$TT
Trane Technologies plc

2023 Q2 Form 10-Q Financial Statement

#000146625823000117 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $4.705B $3.666B
YoY Change 12.27% 9.25%
Cost Of Revenue $3.120B $2.522B
YoY Change 8.84% 6.58%
Gross Profit $1.584B $1.144B
YoY Change 19.72% 15.62%
Gross Profit Margin 33.68% 31.19%
Selling, General & Admin $699.0M $686.7M
YoY Change 14.07% 14.3%
% of Gross Profit 44.12% 60.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $88.40M $79.80M
YoY Change 10.78% 3.23%
% of Gross Profit 5.58% 6.98%
Operating Expenses $699.0M $686.7M
YoY Change 14.07% 14.3%
Operating Profit $885.4M $456.8M
YoY Change 24.6% 17.67%
Interest Expense -$58.50M $57.60M
YoY Change -204.65% 2.86%
% of Operating Profit -6.61% 12.61%
Other Income/Expense, Net -$60.50M -$9.400M
YoY Change 3681.25% 1242.86%
Pretax Income $766.4M $389.8M
YoY Change 17.35% 17.59%
Income Tax $169.6M $73.20M
% Of Pretax Income 22.13% 18.78%
Net Earnings $586.2M $307.1M
YoY Change 15.1% 18.02%
Net Earnings / Revenue 12.46% 8.38%
Basic Earnings Per Share $2.57 $1.34
Diluted Earnings Per Share $2.54 $1.33
COMMON SHARES
Basic Shares Outstanding 228.1M shares 229.1M shares
Diluted Shares Outstanding 230.3M shares 231.5M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $663.6M $692.9M
YoY Change -39.13% -48.61%
Cash & Equivalents $663.6M $692.9M
Short-Term Investments
Other Short-Term Assets $455.8M $432.2M
YoY Change 16.9% 13.74%
Inventory $2.356B $2.344B
Prepaid Expenses
Receivables $3.200B $2.606B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.675B $6.075B
YoY Change 8.98% 0.73%
LONG-TERM ASSETS
Property, Plant & Equipment $1.655B $1.582B
YoY Change 16.05% 11.26%
Goodwill $5.748B $5.523B
YoY Change 5.33% 0.48%
Intangibles $3.389B $3.231B
YoY Change 3.24% -1.22%
Long-Term Investments
YoY Change
Other Assets $1.440B $1.486B
YoY Change 3.58% 4.93%
Total Long-Term Assets $12.23B $11.82B
YoY Change 5.85% 1.86%
TOTAL ASSETS
Total Short-Term Assets $6.675B $6.075B
Total Long-Term Assets $12.23B $11.82B
Total Assets $18.91B $17.90B
YoY Change 6.93% 1.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.177B $1.963B
YoY Change 8.83% 1.6%
Accrued Expenses $2.866B $2.166B
YoY Change 35.1% 13.54%
Deferred Revenue
YoY Change
Short-Term Debt $201.9M $0.00
YoY Change
Long-Term Debt Due $348.3M $348.3M
YoY Change -66.82% -0.6%
Total Short-Term Liabilities $5.593B $4.831B
YoY Change -0.66% 5.16%
LONG-TERM LIABILITIES
Long-Term Debt $4.477B $4.482B
YoY Change 18.22% -0.24%
Other Long-Term Liabilities $1.866B $1.219B
YoY Change 62.14% 4.54%
Total Long-Term Liabilities $6.343B $5.701B
YoY Change 28.46% 0.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.593B $4.831B
Total Long-Term Liabilities $6.343B $5.701B
Total Liabilities $12.65B $11.84B
YoY Change 5.91% 1.92%
SHAREHOLDERS EQUITY
Retained Earnings $8.445B $8.202B
YoY Change 5.52% 1.28%
Common Stock $252.8M $252.5M
YoY Change -1.33% -2.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.719B $1.719B
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $6.259B $6.036B
YoY Change
Total Liabilities & Shareholders Equity $18.91B $17.90B
YoY Change 6.93% 1.48%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $586.2M $307.1M
YoY Change 15.1% 18.02%
Depreciation, Depletion And Amortization $88.40M $79.80M
YoY Change 10.78% 3.23%
Cash From Operating Activities $524.0M $8.500M
YoY Change 24.26% -104.52%
INVESTING ACTIVITIES
Capital Expenditures $56.90M $77.10M
YoY Change -182.34% 3.07%
Acquisitions
YoY Change
Other Investing Activities -$499.1M $13.90M
YoY Change 369.52% 67.47%
Cash From Investing Activities -$556.0M -$91.00M
YoY Change 216.99% 9.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $700.0M
YoY Change
Cash From Financing Activities 22.80M -$459.2M
YoY Change -104.88% -14.1%
NET CHANGE
Cash From Operating Activities 524.0M $8.500M
Cash From Investing Activities -556.0M -$91.00M
Cash From Financing Activities 22.80M -$459.2M
Net Change In Cash -9.200M -$527.6M
YoY Change -95.83% -34.93%
FREE CASH FLOW
Cash From Operating Activities $524.0M $8.500M
Capital Expenditures $56.90M $77.10M
Free Cash Flow $467.1M -$68.60M
YoY Change -4.83% -73.92%

Facts In Submission

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CY2022Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-6500000 usd
CY2023Q1 tt Acquisition Inventory Step Up
AcquisitionInventoryStepUp
-2200000 usd
CY2022Q1 tt Acquisition Inventory Step Up
AcquisitionInventoryStepUp
0 usd
CY2023Q1 tt Unallocatedcorporateexpense
Unallocatedcorporateexpense
69000000.0 usd
CY2022Q1 tt Unallocatedcorporateexpense
Unallocatedcorporateexpense
48600000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
389800000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
331500000 usd
us-gaap Deconsolidation Gain Or Loss Amount
DeconsolidationGainOrLossAmount
24900000 usd
us-gaap Cash Divested From Deconsolidation
CashDivestedFromDeconsolidation
10800000 usd
CY2021Q3 us-gaap Bankruptcy Claims Amount Paid To Settle Claims
BankruptcyClaimsAmountPaidToSettleClaims
545000000 usd
CY2021Q3 tt Qualified Settlement Fund
QualifiedSettlementFund
270000000 usd
CY2021Q3 tt Qualified Settlement Fund
QualifiedSettlementFund
270000000 usd
tt Charge To Increase Funding Liability
ChargeToIncreaseFundingLiability
21200000 usd
CY2022Q1 tt Qsf Funding
QSFFunding
270000000 usd
CY2023Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
43100000 usd
CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
42400000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
323600000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
33000000.0 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
34500000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-1300000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
900000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
324700000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
122600000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
120400000 usd
CY2023Q1 us-gaap Extended Product Warranty Accrual Current
ExtendedProductWarrantyAccrualCurrent
114900000 usd
CY2022Q4 us-gaap Extended Product Warranty Accrual Current
ExtendedProductWarrantyAccrualCurrent
110500000 usd

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