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IR PLC 2019 Consolidated Statutory Financials TRANE TECHNOLOGIES plc Directors’ Report and Financial Statements Financial Year Ended December 2019 TRANE TECHNOLOGIES PLC TABLE OF CONTENTS Page Directors and Other Information 3 Directors' Report 4 Statement of Director's Responsibilities 28 Independent Auditors' Report (Group and Parent Company) 29 Consolidated Profit and Loss Account 36 Consolidated Statement of Comprehensive Income 37 Consolidated Balance Sheet 38 Consolidated Statement of Changes in Equity 39 Consolidated Statement of Cash Flows 40 Notes to the Consolidated Financial Statements 41 Parent Company Balance Sheet 100 Parent Company Statement of Changes in Equity 101 Parent Company Statement of Comprehensive Income 102 Notes to the Parent Company Financial Statements 103 2 DIRECTORS AND OTHER INFORMATION Board of Directors at 4 May 2020 Kirk E. Arnold Ann C. Berzin John Bruton Jared L. Cohon Gary D. Forsee Linda Hudson Michael W. Lamach Myles P. Lee Karen B. Peetz John P. Surma Richard J. Swift Tony L. White Company Secretaries Evan M. Turtz (Company Secretary) Sara Walden Brown (Assistant Secretary) Computershare Inc. (Assistant Secretary) Registered Office 170-175 Lakeview Drive Airside Business Park Swords Co. Dublin Registered Number 469272 Solicitor Arthur Cox Ten Earlsfort Terrace Dublin 2 Auditors PricewaterhouseCoopers One Spencer Dock North Wall Quay Dublin 1 Principal Bankers JP Morgan Chase Bank, 125 London Wall London EC2Y 5AJ England Bank of Ireland Swords, Co Dublin 3 DIRECTORS’ REPORT Directors’ report for the year ended 31 December 2019. The directors present their report and the Financial Statements and related Notes of Trane Technologies plc (formerly known as Ingersoll-Rand plc) for the financial year ended 31 December 2019. Principal Activities Trane Technologies plc (Plc, Parent Company or Company), a public limited company, listed on the New York Stock Exchange, incorporated in Ireland in 2009, and its consolidated subsidiaries (collectively, we, our, the Group) is a diversified, global company that provides products, services and solutions to enhance the quality, energy efficiency and comfort of air in homes and buildings, transport and protect food and perishables and increase industrial productivity and efficiency. Our business segments consist of Climate and Industrial, both with strong brands and highly differentiated products within their respective markets. We generate turnover and cash primarily through the design, manufacture, sale and service of a diverse portfolio of industrial and commercial products that include well-recognized, premium brand names such as American Standard®, ARO®, Club Car®, Ingersoll-Rand®, Thermo King® and Trane®. To achieve our mission of being a world leader in creating comfortable, sustainable and efficient environments, we continue to focus on growth by increasing our recurring turnover stream from parts, service, controls, used equipment and rentals; and to continuously improve the efficiencies and capabilities of the products and services of our businesses. We also continue to focus on operational excellence strategies as a central theme to improving our earnings and cash flow. Business Segments Our business segments provide products, services and solutions used to increase the efficiency and productivity of both industrial and commercial operations and homes, as well as improve the health and comfort of people around the world. Our business segments are as follows: Climate Our Climate segment delivers energy-efficient products and innovative energy services. It includes Trane® and American Standard® Heating & Air Conditioning which provide heating, ventilation and air conditioning (HVAC) systems, and commercial and residential building services, parts, support and controls; energy services and building automation through Trane Building AdvantageTM and NexiaTM; and Thermo King® transport temperature control solutions. This segment had 2019 net turnover of $13,075.9 million (2018: $12,343.8 million). Industrial Our Industrial segment delivers products and services that enhance energy efficiency, productivity and operations. It includes compressed air and gas systems and services, power tools, material handling systems, fluid management systems, as well as Club Car ® golf, utility and consumer low-speed vehicles. This segment had 2019 net turnover of $3,523.0 million (2018: $3,324.4 million). Competitive Conditions Our products and services are sold in highly competitive markets throughout the world. Due to the diversity of these products and services and the variety of markets served, we encounter a wide variety of competitors that vary by product line and services. They include well-established regional or specialized competitors, as well as larger U.S. and non-U.S. corporations or divisions of larger companies. The principal methods of competition in these markets relate to price, quality, delivery, service and support, technology and innovation. We believe that we are one of the leading manufacturers in the world of HVAC systems and services, air compression systems, transport temperature control products, power tools, and golf, utility and consumer low-speed vehicles. Distribution Our products are distributed by a number of methods, which we believe are appropriate to the type of product. U.S. sales are made through branch sales offices, distributors and dealers across the country. Non-U.S. sales are made through numerous subsidiary sales and service companies with a supporting chain of distributors throughout the world. Operations by Geographic Area Approximately 34% of our net turnover in 2019 (2018: 36%) was derived outside the U.S. and we sold products in more than 100 countries. Therefore, the attendant risks of manufacturing or selling in a particular country, such as currency devaluation, nationalization and establishment of common markets, may have an adverse impact on our non-U.S. operations. 4 DIRECTORS’ REPORT (continued) Products and Services Our principal products and services by business segment include the following: Climate Aftermarket and OEM parts and supplies Indoor air quality Air conditioners Industrial refrigeration Air exchangers Installation contracting Air handlers Large commercial unitary Airside and terminal devices Light commercial unitary Auxiliary power units Motor replacements Building management systems Multi-pipe HVAC systems Bus and rail HVAC systems Package heating and cooling systems Chillers Performance contracting Coils and condensers Rail refrigeration systems Container refrigeration systems and gensets Refrigerant reclamation Control systems Repair and maintenance services Cryogenic refrigeration systems Rental services Diesel-powered refrigeration systems Self-powered truck refrigeration systems Ductless systems Service agreements Energy management services Temporary heating and cooling systems Facility management services Thermostats/controls Furnaces Trailer refrigeration systems Geothermal systems Transport heater products Heat pumps Unitary systems (light and large) Home automation Variable Refrigerant Flow Humidifiers Vehicle-powered truck refrigeration systems Hybrid and non-diesel transport refrigeration solutions Water source heat pumps Ice energy storage solutions Industrial Air compressors (centrifugal, reciprocating and rotary) Hydrogen compression, dispensing and refueling systems Air-operated pumps (diaphragm and piston) Installation contracting Air treatment and air separation systems Liquid and gas sampling systems Aftermarket and OEM parts and supplies Maintenance and repair services Airends Metering and process pumps, skids and systems Blowers Mixers Controllers and control systems dryers Odorant injection systems Digital Systems Monitoring Power tools (pneumatic, cordless and electric) Engine starting systems Precision fastening tools, software and systems Ergonomic material handling systems Rental services Filters, regulators and lubricators Rough terrain (AWD) vehicles Fluid power components Service agreements Gas boosters and high-pressure valves Utility and consumer low-speed vehicles Gas compressors Mobile golf information systems Golf vehicles Water-powered dosing pumps Hoists (pneumatic, hydraulic, electric and manual) Winches (pneumatic, hydraulic and electric) These products are sold primarily under our name and under other names including American Standard®, ARO®, Club Car®, Ingersoll-Rand®, Thermo King® and Trane®. 5 DIRECTORS’ REPORT (continued) Customers We have no customer that accounted for more than 10% of our consolidated turnover in 2019 and 2018. No material part of our business is dependent upon a single customer or a small group of customers; therefore, the loss of any one customer would not have a material adverse effect on our results of operations or cash flows. Raw Materials We manufacture many of the components included in our products, which requires us to employ a wide variety of commodities. Principal commodities, such as steel, copper and aluminum, are purchased from a large number of independent sources around the world, primarily within the region where the products are manufactured. We believe that available sources of supply will generally be sufficient for the foreseeable future. There have been no commodity shortages which have had a material adverse effect on our businesses. Working Capital We manufacture products that must be readily available to meet our customers’ rapid delivery requirements. Therefore, we maintain an adequate level of working capital to support our business needs and our
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