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Debt and Credit Facilities | 9 Months Ended
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Sep. 30, 2024
Debt Credit Facilities |
Debt and Credit Facilities | Debt and Credit Facilities Short-term borrowings and current maturities of long-term debt consisted of the following:
In millions | September 30, 2024 |  | December 31, 2023
Debentures with put feature | $ | 295.0 |  |  | $ | 295.0 |
3.550% Senior Notes due 2024 | 500.0 |  |  | 499.4 |
7.200% Debentures due 2024-2025 | 7.5 |  |  | 7.5 |
6.480% Debentures due 2025 | 149.7 |  |  | — |
Total | $ | 952.2 |  |  | $ | 801.9 |
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. Under the commercial paper program, the Company may issue notes from time to time through Trane Technologies HoldCo Inc. or Trane Technologies Financing Limited. Each of Trane Technologies plc, Trane Technologies Irish Holdings Unlimited Company, Trane Technologies Lux International Holding Company S.à.r.l., Trane Technologies Americas Holding Corporation, Trane Technologies Global Holding II Company Limited, and Trane Technologies Company LLC provide irrevocable and unconditional guarantees for any notes issued under the commercial paper program. In addition, Trane Technologies HoldCo Inc. and Trane Technologies Financing Limited provide irrevocable and unconditional guarantees for any notes issued by the other. The Company had no outstanding balance under its commercial paper program as of September 30, 2024 and December 31, 2023. Debentures with Put Feature At September 30, 2024 and December 31, 2023, the Company had $295.0 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 who had the option to exercise puts up to $37.2 million for settlement in February 2024 did not exercise such option. In October 2024, in accordance with notice requirements as specified in the offering documents, holders had the option to elect to exercise puts up to $257.8 million for settlement in November 2024. As of October 30, 2024, no put options were exercised. Long-term debt, excluding current maturities, consisted of the following:
In millions | September 30, 2024 |  | December 31, 2023
7.200% Debentures due 2024-2025 | $ | — |  |  | $ | 7.5 |
6.480% Debentures due 2025 | — |  |  | 149.7 |
3.500% Senior Notes due 2026 | 399.2 |  |  | 398.9 |
3.750% Senior Notes due 2028 | 547.8 |  |  | 547.3 |
3.800% Senior Notes due 2029 | 746.9 |  |  | 746.4 |
5.250% Senior Notes due 2033 | 693.8 |  |  | 693.3 |
5.100% Senior Notes due 2034 | 494.1 |  |  | — |
5.750% Senior Notes due 2043 | 495.6 |  |  | 495.4 |
4.650% Senior Notes due 2044 | 296.7 |  |  | 296.6 |
4.300% Senior Notes due 2048 | 296.7 |  |  | 296.6 |
4.500% Senior Notes due 2049 | 346.3 |  |  | 346.2 |
Total | $ | 4,317.1 |  |  | $ | 3,977.9 |
Issuance of Senior Notes In June 2024, the Company, through its wholly-owned subsidiary Trane Technologies Financing Limited, issued $500 million aggregate principal amount of 5.100% Senior Notes due 2034. The notes are guaranteed by each of Trane Technologies plc, Trane Technologies Global Holding II Company Limited, Trane Technologies Americas Holding Corporation, Trane Technologies Lux International Holding Company S.a.r.l., Trane Technologies Irish Holdings Unlimited Company, Trane Technologies Company LLC and Trane Technologies Holdco Inc. The Company has the option to redeem the notes in whole or in part at any time prior to their stated maturity date at redemption prices set forth in the indenture agreement. The notes are subject to certain customary covenants, however, none of these covenants are considered restrictive to the Company’s operations. Together with cash on hand, the net proceeds from the offering will be used to repay at maturity the $500 million aggregate principal amount of the outstanding 3.550% Senior Notes due in November 2024, including payment of fees, expenses, and accrued interest in connection therewith. Other Credit Facilities The Company maintains two $1.0 billion senior unsecured revolving credit facilities, one of which matures in June 2026 and the other which matures in April 2027 (collectively, the Facilities), through its wholly-owned subsidiaries, Trane Technologies HoldCo Inc. and Trane Technologies Financing Limited (collectively, the Borrowers). The Facilities include Environmental, Social, and Governance (ESG) metrics related to two of the Company’s sustainability commitments: a reduction in greenhouse gas intensity and an increase in the percentage of women in management. The Company's annual performance against these ESG metrics may result in price adjustments to the commitment fee and applicable interest rate. The Facilities provide 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., Trane Technologies Americas Holding Corporation, Trane Technologies Global Holding II Company Limited 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 September 30, 2024 and December 31, 2023. Fair Value of Debt The fair value of the Company's debt instruments at September 30, 2024 and December 31, 2023 was $5.3 billion and $4.7 billion, respectively. The Company measures the fair value of its debt instruments for disclosure purposes based upon observable market prices quoted on public exchanges for similar assets. These fair value inputs are considered Level 2 within the fair value hierarchy. See Note 8, "Fair Value Measurements" for information on the fair value hierarchy.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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