TRANE TECHNOLOGIES PLC, 10-Q filed on 4/30/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
Apr. 24, 2026
Document and Entity Information [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-34400  
Entity Registrant Name TRANE TECHNOLOGIES PLC  
Entity Incorporation, State or Country Code L2  
Entity Tax Identification Number 98-0626632  
Entity Address, Address Line One 170/175 Lakeview Dr.  
Entity Address, Address Line Two Airside Business Park  
Entity Address, City or Town Swords Co. Dublin  
Entity Address, Country IE  
City Area Code 353  
Local Phone Number 18707400  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   221,055,477
Entity Central Index Key 0001466258  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Address, Postal Zip Code 00000  
Ordinary shares    
Document and Entity Information [Abstract]    
Title of 12(b) Security Ordinary Shares, Par Value $1.00 per Share  
Trading Symbol TT  
Security Exchange Name NYSE  
Document Information [Line Items]    
Title of 12(b) Security Ordinary Shares, Par Value $1.00 per Share  
Trading Symbol TT  
Security Exchange Name NYSE  
Five point Twenty-Five Percent Senior Notes Due Two Thousand Thirty Three    
Document and Entity Information [Abstract]    
Title of 12(b) Security 5.250% Senior Notes due 2033  
Trading Symbol TT33  
Security Exchange Name NYSE  
Document Information [Line Items]    
Title of 12(b) Security 5.250% Senior Notes due 2033  
Trading Symbol TT33  
Security Exchange Name NYSE  
Five point one zero percent senior notes due two thousand thirty four    
Document and Entity Information [Abstract]    
Title of 12(b) Security 5.100% Senior Notes due 2034  
Trading Symbol TT34  
Security Exchange Name NYSE  
Document Information [Line Items]    
Title of 12(b) Security 5.100% Senior Notes due 2034  
Trading Symbol TT34  
Security Exchange Name NYSE  
v3.26.1
Condensed Consolidated Statements of Earnings - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net revenues $ 4,969.4 $ 4,688.5
Cost of goods sold (3,241.3) (3,011.0)
Selling and administrative expenses (952.0) (858.6)
Operating income 776.1 818.9
Interest expense (55.6) (58.1)
Other income/(expense), net 15.3 (7.9)
Earnings before income taxes 735.8 752.9
Provision for income taxes (136.3) (134.9)
Earnings from continuing operations 599.5 618.0
Discontinued operations, net of tax (10.0) (8.9)
Net earnings 589.5 609.1
Net earnings attributable to Trane Technologies plc 584.4 604.9
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest (5.1) (4.2)
Amounts attributable to Trane Technologies plc ordinary shareholders:    
Continuing operations 594.4 613.8
Discontinued operations (10.0) (8.9)
Net earnings attributable to Trane Technologies plc 584.4 604.9
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest $ (5.1) $ (4.2)
Basic:    
Continuing operations $ 2.68 $ 2.74
Discontinued operations (0.04) (0.04)
Net earnings 2.64 2.70
Diluted:    
Continuing Operations 2.66 2.71
Discontinued operations (0.04) (0.04)
Net earnings $ 2.62 $ 2.67
Weighted-average shares outstanding    
Basic 221.6 224.4
Diluted 223.1 226.4
v3.26.1
Consolidated Statements of Earnings - Alternative Calc (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent $ 594.4 $ 613.8
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent (10.0) (8.9)
Net earnings attributable to Trane Technologies plc $ 584.4 $ 604.9
v3.26.1
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net earnings $ 589.5 $ 609.1
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax (66.5) 110.5
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax 4.8 17.6
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax (4.4) 0.9
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax 1.6 (4.1)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax 2.0 14.4
Other Comprehensive (Income) Loss, Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax 1.1 1.6
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax 3.7 0.7
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansCurrencyTranslationBeforeTax 1.9 (3.3)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax (0.6) (0.2)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax 6.1 (1.2)
Other comprehensive income (loss) (58.4) 123.7
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest 531.1 732.8
Comprehensive Income, Net of Tax, Attributable to Noncontrolling Interest (3.6) (4.6)
Comprehensive Income, Net of Tax, Attributable to Parent $ 527.5 $ 728.2
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations $ 1,074.2 $ 1,763.3
Accounts and notes receivable, net 3,770.3 3,235.3
Inventories 2,398.8 2,103.6
Other current assets 757.6 760.8
Total current assets 8,000.9 7,863.0
Property, plant and equipment, net 2,339.9 2,251.3
Goodwill 6,957.4 6,457.0
Intangible assets, net 3,563.2 3,236.7
Other noncurrent assets 1,893.4 1,612.7
Total assets 22,754.8 21,420.7
LIABILITIES AND EQUITY    
Accounts payable 2,416.9 2,153.9
Accrued compensation and benefits 533.3 614.8
Accrued expenses and other current liabilities 3,662.3 2,825.0
Short-term borrowings and current maturities of long-term debt 693.1 693.0
Total current liabilities 7,305.6 6,286.7
Long-term debt 3,922.9 3,922.1
Postemployment and other benefit liabilities 533.2 541.5
Deferred and noncurrent income taxes 765.4 716.3
Other noncurrent liabilities 1,615.2 1,353.2
Total liabilities 14,142.3 12,819.8
Equity:    
Ordinary shares 244.7 245.0
Treasury Stock, Value (1,649.1) (1,649.1)
Retained earnings 10,491.0 10,422.1
Accumulated other comprehensive income (loss) (495.7) (438.8)
Total Trane Technologies plc shareholders' equity 8,590.9 8,579.2
Noncontrolling interests 21.6 21.7
Total equity 8,612.5 8,600.9
Total liabilities and equity $ 22,754.8 $ 21,420.7
v3.26.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Q1 2026 Dividend Declared [Domain]
O2025Q1Dividends
Debentures With Put Feature [Member]
Ordinary shares
Capital in excess of par value
Retained earnings
Accumulated  other comprehensive income (loss)
Noncontrolling Interests
Treasury Stock, Common
Beginning balance at Dec. 31, 2024 $ 7,486.9       $ 249.0 $ 0.0 $ 9,791.8 $ (864.1) $ 29.5 $ (1,719.3)
Beginning balance (shares) at Dec. 31, 2024         249.0          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net earnings 609.1           604.9   4.2  
Other comprehensive income (loss) 123.7             123.3 0.4  
Shares issued under incentive stock plans (shares)         0.3          
Stock Issued During Period, Value, Stock Options Exercised, net of tax remittances 28.1       $ 0.3 28.4        
Repurchase of ordinary shares (477.5)       $ (1.3) 6.2 (482.4)      
Repurchase of ordinary shares (shares)         (1.3)          
Share-based compensation 21.6         22.2 (0.6)      
Dividends declared to noncontrolling interest $ (7.6)               (7.6)  
Dividends declared per ordinary share $ 0.94   $ 0.94              
Cash dividends declared $ 210.6           210.6      
Ending balance (shares) at Mar. 31, 2025         248.0          
Ending balance at Mar. 31, 2025 7,517.5       $ 248.0 0.0 9,703.1 (740.8) 26.5 (1,719.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Short-term borrowings and current maturities of long-term debt 693.0     $ 293.1            
Beginning balance at Dec. 31, 2025 8,600.9       $ 245.0 0.0 10,422.1 (438.8) 21.7 $ (1,649.1)
Beginning balance (shares) at Dec. 31, 2025         245.0          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net earnings 589.5           584.4   5.1  
Other comprehensive income (loss) (58.4)             (56.9) (1.5)  
Shares issued under incentive stock plans (shares)         0.4          
Stock Issued During Period, Value, Stock Options Exercised, net of tax remittances (22.2)       $ 0.4 (22.6)        
Repurchase of ordinary shares (287.3)       $ (0.7) (4.2) (282.4)      
Repurchase of ordinary shares (shares)         (0.7)         0.0
Share-based compensation 26.1         26.8 (0.7)      
Dividends declared to noncontrolling interest $ (3.7)               (3.7)  
Dividends declared per ordinary share $ 1.05 $ 1.05                
Cash dividends declared $ 232.4           232.4      
Ending balance (shares) at Mar. 31, 2026         244.7          
Ending balance at Mar. 31, 2026 8,612.5       $ 244.7 $ 0.0 $ 10,491.0 $ (495.7) $ 21.6 $ (1,649.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Short-term borrowings and current maturities of long-term debt $ 693.1     $ 293.1            
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net earnings $ 589.5 $ 609.1
Discontinued operations, net of tax (10.0) (8.9)
Adjustments for non-cash transactions:    
Depreciation and amortization 101.1 99.1
Pension and Other Postretirement Benefits Expense (Reversal of Expense), Noncash 4.8 4.9
Stock settled share-based compensation 26.8 22.2
Changes in assets and liabilities, net of the effects of acquisitions (92.5) (331.2)
Other non-cash items, net (3.5) (67.5)
Net cash provided by (used in) continuing operating activities 636.2 345.5
Net cash provided by (used in) discontinued operating activities (10.0) (6.0)
Net cash provided by (used in) operating activities 626.2 339.5
Cash flows from investing activities:    
Payments to Acquire Property, Plant, and Equipment (79.7) (118.9)
Acquisitions and equity method investments, net of cash acquired (668.2) (265.3)
Other investing activities, net (7.8) (0.9)
Net cash provided by (used in) investing activities (755.7) (385.1)
Cash flows from financing activities:    
Payments of long-term debt (400.0) 0.0
Proceeds from (Repayments of) Debt (1.3) 0.0
Dividends paid to ordinary shareholders (231.5) (209.9)
Dividends paid to noncontrolling interests (3.7) (7.6)
Netproceedsfromsharesissuedunderincentiveplans (22.2) (28.1)
Repurchase of ordinary shares (287.3) (477.5)
Net Cash Provided by (Used in) Financing Activities, Total (546.0) (723.1)
Short-term borrowings (payments), net 398.7 0.0
Effect of exchange rate changes on cash and cash equivalents (13.6) 39.1
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (689.1) (729.6)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations $ 1,074.2 $ 860.5
v3.26.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
Trane Technologies plc, a public limited company, incorporated in Ireland in 2009, and its consolidated subsidiaries (collectively we, our, the Company or Trane Technologies) is a global climate innovator. The Company brings sustainable and efficient solutions to buildings, homes and transportation through the Company's strategic brands, Trane® and Thermo King®, and its environmentally responsible portfolio of products, services and connected intelligent controls. The Company generates revenue and cash primarily through the design, manufacture, sales and service of solutions for Heating, Ventilation and Air Conditioning (HVAC), transport refrigeration, and custom refrigeration solutions.
The accompanying unaudited Condensed Consolidated Financial Statements of Trane Technologies reflect 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, 2025. 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.
v3.26.1
Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recently Accounting Pronouncements Recent 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 ASUs. ASUs 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 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures (Topic 740)" (ASU 2023-09) which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09, as required, for the year ended December 31, 2025 on a retrospective basis. See Note 14, "Income Taxes" for more information on the Company's income tax disclosures.
Accounting Pronouncements Issued but not yet Adopted
In September 2025, the FASB issued ASU 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software: Targeted Improvements to the accounting for Internal-Use Software" (ASU 2025-06) which modernizes accounting guidance for the costs to develop software for internal use, aligning the various stages of software development with current software development methods. The ASU is effective for fiscal years beginning after December 15, 2027 and interim periods within those annual reporting periods. ASU 2025-06 can be applied prospectively, retrospectively, or with a modified transition approach. Early adoption is permitted. The Company does not currently expect to adopt this ASU before the required effective date. The Company is evaluating the impact of the standard and does not anticipate a material impact on its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)" (ASU 2024-03) which requires additional disaggregated disclosures in the notes to financial statements for certain categories of expenses that are included on the face of the income statement. The ASU is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company does not currently expect to adopt this ASU before the required effective date.
v3.26.1
Inventories
 3 Months Ended
Mar. 31, 2026
Inventory, Net [Abstract]  
Inventories Inventories
The major classes of inventory were as follows:
In millionsMarch 31,
2026		December 31,
2025
Raw materials$680.2 $595.7 
Work-in-process430.8 375.1 
Finished goods1,514.3 1,352.4 
2,625.3 2,323.2 
LIFO reserve(226.5)(219.6)
Total$2,398.8 $2,103.6 
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 the lower of cost and net realizable value. Reserve balances, primarily related to obsolete and slow-moving inventories, were $165.2 million and $156.6 million at March 31, 2026 and December 31, 2025, respectively.
v3.26.1
Goodwill
 3 Months Ended
Mar. 31, 2026
Goodwill Abstract  
Goodwill Goodwill
The changes in the carrying amount of goodwill for the three months ended March 31, 2026 were as follows:
In millionsAmericasEMEAAsia PacificTotal
Net balance as of December 31, 2025$4,949.1 $950.5 $557.4 $6,457.0 
Acquisitions510.7 11.8 — 522.5 
Currency translation(3.7)(23.8)5.4 (22.1)
Net balance as of March 31, 2026$5,456.1 $938.5 $562.8 $6,957.4 
v3.26.1
Intangible Assets
 3 Months Ended
Mar. 31, 2026
Intangible Assets Abstract  
Intangible Assets Intangible Assets
The gross amount of the Company's intangible assets and related accumulated amortization was as follows:
March 31, 2026December 31, 2025
In millionsGross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amount
Customer relationships$2,657.2 $(2,045.7)$611.5 $2,452.4 $(2,021.4)$431.0 
Other643.6 (324.5)319.1 505.3 (309.3)196.0 
Total finite-lived intangible assets3,300.8 (2,370.2)930.6 2,957.7 (2,330.7)627.0 
Trademarks (indefinite-lived)2,632.6 — 2,632.6 2,609.7 — 2,609.7 
Total$5,933.4 $(2,370.2)$3,563.2 $5,567.4 $(2,330.7)$3,236.7 
Intangible asset amortization expense was $44.4 million and $47.1 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block] Fair Value Measurements
Fair value is 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. The fair value hierarchy that prioritizes information used in developing assumptions when pricing an asset or liability is 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.
Observable market data is required to be used in making fair value measurements when available. 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, 2026:
In millionsFair ValueFair value measurements
Level 1Level 2Level 3
Assets:
Derivative instruments$25.4 $— $25.4 $— 
Liabilities:
Derivative instruments8.0 — 8.0 — 
Contingent consideration(1)
60.6 — — 60.6 
(1) Refer to Note 15, "Acquisitions" for more information regarding contingent consideration.
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, 2025:
In millionsFair ValueFair value measurements
Level 1Level 2Level 3
Assets:
Derivative instruments$28.5 $— $28.5 $— 
Liabilities:
Derivative instruments6.4 — 6.4 — 
Derivative instruments include forward foreign currency contracts and instruments related to non-functional currency balance sheet exposures and commodity swaps. The fair value of the foreign exchange derivative instruments is 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 fair value of the commodity derivatives is valued under a market approach using published prices, where applicable, or dealer quotes.
The carrying values of cash and cash equivalents, short-term investments, 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.
Certain assets are measured at fair value on a non-recurring basis. The Company's equity investments without a readily available fair value are accounted for using the measurement alternative and are measured at fair value when observable transactions of identical or similar securities occurs, or due to an impairment. When indicators of impairment exist or observable price changes of qualified transactions occur, the respective equity investment would be classified within Level 3 of the fair value hierarchy due to the absence of quoted market prices, the inherent lack of liquidity and unobservable inputs used to measure fair value that require management's judgment.
v3.26.1
Pensions and Postretirement Benefits Other than Pensions
 3 Months Ended
Mar. 31, 2026
Retirement Benefits, Description [Abstract]  
Pensions and Postretirement Benefits Other than Pensions Pensions 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 current and retired non-U.S. employees. Postretirement benefits other than pensions (OPEB) provide healthcare benefits and, in some instances, life insurance benefits for certain eligible current and retired employees.
Pension Plans
The non-contributory 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 millions20262025
Service cost$5.9 $7.3 
Interest cost23.2 27.6 
Expected return on plan assets(25.7)(26.6)
Net amortization of:
Prior service costs (benefits)0.4 0.7 
Net actuarial (gains) losses3.2 3.9 
Net periodic pension benefit cost7.0 12.9 
Settlement losses3.7 0.7 
Net periodic pension benefit cost after net settlement losses$10.7 $13.6 
Amounts recorded in continuing operations:
      Operating income$5.1 $6.2 
      Other income/(expense), net4.9 5.0 
Amounts recorded in discontinued operations0.7 2.4 
Total$10.7 $13.6 
The Company made required and discretionary contributions to its defined benefit pension plans of $16.7 million and $7.5 million during the three months ended March 31, 2026 and 2025, respectively. The Company currently projects that it will contribute approximately $84 million to its pension plans worldwide in 2026.
Postretirement Benefits Other Than Pensions
The Company sponsors several postretirement plans that provide healthcare benefits, and in some instances, life insurance benefits for eligible current and retired employees. These plans are unfunded and have no plan assets; instead, they are 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 non-contributory.
The components of net periodic postretirement benefit cost for the three months ended March 31 were as follows:
Three months ended
In millions20262025
Service cost$0.2 $0.3 
Interest cost2.3 2.7 
Net amortization of:
Prior service costs (benefits)0.1 0.2 
Net actuarial (gains) losses(2.6)(3.2)
Net periodic postretirement benefit cost$— $— 
Amounts recorded in continuing operations:
     Operating income$0.1 $0.3 
     Other income/(expense), net(0.1)(0.1)
Amounts recorded in discontinued operations— (0.2)
Total$— $— 
v3.26.1
Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Equity Equity
The authorized share capital of Trane Technologies plc is 1,185,040,000 shares, consisting of (1) 1,175,000,000 ordinary shares, par value $1.00 per share, (2) 40,000 ordinary shares, par value EUR 1.00 and (3) 10,000,000 preference shares, par value $0.001 per share. There were no Euro-denominated ordinary shares or preference shares outstanding at March 31, 2026 or December 31, 2025.
Changes in ordinary shares and treasury shares for the three months ended March 31, 2026 were as follows:
In millionsOrdinary shares issuedOrdinary shares held in treasury
December 31, 2025245.0 23.5 
Shares issued under incentive plans, net0.4 — 
Repurchase of ordinary shares(0.7)— 
March 31, 2026244.7 23.5 
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 December 2024, the Board of Directors authorized a share repurchase program of up to $5.0 billion of the Company's ordinary shares. During the three months ended March 31, 2026, the Company repurchased and canceled $287.3 million of its ordinary shares, which left $4.5 billion remaining under the program. Additionally, during the period after March 31, 2026 through April 30, 2026, the Company repurchased approximately $102 million of its ordinary shares under the program.
Accumulated Other Comprehensive Income (Loss)
The changes in Accumulated other comprehensive income (loss) for the three months ended March 31, 2026 were as follows:
In millionsDerivative InstrumentsPension and OPEBForeign Currency TranslationTotal
Balance at December 31, 2025$21.7 $(144.9)$(315.6)$(438.8)
Other comprehensive income (loss) attributable to Trane Technologies plc2.0 6.1 (65.0)(56.9)
Balance at March 31, 2026$23.7 $(138.8)$(380.6)$(495.7)
Other comprehensive income (loss) attributable to noncontrolling interests for the three months ended March 31, 2026 included a loss of $(1.5) million related to currency translation.
The changes in Accumulated other comprehensive income (loss) for the three months ended March 31, 2025 were as follows:
In millionsDerivative InstrumentsPension and OPEBForeign Currency TranslationTotal
Balance at December 31, 2024$(1.4)$(186.8)$(675.9)$(864.1)
Other comprehensive income (loss) attributable to Trane Technologies plc14.4 (1.2)110.1 123.3 
Balance at March 31, 2025$13.0 $(188.0)$(565.8)$(740.8)
v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
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 millions20262025
Americas
     Equipment$2,596.7 $2,561.8 
     Services1,401.7 1,238.9 
Total Americas$3,998.4 $3,800.7 
EMEA
     Equipment$426.1 $396.1 
     Services213.4 177.4 
Total EMEA$639.5 $573.5 
Asia Pacific
     Equipment$219.1 $213.6 
     Services112.4 100.7 
Total Asia Pacific$331.5 $314.3 
Total Net revenues$4,969.4 $4,688.5 
Revenue from goods and services transferred to customers at a point in time accounted for approximately 78% and 81% of the Company's revenue for the three months ended March 31, 2026 and 2025.
Contract Balances
The opening and closing balances of contract assets and contract liabilities arising from contracts with customers for the period ended March 31, 2026 and December 31, 2025 were as follows:
In millionsLocation on Condensed Consolidated Balance SheetsMarch 31,
2026		December 31, 2025
Contract assets - currentOther current assets$464.9 $465.0 
Contract liabilities - currentAccrued expenses and other current liabilities1,988.2 1,374.1 
Contract liabilities - noncurrentOther noncurrent liabilities544.4 350.5 
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 Sheets. 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, 2026, changes in contract asset and liability balances were not materially impacted by any other factors.
Approximately 33% of the contract liability balance at December 31, 2025 was recognized as revenue during the three months ended March 31, 2026. Additionally, approximately 21% of the contract liability balance at March 31, 2026 was classified as noncurrent and not expected to be recognized as revenue in the next 12 months.
v3.26.1
Share-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Share-Based Compensation Share-Based Compensation
The Company accounts for share-based compensation plans under the fair value based method. The Company's share-based compensation plans include programs for stock options, restricted stock units (RSUs), performance share units (PSUs) and deferred compensation.
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 millions20262025
Stock options$5.7 $5.3 
RSUs8.5 6.3 
Performance shares12.3 10.3 
Deferred compensation(0.1)0.1 
Pre-tax expense26.4 22.0 
Tax benefit(6.4)(5.3)
After-tax expense$20.0 $16.7 
Grants issued during the three months ended March 31 were as follows:
 20262025
 Number
granted		Weighted-
average fair
value per award		Number
granted		Weighted-
average fair
value per award
Stock options185,288 $116.52 241,425 $101.70 
RSUs59,819 $435.36 96,323 $355.49 
Performance shares (1)
114,550 $512.76 134,280 $373.86 
(1) The number of performance shares represents the maximum award level.
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. Beginning with the 2024 grant year, for stock options and RSUs granted to retirement eligible employees, the Company recognizes expense over the period during which an employee is required to provide service in exchange for the award, which is generally 12 months.
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:
20262025
Dividend yield0.86 %0.95 %
Volatility26.92 %27.26 %
Risk-free rate of return3.77 %4.30 %
Expected life in years4.84.8
A description of the significant assumptions used to estimate the fair value of the stock option awards is as follows:
•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 shares.
•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 shares 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 US Treasury spot rates on the grant date.
•Expected life in years - 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 canceled options and an expected period for all outstanding options.
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.
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. Beginning with the 2024 grant year, for PSUs granted to retirement eligible employees, the Company recognizes the expense over the period during which an employee is required to provide service in exchange for the award, which is 12 months. For awards granted to retirement eligible employees prior to 2024, the expense was recognized over the 3-year performance period. The fair value of the market condition is estimated using a Monte Carlo simulation model in a risk-neutral framework based upon historical volatility, risk-free rates and correlation matrix.
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.
v3.26.1
Other Income/(Expense), Net
 3 Months Ended
Mar. 31, 2026
Other Net [Abstract]  
Other, Net Other Income/(Expense), Net
The components of Other income/(expense), net for the three months ended March 31 were as follows:
Three months ended
In millions20262025
Interest income$4.6 $3.3 
Foreign currency exchange loss(1.3)(2.0)
Other components of net periodic benefit credit/(cost)(4.8)(4.9)
Other activity, net
16.8 (4.3)
Other income/(expense), net$15.3 $(7.9)
Other income/(expense), net includes the results from activities other than core 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 credit/(cost) for pension and postretirement obligations other than the service cost component. Other activity, net includes items associated with legacy legal matters, such as asbestos-related activities related to Murray Boiler LLC (Murray). Refer to Note 18, "Commitments and Contingencies" for more information regarding asbestos-related matters.
Other activity, net for the three months ended March 31, 2026 also includes a $22.6 million gain recognized on the remeasurement of the Company’s previously held interest in a business following the acquisition of the remaining ownership interest in the first quarter of 2026.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company accounts for its Provision for income taxes by applying an estimate of the annual effective income tax rate for the full year 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, 2026 and 2025, the Company's effective income tax rate was 18.5% and 17.9%, respectively. The effective tax rate for the three months ended March 31, 2026 was higher than the Irish statutory rate of 12.5% primarily due to earnings that in the aggregate have a higher statutory tax rate, U.S. federal, state and local income taxes, partially offset by excess tax benefits from employee share-based payments. The effective tax rate for the three months ended March 31, 2025 was higher than the Irish statutory rate of 12.5% primarily due to earnings that in the aggregate have a higher statutory tax rate, U.S. federal, state and local income taxes, partially offset by excess tax benefits from employee share-based payments and a non-taxable adjustment for contingent consideration.
Total unrecognized tax benefits for March 31, 2026 and December 31, 2025 were $63.8 million and $62.4 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 involves a significant amount of management judgment regarding interpretation of relevant facts and laws in the jurisdictions in which the Company operates. Future changes in applicable laws, projected levels of taxable income and tax planning could change the effective income tax rate and tax balances recorded by the Company. In addition, tax authorities periodically review income tax returns filed by the Company and can raise issues regarding its filing positions, timing and amount of income or deductions, and the allocation of income among the jurisdictions in which the Company operates. A significant period of time may elapse between the filing of an income tax return and the ultimate resolution of an issue raised by a revenue authority with respect to that return. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Belgium, Brazil, Canada, China, France, Germany, Ireland, Italy, Luxembourg, Mexico, Singapore, Spain, the Netherlands, the United Kingdom and the United States. These examinations on their own, or any subsequent litigation related to the examinations, may result in additional income taxes or penalties against the Company. If the ultimate result of these audits differs from original or adjusted estimates, they could have a material impact on the Company's income tax provision. Substantially all of the Company's U.S. federal tax returns are effectively settled for tax years prior to 2022. In general, the examination of the Company's material non-U.S. income tax returns is complete or effectively settled for the years prior to 2015, with certain matters prior to 2015 being resolved through appeals and litigation and also unilateral procedures as provided for under double tax treaties.
On July 4, 2025, the United States enacted the "One Big Beautiful Bill Act" (OBBBA). The impacts of the legislation have been reflected in the condensed consolidated financial statements as of March 31, 2026, and are not considered material. The Company continues to evaluate the legislation and review guidance from the U.S. Department of Treasury and could require further adjustment.
v3.26.1
Business Combinations and Asset Acquisitions
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination Acquisitions
On February 17, 2026, the Company acquired Stellar Energy Americas, Inc. (Stellar Energy), a leading provider of turnkey data center cooling solutions. The gross purchase consideration was $553.4 million, excluding cash acquired of $185.4 million. The purchase price is subject to customary post-closing adjustments. The acquisition enhances the Company's position in data center thermal management solutions through Stellar Energy's capabilities in modular and scalable cooling system design. The results of this acquisition are reported within the Americas segment as of the date of acquisition. The consideration was allocated to tangible and intangible identifiable assets acquired and liabilities assumed based on their estimated fair values at the acquisition date.
The preliminary allocation of the purchase price resulted in the recognition of identifiable intangible assets of $323.0 million, primarily related to customer relationships, developed technology and backlog. Net tangible assets acquired totaled $41.7 million. The excess of the purchase price over the fair value of identifiable net assets acquired resulted in goodwill of $354.3 million, which is attributable primarily to anticipated synergies, assembled workforce, and the expansion of Stellar Energy’s data center solutions portfolio. The goodwill for this acquisition is not deductible for tax purposes.
Additionally, during the first quarter of 2026, the Company acquired all remaining interest in LiquidStack, a provider of advanced liquid cooling solutions for data centers, in which the Company previously held a minority interest, that is reported in the Americas segment as of the date of acquisition. The Company also acquired two Transport refrigeration distributors that are reported in the Americas and EMEA segments, as applicable, as of their respective dates of acquisition. The combined purchase consideration for these acquisitions totaled $246.7 million, inclusive of contingent consideration of $60.6 million.
Equity method investments
During the first quarter of 2026, the Company also acquired a 49% interest in Kieback&Peter, a provider of building automation hardware, software and solutions across the building lifecycle and energy management. The Company's minority interest is reported as an equity method investment within the EMEA segment
v3.26.1
Earnings Per Share (EPS)
 3 Months Ended
Mar. 31, 2026
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 amounts20262025
Weighted-average number of basic shares221.6 224.4 
Shares issuable under incentive share plans1.5 2.0 
Weighted-average number of diluted shares223.1 226.4 
Anti-dilutive shares0.3 0.3 
Dividends declared per ordinary share$1.05 $0.94 
v3.26.1
Business Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Company operates under three reportable 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 North America and Latin America. The Americas segment encompasses commercial heating, cooling and ventilation systems, building controls and solutions, 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, cooling and ventilation systems and services, energy services and solutions, building controls, 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, cooling and ventilation systems, services and solutions for commercial buildings, and transport refrigeration systems and solutions.
The Company's chief operating decision maker (CODM), the Chief Executive Officer, uses two profitability measures, Segment Adjusted EBITDA and Segment Adjusted Operating Income, in assessing segment performance and deciding how to allocate resources:
•Segment Adjusted EBITDA represents net earnings excluding interest expense, income taxes, depreciation and amortization, restructuring, merger and acquisition transaction costs, non-cash adjustment for contingent consideration, unallocated corporate expenses, discontinued operations and other significant non-recurring or non-cash items. Segment Adjusted EBITDA also provides a useful tool for assessing the operating performance and comparability between periods and our ability to generate cash because it excludes the impact of certain non-cash or non-recurring items that can vary significantly from period to period. Segment Adjusted EBITDA is used in the development of annual operating plans, including capital expenditure and operational budgets, and in measuring performance against targets for purposes of incentive compensation.
•Segment Adjusted Operating Income represents operating income adjusted to exclude restructuring costs, merger and acquisition transaction costs, non-cash adjustment for contingent consideration and other significant non-recurring or non-cash items. Segment Adjusted Operating Income, and ratios based on it, are used to provide a comprehensive view of segment profitability and evaluate efficient returns on assets.
Segment Adjusted EBITDA and Segment Adjusted Operating Income are 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. Measures of total assets by reportable segment are not provided to the CODM. Therefore, asset information by segment is not disclosed.
A summary of results by reportable segment for the three months ended March 31 was as follows:
Three months ended
In millions20262025
Americas
Segment revenues$3,998.4 $3,800.7 
Segment cost of goods sold(2,593.6)(2,436.9)
Segment selling and administrative expenses(687.8)(687.2)
Segment Adjusted Operating Income$717.0 $676.6 
Segment depreciation and amortization73.0 79.1 
Segment other income/(expense), net1.0 (2.2)
Segment Adjusted EBITDA$791.0 $753.5 
EMEA
Segment revenues$639.5 $573.5 
Segment cost of goods sold(438.4)(375.1)
Segment selling and administrative expenses(124.9)(115.0)
Segment Adjusted Operating Income$76.2 $83.4 
Segment depreciation and amortization11.4 10.7 
Segment other income/(expense), net(1.1)(2.0)
     Segment Adjusted EBITDA $86.5 $92.1 
Asia Pacific
Segment revenues$331.5 $314.3 
Segment cost of goods sold(201.9)(193.0)
Segment selling and administrative expenses(56.4)(54.8)
Segment Adjusted Operating Income$73.2 $66.5 
Segment depreciation and amortization3.7 4.0 
Segment other income/(expense), net1.6 0.3 
Segment Adjusted EBITDA$78.5 $70.8 
A reconciliation of Segment Adjusted EBITDA and Segment Adjusted Operating Income to earnings before income taxes for the three months ended March 31 was as follows:
Three months ended
In millions20262025
Total Segment Adjusted EBITDA$956.0 $916.4 
Total Segment depreciation and amortization(88.1)(93.8)
Total Segment other income/(expense), net(1.5)3.9 
Total Segment Adjusted Operating Income866.4 826.5 
Amortization of acquired backlog intangible asset(7.2)— 
Restructuring costs1.1 — 
Non-cash adjustment for contingent consideration— 61.2 
Non-cash gain from acquisition of a previously held investment22.6 — 
Unallocated corporate expenses(84.2)(68.8)
Interest expense(55.6)(58.1)
Other income/(expense), net(7.3)(7.9)
Earnings before income taxes$735.8 $752.9 
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments And Contingencies Abstract  
Commitments and Contingencies Commitments and Contingencies
The Company is involved in various litigation, claims and administrative proceedings, including those related to the bankruptcy proceedings for Aldrich Pump LLC (Aldrich) and Murray and environmental and product liability matters. 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 indirect wholly-owned subsidiaries and former companies of the Company have been 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 (the Petition Date), Aldrich and Murray filed voluntary petitions for relief under Chapter 11 of 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 and to 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 entered an order temporarily staying all asbestos-related claims against each of 200 Park, Inc. (200 Park), ClimateLabs LLC (ClimateLabs) and Trane Technologies plc and its other subsidiaries (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). On August 23, 2021, the Bankruptcy Court entered its findings of facts and conclusions of law and order declaring that the automatic stay applies to certain asbestos related claims against the Trane Companies and enjoining such actions. As a result, all asbestos-related lawsuits against Aldrich, Murray and the Trane Companies remain stayed.
From an accounting perspective, the Company no longer has 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.
On January 23, 2023, an individual claimant filed a motion to lift the automatic stay imposed by the Bankruptcy Code to pursue its asbestos suit against Aldrich and Murray (the Stay Relief Motion). Aldrich and Murray, the court appointed legal representative of future asbestos claimants (the FCR), and certain non-debtor affiliates each opposed the Stay Relief Motion. The Bankruptcy Court denied the Stay Relief Motion. The individual claimant filed a notice appealing the order denying the Stay Relief Motion to the U.S. District Court for the Western District of North Carolina (the District Court). The District Court has entered an order staying all deadlines in the appeal pending the outcome of a separate appeal before the U.S. Court of Appeals for the Fourth Circuit (the Fourth Circuit) in another bankruptcy case pending in the Bankruptcy Court. The Fourth Circuit has denied the stay relief in that other case and has denied the individual claimant's request for rehearing en banc.
On August 26, 2021, the Company announced that Aldrich and Murray reached an agreement in principle with the FCR in the bankruptcy proceedings. The agreement in principle includes the key terms for the permanent resolution of all current and future asbestos claims against Aldrich and Murray pursuant to a plan of reorganization (the Plan). Under the agreed terms, the Plan would create a trust pursuant to section 524(g) of the Bankruptcy Code and establish claims resolution procedures for all current and future claims against Aldrich and Murray (Asbestos Claims). On the effective date of the Plan, Aldrich and Murray would fund the trust with $545.0 million, comprised of $540.0 million in cash and a promissory note to be issued by Aldrich and Murray to the trust in the principal amount of $5.0 million, and the Asbestos Claims would be channeled to the trust for resolution in accordance with the claims resolution procedures. Following the effective date of the Plan, Aldrich and Murray would have no further obligations with respect to the Asbestos Claims. The FCR has agreed to support such Plan. The agreement in principle with the FCR is subject to final documentation and is conditioned on arrangements acceptable to Aldrich and Murray with respect to their asbestos insurance assets. It is currently contemplated that the asbestos insurance assets of Aldrich and Murray would be contributed to the trust, and that, in consideration of their cash contribution to the trust, Aldrich and Murray would have the exclusive right to pursue, collect and retain all insurance reimbursements available in connection with the resolution of Asbestos Claims by the trust. The committee representing current asbestos claimants (the ACC) is not a party to the agreement in principle. Any settlement and its implementation in a plan of reorganization is subject to the approval of the Bankruptcy Court, and there can be no assurance that the Bankruptcy Court will approve the agreement on the terms proposed.
On September 24, 2021, Aldrich and Murray filed the Plan with the Bankruptcy Court. The Plan is supported by and reflects the agreement in principle reached with the FCR. On the same date, in connection with the Plan, Aldrich and Murray filed a motion with the Bankruptcy Court to create a $270.0 million trust intended to constitute a "qualified settlement fund" within the meaning of the Treasury Regulations under Section 468B of the Internal Revenue Code (QSF). The funds held in the QSF would be available to provide funding for a trust pursuant to Section 524(g) of the Bankruptcy Code upon effectiveness of the Plan.
During the year ended December 31, 2021, in connection with the agreement in principle reached by Aldrich and Murray with the FCR and the motion to create a $270.0 million QSF, the Company recorded a charge of $21.2 million to increase its Funding Agreement liability to $270.0 million. The corresponding charge was bifurcated between Other income/(expense), net of $7.2 million relating to Murray and discontinued operations of $14.0 million relating to Aldrich.
On January 27, 2022, the Bankruptcy Court granted the request to fund the QSF, which was funded on March 2, 2022, resulting in an operating cash outflow of $270.0 million reported in the Company's Condensed Consolidated Statements of Cash Flows, of which $91.8 million was allocated to continuing operations and $178.2 million was allocated to discontinued operations for the year ended December 31, 2022. On April 18, 2022, the Bankruptcy Court entered an order granting Aldrich and Murray's request to seek to estimate their aggregate liability for all current and future asbestos-related personal injury claims. Aldrich and Murray are pursuing discovery and related matters in connection with the estimation proceedings. On December 17, 2025, the Bankruptcy Court granted the FCR's motion to streamline the Bankruptcy Court proceedings to estimate the Debtors' asbestos-related liabilities. The first phase of the estimation hearing will commence the week of August 10, 2026.
Certain individual claimants and the ACC filed Motions to dismiss the bankruptcy proceedings on April 6, 2023 and May 15, 2023, respectively (the Motions to Dismiss). The Bankruptcy Court denied the Motions to Dismiss, and the District Court and the Fourth Circuit declined to review the Bankruptcy Court's ruling.
It is not possible to predict whether the Bankruptcy Court will approve the terms of the Plan, what the extent of the asbestos liability will be or how long the Chapter 11 cases will last. The Chapter 11 cases remain pending as of April 30, 2026.
On October 18, 2021, the ACC filed a motion seeking standing to pursue and investigate on behalf of the bankruptcy estates of Aldrich and Murray, claims arising from or related to the 2020 Corporate Restructuring and filed a complaint seeking to substantively consolidate the bankruptcy estates of Aldrich and Murray with certain of the Company's subsidiaries. Despite objections by Aldrich and Murray, the Bankruptcy Court granted the ACC's standing motion and denied Aldrich and Murray's motions to dismiss the substantive consolidation complaint. On June 18, 2022, the ACC filed complaints against the Company and other related parties asserting various claims and causes of action arising from or related to the 2020 Corporate Restructuring. The Company is vigorously opposing and defending against these claims.
In connection with the internal corporate restructuring completed in 2020, Aldrich, Murray and their respective subsidiaries entered into customary 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 Earnings. Since the Petition Date, there were no material transactions between the Company and these entities other than as described above.
Environmental Matters
The Company continues to be dedicated to environmental and sustainability programs to minimize the use of natural resources, reduce the utilization and generation of hazardous materials from our manufacturing processes and 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.
It is the Company's policy to establish environmental reserves for investigation and remediation activities when it is probable that a liability has been incurred and a reasonable estimate of the liability can be made. Estimated liabilities are determined based upon existing remediation laws and technologies. Inherent uncertainties exist in such evaluations due to unknown environmental conditions, changes in government laws and regulations, and changes in cleanup technologies. The environmental reserves are updated on a routine basis as remediation efforts progress and new information becomes available.
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 and international 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. In most instances at multi-party sites, the Company's share of the liability is not material.
In estimating its liability at multi-party sites, 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.
Reserves for environmental matters are classified as Accrued expenses and other current liabilities or Other noncurrent liabilities based on their expected term. As of March 31, 2026 and December 31, 2025, the Company has recorded reserves for environmental matters of $51.5 million and $51.8 million, respectively. Of these amounts, $42.5 million and $41.6 million, respectively, relate to investigation and remediation of properties and multi-waste disposal sites related to businesses formerly owned 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 millions2026
Balance at beginning of period$442.2 
Reductions for payments(50.3)
Accruals for warranties issued during the current period45.5 
Changes to accruals related to preexisting warranties5.3 
Currency translation
(0.9)
Balance at end of period$441.8 
Standard product warranty liabilities are classified as Accrued expenses and other current liabilities or Other noncurrent liabilities based on their expected term. The Company's total current standard product warranty reserve at March 31, 2026 and December 31, 2025 was $203.0 million and $207.7 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 millions2026
Balance at beginning of period$494.6 
Amortization of deferred revenue for the period(40.7)
Additions for extended warranties issued during the period58.3 
Changes to accruals related to preexisting warranties(0.3)
Currency translation
(0.7)
Balance at end of period$511.2 
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 Net revenues. The Company's total current extended warranty liability at March 31, 2026 and December 31, 2025 was $179.4 million and $172.7 million, respectively.
v3.26.1
Payables and Accruals
 3 Months Ended
Mar. 31, 2026
Payables and Accruals [Abstract]  
Supplier Finance Program Supplier Financing Arrangements
The Company has agreements with financial institutions, primarily in the U.S., that allow its suppliers to sell their receivables to the financial institution at the sole discretion of both the supplier and the financial institution on terms that are negotiated between them. The Company may not always be notified when its suppliers sell receivables under this program.
The Company's obligations to its suppliers, including the amounts due and scheduled payment dates, are not impacted by the suppliers' decisions to sell their receivables under the program. The payment terms that the Company has with participating suppliers under these programs are generally up to 120 days. The changes in the supplier financing program as of March 31, 2026 and December 31, 2025 were as follows:
In millions
March 31, 2026December 31, 2025
Balance outstanding at beginning of period$244.9$272.8
Invoices confirmed during period247.2 1,102.0 
Confirmed invoices paid during period(235.8)(1,129.9)
Balance outstanding at end of period$256.3$244.9
Amounts due to suppliers participating in the supplier financing program are presented within Accounts payable in the Condensed Consolidated Balance Sheet.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the quarter ended March 31, 2026, no director or Section 16 officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
v3.26.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2026
Inventory, Net [Abstract]  
Schedule of Inventory, Current
The major classes of inventory were as follows:
In millionsMarch 31,
2026		December 31,
2025
Raw materials$680.2 $595.7 
Work-in-process430.8 375.1 
Finished goods1,514.3 1,352.4 
2,625.3 2,323.2 
LIFO reserve(226.5)(219.6)
Total$2,398.8 $2,103.6 
v3.26.1
Goodwill (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill Abstract  
Changes in Goodwill Carrying Amounts
The changes in the carrying amount of goodwill for the three months ended March 31, 2026 were as follows:
In millionsAmericasEMEAAsia PacificTotal
Net balance as of December 31, 2025$4,949.1 $950.5 $557.4 $6,457.0 
Acquisitions510.7 11.8 — 522.5 
Currency translation(3.7)(23.8)5.4 (22.1)
Net balance as of March 31, 2026$5,456.1 $938.5 $562.8 $6,957.4 
v3.26.1
Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Intangible Assets Abstract  
Schedule of Intangible Asset Net of Goodwill
The gross amount of the Company's intangible assets and related accumulated amortization was as follows:
March 31, 2026December 31, 2025
In millionsGross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amount
Customer relationships$2,657.2 $(2,045.7)$611.5 $2,452.4 $(2,021.4)$431.0 
Other643.6 (324.5)319.1 505.3 (309.3)196.0 
Total finite-lived intangible assets3,300.8 (2,370.2)930.6 2,957.7 (2,330.7)627.0 
Trademarks (indefinite-lived)2,632.6 — 2,632.6 2,609.7 — 2,609.7 
Total$5,933.4 $(2,370.2)$3,563.2 $5,567.4 $(2,330.7)$3,236.7 
v3.26.1
Debt and Credit Facilities (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Credit Facilities  
Short-Term Borrowings and Current Maturities of Long-Term Debt
Short-term borrowings and current maturities of long-term debt consisted of the following:
In millionsMarch 31,
2026		December 31,
2025
Debentures with put feature$293.1 $293.1 
Commercial paper400.0 — 
3.500% Senior Notes due March 2026
— 399.9 
Total$693.1 $693.0 
Long-Term Debt Excluding Current Maturities Debt and Credit Facilities
Short-term borrowings and current maturities of long-term debt consisted of the following:
In millionsMarch 31,
2026		December 31,
2025
Debentures with put feature$293.1 $293.1 
Commercial paper400.0 — 
3.500% Senior Notes due March 2026
— 399.9 
Total$693.1 $693.0 
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 as of March 31, 2026. 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, Trane Technologies Company LLC, Trane Technologies HoldCo Inc. and Trane Technologies Financing Limited provided irrevocable and unconditional guarantees for any notes issued under the commercial paper program. The Company had $400.0 million of commercial paper outstanding at March 31, 2026. The Company had no outstanding balance under its commercial paper program as of December 31, 2025.
Debentures with Put Feature
At both March 31, 2026 and December 31, 2025, the Company had $293.1 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 2026 did not exercise such option. In October 2026, in accordance with notice requirements as specified in the offering documents, holders will have the option to elect to exercise puts up to $256.0 million for settlement in November 2026.
Long-term debt, excluding current maturities, consisted of the following:
In millionsMarch 31,
2026		December 31,
2025
3.750% Senior Notes due 2028
548.6 548.5 
3.800% Senior Notes due 2029
748.0 747.8 
5.250% Senior Notes due 2033
694.9 694.7 
5.100% Senior Notes due 2034
495.1 494.9 
5.750% Senior Notes due 2043
496.0 495.9 
4.650% Senior Notes due 2044
296.9 296.9 
4.300% Senior Notes due 2048
296.9 296.9 
4.500% Senior Notes due 2049
346.5 346.5 
Total$3,922.9 $3,922.1 
Other Credit Facilities
As of March 31, 2026, the Company maintained two $1.0 billion senior unsecured revolving credit facilities, one maturing in April 2027 and the other maturing in May 2030 (collectively, the Facilities), through its wholly-owned subsidiaries, Trane Technologies HoldCo Inc. and Trane Technologies Financing Limited (collectively, the Borrowers).
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 March 31, 2026 and December 31, 2025. On April 23, 2026, the Company entered into a $1.5 billion senior unsecured revolving credit facility with a term that ends in April 2031 and terminated its $1.0 billion facility that would have expired in April 2027, increasing the total Facilities outstanding to $2.5 billion.
Fair Value of Debt
The fair value of the Company's debt instruments at March 31, 2026 and December 31, 2025 was $4.5 billion and $4.6 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.
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Fair Value Disclosures [Abstract]    
Fair Value, Liabilities Measured on Recurring Basis
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, 2026:
In millionsFair ValueFair value measurements
Level 1Level 2Level 3
Assets:
Derivative instruments$25.4 $— $25.4 $— 
Liabilities:
Derivative instruments8.0 — 8.0 — 
Contingent consideration(1)
60.6 — — 60.6 
(1) Refer to Note 15, "Acquisitions" for more information regarding contingent consideration.
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, 2025:
In millionsFair ValueFair value measurements
Level 1Level 2Level 3
Assets:
Derivative instruments$28.5 $— $28.5 $— 
Liabilities:
Derivative instruments6.4 — 6.4 — 
v3.26.1
Pensions and Postretirement Benefits Other than Pensions (Tables)
 3 Months Ended
Mar. 31, 2026
Pension Plan, Defined Benefit [Member]  
Schedule of Net Periodic Benefit Cost
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 millions20262025
Service cost$5.9 $7.3 
Interest cost23.2 27.6 
Expected return on plan assets(25.7)(26.6)
Net amortization of:
Prior service costs (benefits)0.4 0.7 
Net actuarial (gains) losses3.2 3.9 
Net periodic pension benefit cost7.0 12.9 
Settlement losses3.7 0.7 
Net periodic pension benefit cost after net settlement losses$10.7 $13.6 
Amounts recorded in continuing operations:
      Operating income$5.1 $6.2 
      Other income/(expense), net4.9 5.0 
Amounts recorded in discontinued operations0.7 2.4 
Total$10.7 $13.6 
Other Postretirement Benefit Plan, Defined Benefit [Member]  
Schedule of Net Periodic Benefit Cost
The components of net periodic postretirement benefit cost for the three months ended March 31 were as follows:
Three months ended
In millions20262025
Service cost$0.2 $0.3 
Interest cost2.3 2.7 
Net amortization of:
Prior service costs (benefits)0.1 0.2 
Net actuarial (gains) losses(2.6)(3.2)
Net periodic postretirement benefit cost$— $— 
Amounts recorded in continuing operations:
     Operating income$0.1 $0.3 
     Other income/(expense), net(0.1)(0.1)
Amounts recorded in discontinued operations— (0.2)
Total$— $— 
v3.26.1
Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Reconciliation of Ordinary Shares
Changes in ordinary shares and treasury shares for the three months ended March 31, 2026 were as follows:
In millionsOrdinary shares issuedOrdinary shares held in treasury
December 31, 2025245.0 23.5 
Shares issued under incentive plans, net0.4 — 
Repurchase of ordinary shares(0.7)— 
March 31, 2026244.7 23.5 
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, 2026 were as follows:
In millionsDerivative InstrumentsPension and OPEBForeign Currency TranslationTotal
Balance at December 31, 2025$21.7 $(144.9)$(315.6)$(438.8)
Other comprehensive income (loss) attributable to Trane Technologies plc2.0 6.1 (65.0)(56.9)
Balance at March 31, 2026$23.7 $(138.8)$(380.6)$(495.7)
Other comprehensive income (loss) attributable to noncontrolling interests for the three months ended March 31, 2026 included a loss of $(1.5) million related to currency translation.
The changes in Accumulated other comprehensive income (loss) for the three months ended March 31, 2025 were as follows:
In millionsDerivative InstrumentsPension and OPEBForeign Currency TranslationTotal
Balance at December 31, 2024$(1.4)$(186.8)$(675.9)$(864.1)
Other comprehensive income (loss) attributable to Trane Technologies plc14.4 (1.2)110.1 123.3 
Balance at March 31, 2025$13.0 $(188.0)$(565.8)$(740.8)
Other comprehensive income (loss) attributable to noncontrolling interests for the three months ended March 31, 2025 included a gain of $0.4 million related to currency translation.
v3.26.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Disaggregation of revenues
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 millions20262025
Americas
     Equipment$2,596.7 $2,561.8 
     Services1,401.7 1,238.9 
Total Americas$3,998.4 $3,800.7 
EMEA
     Equipment$426.1 $396.1 
     Services213.4 177.4 
Total EMEA$639.5 $573.5 
Asia Pacific
     Equipment$219.1 $213.6 
     Services112.4 100.7 
Total Asia Pacific$331.5 $314.3 
Total Net revenues$4,969.4 $4,688.5 
Schedule of assets and liabilities from contracts with customers
The opening and closing balances of contract assets and contract liabilities arising from contracts with customers for the period ended March 31, 2026 and December 31, 2025 were as follows:
In millionsLocation on Condensed Consolidated Balance SheetsMarch 31,
2026		December 31, 2025
Contract assets - currentOther current assets$464.9 $465.0 
Contract liabilities - currentAccrued expenses and other current liabilities1,988.2 1,374.1 
Contract liabilities - noncurrentOther noncurrent liabilities544.4 350.5 
v3.26.1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Share-Based Compensation Expense The expense recognized for the three months ended March 31 was as follows:
Three months ended
In millions20262025
Stock options$5.7 $5.3 
RSUs8.5 6.3 
Performance shares12.3 10.3 
Deferred compensation(0.1)0.1 
Pre-tax expense26.4 22.0 
Tax benefit(6.4)(5.3)
After-tax expense$20.0 $16.7 
Average fair value of stock options, assumptions The following assumptions were used during the three months ended March 31:
20262025
Dividend yield0.86 %0.95 %
Volatility26.92 %27.26 %
Risk-free rate of return3.77 %4.30 %
Expected life in years4.84.8
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] Share-Based Compensation
The Company accounts for share-based compensation plans under the fair value based method. The Company's share-based compensation plans include programs for stock options, restricted stock units (RSUs), performance share units (PSUs) and deferred compensation.
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 millions20262025
Stock options$5.7 $5.3 
RSUs8.5 6.3 
Performance shares12.3 10.3 
Deferred compensation(0.1)0.1 
Pre-tax expense26.4 22.0 
Tax benefit(6.4)(5.3)
After-tax expense$20.0 $16.7 
Grants issued during the three months ended March 31 were as follows:
 20262025
 Number
granted		Weighted-
average fair
value per award		Number
granted		Weighted-
average fair
value per award
Stock options185,288 $116.52 241,425 $101.70 
RSUs59,819 $435.36 96,323 $355.49 
Performance shares (1)
114,550 $512.76 134,280 $373.86 
(1) The number of performance shares represents the maximum award level.
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. Beginning with the 2024 grant year, for stock options and RSUs granted to retirement eligible employees, the Company recognizes expense over the period during which an employee is required to provide service in exchange for the award, which is generally 12 months.
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:
20262025
Dividend yield0.86 %0.95 %
Volatility26.92 %27.26 %
Risk-free rate of return3.77 %4.30 %
Expected life in years4.84.8
A description of the significant assumptions used to estimate the fair value of the stock option awards is as follows:
•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 shares.
•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 shares 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 US Treasury spot rates on the grant date.
•Expected life in years - 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 canceled options and an expected period for all outstanding options.
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.
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. Beginning with the 2024 grant year, for PSUs granted to retirement eligible employees, the Company recognizes the expense over the period during which an employee is required to provide service in exchange for the award, which is 12 months. For awards granted to retirement eligible employees prior to 2024, the expense was recognized over the 3-year performance period. The fair value of the market condition is estimated using a Monte Carlo simulation model in a risk-neutral framework based upon historical volatility, risk-free rates and correlation matrix.
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.
Share-Based Payment Arrangement, Activity
Grants issued during the three months ended March 31 were as follows:
 20262025
 Number
granted		Weighted-
average fair
value per award		Number
granted		Weighted-
average fair
value per award
Stock options185,288 $116.52 241,425 $101.70 
RSUs59,819 $435.36 96,323 $355.49 
Performance shares (1)
114,550 $512.76 134,280 $373.86 
(1) The number of performance shares represents the maximum award level.
v3.26.1
Other Income/(Expense), Net (Tables)
 3 Months Ended
Mar. 31, 2026
Other Net [Abstract]  
Other, Net
The components of Other income/(expense), net for the three months ended March 31 were as follows:
Three months ended
In millions20262025
Interest income$4.6 $3.3 
Foreign currency exchange loss(1.3)(2.0)
Other components of net periodic benefit credit/(cost)(4.8)(4.9)
Other activity, net
16.8 (4.3)
Other income/(expense), net$15.3 $(7.9)
v3.26.1
Earnings Per Share (EPS) (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Weighted Average Number of Shares 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 amounts20262025
Weighted-average number of basic shares221.6 224.4 
Shares issuable under incentive share plans1.5 2.0 
Weighted-average number of diluted shares223.1 226.4 
Anti-dilutive shares0.3 0.3 
Dividends declared per ordinary share$1.05 $0.94 
v3.26.1
Business Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Summary of Operations by Reportable Segments
A summary of results by reportable segment for the three months ended March 31 was as follows:
Three months ended
In millions20262025
Americas
Segment revenues$3,998.4 $3,800.7 
Segment cost of goods sold(2,593.6)(2,436.9)
Segment selling and administrative expenses(687.8)(687.2)
Segment Adjusted Operating Income$717.0 $676.6 
Segment depreciation and amortization73.0 79.1 
Segment other income/(expense), net1.0 (2.2)
Segment Adjusted EBITDA$791.0 $753.5 
EMEA
Segment revenues$639.5 $573.5 
Segment cost of goods sold(438.4)(375.1)
Segment selling and administrative expenses(124.9)(115.0)
Segment Adjusted Operating Income$76.2 $83.4 
Segment depreciation and amortization11.4 10.7 
Segment other income/(expense), net(1.1)(2.0)
     Segment Adjusted EBITDA $86.5 $92.1 
Asia Pacific
Segment revenues$331.5 $314.3 
Segment cost of goods sold(201.9)(193.0)
Segment selling and administrative expenses(56.4)(54.8)
Segment Adjusted Operating Income$73.2 $66.5 
Segment depreciation and amortization3.7 4.0 
Segment other income/(expense), net1.6 0.3 
Segment Adjusted EBITDA$78.5 $70.8 
A reconciliation of Segment Adjusted EBITDA and Segment Adjusted Operating Income to earnings before income taxes for the three months ended March 31 was as follows:
Three months ended
In millions20262025
Total Segment Adjusted EBITDA$956.0 $916.4 
Total Segment depreciation and amortization(88.1)(93.8)
Total Segment other income/(expense), net(1.5)3.9 
Total Segment Adjusted Operating Income866.4 826.5 
Amortization of acquired backlog intangible asset(7.2)— 
Restructuring costs1.1 — 
Non-cash adjustment for contingent consideration— 61.2 
Non-cash gain from acquisition of a previously held investment22.6 — 
Unallocated corporate expenses(84.2)(68.8)
Interest expense(55.6)(58.1)
Other income/(expense), net(7.3)(7.9)
Earnings before income taxes$735.8 $752.9 
v3.26.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2026
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 millions2026
Balance at beginning of period$442.2 
Reductions for payments(50.3)
Accruals for warranties issued during the current period45.5 
Changes to accruals related to preexisting warranties5.3 
Currency translation
(0.9)
Balance at end of period$441.8 
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 millions2026
Balance at beginning of period$494.6 
Amortization of deferred revenue for the period(40.7)
Additions for extended warranties issued during the period58.3 
Changes to accruals related to preexisting warranties(0.3)
Currency translation
(0.7)
Balance at end of period$511.2 
v3.26.1
Inventories (Schedule of Major Classes of Inventory) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Inventory Valuation Reserves $ 165.2 $ 156.6
Raw materials 680.2 595.7
Work-in-process 430.8 375.1
Finished goods 1,514.3 1,352.4
Sub-total 2,625.3 2,323.2
LIFO reserve (226.5) (219.6)
Total $ 2,398.8 $ 2,103.6
v3.26.1
Goodwill (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Goodwill [Roll Forward]    
Currency translation $ (22.1)  
Goodwill 6,957.4 $ 6,457.0
Goodwill, Acquired During Period 522.5  
Americas [Member]    
Goodwill [Roll Forward]    
Currency translation (3.7)  
Goodwill 5,456.1 4,949.1
Goodwill, Acquired During Period 510.7  
EMEA [Member]    
Goodwill [Roll Forward]    
Currency translation (23.8)  
Goodwill 938.5 950.5
Goodwill, Acquired During Period 11.8  
Asia Pacific [Member]    
Goodwill [Roll Forward]    
Currency translation 5.4  
Goodwill 562.8 $ 557.4
Goodwill, Acquired During Period $ 0.0  
v3.26.1
Intangible Assets (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Finite-lived intangible assets, gross $ 3,300.8   $ 2,957.7
Accumulated amortization (2,370.2)   (2,330.7)
Net finite-lived intangible assets 930.6   627.0
Intangible Assets, Gross (Excluding Goodwill) 5,933.4   5,567.4
Intangible assets, net 3,563.2   3,236.7
Amortization of intangible assets 44.4 $ 47.1  
Trademarks [Member]      
Trademarks (indefinite-lived) 2,632.6   2,609.7
Customer Relationships [Member]      
Finite-lived intangible assets, gross 2,657.2   2,452.4
Accumulated amortization (2,045.7)   (2,021.4)
Net finite-lived intangible assets 611.5   431.0
Other Intangible Assets [Member]      
Finite-lived intangible assets, gross 643.6   505.3
Accumulated amortization (324.5)   (309.3)
Net finite-lived intangible assets $ 319.1   $ 196.0
v3.26.1
Debt and Credit Facilities (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Nov. 30, 2026
Apr. 23, 2026
Feb. 28, 2026
Dec. 31, 2025
Long-term debt excluding current maturities $ 3,922.9         $ 3,922.1
Short-term borrowings and current maturities of long-term debt 693.1         693.0
Repayments of Long-term Debt 400.0 $ 0.0        
Debt Instrument, Fair Value Disclosure 4,500.0         4,600.0
Commercial Paper [Member]            
Short-term borrowings and current maturities of long-term debt 400.0         0.0
Debentures With Put Feature [Member]            
Short-term borrowings and current maturities of long-term debt 293.1         293.1
Debentures with put option available to be exercised         $ 37.2  
Debentures With Put Feature [Member] | Subsequent Event            
Debentures with put option available to be exercised     $ 256.0      
Three Point Eight Percent Senior Notes Due Two Thousand Twenty Nine [Member]            
Long-term debt excluding current maturities $ 748.0         $ 747.8
Debt Instrument, Interest Rate, Stated Percentage 3.80%         3.80%
Four Point Five Percent Senior Notes Due Two Thousand Forty Nine [Member]            
Long-term debt excluding current maturities $ 346.5         $ 346.5
Debt Instrument, Interest Rate, Stated Percentage 4.50%         4.50%
5.75% Senior notes due 2043 [Member]            
Long-term debt excluding current maturities $ 496.0         $ 495.9
Debt Instrument, Interest Rate, Stated Percentage 5.75%         5.75%
Four Point Six Five Percent Senior Notes due Twenty Forty Four [Member]            
Long-term debt excluding current maturities $ 296.9         $ 296.9
Debt Instrument, Interest Rate, Stated Percentage 4.65%         4.65%
Commercial Paper [Member]            
Line of credit facility, amount outstanding $ 2,000.0          
Revolving Credit Facility [Member]            
Line of Credit Facility, Remaining Borrowing Capacity 2,000.0         $ 2,000.0
Revolving Credit Facility [Member] | Subsequent Event            
Line of Credit Facility, Remaining Borrowing Capacity       $ 2,500.0    
2027 Revolving Credit Facility            
Line of credit facility, amount outstanding 1,000.0          
2030 Revolving Credit Facility            
Line of credit facility, amount outstanding 1,000.0          
2031 Revolving Credit Facility            
Line of credit facility, amount outstanding $ 1,500.0          
v3.26.1
Debt and Credit Facilities (Short-Term Borrowings and Current Maturities of Long-Term Debt) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Short-term borrowings and current maturities of long-term debt $ 693.1 $ 693.0
Debentures With Put Feature [Member]    
Short-term borrowings and current maturities of long-term debt 293.1 293.1
Commercial Paper [Member]    
Short-term borrowings and current maturities of long-term debt 400.0 0.0
Three Point Five Percent Senior notes Due Two Thousand Twenty Six [Member]    
Short-term borrowings and current maturities of long-term debt $ 0.0 $ 399.9
Debt Instrument, Interest Rate, Stated Percentage 3.50% 3.50%
v3.26.1
Debt and Credit Facilities (Long-Term Debt Excluding Current Maturities) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Long-term debt excluding current maturities $ 3,922.9 $ 3,922.1
Three Point Seven Five Percent Senior Notes Due Two Thousand Twenty Eight [Member]    
Debt Instrument, Interest Rate, Stated Percentage 3.75% 3.75%
Long-term debt excluding current maturities $ 548.6 $ 548.5
Three Point Eight Percent Senior Notes Due Two Thousand Twenty Nine [Member]    
Debt Instrument, Interest Rate, Stated Percentage 3.80% 3.80%
Long-term debt excluding current maturities $ 748.0 $ 747.8
5.75% Senior notes due 2043 [Member]    
Debt Instrument, Interest Rate, Stated Percentage 5.75% 5.75%
Long-term debt excluding current maturities $ 496.0 $ 495.9
Four Point Six Five Percent Senior Notes due Twenty Forty Four [Member]    
Debt Instrument, Interest Rate, Stated Percentage 4.65% 4.65%
Long-term debt excluding current maturities $ 296.9 $ 296.9
Four Point Three Percent Senior Notes Due Two Thousand Forty Eight [Member]    
Debt Instrument, Interest Rate, Stated Percentage 4.30% 4.30%
Long-term debt excluding current maturities $ 296.9 $ 296.9
Four Point Five Percent Senior Notes Due Two Thousand Forty Nine [Member]    
Debt Instrument, Interest Rate, Stated Percentage 4.50% 4.50%
Long-term debt excluding current maturities $ 346.5 $ 346.5
Five point Twenty-Five Percent Senior Notes Due Two Thousand Thirty Three    
Debt Instrument, Interest Rate, Stated Percentage 5.25% 5.25%
Long-term debt excluding current maturities $ 694.9 $ 694.7
Five point one zero percent senior notes due two thousand thirty four    
Debt Instrument, Interest Rate, Stated Percentage 5.10% 5.10%
Long-term debt excluding current maturities $ 495.1 $ 494.9
v3.26.1
Financial Instruments Schedule of the Fair Values of Derivative Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivatives, Fair Value [Line Items]    
Derivative asset fair value $ 25.4 $ 28.5
Derivative liability fair value 8.0 6.4
Significant Other Observable Inputs (Level 2) [Member]    
Derivatives, Fair Value [Line Items]    
Derivative asset fair value 25.4 28.5
Derivative liability fair value $ 8.0 $ 6.4
v3.26.1
Fair Value Measurements (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Asset, Fair Value, Gross Asset $ 25.4 $ 28.5
Derivative Liability, Fair Value, Gross Liability 8.0 6.4
Liquidstack    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Business Combination, Contingent Consideration, Liability 60.6  
Fair Value, Inputs, Level 1 [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Business Combination, Contingent Consideration, Liability 0.0  
Derivative Asset, Fair Value, Gross Asset 0.0 0.0
Derivative Liability, Fair Value, Gross Liability 0.0 0.0
Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Business Combination, Contingent Consideration, Liability 0.0  
Derivative Asset, Fair Value, Gross Asset 25.4 28.5
Derivative Liability, Fair Value, Gross Liability 8.0 6.4
Fair Value, Inputs, Level 3 [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Business Combination, Contingent Consideration, Liability 60.6  
Derivative Asset, Fair Value, Gross Asset 0.0 0.0
Derivative Liability, Fair Value, Gross Liability $ 0.0 $ 0.0
v3.26.1
Pensions and Postretirement Benefits Other than Pensions (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Company contributions $ 16.7 $ 7.5
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax (6.1) 1.2
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) (4.8) (4.9)
Pension Costs [Member]    
Actuarial gain (loss) (3.2) (3.9)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) 10.7 13.6
Pension Plan, Defined Benefit [Member]    
Expected future employer contributions in 2017 84.0  
Postretirement Benefit Costs [Member]    
Actuarial gain (loss) 2.6 3.2
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) 0.0 0.0
Continuing Operations [Member] | Pension Costs [Member] | Operating Income (Loss) [Member]    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) 5.1 6.2
Continuing Operations [Member] | Pension Costs [Member] | Nonoperating Income (Expense)    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) 4.9 5.0
Continuing Operations [Member] | Postretirement Benefit Costs [Member] | Operating Income (Loss) [Member]    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) 0.1 0.3
Continuing Operations [Member] | Postretirement Benefit Costs [Member] | Nonoperating Income (Expense)    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) $ (0.1) $ (0.1)
v3.26.1
Pensions and Postretirement Benefits Other than Pensions (Components of the Company's Pension-Related Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) $ (4.8) $ (4.9)
Pension Costs [Member]    
Service cost 5.9 7.3
Interest cost 23.2 27.6
Expected return on plan assets (25.7) (26.6)
Net amortization of prior service costs 0.4 0.7
Net amortization of plan net actuarial losses 3.2 3.9
Net periodic pension benefit cost 7.0 12.9
Net curtailment loss (3.7) (0.7)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) 10.7 13.6
Pension Costs [Member] | Discontinued Operations [Member]    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) 0.7 2.4
Operating Income (Loss) [Member] | Pension Costs [Member] | Continuing Operations [Member]    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) 5.1 6.2
Nonoperating Income (Expense) | Pension Costs [Member] | Continuing Operations [Member]    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) $ 4.9 $ 5.0
v3.26.1
Pensions and Postretirement Benefits Other than Pensions (Components of Net Periodic Postretirement Benefit Cost) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Total $ (4.8) $ (4.9)
Postretirement Benefit Costs [Member]    
Service cost 0.2 0.3
Interest cost 2.3 2.7
Net amortization of prior service gains 0.1 0.2
Net amortization of plan net actuarial losses (2.6) (3.2)
Total 0.0 0.0
Postretirement Benefit Costs [Member] | Discontinued Operations [Member]    
Total 0.0 (0.2)
Operating Income (Loss) [Member] | Postretirement Benefit Costs [Member] | Continuing Operations [Member]    
Total $ 0.1 $ 0.3
v3.26.1
Equity (Reconciliation of Ordinary Shares) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 05, 2024
Stock Repurchased During Period, Value $ 287.3      
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Treasury Stock, Common, Shares 23,500,000   23,500,000  
Preferred Stock [Member]        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Preferred Stock, Shares Outstanding 0   0  
2024 Authorization [Domain]        
Stock Repurchased During Period, Value $ 287.0      
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Stock Repurchase Program, Authorized Amount       $ 5,000.0
Other Currency | Ordinary shares        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance (shares) 0      
Ending balance (shares) 0      
Ordinary shares        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance (shares) 245,000,000.0 249,000,000.0    
Shares issued under incentive plans, net 400,000      
Treasury Stock, Shares, Acquired 700,000 1,300,000    
Ending balance (shares) 244,700,000 248,000,000.0    
Treasury Stock, Common        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Shares issued under incentive plans, net 0      
Treasury Stock, Shares, Acquired 0      
v3.26.1
Equity (Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance at December 31: $ (438.8) $ (864.1) $ (864.1)  
Other comprehensive income (loss) (58.4) 123.7    
Balance at June 30: (495.7) (740.8) (438.8) $ (864.1)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax (66.5) 110.5    
Accumulated Translation Adjustment [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income (loss) (65.0) 110.1    
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Stockholders' Equity, Period Increase (Decrease) (380.6) (565.8) (315.6) (675.9)
Accumulated  other comprehensive income (loss)        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income (loss) (56.9) 123.3    
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income (loss) 2.0 14.4    
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Stockholders' Equity, Period Increase (Decrease) 23.7 13.0 21.7 (1.4)
Accumulated Defined Benefit Plans Adjustment [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income (loss) 6.1 (1.2)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Stockholders' Equity, Period Increase (Decrease) (138.8) (188.0) $ (144.9) $ (186.8)
Noncontrolling Interests        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income (loss) (1.5) 0.4    
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax $ (1.5) $ 0.4    
v3.26.1
Equity Equity (Narrative) (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended
Apr. 30, 2026
USD ($)
Mar. 31, 2026
USD ($)
$ / shares
shares
Mar. 31, 2025
USD ($)
Mar. 31, 2026
€ / shares
Dec. 31, 2025
shares
Dec. 05, 2024
USD ($)
Common Stock, Par or Stated Value Per Share | $ / shares   $ 1.00        
Preferred Stock, Par or Stated Value Per Share | $ / shares   $ 0.001        
Stock Repurchased During Period, Value   $ 287.3        
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax   $ (66.5) $ 110.5      
Capital Units, Authorized | shares   1,185,040,000        
Stock Repurchased During Period, Value   $ 287.3        
Repurchase of ordinary shares   (287.3) $ (477.5)      
2024 Authorization [Domain]            
Stock Repurchased During Period, Value   287.0        
Stock Repurchase Program, Authorized Amount           $ 5,000.0
Stock Repurchase Program, Remaining Authorized Repurchase Amount   4,500.0        
Stock Repurchase Program, Authorized Amount           $ 5,000.0
Stock Repurchased During Period, Value   287.0        
Stock Repurchase Program, Remaining Authorized Repurchase Amount   $ 4,500.0        
2024 Authorization [Domain] | Subsequent Event            
Stock Repurchased During Period, Value $ 102.0          
Stock Repurchased During Period, Value $ 102.0          
Preferred Stock [Member]            
Preferred Stock, Shares Authorized | shares   10,000,000        
Preferred Stock, Shares Outstanding | shares   0     0  
Preferred Stock, Shares Outstanding | shares   0     0  
Ordinary shares            
Common Stock, Shares Authorized | shares   1,175,000,000        
Other Currency            
Common Stock, Par or Stated Value Per Share | € / shares       € 1.00    
Other Currency | Ordinary shares            
Common Stock, Shares Authorized | shares   40,000        
Common Stock, Shares, Outstanding | shares   0     0  
Common Stock, Shares, Outstanding | shares   0     0  
v3.26.1
Revenue - Desegregation of Revenue (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Net revenues $ 4,969,400,000 $ 4,688,500,000
Contract with Customer, Liability, Revenue Recognized 0.33  
Americas [Member]    
Disaggregation of Revenue [Line Items]    
Net revenues 3,998,400,000 3,800,700,000
EMEA [Member]    
Disaggregation of Revenue [Line Items]    
Net revenues 639,500,000 573,500,000
Asia Pacific [Member]    
Disaggregation of Revenue [Line Items]    
Net revenues 331,500,000 314,300,000
Service | Americas [Member]    
Disaggregation of Revenue [Line Items]    
Net revenues 1,401,700,000 1,238,900,000
Service | EMEA [Member]    
Disaggregation of Revenue [Line Items]    
Net revenues 213,400,000 177,400,000
Service | Asia Pacific [Member]    
Disaggregation of Revenue [Line Items]    
Net revenues 112,400,000 100,700,000
Product | Americas [Member]    
Disaggregation of Revenue [Line Items]    
Net revenues 2,596,700,000 2,561,800,000
Product | EMEA [Member]    
Disaggregation of Revenue [Line Items]    
Net revenues 426,100,000 396,100,000
Product | Asia Pacific [Member]    
Disaggregation of Revenue [Line Items]    
Net revenues 219,100,000 213,600,000
Transferred at Point in Time [Member]    
Disaggregation of Revenue [Line Items]    
Net revenues $ 0.78 $ 0.81
v3.26.1
Revenue - Schedule of Assets and Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Other Current Assets [Member]    
Revenue from Contract with Customer [Abstract]    
Contract assets - noncurrent $ 464.9 $ 465.0
Disaggregation of Revenue [Line Items]    
Contract assets - noncurrent 464.9 465.0
Accrued Liabilities    
Revenue from Contract with Customer [Abstract]    
Contract liabilities - current 1,988.2 1,374.1
Disaggregation of Revenue [Line Items]    
Contract liabilities - current 1,988.2 1,374.1
Other Noncurrent Liabilities    
Revenue from Contract with Customer [Abstract]    
Contract liabilities - current 544.4 350.5
Disaggregation of Revenue [Line Items]    
Contract liabilities - current $ 544.4 $ 350.5
v3.26.1
Revenue - Contract liability balances to be recognized (Details)
 3 Months Ended
Mar. 31, 2026
USD ($)
Revenue from Contract with Customer [Abstract]  
Contract with Customer, Liability, Revenue Recognized $ 0.33
Contract with Customer, Liability, Noncurrent $ 0.21
v3.26.1
Share-Based Compensation (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share based compensation expense $ 26.4 $ 22.0
Share based compensation expense, net of tax $ 20.0 16.7
Percentage Of Awards Applied To Performance Condition 50.00%  
Percentage of Awards Applied to Market Condition 50.00%  
Stock options and Restricted Stock Units (RSUs) [Member]    
Vesting period, in years 3 years  
Share-based Payment Arrangement, Option [Member]    
Share based compensation expense $ 5.7 $ 5.3
Restricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures 59,819 96,323
Weighted average fair value per award, in dollars per share $ 435.36 $ 355.49
Share-based Payment Arrangement, Option [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures 185,288 241,425
Weighted average fair value per award, in dollars per share $ 116.52 $ 101.70
Phantom Share Units (PSUs) [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures 114,550 134,280
Weighted average fair value per award, in dollars per share $ 512.76 $ 373.86
v3.26.1
Share-Based Compensation (Share-Based Compensation Expense) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share based compensation expense $ 26.4 $ 22.0
Tax benefit (6.4) (5.3)
After-tax expense (20.0) (16.7)
Stock Options [Member]    
Share based compensation expense 5.7 5.3
Restricted Stock Units (RSUs) [Member]    
Share based compensation expense 8.5 6.3
Phantom Share Units (PSUs) [Member]    
Share based compensation expense 12.3 10.3
Deferred Compensation [Member]    
Share based compensation expense $ (0.1) $ 0.1
v3.26.1
Share-Based Compensation (Grants of Stock Options and RSUs) (Details) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Stock Options [Member]    
Fair Value of Options, Assumptions [Line Items]    
Equity awards, granted, in shares 185,288 241,425
Weighted average fair value per award, in dollars per share $ 116.52 $ 101.70
RSUs [Member]    
Fair Value of Options, Assumptions [Line Items]    
Equity awards, granted, in shares 59,819 96,323
Weighted average fair value per award, in dollars per share $ 435.36 $ 355.49
Phantom Share Units (PSUs) [Member]    
Fair Value of Options, Assumptions [Line Items]    
Equity awards, granted, in shares 114,550 134,280
Weighted average fair value per award, in dollars per share $ 512.76 $ 373.86
v3.26.1
Share-Based Compensation Share-Based Compensation (Average Fair Value of Stock Options Granted, Assumptions) (Details)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dividend yield 0.86% 0.95%
Volatility 26.92% 27.26%
Risk-free rate of return 3.77% 4.30%
Expected life, in years 4 years 9 months 18 days 4 years 9 months 18 days
v3.26.1
Other, Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 24, 2021
Mar. 31, 2026
Mar. 31, 2025
Interest Income, Other   $ 4.6 $ 3.3
Foreign Currency Transaction Gain (Loss), before Tax   1.3 2.0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)   (4.8) (4.9)
Other, net   16.8 (4.3)
Other income/(expense), net   $ 15.3 $ (7.9)
Charge to increase Funding Liability $ 21.2    
Continuing Operations [Member]      
Charge to increase Funding Liability $ 7.2    
v3.26.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Unrecognized Tax Benefits $ 63.8   $ 62.4
Effective Income Tax Rate Reconciliation, Percent 18.50% 17.90%  
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 12.50% 12.50%  
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Effective Income Tax Rate Reconciliation, Percent 18.50% 17.90%  
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 12.50% 12.50%  
Income Taxes Income Taxes
The Company accounts for its Provision for income taxes by applying an estimate of the annual effective income tax rate for the full year 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, 2026 and 2025, the Company's effective income tax rate was 18.5% and 17.9%, respectively. The effective tax rate for the three months ended March 31, 2026 was higher than the Irish statutory rate of 12.5% primarily due to earnings that in the aggregate have a higher statutory tax rate, U.S. federal, state and local income taxes, partially offset by excess tax benefits from employee share-based payments. The effective tax rate for the three months ended March 31, 2025 was higher than the Irish statutory rate of 12.5% primarily due to earnings that in the aggregate have a higher statutory tax rate, U.S. federal, state and local income taxes, partially offset by excess tax benefits from employee share-based payments and a non-taxable adjustment for contingent consideration.
Total unrecognized tax benefits for March 31, 2026 and December 31, 2025 were $63.8 million and $62.4 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 involves a significant amount of management judgment regarding interpretation of relevant facts and laws in the jurisdictions in which the Company operates. Future changes in applicable laws, projected levels of taxable income and tax planning could change the effective income tax rate and tax balances recorded by the Company. In addition, tax authorities periodically review income tax returns filed by the Company and can raise issues regarding its filing positions, timing and amount of income or deductions, and the allocation of income among the jurisdictions in which the Company operates. A significant period of time may elapse between the filing of an income tax return and the ultimate resolution of an issue raised by a revenue authority with respect to that return. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Belgium, Brazil, Canada, China, France, Germany, Ireland, Italy, Luxembourg, Mexico, Singapore, Spain, the Netherlands, the United Kingdom and the United States. These examinations on their own, or any subsequent litigation related to the examinations, may result in additional income taxes or penalties against the Company. If the ultimate result of these audits differs from original or adjusted estimates, they could have a material impact on the Company's income tax provision. Substantially all of the Company's U.S. federal tax returns are effectively settled for tax years prior to 2022. In general, the examination of the Company's material non-U.S. income tax returns is complete or effectively settled for the years prior to 2015, with certain matters prior to 2015 being resolved through appeals and litigation and also unilateral procedures as provided for under double tax treaties.
On July 4, 2025, the United States enacted the "One Big Beautiful Bill Act" (OBBBA). The impacts of the legislation have been reflected in the condensed consolidated financial statements as of March 31, 2026, and are not considered material. The Company continues to evaluate the legislation and review guidance from the U.S. Department of Treasury and could require further adjustment. 		   
v3.26.1
Business Combinations and Asset Acquisitions (Details) - USD ($)
$ in Millions
 3 Months Ended
Feb. 17, 2026
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]        
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill   $ 323.0    
Goodwill, Acquired During Period   522.5    
Acquisitions and equity method investments, net of cash acquired   668.2 $ 265.3  
Business Combination [Line Items]        
Acquisitions and equity method investments, net of cash acquired   668.2 $ 265.3  
Goodwill, Acquired During Period   522.5    
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill   323.0    
Goodwill   6,957.4   $ 6,457.0
Business Combination, Price of Acquisition, Expected   246.7    
Stellar Energy        
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]        
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill   323.0    
Goodwill, Acquired During Period   354.3    
Acquisitions and equity method investments, net of cash acquired $ 553.4      
Business Combination [Line Items]        
Acquisitions and equity method investments, net of cash acquired $ 553.4      
Goodwill, Acquired During Period   354.3    
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill   323.0    
Business Combination, Recognized Asset Acquired, Cash and Cash Equivalent   (185.4)    
Stellar Energy | Stellar Energy        
Business Combination [Line Items]        
Business Combination, Recognized Asset Acquired, Asset   41.7    
Business Combination, Recognized Asset Acquired, Asset   41.7    
Liquidstack        
Business Combination [Line Items]        
Business Combination, Contingent Consideration, Liability   $ 60.6    
v3.26.1
Business Combinations and Asset Acquisitions (Details) - USD ($)
$ in Millions
 3 Months Ended
Feb. 17, 2026
Mar. 31, 2026
Mar. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]      
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill   $ 323.0  
Intangible Asset, Acquired, Finite-Lived [Line Items]      
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill   323.0  
Business Combination [Line Items]      
Acquisitions and equity method investments, net of cash acquired   668.2 $ 265.3
Goodwill, Acquired During Period   522.5  
Goodwill, Acquired During Period   522.5  
Stellar Energy      
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]      
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill   323.0  
Intangible Asset, Acquired, Finite-Lived [Line Items]      
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill   323.0  
Business Combination [Line Items]      
Acquisitions and equity method investments, net of cash acquired $ 553.4    
Goodwill, Acquired During Period   354.3  
Goodwill, Acquired During Period   $ 354.3  
v3.26.1
Earnings Per Share (EPS) (Details) - $ / shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Weighted-average number of basic shares 221.6 224.4
Shares issuable under incentive stock plans 1.5 2.0
Weighted average number of diluted shares 223.1 226.4
Anti-dilutive shares 0.3 0.3
Dividends declared per ordinary share $ 1.05 $ 0.94
v3.26.1
Business Segment Information (Summary of Operations by Reportable Segments) (Details) - USD ($)
number in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net revenues $ 4,969.4 $ 4,688.5
Segment Adjusted EBITDA 956.0 916.4
Interest Expense (55.6) (58.1)
Depreciation and amortization (101.1) (99.1)
Unallocated corporate expense (84.2) (68.8)
Earnings before income taxes   752.9
Cost of Product and Service Sold (3,241.3) (3,011.0)
Selling, General and Administrative Expense (952.0) (858.6)
Segment Adjusted depreciation and amortization 88.1 93.8
Other Operating Income (Expense), Net (7.3) (7.9)
Income (Loss) Attributable to Parent, before Tax 735.8 752.9
Adjusted other income/(expense), net (1.5) 3.9
Segment Adjusted OI 866.4 826.5
Restructuring Costs (1.1) 0.0
Business Combination, Contingent Consideration, Change in Contingent Consideration, Asset, Increase (Decrease) 0.0 61.2
Non-cash gain on equity investment (22.6) 0.0
Backlog amortization 7.2 0.0
Americas [Member]    
Net revenues 3,998.4 3,800.7
Segment Adjusted EBITDA 791.0 753.5
Cost of Product and Service Sold (2,593.6) (2,436.9)
Selling, General and Administrative Expense $ (687.8) $ (687.2)
Segment Operating Income As a Percentage Of Revenues 71700.00% 67660.00%
Segment Adjusted depreciation and amortization $ 73.0 $ 79.1
Other Operating Income (Expense), Net 1.0 (2.2)
EMEA [Member]    
Net revenues 639.5 573.5
Segment Adjusted EBITDA 86.5 92.1
Cost of Product and Service Sold (438.4) (375.1)
Selling, General and Administrative Expense $ (124.9) $ (115.0)
Segment Operating Income As a Percentage Of Revenues 7620.00% 8340.00%
Segment Adjusted depreciation and amortization $ 11.4 $ 10.7
Other Operating Income (Expense), Net (1.1) (2.0)
Asia Pacific [Member]    
Net revenues 331.5 314.3
Segment Adjusted EBITDA 78.5 70.8
Cost of Product and Service Sold (201.9) (193.0)
Selling, General and Administrative Expense $ (56.4) $ (54.8)
Segment Operating Income As a Percentage Of Revenues 7320.00% 6650.00%
Segment Adjusted depreciation and amortization $ 3.7 $ 4.0
Other Operating Income (Expense), Net $ 1.6 $ 0.3
v3.26.1
Commitments and Contingencies (Narrative) (Details) - USD ($)
$ in Millions
Mar. 02, 2022
Sep. 24, 2021
Mar. 31, 2026
Dec. 31, 2025
Aug. 26, 2021
Reserves for environmental matters     $ 51.5 $ 51.8  
Total current standard product warranty reserve     203.0 207.7  
Total current extended warranty liability     179.4 172.7  
Charge to increase Funding Liability   $ 21.2      
Qualified Settlement Fund   270.0      
Bankruptcy Claims, Amount Paid to Settle Claims         $ 545.0
QSF Funding $ 270.0        
Cash and Cash Equivalents [Member]          
Bankruptcy Claims, Amount Paid to Settle Claims         540.0
Commercial Paper [Member]          
Bankruptcy Claims, Amount Paid to Settle Claims         $ 5.0
Discontinued Operations [Member]          
Reserves for environmental matters     $ 42.5 $ 41.6  
Charge to increase Funding Liability   14.0      
QSF Funding 178.2        
Continuing Operations [Member]          
Charge to increase Funding Liability   7.2      
QSF Funding $ 91.8        
Asbestos [Member]          
Liability from Deconsolidation   $ 270.0      
v3.26.1
Commitments and Contingencies (Product Warranty Liability) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Balance at beginning of period $ 442.2
Reductions for payments (50.3)
Accruals for warranties issued during the current period 45.5
Changes to accruals related to preexisting warranties 5.3
Translation (0.9)
Balance at end of period $ 441.8
v3.26.1
Commitments and Contingencies Commitments and Contingencies (Extended Warranty Accrual) (Details) - Extended Warranty [Member]
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Balance at beginning of period $ 494.6
Amortization of deferred revenue for the period (40.7)
Additions for extended warranties issued during the period 58.3
Changes to accruals related to preexisting warranties (0.3)
Translation (0.7)
Balance at end of period $ 511.2
v3.26.1
Payables and Accruals (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]      
Supplier Finance Program, Obligation $ 256.3 $ 244.9 $ 272.8
Supplier Financing Invoices Confirmed 247.2 1,102  
Supplier Finance Program [Line Items]      
Supplier Financing Invoices Confirmed 247.2 1,102  
Supplier Financing Invoices Paid $ (235.8) $ (1,129.9)