Document

11-K 1 rsp2022yefs.htm 11-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K


ý			ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2022


¨			TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 001-34400


A.			Full title of the plan and address of the plan, if different from that of the issuer named below:

TRANE TECHNOLOGIES RETIREMENT SAVINGS PLAN FOR

PARTICIPATING AFFILIATES IN PUERTO RICO

(Full title of the plan)


B.			Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office:

TRANE TECHNOLOGIES PLC

170/175 Lakeview Drive

Airside Business Park

Swords, Co. Dublin

Ireland

Trane Technologies Retirement Savings Plan for Participating Affiliates in Puerto Rico

Index

December 31, 2022 and 2021



			Page

Reports of Independent Registered Public Accounting Firms			2

Financial Statements

Statements of Net Assets Available for Benefits as of December 31, 2022 and 2021			4

Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2022 and 2021			5

Notes to Financial Statements			6

Supplemental Schedule

Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2022			14

Signatures			15

Exhibit Index			15


Note:			Other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Securities Act of 1974 have been omitted because they are not applicable.

Report of Independent Registered Public Accounting Firm

The Participants and Administrator

Trane Technologies Retirement Savings Plan for Participating Affiliates in Puerto Rico

Charlotte, North Carolina

Opinion on the Financial Statements

We have audited the accompanying statement of net assets available for benefits of Trane Technologies Retirement Savings Plan for Participating Affiliates in Puerto Rico (“the Plan”) as of December 31, 2022, the related statement of changes in net assets available for benefits for the year then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2022, and the changes in net assets available for benefits for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Basis of Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Report on Supplemental Information

The supplemental information in the accompanying Schedule of Assets (Held at End of Year) as of December 31, 2022 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the Schedule of Assets (Held at End of Year) is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

FORVIS, LLP

We have served as the Plan’s auditor since 2023.

Charlotte, North Carolina

June 29, 2023

Report of Independent Registered Public Accounting Firm

The Participants and Administrator

Trane Technologies Retirement Savings Plan for Participating Affiliates in Puerto Rico

Davidson, North Carolina

Opinion on the Financial Statements

We have audited the accompanying statement of net assets available for benefits of the Trane Technologies Retirement Savings Plan for the Participating Affiliates in Puerto Rico (the “Plan”) as of December 31, 2021, and the related statement of changes in net assets available for benefits for the year then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2021, and the changes in net assets available for benefits for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

/s/ Cherry Bekaert LLP

We have served as the Plan’s auditor from 2010 through 2023.

Charlotte, North Carolina

June 29, 2023

Trane Technologies Retirement Savings Plan for Participating Affiliates in Puerto Rico

Statements of Net Assets Available for Benefits

December 31, 2022 and 2021


	2022		2021
Assets
Investments:
Plan's interest in Trane Technologies Employee Savings Plan Master Trust (Note 4), at fair value	$	39,847,936	$	46,496,908
Receivables:
Employer contribution receivable	26,932		31,229
Participant contribution receivable	33,273		35,276
Notes receivable from participants	1,249,061		1,178,536
Total Receivables	1,309,266		1,245,041
Net assets available for benefits	$	41,157,202	$	47,741,949

The accompanying notes are an integral part of these financial statements.

Trane Technologies Retirement Savings Plan for Participating Affiliates in Puerto Rico

Statements of Changes in Net Assets Available for Benefits

For the Years Ended December 31, 2022 and 2021


	2022		2021
Additions (deductions) to net assets attributed to:
Plan's interest in investment (loss) income of the Trane Technologies Employee Savings Plan Master Trust (Note 4)	$	(7,085,741)	$	7,036,850
Interest income on notes receivable from participants	43,415		35,808
Contributions:
Participant	2,778,366		2,133,450
Employer	2,299,946		1,808,746
Employee rollovers	—		67,207
Total contributions	5,078,312		4,009,403
Total (deductions) additions	(1,964,014)		11,082,061
Deductions from net assets attributed to:
Participant withdrawals and distributions	4,581,051		2,051,485
Administrative expenses	39,682		31,104
Total deductions	4,620,733		2,082,589
Net (decrease) increase in net assets	(6,584,747)		8,999,472
Net assets available for benefits
Beginning of year	47,741,949		38,742,477
End of year	$	41,157,202	$	47,741,949

The accompanying notes are an integral part of these financial statements.

Trane Technologies Retirement Savings Plan for Participating Affiliates in Puerto Rico

Notes to Financial Statements

December 31, 2022 and 2021


1			Description of the Plan

The following brief description of the Trane Technologies Retirement Savings Plan for Participating Affiliates in Puerto Rico (the “Plan”) provides only general information. More complete descriptions are found in the governing Plan documents and the summary plan descriptions.

History

The Plan is sponsored by Thermo King Puerto Rico Manufactura, Inc., a subsidiary of Trane Technologies plc, covering all full-time and part-time regular employees of Thermo King Puerto Rico Manufactura, Inc. and participating affiliates who work and reside in Puerto Rico. Trane Technologies plc, Thermo King Puerto Rico Manufactura, Inc. and its participating affiliates, including Trane Puerto Rico LLC are referred to herein as the "Company". The Company established the Plan effective November 1, 1997 and the Plan was last amended and restated effective January 1, 2011.

General

The Plan is a defined contribution plan with a cash or deferred arrangement feature generally covering eligible employees of the Company, as defined in the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

Fidelity Workplace Services LLC (“Fidelity”) is the Plan’s recordkeeper and custodian. Banco Popular de Puerto Rico (“BPPR”) serves as trustee for the Plan. The Plan’s assets are part of the Trane Technologies Employee Savings Plan Master Trust ("Master Trust").

The Trane Technologies Benefits Administration Committee (the “Committee”), administers the Plan and is responsible for carrying out the provisions thereof on behalf of the Company. The Trane Technologies plc Benefits Design Committee approves recommended design changes to the Plan. The Plan requires that the Trane Technologies Stock Fund be an investment option under the Plan. The other investment options available under the Plan from time to time are selected by the Trane Technologies plc Benefits Investment Committee. The Trane Technologies plc Benefits Investment Committee monitors the investment options offered in the Plan other than those offered through the self-directed brokerage window. Participants direct investments among the Plan's investment options. The Plan is intended to meet the requirements and regulations of ERISA Section 404(c).

Contributions

For those employees who are eligible to participate in the Plan, there is automatic enrollment whereby a new employee is automatically enrolled in the Plan with a 2% pre-tax contribution on eligible compensation, as defined, and such 2% contribution is invested in a default investment option selected by the Trane Technologies plc Benefits Investment Committee. Plan participants may elect to contribute on a pre-tax basis from 1% to 50% of their total eligible compensation including certain bonuses, as defined, subject to the limits imposed by Section 1165(e)(7)(A) of the Puerto Rico Internal Revenue Code. The participants may also elect to contribute a percentage of their total eligible compensation including bonuses, as defined, as an additional after-tax contribution, subject to tax law limits. The Company contributes a matching amount equal to 100% of the employee’s contribution not to exceed 6% of total eligible compensation, as defined, for a participating employee. Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions. Contributions are subject to various limitations to ensure compliance with the requirements of the Puerto Rico Internal Revenue Code. Participants may change their contribution amounts in accordance with the administrative procedures established by the Committee. Participants who were hired or rehired on or after July 1, 2012 and employees who chose to receive a non-matching contribution in lieu of continuing accruing service in their respective defined benefit plans receive a non-matching company contribution of 2% of eligible compensation in lieu of participating in a defined benefit plan. All company contributions are made in cash and invested in the same manner as the participant contributions; if a participant does not have an investment election on file, Company contributions are invested in the Plan's default investment fund which is the target date retirement fund corresponding to the employee's target retirement date based on date of birth.

Participants may change their contribution amounts at any time by contacting Fidelity. Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan’s assets are held in the Master Trust, together with assets from other participating defined contribution plans sponsored by the Company or its affiliates and intended to qualify under IRC Section 401(a).

Trane Technologies Retirement Savings Plan for Participating Affiliates in Puerto Rico

Notes to Financial Statements

December 31, 2022 and 2021

Participant Accounts

Each participant’s account is credited with the participant’s contributions and allocations of (a) the Company’s contribution and (b) Plan earnings (losses) net of investment management fees. Each participant’s account is charged with participant withdrawals and disbursements and applicable administrative expenses. Allocations are based on participant contributions, earnings or account balances, as defined. The benefit which a participant is entitled to receive is the benefit that can be provided from the participant’s vested account.

Vesting

Participants are entitled to the benefits that can be provided from their vested account. Participants are immediately vested in their contributions and Company matching contributions plus actual earnings thereon. Company basic contributions made to union employees under the Plan remain subject to a three year vesting schedule. Company non-matching contributions are vested after 3 years of service or upon attainment of age 65 (while employed), death (while employed) or disability (while employed).

Notes Receivable from Participants

Subject to certain limitations, participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of (a) $50,000 reduced by their highest outstanding loan balance during the preceding twelve month period or (b) 50% of their total eligible account balance. Loans bear interest at a fixed rate which is equal to the prime rate as quoted by Fidelity on a monthly basis, plus 1%. At December 31, 2022, outstanding loans bore interest rates ranging from 4.00% to 9.50%. Loan terms range from one to five years. Effective January 1, 2010, a loan to acquire a principal residence may be for a term of up to 15 years. The loans are collateralized by the balance in the participant’s account. Principal and interest are paid ratably through payroll deductions.

Forfeited Accounts

Forfeited contributions are used to reduce future employer contributions. At December 31, 2022 and 2021, forfeited non-vested balances were $853 and $345, respectively. In 2022 and 2021, employer contributions were reduced by $25,509 and $19,987, respectively from forfeited non-vested accounts.

Participant Withdrawals and Distributions

On termination of service, Plan distributions may be in the form of a lump sum or in installments in such other manner that the Plan may permit. In the case of an employee’s termination because of death, the entire account balance is paid to the designated beneficiary under the Plan or, if none is designated, pursuant to the terms of the Plan. In case of termination because of any reasons other than death, the participant is entitled to the vested balance. The participants may, under certain conditions, take in-service withdrawals from the Plan while employed, subject to certain limitations as to purpose and source of the funds.


2			Summary of Significant Accounting Policies

Basis of Accounting

The financial statements of the Plan are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Committee to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions and deductions from Plan assets during the reporting period. Actual results could differ from those estimates.

Valuation of Investments

Plan investments are included in the Master Trust, which provides unified investment management. Fidelity invests Plan assets in various trust investment options at the direction of Plan participants and as required by the Plan. Separate participant accounts are maintained by investment option. These accounts record contributions, withdrawals, transfers, earnings, expenses and changes in market value.

Investments in the Master Trust are reported at fair value as described in Note 3. The Trane Technologies plc Benefits Investment Committee determines the Plan's valuation policies utilizing information provided by investment advisors and custodians. See Notes 3 and 4 for discussion of fair value measurements of the investments.

Trane Technologies Retirement Savings Plan for Participating Affiliates in Puerto Rico

Notes to Financial Statements

December 31, 2022 and 2021

Realized gains or losses on security transactions are recorded on the trade date. Realized gains or losses are the difference between the proceeds received and the security’s unit cost. Dividend income is recorded on the record date and interest income is recorded when earned.

Certain investment management fees and expenses charged to the Plan for the investment in the Master Trust are deducted from income earned on a daily basis and are not separately reflected. Consequently, certain investment management fees and operating expenses are reflected as a reduction of investment returns or an increase to investment losses for such investments in the form of an expense ratio.

The Statements of Changes in Net Assets Available for Benefits include unrealized appreciation and depreciation in accordance with the policy of stating investments at fair value. Net appreciation or depreciation of investments reflects both realized gains and losses and the change in unrealized appreciation and depreciation of investments.

Valuation of Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Related fees are recorded as administrative expenses and are expensed when incurred. No allowance for credit losses has been recorded as of December 31, 2022 and 2021. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan document.

Expenses of the Plan

Certain expenses associated with the administration of the Plan and the Master Trust are paid for by the Company or an affiliate and are excluded from these financial statements. Certain general administrative fees are deducted quarterly from Plan accounts and are included in these financial statements. Expenses of the funds related to the investment and reinvestment of assets are included in the cost of the related investments. Participant directed transaction expenses such as loan fees and withdrawal fees are paid by the participant and are included in these financial statements.

Participant Withdrawals and Distributions

Benefits to participants are recorded when paid. There are no approved and unpaid amounts as of December 31, 2022 and 2021.

Transfer of Assets from Other Plans

Employees may transfer their savings from other plans qualified by the Puerto Rico Treasury Department.


3			Fair Value Measurements

Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurements are based on a framework that utilizes the inputs market participants use to determine the fair value of an asset or liability and establishes a fair value hierarchy to prioritize those inputs. The fair value hierarchy is comprised of three levels that are described below:

Level 1 Inputs to the valuation methodology are based on quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

Level 2 Observable inputs other than Level 1. Inputs to the valuation methodology include:

•Quoted prices for similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in markets that are not active;

•Other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability

Level 3 Inputs to the valuation methodology are unobservable inputs based on little or no market activity and that are significant to the fair value of the assets and liabilities.

The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are obtained from independent sources and can be validated by a third party, whereas unobservable inputs reflect assumptions regarding what a third party would use in pricing an asset or liability

Trane Technologies Retirement Savings Plan for Participating Affiliates in Puerto Rico

Notes to Financial Statements

December 31, 2022 and 2021

based on the best information available under the circumstances. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Investment options are not common across all Plans participating in the Master Trust. There have been no changes in the methodologies used as of December 31, 2022 and 2021. There have been no significant transfers between leveling categories. The following is a description of the valuation methodologies used for assets measured at fair value.

Trane Technologies Stock Fund: These assets represent an investment in real-time traded ordinary shares of the Company. The fund invests in ordinary shares of Trane Technologies plc, which is listed on the New York Stock Exchange ("NYSE") and was valued at its quoted market price at the daily close of the NYSE. Such assets are classified as Level 1.

Ingersoll-Rand Stock Fund: These assets represented an investment in real-time traded ordinary shares of Ingersoll-Rand Inc. The fund was closed to any new investment and was liquidated in May 2021. The fund invested in ordinary shares and was listed on the NYSE and was valued at its quoted market price at the daily close of the NYSE. Such assets are classified were Level 1.

Mutual funds: The shares of registered investment companies are valued at quoted market prices in an exchange or active market, which represent the daily Net Asset Value ("NAV") of shares held by the Master Trust at year end. Investments in registered investment companies generally may be redeemed daily and are classified as Level 1.

Mutual funds - target date retirement funds (Puerto Rico): These assets represent investments in an asset mix of equity, fixed income and short term investments using an asset allocation strategy appropriate for the fund’s particular time frame. The asset mix is determined by a glide path based on the investor’s assumed age and target retirement year. These funds are valued at quoted market prices in active markets and are classified as Level 1.

Common collective trusts - index funds: These assets represent investments in common collective trusts that hold equity or fixed income securities. These funds have no unfunded commitments, redemption frequency restrictions, or other redemption restrictions. These assets are not available in an exchange or active market; however, the fair value is determined based on the daily NAV of the underlying assets as traded in an exchange or active market. NAV per share or the equivalent is used for fair value purposes as a practical expedient. NAVs are calculated by the investment manager or sponsor of the fund.

Common collective trusts - target date retirement funds: These assets represent investments in an asset mix of equity, fixed income and short term investments using an asset allocation strategy appropriate for the fund’s particular time frame. The asset mix is determined by a glide path based on the investor’s assumed age and target retirement year. These funds have no unfunded commitments, redemption frequency restrictions, or other redemption restrictions. These assets are not available in an exchange or active market; however, the fair value is determined based on the daily NAV of the underlying assets as traded in an exchange or active market. NAV per share or the equivalent is used for fair value purposes as a practical expedient. NAVs are calculated by the investment manager or sponsor of the fund.

Separate accounts - fixed income bond funds: These assets are privately managed investments created for a single group of plans in a single master trust maintained by the Company. The fund consists of fixed income securities similar to its benchmark index, the Barclay U.S. Aggregate Bond Index. There are no unfunded commitments, redemption frequency restrictions, or other redemption restrictions. The fair value is determined based on the daily NAV of the underlying assets as traded in an exchange or active market. NAV per share or the equivalent is used for fair value purposes as a practical expedient. NAVs are calculated by the investment manager or sponsor of the fund.

Separate accounts - stable value funds: Investments are privately managed investments created for a single group of plans in a single master trust maintained by the Company. The account primarily consists of investment contracts issued by financial institutions and other eligible stable value investments. The fair value is determined based on the daily NAV of the underlying assets as traded in an exchange or active market. NAV per share or the equivalent is used for fair value purposes as a practical expedient. NAVs are calculated by the investment manager or sponsor of the fund. There are no unfunded commitments or redemption frequency restrictions. Transfers to other investment funds could be limited under certain conditions.

Self-directed brokerage accounts: Investments in the self-directed brokerage accounts are at current value based on published market quotations from individual investments composing the brokerage accounts. Such assets are classified as Level 1.

The preceding methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

Trane Technologies Retirement Savings Plan for Participating Affiliates in Puerto Rico

Notes to Financial Statements

December 31, 2022 and 2021


4			Investment in Master Trust

The Plan’s investments are held in the Master Trust which was established for the investment of assets of the Plan and several other retirement plans sponsored by the Company or other affiliated companies of Trane Technologies plc. The assets of the Master Trust are held by Fidelity. Each participating retirement plan has an identifiable interest in the Master Trust and investment options for participants may vary by plan. Fidelity maintains separate accounting of all contributions, benefit payments and expenses and allocates income (loss) earned and received by the Master Trust on the basis of the adjusted value of each plan at each measurement date.

Summarized Master Trust information follows at December 31:


	2022
	Master Trust Balances		Plan's interest in Master Trust Balances
Investments, at fair value
Mutual funds	$	510,586,152	$	19,305,418
Self-directed brokerage accounts	349,789,219		—
Common collective trusts	2,921,587,549		4,578,563
Separate accounts	313,547,004		6,889,612
Trane Technologies Stock Fund	1,038,970,351		9,074,343
Investments, at fair value	$	5,134,480,275	$	39,847,936


	2021
	Master Trust Balances		Plan's interest in Master Trust Balances
Investments, at fair value
Mutual funds	$	636,037,357	$	22,534,574
Self-directed brokerage accounts	475,469,935		—
Common collective trusts	3,648,771,928		6,677,631
Separate accounts	324,697,126		6,310,204
Trane Technologies Stock Fund	1,307,953,819		10,974,499
Investments, at fair value	$	6,392,930,165	$	46,496,908

Trane Technologies Retirement Savings Plan for Participating Affiliates in Puerto Rico

Notes to Financial Statements

December 31, 2022 and 2021

The following summarizes the net realized and unrealized (depreciation) appreciation of investments and interest and dividend income for the Master Trust for the years ended December 31:


	2022		2021
Investment income:
Net (depreciation) appreciation in fair value of investments
Mutual funds	$	(152,958,445)	$	99,337,935
Self-directed brokerage accounts	(107,708,422)		58,628,577
Common collective trusts	(647,478,904)		482,161,031
Separate accounts	(15,735,642)		2,788,723
Trane Technologies Stock Fund	(224,323,164)		389,669,471
Ingersoll-Rand Stock Fund	—		25,625,328
	(1,148,204,577)		1,058,211,065
Interest and dividend income	26,586,806		33,306,437
Total investment (loss) income	$	(1,121,617,771)	$	1,091,517,502

The following summarizes the classification of the Master Trust investments by classification and method of valuation as of December 31, 2022:


	Level 1		Level 2		Level 3		Not subject to leveling (a)		Total
Master Trust
Investments at fair value:
Separate accounts:
Stable value funds	$	—	$	—	$	—	$	204,763,884	$	204,763,884
Fixed income bond funds	—		—		—		108,783,120		108,783,120
Mutual funds	493,543,112		—		—		—		493,543,112
Mutual funds - target date retirement funds	17,043,040		—		—		—		17,043,040
Self-directed brokerage accounts	349,789,219		—		—		—		349,789,219
Common collective trusts:
Index funds	—		—		—		1,040,485,592		1,040,485,592
Target date retirement funds	—		—		—		1,881,101,957		1,881,101,957
Trane Technologies Stock	1,038,970,351		—		—		—		1,038,970,351
Total Investments, at fair value	$	1,899,345,722	$	—	$	—	$	3,235,134,553	$	5,134,480,275

(a) In accordance with GAAP, certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the summarized Master Trust Investments, at fair value earlier in this Note.

Trane Technologies Retirement Savings Plan for Participating Affiliates in Puerto Rico

Notes to Financial Statements

December 31, 2022 and 2021

The following summarizes the classification of the Master Trust investments by classification and method of valuation as of December 31, 2021:


	Level 1		Level 2		Level 3		Not subject to leveling (a)		Total
Master Trust
Investments at fair value:
Separate accounts:
Stable value funds	$	—	$	—	$	—	$	186,294,434	$	186,294,434
Fixed income bond funds	—		—		—		138,402,692		138,402,692
Mutual funds	616,116,542		—		—		—		616,116,542
Mutual funds - target date retirement funds	19,920,815		—		—		—		19,920,815
Self-directed brokerage accounts	475,469,935		—		—		—		475,469,935
Common collective trusts:
Index funds	—		—		—		1,397,617,161		1,397,617,161
Target date retirement funds	—		—		—		2,251,154,767		2,251,154,767
Trane Technologies Stock	1,307,953,819		—		—		—		1,307,953,819
Total Investments, at fair value	$	2,419,461,111	$	—	$	—	$	3,973,469,054	$	6,392,930,165


5			Tax Status

The Puerto Rico Department of the Treasury has determined and informed the Company by a letter dated March 10, 2014, that the Plan and related trust are designed in accordance with applicable sections of the Puerto Rico Internal Revenue Code. A second letter was received from the Puerto Rico Department of the Treasury on November 6, 2015 confirming that the amendments made to the Plan in connection with the retirement choice program were also qualified under the Puerto Rico Internal Revenue Code. The Plan has been amended since requesting the determination letter. The Plan administrator, the Committee and the Plan’s counsel believe that the Plan is being operated in material compliance with the applicable requirements of the Puerto Rico Department of the Treasury and therefore no provision for income tax is required.

GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service or the Puerto Rican Department of the Treasury. The Plan administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2022 and 2021, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.


6			Party-In-Interest Transactions

Certain Plan investments held in the Master Trust are managed by one or more affiliates of Fidelity. These transactions qualify as permitted party-in-interest transactions.

Certain Master Trust investments are units of real-time traded ordinary shares of Trane Technologies plc. These transactions qualify as permitted party-in-interest transactions.

Additionally, notes receivable from participants are also considered to be party-in-interest transactions because they are transactions with Plan participants. Fees paid and interest earned during the year, in connection with these parties-in-interest, were based on customary and reasonable rates for such transactions.

Trane Technologies Retirement Savings Plan for Participating Affiliates in Puerto Rico

Notes to Financial Statements

December 31, 2022 and 2021


7			Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to modify or discontinue its contributions at any time and to terminate the Plan subject to the provisions of the Plan, ERISA and the Puerto Rico Internal Revenue Code. In the event the Plan terminates, the interest of each participating employee in the Plan shall be fully vested in any unvested Company contributions and such termination shall not reduce the interest of any participating employee or their beneficiaries accrued under the Plan up to the date of such termination.


8			Risks and Uncertainties

Through the Master Trust, the Plan provides for investment options in any combination of equity and fixed income investments in the U.S. and abroad through various investment options. Investment asset classes are exposed to various risks, such as market, interest rate, inflation, foreign currency, economic, political and credit risks. Due to the level of risk associated with the Plan’s investments, it is reasonably possible that changes in risks in the near term would materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statements of Changes in Net Assets Available for Benefits.


Schedule I

Trane Technologies Retirement Savings Plan for Participating Affiliates in Puerto Rico

Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year)

December 31, 2022



Plan Sponsor: Employer Identification: Plan Number:						Thermo King Puerto Rico Manufactura, Inc. 66-0777053 077

(a)

Identity of issue, borrower
lessor, or similar party
(b)

Description of investment,
including maturity date,
rate of interest, collateral
par, or maturity value
(c)

Cost
(d)

Current
Value
(e)

Plan’s interest in Master Trust, excluding participant loans

Master Trust,
0.78% participation

39,847,936

Notes receivable from participants ***

Due 01/01/23 - 04/30/28
4.00% - 9.50%

—

1,249,061

TOTAL ASSETS (Held at End of Year)

41,096,997


*			Includes assets which represent permitted party-in-interest transactions to the Plan.


**			Cost information is not required for participant directed investments; therefore, this information is omitted.


***			The accompanying financial statements classify participant loans as notes receivable from participants.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

TRANE TECHNOLOGIES RETIREMENT SAVINGS PLAN FOR PARTICIPATING AFFILIATES IN PUERTO RICO

Dated: June 29, 2023

By:

/s/ Paul Longstreet

Name:

Paul Longstreet

Title:

Chair, Benefits Administration Committee

EXHIBIT INDEX



Exhibit No.						Description

23.1						Consent of FORVIS, LLP
23.2						Consent of Cherry Bekaert LLP