RELIANCE, INC., 10-K filed on 2/29/2024
Annual Report
v3.24.0.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2023
Feb. 23, 2024
Jun. 30, 2023
Cover Abstract      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Document Transition Report false    
Entity File Number 001-13122    
Entity Registrant Name RELIANCE, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 95-1142616    
Entity Address, Address Line One 16100 N. 71st Street, Suite 400    
Entity Address, City or Town Scottsdale    
Entity Address, State or Province AZ    
Entity Address, Postal Zip Code 85254    
City Area Code 480    
Local Phone Number 564-5700    
Title of 12(b) Security Common Stock, $0.001 par value    
Trading Symbol RS    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 15,790,000,000
Entity Common Stock, Shares Outstanding   57,425,425  
Entity Central Index Key 0000861884    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
Auditor Name KPMG LLP    
Auditor Firm ID 185    
Auditor Location Los Angeles, California    
v3.24.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 1,080.2 $ 1,173.4
Accounts receivable, less allowance for credit losses of $24.9 at December 31, 2023 and $26.1 at December 31, 2022 1,472.4 1,565.7
Inventories 2,043.2 1,995.3
Prepaid expenses and other current assets 140.4 115.6
Income taxes receivable 35.6 36.6
Total current assets 4,771.8 4,886.6
Property, plant and equipment:    
Land 281.7 262.7
Buildings 1,510.9 1,359.3
Machinery and equipment 2,700.4 2,446.9
Accumulated depreciation (2,244.6) (2,094.3)
Property, plant and equipment, net 2,248.4 1,974.6
Operating lease right-of-use assets 231.6 216.4
Goodwill 2,111.1 2,105.9
Intangible assets, net 981.1 1,019.6
Cash surrender value of life insurance policies, net 43.8 42.0
Other long-term assets 92.5 84.8
Total assets 10,480.3 10,329.9
Current liabilities:    
Accounts payable 410.3 412.4
Accrued expenses 118.5 118.8
Accrued compensation and retirement benefits 213.9 240.0
Accrued insurance costs 44.4 43.4
Current maturities of long-term debt and short-term borrowings 0.3 508.2
Current maturities of operating lease liabilities 56.2 52.5
Total current liabilities 843.6 1,375.3
Long-term debt 1,141.9 1,139.4
Operating lease liabilities 178.9 165.2
Long-term retirement benefits 25.1 26.1
Other long-term liabilities 64.0 51.4
Deferred income taxes 494.0 476.6
Total liabilities 2,747.5 3,234.0
Commitments and contingencies
Equity:    
Preferred stock, $0.001 par value: 5,000 shares authorized; none issued or outstanding
Common stock and additional paid-in capital, $0.001 par value and 200,000 shares authorized Issued and outstanding shares-57,271 at December 31, 2023 and 58,787 at December 31, 2022 0.1 0.1
Retained earnings 7,798.9 7,173.6
Accumulated other comprehensive loss (76.7) (86.3)
Total Reliance stockholders' equity 7,722.3 7,087.4
Noncontrolling interests 10.5 8.5
Total equity 7,732.8 7,095.9
Total liabilities and equity $ 10,480.3 $ 10,329.9
v3.24.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS    
Accounts receivable, allowance for credit losses $ 24.9 $ 26.1
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, Authorized shares 5,000,000 5,000,000
Preferred stock, issued shares 0 0
Preferred stock, outstanding shares 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, Authorized shares 200,000,000 200,000,000
Common stock, Issued shares 57,271,000 58,787,000
Common stock, outstanding shares 57,271,000 58,787,000
v3.24.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CONSOLIDATED STATEMENTS OF INCOME      
Net sales $ 14,805.9 $ 17,025.0 $ 14,093.3
Costs and expenses:      
Cost of sales (exclusive of depreciation and amortization shown below) 10,258.6 11,773.7 9,603.0
Warehouse, delivery, selling, general and administrative 2,562.4 2,504.2 2,306.5
Depreciation and amortization 245.4 240.2 230.2
Impairment of intangible assets 0.0 0.0 4.7
Total costs and expenses 13,066.4 14,518.1 12,144.4
Operating income 1,739.5 2,506.9 1,948.9
Other (income) expense:      
Interest expense 40.1 62.3 62.7
Other (income) expense, net (41.3) 14.2 3.1
Income before income taxes 1,740.7 2,430.4 1,883.1
Income tax provision 400.6 586.2 465.7
Net income 1,340.1 1,844.2 1,417.4
Less: net income attributable to noncontrolling interests 4.2 4.1 4.4
Net income attributable to Reliance $ 1,335.9 $ 1,840.1 $ 1,413.0
Earnings per share attributable to Reliance stockholders:      
Basic (in dollars per share) $ 22.90 $ 30.39 $ 22.35
Diluted (in dollars per share) $ 22.64 $ 29.92 $ 21.97
Shares used in computing earnings per share:      
Basic (in shares) 58,328 60,559 63,217
Diluted (in shares) 59,015 61,495 64,327
v3.24.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME      
Net income $ 1,340.1 $ 1,844.2 $ 1,417.4
Other comprehensive income (loss):      
Foreign currency translation gain (loss) 8.3 (28.8) (2.5)
Pension and postretirement benefit adjustments, net of tax 1.3 11.4 11.5
Total other comprehensive income (loss) 9.6 (17.4) 9.0
Comprehensive income 1,349.7 1,826.8 1,426.4
Less: comprehensive income attributable to noncontrolling interests 4.2 4.1 4.4
Comprehensive income attributable to Reliance $ 1,345.5 $ 1,822.7 $ 1,422.0
v3.24.0.1
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Millions
Reliance Stockholders'
Common Stock and Additional Paid in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Non-controlling Interests
Total
Balances at Dec. 31, 2020   $ 0.1 $ 5,193.2 $ (77.9) $ 7.3 $ 5,122.7
Increase (Decrease) in Stockholders' Equity            
Net income attributable to Reliance     1,413.0     1,413.0
Cash dividends and dividend equivalents     (177.0)      
Other comprehensive income (loss)       9.0   9.0
Comprehensive income         4.4 (4.4)
Dividends paid         (4.5)  
Stock-based compensation   70.8        
Taxes paid related to net share settlement of restricted stock units   (21.2)        
Repurchase of common shares   (49.6) (273.9)     (323.5)
Balances at Dec. 31, 2021 $ 6,086.5 0.1 6,155.3 (68.9) 7.2 6,093.7
Increase (Decrease) in Stockholders' Equity            
Net income attributable to Reliance     1,840.1     1,840.1
Cash dividends and dividend equivalents     (217.1)      
Other comprehensive income (loss)       (17.4)   (17.4)
Comprehensive income         4.1 (4.1)
Capital contributions         0.3  
Dividends paid         (3.1)  
Stock-based compensation   65.3        
Taxes paid related to net share settlement of restricted stock units   (39.7)        
Repurchase of common shares   (25.6) (604.7)     (630.3)
Balances at Dec. 31, 2022 7,087.4 0.1 7,173.6 (86.3) 8.5 7,095.9
Increase (Decrease) in Stockholders' Equity            
Net income attributable to Reliance     1,335.9     1,335.9
Cash dividends and dividend equivalents     (238.1)      
Other comprehensive income (loss)       9.6   9.6
Comprehensive income         4.2 (4.2)
Dividends paid         (2.2)  
Stock-based compensation   65.0        
Taxes paid related to net share settlement of restricted stock units   (54.1)        
Repurchase of common shares   (7.0) (472.5)     (479.5)
Excise tax on repurchase of common shares   (3.9)        
Balances at Dec. 31, 2023 $ 7,722.3 $ 0.1 $ 7,798.9 $ (76.7) $ 10.5 $ 7,732.8
v3.24.0.1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 1 Months Ended 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Feb. 28, 2021
Feb. 29, 2020
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CONSOLIDATED STATEMENTS OF EQUITY                
Cash dividends declared per common share (in dollars per share) $ 1.10 $ 1.00 $ 0.875 $ 0.6875 $ 0.625 $ 4.00 $ 3.50 $ 2.75
v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income $ 1,340.1 $ 1,844.2 $ 1,417.4
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 245.4 240.2 230.2
Impairment of intangible assets 0.0 0.0 4.7
Provision for credit losses 3.5 3.4 9.8
Deferred income tax provision (benefit) 16.2 (6.7) (23.8)
Stock-based compensation expense 65.0 65.3 70.8
Net (gain) loss on life insurance policies and deferred compensation plan assets (0.5) 22.4 5.0
Other (0.3) 4.8 (5.0)
Changes in operating assets and liabilities (excluding effect of businesses acquired):      
Accounts receivable 95.6 105.7 (656.1)
Inventories (41.5) 58.9 (505.9)
Prepaid expenses and other assets 37.3 17.4 26.2
Accounts payable and other liabilities (89.5) (237.0) 226.1
Net cash provided by operating activities 1,671.3 2,118.6 799.4
Investing activities:      
Acquisitions, net of cash acquired (24.0)   (439.3)
Purchases of property, plant and equipment (468.8) (341.8) (236.6)
Proceeds from sales of property, plant and equipment 11.1 10.9 36.0
Other (2.2) (17.6) (12.4)
Net cash used in investing activities (483.9) (348.5) (652.3)
Financing activities:      
Net short-term debt repayments (2.2) (2.2) (0.8)
Proceeds from long-term debt borrowings     20.0
Principal payments on long-term debt (506.1) (0.3) (20.7)
Cash dividends and dividend equivalents (238.1) (217.1) (177.0)
Share repurchases (479.5) (630.3) (323.5)
Taxes paid related to net share settlement of restricted stock units (54.1) (39.7) (21.2)
Other (2.3) (3.0) (5.7)
Net cash used in financing activities (1,282.3) (892.6) (528.9)
Effect of exchange rate changes on cash and cash equivalents 1.7 (4.6) (1.2)
(Decrease) increase in cash and cash equivalents (93.2) 872.9 (383.0)
Cash and cash equivalents at beginning of year 1,173.4 300.5 683.5
Cash and cash equivalents at end of the year 1,080.2 1,173.4 300.5
Supplemental cash flow information:      
Interest paid during the year 41.8 59.7 59.1
Income taxes paid during the year, net $ 386.3 $ 692.4 $ 444.4
v3.24.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Summary of Significant Accounting Policies  
Summary of Significant Accounting Policies

RELIANCE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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Note 1. Summary of Significant Accounting Policies

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Principles of Consolidation

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In February 2024, we changed our corporate name from Reliance Steel & Aluminum Co. to Reliance, Inc. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout the financial statements. The accompanying financial statements include the accounts of Reliance, Inc. (formerly Reliance Steel & Aluminum Co.) and its subsidiaries (collectively “Reliance”, “the Company”, “we”, “our” or “us”). Our consolidated financial statements include the assets, liabilities and operating results of majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The ownership of the other interest holders of consolidated subsidiaries is reflected as noncontrolling interests. Investments in unconsolidated subsidiaries are recorded under the equity method of accounting.

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Business

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As a global diversified metal solutions provider, we operated a network of more than 315 locations in 40 U.S. states and 12 foreign countries (Belgium, Canada, China, France, India, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom) at December 31, 2023 that provides value-added metals processing services and distributes a full line of more than 100,000 metal products.

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Accounting Estimates

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The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, such as allowances for credit losses, net realizable values of inventories, fair values and/or impairment of goodwill and other indefinite-lived intangible assets and long-lived assets, the amount of unrecognized tax benefits and other contingencies; the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates.

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Accounts Receivable and Concentrations of Credit Risk

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Trade receivables are typically non-interest bearing and are recorded at amortized cost. Sales to our recurring customers are generally made on open account terms while sales to occasional customers may be made on a collect on delivery basis. Past due status of customer accounts is determined based on how recently payments have been received in relation to payment terms granted. Credit is generally extended based upon an evaluation of each customer’s financial condition, with terms consistent in the industry and no collateral required. The allowance for credit losses reflects the expected losses on our trade receivables and is determined based on customer-specific facts and the consideration of historical loss information, current conditions and reasonable and supportable forecasts using a loss-rate approach. Amounts are written-off against the allowance in the period we determine the receivable is uncollectible.

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Concentrations of credit risk with respect to trade receivables are limited due to the geographically diverse customer base, with limited exposure to any single customer account, and various industries into which our products are sold. We do not consider ourselves to have any significant concentrations of credit risk.

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Inventories

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The majority of our inventory is valued using the last-in, first-out (“LIFO”) method, which is not in excess of market. Under this method, older costs are included in inventory, which may be higher or lower than current costs. This method of

valuation is subject to year-to-year fluctuations in cost of material sold, which is influenced by the inflation or deflation existing within the metal wholesaling industry as well as fluctuations in our product mix and on-hand inventory levels.

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Fair Values of Financial Instruments

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Fair values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, other current liabilities and current maturities of operating lease liabilities approximate carrying values due to the short period of time to maturity. Fair values of long-term debt, which have been determined based on borrowing rates currently available to us or to other companies with comparable credit ratings, for loans with similar terms or maturity, approximate the carrying amounts in the consolidated financial statements, with the exception of our publicly traded senior unsecured notes with aggregate face values of $1.15 billion and $1.65 billion as of December 31, 2023 and 2022, respectively. The aggregate fair values of these senior unsecured notes based on quoted market prices were $1.07 billion and $1.53 billion at December 31, 2023 and 2022, respectively, compared to their aggregate carrying values of $1.14 billion and $1.64 billion, respectively. The estimated fair values of our senior unsecured notes are based on Level 2 inputs, including benchmark yields, reported trades and broker/dealer quotes. Fair values of our other financial instruments, which include deferred compensation plan assets held within grantor trusts, are comprised of marketable securities that are generally based on quoted market prices for identical instruments that trade in active markets.

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Cash Equivalents

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We consider all highly liquid instruments with an original maturity of three months or less when purchased to be cash equivalents. We maintain cash and cash equivalents with high credit quality financial institutions. The Company, by policy, limits the amount of credit exposure to any one financial institution.

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Goodwill and Other Indefinite-Lived Intangible Assets

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Goodwill is the excess of purchase price over the fair value of identified assets and liabilities of businesses acquired. Other indefinite-lived intangible assets include amounts allocated to the trade names of businesses acquired. Goodwill and other indefinite-lived intangible assets are not amortized but are tested for impairment at least annually.

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We test for impairment of goodwill and intangible assets deemed to have indefinite lives annually and, between annual tests, whenever significant events or changes occur based on an assessment of qualitative factors to determine if it is more likely than not that the fair value is less than the carrying value. We have one operating segment and one reporting unit for goodwill impairment purposes. We calculate the fair value of the reporting unit using our market capitalization or the discounted cash flow method, as necessary, and compare the fair value to the carrying value of the reporting unit to determine if impairment exists. We perform our annual impairment evaluations of goodwill and other indefinite-lived intangible assets on November 1 of each year. No impairment of goodwill was determined to exist in any of the years presented. No impairment losses were recognized related to our other intangible assets with indefinite lives in 2023 and 2022. We recognized impairment losses of $4.7 million related to our other intangible assets with indefinite lives in 2021.

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Long-Lived Assets

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Property, plant and equipment is recorded at cost (or at fair value for assets acquired in connection with business combinations) and the provision for depreciation of these assets is generally computed on the straight-line method at rates designed to distribute the cost of assets over the useful lives, estimated as follows: buildings, including leasehold improvements, over five to 50 years and machinery and equipment over three to 20 years.

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As of December 31, 2023, 2022 and 2021, noncash investing activity included $15.2 million, $6.3 million and $3.2 million of capital expenditures, respectively, included in accounts payable/accrued expenses.

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Intangible assets with finite useful lives are amortized over their useful lives. We periodically review the recoverability of our property, plant and equipment and intangible assets subject to amortization whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We didn’t recognize any impairment losses for long-lived assets in any of the years presented.

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Leases

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We determine if an arrangement is a lease at inception. Our lease agreements generally contain only lease components. Our lease payments are generally fixed with certain leases containing variable payments related to Consumer Price Index (“CPI”) annual adjustments.

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Right-of-use assets and lease liabilities are recognized on the balance sheet at the present value of the future lease payments at the lease commencement date. Certain of our lease terms include periods under renewal options when it is reasonably certain that we will exercise that option. We generally include optional renewal periods when determining our lease terms and future lease payments. The interest rate used to determine the present value of future lease payments is our incremental borrowing rate that is estimated to approximate the interest rate on a collateralized basis with similar terms and payments.

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Operating lease cost is recognized on a straight-line basis over the lease term.

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Revenue Recognition

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We recognize revenue when control of metal products or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Sales and value-added taxes collected from customers are excluded from our reported sales. There are no significant judgments or estimates made to determine the amount or timing of our reported revenues. The amount of transaction price associated with unperformed performance obligations is not significant as of December 31, 2023 and 2022.

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Metal Sales

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We have minimal long-term contract sales with our customers as we primarily transact in the spot market under fixed price sales orders. The majority of our metal product sales orders generally have only one performance obligation: sale of processed or unprocessed metal product. Control of the metal products we sell transfers to our customers upon delivery for orders with free on board (“FOB”) destination terms or upon shipment for orders with FOB shipping point terms. Shipping and handling charges to our customers are included in net sales. We account for all shipping and handling of our products as fulfillment activities and not as a promised good or service. Costs incurred in connection with the shipping and handling of our products are typically included in operating expenses whether we use a third-party carrier or our own trucks. In 2023, 2022 and 2021, shipping and handling costs included in Warehouse, delivery, selling, general and administrative (“SG&A”) expenses were $525.9 million, $509.7 million and $424.6 million, respectively. Shipment and delivery of our orders generally occur on the same day due to the close proximity of our customers and our metals service center locations.

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Toll Processing and Logistics

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Toll processing services relate to the processing of customer-owned metal. Logistics services primarily include transportation and storage services for metal we toll process. Revenue for these services is recognized over time as the toll processing or logistics services are performed. The toll processing services are generally short-term in nature with the service being performed in less than one day.

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Seasonality

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Some of our customers are in seasonal businesses, especially customers in the construction industry and related businesses. Our overall operations have not shown any material seasonal trends as a result of our geographic, product and customer diversity. Typically, revenues in the months of July, November and December have been lower than in other months because of a reduced number of working days for shipments of our products, resulting from holidays observed by the Company as well as vacation and extended holiday closures at some of our customers. The number of shipping days in each quarter also has an impact on our quarterly sales and profitability. We cannot predict whether period-to-period

fluctuations will be consistent with historical patterns. Results of any one or more quarters are therefore not necessarily indicative of annual results.

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Stock-Based Compensation

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All of our stock-based compensation plans are considered equity plans. The fair value of stock awards and restricted stock units is determined based on the fair value of our common stock on the grant date. The fair value of stock awards and restricted stock units is expensed on a straight-line basis over their respective vesting periods, net of forfeitures when they occur. Stock-based compensation expense was $65.0 million, $65.3 million and $70.8 million in 2023, 2022 and 2021, respectively, and is included in the Warehouse, delivery, selling, general and administrative caption of our consolidated statements of income.

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Environmental Remediation Costs

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We accrue for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remediation feasibility study. Such accruals are adjusted as further information develops or circumstances change. Recoveries of environmental remediation costs from insurance policies and other parties are recorded as assets when their receipt is deemed probable. We are not aware of any environmental remediation obligations that would materially affect our operations, financial position or cash flows. See Note 16—“Commitments and Contingencies” for further discussion of our environmental remediation matters.

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Income Taxes

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We file a consolidated U.S. federal income tax return with our wholly owned domestic subsidiaries. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax reporting bases of assets and liabilities using the enacted tax rates expected to be in effect when such differences are realized or settled. The effect on deferred taxes from a change in tax rates is recognized in income in the period that includes the enactment date of the change. The provision for income taxes reflects the taxes to be paid for the period and the change during the period in the deferred tax assets and liabilities. We evaluate on a quarterly basis whether, based on all available evidence, it is probable that the deferred income tax assets are realizable. Valuation allowances are established when it is estimated that it is more likely than not that the tax benefit of the deferred tax asset will not be realized.

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We perform a comprehensive review of our uncertain tax positions on a quarterly basis. Tax benefits are recognized when it is more likely than not that a tax position will be sustained upon examination. The benefit from a position that has surpassed the more-likely-than-not threshold is measured as the largest amount of benefit that is more than 50% likely to be realized upon settlement. We recognize interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense.

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Foreign Currencies

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The currency effects of translating into U.S. dollars the financial statements of our foreign subsidiaries, which typically use the local currency of the countries in which they are located, are included in the Accumulated other comprehensive loss caption in the consolidated balance sheets. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of income in the Other (income) expense, net caption and amounted to $1.3 million, $6.2 million and $4.0 million of losses in 2023, 2022 and 2021, respectively.

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Impact of Recently Issued Accounting Standards—Not Yet Adopted

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Segment Reporting—In November 2023, the Financial Accounting Standards Board (“FASB”) issued changes that require disclosure of significant expenses and other segment items included in the measure of segment profitability that the chief operating decision maker uses to assess segment performance and make decisions about resource allocation. Under these changes, companies like Reliance with a single reportable segment are required to provide the same disclosures

as companies with multiple segments. These changes will be effective for our fiscal years beginning January 1, 2024 and quarterly periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect these changes will have on our consolidated financial statement disclosures.

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Improvement to Income Tax Disclosures—In December 2023, the FASB issued changes to expand the disclosure requirements for income taxes. The changes require disaggregated information about our effective tax rate reconciliation and income taxes paid. These changes will be effective for our fiscal years beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect these changes will have on our consolidated financial statement disclosures.
v3.24.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2023
Acquisitions  
Acquisitions

Note 2. Acquisitions

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In the fourth quarter of 2021, we acquired each of United Pipe & Steel Corp. (formerly known as Merfish United, Inc.), Admiral Metals Servicenter Company, Incorporated, Nu-Tech Precision Metals Inc. and Rotax Metals Inc. with cash on hand. Included in our net sales for the year ended December 31, 2023 were combined net sales of $722.1 million from our 2021 acquisitions.

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Unaudited Pro forma financial information for 2021 acquisitions

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The following unaudited pro forma summary financial results present the consolidated results of operations as if our 2021 acquisitions had occurred as of January 1, 2020, after the effect of certain adjustments, including non-recurring acquisition-related costs, amortization of inventory step-up to fair value adjustments included in cost of sales, depreciation and amortization of certain identifiable property, plant and equipment and intangible assets, and lease cost fair value adjustments. The pro forma summary financial results for the year ended December 31, 2021 excluded $7.7 million of acquisition-related costs.

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The pro forma results have been presented for comparative purposes only and are not indicative of what would have occurred had the 2021 acquisitions been made as of January 1, 2020, or of any potential results which may occur in the future (dollars are shown in millions, except per share amounts):

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Year Ended December 31,

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2021

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(in millions)

Pro forma:

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Net sales

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$

14,820.5

Net income attributable to Reliance

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$

1,518.0

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Earnings per share attributable to Reliance stockholders:

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​

​

Basic

​

​

​

​

​

​

$

24.01

Diluted

​

​

​

​

​

​

$

23.60

​
v3.24.0.1
Joint Ventures and Noncontrolling Interests
 12 Months Ended
Dec. 31, 2023
Joint Ventures and Noncontrolling Interests  
Joint Ventures and Noncontrolling Interests

Note 3. Joint Ventures and Noncontrolling Interests

​

The equity method of accounting is used where our investment in voting stock gives us the ability to exercise significant influence over the investee, generally 20% to 50%. The financial results of investees are generally consolidated when the ownership interest is greater than 50%.

​

Operations that are majority owned by us are as follows: Indiana Pickling and Processing Company in which our wholly-owned subsidiary, Feralloy Corporation, has a 56% ownership interest and Valex Corp.’s operations in South Korea, in which our wholly-owned subsidiary, Valex Corp., has a 96% ownership interest. The results of these majority-owned operations are consolidated in our financial results. The portion of the earnings related to the noncontrolling shareholder interests has been reflected in the Net income attributable to noncontrolling interests caption in the accompanying consolidated statements of income.

​
v3.24.0.1
Inventories
 12 Months Ended
Dec. 31, 2023
Inventories  
Inventories

Note 4. Inventories

​

Our inventories are primarily stated on the LIFO method, which is not in excess of market. We use the LIFO method of inventory valuation because it results in a better matching of costs and revenues. The cost of inventories stated on the first-in, first-out (“FIFO”) method is not in excess of net realizable value.

​

Inventories consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

December 31,

​

​

​

   

2023

    

2022

​

​

​

​

(in millions)

LIFO inventories—cost on FIFO method

​

​

​

$

2,087.3

​

$

2,257.9

Cost on FIFO method higher than LIFO value

​

​

​

​

(579.3)

​

​

(743.8)

Inventories—stated on LIFO method

​

​

​

​

1,508.0

​

​

1,514.1

Inventories—stated on FIFO method

​

​

​

​

535.2

​

​

481.2

​

​

​

​

$

2,043.2

​

$

1,995.3

​

The changes in the LIFO inventory valuation reserve were as follows:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

LIFO inventory valuation reserve (income) expense

$

(164.5)

​

$

(76.6)

​

$

704.8

​

Cost decreases for the majority of our products were the primary cause of the 2023 and 2022 LIFO inventory valuation reserve change resulting in a credit, or income. Cost increases for the majority of our products were the primary cause of the 2021 LIFO inventory valuation reserve change resulting in a charge, or expense. There were insignificant liquidations of LIFO inventory quantities for all years presented.
v3.24.0.1
Revenues
 12 Months Ended
Dec. 31, 2023
Revenues.  
Revenues

​

Note 5. Revenues

​

The following table presents our sales disaggregated by product and service:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

Carbon steel

$

8,071.8

​

$

9,487.7

​

$

8,532.0

Aluminum

​

2,456.4

​

​

2,658.7

​

​

2,050.9

Stainless steel

​

2,336.7

​

​

2,877.4

​

​

2,267.0

Alloy

​

704.9

​

​

741.0

​

​

547.5

Toll processing and logistics

​

610.6

​

​

554.2

​

​

470.7

Copper and brass

​

304.6

​

​

336.7

​

​

112.2

Other and eliminations

​

320.9

​

​

369.3

​

​

113.0

Total

$

14,805.9

​

$

17,025.0

​

$

14,093.3

​
v3.24.0.1
Goodwill
 12 Months Ended
Dec. 31, 2023
Goodwill.  
Goodwill

Note 6. Goodwill

​

The changes in the carrying amount of goodwill are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

   

​

​

   

(in millions)

Balance at January 1, 2022

​

​

​

​

​

​

$

2,107.6

Purchase price allocation adjustments

​

​

​

​

​

​

​

5.3

Effect of foreign currency translation

​

​

​

​

​

​

​

(7.0)

Balance at December 31, 2022

​

​

​

​

​

​

​

2,105.9

Acquisition

​

​

​

​

​

​

​

2.5

Effect of foreign currency translation

​

​

​

​

​

​

​

2.7

Balance at December 31, 2023

​

​

​

​

​

​

$

2,111.1

​

We had no accumulated impairment losses related to goodwill at December 31, 2023 and 2022.
v3.24.0.1
Intangible Assets, Net
 12 Months Ended
Dec. 31, 2023
Intangible Assets, Net  
Intangible Assets, Net

Note 7. Intangible Assets, Net

​

Intangible assets, net, consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

December 31, 2022

​

Weighted Average

​

Gross

​

​

​

​

Gross

​

​

​

​

Amortizable

​

Carrying

​

Accumulated

​

Carrying

​

Accumulated

​

Life in Years

   

Amount

   

Amortization

   

Amount

   

Amortization

​

​

​

(in millions)

Intangible assets subject to amortization:

​

​

​

​

​

​

​

​

​

​

​

​

​

Customer lists/relationships

14.2

​

$

716.0

​

$

(520.5)

​

$

713.6

​

$

(479.3)

Backlog of orders

7.9

​

​

22.9

​

​

(6.0)

​

​

22.3

​

​

(3.1)

Other

9.4

​

​

10.0

​

​

(9.5)

​

​

9.9

​

​

(9.5)

​

​

​

​

748.9

​

​

(536.0)

​

​

745.8

​

​

(491.9)

Intangible assets not subject to amortization:

​

​

​

​

​

​

​

​

​

​

​

​

​

Trade names

​

​

​

768.2

​

​

—

​

​

765.7

​

​

—

​

​

​

$

1,517.1

​

$

(536.0)

​

$

1,511.5

​

$

(491.9)

​

Amortization expense for intangible assets amounted to $43.8 million, $48.1 million and $38.7 million in 2023, 2022 and 2021, respectively. Foreign currency translation gains were $1.4 million in 2023 compared to losses of $4.0 million in 2022.

​

As part of the purchase price allocation of our acquisition of Southern Steel Supply, LLC on May 1, 2023, we allocated a total of $3.9 million to the intangible assets acquired.

​

During 2021, we recognized impairment losses of $4.7 million on our trade name intangible assets.

​

The following is a summary of estimated future amortization expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

   

​

​

   

(in millions)

2024

​

​

​

​

​

​

$

40.4

2025

​

​

​

​

​

​

​

36.3

2026

​

​

​

​

​

​

​

26.8

2027

​

​

​

​

​

​

​

26.1

2028

​

​

​

​

​

​

​

24.6

Thereafter

​

​

​

​

​

​

​

58.7

​

​

​

​

​

​

​

$

212.9

​
v3.24.0.1
Cash Surrender Value of Life Insurance Policies, Net
 12 Months Ended
Dec. 31, 2023
Cash Surrender Value of Life Insurance Policies, Net  
Cash Surrender Value of Life Insurance Policies, Net

Note 8. Cash Surrender Value of Life Insurance Policies, Net

​

The cash surrender value of all life insurance policies held by us, net of loans and related accrued interest, was $43.8 million and $42.0 million as of December 31, 2023 and 2022, respectively.

​

Our wholly owned subsidiary, Earle M. Jorgensen Company (“EMJ”), is the owner and beneficiary of life insurance policies on all former nonunion employees of a predecessor company, including certain current employees of EMJ. These policies, by providing payments to EMJ upon the death of covered individuals, were designed to provide cash to EMJ in order to repurchase shares held by employees in EMJ’s former employee stock ownership plan and shares held individually by employees upon the termination of their employment. Reliance is also the beneficiary of key person life insurance policies held by a grantor trust for the benefit of participants of the Reliance Supplemental Executive Retirement Plan.

​

Cash surrender value of life insurance policies, net increases by a portion of premiums paid and from interest and investment earnings and decreases by cost of insurance charges, investment losses and interest on policy loans, as applicable.

​

Annually, we borrow against the cash surrender value of policies to pay a portion of the premiums and accrued interest owed on loans against those policies. We borrowed $75.6 million, $73.1 million and $68.0 million, respectively, against the cash surrender value of certain policies, which was used to partially pay premiums and accrued interest owed of $96.5 million, $93.0 million and $86.3 million in 2023, 2022 and 2021, respectively. The interest rate on outstanding borrowings under the EMJ life insurance policies is fixed at 11.76% and the portion of the policy cash surrender value that the borrowings relate to earns interest and dividend income at 11.26%. The unborrowed portion of the policy cash surrender value earns income at a rate commensurate with certain risk-free U.S. Treasury bond yields but not less than 4.0%. All other life insurance policies earn investment income or incur losses based on the performance of the underlying investments held by the policies.

​

As of December 31, 2023 and 2022, loans and accrued interest outstanding on EMJ’s life insurance policies were $897.9 million and $849.5 million, respectively.

​

Income earned on our life insurance policies and redemptions, interest expense on borrowings against cash surrender values and cost of insurance charges are included in the Other (income) expense, net caption in the accompanying consolidated statements of income as follows:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

Investment income from life insurance policies

$

(97.5)

​

$

(85.2)

​

$

(84.6)

Interest expense on life insurance policy loans

​

98.4

​

​

91.6

​

​

85.5

Life insurance policy cost of insurance

​

16.9

​

​

15.7

​

​

14.4

Income from life insurance policy redemptions

​

(11.7)

​

​

(6.6)

​

​

(6.2)

Life insurance policy expense, net

$

6.1

​

$

15.5

​

$

9.1

​
v3.24.0.1
Debt
 12 Months Ended
Dec. 31, 2023
Debt  
Debt

Note 9. Debt

​

Debt consisted of the following:

​

​

​

​

​

​

​

​

December 31,

​

December 31,

​

2023

   

2022

​

(in millions)

Unsecured revolving credit facility maturing September 3, 2025

$

—

​

$

—

Senior unsecured notes, interest payable semi-annually at 4.50%, effective rate of 4.63%, redeemed on January 15, 2023

​

—

​

​

500.0

Senior unsecured notes, interest payable semi-annually at 1.30%, effective rate of 1.53%, maturing August 15, 2025

​

400.0

​

​

400.0

Senior unsecured notes, interest payable semi-annually at 2.15%, effective rate of 2.27%, maturing August 15, 2030

​

500.0

​

​

500.0

Senior unsecured notes, interest payable semi-annually at 6.85%, effective rate of 6.91%, maturing November 15, 2036

​

250.0

​

​

250.0

Other notes and revolving credit facilities

​

1.4

​

​

9.6

Total

​

1,151.4

​

​

1,659.6

Less: unamortized discount and debt issuance costs

​

(9.2)

​

​

(12.0)

Less: amounts due within one year and short-term borrowings

​

(0.3)

​

​

(508.2)

Total long-term debt

$

1,141.9

​

$

1,139.4

​

The weighted average interest rate on the Company’s outstanding borrowings as of December 31, 2023 and 2022 was 2.88% and 3.37%, respectively.

​

Unsecured Credit Facility

​

On September 3, 2020, we entered into a $1.5 billion unsecured five-year Amended and Restated Credit Agreement that amended and restated our then-existing $1.5 billion unsecured revolving credit facility. On January 12, 2023, the agreement was amended to change the reference rate from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”) (as amended, the “Credit Agreement”). As of December 31, 2023, borrowings under the Credit Agreement were available at variable rates based on SOFR plus 1.10% or the bank prime rate and we currently pay a commitment fee at an annual rate of 0.175% on the unused portion of the revolving credit facility. The applicable margins over SOFR and base rate borrowings, along with commitment fees, are subject to adjustment every quarter based on our leverage ratio, as defined in the Credit Agreement. All borrowings under the Credit Agreement may be prepaid without penalty.

​

As of December 31, 2023 and 2022, we had no outstanding borrowings on the revolving credit facility. As of December 31, 2023 and 2022, we had $1.4 million and $7.7 million of letters of credit outstanding, respectively, under the revolving credit facility.

​

Senior Unsecured Notes

​

On January 15, 2023, we redeemed in full the $500.0 million aggregate outstanding principal amount of our 4.50% senior notes due April 15, 2023 using cash on hand.

​

Under the indentures for each series of our senior notes (the “indentures”), the notes are senior unsecured obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated obligations. If we experience a change in control accompanied by a downgrade in our credit rating, we will be required to make an offer to repurchase each series of the notes at a price equal to 101% of their principal amount plus accrued and unpaid interest.

​

Other Notes, Revolving Credit and Letter of Credit/Letters of Guarantee Facilities

​

A revolving credit facility with a credit limit of $7.7 million is in place for an operation in Asia with no outstanding balance as of December 31, 2023 and $2.2 million outstanding as of December 31, 2022.

​

Various industrial revenue bonds had combined outstanding balances of $1.4 million and $7.4 million as of December 31, 2023 and 2022, respectively, and have maturities through 2027.

​

We have a $50.0 million standby letters of credit/letters of guarantee agreement with one of the lenders under our Credit Agreement. As of December 31, 2023 and 2022, a total of $40.9 million and $18.7 million were outstanding under this facility, respectively.

​

Covenants

​

The Credit Agreement and the indentures include customary representations, warranties, covenants and events of default provisions. The covenants under the Credit Agreement include, among other things, two financial maintenance covenants that require us to comply with a minimum interest coverage ratio and a maximum leverage ratio. We were in compliance with all financial maintenance covenants under our Credit Agreement at December 31, 2023.

​

Debt Maturities

​

The following is a summary of aggregate maturities of long-term debt for each of the next five years and thereafter:

​

​

​

​

​

​

​

​

​

​

​

​

​

   

​

​

   

(in millions)

2024

​

​

​

​

​

​

$

0.3

2025

​

​

​

​

​

​

​

400.3

2026

​

​

​

​

​

​

​

0.4

2027

​

​

​

​

​

​

​

0.4

2028

​

​

​

​

​

​

​

—

Thereafter

​

​

​

​

​

​

​

750.0

​

​

​

​

​

​

​

$

1,151.4

​
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases  
Leases

Note 10. Leases

​

Our metals service center leases are comprised of processing and distribution facilities, equipment, automobiles, trucks and trailers, ground leases and other leased spaces, such as depots, sales offices, storage and data centers. We also lease various office spaces. Our leases of facilities and other spaces expire at various times through 2045 and our ground leases expire at various times through 2068. Nearly all of our leases are operating leases; we have recognized finance right-of-use assets and obligations of less than $1.0 million.

​

The following is a summary of our lease cost:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

Operating lease cost

$

97.4

​

$

91.4

​

$

82.2

​

​

Supplemental cash flow and balance sheet information is presented below:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

Supplemental cash flow information:

​

​

​

​

​

​

​

​

Cash payments for operating leases                 

$

95.2

​

$

86.9

​

$

81.7

Right-of-use assets obtained in exchange for operating lease obligations                

$

74.7

​

$

52.4

​

$

46.8

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

December 31,

​

​

​

​

2023

​

2022

Other lease information:

​

​

​

​

​

​

​

​

Weighted average remaining lease term—operating leases

​

​

​

​

5.8 years

​

​

6.6 years

Weighted average discount rate—operating leases

​

​

​

​

4.3%

​

​

3.8%

​

The following is a summary of aggregate maturities of operating lease liabilities for each of the next five years and thereafter:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in millions)

2024

​

​

​

​

​

​

$

64.9

2025

​

​

​

​

​

​

​

52.1

2026

​

​

​

​

​

​

​

39.1

2027

​

​

​

​

​

​

​

29.6

2028

​

​

​

​

​

​

​

22.6

Thereafter

​

​

​

​

​

​

​

65.1

Total operating lease payments

​

​

​

​

​

​

​

273.4

Less: imputed interest

​

​

​

​

​

​

​

(38.3)

Total operating lease liabilities

​

​

​

​

​

​

$

235.1

​
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Taxes  
Income Taxes

Note 11. Income Taxes

​

Reliance and its subsidiaries file numerous consolidated and separate income tax returns in the U.S. federal jurisdiction and in many state and foreign jurisdictions. We are no longer subject to U.S. federal tax examinations for years before 2020 and state and local tax examinations before 2019. Significant components of the provision for income taxes attributable to continuing operations were as follows:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

Current:

​

​

​

​

​

​

​

​

Federal

$

277.0

​

$

418.9

​

$

362.9

State

​

73.8

​

​

112.9

​

​

98.0

Foreign

​

33.6

​

​

61.1

​

​

28.6

​

​

384.4

​

​

592.9

​

​

489.5

Deferred:

​

​

​

​

​

​

​

​

Federal

​

18.0

​

​

(3.7)

​

​

(20.2)

State

​

0.3

​

​

(2.0)

​

​

(4.0)

Foreign

​

(2.1)

​

​

(1.0)

​

​

0.4

​

​

16.2

​

​

(6.7)

​

​

(23.8)

​

$

400.6

​

$

586.2

​

$

465.7

​

​

Components of U.S. and international income before income taxes were as follows:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

U.S.

$

1,579.4

​

$

2,199.2

​

$

1,778.5

International

​

161.3

​

​

231.2

​

​

104.6

Income before income taxes

$

1,740.7

​

$

2,430.4

​

$

1,883.1

​

The reconciliation of income tax at the U.S. federal statutory tax rate to income tax expense is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

​

​

2023

​

   

2022

​

   

2021

​

Income tax at U.S. federal statutory tax rate

​

21.0

%

​

21.0

%

​

21.0

%

State income tax, net of federal tax effect

​

3.4

​

​

3.5

​

​

3.8

​

Foreign earnings taxed at (lower) higher rates

​

(0.1)

​

​

0.5

​

​

0.4

​

Net effect of life insurance policies

​

(1.1)

​

​

(0.6)

​

​

(0.8)

​

Net effect of changes in unrecognized tax benefits

​

—

​

​

—

​

​

0.1

​

Stock-based compensation

​

—

​

​

—

​

​

0.3

​

Other, net

​

(0.2)

​

​

(0.3)

​

​

(0.1)

​

Effective tax rate

​

23.0

%

​

24.1

%

​

24.7

%

​

​

Significant components of our deferred tax assets and liabilities are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

​

   

2023

   

2022

​

​

​

​

(in millions)

Deferred tax assets:

​

​

​

​

​

​

​

​

Allowance for doubtful accounts

​

​

​

$

6.8

​

$

6.6

Inventory costs capitalized for tax purposes

​

​

​

​

13.1

​

​

12.0

LIFO inventories

​

​

​

​

—

​

​

0.7

Accrued expenses not currently deductible for tax

​

​

​

​

32.0

​

​

29.2

Stock-based compensation

​

​

​

​

12.7

​

​

11.1

Net operating loss carryforwards

​

​

​

​

2.5

​

​

3.2

Tax credits carryforwards

​

​

​

​

0.4

​

​

0.7

Total deferred tax assets

​

​

​

​

67.5

​

​

63.5

Deferred tax liabilities:

​

​

​

​

​

​

​

​

Property, plant and equipment, net

​

​

​

​

(208.4)

​

​

(196.8)

Goodwill and other intangible assets

​

​

​

​

(342.8)

​

​

(340.9)

LIFO inventories

​

​

​

​

(6.3)

​

​

—

Other

​

​

​

​

(4.0)

​

​

(2.4)

Total deferred tax liabilities

​

​

​

​

(561.5)

​

​

(540.1)

Net deferred tax liabilities

​

​

​

$

(494.0)

​

$

(476.6)

​

As of December 31, 2023, we had $3.0 million of state and $0.1 million of acquired federal net operating loss carryforwards (“NOLs”), which are available to offset future income taxes. The state and federal NOLs expire in various years from 2024 through 2043, if not utilized. We believe that it is more likely than not that we will be able to realize these NOLs within their respective carryforward periods.

​

The Company believes it is more likely than not that it will generate sufficient future taxable income to realize its deferred tax assets.

​

Unrecognized Tax Benefits

​

We are under audit by a state jurisdiction for years 2018 through 2021, but do not anticipate any material adjustments from these examinations. Reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits is as follows:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

Unrecognized tax benefits at January 1

$

1.4

​

$

1.9

​

$

1.0

(Decreases) increases in tax positions for prior years

​

(0.2)

​

​

0.8

​

​

—

Increases in tax positions for current year

​

0.6

​

​

—

​

​

1.0

Settlements

​

(0.2)

​

​

(0.8)

​

​

—

Lapse of statute of limitations

​

(0.4)

​

​

(0.5)

​

​

(0.1)

Unrecognized tax benefits at December 31

$

1.2

​

$

1.4

​

$

1.9

​

As of December 31, 2023, $1.2 million of unrecognized tax benefits would impact the effective tax rate if recognized. Accrued interest and penalties, net of applicable tax effect, related to uncertain tax positions were $0.1 million and $0.3 million as of December 31, 2023 and 2022, respectively. Although the timing, settlement or closure of audits is not certain, we do not anticipate our unrecognized tax benefits will increase or decrease significantly over the next twelve months.
v3.24.0.1
Stock-Based Compensation Plans
 12 Months Ended
Dec. 31, 2023
Stock-Based Compensation Plans  
Stock-Based Compensation Plans

Note 12. Stock-Based Compensation Plans

​

We make annual grants of long-term equity incentive awards to officers and key employees under our Second Amended and Restated 2015 Incentive Award Plan in the forms of service-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) that each have approximately 3-year vesting periods. We also grant the non-management members of our Board of Directors fully vested stock awards under our Directors Equity Plan. The fair values of the RSUs, PSUs and stock awards are determined based on the closing stock price of our common stock on the grant date.

​

At December 31, 2023, an aggregate of 1,539,738 shares were authorized for future grant under our various stock-based compensation plans. Awards that expire or are canceled without delivery of shares of our common stock and shares withheld related to net share settlements of vested restricted stock units generally become available for issuance under the plans. As RSUs and PSUs vest, we issue new shares of Reliance common stock.

​

Restricted Stock Units

​

We granted to key employees equity awards consisting of RSUs and PSUs in aggregate amounts as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

RSUs Vesting

​

​

​

​

​

​

​

​

​

​

December 1,

​

​

​

​

​

​

​

​

​

​

and

​

​

​

​

​

   

RSU and PSU

​

Grant Date

​

PSUs Vesting

​

   

RSUs

   

PSUs

   

Aggregate Units

   

Fair Value

   

December 31,

2023

​

109,683

​

84,129

​

193,812

​

$

247.90

​

2025

2022

​

192,798

​

112,451

​

305,249

​

$

187.31

​

2024

2021

​

191,139

​

127,356

​

318,495

​

$

141.41

​

2023

​

Each RSU and PSU includes a service-based condition and consists of a right to receive shares of our common stock and dividend equivalent rights, subject to forfeiture, equal to the accrued cash or stock dividends where the record date for such dividends is after the grant date but before the award is settled. The RSUs provide the right to receive one share of our common stock and cliff vest on December 1 upon satisfaction of an approximately 3-year service-based condition. The PSUs include performance goals and the right to receive a maximum of two shares of our common stock and vest only upon the satisfaction of the service-based condition and certain performance targets for 3-year periods ending December 31.

​

A summary of the status of our unvested RSUs and PSUs as of December 31, 2023 and changes during the year then ended is as follows:

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

​

​

​

Average

​

​

RSU and PSU

​

Grant Date

​

​

Aggregate Units

​

Fair Value

Unvested at January 1, 2023

​

582,012

​

$

164.60

Granted

​

193,812

​

​

247.90

Vested

​

(310,485)

​

​

146.27

Cancelled or forfeited

​

(28,100)

​

​

187.55

Unvested at December 31, 2023

​

437,239

​

$

213.06

Shares reserved for future grants (all plans)

​

1,539,738

​

​

​

​

The fair values as of the respective vesting dates of RSUs and PSUs vested during 2023, 2022 and 2021 were $123.8 million, $147.2 million and $126.0 million, respectively. PSUs totaling 132,787 units that vested on December 31, 2023 were settled in February 2024 through the issuance of 265,574 equivalent shares of our common stock.

​

Stock Awards

​

In 2023, 2022 and 2021, we granted 4,305, 6,136 and 6,248 stock awards, in total, respectively, to the non-employee members of the Board of Directors that were fully vested on the grant date. The fair values of the stock awards granted in 2023, 2022 and 2021, were $243.61 per share, $182.41 per share and $166.39 per share, respectively, determined based on the closing price of our common stock on the respective grant dates.

​

Unrecognized Compensation Cost and Tax Benefits

​

As of December 31, 2023, there was $64.7 million of total unrecognized compensation cost related to unvested RSUs and PSUs that is expected to be recognized, net of actual forfeitures and cancellations, over a weighted average period of 1.6 years.

​

The tax benefit realized from our stock-based compensation plans in 2023, 2022 and 2021 was $7.7 million, $8.0 million and $6.8 million, respectively.
v3.24.0.1
Employee Benefits
 12 Months Ended
Dec. 31, 2023
Employee Benefits  
Employee Benefits

Note 13. Employee Benefits

​

Defined Contribution Plans

​

Effective in 1998, the Reliance Steel & Aluminum Co. Master 401(k) Plan (the “Master 401(k) Plan”) was established, which combined several of the various 401(k) and profit-sharing plans of the Company and its subsidiaries into one plan. Salaried and certain hourly employees of the Company and its participating subsidiaries are covered under the Master 401(k) Plan. Eligibility occurs after 30 days of service and the Company contribution vests at 25% per year. We have other defined contribution plans that include the Precision Strip Retirement and Savings Plan and plans at certain domestic and foreign subsidiaries that have not merged their plans into the Master 401(k) Plan as of December 31, 2023 (collectively, the “Other Defined Contribution Plans”).

​

We also sponsor the Reliance Steel & Aluminum Co. Employee Stock Ownership Plan, a tax-qualified noncontributory employee stock ownership plan, for certain salaried and hourly employees of the Company. The plan is closed to new enrollees and the Company is not currently making annual contributions to the plan.

​

Supplemental Executive Retirement Plans

​

Effective January 1996, we adopted the Supplemental Executive Retirement Plan (“Reliance SERP”), which is a nonqualified pension plan that provides postretirement pension benefits to certain key officers of the Company. The

Reliance SERP is administered by the Compensation Committee of the Board. Benefits are based upon the employees’ earnings. We recognized settlement losses of $2.3 million in the year ended December 31, 2022 related to the payment of benefits under the Reliance SERP.

​

Life insurance policies were purchased for most individuals covered by the Reliance SERP and held within a grantor trust. See Note 8—“Cash Surrender Value of Life Insurance Policies, Net” for further discussion of our life insurance policies. Separate supplemental executive retirement plans exist for certain wholly owned subsidiaries of the Company (together with the Reliance SERP, the “SERPs”), each of which provides postretirement pension benefits to certain former key employees. All SERPs have been frozen to new participants since 2009.

​

Deferred Compensation Plan

​

In December 2008, the Reliance Deferred Compensation Plan (the “DCP”) was established for certain officers and key employees of the Company. Account balances from various compensation plans of subsidiaries were contributed and consolidated into this new deferred compensation plan. Plan participants may contribute a portion of their eligible compensation to the plan and Reliance currently makes contributions to the plan for certain participants.

​

During 2021, we established a grantor trust to fund our obligations under the DCP. The grantor trust is an irrevocable grantor trust to which we may contribute assets for the purpose of funding the DCP. Although we may not use the assets of the grantor trust for any purpose other than meeting our obligations under the DCP, the assets of the grantor trust remain subject to the claims of our creditors. The aggregate fair value of the marketable securities held by the grantor trust as of December 31, 2023 and 2022 were $51.0 million and $41.2 million, respectively, and the amount of our obligations to the participants under the DCP on those dates were also $51.0 million and $41.2 million, respectively. The grantor trust assets and our liability under the DCP are included in the Other long-term assets and Other long-term liabilities captions of our consolidated balance sheets. The Company expects to contribute $2.4 million to the plan during 2024.

​

Multiemployer Plans

​

Certain of our union employees participate in plans collectively bargained and maintained by multiple employers and a labor union. We do not recognize on our balance sheet any amounts relating to these plans. For 2023, 2022 and 2021 our contributions to these plans were $5.4 million, $5.4 million and $4.8 million, respectively. Some of the plans we participate in are in endangered, critical or critical and declining status and have adopted rehabilitation plans. If we were to withdraw our participation from these plans, we would be required to recognize a liability on our balance sheet and the amount could be significant.

​

Defined Benefit Plan

​

Our wholly owned subsidiary, EMJ, maintains a qualified defined benefit pension plan (the “Defined Benefit Plan”) for certain union employees. The plan generally provides benefits of stated amounts for each year of service or provides benefits based on the participant’s hourly wage rate and years of service. The plan permits the sponsor, at any time, to amend or terminate the plan.

​

​

We use a December 31 measurement date for our plans. The following is a summary of the status of the funding of the SERPs and Defined Benefit Plan:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

Defined Benefit Plan

​

2023

   

2022

   

2023

   

2022

​

(in millions)

​

(in millions)

Change in benefit obligation:

​

​

​

​

​

​

​

​

​

​

​

Benefit obligation at beginning of year

$

18.8

​

$

36.4

​

$

55.0

​

$

74.5

Service cost

​

0.3

​

​

0.4

​

​

1.3

​

​

2.0

Interest cost

​

0.9

​

​

0.7

​

​

2.7

​

​

2.0

Actuarial loss (gain)(1)

​

1.0

​

​

(5.6)

​

​

1.0

​

​

(21.0)

Benefits paid

​

(0.8)

​

​

(0.8)

​

​

(2.5)

​

​

(2.5)

Plan amendment

​

—

​

​

—

​

​

2.5

​

​

—

Plan settlement

​

—

​

​

(12.3)

​

​

—

​

​

—

Benefit obligation at end of year

$

20.2

​

$

18.8

​

$

60.0

​

$

55.0

​

​

​

​

​

​

​

​

​

​

​

​

Change in plan assets:

​

​

​

​

​

​

​

​

​

​

​

Fair value of plan assets at beginning of year

​

N/A

​

​

N/A

​

$

56.7

​

$

70.9

Actual return on plan assets

​

N/A

​

​

N/A

​

​

9.6

​

​

(11.7)

Benefits paid

​

N/A

​

​

N/A

​

​

(2.5)

​

​

(2.5)

Fair value of plan assets at end of year

​

N/A

​

​

N/A

​

$

63.8

​

$

56.7

​

​

​

​

​

​

​

​

​

​

​

​

Funded status:

​

​

​

​

​

​

​

​

​

​

​

Funded status of the plans

$

(20.2)

​

$

(18.8)

​

$

3.8

​

$

1.7

​

​

​

​

​

​

​

​

​

​

​

​

Items not yet recognized as component of net periodic pension expense:

​

​

​

​

​

​

​

​

​

​

​

Unrecognized net actuarial losses (gains)

$

2.9

​

$

1.9

​

$

(4.7)

​

$

0.5

Unamortized prior service cost

​

—

​

​

—

​

​

4.8

​

​

2.8

​

$

2.9

​

$

1.9

​

$

0.1

​

$

3.3

(1)Actuarial gains in 2022 were primarily due to increases in the discount rate used to measure the obligations.

​

As of December 31, 2023 and 2022, the following amounts were recognized on the balance sheet:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

Defined Benefit Plan

​

2023

   

2022

   

2023

   

2022

​

(in millions)

​

(in millions)

Amounts recognized in the statement of financial position:

​

​

​

​

​

​

​

​

​

​

​

Noncurrent assets

$

—

​

$

—

​

$

3.8

​

$

1.7

Current liabilities

​

(0.8)

​

​

(0.8)

​

​

—

​

​

—

Noncurrent liabilities

​

(19.4)

​

​

(18.0)

​

​

—

​

​

—

Accumulated other comprehensive loss

​

2.9

​

​

1.9

​

​

0.1

​

​

3.3

Net amount recognized

$

(17.3)

​

$

(16.9)

​

$

3.9

​

$

5.0

​

The accumulated benefit obligation for the SERPs was $18.2 million and $17.1 million as of December 31, 2023 and 2022, respectively.

​

Details of net periodic benefit cost related to the SERPs and Defined Benefit Plan are presented below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

Defined Benefit Plan

​

Year Ended December 31,

​

Year Ended December 31,

​

2023

   

2022

   

2021

   

2023

   

2022

   

2021

​

(in millions)

​

(in millions)

Service cost

$

0.3

​

$

0.4

​

$

1.0

​

$

1.3

​

$

2.0

​

$

2.2

Interest cost

​

0.9

​

​

0.7

​

​

0.6

​

​

2.7

​

​

2.0

​

​

1.8

Expected return on plan assets

​

—

​

​

—

​

​

—

​

​

(3.3)

​

​

(4.2)

​

​

(3.9)

Settlement loss

​

—

​

​

2.3

​

​

—

​

​

—

​

​

—

​

​

—

Prior service cost

​

—

​

​

—

​

​

—

​

​

0.5

​

​

0.5

​

​

0.6

Amortization of net loss

​

—

​

​

0.6

​

​

1.8

​

​

—

​

​

—

​

​

0.8

​

$

1.2

​

$

4.0

​

$

3.4

​

$

1.2

​

$

0.3

​

$

1.5

​

Net periodic benefit cost related to the SERPs and the Defined Benefit Plan is presented in our consolidated statements of income, as summarized below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

Defined Benefit Plan

​

Year Ended December 31,

​

Year Ended December 31,

​

2023

   

2022

   

2021

   

2023

   

2022

   

2021

​

(in millions)

​

(in millions)

Amounts recognized in the statement of income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Warehouse, delivery, selling, general and administrative expense

$

0.3

​

$

0.4

​

$

1.0

​

$

1.3

​

$

2.0

​

$

2.2

Other expense (income), net

​

0.9

​

​

3.6

​

​

2.4

​

​

(0.1)

​

​

(1.7)

​

​

(0.7)

​

$

1.2

​

$

4.0

​

$

3.4

​

$

1.2

​

$

0.3

​

$

1.5

​

Assumptions used to determine net periodic benefit cost are detailed below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

Defined Benefit Plan

​

​

Year Ended December 31,

​

Year Ended December 31,

​

​

2023

   

2022

   

2021

   

2023

   

2022

   

2021

 

Weighted average assumptions to determine net cost:

​

​

​

​

​

​

​

​

​

​

​

​

Discount rate

4.58

%

2.17

%

1.64

%

5.00

%

2.70

%

2.40

%

Expected long-term rate of return on plan assets

N/A

​

N/A

​

N/A

​

6.00

%

6.00

%

6.25

%

Rate of compensation increase

6.00

%

6.00

%

6.00

%

N/A

​

N/A

​

N/A

​

​

Assumptions used to determine the benefit obligation are detailed below:

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

Defined Benefit Plan

​

​

December 31,

​

December 31,

​

​

2023

   

2022

   

2023

   

2022

 

Weighted average assumptions to determine benefit obligations:

​

​

​

​

​

​

​

​

Discount rate

4.35

%

4.51

%

4.80

%

5.00

%

Expected long-term rate of return on plan assets

N/A

​

N/A

​

6.00

%

6.00

%

Rate of compensation increase

6.00

%

6.00

%

N/A

​

N/A

​

​

Employer contributions of $0.8 million are expected during 2024 to the SERPs and none for the Defined Benefit Plan.

​

Plan Assets and Investment Policy

​

The weighted-average asset allocations of our Defined Benefit Plan by asset category were as follows:

​

​

​

​

​

​

​

December 31,

​

​

2023

    

2022

​

Plan assets:

​

​

​

​

Equity securities

62

%

58

%

Debt securities

37

​

38

​

Cash and cash equivalents

1

​

4

​

Total

100

%

100

%

​

Plan assets are invested in various asset classes that are expected to produce a sufficient level of diversification and investment return over the long term. The investment goal is a return on assets that is at least equal to the assumed actuarial rate of return over the long-term within reasonable and prudent levels of risk. We establish our estimated long-term return on plan assets assumption considering various factors including the targeted asset allocation percentages, historic returns and expected future returns.

​

The fair value measurements of the investments held by our Defined Benefit Plan fall within the following levels of the fair value hierarchy as of December 31, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Level 1

    

Level 2

    

Level 3

    

Total

​

(in millions)

December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

Common stock(1)

$

37.8

​

$

—

​

$

—

​

$

37.8

U.S. government, state and agency

​

—

​

​

8.3

​

​

—

​

​

8.3

Corporate debt securities(2)

​

—

​

​

3.8

​

​

—

​

​

3.8

Mutual funds(3)

​

13.4

​

​

—

​

​

—

​

​

13.4

Interest bearing cash

​

0.5

​

​

—

​

​

—

​

​

0.5

Total investments at fair value

$

51.7

​

$

12.1

​

$

—

​

$

63.8

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2022

​

​

​

​

​

​

​

​

​

​

​

Common stock(1)

$

31.4

​

$

—

​

$

—

​

$

31.4

U.S. government, state and agency

​

—

​

​

6.0

​

​

—

​

​

6.0

Corporate debt securities(2)

​

—

​

​

4.6

​

​

—

​

​

4.6

Mutual funds(3)

​

12.6

​

​

—

​

​

—

​

​

12.6

Interest bearing cash

​

2.1

​

​

—

​

​

—

​

​

2.1

Total investments at fair value

$

46.1

​

$

10.6

​

$

—

​

$

56.7

(1)Comprised primarily of securities of large domestic and foreign companies. Valued at the closing price reported on the active market on which the individual securities are traded on national exchanges.

​

(2)Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing values on a combination of inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data.

​

(3)Mutual funds held are registered with the United States Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held are deemed to be actively traded.

​

Summary Disclosures—SERPs and Defined Benefit Plan

​

The following is a summary of benefit payments under the SERPs and the Defined Benefit Plan, which reflect expected future employee service, as appropriate, expected to be paid in the periods indicated:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Defined

​

​

​

   

SERPs

   

Benefit Plan

​

​

​

​

(in millions)

2024

​

​

​

$

0.8

​

$

2.7

2025

​

​

​

​

0.8

​

​

3.0

2026

​

​

​

​

0.8

​

​

3.2

2027

​

​

​

​

1.2

​

​

3.4

2028

​

​

​

​

0.6

​

​

3.6

2029-2033

​

​

​

​

22.1

​

​

19.7

​

Contributions to Reliance Sponsored Retirement Plans

​

Our expense for Reliance-sponsored retirement plans was as follows:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

Master 401(k) Plan

$

29.3

​

$

28.1

​

$

25.6

Precision Strip Retirement and Savings Plan

​

10.9

​

​

9.2

​

​

8.0

Deferred Compensation Plan

​

2.4

​

​

2.0

​

​

2.5

Other Defined Contribution Plans

​

2.0

​

​

2.0

​

​

2.0

Defined Benefit Plan

​

1.2

​

​

0.3

​

​

1.5

Supplemental Executive Retirement Plans

​

1.2

​

​

4.0

​

​

3.4

​

$

47.0

​

$

45.6

​

$

43.0

​
v3.24.0.1
Equity
 12 Months Ended
Dec. 31, 2023
Equity  
Equity

Note 14. Equity

​

Common Stock

​

We have paid regular quarterly cash dividends on our common stock for 64 consecutive years. Our Board of Directors increased the quarterly dividend to $0.6875 per share in February 2021 from $0.625 per share, to $0.875 per share in February 2022, to $1.00 per share in February 2023 and to $1.10 per share in February 2024. The holders of Reliance common stock are entitled to one vote per share on each matter submitted to a vote of stockholders.

​

Shares Outstanding

​

Issued and outstanding common shares were as follows:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in thousands)

Issued and outstanding common shares, beginning balances

​

58,787

​

​

61,806

​

​

63,600

Issued to settle RSUs and PSUs, net of withheld shares

​

362

​

​

506

​

​

313

Repurchased

​

(1,878)

​

​

(3,525)

​

​

(2,107)

Issued and outstanding common shares, ending balances

​

57,271

​

​

58,787

​

​

61,806

​

Share Repurchases

​

On October 24, 2023, our Board of Directors renewed our share repurchase program to increase the remaining repurchase authorization to $1.5 billion effective October 30, 2023. Our $1.0 billion share repurchase program authorized

by our Board of Directors on July 26, 2022 had remaining repurchase authorization of $261.5 million as of the date of the renewal. The share repurchase program does not obligate us to repurchase any specific number of shares, does not have a specific expiration date and may be suspended or discontinued at any time. Repurchased and subsequently retired shares are restored to the status of authorized but unissued shares. As of December 31, 2023, we had remaining authorization under the plan to repurchase $1.44 billion of our common shares. We repurchase shares of our common stock from time to time pursuant to a combination of one or more open market repurchases and transactions structured through investment banking institutions in reliance upon Rule 10b5-1 and/or Rule 10b-18 under the Exchange Act.

​

Our share repurchase activity for the past three years consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Cost

​

​

​

​

​

Shares

   

Per Share

   

Amount

​

​

(in thousands)

​

​

​

​

(in millions)

2023

​

1,878

​

$

255.30

​

$

479.5

2022

​

3,525

​

$

178.81

​

$

630.3

2021

​

2,107

​

$

153.55

​

$

323.5

​

The table above excludes taxes paid for shares withheld to settle employees’ tax withholding obligations related to net share settlements upon the vesting of restricted stock units of $54.1 million, $39.7 million and $21.2 million for 2023, 2022 and 2021, respectively. Additionally, our share repurchases exclude excise tax due under the Inflation Reduction Act of 2022.

​

​

Preferred Stock

​

We are authorized to issue 5,000,000 shares of preferred stock, par value $0.001 per share. No shares of our preferred stock are issued and outstanding. Our restated articles of incorporation provide that shares of preferred stock may be issued from time to time in one or more series by the Board. The Board can fix the preferences, conversion and other rights, voting powers, restrictions and limitations as to dividends, qualifications and terms and conditions of redemption of each series of preferred stock. The rights of preferred stockholders may supersede the rights of common stockholders.

​

Accumulated Other Comprehensive Loss

​

Accumulated other comprehensive loss included the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pension and

​

​

​

Foreign Currency

​

Postretirement Benefit

​

Accumulated Other

​

Translation

​

Plan Adjustments,

​

Comprehensive

​

(Loss) Gain

   

Net of Tax

   

(Loss) Income

​

​

​

​

(in millions)

​

​

​

Balance as of January 1, 2023

$

(84.0)

​

$

(2.3)

​

$

(86.3)

Current-year change

​

8.3

​

​

1.3

​

​

9.6

Balance as of December 31, 2023

$

(75.7)

​

$

(1.0)

​

$

(76.7)

​

Foreign currency translation adjustments have not been adjusted for income taxes. Pension and postretirement benefit plan adjustments are amortized over service periods and reflected in the amortization of net loss component of our net periodic benefit cost or are otherwise recognized as a loss as a result of plan settlements.

​

Pension and postretirement benefit adjustments are net of taxes of $0.7 million and $1.3 million as of December 31, 2023 and 2022, respectively. The income tax effects are released from accumulated other comprehensive loss and included in our income tax provision as obligations under our pension and postretirement plans are settled. In 2022, $0.3 million of income tax effects were released related to the partial settlement of the Reliance SERP. See Note 13—“Employee Benefits” for further information on our 2022 plan settlement.

v3.24.0.1
Other (Income) Expense, Net
 12 Months Ended
Dec. 31, 2023
Other (Income) Expense, Net.  
Other (Income) Expense, Net

Note 15. Other (Income) Expense, Net

​

Significant components of Other (income) expense, net are as follows:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

Interest income

$

(35.2)

​

$

(9.3)

​

$

(1.1)

(Income) loss on deferred compensation plan assets

​

(6.6)

​

​

6.9

​

​

(4.1)

Life insurance policy expense, net

​

6.1

​

​

15.5

​

​

9.1

Foreign currency transaction losses

​

1.3

​

​

6.2

​

​

4.0

All other, net

​

(6.9)

​

​

(5.1)

​

​

(4.8)

​

$

(41.3)

​

$

14.2

​

$

3.1

​
v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies.  
Commitments and Contingencies

Note 16. Commitments and Contingencies

​

Purchase Commitments

​

As of December 31, 2023, we had commitments to purchase minimum quantities of certain metal products, which we entered into to secure material for corresponding long-term sales commitments with our customers. The total amount of the minimum commitments based on current pricing is estimated at approximately $301.4 million, with amounts in 2024, 2025 and thereafter being $195.7 million, $54.7 million and $51.0 million, respectively.

​

Collective Bargaining Agreements

​

As of December 31, 2023, approximately 1,850, or 12%, of our total employees were covered by 60 collective bargaining agreements at 52 of our different locations, which expire at various times over the next five years. Approximately 700 of our employees are covered by 19 different collective bargaining agreements that will expire during 2024.

​

Environmental Contingencies

​

We are subject to extensive and changing federal, state, local and foreign laws and regulations designed to protect the environment, including those relating to the use, handling, storage, discharge and disposal of hazardous substances and the remediation of environmental contamination. Our operations use minimal amounts of such substances.

​

We believe we are in material compliance with environmental laws and regulations; however, we are from time to time involved in administrative and judicial proceedings and inquiries relating to environmental matters. Some of our owned or leased properties are located in industrial areas with histories of heavy industrial use. We may incur some environmental liabilities because of the location of these properties. In addition, we are currently involved with an environmental remediation project related to activities at former manufacturing operations of EMJ, our wholly owned subsidiary, that were sold many years prior to our acquisition of EMJ in 2006. Although the potential cleanup costs could be significant, EMJ maintained insurance policies during the time it owned the manufacturing operations that have covered costs incurred to date and are expected to continue to cover the majority of the related costs. We do not expect that this obligation will have a material adverse impact on our consolidated financial position, results of operations or cash flows.

​

Legal Matters

​

From time to time, we are named as a defendant in legal actions. These actions generally arise in the ordinary course of business. We are not currently a party to any pending legal proceedings other than routine litigation incidental to the business. We expect that these matters will be resolved without having a material adverse impact on our consolidated financial condition, results of operations or cash flows. We maintain general liability insurance against risks arising in the ordinary course of business.
v3.24.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share  
Earnings Per Share

Note 17. Earnings Per Share

​

The following table sets forth the computation of basic and diluted earnings per share:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions, except number of shares which are reflected in thousands and per share amounts)

Numerator:

​

​

​

​

​

​

​

​

Net income attributable to Reliance

$

1,335.9

​

$

1,840.1

​

$

1,413.0

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

Weighted average shares outstanding

​

58,328

​

​

60,559

​

​

63,217

Dilutive effect of stock-based awards

​

687

​

​

936

​

​

1,110

Weighted average diluted shares outstanding

​

59,015

​

​

61,495

​

​

64,327

​

​

​

​

​

​

​

​

​

Earnings per share attributable to Reliance stockholders:

​

​

​

​

​

​

​

​

Basic

$

22.90

​

$

30.39

​

$

22.35

Diluted

$

22.64

​

$

29.92

​

$

21.97

​

The computations of diluted earnings per share using the treasury stock method for 2023, 2022 and 2021 do not include 51,409, 83,857 and 116,206 weighted average shares, respectively, in respect of outstanding RSUs and PSUs, because their inclusion would have been anti-dilutive.

v3.24.0.1
Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Information  
Segment Information

Note 18. Segment Information

​

We have one operating and reportable segment—metals service centers. Although a variety of products or services are sold at our various locations, in total, gross sales were comprised of the following in each of the three years ended December 31:

​

​

​

​

​

​

​

​

​

2023

​

2022

​

2021

​

Carbon steel

53

%

54

%

58

%

Aluminum

16

​

15

​

14

​

Stainless steel

15

​

17

​

16

​

Alloy

5

​

4

​

4

​

Toll processing and logistics

4

​

3

​

3

​

Copper and brass

2

​

2

​

1

​

Other

5

​

5

​

4

​

Total

100

%

100

%

100

%

​

The following table summarizes consolidated financial information of our U.S. and foreign operations:

​

​

​

​

​

​

​

​

​

​

​

United States

   

Foreign Countries

   

Total

​

(in millions)

Year Ended December 31, 2023:

​

​

​

​

​

​

​

​

Net sales

$

13,786.8

​

$

1,019.1

​

$

14,805.9

Long-lived assets

​

5,288.4

​

​

420.1

​

​

5,708.5

Year Ended December 31, 2022:

​

​

​

​

​

​

​

​

Net sales

​

15,978.6

​

​

1,046.4

​

​

17,025.0

Long-lived assets

​

5,051.9

​

​

391.4

​

​

5,443.3

Year Ended December 31, 2021:

​

​

​

​

​

​

​

​

Net sales

​

13,371.7

​

​

721.6

​

​

14,093.3

Long-lived assets

​

4,971.2

​

​

404.7

​

​

5,375.9

​
v3.24.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2023
Subsequent Events  
Subsequent Events

Note 19. Subsequent Events

​

In February 2024, we completed the acquisition of Cooksey Iron & Metal Company (“Cooksey Steel”) and entered into a definitive agreement to acquire American Alloy Steel, Inc. (“American Alloy”) subject to regulatory approval and other customary closing conditions.

The allocation of the total purchase price for our acquisition of Cooksey Steel to the fair values of the assets acquired and liabilities assumed is not presented as the accounting is incomplete due to the recency of the acquisition.
v3.24.0.1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2023
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS  
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

RELIANCE, INC.

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

(in millions)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Additions

​

​

​

​

Amounts

​

​

​

​

​

Balance at

​

Charged to

​

​

​

​

Charged to

​

Balance at

​

​

Beginning

​

Costs and

​

​

​

​

Other

​

End of

​

   

of Year

   

Expenses

   

Deductions(1)

   

Accounts

   

Year

Year Ended December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance for credit losses

​

$

26.1

​

$

3.5

​

$

4.7

​

$

—

​

$

24.9

Year Ended December 31, 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance for credit losses

​

$

26.7

​

$

3.4

​

$

4.0

​

$

—

​

$

26.1

Year Ended December 31, 2021:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance for credit losses

​

$

19.0

​

$

9.8

​

$

2.8

​

$

0.7

​

$

26.7

(1)Uncollectible accounts written off.

​

See accompanying report of independent registered public accounting firm.
v3.24.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Summary of Significant Accounting Policies  
Principles of Consolidation

Principles of Consolidation

​

In February 2024, we changed our corporate name from Reliance Steel & Aluminum Co. to Reliance, Inc. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout the financial statements. The accompanying financial statements include the accounts of Reliance, Inc. (formerly Reliance Steel & Aluminum Co.) and its subsidiaries (collectively “Reliance”, “the Company”, “we”, “our” or “us”). Our consolidated financial statements include the assets, liabilities and operating results of majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The ownership of the other interest holders of consolidated subsidiaries is reflected as noncontrolling interests. Investments in unconsolidated subsidiaries are recorded under the equity method of accounting.
Business

Business

​

As a global diversified metal solutions provider, we operated a network of more than 315 locations in 40 U.S. states and 12 foreign countries (Belgium, Canada, China, France, India, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom) at December 31, 2023 that provides value-added metals processing services and distributes a full line of more than 100,000 metal products.

​
Accounting Estimates

Accounting Estimates

​

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, such as allowances for credit losses, net realizable values of inventories, fair values and/or impairment of goodwill and other indefinite-lived intangible assets and long-lived assets, the amount of unrecognized tax benefits and other contingencies; the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates.
Accounts Receivable and Concentrations of Credit Risk

Accounts Receivable and Concentrations of Credit Risk

​

Trade receivables are typically non-interest bearing and are recorded at amortized cost. Sales to our recurring customers are generally made on open account terms while sales to occasional customers may be made on a collect on delivery basis. Past due status of customer accounts is determined based on how recently payments have been received in relation to payment terms granted. Credit is generally extended based upon an evaluation of each customer’s financial condition, with terms consistent in the industry and no collateral required. The allowance for credit losses reflects the expected losses on our trade receivables and is determined based on customer-specific facts and the consideration of historical loss information, current conditions and reasonable and supportable forecasts using a loss-rate approach. Amounts are written-off against the allowance in the period we determine the receivable is uncollectible.

​

Concentrations of credit risk with respect to trade receivables are limited due to the geographically diverse customer base, with limited exposure to any single customer account, and various industries into which our products are sold. We do not consider ourselves to have any significant concentrations of credit risk.
Inventories

​

Inventories

​

The majority of our inventory is valued using the last-in, first-out (“LIFO”) method, which is not in excess of market. Under this method, older costs are included in inventory, which may be higher or lower than current costs. This method of

valuation is subject to year-to-year fluctuations in cost of material sold, which is influenced by the inflation or deflation existing within the metal wholesaling industry as well as fluctuations in our product mix and on-hand inventory levels.
Fair Values of Financial Instruments

Fair Values of Financial Instruments

​

Fair values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, other current liabilities and current maturities of operating lease liabilities approximate carrying values due to the short period of time to maturity. Fair values of long-term debt, which have been determined based on borrowing rates currently available to us or to other companies with comparable credit ratings, for loans with similar terms or maturity, approximate the carrying amounts in the consolidated financial statements, with the exception of our publicly traded senior unsecured notes with aggregate face values of $1.15 billion and $1.65 billion as of December 31, 2023 and 2022, respectively. The aggregate fair values of these senior unsecured notes based on quoted market prices were $1.07 billion and $1.53 billion at December 31, 2023 and 2022, respectively, compared to their aggregate carrying values of $1.14 billion and $1.64 billion, respectively. The estimated fair values of our senior unsecured notes are based on Level 2 inputs, including benchmark yields, reported trades and broker/dealer quotes. Fair values of our other financial instruments, which include deferred compensation plan assets held within grantor trusts, are comprised of marketable securities that are generally based on quoted market prices for identical instruments that trade in active markets.

Cash Equivalents

Cash Equivalents

​

We consider all highly liquid instruments with an original maturity of three months or less when purchased to be cash equivalents. We maintain cash and cash equivalents with high credit quality financial institutions. The Company, by policy, limits the amount of credit exposure to any one financial institution.

Goodwill and Other Indefinite-Lived Intangible Assets

Goodwill and Other Indefinite-Lived Intangible Assets

​

Goodwill is the excess of purchase price over the fair value of identified assets and liabilities of businesses acquired. Other indefinite-lived intangible assets include amounts allocated to the trade names of businesses acquired. Goodwill and other indefinite-lived intangible assets are not amortized but are tested for impairment at least annually.

​

We test for impairment of goodwill and intangible assets deemed to have indefinite lives annually and, between annual tests, whenever significant events or changes occur based on an assessment of qualitative factors to determine if it is more likely than not that the fair value is less than the carrying value. We have one operating segment and one reporting unit for goodwill impairment purposes. We calculate the fair value of the reporting unit using our market capitalization or the discounted cash flow method, as necessary, and compare the fair value to the carrying value of the reporting unit to determine if impairment exists. We perform our annual impairment evaluations of goodwill and other indefinite-lived intangible assets on November 1 of each year. No impairment of goodwill was determined to exist in any of the years presented. No impairment losses were recognized related to our other intangible assets with indefinite lives in 2023 and 2022. We recognized impairment losses of $4.7 million related to our other intangible assets with indefinite lives in 2021.

Long-Lived Assets

Long-Lived Assets

​

Property, plant and equipment is recorded at cost (or at fair value for assets acquired in connection with business combinations) and the provision for depreciation of these assets is generally computed on the straight-line method at rates designed to distribute the cost of assets over the useful lives, estimated as follows: buildings, including leasehold improvements, over five to 50 years and machinery and equipment over three to 20 years.

​

As of December 31, 2023, 2022 and 2021, noncash investing activity included $15.2 million, $6.3 million and $3.2 million of capital expenditures, respectively, included in accounts payable/accrued expenses.

​

Intangible assets with finite useful lives are amortized over their useful lives. We periodically review the recoverability of our property, plant and equipment and intangible assets subject to amortization whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We didn’t recognize any impairment losses for long-lived assets in any of the years presented.

Leases

​

Leases

​

We determine if an arrangement is a lease at inception. Our lease agreements generally contain only lease components. Our lease payments are generally fixed with certain leases containing variable payments related to Consumer Price Index (“CPI”) annual adjustments.

​

Right-of-use assets and lease liabilities are recognized on the balance sheet at the present value of the future lease payments at the lease commencement date. Certain of our lease terms include periods under renewal options when it is reasonably certain that we will exercise that option. We generally include optional renewal periods when determining our lease terms and future lease payments. The interest rate used to determine the present value of future lease payments is our incremental borrowing rate that is estimated to approximate the interest rate on a collateralized basis with similar terms and payments.

​

Operating lease cost is recognized on a straight-line basis over the lease term.

Revenue Recognition

Revenue Recognition

​

We recognize revenue when control of metal products or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Sales and value-added taxes collected from customers are excluded from our reported sales. There are no significant judgments or estimates made to determine the amount or timing of our reported revenues. The amount of transaction price associated with unperformed performance obligations is not significant as of December 31, 2023 and 2022.

​

Metal Sales

​

We have minimal long-term contract sales with our customers as we primarily transact in the spot market under fixed price sales orders. The majority of our metal product sales orders generally have only one performance obligation: sale of processed or unprocessed metal product. Control of the metal products we sell transfers to our customers upon delivery for orders with free on board (“FOB”) destination terms or upon shipment for orders with FOB shipping point terms. Shipping and handling charges to our customers are included in net sales. We account for all shipping and handling of our products as fulfillment activities and not as a promised good or service. Costs incurred in connection with the shipping and handling of our products are typically included in operating expenses whether we use a third-party carrier or our own trucks. In 2023, 2022 and 2021, shipping and handling costs included in Warehouse, delivery, selling, general and administrative (“SG&A”) expenses were $525.9 million, $509.7 million and $424.6 million, respectively. Shipment and delivery of our orders generally occur on the same day due to the close proximity of our customers and our metals service center locations.

​

Toll Processing and Logistics

​

Toll processing services relate to the processing of customer-owned metal. Logistics services primarily include transportation and storage services for metal we toll process. Revenue for these services is recognized over time as the toll processing or logistics services are performed. The toll processing services are generally short-term in nature with the service being performed in less than one day.

​

Seasonality

​

Some of our customers are in seasonal businesses, especially customers in the construction industry and related businesses. Our overall operations have not shown any material seasonal trends as a result of our geographic, product and customer diversity. Typically, revenues in the months of July, November and December have been lower than in other months because of a reduced number of working days for shipments of our products, resulting from holidays observed by the Company as well as vacation and extended holiday closures at some of our customers. The number of shipping days in each quarter also has an impact on our quarterly sales and profitability. We cannot predict whether period-to-period

fluctuations will be consistent with historical patterns. Results of any one or more quarters are therefore not necessarily indicative of annual results.
Stock-Based Compensation

Stock-Based Compensation

​

All of our stock-based compensation plans are considered equity plans. The fair value of stock awards and restricted stock units is determined based on the fair value of our common stock on the grant date. The fair value of stock awards and restricted stock units is expensed on a straight-line basis over their respective vesting periods, net of forfeitures when they occur. Stock-based compensation expense was $65.0 million, $65.3 million and $70.8 million in 2023, 2022 and 2021, respectively, and is included in the Warehouse, delivery, selling, general and administrative caption of our consolidated statements of income.
Environmental Remediation Costs

Environmental Remediation Costs

​

We accrue for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remediation feasibility study. Such accruals are adjusted as further information develops or circumstances change. Recoveries of environmental remediation costs from insurance policies and other parties are recorded as assets when their receipt is deemed probable. We are not aware of any environmental remediation obligations that would materially affect our operations, financial position or cash flows. See Note 16—“Commitments and Contingencies” for further discussion of our environmental remediation matters.
Income Taxes

Income Taxes

​

We file a consolidated U.S. federal income tax return with our wholly owned domestic subsidiaries. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax reporting bases of assets and liabilities using the enacted tax rates expected to be in effect when such differences are realized or settled. The effect on deferred taxes from a change in tax rates is recognized in income in the period that includes the enactment date of the change. The provision for income taxes reflects the taxes to be paid for the period and the change during the period in the deferred tax assets and liabilities. We evaluate on a quarterly basis whether, based on all available evidence, it is probable that the deferred income tax assets are realizable. Valuation allowances are established when it is estimated that it is more likely than not that the tax benefit of the deferred tax asset will not be realized.

​

We perform a comprehensive review of our uncertain tax positions on a quarterly basis. Tax benefits are recognized when it is more likely than not that a tax position will be sustained upon examination. The benefit from a position that has surpassed the more-likely-than-not threshold is measured as the largest amount of benefit that is more than 50% likely to be realized upon settlement. We recognize interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense.
Foreign Currencies

Foreign Currencies

​

The currency effects of translating into U.S. dollars the financial statements of our foreign subsidiaries, which typically use the local currency of the countries in which they are located, are included in the Accumulated other comprehensive loss caption in the consolidated balance sheets. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of income in the Other (income) expense, net caption and amounted to $1.3 million, $6.2 million and $4.0 million of losses in 2023, 2022 and 2021, respectively.

​
Impact of Recently Issued Accounting Standards - Not Yet Adopted

Impact of Recently Issued Accounting Standards—Not Yet Adopted

​

Segment Reporting—In November 2023, the Financial Accounting Standards Board (“FASB”) issued changes that require disclosure of significant expenses and other segment items included in the measure of segment profitability that the chief operating decision maker uses to assess segment performance and make decisions about resource allocation. Under these changes, companies like Reliance with a single reportable segment are required to provide the same disclosures

as companies with multiple segments. These changes will be effective for our fiscal years beginning January 1, 2024 and quarterly periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect these changes will have on our consolidated financial statement disclosures.

​

Improvement to Income Tax Disclosures—In December 2023, the FASB issued changes to expand the disclosure requirements for income taxes. The changes require disaggregated information about our effective tax rate reconciliation and income taxes paid. These changes will be effective for our fiscal years beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect these changes will have on our consolidated financial statement disclosures.
v3.24.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2023
2021 Acquisitions  
Acquisitions  
Schedule of pro forma information

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

​

​

2021

​

​

​

    

​

​

    

(in millions)

Pro forma:

​

​

​

​

​

​

​

​

Net sales

​

​

​

​

​

​

$

14,820.5

Net income attributable to Reliance

​

​

​

​

​

​

$

1,518.0

​

​

​

​

​

​

​

​

​

Earnings per share attributable to Reliance stockholders:

​

​

​

​

​

​

​

​

Basic

​

​

​

​

​

​

$

24.01

Diluted

​

​

​

​

​

​

$

23.60

​
v3.24.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2023
Inventories  
Schedule of inventories

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

December 31,

​

​

​

   

2023

    

2022

​

​

​

​

(in millions)

LIFO inventories—cost on FIFO method

​

​

​

$

2,087.3

​

$

2,257.9

Cost on FIFO method higher than LIFO value

​

​

​

​

(579.3)

​

​

(743.8)

Inventories—stated on LIFO method

​

​

​

​

1,508.0

​

​

1,514.1

Inventories—stated on FIFO method

​

​

​

​

535.2

​

​

481.2

​

​

​

​

$

2,043.2

​

$

1,995.3
Schedule of changes in the LIFO valuation reserve

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

LIFO inventory valuation reserve (income) expense

$

(164.5)

​

$

(76.6)

​

$

704.8
v3.24.0.1
Revenues (Tables)
 12 Months Ended
Dec. 31, 2023
Revenues.  
Schedule of disaggregation of revenue

The following table presents our sales disaggregated by product and service:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

Carbon steel

$

8,071.8

​

$

9,487.7

​

$

8,532.0

Aluminum

​

2,456.4

​

​

2,658.7

​

​

2,050.9

Stainless steel

​

2,336.7

​

​

2,877.4

​

​

2,267.0

Alloy

​

704.9

​

​

741.0

​

​

547.5

Toll processing and logistics

​

610.6

​

​

554.2

​

​

470.7

Copper and brass

​

304.6

​

​

336.7

​

​

112.2

Other and eliminations

​

320.9

​

​

369.3

​

​

113.0

Total

$

14,805.9

​

$

17,025.0

​

$

14,093.3

​
v3.24.0.1
Goodwill (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill.  
Schedule of changes in the carrying amount of goodwill

​

​

​

​

​

​

​

​

​

​

​

​

​

   

​

​

   

(in millions)

Balance at January 1, 2022

​

​

​

​

​

​

$

2,107.6

Purchase price allocation adjustments

​

​

​

​

​

​

​

5.3

Effect of foreign currency translation

​

​

​

​

​

​

​

(7.0)

Balance at December 31, 2022

​

​

​

​

​

​

​

2,105.9

Acquisition

​

​

​

​

​

​

​

2.5

Effect of foreign currency translation

​

​

​

​

​

​

​

2.7

Balance at December 31, 2023

​

​

​

​

​

​

$

2,111.1
v3.24.0.1
Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Intangible Assets, Net  
Summary of intangible assets, net

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

December 31, 2022

​

Weighted Average

​

Gross

​

​

​

​

Gross

​

​

​

​

Amortizable

​

Carrying

​

Accumulated

​

Carrying

​

Accumulated

​

Life in Years

   

Amount

   

Amortization

   

Amount

   

Amortization

​

​

​

(in millions)

Intangible assets subject to amortization:

​

​

​

​

​

​

​

​

​

​

​

​

​

Customer lists/relationships

14.2

​

$

716.0

​

$

(520.5)

​

$

713.6

​

$

(479.3)

Backlog of orders

7.9

​

​

22.9

​

​

(6.0)

​

​

22.3

​

​

(3.1)

Other

9.4

​

​

10.0

​

​

(9.5)

​

​

9.9

​

​

(9.5)

​

​

​

​

748.9

​

​

(536.0)

​

​

745.8

​

​

(491.9)

Intangible assets not subject to amortization:

​

​

​

​

​

​

​

​

​

​

​

​

​

Trade names

​

​

​

768.2

​

​

—

​

​

765.7

​

​

—

​

​

​

$

1,517.1

​

$

(536.0)

​

$

1,511.5

​

$

(491.9)
Summary of estimated aggregate amortization expense

​

​

​

​

​

​

​

​

​

​

​

​

​

   

​

​

   

(in millions)

2024

​

​

​

​

​

​

$

40.4

2025

​

​

​

​

​

​

​

36.3

2026

​

​

​

​

​

​

​

26.8

2027

​

​

​

​

​

​

​

26.1

2028

​

​

​

​

​

​

​

24.6

Thereafter

​

​

​

​

​

​

​

58.7

​

​

​

​

​

​

​

$

212.9

​
v3.24.0.1
Cash Surrender Value of Life Insurance Policies, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Cash Surrender Value of Life Insurance Policies, Net  
Schedule of life insurance policies, net of redemptions

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

Investment income from life insurance policies

$

(97.5)

​

$

(85.2)

​

$

(84.6)

Interest expense on life insurance policy loans

​

98.4

​

​

91.6

​

​

85.5

Life insurance policy cost of insurance

​

16.9

​

​

15.7

​

​

14.4

Income from life insurance policy redemptions

​

(11.7)

​

​

(6.6)

​

​

(6.2)

Life insurance policy expense, net

$

6.1

​

$

15.5

​

$

9.1

​
v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt  
Summary of debt

​

​

​

​

​

​

​

​

December 31,

​

December 31,

​

2023

   

2022

​

(in millions)

Unsecured revolving credit facility maturing September 3, 2025

$

—

​

$

—

Senior unsecured notes, interest payable semi-annually at 4.50%, effective rate of 4.63%, redeemed on January 15, 2023

​

—

​

​

500.0

Senior unsecured notes, interest payable semi-annually at 1.30%, effective rate of 1.53%, maturing August 15, 2025

​

400.0

​

​

400.0

Senior unsecured notes, interest payable semi-annually at 2.15%, effective rate of 2.27%, maturing August 15, 2030

​

500.0

​

​

500.0

Senior unsecured notes, interest payable semi-annually at 6.85%, effective rate of 6.91%, maturing November 15, 2036

​

250.0

​

​

250.0

Other notes and revolving credit facilities

​

1.4

​

​

9.6

Total

​

1,151.4

​

​

1,659.6

Less: unamortized discount and debt issuance costs

​

(9.2)

​

​

(12.0)

Less: amounts due within one year and short-term borrowings

​

(0.3)

​

​

(508.2)

Total long-term debt

$

1,141.9

​

$

1,139.4
Summary of aggregate maturities of long-term debt for each of the next five years and thereafter

​

​

​

​

​

​

​

​

​

​

​

​

​

   

​

​

   

(in millions)

2024

​

​

​

​

​

​

$

0.3

2025

​

​

​

​

​

​

​

400.3

2026

​

​

​

​

​

​

​

0.4

2027

​

​

​

​

​

​

​

0.4

2028

​

​

​

​

​

​

​

—

Thereafter

​

​

​

​

​

​

​

750.0

​

​

​

​

​

​

​

$

1,151.4

​
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases  
Schedule of lease cost

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

Operating lease cost

$

97.4

​

$

91.4

​

$

82.2
Schedule of supplemental cash flow and other lease information

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

Supplemental cash flow information:

​

​

​

​

​

​

​

​

Cash payments for operating leases                 

$

95.2

​

$

86.9

​

$

81.7

Right-of-use assets obtained in exchange for operating lease obligations                

$

74.7

​

$

52.4

​

$

46.8

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

December 31,

​

​

​

​

2023

​

2022

Other lease information:

​

​

​

​

​

​

​

​

Weighted average remaining lease term—operating leases

​

​

​

​

5.8 years

​

​

6.6 years

Weighted average discount rate—operating leases

​

​

​

​

4.3%

​

​

3.8%
Schedule of maturities of operating lease liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in millions)

2024

​

​

​

​

​

​

$

64.9

2025

​

​

​

​

​

​

​

52.1

2026

​

​

​

​

​

​

​

39.1

2027

​

​

​

​

​

​

​

29.6

2028

​

​

​

​

​

​

​

22.6

Thereafter

​

​

​

​

​

​

​

65.1

Total operating lease payments

​

​

​

​

​

​

​

273.4

Less: imputed interest

​

​

​

​

​

​

​

(38.3)

Total operating lease liabilities

​

​

​

​

​

​

$

235.1

​
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Taxes  
Schedule of components of the provision for income taxes attributable to continuing operations

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

Current:

​

​

​

​

​

​

​

​

Federal

$

277.0

​

$

418.9

​

$

362.9

State

​

73.8

​

​

112.9

​

​

98.0

Foreign

​

33.6

​

​

61.1

​

​

28.6

​

​

384.4

​

​

592.9

​

​

489.5

Deferred:

​

​

​

​

​

​

​

​

Federal

​

18.0

​

​

(3.7)

​

​

(20.2)

State

​

0.3

​

​

(2.0)

​

​

(4.0)

Foreign

​

(2.1)

​

​

(1.0)

​

​

0.4

​

​

16.2

​

​

(6.7)

​

​

(23.8)

​

$

400.6

​

$

586.2

​

$

465.7
Components of U.S. and international income before income taxes

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

U.S.

$

1,579.4

​

$

2,199.2

​

$

1,778.5

International

​

161.3

​

​

231.2

​

​

104.6

Income before income taxes

$

1,740.7

​

$

2,430.4

​

$

1,883.1
Schedule of reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

​

​

2023

​

   

2022

​

   

2021

​

Income tax at U.S. federal statutory tax rate

​

21.0

%

​

21.0

%

​

21.0

%

State income tax, net of federal tax effect

​

3.4

​

​

3.5

​

​

3.8

​

Foreign earnings taxed at (lower) higher rates

​

(0.1)

​

​

0.5

​

​

0.4

​

Net effect of life insurance policies

​

(1.1)

​

​

(0.6)

​

​

(0.8)

​

Net effect of changes in unrecognized tax benefits

​

—

​

​

—

​

​

0.1

​

Stock-based compensation

​

—

​

​

—

​

​

0.3

​

Other, net

​

(0.2)

​

​

(0.3)

​

​

(0.1)

​

Effective tax rate

​

23.0

%

​

24.1

%

​

24.7

%
Schedule of components of the Company's deferred tax assets and liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

​

   

2023

   

2022

​

​

​

​

(in millions)

Deferred tax assets:

​

​

​

​

​

​

​

​

Allowance for doubtful accounts

​

​

​

$

6.8

​

$

6.6

Inventory costs capitalized for tax purposes

​

​

​

​

13.1

​

​

12.0

LIFO inventories

​

​

​

​

—

​

​

0.7

Accrued expenses not currently deductible for tax

​

​

​

​

32.0

​

​

29.2

Stock-based compensation

​

​

​

​

12.7

​

​

11.1

Net operating loss carryforwards

​

​

​

​

2.5

​

​

3.2

Tax credits carryforwards

​

​

​

​

0.4

​

​

0.7

Total deferred tax assets

​

​

​

​

67.5

​

​

63.5

Deferred tax liabilities:

​

​

​

​

​

​

​

​

Property, plant and equipment, net

​

​

​

​

(208.4)

​

​

(196.8)

Goodwill and other intangible assets

​

​

​

​

(342.8)

​

​

(340.9)

LIFO inventories

​

​

​

​

(6.3)

​

​

—

Other

​

​

​

​

(4.0)

​

​

(2.4)

Total deferred tax liabilities

​

​

​

​

(561.5)

​

​

(540.1)

Net deferred tax liabilities

​

​

​

$

(494.0)

​

$

(476.6)
Schedule of reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

Unrecognized tax benefits at January 1

$

1.4

​

$

1.9

​

$

1.0

(Decreases) increases in tax positions for prior years

​

(0.2)

​

​

0.8

​

​

—

Increases in tax positions for current year

​

0.6

​

​

—

​

​

1.0

Settlements

​

(0.2)

​

​

(0.8)

​

​

—

Lapse of statute of limitations

​

(0.4)

​

​

(0.5)

​

​

(0.1)

Unrecognized tax benefits at December 31

$

1.2

​

$

1.4

​

$

1.9
v3.24.0.1
Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Stock-Based Compensation Plans  
Summary of certain information concerning outstanding and exercisable options

We granted to key employees equity awards consisting of RSUs and PSUs in aggregate amounts as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

RSUs Vesting

​

​

​

​

​

​

​

​

​

​

December 1,

​

​

​

​

​

​

​

​

​

​

and

​

​

​

​

​

   

RSU and PSU

​

Grant Date

​

PSUs Vesting

​

   

RSUs

   

PSUs

   

Aggregate Units

   

Fair Value

   

December 31,

2023

​

109,683

​

84,129

​

193,812

​

$

247.90

​

2025

2022

​

192,798

​

112,451

​

305,249

​

$

187.31

​

2024

2021

​

191,139

​

127,356

​

318,495

​

$

141.41

​

2023
Summary of the status of the Company's restricted stock units and changes during the quarter

A summary of the status of our unvested RSUs and PSUs as of December 31, 2023 and changes during the year then ended is as follows:

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

​

​

​

Average

​

​

RSU and PSU

​

Grant Date

​

​

Aggregate Units

​

Fair Value

Unvested at January 1, 2023

​

582,012

​

$

164.60

Granted

​

193,812

​

​

247.90

Vested

​

(310,485)

​

​

146.27

Cancelled or forfeited

​

(28,100)

​

​

187.55

Unvested at December 31, 2023

​

437,239

​

$

213.06

Shares reserved for future grants (all plans)

​

1,539,738

​

​

​
v3.24.0.1
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Employee Benefits  
Summary of benefits payments under the SERPs and Defined Benefit Plans, which reflect expected future employee service, as appropriate, expected to be paid in the future periods

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Defined

​

​

​

   

SERPs

   

Benefit Plan

​

​

​

​

(in millions)

2024

​

​

​

$

0.8

​

$

2.7

2025

​

​

​

​

0.8

​

​

3.0

2026

​

​

​

​

0.8

​

​

3.2

2027

​

​

​

​

1.2

​

​

3.4

2028

​

​

​

​

0.6

​

​

3.6

2029-2033

​

​

​

​

22.1

​

​

19.7
Schedule of Company's expense for Reliance-sponsored retirement plans

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

Master 401(k) Plan

$

29.3

​

$

28.1

​

$

25.6

Precision Strip Retirement and Savings Plan

​

10.9

​

​

9.2

​

​

8.0

Deferred Compensation Plan

​

2.4

​

​

2.0

​

​

2.5

Other Defined Contribution Plans

​

2.0

​

​

2.0

​

​

2.0

Defined Benefit Plan

​

1.2

​

​

0.3

​

​

1.5

Supplemental Executive Retirement Plans

​

1.2

​

​

4.0

​

​

3.4

​

$

47.0

​

$

45.6

​

$

43.0

​
SERP's and Defined Benefit Plans  
Employee Benefits  
Summary of the status of the funding of the plans, change in plan assets and items not yet recognized as a component of net periodic pension expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

Defined Benefit Plan

​

2023

   

2022

   

2023

   

2022

​

(in millions)

​

(in millions)

Change in benefit obligation:

​

​

​

​

​

​

​

​

​

​

​

Benefit obligation at beginning of year

$

18.8

​

$

36.4

​

$

55.0

​

$

74.5

Service cost

​

0.3

​

​

0.4

​

​

1.3

​

​

2.0

Interest cost

​

0.9

​

​

0.7

​

​

2.7

​

​

2.0

Actuarial loss (gain)(1)

​

1.0

​

​

(5.6)

​

​

1.0

​

​

(21.0)

Benefits paid

​

(0.8)

​

​

(0.8)

​

​

(2.5)

​

​

(2.5)

Plan amendment

​

—

​

​

—

​

​

2.5

​

​

—

Plan settlement

​

—

​

​

(12.3)

​

​

—

​

​

—

Benefit obligation at end of year

$

20.2

​

$

18.8

​

$

60.0

​

$

55.0

​

​

​

​

​

​

​

​

​

​

​

​

Change in plan assets:

​

​

​

​

​

​

​

​

​

​

​

Fair value of plan assets at beginning of year

​

N/A

​

​

N/A

​

$

56.7

​

$

70.9

Actual return on plan assets

​

N/A

​

​

N/A

​

​

9.6

​

​

(11.7)

Benefits paid

​

N/A

​

​

N/A

​

​

(2.5)

​

​

(2.5)

Fair value of plan assets at end of year

​

N/A

​

​

N/A

​

$

63.8

​

$

56.7

​

​

​

​

​

​

​

​

​

​

​

​

Funded status:

​

​

​

​

​

​

​

​

​

​

​

Funded status of the plans

$

(20.2)

​

$

(18.8)

​

$

3.8

​

$

1.7

​

​

​

​

​

​

​

​

​

​

​

​

Items not yet recognized as component of net periodic pension expense:

​

​

​

​

​

​

​

​

​

​

​

Unrecognized net actuarial losses (gains)

$

2.9

​

$

1.9

​

$

(4.7)

​

$

0.5

Unamortized prior service cost

​

—

​

​

—

​

​

4.8

​

​

2.8

​

$

2.9

​

$

1.9

​

$

0.1

​

$

3.3

(1)Actuarial gains in 2022 were primarily due to increases in the discount rate used to measure the obligations.
Schedule of amounts recognized in the statement of financial position

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

Defined Benefit Plan

​

2023

   

2022

   

2023

   

2022

​

(in millions)

​

(in millions)

Amounts recognized in the statement of financial position:

​

​

​

​

​

​

​

​

​

​

​

Noncurrent assets

$

—

​

$

—

​

$

3.8

​

$

1.7

Current liabilities

​

(0.8)

​

​

(0.8)

​

​

—

​

​

—

Noncurrent liabilities

​

(19.4)

​

​

(18.0)

​

​

—

​

​

—

Accumulated other comprehensive loss

​

2.9

​

​

1.9

​

​

0.1

​

​

3.3

Net amount recognized

$

(17.3)

​

$

(16.9)

​

$

3.9

​

$

5.0
Schedule of details of net periodic pension expense

Details of net periodic benefit cost related to the SERPs and Defined Benefit Plan are presented below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

Defined Benefit Plan

​

Year Ended December 31,

​

Year Ended December 31,

​

2023

   

2022

   

2021

   

2023

   

2022

   

2021

​

(in millions)

​

(in millions)

Service cost

$

0.3

​

$

0.4

​

$

1.0

​

$

1.3

​

$

2.0

​

$

2.2

Interest cost

​

0.9

​

​

0.7

​

​

0.6

​

​

2.7

​

​

2.0

​

​

1.8

Expected return on plan assets

​

—

​

​

—

​

​

—

​

​

(3.3)

​

​

(4.2)

​

​

(3.9)

Settlement loss

​

—

​

​

2.3

​

​

—

​

​

—

​

​

—

​

​

—

Prior service cost

​

—

​

​

—

​

​

—

​

​

0.5

​

​

0.5

​

​

0.6

Amortization of net loss

​

—

​

​

0.6

​

​

1.8

​

​

—

​

​

—

​

​

0.8

​

$

1.2

​

$

4.0

​

$

3.4

​

$

1.2

​

$

0.3

​

$

1.5

​

Net periodic benefit cost related to the SERPs and the Defined Benefit Plan is presented in our consolidated statements of income, as summarized below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

Defined Benefit Plan

​

Year Ended December 31,

​

Year Ended December 31,

​

2023

   

2022

   

2021

   

2023

   

2022

   

2021

​

(in millions)

​

(in millions)

Amounts recognized in the statement of income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Warehouse, delivery, selling, general and administrative expense

$

0.3

​

$

0.4

​

$

1.0

​

$

1.3

​

$

2.0

​

$

2.2

Other expense (income), net

​

0.9

​

​

3.6

​

​

2.4

​

​

(0.1)

​

​

(1.7)

​

​

(0.7)

​

$

1.2

​

$

4.0

​

$

3.4

​

$

1.2

​

$

0.3

​

$

1.5
Schedule of assumptions used to determine net periodic benefit cost

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

Defined Benefit Plan

​

​

Year Ended December 31,

​

Year Ended December 31,

​

​

2023

   

2022

   

2021

   

2023

   

2022

   

2021

 

Weighted average assumptions to determine net cost:

​

​

​

​

​

​

​

​

​

​

​

​

Discount rate

4.58

%

2.17

%

1.64

%

5.00

%

2.70

%

2.40

%

Expected long-term rate of return on plan assets

N/A

​

N/A

​

N/A

​

6.00

%

6.00

%

6.25

%

Rate of compensation increase

6.00

%

6.00

%

6.00

%

N/A

​

N/A

​

N/A

​
Schedule of assumptions used to determine the benefit obligation

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

Defined Benefit Plan

​

​

December 31,

​

December 31,

​

​

2023

   

2022

   

2023

   

2022

 

Weighted average assumptions to determine benefit obligations:

​

​

​

​

​

​

​

​

Discount rate

4.35

%

4.51

%

4.80

%

5.00

%

Expected long-term rate of return on plan assets

N/A

​

N/A

​

6.00

%

6.00

%

Rate of compensation increase

6.00

%

6.00

%

N/A

​

N/A

​
Defined Benefit Plan  
Employee Benefits  
Schedule of weighted-average asset allocations of the Company's Defined Benefit Plans by asset category

​

​

​

​

​

​

​

December 31,

​

​

2023

    

2022

​

Plan assets:

​

​

​

​

Equity securities

62

%

58

%

Debt securities

37

​

38

​

Cash and cash equivalents

1

​

4

​

Total

100

%

100

%
Schedule of fair value measurements of Defined Benefit Plans assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Level 1

    

Level 2

    

Level 3

    

Total

​

(in millions)

December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

Common stock(1)

$

37.8

​

$

—

​

$

—

​

$

37.8

U.S. government, state and agency

​

—

​

​

8.3

​

​

—

​

​

8.3

Corporate debt securities(2)

​

—

​

​

3.8

​

​

—

​

​

3.8

Mutual funds(3)

​

13.4

​

​

—

​

​

—

​

​

13.4

Interest bearing cash

​

0.5

​

​

—

​

​

—

​

​

0.5

Total investments at fair value

$

51.7

​

$

12.1

​

$

—

​

$

63.8

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2022

​

​

​

​

​

​

​

​

​

​

​

Common stock(1)

$

31.4

​

$

—

​

$

—

​

$

31.4

U.S. government, state and agency

​

—

​

​

6.0

​

​

—

​

​

6.0

Corporate debt securities(2)

​

—

​

​

4.6

​

​

—

​

​

4.6

Mutual funds(3)

​

12.6

​

​

—

​

​

—

​

​

12.6

Interest bearing cash

​

2.1

​

​

—

​

​

—

​

​

2.1

Total investments at fair value

$

46.1

​

$

10.6

​

$

—

​

$

56.7

(1)Comprised primarily of securities of large domestic and foreign companies. Valued at the closing price reported on the active market on which the individual securities are traded on national exchanges.

​

(2)Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing values on a combination of inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data.

​

(3)Mutual funds held are registered with the United States Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held are deemed to be actively traded.
v3.24.0.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Equity  
Schedule of issued and outstanding common shares activity

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in thousands)

Issued and outstanding common shares, beginning balances

​

58,787

​

​

61,806

​

​

63,600

Issued to settle RSUs and PSUs, net of withheld shares

​

362

​

​

506

​

​

313

Repurchased

​

(1,878)

​

​

(3,525)

​

​

(2,107)

Issued and outstanding common shares, ending balances

​

57,271

​

​

58,787

​

​

61,806
Schedule of share repurchase activity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Cost

​

​

​

​

​

Shares

   

Per Share

   

Amount

​

​

(in thousands)

​

​

​

​

(in millions)

2023

​

1,878

​

$

255.30

​

$

479.5

2022

​

3,525

​

$

178.81

​

$

630.3

2021

​

2,107

​

$

153.55

​

$

323.5
Schedule of accumulated other comprehensive loss

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pension and

​

​

​

Foreign Currency

​

Postretirement Benefit

​

Accumulated Other

​

Translation

​

Plan Adjustments,

​

Comprehensive

​

(Loss) Gain

   

Net of Tax

   

(Loss) Income

​

​

​

​

(in millions)

​

​

​

Balance as of January 1, 2023

$

(84.0)

​

$

(2.3)

​

$

(86.3)

Current-year change

​

8.3

​

​

1.3

​

​

9.6

Balance as of December 31, 2023

$

(75.7)

​

$

(1.0)

​

$

(76.7)
v3.24.0.1
Other (Income) Expense, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Other (Income) Expense, Net.  
Schedule of significant components of other (income) expense, net

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions)

Interest income

$

(35.2)

​

$

(9.3)

​

$

(1.1)

(Income) loss on deferred compensation plan assets

​

(6.6)

​

​

6.9

​

​

(4.1)

Life insurance policy expense, net

​

6.1

​

​

15.5

​

​

9.1

Foreign currency transaction losses

​

1.3

​

​

6.2

​

​

4.0

All other, net

​

(6.9)

​

​

(5.1)

​

​

(4.8)

​

$

(41.3)

​

$

14.2

​

$

3.1

​
v3.24.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share  
Computation of basic and diluted earnings per share

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2023

   

2022

   

2021

​

(in millions, except number of shares which are reflected in thousands and per share amounts)

Numerator:

​

​

​

​

​

​

​

​

Net income attributable to Reliance

$

1,335.9

​

$

1,840.1

​

$

1,413.0

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

Weighted average shares outstanding

​

58,328

​

​

60,559

​

​

63,217

Dilutive effect of stock-based awards

​

687

​

​

936

​

​

1,110

Weighted average diluted shares outstanding

​

59,015

​

​

61,495

​

​

64,327

​

​

​

​

​

​

​

​

​

Earnings per share attributable to Reliance stockholders:

​

​

​

​

​

​

​

​

Basic

$

22.90

​

$

30.39

​

$

22.35

Diluted

$

22.64

​

$

29.92

​

$

21.97
v3.24.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Information  
Schedule of sales, by products or services

​

​

​

​

​

​

​

​

​

2023

​

2022

​

2021

​

Carbon steel

53

%

54

%

58

%

Aluminum

16

​

15

​

14

​

Stainless steel

15

​

17

​

16

​

Alloy

5

​

4

​

4

​

Toll processing and logistics

4

​

3

​

3

​

Copper and brass

2

​

2

​

1

​

Other

5

​

5

​

4

​

Total

100

%

100

%

100

%
Summary of the Company's operations by geographic location based on where sales originated from

​

​

​

​

​

​

​

​

​

​

​

United States

   

Foreign Countries

   

Total

​

(in millions)

Year Ended December 31, 2023:

​

​

​

​

​

​

​

​

Net sales

$

13,786.8

​

$

1,019.1

​

$

14,805.9

Long-lived assets

​

5,288.4

​

​

420.1

​

​

5,708.5

Year Ended December 31, 2022:

​

​

​

​

​

​

​

​

Net sales

​

15,978.6

​

​

1,046.4

​

​

17,025.0

Long-lived assets

​

5,051.9

​

​

391.4

​

​

5,443.3

Year Ended December 31, 2021:

​

​

​

​

​

​

​

​

Net sales

​

13,371.7

​

​

721.6

​

​

14,093.3

Long-lived assets

​

4,971.2

​

​

404.7

​

​

5,375.9

​
v3.24.0.1
Summary of Significant Accounting Policies - Business (Details)
 12 Months Ended
Dec. 31, 2023
item
location
Number of states in which the company operates metal service center network 40
Number of countries in which entity operates outside the U.S. 12
Minimum number of products the company distributes 100,000
Minimum  
Minimum number of locations in which company operates metal service center network | location 315
v3.24.0.1
Summary of Significant Accounting Policies - Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Fair Values of Financial Instruments    
Total debt $ 1,151.4 $ 1,659.6
Senior Unsecured Notes - Publicly Traded    
Fair Values of Financial Instruments    
Carrying value, before deducting unamortized discount or premiums 1,150.0 1,650.0
Carrying value 1,140.0 1,640.0
Senior Unsecured Notes - Publicly Traded | Level 2    
Fair Values of Financial Instruments    
Fair value $ 1,070.0 $ 1,530.0
v3.24.0.1
Summary of Significant Accounting Policies - Goodwill and Other Indefinite-Lived Intangible Assets (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
segment
item
Dec. 31, 2022
USD ($)
segment
item
Dec. 31, 2021
USD ($)
segment
item
Goodwill and Other Indefinite-Lived Intangible Assets      
Number of operating segments | segment 1 1 1
Number of reportable segments | item 1 1 1
Impairment of goodwill $ 0.0 $ 0.0  
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) $ 0.0 $ 0.0 $ 4.7
v3.24.0.1
Summary of Significant Accounting Policies - Long-Lived Assets (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment      
Impairment losses of property, plant and equipment $ 0 $ 0 $ 0
Noncash capital expenditures included in accounts payable and accrued expenses $ 15,200,000 $ 6,300,000 $ 3,200,000
Buildings | Minimum      
Property, Plant and Equipment      
Useful lives 5 years    
Buildings | Maximum      
Property, Plant and Equipment      
Useful lives 50 years    
Machinery and equipment | Minimum      
Property, Plant and Equipment      
Useful lives 3 years    
Machinery and equipment | Maximum      
Property, Plant and Equipment      
Useful lives 20 years    
v3.24.0.1
Summary of Significant Accounting Policies - Revenue Recognition, Share-Based Compensation and Foreign Currencies (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
item
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Revenue Recognition      
Number of performance obligations from sales of metal products | item 1    
Shipping and handling costs included in operating expenses $ 525.9 $ 509.7 $ 424.6
Share-Based Compensation      
Stock-based compensation expense 65.0 65.3 70.8
Foreign Currencies      
Net gain (loss) resulting from foreign currency transactions $ (1.3) $ (6.2) $ (4.0)
Toll processing      
Revenue Recognition      
Number Of Days To Perform Services 1 day    
v3.24.0.1
Acquisitions (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
item
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
$ / shares
Acquisitions      
Net sales $ 14,805.9 $ 17,025.0 $ 14,093.3
Number of states in which the company operates metal service center network | item 40    
Goodwill $ 2,111.1 $ 2,105.9 2,107.6
2021 Acquisitions      
Acquisitions      
Net sales $ 722.1    
Transaction costs     7.7
Pro forma:      
Net sales     14,820.5
Net income attributable to Reliance     $ 1,518.0
Basic earnings per common share attributable to Reliance shareholders (in dollars per share) | $ / shares     $ 24.01
Diluted earnings per common share attributable to Reliance shareholders (in dollars per share) | $ / shares     $ 23.60
v3.24.0.1
Joint Ventures and Noncontrolling Interests (Details)
 12 Months Ended
Dec. 31, 2023
Indiana Pickling & Processing Company  
Joint Ventures and Noncontrolling Interests  
Ownership percentage acquired 56.00%
Valex Corp. | South Korea  
Joint Ventures and Noncontrolling Interests  
Ownership percentage in consolidated investments other than equity method investment 96.00%
Minimum  
Joint Ventures and Noncontrolling Interests  
Ownership percentage of investee for accounting under the equity method of accounting 20.00%
Percentage of ownership for consolidation of financial statements 50.00%
Maximum  
Joint Ventures and Noncontrolling Interests  
Ownership percentage of investee for accounting under the equity method of accounting 50.00%
v3.24.0.1
Inventories (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Inventories      
LIFO inventories - cost on FIFO method $ 2,087.3 $ 2,257.9  
Cost on FIFO method higher than LIFO value (579.3) (743.8)  
Inventories - stated on LIFO method 1,508.0 1,514.1  
Inventories - stated on FIFO method 535.2 481.2  
Inventories 2,043.2 1,995.3  
LIFO inventory valuation reserve (income) expense $ (164.5) $ (76.6) $ 704.8
v3.24.0.1
Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue Disaggregation      
Revenue $ 14,805.9 $ 17,025.0 $ 14,093.3
Carbon steel      
Revenue Disaggregation      
Revenue 8,071.8 9,487.7 8,532.0
Aluminum      
Revenue Disaggregation      
Revenue 2,456.4 2,658.7 2,050.9
Stainless steel      
Revenue Disaggregation      
Revenue 2,336.7 2,877.4 2,267.0
Alloy      
Revenue Disaggregation      
Revenue 704.9 741.0 547.5
Toll processing and logistics      
Revenue Disaggregation      
Revenue 610.6 554.2 470.7
Copper and brass      
Revenue Disaggregation      
Revenue 304.6 336.7 112.2
Other and eliminations      
Revenue Disaggregation      
Revenue $ 320.9 $ 369.3 $ 113.0
v3.24.0.1
Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Change in the carrying amount of goodwill    
Balance at the beginning of the year $ 2,105.9 $ 2,107.6
Acquisitions 2.5  
Purchase price allocation adjustments   5.3
Effect of foreign currency translation 2.7 (7.0)
Balance at the end of the year 2,111.1 2,105.9
Accumulated impairment losses $ 0.0 $ 0.0
v3.24.0.1
Intangible Assets, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
May 01, 2023
Intangible assets subject to amortization:        
Intangible assets subject to amortization, Gross Carrying Amount $ 748.9 $ 745.8    
Intangible assets subject to amortization, Accumulated Amortization (536.0) (491.9)    
Intangible assets        
Intangible assets, Gross Carrying Amount 1,517.1 1,511.5    
Amortization expense for intangible assets 43.8 48.1 $ 38.7  
Changes in intangible assets due to foreign currency translation gains (losses) 1.4 (4.0)    
Impairment losses of intangible assets, indefinite-lived 0.0 0.0 4.7  
Summary of estimated aggregate amortization expense for each of the succeeding five years and thereafter        
2024 40.4      
2025 36.3      
2026 26.8      
2027 26.1      
2028 24.6      
Thereafter 58.7      
Total 212.9      
Southern Steel        
Intangible assets        
Intangible assets recorded in connection with acquisition       $ 3.9
Trade names        
Intangible assets not subject to amortization:        
Intangible assets not subject to amortization, Gross Carrying Amount $ 768.2 765.7    
Intangible assets        
Impairment losses of intangible assets, indefinite-lived     $ 4.7  
Customer lists/relationships        
Intangible assets subject to amortization:        
Weighted average amortizable life in years 14 years 2 months 12 days      
Intangible assets subject to amortization, Gross Carrying Amount $ 716.0 713.6    
Intangible assets subject to amortization, Accumulated Amortization $ (520.5) (479.3)    
Backlog of orders        
Intangible assets subject to amortization:        
Weighted average amortizable life in years 7 years 10 months 24 days      
Intangible assets subject to amortization, Gross Carrying Amount $ 22.9 22.3    
Intangible assets subject to amortization, Accumulated Amortization $ (6.0) (3.1)    
Other        
Intangible assets subject to amortization:        
Weighted average amortizable life in years 9 years 4 months 24 days      
Intangible assets subject to amortization, Gross Carrying Amount $ 10.0 9.9    
Intangible assets subject to amortization, Accumulated Amortization $ (9.5) $ (9.5)    
v3.24.0.1
Cash Surrender Value of Life Insurance Policies, Net - Other Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Information about cash surrender value of life insurance policies      
Cash surrender value of all life insurance policies, net of loans and related accrued interest $ 43.8 $ 42.0  
Borrowed portion      
Information about cash surrender value of life insurance policies      
Amount of borrowed funds against cash surrender value of certain life insurance policies used to pay premiums and accrued interest owed 75.6 73.1 $ 68.0
Paid premiums and accrued interest on loans against policies $ 96.5 93.0 $ 86.3
Earle M. Jorgensen Company ("EMJ") | Borrowed portion      
Information about cash surrender value of life insurance policies      
Interest on borrowings against cash surrender value of certain life insurance policies (as a percent) 11.76%    
Rate at which the portion of the policy cash surrender value earns interest and dividend income (as a percent) 11.26%    
Loans and accrued interest outstanding on EMJ's life insurance policies $ 897.9 $ 849.5  
Earle M. Jorgensen Company ("EMJ") | Unborrowed portion | Minimum      
Information about cash surrender value of life insurance policies      
Rate at which the portion of the policy cash surrender value earns interest and dividend income (as a percent) 4.00%    
v3.24.0.1
Cash Surrender Value of Life Insurance Policies, Net - Other Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Information about cash surrender value of life insurance policies      
Other (income) expense, net $ (41.3) $ 14.2 $ 3.1
Life insurance policy expense, net      
Information about cash surrender value of life insurance policies      
Other (income) expense, net 6.1 15.5 9.1
Investment income from life insurance policies      
Information about cash surrender value of life insurance policies      
Other (income) expense, net (97.5) (85.2) (84.6)
Interest expense on life insurance policy loans      
Information about cash surrender value of life insurance policies      
Other (income) expense, net 98.4 91.6 85.5
Life insurance policy cost of insurance      
Information about cash surrender value of life insurance policies      
Other (income) expense, net 16.9 15.7 14.4
Income from life insurance policy redemptions      
Information about cash surrender value of life insurance policies      
Other (income) expense, net $ (11.7) $ (6.6) $ (6.2)
v3.24.0.1
Debt - Summary (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Jan. 15, 2023
Dec. 31, 2022
Debt      
Total $ 1,151.4   $ 1,659.6
Less: unamortized discount and debt issuance costs (9.2)   (12.0)
Less: amounts due within one year and short-term borrowings (0.3)   (508.2)
Total long-term debt 1,141.9   1,139.4
Unsecured revolving credit facility maturing September 3, 2025      
Debt      
Total 0.0   0.0
Senior unsecured notes, interest payable semi-annually at 4.50%, effective rate of 4.63%, redeemed on January 15, 2023      
Debt      
Total $ 0.0   $ 500.0
Semi-annual rate (as a percent) 4.50% 4.50% 4.50%
Effective rate (as a percent) 4.63%   4.63%
Senior unsecured notes, interest payable semi-annually at 1.30%, effective rate of 1.53%, maturing August 15, 2025      
Debt      
Total $ 400.0   $ 400.0
Semi-annual rate (as a percent) 1.30%   1.30%
Effective rate (as a percent) 1.53%   1.53%
Senior unsecured notes, interest payable semi-annually at 2.15%, effective rate of 2.27%, maturing August 15, 2030      
Debt      
Total $ 500.0   $ 500.0
Semi-annual rate (as a percent) 2.15%   2.15%
Effective rate (as a percent) 2.27%   2.27%
Senior unsecured notes, interest payable semi-annually at 6.85%, effective rate of 6.91%, maturing November 15, 2036      
Debt      
Total $ 250.0   $ 250.0
Semi-annual rate (as a percent) 6.85%   6.85%
Effective rate (as a percent) 6.91%   6.91%
Other notes and revolving credit facilities      
Debt      
Total $ 1.4   $ 9.6
v3.24.0.1
Debt - Other (Details)
$ in Millions
 12 Months Ended
Jan. 15, 2023
USD ($)
Sep. 03, 2020
USD ($)
Dec. 31, 2023
USD ($)
item
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Debt          
Total     $ 1,151.4 $ 1,659.6  
Weighted average interest rate (as a percent)     2.88% 3.37%  
Principal payment on long-term debt     $ 506.1 $ 0.3 $ 20.7
Number of financial maintenance covenants | item     2    
Aggregate maturities of long-term debt for each of the next five years and thereafter          
2024     $ 0.3    
2025     400.3    
2026     0.4    
2027     0.4    
2028     0.0    
Thereafter     750.0    
Total     1,151.4 1,659.6  
Unsecured revolving credit facility maturing September 3, 2025          
Debt          
Maximum borrowing capacity   $ 1,500.0      
Debt term   5 years      
Total     $ 0.0 0.0  
Commitment fee on unused portion of revolving credit facility (as a percent)     0.175%    
Letters of credit outstanding     $ 1.4 7.7  
Aggregate maturities of long-term debt for each of the next five years and thereafter          
Total     $ 0.0 0.0  
Unsecured revolving credit facility maturing September 3, 2025 | SOFR          
Debt          
Variable interest rate     SOFR    
Interest rate added to base (as a percent)     1.10%    
Unsecured revolving credit facility maturing September 3, 2025 | Bank prime rate          
Debt          
Variable interest rate     bank prime rate    
Senior Unsecured Notes - Publicly Traded          
Debt          
Percentage of principal amount at which the notes may be required to be repurchased in event of a change of control and a downgrade of the entity's credit rating     101.00%    
Senior unsecured notes, interest payable semi-annually at 4.50%, effective rate of 4.63%, redeemed on January 15, 2023          
Debt          
Total     $ 0.0 $ 500.0  
Semi-annual rate (as a percent) 4.50%   4.50% 4.50%  
Principal payment on long-term debt $ 500.0        
Aggregate maturities of long-term debt for each of the next five years and thereafter          
Total     $ 0.0 $ 500.0  
Senior unsecured notes, interest payable semi-annually at 1.30%, effective rate of 1.53%, maturing August 15, 2025          
Debt          
Total     $ 400.0 $ 400.0  
Semi-annual rate (as a percent)     1.30% 1.30%  
Aggregate maturities of long-term debt for each of the next five years and thereafter          
Total     $ 400.0 $ 400.0  
Senior unsecured notes, interest payable semi-annually at 2.15%, effective rate of 2.27%, maturing August 15, 2030          
Debt          
Total     $ 500.0 $ 500.0  
Semi-annual rate (as a percent)     2.15% 2.15%  
Aggregate maturities of long-term debt for each of the next five years and thereafter          
Total     $ 500.0 $ 500.0  
Senior unsecured notes, interest payable semi-annually at 6.85%, effective rate of 6.91%, maturing November 15, 2036          
Debt          
Total     $ 250.0 $ 250.0  
Semi-annual rate (as a percent)     6.85% 6.85%  
Aggregate maturities of long-term debt for each of the next five years and thereafter          
Total     $ 250.0 $ 250.0  
Other separate revolving credit facilities | Asia          
Debt          
Maximum borrowing capacity     7.7    
Lines of credit     0.0 2.2  
IRB          
Debt          
Total     1.4 7.4  
Aggregate maturities of long-term debt for each of the next five years and thereafter          
Total     1.4 7.4  
Letter of Credit | Standby Facility          
Debt          
Maximum borrowing capacity     50.0 50.0  
Letters of credit outstanding     $ 40.9 $ 18.7  
v3.24.0.1
Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating lease cost $ 97.4 $ 91.4 $ 82.2
Cash payments for operating leases 95.2 86.9 81.7
Right-of-use assets obtained in exchange for operating lease obligations $ 74.7 $ 52.4 $ 46.8
Weighted average remaining lease term - operating leases 5 years 9 months 18 days 6 years 7 months 6 days  
Weighted average discount rate - operating leases 4.30% 3.80%  
Maturities of operating lease liabilities      
2024 $ 64.9    
2025 52.1    
2026 39.1    
2027 29.6    
2028 22.6    
Thereafter 65.1    
Total operating lease payments 273.4    
Less: imputed interest (38.3)    
Total operating lease liabilities 235.1    
Maximum      
Finance right-of-use assets 1.0    
Finance right-of-use obligations $ 1.0    
v3.24.0.1
Income Taxes - Summary, Reconciliation and Other (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current:      
Federal $ 277.0 $ 418.9 $ 362.9
State 73.8 112.9 98.0
Foreign 33.6 61.1 28.6
Total 384.4 592.9 489.5
Deferred:      
Federal 18.0 (3.7) (20.2)
State 0.3 (2.0) (4.0)
Foreign (2.1) (1.0) 0.4
Total 16.2 (6.7) (23.8)
Income tax provision 400.6 586.2 465.7
Components of U.S. and international income before income taxes      
US 1,579.4 2,199.2 1,778.5
International 161.3 231.2 104.6
Income before income taxes $ 1,740.7 $ 2,430.4 $ 1,883.1
Reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense      
Income tax at U.S. federal statutory tax rate (as a percent) 21.00% 21.00% 21.00%
State income tax, net of federal tax effect (as a percent) 3.40% 3.50% 3.80%
Foreign earnings taxed at (lower) higher rates (as a percent) (0.10%) 0.50% 0.40%
Net effect of life insurance policies (as a percent) (1.10%) (0.60%) (0.80%)
Net effect of changes in unrecognized tax benefits (as a percent)     0.10%
Stock-based compensation (as a percent)     0.30%
Other, net (as a percent) (0.20%) (0.30%) (0.10%)
Effective tax rate (as a percent) 23.00% 24.10% 24.70%
Deferred tax assets:      
Allowance for doubtful accounts $ 6.8 $ 6.6  
Inventory costs capitalized for tax purposes 13.1 12.0  
LIFO inventories   0.7  
Accrued expenses not currently deductible for tax 32.0 29.2  
Stock-based compensation 12.7 11.1  
Net operating loss carryforwards 2.5 3.2  
Tax credits carryforwards 0.4 0.7  
Total deferred tax assets 67.5 63.5  
Deferred tax liabilities:      
Property, plant and equipment, net (208.4) (196.8)  
Goodwill and other intangible assets (342.8) (340.9)  
LIFO inventories (6.3)    
Other (4.0) (2.4)  
Total deferred tax liabilities (561.5) (540.1)  
Net deferred tax liabilities (494.0) $ (476.6)  
State      
Income Taxes      
Operating Loss Carryforwards 3.0    
Federal.      
Income Taxes      
Operating Loss Carryforwards $ 0.1    
v3.24.0.1
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits      
Balance at the beginning of the year $ 1.4 $ 1.9 $ 1.0
Increases in tax positions for prior years   0.8  
(Decreases) in tax positions for prior years (0.2)    
Increases in tax positions for current year 0.6   1.0
Settlements (0.2) (0.8)  
Lapse of statute of limitations (0.4) (0.5) (0.1)
Balance at the end of the year 1.2 1.4 $ 1.9
Unrecognized tax benefits, if recognized, would affect the effective tax rate 1.2    
Accrued interest and penalties on uncertain tax positions $ 0.1 $ 0.3  
v3.24.0.1
Stock-Based Compensation Plans - RSUs and PSUs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based compensation plans      
Shares authorized for future grant 1,539,738    
Restricted stock units (RSUs) and performance stock units (PSUs)      
Additional share-based compensation disclosures      
Tax benefit realized from RSU and PSU settlements $ 7.7 $ 8.0 $ 6.8
Vesting period (in years) 3 years 3 years 3 years
v3.24.0.1
Stock-Based Compensation Plans - RSUs and PSUs additional (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Feb. 29, 2024
Additional share-based compensation disclosures          
Total unrecognized compensation cost   $ 64.7      
Weighted average recognition period for unrecognized compensation cost (in years)   1 year 7 months 6 days      
RSUs, 2023 grants          
Units          
Share of common stock   1      
Changes          
Granted (in shares)   109,683      
RSUs, 2022 grants          
Units          
Share of common stock     1    
Changes          
Granted (in shares)     192,798    
RSUs, 2021 grant          
Units          
Share of common stock       1  
Changes          
Granted (in shares)       191,139  
PSUs, 2023 grants          
Changes          
Granted (in shares)   84,129      
PSUs, 2022 grants          
Changes          
Granted (in shares)     112,451    
PSUs, 2021 grant          
Changes          
Granted (in shares)       127,356  
Restricted stock units (RSUs) and performance stock units (PSUs)          
Units          
Vesting period (in years)   3 years 3 years 3 years  
The number of grants made during the year on the basis of service and/or performance criteria other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).   193,812 305,249 318,495  
Payments to tax authorities on employees' behalf for shares withheld related to share settlements   $ 54.1 $ 39.7 $ 21.2  
Changes          
Unvested at the beginning of the year (in units) 437,239 582,012      
Granted (in shares)   193,812      
Vested (in units)   (310,485)      
Cancelled or forfeited (in units)   (28,100)      
Unvested at the end of the year (in units)   437,239 582,012    
Shares reserved for future grants (all plans)   1,539,738      
Weighted Average Grant Date Fair Value          
Unvested at the beginning of the year (in dollars per unit) $ 213.06 $ 164.60      
Granted (in dollars per unit)   247.90 $ 187.31 $ 141.41  
Vested (in dollars per unit)   146.27      
Cancelled or forfeited (in dollars per unit)   187.55      
Unvested at the end of the year (in dollars per unit)   $ 213.06 $ 164.60    
Additional share-based compensation disclosures          
Fair value of vested units   $ 123.8 $ 147.2 $ 126.0  
Restricted stock and RSUs          
Units          
Performance target period (in years)   3 years 3 years 3 years  
Performance stock units (PSUs)          
Units          
Vesting period (in years)   3 years      
Performance target period (in years) 3 years 3 years 3 years    
Changes          
Vested (in units)   (132,787)      
Settled (in shares)         (265,574)
Maximum | PSUs, 2023 grants          
Units          
Share of common stock   2      
Maximum | PSUs, 2022 grants          
Units          
Share of common stock     2    
Maximum | PSUs, 2021 grant          
Units          
Share of common stock       2  
Directors Equity Plan | Stock Awards          
Changes          
Granted (in shares)   4,305 6,136 6,248  
Weighted Average Grant Date Fair Value          
Granted (in dollars per unit)   $ 243.61 $ 182.41 $ 166.39  
v3.24.0.1
Employee Benefits - Defined Contribution Plan Information (Details)
 12 Months Ended
Dec. 31, 2023
Master 401(k) Plan  
Eligibility period of service 30 days
Vesting percentage per year 25.00%
v3.24.0.1
Employee Benefits - Summary of SERPs and Defined Benefit Plan and Deferred Compensation Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Employee Benefits      
Balances in Deferred Compensation Plan $ 51.0 $ 41.2  
Value of assets for funding future payouts under the deferred compensation plan 51.0 41.2  
Contributions to Multiemployer Plans 5.4 5.4 $ 4.8
Amounts recognized in the statement of financial position      
Noncurrent liabilities (25.1) (26.1)  
Weighted average assumptions to determine benefit obligations      
Deferred Compensation Plan expected employer contributions during 2024 2.4    
Supplemental Executive Retirement Plans      
Employee Benefits      
Settlement losses related to payment of benefits   2.3  
Change in benefit obligation      
Benefit obligation at beginning of year 18.8 36.4  
Service cost 0.3 0.4 1.0
Interest cost 0.9 0.7 0.6
Actuarial loss (gain) 1.0 (5.6)  
Benefits paid (0.8) (0.8)  
Plan settlements   (12.3)  
Benefit obligation at end of year 20.2 18.8 36.4
Funded status      
Funded status of the plans (20.2) (18.8)  
Items not yet recognized as component of net periodic pension expense      
Unrecognized net actuarial losses (gains) 2.9 1.9  
Accumulated other comprehensive loss 2.9 1.9  
Amounts recognized in the statement of financial position      
Current liabilities (0.8) (0.8)  
Noncurrent liabilities (19.4) (18.0)  
Accumulated other comprehensive loss 2.9 1.9  
Net amount recognized (17.3) (16.9)  
Accumulated benefit obligation 18.2 17.1  
Components of net periodic benefit cost      
Service cost 0.3 0.4 1.0
Interest cost 0.9 0.7 0.6
Settlement loss   2.3  
Amortization of net loss   0.6 1.8
Net periodic benefit cost $ 1.2 $ 4.0 $ 3.4
Weighted average assumptions to determine net cost      
Discount rate (as a percent) 4.58% 2.17% 1.64%
Rate of compensation increase (as a percent) 6.00% 6.00% 6.00%
Weighted average assumptions to determine benefit obligations      
Discount rate (as a percent) 4.35% 4.51%  
Rate of compensation increase (as a percent) 6.00% 6.00%  
Expected employer contributions during 2024 $ 0.8    
Defined Benefit Plan      
Change in benefit obligation      
Benefit obligation at beginning of year 55.0 $ 74.5  
Service cost 1.3 2.0 $ 2.2
Interest cost 2.7 2.0 1.8
Actuarial loss (gain) 1.0 (21.0)  
Benefits paid (2.5) (2.5)  
Plan amendments 2.5    
Benefit obligation at end of year 60.0 55.0 74.5
Change in plan assets      
Fair value of plan assets at beginning of year 56.7 70.9  
Actual return on plan assets 9.6 (11.7)  
Benefits paid (2.5) (2.5)  
Fair value of plan assets at end of year 63.8 56.7 70.9
Funded status      
Funded status of the plans 3.8 1.7  
Items not yet recognized as component of net periodic pension expense      
Unrecognized net actuarial losses (gains) (4.7) 0.5  
Unamortized prior service cost 4.8 2.8  
Accumulated other comprehensive loss 0.1 3.3  
Amounts recognized in the statement of financial position      
Noncurrent assets 3.8 1.7  
Accumulated other comprehensive loss 0.1 3.3  
Net amount recognized 3.9 5.0  
Components of net periodic benefit cost      
Service cost 1.3 2.0 2.2
Interest cost 2.7 2.0 1.8
Expected return on plan assets (3.3) (4.2) (3.9)
Prior service (credit) cost 0.5 0.5 0.6
Amortization of net loss     0.8
Net periodic benefit cost $ 1.2 $ 0.3 $ 1.5
Weighted average assumptions to determine net cost      
Discount rate (as a percent) 5.00% 2.70% 2.40%
Expected long-term rate of return on plan assets (as a percent) 6.00% 6.00% 6.25%
Weighted average assumptions to determine benefit obligations      
Discount rate (as a percent) 4.80% 5.00%  
Expected long-term rate of return on plan assets (as a percent) 6.00% 6.00%  
Expected employer contributions during 2024 $ 0.0    
Warehouse, delivery, selling, general and administrative expense | Supplemental Executive Retirement Plans      
Components of net periodic benefit cost      
Net periodic benefit cost 0.3 $ 0.4 $ 1.0
Warehouse, delivery, selling, general and administrative expense | Defined Benefit Plan      
Components of net periodic benefit cost      
Net periodic benefit cost 1.3 2.0 2.2
Other (income) expense, net | Supplemental Executive Retirement Plans      
Components of net periodic benefit cost      
Net periodic benefit cost 0.9 3.6 2.4
Other (income) expense, net | Defined Benefit Plan      
Components of net periodic benefit cost      
Net periodic benefit cost $ (0.1) $ (1.7) $ (0.7)
v3.24.0.1
Employee Benefits - Plan Assets and Investment Policy (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Employee Benefits      
Weighted-average asset allocations (as a percent) 100.00% 100.00%  
Defined Benefit Plan      
Employee Benefits      
Total investments at fair value $ 63.8 $ 56.7 $ 70.9
Defined Benefit Plan | Level 1      
Employee Benefits      
Total investments at fair value 51.7 46.1  
Defined Benefit Plan | Level 2      
Employee Benefits      
Total investments at fair value 12.1 10.6  
Defined Benefit Plan | Common stock.      
Employee Benefits      
Fair value of plan assets 37.8 31.4  
Defined Benefit Plan | Common stock. | Level 1      
Employee Benefits      
Fair value of plan assets 37.8 31.4  
Defined Benefit Plan | U.S. government, state, and agency      
Employee Benefits      
Fair value of plan assets 8.3 6.0  
Defined Benefit Plan | U.S. government, state, and agency | Level 2      
Employee Benefits      
Fair value of plan assets 8.3 6.0  
Defined Benefit Plan | Corporate debt securities      
Employee Benefits      
Fair value of plan assets 3.8 4.6  
Defined Benefit Plan | Corporate debt securities | Level 2      
Employee Benefits      
Fair value of plan assets 3.8 4.6  
Defined Benefit Plan | Mutual funds      
Employee Benefits      
Fair value of plan assets 13.4 12.6  
Defined Benefit Plan | Mutual funds | Level 1      
Employee Benefits      
Fair value of plan assets 13.4 12.6  
Defined Benefit Plan | Interest bearing cash      
Employee Benefits      
Fair value of plan assets 0.5 2.1  
Defined Benefit Plan | Interest bearing cash | Level 1      
Employee Benefits      
Fair value of plan assets $ 0.5 $ 2.1  
Common stock.      
Employee Benefits      
Weighted-average asset allocations (as a percent) 62.00% 58.00%  
Debt securities      
Employee Benefits      
Weighted-average asset allocations (as a percent) 37.00% 38.00%  
Interest bearing cash      
Employee Benefits      
Weighted-average asset allocations (as a percent) 1.00% 4.00%  
v3.24.0.1
Employee Benefits - Postretirement Plan and Summary Information for All Defined Benefit Plans (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Supplemental Executive Retirement Plans  
Summary of benefit payments under the Company's various defined benefit plans, which reflect expected future employee service, as appropriate, expected to be paid in the future periods  
2024 $ 0.8
2025 0.8
2026 0.8
2027 1.2
2028 0.6
2029-2033 22.1
Defined Benefit Plan  
Summary of benefit payments under the Company's various defined benefit plans, which reflect expected future employee service, as appropriate, expected to be paid in the future periods  
2024 2.7
2025 3.0
2026 3.2
2027 3.4
2028 3.6
2029-2033 $ 19.7
v3.24.0.1
Employee Benefits - Additional (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Contributions to Company Sponsored Retirement Plans      
Company's expense for Reliance-sponsored retirement plans $ 47.0 $ 45.6 $ 43.0
Master 401(k) Plan      
Contributions to Company Sponsored Retirement Plans      
Company's expense for Reliance-sponsored retirement plans 29.3 28.1 25.6
Precision Strip Retirement and Savings Plan      
Contributions to Company Sponsored Retirement Plans      
Company's expense for Reliance-sponsored retirement plans 10.9 9.2 8.0
Supplemental Executive Retirement Plans      
Contributions to Company Sponsored Retirement Plans      
Company's expense for Reliance-sponsored retirement plans 1.2 4.0 3.4
Deferred Compensation Plan      
Contributions to Company Sponsored Retirement Plans      
Company's expense for Reliance-sponsored retirement plans 2.4 2.0 2.5
Other Defined Contribution Plans      
Contributions to Company Sponsored Retirement Plans      
Company's expense for Reliance-sponsored retirement plans 2.0 2.0 2.0
Defined Benefit Plan      
Contributions to Company Sponsored Retirement Plans      
Company's expense for Reliance-sponsored retirement plans $ 1.2 $ 0.3 $ 1.5
v3.24.0.1
Equity - Reincorporation, Common Stock (Details)
 1 Months Ended 12 Months Ended
Feb. 29, 2024
$ / shares
Feb. 28, 2023
$ / shares
Feb. 28, 2022
$ / shares
Feb. 28, 2021
$ / shares
Feb. 29, 2020
$ / shares
Dec. 31, 2023
item
$ / shares
Dec. 31, 2022
$ / shares
Dec. 31, 2021
$ / shares
Common Stock                
The number of consecutive years the company has paid regular common stock quarterly dividends.           64    
Votes per share of common stock           1    
Common stock quarterly dividend per share (in dollars per share) | $ / shares $ 1.10 $ 1.00 $ 0.875 $ 0.6875 $ 0.625 $ 4.00 $ 3.50 $ 2.75
v3.24.0.1
Equity - Share Repurchase Plan, Preferred Stock (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
item
$ / shares
shares
Dec. 31, 2022
USD ($)
item
$ / shares
shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Oct. 31, 2023
USD ($)
Oct. 30, 2023
USD ($)
Jul. 26, 2022
USD ($)
Share Repurchase Plan            
Value of shares authorized by the Board of Directors to be repurchased under share repurchase plan | $         $ 1,500.0 $ 1,000.0
Remaining value of shares authorized by the Board of Directors to be repurchased under share repurchase plan | $ $ 1,440.0     $ 261.5    
Repurchase of common shares (in shares) 1,878,000 3,525,000 2,107,000      
Average costs per share | $ / shares $ 255.30 $ 178.81 $ 153.55      
Value of shares repurchased | $ $ 479.5 $ 630.3 $ 323.5      
Preferred Stock            
Preferred stock, authorized shares 5,000,000 5,000,000        
Preferred stock, par value (in dollars per share) | $ / shares $ 0.001 $ 0.001        
Preferred stock, issued shares 0 0        
Preferred stock, outstanding shares 0 0        
Minimum number of series in which preferred shares may be issued | item 1 1        
Issued and outstanding common shares, beginning balance (in shares) 58,787,000 61,806,000 63,600,000      
Issued to settle RSUs and PSUs, net of withheld shares (in shares) 362,000 506,000 313,000      
Repurchased (in shares) (1,878,000) (3,525,000) (2,107,000)      
Issued and outstanding common shares, ending balance (in shares) 57,271,000 58,787,000 61,806,000      
v3.24.0.1
Equity - Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Schedule of accumulated other comprehensive loss    
Balance at the beginning of the year $ (86.3)  
Current-period change 9.6  
Balance at the end of the year (76.7) $ (86.3)
Deferred tax assets in accumulated other comprehensive loss, pension liabilities 0.7 1.3
Income tax portion attributable to settlement of Reliance SERP   0.3
Foreign Currency Translation (Loss) Gain    
Schedule of accumulated other comprehensive loss    
Balance at the beginning of the year (84.0)  
Current-period change 8.3  
Balance at the end of the year (75.7) (84.0)
Pension and Postretirement Benefit Plan Adjustments, Net of Tax    
Schedule of accumulated other comprehensive loss    
Balance at the beginning of the year (2.3)  
Current-period change 1.3  
Balance at the end of the year $ (1.0) $ (2.3)
v3.24.0.1
Other (Income) Expense, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Significant components of Other (Income) Expense, net      
Other (income) expense, net $ (41.3) $ 14.2 $ 3.1
Interest income      
Significant components of Other (Income) Expense, net      
Other (income) expense, net (35.2) (9.3) (1.1)
(Income) loss on deferred compensation plan assets      
Significant components of Other (Income) Expense, net      
Other (income) expense, net (6.6) 6.9 (4.1)
Life insurance policy expense, net      
Significant components of Other (Income) Expense, net      
Other (income) expense, net 6.1 15.5 9.1
Foreign currency transaction losses      
Significant components of Other (Income) Expense, net      
Other (income) expense, net 1.3 6.2 4.0
All other, net      
Significant components of Other (Income) Expense, net      
Other (income) expense, net $ (6.9) $ (5.1) $ (4.8)
v3.24.0.1
Commitments and Contingencies - Purchase Commitments (Details) - Metal products
$ in Millions
Dec. 31, 2023
USD ($)
Purchase Commitments  
Total amount of purchase commitments $ 301.4
2024 195.7
2025 54.7
Thereafter $ 51.0
v3.24.0.1
Commitments and Contingencies - Collective Bargaining Agreements and Environmental Contingencies (Details)
 12 Months Ended
Dec. 31, 2023
employee
item
location
Employees covered by collective bargaining agreements  
Collective Bargaining Agreements  
Number of Location Entity Operates | location 52
Total employees | Employees covered by collective bargaining agreements  
Collective Bargaining Agreements  
Percentage of employees covered by collective bargaining agreements 12.00%
Number of employees | employee 1,850
Number of collective bargaining agreements that expire over the next five years | item 60
Expiration period of collective bargaining agreements 5 years
Employees covered by collective bargaining agreements that expire during 2023  
Collective Bargaining Agreements  
Number of employees | employee 700
Number of collective bargaining agreements that expire within one year | item 19
v3.24.0.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Numerator:      
Net income attributable to Reliance $ 1,335.9 $ 1,840.1 $ 1,413.0
Denominator:      
Weighted average shares outstanding (in shares) 58,328,000 60,559,000 63,217,000
Dilutive effect of stock-based awards (in shares) 687,000 936,000 1,110,000
Weighted average diluted shares outstanding (in shares) 59,015,000 61,495,000 64,327,000
Earnings per share attributable to Reliance stockholders - basic (in dollars per share) $ 22.90 $ 30.39 $ 22.35
Earnings per share attributable to Reliance stockholders - diluted (in dollars per share) $ 22.64 $ 29.92 $ 21.97
Diluted shares      
Weighted average shares, respectively, for RSUs and PSUs, not included in the diluted calculation due to their anti-dilutive effect 51,409 83,857 116,206
v3.24.0.1
Segment Information - Summary of sales by product and service (Details)
 12 Months Ended
Dec. 31, 2023
segment
item
Dec. 31, 2022
segment
item
Dec. 31, 2021
segment
item
Segment Information      
Number of reportable segments | item 1 1 1
Number of operating segments | segment 1 1 1
Sales (as a percent) 100.00% 100.00% 100.00%
Carbon steel      
Segment Information      
Sales (as a percent) 53.00% 54.00% 58.00%
Stainless steel      
Segment Information      
Sales (as a percent) 15.00% 17.00% 16.00%
Aluminum      
Segment Information      
Sales (as a percent) 16.00% 15.00% 14.00%
Alloy      
Segment Information      
Sales (as a percent) 5.00% 4.00% 4.00%
Toll processing and logistics      
Segment Information      
Sales (as a percent) 4.00% 3.00% 3.00%
Copper and brass      
Segment Information      
Sales (as a percent) 2.00% 2.00% 1.00%
Other and eliminations      
Segment Information      
Sales (as a percent) 5.00% 5.00% 4.00%
v3.24.0.1
Segment Information - Geographic Location (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Consolidated financial information of the Company's operations by geographic location      
Net sales $ 14,805.9 $ 17,025.0 $ 14,093.3
Long-lived assets 5,708.5 5,443.3 5,375.9
United States      
Consolidated financial information of the Company's operations by geographic location      
Net sales 13,786.8 15,978.6 13,371.7
Long-lived assets 5,288.4 5,051.9 4,971.2
Foreign Countries      
Consolidated financial information of the Company's operations by geographic location      
Net sales 1,019.1 1,046.4 721.6
Long-lived assets $ 420.1 $ 391.4 $ 404.7
v3.24.0.1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance for doubtful accounts - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Movement in valuation and qualifying accounts      
Balance at Beginning of Year $ 26.1 $ 26.7 $ 19.0
Additions Charged to Costs and Expenses 3.5 3.4 9.8
Deductions 4.7 4.0 2.8
Amounts Charged to Other Accounts     0.7
Balance at End of Year $ 24.9 $ 26.1 $ 26.7
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false