Trane Technologies plc Files 2024 10-K

Ticker: TT · Form: 10-K · Filed: Feb 6, 2025 · CIK: 1466258

Sentiment: neutral

Topics: 10-K, annual-report, financials

TL;DR

Trane Tech 2024 10-K is in. Full financials and biz details out.

AI Summary

Trane Technologies plc filed its 2024 10-K on February 6, 2025, reporting on its fiscal year ending December 31, 2024. The company, formerly known as Ingersoll-Rand plc, is a leader in climate control solutions. The filing details its financial performance and business operations, including its primary business address in Swords, Co. Dublin, Ireland, and its mail address in Davidson, North Carolina.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Trane Technologies' financial health and strategic direction for the fiscal year 2024, crucial for understanding the company's performance in the climate control industry.

Risk Assessment

Risk Level: low — This is a standard annual report filing (10-K) which is routine for publicly traded companies and does not inherently indicate new or elevated risks.

Key Players & Entities

FAQ

What is Trane Technologies plc's primary business?

Trane Technologies plc is primarily involved in auto controls for regulating residential & commercial environments, as indicated by its SIC code 3822.

When did Trane Technologies plc change its name from Ingersoll-Rand plc?

The date of the name change from Ingersoll-Rand plc to Trane Technologies plc was June 12, 2009.

What is the filing date of this 10-K report?

This 10-K report was filed on February 6, 2025.

What is the fiscal year end for the period covered by this 10-K?

The fiscal year end for the period covered by this 10-K is December 31, 2024.

Where is Trane Technologies plc's business address listed?

Trane Technologies plc's business address is listed as 170/175 Lakeview Drive, Airside Business Park, Swords, Co. Dublin, L2, 00000.

Filing Stats: 4,334 words · 17 min read · ~14 pages · Grade level 15.5 · Accepted 2025-02-06 16:13:59

Key Financial Figures

Filing Documents

Item 1. Business

Part I Item 1. Business 4

Risk Factors

Item 1A. Risk Factors 12

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 24

Cybersecurity

Item 1C. Cybersecurity 24

Properties

Item 2. Properties 25

Legal Proceedings

Item 3. Legal Proceedings 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 25 Part II Item 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26

[Reserved]

Item 6. [Reserved] 27

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosure About Market Risk

Item 7A. Quantitative and Qualitative Disclosure About Market Risk 44

Financial Statements

Item 8. Financial Statements 45

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 45

Controls and Procedures

Item 9A. Controls and Procedures 45

Other Information

Item 9B. Other Information 46

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 46

Item 10. Directors, Executive Officers and Corporate Governance

Part III Item 10. Directors, Executive Officers and Corporate Governance 47

Executive Compensation

Item 11. Executive Compensation 47

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 47

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 47

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 47

Item 15. Exhibits and Financial Statement Schedules

Part IV Item 15. Exhibits and Financial Statement Schedules 48

Form 10-K Summary

Item 16. Form 10-K Summary 60

Signatures

Signatures 61 Table of Contents CAUTIONARY STATEMENT FOR FORWARD LOOKING STATEMENTS Certain statements in this report, other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "forecast," "outlook," "intend," "strategy," "plan," "potential," "predict," "target," "may," "might," "could," "should," "will," "would," "will be," "will continue," "will likely result," or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. Forward-looking statements may relate to such matters as projections of revenue, margins, expenses, tax provisions, earnings, cash flows, benefit obligations, share or debt repurchases or other financial items; any statements of the plans, strategies and objectives of management for future operations, including those relating to any statements concerning expected development, performance or market share relating to our products and services; any statements regarding future economic conditions or our performance; any statements regarding our sustainability commitments; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. These statements are based on currently available information and our current assumptions, expectations and projections about future events. While we believe that our assumptions, expectations and projections are reasonable in view of the currently available information, you are cautioned not to place undue reliance on our forward-looking statements. You are advised to review any further disclosures we make on related subje

BUSINESS

Item 1. BUSINESS Overview Trane Technologies plc, a public limited company, incorporated in Ireland in 2009, and its consolidated subsidiaries (collectively we, us, our, the Company) is a global climate innovator. We bring sustainable and efficient solutions to buildings, homes and transportation through our strategic brands, Trane and Thermo King , and our environmentally responsible portfolio of products, services and connected intelligent controls. We generate 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. As an industry leader with an extensive global install base, our growth strategy includes expanding recurring revenue through services and rental options. Our unique business operating system, uplifting culture and highly engaged team around the world are also central to our earnings and cash flow growth. Through our sustainability-focused strategy and purpose to boldly challenge what's possible for a sustainable world , we meet critical needs and growing global demand for innovation that reduces greenhouse gas emissions while enabling healthier, efficient indoor environments and safe, reliable delivery of essential temperature-controlled cargo. We have announced certain defined sustainability commitments with a goal of achieving these commitments by 2030 (2030 Sustainability Commitments). Trane Technologies' 2030 Sustainability Commitments include our 'Gigaton Challenge' to reduce customer greenhouse gas emissions by a billion metric tons; 'Leading by Example' through reducing embodied carbon by 40%, and designing products for circularity; and creating 'Opportunity for All' by investing in our people and our communities. Reportable Segments We operate under three reportable segments. Our Americas segment innovates for customers in North America and Latin America. The Americas segment encompasses co

, Item 1A, "Risk Factors - Risks Related to Litigation,"

Part I, Item 1A, "Risk Factors - Risks Related to Litigation,"

, Item 3, "Legal Proceedings,"

Part I, Item 3, "Legal Proceedings," Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Significant Matters," and

, Item 8, Consolidated Financial Statements and Note 20, "Commitments and Contingencies."

Part II, Item 8, Consolidated Financial Statements and Note 20, "Commitments and Contingencies." Human Capital Management Our people and culture are critical to achieving our operational, financial and strategic success. As of December 31, 2024, we employed approximately 45,000 people in 61 countries including over 16,000 employees outside of the United States. Our Trane Technologies EEO-1 Report published on our website outlines additional details on our U.S. workforce composition. Our continued focus on building an uplifting culture, where our employees can be at their best, has positively contributed to retaining employees at strong levels. The 2024 retention rate of our key talent, those with the highest potential rating, was 97.6%, excluding retirements. Our companywide (all employees) voluntary retention rate excluding retirements was 91.9%. Culture and Purpose In 2024, we continued to drive our purpose to boldly challenge what's possible for a sustainable world with a sharp focus on our strategic priorities and 2030 Sustainability Commitments. As part of our commitment to people and culture, we strive to create a work environment where our people uplift each other, make a positive impact on the planet and thrive at work and at home. We do that through embedding our leadership principles across our people practices such as onboarding, learning and performance management. We also focus on ongoing manager development and the important role people leaders play in our uplifting, inclusive culture. Our annual employee engagement survey enables employees to share their experiences and perceptions of our Company. Employees provide ratings and written comments celebrating what we're doing well and recommending areas where we can do better. In 2024, 90% of our workforce participated in our annual engagement survey, and our overall employee engagement score remains high relative to external benchmarks. While our work on culture is never done, our scores indicate

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