Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'RELIANCE STEEL & ALUMINUM CO | ' | ' |
Entity Central Index Key | '0000861884 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $4,840,000,000 |
Entity Common Stock, Shares Outstanding | ' | 77,571,017 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $83.60 | $97.60 |
Accounts receivable, less allowance for doubtful accounts of $18.9 at December 31, 2013 and $20.5 at December 31, 2012 | 983.5 | 807.7 |
Inventories | 1,540 | 1,272.30 |
Prepaid expenses and other current assets | 59 | 40.9 |
Income taxes receivable | 33.9 | 28.4 |
Deferred income taxes | 38.9 | 30.5 |
Total current assets | 2,738.90 | 2,277.40 |
Property, plant and equipment: | ' | ' |
Land | 191.7 | 155.6 |
Buildings | 934.6 | 725.1 |
Machinery and equipment | 1,350.30 | 1,124.70 |
Accumulated depreciation | -872.7 | -764.7 |
Total property, plant and equipment | 1,603.90 | 1,240.70 |
Goodwill | 1,691.60 | 1,314.60 |
Intangible assets, net | 1,213.80 | 936.5 |
Cash surrender value of life insurance policies, net | 45.4 | 45.2 |
Investments in unconsolidated entities | 14.1 | 15.5 |
Other assets | 33.3 | 27.8 |
Total assets | 7,341 | 5,857.70 |
Current liabilities: | ' | ' |
Accounts payable | 280.3 | 255.6 |
Accrued expenses | 91.1 | 87.4 |
Accrued compensation and retirement costs | 119.5 | 112.8 |
Accrued insurance costs | 46 | 38.8 |
Current maturities of long-term debt and short-term borrowings | 36.5 | 83.6 |
Total current liabilities | 573.4 | 578.2 |
Long-term debt | 2,072.50 | 1,123.80 |
Long-term retirement costs | 84 | 94.9 |
Other long-term liabilities | 35.9 | 27.1 |
Deferred income taxes | 690.8 | 466.3 |
Commitments and contingencies | ' | ' |
Equity: | ' | ' |
Preferred stock, no par value: Authorized shares - 5,000,000 None issued or outstanding | ' | ' |
Common stock, no par value: Authorized shares - 200,000,000 Issued and outstanding shares - 77,492,017 at December 31, 2013 and 76,042,546 at December 31, 2012, stated capital | 818.3 | 722.2 |
Retained earnings | 3,063 | 2,837.70 |
Accumulated other comprehensive loss | -6.7 | -1.5 |
Total Reliance shareholders' equity | 3,874.60 | 3,558.40 |
Noncontrolling interests | 9.8 | 9 |
Total equity | 3,884.40 | 3,567.40 |
Total liabilities and equity | $7,341 | $5,857.70 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS | ' | ' |
Accounts receivable, allowance for doubtful accounts (in dollars) | $18.90 | $20.50 |
Preferred stock, par value (in dollars per share) | ' | ' |
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) | ' | ' |
Common stock, Authorized shares | 200,000,000 | 200,000,000 |
Common stock, Issued shares | 77,492,017 | 76,042,546 |
Common stock, outstanding shares | 77,492,017 | 76,042,546 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF INCOME | ' | ' | ' |
Net sales | $9,223.80 | $8,442.30 | $8,134.70 |
Costs and expenses: | ' | ' | ' |
Cost of sales (exclusive of depreciation and amortization shown below) | 6,826.20 | 6,235.40 | 6,148.70 |
Warehouse, delivery, selling, general and administrative | 1,638.40 | 1,396.20 | 1,280.10 |
Depreciation and amortization | 192.4 | 149 | 133.1 |
Impairment of intangible asset | 14.9 | 2.5 | 0 |
Total costs and expenses | 8,671.90 | 7,783.10 | 7,561.90 |
Operating income | 551.9 | 659.2 | 572.8 |
Other income (expense): | ' | ' | ' |
Interest | -77.5 | -58.4 | -59.8 |
Other income (expense), net | 3.9 | 8.6 | -1.4 |
Income before income taxes | 478.3 | 609.4 | 511.6 |
Income tax provision | 153.6 | 201.1 | 162.4 |
Net income | 324.7 | 408.3 | 349.2 |
Less: Net income attributable to noncontrolling interests | 3.1 | 4.8 | 5.4 |
Net income attributable to Reliance | $321.60 | $403.50 | $343.80 |
Earnings per share: | ' | ' | ' |
Diluted earnings per common share attributable to Reliance shareholders (in dollars per share) | $4.14 | $5.33 | $4.58 |
Basic earnings per common share attributable to Reliance shareholders (in dollars per share) | $4.19 | $5.36 | $4.60 |
Cash dividends per share (in dollars per share) | $1.26 | $0.80 | $0.48 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' |
Net income | $324.70 | $408.30 | $349.20 |
Other comprehensive (loss) income: | ' | ' | ' |
Foreign currency translation (loss) gain | -17.8 | 10.6 | -9.9 |
Unrealized gain (loss) on investments, net of tax | 0.4 | 0.2 | -0.2 |
Pension and postretirement benefit adjustments, net of tax | 12.2 | -3.5 | -9 |
Total other comprehensive (loss) income | -5.2 | 7.3 | -19.1 |
Comprehensive income | 319.5 | 415.6 | 330.1 |
Less: comprehensive income attributable to noncontrolling interests | 3.1 | 4.8 | 5.4 |
Comprehensive income attributable to Reliance | $316.40 | $410.80 | $324.70 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests |
In Millions, except Share data, unless otherwise specified | |||||
Balance at Dec. 31, 2010 | $2,830.10 | $624.70 | $2,188.70 | $10.30 | $6.40 |
Balance (in shares) at Dec. 31, 2010 | ' | 74,639,223 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' |
Net income | 349.2 | ' | 343.8 | ' | 5.4 |
Other comprehensive (loss) income | -19.1 | ' | ' | -19.1 | ' |
Payments to noncontrolling interest holders | -3.7 | ' | ' | ' | -3.7 |
Share-based compensation | 21.3 | 21.3 | ' | ' | ' |
Share-based compensation (in shares) | ' | 102,079 | ' | ' | ' |
Stock options exercised | 11.1 | 11.1 | ' | ' | ' |
Stock options exercised (in shares) | ' | 266,392 | ' | ' | ' |
Share-based compensation tax benefit (deficit) | -1 | ' | -1 | ' | ' |
Cash dividends - $1.26, $0.80 and $0.48 per share for the year ended on December 31, 2013, December 31, 2012 and December 31, 2011, respectively | -35.9 | ' | -35.9 | ' | ' |
Balance at Dec. 31, 2011 | 3,152 | 657.1 | 2,495.60 | -8.8 | 8.1 |
Balance (in shares) at Dec. 31, 2011 | ' | 75,007,694 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' |
Net income | 408.3 | ' | 403.5 | ' | 4.8 |
Other comprehensive (loss) income | 7.3 | ' | ' | 7.3 | ' |
Noncontrolling interests purchased | -0.8 | ' | ' | ' | -0.8 |
Payments to noncontrolling interest holders | -3.1 | ' | ' | ' | -3.1 |
Share-based compensation | 23 | 23 | ' | ' | ' |
Share-based compensation (in shares) | ' | 16,842 | ' | ' | ' |
Stock options exercised | 42.1 | 42.1 | ' | ' | ' |
Stock options exercised (in shares) | ' | 1,018,010 | ' | ' | ' |
Share-based compensation tax benefit (deficit) | -1.2 | ' | -1.2 | ' | ' |
Cash dividends - $1.26, $0.80 and $0.48 per share for the year ended on December 31, 2013, December 31, 2012 and December 31, 2011, respectively | -60.2 | ' | -60.2 | ' | ' |
Balance at Dec. 31, 2012 | 3,567.40 | 722.2 | 2,837.70 | -1.5 | 9 |
Balance (in shares) at Dec. 31, 2012 | 76,042,546 | 76,042,546 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' |
Net income | 324.7 | ' | 321.6 | ' | 3.1 |
Other comprehensive (loss) income | -5.2 | ' | ' | -5.2 | ' |
Payments to noncontrolling interest holders | -2.3 | ' | ' | ' | -2.3 |
Share-based compensation | 26 | 26 | ' | ' | ' |
Share-based compensation (in shares) | ' | 12,418 | ' | ' | ' |
Stock options exercised | 70.1 | 70.1 | ' | ' | ' |
Stock options exercised (in shares) | ' | 1,437,053 | ' | ' | ' |
Share-based compensation tax benefit (deficit) | 0.6 | ' | 0.6 | ' | ' |
Cash dividends - $1.26, $0.80 and $0.48 per share for the year ended on December 31, 2013, December 31, 2012 and December 31, 2011, respectively | -96.9 | ' | -96.9 | ' | ' |
Balance at Dec. 31, 2013 | $3,884.40 | $818.30 | $3,063 | ($6.70) | $9.80 |
Balance (in shares) at Dec. 31, 2013 | 77,492,017 | 77,492,017 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $) | 1 Months Ended | 12 Months Ended | ||||
Feb. 28, 2014 | Jul. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CONSOLIDATED STATEMENTS OF EQUITY | ' | ' | ' | ' | ' | ' |
Cash dividends per share (in dollars per share) | $0.35 | $0.33 | $0.30 | $1.26 | $0.80 | $0.48 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income | $324.70 | $408.30 | $349.20 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization expense | 192.4 | 149 | 133.1 |
Impairment of intangible asset | 14.9 | 2.5 | 0 |
Deferred income tax provision (benefit) | 3.1 | 2.8 | -27.2 |
Loss (gain) on sales of property, plant and equipment | 0.7 | -2.9 | -2.6 |
Equity in earnings of unconsolidated entities | -2.3 | -2.2 | -2.2 |
Dividends received from unconsolidated entities | 3.9 | 2.9 | 3.9 |
Share-based compensation expense | 26 | 23 | 21.3 |
Other | -0.4 | 4.4 | 5.8 |
Changes in operating assets and liabilities (excluding effect of businesses acquired): | ' | ' | ' |
Accounts receivable | 25.4 | 123.1 | -145.9 |
Inventories | 111.9 | -1.3 | -231 |
Prepaid expenses and other assets | -17.3 | -18.9 | 22.8 |
Accounts payable and other liabilities | -49.7 | -88.8 | 107.6 |
Net cash provided by operating activities | 633.3 | 601.9 | 234.8 |
Investing activities: | ' | ' | ' |
Purchases of property, plant and equipment | -168 | -214 | -156.4 |
Acquisitions, net of cash acquired | -821.1 | -166.9 | -313.3 |
Proceeds from sales of property, plant and equipment | 11.9 | 8.2 | 9 |
Net investment in life insurance policies | -10.3 | -11.2 | -9 |
Net proceeds from redemption of life insurance policies | 7.7 | 2.9 | 3.6 |
Other | 0.8 | -0.7 | -8.5 |
Net cash used in investing activities | -979 | -381.7 | -474.6 |
Financing activities: | ' | ' | ' |
Net short-term debt repayments | -473 | -63.2 | -104.7 |
Proceeds from long-term debt borrowings | 2,297.90 | 641 | 995 |
Principal payments on long-term debt | -1,454.50 | -763 | -606.6 |
Debt issuance costs | -10.3 | ' | -7.3 |
Payments to noncontrolling interest holders | -2.3 | -3.1 | -3.7 |
Noncontrolling interests purchased | ' | -0.8 | ' |
Dividends paid | -96.9 | -60.2 | -35.9 |
Excess benefit (tax deficit) from share-based compensation | 1.1 | -0.4 | -0.3 |
Exercise of stock options | 70.1 | 42.1 | 11.1 |
Net cash provided by (used in) financing activities | 332.1 | -207.6 | 247.6 |
Effect of exchange rate changes on cash | -0.4 | 0.4 | 3.9 |
(Decrease) increase in cash and cash equivalents | -14 | 13 | 11.7 |
Cash and cash equivalents at beginning of year | 97.6 | 84.6 | 72.9 |
Cash and cash equivalents at end of year | 83.6 | 97.6 | 84.6 |
Supplemental cash flow information: | ' | ' | ' |
Interest paid during the year | 74.2 | 58.7 | 57.4 |
Income taxes paid during the year, net | 161.4 | 245.7 | 149.2 |
Non-cash investing and financing activities: | ' | ' | ' |
Debt assumed in connection with acquisitions of metals service centers | $529.90 | $59.40 | $104.70 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Note 1. Summary of Significant Accounting Policies | |||||||||||
Principles of Consolidation | |||||||||||
The accompanying consolidated financial statements include the accounts of Reliance Steel & Aluminum Co. and its subsidiaries (collectively referred to as "Reliance", "the Company", "we", "our" or "us"). Our consolidated financial statements include the assets, liabilities and operating results of majority-owned subsidiaries. The ownership of the other interest holders of consolidated subsidiaries is reflected as noncontrolling interests. Our investments in unconsolidated subsidiaries are recorded under the equity method of accounting. All significant intercompany accounts and transactions have been eliminated. | |||||||||||
Business | |||||||||||
We operate a metals service center network of more than 290 locations in 39 states in the U.S. and in ten other countries (Australia, Belgium, Canada, China, Malaysia, Mexico, Singapore, South Korea, the U.A.E. and the United Kingdom) that provides value-added metals processing services and distributes a full line of more than 100,000 metal products. Since our inception in 1939, we have not diversified outside our core business as a metals service center operator. | |||||||||||
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 accounts receivable collectability, valuation of inventories, goodwill, long-lived assets, income tax and other contingencies, and 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. Actual results could differ from those estimates. | |||||||||||
Accounts Receivable and Concentrations of Credit Risk | |||||||||||
Concentrations of credit risk with respect to trade receivables are limited due to the geographically diverse customer base and various industries into which our products are sold. Trade receivables are typically non-interest bearing and are initially recorded at cost. Sales to our recurring customers are generally made on open account terms while sales to occasional customers may be made on a C.O.D. basis when collectability is not assured. 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. Losses from credit sales are provided for in the financial statements and consistently have been within the allowance provided. The allowance is an estimate of the uncollectability of accounts receivable based on an evaluation of specific customer risks along with additional reserves based on historical and probable bad debt experience. Amounts are written off against the allowance in the period we determine that the receivable is uncollectible. As a result of the above factors, we do not consider ourselves to have any significant concentrations of credit risk. | |||||||||||
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 metals industry as well as fluctuations in our product mix and on-hand inventory levels. | |||||||||||
Fair Values of Financial Instruments | |||||||||||
Fair values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other current liabilities, and the current portion of long-term debt 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 $1.1 billion publicly traded senior unsecured notes. The fair values of these senior unsecured notes based on quoted market prices as of December 31, 2013 and 2012 were approximately $1.14 billion and $675.1 million, respectively, compared to their carrying values of approximately $1.10 billion and $598.5 million, as of the end of each period, respectively. These estimated fair values are based on Level 2 inputs. | |||||||||||
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. At times, cash balances held at financial institutions were in excess of federally-insured limits. | |||||||||||
Goodwill | |||||||||||
Goodwill is the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not amortized but is tested for impairment at least annually. We have one operating segment and one reporting unit for goodwill impairment purposes. | |||||||||||
We test for impairment of goodwill by assessing qualitative factors to determine if the fair value of the reporting unit is more likely than not below the carrying value of the reporting unit. We also 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 the required annual goodwill impairment evaluation on November 1 of each year. No impairment of goodwill was determined to exist in any of the years presented. | |||||||||||
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 | 311/2 years | ||||||||||
Machinery and equipment | 3 - 20 years | ||||||||||
Other intangible assets with finite useful lives are amortized over their useful lives. Other intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. We recognized impairment losses of $14.9 million and $2.5 million related to one of our trade name intangible assets for the years ended December 31, 2013 and 2012, respectively. No impairment of intangible assets with indefinite lives was determined to exist for the year ended December 31, 2011. | |||||||||||
We review the recoverability of our long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The estimated future cash flows are based upon, among other things, assumptions about future operating performance, and may differ from actual cash flows. Long-lived assets evaluated for impairment are grouped with other assets to the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. If the sum of the projected undiscounted cash flows (excluding interest) is less than the carrying value of the assets, the assets will be written down to the estimated fair value in the period in which the determination is made. Long-lived asset related impairment losses recognized during the years ended December 31, 2013, 2012 and 2011 were not significant. | |||||||||||
Revenue Recognition | |||||||||||
We recognize revenue from product or processing sales upon concluding that all of the fundamental criteria for product revenue recognition have been met, such as a fixed or determinable sales price; reasonable assurance of collectability; and passage of title and risks of ownership to the buyer. Such criteria are usually met upon delivery to the customer for orders with FOB destination terms or upon shipment for orders with FOB shipping point terms, or after toll processing services are performed. Considering the close proximity of our customers to our metals service center locations, shipment and delivery of our orders generally occur on the same day. Billings for orders where the revenue recognition criteria are not met, which primarily include certain bill and hold transactions (in which our customers request to be billed for the material but request delivery at a later date), are recorded as deferred revenue. | |||||||||||
Shipping and handling charges to our customers are included in Net sales. Costs incurred in connection with shipping and handling our products, which are related to third-party carriers are not material and are typically included in Cost of sales. Costs incurred in connection with shipping and handling our products that are performed by our personnel are typically included in operating expenses. For the years ended December 31, 2013, 2012 and 2011, shipping and handling costs included in Warehouse, delivery, selling, general and administrative expenses were approximately $284.8 million, $236.3 million, and $220.9 million, respectively. | |||||||||||
Segment Information | |||||||||||
We have one reportable segment, metals service centers. All of our recent acquisitions were metals service centers and did not result in new reportable segments. Although a variety of products or services are sold at our various locations, in total, sales were comprised of the following in each of the three years ended December 31: | |||||||||||
2013 | 2012 | 2011 | |||||||||
Carbon steel | 53 | % | 51 | % | 53 | % | |||||
Aluminum | 15 | % | 15 | % | 15 | % | |||||
Stainless steel | 14 | % | 15 | % | 15 | % | |||||
Alloy steel | 10 | % | 12 | % | 10 | % | |||||
Toll processing | 2 | % | 2 | % | 2 | % | |||||
Other | 6 | % | 5 | % | 5 | % | |||||
| | | | | | | | | | | |
Total | 100 | % | 100 | % | 100 | % | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The following table summarizes consolidated financial information of our operations by geographic location based on where sales originated from: | |||||||||||
United States | Foreign | Total | |||||||||
Countries | |||||||||||
(in millions) | |||||||||||
Year Ended December 31, 2013 | |||||||||||
Net sales | $ | 8,682.20 | $ | 541.6 | $ | 9,223.80 | |||||
Long-lived assets | 4,296.60 | 305.5 | 4,602.10 | ||||||||
Year Ended December 31, 2012 | |||||||||||
Net sales | 7,861.30 | 581 | 8,442.30 | ||||||||
Long-lived assets | 3,270.90 | 309.4 | 3,580.30 | ||||||||
Year Ended December 31, 2011 | |||||||||||
Net sales | 7,647.40 | 487.3 | 8,134.70 | ||||||||
Long-lived assets | 3,035.10 | 296.1 | 3,331.20 | ||||||||
Share-Based Compensation | |||||||||||
All of our share-based compensation plans are considered equity plans. We calculate the fair value of stock option awards on the date of grant based on the closing market price of our common stock, using a Black-Scholes option-pricing model. The fair value of restricted stock grants is determined based on the fair value of our common stock on the date of the grant. The fair value of stock option and restricted stock awards is expensed on a straight-line basis over their respective vesting periods, net of estimated forfeitures. The share-based compensation expense recorded was $26.0 million, $23.0 million, and $21.3 million for the years ended December 31, 2013, 2012 and 2011, respectively, and is included in the Warehouse, delivery, selling, general and administrative expense caption of our consolidated statements of income. | |||||||||||
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 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 14 for further discussion on our environmental remediation matters. | |||||||||||
Income Taxes | |||||||||||
We file a consolidated U.S. federal income tax return with our wholly owned domestic subsidiaries. The deferred tax assets and/or liabilities are determined by multiplying the differences between the financial reporting and tax reporting bases for assets and liabilities by the enacted tax rates expected to be in effect when such differences are recovered or settled. The effect on deferred taxes of 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 make 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 by the authorities. The benefit from a position that has surpassed the more-likely-than-not threshold is 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 | |||||||||||
The currency effects of translating the financial statements of our foreign subsidiaries, which operate in local currency environments, are included in other comprehensive income. Gains and losses resulting from foreign currency transactions are included in the results of operations in the Other income (expense), net caption and amounted to a net loss of $2.6 million for the year ended December 31 2013, a net gain of $1.7 million for the year ended December 31, 2012 and a net loss of $5.9 million for the year ended December 31, 2011. | |||||||||||
Impact of Recently Issued Accounting Standards—Adopted | |||||||||||
Comprehensive Income Reporting and Disclosures—On January 1, 2013, we adopted changes issued by the FASB, which require additional disclosures for the reclassification of significant amounts from accumulated other comprehensive income (loss) to net income. This guidance requires that the effect of certain significant amounts be presented either on the face of the consolidated statements of comprehensive income or in a single note. For other amounts, we are required to cross-reference disclosures that provide additional detail about those amounts. The adoption of these changes did not have a material impact on our consolidated financial statements. | |||||||||||
Intangible Assets Impairment—On October 1, 2012, we adopted changes issued by the Financial Accounting Standards Board ("FASB") related to testing of indefinite-lived intangible assets for impairment. The new guidance allows companies the option to assess qualitative factors to determine if it is more-likely-than-not that indefinite-lived intangible assets is impaired and whether it is necessary to perform a quantitative impairment test. The adoption of these changes did not have a material impact on our consolidated financial statements. | |||||||||||
Presentation of Comprehensive Income—On January 1, 2012, we adopted changes issued by the FASB, which require companies to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income, or in two separate but consecutive statements. We elected to adopt the two-statement option. This guidance eliminated the option to present the components of other comprehensive income as part of the statement of equity. Other than the change in presentation, the adoption of these changes had no other impact on our consolidated financial statements. | |||||||||||
Fair Value Measurements and Disclosures—On January 1, 2012, we adopted changes issued by the FASB to provide a consistent definition of fair value and to ensure that the fair value measurement and disclosure requirements are similar between U.S. generally accepted accounting principles and International Financial Reporting Standards. The new guidance changed certain fair value measurement principles and enhanced the disclosure requirements particularly for Level 3 fair value measurements. The adoption of these changes did not have a material impact on our consolidated financial statements. | |||||||||||
Goodwill Impairment—On October 1, 2011, we adopted changes issued by the FASB related to testing goodwill for impairment. This guidance allows companies the option to assess qualitative factors to determine if it is more likely than not that goodwill is impaired and whether it is necessary to perform further impairment testing. The guidance also expands upon the examples of events and circumstances that an entity should consider between annual impairment tests in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The adoption of these changes did not have a material impact on our consolidated financial statements. | |||||||||||
On January 1, 2011, we adopted changes issued by the FASB related to the calculation of the carrying amount of a reporting unit when performing the first step of a goodwill impairment test. More specifically, the changes require an entity to use an equity premise when performing the first step of a goodwill impairment test. If a reporting unit has a zero or negative carrying amount, the entity must assess and consider qualitative factors to determine whether it is more likely than not that goodwill impairment exists. The adoption of these changes did not have a material impact on our consolidated financial statements. | |||||||||||
Acquisitions
Acquisitions | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Acquisitions | ' | |||||||
Acquisitions | ' | |||||||
Note 2. Acquisitions | ||||||||
2013 Acquisitions | ||||||||
On November 1, 2013, through our wholly-owned subsidiary American Metals Corporation, we acquired all of the capital stock of Haskins Steel Co., Inc. ("Haskins Steel"), located in Spokane, Washington. Founded in 1955, Haskins Steel processes and distributes primarily carbon steel and aluminum products of various shapes and sizes to a diverse customer base in the Pacific Northwest. Their in-house processing capabilities include shearing, sawing, burning and forming. Net sales of Haskins Steel during the period from November 1, 2013 through December 31, 2013 were $4.3 million. | ||||||||
On April 30, 2013, we acquired Travel Main Holdings, LLC ("Travel Main"), a real estate holding company with a portfolio of 18 real estate properties, all of which are leased by certain of our subsidiaries. The transaction value of $78.9 million included the assumption of $43.8 million of indebtedness. The cash portion of the purchase price was funded with borrowings on our revolving credit facility. | ||||||||
On April 12, 2013, we acquired all the outstanding shares of Metals USA Holdings Corp. ("Metals USA"). Metals USA is one of the largest metals service center businesses in the United States and a leading provider of value-added processed aluminum, brass, copper, carbon steel, stainless steel, manufactured metal components and inventory management services. Metals USA sells its products and services to a diverse customer base and broad range of end markets, including the aerospace, auto, defense, heavy equipment, marine transportation, commercial construction, office furniture manufacturing, energy and oilfield service industries, among several others. This acquisition added a total of 44 service centers strategically located throughout the United States to our existing operations and complements our existing customer base, product mix and geographic footprint. Net sales of Metals USA during the period from April 13, 2013 through December 31, 2013 were $1.24 billion. | ||||||||
The purchase price for Metals USA of $766.8 million along with assumed debt of $486.1 million represents a total transaction value of approximately $1.25 billion. We funded the transaction and refinanced all but $12.3 million of Metals USA's debt with proceeds from our $500.0 million term loan, which we entered into in April 2013, and our April 2013 $500.0 million senior notes offering, with the balance drawn on our existing $1.5 billion revolving credit facility (see Note 8). For the year ended December 31, 2013, we incurred approximately $11.4 million in transaction related costs, which are included in Warehouse, delivery, selling, general and administrative expenses. | ||||||||
As of December 31, 2013, the preliminary allocation of the total purchase price of Metals USA to the fair values of assets acquired and liabilities assumed is as follows: | ||||||||
(in millions) | ||||||||
Cash | $ | 3.2 | ||||||
Accounts receivable | 206 | |||||||
Inventories | 379.5 | |||||||
Property, plant and equipment | 242.6 | |||||||
Goodwill | 381.5 | |||||||
Intangible assets subject to amortization | 137.6 | |||||||
Intangible assets not subject to amortization | 203 | |||||||
Other current and long-term assets | 9.1 | |||||||
| | | | | ||||
Total assets acquired | 1,562.50 | |||||||
| | | | | ||||
Current and long-term debt | 486.1 | |||||||
Deferred taxes | 184.4 | |||||||
Other current and long-term liabilities | 125.2 | |||||||
| | | | | ||||
Total liabilities assumed | 795.7 | |||||||
| | | | | ||||
Net assets acquired | $ | 766.8 | ||||||
| | | | | ||||
| | | | | ||||
2012 Acquisitions | ||||||||
On October 1, 2012, through our wholly owned subsidiary Feralloy Corporation ("Feralloy"), we acquired all the outstanding capital stock of GH Metal Solutions, Inc. (formerly known as The Gas House, Inc.) ("GH"), a value added processor and fabricator of carbon steel products located in Fort Payne, Alabama that will allow Feralloy to better serve the increasing demands of its diverse customer base. GH operates as a wholly owned subsidiary of Feralloy and had net sales of $59.1 million for the year ended December 31, 2013. | ||||||||
On October 1, 2012, we acquired all the outstanding limited liability company interests of Sunbelt Steel Texas, LLC ("Sunbelt"), a value added distributor of special alloy steel bar and heavy-wall tubing products to the oil and gas industry, headquartered in Houston, Texas with an additional location in Lafayette, Louisiana. Sunbelt had net sales of $43.2 million for the year ended December 31, 2013. | ||||||||
On July 6, 2012, we acquired substantially all of the assets of Airport Metals (Australia) Pty Ltd., a subsidiary of Samuel Son & Co., Limited, through our newly-formed subsidiary Bralco Metals (Australia) Pty Ltd. ("Airport Metals"). Airport Metals, based in Melbourne, operates as a stocking distributor of aircraft materials and supplies. Airport Metals had net sales of $2.8 million for the year ended December 31, 2013. | ||||||||
On April, 27, 2012, through our wholly owned subsidiary Precision Strip, Inc. ("PSI"), we acquired the assets of the Worthington Steel Vonore, Tennessee plant, a processing facility owned by Worthington Industries, Inc. The Vonore plant operates as a PSI location, which processes and delivers carbon steel, aluminum and stainless steel products on a "toll" basis, processing the metal for a fee without taking ownership of the metal. The Vonore location had net sales of $2.7 million for the year ended December 31, 2013. | ||||||||
On April 3, 2012, we acquired all the outstanding limited liability company interests of National Specialty Alloys, LLC ("NSA"), a global specialty alloy processor and distributor of premium stainless steel and nickel alloy bars and shapes, headquartered in Houston, Texas with additional locations in Anaheim, California; Buford, Georgia; Tulsa, Oklahoma and Mexico City, Mexico. NSA had net sales of $77.2 million for the year ended December 31, 2013. | ||||||||
On February 1, 2012, through our wholly owned subsidiary Diamond Manufacturing Company, we acquired McKey Perforating Co., Inc. ("McKey"), headquartered in New Berlin, Wisconsin and its subsidiary, McKey Perforated Products Co., Inc., located in Manchester, Tennessee. McKey provides a full range of metal perforating and fabrication services to customers located primarily in the U.S. McKey had net sales of $18.9 million for the year ended December 31, 2013. | ||||||||
The combined transaction value of our 2012 acquisitions was $226.5 million, which included the assumption and repayment of $59.4 million of debt. We funded these acquisitions with borrowings on our revolving credit facility. | ||||||||
The allocation of the total purchase price of our 2012 acquisitions to the fair values of the assets acquired and liabilities assumed is as follows: | ||||||||
(in millions) | ||||||||
Cash | $ | 0.2 | ||||||
Accounts receivable | 32.5 | |||||||
Inventories | 55 | |||||||
Property, plant and equipment | 30.7 | |||||||
Goodwill | 68 | |||||||
Intangible assets subject to amortization | 45.1 | |||||||
Intangible assets not subject to amortization | 37.9 | |||||||
Other current and long-term assets | 1.2 | |||||||
| | | | | ||||
Total assets acquired | 270.6 | |||||||
| | | | | ||||
Current and long-term debt | 59.4 | |||||||
Deferred taxes | 20.6 | |||||||
Other current and long-term liabilities | 23.5 | |||||||
| | | | | ||||
Total liabilities assumed | 103.5 | |||||||
| | | | | ||||
Net assets acquired | $ | 167.1 | ||||||
| | | | | ||||
| | | | | ||||
2011 Acquisition | ||||||||
On August 1, 2011, we acquired all the outstanding capital securities of Continental Alloys & Services, Inc. ("Continental"), headquartered in Houston, Texas, and certain affiliated companies. Continental is a leading global materials management company focused on high-end steel and alloy pipe, tube and bar products and precision manufacturing of various tools designed for well completion programs of global energy service companies and has 12 locations in seven countries including Canada, Malaysia, Mexico, Singapore, the U.A.E., the United Kingdom, and the United States. This acquisition aligns well with our diversification strategy by increasing our exposure to the energy (oil and gas) market, including the addition of Oil Country Tubular Goods ("OCTG") products, new processing capabilities, and entry into new international markets. Continental and its affiliates had combined net sales of approximately $414.1 million for the year ended December 31, 2013. The allocation of the total purchase price of Continental to the fair values of the assets acquired and liabilities assumed is as follows: | ||||||||
(in millions) | ||||||||
Cash | $ | 22.8 | ||||||
Accounts receivable | 55.7 | |||||||
Inventories | 125.9 | |||||||
Property, plant and equipment | 28.8 | |||||||
Goodwill | 138.5 | |||||||
Intangible assets subject to amortization | 103.7 | |||||||
Intangible assets not subject to amortization | 70.6 | |||||||
Other current and long-term assets | 1.8 | |||||||
| | | | | ||||
Total assets acquired | 547.8 | |||||||
| | | | | ||||
Current and long-term debt | 104.7 | |||||||
Deferred taxes | 56.9 | |||||||
Other current and long-term liabilities | 50.1 | |||||||
| | | | | ||||
Total liabilities assumed | 211.7 | |||||||
| | | | | ||||
Net assets acquired | $ | 336.1 | ||||||
| | | | | ||||
| | | | | ||||
Summary purchase price allocation information for all acquisitions | ||||||||
All of the acquisitions discussed in this note have been accounted for under the acquisition method of accounting and, accordingly, each purchase price has been allocated to the assets acquired and liabilities assumed based on the estimated fair values at the date of each acquisition. The accompanying consolidated statements of income include the revenues and expenses of each acquisition since its respective acquisition date. The consolidated balance sheets reflect the allocations of each acquisition's purchase price as of December 31, 2013 or 2012, as applicable. The purchase price allocations for the 2013 acquisitions are preliminary and are pending the completion of various pre-acquisition period income tax returns. The measurement periods for purchase price allocations do not exceed 12 months from the acquisition date. | ||||||||
As part of the purchase price allocations of the 2013, 2012 and 2011 acquisitions, $206.8 million, $37.9 million and $70.6 million, respectively, were allocated to the trade names acquired, $1.0 million of which is subject to amortization. We determined that substantially all of the trade names acquired in connection with these acquisitions had indefinite lives since their economic lives are expected to approximate the life of each company acquired. Additionally, we recorded other identifiable intangible assets related to customer relationships for 2013, 2012 and 2011 acquisitions of $135.3 million, $44.3 million and $101.8 million, respectively, with weighted average lives of 12.5, 10.0 and 10.0 years, respectively. The goodwill arising from our 2013, 2012, and 2011 acquisitions consists largely of the synergies and economies of scale expected from the combined operations. Tax deductible goodwill from our 2013, 2012 and 2011 acquisitions amounted to $106.7 million, $30.3 million, and $4.5 million, respectively. Total tax deductible goodwill amounted to approximately $554.6 million as of December 31, 2013. | ||||||||
Pro forma financial information | ||||||||
The following pro forma summary financial results present the consolidated results of operations as if the acquisition of Metals USA had occurred as of January 1, 2012, after the effect of certain adjustments, including interest expense on the acquisition debt, non-recurring acquisition related costs, and amortization of certain identifiable intangible assets. The pro forma summary financial results reflect Metals USA's historical method for inventory valuation, which was the first-in, first-out (FIFO) method for the majority of its inventories. Metals USA adopted the last-in, first-out (LIFO) method of inventory valuation upon acquisition. The pro forma summary financial results for the year ended December 31, 2013 excluded approximately $48.7 million of acquisition and related costs. | ||||||||
The pro forma results have been presented for comparative purposes only and are not indicative of what would have occurred had the Metals USA acquisition been made as of January 1, 2012, or of any potential results which may occur in the future. | ||||||||
Year Ended | Year Ended | |||||||
December 31, 2013 | December 31, 2012 | |||||||
(in millions, except | (in millions, except | |||||||
per share amounts) | per share amounts) | |||||||
Pro forma: | ||||||||
Net sales | $ | 9,753.8 | $ | 10,425.9 | ||||
Net income attributable to Reliance | $ | 328.9 | $ | 444.8 | ||||
Diluted earnings per common share attributable to Reliance shareholders | $ | 4.24 | $ | 5.88 | ||||
Basic earnings per common share atrributable to Reliance shareholders | $ | 4.28 | $ | 5.91 |
Joint_Ventures_and_Noncontroll
Joint Ventures and Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2013 | |
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 ownership interest is greater than 50%. | |
We have three joint venture arrangements with noncontrolling interests: Acero Prime S. de R.L. de C.V. (40%-owned) and Oregon Feralloy Partners LLC (40%-owned). In April 2013, through our acquisition of Metals USA, we acquired a 45%-owned interest in Eagle Steel Products, Inc. These investments are accounted for using the equity method. The corresponding investments in these entities are reflected in the Investments in unconsolidated entities caption of the balance sheet. Equity in earnings of these entities and related distribution of earnings have not been material to our results of operations or cash flows. | |
Operations that are majority owned by us are as follows: Indiana Pickling & Processing Company (56%-owned), Feralloy Processing Company (51%-owned), FP Structural Solutions (70%-owned), and Valex Corp. (97%-owned), and its operations in the People's Republic of China and in South Korea, in which Valex Corp. has 92% and 94% ownership, respectively. 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 statements of income. | |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2013 | |
Inventories | ' |
Inventories | ' |
Note 4. Inventories | |
Our inventories have primarily been stated on the last-in, first-out ("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. As of December 31, 2013 and 2012, cost on the first-in, first-out ("FIFO") method exceeded the LIFO value of inventories by $88.6 million and $138.8 million, respectively. Inventories of $206.8 million and $243.7 million as of December 31, 2013 and 2012, respectively, were stated on the FIFO method, which is not in excess of market. | |
Cost decreases in 2013 and 2012 for the majority of our products were the primary cause of the $50.2 million and $64.1 million reduction in the LIFO valuation reserve, respectively, which lowered cost of sales. Cost increases in 2011 for the majority of our products was the primary cause of an $85.3 million increase in the LIFO valuation reserve, which increased cost of sales. There were insignificant liquidations of LIFO inventory quantities in 2013, 2012 and 2011. | |
Goodwill
Goodwill | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Goodwill. | ' | ||||
Goodwill | ' | ||||
Note 5. Goodwill | |||||
The changes in the carrying amount of goodwill are as follows: | |||||
(in millions) | |||||
Balance at December 31, 2010 | $ | 1,109.60 | |||
Acquisition | 138.5 | ||||
Purchase price allocation adjustments | 0.2 | ||||
Effect of foreign currency translation | (4.0 | ) | |||
| | | | | |
Balance at December 31, 2011 | 1,244.30 | ||||
Acquisitions | 68 | ||||
Effect of foreign currency translation | 2.3 | ||||
| | | | | |
Balance at December 31, 2012 | 1,314.60 | ||||
Acquisitions | 382.4 | ||||
Effect of foreign currency translation | (5.4 | ) | |||
| | | | | |
Balance at December 31, 2013 | $ | 1,691.60 | |||
| | | | | |
| | | | | |
We had no accumulated impairment losses related to goodwill at December 31, 2013. | |||||
Intangible_Assets_net
Intangible Assets, net | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Intangible Assets, net | ' | |||||||||||||
Intangible Assets, net | ' | |||||||||||||
Note 6. Intangible Assets, net | ||||||||||||||
Intangible assets, net, consisted of the following: | ||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||
Amount | Amount | |||||||||||||
(in millions) | ||||||||||||||
Intangible assets subject to amortization: | ||||||||||||||
Covenants not to compete | $ | 8 | $ | (7.3 | ) | $ | 8 | $ | (7.1 | ) | ||||
Loan fees | 41.5 | (24.1 | ) | 31.2 | (20.2 | ) | ||||||||
Customer lists/relationships | 654.3 | (200.6 | ) | 524 | (153.3 | ) | ||||||||
Software—internal use | 8.1 | (6.3 | ) | 8.1 | (5.5 | ) | ||||||||
Other | 7.4 | (2.7 | ) | 6.4 | (2.5 | ) | ||||||||
| | | | | | | | | | | | | | |
719.3 | (241.0 | ) | 577.7 | (188.6 | ) | |||||||||
Intangible assets not subject to amortization: | ||||||||||||||
Trade names | 735.5 | — | 547.4 | — | ||||||||||
| | | | | | | | | | | | | | |
$ | 1,454.80 | $ | (241.0 | ) | $ | 1,125.10 | $ | (188.6 | ) | |||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Intangible assets recorded in connection with our 2013 acquisitions were approximately $345.8 million. The Company also recorded $10.3 million of intangible assets in connection with the amendment of its syndicated credit agreement. Foreign currency translation losses related to intangible assets, net, in 2013 were approximately $6.7 million. Impairment losses of $14.9 million and $2.5 million were recognized during the years ended December 31, 2013 and 2012, respectively, related to one of our trade names. | ||||||||||||||
Amortization expense for intangible assets amounted to approximately $54.9 million, $45.4 million and $35.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
The following is a summary of estimated aggregate amortization expense for each of the next five years: | ||||||||||||||
(in millions) | ||||||||||||||
2014 | $ | 55.8 | ||||||||||||
2015 | 53.7 | |||||||||||||
2016 | 52 | |||||||||||||
2017 | 47.5 | |||||||||||||
2018 | 41.4 |
Cash_Surrender_Value_of_Life_I
Cash Surrender Value of Life Insurance Policies, net | 12 Months Ended |
Dec. 31, 2013 | |
Cash Surrender Value of Life Insurance Policies, net | ' |
Cash Surrender Value of Life Insurance Policies, net | ' |
Note 7. 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 $45.4 million and $45.2 million as of December 31, 2013 and 2012, 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. We are also the owner and beneficiary of key man life insurance policies on certain current and former executives of the Company, its subsidiaries and predecessor companies. | |
Cash surrender value of the life insurance policies increases by a portion of the amount of premiums paid and by investment income earned under the policies and decreases by the amount of cost of insurance charges, investment losses and interest on policy loans, as applicable. | |
Income earned on all of our life insurance policies is recorded in the Other income (expense), net caption in the accompanying statements of income (see Note 13). | |
Annually, we expect to borrow against the cash surrender value of policies to pay a portion of the premiums and accrued interest on loans against those policies. In 2013, we borrowed $36.5 million against the cash surrender value of certain policies, which was used to partially pay premiums, principal and accrued interest owed of $46.8 million. In 2012, we borrowed $33.0 million against the cash surrender value of certain policies, which was used to partially pay premiums and accrued interest owed of $44.2 million. Interest rates on borrowings under some of the EMJ life insurance policies are 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 rates 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, 2013 and 2012, loans and accrued interest outstanding on EMJ's life insurance policies were approximately $447.8 million and $412.7 million, respectively. There were no borrowings available as of December 31, 2013 and December 31, 2012. Interest expense on borrowings against cash surrender values is included in the Other income (expense), net caption in the accompanying statements of income (see Note 13). | |
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt | ' | |||||||
Debt | ' | |||||||
Note 8. Debt | ||||||||
Debt consists of the following: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
(in millions) | ||||||||
Unsecured revolving credit facility due April 4, 2018 | $ | 480 | $ | 525 | ||||
Senior unsecured term loan due from March 31, 2014 to April 4, 2018 | 467.5 | — | ||||||
Senior unsecured notes repaid on July 2, 2013 | — | 75 | ||||||
Senior unsecured notes due November 15, 2016 | 350 | 350 | ||||||
Senior unsecured notes due April 15, 2023 | 500 | — | ||||||
Senior unsecured notes due November 15, 2036 | 250 | 250 | ||||||
Other notes and revolving credit facilities | 64.8 | 8.9 | ||||||
| | | | | | | | |
Total | 2,112.30 | 1,208.90 | ||||||
Less: unamortized discount | (3.3 | ) | (1.5 | ) | ||||
Less: amounts due within one year and short term borrowings | (36.5 | ) | (83.6 | ) | ||||
| | | | | | | | |
Total long-term debt | $ | 2,072.50 | $ | 1,123.80 | ||||
| | | | | | | | |
| | | | | | | | |
Unsecured Revolving Credit Facility | ||||||||
On April 4, 2013, we entered into a syndicated Third Amended and Restated Credit Agreement ("Credit Agreement") with 26 banks as lenders. The Credit Agreement amends and restates our existing $1.5 billion unsecured revolving credit facility and provides for a $500.0 million term loan, maturing on April 4, 2018. The term loan will amortize in quarterly installments, resulting in an annual amortization of 5% during the first year, 5% during the second year, 10% during the third year, 10% during the fourth year and 10% during the fifth year with the balance to be paid at maturity. The Credit Agreement includes an option to increase the revolving credit facility for up to an additional $500.0 million at our request, subject to approval of the lenders and certain other conditions. Interest on borrowings from the amended and restated revolving credit facility is at variable rates based on LIBOR plus 1.25% or the bank prime rate plus 0.25% and included a commitment fee at an annual rate of 0.20% on the unused portion as of December 31, 2013. The applicable margins over LIBOR rate and base rate borrowings, along with commitment fees, are subject to adjustment every quarter based on our leverage ratio, as defined. | ||||||||
Weighted average rates on borrowings outstanding on the revolving credit facility were 1.41% and 1.46% as of December 31, 2013 and 2012, respectively. As of December 31, 2013, we had $59.2 million of letters of credit outstanding under the revolving credit facility with availability to issue an additional $190.8 million of letters of credit. | ||||||||
Senior Unsecured Notes—Private Placements | ||||||||
We had $75.0 million of outstanding senior unsecured notes at a fixed rate of 5.35% issued in private placements of debt as of December 31, 2012. On July 2, 2013, the outstanding notes matured and we paid off the notes with borrowings under our revolving credit facility. | ||||||||
Senior Unsecured Notes—Publicly Traded | ||||||||
On November 20, 2006 we entered into an indenture (the "2006 Indenture"), for the issuance of $600 million of unsecured debt securities. The total debt issued was comprised of two tranches, (a) $350 million aggregate principal amount of senior unsecured notes bearing interest at the rate of 6.20% per annum, maturing on November 15, 2016 and (b) $250 million aggregate principal amount of senior unsecured notes bearing interest at the rate of 6.85% per annum, maturing on November 15, 2036. | ||||||||
On April 12, 2013, we entered into an indenture (the "2013 Indenture" and, together with the 2006 Indenture, the "Indentures"), for the issuance of $500.0 million aggregate principal amount of senior unsecured notes at the rate of 4.50% per annum, maturing on April 15, 2023. The net proceeds from the issuance were used to partially fund the acquisition of Metals USA. | ||||||||
Under 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. The notes are guaranteed by our named 100%-owned domestic subsidiaries that guarantee our borrowings under the Credit Agreement. The senior unsecured notes include provisions that require us to make an offer to repurchase the notes at a price equal to 101% of their principal amount plus accrued and unpaid interest in the event of a change in control and a downgrade of our credit rating. | ||||||||
Other Notes and Revolving Credit Facilities | ||||||||
Other revolving credit facilities with a combined credit limit of approximately $21.6 million are in place for operations in Asia and Europe with combined outstanding balances of $9.5 million and $8.3 million as of December 31, 2013 and December 31, 2012, respectively. | ||||||||
Pursuant to our acquisition of Metals USA, we assumed industrial revenue bonds with combined outstanding balances of $11.9 million as of December 31, 2013 that have maturities through 2027. Additionally, we assumed mortgage obligations pursuant to our acquisition of Travel Main, which have outstanding balances of $43.0 million as of December 31, 2013. The mortgages, which are secured by the underlying properties, have a fixed interest rate of 6.40% and scheduled amortization payments with a lump sum payment of $39.2 million due October 2016. | ||||||||
Covenants | ||||||||
The Credit Agreement requires us to maintain an interest coverage ratio and a maximum leverage ratio, among other things. | ||||||||
Additionally, our named 100%-owned domestic subsidiaries, which constitute the substantial majority of our subsidiaries, guarantee the borrowings under the Credit Agreement and the Indentures. The subsidiary guarantors, together with Reliance, are required collectively to account for at least 80% of our consolidated EBITDA and 80% of consolidated tangible assets. | ||||||||
We were in compliance with all debt covenants as of December 31, 2013. | ||||||||
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) | ||||||||
2014 | $ | 36.5 | ||||||
2015 | 45.5 | |||||||
2016 | 440.9 | |||||||
2017 | 50.5 | |||||||
2018 | 779.3 | |||||||
Thereafter | 759.6 | |||||||
| | | | | ||||
$ | 2,112.30 | |||||||
| | | | | ||||
| | | | | ||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | ' | ||||||||||
Note 9. Income Taxes | |||||||||||
Reliance and its subsidiaries file numerous consolidated and separate income tax returns in the United States federal jurisdiction and in many state and foreign jurisdictions. We are no longer subject to U.S. federal tax examinations for years before 2009 or state and local examinations before 2007. | |||||||||||
Significant components of the provision for income taxes attributable to continuing operations are as follows: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(in millions) | |||||||||||
Current: | |||||||||||
Federal | $ | 121.4 | $ | 159.1 | $ | 153.1 | |||||
State | 19.1 | 26.5 | 22.1 | ||||||||
Foreign | 10 | 12.7 | 14.4 | ||||||||
| | | | | | | | | | | |
150.5 | 198.3 | 189.6 | |||||||||
Deferred: | |||||||||||
Federal | 1.5 | 2.5 | (24.1 | ) | |||||||
State | 1.5 | 0.5 | (2.3 | ) | |||||||
Foreign | 0.1 | (0.2 | ) | (0.8 | ) | ||||||
| | | | | | | | | | | |
3.1 | 2.8 | (27.2 | ) | ||||||||
| | | | | | | | | | | |
$ | 153.6 | $ | 201.1 | $ | 162.4 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Components of U.S. and international income before income taxes were as follows: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(in millions) | |||||||||||
U.S. | $ | 438.4 | $ | 551.6 | $ | 452 | |||||
International | 39.9 | 57.8 | 59.6 | ||||||||
| | | | | | | | | | | |
Income before income taxes | $ | 478.3 | $ | 609.4 | $ | 511.6 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense is as follows: | |||||||||||
Year Ended | |||||||||||
December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Income tax at U.S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||
State income tax, net of federal tax effect | 2.9 | 2.9 | 2.4 | ||||||||
Net effect of life insurance policies | (3.2 | ) | (2.2 | ) | (2.3 | ) | |||||
Net effect of changes in unrecognized tax benefits | (0.5 | ) | — | — | |||||||
Domestic production activity deduction | (1.1 | ) | (1.2 | ) | (1.5 | ) | |||||
Other, net | (1.0 | ) | (1.5 | ) | (1.9 | ) | |||||
| | | | | | | | | | | |
Effective tax rate | 32.1 | % | 33 | % | 31.7 | % | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Significant components of our deferred tax assets and liabilities are as follows: | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
(in millions) | |||||||||||
Deferred tax assets: | |||||||||||
Accrued expenses not currently deductible for tax | $ | 77.7 | $ | 66.9 | |||||||
Inventory costs capitalized for tax purposes | 28.4 | 25.8 | |||||||||
Share-based compensation | 19.5 | 21.1 | |||||||||
Allowance for doubtful accounts | 6.9 | 7.8 | |||||||||
Tax credits carryforwards | 1.3 | 1.1 | |||||||||
Net operating loss carryforwards | 10.2 | 3.4 | |||||||||
Other | 1.9 | 3.5 | |||||||||
| | | | | | | | ||||
Total deferred tax assets | 145.9 | 129.6 | |||||||||
Deferred tax liabilities: | |||||||||||
Property, plant and equipment, net | (257.6 | ) | (165.9 | ) | |||||||
Goodwill and other intangible assets | (465.2 | ) | (360.9 | ) | |||||||
LIFO inventories | (49.2 | ) | (38.6 | ) | |||||||
Deferred income | (25.8 | ) | — | ||||||||
| | | | | | | | ||||
Total deferred tax liabilities | (797.8 | ) | (565.4 | ) | |||||||
| | | | | | | | ||||
Net deferred tax liabilities | $ | (651.9 | ) | $ | (435.8 | ) | |||||
| | | | | | | | ||||
| | | | | | | | ||||
As of December 31, 2013, we had available federal and state net operating loss carryforwards ("NOL") of $22.4 million and $3.5 million, respectively, to offset future income taxes, expiring in years 2014 through 2033. The federal NOL was assumed in our acquisition of Metals USA and is subject to an annual limitation amount. We believe that it is more likely than not that we will be able to realize these NOL's within their respective carryforward periods. | |||||||||||
Taxes on Foreign Income | |||||||||||
As of December 31, 2013, unremitted earnings of subsidiaries outside of the United States were approximately $202.8 million on which no United States taxes had been provided. Our intention is to indefinitely reinvest these earnings outside the United States. It is not practicable to estimate the amount of additional taxes that might be payable upon repatriation of foreign earnings. | |||||||||||
Unrecognized Tax Benefits | |||||||||||
We are under audit by various state jurisdictions 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, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(in millions) | |||||||||||
Unrecognized tax benefits at January 1 | $ | 15.9 | $ | 16.1 | $ | 15.4 | |||||
Assumed in acquisition | 5 | — | — | ||||||||
Increases in tax positions for prior years | 1.1 | 0.6 | 1.3 | ||||||||
Decreases in tax positions for prior years | (2.1 | ) | — | (0.2 | ) | ||||||
Increases in tax positions for current year | 3.6 | 4.1 | 3.7 | ||||||||
Settlements | (3.5 | ) | (1.1 | ) | (0.1 | ) | |||||
Lapses in statutes-of-limitation periods | (0.6 | ) | (3.8 | ) | (4.0 | ) | |||||
| | | | | | | | | | | |
Unrecognized tax benefits at December 31 | $ | 19.4 | $ | 15.9 | $ | 16.1 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
As of December 31, 2013, $19.4 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 approximately $1.0 million and $0.9 million as of December 31, 2013 and 2012, respectively. | |||||||||||
ShareBased_Compensation_Plans
Share-Based Compensation Plans | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Share-Based Compensation Plans | ' | |||||||||||||||||
Share-Based Compensation Plans | ' | |||||||||||||||||
Note 10. Share-Based Compensation Plans | ||||||||||||||||||
We grant share-based compensation to our employees and directors. At December 31, 2013, an aggregate of 2,894,863 shares were authorized for future grant under our various share-based compensation plans, including stock options, restricted stock units, and restricted stock awards. Awards that expire or are canceled without delivery of shares generally become available for issuance under the plans. Upon exercises of stock options, vesting of restricted stock units, and vesting of restricted shares under all of our stock plans, we issue new shares of Reliance common stock. | ||||||||||||||||||
Stock Options | ||||||||||||||||||
Stock option activity under all the plans is as follows: | ||||||||||||||||||
Stock Options | Option | Weighted Average | Weighted Average | Aggregate | ||||||||||||||
Shares | Exercise Price | Remaining | Intrinsic Value | |||||||||||||||
Contractual Term | (In millions) | |||||||||||||||||
(In years) | ||||||||||||||||||
Outstanding at December 31, 2010 | 3,880,052 | $ | 44.76 | |||||||||||||||
Granted | 1,037,250 | 55.73 | ||||||||||||||||
Exercised | (266,392 | ) | 41.6 | |||||||||||||||
Expired or forfeited | (135,350 | ) | 47.57 | |||||||||||||||
| | | | | | | | | | | | | | |||||
Outstanding at December 31, 2011 | 4,515,560 | 47.39 | ||||||||||||||||
Exercised | (1,018,010 | ) | 41.4 | |||||||||||||||
Expired or forfeited | (92,050 | ) | 49.55 | |||||||||||||||
| | | | | | | | | | | | | | |||||
Outstanding at December 31, 2012 | 3,405,500 | 49.12 | ||||||||||||||||
Exercised | (1,437,053 | ) | 48.78 | |||||||||||||||
Expired or forfeited | (31,206 | ) | 51.37 | |||||||||||||||
| | | | | | | | | | | | | | |||||
Outstanding at December 31, 2013 | 1,937,241 | $ | 49.35 | 3 | $ | 51.3 | ||||||||||||
| | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | |||||
Exercisable at December 31, 2013 | 1,253,516 | $ | 48.11 | 2.6 | $ | 34.8 | ||||||||||||
| | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | |||||
All options outstanding at December 31, 2013 had four-year vesting periods and seven year terms, with the exception of 154,000 options granted to our non-employee directors that had one-year vesting periods and 165,231 options that had ten-year terms. | ||||||||||||||||||
The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model using the following weighted average assumptions: | ||||||||||||||||||
Year Ended | ||||||||||||||||||
December 31, | ||||||||||||||||||
2011 | ||||||||||||||||||
Weighted average assumptions used: | ||||||||||||||||||
Exercise price | $ | 55.73 | ||||||||||||||||
Risk free interest rate | 2.2 | % | ||||||||||||||||
Expected life in years | 4.8 | |||||||||||||||||
Expected volatility | 60 | % | ||||||||||||||||
Expected dividend yield | 0.86 | % | ||||||||||||||||
Grant date fair value | $ | 26.98 | ||||||||||||||||
A summary of the status of our non-vested stock options as of December 31, 2013 and changes during the year then ended is as follows: | ||||||||||||||||||
Non-vested Options | Shares | Weighted | ||||||||||||||||
Average Grant | ||||||||||||||||||
Date Fair Value | ||||||||||||||||||
Non-vested at January 1, 2013 | 1,377,113 | $ | 23.21 | |||||||||||||||
Forfeited | (28,425 | ) | $ | 24.79 | ||||||||||||||
Vested | (664,963 | ) | $ | 21.37 | ||||||||||||||
| | | | | | | | |||||||||||
Non-vested at December 31, 2013 | 683,725 | $ | 24.93 | |||||||||||||||
| | | | | | | | |||||||||||
| | | | | | | | |||||||||||
Proceeds from option exercises under all stock option plans for the years ended December 31, 2013, 2012 and 2011 were $70.1 million, $42.1 million and $11.1 million, respectively. The total intrinsic values of all options exercised during the years ended December 31, 2013, 2012 and 2011 were $29.0 million, $15.5 million and $3.4 million, respectively. | ||||||||||||||||||
The tax benefit realized from option exercises during the years ended December 31, 2013, 2012 and 2011 were $11.5 million, $5.4 million and $1.3 million, respectively. | ||||||||||||||||||
The following tabulation summarizes certain information concerning outstanding and exercisable options as of December 31, 2013: | ||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||
Range of | Outstanding at | Weighted Average | Weighted | Exercisable at | Weighted Average | |||||||||||||
Exercise Price | December 31, 2013 | Remaining | Average | December 31, 2013 | Exercise | |||||||||||||
Contractual Life | Exercise Price | Price of Options | ||||||||||||||||
in Years | Exercisable | |||||||||||||||||
$15 - $19 | 18,000 | 1.4 | $ | 18.31 | 18,000 | $ | 18.31 | |||||||||||
$24 - $28 | 11,231 | 1.5 | $ | 25.18 | 11,231 | $ | 25.18 | |||||||||||
$33 - $38 | 207,425 | 2.7 | $ | 34.28 | 207,425 | $ | 34.28 | |||||||||||
$42 - $45 | 609,460 | 3.2 | $ | 43.07 | 391,310 | $ | 43.21 | |||||||||||
$55 - $57 | 1,037,125 | 3.1 | $ | 56.08 | 571,550 | $ | 56.37 | |||||||||||
$61 - $67 | 54,000 | 3.9 | $ | 64.08 | 54,000 | $ | 64.08 | |||||||||||
$15 - $67 | 1,937,241 | 3 | $ | 49.35 | 1,253,516 | $ | 48.11 | |||||||||||
Restricted Shares | ||||||||||||||||||
In 2013 and 2012, we granted 327,780 and 391,050, respectively, restricted stock units ("RSUs") to key employees pursuant to the Amended and Restated Stock Option and Restricted Stock Plan. Each RSU consists of the right to receive one share 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 shares vest. Additionally, each 2013 and 2012 RSU granted has a service condition and cliff vests at December 31, 2015 and December 31, 2014, respectively, if the recipient is an employee on those dates. In addition to the service criteria, 136,225 and 138,700 of the RSUs granted in 2013 and 2012, respectively, also have performance goals and vest only upon the satisfaction of the service and performance criteria. The fair value of the 2013 and 2012 RSUs granted was $65.75 per share and $57.42 per share, respectively, determined based on the closing price of our common stock on the grant dates. | ||||||||||||||||||
In 2011 and 2010, we granted 86,000 and 61,000 shares, respectively, of restricted stock to certain officers of the Company. The awards include dividend rights and vest over five years. The fair value of the 2011 and 2010 restricted stock grants was $37.29 per share and $41.24 per share, respectively, determined based on the closing price of our common stock on the grant date. As of December 31, 2013, 76,000 of these shares remain unvested and outstanding. | ||||||||||||||||||
On May 18, 2011, our shareholders approved the Directors Equity Plan, which replaced the Directors Stock Option Plan, and pursuant to the Directors Equity Plan, 16,079 shares of restricted stock were automatically granted to the non-employee members of the Board of Directors on that date. The awards include dividend rights and vest immediately upon grant. The recipients are restricted from trading the restricted stock for one year from date of grant. The fair value of the restricted stock granted was $52.24 per share, determined based on the closing price of our common stock on the grant date. In 2012, 16,842 shares of restricted stock were granted to the non-employee members of the Board of Directors. The fair value of the restricted stock granted was $49.87 per share, the closing price of our common stock on the grant date. In 2013, 12,418 shares of restricted stock were granted to non-employee members of the Board of Directors. The fair value of the restricted stock granted was $67.63 per share, the closing price of our common stock on the grant date. | ||||||||||||||||||
A summary of the status of our non-vested restricted stock grants and service and performance based RSUs as of December 31, 2013 and changes during the year then ended is as follows: | ||||||||||||||||||
Non-vested Shares | Shares | Weighted | ||||||||||||||||
Average Grant | ||||||||||||||||||
Date Fair Value | ||||||||||||||||||
Non-vested at January 1, 2013 | 496,450 | $ | 53.44 | |||||||||||||||
Granted | 340,198 | 65.82 | ||||||||||||||||
Forfeited | (23,050 | ) | 58.72 | |||||||||||||||
Vested | (41,818 | ) | 47.45 | |||||||||||||||
| | | | | | | | |||||||||||
Non-vested at December 31, 2013 | 771,780 | $ | 59.06 | |||||||||||||||
| | | | | | | | |||||||||||
| | | | | | | | |||||||||||
Unrecognized Compensation Cost | ||||||||||||||||||
As of December 31, 2013, there was approximately $31.9 million of total unrecognized compensation cost related to non-vested share-based compensation awards granted under all share-based compensation plans. That cost is expected to be recognized over a weighted average period of 1.32 years. | ||||||||||||||||||
Employee_Benefits
Employee Benefits | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Employee Benefits | ' | |||||||||||||||||||
Employee Benefits | ' | |||||||||||||||||||
Note 11. Employee Benefits | ||||||||||||||||||||
Employee Stock Ownership Plan | ||||||||||||||||||||
We have an employee stock ownership plan (the "ESOP") and trust that has been approved by the Internal Revenue Service as a qualified plan. The ESOP is a noncontributory plan that covers certain salaried and hourly employees of the Company. The amount of the annual contribution is at the discretion of the Board, except that the minimum amount must be sufficient to enable the ESOP trust to meet its current obligations. | ||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||
Effective in 1998, the Reliance Steel & Aluminum Co. Master 401(k) Plan (the "Master 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 Plan. The Master Plan allows each subsidiary's Board to determine independently the annual matching percentage and maximum compensation limits or annual profit-sharing contribution. Eligibility occurs after three months of service, and the Company contribution vests at 25% per year, commencing one year after the employee enters the Master Plan. Other 401(k) and profit-sharing plans exist as certain subsidiaries have not combined their plans into the Master Plan as of December 31, 2013. | ||||||||||||||||||||
Supplemental Executive Retirement Plans | ||||||||||||||||||||
Effective January 1996, we adopted a Supplemental Executive Retirement Plan ("SERP"), which is a nonqualified pension plan that provides postretirement pension benefits to certain key officers of the Company. The SERP is administered by the Compensation Committee of the Board. Benefits are based upon the employees' earnings. Life insurance policies were purchased for most individuals covered by the SERP. Separate SERP's exist for certain wholly owned subsidiaries of the Company, each of which provides postretirement pension benefits to certain current and former key employees. All of the plans have been frozen to include only existing participants. | ||||||||||||||||||||
Deferred Compensation Plan | ||||||||||||||||||||
In December 2008, a deferred compensation plan was put in place for certain officers and key employees of the Company. Account balances from various compensation plans of subsidiaries were transferred and consolidated into this new deferred compensation plan. The balance in the Reliance deferred compensation plan as of December 31, 2013 and 2012 was approximately $11.7 million and $10.6 million, respectively. The balance of the assets set aside for funding future payouts under the deferred compensation plan amounted to $11.1 million as of December 31, 2013. | ||||||||||||||||||||
Defined Benefit Plans | ||||||||||||||||||||
We, through certain subsidiaries, maintain qualified defined benefit pension plans for certain of our employees. These plans generally provide benefits of stated amounts for each year of service or provide benefits based on the participant's hourly wage rate and years of service. The plans permit the sponsor, at any time, to amend or terminate the plans subject to union approval, if applicable. | ||||||||||||||||||||
We use a December 31 measurement date for our plans. The following is a summary of the status of the funding of the various SERP's and Defined Benefit Plans: | ||||||||||||||||||||
SERP's | Defined Benefit Plans | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||
Benefit obligation at beginning of year | $ | 40.7 | $ | 36.2 | $ | 85 | $ | 78.1 | ||||||||||||
Service cost | 0.9 | 0.9 | 1.4 | 1.2 | ||||||||||||||||
Interest cost | 1.5 | 1.5 | 3.4 | 3.3 | ||||||||||||||||
Actuarial (gain) loss | (3.1 | ) | 3.4 | (7.3 | ) | 4.4 | ||||||||||||||
Change in assumptions | — | — | (1.4 | ) | 0.8 | |||||||||||||||
Benefits paid | (1.3 | ) | (1.3 | ) | (2.9 | ) | (3.1 | ) | ||||||||||||
Assumed in acquisition | — | — | 3.5 | — | ||||||||||||||||
Plan amendments | — | — | 0.3 | 0.3 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Benefit obligation at end of year | $ | 38.7 | $ | 40.7 | $ | 82 | $ | 85 | ||||||||||||
Change in plan assets | ||||||||||||||||||||
Fair value of plan assets | N/A | N/A | 58.9 | 53.1 | ||||||||||||||||
Acquired in acquisition | N/A | N/A | 2.5 | — | ||||||||||||||||
Actual return on plan assets | N/A | N/A | 9.7 | 5.9 | ||||||||||||||||
Employer contributions | N/A | N/A | 2 | 3.1 | ||||||||||||||||
Benefits paid | N/A | N/A | (2.9 | ) | (3.2 | ) | ||||||||||||||
| | | | | | | | | | | | | | |||||||
Fair value of plan assets at end of year | N/A | N/A | 70.2 | 58.9 | ||||||||||||||||
Funded status | ||||||||||||||||||||
Funded status of the plans | $ | (38.7 | ) | $ | (40.7 | ) | $ | (11.8 | ) | $ | (26.1 | ) | ||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Items not yet recognized as component of net periodic pension expense | ||||||||||||||||||||
Unrecognized net actuarial losses | $ | 8.8 | $ | 13.1 | $ | 10.5 | $ | 26.4 | ||||||||||||
Unamortized prior service (credit) cost | (0.7 | ) | (1.2 | ) | 1.5 | 1.3 | ||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | 8.1 | $ | 11.9 | $ | 12 | $ | 27.7 | |||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
As of December 31, 2013 and 2012, the following amounts were recognized in the balance sheet: | ||||||||||||||||||||
SERP's | Defined Benefit | |||||||||||||||||||
Plans | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||
Amounts recognized in the statement of financial position | ||||||||||||||||||||
Current liabilities | $ | (3.6 | ) | $ | (1.4 | ) | $ | — | $ | — | ||||||||||
Noncurrent liabilities | (35.1 | ) | (39.3 | ) | (11.8 | ) | (26.1 | ) | ||||||||||||
Accumulated other comprehensive loss | 8.1 | 11.9 | 12 | 27.7 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Net amount recognized | $ | (30.6 | ) | $ | (28.8 | ) | $ | 0.2 | $ | 1.6 | ||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
The accumulated benefit obligation for all SERP's was $38.7 million and $39.3 million as of December 31, 2013 and 2012, respectively. The accumulated benefit obligation for all defined benefit pension plans was $80.6 million and $85.0 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||
Year Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
Information for defined benefit plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets | ||||||||||||||||||||
Accumulated benefit obligation | $ | 80.6 | $ | 85 | ||||||||||||||||
Projected benefit obligation | 80.6 | 85 | ||||||||||||||||||
Fair value of plan assets | 68.9 | 58.9 | ||||||||||||||||||
Following are the details of net periodic benefit cost related to the SERP's and Defined Benefit Plans: | ||||||||||||||||||||
SERP's | Defined Benefit Plans | |||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||
Service cost | $ | 0.9 | $ | 0.9 | $ | 0.7 | $ | 1.4 | $ | 1.2 | $ | 1 | ||||||||
Interest cost | 1.5 | 1.5 | 1.5 | 3.4 | 3.3 | 3.4 | ||||||||||||||
Expected return on plan assets | — | — | — | (4.4 | ) | (4.0 | ) | (4.3 | ) | |||||||||||
Curtailment/settlement expense | — | — | — | — | 0.2 | 0.1 | ||||||||||||||
Prior service (credit) cost | (0.5 | ) | (0.5 | ) | (0.4 | ) | 0.2 | 0.2 | 0.1 | |||||||||||
Amortization of net loss | 1.3 | 1 | 0.2 | 1.8 | 1.5 | 0.4 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
$ | 3.2 | $ | 2.9 | $ | 2 | $ | 2.4 | $ | 2.4 | $ | 0.7 | |||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Assumptions used to determine net periodic benefit cost are detailed below: | ||||||||||||||||||||
SERP's | Defined Benefit Plans | |||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||
Weighted average assumptions to determine net cost | ||||||||||||||||||||
Discount rate | 3.73 | % | 4.22 | % | 5.4 | % | 4 | % | 4.25 | % | 5.29 | % | ||||||||
Expected long-term rate of return on plan assets | N/A | N/A | N/A | 7.3 | % | 7.43 | % | 7.95 | % | |||||||||||
Rate of compensation increase | 6 | % | 6 | % | 6 | % | N/A | N/A | N/A | |||||||||||
Assumptions used to determine the benefit obligation are detailed below: | ||||||||||||||||||||
SERP's | Defined | |||||||||||||||||||
Benefit Plans | ||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Weighted average assumptions to determine benefit obligations | ||||||||||||||||||||
Discount rate | 4.05 | % | 3.64 | % | 4.7 | % | 3.89 | % | ||||||||||||
Expected long-term rate of return on plan assets | N/A | N/A | 7.3 | % | 7.43 | % | ||||||||||||||
Rate of compensation increase | 6 | % | 6 | % | N/A | N/A | ||||||||||||||
Employer contributions to the SERP's and Defined Benefit Plans during 2014 are expected to be $3.6 million and $3.7 million, respectively. | ||||||||||||||||||||
Plan Assets and Investment Policy | ||||||||||||||||||||
The weighted-average asset allocations of our Defined Benefit Plans by asset category are as follows: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Plan Assets | ||||||||||||||||||||
Equity securities | 61 | % | 61 | % | ||||||||||||||||
Debt securities | 37 | % | 36 | % | ||||||||||||||||
Other | 2 | % | 3 | % | ||||||||||||||||
| | | | | | | | |||||||||||||
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. Investment policies reflect the unique circumstances of the respective plans and include requirements designed to mitigate risk including quality and diversification standards. Asset allocation targets are reviewed periodically with investment advisors to determine the appropriate investment strategies for acceptable risk levels. Our target allocation ranges are as follows: equity securities 50% to 80%, debt securities 20% to 60% and other assets of 0% to 10%. We establish our estimated long-term return on plan assets considering various factors including the targeted asset allocation percentages, historic returns and expected future returns. | ||||||||||||||||||||
The fair value measurements of our Defined Benefit Plan assets fall within the following levels of the fair value hierarchy as of December 31, 2013 and 2012: | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(in millions) | ||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||
Common stock(1) | $ | 25.6 | $ | — | $ | — | $ | 25.6 | ||||||||||||
U.S. government, state, and agency | — | 6.3 | — | 6.3 | ||||||||||||||||
Corporate debt securities(2) | — | 8.4 | — | 8.4 | ||||||||||||||||
Mutual funds(3) | 27.9 | 0.4 | — | 28.3 | ||||||||||||||||
Interest and non-interest bearing cash | 1.6 | — | — | 1.6 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | 55.1 | $ | 15.1 | $ | — | $ | 70.2 | |||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
December 31, 2012: | ||||||||||||||||||||
Common stock(1) | $ | 22.7 | $ | — | $ | — | $ | 22.7 | ||||||||||||
U.S. government, state, and agency | — | 8.1 | — | 8.1 | ||||||||||||||||
Corporate debt securities(2) | — | 7.9 | — | 7.9 | ||||||||||||||||
Mutual funds(3) | 18 | 0.6 | — | 18.6 | ||||||||||||||||
Interest and non-interest bearing cash | 1.6 | — | — | 1.6 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | 42.3 | $ | 16.6 | $ | — | $ | 58.9 | |||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-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. | ||||||||||||||||||||
-2 | ||||||||||||||||||||
Valued using 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 | ||||||||||||||||||||
Level 1 assets are comprised of exchange traded funds, money market funds, and stock and bond funds. These assets are valued at closing price for exchange traded funds and Net Asset Value (NAV) for open-end and closed-end mutual funds. Level 2 assets are comprised of fixed income funds and pooled separate accounts and are valued at the net asset value per unit based on either the observable net asset value of the underlying investment or the net asset value of the underlying pool of securities. | ||||||||||||||||||||
Postretirement Medical Plans | ||||||||||||||||||||
We sponsor a retiree health care plan through one of our subsidiaries that provides postretirement medical and dental benefits to eligible retirees and their dependents until they reach the age of 65. Another similar plan was assumed by us in connection with an acquisition and subsequently terminated in 2012 (collectively, the "Postretirement Plans"). We recognize the cost of future benefits for active eligible participants and retirees using actuarial assumptions. Gains and losses realized from the remeasurement of the plans' benefit obligation are amortized to income over the average remaining expected service period of the active participants. We use a measurement date of December 31 for our Postretirement Plans. | ||||||||||||||||||||
During 2011, our postretirement medical plan was amended to freeze participation in the plan to new participants. The amendment also limited the number of existing employees that may become eligible to receive benefits under the amended plan terms. The effect of the amendment was a reduction in the benefit obligation by $10.1 million as of October 1, 2011, which is being amortized over the average remaining years of service to full eligibility of the active participants of approximately six years. | ||||||||||||||||||||
Components of the net periodic pension (credit) expense associated with the Postretirement Plans are as follows: | ||||||||||||||||||||
Year Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Service cost | $ | 0.2 | $ | 0.3 | $ | 0.9 | ||||||||||||||
Interest cost | 0.2 | 0.3 | 0.9 | |||||||||||||||||
Amortization of net loss | 0.6 | 0.6 | 0.4 | |||||||||||||||||
Amortization of prior service credit | (1.7 | ) | (1.7 | ) | (0.4 | ) | ||||||||||||||
| | | | | | | | | | | ||||||||||
$ | (0.7 | ) | $ | (0.5 | ) | $ | 1.8 | |||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
The following tables provide a reconciliation of the changes in the benefit obligation and the unfunded status of the Postretirement Plans as follows: | ||||||||||||||||||||
Year Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||
Benefit obligation at beginning of year | $ | 10.1 | $ | 11.9 | ||||||||||||||||
Service cost | 0.2 | 0.4 | ||||||||||||||||||
Interest cost | 0.2 | 0.4 | ||||||||||||||||||
Plan amendments | — | — | ||||||||||||||||||
Curtailment | — | (2.1 | ) | |||||||||||||||||
Benefit payments | (0.2 | ) | (0.3 | ) | ||||||||||||||||
Actuarial gain | (0.4 | ) | (0.2 | ) | ||||||||||||||||
| | | | | | | | |||||||||||||
Benefit obligation at end of year | $ | 9.9 | $ | 10.1 | ||||||||||||||||
| | | | | | | | |||||||||||||
Unfunded status | $ | (9.9 | ) | $ | (10.1 | ) | ||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Amounts recognized in the statement of financial position | ||||||||||||||||||||
Current liabilities | $ | (0.7 | ) | $ | (0.7 | ) | ||||||||||||||
Noncurrent liabilities | (9.2 | ) | (9.3 | ) | ||||||||||||||||
Accumulated other comprehensive income | (2.9 | ) | (3.7 | ) | ||||||||||||||||
| | | | | | | | |||||||||||||
Net amount recognized | $ | (12.8 | ) | $ | (13.7 | ) | ||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Items not yet recognized as component of net periodic pension expense | ||||||||||||||||||||
Unrecognized net actuarial losses | $ | 3.4 | $ | 4.3 | ||||||||||||||||
Unrecognized prior service credit | (6.3 | ) | (8.0 | ) | ||||||||||||||||
| | | | | | | | |||||||||||||
Accumulated other comprehensive income | $ | (2.9 | ) | $ | (3.7 | ) | ||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Assumptions used to determine net periodic benefit are detailed below: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Weighted average assumptions to determine net cost | ||||||||||||||||||||
Discount rate | 2.25 | % | 3.53 | % | 5.17 | % | ||||||||||||||
Health care cost trend rate | 9 | % | 9.5 | % | 10 | % | ||||||||||||||
Rate to which the cost trend rate is assumed to decline | 4.25 | % | 4.5 | % | 4.5 | % | ||||||||||||||
Year that the rate reaches the ultimate trend rate | 2032 | 2031 | 2030 | |||||||||||||||||
Assumptions used to determine the benefit obligation are detailed below: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Weighted average assumptions to determine benefit obligations | ||||||||||||||||||||
Discount rate | 3.1 | % | 2.25 | % | ||||||||||||||||
Health care cost trend rate | 9 | % | 9 | % | ||||||||||||||||
Rate to which the cost trend rate is assumed to decline | 4.25 | % | 4.25 | % | ||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2033 | 2032 | ||||||||||||||||||
A one-percentage-point change in assumed health care cost trend rates would have the following effects: | ||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
1% Increase | 1% Decrease | 1% Increase | 1% Decrease | |||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||
Effect on total service and interest cost components | $ | 0.1 | $ | (0.1 | ) | $ | 0.1 | $ | (0.1 | ) | ||||||||||
Effect on postretirement benefit obligation | 0.5 | (0.5 | ) | 0.6 | (0.6 | ) | ||||||||||||||
Summary Disclosures for All Defined Benefit Plans | ||||||||||||||||||||
The following is a summary of benefit payments under our various defined benefit plans, which reflect expected future employee service, as appropriate, expected to be paid in the periods indicated: | ||||||||||||||||||||
SERP's | Defined | Postretirement | ||||||||||||||||||
Benefit Plans | Medical Plans | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
2014 | $ | 3.6 | $ | 3.5 | $ | 0.9 | ||||||||||||||
2015 | 1.3 | 3.7 | 0.9 | |||||||||||||||||
2016 | 1.2 | 4.1 | 0.9 | |||||||||||||||||
2017 | 13.1 | 4 | 1.1 | |||||||||||||||||
2018 | 1.7 | 4.2 | 1 | |||||||||||||||||
2019 - 2023 | 12.4 | 25.2 | 6.3 | |||||||||||||||||
The amounts in accumulated other comprehensive income that are expected to be recognized as components of net periodic benefit cost during 2014 are as follows: | ||||||||||||||||||||
SERP's | Defined | Postretirement | ||||||||||||||||||
Benefit Plans | Medical Plans | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
Actuarial loss | $ | 0.7 | $ | 0.4 | $ | 0.4 | ||||||||||||||
Prior service (credit) cost | (0.4 | ) | 0.2 | (1.7 | ) | |||||||||||||||
| | | | | | | | | | | ||||||||||
Total | $ | 0.3 | $ | 0.6 | $ | (1.3 | ) | |||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Supplemental Bonus Plan | ||||||||||||||||||||
In connection with the acquisition of Earle M. Jorgensen Company ("EMJ") in April 2006, Reliance assumed the obligation resulting from EMJ's settlement with the U.S. Department of Labor to contribute 258,006 shares of Reliance common stock to EMJ's Supplemental Bonus Plan, a phantom stock bonus plan supplementing the EMJ Retirement Savings Plan. In 2005, EMJ had reached a settlement with the U.S. Department of Labor regarding a change in its methodology for annual valuations of its stock while it was a private company, for the purpose of making contributions in stock to its retirement plan. As of December 31, 2013, the remaining obligation to the EMJ Supplemental Bonus Plan consisted of the cash equivalent of 102,735 shares of Reliance common stock totaling approximately $7.8 million. The adjustments to reflect this obligation at fair value based on the closing price of our common stock at the end of each reporting period are included in Warehouse, delivery, selling, general and administrative expense. The expense (income) from mark to market adjustments to this obligation in each of the years ended December 31, 2013, 2012 and 2011 amounted to approximately $1.5 million, $1.6 million and $(0.2) million, respectively. This obligation will be satisfied by future cash payments to participants upon their termination of employment. | ||||||||||||||||||||
Contributions to Reliance Sponsored Retirement Plans | ||||||||||||||||||||
Our expense (credit) for Reliance-sponsored retirement plans was as follows: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Master Plan | $ | 18.4 | $ | 19 | $ | 16.9 | ||||||||||||||
Other Defined Contribution Plans | 7.8 | 4.8 | 3.9 | |||||||||||||||||
Employee Stock Ownership Plan | 1.4 | 1.4 | 1.4 | |||||||||||||||||
Deferred Compensation Plan | 0.6 | 0.5 | 0.5 | |||||||||||||||||
Supplemental Executive Retirement Plans | 3.2 | 2.9 | 2 | |||||||||||||||||
Defined Benefit Plans | 2.4 | 2.4 | 0.7 | |||||||||||||||||
Postretirement Medical Plans | (0.7 | ) | (0.5 | ) | 1.8 | |||||||||||||||
| | | | | | | | | | | ||||||||||
$ | 33.1 | $ | 30.5 | $ | 27.2 | |||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Equity
Equity | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Equity | ' | |||||||||||||
Equity | ' | |||||||||||||
Note 12. Equity | ||||||||||||||
Common Stock | ||||||||||||||
On May 16, 2012, our shareholders approved an amendment to our Restated Articles of Incorporation to increase the number of authorized shares of common stock from 100,000,000 to 200,000,000, no par value per share. We paid regular quarterly cash dividends on our common stock in 2013. Our Board of Directors increased the quarterly dividend to $0.30 per share from $0.25 per share of common stock in February 2013, increased it again in July 2013 to $0.33 per share, and increased it again in February 2014 to $0.35 per share. The holders of Reliance common stock are entitled to one vote per share on each matter submitted to a vote of shareholders; however, under California law, for the election of members to the Board of Directors shareholders are entitled to cumulative voting rights. | ||||||||||||||
Share Repurchase Program | ||||||||||||||
In May 2005, our Board of Directors amended and restated our stock repurchase program authorizing the repurchase of up to an additional 12,000,000 shares of our common stock, of which 7,883,033 shares remain available for repurchase as of December 31, 2013. No shares were repurchased during 2013, 2012 and 2011. Repurchased shares are redeemed and treated as authorized but unissued shares. | ||||||||||||||
Preferred Stock | ||||||||||||||
We are authorized to issue 5,000,000 shares of preferred stock, no par value 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, limitations as to dividends, qualifications and terms and conditions of redemption of each series of preferred stock. The rights of preferred shareholders may supersede the rights of common shareholders. | ||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||
Accumulated other comprehensive loss included the following: | ||||||||||||||
Foreign Currency | Unrealized (Loss) | Pension and | Accumulated | |||||||||||
Translation Gain | Gain on | Postretirement | Other | |||||||||||
Investments, | Benefit | Comprehensive | ||||||||||||
Net of Tax | Adjustments, | Loss | ||||||||||||
Net of Tax | ||||||||||||||
(in millions) | ||||||||||||||
Balance as of December 31, 2012 | $ | 21 | $ | (0.2 | ) | $ | (22.3 | ) | $ | (1.5 | ) | |||
Current-year change | (17.8 | ) | 0.4 | 12.2 | (5.2 | ) | ||||||||
| | | | | | | | | | | | | | |
Balance as of December 31, 2013 | $ | 3.2 | $ | 0.2 | $ | (10.1 | ) | $ | (6.7 | ) | ||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Foreign currency translation adjustments are not generally adjusted for income taxes as they relate to indefinite investments in foreign subsidiaries. Unrealized gain on investments and minimum pension liability are net of taxes of $0.1 million and $6.9 million, respectively, as of December 31, 2013 and $0.1 million and $13.4 million, respectively, as of December 31, 2012. | ||||||||||||||
See Note 11 for information regarding reclassification of amounts from accumulated comprehensive income to net income. | ||||||||||||||
Other_Income_Expense_net
Other Income (Expense), net | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Other Income (Expense), net | ' | ||||||||||
Other Income (Expense), net | ' | ||||||||||
Note 13. Other Income (Expense), net | |||||||||||
Significant components of Other income (expense), net are as follows: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(in millions) | |||||||||||
Investment income from life insurance policies | $ | 48.8 | $ | 44.2 | $ | 39.1 | |||||
Interest expense on life insurance policy loans | (47.8 | ) | (44.2 | ) | (40.5 | ) | |||||
Life insurance policy cost of insurance | (8.5 | ) | (7.8 | ) | (7.2 | ) | |||||
Income from life insurance policy redemptions | 5 | 3.5 | 2.8 | ||||||||
Foreign currency transaction (losses) gains | (2.6 | ) | 1.7 | (5.9 | ) | ||||||
Rental income | 2.9 | 2.6 | 2.4 | ||||||||
Interest income | 1 | 1.4 | 1.1 | ||||||||
Equity in earnings of unconsolidated entities | 2.3 | 2.2 | 2.2 | ||||||||
(Loss) gain on sales of property, plant and equipment | (0.7 | ) | 2.9 | 2.6 | |||||||
All other, net | 3.5 | 2.1 | 2 | ||||||||
| | | | | | | | | | | |
$ | 3.9 | $ | 8.6 | $ | (1.4 | ) | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies. | ' | ||||
Commitments and Contingencies | ' | ||||
Note 14. Commitments and Contingencies | |||||
Lease Commitments | |||||
We lease land, buildings and equipment under non-cancelable operating leases expiring in various years through 2031. Rent expense for leases that contain scheduled rent increases are recorded on a straight-line basis. Several of the leases have renewal options providing for additional lease periods. Future minimum payments, by year and in the aggregate, under the non-cancelable leases with initial or remaining terms of one year or more, consisted of the following as of December 31, 2013: | |||||
Operating | |||||
Leases | |||||
(in millions) | |||||
2014 | $ | 58.8 | |||
2015 | 50.5 | ||||
2016 | 39.5 | ||||
2017 | 31.3 | ||||
2018 | 24.8 | ||||
Thereafter | 44.6 | ||||
| | | | | |
$ | 249.5 | ||||
| | | | | |
| | | | | |
Total rental expense amounted to $79.9 million, $73.6 million and $70.1 million for 2013, 2012 and 2011, respectively. | |||||
Included in the amounts above for operating leases are lease payments to various related parties, who are not executive officers of the Company, in the amounts of $4.8 million, $4.6 million and $4.8 million for 2013, 2012 and 2011, respectively. These related party leases are for buildings leased to certain of the companies we have acquired and expire in various years through 2021. | |||||
Purchase Commitments | |||||
As of December 31, 2013, we had commitments to purchase minimum quantities of certain aerospace materials, which we entered into to secure material for corresponding long-term sales commitments we have entered into with our customers. The total amount of the minimum commitments based on current pricing is estimated at approximately $51.6 million, with amounts in each of the years 2014 through 2016 being $17.2 million. | |||||
Collective Bargaining Agreements | |||||
As of December 31, 2013, approximately 11% of our total employees are covered by 40 collective bargaining agreements, which expire at various times over the next six years. Approximately 2.2% of our employees are covered by 14 different collective bargaining agreements that expire during 2014. | |||||
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 certain environmental remediation projects related to activities at former manufacturing operations of EMJ, our 100%-owned subsidiary, that were sold many years prior to Reliance's acquisition of EMJ in 2006. Although the potential cleanup costs could be significant, EMJ had insurance policies in place at the time it owned the manufacturing operations that are expected to cover the majority of the related costs. We do not expect that these obligations will have a material adverse impact on our consolidated financial position, results of operations or cash flows. | |||||
Legal Matters | |||||
We are involved in certain litigation with a few former employees who started their own steel distribution business and allege we have engaged in anti-competitive practices. We believe the claims made in the matter to be without merit and we intend to vigorously defend against them. We cannot predict the outcome of this litigation or estimate the range of our potential exposure. | |||||
From time to time, we are named as a defendant in legal actions. Generally, these actions arise out of our normal course of business. Except as disclosed above, we are not 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 effect on our results of operations or financial condition. We maintain liability insurance against risks arising out of our normal course of business. | |||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share | ' | ||||||||||
Earnings Per Share | ' | ||||||||||
Note 15. Earnings Per Share | |||||||||||
Basic earnings per share exclude any dilutive effects of options, restricted stock, RSUs, warrants and convertible securities. Diluted earnings per share are calculated including the dilutive effects of options, restricted stock, RSUs, warrants, and convertible securities, if any. | |||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(in millions, except share and per share amounts) | |||||||||||
Numerator: | |||||||||||
Net income attributable to Reliance | $ | 321.6 | $ | 403.5 | $ | 343.8 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Denominator: | |||||||||||
Denominator for basic earnings per share—Weighted average shares | 76,844,912 | 75,216,955 | 74,767,988 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Effect of dilutive securities: | |||||||||||
Stock options, restricted stock, and RSUs | 801,280 | 477,257 | 273,765 | ||||||||
| | | | | | | | | | | |
Denominator for dilutive earnings per share: | |||||||||||
Adjusted weighted average shares and assumed conversions | 77,646,192 | 75,694,212 | 75,041,753 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Net income per share attributable to Reliance shareholders—diluted | $ | 4.14 | $ | 5.33 | $ | 4.58 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Net income per share attributable to Reliance shareholders—basic | $ | 4.19 | $ | 5.36 | $ | 4.6 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The computations of earnings per share for the years ended December 31, 2013, 2012 and 2011 do not include approximately 192,293, 2,234,568 and 3,430,843 shares reserved for issuance upon exercise of stock options or vesting of restricted shares, respectively, because their inclusion would have been anti-dilutive. | |||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Condensed Consolidating Financial Statements | ' | ||||||||||||||||
Condensed Consolidating Financial Statements | ' | ||||||||||||||||
Note 16. Condensed Consolidating Financial Statements | |||||||||||||||||
In November 2006 and April 2013, we issued senior unsecured notes in the aggregate principal amount of $1.1 billion, at fixed interest rates that are guaranteed by our named 100%-owned domestic subsidiaries that also guarantee our credit facility. The accompanying consolidating financial information has been prepared and presented pursuant to Rule 3-10 of SEC Regulation S-X "Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered." The guarantees are full and unconditional and joint and several obligations of each of the guarantor subsidiaries. There are no significant restrictions on our ability to obtain funds from any of the guarantor subsidiaries by dividends or loans. The supplemental consolidating financial information has been presented in lieu of separate financial statements of the guarantors as such separate financial statements are not considered meaningful. | |||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
(in millions) | |||||||||||||||||
Parent | Guarantor | Non- | Consolidating | Consolidated | |||||||||||||
Subsidiaries | Guarantor | Adjustments | |||||||||||||||
Subsidiaries | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 19.7 | $ | (0.8 | ) | $ | 64.7 | $ | — | $ | 83.6 | ||||||
Accounts receivable, less allowance for doubtful accounts | 64.1 | 820.3 | 99.1 | — | 983.5 | ||||||||||||
Inventories | 52.6 | 1,344.80 | 142.6 | — | 1,540.00 | ||||||||||||
Income taxes receivable | 34.4 | — | — | (0.5 | ) | 33.9 | |||||||||||
Intercompany receivables | 0.3 | 350.6 | 2.2 | (353.1 | ) | — | |||||||||||
Other current assets | 124.8 | 40.8 | 8.9 | (76.6 | ) | 97.9 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total current assets | 295.9 | 2,555.70 | 317.5 | (430.2 | ) | 2,738.90 | |||||||||||
Investments in subsidiaries | 4,647.70 | 312.4 | — | (4,960.1 | ) | — | |||||||||||
Property, plant and equipment, net | 100.8 | 1,298.70 | 204.4 | — | 1,603.90 | ||||||||||||
Goodwill | 23.8 | 1,555.70 | 112.1 | — | 1,691.60 | ||||||||||||
Intangible assets, net | 17.4 | 1,077.80 | 118.6 | — | 1,213.80 | ||||||||||||
Intercompany receivables | 1,219.40 | 22.4 | 394.3 | (1,636.1 | ) | — | |||||||||||
Other assets | 20.8 | 66.6 | 5.4 | — | 92.8 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total assets | $ | 6,325.80 | $ | 6,889.30 | $ | 1,152.30 | $ | (7,026.4 | ) | $ | 7,341.00 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Liabilities & Equity | |||||||||||||||||
Accounts payable | $ | 29.1 | $ | 185.8 | $ | 418.5 | $ | (353.1 | ) | $ | 280.3 | ||||||
Accrued compensation and retirement costs | 21.1 | 85.9 | 12.5 | — | 119.5 | ||||||||||||
Other current liabilities | 53.5 | 63.1 | 22.4 | (1.9 | ) | 137.1 | |||||||||||
Deferred income taxes | — | 75.2 | — | (75.2 | ) | — | |||||||||||
Current maturities of long-term debt and short-term borrowings | 25.3 | — | 11.2 | — | 36.5 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current liabilities | 129 | 410 | 464.6 | (430.2 | ) | 573.4 | |||||||||||
Long-term debt | 2,019.20 | 5.7 | 47.6 | — | 2,072.50 | ||||||||||||
Intercompany borrowings | — | 1,550.60 | 85.5 | (1,636.1 | ) | — | |||||||||||
Other long-term liabilities | 303 | 466.5 | 41.2 | — | 810.7 | ||||||||||||
Total Reliance shareholders' equity | 3,874.60 | 4,450.10 | 510 | (4,960.1 | ) | 3,874.60 | |||||||||||
Noncontrolling interests | — | 6.4 | 3.4 | — | 9.8 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total equity | 3,874.60 | 4,456.50 | 513.4 | (4,960.1 | ) | 3,884.40 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities and equity | $ | 6,325.80 | $ | 6,889.30 | $ | 1,152.30 | $ | (7,026.4 | ) | $ | 7,341.00 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed Consolidating Balance Sheet | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||
(in millions) | |||||||||||||||||
Parent | Guarantor | Non- | Consolidating | Consolidated | |||||||||||||
Subsidiaries | Guarantor | Adjustments | |||||||||||||||
Subsidiaries | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 28.1 | $ | 13.1 | $ | 56.4 | $ | — | $ | 97.6 | |||||||
Accounts receivable, less allowance for doubtful accounts | 67.4 | 658.3 | 82 | — | 807.7 | ||||||||||||
Inventories | 50.3 | 1,068.40 | 153.6 | — | 1,272.30 | ||||||||||||
Intercompany receivables | 0.2 | 16.7 | 2.4 | (19.3 | ) | — | |||||||||||
Income taxes receivable | 28.2 | — | 0.2 | — | 28.4 | ||||||||||||
Other current assets | 113.3 | 26.5 | 6.8 | (75.2 | ) | 71.4 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total current assets | 287.5 | 1,783.00 | 301.4 | (94.5 | ) | 2,277.40 | |||||||||||
Investments in subsidiaries | 3,722.70 | 257.8 | — | (3,980.5 | ) | — | |||||||||||
Property, plant and equipment, net | 100.8 | 1,044.10 | 95.8 | — | 1,240.70 | ||||||||||||
Goodwill | 23.7 | 1,183.90 | 107 | — | 1,314.60 | ||||||||||||
Intangible assets, net | 11 | 794.6 | 130.9 | — | 936.5 | ||||||||||||
Intercompany receivables | 969.7 | 26.2 | 3.7 | (999.6 | ) | — | |||||||||||
Other assets | 18.3 | 68.1 | 2.1 | — | 88.5 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total assets | $ | 5,133.70 | $ | 5,157.70 | $ | 640.9 | $ | (5,074.6 | ) | $ | 5,857.70 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Liabilities & Equity | |||||||||||||||||
Accounts payable | $ | 25.7 | $ | 195.2 | $ | 54 | $ | (19.3 | ) | $ | 255.6 | ||||||
Accrued compensation and retirement costs | 22.8 | 84 | 6 | — | 112.8 | ||||||||||||
Other current liabilities | 48.5 | 71.6 | 6.1 | — | 126.2 | ||||||||||||
Deferred income taxes | — | 75.2 | — | (75.2 | ) | — | |||||||||||
Current maturities of long-term debt and short-term borrowings | 75.3 | — | 8.3 | — | 83.6 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current liabilities | 172.3 | 426 | 74.4 | (94.5 | ) | 578.2 | |||||||||||
Long-term debt | 1,123.80 | — | — | — | 1,123.80 | ||||||||||||
Intercompany borrowings | — | 864.3 | 135.3 | (999.6 | ) | — | |||||||||||
Other long-term liabilities | 279.2 | 284 | 25.1 | — | 588.3 | ||||||||||||
Total Reliance shareholders' equity | 3,558.40 | 3,577.40 | 403.1 | (3,980.5 | ) | 3,558.40 | |||||||||||
Noncontrolling interests | — | 6 | 3 | — | 9 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total equity | 3,558.40 | 3,583.40 | 406.1 | (3,980.5 | ) | 3,567.40 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities and equity | $ | 5,133.70 | $ | 5,157.70 | $ | 640.9 | $ | (5,074.6 | ) | $ | 5,857.70 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||
(in millions) | |||||||||||||||||
Parent | Guarantor | Non- | Consolidating | Consolidated | |||||||||||||
Subsidiaries | Guarantor | Adjustments | |||||||||||||||
Subsidiaries | |||||||||||||||||
Net sales | $ | 704.5 | $ | 8,021.60 | $ | 710.1 | $ | (212.4 | ) | $ | 9,223.80 | ||||||
Costs and expenses: | |||||||||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | 509.7 | 5,999.20 | 529.7 | (212.4 | ) | 6,826.20 | |||||||||||
Warehouse, delivery, selling, general and administrative | 200.7 | 1,385.50 | 117.8 | (65.6 | ) | 1,638.40 | |||||||||||
Depreciation and amortization | 17.5 | 158.6 | 16.3 | — | 192.4 | ||||||||||||
Impairment charge | — | 14.9 | — | — | 14.9 | ||||||||||||
| | | | | | | | | | | | | | | | | |
727.9 | 7,558.20 | 663.8 | (278.0 | ) | 8,671.90 | ||||||||||||
Operating (loss) income | (23.4 | ) | 463.4 | 46.3 | 65.6 | 551.9 | |||||||||||
Other income (expense): | |||||||||||||||||
Interest | (74.7 | ) | (19.9 | ) | (4.2 | ) | 21.3 | (77.5 | ) | ||||||||
Other income, net | 75.7 | 5.5 | 9.6 | (86.9 | ) | 3.9 | |||||||||||
| | | | | | | | | | | | | | | | | |
(Loss) income before equity in earnings of subsidiaries and income taxes | (22.4 | ) | 449 | 51.7 | — | 478.3 | |||||||||||
Equity in earnings of subsidiaries | 300.3 | 12.4 | — | (312.7 | ) | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Income before income taxes | 277.9 | 461.4 | 51.7 | (312.7 | ) | 478.3 | |||||||||||
Income tax (benefit) provision | (43.7 | ) | 181 | 16.3 | — | 153.6 | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | 321.6 | 280.4 | 35.4 | (312.7 | ) | 324.7 | |||||||||||
Less: Net income attributable to noncontrolling interests | — | 2.8 | 0.3 | — | 3.1 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net income attributable to Reliance | $ | 321.6 | $ | 277.6 | $ | 35.1 | $ | (312.7 | ) | $ | 321.6 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Comprehensive income attributable to Reliance | $ | 318.9 | $ | 293.5 | $ | 16.7 | $ | (312.7 | ) | $ | 316.4 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||
For the year ended December 31, 2012 | |||||||||||||||||
(in millions) | |||||||||||||||||
Parent | Guarantor | Non- | Consolidating | Consolidated | |||||||||||||
Subsidiaries | Guarantor | Adjustments | |||||||||||||||
Subsidiaries | |||||||||||||||||
Net sales | $ | 726.3 | $ | 7,298.40 | $ | 640.2 | $ | (222.6 | ) | $ | 8,442.30 | ||||||
Costs and expenses: | |||||||||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | 534.9 | 5,463.20 | 460 | (222.7 | ) | 6,235.40 | |||||||||||
Warehouse, delivery, selling, general and administrative | 188.1 | 1,164.50 | 96.4 | (52.8 | ) | 1,396.20 | |||||||||||
Depreciation and amortization | 14.3 | 122.2 | 12.5 | — | 149 | ||||||||||||
Impairment charge | — | 2.5 | — | — | 2.5 | ||||||||||||
| | | | | | | | | | | | | | | | | |
737.3 | 6,752.40 | 568.9 | (275.5 | ) | 7,783.10 | ||||||||||||
Operating (loss) income | (11.0 | ) | 546 | 71.3 | 52.9 | 659.2 | |||||||||||
Other income (expense): | |||||||||||||||||
Interest | (57.7 | ) | (14.4 | ) | (2.2 | ) | 15.9 | (58.4 | ) | ||||||||
Other income, net | 73.9 | 3.4 | 0.1 | (68.8 | ) | 8.6 | |||||||||||
| | | | | | | | | | | | | | | | | |
Income before equity in earnings of subsidiaries and income taxes | 5.2 | 535 | 69.2 | — | 609.4 | ||||||||||||
Equity in earnings of subsidiaries | 379.2 | 28.9 | — | (408.1 | ) | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Income before income taxes | 384.4 | 563.9 | 69.2 | (408.1 | ) | 609.4 | |||||||||||
Income tax (benefit) provision | (19.1 | ) | 206 | 14.2 | — | 201.1 | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | 403.5 | 357.9 | 55 | (408.1 | ) | 408.3 | |||||||||||
Less: Net income attributable to noncontrolling interests | — | 4.6 | 0.2 | — | 4.8 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net income attributable to Reliance | $ | 403.5 | $ | 353.3 | $ | 54.8 | $ | (408.1 | ) | $ | 403.5 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Comprehensive income attributable to Reliance | $ | 404.2 | $ | 350.4 | $ | 64.3 | $ | (408.1 | ) | $ | 410.8 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||
For the year ended December 31, 2011 | |||||||||||||||||
(in millions) | |||||||||||||||||
Parent | Guarantor | Non- | Consolidating | Consolidated | |||||||||||||
Subsidiaries | Guarantor | Adjustments | |||||||||||||||
Subsidiaries | |||||||||||||||||
Net sales | $ | 706.8 | $ | 7,103.00 | $ | 547.8 | $ | (222.9 | ) | $ | 8,134.70 | ||||||
Costs and expenses: | |||||||||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | 535.3 | 5,461.00 | 375.4 | (223.0 | ) | 6,148.70 | |||||||||||
Warehouse, delivery, selling, general and administrative | 72 | 1,187.80 | 86.8 | (66.5 | ) | 1,280.10 | |||||||||||
Depreciation and amortization | 14.3 | 109.8 | 9 | — | 133.1 | ||||||||||||
| | | | | | | | | | | | | | | | | |
621.6 | 6,758.60 | 471.2 | (289.5 | ) | 7,561.90 | ||||||||||||
Operating income | 85.2 | 344.4 | 76.6 | 66.6 | 572.8 | ||||||||||||
Other income (expense): | |||||||||||||||||
Interest | (58.9 | ) | (27.6 | ) | (2.1 | ) | 28.8 | (59.8 | ) | ||||||||
Other income (expense), net | 93.4 | 2.6 | (2.0 | ) | (95.4 | ) | (1.4 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Income before equity in earnings of subsidiaries and income taxes | 119.7 | 319.4 | 72.5 | — | 511.6 | ||||||||||||
Equity in earnings of subsidiaries | 204.5 | 32.1 | — | (236.6 | ) | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Income before income taxes | 324.2 | 351.5 | 72.5 | (236.6 | ) | 511.6 | |||||||||||
Income tax (benefit) provision | (19.6 | ) | 166.7 | 15.3 | — | 162.4 | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | 343.8 | 184.8 | 57.2 | (236.6 | ) | 349.2 | |||||||||||
Less: Net income attributable to noncontrolling interests | — | 4.6 | 0.8 | — | 5.4 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net income attributable to Reliance | $ | 343.8 | $ | 180.2 | $ | 56.4 | $ | (236.6 | ) | $ | 343.8 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Comprehensive income attributable to Reliance | $ | 342.3 | $ | 170.6 | $ | 48.4 | $ | (236.6 | ) | $ | 324.7 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed Consolidating Cash Flow Statement | |||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||
(in millions) | |||||||||||||||||
Parent | Guarantor | Non- | Consolidating | Consolidated | |||||||||||||
Subsidiaries | Guarantor | Adjustments | |||||||||||||||
Subsidiaries | |||||||||||||||||
Cash provided by operating activities | $ | 102.8 | $ | 458.5 | $ | 72 | $ | — | $ | 633.3 | |||||||
Investing activities: | |||||||||||||||||
Purchases of property, plant and equipment | (14.0 | ) | (139.9 | ) | (14.1 | ) | — | (168.0 | ) | ||||||||
Acquisitions, net of cash acquired | (821.1 | ) | — | — | — | (821.1 | ) | ||||||||||
Net advances to subsidiaries | (85.3 | ) | — | — | 85.3 | — | |||||||||||
Other investing activities, net | 0.1 | 2.8 | 7.2 | — | 10.1 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash used in investing activities | (920.3 | ) | (137.1 | ) | (6.9 | ) | 85.3 | (979.0 | ) | ||||||||
Financing activities: | |||||||||||||||||
Net short-term debt (repayments) borrowings | — | (473.8 | ) | 0.8 | — | (473.0 | ) | ||||||||||
Proceed from long-term debt borrowings | 2,297.90 | — | — | — | 2,297.90 | ||||||||||||
Principal payments on long-term debt | (1,452.8 | ) | (0.6 | ) | (1.1 | ) | — | (1,454.5 | ) | ||||||||
Dividends paid | (96.9 | ) | — | — | — | (96.9 | ) | ||||||||||
Intercompany borrowings (repayments) | — | 141.4 | (56.1 | ) | (85.3 | ) | — | ||||||||||
Other financing activities, net | 60.9 | (2.3 | ) | — | — | 58.6 | |||||||||||
| | | | | | | | | | | | | | | | | |
Cash provided by (used in) financing activities | 809.1 | (335.3 | ) | (56.4 | ) | (85.3 | ) | 332.1 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (0.4 | ) | — | (0.4 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
(Decrease) increase in cash and cash equivalents | (8.4 | ) | (13.9 | ) | 8.3 | — | (14.0 | ) | |||||||||
Cash and cash equivalents at beginning of year | 28.1 | 13.1 | 56.4 | — | 97.6 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of year | $ | 19.7 | $ | (0.8 | ) | $ | 64.7 | $ | — | $ | 83.6 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed Consolidating Cash Flow Statement | |||||||||||||||||
For the year ended December 31, 2012 | |||||||||||||||||
(in millions) | |||||||||||||||||
Parent | Guarantor | Non- | Consolidating | Consolidated | |||||||||||||
Subsidiaries | Guarantor | Adjustments | |||||||||||||||
Subsidiaries | |||||||||||||||||
Cash provided by operating activities | $ | 23.3 | $ | 512.9 | $ | 65.7 | $ | — | $ | 601.9 | |||||||
Investing activities: | |||||||||||||||||
Purchases of property, plant and equipment | (16.0 | ) | (171.1 | ) | (26.9 | ) | — | (214.0 | ) | ||||||||
Acquisitions, net of cash acquired | (117.5 | ) | (49.4 | ) | — | — | (166.9 | ) | |||||||||
Net advances from subsidiaries | 260.2 | — | — | (260.2 | ) | — | |||||||||||
Other investing activities, net | 1.8 | (2.7 | ) | 0.1 | — | (0.8 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Cash provided by (used in) investing activities | 128.5 | (223.2 | ) | (26.8 | ) | (260.2 | ) | (381.7 | ) | ||||||||
Financing activities: | |||||||||||||||||
Net short-term debt repayments | — | (59.4 | ) | (3.8 | ) | — | (63.2 | ) | |||||||||
Proceed from long-term debt borrowings | 641 | — | — | — | 641 | ||||||||||||
Principal payments on long-term debt | (761.3 | ) | (1.7 | ) | — | — | (763.0 | ) | |||||||||
Dividends paid | (60.2 | ) | — | — | — | (60.2 | ) | ||||||||||
Net intercompany repayments | — | (223.2 | ) | (37.0 | ) | 260.2 | — | ||||||||||
Other financing activities, net | 41.7 | (3.1 | ) | (0.8 | ) | — | 37.8 | ||||||||||
| | | | | | | | | | | | | | | | | |
Cash used in financing activities | (138.8 | ) | (287.4 | ) | (41.6 | ) | 260.2 | (207.6 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 0.4 | — | 0.4 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Increase (decrease) in cash and cash equivalents | 13 | 2.3 | (2.3 | ) | — | 13 | |||||||||||
Cash and cash equivalents at beginning of year | 15.1 | 10.8 | 58.7 | — | 84.6 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of year | $ | 28.1 | $ | 13.1 | $ | 56.4 | $ | — | $ | 97.6 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed Consolidating Cash Flow Statement | |||||||||||||||||
For the year ended December 31, 2011 | |||||||||||||||||
(in millions) | |||||||||||||||||
Parent | Guarantor | Non- | Consolidating | Consolidated | |||||||||||||
Subsidiaries | Guarantor | Adjustments | |||||||||||||||
Subsidiaries | |||||||||||||||||
Cash provided by operating activities | $ | 91.2 | $ | 112.9 | $ | 30.7 | $ | — | $ | 234.8 | |||||||
Investing activities: | |||||||||||||||||
Purchases of property, plant and equipment | (15.0 | ) | (133.2 | ) | (8.2 | ) | — | (156.4 | ) | ||||||||
Acquisition, net of cash acquired | (166.2 | ) | — | (147.1 | ) | — | (313.3 | ) | |||||||||
Net advances to subsidiaries | (229.9 | ) | — | — | 229.9 | — | |||||||||||
Other investing activities, net | (36.8 | ) | (8.9 | ) | 0.1 | 40.7 | (4.9 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Cash used in investing activities | (447.9 | ) | (142.1 | ) | (155.2 | ) | 270.6 | (474.6 | ) | ||||||||
Financing activities: | |||||||||||||||||
Net short-term debt repayments | — | (74.9 | ) | (29.8 | ) | — | (104.7 | ) | |||||||||
Proceed from long-term debt borrowings | 995 | — | — | — | 995 | ||||||||||||
Principal payments on long-term debt | (605.2 | ) | (1.4 | ) | — | — | (606.6 | ) | |||||||||
Dividends paid | (35.9 | ) | — | — | — | (35.9 | ) | ||||||||||
Net intercompany borrowings | — | 112 | 117.9 | (229.9 | ) | — | |||||||||||
Other financing activities, net | 3.5 | (3.7 | ) | 40.7 | (40.7 | ) | (0.2 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Cash provided by financing activities | 357.4 | 32 | 128.8 | (270.6 | ) | 247.6 | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 3.9 | — | 3.9 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Increase in cash and cash equivalents | 0.7 | 2.8 | 8.2 | — | 11.7 | ||||||||||||
Cash and cash equivalents at beginning of year | 14.4 | 8 | 50.5 | — | 72.9 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of year | $ | 15.1 | $ | 10.8 | $ | 58.7 | $ | — | $ | 84.6 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information (Unaudited) | ' | |||||||||||||
Quarterly Financial Information (Unaudited) | ' | |||||||||||||
Note 17. Quarterly Financial Information (Unaudited) | ||||||||||||||
The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2013 and 2012: | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
(in millions, except per share amounts) | ||||||||||||||
2013:00:00 | ||||||||||||||
Net sales | $ | 2,025.30 | $ | 2,448.30 | $ | 2,443.50 | $ | 2,306.70 | ||||||
Cost of sales | 1,496.50 | 1,826.70 | 1,800.50 | 1,702.50 | ||||||||||
Gross profit(1) | 528.8 | 621.6 | 643 | 604.2 | ||||||||||
Net income | 84.5 | 81.9 | 96 | 62.3 | ||||||||||
Net income attributable to Reliance | 83.7 | 81 | 95.1 | 61.8 | ||||||||||
Diluted earnings per common share attributable to Reliance shareholders | 1.09 | 1.05 | 1.22 | 0.79 | ||||||||||
Basic earnings per common share attributable to Reliance shareholders | 1.1 | 1.06 | 1.23 | 0.8 | ||||||||||
2012:00:00 | ||||||||||||||
Net sales | $ | 2,288.30 | $ | 2,209.70 | $ | 2,055.30 | $ | 1,889.00 | ||||||
Cost of sales | 1,710.50 | 1,640.30 | 1,520.00 | 1,364.60 | ||||||||||
Gross profit(1) | 577.8 | 569.4 | 535.3 | 524.4 | ||||||||||
Net income | 117.9 | 110.2 | 99.4 | 80.8 | ||||||||||
Net income attributable to Reliance | 116.2 | 108.8 | 98.1 | 80.4 | ||||||||||
Diluted earnings per common share attributable to Reliance shareholders | 1.54 | 1.44 | 1.3 | 1.06 | ||||||||||
Basic earnings per common share attributable to Reliance shareholders | 1.55 | 1.45 | 1.3 | 1.06 | ||||||||||
-1 | ||||||||||||||
Gross profit, calculated as net sales less cost of sales, is a non-GAAP financial measure as it excludes depreciation and amortization expense associated with the corresponding sales. The majority of our orders are basic distribution with no processing services performed. For the remainder of our sales orders, we perform "first-stage" processing, which is generally not labor intensive as we are simply cutting the metal to size. Because of this, the amount of related labor and overhead, including depreciation and amortization, is not significant and is excluded from our cost of sales. Therefore, our cost of sales is primarily comprised of the cost of the material we sell. We use gross profit as shown above as a measure of operating performance. Gross profit is an important operating and financial measure, as fluctuations in gross profit can have a significant impact on our earnings. Gross profit, as presented, is not necessarily comparable with similarly titled measures for other companies. | ||||||||||||||
Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with per share amounts for the years shown elsewhere in this Annual Report on Form 10-K. | ||||||||||||||
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
(In millions) | |||||||||||||||||
Description | Balance at | Additions | Deductions | Amounts | Balance at | ||||||||||||
Beginning | Charged to | Charged to | End of | ||||||||||||||
of Period | Costs and | Other | Period | ||||||||||||||
Expenses | Accounts | ||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Allowance for doubtful accounts | $ | 17.2 | $ | 12.8 | $ | 8 | -1 | $ | 0.2 | $ | 22.2 | ||||||
Year Ended December 31, 2012 | |||||||||||||||||
Allowance for doubtful accounts | $ | 22.2 | $ | 6.7 | $ | 8.5 | -1 | $ | 0.1 | $ | 20.5 | ||||||
Year Ended December 31, 2013 | |||||||||||||||||
Allowance for doubtful accounts | $ | 20.5 | $ | 4 | $ | 10.4 | -1 | $ | 4.8 | $ | 18.9 | ||||||
-1 | |||||||||||||||||
Uncollectible accounts written off. | |||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Principles of Consolidation | ' | ||||||||||
Principles of Consolidation | |||||||||||
The accompanying consolidated financial statements include the accounts of Reliance Steel & Aluminum Co. and its subsidiaries (collectively referred to as "Reliance", "the Company", "we", "our" or "us"). Our consolidated financial statements include the assets, liabilities and operating results of majority-owned subsidiaries. The ownership of the other interest holders of consolidated subsidiaries is reflected as noncontrolling interests. Our investments in unconsolidated subsidiaries are recorded under the equity method of accounting. All significant intercompany accounts and transactions have been eliminated. | |||||||||||
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 accounts receivable collectability, valuation of inventories, goodwill, long-lived assets, income tax and other contingencies, and 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. Actual results could differ from those estimates. | |||||||||||
Accounts Receivable and Concentrations of Credit Risk | ' | ||||||||||
Accounts Receivable and Concentrations of Credit Risk | |||||||||||
Concentrations of credit risk with respect to trade receivables are limited due to the geographically diverse customer base and various industries into which our products are sold. Trade receivables are typically non-interest bearing and are initially recorded at cost. Sales to our recurring customers are generally made on open account terms while sales to occasional customers may be made on a C.O.D. basis when collectability is not assured. 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. Losses from credit sales are provided for in the financial statements and consistently have been within the allowance provided. The allowance is an estimate of the uncollectability of accounts receivable based on an evaluation of specific customer risks along with additional reserves based on historical and probable bad debt experience. Amounts are written off against the allowance in the period we determine that the receivable is uncollectible. As a result of the above factors, 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 metals 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 and other current liabilities, and the current portion of long-term debt 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 $1.1 billion publicly traded senior unsecured notes. The fair values of these senior unsecured notes based on quoted market prices as of December 31, 2013 and 2012 were approximately $1.14 billion and $675.1 million, respectively, compared to their carrying values of approximately $1.10 billion and $598.5 million, as of the end of each period, respectively. These estimated fair values are based on Level 2 inputs. | |||||||||||
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. At times, cash balances held at financial institutions were in excess of federally-insured limits. | |||||||||||
Goodwill | ' | ||||||||||
Goodwill | |||||||||||
Goodwill is the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not amortized but is tested for impairment at least annually. We have one operating segment and one reporting unit for goodwill impairment purposes. | |||||||||||
We test for impairment of goodwill by assessing qualitative factors to determine if the fair value of the reporting unit is more likely than not below the carrying value of the reporting unit. We also 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 the required annual goodwill impairment evaluation on November 1 of each year. No impairment of goodwill was determined to exist in any of the years presented. | |||||||||||
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 | 311/2 years | ||||||||||
Machinery and equipment | 3 - 20 years | ||||||||||
Other intangible assets with finite useful lives are amortized over their useful lives. Other intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. We recognized impairment losses of $14.9 million and $2.5 million related to one of our trade name intangible assets for the years ended December 31, 2013 and 2012, respectively. No impairment of intangible assets with indefinite lives was determined to exist for the year ended December 31, 2011. | |||||||||||
We review the recoverability of our long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The estimated future cash flows are based upon, among other things, assumptions about future operating performance, and may differ from actual cash flows. Long-lived assets evaluated for impairment are grouped with other assets to the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. If the sum of the projected undiscounted cash flows (excluding interest) is less than the carrying value of the assets, the assets will be written down to the estimated fair value in the period in which the determination is made. Long-lived asset related impairment losses recognized during the years ended December 31, 2013, 2012 and 2011 were not significant. | |||||||||||
Revenue Recognition | ' | ||||||||||
Revenue Recognition | |||||||||||
We recognize revenue from product or processing sales upon concluding that all of the fundamental criteria for product revenue recognition have been met, such as a fixed or determinable sales price; reasonable assurance of collectability; and passage of title and risks of ownership to the buyer. Such criteria are usually met upon delivery to the customer for orders with FOB destination terms or upon shipment for orders with FOB shipping point terms, or after toll processing services are performed. Considering the close proximity of our customers to our metals service center locations, shipment and delivery of our orders generally occur on the same day. Billings for orders where the revenue recognition criteria are not met, which primarily include certain bill and hold transactions (in which our customers request to be billed for the material but request delivery at a later date), are recorded as deferred revenue. | |||||||||||
Shipping and handling charges to our customers are included in Net sales. Costs incurred in connection with shipping and handling our products, which are related to third-party carriers are not material and are typically included in Cost of sales. Costs incurred in connection with shipping and handling our products that are performed by our personnel are typically included in operating expenses. For the years ended December 31, 2013, 2012 and 2011, shipping and handling costs included in Warehouse, delivery, selling, general and administrative expenses were approximately $284.8 million, $236.3 million, and $220.9 million, respectively. | |||||||||||
Segment Information | ' | ||||||||||
Segment Information | |||||||||||
We have one reportable segment, metals service centers. All of our recent acquisitions were metals service centers and did not result in new reportable segments. Although a variety of products or services are sold at our various locations, in total, sales were comprised of the following in each of the three years ended December 31: | |||||||||||
2013 | 2012 | 2011 | |||||||||
Carbon steel | 53 | % | 51 | % | 53 | % | |||||
Aluminum | 15 | % | 15 | % | 15 | % | |||||
Stainless steel | 14 | % | 15 | % | 15 | % | |||||
Alloy steel | 10 | % | 12 | % | 10 | % | |||||
Toll processing | 2 | % | 2 | % | 2 | % | |||||
Other | 6 | % | 5 | % | 5 | % | |||||
| | | | | | | | | | | |
Total | 100 | % | 100 | % | 100 | % | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The following table summarizes consolidated financial information of our operations by geographic location based on where sales originated from: | |||||||||||
United States | Foreign | Total | |||||||||
Countries | |||||||||||
(in millions) | |||||||||||
Year Ended December 31, 2013 | |||||||||||
Net sales | $ | 8,682.20 | $ | 541.6 | $ | 9,223.80 | |||||
Long-lived assets | 4,296.60 | 305.5 | 4,602.10 | ||||||||
Year Ended December 31, 2012 | |||||||||||
Net sales | 7,861.30 | 581 | 8,442.30 | ||||||||
Long-lived assets | 3,270.90 | 309.4 | 3,580.30 | ||||||||
Year Ended December 31, 2011 | |||||||||||
Net sales | 7,647.40 | 487.3 | 8,134.70 | ||||||||
Long-lived assets | 3,035.10 | 296.1 | 3,331.20 | ||||||||
Share-Based Compensation | ' | ||||||||||
Share-Based Compensation | |||||||||||
All of our share-based compensation plans are considered equity plans. We calculate the fair value of stock option awards on the date of grant based on the closing market price of our common stock, using a Black-Scholes option-pricing model. The fair value of restricted stock grants is determined based on the fair value of our common stock on the date of the grant. The fair value of stock option and restricted stock awards is expensed on a straight-line basis over their respective vesting periods, net of estimated forfeitures. The share-based compensation expense recorded was $26.0 million, $23.0 million, and $21.3 million for the years ended December 31, 2013, 2012 and 2011, respectively, and is included in the Warehouse, delivery, selling, general and administrative expense 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 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 14 for further discussion on our environmental remediation matters. | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | |||||||||||
We file a consolidated U.S. federal income tax return with our wholly owned domestic subsidiaries. The deferred tax assets and/or liabilities are determined by multiplying the differences between the financial reporting and tax reporting bases for assets and liabilities by the enacted tax rates expected to be in effect when such differences are recovered or settled. The effect on deferred taxes of 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 make 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 by the authorities. The benefit from a position that has surpassed the more-likely-than-not threshold is 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 the financial statements of our foreign subsidiaries, which operate in local currency environments, are included in other comprehensive income. Gains and losses resulting from foreign currency transactions are included in the results of operations in the Other income (expense), net caption and amounted to a net loss of $2.6 million for the year ended December 31 2013, a net gain of $1.7 million for the year ended December 31, 2012 and a net loss of $5.9 million for the year ended December 31, 2011. | |||||||||||
Impact of Recently Issued Accounting Standards - Adopted | ' | ||||||||||
Impact of Recently Issued Accounting Standards—Adopted | |||||||||||
Comprehensive Income Reporting and Disclosures—On January 1, 2013, we adopted changes issued by the FASB, which require additional disclosures for the reclassification of significant amounts from accumulated other comprehensive income (loss) to net income. This guidance requires that the effect of certain significant amounts be presented either on the face of the consolidated statements of comprehensive income or in a single note. For other amounts, we are required to cross-reference disclosures that provide additional detail about those amounts. The adoption of these changes did not have a material impact on our consolidated financial statements. | |||||||||||
Intangible Assets Impairment—On October 1, 2012, we adopted changes issued by the Financial Accounting Standards Board ("FASB") related to testing of indefinite-lived intangible assets for impairment. The new guidance allows companies the option to assess qualitative factors to determine if it is more-likely-than-not that indefinite-lived intangible assets is impaired and whether it is necessary to perform a quantitative impairment test. The adoption of these changes did not have a material impact on our consolidated financial statements. | |||||||||||
Presentation of Comprehensive Income—On January 1, 2012, we adopted changes issued by the FASB, which require companies to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income, or in two separate but consecutive statements. We elected to adopt the two-statement option. This guidance eliminated the option to present the components of other comprehensive income as part of the statement of equity. Other than the change in presentation, the adoption of these changes had no other impact on our consolidated financial statements. | |||||||||||
Fair Value Measurements and Disclosures—On January 1, 2012, we adopted changes issued by the FASB to provide a consistent definition of fair value and to ensure that the fair value measurement and disclosure requirements are similar between U.S. generally accepted accounting principles and International Financial Reporting Standards. The new guidance changed certain fair value measurement principles and enhanced the disclosure requirements particularly for Level 3 fair value measurements. The adoption of these changes did not have a material impact on our consolidated financial statements. | |||||||||||
Goodwill Impairment—On October 1, 2011, we adopted changes issued by the FASB related to testing goodwill for impairment. This guidance allows companies the option to assess qualitative factors to determine if it is more likely than not that goodwill is impaired and whether it is necessary to perform further impairment testing. The guidance also expands upon the examples of events and circumstances that an entity should consider between annual impairment tests in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The adoption of these changes did not have a material impact on our consolidated financial statements. | |||||||||||
On January 1, 2011, we adopted changes issued by the FASB related to the calculation of the carrying amount of a reporting unit when performing the first step of a goodwill impairment test. More specifically, the changes require an entity to use an equity premise when performing the first step of a goodwill impairment test. If a reporting unit has a zero or negative carrying amount, the entity must assess and consider qualitative factors to determine whether it is more likely than not that goodwill impairment exists. The adoption of these changes did not have a material impact on our consolidated financial statements. | |||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Schedule of estimated useful lives of property, plant and equipment | ' | ||||||||||
Buildings | 311/2 years | ||||||||||
Machinery and equipment | 3 - 20 years | ||||||||||
Schedule of sales, by products or services | ' | ||||||||||
2013 | 2012 | 2011 | |||||||||
Carbon steel | 53 | % | 51 | % | 53 | % | |||||
Aluminum | 15 | % | 15 | % | 15 | % | |||||
Stainless steel | 14 | % | 15 | % | 15 | % | |||||
Alloy steel | 10 | % | 12 | % | 10 | % | |||||
Toll processing | 2 | % | 2 | % | 2 | % | |||||
Other | 6 | % | 5 | % | 5 | % | |||||
| | | | | | | | | | | |
Total | 100 | % | 100 | % | 100 | % | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Summary of the Company's operations by geographic location based on where sales originated from | ' | ||||||||||
United States | Foreign | Total | |||||||||
Countries | |||||||||||
(in millions) | |||||||||||
Year Ended December 31, 2013 | |||||||||||
Net sales | $ | 8,682.20 | $ | 541.6 | $ | 9,223.80 | |||||
Long-lived assets | 4,296.60 | 305.5 | 4,602.10 | ||||||||
Year Ended December 31, 2012 | |||||||||||
Net sales | 7,861.30 | 581 | 8,442.30 | ||||||||
Long-lived assets | 3,270.90 | 309.4 | 3,580.30 | ||||||||
Year Ended December 31, 2011 | |||||||||||
Net sales | 7,647.40 | 487.3 | 8,134.70 | ||||||||
Long-lived assets | 3,035.10 | 296.1 | 3,331.20 |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Acquisitions | ' | |||||||
Schedule of MUSA pro forma information | ' | |||||||
Year Ended | Year Ended | |||||||
December 31, 2013 | December 31, 2012 | |||||||
(in millions, except | (in millions, except | |||||||
per share amounts) | per share amounts) | |||||||
Pro forma: | ||||||||
Net sales | $ | 9,753.8 | $ | 10,425.9 | ||||
Net income attributable to Reliance | $ | 328.9 | $ | 444.8 | ||||
Diluted earnings per common share attributable to Reliance shareholders | $ | 4.24 | $ | 5.88 | ||||
Basic earnings per common share atrributable to Reliance shareholders | $ | 4.28 | $ | 5.91 | ||||
2013 acquisitions | ' | |||||||
Acquisitions | ' | |||||||
Schedule of allocation of the purchase price of acquisition to the fair value of the assets acquired and liabilities assumed | ' | |||||||
As of December 31, 2013, the preliminary allocation of the total purchase price of Metals USA to the fair values of assets acquired and liabilities assumed is as follows: | ||||||||
(in millions) | ||||||||
Cash | $ | 3.2 | ||||||
Accounts receivable | 206 | |||||||
Inventories | 379.5 | |||||||
Property, plant and equipment | 242.6 | |||||||
Goodwill | 381.5 | |||||||
Intangible assets subject to amortization | 137.6 | |||||||
Intangible assets not subject to amortization | 203 | |||||||
Other current and long-term assets | 9.1 | |||||||
| | | | | ||||
Total assets acquired | 1,562.50 | |||||||
| | | | | ||||
Current and long-term debt | 486.1 | |||||||
Deferred taxes | 184.4 | |||||||
Other current and long-term liabilities | 125.2 | |||||||
| | | | | ||||
Total liabilities assumed | 795.7 | |||||||
| | | | | ||||
Net assets acquired | $ | 766.8 | ||||||
| | | | | ||||
| | | | | ||||
2012 acquisitions | ' | |||||||
Acquisitions | ' | |||||||
Schedule of allocation of the purchase price of acquisition to the fair value of the assets acquired and liabilities assumed | ' | |||||||
The allocation of the total purchase price of our 2012 acquisitions to the fair values of the assets acquired and liabilities assumed is as follows: | ||||||||
(in millions) | ||||||||
Cash | $ | 0.2 | ||||||
Accounts receivable | 32.5 | |||||||
Inventories | 55 | |||||||
Property, plant and equipment | 30.7 | |||||||
Goodwill | 68 | |||||||
Intangible assets subject to amortization | 45.1 | |||||||
Intangible assets not subject to amortization | 37.9 | |||||||
Other current and long-term assets | 1.2 | |||||||
| | | | | ||||
Total assets acquired | 270.6 | |||||||
| | | | | ||||
Current and long-term debt | 59.4 | |||||||
Deferred taxes | 20.6 | |||||||
Other current and long-term liabilities | 23.5 | |||||||
| | | | | ||||
Total liabilities assumed | 103.5 | |||||||
| | | | | ||||
Net assets acquired | $ | 167.1 | ||||||
| | | | | ||||
| | | | | ||||
2011 acquisitions | ' | |||||||
Acquisitions | ' | |||||||
Schedule of allocation of the purchase price of acquisition to the fair value of the assets acquired and liabilities assumed | ' | |||||||
The allocation of the total purchase price of Continental to the fair values of the assets acquired and liabilities assumed is as follows: | ||||||||
(in millions) | ||||||||
Cash | $ | 22.8 | ||||||
Accounts receivable | 55.7 | |||||||
Inventories | 125.9 | |||||||
Property, plant and equipment | 28.8 | |||||||
Goodwill | 138.5 | |||||||
Intangible assets subject to amortization | 103.7 | |||||||
Intangible assets not subject to amortization | 70.6 | |||||||
Other current and long-term assets | 1.8 | |||||||
| | | | | ||||
Total assets acquired | 547.8 | |||||||
| | | | | ||||
Current and long-term debt | 104.7 | |||||||
Deferred taxes | 56.9 | |||||||
Other current and long-term liabilities | 50.1 | |||||||
| | | | | ||||
Total liabilities assumed | 211.7 | |||||||
| | | | | ||||
Net assets acquired | $ | 336.1 | ||||||
| | | | | ||||
| | | | | ||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Goodwill. | ' | ||||
Schedule of changes in the carrying amount of goodwill | ' | ||||
(in millions) | |||||
Balance at December 31, 2010 | $ | 1,109.60 | |||
Acquisition | 138.5 | ||||
Purchase price allocation adjustments | 0.2 | ||||
Effect of foreign currency translation | (4.0 | ) | |||
| | | | | |
Balance at December 31, 2011 | 1,244.30 | ||||
Acquisitions | 68 | ||||
Effect of foreign currency translation | 2.3 | ||||
| | | | | |
Balance at December 31, 2012 | 1,314.60 | ||||
Acquisitions | 382.4 | ||||
Effect of foreign currency translation | (5.4 | ) | |||
| | | | | |
Balance at December 31, 2013 | $ | 1,691.60 | |||
| | | | | |
| | | | | |
Intangible_Assets_net_Tables
Intangible Assets, net (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Intangible Assets, net | ' | |||||||||||||
Summarizes our intangible assets, net | ' | |||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||
Amount | Amount | |||||||||||||
(in millions) | ||||||||||||||
Intangible assets subject to amortization: | ||||||||||||||
Covenants not to compete | $ | 8 | $ | (7.3 | ) | $ | 8 | $ | (7.1 | ) | ||||
Loan fees | 41.5 | (24.1 | ) | 31.2 | (20.2 | ) | ||||||||
Customer lists/relationships | 654.3 | (200.6 | ) | 524 | (153.3 | ) | ||||||||
Software—internal use | 8.1 | (6.3 | ) | 8.1 | (5.5 | ) | ||||||||
Other | 7.4 | (2.7 | ) | 6.4 | (2.5 | ) | ||||||||
| | | | | | | | | | | | | | |
719.3 | (241.0 | ) | 577.7 | (188.6 | ) | |||||||||
Intangible assets not subject to amortization: | ||||||||||||||
Trade names | 735.5 | — | 547.4 | — | ||||||||||
| | | | | | | | | | | | | | |
$ | 1,454.80 | $ | (241.0 | ) | $ | 1,125.10 | $ | (188.6 | ) | |||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Summary of estimated aggregate amortization expense | ' | |||||||||||||
(in millions) | ||||||||||||||
2014 | $ | 55.8 | ||||||||||||
2015 | 53.7 | |||||||||||||
2016 | 52 | |||||||||||||
2017 | 47.5 | |||||||||||||
2018 | 41.4 |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt | ' | |||||||
Summary of debt | ' | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
(in millions) | ||||||||
Unsecured revolving credit facility due April 4, 2018 | $ | 480 | $ | 525 | ||||
Senior unsecured term loan due from March 31, 2014 to April 4, 2018 | 467.5 | — | ||||||
Senior unsecured notes repaid on July 2, 2013 | — | 75 | ||||||
Senior unsecured notes due November 15, 2016 | 350 | 350 | ||||||
Senior unsecured notes due April 15, 2023 | 500 | — | ||||||
Senior unsecured notes due November 15, 2036 | 250 | 250 | ||||||
Other notes and revolving credit facilities | 64.8 | 8.9 | ||||||
| | | | | | | | |
Total | 2,112.30 | 1,208.90 | ||||||
Less: unamortized discount | (3.3 | ) | (1.5 | ) | ||||
Less: amounts due within one year and short term borrowings | (36.5 | ) | (83.6 | ) | ||||
| | | | | | | | |
Total long-term debt | $ | 2,072.50 | $ | 1,123.80 | ||||
| | | | | | | | |
| | | | | | | | |
Summary of aggregate maturities of long-term debt for each of the next five years and thereafter | ' | |||||||
(in millions) | ||||||||
2014 | $ | 36.5 | ||||||
2015 | 45.5 | |||||||
2016 | 440.9 | |||||||
2017 | 50.5 | |||||||
2018 | 779.3 | |||||||
Thereafter | 759.6 | |||||||
| | | | | ||||
$ | 2,112.30 | |||||||
| | | | | ||||
| | | | | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Taxes | ' | ||||||||||
Schedule of components of the provision for income taxes attributable to continuing operations | ' | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(in millions) | |||||||||||
Current: | |||||||||||
Federal | $ | 121.4 | $ | 159.1 | $ | 153.1 | |||||
State | 19.1 | 26.5 | 22.1 | ||||||||
Foreign | 10 | 12.7 | 14.4 | ||||||||
| | | | | | | | | | | |
150.5 | 198.3 | 189.6 | |||||||||
Deferred: | |||||||||||
Federal | 1.5 | 2.5 | (24.1 | ) | |||||||
State | 1.5 | 0.5 | (2.3 | ) | |||||||
Foreign | 0.1 | (0.2 | ) | (0.8 | ) | ||||||
| | | | | | | | | | | |
3.1 | 2.8 | (27.2 | ) | ||||||||
| | | | | | | | | | | |
$ | 153.6 | $ | 201.1 | $ | 162.4 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Components of U.S. and international income before income taxes | ' | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(in millions) | |||||||||||
U.S. | $ | 438.4 | $ | 551.6 | $ | 452 | |||||
International | 39.9 | 57.8 | 59.6 | ||||||||
| | | | | | | | | | | |
Income before income taxes | $ | 478.3 | $ | 609.4 | $ | 511.6 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense | ' | ||||||||||
Year Ended | |||||||||||
December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Income tax at U.S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||
State income tax, net of federal tax effect | 2.9 | 2.9 | 2.4 | ||||||||
Net effect of life insurance policies | (3.2 | ) | (2.2 | ) | (2.3 | ) | |||||
Net effect of changes in unrecognized tax benefits | (0.5 | ) | — | — | |||||||
Domestic production activity deduction | (1.1 | ) | (1.2 | ) | (1.5 | ) | |||||
Other, net | (1.0 | ) | (1.5 | ) | (1.9 | ) | |||||
| | | | | | | | | | | |
Effective tax rate | 32.1 | % | 33 | % | 31.7 | % | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of components of the Company's deferred tax assets and liabilities | ' | ||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
(in millions) | |||||||||||
Deferred tax assets: | |||||||||||
Accrued expenses not currently deductible for tax | $ | 77.7 | $ | 66.9 | |||||||
Inventory costs capitalized for tax purposes | 28.4 | 25.8 | |||||||||
Share-based compensation | 19.5 | 21.1 | |||||||||
Allowance for doubtful accounts | 6.9 | 7.8 | |||||||||
Tax credits carryforwards | 1.3 | 1.1 | |||||||||
Net operating loss carryforwards | 10.2 | 3.4 | |||||||||
Other | 1.9 | 3.5 | |||||||||
| | | | | | | | ||||
Total deferred tax assets | 145.9 | 129.6 | |||||||||
Deferred tax liabilities: | |||||||||||
Property, plant and equipment, net | (257.6 | ) | (165.9 | ) | |||||||
Goodwill and other intangible assets | (465.2 | ) | (360.9 | ) | |||||||
LIFO inventories | (49.2 | ) | (38.6 | ) | |||||||
Deferred income | (25.8 | ) | — | ||||||||
| | | | | | | | ||||
Total deferred tax liabilities | (797.8 | ) | (565.4 | ) | |||||||
| | | | | | | | ||||
Net deferred tax liabilities | $ | (651.9 | ) | $ | (435.8 | ) | |||||
| | | | | | | | ||||
| | | | | | | | ||||
Schedule of reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits | ' | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(in millions) | |||||||||||
Unrecognized tax benefits at January 1 | $ | 15.9 | $ | 16.1 | $ | 15.4 | |||||
Assumed in acquisition | 5 | — | — | ||||||||
Increases in tax positions for prior years | 1.1 | 0.6 | 1.3 | ||||||||
Decreases in tax positions for prior years | (2.1 | ) | — | (0.2 | ) | ||||||
Increases in tax positions for current year | 3.6 | 4.1 | 3.7 | ||||||||
Settlements | (3.5 | ) | (1.1 | ) | (0.1 | ) | |||||
Lapses in statutes-of-limitation periods | (0.6 | ) | (3.8 | ) | (4.0 | ) | |||||
| | | | | | | | | | | |
Unrecognized tax benefits at December 31 | $ | 19.4 | $ | 15.9 | $ | 16.1 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
ShareBased_Compensation_Plans_
Share-Based Compensation Plans (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Share-Based Compensation Plans | ' | |||||||||||||||||
Schedule of stock option activity | ' | |||||||||||||||||
Stock Options | Option | Weighted Average | Weighted Average | Aggregate | ||||||||||||||
Shares | Exercise Price | Remaining | Intrinsic Value | |||||||||||||||
Contractual Term | (In millions) | |||||||||||||||||
(In years) | ||||||||||||||||||
Outstanding at December 31, 2010 | 3,880,052 | $ | 44.76 | |||||||||||||||
Granted | 1,037,250 | 55.73 | ||||||||||||||||
Exercised | (266,392 | ) | 41.6 | |||||||||||||||
Expired or forfeited | (135,350 | ) | 47.57 | |||||||||||||||
| | | | | | | | | | | | | | |||||
Outstanding at December 31, 2011 | 4,515,560 | 47.39 | ||||||||||||||||
Exercised | (1,018,010 | ) | 41.4 | |||||||||||||||
Expired or forfeited | (92,050 | ) | 49.55 | |||||||||||||||
| | | | | | | | | | | | | | |||||
Outstanding at December 31, 2012 | 3,405,500 | 49.12 | ||||||||||||||||
Exercised | (1,437,053 | ) | 48.78 | |||||||||||||||
Expired or forfeited | (31,206 | ) | 51.37 | |||||||||||||||
| | | | | | | | | | | | | | |||||
Outstanding at December 31, 2013 | 1,937,241 | $ | 49.35 | 3 | $ | 51.3 | ||||||||||||
| | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | |||||
Exercisable at December 31, 2013 | 1,253,516 | $ | 48.11 | 2.6 | $ | 34.8 | ||||||||||||
| | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | |||||
Schedule of weighted average assumptions for estimation of fair value of each option | ' | |||||||||||||||||
Year Ended | ||||||||||||||||||
December 31, | ||||||||||||||||||
2011 | ||||||||||||||||||
Weighted average assumptions used: | ||||||||||||||||||
Exercise price | $ | 55.73 | ||||||||||||||||
Risk free interest rate | 2.2 | % | ||||||||||||||||
Expected life in years | 4.8 | |||||||||||||||||
Expected volatility | 60 | % | ||||||||||||||||
Expected dividend yield | 0.86 | % | ||||||||||||||||
Grant date fair value | $ | 26.98 | ||||||||||||||||
Summary of the status of the Company's non-vested stock options and service and performance RSU changes during the year | ' | |||||||||||||||||
Non-vested Options | Shares | Weighted | ||||||||||||||||
Average Grant | ||||||||||||||||||
Date Fair Value | ||||||||||||||||||
Non-vested at January 1, 2013 | 1,377,113 | $ | 23.21 | |||||||||||||||
Forfeited | (28,425 | ) | $ | 24.79 | ||||||||||||||
Vested | (664,963 | ) | $ | 21.37 | ||||||||||||||
| | | | | | | | |||||||||||
Non-vested at December 31, 2013 | 683,725 | $ | 24.93 | |||||||||||||||
| | | | | | | | |||||||||||
| | | | | | | | |||||||||||
Summary of certain information concerning outstanding and exercisable options | ' | |||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||
Range of | Outstanding at | Weighted Average | Weighted | Exercisable at | Weighted Average | |||||||||||||
Exercise Price | December 31, 2013 | Remaining | Average | December 31, 2013 | Exercise | |||||||||||||
Contractual Life | Exercise Price | Price of Options | ||||||||||||||||
in Years | Exercisable | |||||||||||||||||
$15 - $19 | 18,000 | 1.4 | $ | 18.31 | 18,000 | $ | 18.31 | |||||||||||
$24 - $28 | 11,231 | 1.5 | $ | 25.18 | 11,231 | $ | 25.18 | |||||||||||
$33 - $38 | 207,425 | 2.7 | $ | 34.28 | 207,425 | $ | 34.28 | |||||||||||
$42 - $45 | 609,460 | 3.2 | $ | 43.07 | 391,310 | $ | 43.21 | |||||||||||
$55 - $57 | 1,037,125 | 3.1 | $ | 56.08 | 571,550 | $ | 56.37 | |||||||||||
$61 - $67 | 54,000 | 3.9 | $ | 64.08 | 54,000 | $ | 64.08 | |||||||||||
$15 - $67 | 1,937,241 | 3 | $ | 49.35 | 1,253,516 | $ | 48.11 | |||||||||||
Summary of the status of the Company's non-vested restricted stock and restricted stock units and changes during the year | ' | |||||||||||||||||
Non-vested Shares | Shares | Weighted | ||||||||||||||||
Average Grant | ||||||||||||||||||
Date Fair Value | ||||||||||||||||||
Non-vested at January 1, 2013 | 496,450 | $ | 53.44 | |||||||||||||||
Granted | 340,198 | 65.82 | ||||||||||||||||
Forfeited | (23,050 | ) | 58.72 | |||||||||||||||
Vested | (41,818 | ) | 47.45 | |||||||||||||||
| | | | | | | | |||||||||||
Non-vested at December 31, 2013 | 771,780 | $ | 59.06 | |||||||||||||||
| | | | | | | | |||||||||||
| | | | | | | | |||||||||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Employee Benefits | ' | |||||||||||||||||||
Summary of benefit payments under various defined benefit plans, which reflect expected future employee service, as appropriate, expected to be paid in the future periods | ' | |||||||||||||||||||
SERP's | Defined | Postretirement | ||||||||||||||||||
Benefit Plans | Medical Plans | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
2014 | $ | 3.6 | $ | 3.5 | $ | 0.9 | ||||||||||||||
2015 | 1.3 | 3.7 | 0.9 | |||||||||||||||||
2016 | 1.2 | 4.1 | 0.9 | |||||||||||||||||
2017 | 13.1 | 4 | 1.1 | |||||||||||||||||
2018 | 1.7 | 4.2 | 1 | |||||||||||||||||
2019 - 2023 | 12.4 | 25.2 | 6.3 | |||||||||||||||||
Amounts in accumulated other comprehensive income that are expected to be recognized as components of net periodic benefit cost during 2014 | ' | |||||||||||||||||||
SERP's | Defined | Postretirement | ||||||||||||||||||
Benefit Plans | Medical Plans | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
Actuarial loss | $ | 0.7 | $ | 0.4 | $ | 0.4 | ||||||||||||||
Prior service (credit) cost | (0.4 | ) | 0.2 | (1.7 | ) | |||||||||||||||
| | | | | | | | | | | ||||||||||
Total | $ | 0.3 | $ | 0.6 | $ | (1.3 | ) | |||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Schedule of Company's expense (credit) for Reliance-sponsored retirement plans | ' | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Master Plan | $ | 18.4 | $ | 19 | $ | 16.9 | ||||||||||||||
Other Defined Contribution Plans | 7.8 | 4.8 | 3.9 | |||||||||||||||||
Employee Stock Ownership Plan | 1.4 | 1.4 | 1.4 | |||||||||||||||||
Deferred Compensation Plan | 0.6 | 0.5 | 0.5 | |||||||||||||||||
Supplemental Executive Retirement Plans | 3.2 | 2.9 | 2 | |||||||||||||||||
Defined Benefit Plans | 2.4 | 2.4 | 0.7 | |||||||||||||||||
Postretirement Medical Plans | (0.7 | ) | (0.5 | ) | 1.8 | |||||||||||||||
| | | | | | | | | | | ||||||||||
$ | 33.1 | $ | 30.5 | $ | 27.2 | |||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
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 | ' | |||||||||||||||||||
SERP's | Defined Benefit Plans | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||
Benefit obligation at beginning of year | $ | 40.7 | $ | 36.2 | $ | 85 | $ | 78.1 | ||||||||||||
Service cost | 0.9 | 0.9 | 1.4 | 1.2 | ||||||||||||||||
Interest cost | 1.5 | 1.5 | 3.4 | 3.3 | ||||||||||||||||
Actuarial (gain) loss | (3.1 | ) | 3.4 | (7.3 | ) | 4.4 | ||||||||||||||
Change in assumptions | — | — | (1.4 | ) | 0.8 | |||||||||||||||
Benefits paid | (1.3 | ) | (1.3 | ) | (2.9 | ) | (3.1 | ) | ||||||||||||
Assumed in acquisition | — | — | 3.5 | — | ||||||||||||||||
Plan amendments | — | — | 0.3 | 0.3 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Benefit obligation at end of year | $ | 38.7 | $ | 40.7 | $ | 82 | $ | 85 | ||||||||||||
Change in plan assets | ||||||||||||||||||||
Fair value of plan assets | N/A | N/A | 58.9 | 53.1 | ||||||||||||||||
Acquired in acquisition | N/A | N/A | 2.5 | — | ||||||||||||||||
Actual return on plan assets | N/A | N/A | 9.7 | 5.9 | ||||||||||||||||
Employer contributions | N/A | N/A | 2 | 3.1 | ||||||||||||||||
Benefits paid | N/A | N/A | (2.9 | ) | (3.2 | ) | ||||||||||||||
| | | | | | | | | | | | | | |||||||
Fair value of plan assets at end of year | N/A | N/A | 70.2 | 58.9 | ||||||||||||||||
Funded status | ||||||||||||||||||||
Funded status of the plans | $ | (38.7 | ) | $ | (40.7 | ) | $ | (11.8 | ) | $ | (26.1 | ) | ||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Items not yet recognized as component of net periodic pension expense | ||||||||||||||||||||
Unrecognized net actuarial losses | $ | 8.8 | $ | 13.1 | $ | 10.5 | $ | 26.4 | ||||||||||||
Unamortized prior service (credit) cost | (0.7 | ) | (1.2 | ) | 1.5 | 1.3 | ||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | 8.1 | $ | 11.9 | $ | 12 | $ | 27.7 | |||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Schedule of amounts recognized in the statement of financial position | ' | |||||||||||||||||||
SERP's | Defined Benefit | |||||||||||||||||||
Plans | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||
Amounts recognized in the statement of financial position | ||||||||||||||||||||
Current liabilities | $ | (3.6 | ) | $ | (1.4 | ) | $ | — | $ | — | ||||||||||
Noncurrent liabilities | (35.1 | ) | (39.3 | ) | (11.8 | ) | (26.1 | ) | ||||||||||||
Accumulated other comprehensive loss | 8.1 | 11.9 | 12 | 27.7 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Net amount recognized | $ | (30.6 | ) | $ | (28.8 | ) | $ | 0.2 | $ | 1.6 | ||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Schedule of details of net periodic pension (credit) expense | ' | |||||||||||||||||||
SERP's | Defined Benefit Plans | |||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||
Service cost | $ | 0.9 | $ | 0.9 | $ | 0.7 | $ | 1.4 | $ | 1.2 | $ | 1 | ||||||||
Interest cost | 1.5 | 1.5 | 1.5 | 3.4 | 3.3 | 3.4 | ||||||||||||||
Expected return on plan assets | — | — | — | (4.4 | ) | (4.0 | ) | (4.3 | ) | |||||||||||
Curtailment/settlement expense | — | — | — | — | 0.2 | 0.1 | ||||||||||||||
Prior service (credit) cost | (0.5 | ) | (0.5 | ) | (0.4 | ) | 0.2 | 0.2 | 0.1 | |||||||||||
Amortization of net loss | 1.3 | 1 | 0.2 | 1.8 | 1.5 | 0.4 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
$ | 3.2 | $ | 2.9 | $ | 2 | $ | 2.4 | $ | 2.4 | $ | 0.7 | |||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Schedule of assumptions used to determine net periodic benefit cost | ' | |||||||||||||||||||
SERP's | Defined Benefit Plans | |||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||
Weighted average assumptions to determine net cost | ||||||||||||||||||||
Discount rate | 3.73 | % | 4.22 | % | 5.4 | % | 4 | % | 4.25 | % | 5.29 | % | ||||||||
Expected long-term rate of return on plan assets | N/A | N/A | N/A | 7.3 | % | 7.43 | % | 7.95 | % | |||||||||||
Rate of compensation increase | 6 | % | 6 | % | 6 | % | N/A | N/A | N/A | |||||||||||
Schedule of assumptions used to determine the benefit obligation | ' | |||||||||||||||||||
SERP's | Defined | |||||||||||||||||||
Benefit Plans | ||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Weighted average assumptions to determine benefit obligations | ||||||||||||||||||||
Discount rate | 4.05 | % | 3.64 | % | 4.7 | % | 3.89 | % | ||||||||||||
Expected long-term rate of return on plan assets | N/A | N/A | 7.3 | % | 7.43 | % | ||||||||||||||
Rate of compensation increase | 6 | % | 6 | % | N/A | N/A | ||||||||||||||
Postretirement Medical 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 | ' | |||||||||||||||||||
Year Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||
Benefit obligation at beginning of year | $ | 10.1 | $ | 11.9 | ||||||||||||||||
Service cost | 0.2 | 0.4 | ||||||||||||||||||
Interest cost | 0.2 | 0.4 | ||||||||||||||||||
Plan amendments | — | — | ||||||||||||||||||
Curtailment | — | (2.1 | ) | |||||||||||||||||
Benefit payments | (0.2 | ) | (0.3 | ) | ||||||||||||||||
Actuarial gain | (0.4 | ) | (0.2 | ) | ||||||||||||||||
| | | | | | | | |||||||||||||
Benefit obligation at end of year | $ | 9.9 | $ | 10.1 | ||||||||||||||||
| | | | | | | | |||||||||||||
Unfunded status | $ | (9.9 | ) | $ | (10.1 | ) | ||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Amounts recognized in the statement of financial position | ||||||||||||||||||||
Current liabilities | $ | (0.7 | ) | $ | (0.7 | ) | ||||||||||||||
Noncurrent liabilities | (9.2 | ) | (9.3 | ) | ||||||||||||||||
Accumulated other comprehensive income | (2.9 | ) | (3.7 | ) | ||||||||||||||||
| | | | | | | | |||||||||||||
Net amount recognized | $ | (12.8 | ) | $ | (13.7 | ) | ||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Items not yet recognized as component of net periodic pension expense | ||||||||||||||||||||
Unrecognized net actuarial losses | $ | 3.4 | $ | 4.3 | ||||||||||||||||
Unrecognized prior service credit | (6.3 | ) | (8.0 | ) | ||||||||||||||||
| | | | | | | | |||||||||||||
Accumulated other comprehensive income | $ | (2.9 | ) | $ | (3.7 | ) | ||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Schedule of details of net periodic pension (credit) expense | ' | |||||||||||||||||||
Year Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Service cost | $ | 0.2 | $ | 0.3 | $ | 0.9 | ||||||||||||||
Interest cost | 0.2 | 0.3 | 0.9 | |||||||||||||||||
Amortization of net loss | 0.6 | 0.6 | 0.4 | |||||||||||||||||
Amortization of prior service credit | (1.7 | ) | (1.7 | ) | (0.4 | ) | ||||||||||||||
| | | | | | | | | | | ||||||||||
$ | (0.7 | ) | $ | (0.5 | ) | $ | 1.8 | |||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Schedule of assumptions used to determine net periodic benefit cost | ' | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Weighted average assumptions to determine net cost | ||||||||||||||||||||
Discount rate | 2.25 | % | 3.53 | % | 5.17 | % | ||||||||||||||
Health care cost trend rate | 9 | % | 9.5 | % | 10 | % | ||||||||||||||
Rate to which the cost trend rate is assumed to decline | 4.25 | % | 4.5 | % | 4.5 | % | ||||||||||||||
Year that the rate reaches the ultimate trend rate | 2032 | 2031 | 2030 | |||||||||||||||||
Schedule of assumptions used to determine the benefit obligation | ' | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Weighted average assumptions to determine benefit obligations | ||||||||||||||||||||
Discount rate | 3.1 | % | 2.25 | % | ||||||||||||||||
Health care cost trend rate | 9 | % | 9 | % | ||||||||||||||||
Rate to which the cost trend rate is assumed to decline | 4.25 | % | 4.25 | % | ||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2033 | 2032 | ||||||||||||||||||
Schedule of effects of one-percentage-point change in assumed health care cost trend rates | ' | |||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
1% Increase | 1% Decrease | 1% Increase | 1% Decrease | |||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||
Effect on total service and interest cost components | $ | 0.1 | $ | (0.1 | ) | $ | 0.1 | $ | (0.1 | ) | ||||||||||
Effect on postretirement benefit obligation | 0.5 | (0.5 | ) | 0.6 | (0.6 | ) | ||||||||||||||
Defined Benefit Plans | ' | |||||||||||||||||||
Employee Benefits | ' | |||||||||||||||||||
Schedule of information for defined benefit plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets | ' | |||||||||||||||||||
Year Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
Information for defined benefit plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets | ||||||||||||||||||||
Accumulated benefit obligation | $ | 80.6 | $ | 85 | ||||||||||||||||
Projected benefit obligation | 80.6 | 85 | ||||||||||||||||||
Fair value of plan assets | 68.9 | 58.9 | ||||||||||||||||||
Schedule of weighted-average asset allocations of the Company's Defined Benefit Plans by asset category | ' | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Plan Assets | ||||||||||||||||||||
Equity securities | 61 | % | 61 | % | ||||||||||||||||
Debt securities | 37 | % | 36 | % | ||||||||||||||||
Other | 2 | % | 3 | % | ||||||||||||||||
| | | | | | | | |||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||
| | | | | | | | |||||||||||||
Schedule of fair value measurements of Defined Benefit Plan assets | ' | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(in millions) | ||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||
Common stock(1) | $ | 25.6 | $ | — | $ | — | $ | 25.6 | ||||||||||||
U.S. government, state, and agency | — | 6.3 | — | 6.3 | ||||||||||||||||
Corporate debt securities(2) | — | 8.4 | — | 8.4 | ||||||||||||||||
Mutual funds(3) | 27.9 | 0.4 | — | 28.3 | ||||||||||||||||
Interest and non-interest bearing cash | 1.6 | — | — | 1.6 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | 55.1 | $ | 15.1 | $ | — | $ | 70.2 | |||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
December 31, 2012: | ||||||||||||||||||||
Common stock(1) | $ | 22.7 | $ | — | $ | — | $ | 22.7 | ||||||||||||
U.S. government, state, and agency | — | 8.1 | — | 8.1 | ||||||||||||||||
Corporate debt securities(2) | — | 7.9 | — | 7.9 | ||||||||||||||||
Mutual funds(3) | 18 | 0.6 | — | 18.6 | ||||||||||||||||
Interest and non-interest bearing cash | 1.6 | — | — | 1.6 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | 42.3 | $ | 16.6 | $ | — | $ | 58.9 | |||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-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. | ||||||||||||||||||||
-2 | ||||||||||||||||||||
Valued using 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 | ||||||||||||||||||||
Level 1 assets are comprised of exchange traded funds, money market funds, and stock and bond funds. These assets are valued at closing price for exchange traded funds and Net Asset Value (NAV) for open-end and closed-end mutual funds. Level 2 assets are comprised of fixed income funds and pooled separate accounts and are valued at the net asset value per unit based on either the observable net asset value of the underlying investment or the net asset value of the underlying pool of securities. | ||||||||||||||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Equity | ' | |||||||||||||
Schedule of accumulated other comprehensive loss | ' | |||||||||||||
Foreign Currency | Unrealized (Loss) | Pension and | Accumulated | |||||||||||
Translation Gain | Gain on | Postretirement | Other | |||||||||||
Investments, | Benefit | Comprehensive | ||||||||||||
Net of Tax | Adjustments, | Loss | ||||||||||||
Net of Tax | ||||||||||||||
(in millions) | ||||||||||||||
Balance as of December 31, 2012 | $ | 21 | $ | (0.2 | ) | $ | (22.3 | ) | $ | (1.5 | ) | |||
Current-year change | (17.8 | ) | 0.4 | 12.2 | (5.2 | ) | ||||||||
| | | | | | | | | | | | | | |
Balance as of December 31, 2013 | $ | 3.2 | $ | 0.2 | $ | (10.1 | ) | $ | (6.7 | ) | ||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Other_Income_Expense_net_Table
Other Income (Expense), net (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Other Income (Expense), net | ' | ||||||||||
Schedule of significant components of other income (expense), net | ' | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(in millions) | |||||||||||
Investment income from life insurance policies | $ | 48.8 | $ | 44.2 | $ | 39.1 | |||||
Interest expense on life insurance policy loans | (47.8 | ) | (44.2 | ) | (40.5 | ) | |||||
Life insurance policy cost of insurance | (8.5 | ) | (7.8 | ) | (7.2 | ) | |||||
Income from life insurance policy redemptions | 5 | 3.5 | 2.8 | ||||||||
Foreign currency transaction (losses) gains | (2.6 | ) | 1.7 | (5.9 | ) | ||||||
Rental income | 2.9 | 2.6 | 2.4 | ||||||||
Interest income | 1 | 1.4 | 1.1 | ||||||||
Equity in earnings of unconsolidated entities | 2.3 | 2.2 | 2.2 | ||||||||
(Loss) gain on sales of property, plant and equipment | (0.7 | ) | 2.9 | 2.6 | |||||||
All other, net | 3.5 | 2.1 | 2 | ||||||||
| | | | | | | | | | | |
$ | 3.9 | $ | 8.6 | $ | (1.4 | ) | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies. | ' | ||||
Schedule of future minimum payments under the non-cancelable leases | ' | ||||
Future minimum payments, by year and in the aggregate, under the non-cancelable leases with initial or remaining terms of one year or more, consisted of the following as of December 31, 2013: | |||||
Operating | |||||
Leases | |||||
(in millions) | |||||
2014 | $ | 58.8 | |||
2015 | 50.5 | ||||
2016 | 39.5 | ||||
2017 | 31.3 | ||||
2018 | 24.8 | ||||
Thereafter | 44.6 | ||||
| | | | | |
$ | 249.5 | ||||
| | | | | |
| | | | | |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share | ' | ||||||||||
Computation of basic and diluted earnings per share | ' | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(in millions, except share and per share amounts) | |||||||||||
Numerator: | |||||||||||
Net income attributable to Reliance | $ | 321.6 | $ | 403.5 | $ | 343.8 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Denominator: | |||||||||||
Denominator for basic earnings per share—Weighted average shares | 76,844,912 | 75,216,955 | 74,767,988 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Effect of dilutive securities: | |||||||||||
Stock options, restricted stock, and RSUs | 801,280 | 477,257 | 273,765 | ||||||||
| | | | | | | | | | | |
Denominator for dilutive earnings per share: | |||||||||||
Adjusted weighted average shares and assumed conversions | 77,646,192 | 75,694,212 | 75,041,753 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Net income per share attributable to Reliance shareholders—diluted | $ | 4.14 | $ | 5.33 | $ | 4.58 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Net income per share attributable to Reliance shareholders—basic | $ | 4.19 | $ | 5.36 | $ | 4.6 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Condensed Consolidating Financial Statements | ' | ||||||||||||||||
Schedule of Condensed Consolidating Balance Sheet | ' | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
(in millions) | |||||||||||||||||
Parent | Guarantor | Non- | Consolidating | Consolidated | |||||||||||||
Subsidiaries | Guarantor | Adjustments | |||||||||||||||
Subsidiaries | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 19.7 | $ | (0.8 | ) | $ | 64.7 | $ | — | $ | 83.6 | ||||||
Accounts receivable, less allowance for doubtful accounts | 64.1 | 820.3 | 99.1 | — | 983.5 | ||||||||||||
Inventories | 52.6 | 1,344.80 | 142.6 | — | 1,540.00 | ||||||||||||
Income taxes receivable | 34.4 | — | — | (0.5 | ) | 33.9 | |||||||||||
Intercompany receivables | 0.3 | 350.6 | 2.2 | (353.1 | ) | — | |||||||||||
Other current assets | 124.8 | 40.8 | 8.9 | (76.6 | ) | 97.9 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total current assets | 295.9 | 2,555.70 | 317.5 | (430.2 | ) | 2,738.90 | |||||||||||
Investments in subsidiaries | 4,647.70 | 312.4 | — | (4,960.1 | ) | — | |||||||||||
Property, plant and equipment, net | 100.8 | 1,298.70 | 204.4 | — | 1,603.90 | ||||||||||||
Goodwill | 23.8 | 1,555.70 | 112.1 | — | 1,691.60 | ||||||||||||
Intangible assets, net | 17.4 | 1,077.80 | 118.6 | — | 1,213.80 | ||||||||||||
Intercompany receivables | 1,219.40 | 22.4 | 394.3 | (1,636.1 | ) | — | |||||||||||
Other assets | 20.8 | 66.6 | 5.4 | — | 92.8 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total assets | $ | 6,325.80 | $ | 6,889.30 | $ | 1,152.30 | $ | (7,026.4 | ) | $ | 7,341.00 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Liabilities & Equity | |||||||||||||||||
Accounts payable | $ | 29.1 | $ | 185.8 | $ | 418.5 | $ | (353.1 | ) | $ | 280.3 | ||||||
Accrued compensation and retirement costs | 21.1 | 85.9 | 12.5 | — | 119.5 | ||||||||||||
Other current liabilities | 53.5 | 63.1 | 22.4 | (1.9 | ) | 137.1 | |||||||||||
Deferred income taxes | — | 75.2 | — | (75.2 | ) | — | |||||||||||
Current maturities of long-term debt and short-term borrowings | 25.3 | — | 11.2 | — | 36.5 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current liabilities | 129 | 410 | 464.6 | (430.2 | ) | 573.4 | |||||||||||
Long-term debt | 2,019.20 | 5.7 | 47.6 | — | 2,072.50 | ||||||||||||
Intercompany borrowings | — | 1,550.60 | 85.5 | (1,636.1 | ) | — | |||||||||||
Other long-term liabilities | 303 | 466.5 | 41.2 | — | 810.7 | ||||||||||||
Total Reliance shareholders' equity | 3,874.60 | 4,450.10 | 510 | (4,960.1 | ) | 3,874.60 | |||||||||||
Noncontrolling interests | — | 6.4 | 3.4 | — | 9.8 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total equity | 3,874.60 | 4,456.50 | 513.4 | (4,960.1 | ) | 3,884.40 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities and equity | $ | 6,325.80 | $ | 6,889.30 | $ | 1,152.30 | $ | (7,026.4 | ) | $ | 7,341.00 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
As of December 31, 2012 | |||||||||||||||||
(in millions) | |||||||||||||||||
Parent | Guarantor | Non- | Consolidating | Consolidated | |||||||||||||
Subsidiaries | Guarantor | Adjustments | |||||||||||||||
Subsidiaries | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 28.1 | $ | 13.1 | $ | 56.4 | $ | — | $ | 97.6 | |||||||
Accounts receivable, less allowance for doubtful accounts | 67.4 | 658.3 | 82 | — | 807.7 | ||||||||||||
Inventories | 50.3 | 1,068.40 | 153.6 | — | 1,272.30 | ||||||||||||
Intercompany receivables | 0.2 | 16.7 | 2.4 | (19.3 | ) | — | |||||||||||
Income taxes receivable | 28.2 | — | 0.2 | — | 28.4 | ||||||||||||
Other current assets | 113.3 | 26.5 | 6.8 | (75.2 | ) | 71.4 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total current assets | 287.5 | 1,783.00 | 301.4 | (94.5 | ) | 2,277.40 | |||||||||||
Investments in subsidiaries | 3,722.70 | 257.8 | — | (3,980.5 | ) | — | |||||||||||
Property, plant and equipment, net | 100.8 | 1,044.10 | 95.8 | — | 1,240.70 | ||||||||||||
Goodwill | 23.7 | 1,183.90 | 107 | — | 1,314.60 | ||||||||||||
Intangible assets, net | 11 | 794.6 | 130.9 | — | 936.5 | ||||||||||||
Intercompany receivables | 969.7 | 26.2 | 3.7 | (999.6 | ) | — | |||||||||||
Other assets | 18.3 | 68.1 | 2.1 | — | 88.5 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total assets | $ | 5,133.70 | $ | 5,157.70 | $ | 640.9 | $ | (5,074.6 | ) | $ | 5,857.70 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Liabilities & Equity | |||||||||||||||||
Accounts payable | $ | 25.7 | $ | 195.2 | $ | 54 | $ | (19.3 | ) | $ | 255.6 | ||||||
Accrued compensation and retirement costs | 22.8 | 84 | 6 | — | 112.8 | ||||||||||||
Other current liabilities | 48.5 | 71.6 | 6.1 | — | 126.2 | ||||||||||||
Deferred income taxes | — | 75.2 | — | (75.2 | ) | — | |||||||||||
Current maturities of long-term debt and short-term borrowings | 75.3 | — | 8.3 | — | 83.6 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current liabilities | 172.3 | 426 | 74.4 | (94.5 | ) | 578.2 | |||||||||||
Long-term debt | 1,123.80 | — | — | — | 1,123.80 | ||||||||||||
Intercompany borrowings | — | 864.3 | 135.3 | (999.6 | ) | — | |||||||||||
Other long-term liabilities | 279.2 | 284 | 25.1 | — | 588.3 | ||||||||||||
Total Reliance shareholders' equity | 3,558.40 | 3,577.40 | 403.1 | (3,980.5 | ) | 3,558.40 | |||||||||||
Noncontrolling interests | — | 6 | 3 | — | 9 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total equity | 3,558.40 | 3,583.40 | 406.1 | (3,980.5 | ) | 3,567.40 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities and equity | $ | 5,133.70 | $ | 5,157.70 | $ | 640.9 | $ | (5,074.6 | ) | $ | 5,857.70 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Schedule of Condensed Consolidating Statement of Income | ' | ||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||
(in millions) | |||||||||||||||||
Parent | Guarantor | Non- | Consolidating | Consolidated | |||||||||||||
Subsidiaries | Guarantor | Adjustments | |||||||||||||||
Subsidiaries | |||||||||||||||||
Net sales | $ | 704.5 | $ | 8,021.60 | $ | 710.1 | $ | (212.4 | ) | $ | 9,223.80 | ||||||
Costs and expenses: | |||||||||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | 509.7 | 5,999.20 | 529.7 | (212.4 | ) | 6,826.20 | |||||||||||
Warehouse, delivery, selling, general and administrative | 200.7 | 1,385.50 | 117.8 | (65.6 | ) | 1,638.40 | |||||||||||
Depreciation and amortization | 17.5 | 158.6 | 16.3 | — | 192.4 | ||||||||||||
Impairment charge | — | 14.9 | — | — | 14.9 | ||||||||||||
| | | | | | | | | | | | | | | | | |
727.9 | 7,558.20 | 663.8 | (278.0 | ) | 8,671.90 | ||||||||||||
Operating (loss) income | (23.4 | ) | 463.4 | 46.3 | 65.6 | 551.9 | |||||||||||
Other income (expense): | |||||||||||||||||
Interest | (74.7 | ) | (19.9 | ) | (4.2 | ) | 21.3 | (77.5 | ) | ||||||||
Other income, net | 75.7 | 5.5 | 9.6 | (86.9 | ) | 3.9 | |||||||||||
| | | | | | | | | | | | | | | | | |
(Loss) income before equity in earnings of subsidiaries and income taxes | (22.4 | ) | 449 | 51.7 | — | 478.3 | |||||||||||
Equity in earnings of subsidiaries | 300.3 | 12.4 | — | (312.7 | ) | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Income before income taxes | 277.9 | 461.4 | 51.7 | (312.7 | ) | 478.3 | |||||||||||
Income tax (benefit) provision | (43.7 | ) | 181 | 16.3 | — | 153.6 | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | 321.6 | 280.4 | 35.4 | (312.7 | ) | 324.7 | |||||||||||
Less: Net income attributable to noncontrolling interests | — | 2.8 | 0.3 | — | 3.1 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net income attributable to Reliance | $ | 321.6 | $ | 277.6 | $ | 35.1 | $ | (312.7 | ) | $ | 321.6 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Comprehensive income attributable to Reliance | $ | 318.9 | $ | 293.5 | $ | 16.7 | $ | (312.7 | ) | $ | 316.4 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||
For the year ended December 31, 2012 | |||||||||||||||||
(in millions) | |||||||||||||||||
Parent | Guarantor | Non- | Consolidating | Consolidated | |||||||||||||
Subsidiaries | Guarantor | Adjustments | |||||||||||||||
Subsidiaries | |||||||||||||||||
Net sales | $ | 726.3 | $ | 7,298.40 | $ | 640.2 | $ | (222.6 | ) | $ | 8,442.30 | ||||||
Costs and expenses: | |||||||||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | 534.9 | 5,463.20 | 460 | (222.7 | ) | 6,235.40 | |||||||||||
Warehouse, delivery, selling, general and administrative | 188.1 | 1,164.50 | 96.4 | (52.8 | ) | 1,396.20 | |||||||||||
Depreciation and amortization | 14.3 | 122.2 | 12.5 | — | 149 | ||||||||||||
Impairment charge | — | 2.5 | — | — | 2.5 | ||||||||||||
| | | | | | | | | | | | | | | | | |
737.3 | 6,752.40 | 568.9 | (275.5 | ) | 7,783.10 | ||||||||||||
Operating (loss) income | (11.0 | ) | 546 | 71.3 | 52.9 | 659.2 | |||||||||||
Other income (expense): | |||||||||||||||||
Interest | (57.7 | ) | (14.4 | ) | (2.2 | ) | 15.9 | (58.4 | ) | ||||||||
Other income, net | 73.9 | 3.4 | 0.1 | (68.8 | ) | 8.6 | |||||||||||
| | | | | | | | | | | | | | | | | |
Income before equity in earnings of subsidiaries and income taxes | 5.2 | 535 | 69.2 | — | 609.4 | ||||||||||||
Equity in earnings of subsidiaries | 379.2 | 28.9 | — | (408.1 | ) | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Income before income taxes | 384.4 | 563.9 | 69.2 | (408.1 | ) | 609.4 | |||||||||||
Income tax (benefit) provision | (19.1 | ) | 206 | 14.2 | — | 201.1 | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | 403.5 | 357.9 | 55 | (408.1 | ) | 408.3 | |||||||||||
Less: Net income attributable to noncontrolling interests | — | 4.6 | 0.2 | — | 4.8 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net income attributable to Reliance | $ | 403.5 | $ | 353.3 | $ | 54.8 | $ | (408.1 | ) | $ | 403.5 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Comprehensive income attributable to Reliance | $ | 404.2 | $ | 350.4 | $ | 64.3 | $ | (408.1 | ) | $ | 410.8 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||
For the year ended December 31, 2011 | |||||||||||||||||
(in millions) | |||||||||||||||||
Parent | Guarantor | Non- | Consolidating | Consolidated | |||||||||||||
Subsidiaries | Guarantor | Adjustments | |||||||||||||||
Subsidiaries | |||||||||||||||||
Net sales | $ | 706.8 | $ | 7,103.00 | $ | 547.8 | $ | (222.9 | ) | $ | 8,134.70 | ||||||
Costs and expenses: | |||||||||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | 535.3 | 5,461.00 | 375.4 | (223.0 | ) | 6,148.70 | |||||||||||
Warehouse, delivery, selling, general and administrative | 72 | 1,187.80 | 86.8 | (66.5 | ) | 1,280.10 | |||||||||||
Depreciation and amortization | 14.3 | 109.8 | 9 | — | 133.1 | ||||||||||||
| | | | | | | | | | | | | | | | | |
621.6 | 6,758.60 | 471.2 | (289.5 | ) | 7,561.90 | ||||||||||||
Operating income | 85.2 | 344.4 | 76.6 | 66.6 | 572.8 | ||||||||||||
Other income (expense): | |||||||||||||||||
Interest | (58.9 | ) | (27.6 | ) | (2.1 | ) | 28.8 | (59.8 | ) | ||||||||
Other income (expense), net | 93.4 | 2.6 | (2.0 | ) | (95.4 | ) | (1.4 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Income before equity in earnings of subsidiaries and income taxes | 119.7 | 319.4 | 72.5 | — | 511.6 | ||||||||||||
Equity in earnings of subsidiaries | 204.5 | 32.1 | — | (236.6 | ) | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Income before income taxes | 324.2 | 351.5 | 72.5 | (236.6 | ) | 511.6 | |||||||||||
Income tax (benefit) provision | (19.6 | ) | 166.7 | 15.3 | — | 162.4 | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | 343.8 | 184.8 | 57.2 | (236.6 | ) | 349.2 | |||||||||||
Less: Net income attributable to noncontrolling interests | — | 4.6 | 0.8 | — | 5.4 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net income attributable to Reliance | $ | 343.8 | $ | 180.2 | $ | 56.4 | $ | (236.6 | ) | $ | 343.8 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Comprehensive income attributable to Reliance | $ | 342.3 | $ | 170.6 | $ | 48.4 | $ | (236.6 | ) | $ | 324.7 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Schedule of Condensed Consolidating Cash Flow Statement | ' | ||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||
(in millions) | |||||||||||||||||
Parent | Guarantor | Non- | Consolidating | Consolidated | |||||||||||||
Subsidiaries | Guarantor | Adjustments | |||||||||||||||
Subsidiaries | |||||||||||||||||
Cash provided by operating activities | $ | 102.8 | $ | 458.5 | $ | 72 | $ | — | $ | 633.3 | |||||||
Investing activities: | |||||||||||||||||
Purchases of property, plant and equipment | (14.0 | ) | (139.9 | ) | (14.1 | ) | — | (168.0 | ) | ||||||||
Acquisitions, net of cash acquired | (821.1 | ) | — | — | — | (821.1 | ) | ||||||||||
Net advances to subsidiaries | (85.3 | ) | — | — | 85.3 | — | |||||||||||
Other investing activities, net | 0.1 | 2.8 | 7.2 | — | 10.1 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash used in investing activities | (920.3 | ) | (137.1 | ) | (6.9 | ) | 85.3 | (979.0 | ) | ||||||||
Financing activities: | |||||||||||||||||
Net short-term debt (repayments) borrowings | — | (473.8 | ) | 0.8 | — | (473.0 | ) | ||||||||||
Proceed from long-term debt borrowings | 2,297.90 | — | — | — | 2,297.90 | ||||||||||||
Principal payments on long-term debt | (1,452.8 | ) | (0.6 | ) | (1.1 | ) | — | (1,454.5 | ) | ||||||||
Dividends paid | (96.9 | ) | — | — | — | (96.9 | ) | ||||||||||
Intercompany borrowings (repayments) | — | 141.4 | (56.1 | ) | (85.3 | ) | — | ||||||||||
Other financing activities, net | 60.9 | (2.3 | ) | — | — | 58.6 | |||||||||||
| | | | | | | | | | | | | | | | | |
Cash provided by (used in) financing activities | 809.1 | (335.3 | ) | (56.4 | ) | (85.3 | ) | 332.1 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (0.4 | ) | — | (0.4 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
(Decrease) increase in cash and cash equivalents | (8.4 | ) | (13.9 | ) | 8.3 | — | (14.0 | ) | |||||||||
Cash and cash equivalents at beginning of year | 28.1 | 13.1 | 56.4 | — | 97.6 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of year | $ | 19.7 | $ | (0.8 | ) | $ | 64.7 | $ | — | $ | 83.6 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed Consolidating Cash Flow Statement | |||||||||||||||||
For the year ended December 31, 2012 | |||||||||||||||||
(in millions) | |||||||||||||||||
Parent | Guarantor | Non- | Consolidating | Consolidated | |||||||||||||
Subsidiaries | Guarantor | Adjustments | |||||||||||||||
Subsidiaries | |||||||||||||||||
Cash provided by operating activities | $ | 23.3 | $ | 512.9 | $ | 65.7 | $ | — | $ | 601.9 | |||||||
Investing activities: | |||||||||||||||||
Purchases of property, plant and equipment | (16.0 | ) | (171.1 | ) | (26.9 | ) | — | (214.0 | ) | ||||||||
Acquisitions, net of cash acquired | (117.5 | ) | (49.4 | ) | — | — | (166.9 | ) | |||||||||
Net advances from subsidiaries | 260.2 | — | — | (260.2 | ) | — | |||||||||||
Other investing activities, net | 1.8 | (2.7 | ) | 0.1 | — | (0.8 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Cash provided by (used in) investing activities | 128.5 | (223.2 | ) | (26.8 | ) | (260.2 | ) | (381.7 | ) | ||||||||
Financing activities: | |||||||||||||||||
Net short-term debt repayments | — | (59.4 | ) | (3.8 | ) | — | (63.2 | ) | |||||||||
Proceed from long-term debt borrowings | 641 | — | — | — | 641 | ||||||||||||
Principal payments on long-term debt | (761.3 | ) | (1.7 | ) | — | — | (763.0 | ) | |||||||||
Dividends paid | (60.2 | ) | — | — | — | (60.2 | ) | ||||||||||
Net intercompany repayments | — | (223.2 | ) | (37.0 | ) | 260.2 | — | ||||||||||
Other financing activities, net | 41.7 | (3.1 | ) | (0.8 | ) | — | 37.8 | ||||||||||
| | | | | | | | | | | | | | | | | |
Cash used in financing activities | (138.8 | ) | (287.4 | ) | (41.6 | ) | 260.2 | (207.6 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 0.4 | — | 0.4 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Increase (decrease) in cash and cash equivalents | 13 | 2.3 | (2.3 | ) | — | 13 | |||||||||||
Cash and cash equivalents at beginning of year | 15.1 | 10.8 | 58.7 | — | 84.6 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of year | $ | 28.1 | $ | 13.1 | $ | 56.4 | $ | — | $ | 97.6 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed Consolidating Cash Flow Statement | |||||||||||||||||
For the year ended December 31, 2011 | |||||||||||||||||
(in millions) | |||||||||||||||||
Parent | Guarantor | Non- | Consolidating | Consolidated | |||||||||||||
Subsidiaries | Guarantor | Adjustments | |||||||||||||||
Subsidiaries | |||||||||||||||||
Cash provided by operating activities | $ | 91.2 | $ | 112.9 | $ | 30.7 | $ | — | $ | 234.8 | |||||||
Investing activities: | |||||||||||||||||
Purchases of property, plant and equipment | (15.0 | ) | (133.2 | ) | (8.2 | ) | — | (156.4 | ) | ||||||||
Acquisition, net of cash acquired | (166.2 | ) | — | (147.1 | ) | — | (313.3 | ) | |||||||||
Net advances to subsidiaries | (229.9 | ) | — | — | 229.9 | — | |||||||||||
Other investing activities, net | (36.8 | ) | (8.9 | ) | 0.1 | 40.7 | (4.9 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Cash used in investing activities | (447.9 | ) | (142.1 | ) | (155.2 | ) | 270.6 | (474.6 | ) | ||||||||
Financing activities: | |||||||||||||||||
Net short-term debt repayments | — | (74.9 | ) | (29.8 | ) | — | (104.7 | ) | |||||||||
Proceed from long-term debt borrowings | 995 | — | — | — | 995 | ||||||||||||
Principal payments on long-term debt | (605.2 | ) | (1.4 | ) | — | — | (606.6 | ) | |||||||||
Dividends paid | (35.9 | ) | — | — | — | (35.9 | ) | ||||||||||
Net intercompany borrowings | — | 112 | 117.9 | (229.9 | ) | — | |||||||||||
Other financing activities, net | 3.5 | (3.7 | ) | 40.7 | (40.7 | ) | (0.2 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Cash provided by financing activities | 357.4 | 32 | 128.8 | (270.6 | ) | 247.6 | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 3.9 | — | 3.9 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Increase in cash and cash equivalents | 0.7 | 2.8 | 8.2 | — | 11.7 | ||||||||||||
Cash and cash equivalents at beginning of year | 14.4 | 8 | 50.5 | — | 72.9 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of year | $ | 15.1 | $ | 10.8 | $ | 58.7 | $ | — | $ | 84.6 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information (Unaudited) | ' | |||||||||||||
Summary of the unaudited quarterly results of operations | ' | |||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
(in millions, except per share amounts) | ||||||||||||||
2013:00:00 | ||||||||||||||
Net sales | $ | 2,025.30 | $ | 2,448.30 | $ | 2,443.50 | $ | 2,306.70 | ||||||
Cost of sales | 1,496.50 | 1,826.70 | 1,800.50 | 1,702.50 | ||||||||||
Gross profit(1) | 528.8 | 621.6 | 643 | 604.2 | ||||||||||
Net income | 84.5 | 81.9 | 96 | 62.3 | ||||||||||
Net income attributable to Reliance | 83.7 | 81 | 95.1 | 61.8 | ||||||||||
Diluted earnings per common share attributable to Reliance shareholders | 1.09 | 1.05 | 1.22 | 0.79 | ||||||||||
Basic earnings per common share attributable to Reliance shareholders | 1.1 | 1.06 | 1.23 | 0.8 | ||||||||||
2012:00:00 | ||||||||||||||
Net sales | $ | 2,288.30 | $ | 2,209.70 | $ | 2,055.30 | $ | 1,889.00 | ||||||
Cost of sales | 1,710.50 | 1,640.30 | 1,520.00 | 1,364.60 | ||||||||||
Gross profit(1) | 577.8 | 569.4 | 535.3 | 524.4 | ||||||||||
Net income | 117.9 | 110.2 | 99.4 | 80.8 | ||||||||||
Net income attributable to Reliance | 116.2 | 108.8 | 98.1 | 80.4 | ||||||||||
Diluted earnings per common share attributable to Reliance shareholders | 1.54 | 1.44 | 1.3 | 1.06 | ||||||||||
Basic earnings per common share attributable to Reliance shareholders | 1.55 | 1.45 | 1.3 | 1.06 | ||||||||||
-1 | ||||||||||||||
Gross profit, calculated as net sales less cost of sales, is a non-GAAP financial measure as it excludes depreciation and amortization expense associated with the corresponding sales. The majority of our orders are basic distribution with no processing services performed. For the remainder of our sales orders, we perform "first-stage" processing, which is generally not labor intensive as we are simply cutting the metal to size. Because of this, the amount of related labor and overhead, including depreciation and amortization, are not significant and are excluded from our cost of sales. Therefore, our cost of sales is primarily comprised of the cost of the material we sell. We use gross profit as shown above as a measure of operating performance. Gross profit is an important operating and financial measure, as fluctuations in gross profit can have a significant impact on our earnings. Gross profit, as presented, is not necessarily comparable with similarly titled measures for other companies. | ||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | |||
Summary of Significant Accounting Policies | ' | ' | ' |
Minimum number of locations in which company operates metal service network | 290 | ' | ' |
Number of states in which the company operates metal service center network | 39 | ' | ' |
Number of countries in which entity operates | 10 | ' | ' |
Minimum number of metal products distributes by the company | 100,000 | ' | ' |
Fair Values of Financial Instruments | ' | ' | ' |
Carrying value, before deducting unamortized discount or premiums | $2,112.30 | $1,208.90 | ' |
Carrying value | 2,112.30 | ' | ' |
Goodwill Policy | ' | ' | ' |
Number of operating segments | 1 | ' | ' |
Number of reportable segments | 1 | ' | ' |
Impairment of goodwill | 0 | 0 | 0 |
Tradename | ' | ' | ' |
Impairment of intangible assets | 14.9 | 2.5 | 0 |
Senior Unsecured Notes - Publicly Traded | ' | ' | ' |
Fair Values of Financial Instruments | ' | ' | ' |
Carrying value, before deducting unamortized discount or premiums | 1,100 | ' | ' |
Fair value | 1,140 | 675.1 | ' |
Carrying value | $1,100 | $598.50 | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue Recognition | ' | ' | ' |
Shipping and handling costs included in operating expenses | $284.80 | $236.30 | $220.90 |
Buildings | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful lives | '31 years 6 months | ' | ' |
Machinery and equipment | Minimum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful lives | '3 years | ' | ' |
Machinery and equipment | Maximum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful lives | '20 years | ' | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 3) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | |||
Segment Information | ' | ' | ' |
Number of reportable segments | 1 | ' | ' |
Sales (as a percent) | 100.00% | 100.00% | 100.00% |
Carbon steel | ' | ' | ' |
Segment Information | ' | ' | ' |
Sales (as a percent) | 53.00% | 51.00% | 53.00% |
Aluminum | ' | ' | ' |
Segment Information | ' | ' | ' |
Sales (as a percent) | 15.00% | 15.00% | 15.00% |
Stainless steel | ' | ' | ' |
Segment Information | ' | ' | ' |
Sales (as a percent) | 14.00% | 15.00% | 15.00% |
Alloy steel | ' | ' | ' |
Segment Information | ' | ' | ' |
Sales (as a percent) | 10.00% | 12.00% | 10.00% |
Toll processing | ' | ' | ' |
Segment Information | ' | ' | ' |
Sales (as a percent) | 2.00% | 2.00% | 2.00% |
Other | ' | ' | ' |
Segment Information | ' | ' | ' |
Sales (as a percent) | 6.00% | 5.00% | 5.00% |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details 4) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated financial information of the Company's operations by geographic location | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $2,306.70 | $2,443.50 | $2,448.30 | $2,025.30 | $1,889 | $2,055.30 | $2,209.70 | $2,288.30 | $9,223.80 | $8,442.30 | $8,134.70 |
Long-lived assets | 4,602.10 | ' | ' | ' | 3,580.30 | ' | ' | ' | 4,602.10 | 3,580.30 | 3,331.20 |
Share-Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 26 | 23 | 21.3 |
Foreign Currencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gain (loss) resulting from foreign currency transactions | ' | ' | ' | ' | ' | ' | ' | ' | -2.6 | 1.7 | -5.9 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated financial information of the Company's operations by geographic location | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 8,682.20 | 7,861.30 | 7,647.40 |
Long-lived assets | 4,296.60 | ' | ' | ' | 3,270.90 | ' | ' | ' | 4,296.60 | 3,270.90 | 3,035.10 |
Foreign Countries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated financial information of the Company's operations by geographic location | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 541.6 | 581 | 487.3 |
Long-lived assets | $305.50 | ' | ' | ' | $309.40 | ' | ' | ' | $305.50 | $309.40 | $296.10 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 04, 2013 | Apr. 30, 2013 | Apr. 12, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 12, 2013 | Apr. 12, 2013 | Apr. 12, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Aug. 01, 2011 |
item | item | Trade names | Trade names | Trade names | Customer relationships | Customer relationships | Customer relationships | Unsecured revolving credit facility | Travel Main | Metals USA | Metals USA | Metals USA | Metals USA | Metals USA | Metals USA | Metals USA | Haskins Steel Co., Inc. (Haskins Steel) | GH Metal Solutions, Inc | Sunbelt Steel Texas, LLC | 2013 acquisitions | 2012 acquisitions | 2012 acquisitions | Airport Metals (Australia) Pty Ltd | Worthington Steel Vonore | National Specialty Alloys, LLC | McKey Perforated Products Co., Inc., | 2011 acquisitions | 2011 acquisitions | 2011 acquisitions | |||||||||||
item | item | Unsecured revolving credit facility | Term loan expiring April 4, 2018 | Senior unsecured notes due 2023 | item | |||||||||||||||||||||||||||||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $2,306.70 | $2,443.50 | $2,448.30 | $2,025.30 | $1,889 | $2,055.30 | $2,209.70 | $2,288.30 | $9,223.80 | $8,442.30 | $8,134.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,240 | ' | ' | ' | ' | ' | $4.30 | $59.10 | $43.20 | ' | ' | ' | $2.80 | $2.70 | $77.20 | $18.90 | $414.10 | ' | ' |
Number of real estate properties of acquired entity which were leased by subsidiaries of reporting entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total transaction value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78.9 | 1,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 226.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Value of debt assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43.8 | 486.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59.4 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of service centers acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 766.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired debt not refinanced through proceeds from debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt, proceeds from which is used to fund transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity of the revolving credit facility, which used to fund the transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500 | ' | ' | ' | ' | ' | 1,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of locations of the acquiree entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 |
Number of countries of the acquiree entity | 10 | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 |
Allocation of the total purchase price of acquisitions to the fair value of the assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.2 | 3.2 | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' | ' | ' | ' | 22.8 | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 206 | 206 | ' | ' | ' | ' | ' | ' | ' | ' | 32.5 | ' | ' | ' | ' | ' | ' | 55.7 | ' |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 379.5 | 379.5 | ' | ' | ' | ' | ' | ' | ' | ' | 55 | ' | ' | ' | ' | ' | ' | 125.9 | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 242.6 | 242.6 | ' | ' | ' | ' | ' | ' | ' | ' | 30.7 | ' | ' | ' | ' | ' | ' | 28.8 | ' |
Goodwill | 1,691.60 | ' | ' | ' | 1,314.60 | ' | ' | ' | 1,691.60 | 1,314.60 | 1,244.30 | 1,109.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 381.5 | 381.5 | ' | ' | ' | ' | ' | ' | ' | ' | 68 | ' | ' | ' | ' | ' | ' | 138.5 | ' |
Intangible assets subject to amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 137.6 | 137.6 | ' | ' | ' | ' | ' | ' | ' | ' | 45.1 | ' | ' | ' | ' | ' | ' | 103.7 | ' |
Intangible assets not subject to amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 206.8 | 37.9 | 70.6 | ' | ' | ' | ' | ' | ' | 203 | 203 | ' | ' | ' | ' | ' | ' | ' | ' | 37.9 | ' | ' | ' | ' | ' | ' | 70.6 | ' |
Other current and long-term assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.1 | 9.1 | ' | ' | ' | ' | ' | ' | ' | ' | 1.2 | ' | ' | ' | ' | ' | ' | 1.8 | ' |
Total assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,562.50 | 1,562.50 | ' | ' | ' | ' | ' | ' | ' | ' | 270.6 | ' | ' | ' | ' | ' | ' | 547.8 | ' |
Current and long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 486.1 | 486.1 | ' | ' | ' | ' | ' | ' | ' | ' | 59.4 | ' | ' | ' | ' | ' | ' | 104.7 | ' |
Deferred taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 184.4 | 184.4 | ' | ' | ' | ' | ' | ' | ' | ' | 20.6 | ' | ' | ' | ' | ' | ' | 56.9 | ' |
Other current and long-term liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125.2 | 125.2 | ' | ' | ' | ' | ' | ' | ' | ' | 23.5 | ' | ' | ' | ' | ' | ' | 50.1 | ' |
Total liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 795.7 | 795.7 | ' | ' | ' | ' | ' | ' | ' | ' | 103.5 | ' | ' | ' | ' | ' | ' | 211.7 | ' |
Net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 766.8 | 766.8 | ' | ' | ' | ' | ' | ' | ' | ' | 167.1 | ' | ' | ' | ' | ' | ' | 336.1 | ' |
Summary purchase price allocation information for all acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets acquired subject to amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | 135.3 | 44.3 | 101.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets not subject to amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 206.8 | 37.9 | 70.6 | ' | ' | ' | ' | ' | ' | 203 | 203 | ' | ' | ' | ' | ' | ' | ' | ' | 37.9 | ' | ' | ' | ' | ' | ' | 70.6 | ' |
Weighted average lives of identifiable intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years 6 months | '10 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax deductible goodwill amount | 554.6 | ' | ' | ' | ' | ' | ' | ' | 554.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106.7 | ' | 30.3 | ' | ' | ' | ' | 4.5 | ' | ' |
Pro forma financial information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition and related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,753.80 | 10,425.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Reliance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $328.90 | $444.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per common share attributable to Reliance shareholders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.24 | $5.88 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per common share attributable to Reliance shareholders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.28 | $5.91 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Joint_Ventures_and_Noncontroll1
Joint Ventures and Noncontrolling Interests (Details) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
item | Valex Corp. | Valex Corp. | Valex Corp. | Indiana Pickling & Processing Company | Feralloy Processing Company | FP Structural Solutions | Acero Prime S. de R.L. de C.V. | Oregon Feralloy Partners LLC | Metals USA | Minimum | Maximum | |
People's Republic of China | South Korea | Eagle Steel Products, Inc. | ||||||||||
Joint Ventures and Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage in equity method investment | ' | ' | ' | ' | ' | ' | ' | 40.00% | 40.00% | 45.00% | 20.00% | 50.00% |
Percentage of ownership for consolidation of financial statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Number of joint ventures in which the entity has a noncontrolling interest | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage in investments other than equity method investment | ' | 97.00% | 92.00% | 94.00% | 56.00% | 51.00% | 70.00% | ' | ' | ' | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Inventories | ' | ' | ' |
Excess of inventories value by FIFO method over LIFO method | $88.60 | $138.80 | ' |
Inventories stated on the FIFO method | 206.8 | 243.7 | ' |
Change in LIFO valuation reserve | ($50.20) | ($64.10) | $85.30 |
Goodwill_Details
Goodwill (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in the carrying amount of goodwill | ' | ' | ' |
Balance at the beginning of the period | $1,314.60 | $1,244.30 | $1,109.60 |
Acquisitions | 382.4 | 68 | 138.5 |
Purchase price allocation adjustments | ' | ' | 0.2 |
Effect of foreign currency translation | -5.4 | 2.3 | -4 |
Balance at the end of the period | 1,691.60 | 1,314.60 | 1,244.30 |
Accumulated impairment losses | $0 | ' | ' |
Intangible_Assets_net_Details
Intangible Assets, net (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Intangible assets subject to amortization: | ' | ' | ' |
Intangible assets subject to amortization, Gross Carrying Amount | $719.30 | $577.70 | ' |
Intangible assets subject to amortization, Accumulated Amortization | -241 | -188.6 | ' |
Intangible assets | ' | ' | ' |
Intangible assets, Gross Carrying Amount | 1,454.80 | 1,125.10 | ' |
Changes in intangible assets due to foreign currency translation losses | 6.7 | ' | ' |
Impairment of intangible assets | 14.9 | 2.5 | 0 |
Amortization expense for intangible assets | 54.9 | 45.4 | 35.8 |
Summary of estimated aggregate amortization expense for the remaining six months of 2013 and each of the next five years | ' | ' | ' |
2014 | 55.8 | ' | ' |
2015 | 53.7 | ' | ' |
2016 | 52 | ' | ' |
2017 | 47.5 | ' | ' |
2018 | 41.4 | ' | ' |
Amendment of the entity's syndicated credit agreement and the new indenture | ' | ' | ' |
Intangible assets | ' | ' | ' |
Intangible assets, Gross Carrying Amount | 10.3 | ' | ' |
2013 acquisitions | ' | ' | ' |
Intangible assets | ' | ' | ' |
Intangible assets acquired, excluding goodwill | 345.8 | ' | ' |
Trade names | ' | ' | ' |
Intangible assets not subject to amortization: | ' | ' | ' |
Intangible assets not subject to amortization, Gross Carrying Amount | 735.5 | 547.4 | ' |
Intangible assets | ' | ' | ' |
Impairment of intangible assets | 14.9 | 2.5 | ' |
Covenants not to compete | ' | ' | ' |
Intangible assets subject to amortization: | ' | ' | ' |
Intangible assets subject to amortization, Gross Carrying Amount | 8 | 8 | ' |
Intangible assets subject to amortization, Accumulated Amortization | -7.3 | -7.1 | ' |
Loan fees | ' | ' | ' |
Intangible assets subject to amortization: | ' | ' | ' |
Intangible assets subject to amortization, Gross Carrying Amount | 41.5 | 31.2 | ' |
Intangible assets subject to amortization, Accumulated Amortization | -24.1 | -20.2 | ' |
Customer lists/relationships | ' | ' | ' |
Intangible assets subject to amortization: | ' | ' | ' |
Intangible assets subject to amortization, Gross Carrying Amount | 654.3 | 524 | ' |
Intangible assets subject to amortization, Accumulated Amortization | -200.6 | -153.3 | ' |
Software - internal use | ' | ' | ' |
Intangible assets subject to amortization: | ' | ' | ' |
Intangible assets subject to amortization, Gross Carrying Amount | 8.1 | 8.1 | ' |
Intangible assets subject to amortization, Accumulated Amortization | -6.3 | -5.5 | ' |
Other | ' | ' | ' |
Intangible assets subject to amortization: | ' | ' | ' |
Intangible assets subject to amortization, Gross Carrying Amount | 7.4 | 6.4 | ' |
Intangible assets subject to amortization, Accumulated Amortization | ($2.70) | ($2.50) | ' |
Cash_Surrender_Value_of_Life_I1
Cash Surrender Value of Life Insurance Policies, net (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Information about cash surrender value of life insurance policies | ' | ' |
Cash surrender value of all life insurance policies, net of loans and related accrued interest | $45.40 | $45.20 |
Borrowings available | 0 | ' |
Borrowed portion | ' | ' |
Information about cash surrender value of life insurance policies | ' | ' |
Paid premiums, principals and accrued interest on loans against policies | 46.8 | 44.2 |
Amount of borrowed funds used to pay premiums and accrued interest owed | 36.5 | 33 |
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% |
Minimum 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 | $447.80 | $412.70 |
Earle M. Jorgensen Company ("EMJ") | Unborrowed portion | ' | ' |
Information about cash surrender value of life insurance policies | ' | ' |
Minimum rate at which the portion of the policy cash surrender value earns interest and dividend income (as a percent) | ' | 4.00% |
Debt_Details
Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt | ' | ' |
Total | $2,112.30 | $1,208.90 |
Less: unamortized discount | -3.3 | -1.5 |
Less: amounts due within one year and short-term borrowings | -36.5 | -83.6 |
Total long-term debt | 2,072.50 | 1,123.80 |
Unsecured revolving credit facility due April 4, 2018 | ' | ' |
Debt | ' | ' |
Total | 480 | 525 |
Senior unsecured term loan due from March 31, 2014 to April 4, 2018 | ' | ' |
Debt | ' | ' |
Total | 467.5 | ' |
Senior unsecured notes repaid on July 2, 2013 | ' | ' |
Debt | ' | ' |
Total | ' | 75 |
Senior unsecured notes due November 15, 2016 | ' | ' |
Debt | ' | ' |
Total | 350 | 350 |
Senior unsecured notes due April 15, 2023 | ' | ' |
Debt | ' | ' |
Total | 500 | ' |
Senior unsecured notes due November 15, 2036 | ' | ' |
Debt | ' | ' |
Total | 250 | 250 |
Other notes and revolving credit facilities | ' | ' |
Debt | ' | ' |
Total | $64.80 | $8.90 |
Debt_Details_2
Debt (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 04, 2013 | Dec. 31, 2013 | Apr. 04, 2013 | Dec. 31, 2012 | Apr. 12, 2013 | Apr. 04, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2006 | Nov. 30, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 12, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 04, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Third Amended and Restated Credit Agreement | Unsecured revolving credit facility | Unsecured revolving credit facility | Unsecured revolving credit facility | Unsecured revolving credit facility | Unsecured revolving credit facility | Unsecured revolving credit facility | Unsecured revolving credit facility | Senior unsecured notes repaid on July 2, 2013 | Senior Unsecured Notes - Publicly Traded | Senior unsecured notes due November 20, 2006 | Senior unsecured notes due November 15, 2016 | Senior unsecured notes due November 15, 2016 | Senior unsecured notes due November 15, 2016 | Senior unsecured notes due November 15, 2036 | Senior unsecured notes due November 15, 2036 | Senior unsecured notes due November 15, 2036 | Senior unsecured notes due April 15, 2023 | Senior unsecured notes due April 15, 2023 | Unsecured Revolving Credit Facility and Senior Unsecured Notes | Term loan expiring April 4, 2018 | Term loan expiring April 4, 2018 | Other separate revolving credit facilities | Other separate revolving credit facilities | IRB | Mortgage obligations | ||
item | Metals USA | Third Amended and Restated Credit Agreement | LIBOR | Bank prime rate | item | Third Amended and Restated Credit Agreement | Metals USA | Travel Main | ||||||||||||||||||||
Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of banks as lenders | ' | ' | 26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity of the credit facility | ' | ' | ' | ' | $1,500 | ' | $1,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21.60 | ' | ' | ' |
Debt outstanding | 2,112.30 | 1,208.90 | ' | ' | ' | ' | ' | ' | ' | ' | 75 | ' | ' | ' | 350 | 350 | ' | 250 | 250 | ' | 500 | ' | ' | ' | ' | ' | 11.9 | 43 |
Annual amortization of term loan during the first year (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' |
Annual amortization of term loan during the second year (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' |
Annual amortization of term loan during the third year (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' |
Annual amortization of term loan during the fourth year (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' |
Annual amortization of term loan during the fifth year (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' |
Increased maximum borrowing capacity under the credit subject to approval of the lenders and certain other conditions | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'Bank prime rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate added to base (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee on unused portion of revolving credit facility (as a percent) | ' | ' | ' | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fixed interest rate (as a percent) | ' | ' | ' | 1.41% | ' | 1.46% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | ' | ' | 59.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional amount of letters of credit available to be issued | ' | ' | ' | 190.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Combined outstanding balances of revolving credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.5 | 8.3 | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.35% | ' | ' | 6.20% | ' | ' | 6.85% | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | 6.40% |
Lump sum payment on maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39.2 |
Issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600 | 350 | ' | ' | 250 | ' | ' | 500 | ' | ' | ' | 500 | ' | ' | ' | ' |
Number of tranches comprising the debt issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in domestic subsidiaries (as a percent) | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Minimum percentage of consolidated EBITDA required for the entity and subsidiary guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' |
Minimum percentage of consolidated tangible assets required for the entity and subsidiary guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' |
Reliance shareholders' equity | 3,874.60 | 3,558.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities of long-term debt for each of the next five years and thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 36.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 45.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 440.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 50.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 779.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 759.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $2,112.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $121.40 | $159.10 | $153.10 |
State | 19.1 | 26.5 | 22.1 |
Foreign | 10 | 12.7 | 14.4 |
Total | 150.5 | 198.3 | 189.6 |
Deferred: | ' | ' | ' |
Federal | 1.5 | 2.5 | -24.1 |
State | 1.5 | 0.5 | -2.3 |
Foreign | 0.1 | -0.2 | -0.8 |
Total | 3.1 | 2.8 | -27.2 |
Income tax provision | 153.6 | 201.1 | 162.4 |
Components of U.S. and international income before income taxes | ' | ' | ' |
US | 438.4 | 551.6 | 452 |
International | 39.9 | 57.8 | 59.6 |
Income before income taxes | 478.3 | 609.4 | 511.6 |
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) | 35.00% | 35.00% | 35.00% |
State income tax, net of federal tax effect (as a percent) | 2.90% | 2.90% | 2.40% |
Net effect of life insurance policies (as a percent) | -3.20% | -2.20% | -2.30% |
Net effect of changes in unrecognized tax benefits (as a percent) | -0.50% | ' | ' |
Domestic production activity deduction (as a percent) | -1.10% | -1.20% | -1.50% |
Other, net (as a percent) | -1.00% | -1.50% | -1.90% |
Effective tax rate (as a percent) | 32.10% | 33.00% | 31.70% |
Deferred tax assets: | ' | ' | ' |
Accrued expenses not currently deductible for tax | 77.7 | 66.9 | ' |
Inventory costs capitalized for tax purposes | 28.4 | 25.8 | ' |
Share-based compensation | 19.5 | 21.1 | ' |
Allowance for doubtful accounts | 6.9 | 7.8 | ' |
Tax credit carryforwards | 1.3 | 1.1 | ' |
Net operating loss carryforwards | 10.2 | 3.4 | ' |
Other | 1.9 | 3.5 | ' |
Total deferred tax assets | 145.9 | 129.6 | ' |
Deferred tax liabilities: | ' | ' | ' |
Property, plant and equipment, net | -257.6 | -165.9 | ' |
Goodwill and other intangible assets | -465.2 | -360.9 | ' |
LIFO inventories | -49.2 | -38.6 | ' |
Deferred income | -25.8 | ' | ' |
Total deferred tax liabilities | -797.8 | -565.4 | ' |
Net deferred tax liabilities | ($651.90) | ($435.80) | ' |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes | ' | ' | ' |
Unremitted earnings of foreign subsidiaries | $202.80 | ' | ' |
Reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits | ' | ' | ' |
Balance at the beginning of the period | 15.9 | 16.1 | 15.4 |
Assumed in acquisition | 5 | ' | ' |
Increases in tax positions for prior years | 1.1 | 0.6 | 1.3 |
Decreases in tax positions for prior years | -2.1 | ' | -0.2 |
Increases in tax positions for current year | 3.6 | 4.1 | 3.7 |
Settlements | -3.5 | -1.1 | -0.1 |
Lapses in statutes-of-limitation periods | -0.6 | -3.8 | -4 |
Balance at the end of the period | 19.4 | 15.9 | 16.1 |
Unrecognized tax benefits, if recognized, would affect the effective tax rate | 19.4 | ' | ' |
Accrued interest and penalties on uncertain tax positions | 1 | 0.9 | ' |
State | ' | ' | ' |
Income Taxes | ' | ' | ' |
Available net operating loss carryforwards to offset future income taxes | 3.5 | ' | ' |
Federal | ' | ' | ' |
Income Taxes | ' | ' | ' |
Available net operating loss carryforwards to offset future income taxes | $22.40 | ' | ' |
ShareBased_Compensation_Plans_1
Share-Based Compensation Plans (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | 16-May-13 | 18-May-12 | 18-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Stock options | Stock options | Stock options | Stock options | Restricted stock, 2011 grant | Restricted stock, 2012 grant | Restricted stock, 2012 grant | Restricted stock, 2013 grant | Options with ten-year term | Restricted stock, 2010 grant | Restricted stock and RSUs | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock 2010 and 2011 grant | ||||
Non-employee director | Non-employee director | Directors Equity Plan | Directors Equity Plan | Directors Equity Plan | Directors Equity Plan | Directors Equity Plan | ||||||||||||||
Share-Based Compensation Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized for future grant | 2,894,863 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | ' | ' | ' | 3,405,500 | 4,515,560 | 3,880,052 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | 1,037,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | ' | ' | ' | -1,437,053 | -1,018,010 | -266,392 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired or forfeited (in shares) | ' | ' | ' | -31,206 | -92,050 | -135,350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in shares) | ' | ' | ' | 1,937,241 | 3,405,500 | 4,515,560 | 154,000 | ' | ' | ' | ' | 165,231 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period (in shares) | ' | ' | ' | 1,253,516 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period, Weighted Average Exercise Price (in dollars per share) | ' | ' | ' | $49.12 | $47.39 | $44.76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted, Weighted Average Exercise Price (in dollars per share) | ' | ' | ' | ' | ' | $55.73 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised, Weighted Average Exercise Price (in dollars per share) | ' | ' | ' | $48.78 | $41.40 | $41.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired or forfeited, Weighted Average Exercise Price (in dollars per share) | ' | ' | ' | $51.37 | $49.55 | $47.57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period, Weighted Average Exercise Price (in dollars per share) | ' | ' | ' | $49.35 | $49.12 | $47.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period, Weighted Average Exercise Price (in dollars per share) | ' | ' | ' | $48.11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Remaining Contractual Term, stock options outstanding (in years) | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Remaining Contractual Term, stock options exercisable (in years) | ' | ' | ' | '2 years 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value (In millions) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value, options outstanding | ' | ' | ' | $51.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value, options exercisable | ' | ' | ' | 34.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period (in years) | ' | ' | ' | '4 years | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years |
Award expiration term (in years) | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average assumptions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price (in dollars per share) | ' | ' | ' | ' | ' | $55.73 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk free interest rate (as a percent) | ' | ' | ' | ' | ' | 2.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life (in years) | ' | ' | ' | ' | ' | '4 years 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility (as a percent) | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected dividend yield (as a percent) | ' | ' | ' | ' | ' | 0.86% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date fair value (in dollars per share) | ' | ' | ' | ' | ' | $26.98 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in non-vested stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested at the beginning of the period (in shares) | ' | ' | ' | 1,377,113 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | -28,425 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in shares) | ' | ' | ' | -664,963 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested at the end of the period (in shares) | ' | ' | ' | 683,725 | 1,377,113 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested options at the beginning of the period (in dollars per share) | ' | ' | ' | $23.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per shares) | ' | ' | ' | $24.79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in dollars per shares) | ' | ' | ' | $21.37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested options at the end of the period (in dollars per shares) | ' | ' | ' | $24.93 | $23.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock granted (in shares) | ' | ' | ' | ' | ' | ' | ' | 86,000 | ' | 391,050 | 327,780 | ' | 61,000 | 340,198 | ' | ' | 16,079 | 12,418 | 16,842 | ' |
The number of grants made during the period on the basis service and 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). | ' | ' | ' | ' | ' | ' | ' | ' | ' | 138,700 | 136,225 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of restricted stock granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $37.29 | ' | $57.42 | $65.75 | ' | $41.24 | $65.82 | ' | ' | $52.24 | $67.63 | $49.87 | ' |
Share of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of restriction for trading of shares automatically granted to directors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year | ' | ' | ' | ' |
Number of shares unvested and outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 771,780 | ' | ' | ' | ' | ' | 76,000 |
Changes in non-vested restricted stock grants and RSUs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 496,450 | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | 86,000 | ' | 391,050 | 327,780 | ' | 61,000 | 340,198 | ' | ' | 16,079 | 12,418 | 16,842 | ' |
Forfeited (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23,050 | ' | ' | ' | ' | ' | ' |
Vested (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -41,818 | ' | ' | ' | ' | ' | ' |
Non-vested at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 771,780 | ' | ' | ' | ' | ' | 76,000 |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested at the beginning of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $53.44 | ' | ' | ' | ' | ' | ' |
Granted (in dollars per shares) | ' | ' | ' | ' | ' | ' | ' | $37.29 | ' | $57.42 | $65.75 | ' | $41.24 | $65.82 | ' | ' | $52.24 | $67.63 | $49.87 | ' |
Forfeited (in dollars per shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $58.72 | ' | ' | ' | ' | ' | ' |
Vested (in dollars per shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $47.45 | ' | ' | ' | ' | ' | ' |
Non-vested at the end of the period (in dollars per shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $59.06 | ' | ' | ' | ' | ' | ' |
Additional share-based compensation disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost | ' | ' | ' | 31.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average recognition period for unrecognized compensation cost (in years) | ' | ' | ' | '1 year 3 months 25 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceed from option exercises | 70.1 | 42.1 | 11.1 | 70.1 | 42.1 | 11.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of all options exercised | ' | ' | ' | 29 | 15.5 | 3.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit realized from option exercises | ' | ' | ' | $11.50 | $5.40 | $1.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Plans_2
Share-Based Compensation Plans (Details 2) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Stock Option Plans | ' |
Range of exercise price, lower limit (in dollars per share) | $15 |
Range of exercise price, upper limit (in dollars per share) | $67 |
Options Outstanding (in shares) | 1,937,241 |
Options Outstanding, Weighted Average Remaining Contractual Life (In Years) | '3 years |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $49.35 |
Options Exercisable (in shares) | 1,253,516 |
Weighted Average Exercise Price of Options Exercisable (in dollars per share) | $48.11 |
Range of Exercise Price $15 - $19 | ' |
Stock Option Plans | ' |
Range of exercise price, lower limit (in dollars per share) | $15 |
Range of exercise price, upper limit (in dollars per share) | $19 |
Options Outstanding (in shares) | 18,000 |
Options Outstanding, Weighted Average Remaining Contractual Life (In Years) | '1 year 4 months 24 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $18.31 |
Options Exercisable (in shares) | 18,000 |
Weighted Average Exercise Price of Options Exercisable (in dollars per share) | $18.31 |
Range of Exercise Price $24 - $28 | ' |
Stock Option Plans | ' |
Range of exercise price, lower limit (in dollars per share) | $24 |
Range of exercise price, upper limit (in dollars per share) | $28 |
Options Outstanding (in shares) | 11,231 |
Options Outstanding, Weighted Average Remaining Contractual Life (In Years) | '1 year 6 months |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $25.18 |
Options Exercisable (in shares) | 11,231 |
Weighted Average Exercise Price of Options Exercisable (in dollars per share) | $25.18 |
Range of Exercise Price $33 - $38 | ' |
Stock Option Plans | ' |
Range of exercise price, lower limit (in dollars per share) | $33 |
Range of exercise price, upper limit (in dollars per share) | $38 |
Options Outstanding (in shares) | 207,425 |
Options Outstanding, Weighted Average Remaining Contractual Life (In Years) | '2 years 8 months 12 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $34.28 |
Options Exercisable (in shares) | 207,425 |
Weighted Average Exercise Price of Options Exercisable (in dollars per share) | $34.28 |
Range of Exercise Price $42 - $45 | ' |
Stock Option Plans | ' |
Range of exercise price, lower limit (in dollars per share) | $42 |
Range of exercise price, upper limit (in dollars per share) | $45 |
Options Outstanding (in shares) | 609,460 |
Options Outstanding, Weighted Average Remaining Contractual Life (In Years) | '3 years 2 months 12 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $43.07 |
Options Exercisable (in shares) | 391,310 |
Weighted Average Exercise Price of Options Exercisable (in dollars per share) | $43.21 |
Range of Exercise Price $55 - $57 | ' |
Stock Option Plans | ' |
Range of exercise price, lower limit (in dollars per share) | $55 |
Range of exercise price, upper limit (in dollars per share) | $57 |
Options Outstanding (in shares) | 1,037,125 |
Options Outstanding, Weighted Average Remaining Contractual Life (In Years) | '3 years 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $56.08 |
Options Exercisable (in shares) | 571,550 |
Weighted Average Exercise Price of Options Exercisable (in dollars per share) | $56.37 |
Range of Exercise Price $61 - $67 | ' |
Stock Option Plans | ' |
Range of exercise price, lower limit (in dollars per share) | $61 |
Range of exercise price, upper limit (in dollars per share) | $67 |
Options Outstanding (in shares) | 54,000 |
Options Outstanding, Weighted Average Remaining Contractual Life (In Years) | '3 years 10 months 24 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $64.08 |
Options Exercisable (in shares) | 54,000 |
Weighted Average Exercise Price of Options Exercisable (in dollars per share) | $64.08 |
Employee_Benefits_Details
Employee Benefits (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Defined Contribution Plans | ' |
Eligibility period of service | '3 months |
Vesting percentage per year | 25.00% |
Period after which vesting of the Company's contribution commences | '1 year |
Employee_Benefits_Details_2
Employee Benefits (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefits | ' | ' | ' |
Balances in deferred compensation plan | $11.70 | $10.60 | ' |
Value of assets for funding future payouts under the deferred compensation plan | 11.1 | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at end of year | 70.2 | 58.9 | ' |
Amounts recognized in the statement of financial position | ' | ' | ' |
Noncurrent liabilities | -84 | -94.9 | ' |
SERP's | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | 40.7 | 36.2 | ' |
Service cost | 0.9 | 0.9 | 0.7 |
Interest cost | 1.5 | 1.5 | ' |
Actuarial (gain) loss | -3.1 | 3.4 | ' |
Benefits paid | -1.3 | -1.3 | ' |
Benefit obligation at end of year | 38.7 | 40.7 | 36.2 |
Funded status | ' | ' | ' |
Funded status of the plans | -38.7 | -40.7 | ' |
Items not yet recognized as component of net periodic pension expense | ' | ' | ' |
Unrecognized net actuarial losses | 8.8 | 13.1 | ' |
Unamortized prior service (credit) cost | -0.7 | -1.2 | ' |
Accumulated other comprehensive (income) loss | 8.1 | 11.9 | ' |
Amounts recognized in the statement of financial position | ' | ' | ' |
Current liabilities | -3.6 | -1.4 | ' |
Noncurrent liabilities | -35.1 | -39.3 | ' |
Accumulated other comprehensive (income) loss | 8.1 | 11.9 | ' |
Net amount recognized | -30.6 | -28.8 | ' |
Accumulated benefit obligation | 38.7 | 39.3 | ' |
Components of net periodic benefit cost | ' | ' | ' |
Service cost | 0.9 | 0.9 | 0.7 |
Interest cost | 1.5 | 1.5 | 1.5 |
Prior service (credit) cost | -0.5 | -0.5 | -0.4 |
Amortization of net loss | 1.3 | 1 | 0.2 |
Net periodic benefit cost | 3.2 | 2.9 | 2 |
Weighted average assumptions to determine net cost | ' | ' | ' |
Discount rate (as a percent) | 3.73% | 4.22% | 5.40% |
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) | 4.05% | 3.64% | ' |
Rate of compensation increase (as a percent) | 6.00% | 6.00% | ' |
Expected employer contributions during 2014 | 3.6 | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | 85 | 78.1 | ' |
Assumed in acquisition | 3.5 | ' | ' |
Service cost | 1.4 | 1.2 | 1 |
Interest cost | 3.4 | 3.3 | ' |
Actuarial (gain) loss | -7.3 | 4.4 | ' |
Change in assumptions | -1.4 | 0.8 | ' |
Benefits paid | -2.9 | -3.1 | ' |
Plan amendments | 0.3 | 0.3 | ' |
Benefit obligation at end of year | 82 | 85 | 78.1 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 58.9 | 53.1 | ' |
Acquired in acquisition | 2.5 | ' | ' |
Actual return on plan assets | 9.7 | 5.9 | ' |
Employer contributions | 2 | 3.1 | ' |
Benefits paid | -2.9 | -3.2 | ' |
Fair value of plan assets at end of year | 70.2 | 58.9 | 53.1 |
Funded status | ' | ' | ' |
Funded status of the plans | -11.8 | -26.1 | ' |
Items not yet recognized as component of net periodic pension expense | ' | ' | ' |
Unrecognized net actuarial losses | 10.5 | 26.4 | ' |
Unamortized prior service (credit) cost | 1.5 | 1.3 | ' |
Accumulated other comprehensive (income) loss | 12 | 27.7 | ' |
Amounts recognized in the statement of financial position | ' | ' | ' |
Noncurrent liabilities | -11.8 | -26.1 | ' |
Accumulated other comprehensive (income) loss | 12 | 27.7 | ' |
Net amount recognized | 0.2 | 1.6 | ' |
Accumulated benefit obligation | 80.6 | 85 | ' |
Information for defined benefit plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets | ' | ' | ' |
Accumulated benefit obligation | 80.6 | 85 | ' |
Projected benefit obligation | 80.6 | 85 | ' |
Fair value of plan assets | 68.9 | 58.9 | ' |
Components of net periodic benefit cost | ' | ' | ' |
Service cost | 1.4 | 1.2 | 1 |
Interest cost | 3.4 | 3.3 | 3.4 |
Expected return on plan assets | -4.4 | -4 | -4.3 |
Curtailment/settlement expense | ' | 0.2 | 0.1 |
Prior service (credit) cost | 0.2 | 0.2 | 0.1 |
Amortization of net loss | 1.8 | 1.5 | 0.4 |
Net periodic benefit cost | 2.4 | 2.4 | 0.7 |
Weighted average assumptions to determine net cost | ' | ' | ' |
Discount rate (as a percent) | 4.00% | 4.25% | 5.29% |
Expected long-term rate of return on plan assets (as a percent) | 7.30% | 7.43% | 7.95% |
Weighted average assumptions to determine benefit obligations | ' | ' | ' |
Discount rate (as a percent) | 4.70% | 3.89% | ' |
Expected long-term rate of return on plan assets (as a percent) | 7.30% | 7.43% | ' |
Expected employer contributions during 2014 | 3.7 | ' | ' |
Postretirement Medical Plans | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | 10.1 | 11.9 | ' |
Service cost | 0.2 | 0.4 | 0.9 |
Interest cost | 0.2 | 0.4 | ' |
Actuarial (gain) loss | -0.4 | -0.2 | ' |
Benefits paid | -0.2 | -0.3 | ' |
Curtailment | ' | -2.1 | ' |
Benefit obligation at end of year | 9.9 | 10.1 | 11.9 |
Funded status | ' | ' | ' |
Funded status of the plans | -9.9 | -10.1 | ' |
Items not yet recognized as component of net periodic pension expense | ' | ' | ' |
Unrecognized net actuarial losses | 3.4 | 4.3 | ' |
Unamortized prior service (credit) cost | -6.3 | -8 | ' |
Accumulated other comprehensive (income) loss | -2.9 | -3.7 | ' |
Amounts recognized in the statement of financial position | ' | ' | ' |
Current liabilities | -0.7 | -0.7 | ' |
Noncurrent liabilities | -9.2 | -9.3 | ' |
Accumulated other comprehensive (income) loss | -2.9 | -3.7 | ' |
Net amount recognized | -12.8 | -13.7 | ' |
Components of net periodic benefit cost | ' | ' | ' |
Service cost | 0.2 | 0.4 | 0.9 |
Interest cost | 0.2 | 0.3 | 0.9 |
Prior service (credit) cost | -1.7 | -1.7 | -0.4 |
Amortization of net loss | 0.6 | 0.6 | 0.4 |
Net periodic benefit cost | ($0.70) | ($0.50) | $1.80 |
Weighted average assumptions to determine net cost | ' | ' | ' |
Discount rate (as a percent) | 2.25% | 3.53% | 5.17% |
Health care cost trend rate (as a percent) | 9.00% | 9.50% | 10.00% |
Rate to which the cost trend rate is assumed to decline (as a percent) | 4.25% | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate | '2032 | '2031 | '2030 |
Weighted average assumptions to determine benefit obligations | ' | ' | ' |
Discount rate (as a percent) | 3.10% | 2.25% | ' |
Health care cost trend rate assumption for next year (as a percent) | 9.00% | 9.00% | ' |
Rate to which the cost trend rate is assumed to decline (as a percent) | 4.25% | 4.25% | ' |
Year that the rate reaches the ultimate trend rate | '2033 | '2032 | ' |
Employee_Benefits_Details_3
Employee Benefits (Details 3) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Benefits | ' | ' |
Weighted-average asset allocations (as a percent) | 100.00% | 100.00% |
Target allocation | ' | ' |
Fair value of plan assets | $70.20 | $58.90 |
Level 1 | ' | ' |
Target allocation | ' | ' |
Fair value of plan assets | 55.1 | 42.3 |
Level 2 | ' | ' |
Target allocation | ' | ' |
Fair value of plan assets | 15.1 | 16.6 |
U.S. government, state, and agency | ' | ' |
Target allocation | ' | ' |
Fair value of plan assets | 6.3 | 8.1 |
U.S. government, state, and agency | Level 2 | ' | ' |
Target allocation | ' | ' |
Fair value of plan assets | 6.3 | 8.1 |
Corporate debt securities | ' | ' |
Target allocation | ' | ' |
Fair value of plan assets | 8.4 | 7.9 |
Corporate debt securities | Level 2 | ' | ' |
Target allocation | ' | ' |
Fair value of plan assets | 8.4 | 7.9 |
Mutual funds | ' | ' |
Target allocation | ' | ' |
Fair value of plan assets | 28.3 | 18.6 |
Mutual funds | Level 1 | ' | ' |
Target allocation | ' | ' |
Fair value of plan assets | 27.9 | 18 |
Mutual funds | Level 2 | ' | ' |
Target allocation | ' | ' |
Fair value of plan assets | 0.4 | 0.6 |
Interest and non-interest bearing cash | ' | ' |
Target allocation | ' | ' |
Fair value of plan assets | 1.6 | 1.6 |
Interest and non-interest bearing cash | Level 1 | ' | ' |
Target allocation | ' | ' |
Fair value of plan assets | 1.6 | 1.6 |
Equity securities | ' | ' |
Employee Benefits | ' | ' |
Weighted-average asset allocations (as a percent) | 61.00% | 61.00% |
Target allocation | ' | ' |
Target allocation, minimum (as a percent) | 50.00% | ' |
Target allocation, maximum (as a percent) | 80.00% | ' |
Fair value of plan assets | 25.6 | 22.7 |
Equity securities | Level 1 | ' | ' |
Target allocation | ' | ' |
Fair value of plan assets | $25.60 | $22.70 |
Debt securities | ' | ' |
Employee Benefits | ' | ' |
Weighted-average asset allocations (as a percent) | 37.00% | 36.00% |
Target allocation | ' | ' |
Target allocation, minimum (as a percent) | 20.00% | ' |
Target allocation, maximum (as a percent) | 60.00% | ' |
Other | ' | ' |
Employee Benefits | ' | ' |
Weighted-average asset allocations (as a percent) | 2.00% | 3.00% |
Target allocation | ' | ' |
Target allocation, minimum (as a percent) | 0.00% | ' |
Target allocation, maximum (as a percent) | 10.00% | ' |
Employee_Benefits_Details_4
Employee Benefits (Details 4) (USD $) | 12 Months Ended | 12 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SERP's | Defined Benefit Plans | Postretirement Medical Plans | Postretirement Medical Plans | Supplemental Bonus Plan | Supplemental Bonus Plan | Supplemental Bonus Plan | |||
item | |||||||||
Effect of one-percentage-point change in assumed health care cost trend rates | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of 1% increase on total service and interest cost components | $0.10 | $0.10 | ' | ' | ' | ' | ' | ' | ' |
Effect of 1% decrease on total service and interest cost components | -0.1 | -0.1 | ' | ' | ' | ' | ' | ' | ' |
Effect of 1% increase on postretirement benefit obligation | 0.5 | 0.6 | ' | ' | ' | ' | ' | ' | ' |
Effect of 1% decrease on postretirement benefit obligation | -0.5 | -0.6 | ' | ' | ' | ' | ' | ' | ' |
Employee Benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of subsidiaries of entity | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Maximum age limit for eligibility | ' | ' | ' | ' | '65 years | ' | ' | ' | ' |
Reduction to the benefit obligation due to amendment in terms of plan | ' | ' | ' | ' | ' | 10.1 | ' | ' | ' |
Average remaining years of service to full eligibility | ' | ' | ' | ' | '6 years | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | 3.6 | 3.5 | 0.9 | ' | ' | ' | ' |
2015 | ' | ' | 1.3 | 3.7 | 0.9 | ' | ' | ' | ' |
2016 | ' | ' | 1.2 | 4.1 | 0.9 | ' | ' | ' | ' |
2017 | ' | ' | 13.1 | 4 | 1.1 | ' | ' | ' | ' |
2018 | ' | ' | 1.7 | 4.2 | 1 | ' | ' | ' | ' |
2019-2023 | ' | ' | 12.4 | 25.2 | 6.3 | ' | ' | ' | ' |
Amounts in accumulated other comprehensive income that are expected to be recognized as components of net periodic benefit cost during 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actuarial loss | ' | ' | 0.7 | 0.4 | 0.4 | ' | ' | ' | ' |
Prior service (credit) cost | ' | ' | -0.4 | 0.2 | -1.7 | ' | ' | ' | ' |
Total | ' | ' | 0.3 | 0.6 | -1.3 | ' | ' | ' | ' |
General disclosures of the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of the entity to be contributed to the plan as a result of acquisition | ' | ' | ' | ' | ' | ' | 258,006 | ' | ' |
Number of shares equivalent to the cash liability associated with post-employment liability | ' | ' | ' | ' | ' | ' | 102,735 | ' | ' |
Aggregate obligation to the plan acquired | ' | ' | ' | ' | ' | ' | 7.8 | ' | ' |
(Income) expense from mark to market adjustments | ' | ' | ' | ' | ' | ' | $1.50 | $1.60 | ($0.20) |
Employee_Benefits_Details_5
Employee Benefits (Details 5) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Contributions to Company Sponsored Retirement Plans | ' | ' | ' |
Company's expense (credit)for Reliance-sponsored retirement plans | $33.10 | $30.50 | $27.20 |
Master Plan | ' | ' | ' |
Contributions to Company Sponsored Retirement Plans | ' | ' | ' |
Company's expense (credit)for Reliance-sponsored retirement plans | 18.4 | 19 | 16.9 |
Other Defined Contribution Plans | ' | ' | ' |
Contributions to Company Sponsored Retirement Plans | ' | ' | ' |
Company's expense (credit)for Reliance-sponsored retirement plans | 7.8 | 4.8 | 3.9 |
Employee Stock Ownership Plan | ' | ' | ' |
Contributions to Company Sponsored Retirement Plans | ' | ' | ' |
Company's expense (credit)for Reliance-sponsored retirement plans | 1.4 | 1.4 | 1.4 |
Deferred Compensation Plan | ' | ' | ' |
Contributions to Company Sponsored Retirement Plans | ' | ' | ' |
Company's expense (credit)for Reliance-sponsored retirement plans | 0.6 | 0.5 | 0.5 |
Supplemental Executive Retirement Plans | ' | ' | ' |
Contributions to Company Sponsored Retirement Plans | ' | ' | ' |
Company's expense (credit)for Reliance-sponsored retirement plans | 3.2 | 2.9 | 2 |
Defined Benefit Plans | ' | ' | ' |
Contributions to Company Sponsored Retirement Plans | ' | ' | ' |
Company's expense (credit)for Reliance-sponsored retirement plans | 2.4 | 2.4 | 0.7 |
Postretirement Medical Plans | ' | ' | ' |
Contributions to Company Sponsored Retirement Plans | ' | ' | ' |
Company's expense (credit)for Reliance-sponsored retirement plans | ($0.70) | ($0.50) | $1.80 |
Equity_Details
Equity (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||||
Feb. 28, 2014 | Jul. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 16-May-12 | 31-May-05 | |
item | ||||||||
Common Stock | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock quarterly dividend per share, after increase (in dollars per share) | $0.35 | $0.33 | $0.30 | $1.26 | $0.80 | $0.48 | ' | ' |
Common stock quarterly dividend per share, before increase (in dollars per share) | ' | ' | $0.25 | ' | ' | ' | ' | ' |
Number of common stock share authorized before amendment to Restated Articles of Incorporation | ' | ' | ' | ' | ' | ' | 100,000,000 | ' |
Number of common stock shares authorized | ' | ' | ' | 200,000,000 | 200,000,000 | ' | 200,000,000 | ' |
Common stock, par value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' |
Votes per share of common stock | ' | ' | ' | 1 | ' | ' | ' | ' |
Share Repurchase Program | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized by the Board of Directors to be repurchased under stock repurchase program | ' | ' | ' | ' | ' | ' | ' | 12,000,000 |
Remaining number of common stock authorized for repurchase under stock repurchase program (in shares) | ' | ' | ' | 7,883,033 | ' | ' | ' | ' |
Number of shares repurchased under stock repurchase program | ' | ' | ' | 0 | 0 | 0 | ' | ' |
Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, authorized shares | ' | ' | ' | 5,000,000 | 5,000,000 | ' | ' | ' |
Preferred stock, par value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, issued shares | ' | ' | ' | 0 | 0 | ' | ' | ' |
Preferred stock, outstanding shares | ' | ' | ' | 0 | 0 | ' | ' | ' |
Minimum number of series in which preferred shares may be issued | ' | ' | ' | 1 | ' | ' | ' | ' |
Equity_Details_2
Equity (Details 2) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of accumulated other comprehensive loss | ' | ' |
Balance at the beginning of the period | ($1.50) | ' |
Current-period change | -5.2 | ' |
Balance at the end of the period | -6.7 | ' |
Deferred tax assets in accumulated other comprehensive income, unrealized gain on investments | 0.1 | 0.1 |
Deferred tax assets in accumulated other comprehensive income, pension liabilities | 6.9 | 13.4 |
Foreign Currency Translation Gain | ' | ' |
Schedule of accumulated other comprehensive loss | ' | ' |
Balance at the beginning of the period | 21 | ' |
Current-period change | -17.8 | ' |
Balance at the end of the period | 3.2 | ' |
Unrealized (Loss) Gain on Investments, Net of Tax | ' | ' |
Schedule of accumulated other comprehensive loss | ' | ' |
Balance at the beginning of the period | -0.2 | ' |
Current-period change | 0.4 | ' |
Balance at the end of the period | 0.2 | ' |
Pension and Postretirement Benefit Adjustments, Net of Tax | ' | ' |
Schedule of accumulated other comprehensive loss | ' | ' |
Balance at the beginning of the period | -22.3 | ' |
Current-period change | 12.2 | ' |
Balance at the end of the period | ($10.10) | ' |
Other_Income_Expense_net_Detai
Other Income (Expense), net (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant components of Other (expense) income, net | ' | ' | ' |
Other (expense) income, net | $3.90 | $8.60 | ($1.40) |
Investment income from life insurance policies | ' | ' | ' |
Significant components of Other (expense) income, net | ' | ' | ' |
Other (expense) income, net | 48.8 | 44.2 | 39.1 |
Interest expense on life insurance policy loans | ' | ' | ' |
Significant components of Other (expense) income, net | ' | ' | ' |
Other (expense) income, net | -47.8 | -44.2 | -40.5 |
Life insurance policy cost of insurance | ' | ' | ' |
Significant components of Other (expense) income, net | ' | ' | ' |
Other (expense) income, net | -8.5 | -7.8 | -7.2 |
Income from life insurance policy redemptions | ' | ' | ' |
Significant components of Other (expense) income, net | ' | ' | ' |
Other (expense) income, net | 5 | 3.5 | 2.8 |
Foreign currency transaction (losses) gains | ' | ' | ' |
Significant components of Other (expense) income, net | ' | ' | ' |
Other (expense) income, net | -2.6 | 1.7 | -5.9 |
Rental income | ' | ' | ' |
Significant components of Other (expense) income, net | ' | ' | ' |
Other (expense) income, net | 2.9 | 2.6 | 2.4 |
Interest income | ' | ' | ' |
Significant components of Other (expense) income, net | ' | ' | ' |
Other (expense) income, net | 1 | 1.4 | 1.1 |
Equity in earnings of unconsolidated entities | ' | ' | ' |
Significant components of Other (expense) income, net | ' | ' | ' |
Other (expense) income, net | 2.3 | 2.2 | 2.2 |
(Loss) gain on sales of property, plant and equipment | ' | ' | ' |
Significant components of Other (expense) income, net | ' | ' | ' |
Other (expense) income, net | -0.7 | 2.9 | 2.6 |
All other, net | ' | ' | ' |
Significant components of Other (expense) income, net | ' | ' | ' |
Other (expense) income, net | $3.50 | $2.10 | $2 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Lease Commitments | ' | ' | ' |
Minimum term of non-cancelable lease commitments for further disclosure | '1 year | ' | ' |
Rental expense | $79.90 | $73.60 | $70.10 |
Operating lease payments due to various related parties | 4.8 | 4.6 | 4.8 |
Operating Leases | ' | ' | ' |
2014 | 58.8 | ' | ' |
2015 | 50.5 | ' | ' |
2016 | 39.5 | ' | ' |
2017 | 31.3 | ' | ' |
2018 | 24.8 | ' | ' |
Thereafter | 44.6 | ' | ' |
Total | $249.50 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (Aerospace materials, USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Aerospace materials | ' |
Purchase Commitments | ' |
Total amount of purchase commitments | $51.60 |
2014 | 17.2 |
2015 | 17.2 |
2016 | $17.20 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details 3) | 12 Months Ended |
Dec. 31, 2013 | |
Environmental Contingencies | ' |
Ownership interest in domestic subsidiaries (as a percent) | 100.00% |
Employees covered by collective bargaining agreements | ' |
Collective Bargaining Agreements | ' |
Expiration period of collective bargaining agreements | '6 years |
Total employees | Employees covered by collective bargaining agreements | ' |
Collective Bargaining Agreements | ' |
Percentage of employees covered by collective bargaining agreements | 11.00% |
Number of collective bargaining agreements that expire at various times over the next six years | 40 |
Employees covered by collective bargaining agreements that expire during 2014 | Employees covered by collective bargaining agreements | ' |
Collective Bargaining Agreements | ' |
Percentage of employees covered by collective bargaining agreements | 2.20% |
Number of collective bargaining agreements that expire within one year | 14 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Reliance (in dollars) | $61.80 | $95.10 | $81 | $83.70 | $80.40 | $98.10 | $108.80 | $116.20 | $321.60 | $403.50 | $343.80 |
Denominator for basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares | ' | ' | ' | ' | ' | ' | ' | ' | 76,844,912 | 75,216,955 | 74,767,988 |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, restricted stock, and RSUs (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 801,280 | 477,257 | 273,765 |
Denominator for diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted weighted average shares and assumed conversions | ' | ' | ' | ' | ' | ' | ' | ' | 77,646,192 | 75,694,212 | 75,041,753 |
Net income per share attributable to Reliance shareholders - diluted (in dollars per share) | $0.79 | $1.22 | $1.05 | $1.09 | $1.06 | $1.30 | $1.44 | $1.54 | $4.14 | $5.33 | $4.58 |
Net income per share attributable to Reliance shareholders - basic (in dollars per share) | $0.80 | $1.23 | $1.06 | $1.10 | $1.06 | $1.30 | $1.45 | $1.55 | $4.19 | $5.36 | $4.60 |
Diluted shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares reserved for issuance upon exercise of outstanding stock options or vesting of restricted shares respectively, not included in the diluted calculation due to their anti-dilutive effect | ' | ' | ' | ' | ' | ' | ' | ' | 192,293 | 2,234,568 | 3,430,843 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Apr. 30, 2013 | Nov. 30, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Senior Unsecured Notes - Publicly Traded | Senior Unsecured Notes - Publicly Traded | Reportable legal entities | Reportable legal entities | Reportable legal entities | Reportable legal entities | Reportable legal entities | Reportable legal entities | Reportable legal entities | Reportable legal entities | Reportable legal entities | Reportable legal entities | Reportable legal entities | Reportable legal entities | Consolidating Adjustments | Consolidating Adjustments | ||||
Parent | Parent | Parent | Parent | Guarantor Subsidiaries | Guarantor Subsidiaries | Guarantor Subsidiaries | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | |||||||||
Condensed Consolidating Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | $1,100 | $1,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in domestic subsidiaries (as a percent) | 100.00% | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 83.6 | 97.6 | 84.6 | 72.9 | ' | ' | 19.7 | 28.1 | 15.1 | 14.4 | -0.8 | 13.1 | 10.8 | 8 | 64.7 | 56.4 | 58.7 | 50.5 | ' | ' |
Accounts receivable, less allowance for doubtful accounts | 983.5 | 807.7 | ' | ' | ' | ' | 64.1 | 67.4 | ' | ' | 820.3 | 658.3 | ' | ' | 99.1 | 82 | ' | ' | ' | ' |
Inventories | 1,540 | 1,272.30 | ' | ' | ' | ' | 52.6 | 50.3 | ' | ' | 1,344.80 | 1,068.40 | ' | ' | 142.6 | 153.6 | ' | ' | ' | ' |
Income taxes receivable | 33.9 | 28.4 | ' | ' | ' | ' | 34.4 | 28.2 | ' | ' | ' | ' | ' | ' | ' | 0.2 | ' | ' | -0.5 | ' |
Intercompany receivables | ' | ' | ' | ' | ' | ' | 0.3 | 0.2 | ' | ' | 350.6 | 16.7 | ' | ' | 2.2 | 2.4 | ' | ' | -353.1 | -19.3 |
Other current assets | 97.9 | 71.4 | ' | ' | ' | ' | 124.8 | 113.3 | ' | ' | 40.8 | 26.5 | ' | ' | 8.9 | 6.8 | ' | ' | -76.6 | -75.2 |
Total current assets | 2,738.90 | 2,277.40 | ' | ' | ' | ' | 295.9 | 287.5 | ' | ' | 2,555.70 | 1,783 | ' | ' | 317.5 | 301.4 | ' | ' | -430.2 | -94.5 |
Investments in subsidiaries | ' | ' | ' | ' | ' | ' | 4,647.70 | 3,722.70 | ' | ' | 312.4 | 257.8 | ' | ' | ' | ' | ' | ' | -4,960.10 | -3,980.50 |
Property, plant and equipment, net | 1,603.90 | 1,240.70 | ' | ' | ' | ' | 100.8 | 100.8 | ' | ' | 1,298.70 | 1,044.10 | ' | ' | 204.4 | 95.8 | ' | ' | ' | ' |
Goodwill | 1,691.60 | 1,314.60 | 1,244.30 | 1,109.60 | ' | ' | 23.8 | 23.7 | ' | ' | 1,555.70 | 1,183.90 | ' | ' | 112.1 | 107 | ' | ' | ' | ' |
Intangible assets, net | 1,213.80 | 936.5 | ' | ' | ' | ' | 17.4 | 11 | ' | ' | 1,077.80 | 794.6 | ' | ' | 118.6 | 130.9 | ' | ' | ' | ' |
Intercompany receivables | ' | ' | ' | ' | ' | ' | 1,219.40 | 969.7 | ' | ' | 22.4 | 26.2 | ' | ' | 394.3 | 3.7 | ' | ' | -1,636.10 | -999.6 |
Other assets | 92.8 | 88.5 | ' | ' | ' | ' | 20.8 | 18.3 | ' | ' | 66.6 | 68.1 | ' | ' | 5.4 | 2.1 | ' | ' | ' | ' |
Total assets | 7,341 | 5,857.70 | ' | ' | ' | ' | 6,325.80 | 5,133.70 | ' | ' | 6,889.30 | 5,157.70 | ' | ' | 1,152.30 | 640.9 | ' | ' | -7,026.40 | -5,074.60 |
Liabilities & Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 280.3 | 255.6 | ' | ' | ' | ' | 29.1 | 25.7 | ' | ' | 185.8 | 195.2 | ' | ' | 418.5 | 54 | ' | ' | -353.1 | -19.3 |
Accrued compensation and retirement costs | 119.5 | 112.8 | ' | ' | ' | ' | 21.1 | 22.8 | ' | ' | 85.9 | 84 | ' | ' | 12.5 | 6 | ' | ' | ' | ' |
Other current liabilities | 137.1 | 126.2 | ' | ' | ' | ' | 53.5 | 48.5 | ' | ' | 63.1 | 71.6 | ' | ' | 22.4 | 6.1 | ' | ' | -1.9 | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.2 | 75.2 | ' | ' | ' | ' | ' | ' | -75.2 | -75.2 |
Current maturities of long-term debt and short-term borrowings | 36.5 | 83.6 | ' | ' | ' | ' | 25.3 | 75.3 | ' | ' | ' | ' | ' | ' | 11.2 | 8.3 | ' | ' | ' | ' |
Total current liabilities | 573.4 | 578.2 | ' | ' | ' | ' | 129 | 172.3 | ' | ' | 410 | 426 | ' | ' | 464.6 | 74.4 | ' | ' | -430.2 | -94.5 |
Long-term debt | 2,072.50 | 1,123.80 | ' | ' | ' | ' | 2,019.20 | 1,123.80 | ' | ' | 5.7 | ' | ' | ' | 47.6 | ' | ' | ' | ' | ' |
Intercompany borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,550.60 | 864.3 | ' | ' | 85.5 | 135.3 | ' | ' | -1,636.10 | -999.6 |
Other long-term liabilities | 810.7 | 588.3 | ' | ' | ' | ' | 303 | 279.2 | ' | ' | 466.5 | 284 | ' | ' | 41.2 | 25.1 | ' | ' | ' | ' |
Total Reliance shareholders' equity | 3,874.60 | 3,558.40 | ' | ' | ' | ' | 3,874.60 | 3,558.40 | ' | ' | 4,450.10 | 3,577.40 | ' | ' | 510 | 403.1 | ' | ' | -4,960.10 | -3,980.50 |
Noncontrolling interests | 9.8 | 9 | ' | ' | ' | ' | ' | ' | ' | ' | 6.4 | 6 | ' | ' | 3.4 | 3 | ' | ' | ' | ' |
Total equity | 3,884.40 | 3,567.40 | 3,152 | 2,830.10 | ' | ' | 3,874.60 | 3,558.40 | ' | ' | 4,456.50 | 3,583.40 | ' | ' | 513.4 | 406.1 | ' | ' | -4,960.10 | -3,980.50 |
Total liabilities and equity | $7,341 | $5,857.70 | ' | ' | ' | ' | $6,325.80 | $5,133.70 | ' | ' | $6,889.30 | $5,157.70 | ' | ' | $1,152.30 | $640.90 | ' | ' | ($7,026.40) | ($5,074.60) |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $2,306.70 | $2,443.50 | $2,448.30 | $2,025.30 | $1,889 | $2,055.30 | $2,209.70 | $2,288.30 | $9,223.80 | $8,442.30 | $8,134.70 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation and amortization shown below) | 1,702.50 | 1,800.50 | 1,826.70 | 1,496.50 | 1,364.60 | 1,520 | 1,640.30 | 1,710.50 | 6,826.20 | 6,235.40 | 6,148.70 |
Warehouse, delivery, selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 1,638.40 | 1,396.20 | 1,280.10 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 192.4 | 149 | 133.1 |
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | 14.9 | 2.5 | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 8,671.90 | 7,783.10 | 7,561.90 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 551.9 | 659.2 | 572.8 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest | ' | ' | ' | ' | ' | ' | ' | ' | -77.5 | -58.4 | -59.8 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 3.9 | 8.6 | -1.4 |
(Loss) income before equity in earnings of subsidiaries and income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 478.3 | 609.4 | 511.6 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 478.3 | 609.4 | 511.6 |
Income tax (benefit) provision | ' | ' | ' | ' | ' | ' | ' | ' | 153.6 | 201.1 | 162.4 |
Net income | 62.3 | 96 | 81.9 | 84.5 | 80.8 | 99.4 | 110.2 | 117.9 | 324.7 | 408.3 | 349.2 |
Less: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 3.1 | 4.8 | 5.4 |
Net income attributable to Reliance | 61.8 | 95.1 | 81 | 83.7 | 80.4 | 98.1 | 108.8 | 116.2 | 321.6 | 403.5 | 343.8 |
Comprehensive income attributable to Reliance | ' | ' | ' | ' | ' | ' | ' | ' | 316.4 | 410.8 | 324.7 |
Reportable legal entities | Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 704.5 | 726.3 | 706.8 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation and amortization shown below) | ' | ' | ' | ' | ' | ' | ' | ' | 509.7 | 534.9 | 535.3 |
Warehouse, delivery, selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 200.7 | 188.1 | 72 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 17.5 | 14.3 | 14.3 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 727.9 | 737.3 | 621.6 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -23.4 | -11 | 85.2 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest | ' | ' | ' | ' | ' | ' | ' | ' | -74.7 | -57.7 | -58.9 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 75.7 | 73.9 | 93.4 |
(Loss) income before equity in earnings of subsidiaries and income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -22.4 | 5.2 | 119.7 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 300.3 | 379.2 | 204.5 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 277.9 | 384.4 | 324.2 |
Income tax (benefit) provision | ' | ' | ' | ' | ' | ' | ' | ' | -43.7 | -19.1 | -19.6 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 321.6 | 403.5 | 343.8 |
Net income attributable to Reliance | ' | ' | ' | ' | ' | ' | ' | ' | 321.6 | 403.5 | 343.8 |
Comprehensive income attributable to Reliance | ' | ' | ' | ' | ' | ' | ' | ' | 318.9 | 404.2 | 342.3 |
Reportable legal entities | Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 8,021.60 | 7,298.40 | 7,103 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation and amortization shown below) | ' | ' | ' | ' | ' | ' | ' | ' | 5,999.20 | 5,463.20 | 5,461 |
Warehouse, delivery, selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 1,385.50 | 1,164.50 | 1,187.80 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 158.6 | 122.2 | 109.8 |
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | 14.9 | 2.5 | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 7,558.20 | 6,752.40 | 6,758.60 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 463.4 | 546 | 344.4 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest | ' | ' | ' | ' | ' | ' | ' | ' | -19.9 | -14.4 | -27.6 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 5.5 | 3.4 | 2.6 |
(Loss) income before equity in earnings of subsidiaries and income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 449 | 535 | 319.4 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 12.4 | 28.9 | 32.1 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 461.4 | 563.9 | 351.5 |
Income tax (benefit) provision | ' | ' | ' | ' | ' | ' | ' | ' | 181 | 206 | 166.7 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 280.4 | 357.9 | 184.8 |
Less: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 2.8 | 4.6 | 4.6 |
Net income attributable to Reliance | ' | ' | ' | ' | ' | ' | ' | ' | 277.6 | 353.3 | 180.2 |
Comprehensive income attributable to Reliance | ' | ' | ' | ' | ' | ' | ' | ' | 293.5 | 350.4 | 170.6 |
Reportable legal entities | Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 710.1 | 640.2 | 547.8 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation and amortization shown below) | ' | ' | ' | ' | ' | ' | ' | ' | 529.7 | 460 | 375.4 |
Warehouse, delivery, selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 117.8 | 96.4 | 86.8 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 16.3 | 12.5 | 9 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 663.8 | 568.9 | 471.2 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 46.3 | 71.3 | 76.6 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest | ' | ' | ' | ' | ' | ' | ' | ' | -4.2 | -2.2 | -2.1 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 9.6 | 0.1 | -2 |
(Loss) income before equity in earnings of subsidiaries and income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 51.7 | 69.2 | 72.5 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 51.7 | 69.2 | 72.5 |
Income tax (benefit) provision | ' | ' | ' | ' | ' | ' | ' | ' | 16.3 | 14.2 | 15.3 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 35.4 | 55 | 57.2 |
Less: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.2 | 0.8 |
Net income attributable to Reliance | ' | ' | ' | ' | ' | ' | ' | ' | 35.1 | 54.8 | 56.4 |
Comprehensive income attributable to Reliance | ' | ' | ' | ' | ' | ' | ' | ' | 16.7 | 64.3 | 48.4 |
Consolidating Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | -212.4 | -222.6 | -222.9 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation and amortization shown below) | ' | ' | ' | ' | ' | ' | ' | ' | -212.4 | -222.7 | -223 |
Warehouse, delivery, selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | -65.6 | -52.8 | -66.5 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -278 | -275.5 | -289.5 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 65.6 | 52.9 | 66.6 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest | ' | ' | ' | ' | ' | ' | ' | ' | 21.3 | 15.9 | 28.8 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -86.9 | -68.8 | -95.4 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -312.7 | -408.1 | -236.6 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -312.7 | -408.1 | -236.6 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -312.7 | -408.1 | -236.6 |
Net income attributable to Reliance | ' | ' | ' | ' | ' | ' | ' | ' | -312.7 | -408.1 | -236.6 |
Comprehensive income attributable to Reliance | ' | ' | ' | ' | ' | ' | ' | ' | ($312.70) | ($408.10) | ($236.60) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Consolidating Cash Flow Statement | ' | ' | ' |
Cash provided by operating activities | $633.30 | $601.90 | $234.80 |
Investing activities: | ' | ' | ' |
Purchases of property, plant and equipment | -168 | -214 | -156.4 |
Acquisitions, net of cash acquired | -821.1 | -166.9 | -313.3 |
Other investing activities, net | 10.1 | -0.8 | -4.9 |
Net cash used in investing activities | -979 | -381.7 | -474.6 |
Financing activities: | ' | ' | ' |
Net short-term debt (repayments) borrowings | -473 | -63.2 | -104.7 |
Proceeds from long-term debt borrowings | 2,297.90 | 641 | 995 |
Principal payments on long-term debt | -1,454.50 | -763 | -606.6 |
Dividends paid | -96.9 | -60.2 | -35.9 |
Other financing activities, net | 58.6 | 37.8 | -0.2 |
Net cash provided by (used in) financing activities | 332.1 | -207.6 | 247.6 |
Effect of exchange rate changes on cash and cash equivalents | -0.4 | 0.4 | 3.9 |
(Decrease) increase in cash and cash equivalents | -14 | 13 | 11.7 |
Cash and cash equivalents at beginning of year | 97.6 | 84.6 | 72.9 |
Cash and cash equivalents at end of year | 83.6 | 97.6 | 84.6 |
Reportable legal entities | Parent | ' | ' | ' |
Condensed Consolidating Cash Flow Statement | ' | ' | ' |
Cash provided by operating activities | 102.8 | 23.3 | 91.2 |
Investing activities: | ' | ' | ' |
Purchases of property, plant and equipment | -14 | -16 | -15 |
Acquisitions, net of cash acquired | -821.1 | -117.5 | -166.2 |
Net advances to subsidiaries | -85.3 | 260.2 | -229.9 |
Other investing activities, net | 0.1 | 1.8 | -36.8 |
Net cash used in investing activities | -920.3 | 128.5 | -447.9 |
Financing activities: | ' | ' | ' |
Proceeds from long-term debt borrowings | 2,297.90 | 641 | 995 |
Principal payments on long-term debt | -1,452.80 | -761.3 | -605.2 |
Dividends paid | -96.9 | -60.2 | -35.9 |
Other financing activities, net | 60.9 | 41.7 | 3.5 |
Net cash provided by (used in) financing activities | 809.1 | -138.8 | 357.4 |
(Decrease) increase in cash and cash equivalents | -8.4 | 13 | 0.7 |
Cash and cash equivalents at beginning of year | 28.1 | 15.1 | 14.4 |
Cash and cash equivalents at end of year | 19.7 | 28.1 | 15.1 |
Reportable legal entities | Guarantor Subsidiaries | ' | ' | ' |
Condensed Consolidating Cash Flow Statement | ' | ' | ' |
Cash provided by operating activities | 458.5 | 512.9 | 112.9 |
Investing activities: | ' | ' | ' |
Purchases of property, plant and equipment | -139.9 | -171.1 | -133.2 |
Acquisitions, net of cash acquired | ' | -49.4 | ' |
Other investing activities, net | 2.8 | -2.7 | -8.9 |
Net cash used in investing activities | -137.1 | -223.2 | -142.1 |
Financing activities: | ' | ' | ' |
Net short-term debt (repayments) borrowings | -473.8 | -59.4 | -74.9 |
Principal payments on long-term debt | -0.6 | -1.7 | -1.4 |
Net intercompany borrowings (repayments) | 141.4 | -223.2 | 112 |
Other financing activities, net | -2.3 | -3.1 | -3.7 |
Net cash provided by (used in) financing activities | -335.3 | -287.4 | 32 |
(Decrease) increase in cash and cash equivalents | -13.9 | 2.3 | 2.8 |
Cash and cash equivalents at beginning of year | 13.1 | 10.8 | 8 |
Cash and cash equivalents at end of year | -0.8 | 13.1 | 10.8 |
Reportable legal entities | Non-Guarantor Subsidiaries | ' | ' | ' |
Condensed Consolidating Cash Flow Statement | ' | ' | ' |
Cash provided by operating activities | 72 | 65.7 | 30.7 |
Investing activities: | ' | ' | ' |
Purchases of property, plant and equipment | -14.1 | -26.9 | -8.2 |
Acquisitions, net of cash acquired | ' | ' | -147.1 |
Other investing activities, net | 7.2 | 0.1 | 0.1 |
Net cash used in investing activities | -6.9 | -26.8 | -155.2 |
Financing activities: | ' | ' | ' |
Net short-term debt (repayments) borrowings | 0.8 | -3.8 | -29.8 |
Principal payments on long-term debt | -1.1 | ' | ' |
Net intercompany borrowings (repayments) | -56.1 | -37 | 117.9 |
Other financing activities, net | ' | -0.8 | 40.7 |
Net cash provided by (used in) financing activities | -56.4 | -41.6 | 128.8 |
Effect of exchange rate changes on cash and cash equivalents | -0.4 | 0.4 | 3.9 |
(Decrease) increase in cash and cash equivalents | 8.3 | -2.3 | 8.2 |
Cash and cash equivalents at beginning of year | 56.4 | 58.7 | 50.5 |
Cash and cash equivalents at end of year | 64.7 | 56.4 | 58.7 |
Consolidating Adjustments | ' | ' | ' |
Investing activities: | ' | ' | ' |
Net advances to subsidiaries | 85.3 | -260.2 | 229.9 |
Other investing activities, net | ' | ' | 40.7 |
Net cash used in investing activities | 85.3 | -260.2 | 270.6 |
Financing activities: | ' | ' | ' |
Net intercompany borrowings (repayments) | -85.3 | 260.2 | -229.9 |
Other financing activities, net | ' | ' | -40.7 |
Net cash provided by (used in) financing activities | ($85.30) | $260.20 | ($270.60) |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of the quarterly results of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $2,306.70 | $2,443.50 | $2,448.30 | $2,025.30 | $1,889 | $2,055.30 | $2,209.70 | $2,288.30 | $9,223.80 | $8,442.30 | $8,134.70 |
Cost of sales | 1,702.50 | 1,800.50 | 1,826.70 | 1,496.50 | 1,364.60 | 1,520 | 1,640.30 | 1,710.50 | 6,826.20 | 6,235.40 | 6,148.70 |
Gross profit | 604.2 | 643 | 621.6 | 528.8 | 524.4 | 535.3 | 569.4 | 577.8 | ' | ' | ' |
Net income | 62.3 | 96 | 81.9 | 84.5 | 80.8 | 99.4 | 110.2 | 117.9 | 324.7 | 408.3 | 349.2 |
Net income attributable to Reliance | $61.80 | $95.10 | $81 | $83.70 | $80.40 | $98.10 | $108.80 | $116.20 | $321.60 | $403.50 | $343.80 |
Diluted earnings per common share attributable to Reliance shareholders (in dollars per share) | $0.79 | $1.22 | $1.05 | $1.09 | $1.06 | $1.30 | $1.44 | $1.54 | $4.14 | $5.33 | $4.58 |
Basic earnings per common share attributable to Reliance shareholders (in dollars per share) | $0.80 | $1.23 | $1.06 | $1.10 | $1.06 | $1.30 | $1.45 | $1.55 | $4.19 | $5.36 | $4.60 |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) (Allowance for doubtful accounts, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for doubtful accounts | ' | ' | ' |
Movement in valuation and qualifying accounts | ' | ' | ' |
Balance at Beginning of Period | $20.50 | $22.20 | $17.20 |
Additions Charged to Costs and Expenses | 4 | 6.7 | 12.8 |
Deductions | 10.4 | 8.5 | 8 |
Amounts Charged to Other Accounts | 4.8 | 0.1 | 0.2 |
Balance at End of Period | $18.90 | $20.50 | $22.20 |