Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Trane Technologies plc, consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Products	10,930,800)	9,498,800)	8,372,500)	—)	—)
Services	5,060,900)	4,637,600)	4,082,200)	—)	—)
Net revenues (legacy)	—)	—)	—)	16,598,900)	15,668,200)
Net revenues	15,991,700)	14,136,400)	12,454,700)	16,598,900)	15,668,200)
Cost of products sold	(7,935,200)	(6,843,100)	(6,146,300)	—)	—)
Cost of services sold	(3,091,700)	(2,823,700)	(2,505,000)	—)	—)
Cost of goods sold (lagacy)	—)	—)	—)	(11,451,500)	(10,847,600)
Cost of goods sold	(11,026,900)	(9,666,800)	(8,651,300)	(11,451,500)	(10,847,600)
Gross profit	4,964,800)	4,469,600)	3,803,400)	5,147,400)	4,820,600)
Selling and administrative expenses	(2,545,900)	(2,446,300)	(2,270,600)	(3,129,800)	(2,903,200)
Operating income	2,418,900)	2,023,300)	1,532,800)	2,017,600)	1,917,400)
Interest expense	(223,500)	(233,700)	(248,700)	(243,000)	(220,700)
Interest income	9,200)	4,000)	4,500)	3,100)	6,400)
Foreign currency exchange loss	(17,900)	(10,700)	(10,000)	(12,300)	(17,600)
Other components of net periodic benefit cost	(10,600)	(1,600)	(14,700)	(39,300)	(21,900)
Other activity, net	(4,000)	9,400)	24,300)	15,500)	(3,300)
Other income (expense), net	(23,300)	1,100)	4,100)	(33,000)	(36,400)
Earnings before income taxes	2,172,100)	1,790,700)	1,288,200)	1,741,600)	1,660,300)
Provision for income taxes	(375,900)	(333,500)	(296,800)	(353,700)	(281,300)
Earnings from continuing operations	1,796,200)	1,457,200)	991,400)	1,387,900)	1,379,000)
Discontinued operations, net of tax	(21,500)	(20,600)	(121,400)	40,600)	(21,500)
Net earnings	1,774,700)	1,436,600)	870,000)	1,428,500)	1,357,500)
Net earnings attributable to noncontrolling interests	(18,200)	(13,200)	(15,100)	(17,600)	(19,900)
Net earnings attributable to Trane Technologies plc	1,756,500)	1,423,400)	854,900)	1,410,900)	1,337,600)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Income statement item	Description	The company
Net revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Trane Technologies plc net revenues increased from 2020 to 2021 and from 2021 to 2022.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Trane Technologies plc operating income increased from 2020 to 2021 and from 2021 to 2022.
Earnings before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Trane Technologies plc earnings before income taxes increased from 2020 to 2021 and from 2021 to 2022.
Net earnings attributable to Trane Technologies plc	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Trane Technologies plc net earnings attributable to Trane Technologies plc increased from 2020 to 2021 and from 2021 to 2022.

Trane Technologies plc (NYSE:TT)

Income Statement