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Equity | 9 Months Ended
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Sep. 30, 2024
Stockholders' Equity Note [Abstract] |
Equity | Equity The authorized share capital of Trane Technologies plc is 1,185,040,000 shares, consisting of (1) 1,175,000,000 ordinary shares, par value $1.00 per share, (2) 40,000 ordinary shares, par value EUR 1.00 and (3) 10,000,000 preference shares, par value $0.001 per share. There were no Euro-denominated ordinary shares or preference shares outstanding at September 30, 2024 or December 31, 2023. Changes in ordinary shares and treasury shares for the nine months ended September 30, 2024 were as follows:
In millions | Ordinary shares issued |  | Ordinary shares held in treasury
December 31, 2023 | 251.7 |  |  | 24.5 |
Shares issued under incentive plans, net | 1.0 |  |  | — |
Repurchase of ordinary shares | (3.0) |  |  | — |
September 30, 2024 | 249.7 |  |  | 24.5 |
Share repurchases are made from time to time in accordance with management's capital allocation strategy, subject to market conditions and regulatory requirements. Shares acquired and canceled upon repurchase are accounted for as a reduction of Ordinary shares and Capital in excess of par value, or Retained earnings to the extent Capital in excess of par value is exhausted. Shares acquired and held in treasury are presented separately on the balance sheet as a reduction to Equity and recognized at cost. In February 2022, the Company's Board of Directors authorized a share repurchase program of up to $3.0 billion of its ordinary shares (2022 Authorization). During the nine months ended September 30, 2024, the Company repurchased and canceled approximately $926 million of its ordinary shares, leaving $1.6 billion remaining under the 2022 Authorization. Additionally, in October 2024, the Company repurchased approximately $105 million of its ordinary shares under the 2022 Authorization. Accumulated Other Comprehensive Income (Loss) The changes in Accumulated other comprehensive income (loss) for the nine months ended September 30, 2024 were as follows:
In millions |  | Derivative Instruments |  | Pension and OPEB |  | Foreign Currency Translation |  | Total
Balance at December 31, 2023 |  | $ | 3.0 |  |  | $ | (198.9) |  |  | $ | (474.9) |  |  | $ | (670.8) |
Other comprehensive income (loss) attributable to Trane Technologies plc |  | 2.8 |  |  | (1.9) |  |  | 33.5 |  |  | 34.4 |
Balance at September 30, 2024 |  | $ | 5.8 |  |  | $ | (200.8) |  |  | $ | (441.4) |  |  | $ | (636.4) |
Other comprehensive income (loss) attributable to noncontrolling interests for the nine months ended September 30, 2024 included a gain of $0.3 million related to currency translation. The changes in Accumulated other comprehensive income (loss) for the nine months ended September 30, 2023 were as follows:
In millions |  | Derivative Instruments |  | Pension and OPEB |  | Foreign Currency Translation |  | Total
Balance at December 31, 2022 |  | $ | (4.5) |  |  | $ | (214.1) |  |  | $ | (547.6) |  |  | $ | (766.2) |
Other comprehensive income (loss) attributable to Trane Technologies plc |  | 0.5 |  |  | 5.6 |  |  | (61.9) |  |  | (55.8) |
Balance at September 30, 2023 |  | $ | (4.0) |  |  | $ | (208.5) |  |  | $ | (609.5) |  |  | $ | (822.0) |

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