Segments) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Net revenues $ 3,017.6 $ 2,641.3
Segment Adjusted EBITDA504 315.9
Interest Expense(60.7)(63.1)
Depreciation and amortization(76)(75)
Restructuring and Related Cost, Incurred Cost(10.3)(25.6)
Unallocated corporate expense(71.7)(48.4)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest285.3 103.8
Americas [Member]
Net revenues2,325.7 2,097.8
Segment Adjusted EBITDA383.8 262.1
Restructuring and Related Cost, Incurred Cost(1.4)(20.8)
EMEA [Member]
Net revenues443.9 364.3
Segment Adjusted EBITDA76.7 43.2
Restructuring and Related Cost, Incurred Cost(0.7)(0.6)
Asia Pacific [Member]
Net revenues248 179.2
Segment Adjusted EBITDA43.5 10.6
Restructuring and Related Cost, Incurred Cost $ (0.1) $ (1.1)

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2020Mar. 31, 2020Jun. 17, 2020Mar. 31, 2021Dec. 31, 2020
Cash Divested from Deconsolidation $ 10.8
Reserves for environmental matters $ 38.3 $ 39.9
Percentage of non-malignant claims, minimum73.00%
Total current standard product warranty reserve133.1 127.7
Total current extended warranty liability108.6 108.6
Expected annual inflation rate2.50%
Adjusted Expected Annual Inflation Rate1.00%
Legacy Legal Liability Overstatement $ 17.4
Aldrich and Murray [Member]
Cost Method Investments53.6
Discontinued Operations [Member]
Reserves for environmental matters35.9 $ 37.5
Continuing and Discontinued Operations [Member]
Cash Divested from Deconsolidation $ 41.7
Asbestos [Member]
Liability from Deconsolidation $ 248.8

Commitments and Contingencies_3

Commitments and Contingencies (Cost/Income Asbestos Related Claims after Recoveries) (Details) - Asbestos Issue [Member] - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Liability for Asbestos and Environmental Claims, Net, Incurred Loss $ 0 $ 10.7
Continuing Operations [Member]
Liability for Asbestos and Environmental Claims, Net, Incurred Loss0 15.6
Discontinued Operations [Member]
Liability for Asbestos and Environmental Claims, Net, Incurred Loss $ 0 $ (4.9)

Commitments and Contingencies_4

Commitments and Contingencies (Product Warranty Liability) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Balance at beginning of period $ 282.7 $ 251.4
Reductions for payments(29.5)(32.7)
Accruals for warranties issued during the current period29.4 30.1
Changes to accruals related to preexisting warranties6.3 (5.7)
Translation(1.8)(0.9)
Balance at end of period $ 287.1 $ 242.2

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Extended Warranty Accrual) (Details) - Extended Warranty [Member] - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Balance at beginning of period $ 304.4 $ 302.8
Amortization of deferred revenue for the period(27.7)(28.8)
Additions for extended warranties issued during the period28.7 30.9
Changes to accruals related to preexisting warranties(0.6)(0.2)
Translation(0.5)(0.9)
Balance at end of period $ 304.3 $ 303.8